Tag: stablecoin

Biggest future BTC whale explains why Bitcoin was chosen for ‘decentralized Forex reserve’

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Bitcoin (BTC) is the collateral asset of choice for the world’s biggest decentralized stablecoin, and one of its top executives says there was no other. Speaking to Bloomberg on April 4, Do Kwon, co-founder of Blockchain protocol Terra, pledged to continue buying BTC to back the firm’s stablecoin, TerraUSD (UST). Kwon: BTC buys will continue “in perpetuity” Terra has made waves inside and outside the crypto community in recent weeks thanks to its massive Bitcoin buys. Currently at just over 30,000 BTC, the reserves of Terra nonprofit the Luna Foundation…

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Cardano to enable new DeFi stablecoin with Coti

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[ad_1] A new stablecoin is arriving on the Cardano blockchain to provide a tool for decentralized finance (DeFi) operations and avoid transaction fees. Cardano’s payment gateway provider Coti will be the official issuer of Djed, a new DeFi-focused stablecoin for the Cardano network, Cardano founder Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced Sept. 26 at the Cardano Summit. The new stablecoin will be based on algorithmic design, using smart contracts to ensure price stability and providing an instrument for DeFi transactions. The stablecoin is designed for paying transaction fees…

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RMB stablecoin in Shanghai, Evergrande FUD, and FTX gains ground – Cointelegraph Magazine

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[ad_1] This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations.   This week, the word “Evergrande” found its way into the vocabulary of every western investor. After years of watching the corporation’s football team on TV and drinking its bottled water, Crypto Twitter was the last place the Man in Shanghai expected to find it. After facing debts of over $300 billion, all types of rumors swirled, leading…

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Stablecoin pools could be the next frontier for DeFi

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[ad_1] In times like these, when the entire cryptocurrency market is down and there is nary a sector-wide runup to be found, traders have to dig into data to see how the market dynamics may have changed to pinpoint signs of new growth.  Stablecoins are the newest trend to emerge in the decentralized finance (DeFi) arena due to the resiliency they bring to the sector, especially since protocols that are more reliant on the dollar-pegged assets continue to offer token holders low-risk yield opportunities in turbulent market conditions. Possible evidence…

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The way of the stablecoin: A journey toward stability, trust and decentralization

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[ad_1] Stablecoins backed by fiat and other assets are increasingly gaining popularity, with many more solutions being brought onto the market each year. Bitcoin (BTC) and other cryptocurrencies have opened the doors to a whole new world of finance. In their most basic form, cryptocurrencies allow people to transact in a fully trustless, transparent and efficient manner, cutting out the centralized intermediaries and counterparty risk previously associated with digital money transfers.  Thanks to blockchain technology, value can now be transferred on a worldwide scale within seconds/minutes and with relatively low…

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