Blockchain Press Releases
Stablecoin 2.0: The Blueprint for Global Digital Economy
Author: Raymond Yuan
SINGAPORE, Aug. 13, 2024 /PRNewswire/ — Stablecoins have been in existence for over a decade, but their prominence surged after 2017 when governments worldwide started restricting or even shutting down fiat-to-Bitcoin trading channels. Since then, stablecoins have consistently acted as a crucial bridge between fiat currencies and cryptocurrencies. Today, with daily trading volumes approaching $100 billion, stablecoin pairs make up over 80% of the market’s activity, far outpacing fiat-to-crypto trading volumes.
As the benefits of stablecoins—like anonymous transfers, low transaction fees, rapid processing, irreversibility, and 24/7 global peer-to-peer transactions—become more widely recognized, these digital assets are increasingly being integrated into everyday payment scenarios, broadening their range of use cases. However, despite these advancements, the stablecoin products available today still face several critical limitations that impede their growth and broader adoption.
The Stablecoin Conundrum: Tackling Key Challenges
- Lack of User Incentives: Most leading stablecoins in the market today offer little to no incentives for users, with issuers and operators capturing all the profits. Consequently, when customers hold funds in stablecoins, they miss out on earning basic, risk-free returns. During periods of high interest rates and subdued market activity, users are less inclined to retain stablecoins, resulting in significant outflows. While users can generate returns by lending stablecoins or engaging in high-risk investments, they must assume additional risk to do so. To sustain stablecoin circulation growth and compete effectively with traditional payment wallets and demand deposits, there must be enhanced incentives to retain customers and foster loyalty.
- Lack of Community Governance and Transparency: As a blockchain-based product within the Web3 ecosystem, stablecoins should more closely adhere to the fundamental principles of this space—specifically by introducing community governance and utilizing on-chain asset proofs to increase transparency. Currently, the success of stablecoins is largely dependent on the integrity, discipline, and decision-making of the management team. However, without community governance, this control remains highly centralized, leaving the management team vulnerable to the temptation of pursuing higher returns by taking on excessive risks. Moreover, relying on traditional auditing firms for verification is inconsistent with Web3 principles. Many large-scale financial collapses have been caused by the failures of conventional auditing practices. In the digital future, trust must be grounded in the reliability of technology and established rules, rather than the ethics of individuals or institutions.
- Lack of User-Friendly Interfaces and Convenient Access to Funds: A straightforward street survey of 100 adults on their use of cash, bank cards, mobile payments, and stablecoins would likely show that stablecoin payments are still in their early stages. Despite their growth, stablecoins have a relatively small user base compared to traditional payment methods, and their adoption remains limited. Many potential users are unaware of how to easily and affordably acquire and redeem stablecoins. To advance stablecoin payments, expanding the user base is crucial. Currently, most stablecoin transactions rely on over-the-counter (OTC) trades, which not only facilitate fraud but also restrict legitimate use. For stablecoins to succeed, they need to establish more accessible distribution and exchange channels. This underscores the need for improved education and more efficient infrastructure.
- Lack of Diversified Product Lines, Use Cases, and Value Ecosystems: Most stablecoins today are limited to a single product line, and many do not provide their own wallets. This creates challenges for new users, who must navigate issues such as seeds, gas fees, and cross-chain transactions. Institutional users face additional hurdles, including inadequate support for stablecoin custody and internal transfer approvals, which often forces them to build their own infrastructure from scratch. Furthermore, the lack of diverse use cases means that many users see stablecoins primarily as a medium for value transfer, rather than holding them long-term. This results in a really short value chain, requiring frequent switching between stablecoins and fiat currencies to meet various needs. A more robust value ecosystem is essential to address these issues and support sustained use and adoption.
WSPN: Crafting Stablecoin 2.0
WSPN (Worldwide Stablecoin Payment Network) is at the forefront of crafting Stablecoin 2.0, setting the standard for the next generation of stablecoins. Our mission is to design and develop infrastructure that embodies the essence of Web3, with a focus on enhancing the robustness and transparency of stablecoin systems. We emphasize user and community engagement, striving to offer a diverse range of products and expand use cases. By integrating stablecoins into more real-world applications, we aim to serve a broader audience and scale to a billion users. Our vision is to revolutionize digital payments, positioning stablecoins as the leading payment method in the future digital economy.
- From the People, For the People: WSPN will introduce its own governance token to incentivize users by sharing the ecosystem’s value with them, making them the primary beneficiaries of this infrastructure. True infrastructure “comes from the people, serves the people,” and should not solely cater to the profit ambitions of a few. Any value system that fails to prioritize user value and incentives at its core is ultimately destined to be abandoned by its users. Unlike many stablecoins that simply distribute interest from underlying assets, WSPN’s governance tokens allow users to share in the ecosystem’s long-term value, liberating them from the limitations of fluctuating LPR. Over time, this approach will cultivate a strong sense of ownership among users, ensuring that the infrastructure remains community-driven and user-focused.
- By the Community, For the Community: WSPN will adopt community governance, empowering governance token holders to participate in on-chain voting. The goal is to shift from traditional corporate governance to a truly community-driven model. As a blockchain-based infrastructure, stablecoins must align more closely with Web3 principles. Decisions about the allocation of underlying assets should be made collectively by the community, which will vote on various risk/reward proposals. These decisions will be transparently recorded on the blockchain, enabling real-time on-chain asset verification and eliminating dependence on any single audit firm. Community governance seeks to build trust rooted in technology and rules, rather than in individuals or institutions.
- Empowering User Accessibility, Redefining Payment Systems: WSPN will dramatically enhance user interfaces, reduce entry barriers, and streamline the process for users to freely access and withdraw funds. The future of stablecoins must prioritize maximum accessibility, enabling both individual and institutional users to transition to stablecoin usage at a lower cost. It’s essential to understand that stablecoins should not be confined to the niche of crypto asset trading. Their primary mission should be to upgrade existing electronic payment systems, and even settlement and clearing processes. This means shifting from traditional bank transfers based on electronic ledgers to blockchain-based transfers on distributed ledgers. While stablecoin payment networks will coexist with traditional payment and settlement/clearing systems for some time, stablecoin payments are poised to gradually encroach on the market share of current electronic payment methods. In doing so, they will better serve the digital and intelligent economy of the AI era, laying the foundation for the next-generation global digital payment network.
- Building Value Ecosystem, Expanding Use Cases: WSPN is committed to developing a comprehensive product line, fostering a thriving value ecosystem, and creating diverse use cases for stablecoins. The future of stablecoins should empower users to manage a wide array of asset allocations, from stocks and gold to oil and commodity trading, enabling the purchase of any freely tradable asset worldwide. Stablecoins should also seamlessly integrate into everyday spending, whether it’s for public transportation, convenience store purchases, or shopping mall transactions. Moreover, stablecoins should provide multiple income streams, allowing users to maximize their financial potential—whether through holding stablecoins, lending, or wealth management—without the need for constant conversion between fiat and stablecoins. As a pivotal tool in open finance, stablecoins should aim to build a more vibrant value ecosystem, drawing in more participants to engage in various roles within this evolving financial landscape.
Stablecoin 2.0: A New Era of Globalization Through Digital Technology
Throughout history, technological advancements have continuously expanded our possibilities, revolutionizing international communication and commerce. We are now on the brink of a transformative wave of globalization, propelled by digital innovation. In this evolving landscape, stablecoin 2.0 emerges as a powerful catalyst, ushering in a new era of digital interconnectedness. As we step into this promising future, brimming with limitless potential, stablecoin 2.0 stands at the forefront, guiding us toward a world of unprecedented opportunity and progress.
About WSPN
WSPN is a global digital payments company utilizing Distributed Ledger Technology (“DLT”) to provide transparent, fast, and efficient payment solutions. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure and licensed digital payments for Web3 users. WUSD is currently available on more than 30 exchanges, including industry leaders such as Bitget and MEXC Global, and across major blockchains including Ethereum, Solana, Polygon, BSC, Arbitrum and Base. This broad accessibility makes WUSD one of the most readily available stablecoins in the market today.
Learn more: www.wspn.io | X | LinkedIn
Photo – https://mma.prnewswire.com/media/2480981/Stablecoin_2_0_pic.jpg
Logo – https://mma.prnewswire.com/media/2429245/4857202/WSPN_logo_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/stablecoin-2-0-the-blueprint-for-global-digital-economy-302220978.html
Blockchain Press Releases
Bybit Invests $1M in EthicHub Through Blockchain for Good Alliance to Drive Agricultural Finance for Global Farming Communities
DUBAI, UAE, Feb. 24, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, proudly announces a $1 million impact investment in EthicHub, facilitated through the Blockchain for Good Alliance (BGA).
Since pioneering the Blockchain for Good Alliance in April 2024, Bybit has championed the use of blockchain innovations to solve real-world challenges. EthicHub, a key project supported by the BGA Incubation Programme and the Grand Social Impact Award winner at the BGA Web3 Oscar, exemplifies this vision by leveraging blockchain to drive financial inclusion and empower smallholder farmers. This investment aligns with Bybit’s commitment to leveraging blockchain technology for tangible social impact, driving financial inclusion for smallholder coffee farmers in emerging markets.
Empowering Sustainable Coffee Farming Through Ethical Finance
EthicHub is revolutionizing agricultural finance by integrating productive lending, blended finance, and market access. With this $1 million investment, Bybit will establish the “Bybit Pool”, a dedicated fund within the EthicHub ecosystem designed to provide ethical credit lines to small and medium-sized coffee farmers.
This initiative will empower farmers to break free from exploitative lending practices, improve productivity, and secure fair prices for their coffee. Additionally, it aligns with Bybit’s broader mission of bridging the gap between blockchain solutions and real-world economic transformation.
Key Highlights of the Investment Agreement:
- Exclusive Fund: Bybit’s investment will be managed exclusively within the EthicHub ecosystem, ensuring transparency and accountability.
- Sustainable Social Impact: The fund provides direct financial access to coffee farmers, fostering economic resilience in rural communities.
- Fair Financial Returns: Bybit will receive an 8% annual return over a 15-month term, demonstrating the viability of impact investing.
- Transparency & Reporting: LendingDev, EthicHub’s operator, will provide quarterly performance updates and comprehensive end-of-term reporting.
A New Era of Blockchain-Powered Social Good
Bybit’s investment exemplifies how blockchain-powered finance can drive sustainable change. Through BGA’s role in fostering strategic collaborations, this initiative paves the way for blockchain adoption in real-world economic empowerment.
“Blockchain has the power to unlock new financial opportunities for those historically excluded from traditional banking systems. Our $1 million investment in EthicHub reinforces Bybit’s dedication to using innovation for real-world impact, proving that blockchain can be both profitable and transformative,” said Helen Liu, Chief Operating Officer at Bybit.
Gabriela Chang, CSO & Co-founder of EthicHub added: “Bybit’s commitment is a game-changer for our mission. This investment will directly support smallholder coffee farmers, enabling them to increase productivity, access fair financing, and secure better market opportunities. It is an example of how blockchain can create real-world solutions for pressing global challenges.”
Case Study: EthicHub’s Impact – How Neri Ortiz Transformed His Future
For generations, smallholder coffee farmers like Neri Ortiz in Motozintla, Mexico, faced relentless challenges: unstable coffee prices, predatory lenders, and limited market access. With no financial safety net, many were forced to abandon farming altogether.
The introduction of EthicHub changed everything. By offering fair, blockchain-powered financing, EthicHub provided Neri and his cooperative with the resources to improve production, invest in sustainable farming techniques, and eliminate exploitative middlemen. For the first time, they could sell directly to specialty coffee buyers at fair market prices.
This access to ethical lending transformed not just Neri’s farm but his entire outlook. He began experimenting with quality-enhancing techniques like controlled fermentation, which boosted the value of his coffee. With newfound financial stability, he reinvested in his farm, secured better futures for his family, and began mentoring other farmers to do the same.
Bybit’s investment in EthicHub ensures that more farmers like Neri can break free from financial hardship, build resilient livelihoods, and sustain the agricultural traditions that feed global coffee markets. This is the power of blockchain-driven impact investing—real solutions for real people, transforming entire communities.
Join the Movement
Bybit invites fellow blockchain innovators and socially responsible investors to explore the possibilities of blockchain-powered impact investments. By working together, the industry can drive sustainable economic solutions that benefit both investors and underserved communities.
For more details on EthicHub’s initiatives, visit EthicHub Website.
#Bybit / #TheCryptoArk /#BGA
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2625743/Bybit_Invests__1M_EthicHub_Through_Blockchain_Good_Alliance_Drive_Agricultural.jpg
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-invests-1m-in-ethichub-through-blockchain-for-good-alliance-to-drive-agricultural-finance-for-global-farming-communities-302382989.html
Blockchain Press Releases
Bybit Defies Odds: How the Largest Crypto Hack in History Became a Test of Resilience and Transparency
DUBAI, UAE, Feb. 23, 2025 /PRNewswire/ — In a remarkable display of resilience and professionalism, Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has successfully navigated the largest hack in crypto history. On February 21, 2025, hackers stole approximately $1.5 billion in digital assets from Bybit’s Ethereum wallet, marking the biggest cryptocurrency heist ever recorded. Despite this unprecedented breach, Bybit’s swift and transparent crisis management ensured that the crypto market remained stable, with no significant price volatility.
Swift Crisis Management
Bybit’s response to the hack was marked by swift action, transparency, and professionalism. Ben took immediate ownership of the situation, addressing the community within 30 minutes via X and conducting a livestream session just one hour after the incident. This live session, which lasted over two hours, provided real-time updates and detailed explanations, ensuring that all stakeholders were informed and reassured. Bybit’s prompt and open communication effectively prevented panic and maintained trust in the exchange, setting a high standard for crisis management in the crypto industry
Throughout the crisis, Bybit’s withdrawal and product services remained uninterrupted, with clients able to access support and their respective relationship managers at all times. This seamless continuity was a testament to the team’s preparedness and efficiency, even under extreme pressure.
Industry Unity in Support of Bybit
The crypto industry rallied around Bybit, demonstrating a united front against security threats. Major exchanges blacklisted the hacker’s wallets, preventing further movement of stolen funds. This unprecedented show of unity underscores the growing maturity of the crypto sector, where competitors become allies in times of need.
Client Fund Protection
Despite the significant scale of the hack, Bybit’s 1:1 reserve guarantee ensured that client assets remained fully intact. Bybit CEO Ben Zhou reassured users that Bybit is solvent and can cover the loss, emphasizing that all client assets are backed on a one-to-one basis. This guarantee demonstrates Bybit’s financial stability and commitment to user security.
Regulatory and Law Enforcement Collaboration
Bybit worked closely with regulators and law enforcement agencies to address the hack. This collaboration not only facilitated a swift response but also set a precedent for future cooperation between the crypto industry and regulatory bodies. As the incident unfolds, further developments are expected from this front, potentially leading to enhanced security measures and regulatory frameworks.
Rapid Recovery
Bybit demonstrated remarkable resilience in the face of the crisis, processing over 350,000 withdrawal requests efficiently within 12 hours of the hack. Despite the surge in withdrawal requests, the exchange ensured that all transactions were completed without significant delays, showcasing the team’s professionalism and experience in managing critical incidents. Bybit’s operations quickly returned to normal, with client activity rebounding to pre-hack levels within 24 hours. This swift recovery underscores the trust that clients and investors have in Bybit’s crisis management capabilities, highlighting the exchange’s ability to maintain stability even in the most challenging circumstances
Bybit’s handling of the recent hack sets a new industry standard for crisis management. The exchange’s ability to turn a potentially disastrous event into a demonstration of resilience and transparency is a testament to its long-standing culture of responsibility and openness. This incident highlights not just Bybit’s operational excellence but also the growing maturity and unity of the crypto industry as a whole.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-defies-odds-how-the-largest-crypto-hack-in-history-became-a-test-of-resilience-and-transparency-302382869.html
SINGAPORE, Feb. 23, 2025 /PRNewswire/ — In the wake of the recent $1.5 billion hack affecting a major cryptocurrency exchange, HTX hosted a live discussion on X and its Global Advisor Justin Sun addressed the growing security concerns in the cryptocurrency industry. The discussion, titled “Together Against Industry Crisis, Is There a Best Solution for the Security of the Crypto Industry?” featured insights from leading security firms SlowMist and GoPlus Security, as well as prominent KOLs.
Security: A Top Priority for HTX
Sun stressed that security is a “top priority”, demanding constant vigilance and learning. He illustrated how hacker tactics have evolved, from early hot wallet attacks to more sophisticated multi-signature wallet breaches, and declared that exchanges must continuously enhance their security protocol.
Sun emphasized that security is like personal health management, requiring internal efforts and a proactive approach. HTX has implemented multi-device login, remote login alerts, abnormal transfer alerts, and other security features, and has publicly disclosed Merkle Tree Proof of Reserve (PoR) for 28 consecutive months, maintaining reserve ratios exceeding 100%.
Sun’s Influence on Security Practices Across the Crypto Landscape
Sun’s commitment to security extends to his vision for HTX and his influential role in shaping security practices across the broader crypto landscape. He believes that the principle of security is considered fundamental to every business and product. He cited the early implementation of native multi-signature functionality in TRON as a successful example of proactive security design, demonstrating his commitment to building security into the foundation of his projects. He also highlighted the recent launch of USDD 2.0, emphasizing the deep understanding of stablecoin security risks that informed its development. “Just as exchanges should strengthen security mechanisms from the source in system design and operation, to maximize the prevention of security incidents,” Sun stated.
Sun also revealed that HTX collaborates with numerous white hat teams to conduct continuous penetration testing, security drills, and vulnerability mining. The platform actively monitors global cryptocurrency security incidents and studies hacker attack principles and methods for effective prevention.
Addressing the Situation and Industry Cooperation
Regarding the controversy surrounding CZ’s suggestion for the affected exchange to suspend withdrawals, Sun acknowledged the validity of the advice from an exchange perspective. He explained that the initial hours after a security breach are crucial for investigating the issue and ensuring safety. While suspending withdrawals is necessary to eliminate risks, the suspension period should be minimized to reduce user impact.
Sun called for closer cooperation between exchanges, security agencies, and the community to jointly address hacker threats, promote technological sharing, security innovation, and information exchange, and promote the healthy and sustainable development of the industry.
HTX’s Commitment to User Safety
HTX demonstrates its commitment to security through a proactive and continuously improving approach. The platform’s multi-faceted security strategy encompasses collaboration with leading security experts, rigorous ongoing monitoring, robust internal protocols, and a focus on enhancing multi-signature support, security alerts, and mitigating emerging threats such as hashtag scams. This comprehensive strategy reflects HTX’s dedication to safeguarding user assets and fostering a secure and reliable trading environment. This commitment was further emphasized by the specific security protocol requirements shared by Justin Sun at the February 21st Meetup in Hong Kong.
About HTX
Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.
As a world-leading gateway to Web3, we harbor global capabilities that enable us to provide users with safe and reliable services. Our growth strategy – “Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance”, underpins our commitment to providing quality services and values to virtual asset enthusiasts worldwide.
For more information on HTX, please visit the HTX Square, or https://www.htx.com/, and follow X, Telegram, Discord. For further press enquiries, please contact [email protected].
Contact Details
Ruder Finn Asia
[email protected]
Logo – https://mma.prnewswire.com/media/2391903/image_ID__Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/htx-global-advisor-justin-sun-advocates-crypto-security-collaboration-302382866.html
-
Blockchain7 days agoBybit Introduces the Physical Card for International Users: Simplifying Cryptocurrency Spending Worldwide
-
Blockchain4 days agoUAE Loyalty Programs Market Databook 2025: A $817.6 Million Market by 2029 – Digital Transformation of Loyalty Programs, Integration with Fintech and Payment Ecosystems
-
Blockchain6 days agoBlocks & Headlines: Today in Blockchain – February 18, 2025: Featuring Bitcoin, Wyoming Treasury, Jamaica, Tether, HyperLiquid, and New York Crypto Task Force
-
Blockchain5 days ago
Cycurion (NASDAQ: CYCU) and iQSTEL Form Exclusive Cybersecurity Partnership to Expand into High-Tech, High-Margin Markets
-
Blockchain7 days agoBlocks & Headlines: Today in Blockchain – February 17, 2025: LightChain, Blockchain.com, Polkadot, Colle AI, MEER
-
Blockchain Press Releases3 days agoOkto, the first end-to-end chain abstraction solution for developers, promises 90% reduction in development time, now live on Testnet
-
Blockchain4 days ago
Blocks & Headlines: Today in Blockchain – February 20, 2025 | Convergence, LayerZero, Rootstock, VitaminAI, Solpen
-
Blockchain5 days ago
Blocks & Headlines: Today in Blockchain – February 19, 2025 | Gold Reserve Audit, BlockAid, RYT, Malta, Taitiko, Digift
