Cryptocurrency
No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks
No rescue for Terra: Swiss asset manager denies $3B LUNA/UST bail-out talks
GAM Investments has quashed fake news reports that surfaced on Friday that claimed the Swiss asset manager would invest some $3 billion to aid in the recovery of the Terra ecosystem, including LUNA and the TerraUSD (UST) stablecoin.
An announcement published on Thursday claimed that the firm was engaging in talks with Terraform Labs to assist in recovery attempts after Terra’s algorithmic stablecoin, UST, lost its U.S. dollar peg, causing a cataclysmic crash of the acclaimed blockchain protocol, which had become a darling of the decentralized finance (DeFi) space.
Cryptocurrency
Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan
Socios fan tokens rally 40%+ after Chiliz rolls out mainnet upgrade and token burn plan
In times of high stress and market turmoil, sports entertainment has served as a valuable escape for people around the world as they get a chance to root for their favorite players and teams while briefly forgetting about the worries of the world.
Amid the ongoing market volatility and falling crypto prices, sports fans have cause to rejoice as multiple fan tokens have bucked the downtrend on May 18 to post 40% plus gains.
Was Terra’s UST cataclysm the canary in the algorithmic stablecoin coal mine?
The past week has not been an easy one. After the collapse of the third-largest stablecoin (UST) and what used to be the second-largest blockchain after Ethereum (Terra), the depeg contagion seems to be spreading wider.
While UST has completely depegged from the U.S. dollar, trading at sub $0.1 at the time of writing, other stablecoins also experienced a short period where they also lost their dollar peg due to the market-wide panic.
Asset-backed stablecoins were in favor during downturn, except for USDT
Are algorithmic stablecoins finished?
Meta trademark filing hints at plans for crypto payments platform
Social media giant Facebook (NASDAQ:FB)’s parent company, Meta, may be planning to launch a payments platform with support for cryptocurrency.
According to records submitted to the United States Patent and Trademark Office, or USPTO, on May 13, Meta filed five applications for its namesake to be used in a platform called Meta Pay. The filings included Meta’s name for use in a “online social networking service for investors allowing financial trades and exchange of digital currency, virtual currency, cryptocurrency, digital and blockchain assets, digitized assets, digital tokens, crypto tokens and utility tokens.”
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Meta trademark filing hints at plans for crypto payments platform
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