In the last 12 days of April, the stablecoin sector expanded by $4.46 billion, reaching a current valuation of $155.86 billion. Additionally, the top five dollar-pegged cryptocurrencies experienced an increase in their supplies over the last 30 days. Top Dollar-Pegged Cryptos See Growth Amid April’s First 12 Days As of Friday, April 12, 2024, the […]
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According to a regional report, Sony Bank of Japan is currently exploring the potential of a stablecoin tied to the yen that could be utilized by Sony Group along with its associated entities. Insiders revealed that this endeavor’s testing phase employs the Polygon blockchain, with the crypto firm Settlemint lending its support. Polygon and Settlemint […]
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Stablecoin supply on the layer-1 blockchain network Solana has increased steadily since the beginning of the year, crossing the $3 billion mark during the past week.
Data from the blockchain analytical platform Artemis shows that the stablecoin supply on the network has increased by 55.72% in the last three months to reach $3.12 billion.
Notably, this number pales significantly against the balance on the network in 2022, when more than $6 billion worth of these assets were on the blockchain. However, it plummeted to as low as $1.4 billion during the bear market situation before embarking on the recent upward trend.
Meanwhile, stablecoin transfer volume on Solana surged by 164% to $1.4 trillion, reflecting the significant amount of activity the network has enjoyed.
A breakdown of stablecoins on Solana shows Circle’s USD Coin’s (USDC) dominance, accounting for 73% of such assets on the network.
For context, Artemis data show that USDC accounted for a significant $63.69 billion of stablecoin transfer volume on April 2, overshadowing USDT’s $812.41 million. EURC completes the top three with less than $100,000 in volume.
USDC’s dominance on Solana can be directly linked to Circle’s launch of its Cross-Chain Transfer Protocol (CCTP) on the network on March 26.
Stablecoins play a crucial role as an intermediary between traditional fiat currencies and digital assets. An increasing stablecoin supply indicates heightened liquidity and is indicative of increased capital infusion.
Market observers have explained that this upsurge reflects the significant influx of capital into the network, coinciding with the frenzy surrounding memecoins and the expanding DeFi activity within the Solana ecosystem.
Over the past year, the Solana blockchain ecosystem has witnessed notable expansion despite its previous ties to Sam Bankman-Fried, the controversial founder of FTX. This growth has attracted a wave of new users and forged significant partnerships with major global financial entities, including Visa and Shopify.
The post Solana’s stablecoin supply surges past $3 billion, USDC leads the charge appeared first on CryptoSlate.
Hokkoku Bank, a regional financial institution in the Ishikawa prefecture, launched Tochika, Japan’s first deposit-backed stablecoin. Customers of the bank will be able to purchase the currency using Tochitsuka, an app developed by Digital Platformer, that previously allowed users to earn points from city services. Hokkoku Bank Reaches Milestone With Deposit-Backed Stablecoin Tochika Hokkoku Bank […]
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A report issued by TRM Labs indicated that Tether’s USDT, the largest stablecoin in the cryptocurrency industry, was the preferred stablecoin used for illicit transactions during 2023. TRM Labs alleges that 1.6% of USDT’s volume was linked to illicit activity last year, with $19.3 billion worth of USDT used in illegal transactional flows. TRM Labs […]
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PRESS RELEASE. [Singapore, Mar 22, 2024] Yala, a project that enables the seamless transfer of Bitcoin liquidity through a meta yield stablecoin, is thrilled to announce a comprehensive brand upgrade. This reflects our commitment to making Bitcoin liquidity universally accessible across blockchain ecosystems, enhancing DeFi liquidity efficiency. The upgrade includes a refreshed branding message, a […]
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The Cardano blockchain has welcomed its first fiat-backed stablecoin with the introduction of the USDM by Mehen Finance on March 17.
According to the project:
“USDM will slowly be arriving on-chain the week of the 18th.”
The launch of this stablecoin comes almost two years after the release of its white paper. Matthew Plomin, the project’s founding partner, explained that the stablecoin launch was delayed due to issues with US banks in 2023.
USDM allows holders to mint and redeem their assets through fiat US Dollars by leveraging the fintech firm Plaid. Plaid is a US-based financial services company operating in Canada, the UK, France, Spain, Ireland, and the Netherlands.
According to its website, Mehen is actively pursuing Money Transmitter licenses across various US states and territories, VASP licenses in relevant jurisdictions, and engages in partnerships in the UK and the EU.
USDM’s launch is crucial for Cardano as its ecosystem has encountered significant hurdles in establishing a presence in the stablecoin market. Cardano-based stablecoins like DJED and USDA have struggled with adoption and usage compared to counterparts on Ethereum and Tron blockchains.
Data from DeFillama shows that stablecoins on Ethereum and Tron dominate the market, holding nearly 90% market share.
USDM’s launch arrives when the broader crypto industry is witnessing an uptrend in the stablecoin market.
According to CryptoSlate’s data, the sector’s total market capitalization has reached an impressive $146.1 billion, its highest point since October 2022. This marks a significant turnaround for an industry that encountered substantial challenges and increased regulatory scrutiny following the shocking collapse of the Terra algorithmic UST stablecoin.
Notably, Tether’s USDT remains the dominant player in the space, boasting over $100 billion in circulating assets, followed closely by Circle’s USDC with approximately $30 billion in circulation.
The post USDM emerges as Cardano inaugural fiat-anchored stablecoin in a buoyant market appeared first on CryptoSlate.
Ethena, the protocol powering the USDe synthetic dollar, raked in $6.53 million in fees over the last 24 hours, cementing its position as the top fee-generating decentralized application (dApp) in the crypto space, according to data from DeFillama.
Seraphim Czecker, Ethena Labs’ Head of Growth, shared insights from Token Terminal, affirming the project’s remarkable milestone. Czecker’s data indicates that Ethena amassed approximately $6.8 million in fees over the past week, outpacing competitors like MakerDAO and Arbitrum.
Yet, compared to leading blockchain networks, its revenue pales in comparison. Tron and Ethereum, for instance, boasted revenues of $38.6 million and $182.5 million, respectively.
USDe is a token pegged to the dollar’s value, offering lucrative yields. Though often labeled as a stablecoin, the team eschews this term, instead favoring “synthetic dollar.”
Ethena Labs launched the synthetic dollar on the public mainnet on Feb. 19 to widespread investor interest. At the time, the project debuted with a staggering 27.6% annual percentage yield (APY), surpassing the 20% yield offered by Anchor Protocol on the TerraUSD (UST) algorithmic stablecoin before its collapse in May 2022.
USDe’s unique model attracted $14 million in investments from prominent players such as Arthur Hayes, Brevan Howard, Franklin Templeton, Galaxy Digital, and Binance Labs.
In a recent update, Hayes, the co-founder of the BitMEX exchange, predicted that the project could flip Tether’s USDT dominance in the industry.
Hayes said:
“I believe that Ethena can eclipse Tether as the largest stablecoin. [However,] it will take many years for this prophecy to manifest itself.”
Since its mainnet launch, USDe has experienced exponential growth, witnessing a staggering 44% surge in total value locked over the past week and an impressive 409% surge over the last month, reaching $838 million, according to DeFillama data.
This rapid growth has contributed to USDe’s development into one of the top 10 stablecoins by market capitalization, achieving this milestone in less than three weeks.
Market analysts have attributed this remarkable growth to the project’s enticing staking yield. Ethena, as stated on its website, offers a substantial 67.2% yield on its USDe synthetic dollar.
Furthermore, USDe now commands a significant portion of the global ether perpetual futures open interest, comprising nearly 8.69%. Notably, its average funding rate stands at an impressive 58.35%, as per data available on its website.
The stablecoin sector experienced a $3.26 billion expansion within the last eight days, climbing from $140.82 billion to $144.08 billion by Sunday, March 3, 2024. During February, increases in supply were observed in four of the top five stablecoins by market cap, with FDUSD’s supply growth leading amongst the five. Stablecoin Economy Rises 2.31% in […]
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In the opening fortnight of February, the stablecoin domain expanded by $1.7 billion, marking a significant rise. The value of the fiat token crypto market has once again risen witnessing an increase exceeding $2.5 billion over the past ten days. Specifically, three stablecoins have driven this upswing, with the stablecoin ethena usde at the forefront […]
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