Archblock launches new fiat-backed stablecoin

Archblock Stablecoins has launched 1USD, a new fiat-backed stablecoin anchored to the US Dollar.

The company said the stablecoin stands as a testament to its own technology, which it claimed is revolutionising the exchange medium, offering frictionless and secure transactions across borders and empowering seamless global commerce. Renaissance Ambition AG, a subsidiary of Archblock, is the issuer of 1USD and the stablecoin will initially be available on Ethereum...

HeLa Labs launches stablecoin-powered layer one blockchain network

HeLa Labs, a hi-tech company, has launched a next-generation layer one blockchain network with privacy-preserving and consensus protocols for real-world adoption.

Kerching Choo, co-founder of HeLa Labs, said: “Our aim is to bring real-world adoption benefits to all industries, empowering them to leverage the power of our layer one blockchain.”

The launch of the stablecoin-powered layer one blockchain is a collaboration between HeLa Labs and A*STAR’s Institute of...

Cardano launches its algorithmic stablecoin, Djed

Cardano

Cardano has launched its algorithmic stablecoin, Djed (DJED), on its mainnet after a successful security audit.

The stablecoin, backed by Cardano’s native ADA token, is pegged to the US dollar and uses the Shen (SHEN) token as its reserve coin.

Unveiled in November last year, the announcement was met with widespread online debate over the place of algorithmic stablecoins in the future of blockchain, given the collapse of TerraUSD (UST) months prior.

Since...

National Australia Bank to launch 1:1 AUD stablecoin

Australian Flag

National Australia Bank (NAB) plans to launch an Australian dollar-pegged stablecoin on the Ethereum network in mid-2023.

The move would make National Australia Bank the country's second ‘Big 4’ bank to launch such a coin, after rival bank ANZ minted 30 million tokens of its A$DC stablecoin in March 2022.

Much like ANZ’s coin, NAB plans to use its AUDN stablecoin to streamline cross-border payments and support carbon credit trading, according to a report from...

Cardano to launch algorithmic stablecoin in January 2023

Cardano ADA Token

Cardano, the proof-of-stake blockchain network oft touted as Ethereum’s most serious competitor, plans to launch an algorithmic stablecoin in January 2023.

Project ‘Djed’, which is being developed in partnership with COTI, a DAG-based Layer 1 protocol, will use an algorithm that is backed by excess collateral through a cryptocurrency reserve.

Djed is set to launch on Cardano’s mainnet as early as January next year, so long as it passes an audit and a planned...

Singapore central bank approves Circle and Paxos stablecoins

Singapore

The Singapore central bank (Monetary Authority of Singapore) has approved licences for two stablecoin issuers, Circle and Paxos, to operate in the city-state.

US-based Circle, the issuer behind USD Coin (USDC), was granted approval for a major payments institution licence, meaning it can issue cryptocurrencies and facilitate domestic or cross-border payments.

Also a US firm, Paxos develops the Pax Dollar (USDP) and has received a licence to offer digital payment token...

Aave proposes over-collateralised stablecoin GHO to its community

Liquid

Decentralised finance (DeFi) and liquidity giant Aave plans to launch a new kind of over-collateralised stablecoin called GHO despite confidence in stablecoins being at a lull.

With GHO, users could borrow the stablecoin whilst still earning yields on any assets they have locked with Aave. However, the proposal remains in a feedback stage and will ultimately be subject to the community DAO’s approval.

Aave tweeted the news on 7 July, stating: “We have created an ARC...

Tether to launch GBPT, a British pound-pegged stablecoin in July

The leading stablecoin company, Tether, is expanding its stablecoin offering with a new cryptocurrency pegged to the British pound sterling (GBP) called GBPT.

The upcoming coin will launch in early July and will initially be supported by the Ethereum blockchain.

GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers.

Tether currently offers the largest stablecoin by market...

Circle bags £300m from BlackRock to compete with top stablecoin Tether

Circle

Web3 finance firm Circle has agreed to a $400 million (£307m) funding round as part of a broad strategic partnership with BlackRock.

As the issuer of stablecoin USD Coin (USDC), Circle is responsible for the fifth largest cryptocurrency by market cap alongside a host of decentralised finance (DeFi) tools.

The funding round is expected to close in the second quarter with other investors including Marshall Wace LLP and Fin Capital.

In addition to the capital...

PayPal is exploring its own stablecoin

PayPal Office, Dublin

PayPal has confirmed it is exploring its own stablecoin after code and logos relating to a “PayPal Coin” were discovered in the company’s iPhone app.

Jose Fernandez da Ponte, senior vice president of crypto and digital currencies at PayPal, told Bloomberg, “We are exploring a stablecoin; if and when we seek to move forward, we will of course, work closely with relevant regulators.”

Hidden code and images of a possible currency symbol show work is underway on...