Stablecoins

Russia Plans to Launch Crypto Exchanges to Boost Foreign Economic Activity

Saturday. August 24 at 11:30 AM

1 min. read

Russia is set to establish two major cryptocurrency exchanges in Moscow and St. Petersburg to enhance its foreign economic activity. The move aims to integrate digital assets into the economy by focusing on stablecoins linked to the Chinese yuan and the BRICS currency basket. This initiative seeks to promote economic cooperation among BRICS nations and reduce reliance on the US dollar. However, challenges such as technological integration of stablecoins and regulatory barriers may impede the project's success. The rollout of these exchanges will be gradual, initially catering to a limited user group. Concerns also arise regarding the platforms' appeal, with doubts about their attractiveness to users. Despite these obstacles, Russia's strategic push towards a more robust financial system through cryptocurrency exchanges signifies a significant step in its economic development.

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Legal Battle Between Tether and Swan Bitcoin

Wednesday. January 15 at 4:00 PM

Stablecoin issuer Tether has initiated legal action against Swan Bitcoin, alleging significant breaches in their agreements. Tether, along with co-claimant 2040 Energy, confirmed the lawsuit against Swan Bitcoin. Tether claimed to have acted in good faith throughout their relationship with Swan, while accusing Swan of reckless behavior resulting in breaches of agreements. The case, filed in the High Court of England and Wales, marks an escalation in the ongoing legal dispute between the two companies. Swan and Tether established 2040 Energy as a joint Bitcoin mining venture, with allegations of former employees stealing proprietary information to form a rival company. Swan accused Tether of facilitating a hostile takeover of its mining operations. Tether denied any wrongdoing, citing contractual rights. Swan Bitcoin also filed a lawsuit against its law firm, Gibson, Dunn & Crutcher, for malpractice.

Stablecoins

Growth of USD Coin in 2024

Wednesday. January 15 at 11:00 AM

In 2024, Circle's USD Coin (USDC) experienced significant growth, surpassing other stablecoins in market capitalization. The growth of USDC, valued at $1.00, increased by 78% year-over-year, outpacing global stablecoins. This growth was attributed to regulatory clarity, blockchain scalability, and a focus on trust and transparency. Despite a decline in 2023 due to banking issues, USDC's market value surged by 79% in 2024, reaching $43.9 billion. In comparison, Tether's USDT saw a 50% increase in market value. USDC's adoption was particularly strong in regions with regulatory clarity, such as the European Union. Circle anticipates further regulatory developments in countries like the UK, Brazil, Singapore, and Japan in 2025. The mission of USDC is to provide services to unbanked populations globally, with key markets in regions with high remittance activity like Latin America, Africa, and Southeast Asia.

Stablecoins

Tether to Relocate to El Salvador

Tuesday. January 14 at 5:00 AM

Stablecoin issuer Tether has announced its plans to move its headquarters and subsidiaries to El Salvador after obtaining an operating license in the country. The company cited El Salvador's progressive policies, favorable regulatory environment, and growing Bitcoin community as reasons for the relocation. Tether's CEO, Paolo Ardoino, expressed that this move will enable them to establish a new base, encourage collaboration, and focus on emerging markets. The decision to move followed reports of Ardoino and Tether's COO, Claudia Lagorio, acquiring real estate and becoming citizens of El Salvador in 2024. Since El Salvador's President Nayib Bukele declared Bitcoin as legal tender in 2021, Tether has been actively involved in the country, including contributing to renewable energy projects. Despite the positive impact of BTC adoption, Bukele acknowledged that the expected benefits have not fully materialized. The government currently holds over 6,000 BTC, valued at more than $550 million. Bukele, known for his controversial leadership style, has received both praise for reducing crime rates and criticism for alleged human rights violations.

Stablecoins

Ripple's RLUSD Stablecoin Expansion

Thursday. January 9 at 2:00 AM

Ripple's president, Monica Long, anticipates the listing of Ripple USD (RLUSD) stablecoin on major crypto exchanges soon. In an interview with Bloomberg on Jan. 7, Long confirmed Ripple's efforts to secure additional exchange listings for RLUSD. The stablecoin is currently available on various platforms like Bitso, MoonPay, and CoinMina. RLUSD, pegged 1:1 to the US dollar, was launched on Dec. 17 and has a market cap of $71.8 million. The majority of trading volume for RLUSD is on Bullish exchange. Long highlighted the growing demand for stablecoins, emphasizing their role in the crypto market. Additionally, Ripple partnered with Chainlink to integrate price feeds for RLUSD on Ethereum and the XRP Ledger. The collaboration aims to provide accurate pricing data for DeFi applications. Long also mentioned the possibility of an XRP exchange-traded fund in the future, with companies like WisdomTree already filing for approval.

Stablecoins