The purchases of stablecoins are probably one of the most positive things in the digital currency news. Our analysis today shows that they have recorded an increase during the market crackdown. As we saw the crypto market taking a beating and Bitcoin going even below $5,500, it seems like there were assets which also benefited from the buyers.
Certain stablecoins like USD-C, TUSD and DAI each witnessed increases of more than 200% in their 24 hour trading volume (even despite the market sell-off) as traders flocked to what they may have perceived to be safer alternatives in an attempt to escape market volatility.
This surge is not much surprising given the fact that the main use of stablecoins is to provide cryptocurrency users with the ability to convert volatile crypto positions into anti-fragile, ‘stable’ alternatives.
Tether (USDT), has ruled the roost during this increase. However, the market is now full of stablecoins aside from the pioneer (Tether) and now also includes competitors like USD-C, PAX and GUSD to name a few.
As data shows, Tether’s USD stablecoin is actually second on the list of growth during its 24-hour trading volume. The stablecoin that leads is USD Coin (USD-C) which is the regulated stablecoin backed by blockchain startups Circle and Coinbase, which witnessed the most notable uptick amid the market rout.
The volume of USD-C surged nearly 400% in 24 hours, from just over $5 million on November 14th to more than $25 million by the next day, representing its highest level of volume in the 24-hour window.
As recent data shows, USD-C is still the ‘king’ when it comes to daily trading volume. However, Tether (USDT) is still holding its ground on that front with its presence on 400 cryptocurrency markets.
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"The Maker Foundation Interim Risk Team has placed an Executive Vote into the voting system, which will enable the community to enact a new Dai Stability Fee of 17.5%. The Executive Vote (FAQ) will continue until the number of votes surpasses the total in favor of the previous Executive Vote. This is a continuous approval vote," is what the announcement shared in our latest cryptocurrency news notes.If the decision is approved and the vote comes out positive, the proposal would decrease the stability fee by 2% to 17.5% per year. As the announcement outlined, the need to decrease the fee was discussed by the project's governance and now the MakerDAO token holders need to decide on it. For those of you who don't know, MakerDAO is looking to change the yearly stability fee in an attempt to improve the token's peg to the US dollar - especially after the exchange price has been hovering above the $1 level. The stability fee was a hot topic in the altcoin news and is seen as a charge that is levied by Maker participants when DAI is used for loans. In March, the MakerDAO token holders already decided to raise the stability fee (even twice), first to 3.5% and then to 7.5% per year. In April this year, this fee was further increased by another four percent in the fifth such vote this year which brought it down to 11.5%. The further votes brought the rate up to 19.5% at the beginning of the current month. As we already reported (and many best cryptocurrency news sites did too) at the end of the previous month, DAI has been struggling to maintain its peg. Aside from the MakerDAO token holders and their decisions, the president and chief operating officer claimed that DAI's value had been stabilized as of the beginning of May. On top of this, at the end of April, the chief technology officer at MakerDAO, Andy Milenius, published an open letter dated April 3 to explain his concerns over the project's internal conflicts.
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“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”Brad praised the digital coin of Ripple and stated that XRP is much cheaper and faster on a ‘’per transaction basis’’ than Bitcoin ever was by a ‘’thousand times.’’ According to him, global payments today are not into the age of the Internet. He also pointed out in the latest cryptocurrency news that the blockchain technology has the ability to change all of the existing payments settlements dynamics by removing the ‘’central counterparty’’ and due to its unique ability to ‘’transact without the need for trust.’’ While he was explaining the subject of interoperability, Garlinghouse said that it was an important factor and noted:
“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”Ripple’s CEO outlined that the company is not focused on the Central Bank Digital Currency issuance and said that interoperability is much more important. Garlinghouse argued that in a world full of central bank digital currencies, interoperability is much needed to solve the cross-border transactions dealings issue. He had earlier dismissed the JPMCoin by the financial giant JPMorgan saying that it suffers from lack of interoperability.
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