Terra’s UST Topples BUSD To Become Third-Largest Stablecoin
Although the UST market cap has increased to flip BUSD, its trading volumes are still only about one-fifth the value of the Binance digital dollar. Terra USD (UST), the algorithmic stablecoin on the Terra (LUNA) blockchain, has surpassed Binance USD (BUSD) to become the market’s third-largest stablecoin. UST is a stablecoin pegged to the US […]
A$DC Pegs With Australian Dollar As ANZ Bank Mints First AUD Stablecoin
The vast majority of the industry in Australia makes use of non-bank, frequently unregulated USD stablecoins, but the narrative has now changed that the Big 4 banks have released an AUD stablecoin. Banks from the Big Four ANZ have become the first Australian bank to issue an “A$DC” stablecoin tied to the Australian dollar (AUD). […]
Luna Foundation Guard raises $1 billion to establish a Bitcoin-based UST reserve
Luna Foundation (Terra) chose Bitcoin as the currency for the Forex Reserve because it is “less connected to the Terra ecosystem,” according to the company. Luna Foundation Guard, a charity focusing on the open-source stablecoin network powering Terra USD, has raised $1 billion through the sale of LUNA tokens. Jump Crypto and Three Arrows Capital […]
Abracadabra Money’s stablecoin Magic Internet Money (MIM) surpasses $1B total supply
As the project seeks to compete with MakerDAO, Abracadabra Money’s stablecoin Magic Internet Money (MIM) has surpassed a $1 billion total supply this month. Abracadabra is an Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche, and Arbitrum cross-chain stablecoin lending mechanism. The project also contains a SPELL governance token that may be staked on the system, […]
Biden administration sets bank-like regulations for stablecoin issuers
As part of plans to tame the rapidly growing stablecoin market, the Biden administration is said to be developing a new legal framework for stablecoin issuers that would classify them alongside banks. The Wall Street Journal reported on Friday that the government is trying to persuade Congress to create a new “special-purpose charter” for stablecoin […]