Analysis Crypto by Thebittimes.Com

With Ireland’s approval, Zodia can now offer over-the-counter trading and exchange services to institutional clients in the European Union. Zodia Markets, a crypto brokerage and exchange backed by Standard Chartered and OSL, has been approved by the Central Bank of Ireland to operate as a Virtual Asset Service Provider (VASP). It clears the path for the firm for EU expansion. In an interview with Financial Times, Zodia chief executive Michael Walsh said the registration would help the firm achieve its goals by acting as a “launchpad” to enter the European market. The news comes just a few months after Zodia secured an in-principle approval from the Abu Dhabi Global Market to offer regional services . You might also like: Standard Chartered-backed Zodia goes green, joins UK’s Tech Zero The Zodia CEO added in a blog post the firm sees “significant opportunity and demand” for its products as the European Union’s Markets in Crypto Assets r...

The total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, Paxos report states. Stablecoin issuer Paxos has published the first transparency report for the Ethereum-based stablecoin PayPal USD (PYUSD), stating that the coin is fully backed by assets. According to the report, the total assets held in PayPal USD custody “meet or exceed the token balance,” with total tokens outstanding amounting to $44.4 million as of Aug. 31, 2023. The total notional position value amounted to $44.5 million. The biggest share of PYUSD assets is backed by the U.S. Treasury reverse repurchase agreements held in custody by Paxos for the benefit of PYUSD holders. According to the data, as much as $43 million — or nearly 97% of total assets in PYUSD custody — are held in Treasury reverse repurchase agreements. Data from Paxos’ PYUSD transparency report. Source: Paxos A reverse repurchase agreement is a contractua...

WAVES price and its USDN stablecoin lose value after the Digital Asset eXchange Association issues a caution notice and Upbit exchange delists the token. Algorithmic stablecoins have had a rough year, starting with UST de-pegging to zero and the subsequent blow-up of Terra’s LUNA token which was used for the asset’s backing. Algorithmic stablecoins are not fully collateralized and rely on different mechanisms to maintain the peg, making them inherently fragile to market conditions.  The UST implosion created a domino effect that caused another stablecoin , Magic Internet Money (MIM) to de-peg. Despite the fragility of algorithmic stablecoin s, new projects like Djed by Cardano (ADA) are still planning on launching, but that doesn’t mean that the concept has improved since the crises seen earlier in the year. Let’s look at the latest de-peg event in the cryptocurrency space. Warning issued for WAVES and its USDN stablecoin On Dec. 8, the Digital Asset eXchange Association (DAXA), whic...