Stablecoin

Stablecoins are virtual currencies that help minimize crypto market volatility. These crypto-assets are often pegged to the value of fiat money, exchange-traded commodities like gold and silver, or cryptocurrency. These tokens operate on blockchain technology and offer investors more safety than other crypto assets. Over the years, stablecoins have increasingly brewed up a storm in the crypto space. For instance, most of them chose the US Dollar as the primary asset to peg their value and reach global acceptance. Nevertheless, not all stablecoins…

The Biden administration recently released its long-awaited stablecoin report – and one government official isn’t entirely on board. Pat Toomey – Republican Senator and ranking member of the Senate Banking Committee –disagrees with treating stablecoins issuers as banks. Amid a booming crypto market and allegations against Tether, he adds fuels the fire surrounding crypto regulations. Toomey: Stablecoin Issuers Aren’t Banks Pat Toomey shared his thoughts on the report in an interview with Yahoo Finance earlier today. The Senator acknowledged that…

One of the unique features of cryptocurrency is its decentralized and unregulated nature. However, many governments worldwide, including the American authorities, do not worry about this particular trait. Recently, cryptocurrency regulation has been a hot topic in different parts of the world. We count here China’s crackdown on Bitcoin in September 2021 to El Salvador’s Bitcoin Law endorsing Bitcoin as a legal tender. Simply put, cryptocurrency is increasingly prevalent in the economies of various governments. Despite the varying levels of crypto acceptance,…

Steve Mnuchin– former Treasury Secretary of the United States– recently discussed stablecoins and FinTech investment opportunities. While he sees potential in blockchain technology and stablecoins, he also says they shouldn’t operate like “casino chips." Stablecoins and Casino Chips Mnuchin aired his thoughts earlier today in an interview with Bloomberg Invest Global. He begins stating that there’s “gigantic opportunity” in “real-time, cross border currencies,” and calls both blockchains and stablecoins “interesting”. [caption id="" align="aligncenter" width="755"] Steve Mnuchin. Source: NBC[/caption] However, he…

Cryptocurrency fans and investors just breathed a major sigh of relief. Jerome Powell– Chairman of the Federal Reserve– has confirmed that he “has no intention” to ban cryptocurrency in the US. Powell’s Position on Crypto The chairman confirmed and clarified his position today while testifying in front of congress. House Representative Ted Budd asked Powell to explain one of his previous statements on the matter.  [caption id="" align="aligncenter" width="967"] Jerome Powell. Source: Reuters[/caption] In July, Powell joined a slew of…

Recent reports show London-based financial firm Revolut is stretching its hands across the sea. They are planning to introduce its crypto token to the world. According to a source relative to the matter, Revolut will soon launch a crypto token. Interestingly, the source said that the timing of Revolut comes after the approval from U.K regulators. Nonetheless, the information does not come directly from Revolut but two people with knowledge of the plans. A Glimpse of the Crypto Token One…

On the 26th of Sep 2021, COTI took to their official Twitter account to announce that they will be rolling out a stablecoin on Cardano's chain. Cardano to Host its First Stablecoin As per Charles Hoskinson, leader of Cardano, and Shahaf Bar-Geffen, CEO of COTI group, Cardano will receive its first-ever stablecoin from COTI. The stablecoin goes by the name Djed. The duo relayed this message at the Cardano Summit stage in Laramie, Wyoming, on Sunday. Shahaf said that Djed has…

Afterpay is looking into cryptos as a way of cutting payment costs for merchants. The company has reason to think that an AUD-backed stablecoin is not too far in the future. For Australia's crypto investors, it seems like great news. Laying Foundation for a Local Stablecoin Jack Dorsey's Square recently purchased Afterpay for AU$39 billion. At the moment, however, it is not offering crypto-related products. An AUD-supported stablecoin would provide Australian cryptocurrency users and investment companies with an alternative value. They will…

Volatility is a distinct characteristic in cryptos like Bitcoin or Ethereum. One moment, the value could be skyrocketing, and the next second, it is singing a different tale. Though cryptocurrencies may offer intriguing innovations that are changing the financial realm, the issue of volatility is scaring off some potential traditional investors. Fluctuations are nipped in the bud by the concept of stablecoins. Stablecoins are cryptos that are pegged to a fiat currency or another item of value. An example that…