#FDUSD In his recent "ask me anything" session, Changpeng "CZ" Zhao, CEO of the world's largest exchange Binance (BNB), shared his concerns about the segments of centralized and algorithmic stablecoins and indicated possible ways of mitigating these risks for his firm.

U.S. Dollar Tether (USDT) remains black box, CZ admits

Changpeng Zhao has not seen any audit reports of U.S. Dollar Tether (USDT), the largest stablecoin by market capitalization. As such, the third biggest cryptocurrency is a "black box" associated with a "certain" level of risk.

And we're live! Tune in to our Twitter Space with @cz_binance below 👇https://t.co/KzU2bmdgxG

— Binance (@binance) July 31, 2023

He also added that the majority of his counterparties and colleagues had not seen any audits for USDT either. That is why the Binance (BNB) team started issuing Binance USD (BUSD) stablecoins, which were shut down by the #SEC .

Decentralized stablecoins are not the solution to the problem "by default." CZ recalled the tragedy of TerraUSD (UST), which was "poorly designed, poorly executed, and poorly maintained."

At the same time, a small unit in Binance's (BNB) team is actively exploring the instruments of algorithmic stablecoins of the new generation, he admitted.

Also, CZ recalled the initiative of Hong Kong-regulated USD-pegged stablecoin FDUSD, one of the first fully regulated digital currencies pegged to a fiat asset.

Binance (BNB) should work with as many stablecoins as possible, no focus on "single bet"

However, Binance's CZ admitted that he cannot rely on this or that stablecoin entirely. As such, working with a variety of stablecoins of different types remains the only way to eliminate the necessity for a "single bet" and helps in mitigating risks for users and businesses.

Also, Binance (BNB) is using Dai (DAI), the largest algorithmic stablecoins in some ways, CZ added:

We're taking multiple bets on multiple fronts.

Binance's ($BNB ) main stablecoin, $BUSD , is the fourth largest asset of this type, surpassed only by USDT, $USDC and DAI. Its net market capitalization exceeds $3.7 billion as of July 2023.

As covered by U.Today previously, #Binance (#BNB ) delisted pairs with Floki Inu (FLOKI) for its Liquid Swap AMM-powered trading module due to a liquidity shortage.#Worldcoin

#FDUSD All eyes are on the Blockchain Futurist Conference and $ETH hackathon in Canada.

The Shibarium mainnet launch will likely occur on August 15–16, 2023.

The Shiba Inu team has been hinting at the impending release of the Shibarium mainnet this week at the upcoming event. All eyes are on the Blockchain Futurist Conference and #ETH hackathon in Canada.

The SHIB price has been on an upward trend for the previous few days leading up to the release, in contrast to the rest of the cryptocurrency market which has been moving sideways since the announcement of the delay in spot Bitcoin ETF by the U.S SEC.

The official SHIB Twitter account has recently hinted with a “Soon” tweet in reference to the impending Shibarium debut. The Shibarium mainnet launch will likely occur on August 15–16, 2023 during the Blockchain Futurist Conference in Toronto, Canada.

High Volatility Expected

Moreover, on Saturday, the SHIB burn tracker noted the transfer of 18,702,159 SHIB to a dead wallet. Traders have been waiting for the Shibarium release for quite some time, thus it is unclear how the debut will affect the price of the SHIB token.

Furthermore, new data from IntoTheBlock shows a staggering 1,194% growth in investment from SHIB whales. The present bullish state is highlighted by an uptick over the short-term 50-day SMA.

If the current trend continues, SHIB might face resistance between $0.00000908 and $0.00001280. A reversal in trend, on the other hand, might send prices down below $0.00000774 and $0.00000708 to the support levels.

According to CMC, the price of $SHIB is $0.000011 USD with a 24-hour trading volume of $659,775,755 USD. #Shibainu is up 2.56% in the last 24 hours.

Highlighted #crypto News Today:

Curve Finance To Compensate Funds Lost in Recent DeFi Attack#YGG

#FDUSD With over 1.8 million cryptocurrencies available in the market, speculators could be unsure about which project to focus on, for doing their due diligence before even thinking about buying. Therefore, listening to others often provides a shortcut for relevant pieces of information, but it must be done with caution.

With that in mind, Finbold picked a list of five interesting cryptos, that are being exchanged for under $1 per unit, on August 11. Based on third-party analysis, economic fundamentals, and news development — as a guide for further research next week, and not as an investment recommendation.

The following list is ordered by market cap.

XRP (XRP)

Michaël van de Poppe, CEO & Founder at MN Trading, says he is waiting for for an entry point on XRP (XRP): “I think it will do well and should be in your bags coming period.”

The Bank for International Settlements (BIS) announced Ripple as an official member of its ‘cross-border payments interoperability and extension taskforce’, on August 9.

Cardano (ADA)

Decentralized Finance (DeFi) investors are showing a growing interest in Cardano (ADA), as observed by an also growing Total Value Locked (TVL) into the Cardano Ecosystem, reaching an all-time high of 600 million ADA invested among 24 DeFi protocols.

The growing activity was also reported by Messari, with the second quarter of 2023 being the best-performing quarter-over-quarter (QoQ) for Cardano. A few highlights in the report:

Average daily DApp transactions increased for the third consecutive quarter;

Dapp activity accelerated to a 49.0% QoQ increase in Q2, averaging 57,900 daily transactions;

Protocols created in the last six months accounted for 47.4% TVL dominance in Q2.

ADA is trading at $0.29, by press time. With 1.02% losses in the last 24 hours, and 0.44% in a 7-day timeframe.

Shiba Inu (SHIB)

According to data retrieved by Finbold from The Coin Perspective, if Shiba Inu had Dogecoin’s market cap of $10.6 billion, 1 SHIB would be worth $0.000011, for an upside of 45% over current prices, considering a projection based on Shiba Inu (SHIB)’s fully diluted market cap of $10.2 billion, by press time.

This expectation comes as the launch of Shibarium approaches. Shibarium is a layer-2 (L2) blockchain for Ethereum, built in the Shiba Inu ecosystem, that will have a decentralized exchange (DEX), a metaverse, and blockchain games, such as Shiba Eternity.

$SHIB is trading at $0.00001018, by press time. With 2.10% gains in the last 24 hours, and 18.64% in a 7-day timeframe.

Nano (XNO)

The crypto technical analyst (TA), Cryptollica on Twitter (X), sees an ‘Inverse Head and Shoulders’ pattern in play for the XNO/USDT chart, which might be just about to happen if the trending reversal is confirmed in the following days. Something similar happened in the past before nano (XNO) went to chase the local top between $17-18 in 2021 — as shown by the analyst.

$xno NANO/usdt #nano pic.twitter.com/8Q5TuyP0Dn

— Cryptollica⚡️ (@Cryptollica) August 8, 2023

Nano is a low-cap (rank 275 on Coingecko) crypto fully distributed in 2017 with a total and circulating supply of 133.2 million $XNO . Its protocol allows for worldwide permissionless transactions with zero fees, usually deterministically confirmed in under a second.

The most recent protocol update (v25) improved the network’s performance and resilience against transaction spam.

XNO is trading at $0.66, by press time. With 0.83% losses in the last 24 hours, and a loss of 1.78% in a 7-day timeframe.

Arkham (ARKM)

Arkham Intelligence is an on-chain intelligence platform that launched, on July 10, an intelligence marketplace, using a novel model, called by the team “intel-to-earn”. The platform launch was followed by an airdrop and launch of its own ARKM token which surged 1,500% after listing on #Binance .

Announcing The World’s First On-Chain Intelligence Exchange Buy and sell information on the owner of any blockchain wallet address—anonymously, via smart contract. pic.twitter.com/4xr7dLvOjp

— Arkham (@ArkhamIntel) July 10, 2023

The platform is growing and the token demand could grow with it, as the crypto asset is the internal means of exchange for intel bounties, but also a governance token for users to directly participate in the business’s next steps.

$ARKM is trading at $0.419, by press time. With 2.04% gains in the last 24 hours, and 8.49% losses in a 7-day timeframe.

The program has sparked controversy among privacy enthusiasts and the cypherpunk wing of the #crypto community for encouraging the trading of “nitpicking” information about transactions carried out on blockchains.

However, the ability to identify the entities behind blockchain transactions could have prevented the loss of billions of dollars in cryptocurrencies, according to the CEO of Arkham, amid the controversy dedicated to “deanonymizing the #blockchain .”

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.#MultiChain