Discover and read the best of Twitter Threads about #stablecoins

Most recents (21)

#Tether/#kraken/#USDC/#BUSD/#HUSD Watch!

We really need a sweep, i'm losing too many characters here on the intro.

Tether's up to $24,8 billion supply - lackluster to say the least. Volume's cratered.

#Fintwit #bitcoin #BTC $BTC #ETH $ETH #USDT $USDT $USDC $BUSD $HUSD
Their lack of printing has to be compensated somewhere.

Well, it's not #BUSD. That has been going sideways.

$BUSD volume's cratered the same.

MEANWHILE; I wonder when #Tether/#USDC called upon BUSD's dollar reserves to make due. Also no weird price floor action here, nope.
It seems to be #HUSD that's covering for the pack, as it's the only one of the #Stablecoins still going up in marketcap. Considerably, too.

AND, as opposed to $USDC, $BUSD and $Tether - $HUSD volume has EXPLODED!

As i said. #Huobi = the Asian connection.
Read 4 tweets
#Tether watch!

Yknow what. I think i've located Tether's missing billions.

So far, we've only *assumed* $BUSD and $USDC went up because of organic demand.

But... They didn't. It's Tether, again.

#Fintwit #bitcoin #Ethereum #BTC $BTC #ETH $ETH #USDT $USDT #BUSD #USDC #Binance ImageImageImageImage
Also i have questions why $USDC used to fluctuate so much, and then suddenly, stabilized. Same pretty much goes for $BUSD.

Well, they're supposed to stabilize, as stable coins right?

Well... yeah... But because of #USD... Not other #crypto. ImageImageImage
I think you can feel this coming!

Wait for it!

$USDC IS *NOT* BACKED BY #USD! IN FACT, COINLIB SAYS THE MAJORITY OF THE PRICE OF USDC COMES FROM #ETHEREUM VOLUME! NOT DOLLAR VOLUME!

#DOLLAR VOLUME IS ONLY 10%!

IF IT WASN'T FOR EXRATES, USD PRICE OF USDC WOULD BE $3,820!!!!! Image
Read 22 tweets
1/ HEY PEEPS—lots of folks asking abt @Anchorage OCC trust charter—again, congrats to Anchorage!💪👏 But OCC trust charter is narrower than #Wyoming SPDI charter. OCC trust cos can’t take deposits or directly access the Fed’s pymt system. Here’s the thread I promised. 👇
2/ Key=there’s a pecking order among types of bank charters. At the top of food chain are the mega-banks that can fund US govt. Next=banks ("depository institutions") that have direct access to the Fed’s payment system. Below them are banks & trust cos that don't have such access
3/ OCC trust cos are in the 3rd category but #Wyoming SPDIs rank above them, in the 2nd. To be eligible for direct pymt system access at Fed, the bank must be a "depository institution" (as defined in 12USC461). Wyoming SPDIs are depository institutions, but OCC trust cos aren’t.
Read 19 tweets
#Ripple plans to bring #XRP ledger to central #banks
#Ripple, a leading #Crypto fintech company, is going forward to bring the #XRP Ledger to central banks
#Ripple announced via a job listing site that it was looking to hire three central bank technical partner managers – one for each of its offices in #London, #SanFrancisco, and New York
Read 5 tweets
The latest #OCC guidance allowing settlement through #stablecoins is exciting but with many side effects. There are threads that link it to the #Bitcoin price and ATHs, #Tether ,#Libra , #JPMorgan #WallStreet , #DCEP. I'm watching out for 6 aspects 👇1/n
1 - What most have caught on to is that stablecoins getting linked to banks will eventually make them more regulated and justify full AML/KYC disclosures. This will eventually be required everywhere, not just in the US. Another impact would be on reserve management..2/n
2 - There are few credible audits on the reserves of stablecoins. This will have implications for the #Bitcoin price. Many are aware that Bitcoin rice pumps are often correlated to heavy #Tether minting and movements from whale wallets. 3/n
Read 12 tweets
2020 was an unprecedented year for the world and for crypto.
Before we fully plunge into 2021, let me share a brief recap of the major industry events of the past year and the lessons learned.

Thread below 👉
1/ Bitcoin's Big Year: 2020 was a rollercoaster year for #Bitcoin. We experienced halving, extreme lows on Black Thursday, followed by a robust recovery📈that led us to a parabolic rally and high volatility still going on today.
2/ DeFi Summer: This year was an insane frenzy of action for #DeFi as new protocols and yield farming initiatives were announced seemingly every week. By end 2020, TVL (total value locked) in DeFi grew more than 23-fold from under $700M to $15B.
Read 12 tweets
Tether is pegged to the number 1, not $1 dollar.
People will eventually figure this out. The Financial Stability Board already did.
Image
Read 4 tweets
Lots of people deposited stablecoins to exchanges 7 mins before breaking $20k.

Price is all about consensus. I guess the sentiment turned around to buy $BTC at that time.

This indicator is helpful to see buying power.

Set Alert 👉 bit.ly/2LC7GKd
Zoomed in
ETH block interval is 10-20 seconds.

This chart means 127 exchange users worldwide were trying to deposit #stablecoins in a single block — 10 seconds.
Read 3 tweets
1/ GREAT ARTICLE abt how financial mkt plumbing really works, incl the real reason why Lehman failed & why the same probs still mostly exist: #rehypothecation + a shortage (!) of collateral despite frenzy of new govt debt issued. @JeffSnider_AIP @RaoulGMI realclearmarkets.com/articles/2020/…
2/ But lemme connect 3 dots abt how it relates to #crypto

* There's a SHORTAGE of collateral (T-bills, etc)--the stuff big dealer banks NEED in order to fund themselves. Facebook Libra/Diem could worsen that shortage a lot, so you can see why central bankers view it as a threat.
3/ The #repo mkt periodically has disruptions caused by collateral shortages/undercapitalization of the big dealer banks. @JeffSnider_AIP looks at March 2020 in this piece but many other examples exist, eg Lehman in 2008. When repo mkt seizes up, the probs ripple across fin mkts.
Read 14 tweets
The #DeFi Summer is over, but TVLs are still high and #BTC is runnin'🏃🏻‍♂️so what's next 4 #crypto?

How 'bout the next 3 mos. of @wanchain_org - an action-packed time the $WAN team has planned for since its initial offering almost 3 years ago.

A thread 👇

medium.com/wanchain-found…
When I first met @JackLu_WAN back in early 2018, it was right after $WAN had listed on @binance. The team was proud of their sky-high valuation that had come from a global marathon fundraising tour. But the "crypto winter" was a few months away. Things got bleak.

1/
Did you know that the word Wanchain has nothing to do with the Chinese word for 10,000 (万) but rather refers to the computer science term WAN for Wide Area Network?

Crazy, right?

So yeah, the proper way to say $WAN is with a short A sound like in 🐈. Not an ah A sound.

2/
Read 23 tweets
Mirando un poco Binance Smart Chain la mayoría de los protocolos se están enfocando en agregar muchos activos, sin enfocarse en uno de los pares de liquidez más importantes: las #Stablecoins
También se están viendo casos de feroces dumpeos donde los proveedores de liquidez se ven tentandos con APY muy altos pero donde el token del protocolo se derrumba con el consiguiente impermanent loss
Estaba mirando el caso de @stablexswap donde buscan recrear la experiencia de @CurveFinance enfocándose en estables. Ya con $STAX lanzado me puse a analizar el plan de trabajo y vi una gran preocupación por el largo plazo, aunque endeble aún, lógicamente.. ( DYOR )
Read 12 tweets
1/ Hablemos un poco de #stablecoins:

Por definición, se tratan de tokens cryptográficos que circulan en blockchains públicas y apuntan a tener paridad con valor de monedas soberanas. En este hilo me voy a enfocar en USD stablecoins.
2/ Cabe mencionar que no son lo mismo que "dolares digitales", ya que los actualmente hay trillones de "dólares digitales" en circulacion (los que ves en tu balance del banco), pero estos no necesariamente son cryptográficos.
3/ Se pueden agrupar en 2 categorías:

1) Convertibles: la entidad emisora matiene reservas líquidas del 100% de los tokens en circulacion. Ej: , , , (con reservas en bancos dentro de USA) mientras que tiene sus resevas en bancos fuera de USA.
Read 16 tweets
I was looking specifically for the #FinTech cos that presented at @ycombinator Demo Day event for its Summer 2020 class. Didn’t find anything summarized well in one place so sharing what I got for day 1 with founder handles, etc. if you need to reach out to them
...a <THREAD>
Some v interesting startups in FinTech - many neobank propositions, API/data cos and B2B saas cos. Very global and some v experienced product teams.

Y Combinator is the most successful startup accelerator in the world for many reasons. Let’s see the co profiles one by one ...
1) S20 YC FinTech: BukuWarung 🇮🇩@BukuWarung is a micro-accounting app for merchants in Indonesia. (I know them thru one of their angels). It enables mom &pop stores to bring payments/credit to their biz. current 350k monthly active merchants. Founders @chinmaychauhan @abh1nay
Read 33 tweets
[THREAD] Our Network -- my new on-chain metrics newsletter, has surpassed 40k views 🎉

Humbled to say our readers hail from a16z, Castle Island, CoinFund, Dragonfly, Electric, Paradigm, Placeholder, Polychain, & more -- i.e. the world's top crypto funds.

ournetwork.substack.com
For the uninitiated, @OurNetwork__ can help anyone level up their on-chain metrics game.

Each week the newsletter features ~5 projects to address one question: How healthy is this network?

Analysis is approachable but nuanced, and jam-packed with visuals (examples below). ImageImageImageImage
We have assembled an all-star cast of contributor analysts who are some of the smartest data-driven minds in #crypto. They each cover a different project for the newsletter and to be completely honest: they deliver pro-level coverage that is way too good to be free. Roster below:
Read 15 tweets
Over the weekend, a few people reached out to us to get @CeloOrg’s take on @MakerDAO’s #BlackThursday event last week, and to ask what it means for the algorithmic stablecoin space in general.
We’ve been following the event closely and wanted to start by sharing our support to the entire @MakerDAO community. Building complex decentralized systems is challenging and while the system didn’t run 100% as expected, it ultimately held up 🙌
If you’re interested in learning more about what happened, check out the following medium post which does a good job of summarizing: medium.com/@whiterabbit_h…
Read 12 tweets
Find out the latest from the Bank of England on how Central Bank Synthetic Hegemonic Currencies (SHC) complement the legacy financial system and support monetary policy through a #NetworkofCentralBankDigitalCurrencies #DLT #Blockchain bankofengland.co.uk/-/media/boe/fi… Image
What I said in Zug. @bankofengland states, that central bank currencies should be run by central banks to complement the existing system, providing stability, efficiency and managing risk. The beginnings of rearchitecting the entire financial system!
According to @BIS_org, this is how central bank currencies fit into the financial system. bis.org/cpmi/publ/d174… Image
Read 40 tweets
1/ The Senate Banking Comm staff reached out last week regarding @Facebook @Libra pursuant to my @ForbesCrypto article. During a conf call they indicated interest in receiving formal testimony from me. Here it is + summary follows 👇: forbes.com/sites/caitlinl… @DoWithCare
2/ Big takeaway--politicians that weaponize the US banking system (blocking access to disfavored industries/countries) are modern-day Herbert Hoovers bc these barriers block both unlawful & LAWFUL commerce, & these barriers caused the invention of #stablecoins in the first place.
3/ (OK, I didn't actually call them modern-day Herbert Hoovers the testimony, but I digress...) If Congress isn't happy about @facebook @Libra, it can immediately make #stablecoins irrelevant by letting #banks bank the #crypto industry (& I give v specific recommendations here:
Read 19 tweets
1/16) Congratulations @bitfinex !



THREAD: @Tether_to 's risk is completely misunderstood and underestimated. Here is a scenario which is not unlikely to happen, we hope it won't.
2/16) There is a 5 step playbook that has played out many times before that could see Tether potentially lose everything. The biggest risk with Tether was NEVER that they didn’t have enough funds. The risk was regulatory.
3/16) 𝗦𝘁𝗲𝗽 1 - 𝗚𝗮𝘁𝗵𝗲𝗿 𝗜𝗻𝗳𝗼𝗿𝗺𝗮𝘁𝗶𝗼𝗻

Currently, the NYAG is pursuing an investigation of fraud. But this may just be the tip of the iceberg. If US authorities have decided to target Tether, this could just be an exploratory probe.
Read 16 tweets
0/ Thread time. Continue reading if you want to know what's been going on in the #crypto/#blockchain ecosystem over the past ~24 hours!
1/ 🤝 In a push to bolster speed and throughput, stalwart of the #crypto exchange space - @Bitstamp - chose @Cinnober to henceforth be the provider of its trading system (i.e., replacing Bitstamp's in-house developed matching engine).
2/ Ⓜ️ The team at @MakerDAO [ $MKR ] updated the community on its upgrade path vis-à-vis Multi-Collateral $Dai (MCD).

Ever-meticulous, Maker is running initiatives to ensure that potential bugs/vulnerabilities are identified and fixed prior to release. medium.com/makerdao/the-r…
Read 24 tweets
Since Stablecoins have been coming out left and right I wanted to dive into them and add my own analysis.

I draw on info from @stablecoinindex, and a recently released report from @blockchain

Here is the thread!👇🏼
Fundementally, i think centralized fiat backed stable coins are a temporary solution within the crypto space. Because of that they don't interest me quite as much as their decentralized counterparts.
Thats not to say that they don't have valuable use cases, i just think that decentralized stablecoins will take over that use case in the medium to long term.

Some crypto use cases
-Fiat onramp
-Store of Value inbetween trades
Read 14 tweets
0/ Having trouble staying on top of all the latest in the world of #crypto and #blockchain? I've got you covered. Well, at least for the last 24 hours or so 💁‍♂️

Let's get this thread going shall we.
1/ 📝 @DPRating published the September edition of its #GitHub Audit, rating more than 200 #crypto and #blockchain projects.

Teams that ranked disproportionately well included @Raiden_Network [ $RDN ], @NulsService [ $NULS ], @ParticlProject [ $PART ], and @POANetwork [ $POA ].
2/ ♻️ @PowerLedger_io [ $POWR ] introduced Asset Germination Events (AGEs), furthering the utility of its native #crypto token.

AGEs will allow people to invest in and co-own energy assets. More details to come via a Friday AMA. medium.com/power-ledger/p…
Read 24 tweets

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