Chain News Daily Today TheBitTimes.com

Payments giant Stripe is pushing crypto closer to mainstream business by letting US companies accept stablecoin subscriptions in USDC on Base and Polygon wallets, settled automatically in fiat. The feature is aimed at the 30% of Stripe clients that rely on subscriptions and recurring revenue, letting customers pay with crypto while businesses manage both fiat and crypto in one dashboard, the company said in an Oct. 14 blog post . Stripe said the stablecoin service, initially available only in private preview, makes it faster, cheaper, and more reliable for startups to receive payments from international customers. The move could accelerate everyday crypto adoption while pressuring traditional payment processors. “Stablecoins have served as a critical tool for the rapid global expansion of some of the fastest-growing companies today,” Stripe said. USDC is currently the second-largest stablecoin with a market capitalization of $76.26 billion, according to CoinMarketCap . ...

Source: Circle (X) London-based financial technology firm Finastra has joined forces with Circle , the issuer of USDC stablecoin, to bring digital currency settlement into the mainstream banking system through Finastra’s Global PAYplus (GPP) payments platform. The move could reshape the way banks handle cross-border transactions by offering faster, cheaper, and more flexible settlement options. Expanding Payment Options for Banks Finastra supports over 8,000 clients worldwide, including nearly all of the world’s top banks. Its Global PAYplus system processes more than $5 trillion in daily international payments. By adding support for USDC settlement, banks using the platform can now complete payments in stablecoin while continuing to initiate transfers in traditional fiat currencies. Expanding the future of cross-border payments with @FinastraFS and @USDC. The collaboration will enable USDC settlement to Finastra’s established network of financial institutions t...

Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer ...

There is no denying that the digital asset industry is set to get a major boost this year. Amid that activity, one BRICS nation is set to launch its very own stablecoin, and it will severely threaten the US dollar. With the market cap of the industry surpassing the $242 billion mark, the potential growth for the alliance’s native currency could be huge. Specifically, it was the United Arab Emirates (UAE) that announced the arrival of a dirham-backed stablecoin. What makes it all the more interesting is that it becomes one of the major competitors to US dollar-backed stablecoins that have dominated the market. Its arrival could set off a new trend and certainly challenge the dominance of the greenback. Source: Truth Social Also Read: China & UAE Reach 5-Year LNG Deal As US Trade War Intensifies UAE Stablecoin Set to Strengthen BRICS Cause, Hinder US Dollar Dominance There is no denying that stablecoins have become a digital asset sector with immense potential. It provides a lot of ...

The Polygon network has rapidly become a powerhouse in the crypto world, known as a thriving ecosystem for innovative projects. Among the countless tokens and platforms built on this Layer-2 blockchain, a few stand out as the most buzzworthy and impactful. Today, we highlight Frax Token, FrontFanz, and Nakamoto Games, three trailblazing cryptocurrencies gaining traction on Polygon. Most Trending Cryptocurrencies on Polygon As the crypto space continues to evolve, these tokens are not just trends but are reshaping the future of blockchain. Frax Token provides a reliable medium of exchange, aiming to redefine stability and flexibility in decentralised finance (DeFi). FrontFanz is revolutionising the creator economy, offering a censorship-free platform where creators can monetise their content directly. Nakamoto Games is leading the charge in blockchain gaming, offering a P2E platform where players can earn real rewards. These unique tokens are currently the most trending cryptocurrenci...

Shiba Inu (SHIB), a popular meme-based altcoin, has experienced a very notable price surge in the last 24 hours. The asset is in the middle of a rally that has driven prices up by 14.40% at press time. The marketing lead of SHIB, ‘Lucie’, revealed that a stablecoin for the Shibarium ecosystem was in the works in an X post earlier today. The SHI Stablecoin: A Key Development for Stability and Utility in the Shibarium Ecosystem The SHI stablecoin is a crucial development within the Shib ecosystem, currently in the works and not yet released. Its introduction is expected to significantly enhance the Shibarium… pic.twitter.com/UyrJgnYR45 — 𝐋𝐔𝐂𝐈𝐄 (@LucieSHIB) September 26, 2024 Over $1 billion in market cap added to SHIB The market reacted to the announcement quite positively — the 14.40% increase in price corresponds to just a little over $1 billion added to SHIB’s market cap in 24 hours. ...

The chief executive of stablecoin issuer Circle (USDC) says that the firm is moving its headquarters to New York City. In a new thread on the social media platform X, Circle CEO Jeremy Allaire says that the company is moving to New York from Boston to immerse itself in the world of Wall Street as blockchain technology becomes more intertwined with the financial system. “As this technology explodes into the mainstream, and as Circle becomes a more and more important company and infrastructure for this new internet financial system, it became clear that we needed to plant our flag, both literally and figuratively, in the heart of Wall Street, in the most important economic center of the world, and in the great country of the USA.” Allaire says the firm is making the move to NY despite concerns that the US government is hostile toward the digital assets industry. He says that the US is on the brink of becoming the biggest player in the global crypto revol...

Beam wallet has acquired Join, an app that allows users to shop and pay with stablecoins anywhere. The acquisition allows Beam wallet users to shop online at Amazon and Shopify among other merchants and pay using stablecoins. Beam has announced early access, with roll out expected in February. Eco, the developer of self-custody wallet Beam, has announced its acquisition of Web3 app Join, making it possible for Beam users to shop and pay for purchases online at Amazon and Shopify using stablecoins. According to an announcement the Beam wallet team made on Thursday, the acquisition of Join brings checkout onchain. This facilitates a better shopping experience for users without compromising on the benefits of decentralization, the platform said in a threat on X. 1/ BIG NEWS: we’ve acquired @join to enable shopping online with Stablecoin s. It’s time to bring checkout onchain. No more waiting for the rest of the world to catch up. Want to be the ...

Hong Kong authorities have proposed accepting and regulating fiat-pegged stablecoins (FRS). According to the document, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) will allow retail investors to purchase stablecoins , but note that their issuers must obtain a special local HKMA license. To obtain a license, companies must fully support all stablecoins in circulation with reserves equal to the face value, segregation and custody of reserve assets, disclosure, and regular reporting. They will also need to open an office in Hong Kong with a CEO, senior management team, and key personnel. However, Algorithmic Stablecoin Issuers will not be able to obtain a license. “Implementing law enforcement and enforcement arrangements can properly manage the actual and potential risks associated with developing stablecoins in Hong Kong and be consistent with international standards.” Hui Ching, Director of the Treasury Bureau In...

Circle, the global financial technology firm, has announced the launch of EURC on the Solana network. As the leading regulated dollar stablecoin issuer, Circle’s expansion of EURC onto Solana, now the fourth blockchain to support it natively, is poised to enhance utility in peer-to-peer transfers and European remittance corridors. EURC, a fiat-backed stablecoin , operates under a full-reserve model, ensuring a 1:1 redeemable value for the euro. This launch allows developers and users to engage with EURC and USDC on Solana (SOL), providing global money transfers and financial transaction options. 1/ The holiday season is nearly upon us and we have an early surprise…$EURC is now available on @solana’s ultra-fast, near-zero cost network! The time is now for 24/7 on-chain FX with global, instant settlement. Learn more https://t.co/hrCirklYGY — Circle (@circle) December 18, 2023 You might also like: Circle launches USDC and EURC faucets to support dev activity ...

The proposed guidelines are currently in the public consultation phase for the next three months, and if approved, it will come into effect starting in June 2024. The aim of the new liquidity guidelines is to ensure that the stablecoin can be quickly redeemed even during turmoil market conditions to avoid the risk of any bank runs and contagion in a crisis situation. Under the proposed liquidity guidelines, stablecoin issuers must offer any stablecoin backed by a currency that is fully redeemable at par to investors. The official proposal by EBA noted that the stablecoin liquidity guidelines will act as a liquidity stress test for stablecoin issuers. EBA believes the stress test will highlight any shortcomings and lack of liquidity for the stablecoin , which can help EBA to only approve fully backed stablecoin s with enough liquidity buffer. “The liquidity stress testing will help issuers of tokens to better manage their reserve of assets and generally their liquidity risk. Based o...

Built into Opera Mini, the MiniPay self-custodial stable coin wallet sends and receives transactions in less than 5 seconds, Celo claims. Opera has developed a new dollar stable coin wallet on the Celo network for its Android browser Opera Mini to bring more users into the web3 space. MiniPay interface on Opera Mini | Source: Opera In a blog post on Sept. 13, Celo said the so-called MiniPay wallet weighs 2 megabytes and will be initially available only in Nigeria, expanding to Kenya, Ghana, and South Africa in the coming months. You might also like: Curve.Finance now live on the mobile-focused blockchain, Celo Celo says the companies picked Africa for the launch due to its poor infrastructure and high unemployment rates, which presents a “unique opportunity to offer a more stable way to store and send money using digital assets.” “Users in Nigeria, Kenya, Ghana, and South Africa have indicated that even when satisfied with their current payment soluti...

Stablecoins from Circle and MakerDAO have been less stable than those from Tether and Binance in the last couple of years, states a new S&P Global report. Analysts at S&P Global have noted that while all dollar-pegged stablecoins are susceptible to fluctuations, certain ones, like Circle’s USD Coin (USDC) and MakerDAO’s Dai (DAI), have exhibited a greater tendency to depeg compared to others. A comprehensive study conducted in September by Dr. Cristina Polizu, Anoop Garg, and Miguel de la Mata analyzed the valuation and depegging trends of five prominent stablecoins: USDT, BUSD, Paxos (USDP), USDC, and DAI. You might also like: USDC market cap hits two-year low even after Coinbase stake The findings highlighted that USDC and DAI have experienced more frequent depegging incidents than their counterparts, USDT and BUSD, over the past two years. Notably, USDC’s value plummeted below $0.90 for 23 minutes, and DAI’s value dipped for 20 minutes i...

Rune Christensen stated that Solana’s codebase should be the foundation of MakerDAO’s upcoming blockchain, as he highlighted that it’s optimized for building “highly efficient blockchains.” MakerDAO co-founder Rune Christensen has submitted a proposal to build the decentralized finance project’s upcoming native chain off of a fork of Solana’s codebase, and not the Ethereum Virtual Machine despite its long-running ties with Ethereum. MakerDAO’s native chain or what is currently dubbed as “NewChain,” is part of the fifth and final phase of the MakerDAO “Endgame” upgrade announced in May. The final phase is expected to take around three years to complete, and it will see the full re-implementation of the Maker Protocol into a new stand-alone blockchain. In a Sept. 1 X (Twitter) post highlighting the proposal, Christensen stated that: “After some research, I believe the Solana codebase should be considered as the basis for NewChain.” The last phase of Endgame is the launch of a native ...