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Stable.Report, May 6th — May 12th

Stablecoin News Of The Week:

EVENT: Stablecoin.Foundation + BlockchainWeekNYC: Understanding the Risk and Complexity of the Stablecoin Market 📍

If you are interested in stablecoins and are are attending #BlockchainWeekNYC, this is an event you should attend! Come learn about the present state of stablecoins and its future, meet stakeholders and investors, and learn directly about different projects with team members in attendance from MakerDAO, TrustToken, USDC, Synthetix, Stably, everiToken, CementDAO and more!  100% Discount Code: StablecoinFoundation100

Banking, Bitfinex and the Hidden Irony of Crypto’s Newest Controversy 🤔 This article explains the root cause of Bitfinex’s problems with the New York Attorney General (NYAG) that set-off a fury of debate across crypto twitter last week. Tether has been a much needed solution to Crypto’s Achilles Heel: access to reliable, mainstream banking. Crypto market’s persistent concern about a Bitfinex-Tether house of cards wouldn’t exist if banks had more readily serviced bitcoin exchanges. The ironic solution? A deeply banked stablecoin ecosystem, bringing us full circle back to square one: third-party risk. -via CoinDesk

Bitfinex and Tether Parent Challenges N.Y. Attorney General’s Regulatory Authority 🤺 iFinex says the injunction hinders trading of Tether’s popular USDT stablecoin. “This is backwards: the Attorney General should not be afforded the drastic remedy of a preliminary injunction, or an order requiring the Respondents to address blunderbuss document demands, without establishing the basis for its authority to even regulate in this sphereThe injunction is hugely disruptive because it freezes in place over $2 billion of the Tether’s reserves, prohibiting any investment of any kind into the indefinite future. This massive regulatory overreach has no corresponding benefit,” the company said, according to court documents. -via MarketWatch

Bitfinex Raised $1bn USDT in Only 10 Days 🤯 Paolo Ardoino, Bitfinex CTO, announced in a tweet late Sunday that a legion of high and medium level players in the industry made investments from $1m to over $100m in the LEO IEO — announced publicly last week. This, he concludes, displays the trust the industry has for the firm in spite of all the FUD and allegations against it. -via Twitter

Facebook’s Blockchain Team Is Assembling Its Own Mini-PayPal Mafia 🕴️ Led by former PayPal president David Marcus, Facebook’s blockchain unit now counts around 50 employees — 10 of them used to work at PayPal. Although the project remains highly secretive, it is rumored that they will launch a stablecoin, as they are already testing regular payments in India through WhatsApp Pay. At Facebook’s developer conference earlier this month, Mark Zuckerberg said money transfers and private commerce are “a part of the vision that I’m particularly excited about.” -via Bloomberg

Facebook Rolls Back Ban on Crypto Ads as it Ramps Up Its Own Blockchain Efforts 👍 Facebook first started blocking ads promoting crypto and ICOs in January 2018 over concerns that users might be scammed, it loosened its ban in June and is now further rolling back the policy so that many types of ads will no longer require approval. That sounds fair -even the Winklevoss’ Gemini have a page with 5,600 followers. -via CNBC

US Senators Seek Information on Facebook’s ‘Libra’ Crypto Project 🕵️‍♂️ The senate banking committee wrote an open letter to Mark Zuckerberg, asking him to share details about its secret cryptocurrency project, with a particular focus on consumer data privacy and protection.  -via CoinDesk Powers’s ‘World First’ in Tokenising Government Bonds 🏦 will enable users to trade and invest in tokenized government bonds using fiat money, Bitcoin or Ethereum, and has issued a tokenized version of Belarusian government bonds and plans to include additional tokenized government and corporate bonds over time. The LSE, Nasdaq and Swiss Stock Exchange are also all looking to move into tokenized securities…so buckle up, tokenized governement bonds coming to a country near you soon! -via TechCrunch

Joseph Stiglitz: ‘We Should Shut Down The Cryptocurrencies’ 🤦 In this video interview, Nobel-Prize winning economist Joseph Stiglitz says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money transactions less transparent. This is the same economist who engineered the “Socialism of XXI Century” that destroyed Venezuela, just so you know what to do with his opinions. -via CNBC

Project Updates:

Celo Updates | April 2019 📅 In this post, Celo updates readers on their ongoing user research with Venezuelan migrants, a new partnership with GiveDirectly to distribute NGO aid in West Africa, a technical blog post on their stability mechanism, and invites users to their upcoming events. -via Celo Partners with Cred 🤝 This new partnership will allow customers (over 4 million wallets) to earn up to 10% interest on their Bitcoin and Bitcoin Cash holdings.  -via Cred

Bitrise Capital Strategically Invests Into everiToken Public Chain 👏 everiToken has already received strategic investments from well-known funds at home and abroad such as Fenbushi Capital, Yuandao Fund, Yangtze Delta Region Institute of TsingHua University. Zhejiang, and James Gong. -via everiToken

everiToken’s ARK starts on May, 10th!What is ARK? It’s everiToken public token sale round, conducted on limited exchanges for 3 days. Learn the details and how to participate here. -via everiToken

Aurora DAO Is Out, IDEX is in! 💄 Over the past 1.5 years, AuroraDAO has built IDEX into a very successful dApp, recently surpassing Ether Delta for the most DEX trades of all time. They are now retiring the Aurora Brand and going all-in for IDEX. This post details how to swap your AURA Token for the IDEX token at 1:1. -via IDEX

What the GBSA Acceptance Means For Jibrel 🕌 Jibrel was recently accepted into the Gulf Bonds and Sukuk Association(GBSA). This post explains what that association is and why it is a great milestone for their vision of putting currencies, equities, commodities and other financial assets on the Ethereum blockchain. -via Jibrel

Critical Update to MakerDAO’s Governance Voting Contract ⚠️ During a security audit, smart contract security startup Zeppelin discovered a critical vulnerability in the governance smart contract. No action is required from users who are not in control of one of the ~190 addresses who have staked MKR in the current voting contract. Instructions and chat support was offered to help users with staked tokens to move them out of the old voting smart contract. -via Reddit

Introducing A New Governance On-boarding Experience 🛎️ MakerDAO have updated the on-boarding UI for the Governance dashboard, which allows for easier set up of voting contracts and improves the overall voting method. This post is a walk-through. -via MakerDAO

MakerDAO and Airtm Partner to Empower Financial Stability in South America 🤝 DAI will now be included in Airtm’s wallet, a Mexican company which has market penetration in the remittances market for Colombia and Venezuela. As part of the partnership, MakerDAO is contributing 10,000 DAI to Airtm’s campaign, which aims to send $1,000,000 in crypto to 100,000 Venezuelans in $10 micro transfers. -via MakerDAO

‘The Stability Fee Is Too Damn High!’ — Maker Foundation CEO Rune Christensen Clarifies Common Misconceptions 📈 This is a great post to help clarify the situation and reduce misconceptions about the (ever growing) Stability Fee calculated against the total amount of Dai drawn against collateral held in a Collateralized Debt Position (CDP). Short and sweet. -via MakerDAO

Huobi Prime Partners Reserve, The PayPal-Style Payment Solution 🎉 Huobi Global announced that Reserve Protocol’s RSR token will join its Prime Offering IEO come May 22nd. Reserve’s overall mission is to build a universal store of value — particularly in regions with unreliable banking infrastructure and/or where inflation is a major issue. -via Huobi Global

Fusion Foundation Chosen by Alprockz to Accelerate Adoption of Its Swiss Franc-backed Stablecoin 🤝 “As stable coins become more mainstream among global banks and central banking authorities, security will remain top of mind,” said Dejun Qian, CEO and Founder of Fusion. “By partnering with Rockz to extend their secure and fiat-backed stable coin, we are taking a huge step forward in making the exchange of any type of digitized asset seamless and safe.” -via ROCKZ

Korea Update SMART VALOR is making South Korea its second home through partnerships and meetups. This post brings video updates on two such meetups.  -via Smart Valor

How Does Stronghold USD Work with IBM Blockchain World Wire? 🤔 Stronghold was the first U.S. dollar settlement vehicle on IBM Blockchain World Wire, a global payments network that’s used in more than 70 countries. This post explains how that partnership is working on the Stellar network. -via Stronghold

Win a Share of 4,000 sUSD in Synthetix.Exchange’s First Trading Competition 🙌 This will be the first of several trading competitions, aimed at receiving feedback from the community on the exchange’s interface. The competition will run from May 13 to May 27. Learn how to participate here. -via Synthetix

Why I Believe Terra Will Become a Global Digital Payments Leader 🌐 This is a letter from HanIck Ryu, Co-Chairman of TMON — an important partner of Terra who will be their first e-commerce partner to use Terra’s stablecoin. It’s a great insight into why e-commerce is ready to embrace blockchain payment solutions, bypass intermediares and increase the pie size. -via Terra Money

USDX Wallet at Pioneers19 📼 A video of USDX’s CEO talking about banking, mobile money transfers, stablecoins and financial assets at the Pioneers19 conference. -via USDX Wallet

Increasing the Scalability of Blockchain Platforms ✍️ A blog post with good links and statistics on the scalability and evolution of blockchain technology and how stablecoins fit right in. -via Xank

Can the Price of Stablecoins Ever Truly Be Stable? ✍️ A blog post examining the stablecoin ecosystem today, concluding we may be too early in the experimenation phase to achieve full stability for obvious reasons, such as being pegged to inflationary currencies, but hopeful about future algorithmic solutions. -via Xank