STABLECOIN DIGEST #5/2023

Your guide into the summary of last week’s events in the crypto

The crypto realm grows by leaps and bounds. Our weekly news bulletin is here to inform you of the most impactful last week’s events. Read about the essential news and analytics of the stablecoin market, DeFi, NFTs and the crypto regulation sector.

February is on our doorstep, folks, and spring is even closer. The signs are recovery are still weak, with more indications of volatility rather than bullishness. Would that heat things up in the crypto market?

The S&P 500 advanced to the highest rate since August, bolstered by the optimism triggering Meta’s massive gain. Bitcoin tested $24,000 only to experience a slowdown and drop afterward. The cumulative capitalization of the cryptocurrency market was $1.11 trillion, while the Bitcoin dominance index fell to 40.2%.

Otherwise, the industry will take a long time to recover from the bear market. In January only, 2,806 people lost their jobs in the digital asset industry, according to a report by CoinGecko, while 84% of the layoffs came from cryptocurrency exchanges. Analysts cited declining trading volumes, and revenues as key reasons as exchanges Coinbase, Blockchain com, Crypto com, Luno, and Huobi have announced optimizations. Moreover, bad news will undoubtedly continue to arrive in March, as layoffs also affected Amazon, Google, Meta, PayPal, and other large companies.

We at STASIS are proud to go through the tough times, taking the high road and continuing to enhance our services. The Sellback 2.0 is now live and provides a better user journey than ever before. There is no need to delay it — take your test drive today and “Experience seamless crypto on/off ramping.

During turbulent times, no week comes without another scam. The last one was pretty quiet in that regard, though. A popular Twitter of Web 3 realm has been compromised lately, with a series of malicious tweets posted during the morning of Friday, Jan 27th (Pacific Time). Later, the AzukiOfficial team managed to regain control. Read details below.

• Twitter crypto integration

Adoption is coming! Global media reported on the preparation of Twitter for integrating crypto payments. The social network has applied for a license and is developing software for integrating payments. The company is implementing the initiative as part of Elon Musk’s plan to turn Twitter into a “super app.” Initially, the payment option will be aimed at fiat currencies, but it will provide for the possibility of integrating digital assets, the media found out.

• Djed Algorithmic Stablecoin Launch

In collaboration with Input Output, the developers of the blockchain platform COTI Network launched Djed algorithmic stablecoin on the Cardano network! The project development lasted more than a year. The stablecoin is super-collateralized — 400–800% native ADA asset and SHEN as a reserve coin.

• USDN rebranded

The Waves team changed the ticker of the “depreciated” stablecoin USDN which lost parity against the US dollar back in August 2022, has been changed to the Neutrino Index (XTN). Waves founder Sasha Ivanov stated that USDN is being phased out as a stablecoin.

• Amazon steps into the crypto industry.

Corporations continue to make advances in the emerging crypto field. And the eCommerce giant is targeting non-fungible tokens (NFTs), not cryptocurrency. That’s per a Blockworks report published Thursday (Jan. 26) revealing the online retailer’s plans to launch an NFT initiative this spring.

The report from the crypto industry publication cites several sources familiar with Amazon’s plans, who all claim that Amazon has been exploring the launch of a digital asset enterprise across its primary platform and not via Amazon Web Services (AWS).

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