| Stablecoin FUD is Back? 📉
Stablecoins just can't catch a break, even when it's not stablecoin season.
The fifth-largest stablecoin by market cap, TrueUSD (TUSD), has depegged from its $1 value, falling to as low as $0.97 earlier.
But, it's not just because sellers are getting out for no reason.
On January 10th, it was reported that TUSD had paused its real-time proof-of-reserves, raising the question of whether the stablecoin is adequately backed.
Moreover, TUSD's market cap has been shrinking since October of last year, a month after Binance removed zero-fee trading for the BTC-TUSD pair, as well as being excluded from Binance's last two Launchpools.
And it's not just TUSD that is in the hot seat, as there is speculation that USDT may be next, as outlined by CT influencer Hsaka.
However, with Tether's recent announcement of onboarding the FBI and Secret Service, the Tether truthers might have their work cut out for them.
Editor's Take:
While stablecoins are (mostly) stable, there's really no reason to stick around in something that has the risk of going to 0. With the not-so-distant memory of Terra USD still fresh in some people's minds, it's probably a better idea to stick to one of the more established stablecoins. | | | SEC Approves Bitcoin ETFs, ETH Update, Solana Airdrops! Catch up on the most important updates and developments in the crypto space. | | | Coinbase's stand-off with the SEC ⚖️ Coinbase took the stand yesterday against the SEC in a hearing that lasted 5 hours long in their motion to dismiss the SEC's allegations.
The main man himself, Brian Armstrong, even shared a live broadcast of the hearing on X.
Here's a summary of the main arguments from both parties:
SEC The SEC argued that token buyers are investing in a particular network or ecosystem, indicating that there is a value proposition behind the tokens purchased. Additionally, they also claimed that Coinbase is trying to create a different Howey test, referencing that the application of the Howey Test used in the ruling against Terraform Labs last year is identical to the one being used against Coinbase.
Coinbase Representatives of Coinbase challenged that Bitcoin - which had been referenced as a commodity by the SEC - was also backed by a community and network. Unlike the case against Terraform Labs, Coinbase contended that they were only facilitating secondary market transactions, and no private relationships existed between investors and the company. In the case against XRP, it was ruled that secondary market transactions of XRP were not the same as investing in Ripple. Besides that, Coinbase argued that users trading tokens may or may not seek profit from their investment and have no legal rights over a project, which does not fall within the Howey test.
Presiding judge Katherine Faila is weighing up whether to dismiss the case brought forth by the SEC. If the case is not fully dismissed, it will then move on to trial and the discovery stage, where both sides will present documents and information before making arguments. | | | Liquid restaking tokens, blockchain modularity, and DePIN are some rising narratives to take a look at in 2024. Find out what are some of the other narratives to watch in 2024. | | | In Other News... 'Apeiron' God Game launched its "play-to–airdrop" campaign on Ronin. According to an official post, users can earn airdrop points by completing certain tasks in the current battle demo of the game, as well as for rising up the in-game leaderboards and owning certain NFTs in the game.
AltLayer, a decentralized protocol for rollups, is set to launch its native utility token, ALT, on January 25. The token will be launched via Binance Launchpool following a farming period that begins on January 19, with an airdrop to early supporters also planned upon listing.
Ethereum's Dencun upgrade went live on Goerli testnet, a move that aims to solve the network's scalability issues. It will do this via its proto-danksharding (also known as EIP-4844) feature.
Frax Plans to Debut its Layer-2 in February. Frax Finance's founder, Sam Kazemian, has stated that the platform's long-awaited Layer-2 network, Fraxtal, could attract up to several million dollars worth of assets within the first month.
Donald Trump promises to ban CBDCs if elected. He also stated ""Such a currency would give a federal government, absolute control over your money. They could take your money, and you wouldn't even know it was gone."
Bitcoin's network hashrate falls by ~25% following amid curtailment requests from the Texas grid regulator. Texas emerged as Bitcoin mining hub following China's crackdown in 2021.
| | 🦎Tell us what you think! We've just revamped our newsletter with a new and fresh format!
Whether you're a long-time subscriber or just passing by, do let us know if you like the changes and what we can improve on! | | | The GeckoTerminal App is now LIVE on iOS and Android! 📱 | | Packed with all your favorite features to track the on-chain space. Analyze, chart, and trade 2M+ cryptocurrencies across 110+ blockchains anytime, everywhere. Download now on iOS or Android. |
|
|
|
0 Komentar untuk "🦎🚀 Not truly stablecoins now... 🗿"