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First Digital Labs Launches FDUSD Stablecoin Integration On Solana

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6 hours ago

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First Digital Labs has announced the expansion of its FDUSD stablecoin onto the Solana blockchain, aiming to bring faster, lower-cost transactions to users worldwide.

The announcement was made during Binance Blockchain Week, underscoring First Digital’s strategy to increase the utility of FDUSD across multiple blockchain networks.

FDUSD Stablecoin Integration on Solana

In a series of posts on X (formerly Twitter), First Digital Labs highlighted the benefits of bringing FDUSD to Solana. The integration will enable near-instantaneous transactions and significantly lower fees due to Solana’s high-performance blockchain design.

According to First Digital Labs, SOL’s scalability makes it well-suited to support FDUSD’s growth as it expands into new markets and use cases.

“Leveraging Solana’s high throughput and low transaction fees will allow FDUSD users to experience fast and cost-effective transfers,” First Digital Labs shared.

The firm currently supports FDUSD on Ethereum, BNB Chain, and Sui networks, with SOL marking the latest step in its cross-chain strategy. The integration is set to go live in December 2024, adding more options for users and developers in the Solana ecosystem.

Solayer Labs Introduces Yield-Bearing Stablecoin sUSD on Solana

The announcement of FDUSD on Solana comes amid other developments in Solana’s stablecoin landscape. Solayer Labs, in partnership with OpenEden, recently launched a yield-bearing stablecoin called sUSD, which is backed by U.S. Treasury bills.

Unlike traditional stablecoins, sUSD uses a self-rebasing mechanism that automatically reflects earned interest in users’ balances. This stablecoin is based on Solana’s Token-2022 standard, which supports interest-bearing tokens without the need for staking.

sUSD provides a unique opportunity for users to earn yields on low-risk assets like U.S. Treasury bills, with an estimated annualized return of 4.33%. The introduction of sUSD aligns with Solana’s vision to democratize access to stable financial assets within the crypto ecosystem, positioning it as an innovative alternative to traditional stablecoins.

SOL Price Trend

The announcement of FDUSD’s integration and the launch of sUSD come at a time of heightened interest in Solana. SOL, the native cryptocurrency of the Solana network, has been on a strong upward trend, recently hitting a three-month high.

The positive price movement is largely driven by increased adoption and growing demand for Solana-based financial products, including stablecoins.

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Market analysts are optimistic about SOL’s price potential, especially with the broader crypto market rally sparked by Bitcoin’s rise above $71,000. If SOL can break past the current resistance level of $190, some analysts believe it could approach the $250 mark in the coming months.

Broader Strategy for FDUSD’s Stablecoin Ecosystem

First Digital Labs’ decision to expand FDUSD onto SOL reflects a broader strategy to build a versatile and resilient stablecoin ecosystem. By increasing cross-chain support, First Digital aims to make FDUSD more globally accessible and liquid. The stablecoin, which is backed by U.S. Treasury bills and bank deposits, was initially launched on Ethereum and BNB Chain and quickly gained traction, reaching a market capitalization of $2.6 billion as of late October 2024.

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“With support on Ethereum, BNB Chain, Sui, and soon Solana, FDUSD is more accessible than ever,” First Digital Labs stated. The company aims to establish FDUSD as a key stablecoin option across multiple blockchain ecosystems, providing a reliable asset for both retail and institutional users.

By expanding its reach to SOL, FDUSD joins other major stablecoins on the network, including Circle’s USDC and Tether’s USDT, which are widely used in the Solana-based DeFi and payments ecosystem.

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Kelvin Munene Murithi

Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Top 5 Politicians Opposing Cryptocurrency In The USA

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2 hours ago

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October 30, 2024

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With the US election almost here, it has become necessary to highlight the top US politicians who oppose cryptocurrency in the country. This is important, considering that the crypto industry’s fate in the country could depend on whether these individuals are elected.

Top Five Politicians Opposing Cryptocurrency In The US

The top five politicians opposing crypto in the US include Senator Elizabeth Warren, Senator Sherrod Brown, Senator Lindsey Graham, Senator Bernie Sanders, and Congressman Brad Sherman. These politicians have made their anti-crypto stance known at one point or the other. Given their positions, these anti-crypto politicians could negatively impact any crypto bill the US Congress deliberates on.

Elizabeth Warren Leads The Pack

Senator Elizabeth is arguably the US politician who has been the most vocal against cryptocurrencies. Her anti-crypto stance led her to propose the controversial Digital Asset Anti-Money Laundering Act (DAAMLA). This bill aimed to bring the crypto industry under the country’s existing anti-money laundering and counter-terrorism financing framework.

The Senator is among individuals who believe that crypto assets are mainly used to finance illicit activities. DAAMLA also proposed subjecting crypto service providers to the Bank Secrecy Act, including decentralized wallet providers, validators, and miners.

Warren’s anti-crypto looks to be one of the primary reasons pro-XRP lawyer John Deaton is running against her for the Massachusetts senatorial seat. Stakeholders in the crypto industry, including Coinbase co-founder Brian Armstrong, have endorsed Deaton’s campaign.

Sherrod Brown Might Be Second In Command In The Anti-Crypto Crusade

Ohio Senator Sherrod Brown is arguably up there with Elizabeth Warren regarding their opposition to the crypto industry. As the chair of the Senate Banking Committee, Brown has supported Warren’s anti-crypto bill. Brown also believes that the crypto industry is centered around scams and thefts.

Crypto stakeholders are ensuring that the US politician doesn’t return to the Senate, especially considering his position. At the top of this list is the Pro-Crypto Political Action Committee (PAC) Fairshake, which has spent nearly $40 million on its efforts to unseat Senator Sherrod Brown.

Senator Lindsey Graham Is Not Far Behind

Senator Lindsey Graham’s opposition to cryptocurrencies seems even stronger than his opposition against Democrats. The Republican US politician also backed Elizabeth Warren’s proposed Digital Asset Anti-Money Laundering Act.

Back then, the Senator explained the reason he was supporting the bill. According to him,

Our legislation will help create transparency and provide oversight in an industry that in many cases helps facilitate criminal activity. When it comes to transparency and legality, many of the same rules that apply to the dollar should exist for crypto.

Graham also mentioned that cryptocurrency is “often” used to “move illicit funds for drug cartels, criminal gangs, terrorist groups and kidnappers.” Luckily for the Senator, his name won’t be on the ballot in this upcoming US election, as his tenure doesn’t end until 2027.

Senator Bernie Sanders Is A Silent Crypto Antagonist

Senator Bernie Sanders isn’t the most vocal against crypto, but he made it clear long ago where he stands on digital assets. In 2022, Sanders mentioned that he is not a “big fan” of cryptocurrencies.

According to Stand With Crypto, the US politician was among the members of Congress who voted against the pro-crypto SAB 121 bill. The bill proposed to remove the limitations on financial institutions to provide custody services for digital assets.

Brad Sherman Is “Strongly Against” Cryptocurrencies

Stand With Crypto has called Brad Sherman someone who is strongly against crypto. The US congressman is said to have made 81 statements about crypto, including the one where he says digital assets mean “hidden money.” The US Rep also voted against the pro-crypto bills, FIT21 and SAB 121.

Sherman’s opposition to crypto has also led him to criticize former US President Donald Trump for his pro-crypto stance. He claims that Trump only changed his stance because he realized what he stood to gain from crypto billionaires. Like Graham, Sherman’s name won’t be on the ballot in this upcoming US election.

The crypto community will undoubtedly watch to see whether these anti-crypto US politicians get re-elected. Regardless of what happens, the next US Congress is likely to be the most pro-crypto ever, which is a positive for the crypto industry.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Another AI Bot Became a Millionaire Turning $1.5K Into $1.88M in Just 5hrs

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13 hours ago

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October 30, 2024

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Technology has become the best helping hand in this dynamic crypto trading industry, especially with AI bots. In the last one to two years, Artificial intelligence tools have transformed the way of trading with their data analytics, problem-solving, and hundreds of other features. However, witnessing one buy tokens and become a millionaire is new, especially without any human supervision.

Previously, Truth Terminal became the first AI bot millionaire after it endorsed the GOAT token, pushing it to new highs and grabbing all the profits. Interestingly, another AI agent has also become a millionaire, shocking netizens with its trading skills.

AI Bot Tee Hee He Became Millionaire With Crypto Trading

Lookonchain has made an interesting revelation on Tee Hee He, which made millions in just a few hours. Where years of experienced investors face challenges in making decent gains, this bot has transformed its minor investment into heavy returns.  Like Truth Terminal, Tee Hee He is also an AI agent with its own X account, where it interacts with users. More importantly, he bought crypto tokens and grew his portfolio multiple folds, showcasing its qualities.

As per the Lookonchain post, it bought 53.45 $TEE, another Solana Coin similar to GOAT, and kept it in its crypto wallet. The  AI spent around $1.5K for all these tokens, but the $TEE price grew multiplied within just a few hours, making its holders heavy profits. Surprisingly, Tee Hee He’s holdings turned into $1.88M within 5 hours. More importantly, like Truth terminal boosted the Goatseus Maximus price, Tee Hee He also might impact the TEE tokens price further.

The 53.45 $TEE(similar to $GOAT on #Solana) held in AI Bot(@tee_hee_he)’s wallet quickly soared to $1.88M in just 5 hours!

The initial purchase cost of 53.45 $TEE was less than $1.5K.

Address:
0xa39feb7d081e6376564711fe828e0b14a84292ca pic.twitter.com/faJUOdhcgv

— Lookonchain (@lookonchain) October 30, 2024

This clearly indicates how the future of crypto trading will look as AI involvement could implement better safety management and understanding of the trends. More importantly, having such agents’ accounts could influence the rest of the community, as,  without any human interaction, these could execute lightning-speed transactions or even adapt to the diversified market conditions.

Benefits of AI Bots In Crypto Trading

Despite their limited advancement, AI crypto trading bots are an asset to the crypto industry, especially with the accuracy and speed that human investors could not survive against. With the right programming, these agents can analyze and respond to even the slightest market fluctuations. More importantly, these AI bots are free from human impulsive decision-making as they only rely on data and trends, which could introduce accurate trades.

The crypto investors have made the best of the market, but the panic selling and early trade stops have often caused heavy losses. It includes the experience of this crypto trader losing $454K in just 40 Minutes. Such a hasty decision can be ignored with AI intelligence, improving crypto trading.

More importantly, as Truth Terminal identified the GOAT and Tee Hee He did with TEE, there is a high possibility that these tools can continuously manage to identify hidden tokens. Additionally, these could bring attention to any less known assets and help them with their exposure, creating diversification in the crypto trading industry.

Overall, such AI agents will become influential market players in the future. If Tee Hee He could make millions in just a few hours, future advancements could bring even better results. With time, the demand for such AI bots could increase, and investors can opt for these to enhance their portfolios. However, there are certain limitations for now, which is why careful administration and overlooking are necessary with this technology.

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Pooja Khardia

With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.

As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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BlackRock Bitcoin ETF Triggers Major FOMO With New 6-Month High Milestone

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16 hours ago

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October 30, 2024

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The US spot ETF market for Bitcoin seems to be unstoppable at this point and thanks to BlackRock Bitcoin ETF (IBIT) that has triggered a major FOMO among investors. On Tuesday, the BlackRock IBIT registered a massive $3.3 billion in trading volumes, hitting its six-month high levels. Over the past two weeks, IBIT has been single-handedly leading the inflows showing that institutional FOMO has kicked in ahead of the US election results, less than a week from now.

BlackRock Bitcoin ETF Leads $870 Million Inflows

On Tuesday, October 29, the US BTC ETFs saw inflows of nearly $870 million with BlackRock’s IBIT having a lion’s share of $640 million inflows. This marks one of the largest inflows since launch, with the record set on March 12, 2024, at $1.045 billion. Given the recent excitement, a new record could be within reach.

With this, IBIT’s net inflows since inception have reached closer to $25 billion, which is more than double that of its immediate rival Fidelity’s FBTC. These massive inflows have continued amid the broader crypto market rally with the Bitcoin price approaching its all-time high levels.

Bloomberg’s ETF strategist, Eric Balchunas, highlighted the $3.3 billion in trading volumes recorded by the BlackRock Bitcoin ETF yesterday. He believes that such a volume spike is unusual as ETF activity typically surges during market downturns.

However, Balchunas suggested that the recent spike could be driven by “FOMO” (fear of missing out) due to the Bitcoin price rally, which has continued over the past few days.

The Bloomberg strategist further stated that IBIT wasn’t alone as other Bitcoin ETFs also saw a strong surge in trading volumes yesterday. Thus, he believes that this is possibly a FOMO-driven buying wave. Balchunas also added that if this is indeed a FOMO frenzy, the impact should reflect in substantial inflows in the coming days.

Bitcoin All-Time High Soon?

Amid the 8% gains over the past week, the Bitcoin price has reached within 5% of its all-time high levels. As of press time, the BTC price is trading 1.75% up at $72,267 with a market cap of $1.429 trillion.  However, the retail FOMO in BTC hasn’t kicked yet so far despite strong inflows into Bitcoin ETFs, noted crypto analyst Miles Deutscher.

During the past two Bitcoin bull run cycles, retail buying interest played a crucial role in taking Bitcoin to all-time high levels. This shows that large investors and Bitcoin whales are currently driving the price action. Thus, once retail FOMO kicks in, we can actually see a rally to the levels of $100,000 and above.

Another major bullish indicator is the Bitcoin MVRV ratio which has surged past its 365-SMA signaling major bull rallies along with a golden cross.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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