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Stablecoins issuance is not artificially inflating the prices in the cryptocurrency market, despite some controversial beliefs, suggested new research on the matter.
At the same time, the paper acknowledged their vital role in the digital asset field and predicted that it’s only prone to grow in time.
By evaluating this “more precise measure of Tether inflow to the secondary market,” the total supply, and the shock effects on Bitcoin’s price, the authors found “no systematic evidence that stablecoins issuance affects cryptocurrency prices.”
Safe-Haven Role
By referring to the events in mid-March when the cryptocurrency market plunged by up to 50% in 24 hours, the research said that “stablecoins consistently perform a safe-haven role in the digital economy.” As they are especially attractive to traders in times of intense volatility, the market capitalization of most stablecoins surged at that point, while Bitcoin and altcoins took a sharp dive.
Back in Q4 of 2017, before the massive price pumps, the total market cap of all stablecoins equaled at approximately $1.25B, per data from CoinMetrics. At the time of this writing, it’s exceeding $9 billion – meaning a 620% surge in just over two years.
As such, it’s no surprise that their role in the market continues growing. For instance, ERC-20 stablecoins are responsible for 80% of the daily adjusted transferred value on the Ethereum blockchain. Thus, the whole network recently came into full parity with Bitcoin.
Tether Do Not Inflate The Crypto Market
Last year, two academics updated a study and claimed that the most widely used stablecoin – Tether (USDT) – was behind the 2017/2018 parabolic price increase in which Bitcoin reached its ATH of $20,000. Almost immediately, Tether responded by refuting all allegations, saying that USDT has never been involved in any price manipulation.
While this argument is left without a conclusive answer, recent research supported Tether’s position.
The authors of the report were Ganesh Viswanath-Natraj – assistant professor of finance in Warwick Business School, and Richard Lyons – chief innovation and entrepreneurship officer at UC Berkeley.
They referred to one significant change in the Tether issuance process. Prior to 2018, all coins “created via grants were immediately distributed to Bitfinex and on to the other exchanges for trading in the secondary market.”
However, ever since 2018, Tether Treasury retains a fraction of all USDT in circulation. The Treasury can use these reserve holdings to sell them for dollars in case the Tether price in the secondary market is above parity
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2020. Ethereum is looking to move away from mining (Proof of Work) and implement a system using Staking (Proof of Stake). Instead of investing in expensive equipment to mine, you become a validator and place at least 32 ETH into this form of validation, ultimately validating blocks and earning you a fee for staking the ETH.
During a Feb. 6 “Ask Me Anything” session on Reddit with Ethereum network developers, the ETH 2.0 team explained that the network upgrade will not go live until three clients can safely operate testnets for at least eight weeks.
During the session, ETH 2.0 researcher Justin Drake said, “I have 95% confidence we will launch in 2020.” ETH 2.0 will transition the network from proof-of-work to proof-of-stake, and instead of maintaining mining rigs, block validators will be required to stake 32 ETH in order to stake on the network.
The network upgrade could have the early impact of increasing demand for ETH, and it’s possible that miners and investors looking to gain a 5% to 18% staking reward could be accumulating ETH and in anticipation of the ETH 2.0 launch.
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The amendment to the Special Financial Reporting Act, which regulates the cryptocurrency exchange information system, passed the plenary session on the 5th National Assembly. This means the full legalizations of cryptocurrencies in South Korea. However, a restructuring of the blockchain industry is expected due to the large number of small and medium-sized exchanges that do not meet the reporting requirements.
The National Assembly held a plenary session this afternoon and decided to revise the special law that passed the judiciary committee the day before according to Coindesk Korea. It has been two years since Representative Je Yun-kyung and the Democratic Party’s representatives were launched in March 2018 under the Financial Services Commission’s legislation.
Anti-money laundering obligations to exchanges
The revised special law is mainly to grant anti-money laundering (AML) and terrorist financing (CFT) obligations to virtual asset providers (VASPs) such as cryptocurrency exchanges.
Under the Special Act, a virtual asset business operator must report to the Financial Services Bureau of Financial Information Analysis (FIU) with a verified real name, assigned to a single bank account that can be used for deposits and withdrawals to the crypto exchange. Also, the operator should obtain the Information Security Management System (ISMS) certification.
The guidelines introduced by the FTC in 2018, forces exchanges and their users to use the same bank when depositing and withdrawing money into cryptocurrency exchanges. Currently, only four major exchanges (Upbit, Bithumb, Coin-One, Cobit) have signed this service agreement with banks.
The ISMS certification is a system that the Korea Internet Security Agency (KISA) certifies that a company can secure key information assets. Depending on the size of the exchange, certification is expected to cost several hundred million units and take more than six months. Now, all exchanges have 6 months to comply with the new regulation or risk to be shut down.
Blockchain Industry Restructuring
The amendment to the Special Reporting Law means that the cryptocurrency will be fully legal in South Korea. The cryptocurrency industry, which was in the gray zone, was first regulated by law. In the meantime, there were no regulations so anyone could make a cryptocurrency exchange business as if they were creating an Internet homepage. As a result, the market has been mass-producing victims due to constant market-related events such as price manipulation, insider trading, and so-called pump and dump schemes.
Revision of the Special Act will reduce investors’ damage through market consolidation, but at the same time, the restructuring of the blockchain industry is expected to proceed. If the bank does not add a ‘real name withdraw and deposit account service’ contract as the Financial Services Commission notices, the domestic crypto market may have only four major exchanges. An ISMS certification and an IT system for future tax filing are also possible only with exchanges with sufficient capital.
The amendment, which passed the plenary session of the National Assembly, shall be promulgated by the President within 15 days of being transferred to the government. The amendment shall take effect one year after the date of promulgation. Existing virtual asset operators operating must report within six months of implementation. Existing cryptocurrency exchanges should have a ‘real name verification deposit and withdrawal account service’ and ISMS certification until about September 2021.
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