News of the Week:
Join Stephanie Murphy, Andreas Antonopoulos and Adam B. Levine for an in-depth conversation on pegged, “Stablecoins”. We discuss the two approaches that have been tried so far and what’s different about this latest generation for better or worse.
-via Let’s Talk Bitcoin
Are we reaching Stablecoin peak? Startups like this certainly make it look so, claiming that “with this open infrastructure, any qualified third-party can issue its own brand of stablecoin”, time will tell. -via PR Newswire
Although it’s conceivable that stablecoins will one day improve cryptocurrency accounting (and other token management issues), given the current rules in the United States, it actually complicates it. Those stablecoins are still considered assets, and we need to calculate gains and losses for them.
Yao Yongjie, one of the founding partners of the Xiong’An (Grandshores) Blockchain Fund, said the work has already started on the project and that the team hopes to launch the stablecoin by the end of this year or early 2019. The dedicated fund is now seeking contributions denominated in tether — the U.S.-dollar pegged cryptocurrency — from accredited investors outside China, Yao said.
This brief industry analysis was actually published a couple months ago but escaped our scanner. Compiled by Coinaccord, a Canadian Blockchain Venture Studio, its a quick 6-page overview of the stablecoin ecosystem, including a SWOT analysis of potential problems and opportunities.
Like it or not, regulation plays a large role in the adoption of crypto. In this in-depth piece, the author reflects on the role of stablecoins in the industry today and takes a look at why a company like Gemini would decide to make a regulated one.
-via Tony Sheng
A nice article by Eiland Glover, CEO of Kowala, hitting back against Professor Eichengreen’s recent hit-piece in The Guardian criticizing not only asset-backed stablecoins, but the entire ecosystem.
A nice article with opinions on the current state of the industry, citing Daniel Mason from Spring Labs, Kain Warwick from Havven and Ken Lang from COSIMO Ventures (and ndau collective).
Another week another study on Tether’s influence on Bitcoin’s price. The findings by Dr. Wang Chun Wei, a lecturer at the business school of Australia’s University of Queensland, contradict widespread and long-running speculation that Tether has been issuing USDT to pump up the price of bitcoin.
The project is a joint initiative between Emparta, a blockchain employment platform, and domestic crypto exchange Bit Trade. As an employment-based blockchain platform, Emparta plans to use the stable coin to help facilitate payments by employers. “An employer will pay wages in traditional fiat into a nominated treasury account, which receives the money and mints the stable coin. When the person receiving the payment wants to redeem the funds, the coin is ‘burnt’ and money is sent back in Australian dollars,” James Hill said, Emparta’s COO.
-via Business Insider
Key takeaways: 1) There are many benefits to cryptocurrencies, but the volatility may be a major friction to widespread adoption. 2) Basis is a stablecoin project that uses an on-chain, algorithmic central bank to stabilize its price. 3) The stablecoin market is becoming increasingly competitive with new projects emerging, but Basis has the most scalable model and is the most capitalized stablecoin project to date.
-via Wing VC
A self-professed genius is promoting “The Official Guide To Stablecoins LP”, promising to changee the way the entire world thinks about stablecoins this September 28th. Why is it called a Written Album? No idea. Intriguing? Certainly.
-via Colton Robtoy
For Stable.Report’s 7th’s podcast, we had the delight of interviewing Gregory Klumov, CEO & Founder of Stasis, a fiat-backed stablecoin based in Malta. This June, they introduced a euro-pegged stable coin, EURS, and outlined their aim of bridging the gap between decentralized finance and off chain markets. The Maltese Prime Minister, Joseph Muscat, was at the launch event and spoke about how Malta was taking the lead in establishing itself as the ‘blockchain island’. Please enjoy listening/reading/watching it here!
HitBTC customers can now trade GUSD against the exchange’s main quote currencies: Bitcoin, Ethereum, Tether, and EOS.
-via Coin Speaker
Binance has opened deposits for Paxos Standard Token (PAX). Trading for PAX/BNB and PAX/BTC trading pairs will open at a later date.
The Switzerland-based startup says the ERC-20-compatible token, dubbed the ekon, will sit alongside its multicurrency wallet and decentralized exchange. But perhaps more notably, each token will be redeemable for one gram of 99.9 percent fine gold, which the startup says will be stored in its vaults and audited every 90 days.
The purpose of the multicurrency implementation is to allow seamless swaps between multiple fiat currencies for users of nomins, our stablecoin. Allowing users to send and receive different currencies without needing to manage exchange rates or other kinds of friction will significantly add to the usability of the Havven Payment Engine. Pretty cool.
-via Havven Announcing: Dether 🤝
Havven has partnered with Dether, a peer-to-peer mobile application that allows anyone to connect and trade with crypto buyers and sellers near them on the Dether map. Both HAV and nUSD are now available on the Dether app for users to transact with other individuals through the app, but please note that the ‘exchange’ function is not yet available.
nUSD and HAV are now listed on Cryptology. Trading pairs: nUSD/BTC, nUSD/ETH, nUSD/USDT and HAV/BTC, HAV/ETH, HAV/USDT.
CarbonUSD is a hybrid approach towards price-stability, combining the best properties from both algorithmic and fiat-backed stablecoins. Sam Trautwein, CEO of Carbon published an article explaining what they launched last week and what it means.
Can investors assume that one stablecoin is pretty much the same as another? Well that would be a big misconception. The team at ROCKZ analyzed a range of 18 stablecoins, factoring in ROCKZ as well, and the results reveal wide differences.️ A bit biased, but still a good overview.
ndau is designed in broadly similar strokes to other uncollateralised stablecoin systems, except with the intention of minimising price downsides and gently encouraging rises based on token demand. When demand increases, the system responds by both increasing supply as well as letting market forces push the price higher.
Etch’s platform can allow employers to assign bonuses to individuals, teams or company-wide. Employers can choose from a basket of tokens — Ether, ////Pier or even ////🍩 or ////☕ tokens. However, explaining this idea was challenging, so they asked the community for help.
Augmint now supporting A-EUR payment requests, improved on-boarding and UI, and other component upgrades.
R&D, product, partnerships and event updates.
Making Maker 🙇♂️
Get all caught up on what MakerDAO’s been up to, including integrations, hackathons, and of course, Multi-Collateral Dai.
Since SweetBridge released their Wallet Alpha on June 18th, they’ve fixed and improved more than 75 features and also created a backlog of new ones they’re already working on. On this basis, they’re expanding testing beyond the wallet and into the (1) the sign-up process (our KYC/ AML component), and (2) the ability to buy SWC directly from your wallet. Find out here how to participate in the beta and get bounty rewards.
Stronghold’s APIs offer retail-level access to an open network where customers can transact with multiple cryptocurrencies, easily making deposits and withdrawals to convert funds back into fiat currencies. Stronghold CTO and co-founder Sean Bennett said the API documentation is the latest step in the company’s mission of putting a digital wallet in every pocket.