Stablecoin issuer Tether, a prominent player in the cryptocurrency market behind the widely used USDT stablecoin, has released its audit statement for the first quarter of 2024, accompanied by a report conducted by independent accounting firm BDO. The report, which provides additional financial information beyond the reserves backing Tether’s fiat-denominated stablecoins, shows the company’s profit…
In a recent report published by QuickNode, the first quarter of 2024 showed the dominance of decentralized finance (DeFi) and the notable growth of Web3 gaming in the crypto industry, which outperformed the stablecoin sector in key metrics, indicating investor preference and market sentiment during this period. Hopes For Second ‘DeFi Summer’ Per the report,…
The Solana Foundation, a non-profit organization dedicated to decentralization, adoption, and security on the Solana network, has launched token extensions. Solana Token Extensions Gains Traction According to a January 24 announcement, token extensions provide developers, enterprises, financial institutions, and Solana-native development teams with a comprehensive suite of turnkey solutions for advanced token functionality. Anatoly Yakovenko, co-founder…
Tether, the issuer of the ubiquitous USDT stablecoin, cemented its dominance in 2023, ballooning its market share to a staggering 71%. This explosive growth, however, comes with a chilling undercurrent: a United Nations report linking USDT to a surge in cybercrime and money laundering in Southeast Asia. Glassnode data paints a stark picture of Tether’s…
Cardano (ADA), a Proof-of-Stake (PoS) Layer-1 (L1) smart contract network launched in 2017, experienced a largely quiet Q3 2023 in the overall crypto market. However, the network faced challenges with a decline in ADA’s price and revenue. Despite these setbacks, Cardano showcased growth in its treasury balance, stablecoin market cap, and Total Value Locked (TVL)…
For the crypto market to fully enter another epic bull run, investors must be willing to purchase digital assets in large quantities. After a long stretch of abysmal performance, it looks like crypto investors are finally starting to believe in the market as they begin to pool their buying power to enter back into the…
A new report has shown that the adoption of PayPal’s PYUSD stablecoin has seen less than favorable adoption rates since its inception. The crypto community remains skeptical about employing the new stablecoin for daily crypto payments and has opted for top competitor stablecoins like USDT and USDC. PYUSD Experiences Sluggish Adoption Rate Global payments giant…
Binance crypto exchange announced in late August that it is moving to end support for its beloved BUSD stablecoin. This move comes amid the stablecoin’s run-in with regulators, leading to a halt in its production. And now, the exchange has started moving to begin the end of support for the stablecoin. Binance Starts Burning Tokens…
Amidst the constant price swings and uncertainties that plague the crypto market, stablecoins have become an invaluable asset for investors and traders. However, analysts have revealed several stablecoins that have been struggling to maintain the esteemed stability reserved for these types of assets. Stablecoins Under Pressure The inherent volatility of the crypto market and the…
Paypal’s Ethereum-based stablecoin PYUSD has failed to capture crypto investors’ interest. According to data from Nansen, 90% of the stablecoin’s total supply still remains with its issuer Paxos’ wallet. Paypal’s PYUSD Adoption Setback The payment giant Paypal’s recently launched stablecoin PYUSD continues to struggle with adoption and has failed to gain traction since its official…