Month in Review: June

Sandu Gisca

Welcome to Month in Review, where the team behind STASIS and EURS shares our updates from the past month, as well as some thoughts on key issues for the stablecoin space.

The Month in Review is originally distributed each month as a newsletter. You can sign up to receive it here.

In 2020, more and more institutional players come to the crypto field as new blockchain-based and custody services are being introduced. Cryptocurrency space is a place where no traditional financial market rules can guarantee a definite success. Surviving in a volatile crypto ocean where more than 5,000 assets exist — is a hard task and managing a successful project in this industry is a goal for a really determined team.

The topic of Central Bank Digital Currencies or CBDCs has been of major interest as stablecoins gained more popularity in the crypto world. Even before the notorious winter of 2019 took place, when Bitcoin price fell to the critical levels, more and more market participants and institutional clients became excited about the stablecoin’s benefits. World governments and large companies surely noticed the trend and started to experiment in this area, but there had not been any common direction to follow. After the decay of TON and many ongoing problems for Libra, it became evident that private companies will suffer countless challenges in the future. However, the latest Digital Dollar white paper introduction to the Digital yuan pilot project outlines the rising need for stablecoin solutions. Moreover, the latest news suggests that the Italian Banking Association (ABI) is willing to pilot a digital euro.

Being a private firm, we’re not afraid that CBDCs’ imminent launch and further existence will hamper EURS popularity. Judging by today’s perspective, CBDCs will likely follow a wholesale variant route, which will cut off its accessibility for the retail segment. If retail CBDCs ever become a reality, the commercial banks will suffer heavy losses since people will run to withdraw their deposits and move it to the Central Bank accounts. What’s the point of holding savings with commercial institutions that have their own credit risk and are fractionally reserved?

Monday, June 22nd marked the 2nd anniversary of the first EURS emission. We are excited to share our key milestones and achievements with you!

The STASIS team set its mission from initial start: to provide a safe harbor and stable environment for the digital asset market players. EURS Stablecoin seeks to challenge the U.S. Dollar’s dominance in global financial markets. Moreover, stablecoins have a real chance to be used as a global currency that can’t be subject to traditional market disasters. However, existing stablecoins have various drawbacks that do not reassure market adopters of the simple fact that it’s the inevitable market future. Crafting a product that can ultimately win is surely not a walk in the park: since 2017, more than 200 teams worldwide have announced stablecoin developments, but many projects failed to implement or operate in the end. Nowadays, less than 30% of the stablecoins ever released continue to exist.

During our ongoing operation, we’ve managed not only to sustain our presence on the global crypto scene but to progress and broaden our outreach, set numerous partnerships worldwide, while keeping a positive image in the eyes of the general public and strict regulators. To know more about our road of achievements, please visit STASIS blog.

We are happy to announce that our stablecoin has received a worldwide unique and fork-resilient identifier and has been added to the International Token Database (TOKENBASE).

The International Token Identification Number (ITIN) is an open market standard for the unambiguous and secure identification of DLT and blockchain-based cryptographic tokens.

The International Token Standardization Association (ITSA) e.V. is a non-profit association of German law that aims at promoting the development and implementation of comprehensive market standards for the identification, classification and analysis of DLT-and blockchain-based cryptographic tokens. Please read more on the website, Twitter and LinkedIn.

We launched a special competition to celebrate the launch of the EURS “purchase by card” option, offering a giveaway of 1000 EURS as rewards among users who will first try out the enhanced service. Little surprise that we observed high interest among users from different parts of the world. And it’s just the start — we aim to raise the bar for the purchase limit in July and launch another contest!

In June, CEO Gregory had written another article on a hot topic and provided his opinion to the media:

“In only a few short years, we have witnessed a huge spike in technology’s global learning curve — from institutions recognizing Bitcoin’s value to the options of simplified crypto purchases, and from the digital dollar white paper to the digital yuan pilot projects. There is no doubt that the ongoing advances in technologies will bring a new quality of life sooner than we expect. The time has come to endorse stablecoins.”

  • Sharing his opinion on the controversial topic of CME entry into the Bitcoin Options market, Gregory stated that: “We have yet to see an institutional demand for crypto derivatives catching up to general interest. Currently, most of the open interest across futures comes from miners that want to fix their margins by selling for production. Institutional speculated demand is still so low that the base we have of 500 hundred million dollars equivalent open interest is just a start for CME. Moreover, it will not be as small by the end of the year: the numbers will triple in size at least — mark my words.”

Watch the “Future of Stablecoins vs Central Bank Digital Currencies” with STASIS CEO Gregory Klumov on BlockDown TV!

The online conference had seen a major interest so many would like to see the presentations again. BlockDownTV is aimed to become not only a place to learn but also a hub for innovation of the ecosystem through discussion, private chats and open networking between some of the greatest minds of the Blockchain industry.

Watch and share a video here!

The first month of summer brought in a lot of news. As always, we’ve selected and highlighted the most important ones:

InCore bank becomes the first Swiss business-to-business bank approved by the financial watchdog to operate with digital assets.

The global regulatory landscape is tightening for crypto ATM operators.

Although the potential for sweeping change is sparking fervent innovation, many obstacles remain. How these digital networks get built and used are critical factors in ensuring they promote equity and accountability. New financial networks, and CBDCs in particular, could enable extreme levels of centralized control if not handled with care.

Estonia is withdrawing permits from hundreds of crypto companies following Europe’s biggest money-laundering scandal.

DeFi hit new heights with more than 1,000 new assets added in May and total user numbers reaching 550,000.

A survey published by Fidelity has found that more than one-third of institutional investors globally are exposed to crypto-assets.

“Basket-backed” stablecoins could improve consumer welfare in certain economic scenarios, according to a recent research paper from the U.S. Federal Reserve.

As banks look to tokenize currency and USDT volume rises, experts see a bright future for stablecoins.

Crypto has turned from an inevitable future to our happening present, and stablecoins may become the industry’s cornerstone.

Finally, the latest news suggests that the Italian Banking Association (ABI) is willing to pilot a digital euro. A great sign for Europe.

Capitalizing on EU ultra-low interest rates is the opportunity that was underestimated by many. We are opening the box of new stablecoin use cases. Nowadays, crypto lending is the most overcollateralized market and euro-backed stablecoin EURS allows decreasing the resulting interest rate. DeFi Lending is a highly-promising direction, and we are pleased to work with those who want to help us implement it. Please don’t hesitate to contact us at co@stasis.net.

Stay with the STASIS team to know our plans! Subscribe to Weekly Stablecoin Digest to stay updated on what’s coming in the crypto world, and read our “Month in Review” to read the 4-week summary of our achievements!

Moreover, make sure you subscribed to our socials on Telegram, Facebook, Twitter and LinkedIn to stay tuned on what we’re up to!

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