The Biggest Story in Crypto: The Stablecoin Surge and Power Politics

An early trope about bitcoin was that it was ‘non-political’ money. That’s a tantalizing notion, given the ugliness of politics. But a monetary system is a social system, technology is people, and open-source software development requires intensive collaboration – particularly around a protocol with strong network effects. When the group is large enough and the subject matter important enough, human relations become politics. I think that is true even when it’s not governmental (read: coercive) power at stake. Bitcoin’s politics burst into public consciousness last week with the “whiny....

One thing to be aware of in our world is, sadly, politics. Yes, Politics. It's 'smart-people' term for 'yelling about government.' Take it from me, Calvin Tran. I was oddly fascinated with politics in 3rd grade with the election of George Bush VS John Kerry. I was the typical brainless child who stood by his parents's opinions and with no real understanding of politics. This came back in 2011 when I discovered Ron Paul, and (yes, I can see your eyes rolling) I became enthused with the Libertarian ideals of free market principles and social freedoms. Since then, I've been enthralled by....

UST, one of the stablecoins of the Terra project, has become the largest stablecoin by market capitalization today, after having surpassed its Ethereum-based rival, DAI. UST is now the largest decentralized stablecoin in the market, closing a year of growth for the Terra ecosystem, which is now among the most valuable top ten cryptocurrency projects in the market. UST Flips DAI As The Most Valuable Decentralized Stablecoin UST, one of the stablecoins derived from the Terra project, has become the most valuable project of its kind by market cap, taking the spot that DAI, another....

NEAR rallied by over 25% on Friday, as speculation grew that Near Protocol was set to create a rival stablecoin to Terra’s UST. LUNA fell on the news, as Terra labs plans to purchase around $100 million worth of AVAX, in order to strengthen its own reserves. Near Protocol (NEAR) NEAR was the biggest gainer during today’s session, climbing by over 25%, as traders reacted to two recent fundamental developments. The price surge began yesterday, after it was announced that NEAR had raised $350M in funding from the likes of Tiger Global and FTX Ventures.....

Cloudbet, the pioneering crypto sportsbook and casino, has added USD Coin to the portfolio of coins available to customers, marking the operator’s second major stablecoin integration after launching USD Tether in May. With the integration of USDC and USDT, Cloudbet now supports the biggest coins in the stablecoin universe, with a combined market value of US$18 billion. For crypto gaming, stablecoins have been put forward as a solution for players seeking to protect the value of their cryptocurrency winnings from the extreme price fluctuations experienced by holders of....