Lưu trữ cho từ khóa: Stablecoin

Pháp Lý

Ripple, Hedera and Aptos team up to form the MiCA Crypto Alliance

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The MiCA Crypto Alliance launched today with key blockchain players Ripple, Hedera, and Aptos Foundation joining as founding members.

Backed by the DLT Science Foundation, this alliance aims to help crypto firms navigate new regulations in the European Union more effectively, particularly the Markets in Crypto Assets regulation, according to a DLT Science Foundation post.

Ripple (XRP), Hedera (HBAR), and Aptos Labs (APT) have joined forces to improve transparency and encourage innovation in blockchain technology. The DLT Science Foundation, which is also behind this initiative, plans to work closely with businesses and developers to foster a compliant and sustainable future for cryptocurrencies.

MiCA regulation

The MiCA regulation is part of the EU’s broader push to create a safe and innovative digital asset environment. It requires CASPs to publish details on the impact of climate change on their operations. 

This regulation demands strict disclosures from service providers, including centralized exchanges, to ensure transparency and sustainability.

However, many firms struggle to meet these requirements due to the lack of a standardized process. The MiCA Crypto Alliance seeks to address this by offering members access to advanced tools that streamline compliance.

According to DLT, these tools will assist with sustainability assessments and white paper creation, making it easier for firms to meet the required standards.

For those unfamiliar with the technical aspects, MiCA is a set of rules aimed at making the cryptocurrency world more transparent. Just like traditional financial systems follow regulations to ensure fair operations, the Markets in Crypto Assets regulation ensures that crypto firms do the same.

By offering tools and resources, the alliance helps companies comply with these new rules without being overwhelmed by the complexity of crypto-specific regulations. The DLT Science Foundation will provide strategic guidance and technical support to members of the MiCA Crypto Alliance, helping them adapt to the evolving regulatory environment.

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DeFi

DeFi protocol Euler Finance announces launch of new stablecoin Maxi

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Decentralized finance lending platform Euler Finance has introduced a new hybrid token called Maxi.

Euler Labs, the team behind the decentralized finance lending protocol on Ethereum (ETH), announced the development on Sept. 16. Maxi, as the platform explained in a post on X, is a bespoke lending product designed to offer its users greater capital efficiency.

A stablecoin backed with range of assets

Maxi is a stablecoin whose key features include a blend of assets and cross-collateralization for both capital efficiency and risk mitigation, Euler Finance posted.

In terms of the assets backing the new stablecoin, Euler revealed it includes tokenized treasury bills, yield-bearing tokens, synthetic dollars, and fiat-backed stablecoins. Specifically, Maxi launches with assets backing its value, including Ondo Finance’s (ONDO)’s U.S. tokenized Treasury bill Ondo U.S. Dollar Yield (USDY) and Usual Money’s real-world asset-backed stablecoin USD0.

The other assets are Ethena (ENA)’s synthetic dollar USDe and yield-bearing synthetic dollars sUSDe and stUSD. Circle’s globally-adopted stablecoin USDC (USDC) is another.

Incentives for users

Euler is launching an incentivization program allowing users to collateralize sUSDe and USDe to earn Ethena’s sats. Network participants can also lend or borrow with USD0 to receive Usual Money Pills, or stUSD to earn Angle Protocol’s native token ANGLE. Users who lend USDC will receive Euler XP.

K3 Capital among firms helping to secure Maxi vaults

According to Euler Labs, institutional asset manager K3 Capital, digital asset investment platform MEV Capital, and decentralized finance research provider Re7 Capital will actively manage Maxi’s vaults.

These firms will monitor and adjust the vault parameters where possible for maximum efficiency and safety, Euler Labs noted.

In March 2023, Euler Finance suffered a flash loan attack, with the exploit leading to the loss of $197 million worth of crypto assets at the time.Stolen assets included Dai (DAI) wrapped Bitcoin (WBTC), Lido staked Ether (stETH) and USDC.

The hacker however returned most of the funds, with a total of over $177 million recovered by early April 2023.

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Altcoin

Circle brings USDC stablecoin to Sony’s blockchain

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Stablecoin issuer Circle has partnered with Sony Block Solution Labs, making bridged USDC as one of the blockchain’s primary tokens for value exchange.

Circle has formed a strategic partnership with Sony Block Solutions Labs to expand the list of supported stablecoins on Soneium, a public layer-2 network built on Ethereum.

In a Sept. 16 press release, the stablecoin issuer said that as part of the partnership, Soneium will integrate Circle’s Bridged USDC Standard, positioning bridged (USDC) as one of the first assets available for value exchange.

Bridged USDC Standard allows developers to deploy a form of USDC compatible with Ethereum Virtual Machine blockchains. The network “maintains optionality for a seamless upgrade to native issuance in the future,” according to Circle, although no timeline was provided for when native USDC might be supported.

Jun Watanabe, chairman of Sony Block Solutions Labs, said the collaboration aligns with the firm’s vision of creating a “more interconnected and efficient digital ecosystem.” The partnership comes two weeks after Samsung Next, the venture capital arm of the South Korean tech giant, announced its participation in the Soneium Spark program through an investment in Singapore-based Startale Labs.

Sony introduced Soneium in late August, outlining a three-year roadmap for the blockchain. The initial focus will be on web3 users, with plans to onboard Sony Music, Sony Pictures, and Sony Bank in the second year. By the third year, the platform will open to enterprises and decentralized applications.

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Phân tích

Bitcoin could rally as exchange reserves fall, stablecoins gain in market cap

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Bitcoin price wavered on Wednesday, Sept. 11, as traders reflected on the Donald Trump and Kamala Harris debate.

Bitcoin exchange reserves have dived

Bitcoin (BTC) retreated to $56,700 from this week’s high of $58,000 while Trump-themed tokens like MAGA (TRUMP) fell by over 10% in the last 24 hours.

Kamala Horris (KAMA) token by a smaller margin as traders estimated that Harris had a better night than Trump. Polymarket’s odds flipped in her favor, with a 50% chance of winning in November. 

Bitcoin and other cryptocurrencies are expected to perform well if Donald Trump wins the election, due to his support for the industry. He has hinted that he will replace Gary Gensler, maintain the Bitcoins in the government’s custody, and promote the U.S. as the crypto capital.

Meanwhile, spot Bitcoin ETFs have seen inflows for the last two consecutive days, signaling that investors have started to buy the dip. They added $116 million on Sept. 10 and $28 million a day earlier.

Another potential catalyst for Bitcoin is that reserves on exchanges have continued to fall. Data from CoinGlass shows that these reserves dropped to 2.35 million, the lowest level in years, significantly lower than the year-to-date high of over 2.71 million.

Bitcoin reserves | Source: CoinGlass

Falling Bitcoin reserves are a positive metric because they indicate that many holders are not selling. Recently, reserves rose in July and early August as the German government and Mt. Gox liquidated their holdings.

Falling BTC reserves are happening as the volume of stablecoins in reserves moves upward. Tether’s (USDT) market cap has risen to over $118 billion, while USD Coin (USDC) jumped to a record high of $35.2 billion.

A combination of falling Bitcoin reserves and rising stablecoin amounts is a sign that investors are waiting to buy. 

Bitcoin technical risk remain

Bitcoin price | Chart by TradingView

Still, Bitcoin faces some major risks ahead. The most important risk is that the spread between the 50-day and 200-day Exponential Moving Averages has continued to narrow, meaning that a death cross may happen. 

Historically, financial assets tend to dive sharply when this pattern happens. In Bitcoin’s case, the last death cross led to a 65% dive in 2022. 

Bitcoin also faces a major resistance, which is shown in the descending trendline that connects the highest swings since March this year. For a clear bullish breakout to happen, it will need to clear that resistance and the year-to-date high of $73,800.

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Pháp Lý

TRON teams up with Chainalysis to monitor USDT transactions

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TRON, Tether, and TRM Labs have launched the T3 Financial Crime Unit to collaborate on combating illicit activity related to USDT on the TRON blockchain.

Blockchain network TRON, stablecoin issuer Tether, and a blockchain forensic firm TRM Labs have joined forces to form the T3 Financial Crime Unit, an alliance focused on curbing illicit activity tied to (USDT) on the TRON blockchain.

With the latest initiative, the T3 FCU aims to disrupt malicious activities by leveraging data, technology, and a deep collaboration with law enforcement. As of August, TRON hosts over 240 million user accounts and processes more than 8.4 billion transactions, per data from TRONScan.

However, the same features that make USDT on TRON appealing to legitimate users — low fees, stability, and ease of use — have also attracted terrorists, money launderers and scammers. Data from TRM Labs’ “Illicit Crypto Economy” report shows that USDT accounted for over $19 billion in illicit funds, surpassing other stablecoins.

TRM Labs noted that USDT has “cemented its position as the currency of choice for use by terrorist financing entities.” In comparison, USD Coin (USDC) only recorded $428.9 million in illicit volume. TRM Labs’ research also revealed that TRON facilitated 45% of all illicit crypto transactions in 2023, up from 41% the previous year. In contrast, Ethereum and Bitcoin accounted for 24% and 18%, respectively.

The T3 initiative has already proven effective, freezing over $12 million in USDT linked to scams such as blackmail and fraud schemes. So far, 11 victims have been identified, with more expected as investigations progress. Chris Janczewski, TRM’s head of global investigations, emphasized the importance of global collaboration, stating in a commentary to Forbes that the effort has involved agencies in the U.K., U.S., and Australia to disrupt illicit activities.

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Phân tích

Stablecoin inflows surge, investors rush to buy Bitcoin, altcoins

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Crypto investors have started depositing stablecoins in centralized exchanges, showing potential bullish momentum for Bitcoin and altcoins.

According to data provided by Santiment, the total exchange net inflow of the top three stablecoins — Tether (USDT), USD Coin (USDC) and Dai (DAI) — reached $141.2 million in the past 24 hours.

BTC price, stablecoin exchange net flows – Sept. 10 | Source: Santiment

USDT alone saw a net inflow of $101.95 million, followed by USDC’s $34.87 million, per data from Santiment. DAI, the third-largest stablecoin by market cap, recorded an exchange net inflow of $4.24 million.

The surge in the stablecoin exchange net flows shows increased buyer optimism.

Moreover, the crypto market witnessed a similar movement on Aug. 22, sending the Bitcoin price above the $64,000 mark and the global cryptocurrency market capitalization reached a local high of $2.36 trillion.

The global crypto market cap surged to $2.09 trillion and the stablecoin market cap is currently sitting at $170.9 billion, according to data from CoinGecko. This category’s daily trading volume also surpassed the $60 billion mark following the bullish momentum.

Bitcoin (BTC) gained 3.8% in the past 24 hours and is trading at $57,250 at the time of writing. Per a crypto.news report, whales have started accumulating BTC and started sending the assets to their self-custodial wallets.

One of the main reasons behind the market-wide bullish momentum is the release of the U.S. Consumer Price Index report, which shows the country’s inflation rate for August. 

Notably, the market could potentially go the opposite way if the inflation rate comes higher than the expected 2.6%.

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DeFi

Market maker DWF Labs hints at synthetic stablecoin

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Crypto market maker DWF Labs has plans to launch a stablecoin product that may compete with Ethena’s USDE.

According to Andrei Grachev, co-founder of DWF Labs, the crypto trading and market-making startup has finalized the design for its synthetic stablecoin.

Synthetic stablecoins operate on a soft peg with fiat currencies like the U.S. dollar and are underpinned by collateral assets like Bitcoin (BTC) and other assigned cryptocurrencies.

To maintain parity, synthetic stablecoins rely on opening and closing short-leveraged positions for the underlying collateral. While supposedly decentralized, this design could introduce extra volatility due to its dependence on perpetual trades tied to other tokens.

Grachev shared that DWF Labs’ synthetic dollar would support a basket of collaterals, including the three largest stablecoins: Tether (USDT), Circle’s USD Coin (USDC), and (DAI), which was recently rebranded to USDS by Maker’s switch to the name Sky.

The X post from DWF Labs’ Grachev also listed other underlying assets, such as Ethena’s (USDE), BTC, Ethereum (ETH), a limited list of long-tail altcoins, and blue chips.

DWF Labs had not confirmed if the blue-chip category referred to non-fungible tokens, although the label suggests highly acclaimed NFTs may be involved.

Entering the synthetic dollar market could position DWF Labs against Ethena, the issuer of crypto’s largest on-chain collateralized stablecoin, USDE. Launched for public trading in February, Ethena’s offering has captured $2.69 billion in deposits, with pledged monthly attestations for its product.

Most of this total value locked exists on Ethereum’s blockchain, valued at about $2.58 billion, according to DefiLlama, with the remainder spread across networks like Mantle, Arbitrum, and Blast.

DWF Labs could face the same skepticism that synthetic dollar protocols have encountered within the crypto community. Following Ethena’s launch, decentralized finance leaders like Fantom developer Andre Cronje compared the sector to TerraUSD, the algorithmic stablecoin involved in a $60 billion ecosystem collapse in 2022.

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Bitcoin

Alan Howard’s son secures $25m for crypto venture fund

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Daniel Howard and Bhavin Vaid have launched Halo Capital, a $25 million venture fund focused on early-stage crypto projects across the digital asset ecosystem.

Daniel Howard, son of British hedge-fund billionaire Alan Howard, and colleague Bhavin Vaid have raised $25 million for Halo Capital, a new venture-capital fund focused on early-stage projects in the digital-asset sector, Bloomberg has learned.

While both Howard and Vaid declined to disclose Halo’s investors and partners due to privacy concerns, Howard acknowledged that his family background plays a role but stressed that Halo’s unique approach is key to attracting investors.

The New York-based fund will invest across the digital ecosystem, the report says, adding that the scope of interests includes Bitcoin-centric products as well as decentralized artificial intelligence.

“Our ability to take a differentiated approach, and a research and data-driven one, is going to be vital.”

Bhavin Vaid, Halo Capital co-founder

Halo focuses on distinctive approach

Halo has already invested in several projects, including Bima Labs, the developer of the Bitcoin-backed stablecoin USBD, and Andrena, a wireless internet provider focused on developing a protocol for decentralized physical infrastructure networks to provide broadband. The fund also recruited 20 partners to advise it and its portfolio companies.

Emphasizing the need for a research-driven approach, Vaid noted that “a lot of the existing funds in the space are potentially just biased, based on other investments they might have made over the past three to five years.”

Alan Howard, already a prominent crypto backer, helped establish Brevan Howard’s crypto arm, BH Digital, in 2021. In mid-July, crypto.news reported that Brevan Howard Asset Management’s crypto fund saw a 20% gain in the first half of 2024, driven by increased institutional interest amid rising crypto prices.

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Altcoin

Dragonfly-incubated stablecoin AUSD goes live on Sui

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The Sui blockchain is broadening its stablecoin offerings by adding Agora’s AUSD, following its earlier launches on Ethereum and Avalanche.

Agora, a stablecoin company backed by Dragonfly, has launched its Agora Dollar (AUSD) stablecoin on Sui, the layer-1 blockchain network following the prior rollout on Ethereum and Avalanche.

The launch is part of Sui’s strategy to bolster its decentralized finance ecosystem and attract institutional users. To date, nearly $60 million in AUSD has been minted, with the majority of liquidity concentrated on the Ethereum network.

Agora Dollar’s concentration among blockchains | Source: DefiLlama

By integrating first-class assets like AUSD natively on the network, Sui is empowering developers and offering essential access to DeFi for a new class of institutional users.

Gap Kim, Global Head of Marketing for Sui Foundation.

As of Sept. 5, over 62% of AUSD’s liquidity is on Ethereum, with 37% on Avalanche, according to data from DefiLlama.

Agora bets on compliance with VanEck

In April, Agora raised $12 million in funding led by Dragonfly to fuel its stablecoin platform launch, emphasizing regulatory compliance. The funding round saw participation from other prominent investors, including Wintermute Ventures, Galaxy, and Consensys. Agora’s reserve fund is managed by VanEck, one of the world’s largest exchange-traded fund issuers, further cementing the company’s commitment to compliance.

Agora’s move to Sui aligns with the blockchain’s recent efforts to enhance its offerings. The launch follows Grayscale Investments’ introduction of two crypto investment trusts, including one offering exposure to Sui, which is “redefining the smart contract blockchain,” according to Rayhaneh Sharif-Askary, head of product & research at Grayscale.

Looking ahead, Agora plans to continue expanding its reach by launching AUSD on other blockchains such as Arbitrum and Optimism, further solidifying its presence in the decentralized finance space.

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