Kiffmeister’s #Fintech Daily Digest (08/26/2020)

Tether tops Paypal and Bitcoin for average daily transfer value

The average daily transfer value for Tether has surpassed that of Bitcoin and PayPal. According to CoinMetrics, Tether’s 7-day average adjusted transfer value reached over $3.55 billion as of August 20. This is around 20% more than that for Bitcoin which was a reported $2.94 billion. According to PayPal’s Q2 report, the daily average transfer value of the online payments giant was also less than Tether’s at $2.94 billion. 

DeFi surpasses $7B in locked funds, but just six projects hold 90% of capital

Aave currently comprises the largest DeFi project, with $1.51 billion locked, followed by MakerDAO with $1.42 billion, Curve Finance with $1.15 billion, yEarn Finance with $845 million, Synthetic with $851 million and Compound representing $797 million. 

Aave granted an Electronic Money Institution license by the U.K. Financial Conduct Authority

Decentralized finance (DeFi) protocol Aave’s U.K. business entity has been issued an Electronic Money Institution (EMI) license by the Financial Conduct Authority to offer services such as issuing digital cash alternatives and providing payment services. An EMI is the same authorization that Coinbase and Revolut has in Europe. It will mostly support on-boarding new users into the Aave Ecosystem and to the decentralized protocol over time.  

Posted from Diigo: