Stablecoins

Innovative Funding for 1Money's Stablecoin Payments Network

Friday. January 17 at 5:00 AM

1 min. read

Layer-1 stablecoin payments network 1Money has secured over $20 million in seed funding to enhance its digital payments infrastructure. The funding round involved more than 24 venture capital firms, including F-Prime Capital, Galaxy Ventures, and KuCoin Ventures. 1Money focuses on stablecoin payments through a unique Byzantine consistent broadcast design. CEO Brian Shroder views stablecoins as pivotal in modernizing the global financial system. The network aims to provide instant transactions, fixed costs, and support for multiple stablecoins, simplifying transaction fees for users. Centralized stablecoins like Tether and USD Coin dominate the $214 billion stablecoin market. Fintech giants like PayPal and Visa are eyeing the stablecoin sector for growth opportunities. Visa's Cuy Sheffield anticipates the rise of stablecoin-linked cards in 2025 to revolutionize global payment systems.

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Google Removes Huione App from Play Store Amid Money Laundering Allegations

Friday. January 17 at 9:00 AM

Huione Guarantee, a Telegram-based marketplace known for its use by criminal organizations in Southeast Asia, had its mobile app removed from the Google Play store due to increased activity. Described as the largest online illicit marketplace by Elliptic, Huione Guarantee saw a 51% rise in monthly inflows following the launch of its USD stablecoin, USDH. Transactions on the platform reached $24 billion, with over 900,000 users reported. The platform, previously linked to money laundering and cyber scams, introduced various crypto products and a messaging app. Despite being available on Apple's App Store, Huione's applications were delisted from Google Play. The growth of Huione has been attributed to the USDH stablecoin launch, which followed Tether freezing one of its accounts. Elliptic's findings led to the platform rebranding as Haowang Guarantee, highlighting its role in facilitating cyber scams in Southeast Asia.

Stablecoins

Innovative Funding for 1Money's Stablecoin Payments Network

Friday. January 17 at 5:00 AM

Stablecoins

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