New Zealand Central Bank Governor Warns About Stablecoins

New Zealand Central Bank Governor Adrian Orr issued a strong warning against cryptocurrencies, particularly stablecoins, calling them the ‘biggest misnomer’ and emphasizing that their value depends entirely on the assets and liabilities of their issuer, raising concerns about their stability and suitability as a form of currency.

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Solana emblem on a globe and stablecoins behind it

Stablecoin Transfer Volume On Solana Explodes As Confidence in The Blockchain Surges

Solana’s blockchain is experiencing a remarkable surge in stablecoin activity, with transfer volumes hitting a record high of $303 billion in January 2024, eclipsing the previous month’s figure by $6 billion. This meteoric rise marks a phenomenal year-over-year growth of over 2500%, compared to a mere $11.56 billion in January 2023. Moreover, Solana’s market share of stablecoin on-chain transfers has skyrocketed from a modest 1.17% a year ago to a commanding 31.82%.

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Circle Financial banner with an IPO sign below it

Circle Internet Financial, Creator of Stablecoin USDC, Pursues Confidential IPO Filing

In a strategic move toward becoming a publicly-traded company, Circle Internet Financial, the overseer of the stablecoin USDC, has confidentially filed for a U.S. initial public offering (IPO). The Boston-based company, known for managing the issuance and governance of USDC, refrained from disclosing details such as the number of shares to be offered or the proposed price range.

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tether and bitcoin logos titled: Tether's massive bitcoin profit

Tether Withdraws $379 Million Worth of Bitcoin from Bitfinex, Becomes Top 10 BTC Holder

Tether, the largest stablecoin issuer, has increased its bitcoin holdings by withdrawing 8888.88 BTC (about $379 million) from Bitfinex, one of the leading cryptocurrency exchanges. According to Bitinfochart, Tether’s withdrawal has made it the tenth largest BTC holder, with a total of 66465.2 BTC ($2.82 billion) in its wallet. The average cost price of Tether’s bitcoin stash is $25,176, which means that the company has made a profit of $1.148 billion (+68%) from its bitcoin investment. Tether’s move comes amid growing scrutiny from regulators and investors over its reserves and transparency, as well as its influence on the cryptocurrency market.

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