TronWeekly

Crypto World News

You are here: Home / Archives for USDC

USDC

The Role Of Bitcoin In Safeguarding Western Civilization: Coinbase CEO’s Perspective

by

In a recent tweet, Brian Armstrong, the Co-founder and CEO of Coinbase, shared his perspective on the potential role of Bitcoin in preserving Western civilization. Armstrong expressed the idea that Bitcoin could serve as a crucial factor in extending the longevity of Western societies.

He pointed out a natural trend observed in countries with reserve currencies, explaining that there is a tendency to inflate the money supply and engage in deficit spending until the currency loses its advantage. Armstrong suggested that the United States is currently navigating this journey, a topic previously discussed by financial experts, including Ray Dalio in his work, “The Changing World Order.”

Armstrong acknowledged the challenges faced by other major currencies like the Yuan and Euro, dismissing them as viable alternatives at present. However, he introduced the concept that people now have a viable alternative in the form of cryptocurrency, particularly Bitcoin. He theorized that individuals might begin shifting from traditional fiat currencies to cryptocurrencies to protect themselves against inflation.

Bitcoin As A Complement, Not A Threat

Contrary to the potential concerns of some observers, Armstrong asserted that he doesn’t view this shift as a threat to the U.S. dollar or the United States. Instead, he sees it as a natural check and balance system that could complement the dollar and act as the best defender of long-term American interests and, by extension, Western civilization.

Armstrong elaborated on his perspective by stating that individuals should move from dollars to cryptocurrencies rather than relocating to another country or adopting a different region’s fiat currency. He further emphasized that both fiat and cryptocurrencies could coexist for an extended period, with the two serving as complementary elements rather than direct substitutes. Additionally, Armstrong highlighted the significance of dollar-backed stablecoins, such as USDC, in bridging the gap between traditional and crypto financial worlds.

Nevertheless, Armstrong opened the floor for additional perspectives and opinions on the matter as he contemplated this idea. The potential impact of Bitcoin on the future of Western civilization remains a topic of interest and discussion within the financial and technological communities.

Related Reading | Crypto Lawyers Call For Ethical Conduct Amid SEC Criticism: Report

Tether’s Latest Shuffle: Rally On Horizon?

by

Leading stablecoins like Tether [USDT] and USD Coin [USDC] are digital assets tied to the value of traditional fiat currencies like the US dollar. These asset classes often serve as a safe bet for investors during periods of market uncertainty to preserve capital and avoid the volatile nature of other cryptocurrencies. However, the movement of a substantial percentage of these stablecoins to exchanges hinted at a shift in sentiment and a preparation for larger market movements.

The crypto market, known for its volatility, experienced a surge in activity following the transfer of Tether and USDCoin to exchanges. As highlighted by Santiment, this movement served as a prelude to the subsequent rally, which saw a widespread increase in the value of various cryptocurrencies. Bitcoin, Ethereum, and other major players in the market experienced notable price gains, attracting attention from both institutional and retail investors.

Tether

As the crypto market enters a period of cooldown after the rally, the focus now turns to the potential return of USDT and USDC to exchanges. This movement is expected to be a crucial factor in sustaining the momentum gained during the previous weeks. The return of these stablecoins to exchanges signifies renewed interest and participation in the market, which could translate to increased liquidity and trading activity.

Tether & USDC’s Influence on 2023’s Finale

The final five weeks of 2023 hold the promise of continued market growth, and the reentry of Tether and USD Coin into the exchange ecosystem will likely play a pivotal role in this trajectory. Market analysts are closely monitoring these stablecoin movements, as they could provide insights into the intentions of investors and signal the direction of the broader cryptocurrency market.

In a recent development, Tether Holdings Limited released the assurance opinion for Q3 2023, conducted by the renowned BDO public accounting firm. The document offers a detailed analysis of Tether’s consolidated reserves and assets as of September 30. Notably, the Consolidated Reserves Report [CRR] by the company highlights a noteworthy achievement in the stablecoin landscape, revealing that an unprecedented 85.7% of its reserves are now held in cash and cash equivalents [C&Ceq].

SBI Holdings & Circle Join Forces: Pioneering A Web3 Era In Japan With USDC Surge

by

According to the latest press release, SBI Holdings has officially inked a Memorandum of Understanding (MOU) with Circle Internet Financial. The strategic alliance aims to circulate USDC stablecoins, establish a banking relationship, and promote the adoption of Circle’s Web3 Services in Japan.

Circle’s Web3 Services Take Center Stage

The Japanese government, recognizing the growing influence of the digital asset economy, revised the Payment Services Act on June 3, 2023. This regulatory update paves the way for stablecoins’ issuance and circulation, aligning with the global trend towards a Web3 economy.

Circle’s USDC stands out by being fully backed 100% by highly liquid cash and cash-equivalent assets, ensuring a 1-to-1 redeemable value for U.S. dollars. With reserves held separately from operating funds, USDC has facilitated over $12.7 trillion in on-chain transactions as of November 17, 2023.

Under the MOU, SBI Group and Circle commit to expanding the use of stablecoins in Japan while adhering to stablecoin-related regulations. SBI VC Trade Co., Ltd., a subsidiary of SBI Group, is actively seeking registration as an electronic payment instruments service to facilitate the circulation of USDC within Japan, pending regulatory approval.

On the other hand, SBI Shinsei Bank, Limited will play a crucial role by providing banking services to Circle. This collaboration is expected to enhance USDC access and liquidity for businesses and users in Japan. Furthermore, as part of its digital asset portfolio strategy, SBI Group plans to leverage Circle’s Web3 Services, including the Programmable Wallet, blockchain infrastructure, and smart contract management tools.

Jeremy Allaire, CEO and co-founder of Circle, said:

Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s expansion plans in Japan and Asia Pacific. We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan.

Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings, highlighted the timely nature of the collaboration. Given Japan’s preparations for the widespread introduction of stablecoins, particularly through the revised Payment Services Act, Kitao expressed pleasure in taking the initial step towards fostering the adoption of stablecoins in the country.

However, the partnership between SBI Holdings and Circle is poised to shape new standards in the Japanese financial sector, marking a crucial milestone in the global journey towards the mainstream adoption of stablecoins.

Related Reading | Bitcoin Supply in Profit Hits 2-Year High, Investor Behavior Signals Bullish Trends

Solana’s November Rally: $71B USDC Transfers, Record DEX Trading

by

The Solana blockchain witnessed a staggering $71 billion in USDC transfer volume during the month of November, marking a significant high for the entire year. Simultaneously, the decentralized exchange (DEX) trading volume on the Solana network reached an all-time peak in the same period.

Analysts are interpreting these milestones as potential indicators of renewed investor interest in the Solana ecosystem, coinciding with a sharp uptick in SOL prices throughout the month. According to DeFiLlama, a prominent data aggregator in the decentralized finance space, a substantial climb in DEX trading volume starting from October, culminating in a new zenith in November.

The surge in trading activity on Solana-based DEX platforms has been closely correlated with the notable gains observed in SOL prices, propelling the altcoin to recent highs. The heightened activity within the SOL ecosystem is believed to be a driving force behind the coin’s impressive recent performance.

Over the past month alone, SOL prices surged, delivering a substantial 76.78% gain for investors. This surge in value has sparked speculation that investors are once again flocking to the Solana network, potentially contributing to the sustainability of the altcoin’s newfound gains.

Source: CoinMarketcap

Jeremy Allaire, co-founder and CEO of Circle, the entity behind the USD Coin stablecoin, expressed optimism about Solana’s surge in USDC transfers throughout November. Allaire highlighted the positive development, stating that the emergence of a robust ecosystem for USDC on the Solana blockchain is an encouraging sign.

Solana Price Analysis & Future Predictions

As of the latest update, Solana’s current market price stands at $58.16, with a 24-hour trading volume reaching $1.68 billion. The cryptocurrency boasts a market capitalization of $24.62 billion and commands a market dominance of 1.70%. In the past 24 hours, SOL prices have increased by a modest 0.31%.

According to Coincodex’s current SOL price prediction, the coin is anticipated to experience a further 0.84% increase, reaching $58.80 by November 30, 2023. Technical indicators suggest a prevailing bullish sentiment, with the Fear & Greed Index registering a value of 73, indicating a state of greed among market participants. Over the last 30 days, SOL recorded 18 out of 30 (60%) green days, with a noteworthy 20.58% price volatility.

Looking ahead, technical indicators suggest that Solana’s 200-day Simple Moving Average (SMA) is poised to rise, reaching $32.46 by December 25, 2023. Concurrently, the short-term 50-Day SMA is projected to hit $59.21 by the same date.

Presently, the Relative Strength Index (RSI) value stands at 62.16, signaling a neutral market position for SOL. The coming weeks will undoubtedly be crucial as investors closely monitor these indicators for further insights into Solana’s trajectory.

Related Reading |  Will the Rising GameStop Memes Checkmate Dogecoin and Algorand

Aragon DAO Approves $300k Funding for Lawsuit Against Its Founding Team

by

The Aragon DAO has overwhelmingly voted in favor of pursuing legal action against its founding team, allocating a substantial $300,000 for the cause. The decision unfolded in two separate votes; first, a unanimous agreement with 1.6 million governance tokens favored the proposal, and second, a narrower margin of 1.6 million tokens in favor versus 1 million against secured the funding.

This move by the DAO is a direct response to the Aragon Association’s recent decision to dissolve itself and discontinue its governance token, ANT, citing legal constraints and the need for a fresh start. The Association took this step without consulting the DAO, which sparked discontent among ANT token holders.

The DAO’s proposal highlights concerns that the Aragon Association might retain $50 million from the dissolution, prompting the need for legal intervention. The $300,000 funding, approved in stablecoin USDC, will be directed to Patagon Management LLC, an investment company owned by Diogenes Casares, to spearhead legal action and negotiations with the Aragon team.

Community Involvement in Aragon DAO’s Legal Pursuit

Patagon Management LLC has previously initiated legal proceedings against Wei “Max” Wu in connection with the Spartacus DAO, and its involvement adds weight to the DAO’s pursuit of justice. The proposal outlines that other individuals can contribute to financing the lawsuit, with the incentive of receiving their funds back plus 10% interest per year if the case prevails.

An oversight committee, composed of representatives from Arca, crypto trader DCF God, and pseudonymous individuals such as Wismerhill, Tedward, CM, Triangular, and Yakitori, will monitor the lawsuit. Notably, these individuals have prior experience dealing with DAOs and dispute resolutions.

This development follows previous controversies, including Aragon’s claims of an attack by the RFV Raiders, a group allegedly targeting DAOs for dissolution. The accusations pointed fingers at members like Avraham Eisenberg, who took responsibility for an attack on Mango Markets, suggesting a larger conspiracy within the crypto space.

Nevertheless, the cryptocurrency community awaits the outcome, recognizing the broader implications for decentralized autonomous organizations navigating the complexities of governance and restructuring.

Related Reading |  Solana Rising: ChatGPT’s Bold Prediction of a $500 SOL – Mapping the Milestones

A Comprehensive Comparison between GameStop Memes and Stablecoins like Tether and USDC

by

Cryptocurrencies have revolutionized the financial landscape, offering unprecedented opportunities for investors and users alike. Yet, price volatility remains a concern. Stablecoins, such as Tether and USDC, provide stability in this unpredictable market. GameStop Memes, though unconventional as a stablecoin, brings innovation by blending stability with entertainment and community engagement.

As the crypto space continues to evolve, understanding how these assets tackle market volatility is essential for informed decision-making. This article explores how GameStop Memes measures up against market volatility when compared to the well-established stablecoins Tether and USDC. We will delve into their stability mechanisms and evaluate their potential to weather the crypto storm.

What is Tether’s approach to stabilization?

Tether (USDT) has been a pioneer in the world of stablecoins. Its stability is anchored to traditional fiat currencies, with each USDT token backed by one US dollar held in reserve. This pegging mechanism has helped USDT maintain a relatively stable value, making it a go-to choice for traders seeking refuge during volatile market conditions.

However, concerns have arisen regarding the transparency of Tether’s reserves, creating doubts about the coin’s stability and potential regulatory risks.

Is USDC a Resilient Cryptocurrency?

USDC, another prominent stablecoin, is backed by a reserve of US dollars held in custody by regulated financial institutions. It emphasizes transparency and regular audits, giving users confidence in its stability. Thanks to its robust compliance framework, USDC has gained traction in both the crypto and traditional finance worlds.

While it offers stability, it might not be as well-suited for those seeking higher returns or a unique approach to stability, an area where GameStop Memes shines.

What is GameStop Memes’ Unique Stability Approach?

GameStop Memes (GMS) takes a distinct approach to stability by merging meme culture with cryptocurrency. It introduces a stability mechanism that combines reserve backing with token burns and rewards for active users. This innovative approach adds stability to GMS and incentivizes user participation, enhancing the coin’s ecosystem.

While GameStop Memes may not have the same level of stability as Tether or USDC, its creative approach has the potential to attract a unique user base looking for stability with a twist of entertainment.

What comes after GameStop Memes stabilizes?

Beyond its stability mechanism, GameStop Memes aims to create a community-driven ecosystem. It leverages meme culture to engage users actively in the platform. Users can participate in meme contests, games, and governance decisions, creating a vibrant and dynamic community.

This unique blend of stability and community engagement sets GameStop Memes apart, offering an experience that goes beyond the typical stablecoin.

In a world where market volatility is the norm, stablecoins like Tether and USDC provide a haven for cryptocurrency users. However, GameStop Memes brings a new dimension to the stability game. While it may not match the level of stability offered by these traditional stablecoins, its innovative approach, combining stability with entertainment and community engagement, opens up new possibilities.

GameStop Memes has the potential to attract a unique audience of users who value both stability and a sense of community in their cryptocurrency experience. As the crypto landscape continues to evolve, GameStop Memes stands as an intriguing contender in the quest for stability and user engagement.

Embark on a Unique Crypto Adventure with GameStop Memes – Get Started Now!

Website: https://gamestmemes.com/

Twitter: https://twitter.com/GameStopMemes

Telegram: https://t.me/GameStopMemes

USDC Revolutionizes Financial Landscape with Singapore Mint

by

Circle, a leading global financial technology company, has unveiled Circle Mint, a platform that facilitates seamless and cost-effective USDC minting for businesses and individuals in Singapore. This groundbreaking initiative marks a pivotal step towards expanding access to digital currencies in the Asia Pacific region.

Circle Mint is a secure and compliant platform that allows users to instantly convert fiat funds from their bank accounts to USDC, the world’s second-largest stablecoin pegged to the US dollar. With zero minting fees and near-instant settlement, Circle Mint eliminates the complexities and inefficiencies associated with traditional minting methods.

Circle Mint operates under Circle Singapore’s Major Payments Institution (MPI) license granted by the Monetary Authority of Singapore (MAS). This adherence to stringent regulatory standards ensures that transactions are conducted with the utmost transparency, security, and compliance.

Effortless USDC Integration for Singapore Businesses

The introduction of Circle Mint in Singapore marks a significant step forward in expanding access to digital currencies in Asia Pacific. Businesses can now effortlessly integrate USDC into their operations, enabling them to explore new avenues for cross-border payments, treasury management, and decentralized finance applications.

Circle Mint’s launch in Singapore is a testament to Circle’s unwavering commitment to fostering the growth and adoption of digital currencies. As the world of finance continues to evolve, Circle remains at the forefront, shaping the future of money and empowering individuals and businesses to embrace the boundless possibilities of digital assets.

With Circle Mint, businesses in Singapore can now seamlessly access USDC, empowering them to explore the transformative potential of digital currencies and shape the future of finance in the region.

USDC Issuer Circle Sets Sights On 2024 IPO

by

USDC Connoisseur Circle is reportedly in talks about going public by early 2024, according to a report by Bloomberg citing anonymous sources. The stablecoin issuer has engaged consultants for a potential IPO, although the exact valuation it seeks remains unclear. This marks Circle’s third attempt at going public; in 2022, the company pursued an IPO with a valuation of $9 billion through a blank check deal. Prior to that, in 2021, Circle’s deal with a Special Purpose Acquisition Company named Concord Acquisition Corp. fell through.

The recent development has reignited speculation about Circle’s long-standing goal of becoming a U.S.-listed public company. However, a spokesperson for Circle denied the rumors, emphasizing that the company’s pursuit of an IPO has never wavered. Circle’s investors include major financial players such as Goldman Sachs, Fidelity, and Blackrock.

USDC

The USDC stablecoin, initially boasting a market cap near $56 billion, experienced a significant decline in June 2022. Circle faced challenges earlier this year when it revealed a $3.3 billion exposure to the collapsed Silicon Valley Bank, leading to a brief depeg of USD Coin. Despite these challenges, Circle plans to share financial reports regularly and has enlisted Deloitte as its auditor.

USDC is a cryptocurrency pegged to the U.S. dollar and backed by reserves provided by clients to Coinbase and Circle in exchange for newly created USDC. Coinbase and Circle generate interest income on these reserves, with Coinbase benefiting directly from higher interest rates.

USDC Expansion

Circle has also focused its efforts on Asia, recognizing the potential for stablecoins to play a role in the region’s evolving payment ecosystem. Yam Ki Chan, Circle’s vice president for strategy and policy, highlighted Asia as a natural market for the company due to the growing web3 business and the broader web3 ecosystem. USDC, launched in 2018 on the Ethereum blockchain, has expanded its reach to multiple blockchain platforms, including Algorand, Solana, and Tron.

The creation of USDC was a collaborative effort between Circle and Coinbase, forming the Centre Consortium with the goal of providing a transparent and regulated alternative to other stablecoins, particularly Tether [USDT].

Polkadot’s Strong Quarter: 12% QoQ Increase In DOT Staked and Key Developments

by

In Q3’23, Polkadot showcased a remarkable performance with significant developments that are reshaping the landscape of decentralized networks. The completion of Polkadot 1.0, a long-anticipated milestone, was met with enthusiasm, marking the realization of the Polkadot whitepaper. Looking forward, the community is eagerly awaiting Polkadot 2.0, which is expected to take shape through community discussions and consensus.

Polkadot’s Q3’23 Performance

The quarter brought forth a 12% QoQ increase in DOT staked, underlining the effectiveness of Polkadot’s staking mechanism. Notable integrations included Wormhole’s routed liquidity via Moonbeam and the launch of Native USDC on Polkadot’s Asset Hub, further expanding access to liquidity across the ecosystem.

Financially, Polkadot operates under a unique weight-based fee model, distinguishing it from the common gas-metering model. Despite a 3% QoQ decrease in revenue to $94,000, Polkadot’s revenue remains relatively lower compared to its competitors due to its structural design.

Polkadot’s native token, DOT, experienced a 12% QoQ increase in staking, aligning closely with the ideal rate, which reflects the effectiveness of its mechanism. This adjustment led to reduced staking rewards and a 12% QoQ decline in annualized nominal yield to 15%. Zodia Custody’s announcement of institutional custody and staking services on Polkadot added to the network’s credibility.

The network’s treasury, financed through various means, supported initiatives in Q3, including software development, bounties, client upgrades, and community events. The introduction of OpenGov is set to revolutionize treasury management, delivering substantial benefits to the Polkadot community. As of the quarter’s end, the treasury held approximately $185 million.

In terms of network analysis, Polkadot’s Relay Chain witnessed increased account activity attributed to heightened governance processes. The network experienced an average of 5,200 daily active accounts, contributing to 4,312,113 million unique accounts across the Polkadot ecosystem by the end of September, marking a notable 9.3% QoQ and 34.9% year-to-date increase.

Polkadot’s developer ecosystem continues to thrive, boasting nearly 2,000 monthly active developers in Q3, making it the second-largest ecosystem by developer count. Various developer support categories further solidify Polkadot’s position in the crypto industry, with initiatives like the Polkadot Developer Heroes Program and the Polkadot Blockchain Academy adding to its appeal.

Looking ahead, Polkadot’s roadmap is shaping up, with Polkadot 2.0 discussions taking center stage. The network’s ecosystem, characterized by XCM, parachains, and various integrations, continues to grow, offering a promising future for the Polkadot community.

Related Reading |  SEC Faces Uncertainty In Ongoing Ripple Battle Following Second Circuit Ruling 

Cardano Market Cap Grows By 9% In 24 Hours, Onchain Activity Signals Bullish Momentum

by

Cardano has taken center stage in the cryptocurrency world this Thursday, making headlines with an impressive surge in its market capitalization. Over the past 24 hours, Cardano’s market cap has soared by an impressive 9%, and over the last two weeks, it has witnessed a remarkable 36% increase. 

According to data from Santiment, the surge in Cardano’s on-chain activity was a clear precursor to this bullish movement, with the number of ADA addresses and whale transactions hitting their highest levels in over three months.

However, as the sun sets on Friday, ADA has experienced a slight reversal. It is currently trading at $0.3168, marking a 2.43% daily increase and an almost 12% gain in the weekly chart. The trading volume over the past 24 hours has also spiked, showing a 28.89% increase and reaching $461 million.

Source: CoinMarketcap

The network’s journey through the third quarter of 2023 has been marked by significant advancements, particularly in the realms of interoperability and core infrastructure. The Cardano DeFi sector stands to benefit greatly from these developments, with expectations of increased activity and Total Value Locked (TVL).

The State of Cardano in Q3 2023 presents a host of noteworthy insights. Notably, Cardano’s stablecoin value has seen a 16% increase Quarter-over-Quarter (QoQ) and an astonishing 461% Year-to-Date (YTD) growth. Native stablecoins like iUSD initiated this momentum, but it gained further traction in Q3 with the introduction of bridged versions of USDT and USDC by Wanchain.

Cardano’s Total Value Locked (TVL) remained relatively steady on a QoQ basis but soared by 198% YTD. This impressive performance propelled Cardano’s TVL ranking among all blockchain networks from 34th at the beginning of 2023 to an impressive 15th place.

Project Catalyst Fund10 marked a significant milestone, having successfully funded 192 projects from the Cardano Treasury with a fund pool of 50 million ADA. 

Cardano Price Predictions & Sentiment

Nevertheless, for those eager to glean insights from technical analysis and price predictions, as per CoinCodex, currently, the general ADA price prediction sentiment is neutral, with 21 technical analysis indicators signaling bullish signals and 12 signaling bearish signals. Over the last 30 days, ADA has seen 16 out of 30 (53%) green days, with a 7.64% price volatility, indicating the market’s dynamism.

ADA’s future price is the subject of great interest, with predictions indicating a potential rise of 2.65% to reach $0.328196 by November 7. Additionally, technical indicators suggest that the current sentiment is “Neutral,” while the Fear & Greed Index registers at 65, signaling “Greed.” 

Related Reading | Ripple’s XRP Poised for a 35% Rally in the First Week of November