Kalam Crypto #126: Stablecoins Soars while Ton Tumbles

This week, CoinMENA announced a landmark partnership with Bitpanda Technology Solutions, Telegram’s TON tumbled on news of the founder’s arrest, and the stablecoin market cap reached a new all-time high.

26 Aug, 2024

CoinMENA Team

Author

“Vision without action is merely a dream. Action without vision just passes the time. Vision with action can change the world.” Joel Arthur Barker Ratcliffe

Ahlan wa sahlan, and welcome to the 125th edition of CoinMENA’s weekly newsletter, Kalam Crypto. This week, CoinMENA announced a landmark partnership with Bitpanda Technology Solutions, Telegram’s TON tumbled on news of the founder’s arrest, and the stablecoin market cap reached a new all-time high. All this and more in this week’s Kalam Crypto.

CoinMENA News 🗞️

🚨NEW Partnership Announcement: We are excited to announce that CoinMENA has partnered with Bitpanda Technology Solutions to enhance trading efficiency and expand its crypto-asset offerings. This collaboration with an industry leader will allow CoinMENA to rapidly add new crypto assets, fulfilling one of the most requested features from users while maintaining top-tier trading services. To learn more about the partnership, kindly check out our blog.

Local News 📍

TON Tumbles on News of Telegram Founder’s Arrest: Telegram founder Pavel Durov was arrested by French authorities, sparking widespread criticism across the crypto community. The 39-year-old billionaire was detained by national cybercrime and fraud officers for allegedly failing to curb criminal activities on Telegram. In response to the arrest, the TON token, closely associated with Telegram despite being officially separate, plummeted by 20%.

Global News 🌍

Stablecoins skyrocketing: The stablecoin market cap reached a new all-time high of $168.1 billion, surpassing the previous peak from March 2022. This growth reflects increased confidence in the crypto market, particularly among institutional investors who see stablecoins as a bridge between traditional finance and crypto. Tether’s USDT is leading the way and now accounts for 70% of the total stablecoin market cap, followed by Circle’s USDC in second place. CoinMENA proudly supports USDT and USDC across multiple networks. Users can send USDT via Tron without fees and receive 20 USDC directly when sending or receiving USDC via Stellar.

Keep an eye on 👀

A tale of two ETFs: Spot Bitcoin ETFs in the U.S. saw their eighth consecutive day of inflows, with $202.51 million added on Monday, driven primarily by BlackRock's $224 million contribution. Over the past eight days, Bitcoin ETFs have accumulated $756 million in net inflows. In contrast, Ether ETFs experienced their eighth day of outflows, losing $13.23 million on Monday, continuing a trend of declining interest in Ether-based funds.