Tag: USDC

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BM Blockchain is offering cloud mining that could let some users earn up to $2,468 every day. They also have a $108 bonus for new users when they sign up.

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Many people are interested in earning crypto rewards, and cloud mining gives a simpler way to do this. BM Blockchain lets you access cloud mining, saying that some users might earn as much as $2,468 daily. Plus, new users who qualify get a $108 bonus right after registering.

The platform supports major cryptocurrencies like Bitcoin, XRP, Dogecoin, Ethereum, Litecoin, Solana, USDT, USDC, and Bitcoin Cash. Instead of needing to buy your own mining equipment or deal with electricity bills, BM Blockchain provides access to its cloud-based computing power through an online dashboard.

Continue reading BM Blockchain is offering cloud mining that could let some users earn up to $2,468 every day. They also have a $108 bonus for new users when they sign up.

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US Banks Form Group to Offer USDF Stablecoin Backed by the FDIC

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the staff of the Ridgewood blog

Ridgewood NJ, a group of institutions backed by the Federal Deposit Insurance Corp. plans to offer a new stablecoin called USDF. Founding members of the group include Synovus, New York Community Bank, and Sterling National Bank. USDF will be a bank-minted alternative to USDT and USDC. It will operate on the Provenance blockchain and be redeemable for cash from any of the group’s members. USDF aims to address the consumer protection and regulatory concerns of nonbank-issued stablecoins. What could possibly go wrong with that?

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Could Circle Create a U.S.-backed digital Currency

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the staff of the Ridgewood blog

Ridgewood NJ, Circle has announced its intention to become a fully regulated bank. Its aim is to become a narrow bank that places all deposits on reserve at the central bank. If this were achieved, USDC would become a cryptocurrency fully backed by the Federal Reserve. Circle would profit off the interest that the Fed pays on bank reserves. Previous attempts by other companies to do narrow banking in the US have failed as the Fed doesn’t like the idea. Circle has yet to initiate the process of applying to be a bank.

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Coinbase removes ‘backed by US dollars’ claim for USDC stablecoin

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the staff of the Ridgewood blog

Ridgewod NJ, Coinbase has made an important update on the USD Coin page following an audit. The page previously stated that all of the coin’s reserves were held in cash, but the audit found that USDC’s reserves were not fully backed by US dollars held in a bank account. Coinbase’s USDC page now states that each USDC is backed by one dollar or asset with equivalent fair value. Users can always redeem one USDC for one US dollar. Circle, the company that oversees USDC, recently announced plans to become a full-reserve national digital currency bank in the US.