
Stablecoins Transfer Volume Surpasses Visa, Mastercard Combined in 2024
Stablecoins’ supply saw explosive growth, rising by over 59% throughout the year and peaking at $200 billion in September.
Stablecoins’ supply saw explosive growth, rising by over 59% throughout the year and peaking at $200 billion in September.
The proposal suggests reducing TUSD’s collateral backing to zero, effectively ending its support for crvUSD if approved.
By announcing ahead of time, Binance hopes that it has given users the needed opportunity to adjust their positions and trading strategies accordingly.
Uphold’s announcement follows similar actions from other popular exchanges, including Binance, Kraken, OKX, and others.
The TrueUSD stablecoin is natively available on four chains – Ethereum, BSC, Tron, and Avalanche – with all others available in wrapped versions.
The announcement by Binance to stop supporting XRP could have some negative sentiment on the coin as various speculations about the possible reasons are expected to start flying.
Beyond stablecoins, the report also touches upon the sentiment within the crypto market, noting that the fear and greed index entered the “extreme greed” territory in late February.
The significant outflow could be attributed to TrueUSD’s January 10 report, where the company informed users about a full upgrade to their fiat reserve audit system in collaboration with the Hong Kong-based accounting firm MooreHK.
The introduction of XAI comes at a time when Binance is experiencing remarkable growth. At the end of 2023, Binance reported a staggering addition of 40 million new users, marking a 30% increase from the previous year.
S&P Global Ratings senior analyst Lapo Guadagnuolo believes that the growth of stablecoins does not mean that they are immune to risk factors.
Despite the impressive Q3 2023 performance, Sun acknowledged that the quarter was tough on the industry because of the Federal Reserve’s high interest rates and the declining industry’s revenue.
The Hong Kong Monetary Authority (HKMA) recently completed a public consultation on stablecoins regulations.
The TUSD stablecoins issuer confirmed to the users that it had no exposure to Prime Trust and that all funds are safe.
The crypto market and the players, blockchains, and tools involved within it never stop innovating and evolving just like us mere mortals.
This delisting comes two weeks after global crypto exchange Binance announced its plans to delist USDC.