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Citigroup has invested in stablecoin infrastructure provider BVNK through Citi Ventures, just months after warning that the cryptos could drain deposits from traditional banks BVNK’s platform serves as an onramp and offramp for customers to move money between fiat and crypto. It is also backed by US crypto exchange Coinbase and fund manager Tiger Global Management. The investment underscores TradFi’s shift from caution to participation in the stablecoin ecosystem after the US GENIUS Act provided regulatory clarity over their status. BVNK Valuation Exceeds $750 Million After Citi Investment T he company has declined to disclose the amount Citi invested or at what valuation. But co-founder Chris Harmse recently confirmed that the investment has pushed its valuation well above the $750 million that was disclosed at its latest funding round. BVNK currently finds itself in a competitive market alongside newcomers such as Alchemy Pay, TripleA and even the well established Rip...

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Dollar stablecoins could reach $2 trillion in market cap as the US Treasury actively supports legislation to boost stablecoin adoption. Treasury Secretary Scott Bessent projects this massive growth will strengthen crypto regulation and drive DeFi growth worldwide. The GENIUS Act creates the regulatory framework needed for dollar stablecoins to cement America’s digital currency dominance. Also Read: Circle and Matera Join Forces to Power Global Stablecoin Use Stablecoin Adoption, Regulation, And DeFi Growth In A $2T Market Source: Watcher.Guru Treasury Secretary’s $2 Trillion Vision Treasury Secretary Scott Bessent has made ambitious estimates of dollar stablecoins, and he is focusing on how they could revolutionize international finance today. The US Treasury faces a huge potential in facilitating the adoption of stablecoins by establishing a comprehensive regulation of crypto assets. At the time of writing, Bessent has been quite vocal about his projections. During recent S...

Dirham stablecoin has just officially been announced by three Abu Dhabi entities, namely IHC, ADQ, and also First Abu Dhabi Bank (FAB). This UAE digital currency initiative, which is fully regulated by the UAE Central Bank, aims to revolutionize payment solutions while operating on the ADI blockchain. The Mastercard dirham stablecoin launch also becomes a major achievement for UAE’s ongoing advancement toward becoming a revered fintech leader throughout the regional market and worldwide. Also Read: $3B ETF Inflows Can’t Break $100K—Is Bitcoin Running Out of Steam? Inside UAE’s Regulated Stablecoin Move With IHC, ADQ, FAB & Mastercard Key Features of the New Dirham Stablecoin The regulated stablecoin will serve as a reliable digital currency for consumers, businesses, and various institutions. It also aims to support emerging digital use cases such as machine-to-machine and artificial intelligence applications, which are becoming increasingly important in today’s digital econ...

Binance founder Changpeng Zhao (CZ) has revealed the breakdown of his crypto investment portfolio, showing one asset is by far his largest holding. According to a new post on Binance Square, 98.48% of Zhao’s crypto portfolio is in BNB, the native asset of Binance. His portfolio also consists of 1.32% Bitcoin (BTC) as well as two stablecoins, 0.17% EURI and 0.03% USDT. Zhao revealed his portfolio using Binance Square’s new feature that allows users to share their trading portfolio. “Binance Square is enhancing transparency with its latest feature, Trader Profile, enabling users to publicly share their crypto portfolio allocation. Binance co-founder and former CEO Changpeng ‘CZ’ Zhao has opened his Trader Profile, showcasing his holdings and reinforcing his confidence in Binance’s ecosystem.” Zhao is prohibited from returning to Binance leadership following his four-month sentence for violating U.S. anti-money-laundering ...

Decentralized Finance (DeFi) has been one of the most groundbreaking developments in the blockchain and cryptocurrency space. With Ethereum at its core, DeFi opens a world where traditional financial services such as lending, borrowing, trading, and saving are all executed through smart contracts and decentralized protocols.  In this article, we’ll dive deep into how DeFi works on Ethereum, uncovering its key components and what makes it so revolutionary. What is DeFi? At its core, DeFi refers to financial services that are decentralized, meaning they are not controlled by any central authority, such as a bank or government. Instead, these services are powered by smart contracts on blockchain networks, removing the need for intermediaries and allowing anyone with internet access to participate. Ethereum, as the most widely adopted blockchain for DeFi, enables these decentralized applications (dApps) to run using its powerful smart contract functionality. Unlike Bitcoin, which is primar...

Author: Huang Shiliang Original Link: https://mp.weixin.qq.com/s/LWzrQenRhz2UkaVbGhzMmA The blockchain industry has been a bit sluggish recently, with prices down, but more worrying than the price is the sense that the broader blockchain community seems to have lost its direction for development. One of the topics that seems to have been debated for the longest and most intensely this year on X is whether meme coins are a legitimate subject of discussion, with people like Vitalik Buterin, major VCs, and KOLs all joining the debate. The main viewpoints are divided: one side believes that memes are noise or even a negative influence on blockchain, while the other side argues that memes represent the essence of cryptocurrencies and blockchain. Another major focus is the attention on organizations like the Federal Reserve, SEC, and Wall Street. Regardless of whether the original intent of cryptocurrencies was to oppose these institutions, the fact that the industry is revolving around the...

Hong Kong official reinforces that retail investors cannot trade stablecoins until they are regulated, likely in 2024. This follows that the virtual asset trading platform JPEX has come under suspicion for its alleged involvement in a conspiracy to commit fraud. Hong Kong’s security concerns Hui Ching-yu, Hong Kong’s Secretary for Financial Services and the Treasury, addressed these concerns during an interview on the Investment Committee program on Oct. 6.  In the interview, he goes on to state the seriousness of the fraud case involving JPEX and how this underscores the need for enhanced supervision for virtual asset trading . He also states that service providers have been using stablecoins like USDT on a broad scale. However, some of these stablecoins have experienced volatility issues in the past. You might also like: Hong Kong Stock Exchange launches smart contract-powered settlement platform Because of these reasons, Hui shares, retail trading of s...

Individuals with an interest in cryptocurrency often start by looking into Stablecoins . Unlike regular cryptocurrencies known for their price volatility, Stablecoins are intentionally designed to maintain a stable value by being pegged to a specific currency, like the U.S. dollar. In one of the recent announcements, USDC stablecoin issuer Circle has unveiled the launch of a programmable Web3 wallet. The new Web3 wallet will aid businesses in offering cryptocurrency payments to customers. Also read: PayPal Enters Stablecoin Realm With PYUSD Source: Coin Culture Circle’s new Programmable Web3 wallet will help embed crypto wallets in any application Regarding the new programmable Web3 wallet, Circle mentioned in the press release, “ With USDC, CCTP, Programmable Wallets, and our broader Web3 Services offering, our goal is to make it easy for developers to rapidly build, deploy, and scale blockchain-powered apps for a variety of use ca...

Towards the end of last week, Silvergate discontinued its 24/7 instant settlement exchange network, SEN. Notably, institutions that used the said platform to move funds to crypto currency exchanges. Right from Kraken to Gemini and Binance.US, a host of prominent names from space were the bank’s clients. A recent Analysis report from Kaiko pointed out how the said situation could be a boon for Stablecoins , for they could be used to fill the void created by Silvergate . SEN was notably one of the only fiat payment rails in the crypto industry. Without it, Kaiko noted, “liquidity could suffer.” Even though Signature Bank seems to be another banking alternative, stablecoins could step up. Elaborating on the same, the report highlighted, “Specifically, it will become harder to quickly deploy fiat capital via exchanges, with Signature Bank now one of the only banking alternatives. But of course, there is another widely-used on-ramp into crypto: s...