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Satoshi Action Fund Open-Sources Strategic Bitcoin Reserve Model, Hints at Executive Order Implementation
Dennis Porter, CEO and co-founder of the Satoshi Action Fund, recently announced the open-sourcing of a document for enacting Strategic Bitcoin Reserve laws internationally. He stated that several lawmakers are using the legislative model and that a related executive order to implement it could be on its way.
The subject of a possible implementation of a Strategic Bitcoin Reserve by the U.S. government is getting the spotlight in mainstream media due to its potential consequences. Dennis Porter, CEO and co-founder of the Satoshi Action Fund, an organization that helps guide lawmakers in the U.S. and worldwide to implement bitcoin-linked policies, has released a general Strategic Bitcoin Reserve model to allow lawmakers to draft similar legislation.
The open-sourced model includes considerations that justify the introduction of bitcoin reserves, including inflation and the responsibility of states to safeguard their financial resources. It also established 10% as a benchmark number for this reserve, declaring that “the amount of public funds that the state treasurer may invest in Bitcoin may not exceed 10% of the total amount of public funds.”
Porter stated that only hours after the publication of this model, several lawmakers had contacted him endorsing it and vowing to pass it into law. Also, Slawomir Metzen, a presidential Polish candidate, declared in favor of establishing a crypto stockpile if he wins. “Our country will become a cryptocurrency haven, with very friendly regulations, low taxes, and a supportive approach from banks and regulators,” he stressed. Read More
Coinbase Launches ‘COIN50’ Index Designed To Track Top Fifty Crypto Assets
US-based crypto exchange Coinbase just launched a new benchmark index for tracking the digital assets market.
In a statement, the publicly-listed firm says the Coinbase 50 Index (COIN50) is a regulated benchmark representing the 50 largest crypto assets on its platform that meet the fundamental criteria for token economics, blockchain architecture and security.
To qualify for entrance into the index, the assets must not be pegged to other digital assets, must have most of their token supply in public circulation and must not have any known security vulnerability.
“The Coinbase 50 Index, rebalanced quarterly, is a market cap-weighted index of the top 50 assets that meet the index’s criteria. Traders can use the index to track the performance of the broader crypto market and benchmark their returns.”
The exchange says that while the Coinbase 50 Index currently covers around 80% of the crypto market cap, the plan is to launch a significantly broader index as the market grows and diversifies.
“This path sets the foundation for our indices to evolve alongside the industry, ensuring they provide critical price discovery and remain a comprehensive benchmark for the cryptoeconomy.” Read More
Tether Announces New Investment to Support Upcoming Launch of ‘Milestone’ Stablecoins
USDT-issuer Tether is investing in Quantoz Payments to launch new Markets in Crypto-Assets Regulations (MiCAR)-compliant stablecoins in the European markets.
According to a new Tether announcement, the crypto firm says its launching two new stablecoins, EURQ and USDQ, via Tether’s Hadron platform.
Says Tether,
“These stablecoins represent a significant milestone in advancing grassroots-regulated digital asset solutions in Europe. Quantoz’s decision to leverage Hadron by Tether is a key proof point for Tether’s strategy to position itself as the leading technology for real-world assets, becoming the backbone of the asset tokenization space.”
Hadron by Tether was announced and rolled out last week. The platform aims to be a full-suite token management platform.
Said Tether CEO Paolo Ardoino at the time,
“It leverages a very intuitive user interface to set up and configure multi-signature wallets, including hardware wallets. A deeply thought user experience streamlines the interaction between issuers and their users.
Among its suite of controls, deep emphasis has been placed on providing the most comprehensive set of tools for compliance, Know-Your-Customer (KYC), Anti-Money-Laundering (AML), Know-Your-Transaction, Risk Management, and secondary market ecosystem monitoring, spanning from blockchains to centralized exchanges.” Read More
Sky, formerly Maker, launches USDS stablecoin on Solana
Sky is offering $500,000 in USDS rewards for early adopters and stablecoin liquidity providers.
Decentralized finance lending and borrowing protocol Sky, formerly known as Maker, has deployed its USDS stablecoin on Solana in an effort to tap into the blockchain’s growing decentralized finance (DeFi) ecosystem.
Sky said in a Nov. 19 X post that its USDS was “the first major DeFi-native stablecoin on Solana” and would allow new lending, borrowing and trading methods across Solana’s “top DeFi platforms.”
“Today’s launch marks the first step in Sky’s strategy to increase Solana’s DeFi liquidity and [total value locked],” it added. Sky said in the future, pending governance approval, it would roll out its SkyLink crosschain bridge for USDS and sUSDS, its “savings” version of the stablecoin.
USDS is a rebrand of the stablecoin Dai (DAI), which aims to stay at the value of 1 US dollar. Sky rebranded from Maker in August, and confusion over the change led co-founder Rune Christensen to propose that it go back to its original name, which four whales squashed, so Sky stayed.
In a bid to get Solana users to take up the rebranded token, Sky is offering rewards for early adopters and stablecoin liquidity providers on various DeFi protocols. Read More
Exploring The IndoEx Cryptocurrency Exchange The First Trading Platform To List The Markethive Token - Hivecoin
The IndoEx exchange aims to cater to a broad spectrum of investors, including newcomers, seasoned traders, and institutional investors, rather than focusing on a specific target audience like most crypto trading platforms. The platform's primary objective is to offer a robust and efficient infrastructure that enables seamless and rapid transactions of crypto assets.
As the IndoEx trading platform is the first crypto exchange to list Hivecoin, this article delves deeper into the platform, exploring it further to bring awareness to the Markethive community. Since its establishment in 2019, IndoEx has gained prominence in the alternative cryptocurrency trading sector due to its reasonable commissions, secure wallets, high trading volume, and fast transactions.
The trading platform, with offices in the United Kingdom and Estonia, provides close to 300 trading pairs, can be used in 150 different countries, and supports a range of cryptocurrencies, including popular ones such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and Ripple (XRP), as well as notable alternative coins like DASH, Chainlink (LINK), and Solana (SOL). Furthermore, it accommodates less mainstream coins and tokens like NEO, Cardano (ADA), and EOS, amounting to 180 cryptocurrencies. Users can exchange these coins for traditional currency or trade them with one another. Read More
Crypto drainers are retiring as investigators start to close in
Crypto drainers face mounting pressure from law enforcement as investigators uncover deeper links between services like Inferno Drainer and high-profile attackers.
Major cryptocurrency drainers like Inferno and Pink made headlines this year by announcing they were retiring — but victims continue to lose staggering sums.
A crypto drainer typically tricks a user into connecting a wallet and approving a transaction that drains the user’s funds.
In October, more than $20 million was lost to phishing schemes, according to Scam Sniffer. While the month’s volume was down 56% from September, the number of victims — 12,058 — jumped 20% month-over-month.
Alex Katz, CEO and co-founder of internet browser security plugin Kerberus told Cointelegraph that draining volume can vary month by month along with market conditions, but the increasing number of victims was alarming.
Meanwhile, law enforcement and cybersecurity firms are getting better at catching cyber crooks. “We think [drainers are shutting down] because they have earned too much. If they continue, it’s only a matter of time before law enforcement finds them or their accomplices,” Cos, founder of MistTrack, told Cointelegraph. Read More
PayPal's Xoom launches cross-border stablecoin settlement
The move is designed to expand access to PYUSD in Asian and African markets, PayPal said.
PayPal’s Xoom has started settling cross-border payments using its stablecoin, PayPal USD, the payments giant said on Nov. 19.
The payment giant aims to expand access to PYUSD in Asian and African markets and let PayPal settle cross-border transactions outside of traditional banking hours, PayPal said.
Xoom, a PayPal subsidiary, is working with Cebuana Lhuillier and Yellow Card to handle PYUSD disbursements.
“[S]tablecoins like PYUSD are changing the payments landscape, and by integrating our technology, they will be able to move money in the most effective way possible thanks to our stablecoin and payments infrastructure,” Chris Maurice, Yellow Card’s CEO, said in a statement.
Launched in 2023, PYUSD is backed 1:1 by US dollars and is issued by Paxos Trust Company, a United States-regulated crypto custodian. It competes with other regulated, dollar-backed stablecoins, such as Circle Internet Financial’s USD Coin. Read More
YGG Unveils Onchain Guilds on Coinbase’s Base, Expands Blockchain Ecosystem in the Philippines
Yield Guild Games announced Tuesday during the YGG Play Summit its Onchain Guilds platform will launch on Coinbase's L2 Base.
Each and every story begins with a memorable scene or a unique setting.
For Web3 gaming in the Philippines, that scene played out in countless Filipino homes during the pandemic: students and workers, confined by lockdowns, discovered they could earn and build value together.
What started as a curious blend of gaming and crypto would later explode into a cultural phenomenon.
But this was just the proverbial testing ground. Fast forward to late 2024, the scene has matured far beyond those early play-to-earn days.
While the initial gold rush may have cooled, something more substantial has taken root. The Philippines, which served as ground zero for this experiment in digital economies of scale, has maintained its position as the world's most engaged market for Web3 gaming for three consecutive years. Read More
Ethereum Giant Formerly Known as MakerDAO Brings USDS to Solana
Sky co-founder Rune Christensen told Decrypt that Solana support "marks the beginning of a new multi-chain era for USDS."
The Solana decentralized ecosystem (DeFi) is growing: Sky—formerly known as MakerDAO—has put its new stablecoin on the crypto network.
According to Sky, the token, USDS, will be the DeFi-native stablecoin on Solana.
Sky’s USDS stablecoin was launched in September. Sky runs on Ethereum and is one of the oldest DeFi projects in the space. USDS replaced DAI, the long-running Ethereum stablecoin; DAI holders were able to upgrade to USDS as of September.
“As the first major DeFi-native stablecoin on Solana, USDS unlocks new opportunities for lending, borrowing and trading across the ecosystem's top DeFi platforms,” the project said on X (formerly Twitter). 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.
Featured Image Source: Pixabay
