Singapore’s Central Bank Introduces Regulatory Guidelines for Stablecoins — The Monetary Authority of Singapore (MAS) has unveiled a revised regulatory framework aimed at ensuring the stability of single-currency stablecoins (SCS) regulated within the country. Released on August 15, the framework focuses on stablecoins pegged to the Singapore dollar or major G10 currencies like the euro, British pound, and US dollar. Stablecoin issuers are required to meet several criteria outlined in the framework, including maintaining value stability through reserve assets, having minimum base capital and liquid assets for risk reduction, ensuring prompt redemption at par, and providing proper disclosures to users about value stabilization mechanisms and other relevant information. MAS-regulated stablecoins will be distinguished from non-regulated ones, and misrepresenting a token as MAS-certified can lead to penalties outlined in the new framework.
Cryptocurrency Markets Stabilize Following Recent Downturn — After weeks of relatively stable trading, the cryptocurrency market experienced a significant decline, led by Bitcoin (BTC), which saw its largest weekly drop since the FTX incident in November. With Bitcoin losing over 10% of its value, the trigger for this sharp decline remains uncertain. However, several factors, including rising yields, hawkish Federal Reserve minutes, Elon Musk’s announcement of a Bitcoin position write-down by SpaceX, and Evergrande’s bankruptcy, are speculated to have contributed. The lack of liquidity and reduced volatility exacerbated Bitcoin’s fall to $25,000 USD. The panic-driven drop has since subsided, and Bitcoin is trading around $26,000 USD, approaching levels before the announcement of major ETF issuers’ plans for a spot Bitcoin ETF launch in June. Ether (ETH) received a minor boost after news of a potential SEC approval for an ETH futures ETF, briefly pushing the ETHBTC pair to a high of around 0.0647. However, it has retraced to the 0.063 range observed in recent weeks. ETH is currently trading at approximately $1,650 USD.
Friend.tech Faces Criticism and Decline in Metrics Soon After Launch — Critics are labeling the decentralized social network, Friend.tech, as “dead” within just three weeks of its launch due to a significant decrease in key metrics like activity, inflows, and volume. While the app, built on Coinbase’s Base network, initially saw high numbers with daily fees reaching $1.7 million and 525,000 transactions on August 21, recent data reveals an 87% drop in fees to approximately $215,000 on August 26, and a 90% decline in transactions to 51,000 on August 27. Coinbase payments risk manager Lisandro Rodriguez attributed the platform’s downfall to “greed and poor execution,” and others have also expressed skepticism about its sustainability. Some commentators had earlier predicted a decline in user engagement and key metrics for Friend.tech in the coming weeks.
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Bitrue Supports Deposits and Withdrawals of Ethereum (ETH) on the Linea Network. We have successfully integrated Ethereum (ETH) on the Linea Network. Deposits are now available. Withdrawals will be enabled once there are sufficient deposits. For more details, see here.
In another “Ask Me Anything” session with Bitrue, we talked to Shuyao Kong, Head of Global Business Development for Linea, about how they are revolutionizing Ethereum Scaling through ConsenSys. Listen to the recording here in case you missed it.
