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Crypto Exchange OKX Moves To Support USDC Ecosystem by Adding Six New Trading Pairs
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4 hours agoon
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adminCryptocurrency spot and derivatives exchange OKX is rolling out new trading pairs for the dollar-pegged USDC, the second-largest stablecoin by market cap.
In a statement, the Seychelles-based exchange says it is going to introduce six new spot trading pairs for USDC on Monday.
“To support the growth of the USDC ecosystem and meet our users’ diverse trading needs, OKX is introducing the following USDC trading pairs in our spot trading between 9:00 am and 9:30 am UTC on October 14, 2024: AEVO-USDC, ATH-USDC, CATI-USDC, ETHFI-USDC, JUP-USDC, ZETA-USDC.”
OKX is bolstering its support for USDC amid a slightly weaker outlook for stablecoin issuers.
In a report published last month, index provider CCData says the stablecoin industry led by USDC, USDT, First Digital USD (FDUSD), PayPal USD (PYUSD) and TrueUSD (TUSD) will likely suffer losses after the Federal Reserve decided to slash interest rates for the first time since March 2020.
Interest payments from government bonds are a major revenue stream for the leading stablecoin issuers given that US Treasury Bills account for a significant portion of their reserves.
“With the top five centralized stablecoins holding combined US Treasury Bills of nearly $125bn, accounting for nearly 80.2% of their reserves, the recent Federal Reserve decision to cut interest rates for the first time since March 2020 is set to result in $625mn in lost annual interest income for each 50 bps (basis points) cut.
Based on their latest attestation reports, Tether holds nearly $93.2bn in US Treasury bills and repurchase agreements, which contributed to the majority of $5.2bn net profit in H1 2024. The second largest stablecoin, USDC holds $28.7bn worth of US Treasury bills via their Circle Reserve Fund, while FDUSD, PYUSD and TUSD hold US Treasury assets worth $1.83bn, $634mn, $502mn respectively.”
At time of writing, the market cap of top stablecoins is hovering at $172.636 billion.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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Protocol Village: Karate Combat, Web3 Contact Sport, Launches Own Layer-2 Chain 'UP' on Hedera
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Ethereum-Based Virtual Reality Platform Decentraland Tops Santiment’s Rankings of NFT Projects by Development
Published
20 hours agoon
October 13, 2024By
adminThe Ethereum (ETH)-based virtual reality platform Decentraland (MANA) clocked more notable development activity than any other non-fungible token (NFT) project in the past month, according to the crypto analytics firm Santiment.
Santiment notes on the social media platform X that Decentraland registered 168.17 notable GitHub events in the past 30 days.
Flow (FLOW), a layer-1 permissionless blockchain, ranked second with 119.57 events, and Metaplex (MPLX), a decentralized NFT platform built on Solana (SOL), placed in a distant third with 19.13.
Santiment notes that it does not count routine updates and utilizes a “better methodology” to collect data for GitHub events based on a “backtested process.”
The analytics firm has previously said that heavy development activity centered around a crypto project indicates developers believe in the protocol. Development activity also suggests that the project is less likely to be an exit scam.
MANA is trading at $0.294 at time of writing. The 135th-ranked crypto asset by market cap is up nearly 7% in the past 24 hours.
FLOW is currently trading at $0.539. The 94th-ranked crypto asset by market cap is up more than 5% in the past day.
MPX, the 175th-ranked crypto asset, is trading at $0.416 at time of writing and is down nearly 0.5% in the past 24 hours.
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MrBeast promotes low-cap tokens, earns $10m: crypto watchdog
Published
23 hours agoon
October 12, 2024By
adminMrBeast, a YouTube entertainer with over 320 million followers, has come under scrutiny following an on-chain investigation that suggests he may have earned millions from low-cap crypto.
According to the anonymous crypto sleuth known as SomaXBT, MrBeast — whose real name is Jimmy Donaldson — earned over $10 million from backing Initial DEX Offerings (IDOs) for projects like Polychain Monsters (PMON) and Virtue Poker (VPP).
It’s an ethical red flag, SomXBT says, equating it to a pump-and-dump scheme. By promoting the tokens to millions of followers, only to sell them after their value surges, causes regular investors to suffer a loss.
“This is the shady stuff they’ve all done in the crypto market,” SomXBT stated on X, referring to social media influencers. “[If] they had done this in the stock market, the SEC would be after them.”
SomaXBT uses on-chain data to track to increase transparency and hold the crypto community accountable. His work, evident in his Oct. 11 posts, highlights the risks of influencer-backed token promotions.
MrBeast’s involvement with SUPER
According to the investigation, Donaldson’s involvement spans several projects, including SuperFarm ($SUPER), Polychain Monsters ($PMON), SPLYT ($SHOPX), STAK, and Virtue Poker ($VPP).
The analysis is based on wallet activity labeled as ‘Mr. Beast’ on Arkham Intelligence.
One of the most important involvements was alleged to be the $SUPER token by SuperFarmDAO. SomaXBT claims that Donaldson invested $100,000 and subsequently received 1 million $SUPER tokens.
The investigation alleges that these tokens were later sold for approximately 1,900 ETH, worth about $3.7 million at the time.
Additional vested tokens reportedly netted the YouTube star another $5.5 million. This allegedly brought his total earnings from $SUPER to around $9 million.
Similar patterns were observed with other tokens. SomaXBT stated that in the case of $PMON, a $25,000 investment allegedly resulted in $1.7 million in profits.
The $SHOPX token reportedly yielded $765,000 from an initial $25,000 investment. The investigation also points to earnings of $1.25 million from $STAK tokens.
SomaXBT notes that many of these projects have since faced major devaluations, with some down over 90% from their peak prices. Some projects have rebranded or pivoted following major losses.
SomaXBT draws parallels to regulated markets, suggesting that such activities in the stock market would likely attract regulatory attention.
SomaXBT also reminded the community about MrBeast’s earlier support for non-fungible tokens, or NFTs. A screenshot of a tweet shows Donaldson’s mentioning Gary Vee and openly stating that he loaded up on some Vee friends.
Crypto.news emailed MrBeast requesting an interview but hasn’t heard back.
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