Monat: Juni 2023

• First Digital’s stablecoin FDUSD will be pegged on the US dollar and regulated in Asia, the Hong Kong-based company said.
• All reserves will be held in segregated accounts at regulated financial institutions.
• The FDUSD stablecoin will launch on the BNB Smart Chain.

First Digital, a Hong Kong-based qualified custodian and registered trust company, has launched a new stablecoin First Digital USD (FDUSD).

The USD-pegged stablecoin will be backed 1:1 with the US dollar reserves and issued by First Digital subsidiary FD121 Limited. The cash or highly liquid reserves will be held in segregated accounts at regulated financial institutions across Asia. 

There will be no co-mingling of users’ funds with the other assets of First Digital Trust, the company noted. 

FDUSD to launch on BNB Smart Chain

FDUSD is said to be a programmable stablecoin and is set to launch on the BNB Smart Chain. It will be capable of executing financial contracts, escrow services, and insurance, all without intermediaries, the company said in a press release on May 31.

Vincent Chok, CEO of First Digital, said: 

“The launch of this stablecoin represents a major stride forward in our mission to provide a secure and efficient digital currency that can be seamlessly integrated into everyday transactions.”

He added that First Digital commits to regulatory compliance, with transparency and robust oversight key to building trust within the stablecoin industry.

FDUSD’s entry into the market comes at a time the crypto industry has welcomed Hong Kong’s regulatory framework around the offering of crypto trading to retail investors.

As CoinJournal covered recently, the administrative region’s crypto guidelines come into effect as from June 1.  A host of platforms, including Huobi and CoinEx have announced new crypto trading platforms for Hong Kong.

The post Hong Kong-based First Digital launches new USD-backed stablecoin appeared first on CoinJournal.

• SYS Labs has scheduled the Rollux mainnet launch date as June 28, 2023.
• Rollux is an EVM-compatible Layer-2 scaling platform.
• The mainnet launch is expected after a successful testnet and positive feedback from the community.

SYS Labs has announced the mainnet release of its EVM-L2 scaling platform Rollux will be on June 28, 2023.

Rollux is an Optimistic rollup fork and will deliver the key features the blockchain ecosystem needs to achieve mass adoption – speed, security, affordability, and scalability.

Rollux testnet successful

According to the SYS Labs team, the upcoming mainnet launch follows the dry-run test of the Rollux  mainnet, with community feedback being positive. The testnet version is now set to see the mainnet rolled out to the public, who will benefit from an EVM experience offering faster, cheaper and secure transactions at scale.

Rollux mainnet will have a two second transaction finality secured by Bitcoin, the team said in a press release.

SYS Labs CEO Jagdeep Sidhu said in a comment:

“Our vision has always been to bridge the gap between the existing capabilities of blockchain and the needs of users, developers, and enterprises. Rollux is that bridge.”

SYS Labs has recently rolled out several products and services tailored to allow users fully leverage Rollux’s capabilities. These include the AI-infused social platform SuperDapp, DeFi exchange Pegasys, NFT platform Luxy, and web wallet Pali Wallet. 

There’s also DAOSYS, a new standard for decentralized autonomous organization (DAO) models, and Camada, a non-custodial, regulatory-compliant asset management tool for institutions and retail.

In addition, the Syscoin ecosystem is set to host multiple partners expected to build on Rollux when it goes live.

The post SYS Labs announces mainnet release for Rollux appeared first on CoinJournal.

• The MakerDAO community has voted to ditch Pax Dollar (USDP) stablecoin worth $500 million from its reserves.
• Maker’s treasury holds roughly half of the USDP’s $1 billion supply.
• New York state regulators in February forced Paxos to halt minting Binance USD (BUSD) stablecoin.

The decentralized finance (DeFi) lending protocol MakerDAO’s community has voted to drop the $500 million worth of USDP stablecoin from its reserves. This is a major blow to the Pax Dollar (USDP) stablecoin since the lending protocol held half of the USDP token supply.

In total, there is a $1 billion USDP token supply and after the vote, Maker will remove all the 500 USDP tokens from its reserves.

After dropping the USDP, MakerDAO, which is the issuer of the $5 billion DAI stablecoin and the governing body of Maker, which is one of the largest lending protocols in DeFi, will boost its revenues by investing its vast reserves in yield-generating strategies.

Examples of the yield-generating strategies that MakerDAO will invest in include Gemini, which pays an incentive to MakerDAO for holding its stablecoin, the GUSD. MakerDAO is also primed to earn a 2.6% yield on the $500 million of USDC it holds from Coinbase Prime.

Impact on the embattled Paxos

Paxos was in February forced by New York state regulators to halt minting Binance USD (BUSD) stablecoin. Since then, the market cap of the BUSD stablecoin has drastically declined from $16 billion to $5 billion according to data from Coingecko.

Although the Pax dollar metrics remained largely unaffected, the MakerDAO move has a significant impact on Paxos as a company.

The MakerDAO community argued that the USDP did not accrue any revenue for MakerDAO, something that hurt its capital efficiency as it plans to increase the rewards rate for DAI savings.

The post MakerDAO votes to drop Pax Dollar (USDP) stablecoin from its reserves appeared first on CoinJournal.