Major stablecoin company Tether is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP). Tether officially announced on Wednesday that its upcoming GBP-pegged stablecoin, GBPT, will launch in early July and will initially be supported by the Ethereum blockchain. GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers. GBPT joins a family of four other fiat currency-pegged Tether (USDT) tokens, including the largest stablecoin by market capitalization, USDT. Other stablecoins include the euro-pegged EURT, the offshore Chinese …

USD Coin (USDC) is taking a run at the title of the top stablecoin in crypto after its daily ‘real volume’ on the Ethereum network doubled that of Tether’s (USDT) on Tuesday. According to crypto market data tool Messari, Circle’s USDC posted $1.1 billion in daily real volume on the Ethereum network on Tuesday, which was double USDT’s real volume of $579 million. Messari’s real volume metric is calculated by compiling data only from exchanges that it believes have “significant and legitimate crypto trading volumes" and thus differs from the more commonly seen “total volume” metric. Exchanges included in Messari's …

The rapid surge in share of stablecoins like Tether (USDT) in the cryptocurrency market may point to an upcoming crypto upside, according to analysts at the American investment bank JPMorgan Chase. The percentage of stablecoins in the total crypto market value has been on the rise, reaching new historical highs in mid-June, JPMorgan strategists believe. Led by JPMorgan crypto market analyst Nikolaos Panigirtzoglou, the analysts provided their industry insights in the bank's new investor note shared with Cointelegraph. Released on June 15, the investor note reads that the share of all stablecoins rose to above 14%, or a “new historical …

Terraform Labs employees are reportedly unable to leave South Korea due to the country’s prosecutors imposing a departure ban on key developers of the project. On Monday, Korean media outlet JTBC reported that an investigation team from the Seoul Southern District Prosecutor’s Office imposed a travel ban on key team members of Terraform Labs. The ban was put into place to eliminate the possibility of key officials within the company fleeing abroad to avoid further investigation. The report also highlighted that Terraform Labs CEO Do Kwon, who is a key figure in the investigation, is currently residing in Singapore, which …

Magic Internet Money (MIM), a United States dollar-pegged stablecoin of the Abracadabra ecosystem, joins the growing list of tokens losing their $1 value amid an untimely crypto winter. The sudden de-pegging of MIM commenced roughly on Frid, 7:40 pm EST, which saw the token’s price drop to $0.926 in just three hours. Terra’s Luna Classic (LUNC) and TerraUSD Classic (UST) death spiral not only affected the investors but also had a negative impact on numerous crypto projects, including Abracadabra’s MIM token ecosystem — as alleged by Twitter handle @AutismCapital. Citing an insider scoop, AutismCapital claimed that Abracadabra accrued $12 million …

A class-action suit was filed against Coinbase on Thursday, claiming the trading platform was negligent in its listing of the TerraUSD Classic (USTC) stablecoin and alleging that it failed to disclose its financial relationship with Terraform Labs. This is the second class-action suit outstanding against Coinbase. A suit was filed last month in connection with the depegging of GYEN (GYEN) in November. Thursday’s suit alleges that Coinbase was negligent for failing to conduct due diligence of Terraform Labs before it listed USTC and misrepresenting TerraUSD Classic’s risk as an algorithmic stablecoin. The suit compares the information on stablecoins provided by …

The Federal Reserve’s board of governors pointed to stablecoins as a potential risk to financial stability amid a volatile crypto market. In its Monetary Policy Report released on Friday, the board of governors of the Federal Reserve System said “the collapse in the value of certain stablecoins” — likely referring to TerraUSD Classic (USTC) becoming unpegged from the United States dollar in May — in addition to “recent strains” in the digital asset market suggested “structural fragilities.” The government department pointed to the President’s Working Group on Financial Markets report from November 2021, in which officials said legislation was “urgently …

The crypto sector may be maturing, but regulatory clarity around the treatment of digital assets continues to remain cumbersome. This was recently highlighted by Commissioner Hester Peirce — also known as the United States Securities and Exchange Commission’s (SEC) “crypto mom” — in remarks she made at “The Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?” Peirce began her speech by emphasizing the importance of “regulating the new crypto ecosystem.” While this may be, Peirce also noted that the crypto industry is still in search of an actual regulator. She said: “A …

Tether (USDT), the biggest stablecoin and the third-largest digital currency by market capitalization continues losing its market value amid the current market downturn. On Thursday, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May. At the time of writing, Tether USDT’s market capitalization stands at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko. Tether’s biggest rival, USDC, is the second-largest U.S. dollar-pegged stablecoin backed by …

Just two months after losing $15.6 million in a price oracle manipulation exploit, Inverse Finance has again been hit with a flash loan exploit that saw the attackers make off with $1.26 million in Tether (USDT) and Wrapped Bitcoin (wBTC). Inverse Finance is an Ethereum-based decentralized finance (DeFi) protocol and a flash loan is a type of crypto loan that is usually borrowed and returned within a single transaction. Oracles report outside pricing information. The latest exploit worked by using a flash loan to manipulate the price oracle for a liquidity provider (LP) token used by the protocol’s money market …

According to price data from CoinGecko compiled by CoinGoLive, the current bear market has seen a whopping 72 out of the top 100 tokens fall more than 90% from their all-time highs. The larger-cap coins are faring better than most. Among the top 10 cryptocurrencies by market capitalization, nine have dipped less than 90% during the current market downturn. Bitcoin (BTC), the largest crypto, is down 70.3% from its November 2021 high of $69,000. In second place is Ether (ETH), which is down 78% from its high of $4,878. Others in the top 10 include Binance’s BNB, Cardano’s ADA, Solana’s …

USD Coin (USDC) issuer Circle Internet Financial is launching a fully-reserved stablecoin pegged to the euro, signaling to the market that demand for crypto foreign exchange services remains high despite recent industry turmoil. Euro Coin, or EUROC, will be available for trading on June 30, Circle said Thursday in a statement that was shared with Cointelegraph. Like USDC, Euro Coin is a regulated stablecoin that is fully backed by reserves — in this case, the euro. That means every EUROC token in circulation will have an equivalent euro-denominated reserve held in custody at financial institutions regulated by the United States. …