Reinventing Stablecoins?
Ruling the headlines on the BSC network is now a norm for the Mars Ecosystem. Armed with some of the highest APRs in the DeFi space and an ever-growing TVL, the team recently earned a Monthly Star in the Binance Smart Chain “Most Valuable Builders” program and is working towards reinventing the utility of Stablecoins. With BSC supporting Mars’ products and technology, it adds a layer of credibility to the constantly evolving Mars ecosystem. In this write-up, we will deep dive into stablecoins and what Mars Ecosystem means to the future of DeFi and crypto. Stablecoins were first....
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Are algorithmic stablecoins trying to clone the intrinsic qualities of fiat money or dollar; like security? The recent craze over algorithmic stablecoins has stirred mixed reactions from the crypto community. For crying out loud, it has been an emotional contagion for crypto enthusiasts everywhere. So, is it overkill? Are algorithmic stablecoins too ambitious? Suggested Reading […]
The Central Bank of Russia has spoken out against stablecoins, which it says are highly risky and not fit for payments. The monetary authority reacted to a statement by a top finance ministry official who suggested that his department would support the development of Russian stablecoins. Russia’s Central Bank Voices Opposition to Stablecoins Unlike the Ministry of Finance, the Central Bank of Russia (CBR) believes stablecoins are not intended for settlements, either within the country or abroad. The monetary authority said that the issuance and use of private stablecoins is....
Paxos, a regulated blockchain company, recently presented the basket of resources that back its stablecoins. Paxos Standard (PAX) and Binance USD (BUSD) are reportedly backed almost 100% by cash and cash equivalents. Dan Burstein, CCO of Paxos, harshly criticized Tether and Circle, issuers of other stablecoins, stating their products we’re not really stablecoins. Paxos Reveals Stablecoin Backing Basket Paxos, a blockchain-regulated company, revealed the basket of assets backing their issued stablecoin on Wednesday. The company, which issues Paxos Standard and Binance USD, two....
During the last two years since the initial bear market after the 2017 bull run, stablecoins have been extremely popular. Today, statistics show that the market capitalization of all the notable stablecoins today is hovering above the $23.9 billion mark. Out of more than 30 stablecoins in 2020, tether is still a behemoth capturing 76.15% of the entire market share. Since January 2016, the stablecoin tether’s market valuation has grown a whopping 1.9 million percent from $951k to $18.5 billion. Tether’s Market Cap Jumps from a Million to Over $18 Billion in a Four-Year Time Span....