Stablecoins

Tether Appoints New Head of Economics Amid Market Manipulation Lawsuit

Wednesday. July 17 at 7:30 AM

1 min. read

Tether, the issuer of the largest stablecoin, has named Phillip Gradwell as the Head of Economics amidst a lawsuit alleging market manipulation with USDT. Stablecoins are under scrutiny by regulators, with Tether aiming to enhance its understanding of digital asset adoption. Gradwell's expertise in engaging regulators will aid in this mission. The lawsuit accuses Tether and Bitfinex of manipulating cryptocurrency prices using USDT, violating the Commodities Exchange Act and the Sherman Antitrust Act. Despite ongoing litigation and settlements, Tether remains confident in its defense. The appointment of Gradwell signifies Tether's commitment to defending its position. This move reflects the broader conflict between crypto firms and regulatory bodies. Tether's actions demonstrate a proactive approach to addressing challenges in the industry and ensuring compliance with regulations.

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Tokenized Real-World Assets on Solana

Wednesday. October 30 at 6:30 AM

Solayer and OpenEden have introduced a yield-bearing stablecoin on Solana (SOL) backed by United States Treasury bills. The stablecoin, named sUSD, is the first of many tokenized real-world assets (RWAs) that Solayer plans to launch on Solana. Users can access tokenized real-world assets with just $5, starting with US Treasury Bills. Solayer is a Solana-based restaking protocol, while OpenEden specializes in RWA tokenization. The sUSD protocol operates as a request for quote (RFQ) marketplace, where users deposit USD Coin (USDC) to receive sUSD, a liquid RWA token (LRT). Solayer, known for restaking SOL tokens, has facilitated nearly $300 million in restaked total value locked (TVL). The market for tokenized RWAs is predicted to grow significantly by 2030, offering a $30 trillion global market opportunity. Stablecoins remain popular, but there is increasing demand for tokenizing yield-bearing assets like US Treasury bills.

Stablecoins

Cryptocurrency Trends Among Indonesian Youth

Tuesday. October 29 at 8:30 PM

A recent report from Indonesia's commodities regulator, Bappebti, and local crypto platforms revealed that over 60% of crypto investors in the country are aged 18 to 30. The data also showed that the total volume of crypto transactions in September reached 33.7 trillion Indonesian rupiah, with 21.3 million crypto users in the country. Popularly traded assets include USDT, ETH, BTC, PEPE, and SOL. Despite facing challenges from a dual tax system, Indonesians continue to embrace digital assets. Bappebti has called for a reassessment of the tax regime, emphasizing the growing importance of cryptocurrencies in the country's economy. This trend mirrors a global pattern, with younger generations worldwide showing a higher inclination towards investing in crypto assets. The future of cryptocurrencies in Indonesia and beyond looks promising, with potential for significant integration into the financial sector.

Stablecoins

Venture Capital Firm Sequoia Capital Set to Make Over $100 Million from Bridge Acquisition Deal

Tuesday. October 29 at 11:00 AM

Venture capital firm Sequoia Capital stands to earn more than $100 million from Stripe's $1.1 billion acquisition of stablecoin platform Bridge. Sequoia initially invested $19 million in Bridge's Series A round last year. Other VC firms like Ribbit Capital, Haun Ventures, Index Ventures, and Bedrock Fund Management are also poised to make significant profits from their stakes in Bridge. This windfall comes at a time when VC funding in the crypto industry has decreased since its peak in 2022. Bridge, often referred to as the crypto equivalent of Stripe, offers a stablecoin payments network for businesses. Stripe's acquisition of Bridge, one of the largest in the crypto industry, is pending regulatory approval and is expected to close in the coming months.

Stablecoins

Crypto Adoption in Bolivia: Banco Bisa Launches USDt Custody Service

Monday. October 28 at 11:00 PM

Crypto adoption is growing in Bolivia as Banco Bisa introduces a custody service for Tether’s USDt stablecoin. The service allows clients to buy, sell, and transfer crypto within the country's regulatory framework. Yvette Espinoza from Bolivia’s financial regulator, ASFI, supports the bank's initiative to reduce risks in the crypto market. Banco Bisa's VP, Franco Urquidi, emphasizes the verification process for customer transactions. Bolivia previously banned cryptocurrencies in 2014 but lifted the ban in 2024 to align with Latin American regulations. Since then, the country has seen a 100% increase in virtual asset trading, with an average monthly trade volume of $15.6 million. Despite the positive shift, Bolivia has yet to establish a formal tax framework for crypto transactions.

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