IMF director expects more crypto drop amid a recession

    The International Monetary Fund (IMF) director Tobias Adrian has warned of further selloffs in crypto assets and equities. He also expects crypto to drop even more amid a recession. Tobias Adrian, director of Monetary and Capital Markets for the IMF, warned about further selling pressure in the crypto market and more crypto token failures in…

    Circle reveals its reserves which back USDC stablecoin

    Circle Internet Financial released a detailed yet unaudited breakdown of its reserve assets for the firm’s USD Coin (USDC), showing $42.1 billion in short-term US government bonds and $13.6 billion in cash. Lately, crypto firms and their finances are under increasing scrutiny in the ongoing crypto credit crisis. Published in the company’s blog post on…

    EU authorities agree on rules to tame ‘Wild West’ crypto market

    European authorities have reached a milestone deal to regulate the trading of crypto assets in the bloc, to rein in what lawmakers call the “wild west” of financial markets. These standards are designed to protect consumers and increase transparency from companies. EU member states and the European Parliament on July 1 settled the terms of…

    Cardano to launch its own algorithmic stablecoin Djed soon

    Djed, Cardano’s algorithmic stablecoin, developed in collaboration with the COTI network, might launch shortly after the Vasil Hard Fork mainnet launch, its team revealed. The tentative date of the launch could be in the last week of July. “We are also waiting for Cardano’s Vasil Hard Fork to take place. The Vasil Hard Fork will…

    Tron becomes the 3rd-largest DeFi blockchain due to new algorithmic stablecoin USDD

    Launched in 2018, Tron is now DeFi’s third-largest blockchain in terms of total value locked (TVL). Tron’s DeFi activity saw a sharp spike after the launch of its algorithmic stablecoin USDD, promising more than 20% per year returns. Currently, the TVL across Tron’s nine different apps stands at $5.9 billion, up 44% over the past…

    $10 billion worth of Tether was redeemed since the crypto crash

    Tether (USDT), the multibillion-dollar stablecoin. has paid out $10 billion in withdrawals since the crypto crash started in early May. The pace of withdrawals means the company is effectively dealing with a slow-motion bank run, as depositors seek to move their cash to more heavily regulated stablecoins. According to public blockchain data, $1 billion USDT…