CategoryStablecoins

CZ Claims Binance's Venus Stablecoin Project to Help Facebook's Libra

cz, libra

By CCN Markets: Binance has announced today its Venus stablecoin project that many deem as a competitor to Facebook's upcoming Libra crypto. But Binance CEO Changpeng "CZ" Zhao thinks otherwise. Venus, the regional Libra While Facebook seeks to conquer the global financial world with Libra, Binance wants Venus to stay in the regional waters instead, the company said in a blog post. According to...

Jeremy Allaire's Circle the Latest to Distance Itself from Facebook's Libra

allaire, zuckerberg

Jeremy Allaire's Circle issued a U.S. dollar-backed stablecoin before stablecoins were cool. Now that Facebook has joined the fray with its Libra coin, which is designed to be backed by a basket of fiat currencies (and maybe other financial instruments), the spotlight on stablecoins has grown brighter. But Allaire, who is testifying in front of the U.S. Senate on July 30, wants lawmakers to...

The Mother of Central Banks Sounds the Alarm on Facebook's Cryptocurrency Libra

The Bank for International Settlements (BIS), an institution owned by the world's central banks, has issued a stark warning about the likes of Facebook, Alibaba, and Google disrupting the established financial system. In its annual economic report, titled Big Tech in Finance: Opportunities and Risks, the BIS - commonly seen as the central bank of central banks - specifically cites Facebook’s new...

Crypto Unicorn Circle Shutters Payment App to Focus on Stablecoins

Circle, Stablecoin, Circle crypto, crypto

By CCN Markets: Crypto unicorn Circle is shutting down its Circle Pay app in July to focus on stablecoins and developing new wallet services. The parent company of crypto exchange Poloniex made the surprise announcement on its website on June 13. Circle says now is the appropriate time to retire Circle Pay because fiat tokens and stablecoins such as USD Coin (USDC) enable people to seamlessly...

Facebook Recruits Bank Lobbyist for Regulatory Assist with Crypto GlobalCoin

Facebook, GlobalCoin

By CCN Markets: Facebook has just hired a senior UK bank lobbyist ahead of GlobalCoin launch to help the company cope with European regulations. According to the Financial Times, Facebook will employ Standard Chartered European Head of Corporate and Public Affairs Ed Bowles from September as its London-based director of public policy. Bowles leaves Standard Chartered after 12 years to join...

Facebook’s Cryptocurrency Will Pay Interest to Users, Predicts Blockchain Regulator

Facebook cryptocurrency, Cryptocurrency, GlobalCoin

By CCN Markets: Facebook’s GlobalCoin cryptocurrency will likely pay interest to its users. That’s the prediction of Wyoming Blockchain regulator and crypto champion Caitlin Long. The social media company is gearing up to announce its much-hyped cryptocurrency this month, but very little is still known about the project, known internally as Project Libra. On Sunday, Long shared some predictions...

China Dominates Stablecoin Crypto Appetite with Over 50% of Global Trading

Tether, China, stablecoin, crypto

By CCN: Chinese trading and stablecoin volume account for over half of the transactions sent and received by known parties, in the entire world, according to the latest issue of Diar. China Dominates Global Tether, Crypto Trading Trends Previous research showed certain Western countries far in the lead as far as Bitcoin exchange transaction volume. More in-depth research, which includes China...

This Dark Horse Exchange Reports Absurd 90% of PAX/USDT Trading

Paxos, USDT, Crypto

By CCN: Although its volume is excluded, BitMAX reported over $2.5 billion in trades between Paxos Standard and USDT in the 24 hours at the time of writing. One Exchange Reports over 10x Market Cap Traded This is an absurd amount of money changing hands, with some entering USDT and others leaving it. By comparison, Binance’s BTC/PAX market was around $29 million. Most markets were far less than...

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