A huge portion of the crypto universe now consists of tokens that are essentially lifeless. | Source: Created with Gemini Key Takeaways Over half of all cryptocurrencies launched since 2021 have failed, yet many remain tradable. Once-prominent projects continue moving within the market despite halted development or failed missions. Fueled by speculation and nostalgia, CCN dives into how the crypto industry has a strange resistance to death. With so many cryptocurrency projects collapsing in recent ...

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A bankruptcy court in the U.S. has approved a settlement between Terraform Labs and the bankrupt hedge fund Three Arrows Capital (3AC) regarding a $1.3 billion claim tied to the 2022 collapse of the Terra/LUNA cryptocurrency. Three Arrows Capital (3AC), a cryptocurrency hedge fund based in Singapore and founded by Su Zhu and Kyle Davies, filed for court-ordered liquidation in June 2022 after suffering billions in losses — much of it linked to the Terra/LUNA crash. The ruling, issued by Judge Brendan L. S ...

A stablecoin is a cryptocurrency designed to maintain a consistent price relative to another asset, usually the U.S. dollar. Said another way, a perfectly effective stablecoin pegged to the dollar will always be worth $1. This behavior differs dramatically from traditional cryptocurrencies like bitcoin and ethereum, which are known for their volatility. iframe src="https://www.myfinance.com/as/37116dfa-df19-4d13-bdae-a6452384794a?utm_medium=embed&imr=https://finance.yahoo.com/&utm_campaign=yahoofin-invest ...

Every bull run, a Korean token pumps, thanks to a simple but powerful narrative:• 2018: Icon $ICX - Ethereum of Korea• 2021: Terra $LUNA - Decentralized stablecoin & high yieldThis cycle? $IP - AI x IP x Blockchain ...

$LUNA's collapse erased $40B from the crypto market in days.In this video, we cover the rise and fall of Terra — from how its algorithmic stablecoin worked to the chain reaction that triggered one of crypto’s biggest sellouts.Watch the full video 👉 https://t.co/6XmiGuOELR https://t.co/TY8KZRW0nB ...

Core Insights - The total market capitalization of stablecoins has grown from zero to over $251.7 billion since the inception of Tether (USDT) in 2014, with on-chain transaction volume reaching $5.6 trillion in 2024, establishing stablecoins as a cornerstone of the digital asset space [1] - The development of stablecoins is constrained by the "impossible trinity" dilemma, which highlights the challenge of achieving absolute price stability, extreme capital efficiency, and monetary independence simultaneously [1][5] - Different stablecoin designs reflect varying priorities, impacting their technological paths, risk exposures, and regulatory fates, ultimately shaping their roles in the global financial landscape [1] Group 1: Fiat-Collateralized Stablecoins - Fiat-collateralized stablecoins emerged to address the volatility of cryptocurrencies, providing a reliable "value benchmark" for decentralized finance (DeFi) applications and large-scale commercial settlements [2][3] - The 1:1 collateralization model, where each stablecoin is backed by an equivalent amount of fiat currency, has gained market trust, with USDC and USDT becoming foundational assets in the crypto economy, peaking at over $150 billion in market capitalization in 2022 [3] - The stability of fiat-collateralized stablecoins has been validated through compliance practices, as seen in Circle's USDC, which maintained its peg during the Silicon Valley Bank crisis in March 2023 [3] Group 2: Challenges of Fiat-Collateralized Stablecoins - Despite their success in price stability, fiat-collateralized stablecoins sacrifice capital efficiency and monetary independence, locking significant assets in low-yield reserves [5] - These stablecoins are essentially "digital dollars," relying on the dominance of the US dollar, which can exacerbate currency substitution issues in weaker economies [5] Group 3: Algorithmic Stablecoins - Algorithmic stablecoins emerged as a radical financial experiment aiming for high capital efficiency by using internal economic models instead of external collateral [6] - The collapse of Terra/LUNA serves as a cautionary tale, where the algorithmic mechanism failed under market pressure, leading to a loss of over $40 billion in value [7] - Even decentralized stablecoins like DAI have shifted towards incorporating fiat-collateralized assets to ensure stability, indicating a trend towards lower capital efficiency models [7] Group 4: Central Bank Digital Currencies (CBDCs) - The rise of CBDCs represents a response from central banks to the threats posed by private stablecoins, aiming to reclaim monetary sovereignty and enhance payment system efficiency [8][9] - CBDCs prioritize price stability and state monetary sovereignty, sacrificing capital efficiency in the process, which contrasts with the global nature of private stablecoins [9][10] - While CBDCs focus on enhancing financial stability within a centralized framework, they may lack the interoperability and capital efficiency of established global stablecoins [10] Group 5: Future Outlook - The stablecoin ecosystem is likely to evolve into a multi-layered and diversified landscape, with compliant fiat-collateralized stablecoins maintaining a significant role in mainstream finance, while those pursuing monetary independence thrive in DeFi [11] - CBDCs will reshape retail and wholesale payment systems at the national level, reflecting an ongoing tension between stability, efficiency, and sovereignty in the future of currency [11]

Core Viewpoint - Stablecoins provide a stable digital currency option that is pegged to fiat currencies, primarily the US dollar, to facilitate transactions in a volatile cryptocurrency market [2][15]. Group 1: Emergence of Stablecoins - Stablecoins emerged to address the volatility of cryptocurrencies like Bitcoin, which are unsuitable for daily transactions [2]. - The core principle of stablecoins is that one stablecoin equals one US dollar, providing a reliable medium of exchange [2]. Group 2: Types of Stablecoin Issuance Mechanisms - There are three main types of stablecoin issuance mechanisms: fiat-collateralized, crypto-collateralized, and algorithmic [3][6]. - Fiat-collateralized stablecoins, such as USDT and USDC, are backed by bank deposits or government bonds, generating interest income for the issuing platform [3][8]. - Crypto-collateralized stablecoins, like DAI, require users to over-collateralize their assets, which can lead to high liquidation risks [5][10]. - Algorithmic stablecoins, such as UST, rely on market mechanisms to maintain their peg but have shown vulnerabilities, as seen in the collapse of UST [6][11]. Group 3: Profit Models of Stablecoins - The profit model for fiat-collateralized stablecoins involves earning interest on the reserve assets, with USDT projected to generate over $10 billion in revenue in 2024 [9][8]. - Crypto-collateralized stablecoins charge users a stability fee for minting, which funds the operational costs of the protocol [10]. - Algorithmic stablecoins previously offered high yields to attract users but ultimately relied on continuous new investments, leading to unsustainable practices [11]. Group 4: Regulatory Developments and Applications - Hong Kong is exploring a government-regulated approach to stablecoins, focusing on real asset backing and rapid redemption capabilities [12][14]. - Institutions like JD.com and Standard Chartered are participating in pilot programs to issue stablecoins pegged to the Hong Kong dollar [13]. - Practical applications of stablecoins include cross-border B2B settlements, supply chain payments, and interactions with digital currencies like the digital yuan [15].

Core Viewpoint - Stablecoins, regarded as the "digital dollar" of the crypto world, are currently at the forefront of regulatory reform, particularly following the signing of the Genius Act by President Trump, which establishes clear federal standards for stablecoin issuance and regulation [1][12]. Summary by Sections Regulatory Framework - The Genius Act mandates that only entities with federal licenses or those regulated by the Federal Reserve and FDIC can issue "payment stablecoins," requiring issuers to hold high-quality reserve assets such as cash or U.S. Treasury bonds [1][12]. Market Overview - As of July 22, 2025, the total market capitalization of global stablecoins is approximately $268 billion, with Tether (USDT) being the largest at around $161 billion, followed by USDC at about $65 billion [2][3]. Tether (USDT) - USDT is the most liquid stablecoin but has faced transparency issues regarding its reserves, leading to past controversies and fines from regulatory bodies [2]. USDC - USDC is the second-largest stablecoin, known for its transparent asset disclosures and public audits, but it faced a significant price drop during the Silicon Valley Bank crisis in 2023 [3][8]. Case Studies - The UST collapse in 2022 exemplified the risks of algorithmic stablecoins, where a failure in the underlying asset led to massive market losses [5][7]. - The USDC crisis in March 2023, triggered by the Silicon Valley Bank's insolvency, resulted in a 12% price drop, highlighting the importance of reliable asset backing and federal guarantees [8][9]. Key Insights - Stablecoins require real, liquid, and low-risk assets for stability, with U.S. dollars or Treasury bonds being the most trusted collateral [9]. - For stablecoins to become mainstream payment tools, they must integrate into traditional financial regulatory frameworks, ensuring compliance and security [9][12]. - The design of stablecoins should include fair redemption mechanisms and liquidity stress testing to prevent panic-induced runs [10][11]. Regulatory Developments - The Genius Act and Hong Kong's Stablecoins Ordinance aim to enhance transparency and risk control in stablecoin issuance, with different focuses on compliance and innovation [12][13]. - Both regulations emphasize the need for stablecoins to be treated as "digital cash" with regulatory oversight, aiming for a balance between safety, transparency, and efficiency [14]. Future Outlook - The U.S. and Hong Kong are likely to engage in a competitive yet complementary relationship regarding stablecoin internationalization, with U.S. stablecoins potentially integrating into global payment systems and Hong Kong serving as a bridge for digital RMB [14][15].

Group 1: Core Insights - The U.S. Senate passed the "GENIUS Act" establishing the first federal regulatory framework for stablecoins, reflecting a global consensus on recognizing stablecoins' legitimacy [1][2] - Major companies like Mastercard and Morgan Stanley are actively exploring stablecoin integration into their payment systems, indicating a growing recognition of stablecoins' commercial value [2][3] - Stablecoins are categorized into three main types: fiat-collateralized, crypto-collateralized, and algorithmic stablecoins, each with distinct mechanisms and risks [3][4][5] Group 2: Market Dynamics - Fiat-collateralized stablecoins dominate the market, accounting for approximately 90% of the total stablecoin market capitalization, with USDT and USDC being the most prominent [8][9] - The use of stablecoins has expanded beyond the crypto industry, finding applications in cross-border payments, daily transactions, and as a hedge against inflation in emerging markets [10][11][15] Group 3: Regulatory Landscape - Various countries are implementing regulations to address the risks associated with stablecoins, including limitations on non-local stablecoins to protect monetary sovereignty [30][31] - The European Union's MiCA regulation categorizes stablecoins and imposes strict requirements on their issuance and operation, aiming to mitigate financial risks and enhance compliance [31][36] Group 4: Strategic Recommendations for China - China should adopt a cautious approach towards stablecoins, focusing on research and regulatory frameworks while considering the unique national context and the existing digital yuan [38][39] - Promoting offshore RMB stablecoins could enhance the internationalization of the yuan and expand its use in emerging digital scenarios [41] - Strengthening the collaboration between stablecoins and the digital yuan can leverage their complementary advantages in cross-border payments and digital asset exchanges [42]