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Despite the extreme market conditions, the reserve claims<\/a> that they have a very healthy balance sheet<\/a> with a collateralization rate of 320%. The reserve will be watching the market very closely and acting accordingly.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> USDD Algorithmic Stablecoin Remains Depegged After Two Days<\/a><\/p>\n","post_title":"TronDAO Claims USDD Is Not Depegged","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"trondao-usdd-is-not-depegged","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/usdd-algorithmic-stablecoin-remains-depegged-after-two-days\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-30 21:34:07","post_modified_gmt":"2023-04-30 11:34:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
According to the reserve, the reason for trading below $1 comes from \"extreme market conditions\", where traders have been liquidated and large shorts on both TRX and USDD have been accumulated for profit.<\/li><\/ul>\n\n\n\n
Despite the extreme market conditions, the reserve claims<\/a> that they have a very healthy balance sheet<\/a> with a collateralization rate of 320%. The reserve will be watching the market very closely and acting accordingly.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> USDD Algorithmic Stablecoin Remains Depegged After Two Days<\/a><\/p>\n","post_title":"TronDAO Claims USDD Is Not Depegged","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"trondao-usdd-is-not-depegged","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/usdd-algorithmic-stablecoin-remains-depegged-after-two-days\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-30 21:34:07","post_modified_gmt":"2023-04-30 11:34:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n
The reserve states that with current market volatility, percentage changes of 3%-+ are an \"acceptable range\". Although with the current price of USDD, it is at a 3.27% decrease from its peg.<\/li><\/ul>\n\n\n\n
According to the reserve, the reason for trading below $1 comes from \"extreme market conditions\", where traders have been liquidated and large shorts on both TRX and USDD have been accumulated for profit.<\/li><\/ul>\n\n\n\n
Despite the extreme market conditions, the reserve claims<\/a> that they have a very healthy balance sheet<\/a> with a collateralization rate of 320%. The reserve will be watching the market very closely and acting accordingly.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> USDD Algorithmic Stablecoin Remains Depegged After Two Days<\/a><\/p>\n","post_title":"TronDAO Claims USDD Is Not Depegged","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"open","post_password":"","post_name":"trondao-usdd-is-not-depegged","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/usdd-algorithmic-stablecoin-remains-depegged-after-two-days\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-30 21:34:07","post_modified_gmt":"2023-04-30 11:34:07","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=5717","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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\n

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\n
In a tweet<\/a> from the TronDao Reserve which backs USDD, they state that USDD is not depegged from the US Dollar as certain percentages of volatility are unavoidable.<\/li><\/ul>\n\n\n
\n

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\n
USDD is an algorithmic-based stablecoin<\/a> that is pegged 1:1 with the US Dollar. Although, USDD has been trading under $1 for 5 days.<\/p>\n\n\n\n
In a tweet<\/a> from the TronDao Reserve which backs USDD, they state that USDD is not depegged from the US Dollar as certain percentages of volatility are unavoidable.<\/li><\/ul>\n\n\n\n

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<\/p>\n","post_title":"Binance To Merge Stablecoin Competitors Into $BUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-to-merge-stablecoin-competitors-into-busd","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/binance-announces-taxi-integration-on-its-app-payable-in-busd\/\nhttps:\/\/www.thedistributed.co\/slippage\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-11 00:08:58","post_modified_gmt":"2023-04-10 14:08:58","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=6992","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":5717,"post_author":"1","post_date":"2022-06-18 23:02:01","post_date_gmt":"2022-06-18 13:02:01","post_content":"\n
USDD is an algorithmic-based stablecoin<\/a> that is pegged 1:1 with the US Dollar. Although, USDD has been trading under $1 for 5 days.<\/p>\n\n\n\n
In a tweet<\/a> from the TronDao Reserve which backs USDD, they state that USDD is not depegged from the US Dollar as certain percentages of volatility are unavoidable.<\/li><\/ul>\n\n\n\n

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#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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November 24, 2024

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\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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December 4, 2024

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\n
Changpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Binance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\n
Changpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\n
Binance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\n
Changpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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August 3, 2023

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December 4, 2024

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Follow The Distributed

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\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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November 24, 2024

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November 24, 2024

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Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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November 24, 2024

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December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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November 24, 2024

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November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Russia Approves New Crypto Tax Framework

December 4, 2024

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By subscribing, you agree with our privacy and terms.

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Follow The Distributed

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\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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December 4, 2024

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\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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November 24, 2024

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Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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December 4, 2024

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\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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December 4, 2024

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Follow The Distributed

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\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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December 4, 2024

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Follow The Distributed

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\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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December 4, 2024

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\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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November 24, 2024

Cryptocurrencies

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November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Follow The Distributed

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\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

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November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

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November 24, 2024

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December 4, 2024

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Follow The Distributed

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\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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December 4, 2024

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\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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December 4, 2024

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Follow The Distributed

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\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Russia Approves New Crypto Tax Framework

December 4, 2024

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Type your email here

Follow The Distributed

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\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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Russia Approves New Crypto Tax Framework

December 4, 2024

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Type your email here

Follow The Distributed

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\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Russia Approves New Crypto Tax Framework

December 4, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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Russia Approves New Crypto Tax Framework

December 4, 2024

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Follow The Distributed

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\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

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Banking

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December 4, 2024

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Follow The Distributed

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\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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December 4, 2024

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Follow The Distributed

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\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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ADVERTISEMENT

\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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December 4, 2024

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Type your email here

Follow The Distributed

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\n
Binance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\n
Binance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\n
Binance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

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August 3, 2023

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December 4, 2024

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Type your email here

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ADVERTISEMENT

\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

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November 24, 2024

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Russia Approves New Crypto Tax Framework

December 4, 2024

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Follow The Distributed

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\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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December 4, 2024

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Follow The Distributed

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\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

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ADVERTISEMENT

\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

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Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

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Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

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November 24, 2024

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December 4, 2024

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\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

Previous 1 2 3 Next

Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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By subscribing, you agree with our privacy and terms.

Type your email here

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS

ADVERTISEMENT

\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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Most Read

Central Banks

Tether’s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy

August 3, 2023

Artificial Intelligence

Microsoft Updates Microsoft Azure AI Studio: Introducing Microsoft Azure AI Foundry

November 24, 2024

Banking

Indian Central Bank’s Cloud Computing Venture Aims To Democratize Financial Technology

November 24, 2024

Cryptocurrencies

Five Ways Trump Could Transform Crypto Regulation, According To Blockchain Association

November 24, 2024

Adoption

Russia Approves New Crypto Tax Framework

December 4, 2024

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Type your email here

Follow The Distributed

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\n
The company also unveiled energy-related investments. Tether didn't include them in the Q2 report as it believes they are not suitable reserves for the circulating USDT tokens. Bitcoin (BTC) holdings in the quarter reached $1.67 billion, up from $1.5 billion in the prior quarter. <\/p>\n\n\n\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
In its Q2 attestation report, Tether<\/a> also disclosed, for the first time, $72.5 billion of exposure to U.S. treasuries. The treasuries include direct T-bill investments, money market funds deposits, and repurchase agreements.<\/p>\n\n\n\n
The company also unveiled energy-related investments. Tether didn't include them in the Q2 report as it believes they are not suitable reserves for the circulating USDT tokens. Bitcoin (BTC) holdings in the quarter reached $1.67 billion, up from $1.5 billion in the prior quarter. <\/p>\n\n\n\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Tether disclosed<\/a> that its treasury reserve holdings that back USDT tokens increased by $850 million to $3.3 billion in Q2 2023. The excess reserves are not included in the 100% reserves the stablecoin issuer maintains for redeeming USDT tokens in supply. <\/p>\n\n\n\n
In its Q2 attestation report, Tether<\/a> also disclosed, for the first time, $72.5 billion of exposure to U.S. treasuries. The treasuries include direct T-bill investments, money market funds deposits, and repurchase agreements.<\/p>\n\n\n\n
The company also unveiled energy-related investments. Tether didn't include them in the Q2 report as it believes they are not suitable reserves for the circulating USDT tokens. Bitcoin (BTC) holdings in the quarter reached $1.67 billion, up from $1.5 billion in the prior quarter. <\/p>\n\n\n\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
The reserves aim to build market trust after the catastrophic crypto market in 2022.<\/li>\n<\/ul>\n\n\n\n
Tether disclosed<\/a> that its treasury reserve holdings that back USDT tokens increased by $850 million to $3.3 billion in Q2 2023. The excess reserves are not included in the 100% reserves the stablecoin issuer maintains for redeeming USDT tokens in supply. <\/p>\n\n\n\n
In its Q2 attestation report, Tether<\/a> also disclosed, for the first time, $72.5 billion of exposure to U.S. treasuries. The treasuries include direct T-bill investments, money market funds deposits, and repurchase agreements.<\/p>\n\n\n\n
The company also unveiled energy-related investments. Tether didn't include them in the Q2 report as it believes they are not suitable reserves for the circulating USDT tokens. Bitcoin (BTC) holdings in the quarter reached $1.67 billion, up from $1.5 billion in the prior quarter. <\/p>\n\n\n\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
Tether increased its excess reserves by $850 million to $3.3 billion.<\/li>\n\n\n\n
The reserves aim to build market trust after the catastrophic crypto market in 2022.<\/li>\n<\/ul>\n\n\n\n
Tether disclosed<\/a> that its treasury reserve holdings that back USDT tokens increased by $850 million to $3.3 billion in Q2 2023. The excess reserves are not included in the 100% reserves the stablecoin issuer maintains for redeeming USDT tokens in supply. <\/p>\n\n\n\n
In its Q2 attestation report, Tether<\/a> also disclosed, for the first time, $72.5 billion of exposure to U.S. treasuries. The treasuries include direct T-bill investments, money market funds deposits, and repurchase agreements.<\/p>\n\n\n\n
The company also unveiled energy-related investments. Tether didn't include them in the Q2 report as it believes they are not suitable reserves for the circulating USDT tokens. Bitcoin (BTC) holdings in the quarter reached $1.67 billion, up from $1.5 billion in the prior quarter. <\/p>\n\n\n\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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\n
\n
Tether increased its excess reserves by $850 million to $3.3 billion.<\/li>\n\n\n\n
The reserves aim to build market trust after the catastrophic crypto market in 2022.<\/li>\n<\/ul>\n\n\n\n
Tether disclosed<\/a> that its treasury reserve holdings that back USDT tokens increased by $850 million to $3.3 billion in Q2 2023. The excess reserves are not included in the 100% reserves the stablecoin issuer maintains for redeeming USDT tokens in supply. <\/p>\n\n\n\n
In its Q2 attestation report, Tether<\/a> also disclosed, for the first time, $72.5 billion of exposure to U.S. treasuries. The treasuries include direct T-bill investments, money market funds deposits, and repurchase agreements.<\/p>\n\n\n\n
The company also unveiled energy-related investments. Tether didn't include them in the Q2 report as it believes they are not suitable reserves for the circulating USDT tokens. Bitcoin (BTC) holdings in the quarter reached $1.67 billion, up from $1.5 billion in the prior quarter. <\/p>\n\n\n\n
Overall, the company\u2019s operational profits were $1 billion in the quarter, up 30% from Q1 2023. Tether attributed the increase in quarterly performance to recoveries in the crypto markets, which saw Bitcoin rise to the $30,000 mark.<\/p>\n\n\n\n
Tether's Excess Reserves Are Geared Toward Building Market Trust<\/h2>\n\n\n\n
The report comes amid growing calls for market scrutiny<\/a> after catastrophic failures of crypto firms and exchanges in 2022. Tether\u2019s CTO Paolo Ardoino believes under-collateralized operations and assets threaten the crypto ecosystem's stability. He says,<\/p>\n\n\n\n
\u201cWe believe open communication and strong financials foster trust and reliability, and this is what the global community deserves, especially in a year devastated by many failures across the banking and crypto industry.\"<\/em><\/p>\n\n\n\n
85% of Tether\u2019s reserves are cash and cash equivalents. The company\u2019s total assets in Q2 2023 were $86.4 billion, against $83.17 billion liabilities. Also, it will conduct a $115 million share repurchase to \"strengthen\" the group.<\/p>\n","post_title":"Tether\u2019s Excess Reserves Rise To $3.3B; Discloses Exposure To U.S. Treasuries And Energy","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tethers-excess-reserves-rise-to-3-3b-discloses-exposure-to-u-s-treasuries-and-energy","to_ping":"","pinged":"","post_modified":"2023-08-03 15:26:09","post_modified_gmt":"2023-08-03 05:26:09","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=12849","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":11401,"post_author":"13","post_date":"2023-05-02 11:29:00","post_date_gmt":"2023-05-02 01:29:00","post_content":"\n
\n
SUI farming will open for two days on BNB and TUSD pools beginning May 1.<\/li>\n\n\n\n
The token is expected to list afterward on Binance against BTC, USDT, TUSD, and BNB.<\/li>\n<\/ul>\n\n\n\n
Cryptocurrency exchange Binance has unveiled its 33rd project on Binance Luanchpoool, Sui, that allows users to farm SUI tokens using staked BNB and TrueUSD (TUSD).<\/p>\n\n\n\n
According to the announcement<\/a> on April 30, the farming of SUI tokens would run for 2 days beginning May 1. After that, the asset would be listed on Binance under trading pairs SUI\/BTC, SUI\/USDT, SUITUSD, and SUI\/BNB, subject to the relevant liquidity requirements.<\/p>\n\n\n\n
40 million SUI tokens are set for launchpool token rewards, 0.4% of the total token supply of 10 billion. So far, more than 9 million BNB tokens have been staked on the BNB pool, while the TUSD pool has more than 450 million staked TUSD.<\/p>\n\n\n\n
DPoS Layer-1 Blockchain<\/h2>\n\n\n\n
Sui<\/a> operates as a delegated proof of stake (DPoS) layer-1 blockchain<\/a> written on the Move programming language. The project has since raised $300 million in a series B funding round backed by Binance Labs and Coinbase - bringing its valuation to $2 billion.<\/p>\n\n\n\n
The project, hyped by its community of supporters as the \u2018Ethereum Killer\u2019<\/em>, uses a unique technology involving a parallel data model and execution engine to enhance transaction scaling. Besides, the blockchain employs an object-centric model for processing parallel transactions.<\/p>\n\n\n\n
The unveiling has pumped the price of Binance\u2019s native BNB token upwards despite a bearish market momentum. At press time, the token was changing hands for $333, representing a jump of 3% in the past day.<\/p>\n","post_title":"Binance Launches SUI Farming With Staked BNB And TrueUSD","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-launches-sui-farming-with-staked-bnb-and-trueusd","to_ping":"","pinged":"","post_modified":"2023-05-04 13:03:20","post_modified_gmt":"2023-05-04 03:03:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=11401","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":10371,"post_author":"13","post_date":"2023-03-12 01:42:46","post_date_gmt":"2023-03-11 14:42:46","post_content":"\n
\n
More than $3 billion backing USDC stablecoin is stuck in SVB, which collapsed on Friday.<\/li>\n<\/ul>\n\n\n\n
As the industry comes to terms with the demise of Silicon Valley Bank, top cryptocurrency exchanges, Binance and Coinbase, have announced that they are suspending USDC conversions after the stablecoin issuer, Circle, disclosed exposure to the failed financial institution.<\/p>\n\n\n\n
Coinbase posted<\/a> on Twitter Friday saying: \u2018\u2018we are temporarily pausing USDC:USD conversions over the weekend while banks are closed. During the heightened activity, conversions rely on USD transfers from the banks that clear during normal banking hours. When banks open on Monday, we plan to recommence conversions.\u2019\u2019<\/em><\/p>\n\n\n\n
USDC, or USD Coin, is the second largest stablecoin in the market behind Tether, pegged to the US dollar to act as a medium of exchange in the crypto market. Following the news, some investors have pulled their funds from the stablecoin, destabilizing the peg, which was at $0.8913 at press time, per CoinMarketCap. USDC was originally launched by Centre, a joint venture between Coinbase and Circle.<\/p>\n\n\n\n
\nhttps:\/\/twitter.com\/thedistributed_\/status\/1634392319066791936?s=46&t=Ifskie--HBSR10iEQ2k9Pw\n<\/div><\/figure>\n\n\n\nBinance Joins The Race To Break Ties With SVB<\/h2>\n\n\n\n
Blaming market conditions and not directly mentioning SVB, Binance suspended its auto conversion between USDC and BUSD.<\/p>\n\n\n\n
\u2018\u2018Binance has temporarily suspended auto-conversion of USDC to BUSD due to current market conditions, specifically related to high inflows & the increasing burden to support the conversion,\u2019\u2019 <\/em>the exchange wrote<\/a>. \u2018\u2018This is a normal risk-management procedural step to take while we monitor the situation.\u2019\u2019<\/em><\/p>\n\n\n\n
Circle revealed<\/a> late Friday that it had $3.3 billion in cash backing USDC locked in SVB, representing part of the $40 billion stablecoin reserves. Dante Disparte, the firm\u2019s Chief Strategy Officer, added that a wire transfer initiated Thursday to withdraw the funds was still pending. SVB is one of the six banks Circle uses to manage 25% of the USDC reserves in cash.<\/p>\n\n\n\n
The California Department of Financial Protection and Innovation closed<\/a> SVB Friday over liquidity challenges and placed it under the receivership of the Federal Deposit Insurance Corporation. FDIC created a new entity, the Deposit Insurance National Bank of Santa Clara, and transferred all the insured deposits due to the depositors \u2018no later than Monday, March 13.\u2019<\/p>\n","post_title":"Binance, Coinbase Suspend USDC Conversions After Circle Disclosed Exposure To Failed Silicon Valley Bank","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binance-coinbase-suspend-usdc-conversions-after-circle-disclosed-exposure-to-failed-silicon-valley-bank","to_ping":"","pinged":"","post_modified":"2023-04-10 17:20:05","post_modified_gmt":"2023-04-10 07:20:05","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=10371","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9150,"post_author":"16","post_date":"2023-01-03 02:52:37","post_date_gmt":"2023-01-02 15:52:37","post_content":"\n
The Japanese government has shown its care toward the cryptocurrency market by further loosening regulations on cryptocurrency listings. This is Japan's latest move after the regulatory system that allows \"foreign\" stablecoins to circulate in this country.<\/p>\n\n\n\n
\n
According to Bloomberg<\/a>, the Japanese government has made the decision to ease the rules on listing cryptocurrencies, except for tokens<\/a>, coins, or projects that are new to the Japanese market, the body that operates the exchanges is allowed to list cryptocurrencies without going through the same rigorous testing as before.<\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia<\/a><\/p>\n\n\n\n
\n
Investors in this country, find the recent government decisions very convenient and create many opportunities for them. Nishima Heiki, an individual investor, said that he hopes there will be more changes to create a bridge between Japanese investors and the world market, it is time for Japan to develop this potential market further to help build it into a leading industry.<\/li>\n<\/ul>\n\n\n\n
\n
The Japan Times said<\/a> this is a step on Prime Minister Fumio Kishida's agenda to steer the Japanese economy towards \"new capitalism,\" with the development of blockchain and Web3 businesses.<\/li>\n<\/ul>\n","post_title":"Japanese Cryptocurrency Regulation Eases; Stablecoins To Be Listed Without Screening","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japanese-cryptocurrency-regulation-eases-stablecoins-to-be-listed-without-screening","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/tokenized-assets\/","post_modified":"2023-04-10 17:44:14","post_modified_gmt":"2023-04-10 07:44:14","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9150","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":9071,"post_author":"16","post_date":"2022-12-29 00:24:07","post_date_gmt":"2022-12-28 13:24:07","post_content":"\n
On the 26th, the Japanese government allowed stablecoins from abroad to be circulated in its country, this new law will improve the market situation in Asia and Japan in particular.<\/p>\n\n\n\n
\n
According to a Nikkei report<\/a>, the Japan Financial Services Authority<\/a> (FSA) has officially published a draft system regarding the circulation of \"foreign\" stablecoins<\/a>, or coins of value that are linked to legal currencies such as the Dollar. <\/li>\n<\/ul>\n\n\n\n
\n
Earlier, the action to ban \"foreign\" stablecoins is a move taken by the Japanese government to protect domestic investors after the UST scandal and the collapse of Terra Luna<\/a>. The FSA spokesperson said that the draft system would allow distributors to trade in foreign-funded stablecoins if they have enough assets to secure or maintain.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> LUNA Investors Have a Headache Again After Terra-Affiliated Assets Are Frozen<\/a><\/p>\n\n\n\n
\n
This action of the government in \"Land of the Rising Sun\" supports the country's market becoming less constrained during the economic crisis after the Covid-19 Pandemic and Terra scandal. At the same time, domestic and foreign investors have the opportunity to develop more exposure, Japan hopes that with this move, domestic projects will have more capital from abroad instead of just calling for domestic capital.<\/li>\n<\/ul>\n\n\n\n
\n
We interviewed Mr. Simon, an NFT trader living in Aomori, he said, \"I am very excited to hear this news from the FSA, for an investor like me it creates extremely great conditions for trading directly instead of having to contact through intermediary channels, I hope this law is confirmed and put into operation immediately.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
According to Nikkei, the law is under public comment until January 31 and this new regulatory system will be applied in conjunction with the revised Payment Services Act<\/a>, which will come into effect in 2023.<\/li>\n<\/ul>\n\n\n\n
See Related:<\/em><\/strong> China Aims To Make Zhejiang A Metaverse Hot Zone By 2025<\/a><\/p>\n","post_title":"Japan Lifts Stablecoin Ban, Bright Futures For Crypto In Asia","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"japan-lifts-stablecoin-ban-bright-futures-for-crypto-in-asia","to_ping":"","pinged":"\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 17:49:38","post_modified_gmt":"2023-04-10 07:49:38","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=9071","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":8466,"post_author":"10","post_date":"2022-11-19 18:12:09","post_date_gmt":"2022-11-19 07:12:09","post_content":"\n
Binance and OKX recently announced they would temporarily halt deposits of Solana-based USDC and USDT. This led to a fall in the price of Solana (SOL).<\/p>\n\n\n\n
\n
OKX announced<\/a> that it would be delisting USDC and USDT from Solana and no longer supporting deposits or withdrawals of either cryptocurrency.<\/li>\n<\/ul>\n\n\n\n
\n
Binance noted<\/a> it \u201creserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.\"<\/em><\/li>\n<\/ul>\n\n\n\n
\n
Additionally, the ByBit exchange delisted Solana-based stablecoins for deposits by 3 am UTC on November <\/a>17.<\/li>\n<\/ul>\n\n\n\n
\n
According to on-chain statistics, the supply of Solana-based USDC<\/a> is 62% larger than the supply of Solana-USDT<\/a>. The Solana-based USDC in circulation is about 5 billion. The Solana-based USDT in circulation is about 1.9 billion.<\/li>\n<\/ul>\n\n\n\n
\n
Following this, USDC issuer Circle tweeted that USDC on Solana runs normally and that there are no problems with issuing or redeeming the stablecoin. In addition, the company noted that \u201cUSDC is always redeemable 1 for 1 for US dollars. Any amount. Any time. For Free. Always.\u201d<\/em><\/li>\n<\/ul>\n\n\n\nSee Related: <\/em><\/strong>The FTX Bankruptcy Crisis: Solana Volatility Is Back But Remains Under Loads Of Doubts Over Its Long-Term Future<\/a><\/p>\n\n\n\n
Solana And FTX<\/h2>\n\n\n\n
\n
The decentralized blockchain, Solana, was linked to Sam Bankman-Fried\u2019s cryptocurrency exchange, FTX. Through Alameda Research, Bankman-Fried was one of the first investors in Solana holding in excess of $982M worth of SOL in FTXs balance sheet<\/a>, which was acquired by Financial Times. Along with FTX Token (FTT) and other related currencies, SOL has fallen in value amid the current FTX issue.<\/div><\/div><\/div><\/div><\/li>\n<\/ul>\n\n\n\n
\n
Since the announcement of the suspension of USDT and USDC based on Solana, the price of SOL has fallen by a further 7%, where it now trades<\/a> at $12.85.<\/div><\/li>\n<\/ul>\n\n\n\n
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n","post_title":"Binance, OKX, And Bybit, Suspend USDT And USDC Deposits on Solana","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"crypto-exchang-binance-okx-and-bybit-suspend-usdt-and-usdc-deposits-on-solana","to_ping":"","pinged":"","post_modified":"2023-04-10 18:36:59","post_modified_gmt":"2023-04-10 08:36:59","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=8466","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7282,"post_author":"7","post_date":"2022-09-23 00:19:43","post_date_gmt":"2022-09-22 14:19:43","post_content":"\n
A stablecoin regulation bill pushed before the United States House of Representatives would place a two-year ban on algorithmic stablecoins. Although the final version of the bill is still unclear, the draft would spell doom for algorithmic stablecoins.<\/p>\n\n\n\n
The U.S. Congress is preparing the final version of a regulation bill, targeting algorithmic stablecoins. \u201cEndogenously collateralized stablecoins,\u201d would be criminalized says<\/a> Bloomberg citing a draft of the legislation.<\/li><\/ul>\n\n\n\n
Algorithmic stablecoins<\/a> are designed to maintain a stable price for investors who want to convert their fiat currency to crypto assets. An example is Terra LUNA which powered its stablecoin, $UST. Both UST and LUNA had collapsed by over 99.99% this year which would be a reason for the push for this legislation.<\/li><\/ul>\n\n\n\n
The stablecoin regulation bill draft will investigate the use case of Terra by the US Treasury Department in collaboration with the Federal Reserve, the Federal Deposit Insurance Corp, and the Securities and Exchange Commission (SEC). This study will allow banks and non-banks to issue centralized stablecoins, which will need approval from federal regulators before issuance.<\/li><\/ul>\n\n\n\n
Besides the legislation bill regarding the ban, the Federal Reserve under the new legislation will study the economic impact of a digital dollar<\/a>. The Federal Reserve would hinder businesses from mixing customers' and financial institutions' assets.<\/li><\/ul>\n\n\n\n
There may be impending changes to the drafted regulation bill before the world sees the final version. Many are aware of the unchanging decisions by the US Congress in times past. Still, the voting of the final regulation bill will happen in the coming weeks.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> \u2018Stablecoin Transparency Act\u2019 Could Require Stablecoins To Be Backed By Dollars<\/a><\/p>\n","post_title":"Algorithmic Stablecoins Face Ban As US Congress Pushes Stablecoin Regulation Bill","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"algorithmic-stablecoins-face-ban-as-us-congress-pushes-stablecoin-regulation-bill","to_ping":"","pinged":"https:\/\/www.thedistributed.co\/stablecoin-transparency-act-could-require-stablecoins-to-be-backed-by-dollars\/\nhttps:\/\/www.thedistributed.co\/stablecoins\/","post_modified":"2023-04-10 18:53:20","post_modified_gmt":"2023-04-10 08:53:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7282","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":7259,"post_author":"1","post_date":"2022-09-21 21:11:23","post_date_gmt":"2022-09-21 11:11:23","post_content":"\n
Katherine Polk Failla, a New York judge, has ordered<\/a> Tether to reveal the financial documents that prove its backing of the stable<\/a>c<\/a>oin<\/a>.<\/p>\n\n\n\n
Tether is required to provide the United States District Court for the Southern District of New York with \u201cgeneral ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements.\" The lawsuit alleges that Tether had conspired to artificially inflate the price of Bitcoin through a USDT campaign.<\/li><\/ul>\n\n\n\n
Tether has avoided providing these documents as they are \"sensitive\", although Failla justified the plaintiffs require the documents \"to asses the backing of USDT with US dollars...The documents sought in the transactions RFPs appear to go to one of Plaintiffs\u2019 core allegations: that the B\/T Defendants engaged in cyptocommodities transactions using unbacked USDT, and that those transactions \u201cwere strategically timed to inflate the market.\u2019\u201d<\/li><\/ul>\n\n\n\n
Tether is also required to cough up accounts and details related to accounts held with Bitfiniex, Bittrex, and Poloniex as apart of a case<\/a> against iFinex started in 2019 - the company behind Bitfinex and Tether.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Tethers Peso-Backed Stablecoin MXNT Launches In Mexico<\/a><\/p>\n","post_title":"Tether Ordered To Reveal USDTs Exact Backings","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"tether-ordered-to-reveal-usdts-exact-backings","to_ping":"","pinged":"","post_modified":"2023-04-10 18:53:49","post_modified_gmt":"2023-04-10 08:53:49","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=7259","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":6992,"post_author":"6","post_date":"2022-09-08 18:56:42","post_date_gmt":"2022-09-08 08:56:42","post_content":"\n
The largest exchange in the world in terms of trading volume, Binance, announced<\/a> on Monday, that it will merge stab<\/a>l<\/a>ecoin<\/a> competitors USDC, USDP, and TUSDs order books and auto-convert them to Binance USD-backed stablecoin, $BUSD.<\/p>\n\n\n\n
The conversion will take place on September 29th in which users' existing balances and new deposits of USDC, USDP, and TUSD<\/strong> stablecoins will be automatically converted to BUSD<\/strong> at a 1:1 ratio. <\/li><\/ul>\n\n\n\nBinance marketed this maneuver to outcompete rivals as a new exchange's feature called \"BUSD Auto - Conversion<\/strong>\".<\/li><\/ul>\n\n\n\nChangpeng Zhao stated<\/a> that this was not a delist as many had thought. You may still deposit and withdraw the other stablecoins, although all liquidity<\/a> is merged into one pair for a better price and lower slippage<\/a>.<\/li><\/ul>\n\n\n\n
The top-tier exchange claimed that this activity will enhance liquidity and capital efficiency for Binancians. Moreover, Binance has notified its users that the change won't affect their preferred withdrawal method as they'd still be allowed to cash out in USDC, USDP, or TUSD. Besides, Binancians will be able to see the converted balance on their accounts after 24 hours post-conversion.<\/li><\/ul>\n\n\n\n
The company will also restrict pot trading, futures, and margin lending for USDC, USDP, and TUSD products.<\/li><\/ul>\n\n\n\n
$\"Binance$
Stablecoins: Market Cap, price, and volume - On September 7th, 2022 - 14:00 ATC<\/figcaption><\/figure>\n\n\n\n
This move of Binance to delist stablecoin competitors could bring Binance USD to second place<\/a>. As of the time of writing, the BUSD market cap is 19.7 billion, sitting below USDC (51.7B) and USDT (67.6B). Furthermore, Binance statistics show that this platform has around 30 million users, this move will certainly hit severely BUSD contenders.<\/li><\/ul>\n\n\n\n
As crypto markets has been falling intensively, stablecoins have become a popular alternative. Stablecoins are essentially versions of fiat currency that developers design to provide stability while minimizing volatility.<\/li><\/ul>\n\n\n\n
See Related:<\/em><\/strong> Binance Announces Taxi Integration On Its App, Payable In BUSD<\/a><\/p>\n\n\n\n
#Binance<\/a> to Auto-Convert $USDC<\/a>, $USDP<\/a>, $TUSD<\/a> to #BUSD<\/a> (Binance USD).<\/p>\u2014 Binance (@binance) September 5, 2022<\/a><\/blockquote>

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