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Cryptocurrency USDC/USD pair

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Circle has started minting USD Coin (USDC) natively on the Ethereum layer-2 scaling protocol Polygon, allowing users and developers to access USDC without bridging the stablecoin from Ethereum to another blockchain. The new offering will enable almost instant, low-fee transactions for various use cases. The service of bridged USDC (USDC.e) from the Ethereum blockchain will be discontinued from Nov.10. Circle also plans to introduce a cross-chain transfer protocol to Polygon to enable interoperability with other blockchain networks.

Portfolio Pulse from Khyathi Dalal

October 10, 2023 | 9:07 pm

The Ethereum Foundation has converted 1,700 ETH into Circle’s USDC stablecoin, valued at approximately $2.76 million. The Foundation's holdings were disclosed in their April 2022 report, revealing that they possessed about 395,000 ETH. As per DeFiLlama data, the Ethereum Foundation currently holds 316,488 ETH, which amounts to a value of $502.7 million. Ethereum’s price dropped to $1,570, sparking increased polarizing discussions within the crypto community.

Portfolio Pulse from Mehab Qureshi

October 10, 2023 | 5:34 am

Hong Kong's Secretary for Financial Services and the Treasury, Christian Hui, announced that the country has not adopted any regulations for stablecoins such as Tether (USDT) or USD Coin (USDC), thus they will not be allowed to trade on the exchange. The Hong Kong Monetary Authority may introduce regulatory guidelines for the stablecoin market by the end of 2024. This comes after Hong Kong allowed retail trading of cryptocurrencies in early August 2023.

Portfolio Pulse from Khyathi Dalal

October 06, 2023 | 5:24 pm

Circle, the issuer of USDC, plans to implement its cross-chain transfer protocol (CCTP) with a Cosmos-based token protocol, Noble. This will be the first integration with a non-Ethereum Virtual Machine chain. The move is expected to make USDC transfers seamless and boost its market cap. USDC has a circulating supply of almost $25 billion, with $20 billion being Ethereum.

Portfolio Pulse from Khyathi Dalal

October 03, 2023 | 5:08 pm

Coinbase Singapore has been granted a Major Payment Institution (MPI) license by the Monetary Authority of Singapore (MAS), allowing it to offer Digital Payment Token services in the country. The company has tailored its offerings to the region, introduced funding methods, integrated SingPass for a simplified onboarding process, and made USD Coin purchases using SGD more accessible by eliminating fees. Coinbase has also made over 15 investments in the region through Coinbase Ventures and collaborated with local entities.

Portfolio Pulse from Murtuza Merchant

October 02, 2023 | 4:31 pm

Ripple has withdrawn from its planned acquisition of Fortress Trust, but will remain a shareholder in the parent company, Fortress Blockchain Technologies. The deal was initially intended to expand Ripple's license pool in the U.S. and invest in other Fortress group companies. Meanwhile, Ripple Labs has been included in the National Bank of Georgia's exclusive list for its second Central Bank Digital Currency pilot venture. This has led to notable gains in price and volume for XRP.

Portfolio Pulse from Khyathi Dalal

September 29, 2023 | 7:30 pm

Circle has entered the legal dispute between Binance and the SEC, arguing that stablecoins should not face the same financial trading regulations as traditional securities. Circle's argument is based on the fact that stablecoins are tied to the dollar and users do not expect any profit from their purchases. The case originally involved arguments from crypto exchanges such as Binance and Coinbase, which stated that cryptocurrencies should not be subject to existing strict U.S. financial laws.

Portfolio Pulse from Khyathi Dalal

September 29, 2023 | 3:56 pm

Coinbase International Exchange has received regulatory approval from the Bermuda Monetary Authority to offer perpetual futures trading to non-U.S. retail customers. This is part of Coinbase's 'Go Broad, Go Deep' strategy. The company's perpetual futures contracts have already recorded over $5.5 billion in notional trading volume from institutions by the end of Q2. Coinbase also emphasized its commitment to risk management, compliance, and user protection.

Portfolio Pulse from Murtuza Merchant

September 28, 2023 | 6:30 pm

Polygon (MATIC) has integrated USDC stablecoin into its blockchain network, marking a step forward in speed and cost efficiency. The integration is not a native launch but an initiation of support for the existing Polygon USDC within the Circle Account and Circle APIs. The proportion of person-to-person transfers in all cross-chain USDC transactions on Polygon has increased from 16% in January 2023 to 40% in June 2023. Circle had previously announced plans to launch USDC for five new blockchain ecosystems in September and a sixth chain, Polygon PoS, in October.

Portfolio Pulse from Khyathi Dalal

September 25, 2023 | 8:34 pm

USDC stablecoin is now available on Polkadot, allowing it to be transferred to parachains in Polkadot through the XCM protocol. This comes after Circle's announcement that USDC will be available for developers and users on the NEAR Blockchain Network. Polkadot USDC is issued on Polkadot Asset Hub and can be traded, borrowed, and lent on parachains like Centrifuge, HydraDX, and Moonbeam. USDC now supports 14 blockchain networks, more than its rival USDT which supports 11 networks.

Portfolio Pulse from Khyathi Dalal

September 19, 2023 | 4:47 pm

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