Search Results for: five stablecoins

Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum

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On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be…

‘Fiat Is Fragile’ — Silicon Valley Bank’s Collapse Sparks Finger-Pointing and Concerns of Contagion

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Silicon Valley Bank (SVB) has become the center of attention after its collapse prompted the U.S. Federal Deposit Insurance Corporation (FDIC) to shut the bank down on Friday. It was the largest U.S. bank failure since 2008, and various alleged catalysts…

Stablecoin Market Sees Supply Increase for Tether as Competitors Decline in Light of Recent Regulatory Developments

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While the stablecoin market has seen significant redemptions in the past three months, the supply of tether, the largest stablecoin by market capitalization, has increased by 2.46 billion since mid-November 2022. Tether is the only one of the top five stablecoins…

Basel Study Shows World’s Largest Banks Are Exposed to $9 Billion in Crypto Assets

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A first-of-its-kind study published by the Basel Committee on Banking Supervision details that the world’s largest financial institutions are exposed to roughly €9.4 billion (US$9 billion) in crypto assets. The research paper authored by the Basel Committee’s secretariat Renzo Corrias further…

Circle CEO, Paxos, and Trueusd Speak on Binance’s Stablecoin Auto-Conversion Decision

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On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy…

Top 10 PoW Dominance Evaporates 9 Years Later, Only Two Proof-of-Work Coins Will Remain After The Merge

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The crypto community is patiently waiting for the highly anticipated Ethereum network upgrade from proof-of-work (PoW) to proof-of-stake (PoS) as The Merge is expected to happen 27 days from now. After Ethereum transitions from PoW to PoS, only two crypto assets…

Do Kwon Accused of Cashing out $2.7B Before UST Collapse, Terra Founder Says Allegations Are False

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Terra’s new LUNA 2.0 token has lost 54% in value in the last two weeks, after reaching $11.33 per unit on May 30. Meanwhile, the whistleblower Fatman has accused Terra’s co-founder Do Kwon of cashing out $2.7 billion a few months…

Deloitte Survey: 85% of Merchants Say Enabling Crypto Payments Is High Priority

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A survey conducted by Deloitte in collaboration with PayPal found that over 85% of merchants “are giving high or very high priority to enabling cryptocurrency payments.” In addition, “nearly three-quarters of those surveyed reported plans to accept either cryptocurrency or stablecoin…

US Senators Working on Broad-Based Crypto Regulation

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Two U.S. senators are working on a bipartisan, broad-based regulatory framework for cryptocurrency. “The work we’re doing is going to be a very complex and intensive review of the different aspects of this industry,” said one of the senators. US Senators…

Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle

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The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are believed to have stolen more than $10 million in investor funds. The alleged theft became apparent on March 13, 2022, when some of the scheme’s investors encountered problems making…