Circle får licens för digitala token i Singapore, Tether‑stödd Volcano Energy får 250 M$ investering och mer

I den senaste upplagan av Stablecoins & CBDCs‑rapporten observerade CCData att stablecoin‑marknaden krympte för fjortonde månaden i rad i maj. Leverantören av digitala tillgångsdata sammanfattade i sin Stablecoins‑rapport att den totala marknadskapitaliseringen i nischen minskade till 130 miljarder dollar. Marknadsandelen ökade något månad för månad till 11,1 % men låg fortfarande under rekordnivån på 16,6 % som registrerades i december förra året. Samtidigt föll den handlade volymen med 40,6 % i maj till 460 miljarder dollar – den lägsta nivån i år.

Circles USDC‑stablecoin kommer till Arbitrum den här veckan

Peer-to-peer payments tech firm Circle, last week, revealed plans to launch USD coin (USDC) on Arbitrum. Set for release on June 8, the iteration of the stablecoin offering will seamlessly integrate with the layer two protocol as a ‘native’ asset. The forthcoming launch will effectively represent the official version of USDC on Arbitrum and replace liquidity previously availed through the bridged version. The Circle-issued token holds a market capital of $28.6 billion and ranks second among stablecoins with the largest market capital per CoinMarketCap data.

Inhemsk USDC för en smidigare upplevelse för institutionella in- och utgångar

Presently, all USDC tokens on Arbitrum are bridged from Ethereum. To distinguish between versions, the older Ethereum-bridged variant will be identified as USDC.e on Arbitrum’s block explorers, eventually making way for the newly introduced native version. The adoption of native USDC brings several benefits, including advanced support to mitigate bridge withdrawal delays and facilitate institutional on and off-ramps. Circle also said it plans to introduce the cross-chain transfer protocol on the scaling solution, enabling swift transfers between the Arbitrum and Ethereum networks.

USDC‑marknadskapital. Källa: TradingView

For smooth and seamless transfer of liquidity, the Ethereum layer will collaborate closely with ecosystem applications. The launch will not bring interruptions or yield immediate changes to the bridge. Arbitrum joins the ranks of leading blockchains, including Ethereum, Solana, Avalanche, TRON, Algorand, Stellar, Flow, and Hedera, with native USDC. Currently, most of USDC’s substantial $28.9 billion market capitalization exists on Arbitrum’s base layer amounting to $27.3 billion.

För att lära dig mer om dessa projekt, besök våra guider om Ethereum och Arbitrum.

Circle flyttar alla sina reserver till kontanter och återköpsavtal

Circle recently adjusted its reserves treasury to mitigate the risks associated with a potential default on US debts at the time. The USD coin issuer reallocated the reserves backing its USDC to short-dated US Treasuries last month. CEO Jeremy Allaire explained that the company chose to eliminate Treasuries maturing beyond early June to minimize exposure to debt.

In the same vein, Circle has now entirely divested itself of US Treasury bonds. The Circle Reserve Fund, overseen by BlackRock (BLK ), held its billions worth of AUM in repo agreements as of the end of last month. A sign of significant change, as of the end of April, the fund held over $30 billion in Treasury bonds, but the last Treasury bond it held reached maturity.

Stärker sin närvaro i Singapore

The Singapore-serving affiliate of Circle today communicated it received approval to become a digital payment token services provider in the Southeast Asian city-state. Circle Singapore confirmed in a June 7 press release it won a Major Payment Institution (MPI) license from the country’s integrated financial regulator. In addition to digital payment token services, the license awarded by the Monetary Authority of Singapore allows the stablecoin issuer to offer money transfer services both domestically and across the border.

“Circle Singapore’s receipt of the MPI license from MAS underscores Circle’s strong reputation as a responsible digital financial technology company […] It is a testament to Circle’s track record and contributions to the emerging internet-based global financial system, further cementing its position as a trusted and well-regulated operator,” the company statement read.

The strategic move represents Circle’s efforts to spur innovation while delivering a comprehensive offering with value to clients and stakeholders in the greater Asia region. Remarking on the milestone, CEO Jeremy Allaire and Head of Global Policy Dante Disparte hailed Singapore as a progressive and favorable hub in the financial space. Circle previously received in-principle approval in november 2022, a month after the MAS tabled new crypto regulations requiring stablecoin issuers to meet capital and reserve requirements. Prior to its official opening last month, Circle Singapore teamed up with Tribe, a government-backed blockchain ecosystem builder, for an awareness and support program.

För att lära dig mer om USDC, kolla in vår guide Investera i USD Coin.

Tether ger sig in i hållbar bitcoinbrytning

Circle rival and USDT issuer Tether has equally been diversifying its operations and earlier this week took part in a public-private partnership in El Salvador. Tether is part of the companies that pledged to inject $1 billion into creating a Bitcoin mining site that will be run by a local startup Volcano Energy. In a Wednesday update, Volcano Energy chairman Max Keiser confirmed the release of the first $250 million investment to fund a 241-megawatts (MW) power generation park – 72 MW of wind energy and the rest from photovoltaic solar energy – in the Metapán, Santa Ana region.

Mining difficulty and network hashrate. Source: BTC.com

Tether didn’t disclose its size of the investment but projected the computing power of the mine to be above 1.3 exahashes per second (EH/s) which, if realized, would rank the operation’s mining hash rate among the top 20 pools.

Sydamerikas attraktionskraft

Last week, USDT issuer Tether announced it had followed up on its promise to redirect part of its profits into buying Bitcoin and investing in the leading digital asset’s infrastructure, aiming to capitalize on its potential growth. The plan kicked off with an expansion into Bitcoin mining operations in Uruguay. Per the official press release, the company is partnering with a local licensed company and engaging local energy experts to launch leverage the country’s abundant green energy sources and launch this ambitious initiative.

I sitt Q1 2023‑rapportkort avslöjade företaget att de redan hade cirka 1,5 miljarder dollar i Bitcoin i reserv och hade förbundit sig att avsätta 15 % av sina nettorealiserade driftsvinster för att köpa Bitcoin. Det sydamerikanska landet täcker för närvarande mer än 90 % av sitt elbehov genom förnybara källor. Tethers Chief Technology Officer, Paolo Ardoino, talade om betydelsen av detta företag, och påpekade att landets förnybara energikapacitet kan hjälpa företaget att bli en branschledare inom ”hållbar och ansvarsfull” brytning.

The timing of Tether’s foray into Bitcoin mining aligns with a rise in difficulty levels as May came to an end. Tether further explained that the South American nation is a strategic fit due to its natural resources, such as wind farms, solar parks, and hydropower, which offer a favorable environment for a dependable supply of renewable energy projects. The USDC issuer anticipates that the mining facility will be up and running by mid-Q3 this year.

Kolla in mer PoW‑brytningsnyheter här

Nästan två tredjedelar av all USDT finns nu på Tron‑blockkedjan

USDT tokens issued on the Tron blockchain jumped to yet another record high on the last day of May, hitting $46.12 billion – more than 60% of the circulating supply of the Tether tokens. This significant milestone coincided with the fifth anniversary of the Tron mainnet, further widening the gap between the stablecoin’s supply on Tron and Ethereum to nearly $10 billion worth.

TRX/USD‑diagram

Tron has processed a staggering 5.6 billion transactions and currently boasts a total value locked of $5.56 billion according to its developers. Tron founder Justin Sun has set some lofty goals for 2023, aiming to elevate the on-chain stablecoin market capitalization of the network to an impressive $100 billion. With the intent to position itself as a more cost-effective and user-friendly alternative to Ethereum, Tron seeks to establish itself as the preferred choice among stablecoin users.

För att lära dig mer om Tron, kolla in vår guide Investera i Tron.

Tether ökar sin närvaro i Georgien genom samarbete med betalningsprocessföretag

In a previous May 31 communication, Tether announced that it had expanded its foothold in Georgia through a strategic investment in CityPay.io, a prominent payment processing firm operating across an extensive network of 600 locations countrywide. Tether seeks to introduce heightened efficiency and convenience to the payment industry within Georgia by empowering the firm to expand its operations and enhance its service offerings.

Georgia is currently seeing an explosion in interest in crypto, with a notable surge in demand for crypto payment alternatives.  Tether’s investment in CityPay.io constitutes the initial stride in its concerted efforts to establish a robust presence within the Georgian market. The company reaffirmed its steadfast commitment to introducing groundbreaking innovations and operational efficiency within the payment industry in the state.

Tether (USDT) marknadsvärde skjuter återigen upp och slår rekordet från maj 2022

Tether also controversially reported on June 1 that its USDT offering’s market capital has surpassed the previous all-time high of $83.2 billion, a record set during the bullish market phase in maj 2022.  The continued growth in USDT’s market cap during the bear cycle has raised eyebrows among crypto enthusiasts. Tether explained that the increasing market capital is a sign of the growing demand for stablecoin while maintaining a cautious approach in dealing with regulatory bodies.

USDT‑marknadsvärde

The transparency data for June reveals Tether’s total assets amounting to $85.6 billion, with liabilities standing at $83.2 billion, providing a liquidity cushion of $2.4 billion. CTO Ardoino noted that the demand for Tether stems from individuals yearning for financial autonomy, as well as the assurance it provides to the unbanked population. He also underscored the company’s unwavering strength in the face of market volatility and its unwavering commitment to unmatched transparency, both of which have solidified customer trust. Tether said it remains committed to its goal of providing access to financial freedom on a global scale, especially in emerging markets.

För att lära dig mer om USDT, kolla in vår guide Investera i Tether.

Stablecoins are practically the vehicles of liquidity in the digital assets space and as such, a diminishing market cap and monthly trading volume of a similar trend are signs that the bear cycle is still prevailing. JPMorgan analysts opined in a note to clients that until the slump comes to a halt, the road would remain rocky for the potential recovery of the crypto market.