WSPN partners with Canza Finance to launch the WUSD stablecoin in Africa, enhancing financial inclusion with blockchain-based services. The WUSD, pegged to the USD, ensures stable transactions and fights currency devaluation. #Update #CryptoNews #DeFi
The BIS and Bank of England launched Project Pyxtrial to monitor stablecoin reserves, providing near real-time data on liabilities and assets. This initiative aims to enhance regulatory oversight and detect issues proactively.
The Phoenix-1 blockchain was hacked due to an outdated IBC-go version. Terra Classic remained secure after a major upgrade by Genuine Labs, highlighting the importance of timely updates and minimizing forks for better security.
Tether (USDT) reported $5.2B net profits in H1 2024, fueled by U.S. Treasuries. The company diversifies into Bitcoin mining and AI. New regulations challenge its $114B stablecoin dominance. BDO attestations raise skepticism.
Elixir Network launched deUSD, a decentralized synthetic stablecoin with $1B liquidity, minted by stETH and sDAI. It integrates with DEXs to boost yields and aims for $300M TVL in the Apothecary program.
USDT in India trades at a 5-12% premium due to high demand and regulatory hurdles, complicating intraday trading. Indian traders often use peer-to-peer transactions despite scam risks, while long-term investing remains popular.
Terra blockchain was exploited, losing $6.8M in assets due to a reentrancy vulnerability. The breach caused ASTRO’s price to drop by 60%. Terra halted the network for an emergency patch. #CryptoSecurity #Update
Justin Sun announced gas-free P2P stablecoin transfers on Tron, Ethereum, and EVM networks by Q4 2024. This could enhance adoption among large companies and compete with PayPal and Circle’s services.
Tether CEO Paolo Ardoino unveiled a groundbreaking open-source product, hinting at collaborations with Holepunch and the Lightning Network. A U.S. presidential candidate’s support for stablecoins may drive stronger regulations and adoption, underscoring stablecoins’ and Bitcoin’s evolving roles.
Tether’s $USDT supply on the Telegram-linked The Open Network ($TON) blockchain has surged to $580M, with $519M in circulation in under 2 months. The increase follows Binance’s support and TON surpassing Ethereum in daily active addresses. Tether faces scrutiny over alleged fraud. #Update
StrathCole warns Terra Luna Classic’s Tax2Gas upgrade by Genuine Labs may cause issues like impacting contracts & reduced rewards. He suggests a testnet deployment first. Despite concerns, $LUNC prices rose 1%, and the community believes the upgrade could boost $LUNC to $1. #Update
Tether CEO Paolo Ardoino warns that Europe’s MiCA regulations, particularly the 60% cash reserve requirement, could create systemic risks for banks, potentially leading to liquidity pressures and bank failures during large-scale redemptions. #CryptoNews
Swiss regulator FINMA mandates stablecoin issuers verify identities of all token holders to mitigate risks. This guidance, effective July 26, aims to enhance regulatory clarity. For more info, visit FINMA Guidance.
Swiss watchdog @FINMA mandates identity verification for stablecoin holders from July 26. Issuers must verify token holders and beneficial owners, with banking licenses required for public deposits. Protections also include depositor claims in issuer bankruptcy. #CryptoRegulation
