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Category: USDC

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

The post Stablecoins, Algorithms and AMOs —Changing the Future of Finance appeared first on BeInCrypto.

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An Introduction To Solana: Innovations, Characteristics, And Criticism

Will Solana be the one? The race to be the prime smart-contract-enabled blockchain is heating up. Many projects are chasing Ethereum’s tail, offering faster and cheaper transactions plus technological innovations. What does Solana offer? An internal clock. An incredibly higher number of transactions. Fees so low that are almost non-existent. The possibility to scale to global adoption in their layer 1.  Related Reading | Solana to Launch Stake Pools, This Is How It Will Enable Rewards For SOL Holders Will this be enough to capture the market? Is Solana the mythical Ethereum-killer that everyone is looking for? Keep reading and get enough info to make your own mind. We’ll summarize the good, the bad, and the ugly in digestible bullet points and short text. What Is Proof Of History And How Does It Work?  Contrary to what the name suggests, proof of history is not a consensus mechanism. Solana uses Proof-Of-Stake to validate its blocks. “The core Solana innovation is Proof of History (POH), a globally-available, permissionless source of time in the network that works before consensus,” says the following video’s information box.  To drive the point home, let’s also quote Techcrunch: Enter Yakovenko’s big idea, which he calls “proof of history,” wherein the Solana blockchain has developed a kind of synchronized clock that, in essence, assigns a timestamp for each transaction and disables the ability for miners and bots to decide the order of which transactions get recorded onto the blockchain. Yakovenko says doing so allows for greater security and “censorship resistance.” Solana’s creator is Anatoly Yakovenko, a San Francisco engineer “who spent more than a dozen years as an engineer working on wireless protocols at Qualcomm.” He wasn’t interested in cryptocurrencies until he figured out a way to improve the system. In traditional blockchains, the blocks don’t carry a timestamp, and that leads to inefficiencies. Yakovenko figured out a way to include it in the SHA-256 (Secure Hashing Algorithm 256) hash function, and the rest is history… Proof of history. Other Innovations That The Solana Blockchain Offers This section will be the only technical part of the article, we promise. To start, we’re going to quote EVALUAPE’s analysis. They’re “a platform for demonstration and evaluation of blockchain projects.” VDF, Verifiable Delay Function: A function used to generate PoH. It is a collision resistant hash function. In short, this is a function that takes a bunch of data inputs and spits out an output in fixed size. The main advantage of the function is its security. Avalanche Communication:  Simply speaking, since the hash value in every timestamp is calculated by the previous hash value, a long range of hash value can be broke into small partitions to be verified separately by the nodes. Each node only needs to verify a partition of hash value, and then concatenate and restore to a long hash value.  And for the next two, we’ll quote Decrypt’s analysis of the Solana platform. Tower Consensus, a variant of Proof-Of-Stake that: Enables distributed networks to reach consensus despite attacks from malicious nodes, known as Practical Byzantine Fault Tolerance (PBFT). Solana’s implementation of PBFT enforces a global source of time across the blockchain through a second novel protocol known as Proof of History (PoH). Sealevel: This allows for a parallel smart contracts runtime that optimizes resources and ensures that Solana can scale horizontally across GPUs and SSDs, which should help the platform scale to meet demands. Gulf Stream: Solana also completely nixes the mempool system used by other platforms, and instead forwards transactions to validators even before the previous batch of transactions is finalized. This helps to maximize confirmation speed and boost the number of transactions that can be handled both concurrently and in parallel.  Key Characteristics Of The Solana Blockchain Technically, it’s still in beta. Their MainNet is up and running, though, Low barrier of entry to become a validator. There’s no minimum stake to start validating, but the possibility of being selected is directly tied to the size of your stake. It’s even faster than legacy financial systems AND centralized cryptocurrency exchanges.  Over 100 projects were building on Solana by the end of 2020. Now, there are more than 250. The growth is exponential. At the time of writing, their official stats report 905 validators and 1331 nodes. The Avg. fee per transaction is $0.00025. They currently report 1,375 transactions per second. The project supports smart contracts in any programing language. Powerful Allies And Co-Signs It’s the “official chain” for USDC. And USDC is the second-largest stablecoin in the world. Sam Bankman-Fried’s FTX and Alameda Research. Their Serum DEX runs on Solana, as well as their projects Maps.me and borrowing/lending DeFi protocol Oxygen. Related Reading | Why Solana and Polkadot Have Been The Least Impacted By The Crypto Crash Solana, Criticism And Scandals  Even though they have ample documentation freely available, the project doesn’t have a clearly defined roadmap. Their official tokenomics clearly say “Subject to change.” They sold around 36% of the SOL tokens to private investors. In 4 rounds, they raised around $23M. The controversy here is that only slightly more than 1% was sold to retail. There’s not enough information about the functions of the Solana Foundation. And they hold more than 10% of the SOL token. And manage a community reserve of a whopping 38%. Someone detected a mysterious wallet with 11,365,067 SOL. They ended up being an undisclosed loan from the Solana Foundation to a market-making firm for liquidity provisioning in Binance. Those tokens were eventually burned, but wow. In December, for six hours, “Solana’s Mainnet Beta network halted new block confirmations, which resulted in a temporary outage.” The reason was “A validator booted up two instances of their machine and it started transmitting multiple different blocks for the same slot, eventually creating 3 different unconfirmed minority partitions of the network. ” Their excuse was that Solana is still in beta, which is fair. SOL price chart for 08/15/2021 on FTX | Source: SOL/USD on TradingView.com A Quote To Close This About Solana’s objectives, Anatoly Yakovenko told Techcrunch: “Everything that we do to make this thing faster and faster results in this better censorship resistance and therefore better markets,” he said yesterday. “And price discovery is what I imagine is the killer use case for decentralized public networks. Can we be the world’s price discovery engine? That’s an interesting question to ask.” Featured Image by Zack Dowdy on Unsplash – Charts by TradingView
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Why Did the Poly Network Attacker Return Half the Money They Stole?

Poly Network, a cross-chain DeFi protocol, recently suffered a $600M hack — the largest DeFi exploit in crypto history. Mudit Gupta, security researcher and SushiSwap dev, breaks down the attack,[…]

The post Why Did the Poly Network Attacker Return Half the Money They Stole? appeared first on Unchained Podcast.

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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 TradingView.com 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 TradingView.com
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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

The post Did Coinbase Lie About USDC to Investors? Here’s How It Could Backfire appeared first on Coingape.

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$610 Million Defi Hack: Why didn’t Binance and Circle Freeze Hacker Account?

Poly Network became the victim of the largest Defi hack in crypto history as hackers managed to drain $610 million worth of assets on Binance Smart Chain (BSC), Ethereum (ETH), and Polygon. As per the latest development, the hacker behind the attack has agreed to return the fund and has demanded a secure multi-sig wallet

The post $610 Million Defi Hack: Why didn’t Binance and Circle Freeze Hacker Account? appeared first on Coingape.

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Crypto Company Circle Seeks To Become Global Digital Currency Bank

The company behind the increasingly popular USDC stablecoin dreams big. Circle wants to leverage its know-how and good reputation to become “a global digital currency bank.” That means it’s also looking into becoming a digital currency bank in the US. Their plan’s announcement focused on that region of the planet, but the wording makes it clear that they’re ultimately looking for worldwide domination.  According to Coindesk, “this would be an industry first, with a scope far beyond the OCC banking charter already conditionally issued to Anchorage, Paxos and other crypto-native financial services firms.” The company’s aim is to provide “frictionless, instant and nearly free payments that combined fiat reserve currencies with open, permissionless blockchains, and eventually building on these open networks to support new forms of capital formation and intermediation.”  It’s the project ready for prime time or in its infancy? Did they file the documents already? Will they be able to pull this off? Keep reading for extra clues and info. USDC price chart for 08/10/2021 on Bitbay | Source: USDC/USD on TradingView.com Circle Played Nice With Governments From The Get-Go  The USDC stablecoin is issued by CENTRE, a joint venture between Circle and Coinbase. Their aim is “to conform with stringent U.S. money transmission supervisory and regulatory standards.” In contrast Tether, their main competition, is famous for the probe that the US Department Of Justice launched against them. The main point of contention against Tether is the reserves they hold to back up their USDT. Attacking their competition’s weak spot, Circle claims, “Establishing national regulatory standards for dollar digital currencies is crucial to enabling the potential of digital currencies in the real economy, including standards for reserve management and composition.”  Since regulatory compliance is their forte, Circle spends half of their announcement praising their own transparency and USDC’s liquidity even “in times of intense demand to redeem USDC”. To prove that, they provide an independent accountant report that highlights the “composition of USDC reserves, including the credit quality of the underlying assets.” Why does all of that have to do with their plans to become a national digital currency bank? It proves that they’re in tune with the US Government.  Now, with USDC at more than $27.5 billion in circulation, and building on our long-standing commitment to trust, transparency and accountability in the dollar-denominated reserves backing USDC, we are setting out to become a U.S. Federally-chartered national commercial bank. Circle intends to become a full-reserve national commercial bank, operating under the supervision and risk management requirements of the Federal Reserve, U.S. Treasury, OCC, and the FDIC. Other Big Plans For The Crypto Company Recently, Circle announced its intention to go public before the end of the year. According to Coindesk, the company “partnered with a special purpose acquisition company (SPAC) to go public later this year. The deal valued Circle at $4.5 billion.” Also, their USDC project will soon go live in multiple blockchains. As NewsBTC informed: It will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, and Solana. In related news, NewsBTC recently highlighted a Messari report that shows USDC is the most used stablecoin in DeFi. From what Ryan Watkins, a credible researcher, predicted, the stablecoin share for Tether on Ethereum could dip below 50%. In addition, Watkins revealed that more than half of USDC’s total supply is now in smart contracts. The equivalent value for this USD Coin supply is about $12.5 billion. According to Messari, CoinMetrics data estimates show that USDC’s stablecoin supply is over 40% on Ethereum. However, none of that guarantees that their plans to become a global digital currency bank will come true. Keep the NewsBTC tab open for further information on this developing story. Featured Image by Chaitanya Tvs on Unsplash – Charts by TradingView
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Circle Envisions Becoming a Digital Currency Bank In the U.S.

Blockchain payments infrastructure service provider, Circle has unveiled its vision to become a national digital currency bank in the United States. According to the press release issued by the firm, it has the aim to transform itself into a full-reserve Federal commercial bank, which would operate under the management of U.S. Federal Reserves and other

The post Circle Envisions Becoming a Digital Currency Bank In the U.S. appeared first on Coingape.

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Stablecoins USDC and BUSD Are Eating into the Market Share of Tether (USDT)

As the overall cryptocurrency market continues to expand with more user participation, stablecoin providers have been competing to gain major market share. As it seems, stablecoin Tether (USDT) continues to dominate the market with a $61 billion USDT coins floating in the market. However, it seems that competitors like Circle’s USDC and Binance’s BUSD are

The post Stablecoins USDC and BUSD Are Eating into the Market Share of Tether (USDT) appeared first on Coingape.

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Stablecoin War: Paxos Calls Out Tether (USDT) and Circle (USDC) for Issuing Non-Regulated stablecoins

Amid the growing demand for regulating the use of stablecoins, Paxos has called out Tether (USDT) and Circle (USDC) for issuing non-regulated stablecoins. Paxos’ General Counsel and Chief Compliance Officer Dan Burstein has lashed out at the two players, in what he claims to be false claims. Recently, Circle claimed that USDC is the “world’s

The post Stablecoin War: Paxos Calls Out Tether (USDT) and Circle (USDC) for Issuing Non-Regulated stablecoins appeared first on Coingape.

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USDC Vs USDT: Amid Tether (USDT) FUD Circle Prioritizes USDC Transparency

Circle issued USDC has become one of the fastest-growing stablecoin in the crypto market. The company is all set to go public on Nasdaq later this year after finalizing a SPAC acquisition deal a couple of weeks back giving it a $4.5 billion valuation. With a clear aim to dominate the crypto market USDC is

The post USDC Vs USDT: Amid Tether (USDT) FUD Circle Prioritizes USDC Transparency appeared first on Coingape.

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Just-in: MasterCard Eases Onboarding Process to Boost Crypto Cards Adoption

Mastercard, the payment processor giant today announced the enhancement of its crypto card program just weeks after rival Visa also announced its plans to become a global leader for crypto card payments promising to make crypto as usable as any other currency. The enhanced crypto card program would make it easier for partner banks and

The post Just-in: MasterCard Eases Onboarding Process to Boost Crypto Cards Adoption appeared first on Coingape.

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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

The post Breaking: USDC Stablecoin Issuer Circle is Going Public at $4.5 Billion Valuation appeared first on Coingape.

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The USDC Stablecoin Will Soon Expand Its Reach To 10 More Networks

The second biggest stablecoin by market capitalization is already a multi-blockchain project. Soon, though, USDC will live almost everywhere. According to Coindesk, it will soon be available in, “Avalanche, Celo, Flow, Hedera, Kava, Nervos, Polkadot, Stacks, Tezos, and Tron.” That will bring the total to 14; since USDC is already functional in Ethereum, Algorand, Stellar, […]
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