Stablecoins

Aave Labs' Innovative Plan with BlackRock's BUIDL Shares

Tuesday. August 27 at 5:00 PM

1 min. read

Aave Labs recently proposed an update to its GHO Stability Module (GSM) by utilizing BlackRock's tokenized fund BUIDL shares to support the stability of its stablecoin. The new GSM would allow users to exchange USD Coin (USDC) for GHO by acquiring BUIDL shares, which are held in a smart contract until redemption. With BUIDL's stable value and daily returns, this partnership aims to enhance yield sources and expand into real-world assets. The proposal also highlights the potential for increased collaboration with BlackRock. This initiative comes as a significant boost for GHO, which currently has a market cap of around $120 million. Aave Labs is optimistic about leveraging BUIDL's liquidity and integration with USDC to maintain the stablecoin's peg to the dollar. The proposal is currently in the evaluation phase, awaiting feedback from AAVE token holders before implementation.

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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

Ethena Labs Unveils 2025 Roadmap for Telegram-based Payment App

Saturday. January 4 at 5:00 AM

Ethena Labs recently revealed its roadmap for 2025, introducing a payment and savings app on Telegram that utilizes the sUSDe stablecoin. The platform aims to offer a neobank experience within the messaging app, enabling users to send, spend, and save sUSDe directly. Integration with Apple Pay will allow for seamless transitions between savings and mobile payments. Ethena plans to transform into Ethena Network to compete with Tether, focusing on on-chain financial innovation. The launch of iUSDe in February, built on sUSDe, will feature token-level transfer restrictions. Ethena's goal for the first quarter of 2025 includes partnering with traditional finance institutions to distribute iUSDe. The company has experienced significant growth, becoming the second-fastest protocol to reach $100 million in revenue. Ethena also introduced USDtb, a stablecoin backed by BlackRock's BUIDL fund, and partnered with World Liberty Financial. The roadmap hints at upcoming stablecoin-powered products like perpetual products and prediction markets.

Stablecoins

Transition in Legal Leadership at Tether and Bitfinex

Saturday. January 4 at 4:00 AM

Tether and Bitfinex's General Counsel Stuart Hoegner has retired, with Michael Hilliard taking over. Hoegner's retirement is separate from MiCA implementation. Hilliard, who has worked with Hoegner for years, will now serve as the legal chief. Tether stated that Hilliard's understanding of the firms' operations and legal challenges has been crucial. The change comes amidst MiCA regulations in Europe, leaving stablecoin issuers uncertain. ESMA has not clarified USDT's status under MiCA. Despite Coinbase delisting USDT, it continues trading in the EU. USDT's market cap saw a decline but remains dominant in the market. Tether recently moved a significant amount of Bitcoin into its reserve. The transition signifies a significant change in leadership and regulatory challenges for Tether and Bitfinex.

Stablecoins

Rise of USDC Across Blockchain Networks

Friday. January 3 at 2:00 PM

The circulating supply of Circle’s USD Coin (USDC) has surged by 80% from its lows, nearing $44 billion, with a more balanced distribution among various blockchain networks. Ethereum holds 65% of USDC supplies, while Solana and other networks are gaining traction. The shift from Ethereum dominance is attributed to increased onchain activity and the popularity of Solana-based tokens. Analysts predict USDC's market cap could double in 2025. Stablecoin market caps, including USDC, grew significantly post-Trump's election win. Steno Research forecasts USDC's supply to exceed $100 billion by 2025, contingent on Tether's regulatory status in the EU. This growth is seen as beneficial for DeFi, with stablecoins serving as a gateway. Grayscale's addition of Solana-based DeFi apps to its top tokens list further highlights the sector's potential growth.

Stablecoins