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USDC’s total stablecoin supply has surpassed $10 billion

USDC — an Ethereum-based stablecoin pegged to the U.S. dollar — has exceeded $10 billion in total supply for the first time. 

The post USDC’s total stablecoin supply has surpassed $10 billion appeared first on The Block.

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USDC — a stablecoin pegged to the U.S. dollar — has exceeded $10 billion in total supply for the first time. 

USDC is now the second-largest stablecoin by supply, coming in at $10.7 billion. In addition to Ethereum, USDC also runs on the Algorand, Solana and Stellar blockchains. 

Tether (USDT) remains the largest stablecoin by supply, with roughly $40.6 billion in total supply.

Additional data collected by The Block shows that USDC currently encompasses 16.69% of the total stablecoin supply, compared to USDT’s 69.95%.

As The Block Research’s new stablecoin report shows, CENTRE, a consortium jointly founded between Coinbase and Circle, first issued USDC in September 2018. Funding to further develop the stablecoin has since reached $45 million. 

USDC is most commonly used in North American timezones, according to the stablecoin report, whereas Tether continues to dominate in the Asia-Pacific region.

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Source: https://www.theblockcrypto.com/linked/98860/usdc-stablecoin-10-billion?utm_source=rss&utm_medium=rss

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Bank of Canada Exploring Digital Currency That Would Replace Cash

An internal Bank of Canada presentation says benefits of digital currency include the sharing of personal information with police or tax authorities The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned. Take … Continued

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An internal Bank of Canada presentation says benefits of digital currency include the sharing of personal information with police or tax authorities

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The Bank of Canada is considering launching a digital currency that would help it combat the “direct threat” of cryptocurrencies and collect more information on how people spend their money, The Logic has learned. Take a look at the whitepaper here.

An internal Bank of Canada presentation, prepared for Governor Stephen Poloz and the bank’s board of directors, offers the most detailed public insight yet into the bank’s thinking on a proprietary digital coin. According to the presentation, the currency would be widely available. It would initially coexist with coins and paper money, eventually replacing them completely.

The presentation, titled “Central Bank Money: The Next Generation” and acquired by The Logic via an access-to-information request, was prepared by Stephen Murchison, an adviser to Poloz tasked with leading the bank’s digital currency research, for a September 2018 board meeting. Murchison presented it as part of a two-year research project on whether or not the bank should issue its own digital money.

It emerges at a moment of heightened concern over the implications of digital money. Global regulators and central bankers — including representatives from Canada — are gathered this week in Washington, D.C. at the annual joint World Bank/International Monetary Fund meetings, which include a session on Big Tech and the future of finance. China is in the final steps of launching its own digital coin and Libra, Facebook’s digital offering is losing key backers and facing scrutiny from regulators worldwide, including the Bank of Canada.

“We need to innovate to stay in the game,” the presentation reads. A digital currency would provide “all the benefits” of a central bank-backed asset, it says, as well as “all the convenience and security of wireless, electronic payments.”

It lists over a dozen benefits to the bank launching its own digital currency, and only one downside.

“An additional payment method could make the payment system more robust.” But, the presentation notes, digital currency “also presents a risk to stable, low-cost funding for (banks) (deposits).”

It suggests a digital currency could come with the option to pay interest on balances, and the ability to collect more information on Canadians than is possible when people use cash. “Personal details not shared with a payee, but could be shared with police or tax authorities,” reads the presentation.

“We need to innovate to stay in the game” – Bank of Canada Presentation

Murchison, who is on secondment at the Caisse de dépôt et placement du Québec, directed questions to the Bank of Canada, which declined an interview request. In an email to The Logic, spokesperson Louise Egan said the bank has not yet decided whether it will launch a digital currency and that the question of sharing information with police and tax authorities is “among the many issues that continue to be assessed by Bank researchers.”

Egan also said the bank is aware of more potential downsides to issuing its own digital currency than the one listed in the report, including a reputational risk for the bank if it issues an e-money that is not widely used or is used but for illegal activity.

She did not directly answer questions about whether a digital currency issued by the Bank of Canada would include the specific details included in the presentation.

Asked if the project had concluded and if the bank would be issuing a currency, Egan said its “research on this topic is ongoing.” Scott Hendry, the bank’s senior director for financial technology, now oversees the bank’s digital currency research.

The presentation suggests two deployment options for digital currency: token-based and account-based. It warns that banknotes are becoming obsolete as a means of payment, creating problems for the banking system as a whole: “The time may come that merchants/banks find it too costly to accept banknotes.”

If that happens, “ordinary Canadians would lose access to central bank money,” but the bank’s ability to carry out monetary policy and act as a lender of last resort would not be affected, it states. However, those functions could be threatened by the rise of cryptocurrencies, according to the presentation.

“Cryptocurrencies may become a direct threat to our ability to implement monetary policy and lender of last resort (LOLR) role.”

Cryptocurrency use is growing. A July 2018 study from the bank found five percent of Canadians owned Bitcoin, up from 2.9 percent the year previous.

The Bank of Canada has been studying digital currencies since at least 2013 when its two-year plan said it would “explore the frontiers of e-money — digital alternatives to cash and their implications for central banks.” More recently, however, the issue has taken on new urgency: in October 2018, a Financial Stability Board working group, chaired by Murchison, released a report on how cryptocurrencies could destabilize the global financial system and what steps central banks should take to avoid it. Since the report’s release, Facebook has announced plans for Libra, and China is poised to launch its own coin.

The time may come that merchants/banks find it too costly to accept banknotes

Bank of Canada presentation

International cooperation is cited as a key issue in the presentation: “The incentive to produce a ubiquitous international currency is huge.” The Bank of Canada is already taking steps to work with other central banks on digital currencies. In May, it announced it had conducted the world’s first transfer of digital currency from one central bank to another, in partnership with Singapore.

Canada is far from the only country exploring a digital currency. Last week, Switzerland’s central bank started exploring the use of digital currencies for trading. Sweden and Singapore both have research efforts underway. China appears ready to be the first to launch, with plans to have its own currency up and running either late this year or early next.

It’s not just countries getting into the digital currency game. In addition to Facebook’s Libra, JPMorgan is already using a digital coin and Vanguard is testing a blockchain-based currency trading system.

The Bank of Canada, by contrast, has been relatively quiet about digital currencies in recent months. In April, deputy governor Timothy Lane spoke at an International Monetary Fund event on the topic. In July, the bank told The Logic it would monitor Libra for potential risks to the financial system, but did not specify any particular concerns.

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Source: Financial Post – Bank of Canada Exploring Digital Currency

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Source: https://cryptocanucks.com/bank-of-canada-exploring-digital-currency-that-would-replace-cash/

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Is BTC Correction Over? Bitcoin Reserves on Exchanges Down by 12% Despite Recent Sell-Off

Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history. The reason for the sell-off was attributed to several FUD including Coinbase founders

The post Is BTC Correction Over? Bitcoin Reserves on Exchanges Down by 12% Despite Recent Sell-Off appeared first on Coingape.

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Bitcoin price today bounced back above $57K recovering nearly $3,000 after a record weekend liquidation spree and sell-off. The Sunday liquidation saw nearly $9.79 billion worth of crypto long positions getting rekt, making it one of the biggest liquidations in crypto history.

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The reason for the sell-off was attributed to several FUD including Coinbase founders selling their stock to the recent slump in Bitcoin hashrate. However, the market seems to be recovering and on-chain analysis suggests Bitcoin is far from its top as exchange outflows continued even on a day of mass liquidation.

Even during a day filled with FUDs and market liquidation, Binance Exchange registered one of the highest outflows of Bitcoin. Dover Wan pointed out that Bitcoin price has continued to trade in the range above $58K for nearly two months now and despite that the exchange reserves have declined by 12%.

Bitcoin Bull Run is Not Over Yet

Bitcoin price throughout this bull run has shown a similar pattern where every month it recorded a new ATH followed by a sharp correction and then a 3-4 week-long consolidation period. Bitcoin reached a new ATH of $64,683 last week followed by a weekend sell-off and liquidation of high leveraged positions. The consolidation phase has become longer with every new ATH prompting many to declare the start of a bear market on countless occasions over the past couple of months, however, but has bounced back to record new highs every time there are speculations about it reaching a potential top.

The Bitcoin Futures Open Interest rate touched another high indicating strong demand for the top cryptocurrency. Bitcoin proponents believe the market liquidation event was nothing out of the blue as traders got greedy and the sell-off is a bullish event as it ensures the weak hands leave the market.

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Bitcoin price was trading at $57,083 with over a 4% rise in the past 24-hours.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/is-btc-correction-over-bitcoin-reserves-on-exchanges-down-by-12-despite-recent-sell-off/

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Tether launches on Hermez rollup as Ethereum starts falling behind

Ethereum is starting to lose ground to its competitors for USDT usage, and Hermez may help to fix that.

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Tether’s USDT stablecoin has now launched on Hermez Network, an Ethereum scalability solution based on the zk-rollup concept. Rollups provide a way of batching or “rolling up” transactions to lighten the load on the Ethereum network.

The key to rollups is the concept of data availability, which means that the state data of the rollup is always fully available on-chain. In practice, this means that the Ethereum network knows the token balances of all user accounts on the Hermez rollup after every transaction, and this knowledge can be used to rapidly withdraw funds and distribute them to their new owners in the event of malfunctions.

Zk-rollups can be considered as separate “blockchains” that are entirely reliant on the layer-one network for security. Through the use of zk-SNARKs, the Hermez rollup publishes regular proofs to the Ethereum network that verify its correctness. Due to the succinctness property of SNARKs, the underlying data can be almost arbitrarily large, while the proof will remain constant in size. This makes it perfect for scalability applications, as the Ethereum network is able to conclusively prove that the network is working as intended with just a fraction of the data that the rollup itself processed.

By launching USDT on Hermez, Tether hopes to alleviate the pressure on Ethereum gas fees, where the Tether contract is consistently among the highest gas users. As fees for token transfers consistently stay above $10 on Ethereum — with exchanges upping their withdrawal charges in response — the market has significantly diversified on its Tether usage.

Transferred value in USDT on Ethereum, Tron and Omni (Bitcoin). Source: Coinmetrics.

Tether on Tron has reached parity with Ethereum in terms of value transferred, a significant achievement for Tron and source of concern for Ethereum supporters. Arguably, the most significant contributing factor to Tron’s rise is the support from a number of exchanges such as Binance, Huobi, OKEx and many others that are traditionally associated with Asia and Asian traders. Whatever users may think of Tron, few can argue with its low fees and significant acceptance.

Hermez provides an Ethereum-native alternative to Tron, though it adds to OMG Network’s Plasma, which so far seems to have failed to gain significant traction. Hermez can currently be accessed by using MetaMask, binding to the user’s Ethereum wallet. Transacting on the network requires performing a deposit transaction from the Ethereum main chain, after which the funds become available on the rollup. However, without a meaningful number of possible destinations for the funds, Hermez risks getting stifled by competition from other sidechains and layer-one networks.

The Hermez team is fully aware of this predicament and is working to integrate with as many exchanges as possible, but it remains to be seen whether its efforts will be successful. In the meantime, Bitfinex has pledged it will add native support for Hermez as a withdrawal option on its exchange.

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Source: https://cointelegraph.com/news/tether-launches-on-hermez-rollup-as-ethereum-starts-falling-behind

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DogeCoin (DOGE) Enters the Top-5 Crypto List With New All-Time High of $0.42

Despite a major market correction on Sunday, April 18, meme-coin DOGE has bounced back very strongly to enter the top-5 crypto-list. At press time, Dogecoin (DOGE) is trading 40% higher at its new all-time high of $0.42 and a market cap of $54.05 billion. Over the last week, Dogecoin has registered a solid rally and

The post DogeCoin (DOGE) Enters the Top-5 Crypto List With New All-Time High of $0.42 appeared first on Coingape.

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Despite a major market correction on Sunday, April 18, meme-coin DOGE has bounced back very strongly to enter the top-5 crypto-list. At press time, Dogecoin (DOGE) is trading 40% higher at its new all-time high of $0.42 and a market cap of $54.05 billion.

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Over the last week, Dogecoin has registered a solid rally and an unprecedented move in history. Just in a week’s time, the DOGE price has surged 6x or a massive 500% making it among the top-five cryptocurrencies of the world.

It is surprising to note that the meme-inspired cryptocurrency has bounced back as strongly from the market crash that other giants seemed to fail in front of it. even if we see the Sunday’s price nation for DOGE, the coin hasn’t been much shaken with the market crash. The coin hardly corrected 9% and bounced back from $0.31 levels.

More importantly, DOGE’s performance against BTC has been exemplary. Although Bitcoin (BTC) touched an all-time high above $64,000 last week, the DOGE/BTC pair is currently at an all-time high.

Courtesy: TradingView

The Frenzy Around Dogecoin (DOGE)

As the craze around Dogecoin (DOGE) unfolds, there have been multiple different things that have emerged recently with the Dogecoin rally. Last Friday, a major investors’ rush caused some technical difficulties on Robinhood as investors were unable to place orders.

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There were also rumors that Robinhood had been restricting Dogecoin trading just as it did with the GameStop rally earlier this year. However, Robinhood clarified that this was not true, and it solved the technical difficulties in matter of a few hours.

On the other hand, Wall Street veteran and Galaxy Digital founder MikeNovogratz also compared the Dogecoin rally with the GameStop (NYSE: GME) event. Speaking about Dogecoin he said:

 It doesn’t really have a purpose. It’s gotta community and maybe they can keep value there. I would be very very very worried if one my friends was investing in Dogecoin at these prices”.

Interestingly, as it turns, Reddit group WallStreetBets behind the GameStop rally started a discussion thread on Dogecoin but later pulled out of it after media hype.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/dogecoin-doge-enters-the-top-5-crypto-list-with-new-all-time-high-of-0-42/

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