September 2022
Binance move to remove USDC and others raise questions about market conduct
The world’s largest cryptocurrency exchange said the move was designed to “enhance liquidity and capital-efficiency for users.”
Chinese central bank should issue RMB stablecoin for metaverse: academic
China should issue a digital yuan-collateral stablecoin to establish an on-chain payment system for China’s metaverse, as the infrastructure developed by China itself is the key to ensuring national security, said influential academic Zhang Ping of the Chinese Academy of Engineering, an institution providing policy consultation to the Chinese State Council. See related article: Naver’s […]
August 2022
Tether pushes back at WSJ doubts on its reserves
In response to the Wall Street Journal alleging that Tether’s USDT stablecoin is not adequately backed by reserves, Tether called the report a series of “unsubstantiated conclusions” that tried to “discredit Tether’s work on transparent and honest communications to the public.” See related article: Should Tether’s shrinking cash reserves be cause for investor worry? Fast […]
Argentine province Mendoza to accept cryptocurrency as payment for taxes
The western Argentine province of Mendoza — the fifth most populous in the country — now accepts cryptocurrency as a payment option for taxes, the Mendoza Tax Administration (ATM) announced on Saturday. See related article: El Salvador’s Bitcoin adoption, one week on Fast facts Mendoza’s roughly 2 million residents will now be able to pay […]
Singapore’s MAS says needs to do better job explaining crypto policy
The city-state hosted a seminar with a title that it hopes sums up its crypto approach: “Yes to digital asset innovation, No to cryptocurrency speculation.”
Tether to release monthly USDT reserves report with new auditor BDO Italia
Tether Holdings Limited, the issuer of USDT, the world’s largest stablecoin by market capitalization, has roped in accounting firm BDO Italia for its regular reports of USDT reserves. See related article: Tether says USDT reserves have no Chinese commercial paper Fast facts Tether said in a statement shared with Forkast that it began working with […]
U.K. consortium to test stablecoin payments
Digital FMI Consortium, a group of private-sector companies, plans to examine cross-border payments and make recommendations to the Bank of England using its own sterling-backed coin, dSterling. See related article: Next step for spot Bitcoin ETF in the US may be a courtroom battle Fast facts The consortium announced Project New Era, which will deploy […]
Polkadot-based stablecoin Acala Dollar depegs after a breach
Stablecoin Acala Dollar (aUSD) lost its parity with the U.S. dollar following a breach over the weekend, but its price has since begun to bounce back. See related article: Axie Infinity blockchain Ronin hacked for over $600M Fast facts Cryptocurrency analyst @Alice und Bob tweeted that the depeg was caused by US$1.2 billion of aUSD mistakenly […]
Why crypto and DeFi are key to building wealth in times of high inflation
As wages stagnate and prices spiral, crypto offers investment and growth opportunities unmatched by the traditional financial system, writes Tarik Moon, CEO of Alpine.
CBDCs better poised for cross-border payments than Bitcoin, stablecoins: ECB study
Bitcoin is the worst option for increasing the efficiency of cross-border payments while stablecoins occupy an intermediary position, the European Central Bank (ECB) said in a study published Monday. See related article: Cryptocurrency is worthless: ECB Christine Lagarde Fast facts Central bank digital currencies (CBDCs) and domestic instant payment systems have the highest potential for […]
Waves community approves repayment plan for lending protocol Vires.Finance
Layer 1 blockchain Waves, which has been mired in a liquidity crisis, will go ahead with a revival plan recently approved by the community behind its decentralized finance (DeFi) lending protocol Vires.Finance, to allow certain account holders to withdraw funds or keep their positions for later repayment. See related article: Waves’ Neutrino USD loses peg […]
BUSD reserves consist of 60.5% US Treasury bills, 4.21% cash
Binance and Paxos Trust Company, which issues the dollar-pegged stablecoin BUSD (Binance USD), released the first unaudited breakdown of the reserves backing the token on Aug. 1. See related article: Binance spent over US$1B on compliance, founder Changpeng Zhao says Fast facts According to the reserve report, BUSD was backed by US$738 million in cash, […]
July 2022
Tether says USDT reserves have no Chinese commercial paper
Tether, the issuer of USDT, the world’s most traded stablecoin, said it doesn’t hold Chinese commercial paper in its reserves and it plans to reduce its commercial paper holdings overall. See related article: Tether slashes commercial paper, shows more reserves than liabilities Fast facts In a statement published on Wednesday, Tether said it “holds no […]
IMF warning shrugged off; US stablecoin bill race
The crypto market shrugs off IMF’s predicted recession risk. Also, U.S lawmakers racing to introduce the stablecoin bill.
US stablecoin bill draft may be released this week: report
Lawmakers in the U.S. House of Representatives are pushing to introduce a stablecoin bill draft this week before the House breaks for August recess, according to four unnamed sources “familiar with the plan” cited by The Block. See related article: Hold onto your crypto bags, the regulators are coming Fast facts The proposal on stablecoin […]
UK seeks to regulate stablecoins for payments in new markets bill
The Financial Services and Markets Bill introduced in the U.K. parliament on Wednesday seeks to regulate stablecoins as a means of payment. See related article: Financial Stability Board calls for high regulatory standards for stablecoins Fast facts The legislation was largely awaited as it aimed at strengthening the U.K. financial system post-Brexit. In April, then-Chancellor […]
Singapore’s MAS to further strengthen crypto regulations
The Monetary Authority of Singapore (MAS) said it will seek consultation in the next months on proposed measures toward regulating the crypto industry. See related article: Singapore’s central bank says cryptocurrencies have ‘no fundamental value’ Fast facts Singapore’s regulatory focus on crypto has been mainly toward containing money laundering and terrorist financing risks, MAS Managing […]
Circle’s reserve breakdown shows US$13.58B cash and US$42.12B U.S. Treasurys
Circle Internet Financial, the issuer of USDC, on Thursday released a detailed but unaudited breakdown of the reserves backing the second-largest stablecoin by market capitalization. See related article: Questions over Circle’s USDC reserves linger despite assurances Fast facts The breakdown showed that Circle had US$42.12 billion in U.S. Treasurys and US$13.58 billion in cash as […]
Questions over Circle’s USDC reserves linger despite assurances
Fresh claims that emerged over the weekend about the status of Circle’s USDC reserves cast doubts on the ability of the so-called stablecoin to maintain its peg. In a deep dive, Forkast examined the allegations and reached out to the company for its version of events.
Bitcoin below US$20,000; Voyager refund questions
Bitcoin once again falls below the US$20,000 mark. Meanwhile, Celsius pays over US$113 million in debt and recovers more.
Financial Stability Board calls for high regulatory standards for stablecoins
The failure of a crypto market player may have spillover effects on traditional finance such as short-term funding markets, says the Basel-based international body.
Crypto investments to count when determining conflict of interest: US gov’t ethics watchdog
The U.S. Office of Government Ethics (OGE) said federal employees of the executive branch owning cryptocurrencies or mutual funds investing in the sector need to recuse themselves from any matter related to the industry. See related article: CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins Fast facts The July 5 memo clarified that the […]
Stablecoins, USDC and the ‘Circle of trust’
Investor confidence in stablecoins has plummeted since the Terra fiasco. Circle’s chief of finance assesses how they’re holding up amid a barrage of “FUD”.
Crypto winter hits NFTs; Three Arrows Capital files for bankruptcy
Three Arrows Capital files for bankruptcy in the US. Meanwhile, SBF and FTX agrees deal with option to buy for up to US$240 million.
EU’s new crypto rule requires stablecoin issuers to hold more reserves
European Union officials agreed to the Markets in Crypto-Assets (MiCA) law on Thursday, placing cryptocurrencies, issuers and service providers under the EU’s first regulatory framework for the industry. The rules are expected to kick in as early as 2024. See related article: European Union to track all crypto transfers Fast facts All stablecoins will fall […]
CFTC Commissioner Pham suggests regulators stay tech-neutral on stablecoins
The crash of Terra-LUNA threw the entire crypto space into a dark funk, and raised questions about the safety and role of stablecoins. CFTC Commissioner Caroline D. Pham offers a regulators’ viewpoint at a Forkast+ exclusive event.
June 2022
Voyager calls time on Three Arrows as crypto fund teeters on the brink
Top blockchain and crypto news: Three Arrows fallout spreads. BIS calls BS on crypto. Chinese regulatory vacuum chills an NFT platform.
Australia’s ANZ stablecoin used to purchase carbon credits
The Victor Smorgon Group has used ANZ Banking Group’s Australian dollar-pegged stablecoin, A$DC, to purchase tokenized carbon credits in a transaction facilitated by crypto asset investment firm ZeroCap. See related article: Australian crypto industry watches as sole trader charges two top banks with ‘debanking’ Fast facts The carbon credits were tokenized to create digital security […]
Warnings on crypto, Bitcoin have materialized, says central bank body BIS
Deeper structural flaws in crypto make it unsuitable as the basis of a monetary system that serves society, the Bank for International Settlements said in its annual report.
Mind the gap: Bridging the divide between DeFi and CeFi to grow yield
As traditional finance sector firms continue to seek upside crypto exposure, bringing DeFi yields to TradFi has a bright future, says B2C2’s Phillip Gillespie.
What is the right approach to regulating stablecoins?
Terra UST’s crash and burn is prompting calls for regulations. But lawmakers shouldn’t paint all stablecoins with the same brush, writes Alan Chiu.
Tether to offer new sterling-pegged stablecoin, GBPT
Tether said it will launch a new stablecoin pegged to the British pound sterling in early July, the issuer of the world’s largest stablecoin, USDT, announced Wednesday. See related article: Tether market cap shrinks below US$70B, lowest since October 2021 Fast facts Tether’s announcement comes a week after Circle, the operator of the world’s second-largest […]
Tether market cap shrinks below US$70B, lowest since October 2021
The market capitalization of Tether, the world’s largest stablecoin, has dipped to an eight-month low of US$69.4 billion, according to CoinGecko data. See related article: Tether, USDT market cap has dropped by US$10B since UST collapse Fast facts Tether’s market cap has fallen almost US$3 billion since June 14 as investors pull out in a […]
USDC operator Circle introduces new Euro Coin stablecoin
USD Coin (USDC) creator Circle announced on Thursday it will release the Euro Coin (EUROC), a redeemable stablecoin pegged to the euro, on June 30. See related story: US$500 mln in USDC added to TRON DAO USDD reserve Fast facts Ethereum-based EUROC will join Circle’s USDC, which is the world’s second-largest stablecoin with over US$54 […]
What lessons can we learn from Terra’s LUNA/UST meltdown?
Terra’s LUNA/UST death spiral was entirely predictable — and it served as a stress test for better-designed stablecoins, writes Gytis Trilikauskis of MEV Capital.
US$500 mln in USDC added to TRON DAO USDD reserve
TRON DAO announced it has added US$500 million in USDC to its reserve to bolster its algorithmic stablecoin’s dollar parity, but USDD has been off its peg to the greenback for about two days. See related article: Michael Saylor, MicroStrategy stick to their guns on Bitcoin Fast facts See related article: Bitcoin, Ether bear brunt […]
Crypto buyers in emerging economies find themselves caught between a rock and a hard place
Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.
Circle’s head of policy calls CBDCs a ‘Preposterous Idea’: Consensus
Head of policy for stablecoin issuer Circle Internet Financial, Dante Disparte, called central bank digital currencies (CBDCs) a “preposterous idea” during a panel Wednesday at Consensus 2022. See related article: CBDCs, stablecoins can coexist: Fed Vice Chair Lael Brainard Fast facts Disparte later added the Fed issuing its own digital dollar is “the equivalent idea […]
Short selling is good for any market, including crypto: Jim Rogers
With so-called stablecoins coming under a cloud from the multibillion-dollar collapse last month of the TerraUST stablecoin, Forkast spoke to Singapore-based investor and financial commentator Jim Rogers for his view on these types of coins as well as the relevance of short sellers in the cryptocurrency market. The former cofounder of the Quantum Fund and […]
May 2022
Memo to Crypto World: Wall Street is here to stay
Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?
India’s CBDC plans; Stablecoins vs CBDCs
The Reserve Bank of India explores digital rupee options. Meanwhile, Terra’s new Luna coin drops significantly since launch.
Governments pushing for CBDCs smell blood in Terra Classic’s struggles
Advocates for central bank digital currencies argue their inherent stability supersedes any benefits so-called stablecoins, algorithmic or otherwise, could offer.
Terra to burn leftover UST (USTC) stablecoins in community pool
The Terra governance system has given a 99.39% approval on Friday Asia time to burn about 1.38 billion TerraClassicUSD (USTC), or approximately 11% of the total supply of the stablecoin’s supply. See related article: Terra, LUNA vote ends in favor of Do Kwon’s new chain proposal Fast facts There is a total of about 11.2 […]
CBDCs, stablecoins can coexist: Fed Vice Chair Lael Brainard
U.S. Federal Reserve Vice Chair Lael Brainard said a central bank digital currency (CBDC) could coexist and complement stablecoins in her Thursday testimony to a House Financial Services Committee virtual hearing. See related article: CBDC tracker shows U.S. falling further behind Fast facts CBDCs are digital currencies released and backed by central banks, while stablecoins […]
Are we heading for a post-Terra crypto winter?
Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?
Terra cofounder Do Kwon’s taxing questions; China’s underground mining
Terra co-founder responds to office closure allegations. Meanwhile, China re-emerges as a crypto mining hub despite 2021 ban.
Tether, USDT market cap has dropped by US$10B since UST collapse
Tether, the operator of the world’s largest stablecoin USDT, has seen US$10 billion of its market capitalization shaved off since TerraUSD’s (UST) collapse. See related article: Nearly half of Tether reserves are now in US Treasury bills Fast facts USDT’s market capitalization was at US$73.35 billion at the time of publishing, following an all-time high […]
Nearly half of Tether reserves are now in US Treasury bills
Commercial paper backing Tether (USDT), the world’s largest stablecoin, has decreased by 17% from US$24.2 billion in Q4 2021 to US$20.1 billion in Q1 2022, according to Tether’s latest attestation report. See related article: Tether slashes commercial paper, shows more reserves than liabilities Fast facts Commercial paper in Tether reserves has been reduced by an […]
Terra, UST collapse pushes G-7 call for swift crypto regulation
Finance ministers from the Group of Seven (G-7) urged the Financial Stability Board (FSB) to accelerate crypto regulations following the downfall of the Terra blockchain and its terraUSD (UST) algorithmic stablecoin, Reuters reported. See related article: LUNA pumps and dumps repeatedly in weekend’s roller coaster run Fast facts The inter-governmental political forum — consisting of […]
Knock, knock Do Kwon, investors have quite a lot of questions for you
The man at the center of one of crypto’s biggest flops is trying to resurrect the Terra-LUNA project as his tribe of followers and out-of-pocket investors want to know what went wrong.
China’s mining re-emergence; Terra community wants answers
China’s nationwide ban on crypto mining has not affected it’s high mining hashrate. Meanwhile, Terra’s community become frustrated as they struggle to find answers.
Terra hard fork proposed; Temasek ‘doesn’t own Bitcoin’
As Terra continues to crash, Do Kwon proposes a hard fork solution, Meanwhile, Singapore’s Temasek gets ready for tokenized assets.
What’s the solution to Terra’s UST and LUNA crisis?
Terra’s LUNA and UST stablecoin implosions are roiling the crypto world and beyond. Picking up the pieces won’t be easy — nor finding a good path forward.
Do Kwon proposes Terra fork to ditch UST and ‘LUNA Classic’
Terraform Labs co-founder and CEO Do Kwon proposed a hard fork of the Terra blockchain in the “Terra Ecosystem Revival Plan 2,” which will abandon the algorithmic stablecoin UST. See related article: UST loses dollar peg as Terra market cap slumps Fast facts Under the proposal, the network will be forked with the original chain […]
LUNA pumps and dumps repeatedly in weekend’s roller coaster run
The price of LUNA, the native token of Terra, is now as volatile as low-cap meme currencies, and is currently at 23,716.5% from its all-time low set on Friday, according to CoinGecko data. See related article: UST loses dollar peg as Terra market cap slumps Fast facts The Terra network suffered a major meltdown last […]
Terra halts network; Do Kwon security concerns
Terra shuts down its networks indefinitely. Meanwhile, TerraLabs founder Do Kwon’s whereabouts are in question as his wife requests police protection.
Tether stabilizes after burning 3 billion tokens amid redemptions
The world’s largest stablecoin destroyed a total of 3 billion USDT tokens in an account known as Tether Treasury through two separate burns on Thursday, according to data from blockchain tracker Whale Alert. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “Burn burn burn,” […]
Terra shuts down indefinitely after coming back online; LUNA, UST still on life support
Terra officially halted block production at 09:58 am HKT on Friday, block height 7607789, after restarting the network from an overnight shutdown to prevent possible governance attacks. Terra said validators are working on a plan to restart the network but did not release any further details. See related article: Terra plunges back to earth as […]
Terra LUNA’s sacrifice pushes UST to US$0.84
TerraUSD (UST) climbed to a high of US$0.84 on Thursday after Terra proposed a network upgrade to increase the blockchain’s native token LUNA, in hopes to save its algorithmic stablecoin’s peg to the greenback. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts The UST is minted by locking […]
Terra plunges back to earth as UST stablecoin loses dollar peg
Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.
Terra’s UST fiasco cited by Yellen, who warns about stablecoins
U.S. Treasury Secretary Janet Yellen reiterated her stance on stablecoin regulations and said it’s “highly appropriate” to have a framework ready by the end of this year, as TerraUSD (UST) loses its dollar peg. See related article: Run on UST cuts the ground from under Terra’s feet Fast facts Yellen said at a Tuesday hearing […]
Run on UST cuts the ground from under Terra’s feet
A probable run on terraUSD (UST) has weighed on the ability of the company and the non-profit behind the pioneering stablecoin project to defend its dollar peg.
April 2022
Binance makes Russia denial; CoinDCX talk future plans
Binance categorically denies sharing client data with Russia. Meanwhile, Chinese officials push for e-CNY use at the Asian Games.
A marathon not a sprint: How the US can win the digital asset race
Joe Biden’s executive order on crypto has put America on course for solid success in the digital asset space, says the Blockchain Association’s Kristin Smith.
Terra inspires Tron to pursue US$10B in crypto-backed stablecoin
TRON founder Justin Sun announced on Thursday a new decentralized dollar-pegged algorithmic stablecoin on the Tron blockchain called USDD. See related article: What are stablecoins, and why are some governments so afraid of them? Fast facts The TRON Decentralized Autonomous Organization (DAO) intends to raise US$10 billion within the next year to fund a crypto […]
Circle raises $400 mln, teams up with BlackRock to develop USDC
Circle, the issuer of the world’s second-largest stablecoin USDC, has raised US$400 million in its latest funding round with major investments from BlackRock and Fidelity Management and Research, as the stablecoin issuer looks to explore possibilities with the traditional financial world. See related article: Circle’s growth outpaces Tether as it doubles valuation Fast facts Circle […]
Stablecoins gain amid stormy crypto market in Q1: CoinGecko
The stablecoin market cap grew by US$23 billion in an otherwise lackluster market for crypto assets, according to a quarterly report by CoinGecko. See related article: Bitcoin follows blue chips south amid market turmoil Fast facts Stablecoins were among the biggest beneficiaries from investor “derisking” into stablecoins, CoinGecko said in its report, with USDT remaining […]
Terra buys US$200 mln AVAX to back UST, promote cross-chain development
Terraform Labs (TFL) and the Luna Foundation Guard (LFG), the non-profit behind the Terra ecosystem, have acquired US$200 million worth of Avalanche’s AVAX tokens, diversifying its TerraUSD (UST) reserves beyond Bitcoin. See related article: Terra’s US$10 billion Bitcoin Bet Sends LUNA to Record High Fast facts LFG purchased US$100 million worth of AVAX using UST […]
Lightning Labs raises $70m to bring stablecoins to Bitcoin
Lightning Labs raised $70 million in series B funding to build a stablecoin and asset protocol on the Bitcoin network. See related article: Will the growing regulatory heat on stablecoins stifle innovation? Fast facts Investors include Valor, Baillie Gifford, Goldcrest, Kingsway, Stillmark, Brevan Howard, NYDIG, and others. Elizabeth Stark, co-founder and CEO of Lightning Labs, […]
Waves’ Neutrino USD loses peg amid price manipulation allegations
Since March 31, WAVES’ price has dipped more than 45% while the ecosystem’s native stablecoin USDN has been knocked off its dollar peg.
UK to regulate stablecoins for payments in crypto hub push
The U.K. has released a detailed plan to regulate stablecoins as payments along with an intention to create a blockchain sandbox to mark Her Majesty’s entry into the “crypto hub” race. See related article: UK regulator may cancel Eqonex’s registration over Binance, Bifinity ties Fast facts The government plans to amend the Banking Act 2009 […]
How Bitcoin could become the collateral layer for the digital asset economy
Bitcoin is now a reserve asset for Terra’s UST. What does this portend for the $186 billion stablecoins market?