Stablecoin Dominance Ready to Strike Down- Will the Bullish Continuation for the Crypto Prevail?
The stablecoins like USDT, USDC, etc experienced a wider adoption throughout the year 2022 as the bear market restricted the rally to a large extent. However, as 2023 began with a kickstart of giant price action, the demand for these stablecoins dropped. Therefore, the dominance of these tokens is plunging by a huge margin and presently testing one of the important support levels.
Moreover, the strength of the rally also appears to be extremely weak and hence it may result in an explosive move toward the south. Moreover, the Trend Breakout Indicator(TBO) substantiates the weakening of the rally as it indicates the beginning of a deep bearish trend.
The combined market cap of the top 2 stablecoins has plummeted from around 15% and currently hovering just above 10%. If the levels fail to sustain above these crucial levels, then a continued downtrend may slash the combined market cap below 10% to reach 9.69%.
However, considering the individual market cap of both USDT and USDC, the USDC market capitalization has been slashing hard and faced rejection from $70 billion to drop below $65 billion. Meanwhile, the USDT’s market cap has been witnessing significant growth in the past week rising from $66.29 billion to reach levels just above $68 billion.
Therefore, it can be considered as the market participants are again betting on USTD as the USDC’s market cap is plunging comparatively. Therefore, the USDT is believed to maintain its dominance against USDC while the bullish market sentiments may prevail for the cryptos in the longer term.
What’s Next for Cardano Price As Djed, an Algorithmic Stablecoin, Enters the Market?
Cardano’s Djed is live! It hits the mainnet at times when most of them have been undergoing frightful days. Meanwhile, the launch did offer a notable push to the ADA price but it was only a short-lived rally that appears to have settled.
The token has been attempting rigorously to slice through the crucial $0.4 resistance levels but is constantly failing to do so. However, the rally continues to trade in an ascending trend, indicating that it is confident of reviving a bullish trend.
The ADA price has been trading below the 200-day MA levels since the beginning of 2022 and has never attempted to test these levels. However, since the beginning of 2023, the price has inflated and raised close to MA levels. Woefully, the price has been facing constant hindrances at these levels, but bulls appear to be poised to keep up the momentum of the rally and reach the desired target at the earliest.
Cardano Active Address See Notable Swing
However, the bears may certainly not hold the dominance for a long time as the market participants have intensified their activity on the platform. The Daily Active Address(DAA) that tracks the number of addresses contacting the platform is maintaining a notable upswing.
Presently, the levels have rebounded from the bottom at around 52K and raised beyond 85.5K, and heading towards 100K. In the meantime, the ADA price also maintained a significant upswing. With the jump in the DAA, the transaction volume also spiked, indicating the shift of focus of the market participants over the platform.
Another indicator that is pointing toward a giant price action is the MVRV ratio trending within the negative levels for quite a long time. The MVRV ratio is the comparison between the market value to its realized value that further determines whether the token is undervalued or overvalued.
Presently, the MVRV ratio has been trading within the negative levels for quite a long time, hence indicating the traders accumulating the tokens constantly as the ADA price, currently is undervalued.
Collectively, Cardano’s price appears to have been preparing for a notable rally, where-in the rally may catch up, regardless of whether the bullish market sentiments prevail within the market or not. Therefore, after accumulating some strength, the ADA bulls are believed to uplift the price beyond the pivotal resistance soon.
Cardano Bulls Are All Charged up Ahead of the Launch of Its Stablecoin DJED
As the broader cryptocurrency market recovery gathers steam, the price of Cardano (ADA) has increased by 45% over the past month and 7.7% over the past week. However, in addition to the general market rebound, the much-anticipated launch of the DJED stablecoin on the mainnet, which is planned for this month, also supports the bullish Cardano market sentiment.
Just before the debut, the well-known Singaporean cryptocurrency exchange Bitrue revealed plans to list the DJED stablecoin together with SHEN, its reserve coin. Before a user can receive Djed, more than 400% in collateral value must be provided. Djed will be backed by other tokens. By doing this, it will be possible to replace the volatile gas fees with a transaction cost that is consistent and predictable.
“As part of our effort to stake the ADA that is deposited to the Djed smart contract and generate extra rewards for SHEN holders, we are developing a snapshot mechanism and UI that will be added to djed.xyz, where SHEN holders will be able to track these extra rewards,” as reported by Coindesk, the developers said.
The ADA token, which is the native currency of Cardano, is being used to finance the Djed cryptocurrency. Users will be able to transfer ADA to the platform’s smart contract in order to earn Djed in return. As the preferred currency for covering transaction costs on the Cardano network, it aims to replace all other cryptocurrencies.
Through an official blog post on its website and a subsequent tweet from COTI Network, Bitrue announced its intentions to list DJED. In the near future, Bitrue intends to add support for DJED and SHEN staking, according to the blog announcement. SHEN is the reserve token to be used in preserving DJED’s peg to the dollar and is supported by Cardano.
In the meantime, COTI, the payments platform in charge of the stablecoin’s issuance, has made a number of advances to guarantee the launch is a success with the introduction of DJED anticipated on the mainnet this month. The public testnet version of DJED v. 1.1.1 with Vasil compatibility was made available by COTI last month.
The Battle For Stablecoin Dominance: USDC Dethrones USDT!
The two largest stablecoins by market capitalization, Tether’s USDT and Circle’s USDC, continue to compete for dominance in the market. As of recently, USDC has dethroned USDT in terms of transfer volume, according to an on-chain statistical study conducted by Glassnode.
Specifically, USDC transfer volume has averaged above 15 billion for the past three months, whereas USDT transfer volume has averaged below 5 billion during the same period. Notably, Tether’s USDT has lost one of its major customers, FTX and Alameda, which has contributed to a decrease in its transfer volume.
Despite this, Tether’s USDT has maintained its position as the top stablecoin in terms of market capitalization and daily trading volume.
According to market data provided by Binance-backed Coinmarketcap, USDT has a market capitalization of approximately $66,280,561,302 and a 24-hour trading volume of about $23,449,553,551. Additionally, according to on-chain data provided by etherscan.io, USDT has a total of 3,968,318 holders who have made 171,639,755 transfers.
On the other hand, Circle’s USDC has a maximum total supply of 40,745,274,208.26955 and a 24-hour trading volume of around $2,714,241,204. Additionally, according to on-chain data, USDC has a total of 1,578,797 holders who have made 57,695,025 transfers.
Among the largest holders of USDC include Maker, Binance, crypto.com, and the Polygon network, among others.
The divergence of Tether USDT and Circle’s USDC in transfer volume significantly increased after the Bitcoin price and crypto market began the 2022 bear market. This indicates that problems within FTX may have begun way earlier than the day SBF rang the alarms.
What Are The Institutional Investors Choosing?
The stablecoin market has gained significant popularity in recent years due to the high volatility of cryptocurrencies such as Bitcoin and Ethereum. Retail traders have been using stablecoins as a hedge against volatility, allowing them to take profits during bullish markets or protect their assets during bearish markets. However, mainstream adoption of cryptocurrency requires a highly transparent and audited stablecoin market to avoid instances such as those with Terra and Luna, and UST.
Circle’s USDC has gained favor among institutional investors, including BlackRock and BNY Mellon, due to its high level of transparency. For example, every month, Grant Thornton LLP, one of America’s largest audit, tax, and advisory firms, provides third-party assurance of the size of the USDC reserve.
In contrast, Tether’s USDT has struggled with providing reserve data over the years. Furthermore, Tether was fined over $40 million by the U.S. Commodity Futures Trading Commission (CFTC) for making misleading statements regarding its reserve data. This highlights the importance of transparency and trust in stablecoin markets, and the advantage of USDC as compared to its competitors.
STASIS Deployed The Largest Euro Stablecoin EURS on XDC Network to Boost Web3 Payments
Singapore, December 12, 2022 — STASIS, the issuer of the largest euro-backed stablecoin, has deployed its EURS stablecoin on XDC Network, enabling the XDC community to advance their crypto journey into stablecoins.
Turbulence is a familiar feeling to dwellers in the crypto realm. In a record-breaking bear market, even trusted companies lose crowns and go bankrupt, while stablecoins and ecosystems can fail in the blink of an eye. Recent events have only strengthened the need for transparent solutions that keep users as risk-free as possible.
Given that the global user base has just started climbing their learning curve in understanding the risks behind cryptocurrency products, many stablecoin companies have tried to penetrate the market with various models, struggling to achieve notable adoption. If you’re up for a crypto journey, start not only with trusted, but transparent solutions.
By 2022, the STASIS-issued EURS has cemented its place as the most reliable asset in the euro stablecoin segment and even beyond for users, businesses, traders, merchants and pretty much everyone else involved in the cryptocurrency domain.
The combination of specific qualities makes the STASIS-issued stablecoin stand out from the crowd. The deep research conducted by the project team clearly shows why EURS is a superior multichain asset after facilitating a study on the euro stablecoins.
Being focused on multichain development, the STASIS team was happy to upgrade EURS with the features of a new blockchain that offers enhanced transaction time, fewer fees and better scalability. This continuing initiative boosts the EURS userbase, and the team is pleased to elevate XDC community’s trust in stablecoins with the introduction of the first euro stablecoin on the network.
“With the help of XDC, EURS gained support of new powerful tools and a new global community and enterprise participants. By now, we have enforced our brand sufficiently to see the need for our stablecoin become apparent in world markets. More companies are realizing the importance of transparency, and this is a confirmation that we are doing our job right — educating the cryptocurrency community and improving the financial inclusion within Web3,” — said STASIS CEO Gregory Klumov.
About XDC Network
The XDC Network is an enterprise-grade, EVM-compatible Layer 1 network equipped with interoperable smart contracts. A highly optimized, bespoke fork of Ethereum, the XDC Network reaches consensus through a delegated proof-of-stake (XDPoS) mechanism, which allows for two-second transaction time, near zero gas fees, and over 2,000 transactions per second (TPS).
Secure, scalable, and highly efficient, the XDC Network powers a wide range of novel blockchain use cases.
XinFin the creators of the XDC Network was founded in 2017, whereas XDC Foundation was formed in 2021 to support the growth, development and adoption of the XDC Network by collaborating with an informed and active community of developers, world trade experts, and content creators. XDC Network is designed to support those who utilize blockchain technology to more efficiently store and exchange data, assets, and ideas.
About STASIS/EURS
STASIS is a European financial technology company that provides a bridge from Web2.0 to Web 3.0 financial services and is a pioneer in the commercialization of stablecoin use cases. The team develops customer-friendly instruments to enable institutional and retail customers to manage digital currencies and public blockchains for payments and settlements, e-commerce, and DeFi.
Since its inception in 2017, it has functioned as the most transparent and institutional-friendly part of the European blockchain ecosystem through the strategic intersection of licensed financial intermediaries and distributed ledger technology. The Malta-based startup has rightfully gained the trust of traditional and conservative regulated institutions.
The STASIS team built an app that allows customers to pay, earn and run digital asset treasuries globally and stay compliant with a traditional financial system. The institutional grade infrastructure is based on and connected to the leading banking (BankFrick), capital markets (Exante), data compliance (Chainalysis, Elliptic), and custody (PrimeTrust, BitGo) service providers.
STASIS is the issuer of the largest non-USD stablecoin EURS with $6B+ of transferred value. EURS successfully competes in the DeFi corner with the biggest euro-denominated staking pools. Currently, EURS is the largest stablecoin pegged to the world’s second most-traded currency and ranks as a top-10 stablecoin globally, accumulating tens of thousands of users in its global communities.
Media Contact:
Name: Gregory Klumov, CEO & Founder
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Tron’s Stablecoin USDD Records a 6-Month Low – Is USTC 2.0 Underway?
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After Terra’s UST, Tron’s stablecoin depegs massively which may be an aftermath of the collapse of a popular exchange FTX
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USDN appears to be in deep trouble as the aftermath of the collapse has heated up the stablecoins which are thriving to defend their peg against the bearish influence
Tron’s decentralized algorithmic stablecoin USDD and Waves’s Neutrino USDN are de-pegging heavily. Algorithmic stablecoins have been a major subject of worry ever since the Terra ecosystem failed to defend the UST peg and caused a major market crash, halving many assets.
Along with USDD, the Waves stablecoin USDN also plunged hard by nearly 5% and marked monthly lows around $0.75, which is now trading around $0.818. The USDN’s market capitalization also dropped significantly by nearly 5% to reach the level of around $556.8 million.
Tron’s Stablecoin USDD De-Pegs, Hits June Lows
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On Monday, the algorithmic decentralized USD (USDD) stablecoin on the Tron network dropped to $0.9695, its lowest level since June. A few hours ago, Curve Finance had almost $4 million USDD in liquidity taken from it, accounting for approximately 12.83% of the pool’s entire stake. Tron’s USDD on Curve has a drastically skewed USDD/3CRV liquidity pool, with USDD accounting for 86.1% of the total.
Justin Sun tweeted that he is deploying more capital to support USDD and emphasized that the algorithmic stablecoin has a 200% collateral ratio in an effort to calm the market.
Cardano Based Stablecoin “USDA” is All Set to launch in Early 2023
The post Cardano Based Stablecoin “USDA” is All Set to launch in Early 2023 appeared first on Coinpedia Fintech News
Early in 2023, USDA, a stablecoin pegged to the US Dollar, will be released by Emurgo, the Cardano blockchain’s official commercial arm, and a founding organization.
The first stablecoin in the Cardano ecosystem to be fully fiat-backed and compliant with regulations. According to Emurgo, USDA will go live on the Anzens platform in Q1 2023, allowing users to tokenize their USD into USDA using credit/debit cards, wire transfers, or the conversion of ADA.
USDA is a component of Emurgo’s Anzens program, a larger scheme that would provide customers with a range of financial services and products based on Cardano. These programs include card payments using cryptocurrency, lending and borrowing services, and connections between traditional marketplaces and decentralized applications.
Tether (USDT) Stablecoin Drops Below $1 peg
On Thursday, the stablecoin Tether USD (USDT) saw trading below $0.993, down 0.6% from its targeted $1 peg as investors worried about possible contagion effects from the crypto exchange FTX and its associated trading arm Alameda Research.
According to data from Kraken, Binance, Coinbase, and OKX, the stablecoin is now trading at the four exchanges in the $0.992-$0.993 range. USDT hit such price levels, Prior to May’s implosion of Terra and its associated UST stablecoin.
Cardano’s Djed Stablecoin is Just one Final Audit Away
The Vasil hard fork upgrade has caused Cardano’s growth to constantly improve. However, the value of Cardano has reversed. It failed to demonstrate a favorable trend in the price of ADA, which is currently about $0.42. (USD).
Djed, the algorithmic stablecoin created by Cardano and Coti Network, is now in the process of being finished. The Djed team previously said that it was anticipating the Vasil update since the hard fork will enable the scalability needed to run Djed on the mainnet securely.
The Coti Network has detailed what might happen next for the eagerly anticipated stablecoin deployment now that Vasil has successfully launched with all functionalities installed.
The off-chain code and particular libraries are now being upgraded, according to COTI, in order to support the Cardano Vasil node 1.35.x on the private testnet environment.
It states that a test run will be conducted following the implementation of all modifications to ensure that everything functions as intended. The modifications will be released to the open testnet after the test run is over.
Final audit in process
The final audit results, which will determine whether any critical faults are found, are one important thing that is still to be done, according to the COTI network. Djed will be deployed on the mainnet if there are no problems, according to the statement. The mainnet deployment hasn’t been given a set date, though.
Significant script modifications to increase throughput and reduce the execution budget by more than 60% are some of the most recent changes to the Djed stablecoin (fees).
For redundancy and security purposes, the ADA exchange rate acquisition module was upgraded to take into account at least six external sources.
Additionally, according to COTI, Djed’s capabilities for testing and deploying new versions have been enhanced. It claims that 80% of the test objectives for automatically testing the Djed smart contracts and Plutus backend applications have been implemented (PAB).
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Will Celsius Network Sell Nearly $23 Million Worth of Stablecoin Holdings?
Bankrupt cryptocurrency lender Celsius is getting conscious of its users and future operations. Celsius filed for bankruptcy in July after a long battle resolving issues, leaving the once top crypto lending firm with nearly $3 billion in liabilities. Being at the chapter 11 bankruptcy proceedings, Celsius has requested the court to sell its holdings of stablecoin to fund its operations by earning liquidity, according to new court filings.
Celsius In Extreme Fear
Celsius is getting woes about the uncertainty of its future operations and dominance in the crypto market. The users of the lending platform are not even sure whether they will see their crypto that is locked in the platform.
Celsius was established in 2017 and became one of the first and largest cryptocurrency platforms where users could deposit their owned crypto assets to generate rewards or get loans using their assets as collateral. Celsius has attracted more than 1.7 million registered users and nearly 300K active users, with its 18% interest rate.
Celsius currently has eleven different forms of stablecoin, whose value is nearly $23 million. The stablecoin is owned by Debtor Celsius Network Limited (UK), Debtor Celsius Network LLC (US), and non-Debtor Celsius Network EU UAB (LT).
The court filing stated, “The Debtors, however, continue to own stablecoins that should be monetized to fund their operations in these Chapter 11 cases given their market stability compared to other types of cryptocurrencies.”
Restore Celsius’ Reputation
The CEO of Celsius network, Alex Mashinsky, believes that the selling of stablecoin will help the firm to begin its business in a proper way. If the presiding Judge Martin Glenn, the Chief U.S. bankruptcy judge, approves the filings, then the selling amount of stablecoin would initially be used for paying for the operations in the Celsius network.
In addition, the selling amount would also be used to pay back the Debtors’ estate, a part of Celsius’ bankruptcy process. Recently, Celsius’ bankruptcy judge gave permission to conduct an independent examination of the crypto lending firm.
The failure of the revolutionizing crypto lending firm Celsius became one of the main reasons behind the crypto market crash. Alex Mashinsky held a meeting with Celsius’ staff on 8 September to rebuild the firm in a new way. Celsius now wants to offer custodial services to users, and it needs to build trust in the crypto market to regain its position.
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Near Network To Onboard Largest Stablecoin – USDT ! – Coinpedia – Fintech & Cryptocurreny News Media
The NEAR Protocol has been eventful for a long time. Today, Tether has launched its USDT stablecoin on NEAR protocol, a layer 1 network that enhances scalability and usability. With this launch, NEAR will be the 13th network to circulate USDT after Ethereum, Solana, Algorand, Avalanche, Polygon, Omni, Tron, EOS, Liquid Network, Tezos, Kusama, and Bitcoin Cash’s Ledger Protocol.
NEAR Adopts The Leading Stablecoin USDT
Tether Operations Limited is the company behind operating the blockchain platform tether.to that supports and distributes widely favored and used stablecoin USDT. According to a press release, Tether has launched its coins pegged to the U.S. dollar (USDT) on the NEAR network. The launch of USDT on NEAR will enhance and boost its ecosystem to gain more value in the future.
This launch means that users of the NEAR network will be able to use USDT for various purposes like staking, generating yield, transferring USDT, etc. In addition, the NEAR network just touched the milestone of 700 projects running on its network.
Regarding this launch, Tether CTO Paolo Ardoino said, “We’re excited to launch USDT on Near, offering its community access to the first, most stable, and trusted stablecoin in the digital token space. The Near ecosystem has witnessed historical growth this year and we believe Tether will be essential in helping it continue to thrive.”
NEAR Foundation reports that the network has been utilized to execute 300,000 to 400,000 transactions daily. Marieke Flament, CEO of NEAR Foundation, stated, “We champion initiatives that can bring greater stability to the DeFi ecosystem and help us advance the mass adoption of Web3. We look forward to seeing what Tether will achieve with the launch of USD₮ on NEAR Network and the vital role it will play in shaping the future of finance and the digital economy.”
NEAR Price Is On The Move!
NEAR Foundation has been continuously putting efforts to give its network great value in the future as it announced a $100 million venture capital fund and lab for the web3 community today. The ongoing developments and ecosystem within the NEAR network build a perfect opportunity for USDT to venture. According to a recent update, NEAR has surpassed 2.25 million transactions with an average of 751k transactions. The network has also witnessed a jump of 17% in account holders.
According to CoinMarketCap, NEAR is currently trading at $5.18, a spike of 10% from yesterday. NEAR has been outperforming for the past two months due to its innovative modifications. The price of NEAR is anticipated to surge this week following USDT’s launch. The launch of USDT on the NEAR network will further strengthen Tether’s dominance and position in the market.