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Ripple chief exec Brad Garlinghouse recently expressed his view via the World Class podcast that the “US Government is going after Tether ” before emphasizing how important it is to the ecosystem. This comment received a response from Tether CEO Paolo Ardoino on X (formerly Twitter), who attributed the comments from Garlinghouse to “An uniformed [sic] CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest).”  Ripple announced last month that it intended to launch a US dollar-pegged stablecoin. In his lengthy tweet, Ardoino also emphasized that Tether has “proved over time to have… top-tier custodians and profound compliance.” Read more: The rise and fall of Crypto Capital Corp, crypto’s premiere shadow bank For context re these ‘top-tier custodians,’ Tether once gave nearly a billion dollars of commingled client and corporate funds to an unlicensed money transmitter accuse...

The anchored euro (AEUR) stablecoin, which is supposedly pegged to 1 euro, surged over 200% on Dec. 5 after being listed on the crypto exchange yesterday. Throughout most of the day, the AEUR-USDT trading pair hovered around $1.08, aligning closely with the prevailing EUR-USD exchange rate, as per Binance’s trading data. However, at approximately 17:45 UTC, the token’s value began to climb rapidly, accompanied by high trading volumes, reaching a peak of $3.25. Binance halts trading on euro stablecoin $AEUR after it pumped 170% pic.twitter.com/uHgxBgSLQM — db (@neuralinkdb) December 5, 2023 Binance responded to this unexpected volatility by halting trading of the token, as announced in a later X post. #Binance has suspended trading of $AEUR due to abnormal volatility. Thanks for your patience and our team is working towards reopening trading soon.https://t.co/F80OVDG1qk — Binance (@binance) December 5, 2023 AEUR is issued by Anchored Coins, a Swit...

“A new alliance between Circle and Coins.ph is set to transform the financial landscape for 18 million users, promising them swifter, more affordable, and readily accessible remittance options. Circle, the issuer of the United States dollar-pegged stablecoin USDC, is significantly expanding its footprint in the Philippines through this exciting local partnership. On the 10th of October, Circle unveiled a strategic collaboration with Coins.ph, a prominent cryptocurrency exchange and digital wallet provider in the Philippines. This dynamic partnership between Coins.ph and Circle is poised to revolutionize cross-border transactions and payments, making them faster and more cost-effective for the Filipino people, as both companies emphatically stated. In 2022, the average cost of sending a $200 payment to Asia was 5.7%, according to World Bank data. In the Philippines, remittances pose an even more intricate challenge, especially for the unbanked, constituting 44% of the adult popul...

During a recent fluctuation in USDR’s value, a transaction involving 131k stablecoin s yielded no return for the trader. Following the startling revelation from yesterday’s events surrounding the real-estate-backed U.S. dollar stablecoin , Real USD (USDR), a trader encountered a grave setback by swapping a staggering 131,350 USDR for 0 USD Coin (USDC). This unfortunate event reflects the high-risk nature of decentralized exchanges (DEXs) and the looming vulnerabilities of asset-backed tokens. Due to the decoupling of the stablecoin USDR, this guy accidentally swapped 131,350 $USDR for 0 $USDC while panic selling $USDR. And a MEV bot successfully arbitraged $107K.https://t.co/FHOJtaGcSDhttps://t.co/IYtoqar29N pic.twitter.com/USLF1qkVDK — Lookonchain (@lookonchain) October 12, 2023 The data, sourced from the prominent blockchain analytics firm Lookonchain, highlighted that the swap took place on the BNB Chain via the decentralized exchange, OpenOcean. This transp...

Circle’s USDC stablecoin has dropped from $45 billion in circulation at the start of 2023 to just $26 billion as the summer winds down. Stablecoin issuer Circle has a $1 billion cash reserve pegged as insurance against a declining market capitalization and fresh competition from the traditional finance and technology industries, said CEO Jeremy Allaire.  In an interview with Bloomberg, Allaire revealed the war chest and shared his views on the uptick in competition from organizations such as PayPal that are new to the stablecoin space: “I expect you will see many many, not just internet payments firms, but also all kinds of financial services companies and others begin to get more involved in this. It’s great to have this new competition. I do think it’s going to drive more and more companies into the field.” Related: PayPal launches PYUSD stablecoin for payment Circle is best known for its USDC (USDC) stablecoin, a digital token similar in design to regular cryptocurrency but backe...

Trust — white hat hacker and head of smart contract auditing firm Trust Security — shed some light on a peculiar feature of the smart contract powering PayPal’s new stablecoin PYUSD. In a recent tweet, Trust pointed out that they have “seen a lot of dunking on PayPal for using an ancient Solidity compiler.” Seen a lot of dunking on @PayPal for using an ancient Solidity compiler. Here's why I think it is actually a 200IQ move! pic.twitter.com/jYN5eRNiNT — Trust (@trust__90) August 8, 2023 As pointed out in a recent article, an Analysis of the smart contract revealed that the company used Solidity compiler version 0.4.24. Considering that version 0.4.24 of Solidity was released on May 16, 2018, shows that the version chosen by PayPal was ancient indeed. Still, this is not necessarily a bad thing. Trust explained that when choosing a Solidity compiler version, a programmer is looking for a compromise with the latest versions guaranteeing lower gas ...

As reported earlier by Coingape, Republican Congressman Patrick McHenry said their Democratic counterparts could not come to a compromise with respect to the Bill, creating a stalemate. advertisement Mike Novogratz Shares His Take According to the billionaire investor and Galaxy Digital CEO, the Democrats might be shooting themselves in the foot for their attempts to block the stablecoin bill. McHenry has posited earlier that “Americans deserve clarity for payment stablecoins and there has been good faith, bipartisan work to deliver that clarity” but that Democrats are blocking the efforts made thus far. Noting importantly that the blockage is being done at the behest of the White House, Mike Novogratz said Crypto Regulation , including those involving stablecoin s, should not have been treated as a partisan issue. The democrats are shooting themselves in the foot! Crypto should NOT be a partisan issue. They will lose voters as a great deal of...

The Securities and Exchange Commission (SEC) left many scratching their heads when it designated BUSD, a so-called stablecoin, as an unregistered security. The commission’s reasoning is complex yet intriguing — and raises questions about the classification of other stablecoins. The SEC has explicitly classified dozens of digital assets as SEC urities, including many ICOs like cardano (ADA), solana (SOL), ripple (XRP), algorand (ALGO), tron (TRX), and filecoin (FIL).  Interestingly, commissioners also classified Terra (UST), the failed stablecoin associated with Do Kwon’s Terra Luna (LUNA), as an investment contract. Many observers dismissed this securities classification without much thought, due to UST’s obvious collapse and algorithmic dependence on the hyperinflationary LUNA token. However, the SEC turned heads on Monday when it classified another stablecoin which still trades near $1 as an unregistered security: Binance’s BUSD. The stablecoin’s ecosystem...

Join Our Telegram channel to stay up to date on breaking news coverage Circle Ventures, the venture division of USDC issuer Circle, has invested in CNHC, an offshore stablecoin project backed by the Chinese yuan. The partnership’s timing and strategic importance are difficult to ignore. Stablecoins have developed from a niche business into a $130 billion industry in just a few years. These digital currency are intended to provide a less volatile means of trading than, say, Bitcoin and Ethereum because they are often backed by conventional assets like the U.S. dollar. As the stablecoin market expands, a hierarchy emerges that is similar to the old, USD-centric financial system. About 99% of stablecoin s in circulation today are pegged to the US dollar, and CNHC is one of the few initiatives to challenge the dominance of the dollar in the blockchain industry. Since March, Circle has been having problems. It was first impacted by the closure of Silvergate and then by the c...

According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," enabling USDC redemption at 1:1 with the U.S. dollar. USD Coin (USDC) issuer Circle plans to use " corporate resources" to cover the shortfall on its reserves following Silicon Valley Bank's shutdown, said the company in a statement on March 11.  According to Circle, USDC liquidity operations will "resume as normal when banks open on Monday morning in the United States," enabling USDC redemption at 1:1 with the U.S. dollar. The announcement came after the stablecoin lost its $1 peg on March 11 to trade as low as $0.87 before slowly re-pegging at $0.97 at the time of publication. The stablecoin lost its peg after the disclosure of $3.3 billion of Circle's reserve at Silicon Valley Bank. Sharing an Update on USDC and Silicon Valley Bank. https://t.co/Ug3qpot8sJ — Jeremy Allaire (@jerallaire) March 11, 2023 Silicon Vall...

Aave Companies, the company that created AAVE, posted the request for its decentralized stablecoin on July 7. The AAVE DAO approved the DeFi protocol AAVE’s proposal on July 31, 2022, to create the algorithmic stablecoin GHO. With 99.99% favorable votes, the proposal received the green light from the DAO. According to the details from one of their recent tweets, AAVE’s GHO stablecoin is finally deployed on Ethereum’s Goerli testnet. The team also released the GHO code to the public on GitHub and invited users to find any bugs. Read more: Shiba Inu Holders Can Pay For Tuition With SHIB, Thanks to New Collaboration It’s GHO time! @GHOAave is now on Ethereum’s Goerli Testnet! 👻 https://t.co/cM58b6qSBa pic.twitter.com/xueGERoqnw — Aave (@AaveAave) February 9, 2023 “Stablecoins are the backbone of the crypto economy and their usage will continue to grow as more people realize that non-custodial and smart contract-based syste...

Stablecoins may have suffered an identity crisis in 2022, but Tether CTO Paolo Ardoino is bullish about the utility the sector provides. Stablecoins have been under much scrutiny after the implosion of the third-largest Stablecoin by market cap, TerraUSD (UST), in May 2022. The UST saga led to a lot of skepticism that caused consumers to question the safety of stablecoins.  In the seventh episode of Hashing It Out, Cointelegraph's Elisha Owusu Akyaw (GhCryptoGuy) interviewed Paolo Ardoino, Tether's chief technology officer, about how stablecoins work alongside a discussion on frequently asked questions about stable tokens. Fear, uncertainty and doubt (FUD) rocked the boats of Stablecoin issuers after the third most popular stablecoin, TerraUSD, depegged in 2022. Tether was one of such issuers at the receiving end of the FUD. Paolo Ardoino claimed that some of the FUD was being spread privately and publicly by competitors. Nevertheless, the Tether CTO said that the FUD only ser...