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Category: Stablecoin

Fed Report’s regulatory overhaul designates Stablecoins as systemically risky

The upcoming CBDC report by the Treasury, the Fed, and other financial regulators will reportedly focus on imposing stricter regulations on stablecoins in lieu of an underlying and undetected risk factor. According to the New York Times, the Financial Stability Oversight Council holds the power to designate stablecoins as, systemically risky financial system, which in

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Stablecoins, Algorithms and AMOs —Changing the Future of Finance

Regulators and central banks have paid close attention in recent weeks to stablecoins as the emerging asset class hit a total market cap of more than $100 billion. They’ve recognized the asset class, up fourfold this year alone, is far too big to ignore. While they’re right to take note, what should be considered is … Continued

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Chinese State Banks Aims to Expand e-Yuan Use in Insurance Products

The Digital Yuan or e-yuan, the CBDC developed by the People’s Bank of China is nearing the final stages of its trial phase that has expanded to numerous provinces and cities. The total value of e-yuan trnsacted during the trial phase has reached $5.3 billion in June. Now State-owned China Construction Bank is exploring the

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Crypto Exchanges See $1.7B in Stablecoin Inflow, Here’s How It Can Help Bitcoin (BTC) Cross $50K

Crypto exchanges registered a massive inflow of stablecoins over the past couple of days amounting to $1.7 billion. Such a large inflow of stablecoins is often considered bullish given the general perception that people send stablecoins onto exchanges to invest more in cryptocurrency. The massive inflow of stablecoins has also pushed the stablecoin reserves on

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David Marcus Of Facebook Indicates Plans To Support NFTs

According to David Marcus of Facebook, you must seek out ways to clients support NFTs if there is a good cryptocurrency wallet such as Novi. After completing Facebook’s exclusive crypto wallet Novi, the top-notch social media magnet, will likely support NFTs (non-fungible tokens) very soon. The co-creator and financial head of Facebook, David Marcus, launched cryptocurrency Diem. In his speech on Wednesday, he stated that Facebook is assuredly searching for realizable ways to enter into the Non-fungible-Tokens industry. Facebook is considering many different choices to launch the NFT features when the right time comes, says Marcus in an interview with Bloomberg Television. Related Reading | 37% Of U.S. Investors Decline To Liquidate Cryptocurrency Assets in Bearish Situations According to him, “with a good cryptocurrency wallet such as Novi, there is the need for you to think on how to assist clients support non-fungible-tokens,” he says. Crypto wallet Novi is currently “ready for launch,” says Marcus. However, after developing the wallet for two years now, Facebook is not in a hurry to launch it, pending the firm’s go-ahead from regulators to launch together with Diem. The Origin Of Facebook Backed Crypto-Wallet Novi Facebook started the work on this digital currency a couple of years ago, initially bearing answering Libra. On June 18th Facebook broadcasted a white paper for their long-awaited blockchain-based and cryptocurrency financial framework project. As stated by the paper, the social media magnet global stablecoin named “Libra” will function on a scalable and native blockchain. Also, it will be supported by reserve assets designed ostensibly to provide it with intrinsic value and reduce volatility fluctuations. All the assets comprise a basket of short-term government securities and bank deposits, held within Libra Reserve per every issued Libra. In addition, the governance of the current crypto will be through a Switzerland-based not-for-profit consortium – “Libra Association.” It counts Stripe, Visa, PayPal, Mastercard, Uber, Andreessen Horowitz, Coinbase, and eBay as its founding members. Meanwhile, Facebook has plans to further the association to reach at least 100 members by the estimated launching time during the first six months of 2020. Latest Novi Launch Resolution As it stands now, the social media magnet Facebook may go ahead with the Novi launching without Diem says Marcus as a fallback plan. However, for Diem to succeed, both of them are required, he added. In June 2019, Facebook broadcasted a white paper for the then-named Libra. The original plan was to stick numerous fiat currencies with this digital currency, including the US, Singapore, British pounds, Japanese yen, and the euro. Related Reading | PayPal To Facilitate UK Customers With Cryptocurrency Trading Feature However, because of the pushbacks from global regulations, Libra Association finds it difficult to the stablecoin since then. Eventually, the digital currency is currently rebranded to Diem Association. Also, the digital currency is redesigned to be stuck majorly on the United States dollar. In addition, the United States government will regulate it. Featured Image From Pixabay
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Bitcoin Whales Looking To Buy The Dip As $222 Million Worth Of Stablecoins Flow Into Exchanges

On-chain data shows huge inflows of $222 million worth of stablecoins on exchanges, suggesting Bitcoin whales might be looking to buy the dip. Centralized Exchanges Observe $222 Million Worth Of Stablecoin Inflows As pointed out by a CryptoQuant post, centralized exchanges saw inflows of more than $222 million worth of stablecoins yesterday. The timing of this huge spike seems to match up with that of Bitcoin’s price showing a dip. The exchange inflow is an indicator that shows the amount of stablecoins entering centralized exchanges from personal wallets. When the value of this metric goes up, it means more investors are sending their coins to these exchanges for buying other cryptocurrencies like Bitcoin. Similarly, when the stablecoins inflow indicator goes down, it could imply traders aren’t interested in trading their coins. They may want to wait to see how the price of volatile crypto moves before buying into the market. Opposite to the above metric is the outflow indicator. And the difference between these two gives the netflow. Positive netflow implies more inflows, while negative means more outflows. Now, here is how the chart of this metric looks like right now: The stablecoins netflows (red) spiked up on 16 August | Source: CryptoQuant As the above graph showcases, the value of this indicator shot up yesterday as $222 million worth of stablecoins flew into centralized exchanges. Interestingly, BTC’s price (the yellow curve in the chart) had a dip from $47.5k to $46k just preceding the above spike. Related Reading | Indicators Suggest Biggest Bitcoin Buy Signal Since April 2020 Another metric, the exchange reserve (blue line), also spiked up in tandem with the $222 million stablecoin inflows. The exchange reserves show the total amount of tokens on exchanges so an increase in its value makes sense here. Given the timing matches up with the Bitcoin dip, and the fact that these inflows are quite significant, it seems likely that these are whales and institutional investors trying to buy into the BTC dip. Bitcoin Price At the time of writing, BTC’s price floats around $46.4k, up 2% in the last 7 days. Over the last month, the cryptocurrency has amassed 48% in gains. Below is a chart showing the trends in Bitcoin’s value in the past three months: BTC’s price stalls around the $46k mark | Source: BTCUSD on TradingView After continuing on an overall positive uptrend for quite the while, BTC seems to have finally slowed down as the crypto’s price has stagnated around the $46k level. Related Reading | Weekly Bitcoin Momentum Cross Bullish For First Time Since March 2021 It’s unclear which way BTC will continue in once it escapes from this range. If the stablecoins inflows are anything to go by, the price leans bullish right now. However, there is still the possibility that a bear market could be ahead instead.
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Coinbase Removes USD Coin (USDC)”Backed By Dollar” Statement

Tether (USDT) now has an advantage over USD Coin (USDC). As a result, Circle’s dollar-pegged stablecoin, USDC, lost one of its largest leveraging stances to its main competitor, USDT. Coinbase, one of the prominent players in crypto exchange, has made a crucial change on the USD Coin page. The crypto exchange placed the change on its website. Related Reading | Vitalik Buterin Urges Ethereum To Grow Beyond DApps This was in response to an audit that exposed that a few USDC’s reserves were not held in cash. The audit discovery contradicts the statement that every USDC has a corresponding backing of one dollar in a bank account. Coinbase Brings New Changes By Bringing USD Coin Into Public From the recent change, the entry statement on the USD Coin webpage is also affected. Coinbase visitors now get a new welcome statement saying that USDC has backing by fully reserved assets. In addition, the statement now says that every USDC is backed by one dollar or an equivalent asset with fair value. Also, it mentions that the backing is held in accounts under US-regulated financial institutions. USD Coin has more than $28 billion and is rated as the eighth-largest digital asset. Furthermore, it is the second-largest stablecoin, coming closing behind Tether that takes the top. Tether’s latest Consolidated Reserves Report reveals that the cryptocurrency has about $63 billion assets in its custody. Related Reading | Government Still Sees Blockchain As “Wild West” Says Blockchain Australia From its time of launch, USDC operates as a stablecoin fully backed by US dollars. Conversely, Tether, its major competitor, has been involved in multiple legal fights with regulators. The contributory factor is the hidden commercial paper that claims about half of its total reserves. Nevertheless, the audit of Grant Horton, a multi-national tax advisory company, comes the discovery about the true backing for USDC. The audit reveals that only 61% of USDC’s reserves are in cash and cash equivalents. Also, some reserves that accrued to 9% are in commercial paper forms. USD Coin thrives in the green zone as the market gets ready for a bullish run | Source: USDCUSD on From the definition of the audit reports, cash consists of deposits with banks and Government Obligation Money Market Funds. It further defined cash equivalents as securities that have a 90-day original maturity period or less. Furthermore, Yankee certificates of deposit and U.S. Treasuries were discovered to be part of USDC reserves from the audit. These included reserves have no full backing by US dollars held in a bank account. Bloomberg explained that Coinbase changed USD Coin webpage wording when the crypto exchange received the audit report. Reacting to the recent report, Andrew Schmitt, Coinbase spokesperson, said that there’s the backing of $1 or its equivalent fair value asset for each USDC. He explained that the redemption of 1 USDC remains $1 for users. Also, he mentioned that the company has additional information on its website for a clearer understanding of USDC reserves. On its part, the partnering company with Coinbase that oversees USDC, Circle, made a recent announcement. The company discloses its plan of becoming a full-reserve national digital currency bank in the U.S. The company’s CEO, Jeremy Allaire, affirms the company’s readiness to comply with all regulatory and risk management requirements. Through his announcement, Allaire expresses his expectation for USDC rising to hundreds of billions of dollars. Also, he said the stablecoin could move to support more economic activities and be a prominent tool in financial and commercial advancements. Featured image from CoinCodex, chart from
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Did Coinbase Lie About USDC to Investors? Here’s How It Could Backfire

Coinbase, the largest crypto exchange in the US had a long-running advertisement on its platform regarding the second-largest stablecoin USDC. The advertisement promised every dollar paid to investors would be used to back the USDC with $1 “in a bank account.” The Coinbase partnership has proven fruitful for the stablecoin as it managed to become

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Corporate Cryptocurrency Adoption Could Transform Payments

It is a well-known fact by now that cryptocurrencies are here to stay – they have become an asset class with a market cap of over $1.7 trillion to their name, even topping the $2 trillion mark back in April.

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Tether To Conduct An Audit To Negate Claims Concerning Transparency

The Tether general counsel has declared an official audit in few months. USDT is a popular stablecoin occupying the third position in global digital assets. As it’s on blockchain that cybersecurity experts deem unhackable, the majority today trusts its security. Related Reading | Cardano Aims To Facilitate Users With Smart Contracts However, many people in the crypto community have been waiting for a financial audit of the stablecoin. Now, it seems that the ongoing regulatory issues in the crypto industry have galvanized the Tether team into action. As a result, they’re declaring that an audit will take place soon. Tether Executives Grants Media Interview Another rare incident is an interview in which the Tether CTO Paolo Arduino and Stu Hoegner, the general counsel, participated on CNBC. During the interview, the hosts asked the duo some questions about USDT’s transparency and backing. In response, the general counsel stated that the team is working to be the first in their sector to get financial audits. The crypto market has just turned bullish as the USDT trades in the green zone | Source: USDTUSD on He also mentioned that the audits would come in months and not years. As for backing, he stated that the stablecoin is backed with reserves. But Hoegner mentioned that some of the reserves are not US dollars. But the reserves are more US dollars plus other cash equivalents, secured loans, crypto assets, bonds, and others. Related Reading | Anthony Di Lorio To Leave Cryptocurrency Space For Philanthropic Initiatives However, in the Transparency report which Tether published, the market cap for USDT stands at $62 billion. Even though the number has increased by 195% since 2021 started, it is still behind competitors such as BUSD and USDC. When Circle released a reserve report yesterday, July 21, it showed that 61% of the USDC reserves are cash & cash equivalent. The remaining 39% are in treasuries, bonds, and commercial paper accounts. Taxes Decides To Attack Paxos is a rival to Tether and recently attacked the stablecoin and Circle through its blog post on July 21, 2021. In the post, Paxos claims that the duo is not operating under financial regulators. In his words, both USDC and Tether are simply Stablecoins in name only. Paxos disclosed that its stablecoin reserves are a combination of cash or cash equivalents to support its claims. Related Reading | Ether EFT Gets Approval From Brazilian Securities Regulator But in May, Tether disclosed the total backing that USDT has, which were cash 3.87%, fiduciary deposits 24.20%, treasury bills 2.94%, cash equivalents, commercial papers, which make up 65.39% plus others. This action was because the US lawmakers are closely scrutinizing its operations. Also, Tether started submitting reports about its reserves after it reached a settlement agreement with the NY Attorney General’s Office 5 months ago. The firm has continued to send these reports since then. Featured image from Pexels, chart from
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Bitstamp to list Tether’s first-ever Euro backed stablecoin EURt

Bitstamp, a bitcoin exchange based in Luxembourg has announced the launch of Tether’s first Euro-based stablecoin, EURt. Tether-issued stablecoins already hold a dominant position in the European crypto sphere, and with rising demand for stablecoins, EURt could be the answer to exceptional profit margins for Bitstamp. The press released has dated the launch to 22nd

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Federal Reserve’s Chairman is uncertain on CBDCs

Jerome Powell, the Federal Reserve Chairman has publicly admitted that he is unsure of the Fed issuing its own Central Bank Digital Currency (CBDC). However, he asked for approval from the US government, before the Federal Reserve takes any further actions towards the creation of CBDCs. “I am legitimately undecided on whether the benefits outweigh

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Breaking: ECB Approves “Investigation Phase” For CBDC Research and Development

The European Central Bank (ECB) has announced a major step towards the launch of its sovereign digital currency goals by approving an investigation phase. The investigation phase would be 2 years long and focus on researching various aspects of a central bank-issued digital currency. “We have decided to launch a project to prepare for possibly

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Just-In: UAE Central Bank Sets CBDC Strategy Deadline

UAE Central Bank (UAECB) has announced its strategic objectives for 2023-2026, with their new and enhanced Digital Strategy that would include the much-awaited and grand launch of Central Bank Digital Currency (CBDC). UAE Central Bank has been discussing its interest in CBDC for a while now, and the 2023-2026 Strategy has provided a definite timeline

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Breaking: USDC Stablecoin Issuer Circle is Going Public at $4.5 Billion Valuation

Circle, the blockchain firm behind the USDC coin is all set to go public on Nasdaq via a SPAC merger. The blockchain firm will merge with Special Purpose Acquisition Company Concord Acquisition Corp (NYSE: CND). The merger deal would see an Irish company acquire both Concord and Circle and list publically on Nasdaq under the

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Chinese crypto crackdown may extend to Stablecoin after butchering Bitcoin

Fan Yifei, Deputy Governor of the People’s Bank of China mentioned the speculative nature of both Bitcoin and Stablecoins, at the State Council policy briefing this morning. He said bitcoin and stablecoins are a potential threat to the state’s financial security and social stability, as the decentralized digital currency has become a gateway to money

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