ECB Announces PEPP Stimulus; Stablecoins Reach $600M Per Month; Tether Moves to Bitcoin Cash

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. European Central Bank announces PEPP. Stablecoins increased their market cap in $600 million in less than a month. Ethereum miners contributing to coronavirus research. Binance extends P2P platform to Latin American markets. Citi reinvests in Ethereum-based finance platform Komgo, and Tether officially confirms launch as a Bitcoin Cash SLP token.

European Central Bank Announces PEPP

PEPP

The European Central Bank announced a stimulus measure called Pandemic Emergency Purchase Programme (PEPP). The PEPP will contemplate purchase of private and public securities to counter the effect of the coronavirus outbreak in the Eurozone. An estimate of €750 billion will be put in economies directly by this program, and all assets and securities under the ordinary asset purchase program will be eligible to integrate this new batch of acquisitions to boost the European economy.

More Than $600 Million Printed in Stablecoins in a Month

PEPP

The market cap of stablecoins in the market has grown by more than $300 million in less than a month, according to numbers taken from WhaleBot Alerts, a cryptocurrency transaction monitoring channel. In just a month, Tether, the most popular stablecoin, printed more than $200 million USDT to provide the market with stable money for exchanging bitcoin during the selloff. Circle and Coinbase, issuers of the USDC stablecoin, also printed more than $400 million, raising their market share total to $600 million.

Ethereum Miners Now Working on Coronavirus Research

PEPP

CoreWeave, the largest US company mining Ethereum at the moment, will direct its processing power to aid in the research of the cure for coronavirus. The GPUs will be directed by Folding@Home program, which will use their computing power to run simulations that could aid in finding an effective treatment for the virus. 6,000 GPUs are now dedicated to the effort, according to CoreWeave’s CEO Brian Venturo, doubling the amount of processing power.

Binance Extends P2P Markets to LatAm Countries

Binance, the biggest cryptocurrency exchange, started to expand their P2P market to Latin American countries, introducing support for five new currencies. Now, customers from Brazil, Argentina, Colombia, Mexico, and Peru will be able to make transactions with their fiat currencies to buy or sell BTC, ETH, USDT, BNB and BUSD. Changpeng Zhao, CEO of Binance, declared that “Latin America is one of the most active regions for cryptocurrency trading, and peer-to-peer trading is widely used.”

Citi Reinvests in Ethereum Based Trading Platform Komgo

Citi, the bank investment group, bought more equity stake in Komgo, an Ethereum-based trade financing platform, offering the possibility of communicating equity sellers, buyers, banks and other service providers using distributed ledger technology. Citi’s global head of commodity trade finance, Kris van Broekhoven, explained the reason for this investment, declaring that “blockchain technology serves as a catalyst to disrupt the industry towards the processing of electronic data.”

Tether Officially Confirmed to Launch as SLP Token

Tether, the issuer of USDT, the most used stablecoin, officially confirmed they will issue USDT as an SLP token on top of the Bitcoin Cash blockchain. Paolo Ardoino, CTO of the company, declared to their “latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits.” Tether is a coin agnostic project, having already launched on other currencies like Ethereum, TRON, and EOS. Ardoino concluded USDT to BCH could bring more applications for the two currencies in the payments area especially.

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