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Cryptocurrency News Articles
Revolut Ventures into the Lucrative Stablecoin Market as Europe's Largest Fintech
Sep 25, 2024 at 09:00 pm
The allure of stablecoins is stronger than ever. Earlier this year, Ripple announced that it would launch its stablecoin despite being embroiled in a
Europe’s largest fintech, Revolut, is planning to launch its stablecoin in a bid to compete with the likes of Tether (USDT) and Circle (USDC), Bloomberg reported on Monday.
The London-based neobank has reportedly been working on the plan for some time now, with the token expected to be launched over the next year. Revolut declined to comment on the matter, but a spokesperson told Bloomberg that the company is always looking to improve its services.
“Crypto is a big part of our belief in banking without borders and we have a clear mission to become the safest and most accessible provider of crypto asset services,” the spokesperson added.
Revolut began offering digital asset trading services to its users earlier this year, and in May, it launched the Revolut X exchange for its professional traders. This made Revolut the first regulated bank to offer a standalone ‘crypto’ trading platform, having obtained its banking license in July.
With the stablecoin, the $45 billion neobank will be venturing into an entirely new business line. Stablecoins now command a $173 billion market cap and account for over $50 billion in daily trading volume, anchoring the ‘crypto’ trading sector.
However, the sector is still dominated by the two top issuers. Tether, with USDT, and Circle, with USDC, together account for 90% of the market. In fact, after these two, only DAI and First Digital USD have hit $1 billion in market cap.
With Tether also blatantly breaking financial laws (and in a few instances getting a slap on the wrist from regulators), other companies see the opportunity here as several players are circling the sector to pounce when authorities inevitably crack the whip on Tether.
The key motive is the unrestricted profits that issuers mint. In the first half of the year, Tether allegedly made $5.2 billion in net profits, a new record for the company. For context, since the last quarter of 2022, Tether has reported $12.72 billion, 30% more than the $10 trillion asset manager BlackRock.
Elsewhere, Germany’s DZ Bank is set to offer digital asset services to its 700 cooperative bank customers. DZ Bank is the second-largest lender in Germany, with its client cooperative banks managing over €1.2 trillion.
DZ Bank has partnered with Boerse Stuttgart Digital and will leverage its “regulated institutional crypto infrastructure solutions” to offer its clients’ crypto trading and custody solutions. It expects to connect some of the banks by the end of the year.
DZ joins its fierce rival Commerzbank (NASDAQ: CRZBY), which announced a partnership with Crypto Finance, to offer digital asset trading services to its corporate clients. Crypto Finance is a subsidiary of Deutsche Borse, Germany’s largest stock exchange.
Louisiana to accept digital payments
In the U.S., the state of Louisiana has announced a new service that allows residents to make payments in digital currencies. State Treasurer John Fleming revealed that the Louisiana Department of Wildlife and Fisheries was the first department to receive digital currency payments for a fine.
“In today’s digital age, government systems must evolve and embrace new technologies. By introducing cryptocurrency as a payment option, we’re not just innovating; we’re providing our citizens with flexibility and freedom in interacting with state services,” Fleming commented.
Louisiana joins a list of states that have supported digital currency payments, with Ohio being the first to test the waters in 2019. However, Ohio’s initiative collapsed a year later, with only 10 companies using it. Others that have made similar moves include Florida, Colorado, and Utah.
Like its peers, Louisiana doesn’t intend to accept digital currencies into its coffers. Instead, it has partnered with Bead Pay to convert the currencies into fiat, with Fleming saying this protects the state against volatility. The move aligns with all the other states, which have all converted their digital currencies to US dollars, reducing the initiatives to gimmicks and PR moves.
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- IntelMarkets (INTL): Utility Over Hype
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- DTX Exchange (DTX): A Novel Exchange-Based Token Set to Challenge the Dominance of Solana (SOL) and Render (RNDR)
- Sep 26, 2024 at 12:25 am
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- BlackRock Executive Talks About Fundamentals of Bitcoin
- Sep 26, 2024 at 12:25 am
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- USDh by Hermetica, a Popular USD-pegged Stablecoin and the First-ever Synthetic Dollar Backed by BTC as a Security Layer, Announces Its Release on Stacks, the Most Popular Bitcoin L2
- Sep 26, 2024 at 12:25 am
- The asset is fully backed by Bitcoin (BTC), according to its team's statement. Each USDh owner might enjoy up to 25% yield on their holdings in a fully noncustodial manner.
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- BitcoinOS (BOS) Unveils BitSNARK, a Zero-Knowledge Verification Protocol for Enhanced Privacy on the BTC Network
- Sep 26, 2024 at 12:25 am
- BitcoinOS (BOS) has marked a milestone in the evolution of the Bitcoin network by announcing the launch of BitSNARK, a zero-knowledge (ZK) verification protocol that promises to improve privacy in transactions made on this blockchain.
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- Floki (FLOKI) Will Rally as Valhalla, a Play-to-Earn MMORPG, and Alliance Announce a Partnership, Traders Predict
- Sep 26, 2024 at 12:25 am
- Floki officially announced a groundbreaking partnership between Valhalla and Alliance, a globally recognized esports powerhouse.