March 22, 2023
Tether Stability Made It the Safest Stablecoin Bet Amid U.S. Banking Crisis, Analysts Say
Shaurya Malwa Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. Follow @ shauryamalwa on Twitter The often-controversial tether (USDT) stablecoins emerged as the best bet for traders looking for a stable haven earlier this month following a series of banking troubles in the U.S. The USD coin (USDC) fell under 90 cents on March 11 after the collapse of Silicon Valley Bank (SVB) revealed some of the industry’s major players had exposure to the bank. These players included U.S.-based stablecoin issuer Circle, which held a part of its USDC stablecoin’s cash reserves at Silicon Valley Bank as of Jan. 17, according to the firm's latest attestation. Decentralized stablecoins took a hit too, with frax and dai – both backed by a basket of tokens – falling by cents on their intended dollar pegs. Tether held its fort, however, even trading at a premium in the following days. This came despite a long-held notion among some market participants about the token’s opaque asset backing and concerns about parent company Tether Global. Data further shows at least $5 billion of inflows into Tether in the past weeks, bringing its market capitalization to over $77 billion as of Wednesday. Part of that could likely be due to its supposedly low exposure to the U.S. banking system, some say. “Tether has no exposure to SVB as its popularity lies more in the Asian region, meaning USDT doesn't rely on dollars being held in American banks, making it one of the safest stablecoins to pivot to currently,” said François Cluzeau, head of trading at Flowdesk, in a message to CoinDesk. “We have seen a lot of USDC and DAI being traded for USDT, which has kept USDT liquid,” Cluzeau wrote. The systematic risks of USDC affected dai stablecoins, which further strengthens tether’s thesis of holding a variety of assets to back its stablecoins, said Mitya Argunov, chief product officer at P2P.org . "Tether’s performance during the crisis is largely due to its lack of direct exposure to SVB – it just didn’t have deposits there. Other major stablecoins like DAI were also indirectly exposed and de-pegged because they are actually largely collateralised by USDC,” Argunov said. “However, the flight to Tether as a safe haven should also be seen as confidence in Tether’s portfolio risk management strategy – which minimizes duration risk, i.e. how SVB should have operated,” Argunov added. Meanwhile, some developers continue to remain cautious for the long term. “Looking at Tether's history, it has experienced FUD and redemption issues in the past and has been stable amidst current market turmoil,” said Danny Chong, co-founder of Tranchess, in a note to CoinDesk. “Tether's ability to maintain stability amidst recent challenges suggests that it may have a chance at long-term success,” Chong said, adding that further stress tests would show if it remained “resilient in the long run.” USDC also demonstrated the effectiveness and resilience of its hedging strategy through collaboration with its banking partners as it recovered its peg swiftly the following week, Chong said. Demand for stablecoins is undented, however. “The swiftness of Circle’s USDC recovering its peg after their announcement of a recovery plan is further confirmation of how the market values the potential for stablecoin businesses,” Chong noted. DISCLOSURE Please note that our privacy policy , terms of use , cookies , and do not sell my personal information has been updated . The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies . CoinDesk is an independent operating subsidiary of Digital Currency Group , which invests in cryptocurrencies and blockchain startups . As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights , which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG . Shaurya Malwa Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. Follow @ shauryamalwa on Twitter Learn more about Consensus 2023 , CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now. Shaurya Malwa Shaurya is the Co-Leader of the CoinDesk tokens and data team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains. Follow @ shauryamalwa on Twitter
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Global Vehicle to Grid Market 10 Year Forecast Report 2024-2034 - Supportive Government Regulations and Financial Incentives for V2G Deployment
DUBLIN, March 18, 2024 /PRNewswire/ -- The "Vehicle to Grid (V2G) Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering. World revenue for Vehicle-to-Grid (V2G) Market is forecast to surpass US$ 4.31 billion in 2024, with strong revenue growth through to 2034. Escalating Demand for Electricity, Coupled With a Global Commitment to Reduce Reliance on Fossil Fuels, Resulting in a Surge in the Adoption of Electric VehiclesThe vehicle-to-grid (V2G) market is witnessing unprecedented growth driven by a confluence of factors shaping the future of sustainable transportation and power management. Key drivers include the escalating demand for electricity, coupled with a global commitment to reduce reliance on fossil fuels, resulting in a surge in the adoption of electric vehicles (EVs). This market is characterized by opportunities that lie in the integration of renewable energy sources, such as solar and wind, to meet energy demands, while also addressing challenges associated with the variable nature of these sources.The primary driver for the V2G market is the escalating demand for electricity worldwide. Governments and industries are increasingly recognizing the need for sustainable and low-emission solutions, driving the widespread adoption of EVs. The electrification of the transportation sector not only addresses environmental concerns but also provides a unique opportunity for EVs to serve as mobile energy storage units. This bidirectional flow of power, where EVs can both draw and supply energy to the grid, is a key driver propelling the V2G market forward.Opportunities in the V2G market are abundant, particularly in the integration of renewable energy sources. As countries strive to meet ambitious renewable energy targets, V2G technology becomes an enabler for managing the intermittent nature of solar and wind power. This creates opportunities for smart grid solutions and advanced energy storage systems. Additionally, the idle times of parked EVs present an untapped opportunity for bidirectional ...Full story available on Benzinga.com
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SkyPixel 9th Annual Photo & Video Contest Winners Announced
Mar 19, 2024
Competition Receives a Record Number of Submissions that Highlight the Power of Innovation SHENZHEN, China, March 19, 2024 /PRNewswire/ -- SkyPixel, one of the world's most popular online communities for aerial photography and videography, today announces the winners of the SkyPixel 9th Annual Photo & Video Contest. Co-organized with DJI, this year's competition attracted over 130,000 submissions – a 100% increase from the previous year. The contest welcomed submissions from across the creator community, which includes professionals, aerial enthusiasts, and creative newcomers, showcasing their personal histories through the art of visual innovation. A Contest Shaped by You The SkyPixel Annual Photo & Video Contest is a testament to the power of innovation led imagery, honoring stories that shape the art of image capture both on solid ground and amidst the clouds. SkyPixel has cultivated a community-driven platform that reflects the dreams and aspirations of creators worldwide, and the annual competition has been a conduit for people who love image creation to express themselves as it authentically reflects the desires and aspirations of creators worldwide. Industry-Leading Judges The 9th Annual Photo & Video Contest was assessed by a Judging Panel of incredible professionals in the industry. In photography, seasoned experts include Wen Huang, a World Press Photo judge and Senior Editor, and Anne Farrar, Assistant Photography Chief Editor at National Geographic, Nan Li, the Photo Director of Southern Weekly, and Daniel Kordan, a renowned landscape photographer. In the video category, the judges include Michael Fitzmaurice, the Aerial Director of Photography of "Jumanji: Welcome to the Jungle," and Xiaoshi Zhao, known for his award-winning work on "Forever Enthralled." Bing Xi, a prominent figure in the Chinese TVC industry, and celebrated filmmaker Brandon Li round out the panel. After careful deliberation, the panel proudly presents the final winners for the year. 9th Annual Best Work Prize – Video: "Haines Alaska Through the Eyes of Luke Bredar" by Luke Bredar This year's video judging panel, which includes award-winning Cinematographers and Directors of Photography, chose Luke Bredar's video, "Haines Alaska Through the Eyes of Luke Bredar." This short film mixes heart-pounding action shots of a skier racing down a snowy mountaintop landscapes with breathtaking shots of Alaska's mountainous, winter terrain. Luke Bredar details the thought process behind the short film, "The motivation behind creating this video was to evoke themes of otherworldliness, objective risk, the interplay between risk and the essence of human spirit, solitude, impermanence, self-sufficiency, and the journey of incomplete wandering intertwined with heartbreak." This short film is an epic story made in collaboration with Matchstick Productions. Bredar explains how he pursues a better visual presentation through his creative process "I think to myself. How would my child self want to see this filmed? And I almost always get a clear vision in response. There are a myriad of challenges shooting aerial cinematography in mountain environments, but they are all ...Full story available on Benzinga.com
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