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Stable.Report, May 13th — May 19th

Stablecoin News Of The Week:

Report: The Evolution of Stablecoins 📑 Binance Research has released a comprehensive report with in-depth research on the development of stablecoins, including the highly anticipated moves by Facebook and Samsung into blockchain. It also examines the increased adoption and trading pair usage of USD-backed stablecoins and the recent developments about Tether and subsequent expectations. Full of data, this report is definitely worth your attention. -via Binance Research


Survey: Facebook-Created Cryptocurrency Would Bring in New Investors, Increase Marketplace Usage 🤔 To gauge interest in a Facebook-created cryptocurrency and to evaluate how it could change the company’s marketplace platform, LendEDU conducted a survey of 1,000 adult Americans and found some pretty interesting results. For example, only 7% of respondents had invested in cryptocurrency but 18% would be interested in investing in FBCoin. -via lendedu


Facebook Forms Swiss Fintech Firm With Payments Focus 🇨🇭 Facebook has set up a new financial technology company in Switzerland focusing on blockchain and payments as well as data analytics and investing, Geneva’s commercial register shows. -via Reuters


Indian Bitcoin Players Wary of Facebook’s Stablecoin 🇮🇳 Facebook is expected to allow P2P transaction of its cryptocurrency and, unlike domestic bitcoin companies, the social media giant’s proposed currency system would not require to use banks to transfer money to buy or sell digital currency. -via Economic Times


XRP-Backed Stablecoin, USDX, is Under Development 🔨 Kava Labs co-founder confirmed they are designing a stablecoin for Cosmos, USDX, which will be initially pegged to the USD and collaterised with Ripple’s XRP. Kava Labs is already working with Interledger Protocol [ILP] to bring blockchains, wallets, and exchanges, the interoperability of ILP. -via AMB Crypto


ECB Official Considers Stablecoins More Promising Than Bitcoins 🇪🇺 The Bank of France is “observing with great interest initiatives in the private sector which aim at developing networks within which ‘stablecoins’ would be used in transactions involving ‘tokenized’ securities or goods and services…these are quite different from speculative assets like bitcoins, and more promising” said ECB policy maker Francois Villeroy de Galhau in Paris. -via Bloomberg


Bitfinex and Tether Ask Court to Loosen NYAG’s Restrictions 🚨 The NYAG’s office wants to prevent “any affiliated entity” from touching funds in Tether’s reserve and a 90-day injunction. On the other hand, attorneys for Tether and iFinex, the parent firm of Bitfinex, want a 45-day injunction and for affiliated entities that want to fairly redeem tether to be able to do so. -via CoinDesk


Project Updates:

Ampleforth is not a Stablecoin… (And that’s OK!) 😯 Ample allows for volatility by design, it is not optimal for payments at inception and it is not a good base trading pair. The Ample is an asset we’ve never seen before — it’s a Smart Commodity Money that incorporates price directly into supply. The team recently updated their white paper, if you wish to learn more about it go here. -via Ampleforth


Anchor AG 📺 In this brief 5-minute interview.Anchor AG CEO Daniel Popa promoted the upcoming launch of its stablecoin, which is pegged to a proprietary algorithm, the Monetary Measurement Unit (MMU), based on the growth of the global economy. -via ProActive Investors


Anchor Launches Simulator of Its Monetary Measurement Unit (MMU) 🖥️ The MMU Simulator demonstrates the value of the algorithmic index against a basket of the 10 strongest national economies based on annual GDP and participation in the global economy. Users are able to select a start-date and an end-date to graph the MMU’s value over the course of the selected time period and observe the trendline in daily and weekly increments. -via Yahoo! Finance


Coinbase Expands USDC Stablecoin Support to 85 Countries 🗺️ Cryptocurrency exchange Coinbase is ramping up stablecoin support around the world. USDC was only available in the U.S. (excluding NY) and is expanding to 84 new countries today. -via TechCrunch


eToroX Adds 4 Stablecoins, 2 Pegged to Precious Metals 🎉 eToro’s cryptocurrency division eToroX has added two commodity-backed stablecoins — one pegged to gold and the other to silver — to its trading platform. The exchange also added two fiat-pegged stablecoins — RUBX and CNYX — to its existing arsenal of eight fiat-pegged digital currencies. -via Finance Magnates


Weekly Progress Report: May, 6th -12th 📅 A weekly update from everiToken on new strategic investments, events attended/hosted, business developments and technological progress. -via everiToken


Flexa and Gemini Partner to Make it Easy to Use Cryptocurrency 🤝 Consumers can now easily spend GUSD, BTC, ETH, and BCH using the SPEDN mobile wallet app, available in the iOS Apple store. In addition, all cryptocurrency you deposit on the SPEDN mobile app is custodied with Gemini to provide security. -via Gemini


Securing your Gemini Account with WebAuthn 🔐 Gemini users can now use USB security keys (e.g., Yubikeys, Feitian keys, Trezor and Ledger hardware wallets, etc.), MacOS TouchID, and even Windows Hello for two-factor authentication (2FA) method when signing in their Gemini account. Gemini is the world’s first crypto exchange and custodian to support the WebAuthn security protocol. -via Gemini


Executive Vote: Lower the Stability Fee by 2% to a Total of 17.5% Per Year🗳️ Following the governance call’s discussion on the need to decrease the Stability Fee, an Executive Vote is now up to enable a new Dai Stability Fee of 17.5%. This is a continuous approval vote which will continue until the number of votes surpasses the total in favor of the previous. -via MakerDAO


Governance Poll: Stability Fee Adjustment Poll 🗳️ The Maker Foundation Interim Risk Team has placed a Governance Poll into the voting system which presents a number of possible Dai Stability Fee options. Voters are able to signal their support for a Stability Fee within a range of 13.50% to 23.50%. This poll will inform an Executive Vote which will go live on May 24th. -via MakerDAO


The New Paxos Platform: Move from PAX to Dollars Instantly 👏 Paxos announced instant redemptions for PAX with no minimums, maximums or fees associated. In addition, their UX has completely been overhauled. -via Paxos


Paysend Plans Stablecoin on Stellar 🔨 Paysend Group, an FCA licensed e-Money institution, is planning to issue a stablecoin on Stellar this June. Ronald Millar, CEO of Paysend, said their global stablecoin is the “perfect solution for Paysend’s 700,000 expats…with the Paysend stablecoin, our customers will be able to keep the value of their money consistent and make instant payments anywhere in the world, without cross-border fees.”  -via CrowdFund Insider


On The Path to Governance: Questions Unfold 📝 This is part 2 of a part 5 series detailing Saga’s research into the best governance methods. It argues that decentralized governances is a tool not an orthodoxy, since the notion that a scalable global currency can afford to be governed by a decentralised community, relying on quasi-referendums is naive if not absurd. It offers the example of corporations offering value to their sharehodlers as a flexible, hybrid analogy to Saga — a topic for the third post. Finally, it also takes lessons and limits from nation states’ governance models to establish and enhange Saga’s model. -via Saga Foundation


CertiK “Highly Impressed” After Security Audit of Terra 💯 CertiK performed a comprehensive review of Terra’s economic model to test against potential market manipulations, an architectural review with special attention put on ensuring all implementation of Cosmos plugins were well-protected against possible edge scenarios and attacks, as well as careful manual review by experts on Go — the language in which Terra’s code is written in. CertiK was highly impressed by Terra’s clever and highly effective design of economic theory, especially the proper decoupling of controls for currency stabilization and predictable economic growth. CertiK also found Terra’s technical implementation to be one of the highest quality ones it has seen, which demonstrated extremely principled engineering practices, mastery command of Cosmos SDK, as well as diligent documentation efforts. -via Crypto Ninjas


Can Cryptocurrencies Help Companies Avoid Currency Manipulation? ✍️ This blog post explains the premise and possibilities of cryptocurrencies and how stablecoins like Xank can improve the payments and value transfer systems that are currently inefficient and costly. -via Xank