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The cryptocurrency industry saw a significant increase in lobbying efforts in 2023, particularly aimed at influencing stablecoin regulations and legislative outcomes on Capitol Hill. Stablecoins, a crucial link between the crypto and traditional financial systems, gained significance due to their supposed backing by secure assets like dollars or treasuries. The push for federal regulation highlights the need for legitimacy within the asset class and sets the stage for potential widespread adoption. The Biden administration, along with both congressional Democrats and Republicans, has prioritized oversight of stablecoin s. This bipartisan interest persists despite disagreements on other digital asset issues following the collapse of Sam Bankman-Fried’s FTX empire. You might also like: Coinbase urges U.S. lawmakers to bring clear stablecoin regulation as ‘cash is outdated’ Lobbying efforts intensified, with Tether Operations Ltd. spending $760,000 during the first thre...

Nepalese police have uncovered an international gang of gold smugglers that secretly moved over 33kg of gold into the country in exchange for $16 million worth of Tether ( USDT ). According to local media, Dolakha police held a press conference on Tuesday detailing how the gang moved the gold through the Lamabagar border checkpoint with China between November 2022 and September 2023. Police revealed that over the course of a year, the gang sold the gold for Rs. 2.19 billion ($16 million) worth of USDT using 12 crypto wallets. Police also reportedly revealed that the crypto might be linked to illicit activities separate from the gold smuggling. The smugglers are said to have employed children to help hide the gold inside potato and flour sacks before transporting it to Nepal’s capital, Kathmandu. Tether’s history with China goes far beyond commercial paper Read more: Brazil gang caught laundering illegal gold with crypto In return, the smugglers reportedly sent the s...

Eetu Kuneinen argued against CBDCs as they are "centralized by nature," saying that certain dangers come with government control. At the recent Future Innovation Summit event held in Dubai, Cointelegraph moderated a panel titled “Stablecoins, Central Bank Digital Currencies and Cross-Border Payments” to explore if CBDCs and stablecoins can coexist and how this would be possible.  The panel included Jorge Carrasco, the managing director of FTI Consulting; Nikita Sachdev, the founder of Luna Media Corp; Jagadeshwaran Kothandapani, the head for Middle East and Africa for Citibank; and Eetu Kuneinen, the co-founder of the gold-backed stable coin project DGC. The Future Innovation Summit held in the Jumeirah Beach Hotel in Dubai. Source: Cointelegraph The group explored various topics, answering whether stablecoins and CBDCs can coexist. According to Kuneinen, CBDCs would be “centralized by nature” as they would be issued by the government, even though they may be built on ...

Join Our Telegram channel to stay up to date on breaking news coverage Tron (TRX) has recently seen a significant surge in the stablecoin presence on its network. According to new data, Tron’s stablecoin market cap has gone up by 8% over the last week alone, taking it to the $40 billion mark. DeFillama recorded an inflow of over $1 billion in stablecoins to the network on March 12th. Only five days later, on March 17th, an additional inflow of $917.49 million followed. Tether dominates the TRON network The majority of the stablecoins within the TRON ecosystem represent Tether (USDT), with 94.36% of the total stablecoin presence belonging to the crypto industry’s largest stablecoin project. Tether is currently the third-largest cryptocurrency on the market, with a market cap within Tron sitting at $39.26 billion, while its total market cap exceeds $76.3 billion. In the last 30 days, Tether has seen 8.26% growth in its market cap within Tron. Apart from Tether, ...

Several USD Coin holders have fled to other stablecoins amid fears surrounding its solvency. Several USD Coin (USDC) holders have fled to other stablecoins since March 10 amid fears surrounding its solvency following the disclosure that a small portion of USDC's collateral was held at Silicon Valley Bank. However, not all of them had success during panic selling. One user paid over 2,000,000 USDC to receive $0.05 of Tether (USDT) by dumping a large amount of 3CRV (DAI/USDC/USDT) into USDT. KyberSwap aggregation router was used in the transaction. Kyberswap is a decentralized exchange (DEX) that aggregates liquidity from several DEXs. In a postmortem, the protocol team explained that "since the market was undergoing a volatile period, all routes failed at estimating gas. The rate strongly fluctuated & only 0x’s route was successful but with a very poor rate." After confirming the swap at 0x's rate in a pop-up, a bot detected the opportunity and gained 2,085,256...