Justin Sun disclosed news regarding an upcoming algorithmic stablecoin for the Tron blockchain. The token dubbed USDD goes live on May , 2022, barring any last-minute changes or incidents. Tron’s native cryptocurrency TRX will be leveraged to support the new player in the stablecoin market. Also, both the Ethereum network and the Binance Smart Chain will onboard USDD once it launches.
Sun also plans to deploy $10 billion to maintains USDD’s dollar peg and the reserve will be managed by the Tron DAO. Tron’s stablecoin launch follows recent success in the stablecoin market recorded by Terra’s UST token.
Major Indian-based cryptocurrency exchange CoinCDX raised a staggering $135 million during a recently concluded Series D funding round. The latest capital raise will help the platform continue to scale its services and expands its employee count from around 400 to over 1000.
Also, the fundraiser increased CoinCDX’s market valuation to $2.15 billion, further cementing the platform’s crypto unicorn status. The news broke despite India’s rigid crypto tax regime which recently came into effect. Since its implementation, trading volumes in the country have severely dipped and competitors like WazirX have opted to relocate to more friendly jurisdictions.
Micheal Sonnenshein, the chief operating officer of major Bitcoin fund and digital asset management company Grayscale Investments said that a BTC spot exchange traded fund (ETF) approved by the U.S. Securities and Exchange Commission (SEC) could come sooner rather than later.
The SEC has so far rejected every application for Bitcoin Spot ETF citing doubts regarding severe market manipulation and money fraud. However, a recently regulated BTC Futures ETF approved under a Securities law signals hope as institutions continue to push for a similar verdict regarding a Bitcoin ETF from the SEC.
Lazarus, a North Korean-based cybercrime and anonymous hacker organization has been linked to the biggest exploit in decentralized finance (DeFi) history – the $600 million hack on the Ronin Sidechain protocol. U.S. Authorities and blockchain security outfit Chainalysis have both published reports saying that the notorious group is linked with the attack. Following the news, crypto proponents surmised that chances of recovery are slim and that funds could be lost forever.
PayMaya developer Voyager plans to tap cryptocurrencies as a payment method in the Philippines. The startup recently passed a $1 billion market valuation after closing a bumper $210 million funding round. Voyager joins the growing list of crypto unicorns.
Layer one blockchain solution Near rallied over the past few weeks following two hefty fundraisers in January and April. The token’s price is approaching an all-time high region for the first time since January 2022.
Near’s price surge could also be connected to news about a native stablecoin expected to go live this April. The stablecoin dubbed $USN will arrive with incentives like high APY’s, similar to Terra’s UST on the Anchor protocol.
An announcement by the UK’s Financial Conduct Authority (FCA) shows that the body has launched a three-year strategy to enhance outcomes for consumers. This measure includes an aggressive clampdown on firms that fail to meet the authority’s standards.
FTX has acquired a stake in US regulated stock exchange platform IEX. The IEX Group controls the exchange. Neither party has disclosed any financial details of the investment but some sources have surmised that the deal could be north of $100 million. CEO Sam Bankman-Fried said the move is strategic as the vision of both companies aligns.
The National Bank of Georgia has prepared a first draft of policies designed to regulate the country’s cryptocurrency market. However, officials from the country’s central bank did not disclose a date for a parliamentary hearing.
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