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Circle has introduced its euro-backed stablecoin, EURC, on the Base network. This move expands EURC's native availability beyond Avalanche, Ethereum, Solana, and Stellar. It's a first for Base. EURC is now accessible on an Ethereum layer-2 network in native form. Previously, layer-2s only used derivative EURC backed by versions on other networks. Circle claims this new version will boost global e-commerce. The company stated, "The Base versions of EURC and USDC are the first stablecoins on Base from a global issuer to be compliant with the new Markets in Crypto-Assets (MiCA) regulation." This development could be a game-changer. It may allow Base users to swap euros for dollars more easily. A 2023 study found blockchain forex trades can cut costs by up to 80%. However, there's a catch. Major decentralized exchanges on Base haven't listed EURC yet. Searches on Aerodrome, Uniswap, and BaseSwap came up empty at the time of writing. PancakeSwap offers EURC trading through its "import" feature. But it comes with a strong warning to users. Circle provided the official token address for EURC on Base mainnet: 0x60a3e35cc302bfa44cb288bc5a4f316fdb1adb42. This launch follows Bitstamp's recent delisting of Tether Euro (EURT). The exchange cited EURT's alleged non-compliance with MiCA regulations. EURC's expansion to Base could shake things up in the stablecoin market. It potentially offers users more options for euro-dollar trades on layer-2 networks. As the dust settles, it remains to be seen how quickly major exchanges will adopt EURC on Base. The move could pave the way for more efficient forex trading in the crypto space.

Tether's USDT on Tron has surpassed Visa's average daily trading volume. In a single day, USDT on Tron reached $53 billion in transactions. And that is remarkable. Visa, a traditional financial giant, averages $42 billion per day. USDT on Tron, however, hit $53 billion in just 24 hours. Visa is used all over the world as a traditional way of exchanging funds, while USDT is just a part of a fast evolving, yet very young and still maturing crypto market. Tron's achievement represents a significant shift in the financial landscape. It proves that digital currencies can compete with established financial systems. The victory over Visa, a payment industry leader, illustrates the rapid growth of digital currencies. The rise in transaction volumes on Tron is significant for the digital currency sector. Users are increasingly adopting TRC-20 wallets for various transactions. This trend suggests digital currencies are becoming integral to everyday financial activities, and the rate of this acceptance is becoming phenomenally fast. Even people who are not generally interested in crypto, are now more often using USDT for their financial needs. The extensive use of Tether (USDT) on Tron's network is driving on-chain activity. It demonstrates the efficiency of digital currencies for global transactions. This growth points to a future where digital money could outperform traditional payment systems in speed and cost-effectiveness. So, no matter how skeptical you might be, it is safe to say that digital currencies are no longer niche. They are emerging as serious competitors to established financial institutions. The latter are in a present and clear danger of becoming obsolete. TRON's dominance in the USDT market is truly remarkable. By Q1 2024, TRON held $59.3 billion, or 53.7%, of USDT's market cap. This surpasses Ethereum's share and underscores TRON's key role in the digital currency ecosystem.

Tron founder Justin Sun has announced a new stablecoin project. It is supposed to be a unique solution, aiming to eliminate gas fees for peer-to-peer transfers. The stablecoin will cover fees by itself. That sound a bit fantastic, yet there is a pretty plausible explanation. Sun revealed the plans in a July 6 social media post. He mentioned that the project targets implementation on the Tron blockchain this quarter. Expansion to Ethereum and other EVM-compatible chains will follow. Sun stated, "Transfers can be made without paying any gas tokens, with the fees being entirely covered by the stablecoins themselves." Specific mechanics of the system were not disclosed. Sun believes the innovation could boost corporate adoption of blockchain technology. "I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level," he said. Tron currently dominates the peer-to-peer stablecoin transfer market. Analytics firm Artemis reported on June 27 that Tron consistently processes two to three times Ethereum's volume. Over $50 billion of Tether's USDT circulates on Tron. This represents nearly half of USDT's $112 billion total market cap across all blockchains, according to DeFiLlama data. Tron's proposal may compete with existing solutions. PayPal's PYUSD offers free cross-border payments to certain U.S. users. Circle's USDC on Ethereum layer 2 Base also provides fee-less transfers via Coinbase Wallet. There might be a simple explanation of why Tron is so eager to develop such a stablecoin right now. Recent developments may have spurred Tron's initiative. Circle and Binance recently dropped support for USDC on Tron. This potentially created an incentive for Tron to develop its own solution. Tron is exploring additional blockchain integrations. The project is considering a Bitcoin layer 2 solution to support wrapped Tether. This could enable significant capital flow into the Bitcoin ecosystem. Currently, Tron utilizes existing cross-chain protocols. These bridge USDT and other tokens between Bitcoin and Tron networks.

Opera's mobile browser, Opera Mini, is upgrading its cryptocurrency wallet MiniPay to include two of the world's most popular stablecoins - Tether's USDT and Circle's USDC. Users can switch between USD Coin and cUSD with minimal fees. The process uses a simple drag-and-drop motion. Jørgen Arnesen, Opera's executive vice president of Mobile, explained the feature. "It abstracts assets swapping in Web3," he said. "Users can effortlessly swap between all 3 stablecoins." Just to remind you, MiniPay was launched in September 2023 inside Opera Mini browser and run on the Celo blockchain. It uses Mento's cUSD, pegged to the US dollar. A kind of an own stablecoin, to be precise. The wallet initially targeted African markets. Opera said from the beginning that the browser wallet aimed to facilitate stablecoin transfers using mobile numbers. Arnesen discussed the rationale behind this focus. "We recognized the significant potential of blockchain-enabled peer-to-peer solutions within the continent," he stated. He noted common concerns among consumers. These included high fees, unreliable services, and lack of transparency in local payment options. All of that is supposed to be overcome by Opera's wallet built in the popular browser. MiniPay has also launched a Discover Page for decentralized applications (DApps). It organizes native DApps, providing direct access to various tools. Since its launch, MiniPay has seen rapid growth. It has over three million wallet activations across several African countries. Arnesen highlighted Africa's potential for digital asset adoption. He cited its young population and widespread smartphone use. Opera Mini is the most downloaded mobile browser in Africa. It boasts nearly 100 million users.

A significant Ethereum (ETH) transaction caught the attention of crypto analysts over the weekend. On-chain data revealed a single entity withdrew over $206 million worth of ETH from Bitfinex. What is this whale up to? Lookonchain suggests the whale is likely Abraxas Capital Management. it is a famous UK-based investment firm that specializes in crypto assets. Abraxas has been active in the crypto space since 2017. As of April 2024, its three digital asset funds manage over $2 billion. The whale's actions didn't stop at withdrawal. There was a serious game to be carried out, that someone must have planned meticulously. So at first, the ETH was deposited into Spark, a DeFi infrastructure provider. This move appears strategic. The deposited ETH serves as collateral for the stablecoin DAI. No wonder, our whale then borrowed 101 million DAI from Spark. But the next move was kind of surprising, if not to say unpredictable. This borrowed DAI was then swapped for 101 million USDC. That's a second most popular stablecoin in the world, in case you forgot. The final step saw the USDC deposited into Binance, the world's leading crypto exchange. This series of transactions demonstrates complex maneuvering within the crypto ecosystem, basically, our whale definitely knew what to do. Spark offers multiple DeFi products. These include SparkLend, a DAI-centric money market protocol, and sDAI, a yield-bearing stablecoin. At the time of writing, ETH trades at $3,442. While up 3% over seven days, it's down 10% month-on-month. ETH remains 29% below its November 2021 all-time high of $4,878. USDC and DAI rank as the second and third-largest stablecoins by market cap. Both aim to maintain a 1:1 peg with the US dollar.