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Binance is carrying out a phased termination of BUSD-related services. BUSD withdrawals via various blockchain networks were suspended last month. Binance is currently locked in a legal battle with the US Securities and Exchange Commission (SEC). In a significant development within the cryptocurrency exchange sphere, Binance has officially announced the discontinuation of borrowing and lending services for its native stablecoin, Binance USD (BUSD). The move is part of a phased termination of BUSD-related services, culminating in a complete cessation expected by February 2024. Shutting down BUSD lending  As per the announcement made on October 3, 2023, Binance is set to shut down BUSD borrowing and lending services by October 25, 2023. The exchange will close all outstanding BUSD loan and collateral positions by the end of the month. Users who have been utilizing BUSD for lending purposes will now have to explore alternative stablecoins, such as Tet...

Amidst the rollercoaster of cryptocurrency prices, stablecoins promise stability. Yet, with varying levels of resilience and recent depegging events causing concern, the question arises: Are all stablecoins really that stable? In the ever-changing world of digital assets, cryptocurrencies like Bitcoin (BTC) were pioneering, bringing decentralization into the spotlight. However, the potential of these initial cryptocurrencies has often been clouded by their stark volatility. This is where stablecoins come in. They aim to bridge the gap by pegging their value to more stable assets like the U.S. dollar or gold, promising a blend of stability and reliability in a turbulent market. Not all stablecoins are equally stable. Some are better at handling the ups and downs of the crypto market, while others can be risky. Crypto.news talked to experts to understand how such crypto assets behave and how to invest in stablecoins more effectively. You might also like: Stablecoins: why they...

Tether (USDT) is a stablecoin that has gained popularity in the cryptocurrency market due to its stability and flexibility. It is pegged to the US dollar, ensuring its value remains constant despite market fluctuations.  USDT is widely used for transactions within the crypto ecosystem, and its popularity has led to an increase in investors exploring upcoming projects like Borroe. This trend indicates a positive sentiment in the market. More USDT holders exploring Borroe and ROE There has been a recent increase in interest among investors in Borroe’s native token, ROE, with many USDT holders appearing to direct their investments toward it.  Borroe is decentralized and utilizes non-fungible tokens (NFTs) and artificial intelligence (AI) to create a unique AI-powered NFT marketplace. This combination can present a new avenue for growth, especially considering that the NFT market is becoming more popular. You might also like: Borroe, Cardano, and Polkadot aiming to...

AAVE price may have been impacted by this week’s Curve Finance scandal, but a robust insurance fund and steady fee revenue could protect against further downside. AAVE, the governance token of the decentralized finance (DeFi) protocol Aave, experienced a 17% decline between July 30 and August 1, reaching the $62 level.  While the $62 support has demonstrated its resilience, the current price of $64.40 is still 12% below the daily close on July 30. Investors are now questioning whether this movement signifies a more cautious approach to the sector or if other factors are exerting pressure on the AAVE token price . AAVE price index, 12-hour chart. Source: TradingView Part of the recent movement in the AAVE token can be attributed to the risks of cascading liquidations on DeFi protocols, resulting from the Curve Finance pool exploit that commenced on July 30. However, Aave's decentralized liquidity protocol has successfully survived previous identical scenarios and the protocol has ...

A policy paper has recently proposed the creation of a government-backed stablecoin, the HKDG, in Hong Kong to potentially compete with well-established digital counterparts, such as USDT and USDC. A policy paper suggesting the Hong Kong government to launch its own stablecoin, named HKDG, backed by its substantial foreign exchange reserves, has been put forth. This development comes as an effort to compete with well-established stablecoins such as USDT and USDC. The report was jointly penned by Wang Yang, vice chancellor of the Hong Kong University of Science and Technology, chief scientific advisor of the Hong Kong web3 Association, angel investor Cai Wensheng, BlockCity founder Lei Zhibin, and doctoral candidate Wen Yizhou. Initial coverage of this news was by Wu Blockchain. A Proposal for Hong Kong to Issue a Hong Kong Dollar Stablecoin to Compete with USDT/USDC By Vice President of Hong Kong University of Science and Technology and Chairman of Meitu Read more: https://t.co/pC...

Author: @0xMavWisdom Note: This text is for informational purposes only and is not associated with any financial interests or endorsements of the mentioned project. With the continuous increase in ETH staking rate and LSD emerging as the leading asset category in terms of Total Value Locked (TVL), there is a growing trend in the community to explore more profit strategies around xETH. Integrating DeFi into the LSD space, which boasts $19.62 billion in assets, is becoming a focus of attention. According to data from Dune Analytics, as of May 30th, the TVL of LSDfi reached $315 million, which is only equivalent to 1.6% of the LSD TVL. Among them, Lybra Finance accounted for 56.9%, and it set a new record for single-day growth with over $43 million worth of ETH/stETH inflows on May 29th. The LBR Token has also achieved over 30x growth in just over a month. This article will analyze Lybra Finance with a focus on the eUSD stablecoin . Core Business: Lybra Finance allows users to deposit ETH...

Decentralized finance protocol CurveDAO has successfully launched its algorithmic stablecoin crvUSD on the Ethereum network. Decentralized finance (DeFi) protocol Curve Finance has launch ed its native algorithmic U.S. dollar-pegged stablecoin , dubbed “crvUSD” on the Ethereum mainnet — minting more than $22 million worth of the crvUSD so far. According to data from blockchain explorer Etherscan, the contract has minted more than $22 million worth of crvUSD in the past 8 hours, with $20 million of that amount minted within the first 5 minutes. Screenshot of crvUSD transaction data. Source: Etherscan The deployment of crvUSD on the Ethereum network is a significant step towards the public release of the algorithmic stablecoin. Notably, the stablecoin remains inaccessible to general users, pending integration with Curve’s front-end user interface on its official website. Responding to a query about when users could expect to see the stablecoin released to the public in the official Cur...

Only 11,440 NFT traders were active on March 11 which was the lowest figure recorded since November 2021. Nonfungible token (NFT) trading volumes took a massive beating following the collapse of Silicon Valley Bank (SVB) last week as traders fled the markets fearing the repercussions of a major United States bank going under. According to a March 16 report from data aggregation platform DappRadar, NFT trading volumes were hovering between $68 million to $74 million in the lead-up to SVB’s collapse on March 10, then fell to $36 million on March 12. The dip was accompanied by a 27.9% drop in daily NFT sales count between March 9 to March 11. NFT trading volume and sales count on all networks between March 1-13. Source: DappRadar 11,440 NFT traders were “active” on March 11 also, the lowest figure recorded since November 2021 according to DappRadar. The report explained the depeg of USD Coin (USDC) which hit as low as $0.88 moved trader attention away from the NFT market: As a result “NF...

Debtors jumped on the opportunity to grab a discount on their loan repayments when USDC and DAI de-pegged from the dollar. The depegging of USD Coin (USDC) and Dai (DAI) from the United States dollar prompted a frenzy of loan repayments over the weekend, allowing debtors to save a total of more than $100 million off their loans. Following the collapse of Silicon Valley Bank (SVB) on March 10, the USD Coin (USDC) price dropped to lows of $0.87 on March 11 amid concerns about its reserves being locked at SVB. MakerDAO’s stablecoin DAI also depegged briefly, going as low as $0.88 on March 11, according to CoinGecko. The USDC price briefly dropped to lows of $0.87 on March. 11. Source: Cointelegraph The depegging, in the backdrop of broader crypto turmoil, led to more than $2 billion in loan repayments on March 11 on decentralized (DeFi) lending protocols Aave and Compound — with more than half made in USDC, according to a report by digital assets data provider Kaiko.  Another $500 milli...

The algo-stablecoin Djed from DeFi service provider COTI deployed on the Cardano mainnet after its successful security audit. Since the fall of the Terra (LUNA) algorithmic-stablecoin in mid-2022, many users in the crypto space have developed a weariness towards that particular asset class. The market for algorithmic stablecoins has dropped 10 times what it was at its all-time high prior to the Terra incident. However, this has not stopped developers on the Cardano network pushed forward with the launch of the ecosystem’s overcollateralized stablecoin. Djed (DJED) launched on the Cardano mainnet on Jan 31. and is pegged to USD and backed by Cardano’s native coin ADA (ADA). It uses the SHEN token as its reserve coin. According to the announcement the new token recently completed a successful security audit and was under development for over a year. DJED is a product of Coti, a decentralized financial (DeFi) solutions developer on the Cardano blockchain, as a means for new DeFi and pa...