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Category: USDTUSD

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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Relist XRP: Is Coinbase planning to use XRP for remittance?

Recently, one of Coinbase’s outdated web pages went viral, displaying free cross-border XRP and USDC payment services. The page’s information states that Coinbase users can make instant international payments using XRP and USDC, without any transaction or receiving fees from one Coinbase account to another. Furthermore, according to the webpage, this service is supported globally,

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Defi Hack: Neko Network hacked; attackers steal over 2 million in stablecoins

The Poly Network attack wounds are still fresh, and the Defi market is hit with another hack. The blockchain security team, SlowMist announced that the Neko Network is hacked, with over 2 million stolen in Stablecoins. Neko Network attacker’s address has obtained 2 million USDT, 390,000 BUSD, and 1 BTCB. Attackers use PancakeSwap to exchange

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Circle CEO claims traditional banks will soon indulge in stablecoins

Circle Pay, one of the largest digital currency company’s CEO, Jeremy Allaire commented on the efficiency of stablecoins and its bright future in the US banking system. He compared the stability and low risk offered by the stablecoin market to that of the traditional banking system. “Stablecoins are becoming so big that they are going

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Bank of Ghana partners with German currency technology firm to launch Pilot CBDC

Bank of Ghana (BoG) has announced a partnership agreement with the German Currency technology platform, Giesecke+Devrient (G+D) to pilot a general-purpose Central Bank Digital Currency (retail CBDC) in Ghana, West Africa. BoG shared in the Press Release that G+D will play a major role in launching Ghana’s e-Cedi Pilot. G+D will pilot the issuance of digital

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Here’s why SEC Chief wants to clamp-down on crypto exchanges

Gary Gensler, the SEC chief has responded to the July 7 letter of Senator Elizabeth Warren asking for more powers from lawmakers to clamp down on crypto exchanges. Sen. Warren had asked the SEC chief about the measures that the agency has taken to ensure investors’ protection in the crypto market and if it needs

The post Here’s why SEC Chief wants to clamp-down on crypto exchanges appeared first on Coingape.

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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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Leading Bitcoin (BTC) firm CEO predicts when stablecoin market would reach $1 Trillion

An early BTC bull, and CEO of the leading bitcoin firm Unstoppable Domains, Matthew Gould predicted a bright future for the stablecoin market. He said that with decentralized finance getting widely accepted, Stablecoins value could potentially touch $1 Trillion by 2025, or even earlier. Gould made his confident bet highlighting the rapid growth of the

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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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CBDC News: Central Bank of Nigeria’s CBDC to take off on 1st October

The Central Bank of Nigeria (CBN) presented its Central Bank Digital Currency (CBDC) initiative to stakeholders on Thursday and revealed the launch of the pilot project of CBN’s Central Bank Digital Currency (CBDC) to be on 1st October. The CBDC project, also known as ‘GIANT’, will be operating on the hyper-ledger fabric blockchain, i.e., an

The post CBDC News: Central Bank of Nigeria’s CBDC to take off on 1st October 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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Tether’s (USDT) Unsecured USD Holdings Can Result to Liquidity Shocks Beyond Crypto Market

Tether, the world’s third-largest cryptocurrency by market cap and USD-backed stablecoin is once again in the limelight and controversy. This time it’s the economists and officials from the U.S. Federal Reserve who have raised serious concerns over Tether’s operations. Investors are concerned that any loss of confidence in Tether can lead to a “black swan”

The post Tether’s (USDT) Unsecured USD Holdings Can Result to Liquidity Shocks Beyond Crypto Market appeared first on Coingape.

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