Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed
The ICE’s Data Services will provide real-time and historical data for all the newly added crypto tokens.
Bakkt’s Parent Intercontinental Exchange Lists 58 New Crypto Tokens to Its Data Feed

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Source: CoinSpeaker

PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar

James Martin Duffy, the co-founder of Loom Network, announced PlasmaChain integration for the top 100 ERC20 tokens via an official Medium blog post. The integration includes leading stablecoins in the market such as USD Coin [USDC] and Maker Dai [DAI]. The integration allows for “Lightning-Fast layer 2 Stablecoins payments with multi-currency support”. This news comes days after it was announced that BNB was added to Loom PlasmaChain as a payment method.
The announcement read,
“Since BNB is an ERC20 token, adding support for one token on PlasmaChain meant we were easily able to abstract the logic and apply it to any ERC20 token […] As of now, we’ve officially added support for the top 100 ERC20 tokens by market cap on PlasmaChain.”
PlasmaChain is one of the three sidechains of the Loom Network, the others being GameChain and SocialChain. This DPoS sidechain is noted to be a revamp of ZombieChain, and is also one of Loom’s most significant sidechains. This sidechain is going to be the main point of transaction for tokens that are linked to Ethereum through Plasma Cash.
Plasma Cash is a scaling solution proposed by Vitalik Buterin, the co-founder of Ethereum, and Joseph Poon, the co-creator of Lightning Network. It is a built-in decentralized exchange that is going to “act as a bridge to Ethereum mainchain and other sidechains”. This not only ensures faster transactions, but also cheaper transactions.
Another prominent feature of PlasmaChain is that it would act as a main chain, in order to connect Plasma Cash to Layer 3 chains. It enables fee payment in ETH and Loom Token. In the future, it would also pave path for Bitcoin [BTC] payments. Crucially, since the chain was connected to the mainnet, it enables ETH, ERC20 and ERC71 token transactions.
The blog post stated,
“It enables zero-fee and near-instant transfers of tokens, while allowing users to easily transfer their tokens to and from Ethereum mainnet at any time […] But since PlasmaChain offers much shorter time-to-finality (typically 1–3 seconds), it allows for an online payments experience using crypto that is comparable to using a credit card.”
Among the top 100 ERC20 tokens integrated to PlasmaChain, six are stablecoins. This includes USD Coin [USDC], TrueUSD [TUSD], Maker Dai [DAI], Paxos Standard Token [PAX], Gemini Dollar [GUSD], and EURS.
The co-founder said,
“Layer 2: Enabling Lightning-Fast Stablecoin Payments with Near-Instant Settlement
Stablecoins by themselves are great. But integrating them into a Layer 2 like PlasmaChain is like putting stablecoins on steroids — bringing them even closer to a potentially disruptive form of online payments.”
The post PlasmaChain integrates with six stablecoins including USD Coin, TrueUSD, and Gemini Dollar appeared first on AMBCrypto.
Source: AMB Crypto

USDC Mounts Pressure On Tether To Come Clean As It Releases Another Audit Report

If we have to pick a villain in the world of cryptocurrencies and stable coins it would definitely be Tether which has never come clean on its dollar backings. On the other hand its competitor, USDC was appreciated for its transparency and independent audits. But the audits of USDC have come under the cloud, as Coinbase has hired an ex Grant Thornton employee as its compliance head raising finger on the independence of audit report
USDC releases 4th Audit report -Is it completely independent?
In a move that makes USDC a real transparent stablecoin, Circle, the company behind USDC released their fourth report on the USDC stablecoin which was signed by the leading auditor firm Grant Thornton which stated that Circle has sufficient USD reserves to back each individual token on a 1:1 basis.  According to the report that is published on February 15,2019 – 307,793,724 USDC tokens were issued and were outstanding on January 31 2019, while the company held 307,848,312 dollars in deposits, an excess of 54588-dollar reserves.
According to the report these USDC tokens are the amount of tokens which have been issued and outstanding denoted under the original USDC contract at the reported date and time.
It is clear that there has been an increased number of USDC’s in circulation by around 56 million showing a clear popularity of the coin in absence of transparency for Tether. Also, the independent scrutinization process assured that all seems to be as expected with the coin having sufficient backing of USD reserves.
While the report looks all independent and error-free, A Twitter account that tries to locate muck in crypto projects has put forward a point worth considering. The user, named ICO Scam Alert, points out to the news that came in last week of January which showed Coinbase hiring Mark Kelly, a new U.K. head of compliance with three decades of experience in the industry. If one looks at the experience of Mark Kelly, he hails from Grant Thornton- and had held a position of Technology Risk Consultant during the period of March 2008 and September 2011.
Now according to this Twitter user, the independence of the audit report has been compromised due to the

First Goldman Sachs struggles for doing @GrantThornton , the middle-tier firm, an auditor of #USDC. Then @coinbase hires a new UK compliance chief Mark Kelly, a former Grant Thornton employee.
— Ico Scam Alert (@ItsIcoScamAlert) February 19, 2019

Now @Circle's trying to prove that this audit was independent. If #USDC's really backed by something why don't you ask for an audit someone else except your partner? #USDC is #crypto scam.
— Ico Scam Alert (@ItsIcoScamAlert) February 19, 2019

While it looks to be a real long short that Kelly was appointed to help Circle compromise on the audit report, keeping an eye and ear open is appreciated. While the report looks sufficiently covered, Circle may want to run another audit to squash this blame.
Is USDC audit report independent or Kelly has a role in positively portraying it? Do have a look and let us know your views on the same.
The post USDC Mounts Pressure On Tether To Come Clean As It Releases Another Audit Report appeared first on Coingape.
Source: CoinGape

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

CoinSpeaker

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

CoinfloorEX has been reorganized. A new entity called CoinFLEX will be based in Hong Kong and will offer trading of physical cryptocurrency futures on the Asian market.

Coinfloor Rebrands to Shake Up the Industry with Its Stablecoin and Physical Bitcoin Futures

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Source: CoinSpeaker

Coinbase Announces Rollout in Six New European Markets

CoinSpeaker

Coinbase Announces Rollout in Six New European Markets

Coinbase said Thursday it had expanded its product to several European countries and overseas territories, including Lithuania, Iceland, Andorra, Gibraltar, Guernsey and the Isle of Man.

Coinbase Announces Rollout in Six New European Markets

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Source: CoinSpeaker

Stablecoin USDC Is Getting Popular as More Project Que in To Provide Support

Around 6 months back, the world had only one stablecoin, Tether, to save themselves from the absurd volatility of the crypto-markets. But as crypto markets entered the second half of 2018, there came a flurry of stablecoins battling out for the numero uno position that Tether has held since inceptions. While the battle still continues, it looks like Circle’s stablecoin USDC is moving ahead of others slightly as platforms are queuing up to provide support to USDC.
75 exchanges, protocols, platforms, applications, and wallets now support USDC
According to the recent that was published on the Circle’s blog, USDC is really becoming a popular stablecoin and is now supported by 75 exchanges, protocols, platforms, applications, and wallets. The post also mentions that IDCM crypto exchange, along with Alpha Wallet, ChangeNow, Loopring, Salt Platform, and XinFin the latest companies to support USDC
IDCM has been one of the largest crypto exchanges in the world, and it now joins other major exchanges which include Binance (where it is listed as a quote currency), OKEx, Huobi, Digifinex, Bitfinex, and many others, where USDC is already traded since it was launched under 3 months ago,
Other crypto exchange marketplaces and platforms that have recently announced support for USDC include ChangeNow and Loopring.
Other non-exchange support for USDC includes Alpha Wallet which will now allow its customers to safely store, transfer and use USDC with various dApps. Salt Lending, a crypto-powered digital lending solution, will be adding USDC to their loan portfolio. And finally, XinFin, an open source hybrid blockchain platform provider, is also adding USDC support across their offerings.
Joao Reginatto, Director, European Product and Operations for Circle, who is the author of this recent blogpost also mentions that these partners of USDC have played a leading role in making USDC the second largest asset-backed stablecoin by market capitalization. These supporters have also helped USDC achieve a few other milestones which includes

USDC’s market cap now stands at USD 220 million only second to Tether
Circle has released its second monthly attestation report on US dollar reserves backing USDC issued by an independent accounting firm, Grant Thornton LLP. This is something that Tether failed to provide a long time.
The Silvergate Exchange Network (SEN) announced support for US Dollar Coin (USDC) issuance and redemption, giving USDC unmatched speed as a fiat on an off-ramp between crypto and USD.

The team behind USDC seems to be really doing their jobs well and if the coin progresses at this speed it will soon race ahead of its competitors and probably challenge Tether very soon.
Will USDC be able to take over Tether as a leading stablecoin of the crypto-world? Do let us know your views on the same.
The post Stablecoin USDC Is Getting Popular as More Project Que in To Provide Support appeared first on Coingape.
Source: CoinGape

OKEx Exchange Starts With No-Expiry Bitcoin Derivative Product

CoinSpeaker

OKEx Exchange Starts With No-Expiry Bitcoin Derivative Product

The second-largest cryptocurrency exchange, OKEx has created a Bitcoin derivative product called “perpetual swap”. However, there’s no expiry date. The lack of expiry data allows positions to be held on an ongoing basis.

OKEx Exchange Starts With No-Expiry Bitcoin Derivative Product

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Source: CoinSpeaker

XRP, Bitcoin [BTC], and other cryptocurrencies paired against USDC on Binance

Binance, the world’s largest cryptocurrency exchange has been busy as the brutal bear year of 2018 is finally coming to an end. Binance announced on December 14 that it will be listing new trading pairs with CENTRE consortium’s stablecoin USDC as a quote asset.
Binance, in its official blog, announced plans to list trading pairs XRP/USDC, Bitcoin [BTC]/USDC, Binance coin [BNB]/USDC, Ethereum [ETH]/USDC, EOS/USDC on December 15, 2018, at 03:00 AM UTC.
The blog also stated:
“The existing USDC/BNB and USDC/BTC trading pairs will be removed and delisted at 2018/12/16 03:00 AM (UTC). All existing orders in each order book will also be canceled at this time.”
Apart from the normal listings, Binance also decided to pair USDC [Circle] against USDT [Tether] to help facilitate easy conversion from one stablecoin to another for its users.
CENTRE consortium, on its Medium blog, stated:
“The new USDC trading pairs are BTC/USDC, ETH/USDC, BNB/USDC, XLM/USDC, EOS/USDC and XRP/USDC. This represents a significant milestone for an asset-backed stablecoin that was introduced just a few months ago. Trading for these pairs will begin 10 pm EST Friday.”
Binance is revamping their listings as they decided to add more trading pairs with TrueUSD [TUSD], another stable coin, last week, which included XRP, Bitcoin [BTC], Ethereum [ETH], Stellar Lumens [XLM], EOS, and Binance Coin [BNB].
A Twitter user, George T, tweeted:
“@coinbase why have you retweeted this? Read again please: for their 7 most actively traded assets! And this includes #xrp !!! I am sure you heard of it! #xrp”
Another user, J Win, commented:
“Second largest must be included and @cz_binance is smarter. If one’s still stubborn with the thought of not listing the second largest, @binance will be on advantage. I have a great feeling that Binance will overtake the one that is stubborn very soon. @Cryptonary_”
A users Martyn ‘Marty’ Bryde tweeted:
“Why would you pair $USDC with $USDT
A dollar is a dollar, except #USDT #tether is going to implode one day, and Bitfinex is going to take the whole market down with it? @Bitfinexed”
Binance coin [BNB] had gone up by over 10 per cent over the last week in a surprise market volatility. The price fluctuation was attributed to the launch of Binance DEX, which will swap the ERC20 token, BNB, from Ethereum platform to Binance blockchain, which was announced by Binance and CZ. Some users had also attributed it to a bug in Binance’s system, which was later acknowledged by Binance CEO, CZ.
The post XRP, Bitcoin [BTC], and other cryptocurrencies paired against USDC on Binance appeared first on AMBCrypto.
Source: AMB Crypto

Game On For Stablecoins as Volatility Returns to Crypto Markets

Stablecoins were introduced to protect traders and investors against the volatility of crypto markets. But the stability of the markets over the past few months had put them on the backburner. But as the volatility returned to the markets after the BCH fork, volumes in nearly all Stablecoins shot up multifold bringing them back to the limelight.
Volumes in most Stablecoins rise more than 100%
The meltdown just before the Bitcoin Cash fork bought back trademark volatility to crypto markets. Most of the coins in that meltdown took a 10% beating exposing a lot of open positions for traders. The only hiding place for these traders was stablecoins and they utilized it well. According to the data that is available in markets most stablecoins volumes rose by over 100% as traders and investors took shelter by moving their monies to stablecoins.

According to the chart above, there has been a sudden spike in volumes for stablecoins. The dark blue graph is that of USDC, yellow resembles Dai, the light blue being that of BitUSD and Green being that of the Gemini Dollar.
Owing to the meltdown, the cryptocurrency market lost over USD 30 billion of its total market value last week, but during this same time period, the prices of certain USD-backed stablecoins have remained stable or have moved up slightly.
It now appears that stablecoins are proving to be the best shelter for crypto traders as the prices of leading cryptocurrencies continue their downward journey. Because of strict regulatory policies of exchanges and many countries, fiat currencies are hard to obtain via crypto exchanges – which leaves stablecoins as the best option to hedge against the volatility of crypto markets.
One thing worth noting here was the absence of Tether. As most crypto investors and traders were aware of the controversies surrounding Tether (USDT) and due to some high risks about Tether ’s banking operations, many crypto traders seem to have found more comfort in dealing with other alternative stablecoins now available.
For now, stablecoin seems to have played their stability role well and if Bitcoin does start striking back with its traditional volatility, there is every chance that the advancement of stablecoins will be rapid as an alternative.
Is the stablecoin craze justified with volatility returning to crypto markets? Do let us know your views on the same.
The post Game On For Stablecoins as Volatility Returns to Crypto Markets appeared first on Coingape.
Source: CoinGape

Coinbase Finally Takes RippleLabs’ Coin on Their Custodian Services

CoinSpeaker

Coinbase Finally Takes RippleLabs’ Coin on Their Custodian Services

Coinbase Custody, the safekeeping arm of the crypto-finance giant, decided to add support for Ripple (XRP) on its institutional-aimed custodian service.

Coinbase Finally Takes RippleLabs’ Coin on Their Custodian Services

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Source: CoinSpeaker

Circle’s Stablecoin USDC Gets More Pairs on Poloniex

The second half of 2018 has been all about Stablecoins as there have been successful in grabbing eyeballs of everyone in the crypto world be it businesses, exchanges, traders or investors. Trying to meet this growing demand, the United States-based digital asset platform, Poloniex announced several new trading pairs for USD Coin on their platform.
Poloniex adds 6 new pairs of Stablecoin USDC
The official announcement of this new USDC pair additions was released on the exchanges official twitter account which said that it would be adding XRP/USDC, XMR/USDC, STR/USDC, DOGE/USDC, LTC/USDC, and ZEC/USDC.

NEWS: Poloniex today is introducing the following markets for #USDC: XRP/USDC, XMR/USDC, STR/USDC, DOGE/USDC, LTC/USDC, and ZEC/USDC. Start trading here: https://t.co/Mu10TZi6Wi
— Poloniex Exchange (@Poloniex) November 16, 2018
The stable coin USDC can now be traded against XRP, Monero [XMR], Staker [STR], Dogecoin [DOGE], Litecoin [LTC] and Zcash [ZEC]. Along with this announcement, the firm mentioned that trading of above-mentioned pairs will have no trading charges until 30th November.
Following the tweet, a user replied requesting the exchange to add USDC pairs with UDC (Universal Digital Coin) and DGB (DigiByte Coin).

Ot would be great for you to add UDC/ DGB as well
— Kenan Abdul Hadi (@kenan_hadi) November 16, 2018
To which the exchange replied, that it would be getting its product team to review this request.

Thanks for the feedback. We will pass this along to our product team for review and update customers on any changes or new features.
— Poloniex Exchange (@Poloniex) November 16, 2018
Could be the exchange may consider adding the two pairs in its next update.
On 27th September 2018, Poloniex introduced USDC trading for the first time. The token was made available to trade against Bitcoin [BTC], Ethereum [ETH] and Tether [USDT].
Two days ago, Binance also announced that the trading of USDC against Bitcoin [BTC] and Binance Coin [BNB] will begin from 17th November at 3:00 AM UTC. This news sent out euphoria among the community as now they had a stablecoin which could be transferred from Coinbase Pro to Binance. One of the tweets that exactly said that.

FINALLY a “stable” currency to send back and forth between Coinbase Pro and Binance. Thank you!!!
I’ll never forget the days of sending Litecoin from Binance to Coinbase, and having to wait 4 days! I didn’t sleep… Haha. But it all worked out. 💸@MEgelkraut @SatoshiLite
— Matthew D Egelkraut (@MattEgelkraut) November 15, 2018
USDC also received support from the famous exchange platforms Coinbase and Coinbase Pro in the month of October.

Starting today, Coinbase customers in supported jurisdictions can buy, sell, send, and receive the USDC stablecoin. The advantage of a blockchain-based digital dollar is that it’s easier to send, use in decentralized apps, and store locally. Get started: https://t.co/O6tgs8tMxz pic.twitter.com/NN2NLY4gwE
— Coinbase (@coinbase) October 23, 2018
USD Coin is the first stablecoin developed by the open source project and membership consortium, CENTRE, along with the blockchain firm Circle. USDC is built based on ERC-20 standards which provide financial transparency and operates within the regulated framework of US money transmission laws.
Will Poloniex new addition get more liquidity to the USDC? DO let us know your views on the same
The post Circle’s Stablecoin USDC Gets More Pairs on Poloniex appeared first on Coingape.
Source: CoinGape

Stablecoin Supremacy Battle Heats Up; Binance Lists USDC, Tether Below a Buck

Once up a time there was crypto and fiat. If you wanted to trade in altcoins you had to first buy Bitcoin. Tether changed all that when it came onto the scene on Bitfinex in 2015, today there are a slew of stablecoins all competing for supremacy.
USDC Listed on Binance
The controversy surrounding Tether coupled with its recent volatility has led to the birth of several similar dollar pegged stablecoins. Once has been created by Coinbase and partners at Circle, USD Coin. On Thursday USDC was granted a new realm of legitimacy when Binance, the world’s top crypto exchange by trade volume, announced that it would be listing new pairs.
According to the announcement Binance will be offering two new USDC pairs for Bitcoin and its own Binance Coin (BNB) as of November 17. To quash the auditing concerns that plagued Tether, the exchange added;
“Additionally, for increased transparency, USDC has engaged a top-ranking auditing firm to release monthly balance attestations of the corresponding USDC and USD balances held/issued.”
USD Coin is only a few months old but it is growing in power as an alternative to USDT. It still has a way to go though, with daily volume, according to Coinmarketcap, at $16 million, compared to $4.7 billion in Tether trade. However, with USDC available on Coinbase and now Binance, its usage is expected to grow rapidly especially when more trading pairs are introduced.
According to the company blog “Circle and Coinbase co-founded the CENTRE Consortium with the goal of establishing a standard for fiat on the internet and providing a governance framework and network for the global, mainstream adoption of fiat stablecoins.”
If complete transparency and audits are forthcoming it may not be long before USDC surpasses USDT however the centralization issue raises its head again when one company is holding all of the cards. This is especially true if Tether continues to show volatility and inability to maintain its dollar peg.
Tether in Turmoil
During the recent crypto rout Tether fell to $0.964 whereas USDC actually hit a peak of $1.06. The Gemini Exchange’s GUSD spiked at $1.18 according to CMC. At the time of writing USDC is still trading over a dollar and USDT is under it. Fortune has noted that if Tether collapses “it could deliver a shock to the crypto markets that makes this week’s wipeout look like a hiccup.”
The good news is that there are now several alternatives to Tether in addition to USD Coin, such as TrueUSD (TUSD), Gemini’s own GUSD, Maker DAO’s Dai, and the Paxos Standard Dollar (PAX). So traders are no longer tethered to Tether, go ahead and take your pick, some are even offering more than buck right now.
 
Image from Shutterstock
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Circle’s Stablecoin (USDC) finds help to boost volumes as Poloniex drops trading fee

Circle’s strategy of becoming a one-stop crypto shop seems to be playing out as the company is leverage one business’s strength for the benefit of others. To promote and boost volumes of its stablecoin USDC, Circle is asking Poloniex removes trading fees for USD Coin (USDC), the exchange which it acquired in February 2018.
No more trading fees for USDC on Poloniex
As per the official post put forward by Circle on its official blog, starting November 8th through the end of November, Poloniex won’t be charging trading fees for all USD Coin (USDC) trades on Poloniex. The reason for this step, as per the blog, is to encourage new customers to experience trading USDC on Poloniex and to show appreciation for our current customers.
The company has led out this offer to its customers as it believes the customers have been patient with the company during the period when the company was working on enhancing Poloniex’s infrastructure and operations
Hence Circle has encouraged its existing customers and new customers, from now through November 30, to take advantage of this offer by starting to trade USDC on Poloniex. The current trading pairs on Poloniex for USDC are BCHSV/USDC, BCHABC/USDC, USDT/USDC (Tether), BTC/USDC (Bitcoin), and ETH/USDC (Ethereum).
USDC, launched in September, has already seen widespread adoption in the crypto ecosystem. More than 50 exchanges, protocols, platforms, applications and wallets have embraced USDC and trading volume, including Circle activity, continues to grow. The circulating supply of USDC has surpassed 130 million.
The post also states that consumers can also acquire USDC via Coinbase although it is silent whether this offer is extended to customers buying USDC via Coinbase. USDC is first and only stablecoin that has found place on Coinbase.
Circle, the Goldman-Sachs funded crypto investment vehicle, has been moving swiftly to become a dominant player in the crypto industry. It is progressing at top speed to attain the number one position in the crypto world. The company is slowly building its crypto ecosystem and is leveraging each of the business verticals well for the benefit of other. Circle, seems to be very close to its vision one of an open, global and connected digital economy built on crypto assets and blockchain infrastructure, as it now has its own stablecoin (USDC), a mobile investment platform (Circle), a proper cryptocurrency exchange (Poloniex), and even a crowdfunding aspect for startups (SeedInvest).
Do you think Circle will change the dynamics of the cryptocurrency industry and attain the numero uno position? Do let us know your views on the same.
The post Circle’s Stablecoin (USDC) finds help to boost volumes as Poloniex drops trading fee appeared first on Coingape.
Source: CoinGape

Is Coinbase Trying to Disrupt Bitcoin’s Reserve Asset Status by Listing New USDC Pairs

In recent weeks two new cryptocurrencies have been listed on Coinbase, 0x and BAT. Both resulted in predictable pump and dumps immediately before and a few hours after the announcements. This is no surprise, but the fact that one of these two new listings is only available to trade in USDC could raise a few eyebrows.
Stablecoins to disrupt Bitcoin’s dominance
USD Coin, or USDC, is a dollar-pegged ERC20 stablecoin from Circle and Coinbase. It has been designed to rival Tether which has been embroiled in its fair share of controversy recently. According to the blurb on the website “CENTRE stablecoins are issued by regulated and licensed financial institutions that maintain full reserves of the equivalent fiat currency. Issuers are required to regularly report USD reserve holdings, and that information will be made available upon request.”
According to Coinmarketcap USDC volume is currently $2.2 million with a market cap of $134 million, so still a long way off USDT. Coinbase Pro is now using USDC to facilitate trading on its exchange for US customers. Those in Europe and the UK on regular Coinbase will have Euros and GBP respectively. The notable thing now is that the latest newly listed cryptocurrency is ONLY available in USDC and not Bitcoin or fiat as has traditionally been the case.
BAT was listed on Coinbase Pro over the weekend and the token predictably pumped 23% following the announcement. It is however only available in USDC which could be a sign of things to come when Coinbase lists more cryptocurrencies. The next most likely to be added to the platform are Stellar, Cardano and Zcash according company blog posts.
Bitcoin has traditionally been the medium of choice for trading altcoins when fiat trading is unavailable. Some have observed that if the trend continues Coinbase could be trying to disrupt Bitcoin’s position as a reserve asset for the crypto space;

Coinbase listed BAT only against USDC, not BTC. So if you wanna buy BAT (not that anyone should), you need to buy USDC first. Let's see if this trend continues with future pairs (or even existing ones), could be an attempt to disrupt BTC's status as reserve asset of this space.
— Hasu (@hasufl) November 6, 2018

The battle for stablecoin supremacy has shifted gears in the last month with a new one appearing almost weekly. All of these fiat-pegged currencies are slowly weakening Bitcoin’s status as a crypto reserve for trading and hodling, but that maybe the intention of Coinbase and other exchanges such as Gemini. At the moment the majority of BAT trade is in BTC on Binance which has 65% of the total so there is no change as yet.
However, if future pairs listed on Coinbase and other exchanges are only available in USDC, GUSD, or whatever the respective exchange is offering, then this could be the case. We will have to wait until the next announcement to see if this trend continues, which should not be that long.
The post Is Coinbase Trying to Disrupt Bitcoin’s Reserve Asset Status by Listing New USDC Pairs appeared first on NewsBTC.
Source: New feedNewsBTC.com

Tether Opens Bank Account with Caribbean Deltec Bank

Tether Limited, the issuer of stablecoin Tether (USDT) wholly-owned by Bitfinex, has opened a bank account with Bahamas-based Deltec Bank. The move follows a long process of due diligence review of the company, including the ability to maintain the USD peg at any moment in time, the announcement says.
Deltec Accepts Tether as Client After Long Due Diligence Process, Company Says
The 72-year-old financial institution with headquarters in the Commonwealth of The Bahamas has accepted Tether as a client. The news comes as a milestone for Tether following months of tribulation as many questioned whether the firm had enough USD to match the number of Tether tokens distributed on the Bitfinex platform.
Tether said in a statement:
“The acceptance of Tether Limited as a client of Deltec came after their due diligence review of our company. This included, notably, an analysis of our compliance processes, policies and procedures; a full background check of the shareholders, ultimate beneficiaries and officers of our company; and assessments of our ability to maintain the USD-peg at any moment and our treasury management policies.”
Tether Limited, which is registered with the Financial Crimes Enforcement Network of the U.S. Department of the Treasury, claims all USDT in the market is fully backed by U.S. dollars “that are safely deposited in our bank accounts.”
While many questioned the veracity of the claim, the controversy surrounding the stablecoin only intensified when consulting services firm Friedman LLP decided to end the relationship with Tether because the firm denied access to their accounts.
In late October 2018, the company announced it had burned 500 million tokens, supposedly worth $500 million. Tether wasn’t clear about the reasons why it did proceed to burn units. Some believe Bitfinex funded the redemption by selling 100,000 BTC to remove the amount of circulating supply from the market, partly because of new strong competition coming from the U.S., with Coinbase announcing support for Circle’s new stablecoin, USDC.
Tether is only confirming previous reports that the firm opened a bank account with Deltec Bank. People familiar with the situation told The Block that the arrangement was made weeks ago and some over-the-counter trading desks have already shown interest in doing the same in order to redeem USDT directly.
Tether, which was on the top five cryptocurrencies by market cap for a long time, saw its position falling apart in October. Its market cap crashed to $1.7 billion from $2.8 billion in a matter of weeks and it hasn’t stopped bleeding yet. The announced new banking relationship might ease the pressure, but the USDT is still trading at $0.98, which indicates a lack of trust in the market.
One side-effect of the panic regarding the true value of Tether was the run towards Bitcoin, which pushed the number one cryptocurrency to the $7,500 area as USDT holders dumped the token. Investors were willing to pay a $300 premium on Bitcoin in order to get rid of the stablecoin.
Featured image from Shutterstock.
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