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 CTO responds to reports of hedge funds shorting USDT

Tether CTO Paolo Ardoino has responded to reports of hedge funds shorting its USDT stablecoin.

A “short” is a bet against the value of an asset. In contrast, a “long” position is a bet that an asset will appreciate in value.

On Monday, the Wall Street Journal reported that various traditional hedge funds had open USDT short positions worth hundreds of millions of dollars.

“There has been a real spike in the interest from traditional hedge funds who...

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...