Stablecoins Regulation Looms Large in Bill Before US Congress – Algo Versions Face Ban

While its final version is still very much unclear, the draft stablecoin bill in the United States House of Representatives would reportedly place a two-year ban on algorithmic stablecoins for two years, while allowing banks and nonbanks to issue stablecoins.

Timeline of Algorand

The cryptocurrency market has experienced modest gains over the past day after trading significantly below average to begin the week. Despite investors' cautious optimism about coin prices, it appears that there are still opportunities to profit.

The ALGO/USDT pair supported by $0.28 monthly support shows a range-bound rally over the past three months. The altcoin failed thrice to surpass the $0.37 resistance, which acts as a bullish limiter for potential recovery.

Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto's own research on the subject Algorand, which became live in 2019, operates exclusively on the proof-of-stake protocol.

The ever evolving cryptospace is home to a myriad of digital assets and protocols. One such emerging protocol is Algorand, which has managed to establish is reign in the industry. The network is built on the Pure Proof of Stake consensus mechanism. ALGO is a native token of the platform.

The goal is to promote the most beneficial financial applications for society through the new Algorand Fintech Lab, a collaboration between the university and Algorand foundation and directed by Claudio Tebaldi.

The founder and CTO of Algorand both have indirectly made strong remarks about Solana in order to compete for Helium Network's anticipated migration. Now, you might ask if this recent development coupled with Algorand's massive social media interest helped Algorand's price.

Algorand (ALGO) network believes it would be a better option for Helium (HNT) than Solana (SOL) even as voting commenced on the migration proposal. The post Algorand throws hat in ring as Helium community begins vote on Solana migration appeared first on CryptoSlate.

The Algorand Foundation has disclosed that it has invested $35 million in USD coin (USDC) in the beleaguered crypto lender Hodlnaut. The cryptocurrency lending firm had paused its withdrawals earlier last month.Algorand is a blockchain infrastructure which has embedded smart contract functionality.

Algorand Foundation announced a $35 million USDC blow after Hodlnaut, a crypto lender based in Singapore, suspended all withdrawal transactions from the platform on August 8th, 2022.

The Algorand Foundation is in the news today after it informed its community about the exposure it had to Singapore-based crypto-lender Hodlnaut. The latter is currently facing a liquidity crisis.