Category: Stablecoins
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Breaking down Augur’s v2 prediction market upgrades—now using Ethereum stablecoin Dai
Augur, a blockchain-based prediction marketplace, recently released its v2 upgrade, introducing a wide array of new features including Maker Dai integration, important bug fixes, and use-it-or-lose-it forking for REP. Augur’s Long-Awaited v2 Upgrade Augur (REP), a blockchain-based decentralized protocol that allows cryptocurrency users to create their own prediction markets, has announced the release of its version…
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Maker Community Votes to Raise Stability Fee as Dai Struggles to Hold $1 Peg
For more than two weeks the dai stablecoin has sat below its $1 peg, and has been trading for roughly $0.97 over the last seven days. This has given concern to the Maker Dao community which has decided to raise the dai stability fee to 11.5% per year. Also read: Exchangewar Lets You Compare Crypto…
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Facebook allegedly raising as much as $1 billion for its cryptocurrency stablecoin
Facebook is looking for VC firms to invest in its cryptocurrency project for sums as large as $1 billion, according to NY Times reporter Nathaniel Popper. The company is allegedly designing its crypto as a stablecoin for WhatsApp using a basket of foreign currencies as collateral. Since 2018 Facebook has been covertly working on a cryptocurrency…
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MakerDAO Voters Support Raising Ethereum-backed Loan Interest Rates to 7.5 Percent
MakerDAO, a decentralized autonomous organization that provides crypto collateralized loans, polled its community on whether to increase interest rates and by how much. The community voted to increase rates by the maximum that was proposed, 4.0 percentage points, raising rates to 7.5 percent. If successfully executed, this would be the third rate increase within the…
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While Tether Withdraws Claim of USD Backing, Rival Stablecoins Provide Monthly Attestations
The controversy surrounding the backing of Tether’s USDT tokens has resurfaced following a recent alteration to the company’s terms of service that now state the reserves backing USDT comprise “traditional currency and cash equivalents and … other assets and receivables from loans made by Tether to third parties.” Despite tether’s dominance among stablecoins by market…
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Stablecoins Are Threatened by These Two Major Issues
On the heels of recent commentary from the published correspondence between Securities and Exchange Commission (SEC) chairman Jay Clayton and representative Ted Budd, SEC senior advisor Valerie Szczepanik explained at Austin’s SXSW conference that stablecoins may be violating current securities laws. Also read: Payglobal Provides Cryptocurrency to Fiat Transfers With Existing Bank Cards Stablecoins May…
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Tether’s New Update Suggests USDT Is Not 100% Backed With Fiat
Tether, the company behind one of the biggest and most widely used stablecoins on the market (USDT), has updated the terms on its website to further clarify how their reserves work. The small update, however, suggested that its USDT coin is not 100 percent backed by US dollars, a claim many have come to criticize.…
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MakerDAO Votes to Raises Ethereum-backed Loan Interest Rate by 2.0 Percentage Points
MakerDAO, a decentralized autonomous organization that provides crypto collateralized loans, voted to raise interest rates from 1.5 percent to 3.5 percent. The vote is a continuation of two February rate increases in an attempt to curb its Ethereum-backed stablecoin, Dai, from trading below its $1.00 peg. As Dai continues to trade below its $1.00 peg,…
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Onchain Stablecoin Transactions Remain Low Despite Surge in Trade Volume
Despite many stablecoins ranking among the top 20 most traded crypto assets by monthly volume, a recent report has shown that there are few onchain transactions conducted using these fiat-pegged tokens. Also Read: Swiss Stock Exchange Launches Trading for ETH ETP DAI Sees Significant Onchain Usage Of the established stablecoins, DAI has recorded the largest…