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Cryptocurrency News Articles
Crypto Custodian BitGo Plans to Launch a Dollar-Backed Stablecoin Next Year, Offering Rewards to Liquidity Providers
Sep 18, 2024 at 06:09 pm
BitGo is set to launch a dollar-backed stablecoin dubbed USDS in January 2025, positioning it as the first “open-participation stablecoin” in the market.
Crypto custodian BitGo is planning to launch a dollar-backed stablecoin in January 2025, offering rewards to liquidity providers in a bid to stand out in a market currently dominated by Tether (USDT) and Circle's USD Coin (USDC).
In a Sept. 18 post on X, BitGo announced the upcoming launch of its stablecoin, dubbed USDS, describing it as the first “open-participation stablecoin” in the market.
The stablecoin will be “fully backed by short-duration T-bills, overnight repos, and cash, ensuring high liquidity and low risk with real-time proof of reserves,” the crypto custodian said.
Introducing $USDS
The first open-participation stablecoin to redefine financial freedom.
Built on a foundation of transparency, USDS empowers the community by democratizing the stablecoin experience and putting the power back in your hands.
1:1 USD Backing: USDS is fully… pic.twitter.com/pfzXWGZ1ze
BitGo, which holds a dominant 96.6% market share in the Wrapped Bitcoin market with its wBTC token, is also facing increasing competition from new entrants.
On Sept. 12, Coinbase launched cbBTC, a new ERC20 token backed 1:1 by Bitcoin held in Coinbase’s custody. The token is available on the Base and Ethereum networks, signaling a direct challenge to BitGo's market leadership.
Meanwhile, some decentralized finance protocols are reevaluating their use of wBTC due to concerns over its affiliations with TRON founder Justin Sun. Sky, formerly known as MakerDAO, is now considering whether it should remove wBTC as collateral from its borrowing platform SparkLend because of BitGo's impending partnership with BitGlobal, which is perceived as potentially shifting control of wBTC to a venture associated with Sun.
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- New Meme Coins Take the Lead
- Sep 21, 2024 at 07:55 pm
- Over the past years, the crypto space has seen more than a few examples of meme coins ballooning in value, gaining multibillion-dollar market caps, and getting celebrity endorsements. That didn’t change in 2024, with new names entering the market, making waves, and bringing impressive gains to their investors.
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- Chainlink Conducts a Token Unlock of 18.75M $LINK Coins
- Sep 21, 2024 at 07:50 pm
- The statistics point out that this event stands as the most recent in a sequence of quarterly coin releases. At Binance, these assets potentially intend to serve for trading and liquidity purposes.
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- Bitcoin Price Predictions: Analyst Kevin Svenson Bullish, Sees Potential for New All-Time Highs in Q4 2024
- Sep 21, 2024 at 07:45 pm
- Bitcoin's recent price jump of about 10% over the past two weeks has drawn attention from analysts and investors alike. One voice that stands out is Kevin Svenson, a well-known analyst and trader, who believes Bitcoin is on the cusp of achieving new all-time highs.
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- Powerledger Expands Into the Solana Ecosystem, Citing Shared Values Amid Wider Interest in ReFi
- Sep 21, 2024 at 07:45 pm
- “At the heart of both Powerledger and Solana is a shared vision of innovation, sustainability and transparency"
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- Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL): Market Resurgence in Focus
- Sep 21, 2024 at 07:35 pm
- The cryptocurrency market is experiencing a notable resurgence, with several key players showing significant price movements. This week, we focus on Ethereum (ETH), Ripple (XRP), Cardano (ADA), Binance Coin (BNB), and Solana (SOL) as they navigate through shifting market dynamics.
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- Coinbase Wrapped BTC (cbBTC) Expands to Solana Blockchain
- Sep 21, 2024 at 07:35 pm
- Coinbase has confirmed plans to expand its wrapped Bitcoin token cbBTC to the Solana blockchain. This move follows the successful launch of cbBTC on Ethereum and Base networks just days prior.
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- Bonk (BONK) Price Prediction: Is a 500% Surge in October Possible?
- Sep 21, 2024 at 07:35 pm
- SOL meme coin BONK has experienced significant growth over the past months, with recent price trends and market dynamics pointing to the potential
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- Rexas Finance (RXS): A Hedge for ETH Investors
- Sep 21, 2024 at 07:35 pm
- The price drop witnessed recently by Ethereum has been alarming to the cryptocurrency market, especially because the investors with the highest ETH holdings are currently in a whale sell-off. This sell-off has placed Ethereum at its lowest against Bitcoin in over three years.
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- The Cryptocurrency Market Began to Recover from Its Recent Slump, Which Ended on Sept. 6.
- Sep 21, 2024 at 07:35 pm
- Bitcoin's market dominance has surged to 58.54%, nearing a peak, while several altcoins have started outperforming it, signaling a potential shift in momentum.