Cryptocurrency
Stablecoins
Circle to Launch Euro-Backed Stablecoin on 30 June
  • The so called Euro Coin (EUROC) will be fully backed by euro-denominated reserves, with the initial custodian being San Diego-based Silvergate Bank.
  • Circle noted that the Grant Thornton LLP will be issuing attestations of EUROC’s reserves on a monthly basis, starting July.
June 16, 2022, 5:15 PM
Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum

Jeremy Allaire (Circle CEO) speaks on a panel discussion during the Digital Life Design (DLD) Conference at the HVB Forum on January 20, 2014 in Munich, Germany. Hubert Burda Media/Picture Alliance

Tether Denies Rumors About its Commercial Paper Holdings
  • Tether said the rumor its commercial paper portfolio was 85% backed by Chinese commercial papers was “completely false and likely spread to induce further panic”.
  • The company also noted that it has reduced its portfolio to $11 billion, down from $20 billion in March, and that the goal was to eventually reduce its commercial paper backing to zero.
June 15, 2022, 2:31 PM
Tether (USDT) illustration

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Celsius Pauses Withdrawals and Transfers, CEL Drops 55%
  • The company said the move was made “to protect and preserve assets”, and was caused by “extreme market conditions”.
  • Over the last few days the company has also moved massive amounts of wBTC and ETH from the Aave platform to the FTX exchange for unknown reasons.
June 13, 2022, 8:34 AM
CEL drops 55%

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Japan Passes Stablecoin Bill to Protect Investors
  • After the bill takes effect in 2023, only licensed banks, registered money transfer agents, and trust companies will be allowed to issue stablecoins in Japan.
  • The bill notes that in order for stablecoins to be considered digital money, they must be linked to the price of yen or another legal tender.
June 3, 2022, 1:28 PM
Court of justice sign written in Japanese outside court

Court of justice sign written in Japanese outside court. Shutterstock

May 27, 2022
Terra to Burn 1.3B UST From Community Pools Following a Vote
  • The proposal noted that burning UST will “reduce the outstanding bad debt of the Terra economy”, and could help restore UST’s dollar peg.
  • Submitted on 20 May, and suggesting the burning of roughly 11% of UST’s total supply, the proposal received 99.3% of the total cast votes in favor of it.

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May 26, 2022
May 19, 2022
FTX.US Launches Stock Trading Platform in Beta
  • The exchange noted that FTX Stocks will be the first platform of its kind to allow users to fund their accounts using fiat-backed stablecoins like USDC.
  • The new platform will offer users no-fee brokerage accounts, commission-less trading, and free access to market and company fundamental data.
Apr 12, 2022
Circle Partners With BlackRock, Reveals $400M Funding Round
  • BlackRock, the main asset manager for the USDC cash reserves, will now explore the capital market applications for the USDC stablecoin.
  • The $400 million funding round, which is expected to complete in the second quarter, will see participation from Fidelity, Marshall Wace, Fin Capital, and BlackRock.
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