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Usual Money Launches Usual USD on Public Mainnet; TVL Reaches $90M
A project called Usual Money has officially unveiled its public mainnet, launching the usual usd (USD0) stablecoin. This initiative seeks to provide a decentralized alternative to traditional fiat-backed stablecoins.
According to the project’s team, usual usd (USD0) is a stablecoin supported by real-world assets (RWAs), crafted to offer users a dependable and decentralized financial tool. The project also introduces USD0++, a liquid bond variant of the stablecoin, providing increased yield through ownership and governance redistribution. Users can obtain USD0, engage in liquidity pools, and earn Pills—a reward system tied to the amount of USD0++ held or provided as liquidity.
The launch is accompanied by the Pills campaign, allowing participants to earn Pills by interacting with the Usual ecosystem. These Pills will determine the allocation of USUAL tokens during the upcoming Token Generation Event. According to defillama.com stats, the USD0 protocol has $90.78 million total value locked (TVL) as of July 14. Read More
Chainlink (LINK) Creator Sergey Nazarov Says Real World Assets (RWAs) Are Next Big Trend in Blockchain
Sergey Nazarov, co-creator of blockchain oracle service Chainlink (LINK), says that one burgeoning sector of the digital asset space is set to become a leading trend.
Nazarov tells his 150,000 followers on the social media platform X that real world assets (RWAs) look poised to become the next big trend in blockchain.
The RWA trend in crypto aims to tokenize assets in traditional markets like real estate, loans, bonds and more on-chain.
Says Nazarov,
“Real World Asset (RWA) tokenization is the next big trend in the blockchain industry, and I believe it is on track to hold more on-chain value than cryptocurrencies…
The amount of value that can be quickly turned into an RWA is in the tens of trillions, with only a very small percentage currently being in the RWA format. This includes all commodities, all real estate, all funds, and much more.
Large institutions like Blackrock, Fidelity, and others are already participating in the RWA trend through tokenized funds, with many more to come.” Read More
Polygon launches upgraded ZK proving system Plonky3
Polygon Labs unveils Plonky3, enhancing Ethereum scalability with improved zero-knowledge proof configurations and modular flexibility for developers.
Polygon Labs has announced the production readiness of Plonky3, Polygon’s next generation of zero-knowledge (ZK) proving systems.
Plonky3 is designed to give developers modular, flexible options when building zero-knowledge virtual machines and zero-knowledge Ethereum Virtual Machines.
This upgrade to the previous Plonky2 model will be open source and available under the MIT/Apache license, a dual license that enables users to freely use, modify and distribute software. Read More
Proof-of-funds technology seeks to replace exchanges’ reserves reports
Data lake provider Tres is introducing a new mechanism to track exchange and custodian reserves, joining Chainlink and other solutions catering to institutional demand.
Proof of reserves emerged as a direct response to the need for greater transparency among companies holding digital assets on behalf of investors. Now, the mechanism is expected to be revamped as institutions seek tools for tracking and auditing onchain assets in real time.
Web3 companies are hoping to capitalize on this demand. Financial data lake Tres, for instance, is launching a proof-of-funds mechanism that reportedly offers automated snapshots delivered in real time for crypto exchanges and custodians.
“Exchanges only track wallets that exist on their co-mingled omnibus account. This is purely a balance snapshot of these specific wallets, meaning they can be potentially manipulated,” Tal Zackon, co-founder of Tres, told Cointelegraph.
Proof of reserves is a concept developed for exchanges to prove that they hold sufficient assets to back their customers’ deposits, reducing concerns about insolvency and misuse of funds. Read More
Solana Gains Momentum Defying All Odds. SOL Set For Serious Gains
Many altcoins have experienced significant declines exceeding 40% since March, yet a few have shown remarkable strength. Solana stands out as one of these resilient altcoins, prompting speculation about its potential for a bullish surge once the cryptocurrency market reaches a parabolic phase. In this article, we will explore Solana's recent developments and discuss the possibility of SOL reaching new heights in the upcoming months. Whether you are already invested in SOL or contemplating adding it to your portfolio, this information is essential reading.
Significant developments have unfolded in the brief span of three months since the last Solana update. Notably, Solana surpassed Ethereum regarding stablecoin trading volumes, a milestone achieved during a mini-surge in altcoins in March, and Solana was a vital driver of this trend. Notably, SOL’s value peaked just before the FTX estate revealed its plan to offer 41 million SOL tokens to investors at a substantial 68% discount, amounting to approximately $7.6 billion.
FTX completed its over-the-counter (OTC) sales in May, but a crucial aspect to consider is that these deals are tied to a four-year vesting period. This means that when the buyers eventually sell their SOL, they will likely face minimal, albeit steady selling pressure. Read More
Kraken and Tottenham Hotspur score big in crypto partnership
Kraken is now Tottenham Hotspur’s first official crypto and Web3 partner, with the goal of boosting fan engagement and increasing awareness about cryptocurrency.
Kraken, a centralized cryptocurrency exchange, announced a global brand partnership with Tottenham Hotspur football club on July 16.
The exchange will become the first official crypto and Web3 partner and the official sleeve partner for the club’s men’s and women’s teams.
The partnership aims to improve the fan experience and focus on bridging the knowledge gap between fans and crypto.
In a written Q&A with Cointelegraph, Mayur Gupta, Kraken’s chief marketing officer, explained that crypto is becoming increasingly popular in the United Kingdom.
“As with anything we do, this partnership is focused on our Mission – accelerating the global adoption of crypto so that everyone can achieve true financial freedom and inclusion.” Read More
Ripple Backs Campaign to Defeat Crypto Villain Elizabeth Warren
The crypto company gave $1 million to a PAC dedicated to unseating the prominent crypto critic in November.
Ripple Labs has donated $1 million to help defeat prominent crypto critic Sen. Elizabeth Warren (D-MA) this November.
A company spokesperson confirmed to Decrypt on Tuesday that it made the payment to the Commonwealth Unity Fund, a super PAC set up to support the campaign of one of Warren’s Republican challengers, crypto attorney John Deaton.
The spokesperson declined, however, to comment on whether Ripple plans to spend additional funds on the race. They also did not clarify how the company’s leadership makes decisions about funding political campaigns.
So far, it appears that Ripple is the Commonwealth Unity Fund’s primary source of funding. The company’s gift accounted for over 95% of donations to the PAC last quarter. Read More
Hermetica Introduces Bitcoin-Backed Synthetic Dollar on Bitcoin L1
Bitcoin-based decentralized finance (defi) protocol Hermetica has launched its BTC-backed synthetic dollar, USDH, on Bitcoin’s layer one (L1) through the Runes protocol. The company also announced plans to scale its Bitcoin-native defi operations using layer two (L2) solutions like Stacks.
Hermetica‘s USDH offers Bitcoin holders a new way to maintain exposure to BTC while benefiting from the stability of a dollar-pegged asset. Hermetica claims USDH can always be redeemed for $1 worth of BTC, providing a non-custodial option for users. This launch aims to eliminate the need for Bitcoiners to rely on centralized exchanges or fiat-backed stablecoins on alternative chains.
“We’re excited to bring a first-of-its-kind product to Bitcoin defi. Starting today, you’re able to hold dollars and earn an attractive yield while staying completely outside the traditional banking system,” Hermetica CEO Jakob Schillinger remarked in communication with Bitcoin.com News. “USDH doesn’t rely on banks, nor fiat but is just Bitcoin all the way down.” Schillinger added:
A stablecoin backed by the hardest asset in the world that is native to the most secure blockchain in Bitcoin. Read More
Coinbase and Payments Giant Stripe Collaborate on New Initiative To Expand Global Crypto Adoption
Leading US-based crypto exchange Coinbase is teaming up with a top crypto payments provider to increase crypto functionality.
In a new announcement, Coinbase says it is partnering with Stripe to increase the adoption of crypto by consumers around the world.
“Stripe and Coinbase have announced a partnership to increase on-chain adoption and provide faster, cheaper financial infrastructure. Stripe will add support for Base across its crypto product suite to offer users faster and cheaper money transfers, and Coinbase will add Stripe’s fiat-to-crypto onramp into Coinbase Wallet to allow users to buy crypto instantly with credit cards and Apple Pay.”
According to the press release, the partnership will increase access to crypto payments for businesses worldwide. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
