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While neither the world’s largest nor the world’s best-known blockchain , Tron (TRX) has been gaining ground when it comes to transactions involving USDT. In fact, at the time of publication, Google Trends shows that global interest in Tron USDT has been as high as in Ethereum USDT over the previous year. The trend is further corroborated by a paper published by Brevan Howard, an Isle of Jersey-based hedge fund with over $35 billion in assets under management (AUM), titled “The Relentless Rise of Stablecoins”. Between January and August 2023, Tron accounted for 35% of volume, 37% of transactions, and 49% of active stablecoin addresses, according to the document.   The paper similarly notes that there has been a broader dwindling of Ethereum (ETH) when it comes to stablecoin activity in favor of not only Tron but also other blockchains like Avalanche (AVAX) and Polygon (MATIC). The comparison between interest in Ethereum (red) and Tron (blue) over the previous 12 months. Source: Goo...

The staff note suggested that although the DeFi ecosystem brings a ton of innovations in the financial sector the regulatory challenges and vulnerability limit its potential use in traditional finance. The Central Bank of Canada published a staff note on De central ized Finance on Oct. 17, assessing the innovations that made it popular and the challenges and risks associated with its use. The staff note described DeFi as a multi-layered structure with the Ethereum blockchain serving as the bottom layer (or settlement layer). Developers construct a variety of tools and services on top of the main blockchain including tokenization, lending and borrowing services, and much more. DeFi Architecture. Source: Bank of Canada The staff note shed light on the rise in popularity of the DeFi ecosystem starting in 2020 and how it became an integral part of the crypto economy with billions in volume over the next few years. The popularity of the ecosystem took a dip starting in 2022 with the col...

Circle has filed a note of protest as part of the U.S. Securities and Exchange Commission’s (SEC) litigation against Binance, a crypto exchange. The firm asked the court to exclude stablecoin s from the lawsuit because they cannot be considered to be securities. The appeal states that these tokens do not have the characteristics of investment contracts. “Decades of case law support the view that an asset sale — decoupled from any post-sale promises or obligations by the seller — is not sufficient to establish an investment contract.” Circle’s filing You might also like: Coinbase increases USDC interest rate after SEC confirms stance on stablecoins In February, Circle CEO Jeremy Allaire stated that stablecoin s should be regulated by the banking regulator, not the SEC. He made this statement in response to the SEC’s lawsuit  against Paxos for its involvement in the release of BUSD, which the Commission classified as a security.  In J...

USDC issuer Circle recently submitted a filing advocating for stablecoin s. The firm contended that this particular asset niche should not be categorized as ‘ sec urities.’ Circle ’s filing marks the firm’s intervention in the SEC’s lawsuit against the world’s largest exchange, Binance. To be more specific, the filing falls under the ‘amicus curiae’ or friend of the court category. The filing was made in part by Circle ’s Chief Legal Officer, Heath Tarbert. Interestingly, he has served as the Chair of the CFTC in the past. Also Read: Chainlink’s 33% Recovery May Trigger Positive Q4 2023 Stablecoins Don’t Have ‘Investment Contract’ Features: Circle In Q2 2022, the SEC filed a lawsuit against Binance and its executive, Changpeng Zhao, for securities law violations. The regulator accused the exchange of mishandling customer funds. Additionally, it also blamed the exchange for allegedly lying to both regulato...

Amid the regulatory chaos in the U.S., several companies from the crypto industry have already started looking into Asia to expand their reigns. Several regions including the UAE, Singapore, Hong Kong, are among the top contenders at the moment. Japan, another Asian country, is now being considered as another alternative. In a recent interview with CoinDesk Japan, Circle Co-Founder and CEO, Jeremy Allaire, asserted that the demand for digital dollars in “many markets,” especially in emerging ones like Southeast Asia, is on the rise. Businesses seek stability in the dollar, as well as the convenience of making online transactions easier, he noted. Allaire went on to reveal that his company is looking to issue a stablecoin in Japan. After underlining that USDC is used in over 190 countries, he stressed that Circle intends to “grow in large markets” around the world. With respect to Japan, he added, “Japan has a long history of cross-border trade...