Swiss crypto bank Sygnum introduces stablecoin fixed on the Swiss franc
Pioneering Swiss crypto bank Sygnum unveiled a stablecoin pegged to the Swiss franc. Sygnum’s ‘DCHF’ “settlement token” is backed 1:1 by funds held with the Swiss National Bank. The crypto bank aims to target institutional clients with its stablecoin, emphasizing that the coin enables fast and frictionless settlements alongside novel financial applications.
In addition to settlements, Sygnum’s Head of Tokenization Markus Hartmann asserts that the DCHF token can be used to execute smart contract payment structures — including “dividend pay-outs and other corporate actions.” Sygnum co-founder Mathias Imbach describes “trustworthy stablecoins” as being “of central importance for the development of the digital asset economy,” adding that the DCHF “creates considerable operational efficiencies and at the same time promotes the development of new business models.” More details.
Stablecoins reached record levels during the downturn
Blockchain analysis company Coin Metrics has found that while Bitcoin (BTC) was experiencing its biggest daily drop in the last seven years, stablecoins reaped the benefits. According to Coin Metrics data, stablecoins gained market share, spreads on spot and futures markets widened, and transfer fees spiked as people rushed to deposit coins. Crypto holders may have been turning to stablecoins in an attempt to preserve their capital while the market experienced a major downturn.
Stablecoins like Circle’s USD Coin (USDC) had their market caps reach new all-time highs two days after the downturn. Stablecoin market caps are generally expected to increase after a major crypto market downturn, but that did not happen in this case. Other stablecoins also came out on top. Tether issued on Ethereum (USDT-ETH) had a large increase in market cap, which has reached $3.7 billion. USDC was the winner of the crash in terms of market caps, with a 57% increase over the last thirty days. The stablecoin is currently being used as collateral on MakerDAO after the price of their own decentralized stablecoin Dai (DAI) increased to $1.06. More details.
Craig Wright claims to be a lawyer
Since the coronavirus hijacked the headlines, Craig Wright and his lawsuit have taken a backseat. But, rest assured, the would-be Bitcoin inventor is still battling his corner. Now, he’s officially objecting to the Magistrate’s Order dismissing his Kenyan Lawyer attorney privilege. In an official objection document in the ongoing case between Kleiman vs. Wright, Wright states that the Magistrate Order on Discovery was unfair. His lawyers claim that it,
erroneously disregarded the attorney-client relationship between defendant and his Kenyan attorney based on preconceived and previously formulated conclusions of defendant’s character.
Craig Wright wants to represent his lawyer in a possible court case in an appeal case. More details.
BINANCE & HUOBI
Binance it holds more than a billion dollars in ERC-20 stablecoins, with an increase of about 10% over the last 7 days. Huobi Stock Exchange around $ 0.7 billion with a growth of $ 165 million over the last seven days.