tl;dr
• Tether shedding $7B in circulating supply• Stablecoin, DEI, a coin on the Fantom network, has fallen below the US dollar peg for a third day• Given the market plunge Coinbase is saying they are going to slow their growth• Seth Green, a popular actor, was the victim of a phishing attack and had 4 N...
• Tether shedding $7B in circulating supply
• Stablecoin, DEI, a coin on the Fantom network, has fallen below the US dollar peg for a third day
• Given the market plunge Coinbase is saying they are going to slow their growth
• Seth Green, a popular actor, was the victim of a phishing attack and had 4 NFTs stolen
• India wants to collect 18% on crypto held by citizens in overseas exchanges
• Robinhood officially announces their non-custodial wallet, and it has over 150K on the waiting list
I am on this kick of finding news that will bring my hopes down and then trying to see if I can gain something positive from it instead. Here is what is on my mind today.
1. Tether shedding $7B in circulating supply is interesting to me because Tether is the largest so-called stablecoin in the world. That said, it is an algorithmic coin just like Terra was. So, am I seeing a drop in confidence in stablecoins. YUP! The question is what kind of stablecoins are losing investor confidence. Time to do some research into USDC since they are an asset-backed stablecoin with a far more transparent audit process.
2. Stablecoin, DEI, a coin on the Fantom network, has fallen below the US dollar peg for a third day. The decentralized finance (DeFi) protocol DEUS Financial is a hybrid stablecoin. They first landed on my radar while I was researching the DeFi space on 3/15 and again on 4/29. Both of those mentions were due to hacks. Now we are talking about a lost pegging to the US Dollar. So, in little over 2 months they have landed on my radar three times and all for the wrong reasons. Like I keep saying, if it sounds too good to be true, then it probably is.
3. As of late, Coinbase has been on a global tear in both staff growth and global expansion. Stemming from a drop in earnings as the wider market plunges, Coinbase is saying they are going to slow their growth. Clearly, that is going to alter their growth trajectory. David Solomon, Goldman Sachs CEO, says no is not the time to be in the cryptocurrency custodial business, but Coinbase is an interesting model given they have so many other things they do. This makes me think there are other purer plays in the custodial business that make me question their viability.
4. In a note about security, please be careful with your crypto holdings. Seth Green, a popular actor, was the victim of a phishing attack and had 4 NFTs stolen from him. He put word out on Twitter to let people know not to purchase the stolen NFTS. He also noted a specific person that might have purchased
5. India is at again. They want to charge 18% on crypto held by citizens in overseas exchanges. I wish I could be surprised at the move. I would just be a lot easier if they outright said they don't want anyone in their country using crypto, like at all, ever!