Circle Singapore Obtained Major Payment Institution (MPI) License

Circle Internet Singapore Pte. Ltd. (Circle Singapore), an affiliate of Circle Internet Financial, LLC (Circle), has obtained a Major Payment Institution (MPI) license from the Monetary Authority of Singapore (MAS). The license allows Circle Singapore to offer digital payment token services, alongside cross-border money transfer services and domestic money transfer services in the city-state via its various products and services, including the Circle Account, which allows institutional customers access to USDC. USDC, issued by Circle, is a digital dollar, also known as a stablecoin, that is available 24/7 and moves at internet speed.

Coinbase Wallet Introduces Gas-Free USDC Sends on Polygon

Coinbase Wallet has launched a new feature that allows users to send USDC without worrying about network fees on the Polygon network. This integration not only offers gas-free USDC sends but also ensures the security and reliability of transactions, making it an attractive option for cross-border payments.

Tether's market capitalization is close to $84 billion, nearly three times the value of its competitor USDC

Tether's USDT stablecoin is approaching its all-time high market capitalization of $84 billion, which it set in May 2022. This comes as the value of Circle's USDC has fallen due to regulatory troubles and concerns over reserves being trapped in Silicon Valley Bank. Tether attributed its recovery to increased demand brought on by investor confidence in its "solvency." The leading stablecoin's value is almost three times higher than that of Circle’s USDC, its largest rival. Tether plans to divert up to 15% of profits into Bitcoin purchases as part of a "stability" push.

Tether’s Market Cap Inches Towards All-Time High as Competitors Struggle With Redemptions

Despite several U.S. dollar-pegged digital tokens experiencing notable redemptions in recent months, the largest stablecoin by market valuation, tether, is on the verge of achieving its highest-ever market capitalization. With a current value of $82.84 billion, tether is a mere $433 million shy of reaching its all-time high (ATH) set on May 8, 2022.

Circle Mints $140 Million USDC for Big Buyer, Ethereum Foundation Transfers 15,000 ETH to Kraken

Circle, the issuer of USDC stablecoin, minted $140 million worth of USDC and transferred it to Coinbase on behalf of a big buyer.

Coinbase’s Trading Volumes Dwindle Ahead of Earnings, Retail Volume Could Have ‘Bottomed Out’

Coinbase is slated to deliver its first-quarter earnings after the close on Thursday, and all eyes will be on trading volumes and monthly transacting users after the period was dominated by regulatory concerns.

TrueUSD's Borrowing Rates Jumped to 100% as TUSD Soared to $1.20

Traders took advantage of TrueUSD's (TUSD) depegging event to capture a potential 20% gain by borrowing TUSD on Aave and Compound and quickly swapping it for USD Coin (USDC) to effectively short TUSD from its elevated price. However, borrowing rates on both protocols hit over 100% annualized due to the lack of TUSD liquidity.

Number of Stablecoins Held on Exchanges Slips to 2-Year Low

Stablecoins' exchange balance drops to 2-year low as bitcoin rallies 70%. The number of stablecoins held in addresses tied to centralized exchanges has declined by 44% this year, reaching the lowest since May 2021. The decrease is attributed to increasing investor aversion to risk due to regulatory crackdowns on BUSD and USDC.

USDC Circulation Drops by $500 Million as Circle Issues $700 Million and Redeems $1.1 Billion

April 29 (Cointime) - According to Circle's official website,  the firm issued a total of USD 700 million in USDC and redeemed USD 1.1 billion in USDC between April 20 and April 27, resulting in a net reduction of USD 500 million in circulation.

Circle's USDC Sees Net Reduction of $500 Million in Circulation in One Week

As of April 27, USDC had a total circulation of $30.5 billion and reserves of $30.7 billion, consisting of $5.2 billion in cash and $25.5 billion in Short-Dated US Treasury.