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Techub News reports, Vitalik Buterin tweeted, "USDC deposit yields are not DeFi. Algorithmic stablecoins are the real DeFi. If we have high-quality Ethereum-backed algorithmic stablecoins, even if 99% of the liquidity is actually provided by CDP holders, as long as you can shift the dollar-side counterparty risk to market makers, that in itself is a significant advantage. Even if an algorithmic stablecoin is backed by RWA, as long as it is overcollateralized and the collateral is sufficiently diversified so that even if any single RWA fails, the whole remains fully collateralized, then compared to ordinary structures, it still represents a meaningful improvement in the risk profile for holders. I think we should try harder to move in that direction (ideally the former, and if not, then the latter). Then gradually move away from using the dollar as the primary unit of account, and build some more comprehensive, more diversified index instead. Of course, the current 'deposit USDC into Aave' play does not fall into either of the categories I mentioned above."
Techub News reports, according to CoinDesk, the Brazilian Congressional Committee on Innovation and Technology has passed Bill 4.308/2024, prohibiting the issuance or trading of algorithmic stablecoins such as Ethena's USDe and Frax. The new bill requires all stablecoins issued in Brazil to be fully backed by reserve assets. Issuing uncollateralized stablecoins in violation will be considered financial fraud, punishable by up to 8 years in prison. For foreign-issued stablecoins like USDT and USDC, they can only be offered by companies authorized to operate in Brazil, and exchanges must ensure foreign issuers comply with Brazilian regulatory standards. According to data from Brazilian tax authorities, stablecoins currently account for 90% of the country's cryptocurrency trading volume. The bill still needs approval from multiple committees and deliberation by the Senate before it can officially become law.
Techub News, BNB Chain-based algorithmic stablecoin USDsd developer Standard Money has raised $8 million in a funding round led by Yzi Labs, with participation from Gate.io, Crypto com, and Animoca Brands. USDsd is a yield-seeking algorithmic stablecoin designed with reference to Tether's USDT, the world's largest stablecoin by market capitalization. The funds will support Standard Money's mainnet deployment and expand its liquidity partnerships and global operations. Algorithmic stablecoins are a category of tokens that maintain pegs to target assets through smart contracts and economic incentive mechanisms, thereby managing circulating supply.
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