Ethereum 

Ether Price Drop Shakes DAI Stablecoin Peg, Two Collateral Contracts Closed

The recent Ether (ETH) price drop showed the reliability and weaknesses of the decentralized stablecoin built by MakerDAO, Dai (DAI), and the decentralized finance (DeFi) ecosystem built on top of it. A decentralized stablecoin Ethereum-collateralized decentralized stablecoin DAI managed to maintain its peg to the United States dollar as Ether lost over 18% of its value in under two hours, falling from $190 to $155 yesterday. As of press time, Ethereum holds a price of about $171. Ethereum seven-day price chart. Source: Coin360 The impact of higher transaction fees DeFi…

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Cryptocurrency 

BUSD — Binance and Paxos Stablecoin Latest to Get US Regulator Consent

Over the course of the past few weeks, the global cryptocurrency community bore witness to two major announcements related to stablecoins — with the first being the launch of Paxos’s gold-backed Ethereum token, PAX Gold (PAXG), and the other being the release of Binance’s cryptocoin backed by the United States dollar (BUSD).  Paxos, a global digital asset trust firm, announced the launch of its PAXG token via a press release a few days back. In the document, the firm claims that its product is the world’s first crypto asset to…

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Cryptocurrency 

Facebook Warns Investors That Libra Stablecoin May Never Launch

Facebook has warned its investors that its Libra stablecoin may never be released, CNBC reports on July 29. Engaging with regulator “critical to Libra’s success” Facebook told its investors in its latest quarterly report that — while the firm expects to launch Libra next year — some factors could prevent its release. Iin the risk factors section of the document, the company admits that it recognizes the significance of the pushback shown by regulators towards Libra.  CNBC also reported that a Facebook spokesperson told the outlet on Monday that: “Engaging…

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Cryptocurrency 

Philippines’ UnionBank Launches Payments-Focused Stablecoin

In a bid to drive greater financial inclusion, Philippines-based UnionBank has launched a payments-focused stablecoin pegged to the Philippine peso. A report from PhilStar Global on July 26 revealed that the new, bank-backed cryptocurrency —  dubbed PHX — is being implemented on UnionBank’s i2i platform.  Rural banks and Philippines’ main financial network I2i is an acronym for island-to-island, institution-to-institution, and individual-to-individual and is the name given to the blockchain-based clearing system that connects UnionBank to rural banks in the country. Arvie de Vera, UnionBank’s senior vice president, has outlined that…

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Cryptocurrency 

Tether Stablecoin to Run on BlockStream’s Liquid Network Sidechain

Tether is now running on a sidechain of Bitcoin’s blockchain. While Tether has traditionally operated on the Omni Layer of Bitcoin, the U.S. dollar-backed stablecoin has begun spreading to other blockchain protocols this month. Most recently, Tether is now being offered on blockchain company BlockStream’s Liquid Network sidechain, according to an official announcement on July 29. According to the announcement, Liquid-based Tether — called Liquid USDT — is being offered immediately for deposits and withdrawals on Bitfinex. Additionally, the staff at Liquid are reportedly developing support for Liquid USDT on…

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Ethereum 

Binance Jersey Lists Exchange’s Own GBP-Backed Stablecoin

Fiat-crypto exchange Binance Jersey has listed a proprietary GBP-backed stablecoin, according to a press release shared with Cointelegraph on July 19. ‘Overwhelming demand’ for stablecoin diversification Listing of the Binance GBP Stablecoin (BGBP) confirms earlier indications that the major industry player had its sights on imminently issuing its own fiat-pegged assets, starting with a cryptocurrency 100% backed by the British pound. Binance Chief Financial Officer Wei Zhou has given an official statement, in which he noted that: “There has been an overwhelming demand in the market and Binance community for…

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Ethereum 

Binance Cryptocurrency Exchange Testing British Pound Stablecoin

Major cryptocurrency exchange Binance is apparently testing a British pound stablecoin on its native blockchain, Binance Chain, according to a Twitter post on June 3. Twitter user CryptosBatman noticed that the listing “$BGBP” appeared on the Binance platform. Screenshot of stablecoin on Binance Chain. Source: Twitter Binance CEO Changpeng Zhao has commented on the tweet, confirming that a pound stablecoin is in the testing phase, with only £200 minted. Zhao came under fire last month for posting about potentially rolling back transactions (re-org) on the exchange after a $40 million…

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