Stablecoin infrastructure company Paytrie has launched what it claims is a first-of-its-kind Canadian dollar stablecoin remittance service. The service uses CACD, a Canadian-dollar stablecoin issued by Loon to deliver fast, affordable payments to countries around the world, starting with Mexico and Nigeria. That’s not to say that CACD is making the whole voyage to remittance recipients. Instead, Canadian users convert Canadian dollars into CACD, which is then converted into Circle’s U.S.-dollar-denominated stablecoin USDC. That is then routed through the Circle Payments Network for a local currency payout in the recipient country. This allows Canadian dollar-backed digital assets to be used for real-world cross-border payments Paytrie called Canada “a diaspora country,”…
-
-
6 Million Bitcoins Exposed to Quantum Risk
Glassnode research shows many exchanges hold unsafe BTC
Some six million bitcoins, or 30% of the issued supply, are exposed to the quantum risk of theft. Analytics provider Glassnode said those bitcoins have exposed public keys, making them vulnerable to the risk that quantum computers may eventually be able to break their encryption and figure out private keys used to move BTC from their identifying public keys. The risk to bitcoin from quantum computing is still theoretical, with some experts saying it is a decade or even decades away, while others fear that it could be closer. The U.S. government has set 2035 as the date by which all government data must be quantum-resistant. There are ways the…
-
Citing Regulation, Bitcoin Depot Files for Bankruptcy
Bitcoin ATM operator calls business model ‘unsustainable’
Even as some competitors expand their bitcoin ATM operations, Bitcoin Depot, once the largest operator of bitcoin ATMs in North America, announced it is closing up shop. Bitcoin Depot announced Monday that it was filing Chapter 11 bankruptcy in the Southern District of Texas and would begin an orderly wind-down of its business in the United States. It expects to begin similar proceedings in Canada and elsewhere around the world “in due course.” Bitcoin ATMs, or BTMs, allow users to buy bitcoin directly for cash, bypassing the need for cryptocurrency exchanges, and the credit cards and bank accounts needed to use them. Saying its business model has become “unsustainable,” Bitcoin…
-
Boundary to Launch ‘Verifiable’ Stablecoin for Institutions
USBD will be for pre-approved institutions only
Boundary Labs today announced that it has closed a $2 million pre-seed funding round to launch a new stablecoin, designed for institutions, that will provide onchain verification of its backing reserves. Exclusively for financial and blockchain institutions, the USBD stablecoin is engineered from the ground up for pre-approved participants who require “a new standard of onchain verifiability,” Boundary labs said in a statement. Press play to hear a narrated version of this story, presented by AudioHopper. Galaxy Ventures led the funding round, with participation by FirstBlock Capital and BlockWood, among others. “‘Trust but verify’ is a phrase core to the onchain industry as it champions a critical principle where institutions and…
