Latest news with #USDC
Yahoo
7 hours ago
- Business
- Yahoo
Anchorage to Phase Out USDC, Agora USD Citing Risks, Stirring Fierce Backlash
Anchorage Digital, a crypto custodian and federally chartered bank, said it will start phasing out and direct institutional clients to convert USDC USDC and other stablecoins into rival token Global Dollar (USDG) in a sweeping move that drew criticism from industry players. The firm released a "Stablecoin Safety Matrix" that ranks stablecoins based on regulatory oversight and reserve asset management on Tuesday. Circle-issued USDC, which is the second-largest stablecoin with a $61 billion supply and is popular among institutions, was deemed no longer suitable under Anchorage's security framework. Two other, smaller tokens, Agora USD (AUSD) and Usual USD (USD0), were also slated for removal. Stablecoins are cryptocurrencies with their prices tied to an external asset, predominantly to the U.S. dollar. "Following our Stablecoin Safety Matrix, USDC, AUSD, and USD0 no longer satisfy Anchorage Digital's internal criteria for long-term resilience," Rachel Anderika, head of global operations at Anchorage, said in a statement justifying the decision. 'Specifically, we identified elevated concentration risks associated with their issuer structures — something we believe institutions should carefully evaluate." "Anchorage Digital is focused on supporting stablecoins that demonstrate strong transparency, independence, security, and alignment with future regulatory expectations," she added. The move came at a time when competition in the stablecoin market is heating up with global banks, payments firms and crypto companies jockeying for position in the rapidly-growing sector. The U.S. Senate recently passed the GENIUS Act that aims to enact clear rules for the asset class and issuers, which could open the gates for broader adoption. On Friday, White House crypto czar David Sacks suggested that the bill may become law as soon as next month, pending passage in the House of Representatives. Reports by Citi and Standard Chartered reports projected the asset class to grow from the current $250 billion to trillions through the next few years. Circle (CRCL), the company behind the USDC token, recently went public and skyrocketed in valuation. Anchorage gave USDC a score of 2 out of 5 for regulatory oversight and reserve management. The report said there was "no substantive prudential oversight" and that Circle had a large — about 15% — amount of its reserves held in cash at banks. Notably, USDC depegged temporarily in March 2023 when partner bank Silicon Valley Bank went under. Tether's USDT, the world's largest stablecoin, had a higher rating with Anchorage pointing to it being regulated in El Salvador. S&P Ratings rated USDC "strong," its second-best rating in its stablecoin stability assessment. Bluechip, a crypto-native stablecoin rating firm, gave USDC a B+ rating in its economic safety rating. Anchorage's decision met with fierce pushback. Nick Van Eck, whose firm Agora issues AUSD, accused Anchorage of misrepresenting facts about his stablecoin and failing to disclose its commercial interest in Global Dollar. USDG is issued by Paxos and is backed by a consortium of firms that share the income from the reserve assets backing the token. Anchorage is a founding partner in that consortium. "If Anchorage had just delisted USDC and AUSD to prioritize the stablecoins that they have an economic interest in, I would understand it as a business decision," he said in an X post. "But attempting to delegitimize AUSD and USDC for 'security concerns,' while knowingly publishing false information, is unserious and bizarre." "Never seen such an obvious hit piece be so poorly executed," said Viktor Bunin, protocol specialist at digital asset exchange Coinbase. Coinbase jointly launched USDC with Circle in 2018, and shared revenue from the reserve assets backing the token. Jan Van Eck, father of Nick Van Eck and CEO of asset manager Van Eck, which manages AUSD's backing assets, also questioned the risk assessment. "If you need a laugh, check out this 'safety' matrix before Anchorage pulls it down. According to the matrix, Circle's USDC (world's second largest stablecoin) and AUSD (backed 100% by treasuries) have reserve issues," he posted on X. "Oh, and by the way, AUSD's reserve manager is regulated by umpteen different regulators." Circle, in a statement sent to CoinDesk, defended the firm's "long-standing compliance record" and "strong reputation as an industry leader." "We comply with the prevailing U.S. regulatory standards that apply to leading fintech and payments firms, and we were the first stablecoin issuer to achieve full compliance with the European Union's landmark crypto law," a Circle spokesperson said. "USDC is 100% backed by fiat-denominated reserves and has robust primary liquidity through a well-developed network of banks, representing what we view as the highest levels of transparency, safety, and operational resiliency in our industry." Support came for Circle and Agora outside of the two stablecoins' camp. "For the record, BitGo is not dropping USDC support," said Chen Fang, chief revenue officer at crypto custodian BitGo. "Agora and Circle are long-standing partners of ours, and our customers count on safe, transparent rails for USD settlement," said Joshua Lim, co-head of markets at crypto prime broker FalconX, adding that his company "is ready to support clients using AUSD and USDC." Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Upturn
8 hours ago
- Business
- Business Upturn
PS Miner Announces Enhanced Payment Options for Cloud Mining Participants
By GlobeNewswire Published on June 28, 2025, 01:09 IST Eastleigh, England, UK, June 27, 2025 (GLOBE NEWSWIRE) — Hampshire, United Kingdom – June 27, 2025 – PS Miner, a cloud mining platform, has announced the integration of cryptocurrency wallet payments for its services, aiming to streamline the process for users interested in cloud mining. The platform also offers opportunities for participants to potentially earn passive income through its various mining packages. The digital asset market continues to evolve in 2025, and cloud mining remains a popular avenue for individuals seeking to engage with cryptocurrency mining without the need for personal equipment. PS Miner states that it allows users to rent computing power and receive daily payouts based on their share of this power. The platform highlights its use of AI-based mining strategies, which it claims are designed to optimize investor returns. How to Engage with PS Miner Individuals interested in using the PS Miner platform can follow these steps: Users can visit the official PS Miner website ( ) and create an account using their email address. ) and create an account using their email address. The platform offers various cloud mining packages, allowing users to select an option based on their needs. Examples of available packages include: New User Experience Contract: Investment: $100, Contract Period: 2 days, Daily Income: $3.6, Expiration Income: $100 + $7.2 Investment: $500, Contract Period: 5 days, Daily Income: $6.35, Expiration Income: $500 + $31.75 Investment: $3,000, Contract Period: 20 days, Daily Income: $42, Expiration Income: $3,000 + $840 Investment: $10,000, Contract Period: 45 days, Daily Income: $160, Expiration Income: $10,000 + $7,200 Investment: $50,000, Contract Period: 50 days, Daily Income: $900, Income at Maturity: $50,000 + $45,000 The platform supports multiple cryptocurrencies for payment, including stablecoins such as USDT-TRC 20, BTC, XRP, ETH, LTC, USDC, BNB, USDT-ERC 20, BCH, Doge, and SOL. Upon successful recharge and package selection, the system is designed to automatically commence mining. Users can monitor their mining income in real time on the platform. Mining income is reportedly paid daily to the user's account. Withdrawals are available once the account balance reaches $100, with funds transferable to a user's crypto wallet or used for further contract purchases. PS Miner Platform Features PS Miner highlights several aspects of its operations: The company states it utilizes renewable energy sources such as wind, water, and solar to power its mining operations. PS Miner reports using ASIC miners and GPU equipment, emphasizing its experience in cloud mining operations. The majority of PS Miner's funds are reportedly stored in offline cold wallets, and the platform claims to employ security measures like McAfee® SECURE protection and Cloudflare® SECURE protection. The PS Miner team is described as being composed of blockchain industry professionals and IT engineers. The platform emphasizes that XRP mining on their service does not require users to own hardware, as the platform manages the computing power. PS Miner offers 24/7 online customer service to address user inquiries. The platform's integration of crypto wallet payments aims to simplify the payment process for users by bypassing certain registration and private key management steps. About PS Miner PS Miner describes itself as a global cryptocurrency mining company, stating it provides cloud mining services to over 7 million users across more than 180 countries and regions. The company reports utilizing advanced artificial intelligence technology and clean energy sources in its operations, aiming to make cryptocurrency mining more sustainable and accessible. Contact Information: Email: [email protected] Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
Yahoo
10 hours ago
- Business
- Yahoo
Stablecoins Are the ‘Quiet Winners' of Polymarket's Surge: Coinbase Research
As Polymarket seeks a $1 billion valuation in a Founders Fund-led round, the 'quiet winners' may be the stablecoins underpinning its settlement infrastructure, Coinbase analysts wrote in a Friday research report. All of the platform's trades settle in Circle's USDC on Polygon, creating measurable demand for the dollar-pegged token. And while lending protocols lock capital in pools, prediction markets like Polymarket cycle funds at a high velocity — settling, redeploying and transferring balances continuously, the analysts said. The platform has processed more than $14 billion in lifetime trading volume. In May alone, it cleared $1 billion, with daily active traders averaging between 20,000 and 30,000. Meanwhile, in the immediate aftermath of U.S. President Donald Trump's re-election in November 2024, monthly volume soared to $2.5 billion, sparking corresponding spikes in USDC transfers and bridge activity. Such flows demonstrate how stablecoins now power real-time market infrastructure. 'Momentum is likely to accelerate further with a new content partnership with X, positioning prediction markets as viral social content rather than purely financial tools,' the report said. Sign in to access your portfolio
Yahoo
10 hours ago
- Business
- Yahoo
CoinDesk Weekly Recap: Stablecoins Dominate the Cycle
With the near-passage of the GENIUS Act and a host of companies announcing stablecoin initiatives, stablecoin-related assets have been on a tear. Circle, issuer of USDC, has seen its stock rise about 500% since its debut on June 5. This week, the company was valued at a staggering $77 billion, which is well above the total market cap of USDC itself (about $62 billion). Bullish signals for stablecoins were all around: CRCL is now the most popular foreign stock in South Korea. The leading stablecoin issuer, Tether, has so much spare cash it can afford to have a determinative stake in Juventus, an Italian soccer which actually makes more money from USDC than Circle, has seen its stock rise to its highest level in four years. Even Euro-backed stablecoins, long a forgotten cousin of USD coins, are surging. Combined, they're up 44% on the year, led by Circle's EURC. Stablecoins are the "quiet winners" from prediction markets like Polymarket. And so on. Traditional payment giants, like Mastercard and Visa, have been responding to stablecoin mania by making a flood of announcements of their own. Mastercard announced new tie-ups with Moonpay, Chainlink and Kraken this week. Amid all the stablecoin news, we still had space for plenty of other topics. SEI surged as well (albeit on stablecoin news). The Federal Reserve officially said crypto no longer carried 'reputational risks' for banks, leaving them to provide all the financial services they want for crypto companies. World Liberty Financial, the Trump family vehicle, reversed a promise to make its token non-transferable. In the summer months, sometimes it can feel like nothing much is happening. Not this year; crypto doesn't wait for anyone.
Yahoo
10 hours ago
- Business
- Yahoo
Tokenization Firm Midas Introduces Private Credit Product with Fasanara, Morpho and Steakhouse
Midas, a protocol for issuing yield-bearing tokens backed by U.S. Treasuries and other assets, has introduced a blockchain-based private credit product, with the help of institutional asset manager Fasanara and crypto natives Morpho and Steakhouse, the companies said on Friday. Midas' mF-ONE, a blockchain-native investment certificate, is structured to track Fasanara's F-ONE fund composed of allocations across fintech-originated receivables, SME lending, real estate-backed credit, and delta-neutral digital strategies. Qualified investors can collateralize mF-ONE in a mF-ONE/USDC Morpho Market and borrow USDC liquidity supplied from USDC vaults curated by Steakhouse, according to a press release. This allows customers to borrow stablecoins against their holdings and gain capital efficiency while maintaining exposure to a credit strategy. Back in February, Midas introduced Liquid Yield Tokens (LYT) linked to actively managed, decentralized finance (DeFi) funds, starting out with Edge Capital, RE7 Capital, and MEV Capital. The mF-ONE launch is supported by participation from leading DeFi and institutions, including: Stake Capital, GSR, Hardcore Labs, SumCap and CIAN.
