A consortium of financial technology and cryptocurrency companies including Robinhood, Kraken and Galaxy Digital on Monday introduced a joint stablecoin pegged to the U.S. dollar. The aim of the newly formed Global Dollar Network is to accelerate usage of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners, the companies said. As cryptocurrencies like bitcoin …
Sometimes a stablecoin is anything but. When Silicon Valley Bank collapsed Bloomberg Terminal in March of last year, crypto company Circle Internet Financial Ltd. had $3.3 billion of cash reserves backing its USD Coin parked in the bank and couldn’t get it out. They offer a way for traders to quickly move between more volatile coins and something approximating cash …
