Stablecoin infrastructure project usdx.money announces a $45 million funding round, boosting its valuation to $275 million. The investment will fuel the expansion of USDX, its flagship stablecoin, through increased liquidity, DeFi integration, and innovative payout models.
Howard Lutnick, President-elect Trump’s pick for Commerce Secretary, and his firm Cantor Fitzgerald are reportedly forging a multi-billion dollar deal with Tether, the world’s largest stablecoin, to launch a Bitcoin-backed lending program. This collaboration comes amidst ongoing controversy surrounding Tether’s alleged involvement in illicit activities.
Avalon Labs has introduced USDa, a Bitcoin-backed stablecoin designed to unlock liquidity for Bitcoin holders without requiring them to sell their holdings. USDa leverages LayerZero’s cross-chain technology, aiming to position Bitcoin as a source of liquidity within both decentralized and centralized finance. This innovative approach could address liquidity constraints within the broader Bitcoin market and enable Bitcoin holders to participate in yield-generating activities in DeFi protocols.
Agora, co-founded by Nick Van Eck, is launching its US dollar stablecoin, AUSD, on Injective’s blockchain, aiming to bridge liquidity between traditional and decentralized finance. Backed by VanEck’s asset management and custodied by State Street, AUSD is collateralized with a basket of cash, U.S. treasury bills, and overnight repurchase agreements, ensuring a 1:1 ratio with the US dollar. This integration is expected to boost AUSD’s availability within the Injective ecosystem, facilitating transactions across DEXs, on-ramps, and lending platforms.
IDA, a leading Hong Kong-based stablecoin issuer, has joined forces with Zand Bank, the UAE’s first fully licensed all-digital bank, to streamline cross-border transactions across the Belt and Road regions and BRICS Plus using blockchain technology. This strategic partnership aims to provide businesses with efficient 24/7 digital payments, fostering economic collaboration between the Middle East and China.
U.S. federal authorities are investigating Tether, the leading stablecoin issuer, for potential violations of U.S. sanctions and anti-money laundering regulations. The inquiry, led by the Manhattan U.S. Attorney’s Office, focuses on Tether’s alleged involvement in illicit activities like drug trafficking and terrorism financing. The Treasury Department is also reportedly considering imposing sanctions on Tether, raising concerns about the stablecoin’s growing influence in global finance.
Ripple has launched its US dollar-pegged stablecoin, RLUSD, aimed at enterprise applications. This move comes as Donald Trump’s World Liberty initiative advocates for stablecoins over Bitcoin. RLUSD offers financial institutions a compliant and reliable digital asset for cross-border payments, leveraging Ripple’s recent legal victory.
Rep. Maxine Waters has proposed a deal with Rep. Patrick McHenry to advance long-stalled stablecoin legislation in the U.S. before the end of 2024. The proposed package could also address other issues like deposit insurance reform and banking access for legal cannabis companies. While the deal is still uncertain, its potential impact on the cryptocurrency industry is significant.
Robinhood Markets Inc. and Revolut Ltd. are reportedly considering entering the lucrative $170 billion stablecoin market, potentially shaking up the dominance of current leader Tether USDT/USD. This move comes as the European Union prepares to enforce stricter crypto regulations, which could impact the operations of major stablecoin issuers like Tether. The stablecoin market is increasingly gaining traction, particularly among younger demographics in emerging markets, indicating a potential shift towards digital payments.
PayPal is expanding its cryptocurrency services to US businesses, allowing them to buy, sell, and hold crypto directly through their accounts. The move comes in response to growing demand from business owners and aims to make cryptocurrency more accessible to a wider audience. This announcement follows PayPal’s launch of its own stablecoin, PayPal USD, last year.
