Hello! This is the 5th edition of our weekly overview of various cryptonetworks, contributing to the future of blockchain technology. Today, the main theme of the update are stablecoins. Blockchain analysis company Coin Metrics has found that while Bitcoin was experiencing its biggest daily drop in the last seven years, stablecoins reaped the benefits.
Coin Metrics, which conducts an analysis of various aspects of cryptocurrency tokens, released its State of the Network report on March 23. According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to deposit coins. Crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced a major downturn.
So, let’s get acquainted with the stablecoins in the spotlight:
USD Coin is an open-source, smart contract-based stablecoin brought by Centre, a collaboration between Circle and Coinbase. The initial implementation is USD Coin (USDC), an ERC-20 token creating possibilities in payments, lending, investing, trading and trade finance — and the ecosystem will grow as other fiat currency tokens are added.
Gemini Dollar is the world’s first regulated stablecoin, designed for high scale and usability in all kinds of transactions. It was issued by Gemini Trust Company, LLC, a regulated, audited New York trust company and backed by US dollars held at State Street Bank and Trust Company.
Tether — Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Tether works to disrupt the conventional financial system via a more modern approach to money.
Paxos Standard is a digital dollar. Like other crypto assets, it can move instantaneously, anywhere in the world, any time of any day, and it’s programmable. It is backed 1:1 for the dollar and it’s issued by the Paxos Trust Company, so the funds are carefully protected, audited and regulated.
Binance USD — US Dollars (BUSD) accessible through Binance. BUSD is also a 1:1 USD-backed stablecoin approved by the New York State Department of Financial Services (NYDFS), issued in partnership with Paxos.
Enjoy!
The Stablecoin Index
USD Coin
To learn more about $USDC, visit an official page.
- Bittrex listed USDC. Markets open for BTC-USDC; ETH-USDC; USDT-USDC; USD-USDC.
- Incredibly rapid growth in USDC adoption, clocking >50% month-on-month growth in USDC in circulation, just crossing $700M. See post.
Previously, in the Centre Consortium blog mentioned that USDC Stablecoin Surpasses $600 Million Market Cap as Industry Adoption Accelerates.
Possible reasons, boosting the spread of USDC are:
- New USDC Services for Businesses and Developers
- USDC Approved as Collateral Type on the Maker Protocol
- 6 more Companies Join the USDC Ecosystem (Crypto.com, Guarda Wallet, Matrixport, Outlet, Ramp Network, Sablier).
- Why Circle’s (USDC) Is Best Placed To Challenge Tether’s (USDT) Stablecoin Dominance — an article considering the major advantages of USDC.
Gemini
To learn more about $GUSD, visit an official page.
- Applications that use Gemini USD:
- BlockFi offers an interest-bearing product enabling users from over 50 countries to earn interest on their Gemini dollar holdings (8.6% APY at present).
- Flexa users can spend Gemini dollar at major merchants such as Bed Bath & Beyond, AMC Theatres, and Nordstrom among others via the SPEDN app.
- BTG Pactual, a Brazilian investment bank, uses Gemini dollar to offer a real estate security token (ReitBZ) to investors. Investors buy ReitBZ (and receive dividends) using GUSD.
- Harbor, an all-in-one tokenized securities offering platform, allows users to invest in deals and receive future distributions in Gemini dollars.
..and more!
- Recent Independent Accountants’ Report — Gemini Dollar and Cash Balances as of March 31st, 2020.
- Latium was included as one of the innovative platforms driving practical usage of the Gemini Dollar.
Tether
To learn more about $USDC, visit an official page.
“We believe that widespread adoption of Tether’s secure Blockchain-compatible ‘crypto-dollar’ will lead to better price discovery, market transparency and liquidity.” — Jean-Louis Van Der Velde, CEO of Bitfinex
- On March, 12 Tether has surpassed a market capitalization of $5 billion, amid a surge in interest in crypto’s most liquid, stable and trusted currency! This important milestone confirms Tether’s place as the pre-eminent stablecoin, with the biggest market capitalization.
- Bybit Hosts Tether Airdrop to Celebrate the Launch of USDT Perpetual Contracts. Weeks after revealing its new USDT perpetual contracts, derivatives exchange Bybit has announced a USDT airdrop. The Singapore-headquartered trading platform is reinforcing its commitment to make Tether (USDT) the benchmark currency for all its futures contract pricing and collateral adjustment. Traders can claim up to $1,000 of USDT as part of Bybit’s airdrop campaign.
- Tether’s on-chain withdrawals spikes; what does this mean for Bitcoin?
- Bithumb Global Launches Margin Trading for Bitcoin and Ether Pairs with Tether. Bithumb Global, the international platform of South Korea’s top crypto exchange, has rolled out margin trading with 5x leverage for Bitcoin and Ether trading pairs with Tether.
- Tether Becomes Second Crypto to Launch on Blockchain Futures Platform. KuMEX, a derivatives arm of IDG-backed crypto exchange, KuCoin, is planning to roll out USDT-margined Bitcoin perpetual contracts on March 30, 2020, the firm officially announced on March 27.
- Paolo Ardoino, CTO of Bitfinex & Tether — Interview Series — read an interview summary, highlighting CTO of two of the most successful blockchain companies in the cryptocurrency space.
Paxos Standard
To learn more about $USDC, visit an official page.
- Monthly Attestation Reports.
- Paxos and Gilded Enable Instant Business Payments. Gilded’s crypto invoicing solution enables corporate finance teams to send an invoice priced in USD (or another currency) and receive payment in BUSD or PAX. Gilded integrates with traditional accounting software like QuickBooks to enable full accounting and transparency for stablecoin payments.
“We’re perfectly aligned with Paxos’ mission of creating a global, frictionless economy,” said Gil Hildebrand, CEO of Gilded. “Paxos is a regulated financial service provider that businesses can trust. Our Paxos collaboration finally unlocks the ability for businesses to use digital currency for real-time payments.”
- Paxos Standard is now available on Poloniex. You can deposit $PAX into your account now and be able to post limit orders for BTC/PAX, ETH/PAX, and PAX/USDT.
Binance USD
To learn more about $BUSD, visit an official page.
- The number of unique addresses that were active in the network either as a sender or receiver. Only addresses that were active in successful transactions are counted.
- Travala.com adds Binance USD as a payment method. Founded in 2017, Travala.com claims to be the leading blockchain-based travel booking platform offering over 2,000,000 hotels and accommodations in 230 countries with cheaper prices than mainstream travel booking platforms.
- dForce & LendfMe now support $BUSD. Lendf.Me is the largest DeFi fiat-stablecoin loan market. You can now earn interest by supplying $BUSD or borrow $BUSD with competitive rates against $BTC, $ETH or stablecoins.
- Binance stablecoin is now available on the CoinLoan platform as a loan asset and collateral asset.
- On behalf of people that retweeted a post on the official Binance page, Binance Charity made a $1M USD donation! Donations will be used to purchase medical supplies from vetted suppliers & shipped globally.
- Binance users in Colombia, South Korea, Kenya, Kazakhstan, and Peru can now use their native fiat currencies to Buy Crypto with Visa credit & debit cards. Cryptocurrencies available for purchase: $BUSD $BTC, $ETH, $BNB, $XRP, and $USDT.
That’s all for today!
Feel free to share your feedback about the format!
