Leading cryptocurrency stablecoin Tether has announced the launch of a new asset, Tether (USDT) tokens, built on the Tezos blockchain, and with the ambition of expanding its digital footprint across the digital payments and decentralized finance (DeFi) sector. According to the press release, “USDT on Tezos will power revolutionary applications across payments, DeFi, and more.” In conversation with a Tether representative, greater context was provided as to the intended utility of Tether tokens: “Tether tokens are not an investment but a utility for engaging in internet commerce, combating volatility, and providing a safe haven for remittances. Tether tokens can be …

The New York State Department of Financial Services (DFS) on Wednesday released regulatory guidance for U.S. dollar-backed stablecoins issued by DFS-regulated entities. According to a DFS statement, it is the first regulator in the United States to impose such expectations on a stablecoin issuer. The requirements in the guidance concern redeemability, reserves and attestation. They state that a stablecoin must be fully backed by reserves as of the end of every business day and the issuer must have a redemption policy approved in advance in writing by the DFS that gives the holder the right to redeem the stablecoin for …

Global payment processor Checkout.com has launched a new stablecoin settlement system that will allow merchants to process crypto payments from their customers in real time — potentially widening the use cases of stablecoins within e-commerce. The stablecoin settlement system centers around Circle’s USD Coin (USDC), the second-largest stablecoin by market capitalization, and allows merchants to automatically convert USDC payments into fiat upon receipt. The service will be available to merchants around the clock, meaning payments will be settled on weekends and holidays in addition to regular business hours. The settlement system leverages payout technology developed by crypto infrastructure provider Fireblocks. …

Japan’s Justice Ministry is reportedly considering a revision of an asset seizure law relating to organized crime to include a stipulation that crypto can be commandeered in such instances. If the reports are found to be true, a potential revision of the Act on Punishment of Organized Crimes and Control of Proceeds of Crime (1999) would enable law enforcement officers and courts to take control of crypto assets used in criminal activity such as money laundering. According to reports from local media outlets such as the Yomiuri Shimbun on Saturday, the Justice Ministry will first need to engage in talks …

Bitcoin was created to give the average person a peer-to-peer economic system and a store of wealth asset that could provide financial autonomy and access to banking, especially for people living in places where financial services are sparse or non-existent. In the last five years, there have been a number of blockchain projects that aim to mirror Bitcoin's original mission and the growing popularity of stablecoins further highlights the need for alternative financial models. One project that is beginning to see a bit of momentum is Reserve Rights (RSR), a dual-token stablecoin platform comprised of the asset-backed Reserve Stablecoin (RSV) …

UST's dramatic collapse sent shockwaves through the crypto markets — and led to probing questions on whether algorithmic stablecoins can, and should, have a place in the world of DeFi. But now, one project says it is tackling the major issues that have led to these digital assets to fail in "violent, public events" — causing selloffs to the tune of billions of dollars and decimating the life savings of countless investors. The Balance Ecosystem brings together a suite of products that aim to ensure algorithmic stablecoins can be used in a safer way. The supply of USDB is said …

Most people who have dealt with cryptocurrencies in any capacity over the last couple of years are well aware that there are many projects out there offering eye-popping annual percentage yields (APY) these days. In fact, many decentralized finance (DeFi) protocols that have been built using the proof-of-stake (PoS) consensus protocol offer ridiculous returns to their investors in return for them staking their native tokens. However, like most deals that sound too good to be true, many of these offerings are out-and-out cash grab schemes — at least that’s what the vast majority of experts claim. For example, YieldZard, a …

The total crypto market capitalization has ranged from $1.19 trillion to $1.36 trillion for the past 23 days, which is a relatively tight 13% range. During the same time, Bitcoin’s (BTC) 3.5% and Ether’s (ETH) 1.6% gains for the week are far from encouraging. To date, the total crypto market is down 43% in just two months, so investors are unlikely to celebrate even if the descending triangle formation breaks to the upside. Regulation worries continue to weigh investor sentiment, a prime example being Japan’s swift decision to enforce new laws after the Terra USD (UST) — now known as …

May 2022 was not for the faint-hearted. Even the most embattled and experienced crypto traders were tested in the first two weeks of the month on a brutal drop following the United States Federal Reserve’s announcement that interest rates would be rising by 0.5%. Crypto used to exhibit a lower correlation with real-world events and was generally unaffected by capitalistic successes and failures. However, a very steady approximate peg between Bitcoin (BTC) and the S&P 500 index was seen throughout the first five months of 2022. Inflation and war fears have not been kind to both markets either. Crypto mimicking …

Terra remained the focus of the majority of headlines throughout May for its spiral collapse leading to a loss of over $40 billion in investors’ money. Despite some early resistance from the community and heavy backlash from the likes of Binance CEO Changpeng “CZ” Zhao, Terra co-founder Do Kwon managed to relaunch the collapsed network with a new chain called Terra 2.0 (Phoenix-1). The amended proposal for the relaunch of the network by increasing the genesis liquidity, which introduces a new liquidity profile for pre-attack Luna Classic (LUNC) holders and decreases the distribution to post-attack TerraUSD Classic (USTC) holders, was …

Japan is moving forward with legislation regarding the issuance of stablecoins, i.e., digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On Friday, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported. The bill reportedly stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan. The new legislation also introduces a registration system for financial institutions to issue such digital assets and provides measures against money laundering. According to the report, the bill aims to protect investors …

Co-founder of MakerDAO Rune Christensen has issued a new monumental proposal to push the project into its final form called The Endgame Plan. Across 3,000 words including 35 detailed infographics, Christensen explained that the current model of governance at Maker creates a deadlock, making it difficult for the protocol to effectively process “complicated real world financial deals” and compromising its competitiveness with financial institutions. Central to Christensen’s Tuesday plan is the formation of MetaDAOs designed to tackle specific governance issues within the Maker ecosystem and alleviate congestion on the “slow and single threaded decision making process” that exists now. Each …