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AI & Enterprise
The Better Money Company raises $10 million to build stablecoin clearinghouse
The Better Money Company has raised $10 million in funding led by a16z crypto, The Block reported on March 31. The company aims to build a clearinghouse to connect the stablecoin ecosystem. It compares today’s stablecoin market to the fragmented U.S. dollar system in the 19th century, arguing that a clearinghouse is needed to integrate many-to-many markets and enable scaling. It says current structures are costly and lack automation.
Crypto
Sonic Labs launches native stablecoin USSD using Frax infrastructure
Sonic Labs has launched USSD, a native stablecoin using Frax infrastructure, The Block reported on March 9 local time. The Block said USSD is backed by tokenised U.S. Treasuries from BlackRock, WisdomTree and Superstate and will provide liquidity within the Sonic network. Built on Frax Finance’s modular backend, USSD can be issued directly on more than 10 chains via cross-chain LayerZero and can be converted with Circle’s USDC.
Crypto
Asia local-currency stablecoins account for less than 1 percent, speed is key - Tiger Research report
Tiger Research said in a report that Asia’s local-currency stablecoins account for less than 1 percent of the $300 billion global stablecoin market and that speed of response is crucial before a dollar-centred ecosystem becomes entrenched. It said about 99 percent of stablecoins are dollar-pegged and outlined regulatory approaches in Singapore, Hong Kong, Japan, China and South Korea. The author said careful design is needed but caution must not turn into delay.