Bitcoin mining difficulty rises to new high ‼️🔥
📈 As a result of the next recalculation, the difficulty of mining the first cryptocurrency reached a record high of 37.59 T, adding 10.26% at once.
The indicator showed double-digit growth for the first time since October, when it moved to the previous high recorded in November.
Over a period of approximately two weeks between recalculations, the average hash rate was 269 EH/s. As a result, the interval between blocks was reduced to 9 minutes.
In January, the computing power of the network recovered after the December collapse associated with the storm that covered the United States. Due to bad weather, many local miners suspended the work of data centers to balance power grids or for the safety of personnel.
Against the background of the recovery of the price of bitcoin to levels around $ 21,000 hashpricerose to around $0.078 per TH per day. The increase in complexity has collapsed the indicator by about 10%.
📈 As a result of the next recalculation, the difficulty of mining the first cryptocurrency reached a record high of 37.59 T, adding 10.26% at once.
The indicator showed double-digit growth for the first time since October, when it moved to the previous high recorded in November.
Over a period of approximately two weeks between recalculations, the average hash rate was 269 EH/s. As a result, the interval between blocks was reduced to 9 minutes.
In January, the computing power of the network recovered after the December collapse associated with the storm that covered the United States. Due to bad weather, many local miners suspended the work of data centers to balance power grids or for the safety of personnel.
Against the background of the recovery of the price of bitcoin to levels around $ 21,000 hashpricerose to around $0.078 per TH per day. The increase in complexity has collapsed the indicator by about 10%.
📚 University of Texas to Launch Educational Bitcoin Course
🏫 In the spring of 2023, Texas A&M University will launch an educational program dedicated to Bitcoin. This was told by Professor Korok Ray, who will conduct the training.
A course called Bitcoin Protocol will be included in the educational program for students of educational institutions as part of the university - the May Business School and College Engineering.
The initiative is based on the book Programming Bitcoin by Bitcoin Core developer Jimmy Song.
According to Ray, it took months for the course to be approved. He called the program important in the long run and thanked Riot Blockchain mining company for their support.
Recall that in January 2022, the analytical service CoinGecko published the book “How to NFT” in English.
🗓 In October, 1inch and fintech company Revolut launched the Learn and Earn course for newcomers to DeFi.
🏫 In the spring of 2023, Texas A&M University will launch an educational program dedicated to Bitcoin. This was told by Professor Korok Ray, who will conduct the training.
A course called Bitcoin Protocol will be included in the educational program for students of educational institutions as part of the university - the May Business School and College Engineering.
The initiative is based on the book Programming Bitcoin by Bitcoin Core developer Jimmy Song.
According to Ray, it took months for the course to be approved. He called the program important in the long run and thanked Riot Blockchain mining company for their support.
Recall that in January 2022, the analytical service CoinGecko published the book “How to NFT” in English.
🗓 In October, 1inch and fintech company Revolut launched the Learn and Earn course for newcomers to DeFi.
⚙️ Solana RPC Endpoints Go Offline Following Bug In Latest Update
According to blockchain researcher and journalist Colin Wu, Solana’s RPC Endpoints and Mainnet explorer are offline due to a bug in its latest release.
Solana has urged users operating on the impacted nodes to change to version 1.13.
Solana Foundation-run Remote Procedure Call (RPC) endpoints are currently offline due to a bug in its latest test release, 1.14. While Solana has urged those operating on the impact nodes to change over to 1.13, the Solana Network remains unaffected, with block production taking place normally.
Journalist Colin Wu also updated Twitter followers, highlighting that the network was functioning normally despite the RPCs being offline.
💬 “Mainnet beta Explorer and Solana Foundation Public RPC endpoints are currently offline as RPC node software is upgraded, following a bug in test release 1.14. Block production has not been impacted, and the Solana network has not been impacted.”
According to blockchain researcher and journalist Colin Wu, Solana’s RPC Endpoints and Mainnet explorer are offline due to a bug in its latest release.
Solana has urged users operating on the impacted nodes to change to version 1.13.
Solana Foundation-run Remote Procedure Call (RPC) endpoints are currently offline due to a bug in its latest test release, 1.14. While Solana has urged those operating on the impact nodes to change over to 1.13, the Solana Network remains unaffected, with block production taking place normally.
Journalist Colin Wu also updated Twitter followers, highlighting that the network was functioning normally despite the RPCs being offline.
💬 “Mainnet beta Explorer and Solana Foundation Public RPC endpoints are currently offline as RPC node software is upgraded, following a bug in test release 1.14. Block production has not been impacted, and the Solana network has not been impacted.”
Twitter Expands Cryptocurrency Price Demonstration Feature
📈 Twitter developers have quietly added three dozen leading cryptocurrencies to the function that displays asset price charts.
The add-ons are an extension of the $Cashtags initiative that Twitter Business announced on December 21, 2022. When searching for a combination of the $ symbol and the ticker of a public company, index or ETF, a price chart began to appear. Initially, the function also supported the two largest cryptocurrencies - Bitcoin and Ethereum.
✅ At the time of writing, the option includes approximately 30 coins from the top 50 by capitalization. Among them: USDT, Binance USD (BUSD), Cardano (ADA), Solana (SOL), Polygon (MATIC), Litecoin (LTC), Avalanche (AVAX) Uniswap (UNI), Dogecoin (DOGE), Shiba Inu (SHIB) other.
However, a number of leading cryptocurrencies do not support the function. This applies, for example, to BNB. There are also no price widgets for Polkadot (DOT) and Tron (TRX) — both assets are in the top 20🔝.
📈 Twitter developers have quietly added three dozen leading cryptocurrencies to the function that displays asset price charts.
The add-ons are an extension of the $Cashtags initiative that Twitter Business announced on December 21, 2022. When searching for a combination of the $ symbol and the ticker of a public company, index or ETF, a price chart began to appear. Initially, the function also supported the two largest cryptocurrencies - Bitcoin and Ethereum.
✅ At the time of writing, the option includes approximately 30 coins from the top 50 by capitalization. Among them: USDT, Binance USD (BUSD), Cardano (ADA), Solana (SOL), Polygon (MATIC), Litecoin (LTC), Avalanche (AVAX) Uniswap (UNI), Dogecoin (DOGE), Shiba Inu (SHIB) other.
However, a number of leading cryptocurrencies do not support the function. This applies, for example, to BNB. There are also no price widgets for Polkadot (DOT) and Tron (TRX) — both assets are in the top 20🔝.
Iran and Russia to discuss creation of a gold-pegged stablecoin
The Central Bank of Iran is discussing with the Russian Federation the possibility of creating a joint stablecoin of the Persian region for foreign trade settlements.
The fact of negotiations was confirmed by Anton Tkachev, a member of the State Duma Committee on Information Policy, Information Technologies and Communications. To discuss issues at the state level, the Russian authorities will have to develop regulation of cryptocurrencies, he specified.
In 2023 the special economic zone in Astrakhan will begin to receive cargo from Iran. On the basis of this, a stablecoin pegged to gold can be launched. Settlements in dollars between countries are prohibited due to sanctions - payments are made in the national currency.
Maria Agranovskaya, Managing Partner of the Grad Bar Association, called the solution “quite a working tool, which, among other things, can solve problems associated with restrictions on SWIFT transfers .”
The Central Bank of Iran is discussing with the Russian Federation the possibility of creating a joint stablecoin of the Persian region for foreign trade settlements.
The fact of negotiations was confirmed by Anton Tkachev, a member of the State Duma Committee on Information Policy, Information Technologies and Communications. To discuss issues at the state level, the Russian authorities will have to develop regulation of cryptocurrencies, he specified.
In 2023 the special economic zone in Astrakhan will begin to receive cargo from Iran. On the basis of this, a stablecoin pegged to gold can be launched. Settlements in dollars between countries are prohibited due to sanctions - payments are made in the national currency.
Maria Agranovskaya, Managing Partner of the Grad Bar Association, called the solution “quite a working tool, which, among other things, can solve problems associated with restrictions on SWIFT transfers .”
💸 Binance Will Allow Institutions to Store Collateral Off the Platform
The Binance Bitcoin exchange will allow institutional investors to store collateral for leveraged positions off the platform. It is reported by CoinDesk with reference to Bloomberg.
According to the publication, the Binance Custody service will be used to store collateral on cold wallets. User assets will also protect against on-chain hacks that hot wallets are susceptible to.
🗓 In this way, the exchange aims to solve the problem of trust in centralized trading platforms caused by the crash of FTX in November 2022.
The Binance Bitcoin exchange will allow institutional investors to store collateral for leveraged positions off the platform. It is reported by CoinDesk with reference to Bloomberg.
According to the publication, the Binance Custody service will be used to store collateral on cold wallets. User assets will also protect against on-chain hacks that hot wallets are susceptible to.
🗓 In this way, the exchange aims to solve the problem of trust in centralized trading platforms caused by the crash of FTX in November 2022.
⚙️ The Shiba Inu team announced the launch of the beta version of the L2 network on Ethereum
The developers of the Shiba Inu meme token have announced the “imminent” launch of the beta version of Shibarium, a second-tier network based on Ethereum.
“Shibarium's L2 protocols can serve various areas of the industry such as the metaverse, Web3 innovation, and games. This is primarily due to such common features of existing blockchains as scalability and performance limitations,” the statement says.
Running on top of Ethereum, the L2 solution uses Shiba Inu ecosystem tokens - SHIB, LEASH and BONE.
The latter is selected as a native Shibarium asset to pay rewards to validators and delegates. For these purposes, 20 million BONE are reserved out of a total issue of 250 million coins.
Shibarium is expected to provide higher throughput and lower gas costs compared to the Ethereum core network. The developers did not announce any specific values of the indicators, citing the need for further testing.
The developers of the Shiba Inu meme token have announced the “imminent” launch of the beta version of Shibarium, a second-tier network based on Ethereum.
“Shibarium's L2 protocols can serve various areas of the industry such as the metaverse, Web3 innovation, and games. This is primarily due to such common features of existing blockchains as scalability and performance limitations,” the statement says.
Running on top of Ethereum, the L2 solution uses Shiba Inu ecosystem tokens - SHIB, LEASH and BONE.
The latter is selected as a native Shibarium asset to pay rewards to validators and delegates. For these purposes, 20 million BONE are reserved out of a total issue of 250 million coins.
Shibarium is expected to provide higher throughput and lower gas costs compared to the Ethereum core network. The developers did not announce any specific values of the indicators, citing the need for further testing.
⁉️ Failed hedge fund Three Arrows Capital founders Su Zhu and Kyle Davis raise $25M to launch GTX cryptocurrency exchange
🏦 Three Arrows Capital founders Su Zhu and Kyle Davis are set to raise $25 million to launch a cryptocurrency exchange. The Block writes about this with reference to two presentations of the project.
According to the publication, the platform will be called GTX. Zhu and Davis are allegedly partnering with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.
💬 According to journalist Colin Wu, this is a platform "for trading in creditors' claims." Zhu declined to comment, saying he was "busy making it."
🏦 Three Arrows Capital founders Su Zhu and Kyle Davis are set to raise $25 million to launch a cryptocurrency exchange. The Block writes about this with reference to two presentations of the project.
According to the publication, the platform will be called GTX. Zhu and Davis are allegedly partnering with CoinFLEX co-founders Mark Lamb and Sudhu Arumugam.
💬 According to journalist Colin Wu, this is a platform "for trading in creditors' claims." Zhu declined to comment, saying he was "busy making it."
⚡️ The user blamed the loss of digital assets on malware from Google ads
An NFT influencer said he lost a "significant amount" of cryptocurrencies and non-fungible tokens after downloading infected software promoted by Google ads.
Known in the Twitter community as NFT God, he said he used the Google search engine to download OBS Studio, a free video recording and streaming program. According to him, instead of the official website of the software, he clicked on the first link offered by Google Ads. After starting the installation, the user was distracted by the game.
According to NFT God, a couple of hours later, a Twitter follower wrote in a private message that his account had been hacked and was sending out scam messages.
The influencer then discovered that the NFTs he owned, including Mutant Ape Yacht Club tokens, were up for sale on OpenSea from someone else's address. The attacker gained access to the NFT God crypto wallet.
“Digital funds belonging to me were stolen overnight,” he wrote.
An NFT influencer said he lost a "significant amount" of cryptocurrencies and non-fungible tokens after downloading infected software promoted by Google ads.
Known in the Twitter community as NFT God, he said he used the Google search engine to download OBS Studio, a free video recording and streaming program. According to him, instead of the official website of the software, he clicked on the first link offered by Google Ads. After starting the installation, the user was distracted by the game.
According to NFT God, a couple of hours later, a Twitter follower wrote in a private message that his account had been hacked and was sending out scam messages.
The influencer then discovered that the NFTs he owned, including Mutant Ape Yacht Club tokens, were up for sale on OpenSea from someone else's address. The attacker gained access to the NFT God crypto wallet.
“Digital funds belonging to me were stolen overnight,” he wrote.
🔥 MetaMask integrated with liquid staking services Lido and Rocket Pool
The MetaMask non-custodial wallet team has added a liquid Ethereum staking option to Portfolio Dapp using the Lido and Rocket Pool protocols.
💬 “MetaMask Staking allows direct interaction with the Lido and Rocket Pool protocols,” the post reads.
According to the team, this will help users “contribute” to improving the security and decentralization of the network of the second largest cryptocurrency by capitalization.
In November 2022, wallet developers launched a beta version of the MetaMask Bridges tool for moving tokens between networks. The service is available in mobile and desktop versions within one window through Portfolio Dapp.
The team later added support for Arbitrum and Optimism for cross-chain swaps.
The MetaMask non-custodial wallet team has added a liquid Ethereum staking option to Portfolio Dapp using the Lido and Rocket Pool protocols.
💬 “MetaMask Staking allows direct interaction with the Lido and Rocket Pool protocols,” the post reads.
According to the team, this will help users “contribute” to improving the security and decentralization of the network of the second largest cryptocurrency by capitalization.
In November 2022, wallet developers launched a beta version of the MetaMask Bridges tool for moving tokens between networks. The service is available in mobile and desktop versions within one window through Portfolio Dapp.
The team later added support for Arbitrum and Optimism for cross-chain swaps.
The most active cryptocurrency business angels of the last year from RootData. Absolute leadership belongs to CTO Coinbase and co-founder of Polygon (both from India).
The founder of Aave is in third place in terms of cumulative rounds, but he made 11 investments last year, trailing three investors with 14 deals.
The founder of Aave is in third place in terms of cumulative rounds, but he made 11 investments last year, trailing three investors with 14 deals.
🤝 Binance and Huobi Freeze $2.5M in BTC Related to Harmony One Hack
The security teams of cryptocurrency exchanges Binance and Huobi have frozen and returned access to 124 BTC worth $2.58 million stolen from the $100 million Horizon cross-chain bridge hack.
💬 “We have discovered the movement of funds of hackers [attacking] Harmony One. Previously, they tried to launder money through Binance and we froze their accounts. This time they used Huobi. We helped the exchange team to freeze assets, ” said Binance CEO Changpeng Zhao.
🗓 On Jan. 13-14, hackers transferred 41,000 ETH worth $63.5 million in connection with the hack, according to analytics firm ZachXBT.Railgunbefore consolidating the funds and depositing them on three different exchanges. Their names are not specified. To do this, hackers used over 350 addresses.
Recall that Elliptic experts believe that the Lazarus hacker group associated with North Korea may be behind the attack on Horizon.
The security teams of cryptocurrency exchanges Binance and Huobi have frozen and returned access to 124 BTC worth $2.58 million stolen from the $100 million Horizon cross-chain bridge hack.
💬 “We have discovered the movement of funds of hackers [attacking] Harmony One. Previously, they tried to launder money through Binance and we froze their accounts. This time they used Huobi. We helped the exchange team to freeze assets, ” said Binance CEO Changpeng Zhao.
🗓 On Jan. 13-14, hackers transferred 41,000 ETH worth $63.5 million in connection with the hack, according to analytics firm ZachXBT.Railgunbefore consolidating the funds and depositing them on three different exchanges. Their names are not specified. To do this, hackers used over 350 addresses.
Recall that Elliptic experts believe that the Lazarus hacker group associated with North Korea may be behind the attack on Horizon.
🚀 The head of SushiSwap presented the development goals of the project for 2023
DEXSushiSwap aims to increase its market share by 10 times in 2023. This was stated by the head of the exchange, Jared Gray, presenting the development goals for the current year.
In the first quarter, the SushiSwap team plans to launch a DEX aggregator and enter this market segment. According to Gray, the developers throughout 2022 created the necessary solution in “stealth mode”.
💬 “We believe that aggregation helps to better serve the interests of customers with an optimal pricing system. We are leveraging these innovations to provide deeper liquidity in pools and enable liquidity providers (LPs) to benefit from higher volumes and fees,” said SushiSwap CEO.
The project will also launch a decentralized Sushi Studios incubator in 2023 to promote the growth of the ecosystem. The initiative will support independently funded projects so as not to burden its own treasury.
DEXSushiSwap aims to increase its market share by 10 times in 2023. This was stated by the head of the exchange, Jared Gray, presenting the development goals for the current year.
In the first quarter, the SushiSwap team plans to launch a DEX aggregator and enter this market segment. According to Gray, the developers throughout 2022 created the necessary solution in “stealth mode”.
💬 “We believe that aggregation helps to better serve the interests of customers with an optimal pricing system. We are leveraging these innovations to provide deeper liquidity in pools and enable liquidity providers (LPs) to benefit from higher volumes and fees,” said SushiSwap CEO.
The project will also launch a decentralized Sushi Studios incubator in 2023 to promote the growth of the ecosystem. The initiative will support independently funded projects so as not to burden its own treasury.
Binance Burned Over $575 Million in BNB 🔥
Cryptocurrency exchange Binance held its twenty-second quarterly Binance Coin (BNB) token burn. 2.06 million coins worth over $575 million were withdrawn from circulation.
The company launched a burn program in 2017 with the goal of withdrawing 100 million tokens from circulation - half of the total supply. From 2021, the number of coins to be removed is automatically calculated using the Auto-Burn formula.
“BNB Auto-Burn provides an unbiased and independent review process. The numbers are reported quarterly and this mechanism is independent of Binance. In addition, BNB Chain still continues to burn part of the gas fee in real time using the Real-Time-Burn mechanism,” Binance CEO Changpeng Zhao said in a statement.
Of the total volume of coins withdrawn from circulation in the quarter, 7,181 BNB came from the Pioneer Burn program. The engine has burned over 145,000 BNB since its launch through the activation of the BEP-95 update.
Cryptocurrency exchange Binance held its twenty-second quarterly Binance Coin (BNB) token burn. 2.06 million coins worth over $575 million were withdrawn from circulation.
The company launched a burn program in 2017 with the goal of withdrawing 100 million tokens from circulation - half of the total supply. From 2021, the number of coins to be removed is automatically calculated using the Auto-Burn formula.
“BNB Auto-Burn provides an unbiased and independent review process. The numbers are reported quarterly and this mechanism is independent of Binance. In addition, BNB Chain still continues to burn part of the gas fee in real time using the Real-Time-Burn mechanism,” Binance CEO Changpeng Zhao said in a statement.
Of the total volume of coins withdrawn from circulation in the quarter, 7,181 BNB came from the Pioneer Burn program. The engine has burned over 145,000 BNB since its launch through the activation of the BEP-95 update.
⚙️ Frontier Begins Multi-Function Integration to Serve Avalanche’s DeFi Ecosystem
Frontier will support AVAX staking, NFT support, and TrueUSD native on Avalanche.
Frontier is integrating with Avalanche to natively support AVAX staking, NFTs, and TrueUSD (TUSD) in the Frontier Application (slated for completion in March 2021). Not only will this expand the wallet options and functionality for users already within Avalanche’s ecosystem, but it will also empower more users to seamlessly access decentralized finance (DeFi) applications within it.
Frontier is a chain-agnostic DeFi aggregator that enables users to manage all of their DeFi applications and assets in a safe, simple portal.
🗓 Since Summer 2020, Frontier prioritized wallet composability to streamline the user experience for blockchain wallet users. Wallet composability enables users to choose the desired wallet to perform certain operations, and with TxLink, Frontier is minimizing the complexities of wallet management.
Frontier will support AVAX staking, NFT support, and TrueUSD native on Avalanche.
Frontier is integrating with Avalanche to natively support AVAX staking, NFTs, and TrueUSD (TUSD) in the Frontier Application (slated for completion in March 2021). Not only will this expand the wallet options and functionality for users already within Avalanche’s ecosystem, but it will also empower more users to seamlessly access decentralized finance (DeFi) applications within it.
Frontier is a chain-agnostic DeFi aggregator that enables users to manage all of their DeFi applications and assets in a safe, simple portal.
🗓 Since Summer 2020, Frontier prioritized wallet composability to streamline the user experience for blockchain wallet users. Wallet composability enables users to choose the desired wallet to perform certain operations, and with TxLink, Frontier is minimizing the complexities of wallet management.
Glassnode pointed to the likely achievement of a local maximum of bitcoin
The “explosive” rally of bitcoin at the beginning of the year nullified the “paper” losses of investors and miners and at the same time called into question the continuation of positive dynamics, based on the state of on-chain metrics.
The aSOPR indicator has approached testing the 1.0 resistance level, overcoming which, followed by a retest, may be a sign of the end of the bearish trend. This would indicate that there is sufficient demand to absorb the selling caused by profit taking.
The specialists made a similar conclusion on the basis of realized losses/gains in dollar terms. Following the results of the previous week, the indicator overcame a significant milestone at around 1.0.
Resistance can also be identified in terms of technical analysis. Experts pointed to the price exceeding the 200-day simple moving average from the bottom-up near $19,500. For 381 days before that, the quotes were below the designated mark.
The “explosive” rally of bitcoin at the beginning of the year nullified the “paper” losses of investors and miners and at the same time called into question the continuation of positive dynamics, based on the state of on-chain metrics.
The aSOPR indicator has approached testing the 1.0 resistance level, overcoming which, followed by a retest, may be a sign of the end of the bearish trend. This would indicate that there is sufficient demand to absorb the selling caused by profit taking.
The specialists made a similar conclusion on the basis of realized losses/gains in dollar terms. Following the results of the previous week, the indicator overcame a significant milestone at around 1.0.
Resistance can also be identified in terms of technical analysis. Experts pointed to the price exceeding the 200-day simple moving average from the bottom-up near $19,500. For 381 days before that, the quotes were below the designated mark.
🔥Bernstein predicted crypto industry revenues of $400 billion by 2033
In the next ten years, the income of the cryptocurrency industry will increase 16 times, from $25 billion to $400 billion. Such estimates were given by Bernstein analysts
💬 “This year will lay the foundations for a ten-year golden age of innovation indapps. This will happen due to the transition of the industry from the thesis of a “profitable” infrastructure to the thesis of a “profitable” application,” the experts noted
📈 Decentralized protocols will account for half of the specified $400 billion. Currently, their share does not exceed 15%
The 100x revenue growth of dapps over the next ten years will be due to “innovation in blockchain scalability and the growth of applications in the financial services and consumer technology segments,” the experts explained. This niche will form 75% of revenue by 2033 against the current 40%
✅ Within financial applications, growth will be driven by DEX , lending and structured/tokenized products
In the next ten years, the income of the cryptocurrency industry will increase 16 times, from $25 billion to $400 billion. Such estimates were given by Bernstein analysts
💬 “This year will lay the foundations for a ten-year golden age of innovation indapps. This will happen due to the transition of the industry from the thesis of a “profitable” infrastructure to the thesis of a “profitable” application,” the experts noted
📈 Decentralized protocols will account for half of the specified $400 billion. Currently, their share does not exceed 15%
The 100x revenue growth of dapps over the next ten years will be due to “innovation in blockchain scalability and the growth of applications in the financial services and consumer technology segments,” the experts explained. This niche will form 75% of revenue by 2033 against the current 40%
✅ Within financial applications, growth will be driven by DEX , lending and structured/tokenized products
⚙️ DeFi protocol developer Aave 0xGraham said that the third version of the platform could be launched as early as this week.
V3 provides for the launch of cross-chain functions, tools for managing the community protocol, optimizing transaction costs, and a number of other functions. The new model is expected to reduce gas consumption by 20-25%.
V3 provides for the launch of cross-chain functions, tools for managing the community protocol, optimizing transaction costs, and a number of other functions. The new model is expected to reduce gas consumption by 20-25%.
🔥 Circle releases first annual report on the state of the USDC economy
🚀📚 Circle, the operator of the USD Coin (USDC) stablecoin , has released the first annual report on the development and prospects of the coin’s economy.
The founder and CEO of the firm, Jeremy Allaire, recalled that in 2013, when the development of the stablecoin began, it was conceived as “a dollar for the Internet.”
💬 “Now, ten years later, USD Coin (USDC) is breaking through into the mainstream. By almost all metrics and trends, the stablecoin economy is growing, healthy, and on track to become the primary means of economic activity on a global scale,” he said.
📑 According to the report, the asset is fully backed by reserves, which consist of 80% of 3-month US Treasury bonds - one of the most stable and liquid securities. By the end of January, the firm will transfer this provision of the stablecoin in full to a regulated fund managed by BlackRock .
🚀📚 Circle, the operator of the USD Coin (USDC) stablecoin , has released the first annual report on the development and prospects of the coin’s economy.
The founder and CEO of the firm, Jeremy Allaire, recalled that in 2013, when the development of the stablecoin began, it was conceived as “a dollar for the Internet.”
💬 “Now, ten years later, USD Coin (USDC) is breaking through into the mainstream. By almost all metrics and trends, the stablecoin economy is growing, healthy, and on track to become the primary means of economic activity on a global scale,” he said.
📑 According to the report, the asset is fully backed by reserves, which consist of 80% of 3-month US Treasury bonds - one of the most stable and liquid securities. By the end of January, the firm will transfer this provision of the stablecoin in full to a regulated fund managed by BlackRock .