Stablecoins
Federal Reserve Bigwig Defends Stablecoins as Alternative to Digital Dollars
There’s nothing to be afraid of with stablecoins. That’s the main message Randal Quarles, the vice chair for supervision at the Federal Reserve and a member of its board, delivered on June 28, surprising a DeFi community that’s become inured to getting dissed by the financial establishment. Quarles believes private-sector stablecoins are a worthy alternative to…
Iron Finance Implodes After ‘Bank Run’
In a month, Iron Finance has gone from being the darling of yield farmers to one of the biggest crashes in DeFi history. The partially collateralized stablecoin project expanded to the Polygon network on May 18 and quickly became the go-to protocol for earning insane yields –– it even received praise from Mark Cuban. The…
Algorithmic Stablecoins Breakdown: Attempting to Fulfill Satoshi's Dream
When Satoshi first published the Bitcoin whitepaper to the world, he titled it “Bitcoin: A Peer-to-Peer Cash System” and although Bitcoin would evolve to adopt the digital gold narrative instead, the dream of creating a fully functional digital cash system has remained. Stablecoins, defined as a subset of cryptocurrencies that are pegged to a specific…
Stablecoins Prove Their Worth During Crypto’s Slide
If a long bear market is truly beginning in cryptocurrencies, then be thankful for stablecoins. With the Defi Pulse Index (DPI) down 40% on the month and the overall crypto market losing a third of its market value, the stablecoin supply has continued to march upward. Stablecoin supply grew 21% in the last 30 days…
El Salvador Adopts Bitcoin But a Stablecoin May Have Worked Better
Ever since El Salvador’s president Nayib Bukele activated his laser eyes and made Bitcoin the nation’s legal tender this week, crypto communities have been gushing about this latest milestone. But in his bid to provide his citizens with more financial freedom, did Bukele pick the wrong token? Stablecoins — cryptocurrencies that peg their value to…
Stablecoin Swapping Heats Up with Coinbase Following DeFi
On-Chain Markets Update by Lucas Outumuro, IntoTheBlock When Curve launched back in February 2020, many might have thought a DEX for stablecoins was a niche segment. Fast forward to today and Curve is averaging over $300 million in daily volumes, and has recently seen competing moves from the likes of Uniswap and Coinbase as the…
Terra's UST Dip Raises Questions on Algo Stablecoins
Crypto markets went haywire last week and while extreme volatility is expected from most tokens, stablecoins are the one category designed to peacefully weather the storm. The stablecoin issued by the Terra network, UST, got mixed marks as it dipped well below its peg. UST dropped to as low as $0.89 on May 19, or…
Cypherpunk Stablecoin RAI is Live on Ethereum
Rai, a stablecoin for decentralization purists, is now live on the Ethereum mainnet. It’s not pegged to fiat, it’s not backed by fiat, and it’s designed to run completely by computer programs. If it had a physical bill it would carry the inscription, “in code we trust.” RAI is an asset backed only by ETH…
BadgerDAO Airdrops Bitcoin-Pegged Token Digg
“Wen Digg,” another day another meme in DeFi, though this one appears to be headed for the graveyard as Digg, the rebasing crypto asset pegged to Bitcoin, is now live on the Ethereum blockchain. Last Friday, BadgerDAO, the DeFi protocol which aims to build “products and infrastructure necessary to accelerate Bitcoin as collateral across blockchains,”…
We Need to Talk About #TETHER
Tether has faced accusations from many in the digital asset industry that it is a form of privately-issued fiat currency, backed not by “real” dollars in any meaningful way but minted in ever-increasing quantities to buy (and inflate the price of) assets like BTC.
