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Stable.Report, Mar.18 — Mar.24

Updated: May 22, 2019

Stablecoin News Of The Week:

Tron’s USDT Listed on Three Major Crypto Exchanges 😮 The news about the Tron-based USDT was first announced at the begging of this month, with the TRON Foundation offering incentives of 20% APR and extra tokens for a period spanning 100 days to holders of USDT. So far, Huobi Global, OKEx and have confirmed their support for it, inspired by their clients’ demand for the introduction of stablecoins.  -via Bitcoin Exchange Guide

Bitcoin Critic Warns Against Central Banks Issuing Own Tokens 😡 Agustin Carstens, general manager at the Bank for International Settlements, said in a speech at the Central Bank of Ireland ““There are huge operational consequences for central banks in implementing monetary policy and implications for the stability of the financial system…Central banks do not put a brake on innovations just for the sake of it. But neither should they speed ahead disregarding all traffic conditions.” -via Bloomberg

Facebook Isn’t Going After Bitcoin. It’s Going After the Dollar👍 According to the CEO and founder of messaging app Kik, Ted Livingston, Facebook may be trying to replicate WeChat’s strategy, and outlines three possible steps the company may take for the coming project: 1) Creating an interoperable payment interface between Instagram, Messenger, and WhatsApp; 2) Integrate blockchain; 3) Enable users to keep and spend. These three steps would require Facebook to expand into a $689 billion remittance market. -via Ted Livingston

Citi Scraps Plan for a JPM Coin-Like Bank-Backed Cryptocurrency ❌ Codenamed “Citicoin,” the project out of Citigroup’s innovation lab in Dublin was never formally announced by the bank, even as a proof of concept, when it started in 2015. Citi concluded that, while the technology has the potential to live up to its promises, there were other more effective and efficient ways of making improvements in payments today. -via CoinDesk

Western Union Partners With Stellar Collaborator Thunes 💸 The partnership with Thunes (formerly TransferTo), announced in a press release March 21st, aims to enable WU clients to transfer funds directly to mobile wallets globally, leveraging WU’s digital network and agent locations.  -via CoinTelegraph

Did Stablecoins Impact Market Structure? 🤓 An in-depth report from Binance Research looking at crypto-asset correlations, found that Bitcoin’s dominance as a base pair in crypto trading is being eroded by stablecoins. This coincides with the rise of stablecoins pair dominance during 2018 and is in line with the overall decline in the contribution of BTC pairs to total industry trade volume. -via Binance

Project Updates:

Building a Decentralized Stablecoin Aggregator 🔨 This is the third post of a series titled “Mo’ Moneys, Mo’ Problems” exploring the market for stablecoin issuers and its trend towards fragmentation, and how unification can develop to improve mass adoption. In this piece, it explores the benefits of a decentralized aggregator and distributor of stablecoins. -via CementDAO

Bitspark Touts the Benefits of Its HKD-backed Stablecoin 🗞 An interview with Bitspark CEO, George Harrap, detailing the company’s years of experience since 2014 for global money transfers and upcoming plans to launch the Sparkdex.HKD token to offer exchanges a gateway for users to deposit and withdraw in physical cash.  -via EJInsight

USDC Redemptions Approach $400 Million 📈 USDC redemptions have reached about $388 million since its launch in late September. In total, there have been just over 400 distinct burn events. -via CENTRE Consortium

Circle CEO: Cryptocurrency Business Is Down But We’re Still Growing 📺 In this video interview, the CEO of Circle, Jeremy Allaire, contends that the company is weathering the market decline just fine. “We had very significant growth year last year, even though there was a crypto bear market,” he said, mentioning that the company’s revenues and customer base had grown in that time span. The interview also covers recent acquisitions, current valuation and future plans — as well as a thumbs up to Facebook’s alleged FaceCoin. -via Fortune Ledger

The Tech That Powers Constant: An Introduction 👨‍💻 As the title states, this post is a high-level overview of the project’s developments and 5 specific goals: 1) Build an autonomous agent that adjusts the money supply automatically; 2) Build a decentralized autonomous community; 3) Make privacy default; 4) Build a scalable blockchain; and 5) Build useful applications. Learn more about it here. -via Constant

CorionX a New and Innovative Way for Stablecoin Users 📌 A post detailing Corion Foundation’s motivations to be highly involved in the stablecoin ecosystem to drive mainstream adoption. It touches on its ongoing loyalty program to educate and raise awareness, as well as their token distribution. Learn more here. -via Corion Foundation

Dev Update — 22 Mar 2019 🗓 This update covers: 1) DigixDAO official launch this March 30th; 2) Links to the freshly released user guide ; 3) Upcoming Reddit AMA with the founders; 4) Recent events and interviews; 5) Digix promotion (ending this month) to win unlimited DGX. -via Digix

DigixDAO User Guide: Parts 1–6 📑 DigixDAO has published a 6-part user guide to their protocol, cosnsiting of the following: 1) Overview; 2) Roles; 3) Setup; 4) Projects; 5) Voting; and 6) Rewards. -via Digix

Dollar Is Not Designed for the Internet, but Stablecoins Are 💵 Sterling Witzke, a Partner at Winklevoss Capital — the company behind the Gemini Stablecoin (GUSD), on a recent interview stated “The dollar has been a great form of payment for a long time, but it was not designed for the internet age we are currently in. We need a stable currency that works with the blockchain and the internet. Fiat-pegged stablecoins bring us ability to purchase assets or to be paid dividends in assets that are not volatile.” -via CoinTelegraph

HelloGold Foundation Update #21– 17th March 2019 🗓 Highlights include: 1) AUM increased by almost 2 kg over February; 2) Direct debit integrated for new Smartsaver subscribers; 3) HelloGold’s blockchain is now live! -via Hello Gold

MakerDAO Governance Call: Despite 0.75% Supply Decrease Dai Continues to Trade Down 📉 In this weekly in-depth review of MakerDAO’s governance call, Matteo Leibowitz reviews the reasons why it was decided to raise the stability fee 4% to a total of 7.5%. It is interesting to note that this is the third stability fee raise in less than two months, and that only 0.58% of MKR holding addresses voted. Fascinating update to understand decentralized governance if you don’t have time to attend. -via The Block Crypto

Smart Valor Q1–2019 Update 🗓 The project has finished the development and internal testing phase of their exchange platform as well as the security audit for their token VALOR. Users will soon be able to join the beta, learn more about it here. -via Smart Valor

How These Former Amazon Engineers Built One of the Leading Cryptocurrency Projects 🗞 This Inc. article features the story of Stably. Kory Hoang, CEO of Stably “We intend to continue to expand the liquidity pool in the cryptocurrency market by listing on more exchanges, more trading pairs, and by becoming an OTC product…Derivative contract settlements are also [a] promising growth opportunity due to the leverage involved, and USDS is a better settlement method than a coin like Bitcoin due to our stability” -via Inc.

How to Mint Synths Without Using Mintr ⛏ Mintr and Synthetix.Exchange have now been updated to support the new Trezor firmware update, 1.8.0. This post explains the alternative ways to interact with Synthetix’s smart contracts on Ethereum, in case people update their hardware wallets before the dApps are updated. -via Synthetix

Migrating Away From Trust 🙇 This post by Justin J. Moses, Synthetix’s CTO, explains the project’s integration with Chainlink and ongoing testing on Kovan to decentralize their oracle for SNX/sUSD price feeds, pretty cool. -via Synthetix