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Stellar Officially Supports USDC Stablecoin on Its Blockchain Network

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Stellar became the official blockchain for the USDC stablecoin, after Circle added the USDC support to the Algorand blockchain in June 2020.

On Thursday, October 15, the Centre Consortium announced Stellar as the official blockchain for its dollar-pegged USDC stablecoin. Co-founded by Circle and Coinbase, USDC is the second-largest stablecoin after Tether (USDT) and will appear on Stellar around Q1 2021.

With this Stellar becomes the third blockchain to officially support the USDC stablecoin. Also, this will be the first major stablecoin hosting for Stellar. Currently, USDC is completely supported by the Ethereum blockchain network with its circulating supply of $2.7 billion. The latest announcement comes after Circle added the USDC stablecoin support to the Algorand blockchain in June 2020. Speaking about the latest developments, Stellar Development Foundation CEO Denelle Dixon said:

“We look forward to bringing such a reputable and engaged USD asset to the Stellar network. We are focused on creating equitable access to the financial system by building a global network that delivers services to users regardless of their geography. The addition of USDC to Stellar will allow us to continue to expand our global reach in pursuit of this mission while opening up new avenues for growth and innovation for the developers and businesses building on the network.”

The Stellar blockchain has become popular as a value settlement layer. Since its inception, Stellar has facilitated over 1 billion transfers and across 4.6 million accounts, adding the support for USDC brings along with the benefits of global liquidity across platforms and countries. Centre said that this makes USDC an optimal asset for cross-border transactions. Besides, all participants on the Stellar blockchain can use USDC for making efficient transactions on Stellar.

Growing Demand for Stablecoin and Regulatory Hurdles

Most of the stablecoins in the market have their value tied to fiat currencies. Thus, unlike other public cryptocurrencies, stablecoins are relatively stable with a fixed value, say 1 USD. Stablecoins have become increasingly popular among crypto investors to facilitate quick trades on exchanges. Also, they serve as a store of value in many cases.

However, stablecoins haven’t quite gone well with the regulators and see it as a direct threat to the national CBDCs. Also, regulators note that without proper regulations, stablecoins can be a potential tool for illicit money transfers. Regulators note that stablecoins can be a source of money-laundering or terror financing. On the other hand, stablecoin-operators say that they are important for global financial inclusion. Circle Chairman and CEO Jeremy Allaire said:

“We value the increased interoperability and wide range of developers that the Stellar network brings to the table, and look forward to seeing how adding a strong and stable USD anchor to Stellar grows its ecosystem and its importance as a platform driving global financial inclusion.”

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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High DeFi Yields Threat to ETH 2.0 Staking, Says ConsenSys 

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ConsenSys expects DeFi providers and protocols to be fair enough and provide liquid tokens that resonate with the ETH value that an investor stakes.

According to ConsenSys‘s latest Q3 DeFi report, the surge of DeFi and its high yielding liquidity provision opportunities could, in the future, be a barrier to participants who want to stake as soon as ETH 2.0 Phase 0 is unveiled. Better earning opportunities that are found on decentralized finance protocols may limit staking on Beacon Chain, Ethereum’s forthcoming project. Beacon Chain launch could take place within the next six to eight weeks since the ETH 2.0 deposit contract launch is almost near, according to Ben Edgington, developer of ConsenSys.

ETH Holders Should Get Better Staking than DeFi Returns

Last week, Edgington revealed the Ethereum 2.0’s deposit contract address feature is the last “missing link” needed to enable participants to send ETH between both Ethereum and ETH 2.0. Through the new proof-of-stake consensus mechanism, holders of more than 31 ETH will benefit from various staking opportunities, but scaling improvements would not come that soon.

ETH holders will, for a currently unspecified period, have to lock up their funds in a deposit contract in order to gain a variable return – and that is where the challenge arises. DeFi protocols competing to give Ethereum holders greater returns for liquidity are on the increase. As a result, ETH 2.0 would be denied from reaching the staked ETH threshold required for rendering it sufficiently decentralized and secure.

 The report warned as follows:

“It is not unreasonable to worry that ETH holders would (at best) wait to see how early staking returns compare to DeFi returns, or (at worst) decide altogether not to ‘risk’ locking up ETH until Phase 1.5 (which is likely at least a year away) in case another similar bull run occurs in the meantime.

ConsenSys expects DeFi providers and protocols to be fair enough and provide liquid tokens that resonate with the ETH value that an investor stakes. The token might be easily presented or be redeemable as collateral for other protocols leaving the ETH staked on Beacon Chain to remain locked away for some time.

On Sunday, ConsenSys Codefi, a firm that facilitates tokenization and trading, DeFi products, said that it plans to collaborate with Protocol Labs to unveil a Filecoin DeFi Bridge and Storage Market to enable cheaper and faster storage of data.

Ethereum 2.0 Launch Eminent despite Testnet Woes

As Ethereum upgrades a proof of stake (PoS) consensus mechanism and further solves the network’s scalability, deployment of ETH 2.0’s “Phase 0” will need 500,000 ETH deposited for the users to run more than 16,000 validators. ETH’s new release is expected to shield the platform from denial-of-service attacks, curb temporary penalty fees from quadrupling, and implement the genesis delay.

In August 2020, after its launch, the Medalla testnet suffered from very low participation since people were already bored of testnets as per Edgington. On the client front, the testing seemed somewhat one-sided as Prysm Ethereum 2.0 client dominated over other projects like Teku, Nimbus, and Lighthouse. Spadina test network in September also faced a “slightly bumpy” dress rehearsal time at its genesis.

All is not lost, since last week, Zinken testnet conducted a successful trial, which Anthony Sassano – Co-Founder of Etherhub & Product marketing manager for SetProtocol – stated that was the second last dress rehearsal testnet before the platform settles on a date for the ETH 2.0 phase 0 mainnet launch.

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James Lovett is a talented crypto enthusiast who finds pleasure in sharing more knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. He likes to keep himself furnished and updated with the latest innovation in the crypto industry, blockchain technology, Internet of Things (IoT) and other technologies. As a result, he tries to furnish ardent crypto supporters with the latest news on blockchain and distributed-ledger technologies. Indeed, Blockchain and Cryptocurrency is changing the world as we know “one block at a time”. As a hobby, he also trades in small amounts of cryptos every now and then.
An author with experience writing for tech, digital, and cryptocurrency blogs!





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Bitcoin $1T Market Cap Would Be Conservative Bet, Says Brian Estes

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Bitcoin has been the hot subject for analysts after its recent price surge and its strong withstanding against the falling stock market. As institutional money pour has started in BTC, analysts expect its price to easily 4x from the current levels.

Bitcoin‘s latest price rally in the market has drawn the attention of analysts and investors from the traditional financial space. With big institutions participating in the crypto space, even the BTC critics are forced to have a look at it. Over the last week, the BTC price has surged by nearly 13%, as per data on CoinMarketCap. At press time, Bitcoin is trading at $13,738 with a market cap of $254 billion.

Brian Estes, chief investment officer and managing partner at Off The Chain Capital says that this is just the beginning. Speaking to CoinTelegraph, he expects all corporate treasuries to have a small number of their reserves in Bitcoin.

Recently, a large number of companies have started putting a small percent of their treasury fund into Bitcoin. Over the last few months, business intelligence firm MicroStrategy invested a massive $425 million from its treasury fund. Later, Jack Dorsey-backed Square Inc also invested $50 million i.e. 1% of its treasury fund in Bitcoin. “Those are two of the Fortune 1000 companies and I think there’s 998 left to go,” Estes said.

Working with several of its industry partners, Off The Chain worked out a few numbers with the possible investment capabilities in Bitcoin. Here’s what Estes has to say about it:

“There’s $4 trillion of treasury reserves at public corporations today. If just 1% of that moves into Bitcoin, that’s $40 billion. The multiplier effect for every dollar that goes into Bitcoin, Bitcoin goes up somewhere between $20 and $100 in market cap. If there’s $1 million in Bitcoin bought, the market cap of Bitcoin goes up between $20 million and $100 million.”

$1 Trillion Market Cap Is Conservative for Bitcoin

With respect to the above-mentioned multiplier effect, even if $40 billion of the institutional fund comes to Bitcoin, its market cap will multiple by 20x taking it to $800 billion. Thus, it will push the Bitcoin (BTC) market cap way past $1 trillion i.e. 4 times from the current levels. Thus, we can expect the BTC price to go above $50,000 in this scenario. Estes adds:

“If 1% of treasury reserves from public companies go into Bitcoin, Bitcoin is a trillion-dollar market cap, on the conservative side, and it could be a $5 trillion dollar market cap if we use the 100 number. That doesn’t count central banks and other institutions that may be coming in later on.”

Not only Estes, but other big market players and analysts are also betting on Bitcoin. JPMorgan’s Global Markets Strategy group recently noted that Bitcoin is slowing emerging as a strong alternative to Gold. It adds that if the trend continues, Bitcoin could easily “double or triple” from the current levels.

In its research note accessed by Fortune publication, the bank analysts wrote: “The older cohorts prefer gold, while the younger cohorts prefer Bitcoin as an ‘alternative’ currency. Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the Bitcoin price from here”.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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United Multistate and Cashaa to Provide Crypto Banking Services in India

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The two have established a venture dubbed UNICAS, which will offer both walk-in and online crypto banking services across 34 United Multistate branches located in northern India.

In a bid to onboard over 1.38 billion Indians in the crypto industry, United Multistate Credit has partnered with Cashaa, one of the largest neo banks based in the United Kingdom. According to the partnership details, the two have established a venture dubbed UNICAS, which will offer both walk-in and online crypto banking services across 34 United Multistate branches located in northern India.

Moreover, United Multistate customers will be able to integrate their bank account with cryptocurrencies’ wallets and in turn purchase a row of cryptocurrencies, including Bitcoin, Ethereum, XRP, and Cashaa. Notably, users can either pay using cash or opt to pay via their account.

Apparently once the services are launched, United Multistate Credit customers can take out loans using their digital assets as collateral. This is a huge milestone for the Indian crypto community that for long has suffered from unfavorable governmental crypto policies. Despite the Indian Supreme Court ordering the legality of digital assets, most traditional banks have not adopted them.

However, with United Multistate Credit bank leading onto the crypto path, the likelihood of other banks following the same path is high. Cashaa has been helping businesses provide different payment processing. Among them are over 80 payment methods to websites using different currencies and digital assets.

Cashaa banking system uses blockchain technology powered by CAS tokens. In the past 24 hours, the CAS token had jumped approximately 15.78% to trade around $0.013431 according to figures provided by CoinMarketCap. In addition, it had a market capitalization of $7,879,042 with its past 24-hour trading volume average of $30,729.92.

There are 586,624,991 CAS in circulating supply out of 1 billion total CAS tokens. Whereby it is ranked position 567 according to its market capitalization.

United Multistate Bank and Cashaa in Crypto Industry of Industry

With India recording a huge unbanked population, over 200 million according to world bank reports, crypto oriented businesses are eyeing to venture and capitalize early enough. It is to be considered that the first businesses to offer crypto-related banking services that are customer-friendly are likely to win huge market support.

India’s government has in the past taken stern measures to curb money laundering and particularly corruption.

The government through the central bank has been raising the possible alarm on crime due to crypto adoption. However, the will of the people prevailed when the Supreme Court ruled against banning cryptocurrency trading in India.

Notably, crypto exchanges in India have in the recent past recorded an uptick in trading volume of up to 400%. A clear indication India is a rising crypto market that will play a significant role in global crypto adoption.

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A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies.
Mythology is my mystery!
“You cannot enslave a mind that knows itself. That values itself. That understands itself.”



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