Ethena Labs’ synthetic dollar has surged to a $2 billion market cap less than two months after the protocol released its product on Ethereum’s public mainnet. Launched in February, the market cap of stablecoin USDe has grown over 147% in the last 30 days, per DefiLlama. CoinGecko categorizes the cryptocurrency as the fifth largest token in...
PayPal’s international payment service, Xoom, will allow U.S.-based users to send money overseas using PayPal’s stablecoin, PYUSD. The new option allows conversions from PYUSD to U.S. dollars, facilitating remittances to around 160 countries without any fees from Xoom. Users can transfer funds directly to bank accounts, mobile wallets, or pick-up locations abroad, but currency conversions from USD will include...
Synthetic dollar issuer Ethena Labs has announced the launch of claims for its new governance token ENA. The protocol, known for its yield-earning USDe token, is looking to distribute 750 million ENA tokens through an airdrop. The airdrop will see 5% of the token’s total supply flow into the market. Ethena Labs announced the development via an X post,...
Nick Van Eck has ventured into stablecoins with the backing of his family’s esteemed business. Agora, the brainchild of Van Eck and crypto stalwarts Drake Evans and Joe McGrady, recently secured $12 million in seed funding, spearheaded by digital-asset venture firm Dragonfly. Operating under a Delaware incorporation with its stablecoin issuer headquartered in the British Virgin Islands, Agora’s stablecoin will cater exclusively to...
Cryptocurrency exchange Binance will force the conversion of 15 tokens into USDT. The reasons for Binance’s decision are unclear at press time. According to today’s platform announcement, Binance will convert tokens into USDT based on users’ funds in their Binance wallets at midnight on April 21. However, users can withdraw the airdropped or delisted tokens until this time. After the specified time,...
Kraken Australia's Managing Director Jonathon Miller said institutional crypto demand is lagging in Australia, but stablecoins and the right policy moves could help it catch up. Australia’s crypto industry is in a good spot to benefit from a global “inflection point” for crypto demand as long as its lawmakers make the right decisions, according to a...
PeckShield analysts reported a security incident with the Ethena Labs project on March 29. Experts say the vulnerability underlying the exploit is still unknown. According to PeckShield, it resulted in the loss of 480 BNB, equivalent to around $290,000 at the time of writing. In a comment to the post, X users suggested that the incident was...
