Markets News
Persistent worries about Binance’s solvency, increased regulation of the crypto sector and questionable use cases are chipping away at BUSD’s market capitalization.
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Circle News
Circle is a service for making instant money transfers. The Circle startup was launched in 2013 by Jeremy Allaire and Sean Neville. The Circle app is a platform that allows users not only to send and receive money, but also stores it as well. In 2015, the Circle company got a BitLicense and started operating as a Bitcoin wallet service to trade with cryptocurrency. The main feature of using Circle is that Bitcoin kept in the wallet is insured, so the in case of money being stolen from the user’s account, all the money will be compensated. For this, Circle keeps the equal amount of cryptocurrency on its account to all the Bitcoin stored on the platform. Currently, the Circle finance company uses blockchain technology for not only crypto transactions, but for traditional transfers as well.
- Event Recap
A handful of cryptocurrency industry players who took part in workshops at the World Economic Forum Annual Meeting paint a picture of increased collaboration within the space in 2023.
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A Jan. 25 report from the Financial Times which was widely shared characterized Circle as having “blamed” the SEC for its “jettisoned” public listing plan.
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DCG has reportedly received offers for CoinDesk exceeding $200 million in recent weeks, which at a purchase price of $500,000 would be a 39,900% return on its initial investment.
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Digital Currency Group, a venture capital firm that owns a stake in more than 200 crypto projects, announced the dividend halt while one of its subsidiaries is in financial strife.
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Although it has a much smaller market cap, on-chain data from Ethereum shows that ERC-20-based USDC has a much greater transfer volume than its main competitor USDT.
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Turmoil in the crypto sector in 2022 will see the tech change hands to “more regulated and established institutions,” says Circle’s chief strategy officer.
4507 - Explained
USDC is a U.S. dollar-backed stablecoin issued by Circle and Coinbase to combat the price swings of the highly volatile cryptocurrency market.
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While on-chain stablecoins settlements are growing rapidly, many people pointed out that comparing stablecoin settlements to Visa transactions is not fair as they represent two different things.
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Coinbase’s request comes just a couple of months after Binance ceased support for USDC.
8924 - Market Analysis
The market cap of Tether dropped amid the FTX fiasco while USD Coin supply increased by $2 billion.
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Circle attributed its miscalculated financial projections to Binance implementing USDC to BUSD auto-conversions and the recent collapse of FTX.
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The stablecoin issuer said Apple Pay support allows traditional businesses to experience the benefits of crypto settlement while allowing crypto businesses to engage with non-crypto-using customers.
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Genesis Trading is the latest firm to declare exposure to FTX and may look to its parent company for help as it did after the 3AC bankruptcy.
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Coinbase CEO Brian Armstrong said that the recent FTX and Alameda debacle was a result of risky practices such as the misuse of user funds.
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