ChainCatcher news, Citibank's latest report believes that stablecoins not only have the potential to reinforce the dominance of the US dollar but also challenge the notion that Bitcoin will one day end the dollar's hegemony.Analysts in the report stated: "Initially, cryptocurrencies like Bitcoin were seen as competitors to central bank-issued currencies. In fact, some believed—and still believe—that Bitcoin could end the dollar's hegemony. However, USDT is challenging this notion."Citibank pointed out that the vast majority of stablecoins are pegged to the US dollar, with issuers holding both dollars and US Treasury bonds. Analysts also indicated that if the US government further legitimizes stablecoins, this could enhance the dollar's dominance. "Increased regulatory transparency could also further enhance the appeal of stablecoins. If so, the demand for US Treasury securities from stablecoin issuers could grow from the current level of around 1%. Therefore, this cryptocurrency will not replace the dollar, but rather make the dollar more easily accepted worldwide and reinforce the dollar's long-standing global dominance."

ChainCatcher news, according to CryptoQuant data, by the end of September, the liquidity of stablecoins continued to grow to a record $169 billion, a year-to-date (YTD) increase of 31%. Dominating the market is still Tether's USDT, whose market capitalization increased by $28 billion to nearly $120 billion, accounting for 71% of the market share; and Circle's USDC, whose market capitalization increased by $11 billion to $36 billion, with a YTD growth of 44%, holding 21% of the market share. The record number of dollar stablecoins and the surge in large Bitcoin transactions may lay the groundwork for a broader BTC rally in the coming weeks, keeping the bullish seasonal trend for this asset intact in October.

ChainCatcher news, according to CoinDesk, BitGo plans to launch the US dollar stablecoin USDS in January 2025, offering incentives to institutions that provide liquidity to the network. USDS is backed by short-term treasury bills, overnight repos, and cash.

ChainCatcher message, on-chain data shows that the total issuance of the USD stablecoin PYUSD launched by PayPal has fallen below 400 million, currently reported at 398,936,871.41 coins, with a circulating supply market value of 399,308,456.00 USD, an on-chain market value of 398,750,567.89 USD, and the number of holder addresses reaching 10,471.

ChainCatcher news, according to CoinDesk, Ripple will issue a dollar-backed stablecoin.The company stated that the token is planned to be issued "later this year" and will be "100% backed by dollar deposits, short-term U.S. government bonds, and other cash equivalents." The stablecoin will first be deployed on Ripple's institution-focused XRP Ledger and the Ethereum blockchain, and will be based on the Ethereum ERC-20 token standard.

ChainCatcher news, BitMEX founder Arthur Hayes stated on social media that the stablecoin protocol Ethena's USDe will eventually replace USDT as the largest dollar stablecoin. However, this will take time, and Hayes himself will do his best to fulfill his advisory role and mint some USDe. It is reported that the issuance of USDe has reached 50 million. The Ethena mainnet will be launched in January 2024.Earlier today, reports from Scopescan data monitoring indicated that Arthur Hayes is depositing ETH into Lido and then using stETH to mint USDe in the decentralized stablecoin project Ethena Labs. So far, he has deposited 440 ETH (1.01 million USD) and received 1.01 million USDe. He currently still holds 5,451 ETH (12.5 million USD).

ChainCatcher news, according to coindesk, the U.S. Treasury is urging lawmakers to grant it new enforcement and sanction powers, including handling cases that do not involve domestic transactions. Under the proposal, Congress should grant the Treasury "new secondary sanction tools" to combat exchanges that support terrorism. Additionally, the U.S. government is also seeking control over Tether, with the proposal suggesting that "legislation could explicitly authorize OFAC to exercise extraterritorial jurisdiction over transactions involving stablecoins pegged to the dollar (or other dollar-denominated transactions), just as it typically does for dollar transactions," even if these transactions do not have direct contact with the U.S.

ChainCatcher news, according to CoinDesk, the Singapore entity of stablecoin issuer Paxos has received in-principle approval from the Monetary Authority of Singapore to provide digital payment token services in Singapore. It plans to collaborate with corporate clients to issue a new dollar-backed stablecoin after obtaining full approval.

ChainCatcher message, Ethereum block explorer Etherscan data shows that the dollar stablecoin PYUSD currently has an issuance of over 148 million, close to 150 million dollars, with a total circulating market value of approximately 148,275,519 dollars, making it the 15th largest stablecoin.

ChainCatcher news, according to on-chain information, the total issuance of the US dollar stablecoin PYUSD launched by PayPal has exceeded 100 million.

ChainCatcher news, according to The Block, the dollar stablecoin USDM issuer Mountain Protocol announced the completion of its seed funding round, led by Castle Island Ventures co-founder Nic Carter, with participation from Coinbase Ventures, Nansen CEO Alex Svanevik, New Form Capital, Daedalus, and OpenZeppelin CEO Demi Brener.It is reported that Mountain Protocol launched a yield-generating stablecoin called USDM, which received a digital asset issuance license from the Bermuda Monetary Authority on July 27.

ChainCatcher news, according to on-chain information, PayPal's USD stablecoin PYUSD has increased its issuance by approximately 3.77 million about 12 hours ago, bringing the total issuance to over 30.675 million.

ChainCatcher news, according to Cointelegraph, the government of the Pacific island nation of Palau will launch a pilot project for a dollar-backed stablecoin on July 26 local time. The stablecoin will be issued on the XRP Ledger and is the latest project running on the Ripple CBDC platform. The country will distribute the first batch of Palau Stablecoins (PSC) to official employees in the pilot project.

ChainCatcher news, the dollar stablecoin TrueUSD tweeted that the team is working to restore TUSD minting on Prime Trust and will provide updates immediately when there is new progress.Previously, TrueUSD stated that it has temporarily halted TUSD minting through Prime Trust, pending further notice. (Source link)

ChainCaycher news, according to The Block, Hong Kong digital asset trust institution First Digital is launching a programmable USD stablecoin FDUSD, capable of executing financial contracts, custody services, and insurance without intermediaries, but regulated in Asia. The reserves will be held in segregated accounts at Asian institutions.The company added: First Digital Labs will work closely with local and overseas regulatory authorities to ensure full compliance with current and future applicable laws and regulations, and First Digital Labs will be involved in shaping its evolution, including FDUSD and/or any regulatory framework that First Digital may belong to in the foreseeable future. (Source link)

ChainCatcher news, DeFi protocol Ondo Finance tweeted that it will launch a dollar stablecoin OMMF based on money market funds (MMF), allowing investors to mint and redeem OMMF on business days and earn interest daily in the form of OMMF Tokens. (source link)

ChainCatcher news, Jewel Bank, headquartered in Bermuda's digital asset banking sector, plans to issue a fully collateralized USD stablecoin, Jewel USD (JUSD), based on the Polygon network. It will maintain a reserve ratio of at least 1:1 with the US dollar, ensuring that there are always sufficient funds in its reserves to support each JUSD in circulation. Jewel Bank stated that it will also conduct regular audits of its stablecoin reserves and provide monthly and quarterly reports.In June, Jewel Bank received a full banking and digital asset business license from the Bermuda Monetary Authority, becoming the country's first digital asset bank. (CoinDesk)