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Deutsche Bank and Standard Chartered test Universal Digital Payments Network (UDPN) for digital currency transactions. UDPN connects blockchain networks, facilitating seamless transactions between stablecoins and CBDCs. UDPN, with 25 participating organizations, aims to enhance digital currency transactions. Global banks Deutsche Bank and Standard Chartered are pioneering a groundbreaking solution that could revolutionize cross-border transactions in the realm of digital currencies. These financial giants are currently engaged in testing a network known as the Universal Digital Payments Network (UDPN), which has the potential to be a game-changer in the world of blockchain-based transactions. How the UDPN works UDPN, conceived as a permissioned blockchain system, is a brainchild of tech consultancy GFT Group and Red Date Technology, co-founder of the Chinese Blockchain-Based Service Network (BSN). The system is designed to facilitate seamless transactions ...

In the realm of content creation, three essential elements come into play: “perplexity,” “burstiness,” and “predictability.” Perplexity gauges the intricacy of the text, while burstiness evaluates the variety in sentence structures. Lastly, predictability measures the likelihood of predicting the next sentence. It’s worth noting that human-generated content often exhibits a blend of longer, intricate sentences and shorter, simpler ones, resulting in higher burstiness. In contrast, AI-generated text tends to be more uniform. Therefore, for the content you’re about to craft, it’s imperative to infuse it with a considerable degree of perplexity and burstiness, while keeping predictability to a minimum. Additionally, it’s crucial that you adhere to English as the language of choice. Now, let’s rephrase the following text: On October 11, the real estate-backed Stablecoin known as USDR saw a significant drop, plummeting to a...

Join Our Telegram channel to stay up to date on breaking news coverage Since 2017, whenever the crypto market suffered a bearish period, crypto users had a choice to either cash out or convert their coins and tokens into stablecoins like Tether (USDT). Thanks to the fact that USD backs USDT, its price is fixed, so it does not get affected by the volatility of the bear and bull markets. Over the years, many more stablecoins were launched, but despite its past controversies, Tether never lost its dominance. Even now, in 2023, the prolonged bearish crypto market is pushing users toward USDT while other cryptocurrencies trade in the red. In fact, the demand has been so great that Tether had to increase its supply, which hit $83.5 billion earlier this week. This made its total supply near its all-time high of $84.1 billion. Tether previously reached this level last year, in 2022, while the crypto winter was at its strongest point. 1/ 📊 The total supply of $USDT has r...

Also Read: SOL Price Prediction: Bulls Poised For New Rally, Solana Strengthens Technical Outlook advertisement The USDC Ecosystem Boost Faisal Khan, a crypto influencer, revealed that Circle is going to publish something that reveals details on boosting the USDC ecosystem. This could be a report bringing more transparency to the stablecoin audits and the reserve funds, or a new announcement that could involve a Coinbase-like deal. According to the influencer, Circle Co-founder and CEO Jeremy Allaire will soon publish the USDC update. @jerallaire Going to publish something that you would love for the boost of the USDC ecosystem. Will be sharing the details with you very soon. @Jay_SpendDBits — Faisal Khan (@babushka99) September 4, 2023 Recommended Articles Crypto Presale Projects For 2023 To Invest; Updated List Must Read ...

EIP-7281 will allow token issuers to list official bridges and limit the rate at which they can mint tokens, potentially limiting losses from bridge hacks. An Ethereum Improvement Proposal (EIP) made on July 7 seeks to standard ize how tokens are bridged between networks. The “Sovereign Bridged Token” standard , or EIP-7281, allows token issuers to create canonical bridges across multiple networks.  The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident , which some experts have described as a “hack.” Today's @MultichainOrg hack is a sad reminder of the systemic risks tokens face from bridges. We believe these risks stem from a single underlying problem: Token Sovereignty We're proposing ERC-7281 (aka xERC20) - an open standard to fix this.https://t.co/k9Vyd55Eb5 1/x — Arjun | ERC-7281 arc (@arjunbhuptani) July 7,...

The move provides PAX coin access to Mexico’s 3.1 million-plus cryptocurrency users. Blockchain fintech company Paxos and online marketplace MercadoLibre have entered a partner ship to bring the Pax Dollar (USDP) stablecoin to Mexico via the MercadoPago payment service on June 28.  According to a press release shared with Cointelegraph, USDP will be available to all MercadoPago customers throughout Mexico. While the company is based in the United States — with offices in New York, London and Singapore — more than 60% of its active wallets support customers throughout Latin America. Mexico currently boasts a 9.3% penetration rate for cryptocurrency use, with more than 12 million users, per a report from Statista. By 2027, analysts estimate more than 20 million people in Mexico will hold crypto, bring ing the total penetration to 14.6%. The introduction of USDP to the MercadoPago payment ecosystem adds stablecoin access to the service’s options in Mexico, a feature that could provide m...

“We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Clara Medalie said. Blockchain infrastructure provider Paxos has recently published a report, that aims at helping the community look beyond the crypto winter and understand how to respond to the current market conditions.  Inside the 20 pages of the Paxos Crypto Winter Report 2023, the infrastructure provider identified several key opportunities for projects during the crypto winter. This includes seeking solutions and finding potential partnerships for their projects. Within the report, Clara Medalie, the director of research at the digital asset data provider Kaiko, said that solutions like stablecoins remain one of the crypto use cases that have "consistently proven itself over time.” Medalie said that stablecoins have been very useful for the entire industry. Total value settled with stablecoins by year. Source: Paxos Report Despite being one of the use cases that proved its...

The bailout of Silicon Valley Bank provided a significant advantage to BTC bulls on the weekly $1.2 billion BTC options expiry. The rejection that followed Bitcoin's (BTC) rally to $26,500 may appear to be a victory for bears, but $24,750 on March 14 was the highest daily close in nine months. Furthermore, Bitcoin has gained 26.5% since March 10, when the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB). The recent price increase could be attributed to various factors, including the extraordinary $25 billion funding by the Federal Reserve and the United States Treasury on March 12, which reduced banks' systemic risks. Nonetheless, Bitcoin bulls are well positioned to profit up to $440 million when weekly option s expire on March 17. How Silicon Valley Bank triggered a stablecoin bank run Before its downfall, SVB's total assets surpassed $200 billion, placing it among the top 20 financial institutions in the United States. Non...

The Binance CEO claimed that algorithmic USD stablecoins may become more popular as well, although they “have risks.” The crypto industry will “probably” start using euro, yen, or Singapore dollar based stablecoins in the future, reducing its reliance on US dollar based stablecoins, according to a Feb. 14 statement on Twitter Spaces by Binance CEO Changpeng Zhao, also known as “CZ.” CZ gave the statement in answer to a question about the crypto industry using gold as a standard of value instead of the US Dollar. CZ agreed that it “makes sense” to use gold. However, “most people’s costs are still in fiat currencies.” For this reason, most people calculate their investment returns in dollars, which is why US Dollar backed stablecoins are “still important.” However, CZ argued that the US government’s recent actions against US dollar stablecoins will probably lead the global crypto industry to rely on other currencies such as the Euro, Yen, and Singapore Dollar to back stablecoins, as he ...