Stablecoins

Tether Prints $1.3B in Stablecoins, New Bitcoin Wallet Vulnerability Discovered, Franklin Templeton Launches Tokenized Money Fund on Arbitrum

Friday. August 9 at 8:30 PM

1 min. read
Tether Prints $1.3B in Stablecoins, New Bitcoin Wallet Vulnerability Discovered, Franklin Templeton Launches Tokenized Money Fund on Arbitrum

Tether has minted over $1.3 billion worth of stablecoins following the recent market crash. A new security threat has been identified where hackers can steal seed words from Bitcoin hardware wallets. Franklin Templeton has officially launched its tokenized money fund on the Arbitrum network. The $1.3 billion in stablecoins was transferred to major centralized exchanges like Kraken and Coinbase, indicating potential buying pressure. The vulnerability, named 'Dark Skippy,' allows hackers to extract private keys from hardware wallets with minimal transactions. This threat affects all hardware wallet models and can bypass separate seed word generation. Franklin Templeton's tokenized money fund, FOBXX, is now available on Arbitrum, Stellar, and Polygon networks. Arbitrum, a popular Ethereum layer-2 scaling solution, has a total value locked of around $14 billion.

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Enhancing Cross-Blockchain Transfers with PayPal USD Integration

Enhancing Cross-Blockchain Transfers with PayPal USD Integration

Wednesday. November 13 at 5:00 PM

PayPal's stablecoin, PayPal USD (PYUSD), has partnered with LayerZero to facilitate transfers between Ethereum and Solana. LayerZero's Omnichain Fungible Token Standard now enables users to transfer assets seamlessly across blockchains without relying on centralized platforms like Venmo or PayPal. PYUSD's market cap and distribution on both networks have fluctuated, with a significant decrease in total market cap and circulation on Solana. PayPal has been working to increase PYUSD's accessibility, collaborating with Anchorage Digital for a rewards program and launching on Solana with partners like Crypto.com and Phantom. Despite its progress, PYUSD still trails behind stablecoins like USDT and USDC in market capitalization. Coinbase also offers incentives for holding stablecoins on its platform. While AI trading in crypto gains popularity, caution is advised to avoid common mistakes.

Stablecoins

Enhancing Crosschain Transactions with AUSD Stablecoin on AggLayer

Enhancing Crosschain Transactions with AUSD Stablecoin on AggLayer

Monday. November 11 at 7:00 PM

Agora, a stablecoin company, has introduced its AUSD stablecoin as the native currency for Polygon’s AggLayer, a crosschain settlement network, to facilitate multichain transactions using a stable, fiat-backed asset. This partnership aims to streamline liquidity for developers and end-users in the AggLayer community by eliminating the need for token bridges. Agora, co-founded by Nick van Eck, Drake Evans, and Joe McGrady, has institutional-grade stablecoin AUSD backed by custodians like State Street and VanEck. The integration of AUSD on AggLayer as the native stablecoin offers reduced transaction costs and smoother crosschain interactions. Developers can now access AUSD without additional fees or bridging processes, enhancing efficiency. AUSD also provides a reliable store of value and payment method for decentralized applications on the AggLayer, promoting a more egalitarian economic network where income is shared among network participants. The recent partnership with Fabric Cryptography to introduce zero-knowledge proofs further enhances security and reduces costs for developers and end-users on the AggLayer.

Stablecoins

Anticipated Growth in Crypto Market Cap

Anticipated Growth in Crypto Market Cap

Saturday. November 9 at 3:30 PM

Standard Chartered predicts a fivefold increase in the total crypto market cap to $10 trillion by the end of 2026, driven by potential regulatory changes following the recent US election. The bank foresees the repeal of SEC guidance SAB 121, which could enhance the involvement of US banks and institutional investors in the digital asset market. Stablecoins are expected to benefit from regulatory initiatives, with the stablecoin market cap projected to reach $1 trillion by 2026. Bitcoin's price is forecasted to rise to $200,000 by 2025, supported by regulatory clarity and institutional investments. Additionally, smart contract platforms and layer 2 blockchains are expected to outpace Bitcoin in value growth, with Ethereum and Solana positioned for significant gains. The report also highlights growth potential in DeFi, gaming, tokenization, and decentralized social networks, projecting a substantial increase in market cap for these sectors by 2026.

Stablecoins

Ripple Labs Explores Dirham-Backed Stablecoin in UAE

Ripple Labs Explores Dirham-Backed Stablecoin in UAE

Saturday. November 9 at 7:00 AM

Ripple Labs is reportedly considering launching a stablecoin backed by the dirham in the United Arab Emirates (UAE), expanding beyond its current US-dollar-backed stablecoin, RLUSD. Speculation arises from a recent blog post by Ripple on November 7, 2024, titled “UAE Stablecoin Regulation: A Blueprint for Financial Innovation,” indicating Ripple's interest in a dirham-backed stablecoin. The post discusses the UAE Central Bank's new regulatory framework to incorporate both dirham-backed and non-AED stablecoins into the country's financial systems. Ripple's involvement in the region is well-established, with the National Bank of Abu Dhabi using Ripple Payments for remittance solutions. The potential launch of a dirham-backed stablecoin aligns with the CBUAE's goal of promoting a regulated stablecoin environment. Tether has also expressed interest in the UAE stablecoin market. The UAE's regulatory approach differs from other global frameworks, allowing unlimited use of dirham-backed stablecoins for payments while restricting non-dirham stablecoins to virtual asset transactions.

Stablecoins