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 […]
Coti sets to launch a new DeFi stablecoin on the Cardano blockchain
Coti and Cardano are partnering to launch a DeFi stablecoin on the Cardano blockchain, the new stablecoin will provide a mechanism for decentralized finance (DeFi) activities while avoiding transaction costs. Cardano founder Charles Hoskinson and Coti CEO Shahaf Bar-Geffen announced Sunday at the Cardano Summit that Coti, Cardano’s payment gateway provider, will be the official […]
China’s CBDC pegged stablecoin RMB targets international trade
“While the government of China and Shanghai have accepted the use case for the offshore RMB stablecoin, the pilot program is not endorsed or associated with the government,” Banbury added. Conflux will contribute its technology to establish an offshore renminbi (RMB) stablecoin pegged to China’s central bank digital currency (CBDC), the digital yuan, according to […]