The Stable-Coin Myth 🤔 This article made the rounds this week because it was written by a Professor of Economics at UC Berkeley, but it really doesn’t bring anything new to the table. It identifies the familiar “three types” of stablecoins and their respective weaknesses.
-via Project Syndicate
Call it the year of stablecoins. As cryptocurrency markets lurch from volatility to scandals, the ecosystem for stablecoins has exploded. Prominent names and startups alike have announced stablecoin projects.
Although stablecoins may represent our next, best, attempt at promoting crypto use they are not without their drawbacks and limitations. This article explains how we got to this point, and how worthwhile the endeavor of developing a stable solution is, yet the risks are there and if the populace loses confidence in one stablecoin it could reverberate throughout the world.
UN agencies, NGOs, central bankers and technologists gathered in Paris at the OECD for the organization’s first ever Blockchain Policy Forum. Team members at Celo attended the event to better understand how different regulators around the world approach blockchain, participate in the policy conversations, and to also bring some of their understanding and experience to the conversation. Takeways: 1) Development agencies and emerging countries are leading the way on blockchain adoption; 2) Self sovereign identity drives much of the conversation around blockchain uses; 3) Crypto-assets as instruments of value storage and preservation are here to stay, 4)International and cross-industry community needed to bolster the blockchain ecosystem.
StableCoins Initiative 🙌 CP Processor shares their StableCoin Overview Report with the goal of raising awareness on Stablecoins by presenting relevant information about teams, projects and milestones achieved. There are many professionals raising awareness of the space, including yours truly, and we all share the belief that the success of the ecosystem relies on building trust.
-via CP Processor
Digifinex has decided to replace tether (USDT) with TrustToken’s TrueUSD. Kiana Shek, Digifinex’s co-founder, said she’d been “looking for ways to get rid of USDT” for months, adding, “I simply don’t believe in tether but I had no choice” but to list it. Shek said, “through my research, due diligence, and my communications with the TrustToken team, I have come to appreciate their commitment to industry-leading best practices.” TrustToken co-founder and COO Stephen Kade said “The risk from Tether and the need for a new USD stablecoin is so great…that exchanges have started trying to create their own.”
Traders Can Now Earn TrueUSD from HBUS Rewards Campaigns 💵 TrustToken and HBUS are giving away up to 80,000 TrueUSD (TUSD) stablecoins in total during the campaign, which has already started and ends at 11:59 PM PT on Saturday, September 22, 2018. Here’s how HBUS account holders can earn and save with TUSD.
How Stablecoins Will Help Shape The Future Tokenized Asset Class 🔮 Tokenization is the process of converting ownership of an asset to a digital token that lives on a blockchain. Tokenization coupled with stablecoins will reduce transaction costs, audit trails and straighten out ownership quickly and efficiently and help usher in a new era of assets. -via Stably
This piece by Terra.Money’s core researcher argues that decentralized stablecoin solutions should lower costs for the greatest number of users, rather than raise costs, exposing some of MakerDao’s core problems. It then explores some innovative ways Terra is tackling core stablecoin design challenges by creating clear partnerships and growth incentives to drive rapid adoption.
Really awesome post covering some of the statistics and analytics of MakerDao’s Dai Credit System since its launch 9 months ago, it mainly focuses on the raw analytics and less on the business developments / partnerships that Maker has also been hard at work on. -via Mike McDonald
The vote for the Maker Foundation Proposal v2 marks the first time MKR Governors will vote using an application UI. Until now, participation in Dai Credit System governance has only been available via command line tools. It is a tall order to create a great user experience that truly enables decentralized governance, so the voting application will be an iterative work in progress.
In May, Stronghold announced a new policy requiring each customer to submit official government documents confirming their identity before they may begin trading on our platform. This short post explains how to verify your account.
CarbonUSD is fully collateralized 1:1 by the U.S. dollar, with the goal of transitioning to a hybrid fiat-algorithmic stablecoin model once it reaches sufficient scale as a fully fiat-backed token. Early access is available today for institutional accounts, hedge funds, traders, and exchanges.
Paxos Launches New Stablecoin, Paxos Standard (PAX) 👍 The Paxos Standard is fully collateralized 1:1 by the U.S. dollar, issued by the Paxos Trust Company, and approved and regulated by the New York State Department of Financial Services.
Gemini Launches the Gemini dollar (GUSD) 👍 The Gemini dollar is fully collateralized 1:1 by the U.S. dollar, issued by Gemini, a New York trust company, and approved and regulated by the New York State Department of Financial Services.
A nice post explaining how GUSD is not a stablecoin, but a coupon which is redeemable 1:1 for an actual deposit held with a trust company or an actual bank. However, it also notes that Gemini has built a public, permissioned application that effectively hybridizes the separate approaches of the coins on the one hand and the enterprise blockchain applications that have been developed on the other, to bring something to the marketplace that is unique and genuinely new.
-via Preston J. Byrne
Backed by COSIMO Ventures, Oneiro NA Inc. has announced the launch of ndau, the world’s first buoyant digital currency optimized for the long-term store of value. Oneiro completed its equity round from COSIMO Ventures earlier this year and has successfully sold privately nearly $15 million of ndau to date.
The Relay Stablecoin System public round has begun! This post discusses the purpose, funds usage, and general information of the Relay stablecoin system public round (timing, contribution rate, etc).
-via Relay Foundation
Alchemint successfully reached the finals of this international competition and gained wide acceptance from the sponsors and judges.
It is not for nothing that the market is often compared to the Wild West, even by those in it. And it is unarguably the case that parts of this emerging economy are hostage to such activities, particularly among altcoins.
BitMessage is a decentralized communications protocol. Instead of sending coins (like Bitcoin), Bitmessage allows you to send private and encrypted messages — making it a highly secure alternative to email. BitBay was built almost entirely on the Bitmessage network.
Any platform that offers a reduction in cryptocurrency price volatility lends itself to becoming a solid foundation for additional financial services. In this post, Xank explains how businesses and startups, communities, activist organizations, and individuals can benefit from the Xank network.
Ethereum could be doomed, as some have even suggested, while others have said that it can never achieve real adoption or be integrated into payment processors. With the benefits of ARM AI, an overall cost effective stable payment solution can exist on the Ethereum network which eventually is able to cover all the transaction costs from the automatically generated activity and services provided by the network as a whole.
Upcoming events and hiring updates (yes, they are hiring!)
Digix has been testing DigixDAO contracts in the recent weeks, aiming to be audit-ready by the end of September. This post describes how participants in DigixDAO governance could claim their DGX rewards.
A Closer Look at GLOBCOIN Partners 🤝 A list of partnerships that keeps on expanding and evolving. The team continues to meet with Exchanges, Prime Banks and reputable auditing firms, in order to establish the alliances that will make the platform fully transparent and safe.
Round 1 of testing has been completed with support from the community, and round 2 is expected to start this month to test the basic sending, receiving and conversion functions and bug test the issues identified in the first round.
Why we chose RSK 👨🏽🔧 This article describes the reasons MoneyOnChain chose RSK platform(aka Rootstock) to build their Bitcoin-collateralized stablecoin. Namely: Transparency, Scalability, Security, Smart Contracts and Philosophy.
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