ChainCatcher news, according to Business Wire, the Bahamas Securities Commission announced that the "Digital Assets and Registered Exchanges Act 2024" (DARE 2024) has been passed by the Bahamas Parliament and has become law. This bill builds on the 2020 DARE Act and introduces comprehensive reforms aimed at addressing the evolving landscape of digital assets and cryptocurrency markets.It is reported that the new law covers a broader range of digital asset activities, including advisory management services, digital asset derivatives, and investment services. The new law incorporates provisions related to digital asset custody and introduces the first disclosure system for digital asset staking. DARE 2024 also provides a clear definition for stablecoins, stipulating the registration of existing stablecoins and acceptable forms of reserve assets, while establishing new requirements for the custody, segregation, reporting, and redemption of reserve assets. The issuance of algorithmic stablecoins is explicitly prohibited.

According to ChainCatcher, The Block reported that U.S. Senators Kirsten Gillibrand and Cynthia Lummis have introduced a stablecoin bill.The bill will require stablecoin issuers to hold a one-to-one cash or cash-equivalent reserve to back their tokens, prohibit unsupported algorithmic stablecoins, and assert that both issuers and users cannot use stablecoins for illegal or unauthorized purposes such as money laundering.The bill also intends to establish a federal and state regulatory framework for stablecoin issuers to maintain a dual banking system, granting federal and state entities the authority over stablecoin charters and enforcement.

ChainCatcher news, according to Cointelegraph, Zhao Changpeng is exploring the possibility of launching smaller algorithmic stablecoins to provide investors with alternatives to the currently dominant stablecoins.Zhao Changpeng expressed concerns about the lack of transparency and unpredictable risks associated with large stablecoins like Tether and Binance USD. Therefore, Binance is developing algorithmic stablecoins and diversifying its stablecoin collaborations to mitigate potential risks.

ChainCatcher news, according to the official Olympus DAO website, Olympus DAO has officially integrated with the OKX Web3 wallet. Users can connect the OKX Web3 wallet plugin to provide liquidity, stake stablecoins, and trade on Olympus DAO. Olympus is a decentralized reserve currency protocol based on the OHM token, with each OHM token backed by a basket of assets stored in the Olympus treasury.It is understood that the OKX Web3 wallet supports over 60 public chains, with a unified app, plugin, and web interface covering five major areas: wallet, DEX, earning coins, NFT marketplace, and DApp exploration. It also supports features such as the Ordinals marketplace, creating MPC wallets, exchanging gas, iCloud/Google Drive backup for mnemonic phrases, custom networks, and connecting hardware wallets. In addition, the OKX Web3 wallet will soon support AA account abstraction.

ChainCatcher news, according to the algorithmic stablecoin protocol Frax Finance's official website, Frax Finance has officially integrated with the OKX Web3 wallet. Users can connect the OKX Web3 wallet plugin to perform stablecoin exchanges, staking, and more on Frax Finance. Frax Finance is the first partially algorithmic stablecoin, minted using 1 USD of USDC + FXS. Similarly, burning 1 FRAX can yield 1 USD of USDC + FXS.It is reported that the OKX Web3 wallet is the most comprehensive heterogeneous multi-chain wallet, supporting over 60 public chains, with a unified experience across app, plugin, and web platforms, covering five major areas: wallet, DEX, earning coins, NFT marketplace, and DApp exploration. It also supports features such as the Ordinals marketplace, creating MPC wallets, exchanging gas, iCloud/Google Drive backup for mnemonic phrases, custom networks, and connecting hardware wallets.In addition, the OKX Web3 wallet will soon support AA account abstraction. (Source link)

ChainCatcher news, the issuer of the algorithmic stablecoin Stablecoin MIM, the Abracadabra community has released a new proposal to introduce a centralized entity that will represent the DAO in trademark registration, manage server costs, and protect the protocol's intellectual property, while still keeping control in the hands of governance token SPELL holders.The proposal states that currently Abracadabra relies on community members to privately fund essential services such as hosting and domain names. However, this decentralized structure poses challenges for protecting intellectual property, as evidenced by its blog being forced to migrate due to baseless copyright claims. (Source link)

ChainCatcher message, the algorithmic stablecoin protocol Olympus community has voted through the OIP-137 proposal to purchase more ETH to support the OHM token. This OIP establishes a new framework for its DAO finances, including gradually adjusting the treasury asset allocation to 75% stablecoins and 25% directional exposure, currently consisting of approximately 79% stable assets and 21% volatile assets. This move is expected to reduce the stablecoin exposure by about 25 million dollars. (Source link)

ChainCatcher message, CertiK monitoring shows that the Discord server of the stablecoin project Gyroscope has been compromised. Hackers have posted fake Mint links; please do not click on any links until the team confirms they have regained control of the server.According to RootData data, Gyroscope is a self-stabilizing, reserve-backed stablecoin protocol. The price of Gyro dollar is stabilized by various mechanisms or defenses built into the protocol. Gyroscope completed a $4.5 million seed round financing in January 2022. (Source link)

ChainCatcher message, the algorithmic stablecoin FRAX has depegged to around $0.95. The trading ratio of FRAX to USDT on Curve is about 0.947, and Chainlink data shows the price of FRAX is approximately $0.952.

ChainCatcher news, the Frax Finance community has voted to approve a governance proposal that sets the target collateralization ratio (CR) of the FRAX stablecoin to 100%, removing the protocol's algorithmic support for the stablecoin, making FRAX a fully collateralized stablecoin. Additionally, the proposal states that it will not rely on minting FXS to achieve the CR increase, but will instead use the protocol's revenue to fund the increased CR, and FXS buybacks will be paused, with veFXS yields remaining unchanged. Furthermore, the proposal authorizes the purchase of $3 million of fxsETH each month to increase the stablecoin reserves.It is reported that FRAX was originally designed as a partially collateralized, partially algorithmic stablecoin, with its collateralization ratio adjusted based on the market demand for FRAX. (source link)

ChainCatcher message, the zero-knowledge proof-based full-chain interoperability protocol Way Network can provide decentralized full-chain communication technology for all projects planning to engage in cross-chain layouts globally, including all DeFi projects and algorithmic stablecoin projects.Way Network aims to create a more complete, open, and inclusive Web3 network. Its main feature is the use of zero-knowledge proof zkSpark to enhance the security level of full-chain interoperability and reduce its costs. (source link)

Chain Catcher news, Zhao Changpeng stated in a Binance official Twitter Space that since the US dollar is still the most popular way to price Bitcoin in the market, the mainstream stablecoins are currently pegged to the US dollar. However, in the future, as the entire market becomes more open and decentralized, crypto may use more non-US dollar currencies for pricing. At the same time, algorithmic stablecoins are also a new option, but they require more disclosure. He has seen many new projects working on solving the algorithmic stability issue. (Source link)