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The cryptocurrency market has been rattled by the recent collapse of SVB and the subsequent depegging of stablecoins. This incident has highlighted the need for greater transparency and accountability from stablecoin issuers and the importance of regulatory oversight in ensuring the stability of the cryptocurrency market.
Stablecoins have been in the crosshairs of regulators recently, with Binance's BUSD Stablecoin drawing the ire of the SEC.
In the past few weeks, True USD [TUSD] surged in market value to become the sixth-largest stablecoin overall. Although Tether [USDT] is the largest stablecoin by market cap, the situation is rapidly changing.
TrueUSD has become the fifth largest stablecoin after Binance minted about $130 million TUSD in the past seven days.
As the Binance USD (BUSD) stablecoin faces regulatory scrutiny, the world's largest crypto exchange Binance is now focusing on the TrueUSD (TUSD) stablecoin. Data from crypto intelligence firm Nansen shows that Binance has minted more than $130 million worth of TUSD stablecoins over the last week.
Blockchain data shows exchange giant Binance has been relying increasingly on TUSD after regulators clamped down on its Binance USD stablecoin.
With the sudden rise of crypto regulations surrounding stablecoins, TrueUSD (TUSD) stablecoin's issuer, Archblock, announced that it will leverage Chainlink's proof-of-reserves mechanism to enable users to confirm that its reserves are completely collateralized on the blockchain via an automated data feed. TrueUSD To Use Chainlink's PoR The Network Firm LLP (“TNF”), an independent and industry-specialized The post TrueUSD (TUSD) Poised For More Demand As New Development Offers Edge Over Rivals?
The key is to get information from the bank account where the stablecoin's reserves are kept to the blockchain-based smart contract that controls issuance of new TUSD.
Archblock will use Chainlink to let users verify on-chain that its stablecoin reserves are fully collateralized.
The exchange Binance has recently been in the news for minting 50 million units of the TrueUSD stablecoin after the US Securities and Exchange Commission (SEC) ordered it to stop issuing the BUSD stablecoin.
Binance, one of the world's largest cryptocurrency exchanges, has announced that it has minted $50 million worth of TrueUSD, a stablecoin pegged to the US dollar. This decision comes after the New York State Department of Financial Services (NYDFS) halted the issuance of another stablecoin, BUSD, by Paxos, amid regulatory scrutiny.
Despite the minting of $50 million in TUSD, Zhao previously said the regulatory crackdown on stablecoins in the U.S. will cause the USD-back stablecoin market to “shrink.”
Tether's USDT and Circle's USDC were last printed in May and June respectively.
San Francisco, United States, 15th December, 2022, Chainwire We are thrilled to announce that the TrueUSD team is launching a new product called TCNH, which is a stablecoin pegged to Offshore Chinese Yuan (CNH) at 1:1.
Poloniex just announced the suspension of support for stablecoins on the BSC layer.
As a major development, the Poloniex crypto exchange has announced that from November 24, it will stop deposits and withdrawals functions for stablecoins on the BEP20 (BSC) network. These include USDT, USDC, TUSD and Binance's own BUSD.
The top cryptocurrency by Twitter followers is, ETC, NEAR, QNT, TUSD, and HBAR. Near Protocol has more than 6K Twitter
The crypto asset exchange Wazirx is following Binance's move by delisting a number of stablecoins and automatically converting them to BUSD at a 1:1 ratio. Wazirx customers have until September 23 to withdraw their stablecoins if they don't want the funds converted.
The decision to transition to greater BUSD support comes after WazirX and Binance last month got into a public spat over the Indian firm's ownership. The post WazirX exchange to delist stablecoins USDC, USDP, and TUSD appeared first on The Block.
On September 5, Binance explained that it planned to drop a number of usdc trading pairs and auto-convert specific stablecoin balances into busd by September 29. While the move was controversial among crypto proponents on social media, Circle Financial CEO Jeremy Allaire explained that the change “will likely lead to more usdc flowing to Binance.
#Binance #stablecoin #bitcoin Yahoo Finance's David Hollerith breaks down the latest news in the crypto markets. Don't Miss: Valley of Hype: The Culture That Built Elizabeth Holmes WATCH HERE: https://youtu.be/Sb179GLPNYE Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life.
The world's largest crypto exchange is “consolidating” liquidity around its own stablecoin, BUSD – in a move that could benefit Circle and harm Tether.
Binance announced its BUSD auto-conversion program, a company blog post said Monday (Sept. 5), which converts one-to-one USDC, USDP and TUSD stablecoins to Binance's own BUSD.
The action effectively removes the world's second biggest stablecoin USDC as a tradeable asset on Binance's platform.
