Binance Will Convert Users USDC Into Its Own Stablecoin
The coin serves as the payment rail for most crypto investors to access the decentralized finance ecosystem and the larger crypto market. South Korea’s largest bank, Kookmin bank, announced its preparatory committee for digital asset management.
Decentralized exchange dYdX blocked some accounts that had previously interacted with Tornado Cash. It highlighted that the number of hacked wallets was significantly greater than those exposed to the vulnerability, suggesting the hackers may have used another unaccounted attack vector. USDC issuers Circle then froze $75,000 worth of the stablecoin linked to 44 sanctioned addresses to comply with United States law. The UK awaits a new Prime Minister and a plan on how to support households. Looking ahead, the Euro is likely to enjoy upside against the US Dollar for the remainder of the day as US markets remain quiet. At the time of writing, EUR/USD is trading at $1.0453, up 0.2% from today’s opening levels. Cardano is an open source network facilitating dApps which considers itself to be an updated version of Ethereum.
The largest bank in the US, JP Morgan, has become the first lender that has opened an office in the blockchain-based 3D virtual world of Decentraland called an “Onyx Lounge”. The bank also released a whitepaper discussing business opportunities in the metaverse. It also highlighted that the bank can operate in the virtual world just like in the real world since the virtual worlds have their currencies and population. Mexican Senator, Indira Kempis, discussed her plan to propose a bill of making Bitcoin a legal tender in Mexico. With the inspiration of El Salvador’s rising financial inclusion, she stated that Bitcoin can give benefits to the Mexican people. The senator’s last visit to El Salvador gave her a perspective that Bitcoin can revolutionize a nation within the Bitcoin ecosystem. Many large institutions and big names in showbusiness have jumped into NFTs.
Coinpass do not make any representations or recommendations regarding the advisability or otherwise of trading in crypto assets or any particular transaction. Suggestions about Youtube expanding into NFTs have been going on for weeks. In a blog post by the YouTube chief product officer, Neal Mohan finally announced their plans to integrate the technology into its creator tools. To expand monetization, the online video sharing platform will launch these new tools that allow creators to sell content as NFTs so their fans can “own” videos.
The Bank of Russia Governor Elvira Nabiullina strongly demands a complete ban on crypto activities. On the other hand, the Finance Ministry also takes a stand in allowing cryptocurrency. With the government creating the regulatory regime of digital assets, the Finance Ministry proposed to allow mining operations in areas with a “sustainable surplus in electricity generation”.
- GBP/USD is referred to as ‘cable’ because deep-sea cables used to carry buy and sell information between the LSE and NYSE.
- Here you’ll find our main views on global FX, current market drivers and ideas.
- The advantage of USDC is also the fact that it can be traced to actual dollar reserves, unlike purely algorithmic dollar-pegged coins like DAI.
- USDC was developed by the Coinbase crypto brokerage company, in partnership with Circle Internet Financial.
- Reserve report, detailing that its USDC stablecoin was backed only by cash and short-term treasury bonds.
- The dollar is trading up against the pound and the euro after the US unemployment rate fell to a 50 year low in September.
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Why Developing Countries Are Looking to Adopt Crypto as Their Legal Tender
I received feedback from a lot of users that had their funds staked in these services, so we will not limit refunds to just Anchor and vanilla UST – it will include all UST balances on Terra across all services . Take a snapshot of all aUST and UST holders on the Terra blockchain at the time the depeg happened. This will stop people from splitting funds into separate wallets after seeing this proposal. From January 6, 2022 and continuing indefinitely, every Friday is Margin Friday! Users who have 1,000 BUSD or equivalent trading volume or who have borrowing volume of at least 100 BUSD or equivalent will share 20% trading income of Binance Margin. Some of the transactions will be settled in USDC, which has lately preserved its dollar peg without problems.
- Investors in troubled cryptocurrency lending firm Celsius continue to incur losses after the company filed for bankruptcy, just weeks after freezing customer withdrawals.
- The liquidity patterns show USDC is mostly used as a portable token to transfer value between trading venues.
- Bitcoin continues to sustain its short-term upside price momentum with investors looking out for signals to end the ongoing bear market.
- These products enable you to speculate on markets that are rising as well as falling.
- The team has also warned users not to add positions during the conversion period, to specifically avoid any losses that may incur due to the conversion of funds.
- A lack of UK data and hawkish Federal Reserve rate hike bets saw the currency pair start the week on the back…
The Fed hiked interest rates by 75bps in June and may repeat this move in July. However, some economists are now scaling back their tightening expectations for the US central bank. Lending further upside to the single currency are higher German yields, persistently high inflation in the Eurozone and reasonable signs of economic recovery. According to last week’s data, manufacturing activity https://www.tokenexus.com/ increased marginally in the Euro area, while unemployment decreased. The overall market cap of the more than 19,900 coins is at $899.46 billion at the time of writing , a 4.7% decrease in the last 24 hours. CFD accounts provided by IG Markets Ltd, spread betting provided by IG Index Ltd and share dealing and stocks and shares ISA accounts provided by IG Trading and Investments Ltd.
Circle Discloses Detailed Report Of Its USDC Reserves
The value of the pound remained in the doldrums today as investors scrabble to sell the currency amid worries that a general election in the UK could add to Brexit uncertainty. Conversely, the pound is down against the dollar and the euro amid Brexit pressures. It’s now down 0.1% against the dollar and has gained slightly against the euro. The controversial former US president thinks the cryptocurrency is a threat to the US dollar.
Several market analysts have been predicting that Circle’s USDC stablecoin could possibly overtake Tether’s USDT to become the largest stablecoin by market cap. For valuations of the top 100 coins by market cap in US dollars, plus 24-hour price change, see below.
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The coin also offers faster transaction times and lower fees than traditional banking methods. In the meantime, a review of DAI’s supply during the previous week revealed that it had been declining. Following the Tornado Cash sanctions, MakerDAO’s creator Rune Christensen asked DAO participants to think about switching the 3.5 billion USD USDC holdings to Ethereum . Another stablecoin related to USDC, FRAX, momentarily saw a decline in supply to 1.3 million USD before rebounding to 1.4 million USD.
The Queen’s Speech revealed the plans of the UK treasury to regulate stablecoins. In addition, Prince Charles also introduced a bill that would help discuss illicit finance, reduce economic crime and help businesses grow.
Roger Ver Denies Defaulting on US$47 Million Loan From CoinFLEX
VISA had to terminate its agreement with the Wavecrest card provider due to compliance problems. Crypto.com, however, was one of the projects that did not have its cards canceled or re-issued. After a roaring growth in the first half of 2022, Circle’s USDC market share has been on a downtrend losing 5 percent over the last month. ETC buy usdc price has hit a four-month high of $42.29 on August 12 riding on anticipation for the Merge. The US Dollar is subdued today against the majority of its peers, as the US Independence Day holiday leaves the currency exposed to losses. The Euro weakened slightly on Muller’s remarks, disappointing those who’d hoped for a larger hike.
USD/GBP – Today’s data summary
Tag Heuer’s Connected Calibre E4 smartwatch collection will allow users to display the NFTs they own on the watch face. The states of Texas, New Jersey, and Alabama are investigating the decision by crypto lender Celsius Network to block consumer withdrawals. “Educators number among the most prolific creators and traders of content,” said Yat Siu, co-founder and executive chairman of Animoca Brands. “Despite the fact that teaching is among the most important professions, educators generally struggle with funding and resources. Animoca Brands will leverage the acquisition of TinyTap to establish a new business segment for blockchain-based UGC educational content that will allow educators worldwide to generate their own equity. For more info on how we might use your data, see our privacy notice and access policy and privacy webpage. Open a free, no-risk demo account to stay on top of index movement and important events.
Binance said it has no plans to convert Tether stablecoin into BUSD as of now, adding that the decision may change in the future depending on various circumstances. There are a number of other stablecoins available, such as Tether and DAI. These coins offer similar benefits to USDC but with slightly different features. This competition could lead to lower demand for USDC and a corresponding decrease in its price. As USDC has its value pegged to the dollar, it doesn’t have the same price appreciation potential as other cryptocurrencies.
Author: Daren Fonda