Report: Stablecoin Loans Hit New High in Q3 with $870 Million

Report: Stablecoin Loans Hit New High in Q3 with $870 Million

A 38% increase in stablecoin loans has been reported by Genesis Capital, one of the largest institutional lenders of cryptocurrencies, in the third quarter of 2019. Genesis Capital’s team reported that the growth in their lending business continues to grow as the record of $746M that had been set in the second quarter of this year was broken in the third quarter with a staggering $870M in new originations. Loans are usually acquired through stablecoins…

Read More

What Troubles? Tether Keeps Growing; Especially in Adult, Gambling, Cannabis Sites

What Troubles? Tether Keeps Growing; Especially in Adult, Gambling, Cannabis Sites

The USD-backed stablecoin firm Tether (USDT) has been involved in controversies since last July when it was first alleged for manipulating the price of Bitcoin(BTC)trade, which later culminated into investigations and lawsuits against the company. Despite all of these severe legal issues, Tether has reported a significant growth in its utilization as a digital payment mode for goods and services. In fact, Tether is now becoming more and more popular on gambling sites and pot…

Read More

Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

Proposed Bill Introduced Before Congress Seeks Classifying Stablecoins as Securities

Sylvia Garcia, a Democrat lawmaker from Texas, has recently introduced to Congress a draft bill that seeks to create more regulatory clarity on stablecoins. The draft bill was introduced to the House of Financial Services. Under the purview of the Securities Act of 1933, the House will be empowered to regulate cryptocurrencies in the form of stablecoins. Stablecoins are digital currencies that are backed by real-world financial assets. These could be national currencies or valuable…

Read More

G20 Discussion Turns Against Facebook Libra and Stablecoins

G20 Discussion Turns Against Facebook Libra and Stablecoins

Finance ministers of the G20 nations met on Friday to discuss cryptocurrencies and agreed on a strict framework that curbs the powers of cryptocurrencies such as Facebook Libra. In unity, all members agreed that no stablecoin will be allowed to operate unless the financial risks that these entities pose have been fully addressed. In a charged assault intended to hurt Facebook’s forthcoming cryptocurrency Libra, the finance ministers of France, Germany and Italy adopted a resolution…

Read More

Tokens Pegged to Nike’s Sneakers Fall Sharply after Daryl Morey’s Hong Kong Tweet

Tokens Pegged to Nike’s Sneakers Fall Sharply after Daryl Morey’s Hong Kong Tweet

No one has ever thought that the protests in Hong Kong would ever affect the price of cryptocurrencies trading in U.S. crypto exchanges. But apparently, there is still some impact; at least on Nike’s Air Jordan tokens (such as AJBT, AJCP, AJIB and more) listed on the crypto exchange 55.com. Daryl Morey, the general manager of the Houston Rockets of the National Basketball Association (NBA), conveyed his support to the pro-democracy Hong Kong protesters through…

Read More

New Partnership Launches Gold-Pegged Stablecoin DGLD on Bitcoin’s Blockchain

New Partnership Launches Gold-Pegged Stablecoin DGLD on Bitcoin’s Blockchain

A group of crypto and precious metal companies formed a consortium and launched a first-ever Gold-backed digital currency with the ticker DGLD on the Bitcoin blockchain. Europe’s largest crypto assets manager CoinShares, with the leading provider of cryptocurrency products including the world’s most popular crypto wallet, Blockchain Luxembourg S.A., and the Swiss gold trading firm MKS have joined hands to launch a gold-backed digital currency (stablecoin). The consortium has been developing the DGLD network for…

Read More

The OpenLibra Initiative: Creating Permissionless Version of Facebook Libra

The OpenLibra Initiative: Creating Permissionless Version of Facebook Libra

Lucas Geiger, the co-founder of blockchain startup called Wireline, announced that companies and organizations can create their own versions of crypto projects based on Facebook’s cryptocurrency Libra, called OpenLibra. The announcement was made at the Ethereum developer conference Devcon where Geiger claimed that OpenLibra would work as a stablecoin to the original Libra cryptocurrency. Currently, thirty different blockchain and cryptocurrency companies and nonprofit organizations have planned to develop their versions off of Facebook’s digital currency…

Read More

Global Currency Organization to Launch Revenue Sharing USD-Pegged Stablecoin USDD

Global Currency Organization to Launch Revenue Sharing USD-Pegged Stablecoin USDD

The Global Currency Organization (GCO) announced earlier this month that a US Dollar backed stablecoin, USD Digital (USDD), will be released soon. The US Dollars that back the digital currency are mainly stored in deposit-insurance accounts. The Global Currency Organization was started by former employees of TrustToken, Intel and JPMorgan. Since then the founders committed themselves to create the digital currency USDD to target institutional clients. They hope that with the new virtual coin, the…

Read More

Wells Fargo’s New Crypto Initiative: The Stablecoin Wells Fargo Digital Cash

Wells Fargo’s New Crypto Initiative: The Stablecoin Wells Fargo Digital Cash

One of America’s biggest banking companies, Wells Fargo, announced on Tuesday that it plans to enter the crypto world after all. Like JPMorgan, Wells Fargo is looking to create its own native digital coin that would function just like any other digital asset out there. Only in this case, the financial giant is looking to test the waters with its global network. Should all go as planned, this may extend to the general public. Wells…

Read More

German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

German Finance Minister: We Must Reject Stablecoins Such As Facebook Libra

European officials are beating their heads, trying to figure out the challenges and risks of letting cryptocurrencies be operational in the region. It is part of a wider debate that seeks to establish the pros and cons of digital transformation of European economies as major nations across the globe embrace digital currencies. However, the crypto world has now been hit by another storm when the Finance Minister of Germany, Olaf Scholz, categorically rejected the idea…

Read More
1 2 3 4 9