Stablecoins

Tether Prints $1.3B in Stablecoins, New Bitcoin Wallet Vulnerability Discovered, Franklin Templeton Launches Tokenized Money Fund on Arbitrum

Friday. August 9 at 8:30 PM

1 min. read

Tether has minted over $1.3 billion worth of stablecoins following the recent market crash. A new security threat has been identified where hackers can steal seed words from Bitcoin hardware wallets. Franklin Templeton has officially launched its tokenized money fund on the Arbitrum network. The $1.3 billion in stablecoins was transferred to major centralized exchanges like Kraken and Coinbase, indicating potential buying pressure. The vulnerability, named 'Dark Skippy,' allows hackers to extract private keys from hardware wallets with minimal transactions. This threat affects all hardware wallet models and can bypass separate seed word generation. Franklin Templeton's tokenized money fund, FOBXX, is now available on Arbitrum, Stellar, and Polygon networks. Arbitrum, a popular Ethereum layer-2 scaling solution, has a total value locked of around $14 billion.

More news 🗞️

Coinbase CEO Advocates for USDC Integration on X Platform

Wednesday. January 1 at 2:00 AM

Coinbase CEO Brian Armstrong has expressed interest in incorporating Circle’s USD Coin (USDC) for payments on X, formerly known as Twitter. Armstrong believes that USDC payments would enhance the platform and has urged the X team to consider implementing this feature. This move aligns with X's goal of introducing a payment system and expanding into an all-encompassing app. X's plans to launch a peer-to-peer payment service similar to PayPal have been delayed, but the platform has made progress in obtaining money transmitter licenses across 33 states. Integrating USDC via Coinbase-backed Base could be a strategic move for X and the stablecoin, as USDC has seen significant growth in supply and usage on Ethereum Layer 2 networks. Circle and Binance are working to promote USDC in the crypto finance and global commerce sectors, with USDC being the first major stablecoin to comply with Canada's digital asset regulations.

Stablecoins

The Rise of Stablecoins in Emerging Markets

Tuesday. December 31 at 7:00 PM

Stablecoins offer stability in regions prone to economic volatility and currency devaluation, making them attractive to individuals and businesses. Unlike traditional currencies, stablecoins are pegged to assets like the US dollar, ensuring price consistency. This feature drives their adoption in regions like Sub-Saharan Africa and Latin America, where they are used for international payments and liquidity management. The introduction of stablecoins in 2014 merged blockchain technology with financial stability, attracting a wider audience beyond speculative investors. In countries like Nigeria and Argentina, stablecoins provide a hedge against inflation and currency devaluation. Despite challenges like regulatory uncertainty and limited internet access, educational initiatives and innovative platforms are promoting stablecoin adoption. The coexistence of Central Bank Digital Currencies (CBDCs) and stablecoins presents opportunities for synergies rather than competition, shaping the future of digital payments in emerging markets.

Stablecoins

Crypto Industry Events This Week

Tuesday. December 31 at 9:00 AM

This week in the crypto industry, Frax Finance is transforming its FRAX stablecoin into a BUIDL-backed asset, Sui is unlocking 64 million governance tokens, and six Israeli investment firms are launching Bitcoin mutual funds. Empyreal will introduce a no-code AI Agent Launchpad, Pendle will conduct an airdrop, Movement is set for a Mainnet Launch, and GammaSwap's yield tokens are undergoing an audit. Frax Finance is voting to use BlackRock's BUIDL token as the backing asset for its frxUSD stablecoin. Sui network will unlock 64 million SUI tokens, benefiting early investors and contributors. Israeli investment firms are gearing up to launch Bitcoin mutual funds, despite potential challenges. Empyreal is launching a no-code AI Agent platform, while Pendle plans an airdrop for vePENDLE stakers. Movement is preparing for a Mainnet launch, and GammaSwap's Yield Tokens are undergoing an audit for users to earn high APY for Ethereum.

Stablecoins

Montenegro Court Rejects Do Kwon's Extradition Appeal

Thursday. December 26 at 8:00 AM

Montenegro's Constitutional Court has denied an appeal by Do Kwon, co-founder of Terraform Labs, against his extradition. The unanimous decision removes a key legal obstacle in the extradition process, citing flaws in Kwon's appeal and upholding a previous ruling supporting extradition. The case now awaits a decision from Montenegro's justice minister on whether Kwon will be extradited to South Korea or the US. Reports suggest a higher chance of extradition to the US due to the justice ministry's stance. Both countries seek Kwon for his involvement in the collapse of Terraform Labs' crypto ecosystem, causing a $40 billion market wipeout in May 2022. Kwon's arrest in Montenegro in March 2023, along with a settlement with the SEC in June 2024, has raised concerns about his political connections in Montenegro and potential influence over the extradition process. The court's decision underscores the complexities of international legal cooperation in the crypto industry.

Stablecoins