Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Stablecoin News
One of the hindrances to mainstream cryptocurrency adoption is price volatility, as these assets are freely traded in the open market without central administrators tasked with maintaining price stability. The anticipation of potential losses and gains has hindered cryptocurrency’s use as a medium of exchange. Stablecoins, however, are cryptocurrencies designed to maintain a stable value over time, making them ideal for commercial transactions.
The introduction of stablecoins in the cryptocurrency market ushered in a new wave of liquidity, as exchanges were able to provide trading pairs with tokens representing traditional fiat currencies.
Stablecoin design takes many different forms, each with its own tradeoffs:
- Reserve-backed stablecoins: Cryptocurrencies pegged to the value of a fiat currency held in reserve by a company or consortium. E.g., Tether (USDT), USD Coin (USDC) and Paxos Standard (PAX).
- Collateralized stablecoins: Tokens backed by other cryptocurrencies that retain a one-to-one value with a fiat currency through over-collateralization to absorb potential volatility of the underlying assets. E.g., Dai and BitUSD.
- Algorithmic (seigniorage supply) stablecoins: Rather than using a reserve or collateralization to maintain a stable value, these stablecoins are facilitated through an automated expansion and contraction of the monetary supply, emulating the role of central banks in the fiat economy. E.g., Basis.
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Bubblemaps flags 100 wallets that claimed 9.8 million MYX tokens worth around $170 million, calling it the “biggest airdrop Sybil of all time.”
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Kyrgyz lawmakers passed amendments to the “On Virtual Assets” bill in three readings, defining terms like a state crypto reserve and state crypto mining.
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Paxos updated its bid to issue Hyperliquid’s USDH stablecoin, unveiling a PayPal-backed product with payment integration and a revenue model tied to the DEX’s growth.
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Figure Technology has raised its IPO price range to $20–$22 per share, lifting potential proceeds to $689 million from the primary offering.
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Bitwise investment chief Matthew Hougan says banks should pay their customers higher interest rates if they’re worried about competition from stablecoins.
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XRP price depends on pending ETF approval odds, but XRPL adoption and tokenization metrics still remain weak, raising concerns about the longevity of any rally.
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The initial deal between ALT5 and World Liberty Financial included Eric Trump being on the company’s board of directors.
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Ethena joins Paxos, Frax, Agora, Native Markets and Sky in the race to issue Hyperliquid’s USDH, a mandate tied to $5 billion in liquidity.
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South Korean fintech unicorn Toss plans to launch a finance superapp in Australia this year and issue a Korean won stablecoin once regulations allow.
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Vietnam has adopted a five-year crypto pilot that takes effect immediately and bans the issuance of assets backed by fiat currencies or securities.
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Sky, formerly Maker, is the fifth major crypto protocol to propose to help issue and manage USDH, a planned stablecoin from Hyperliquid.
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An adviser to Russian President Vladimir Putin is accusing the Trump administration of using stablecoins and gold to devalue its $37 trillion in outstanding debt.
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The USDm stablecoin, built with Ethena and backed by tokenized treasuries, will use its yield to subsidize Ethereum sequencer fees.
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MoonPay, Agora, Paxos, Frax and others are challenging Stripe’s Bridge proposal to issue Hyperliquid’s USDH stablecoin, pushing for community rewards.
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