The stablecoin is issued by a registered trust owned by First Digital.
First Digital Group announced today that it’s launching a USD stablecoin, FDUSD.
The stablecoin is issued on Ethereum and BNB, a spokesperson told CoinDesk, saying that First Digital is in discussions with all major exchanges for a listing.
First Digital says FDUSD is backed by “high-quality reserves” of cash and cash equivalents in regulated financial institutions around Asia, and will be issued by First Digital Trust, a trust company registered under Hong Kong’s Trust Ordinance.
Part of the requirements of Hong Kong’s Trust Ordinance is to keep all reserves in segregated accounts, which prevents co-mingling of assets.
“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions,” Vincent Chok, CEO of First Digital, said in a release.
But as the stablecoin launches, it won’t be available to retail users in Hong Kong.
Regulators in Hong Kong have said that stablecoins should not be allowed for public trading by retail investors until the proposed rules for this asset class are officially implemented in the territory.
As CoinDesk reported in February, The Hong Kong Monetary Authority (HKMA), the special administrative region’s central bank, and one of its financial regulators are weighing new regulations for stablecoins, which could mandate local incorporation, require real-world asset backing (disallowing algorithmic stablecoins) and mandating separate operations for issuers and virtual asset exchanges.
It’s not yet clear when these regulations will kick in.
Fei USD Protocol, merkeziyetsiz bir stablecoin projesidir.
Fei USD Protocol, merkeziyetsiz bir stablecoin projesidir. Stablecoin kavramını genişletmeyi ve geliştirmeyi amaçlayan projenin yerel tokeni FEI’dir.
Fei Protocol Nedir?
Fei protokolü, Fei Labs Inc. tarafından geliştirilen tamamen merkezi olmayan bir stabilcoin projesidir. Proje, çeşitli yenilikleri uygulayarak stabilcoin kavramını geliştirmeyi amaçlamaktadır. Uniswap likidite havuzunu ve yerel stablecoin’i olan FEI’yi ABD dolarının döviz kuruna yakın tutmak için Protokol Kontrollü Değer (PCV) adlı bir istikrar mekanizmasının yanı sıra çok sayıda başka mekanizma kullanır. Ayrıca TRIBE adlı yerel bir yönetişim tokeni de sunar.
Fei USD Protocol, Mart 2021’de büyük endüstri risk sermayesi şirketlerinden 19 milyon dolar toplamayı başardı. Fei projesini lansman aşamasında desteklemek isteyen kullanıcılar, 0,50 dolar ve üzeri indirimli fiyattan token satın alabilirler. Geliştirme ekibi bunun FEI’yi diğer DeFi protokollerine entegre etmek için yeterli olacağına karar verdiği için birincil sürüm hedefi 100 milyon FEI olarak belirlenmiştir. İndirim aşaması sona erdikten sonra, kullanıcıların 1 ABD Doları değerinde FEI ihraç edebilmeleri için 1,01 ABD Doları değerinde ETH yatırmaları gerekiyordu. Bu yaklaşım, Fei’nin büyük ETH rezervleri biriktirmesine ve kullanıcılarına hızlı ve verimli bir stabilcoin sağlamasına izin verdi.
ETH tokenin nasıl kullanıldığını bilmek önemlidir. Proje, Uniswap’te (Ethereum’un blokzincirindeki en büyük merkezi olmayan borsa) bir FEI/ETH likidite havuzu oluşturuyor ve bu havuz, stablecoin’e hemen likit bir ikincil piyasa sağlıyor. Fei protokolünün kendisi, istikrarlı parası için ana likidite sağlayıcısıdır ve bu da onu, token enflasyonunu kullanarak üçüncü tarafları çeken diğer algoritmik sabit paralardan ayırır.
FEI Nedir?
FEI, Fei protokolüne özgü bir ERC20 stablecoin’dir. Diğer projelerden daha verimli ve daha adil bir sermaye dağıtımını sürdürmek için (teoride) çeşitli mekanizmalar kullanan merkezi olmayan bir stablecoin’dir. Fei protokolünün amacı, FEI/ETH’nin ETH/USD çiftine yakın bir şekilde alınıp satılabileceği bir likit piyasa yaratmaktır.
Diğer birçok jetonun aksine, FEI’nin token tedariği temelde sınırsızdır. Bağlanma eğrileri ve ticaret teşvikleri yoluyla coin salınımını kontrol eden madenci ve yakıcı sözleşmeleri tarafından yönetilir. FEI token, ERC20’nin bazı standart olmayan işlevlerini gösterir, ancak bu yalnızca işlemlerin bir alt kümesi için geçerlidir.
ETH bağlama eğrisi, önyükleme hedefi olarak belirlenen 250 milyon FEI’lik bir hedef arza sahip olacaktır. “Ölçek” olarak da bilinen bu hedef, FEI’nin fiyatını 1 dolarda sabitleyeceği nokta olacaktır.
FEI’nin peg’i, Fei protokolünün iki temel unsuru tarafından yönetilir:
Protokol Kontrollü Değer (PCV)
Doğrudan teşvikler
FEI Nasıl Satın Alınır?
FEI coin satın almak için öncelikle bu kripto para biriminin listelendiği borsaları bilmek gerekir. Ardından bu borsalardan birinde hesap oluşturmalı ve hesaba giriş yapmalısınız. Giriş yaptıktan sonra hesap cüzdanına bakiye yüklemelisiniz. Bakiye yükleme işlemi kredi/banka kartıyla veya banka havalesi ile gerçekleştirilebilir. Bakiye yükledikten sonra istenilen miktarda FEI’yi satın alabilir, sıcak veya soğuk cüzdanda muhafaza edebilirsiniz.
FEI coin satın alınabilecek kripto para borsalarından bazıları şunlardır:
With facts hard to come by, a coterie of crypto players are taking action.
Key players in the crypto ecosystem are shoring up their defenses amid growing concerns over the state of Multichain, a major venue for moving assets between different blockchains.
Four days after apparent technical issues started throttling some users’ ability to withdraw tokens from the protocol, wild rumors over Multichain’s safety and the fate of its team are filling the void created by the platform’s silence. A single tweet blaming some cross-chain breaks on “force majeure” has only added fuel to the widespread speculation that something is amiss.
The light-on-facts landscape is pushing a growing number of entities to mitigate risk now – regardless of Multichain’s true state. Their responses are highlighting how crypto bridges create the potential for a world of hurt that goes well beyond the flashiest and well-trodden risk to bridges (getting hacked by North Korea).
The situation is compounded by Multichain’s prominence among bridges. It is the third-largest bridging protocol by transfer volume and total value locked, according to data from Messari and DeFiLlama.
Like most bridges, Multichain uses a mint-and-lock mechanism to move assets between the 92 blockchains it interacts with. For example, if a holder of USDC stablecoin bridges the asset from Ethereum to Fantom via Multichain, the token gets locked up in a smart contract on Ethereum and then issued anew on Fantom – in this case, as a “wrapped” token called anyUSDC.
Multichain’s anyUSDC and other wrapped USDC tokens like it dominate 50% of Fantom’s stablecoin market, according to DeFiLlama. This is in spite of all USDC on Fantom being “bridged” assets instead of “native” that Circle issues directly onto the chain. Thus, all the USDC tokens on Fantom are reliant on bridges to retain their value.
This setup works as long as the bridge does. At the height of Multichain’s troubles this week, it didn’t, and wrapped USDC tokens on Fantom lost their dollar peg. Some arbitrage traders told CoinDesk they bought wrapped USDC tokens at a 30% discount during the fracas over Multichain, which is responsible for 80% of the stablecoins on Fantom.
Binance, the world’s largest crypto exchange, seemingly pointed to the risks of non-native assets Friday with a tweet imploring traders to “remember to check you trust the issuer behind stablecoins you hold.”
The Fantom ecosystem’s high reliance on Multichain hasn’t spooked market participants into a mass exodus quite yet. Overall numbers like total value locked remain rather steady despite some outflows to other chains, according to data from terminal-builder Parsec.
“The multichain bridge is fully operational and safe with Fantom. Whatever is happening internally with multichain has no impact on the bridged assets on Fantom,” Michael Kong, CEO of the Fantom Foundation, told CoinDesk.
This chart shows anyUSDC transfers from Fantom (blue) and other chains into Arbitrum over the last 10 days. The uptick corresponds with the swirling rumors. (Parsec)
Squid Router – a bridging protocol built on Axelar that unlike Multichain uses swaps instead of wrapped tokens to move value across chains – also reported a surge in activity during the Multichain madless. Bridge transactions on Axelar itself increased sixfold during the spike, people familiar with the matter said.
But Multichain’s method of wrapping assets to bridge them has spooked players beyond the stablecoin markets. On Thursday, Binance said it would temporarily suspend deposits in 10 Multichain-bridged tokens “while we await clarity from the Multichain team.”
Bridging aggregation service Li.Fi also took preventative measures yesterday and shuttered access to Multichain.
Amid all this Multichain’s namesake asset MULTI has suffered. It was trading at $3.8 at press time, a 54% drop from where it was before the crisis of confidence began.
The company, which issues the $82 billion USDT stablecoin, reported $1.48 billion of net profits in 2023 Q1 and revealed $1.5 billion in BTC holdings.
Stablecoin issuer Tether will regularly buy bitcoin (BTC) for its stablecoin reserves using a portion of its profits starting this month as part of a new investment strategy focused on the largest cryptocurrency by market capitalization, the firm announced on Wednesday.
Tether said it will allocate up to about 15% of the realized profits from investments – excluding any unrealized price appreciation of its reserve assets – to purchase BTC and will add the tokens to the reserve surplus.
The company will custody the BTC stash on its own, without using any third-party custodians, according to the statement.
The development comes after Tether, the company behind the largest stablecoin on the market, the $82 billion USDT, revealed last week that it holds $1.5 billion of BTC and $3.4 billion of gold among the assets that backs the value of USDT and its smaller stablecoins. Some 85% of the reserves are held in cash and cash-like assets such as U.S. Treasury bonds, according to its 2023 Q1 attestation.
Stablecoins, now a $131 billion asset class, have become a crucial building block of the cryptocurrency infrastructure, facilitating trading and transactions between government-issued fiat money and digital tokens by keeping their price anchored to an external asset, usually to the U.S. dollar.
BTC investments
The firm’s BTC purchase campaign aims to strengthen and diversify the stablecoin reserves, while capitalizing on its price appreciation as an investment, the press release said.
“Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential,” Paolo Ardoino, chief technology officer of Tether, said in a statement. “Our investment in bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology.”
The company said it will exclusively utilize realized profits from its investment operations for buying BTC, disregarding unrealized capital gains. It means that the firm considers “only the tangible gains from its operations,” consisting of the difference between the purchase price and net proceeds from an asset sale or, in case of maturing assets such as Treasury bills, between the purchase price and the reimbursed amount, per the statement.
Tether said that it also focuses on developing communication systems, energy and bitcoin mining infrastructure among its smaller investments.
For years, Tether has been criticized within the crypto industry for its lack of transparency about its reserves and controversial investment decisions.
However, the firm’s flagship token USDT emerged as a safe haven in March as the U.S. regional banking crisis hit Circle’s USDC, the second largest stablecoin. The sudden implosion of Silicon Valley Bank (SVB) left a part of USDC’s cash reserves frozen at the bank over a weekend, and several stablecoins lost their dollar peg temporarily in a knock-on effect.
Tether came out of the calamity as a clear winner by maintaining its price stability due to its perceived disconnection from U.S-based banks, being incorporated in the British Virgin Islands and Hong Kong. USDT’s circulation has grown 24% this year while most rivals have suffered significant outflows.
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Binance assigned a zero fee discount to the BTC-TUSD trading pair last month, waiving the promotion from Tether’s USDT.
The TrueUSD (TUSD) stablecoin’s market share in bitcoin (BTC) trading volume on Binance is catching up to Tether’s USDT following the exchange’s zero fee trading discount, but data shows traders are still reluctant to use TUSD, according to crypto bilgi firm Kaiko.
Between Binance’s BTC-TUSD and BTC-USDT trading pairs, TUSD’s market share rose to 49%, almost equalling Tether’s.
“This is a massive increase over just a few weeks,” Clara Medalie, head of research at Kaiko, said.
However, TUSD’s growth could not offset the rapid decline in the BTC-USDT pair’s trading volume after Binance waived its zero fee discount for Tether, according to Kaiko data. Moreover, larger buy and sell orders are still placed for the USDT pair, per Kaiko.“This suggests that traders are still reluctant to use TUSD despite zero fees,” Medalie added.
(Kaiko)
TUSD’s rise has come as Binance, the world’s largest crypto exchange by trading volume, picked the token as heir of its preferred Binance USD (BUSD) stablecoin issued by Paxos Trust.
The exchange restored trading with TUSD after a six-month pause after Paxos’ decision to stop issuing BUSD and assigned its zero-fee trading discount to the BTC-TUSD pair and waived the promotion from BUSD and USDT starting on March 22.
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The $132 billion stablecoin market is undergoing a major upheaval stemming from a regulatory crackdown and a banking crisis in the U.S. In February, the New York Department of Financial Services (NYFDS), the state’s top financial regulator, forced Paxos to cease minting BUSD, the third largest stablecoin with a $16 billion market cap. Last month, the collapse of crypto-friendly Silicon Valley Bank, reserve partner of the second largest stablecoin USDC, sent shockwaves through the market. In the aftermath, USDC suffered more than $10 billion in outflows.
Tether’s USDT and TUSD have emerged as clear winners of the crisis. TUSD has become the crypto market’s fifth largest stablecoin with a $2 billion market cap. USDT’s circulating supply has grown $10 billion in the past months and is closing in on its all-time high.
Stablecoins are a crucial element in the crypto ecosystem, facilitating trading on exchanges and serving as a bridge between government-issued fiat money and digital assets.
TUSD is a dollar-pegged stablecoin issued by crypto firm ArchBlock, previously known as TrustToken. Its value is fully backed by fiat assets, according to blockchain data provider ChainLink’s proof-of-reserve monitoring tool. In 2020, a little-known Asian conglomerate Techteryx acquired TUSD’s intellectual property rights, TrustToken said at the time.
