Stablecoin News Roundup: June 2019

Stablecoin News of the Month:

An Overview Of The Current State of Stablecoins 🤓 The team at BlockData beat us to the bunch and released a beautiful quarterly report on the state of the stablecoin market, full of eye-candy based on our data, check it out! -via BLOCKDATA

Most Stablecoins Are Held By Top 1,000 Addresses 🤔 A new research on the distribution of mainstream stablecoins including USDT, USDC, GUSD, PAX, and DAI found that although some are better than others, none of these stablecoins are particularly decentralized. The aforementioned stablecoins are all mostly held in the top 100 wallets on their networks, and all have more than 90% of their coins held by the top 1,000 wallets. PAX is the most concentrated stablecoin — the largest address holds 82M PAX tokens, 48.38% of the total PAX supply.  -via LongHash-Dot

China Stablecoin and Trading Appetite Dwarfs Global Demand 🇨🇳 Tether’s volume is very misunderstood across the board, but this data analysis sheds light in its importance to the space. In the 2018 bear market, Chinese exchanges accounted for 39% of all known on-chain transaction value for Tether. This year, the red dragon is responsible for a whopping 60%. Great report. -via DIAR and Chainalysis Team

Central Bank Plans To Create Digital Currencies Receives Funding 🏦 This news comes only three months after the head of the BIS saw “no value” in digital currencies. -via FT

JPMorgan Sees Client Interest in JPM Coin for Bond Transactions 🏦 JPMorgan Chase & Co. is seeing interest from clients in the U.S., Europe and Japan on the potential for its digital coin and will probably begin pilot testing with a few clients to see how it helps to quickly transfer money between them. The testing could take place around the end of the year if relevant regulators approve it.  -via Bloomberg

Goldman Sachs Explores Creating a Digital Coin Like JPMorgan’s 🏦 Goldman Sachs Group Inc.’s CEO, David Solomon, told France’s Les Echos newspaper that he’s absolutely looking at digital currencies and said Goldman is conducting extensive research on tokenization. “Assume that all major financial institutions around the world are looking at the potential of tokenization, stablecoins and frictionless payments,” said Solomon. — via Bloomberg

Top Banks Push Ahead with Digital Coins for 2020 🏦 With over four years of R&D into a Utility Settlement Coin (USC), thirteen of the world’s biggest banks are preparing to launch digital versions of major global currencies in 2020. “When we started out…this project has basically been about R&D, we didn’t know if the characteristics [we wanted to achieve] were possible,” said Rohm Ram, head of Fnality, the new venture into which the banks and exchange Nasdaq have just invested £50m. -via FT

The SEC’s Crypto Czar on Whether Stablecoins are Securities 👮 House Rep. Tom Emmer asks Val Sczcepanik whether stablecoins are securities, but the answer isn’t cut and dried.  — via Twitter

France Creates G7 Cryptocurrency Task Force as Facebook’s Libra Unsettles Governments 🌐 The news was announced by France’s central bank governor Francois Villeroy de Galhau. The taskforce will reportedly be headed by European Central Bank board member Benoit Coeure and, in conjunction with the IMF and central banks, is expected to review the social media giant’s cryptocurrency project and submit a report as early as July. -via Reuters

Swiss Central Bank Asked to Issue Stock Exchange Digital Currency 🇨🇭 Stock exchange operator SIX Group revealed at the Crypto Valley Association conference that traders on its forthcoming SDX platform would be able to swap cash for a new digital token. “SDX member banks will be able to settle their trades and other obligations against tokenised CHF within SDX…SDX would accept CHF payments from member banks in central bank money and issue equivalent tokenised CHF in SDX. The value of tokenised CHF would be pegged 1:1 with CHF at all times. We most definitely favour a central bank issued stablecoin,” SIX said in an emailed statement. -via SwissInfo

Binance Confirms Stablecoin Offering Coming Soon ⏰ Binance has confirmed it will soon issue its own stablecoins. According to Binance’s CFO, Wei Zhou, the token will be called Binance GBP, and will be fully backed by reserves of British pounds. More stablecoins tied to other fiat currencies will follow, he said, while Binance will also work with partners wanting to issue their own stablecoins on the exchange’s native blockchain, Binance Chain. -via CoinDesk

Binance Talking to Facebook About Libra Listing 🗣️ Binance’s CSO, Gin Chao, said in an interview they are in early discussions over a possible future listing of the libra token or even serving as a node in the network. “…we look forward to working with Libra as much as we can.” - via TheBlockTV 

Everyone Goes Gaga For Facebook’s Libra 🚨🚨🚨

This was, hands down, the biggest news of the month (if not the year). Everyone has an opinion on what Project Libra means. Stablecoins got hot real fast. This is a brief and non-exhaustive list of good information sources:

Project Updates:

ALCHEMINT Alchemint Monthly Progress Report (May) 📅 Notable updates include the upcoming SDS staking function, the ETH version currently in Beta, the RSK version currently being tested, and SDUSD/DAI atomic swap trading pair listed on Switcheo -via Alchemint

AMPLEFORTH Ampleforth IEO and Token Distribution — Transparency Report 📄 The Ampleforth IEO on Tokinex -Bitfinex’s new IEO platform- was a success , selling out in just 11 seconds! -via Ampleforth

Ampleforth’s marketing wants to make it a point of not being called a stablecoin because its supply adjusts to price in order to dampen volatility over time, but they do have a target price — definitely check out their tokenomics in their website and previous blog posts. If you prefer podcasts, The Block Crunch made a good interview.

CARBON Carbon Launches USD-Backed Stablecoin on TRON 🎉 CUSD is the first FDIC-insured fiat-backed stablecoin on TRON. “Our goal is to build products that people use. TRON shares an unwavering loyalty to both growth and adoption,” said Sam Trautwein, co-founder and CEO of Carbon. -via Carbon

CENTRE / USDC USDC Broadens DeFi Footprint as Value Transferred On-Chain Surpasses $10B 🚀 Just as it surpassed $10 billion in on-chain transfers, leading projects in the Decentralized Finance (DeFi) sector are now integrating USDC into their platform, among them: Compound, Dharma, dYdX, Liquidity Network and Coinbase Commerce. -via CENTRE

Centre’s Stablecoin Network is Open for Business 🤝 On the heels of Facebook’s Libra announcement, Centre announced it is now inviting broader membership and industry participation. Read about the criteria for becoming a USDC issuer, the inner workings of the network, and future technology development and roadmap. -via CENTRE

CRED Cred Raises Interest Rate on Dollar and Euro to Highest in the Industry💸 Cred is upping its interest rate on its USD and Euro cash accounts to 10%. No account minimum is needed and interest is paid in U.S. Dollars or stablecoins. The principal is paid back in the fiat or crypto amounts that were initially received. -via Cred

DIGIX Digix Listed on Pundi X Payment Ecosystem 🎊 Digix has officially announced a partnership with PoS solutions provider, Pundi X. The integration permits users to perform transactions using DGX over XPOS enabled counters. -via Digix

DigixDAO (DGD) Listed on Bittrex 🎊 Bittrex listed DigixDAO’s governance token, DGD, on their trading platform. -via Digix

Digix & SeSocio: Make Digital Gold Tokens (DGX) Available in Latin America 🤝 The partnership enables anyone in Latin America to buy investment grade gold backed tokens (DGX) on the blockchain to secure their financial future. -via Digix

Dev Update — 28 June 🤝 Notable updates includes partnerships with Whisp.Money, Tangem, and Constant.  -via Digix

EVEREX Everex and Lao Development Bank sign a MOU to Utilize Blockchain for Cross Border Payments 🤝 The signed Memorandum of Understanding (MoU) is to discover and implement blockchain technology for cross border payments and trade finance. -via Everex

GLOBCOIN You Can Now Pay Worldwide with GLX Through CoinPayments 🙌 CoinPayments is a cryptocurrency payments getaway that serves as a bridge between consumers and merchants, for example for the e-commerce That means it is now possible to pay with GLX on any of Shopify’s 800,00’s online stores. -via

MAKERDAO Making Maker: June 2019 🗓️ June ended with early fireworks for the multi-collateral DAI (MCD)-anxious: Critical milestones and collateral types have been revealed! The latest "Dai In Numbers" report is also out with beautiful data visualizations on DAI’s growing adoption rate. Additional news include the scheduled governance updates (17.5% stability fee), new partnerships, integrations, event recaps, and more. -via MakerDAO

Oxfam Trials Delivery of Disaster Relief Using DAI 🌱 The pilot, named UnBlocked Cash, took place in the South Pacific Ocean nation of Vanuatu and was conducted in partnership with Australian tech firm Sempo and ethereum startup ConsenSys. 200 residents in the villages of Pango and Mele Maat on the island of Efate were given tap-and-pay cards, each loaded with about 4,000 vatu ($50) in DAI for payments across a network of local stores and schools, with 32 vendors in total.  -via CoinDesk

OKEX OKEx Lists USDK, a Compliant USD-Pegged Stablecoin 🎊 OKEx announced its listing of USDK, a USD-pegged stablecoin backed by USD collateral, and co-launched by its strategic partner OKLink and Prime Trust. The new stablecoin will be listed on OKEx’s fiat-to-token (C2C) trading platform against six fiat currencies — CNY, VND, GBP, RUB, EUR and TRY. -via CoinGeek

PAXOS Use PAX to Fund Your Binance Account Using USD 💵 Paxos and Binance are now partnering to make it faster and easier to fund your Binance trading account. Binance customers can seamlessly convert US Dollars to PAX, which are then sent directly to their account at Binance. -via Paxos

RESERVE Reserve Partners with Chainlink 🤝 The partnership will help make the price feeds that the Reserve Protocol relies on more secure and accelerate their development timeline towards mainnet launch. -via Reserve Research Team

STABLY Stably Lists First Stablecoin Trading Pair on Binance DEX 👏 Stably’s USD-backed stablecoin is listed as a trading pair on Binance as well as Binance DEX with the new BEP2 version of their stablecoin — USDSB. Stably is the first stablecoin listed on Binance DEX. - via Stably

STASIS Stasis Month in Review (May) 🗓️ Relevant updates includes EURS listing on Bitfiniex, Ethfinex, IDEX and Swap.Finex. Stasis also partnered with Cryptofi to allows users to easily create invoices are receive payment in EURS. -via STASIS

SYNTHETIX Synthetic Asset Issuance Protocol 🤓 The Synthetix team is doing something right and has gained a lot of attention recently, now occupying 3rd place on the DeFiPulse leaderboard with > US $25mn locked. This post is a nice overview of the protocol by Matteo Leibowitz. -via The Block

A Response to The Block’s Analysis 🗣️ The above report captures a number of issues with the current Synthetix design, and this is a response to most of the issues highlighted. -via Synthetix

First Community Governance Call (June 13th, 2019) 📞 The objectives of the call were: A) Wider community engagement by proposing enhancements or new features, via a SIP, and championing that specific proposal; B) Getting engineers from outside the Team engaged in this process, and help build these features as well. You can read the summary in this additional blog post. -via Synthetix

Synthetix Suffers Oracle Attack, More Than 37 Million Synthethic Ether Exposed ⚠️ The oracle attack netted the attacker over 37 million sETH. Synthetix Co-Founder, Kain Warwick, believes this was done automatically by an arbitrage bot, and asked for the owner of the bot to contact Synthetix to help resolve the issue, offering a bug bounty as a reward. -via The Block

Synthetix Response to Oracle Incident 🗣️ There are currently a number of trading bots actively trading on using different strategies, one of these bots was able to detect a price error and exploit it to trade into and out of sKRW during the window where the API was incorrectly reporting the price. After being alerted by the community, Synthetix’s CTO stopped the Oracle service from sending rates to the contracts, this had the effect of halting all transfers and trading within the system. Synthetix is in contact with the owner of the bot, who agreed to reverse the trades in exchange for a bug bounty. Trading and transfers have now resumed in the system. -via Synthetix

Check Out the New Synthetix Litepaper! 📄 It offers a detailed summary of the key aspects of Synthetix, including how SNX works, the sUSD peg, Synthetix.Exchange, and more. -via Synthetix

TERRA Columbus-2 Network Upgrade 🤖 Terra’s mainnet upgraded from ‘Columbus-1’ to ‘Columbus-2’. This update brings includes security patches, updates to their Oracle system, and adds safeguards to Luna atomic swaps. -via Terra

June 2019 Terra Community Update 🗓️ Notable updates include stats on the partnership with CHAI — a newly launched Korean mobile payment service. CHAI is currently available on TMON — one of the largest eCommerce platforms in the country with 10 million users and $3.5 billion in GMV. Chai has had 75k unique shoppers, processed 1.5 billion KRW in transaction volume and has powered 60 million KRW worth of discounts. WOW. Additional updates include on-chain changes, because Terra’s lead presale investors have agreed to smooth and extend their vesting for the wider community. Finally, the wallet integration library for Terra Core is now complete, which should make it easier to integrate Terra into your favorite wallet. -via Terra

TETHER Tether is Launching on EOS Blockchain 😮 Bitfinex’s CTO, Paolo Ardoino, announced Tether is launching on EOS to supplement eosfinex — a decentralized crypto asset exchange built on EOS and announced in February. “We need Tether EOS to offer EOS/USDt and crypto-to-stablecoin pairs on it.” said Ardoino. Currently, Tether operates on Omni, Ethereum, and TRON, and Ardoino stated that cross-chain support is crucial for the long-term success of a stablecoin. -via CCN

Bitfinex is Looking to Launch Tether on the Lightning Network 😯 Tether would be the first mainstream asset to be issued on the Lightning Network, which could help the second layer protocol in furthering its adoption. As part of those efforts, Bitfinex has joined a group of developers and companies called RGB, which is working to put more assets on the Lightning Network. “I think that is one of the coolest things we could ever be involved with…we really love LN (I personally do a lot) so we want to make sure we learn and contribute to it with our resources” said Bitfinex’s CTO, Paolo Ardoino in an email to The Block. -via The Block

TRUSTTOKEN TrustToken Partners with Binance to Enable Easier Access to Stablecoins🤝 Binance users can now buy TUSD at zero fees and redeem once signed up through the TrustToken app. -via TrustToken

TrustToken is Launching TrueHKD Using Hong Kong Based Legacy Trust🙌 THKD is fully collateralized with the Hong Kong dollar and will be available for purchase in the TrustToken app. This is the first major expansion for TrustToken into the Asian market. -via TrustToken

Earn Weekly Interest on Pokket with TUSD as Collateral 💸 Pokket is the first cryptocurrency deposit service using TUSD as collateral. Pokket currently pays weekly interest on over 30 of the most popular tokens. For every fixed deposit made, Pokket holds 110% of the value in TUSD in a separate cold wallet. This ensures every deposit is secure and the interest is supported. -via TrustToken

XANK Xank Reaches Cooperation Agreement with Jinhua Northeast Chamber of Commerce Federation 🤝 Xank has begun initial talks for cooperation with Jinhua Northeast Chamber of Commerce Federation, a Chinese merchant federation with about two thousand members that exports merchandise to countries all over the world. -via Xank

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