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Surging Stablecoin Issuances

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Satoshi&Co Daily Crypto Newsletter

May 22 · Issue #181 · View online
ZPX | Satoshi&Co Newsletters

Check out past issues of the newsletter along with more interesting crypto content as well as our recently-launched podcast series with leading crypto industry participants at our newly-launched website www.satoshiand.co

(Listen to our latest podcast here. It is with Sandeep Nailwal of Matic Network, which is a layer 2 protocol working on ETH’s Plasma. Matic Network recently finished a successful launch on Binance Launchpad and is also the first Indian crypto startup to receive funding from Coinbase Ventures).
The recent run up in crypto prices has led to a surge in new issuances for stablecoins, especially for fiat-backed USD stablecoin projects. Despite the ongoing investigation into Tether’s questionable way of operating its business, USDT’s issuance since the beginning of April 1st (BTC at roughly $4000) has shown a phenomenal growth of 40%. More recent US-based stablecoin projects such as TUSD and PAX have seen a significant increase in net new issuances over the same period. Circle/Coinbase backed USDC has seemingly benefited from Coinbase’s foray into over 50 new countries as the outstanding token quantity has increased by over 100 million in the last 50 days.
Data in $ millions. Source: Coinmetrics
Data in $ millions. Source: Coinmetrics
Data in $ millions. Source: Coinmetrics
Data in $ millions. Source: Coinmetrics
Meanwhile in Crypto Wonderland....
“Israeli Court Rules Bitcoin As an Asset”
An Israeli court has ruled that bitcoin is an asset, confirming the central bank’s stance. The case involves the country’s tax authority and the founder of a blockchain startup who argues that profits from the sale of cryptocurrency should be tax-free. The court has ruled in favor of the tax authority, endorsing the central bank’s definition of currency. Judge Shmuel Bornstein simultaneously rejected an appeal by the founder of a blockchain startup who argues that bitcoin should be considered a currency, so the proceeds from its sale should not be subject to taxation.
“Europool Shuts Down Crypto Mixer Services”
Dutch, Luxembourg authorities and Europol have shut down one of the three largest cryptocurrency tumblers. According to the report, the Dutch Fiscal Information and Investigation Service (FIOD) has now seized six servers of major crypto tumbler Bestmixer.io, which had a reported turnover of at least $200 million since its launch in May 2018. The service was purportedly one of the three largest mixing services for cryptocurrencies including bitcoin (BTC), litecoin (LTC), bitcoin cash (BCH) and others.
“Crypto Gaming Platform Teaming Up With Fortnite”
A gaming platform built on crypto is teaming up with the creator of “Fortnite.” As revealed exclusively to CoinDesk, game developers using Epic Games’ Unreal Engine will receive better business terms if they deploy their titles on The Abyss. The Abyss, a Steam competitor funded by an initial coin offering (ICO) in 2018, rewards game devs for purchases made on the platform. The precise details of the arrangement are unclear, with both firms citing non-disclosure agreements.
“BitMEX’s Insurance Fund Is Worth Over $200 Million”
Cryptocurrency trading platform BitMEX, which allows investors to leverage their positions up to 100x, has grown its insurance fund to more 26,453 BTC — worth roughly $212.5 million. According to publicly available data first highlighted by The Block, BitMEX’s insurance fund has grown from only 162 BTC at the start of 2018 to the level seen today. This fund has gained roughly 6,000 BTC since the start of 2019, which, at the time, was worth roughly $77.5 million. BitMEX uses the insurance fund to avoid auto-deleveraging traders’ positions by targetting unfilled liquidation orders before they are taken over by the auto-deleveraging system.
Tweet of the Day
฿ully
Fuck J.P. Morgan’s price targets and fuck the sec’s bitcoin ETF decision and fuck the EU Central Bank’s opinion on Bitcoin and fuck China’s and India’s prohibition on bitcoin

it doesn’t fucking matter

we don’t need your fucking permission anymore

fuck you

buy bitcoin 🚀
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