Binance CEO highlights USDT growth amidst rival issues

Ad Binance CEO Changpeng “CZ” Zhao highlighted how Tether’s USDT has grown amidst the issues plaguing its rivals. In a March 21 tweet, Zhao described how Binance USD (BUSD) was forced to stop other mints despite being regulated by the New York authorities and audited by “big audit firms.” According to him, BUSD was “the most fiat-backed … Read more

CFTC Chair’s ‘Ether, stablecoins are commodities’ comments stir more trouble

Ether and stablecoins are commodities, according to Rostin Benham Opposing viewpoints of different market regulators in the U.S fueling discord and lack of clarity As the tug of war between U.S regulators over control of crypto-assets continues, the Chairman of the Commodity Futures Trading Commission (CFTC) has tripled down on his position that Ether and … Read more

Stablecoins inflow to Ethereum L2s rise 5% to over $2B

Ad Stablecoin inflow into Ethereum (ETH) layer 2 (L2) networks increased 5% in the last seven days to over $2 billion, according to DeFillama data. Arbitrum averaged a $10M inflow per day in February In February, Arbitrum’s stablecoin inflow averaged over $10 million daily as the network saw a total influx of around $300 million. … Read more

Ethereum stablecoin dominance reaches 3-month high

Glassnode data analyzed by CryptoSlate indicates that Ethereum’s (ETH) dominance over stablecoins has been increasing and reached its highest in the last three months. Ethereum’s dominance over stablecoins strengthens as the ETH price surpasses $1,600. The analysis includes the top four stablecoins: Tether (USDT), USD Coin (USDC), Binance USD (BUSD), and DAI (DAI). The chart … Read more

National Australia Bank to launch AUD-backed stablecoin

National Australia Bank (NAB) — one of the four largest banks in the country — is gearing up to launch a stablecoin on the Ethereum (ETH) network, the Australian Financial Review (AFR) reported. The stablecoin called AUDN will be backed 1:1 by Australian Dollars (AUD) held on trust at NAB. AUDN 2022 mint The NAB … Read more

FTX crash pushes Bitcoin to self-custody; Ethereum switched for stablecoins

After the FTX collapse, investors are moving large amounts of Bitcoin (BTC) to their self-custody wallets and exiting Ethereum (ETH)  to invest in stablecoins, according to data analyzed by CryptoSlate. Bitcoin retreats to self custody The chart below demonstrates the amount of liquid, illiquid, and highly liquid Bitcoins since 2008. As of November 2022, the … Read more

Binance Stablecoin BUSD Is Now Available On Polygon

Binance USD (BUSD) is now available for deposits and withdrawals on the Polygon network, giving our users access to one of the fastest-growing stablecoins. BUSD, first issued on Ethereum and BNB chains, is now extended to Polygon to provide users with a fast and secure way to transfer the USD-backed stablecoin across different blockchains. The … Read more

CryptoSlate Wrapped Daily: Coinbase bankrolls Tornado Cash users’ lawsuit; Terra Classic makes 1,900% comeback led by community

The biggest news in the cryptosphere for Sept. 8 includes Coinbase financing the lawsuit against the U.S. Treasury Department over Tornado Cash, Terra Classic’s community-led revival and an attack on the New Free DAO protocol. CryptoSlate Top Stories Bitcoin holds steady as ECB implements 75 bps rate hike Despite European Central Bank’s (ECB) announcement regarding … Read more

OpenSea announces it will switch to Ethereum’s proof-of-stake after merge

OpenSea, the world’s largest non-fungible tokens (NFTs) marketplace, announced it will commit to exclusively support NFTs based on the proof-of-stake version of the Ethereum blockchain once the Merge is complete. 3/ While we won’t speculate on potential forks–to the extent forked NFTs on ETHPoW exist–they won’t be supported or reflected on OpenSea. — OpenSea (@opensea) … Read more

Buterin makes the case for alternative stablecoin technology in high inflation environment

Vitalik Buterin said the cryptocurrency industry would benefit from developing new forms of stability away from dollar-pegged stablecoins. Responding to Coinbase CEO Brian Armstrong, who asked if there was room in the market for a coin pegged to consumer prices, Buterin implied yes by explaining the limitations of fiat-backed stablecoins, especially in a high-inflation environment. … Read more