Stable.Report Summary, Jun.25 - Jul.1
Stable.Report’s first bi-weekly interview goes up 🎙
We are really excited to initiate our series of bi-weekly interviews with Kory Hoang, Co-Founder and CEO of Stably Blockchain Labs, a company based in Vancouver which issues StableUSD, a fiat-backed stablecoin designed to work across multiple blockchain protocols.
Controversial ‘Stablecoin’ Tether Is Now the 10th-Largest Cryptocurrency 📈
Tether made its first significant USDT issuance in more than a month, creating 250 million new tokens to raise the token’s market cap by a corresponding $250 million. The release of these new tokens, along with the general downtrend in the wider cryptocurrency markets, enabled tether to sneak past Tron’s TRX token for the 10th spot in the market cap rankings.
Recently Found Double Spending Vulnerability Is Not Tether’s Own, SlowMist Confirms 💀
On June 28, SlowMist detected a vulnerability that allowed them to send USDT to a crypto exchange without correct field values on the transaction.
China-based cybersecurity firm SlowMist has confirmed that a recent double-spending vulnerability it found in Tether (USDT) is not inherent to the cryptocurrency itself. Instead, it is enabled by some crypto exchanges’ databases not strictly verifying the status of the “valid” parameter of incoming USDT transactions.
On Tether: Journalists Defy Logic, Raising Red Flags 🤔
The title is a nod to a recent article in which a reporter covering market structure for Bloomberg News inexplicably fails to comprehend basic market concepts such as arbitrage, order books and currency pegs. More troubling, however, was the applause from other “journalist” lemmings as they followed in walking their reputations off a cliff. It defies logic.
-via Kraken Blog
The John Taylor-backed “stablecoin” that’s backed by, um, stability 📰
Stanford economist John Taylor, a former Republican Treasury official and once a favourite to succeed Janet Yellen as chair of the Federal Reserve, is probably best-known for the “Taylor rule”. This is essentially a guideline for how much central banks should adjust interest rates in response to changes in economic conditions, which suggests monetary policy should be more systematic, and less sensitive to politics and other outside pressures.
But now, Mr Taylor has got into crypto.
GoDaddy Executives Raise Venture Capital Investment for “Stablecoin” Cryptocurrency (Celo)💰
On June 22, Reinsberg and Olszewski disclosed they raised $6.5 million in traditional venture capital funding for the project, from investors including General Catalyst, Naval Ravikant, Andreessen Horowitz, and cryptocurrency exchange Coinbase.
The Celo white paper noted the system has its shortcomings, and “black swan events” could derail the project, presumably referring to a probable demise of the cryptocurrency sector. However, it specifies measures to countermeasure such events, which will be released at a later date.
Bitcoin has fallen more against the dollar than almost every other currency this year 📉
It’s been a tough year for just about every currency except the US dollar. The euro and Swiss franc are down against the greenback, to say nothing of Argentina’s collapsed peso. But you know what’s faring even worse? Bitcoin. To find a currency that’s depreciated more against the dollar this year, you have to look to Venezuela’s bolivar, the near-worthless money printed by a hyperinflationary state.
Report: Central Bank Digital Currency Could Provide Stability, But Crypto Is Too Volatile 📑
Economic researchers at the Kiel Institute for the World Economy have identified digital currencies issued by a central bank as an opportunity for a more stable financial system, while at the same time rejecting cryptocurrencies
2018 — The Year of the Stablecoin
A handful of stablecoins have raised significant funding recently, giving the impression that the stablecoin problem must be on track to being solved. Surely at least one of the projects that have collectively raised hundreds of millions of dollars, or one of the dozens that are still in hiding, will produce an effective solution… right?
Interview with MakerDAO Co-Founder, Rune Christensen 📺
Stasis EURS Official Launch 📺
During the event the platform’s team introduced a euro-pegged stable coin, EURS, and outlined their aim of bridging the gap between decentralized finance and off chain market. To mark this date H.E. Marie-Louise Coleiro Preca, the President of Malta, joined the press briefing to participate in the first official crypto Euro transaction