All posts tagged: stablecoin

USDC-Issuer Circle Partners with Sony to Expand Stablecoin Adoption via Soneium

Published by Webster

In August, electronics giant Sony launched Soneium, a layer-2 blockchain, and established Sony Block Solutions Labs (Sony BSL) to spearhead its blockchain ventures. In a recent development, Circle, the issuer of the USDC stablecoin, has partnered with Sony to expand the USDC ecosystem through the Soneium blockchain. This collaboration also seeks to position USDC as a key token within the Soneium network, further integrating stablecoins into Sony’s blockchain strategy. For Sony, this partnership is expected to capitalize on USDC’s strong market reputation to attract users and creators to its suite of customised blockchain services. Meanwhile, Circle will integrate its ‘Bridged USDC Standard’ with Soneium, making the US-dollar-backed stablecoin more accessible to a broader range of blockchain users. In an official announcement posted over the weekend, Circle explained that “Bridged USDC serves as a proxy for native USDC held on Ethereum, enabling developers building on layer 2 blockchains like Soneium to easily power their apps with digital dollar payments.” Jun Watanabe, Chairman of Sony Block Solutions Labs, emphasised that this move aims to deepen the integration …

UK Government Plans to Bring New Rules for Stablecoins, Crypto Staking in Next Six Months

Published by Webster

The UK government plans to get new rules governing stablecoins and staking services for cryptoassets approved by lawmakers within the next six months as pressure ratchets up to deliver on specific proposals ahead of an impending general election. Economic Secretary to the Treasury Bim Afolami, speaking at an industry event hosted by Coinbase in London on Monday, said the government was “pushing very hard” on making legislation happen. “We’re very clear that we want to get these things done as soon as possible. And I think over the next six months, those things are doable,” Afolami said. The Treasury first pledged in October to provide more clarity on specific areas of crypto by some point in 2024. That commitment followed an earlier consultation on fiat-backed stablecoins — digital tokens that use reserves of assets to maintain a one-to-one value with a traditional currency like the dollar or pound — and the passing of the larger Financial Services and Markets Act last summer. Market observers like blockchain analytics firm Elliptic have said they expect to see …

Bitcoin, Ethereum Record Small Price Fluctuations, Stablecoin Prices Dip: All Details

Published by Webster

After two days of majority cryptocurrencies seeing gains, various cryptocurrencies saw their prices fluctuate on Thursday. Bitcoin, with a loss of 0.37 percent, opened trading at $16,816 (roughly Rs. 13.9 lakh). The value of the oldest cryptocurrency also remained unchanged on international exchanges like Binance, CoinMarketCap, and Coinbase. Despite the minor loss, BTC value has spiked in the last 24 hours by a total of $123 (roughly Rs. 10,175) and it remains below the $17,000 (roughly Rs. 14 lakh) price point. Ether saw a small value hike of 0.03 percent. The second-most valued cryptocurrency after Bitcoin is currently trading at $1,251 (roughly Rs. 1.03 lakh), as per Gadgets 360’s crypto price tracker. Stablecoins such as Tether, USD Coin, Ripple, and Binance USD all recorded small losses. Similarly, Litecoin, Polkadot, Tron, Solana, Uniswap, Leo, Chainlink, and Cosmos also saw dips in value. On the other hand, currencies like Binance Coin, Cardano, Polygon, Avalanche, and Monero saw gains on Thursday. Monero, Bitcoin Cash, Near Protocol, Bitcoin SV, Elrond, and Decentraland also minted profits. Both memecoins Shiba Inu …

BTC, ETH Trade Lowly With Losses, Stablecoins Record Profits Close to November End

Published by Webster

More cryptocurrencies saw losses than profits, as the turbulent month of November 2022 inches closer to its end. Bitcoin on Monday, November 28, opened with a value loss of 2.37 percent. BTC, at the time of writing, is trading at $16,111 (roughly Rs. 13 lakh). This is the second consecutive week where the oldest cryptocurrency has failed to break past this price point. On international exchanges like Binance and Coinbase as well, BTC struggled with small losses and traded at a similar price point. Ether tailed Bitcoin on the loss-trail. ETH, as per Gadgets 360’s crypto price tracker, is trading at $1,163 (roughly Rs. 95,150) after recording a loss of four percent. Binance Coin, Cardano, Polygon, Polkadot, and Litecoin also saw losses. Interestingly, rival meme coins Shiba Inu and Dogecoin, unconventionally found themselves on different sides of the crypto charts today. While Shiba Inu saw a 2.22 percent loss to trade at $0.0000089 (roughly Rs. 0.000730), Dogecoin rose in value by 5.56 percent to hover around the price point of $0.095 (roughly Rs. 7.78). Stablecoins …