Altcoin News

Cryptocurrency hedge fund Ouroboros Capital said that due to the increase in DAI supply and revenue.

MakerDAO’s MKR token price may continue to rise, with bullish technical chart patterns pointing towards a $1,600 price target.

Market data shows the cryptocurrency has gained nearly 5% in the past 24 hours to $1,320, close to its early August high of $1,366.

A move above this level would see prices hit a 16-month high.

Citigroup Inc. announced the launch of Citi Token Services. The new product converts customer deposits into digital tokens that can be sent instantly to anywhere in the world.

The service is provided by Citi’s Treasury and Trade Solutions division, which has so far been using the service to improve cash management and trade finance capabilities.

For Citigroup’s new products, the company will rely on a private blockchain owned and managed by the bank, the statement said. Customers do not need to set up their own digital wallets, but can access the service through the bank’s existing systems.

On the day the US SEC announced charges against the creators of Stoner Cats NFT, encryption lawyer Bill Morgan pointed out that although such cases did not establish a legal precedent, they did help to fuel the SEC’s influence on the encryption industry.

He emphasized the importance of Ripple Labs’ ongoing legal dispute with the SEC and said that if Ripple had not taken the SEC to court, all cryptocurrencies except Bitcoin might now be automatically classified as securities.

Morgan shared further thoughts on Judge Torres’ July 13 ruling regarding XRP. Morgan noted that although XRP is not considered a security, the regulatory outlook for its sale or use remains unclear due to the SEC’s appeal plans.

Until that legal case and subsequent appeals are fully resolved, it remains unclear whether Ripple and its customers will feel safe under SEC regulation.

Bank of America recently cited RWA tokenization as a key driver of digital asset adoption. According to a Bank of America report, the tokenized gold market has attracted over $1 billion in investment.

Demand for tokenized U.S. Treasuries is also growing, with the total market value of tokenized money market funds approaching $500 million, according to data compiled by CoinDesk.

Global business consulting firm Boston Consulting Group predicts that the market for tokenized assets could surge to $16 trillion by 2030.

Peter Gaffney, research director of Security Token Advisors, said in an article that the scale of RWA (Real World Assets tokenization) will reach US$16 trillion in 2030.

Gaffney stated in the article that on-chain analysis shows that $3 billion in assets have been tokenized, and that we have seen large companies (Bank of New York Mellon, JPMorgan Chase, and BlackRock) launch tokenization projects and recognize that The efficiencies they can bring from a payments and settlement perspective.

Nonetheless, the more important potential of tokenized investments lies in their ability to democratize finance and bring wider investment opportunities to ordinary people through “diversified” investment in global opportunities.

MakerDAO co-founder Rune Christensen expressed his thoughts on the future of decentralized stablecoins such as Dai and their role in the broader crypto economy at the Token 2049 conference in Singapore.

Christensen said interest-bearing stablecoins could capture 30% of the market within two years, and decentralized stablecoins could eventually dominate the stablecoin market as long as cryptocurrencies finally reach their potential.

If cryptocurrencies materialize and become regulated, centralized stablecoins will become mainstream. However, the real potential lies in decentralized stablecoins.

U.S. Bankruptcy Court Judge John Dorsey of the District of Delaware ruled that cryptocurrency exchange FTX can sell and invest its cryptocurrency holdings to repay creditors.

Previously released documents showed the assets were worth more than $3.4 billion as of August 31.

It has been reported that FTX revealed earlier this week that it holds Solana (SOL) tokens worth $1.16 billion, accounting for about 16% of the token’s circulating supply, as well as Bitcoin worth about $560 million, and some The assets consist of less liquid altcoins.

FTX Debtors submitted a proposed plan in August, under which token sales would be guided by financial advisors and weekly sales of most tokens would be capped at $100 million, although the cap could be raised to $200 million.

Messari posted on social media that FTX liquidators hold approximately $1.3 billion in liquid crypto assets (excluding stablecoins).

The relevant number is not the absolute value of the token held, but its amount relative to the active trading volume of each asset.

For example, FTX/Alameda’s BTC holdings ($353 million) represent approximately 1% of BTC’s weekly trading volume, which means that the market can absorb most of the sell-off, and the same is true for ETH.

However, for less liquid assets such as DOGE, TRX, and MATIC, the amount held by FTX accounts for 6-12% of the weekly trading volume, which has a much greater impact on the market.

While SOL and APT have considerable dollar value and relative market capacity, these assets are held by Alameda and venture capital investors and are primarily composed of vested tokens that are not immediately liquid on the open market.

Only 9.2 million SOL is unlocked each month, which significantly reduces the liquidation impact, making it more manageable similar to BTC and ETH liquidations.

21co chain analyst Tom Wan posted on social media X (formerly Twitter) that Paxos will stop supporting BUSD in February 2024.

The obvious beneficiary will be FDUSD, a stablecoin issued by First Digital Labs, and Binance will allow users to convert BUSD to FDUSD 1:1.

Due to its integration with Binance, FDUSD has become the ninth largest stablecoin with a market capitalization of $394 million. The exit of BUSD will be another catalyst for the growth of FDUSD.

According to data from CoinShares, since the beginning of 2023, Solana (SOL) investment product inflows worth $ 26 million, surpassing all other altcoins including ETH, indicating that it is the most popular altcoin among investors.

In the “Digital Asset Flows Weekly Report” published on September 4, James Butterfill, director of research at CoinShares, pointed out that the trading volume of encrypted investment products in the week ended September 1 was 90% higher than the year-to-date average.

It fell to $11.2 million. This marked seven straight weeks of negative sentiment, during which time crypto products saw outflows of $342 million, but investment products still saw net inflows of $165 million year-to-date.

According to the latest data from Coingecko, as TUSD’s market value surged yesterday, it rose from about $2.9 billion to about $3.44 billion.

At present, it has surpassed the market value of Binance USD (currently about 2,877,134,989 US dollars), becoming the fourth largest stable currency in market value, second only to Tether (82,867,713,960 US dollars), USD Coin (26,157,470,383 US dollars) and Dai (3,863,756,950 US dollars).

Billy Markus, the co-founder of Dogecoin, posted on X (formerly Twitter) that the revenue of the platform is shrinking. Currently, his X account Shibetoshi Nakamoto has more than 2.1 million fans.

Billy Markus pointed out that the X platform fork he received so far is only one-third of the income he received 14 days ago.

But I am still grateful for the gift, and the reason for the shrinking revenue may be that fewer and fewer users are willing to pay.

According to previously disclosed data, Billy Markus is the second largest earner on the X platform, and the largest earner is the Internet Hall of Fame with 1.9 million fans.

According to data from The Block Pro, the adjusted transaction volume on the stablecoin chain rose in August to $520.9 billion, an increase of about 6.8%, and it is also one of the few encryption indicators that has risen in the past month.

However, the issued stablecoin supply continued to shrink to $115.1 billion, a decrease of about 2.2%.

The US dollar stablecoin USDT market share continued to rise (up to 77.2%), with a supply of 82.9 billion US dollars, while USDC’s market share fell further to 21.1%.

However, after the adjustment of Bitcoin and Ethereum, the total transaction volume on the chain has decreased by 6.3%, falling to 176 billion US dollars, of which the transaction volume on the Bitcoin chain has decreased by 6.7%, but the transaction volume on the Ethereum chain has decreased by 5.7%.

According to data from CoinGecko, the 24-hour trading volume of the CYBER token of Web3 social network CyberConnect is about 225 million US dollars, which is a nearly 10-fold increase from the 30 million US dollars trading volume on Monday.

Coinglass data shows that traders are paying annualized funding rates of 2,000% to buy CYBER tokens.

Funding rates, the periodic fees traders pay to counterparties in the perpetual futures market, have soared to 2,190% on Bybit and Bitget, and as high as 1,500% on Binance.

The data shows that the majority of transactions take place on Binance, which accounts for 74% of all network transaction volume. This is followed by Korean exchange UpBit.

According to data from CoinGecko, the total market value of the U.S. dollar stablecoin BinanceUSD (BUSD) has fallen below $3 billion. At the time of writing this article, it was about $2.97 billion, and it has shrunk by more than 70% in the past six months.

Binance announced that it will gradually stop supporting BUSD, reminding users to convert BUSD to other stablecoins before February 2024.

Chainlink community ambassador ChainLinkGod.eth stated on the X platform (formerly Twitter) that Delivery vs Payment (DvP) is an important concept in the capital market. It is a guarantee that the transfer of securities and the corresponding payment occur at the same time, which can reduce the counterparty risk.

Banks and central banks are increasingly interested in issuing stablecoins and CBDCs, which may be launched using private chains.

Asset managers/owners must be able to freely use these cash tokens to purchase assets on other chains (including public chains), asset managers may hold tokenized assets on different public/private chains, but they still want trade with each other.

The data monitored by The Data Nerd shows that when CYBER tokens soared by 40% (to $5.1 per coin), 2 new wallet addresses have transferred 4.6 million CYBER to CEX.

Addresses starting with 0x97b have transferred 4.3 million coins and still hold 227,000 coins ($1.43 million). Addresses starting with 0xbe7 have transferred 300,000 coins and still hold 396,000 coins ($1.99 million). Withdraw tokens from Bybit and Bithumb at an average price of $3.5/coin.

McHenry, chairman of the U.S. House of Representatives Financial Services Committee, said he has sent a letter to Fed Chairman Powell on stablecoins for payment functions. The regulatory framework proposed by Congress will better protect consumers. Concerns that the actions taken by the Federal Reserve will upend the progress Congress has made in legislation .

“We are concerned that these actions are designed to upend Congress’ progress in establishing a regulatory regime for stablecoins for payments,” the letter reads. Furthermore, if these letters are preserved, they will undoubtedly prevent financial institutions from participating in the digital asset ecosystem.

The letter also pointed out that the SR 23-7 and SR 23-8 letters issued by the Federal Reserve are actually intended to effectively prevent banks from issuing payment stablecoins or participating in the payment stablecoin ecosystem.

“While the regulatory no-objection process is disguised as a process for guiding how such activities may be permitted, it is clear that the Fed does not intend to allow any such activity, at least as it relates to public, permissionless blockchains,” the letter said.

Dogecoin DOGE founder Billy Markus admitted on social media that he created Dogecoin with Jackson Palmer and introduced this MEME coin to the market in 2013, and one of the factors that helped him create Dogecoin was Twitter ( now renamed X).

But he didn’t start experimenting with social media platforms until 2020, but introducing Dogecoin to the crypto community on social media in the early years helped the project a lot.

Musk had previously considered adding DOGE as a payment option on Twitter, but has not commented on the matter since the acquisition and rebranding to X.

Adoption of stablecoin payments continued to flourish last year despite massive capital outflows across the cryptocurrency market, according to a new report by European hedge fund manager Brevan Howard.

Analysts found that the stablecoin market will be worth more than $11 trillion in 2022, with more than 25 million addresses holding more than $1 in stablecoins.

The total value settled through stablecoins last year was close to the $11.6 trillion of credit card payments giant Visa.

Given that 75% of weekly active stablecoin addresses trade less than $1,000 per week, most stablecoin users are likely retail users, the report said.

More than two-thirds of stablecoins are held outside of exchanges and smart contracts. Although approximately 50% of stablecoin transaction volume is settled on Ethereum alone, the network accounts for only 3% of total transaction volume.

In comparison, Tron and BSC accounted for 75% of stablecoin trading volume and 41% of trading volume.

Cryptocurrency commentator Yazan stated on social media X (formerly Twitter) that Binance, OKX, Kucoin, and Bybit have received 16 trillion pieces of PEPE flowing out of the PEPE multi-signature wallet from the address (0xa34B091932D9c9ffcFF254c9Aa1B4210C81F2EA0), of which 67,000 100 million PEPEs were transferred to Binance, 8.5 trillion PEPEs were transferred to OKX, 445 billion PEPEs were transferred to ByBit, and 400 billion PEPEs were transferred to Kucoin.

These PEPEs were meant to fund exchange listings, not dumped on the free market, Yazan said.

Individuals involved in these transactions are bad actors, please be aware that they may have used fake KYC or may have purchased KYC verified accounts for malicious use.

Hopefully exchanges will question unusual activity and not let it go.

There may be police reports of these acts soon. Please take all necessary steps to freeze any transactions from the above addresses.

IntoTheBlock data shows that many altcoins are experiencing unprecedented losses, with more than 90% of altcoin holders losing money.

However, mainstream decentralized finance (DeFi) tokens fared much better, including Compound (COMP), 0x Protocol (ZRX), Uniswap (UNI), AAVE, and Maker (MKR).

Among them, Maker stands out because it is the only asset whose holders lose less money compared to a year ago.

Additionally, it remained the highest-returning coin in stakers’ portfolios for most of the year.

AI Meta Club ecological token AMC has been minted through AMC EntryPass (AMCEP) and purchased with in-game asset NFT, and the amount of destruction has exceeded 3 million.

Only 7 days have passed since the last time 2 million were destroyed. AMC token is the application token of the entire ecology and the basis of ecological consensus, and AMCEP is the foundation of ecological economic construction. In the future ecological expansion and cooperation, this will be the dividend and source power of AMC.

Behind such a rapid development is the support and hard work of various clubs around the world. The team will improve the product as soon as possible to boost the development of the club.

Adhere to the governance spirit of DAO and provide a valuable platform for global explorers of AI and Metaverse.

Dogecoin’s lead developer, Ross Nicoll, opposed the move to the cryptocurrency’s proof-of-stake consensus mechanism, saying it would not benefit Dogecoin like other cryptocurrencies.

Despite this, Dogecoin continues to gain popularity and has the support of celebrities such as Elon Musk and Mark Cuban.

The cryptocurrency also burned 20.5 million coins, contributing to its rise in value.

The burn destroyed more than 6% of Dogecoin’s total supply, making it a hot topic among cryptocurrency enthusiasts.

According to burn tracker Shibburn, the total number of tokens burned in the 24-hour period increased by 64.77% from the previous day.

The website shows a total of 357,075,351 tokens burned on Aug. 16, a number that rose with the launch of Shibarium.

Most of the burns came from Marswap community tokens, which burned over 258 million tokens. Heading into Thursday, that cash burn trend hadn’t subsided, as data from the tracking site showed numbers over the past 24 hours were also hot.

Currently, the number of tokens burned in the last day so far has exceeded 322 million, suggesting that Thursday’s token burn may also exceed the previous day. As the days passed, SHIB burned close to half of its total supply.

According to CoinMarketCap, SEI’s trading volume has topped $1.6 billion in the past 24 hours, with crypto exchanges such as Coinbase, Binance and Kraken all listing the token at the same time as the SEI network’s debut.

According to reports, Sei is a new network built using the Cosmos SDK, the so-called software development kit, which can be used to easily build new blockchains that can interoperate with other networks in the Cosmos ecosystem.

Circle is relying on a $1 billion cash reserve to weather declining market share and new competition from other stablecoins.

Circle’s total stablecoin supply has been shrinking since the start of the year, hovering around $24 billion in USDC as of August.

That’s about 43% less than the $42 billion token supply in January.

Chief executive Jeremy Allaire said: “It’s not just internet payments companies, it’s all kinds of financial services companies and other companies that are starting to get more involved. I do think there’s this new The competition is really great and it will push more and more companies into the space.”

The stablecoin market is expected to grow from the current $125 billion to $2.8 trillion over the next five years, brokerage Bernstein said in a Wednesday research note.

Integration with consumer platforms will lead to stablecoin growth, allowing them to attract users and expand distribution beyond crypto-native platforms, the report said.

Anonymous trader GCR placed a $10 million bearish bet on Terra’s LUNA cryptocurrency in early 2022 and currently holds a large amount of Reddit community token Moons (MOON), an on-chain analyst said.

Prithvi Jhaveri of Loch Research said that GCR may have purchased 450,000 MOONs at an average price of 40 cents to 45 cents.

According to a post on the r/CryptoCurrency subReddit by Reddit user Nutcase420, GCR purchased 450,000 MOON tokens from the MEXC exchange and transferred them to cryptocurrency exchange Kraken via Arbitrum Nova 24 hours ago.

The UK recently passed the Financial Services and Markets Act 2023, giving the Bank of England the power to establish a systemic stablecoin regime.

The Bank of England (BoE) plans to continue with its plans for a systemic stablecoin regime, according to a consultation response on Monday.

Respondents welcomed the provision in the consultations that systemic stablecoins would be regulated by the Bank of England and the Financial Conduct Authority (FCA).

Respondents and governments also support extending accountability frameworks (assessing whether regulators’ methods are future-proof) to systemic stablecoins.

The data shows that on July 25, the number of WLD token holders was 164,195 wallets. As of August 5, that number has increased by 148% to 408,721 unique addresses.

The largest addresses dominate, holding a staggering 57.8604% of the supply, containing 103,494,839 WLD tokens, while the top 100 holders have a combined 95.08% ownership.

There have been 1,912,129 WLD transfers since the token launched on Optimism.
Worldcoin’s two largest contract addresses are firmly under the control of the Worldcoin project party, holding 57.86% and 17.88% of the WLD supply respectively. The third largest address is kept by Binance, and the fourth largest address is maintained by the company Wintermute.

Latin American crypto services provider Ripio has launched a dollar-pegged stablecoin UXD, also known as Criptodólar, in part to give Argentines a way to protect their assets from inflation.

Ripio users in Argentina, a country with an annual inflation rate of up to 115 percent, have been able to purchase the UXD stablecoin, the company said.

The stablecoin, also available in Brazil, is hosted on LaChain, a Latin America-focused layer-1 blockchain that Ripio launched in June in partnership with SenseiNode, Num Finance, Cedalio and Buenbit, among others.

Litecoin ( LTC ) plummeted 6 percent to $86 after its halving, its lowest level since June 30, according to CoinDesk price data.

Greg Cipolaro, head of global research at digital asset investment firm NYDIG, said in a report last week that Litecoin’s halving cycle has been expected.

It will have troughs and peaks before the halving event, and in previous halving years, LTC peaked about four to six weeks before the halving happened, then fell during the halving and bottomed out after the halving.

According to a study conducted by, SHIB is more common than ETH and DOGE in the United States.

According to the study, the favored dog-themed cryptocurrency is the second hottest challenge in the United States, behind BTC.

The study, which used knowledge of search volume to match the top 100 cryptocurrencies by market capitalization, showed Bitcoin with 1,910,000 searches compared to SHIB’s 484,000.

Dogecoin is third with 280,000, while Ethereum is fourth with 238,000.

CZ, the founder of Binance, spoke in the AMA and said that in addition to the stable currency First Digital USD (FDUSD), there are new stable currency partners to be announced soon. I don’t want to disclose specific details for the time being. We will support multiple cryptocurrencies.

In addition, the Binance team is working hard to find larger traditional financial payment service providers in the UK or Europe, but these traditional financial service providers are somewhat hesitant to cooperate with cryptocurrencies or Binance.

Several lawsuits have also negatively impacted our users and business. We found that for every time we lost a partner, there were always about 10 new institutions looking to partner with Binance.

So we’re exploring a lot of different new avenues. Hopefully we will be able to restore some services soon. In addition to this, we are also working hard to solve various challenges.

Something special is coming, Musk wrote in his Twitter (now X) thread. Cryptocurrency market users appear to be linking the tweet to Dogecoin, which has long been speculated to be used as Twitter’s payment method.

It’s unclear exactly what Musk’s tweet was pointing at, but it had a positive impact on DOGE prices.

As of press time, Dogecoin (DOGE) is now at $0.081009, an increase of 2.9% in the past 1 hour and a 4.5% increase in the past 24 hours.

Bitcoin (BTC) is now at $29,340.6, an increase of 0.1% in the past 1 hour and a 0.2% increase in the past 24 hours. The market fluctuates greatly, please do a good job in risk control.

A report written on behalf of Paradigm by former Federal Reserve policy analyst Brendan Malone said that stablecoins cannot be compared to bank deposits in terms of risk.

The document explores the risks that stablecoins pose to the financial system, noting that current legislative proposals in the United States could incorporate encrypted payment instruments into the existing banking and securities framework.

According to Malone, stablecoins pose less risk than bank deposits because when banks take short-term deposits and use those funds to make long-term loans that are not repaid for years, they face so-called maturity transformation.

Maturity transformation poses ongoing risks for banks requiring permanent risk management, whereas fiat-pegged stablecoins inherently pose no similar risk as their reserve assets are typically backed by short-term Treasury bills and Segregated from the issuer’s assets.

The U.S. House of Representatives Financial Services Committee voted 34 to 16 to pass the U.S. stablecoin regulation bill, the Payments Stablecoin Transparency Act.

Democrats protested the vote on the bill earlier in the day, using a series of procedural measures to slow the process, while saying Republicans could wait until September or later to vote on the bill.

The American Bankers Association (ABA) issued an open letter stating that in order to ensure effective consumer protection and financial stability, the stablecoin ecosystem, like the banking ecosystem, must be subject to strong regulation.

The association added that they want the same level of federal regulation of state-licensed stablecoin issuers as is currently done for state-chartered banks.

In a separate letter organized by the ABA, 49 state bank associations, the Consumer Bankers Association, and bankers from the U.S. territory of Puerto Rico raised similar concerns, calling for stablecoin issuers to be subject to the same federal oversight as banks and credit unions.

Sergey Nazarov, co-founder of the chainlink blockchain network, predicts Wall Street banks will build their own blockchains and cross-chain stablecoins, using chainlink’s cross-chain interoperability protocol (CCIP) (currently in early access) to connect them.

According to the Chainlink Foundation, the protocol is designed to be “an open-source global standard for decentralized inter-blockchain messaging, data, and token movement.”

When that happens, I think you’re going to see the entire blockchain industry grow very rapidly in the trillions, in addition to the efficiency and benefits of each of these groups, Nazarov said.

The Wyoming Stable Coin Council is looking for an executive director to lead the state’s stable token efforts.

The committee was formed in March with the mandate to issue a stablecoin redeemable for one dollar. Funds from the token offering will be deposited into a trust account that will be invested exclusively in U.S. Treasury bills, according to the government website.

According to the job posting, the executive director will implement the stable coin initiative, including tasks such as regulatory analysis, accounting and marketing.

Ideal candidates will bring their existing connections and expertise in the blockchain industry, as well as intimate familiarity with the Wyoming legislative process, the post said.

Worldcoin releases token economics, 75% is allocated to the community, 9.8% to the team, 13.5% to TFH investors, and 1.7% to TFH reserves.

The circulation is 143 million, and 100 million is loaned to market makers.

A total of over 43 million WLD tokens were distributed before launch.

Inflation is 1.5% per annum and is expected to start in 15 years. Among the 43 million tokens, the distribution ratio of each region is as follows: 32.1% in Asia, 31.6% in Africa, 18.8% in Latin America, 17.1% in Europe, and 0.1% in other regions.

After the DEFI lending platform MakerDAO introduced a token buyback program, its governance token MKR soared to a high price for nearly a year.

Maker rose above $1,200 for the first time since last August and is currently changing hands at around $1,148, up around 28% over the past week.

Over the past 24 hours, the protocol has bought back about $230,000 worth of MKR, according to Etherscan’s blockchain data.

At this rate, the protocol is on track to buy back about $7 million in tokens over the next month.

According to the security monitoring of ChainAegis, an analysis platform on the SharkTeam chain, the USDT/FC transaction pool on the BNB Chain has undergone significant price changes.

In the past 10 minutes, the number of USDs has fallen from 189,989.14459603 to 39,663.07421465, and the number of FC has increased from 221,061.79347725 to 1,062,881.14422357, a decrease from 0.859439088 to 0.03731657, and reduced it. It is as high as 95.66%.

According to the analysis results, the project has a suspected Rug pull risk, and it is recommended to take risk control measures to ensure asset safety.

Before making any transaction or investment, please be sure to fully understand the background and risks of related projects, and make prudent decisions.

India’s finance minister said G20 members discussed the macro, financial and regulatory challenges posed by the crypto-asset ecosystem, as well as potential policy responses needed globally.

India’s achievements and scaled actions in digital commons infrastructure are well recognized. G20 members welcomed the Financial Stability Board’s (FSB) high-level recommendations on crypto-asset activities and global stablecoin arrangements.

The forthcoming FSB and IMF Synthesis Report, together with the Bureau Memorandum, will serve as important references for G20 members to understand how to proceed further on this issue, to agree on a global policy and regulatory framework, and to take positions.

G20 members need to take further action to develop a global policy and regulatory framework.

Aave DAO has launched the decentralized stablecoin GHO on the Ethereum mainnet. Users can use the assets in Aave V3 as collateral for over-collateralized minting.

In addition, GHO is completely managed by Aave DAO, which is responsible for formulating rules and policies for managing GHO. Community members must submit proposals to DAO. The proposal will be publicly discussed in the community for a period of time, and then voted. The vote will determine whether the proposal will be approved by DAO. support and implementation.

Aave DAO has voted to approve the AIP proposal to launch GHO on the Ethereum mainnet.

This proposal aims to introduce GHO to the Ethereum mainnet through the Aave V3 Facilitator and the FlashMinter Facilitator. Aave V3 users on Ethereum will be able to mint GHO using collateral.

The European Banking Authority (EBA) said on Wednesday that issuers of stablecoins should start preparing for new EU rules, even though they will come into force next June.

The regulator said the EBA wanted to encourage timely preparatory action ahead of that start date to protect consumers and reduce hardship for businesses on June 30.

EU Markets in Cryptoassets (MiCA) regulation, which sets out governance and reserve requirements for cryptocurrencies pegged to the value of other assets, will come into force six months ahead of other licensing rules for crypto wallet providers and exchanges.

The European Union’s ESMA publishes the first batch of detailed cryptocurrency rules.

Hong Kong is exploring the launch of stablecoin HKDG to compete with established stablecoins such as USDT and USDC. By backing HKDG with foreign exchange reserves, the government seeks to foster financial innovation and maintain its leadership in the blockchain space.

By issuing a Hong Kong dollar-pegged stablecoin (HKDG), the government aims to increase transaction efficiency, reduce costs and improve the existing payment system. The move is expected to strengthen Hong Kong’s fintech capabilities and improve the efficiency and inclusiveness of its financial system.

However, the government’s current plan to allow private institutions to issue Hong Kong dollar stablecoins may limit its market share and overall impact.

A new report by influential financial lobby group UK Finance is pushing the UK government to put the tokenized market at the top of its agenda.

UK Finance, the influential lobby group for banks and financial institutions in the UK, has laid out a five-year plan for the country’s government to become a world leader in the tokenization market.

UK Finance Chairman Bob Wigley said, “Tokenization of securities has the potential to transform financial markets by reducing costs, reducing risk and increasing market access. But if bold action is not continued, the UK risks falling behind other jurisdictions.”