Crypto News Today: Stablecoin Merchant Adoption, USDC, and EverGrow Coin

Cryptocurrencies today are still suffering from the collapse of Luna and the UST stablecoin.

Nearly a month after the collapse of Terra Luna brought crypto prices down across the market, Bitcoin is still trading under $30,000. Despite price rallies in Bitcoin above $32,000, it has not been able to recover to above $40,000 where it was before the crypto crash in May.

Crypto today is not all about negative prices, however. Despite the collapse of UST, it is stablecoins that are dominating crypto news headlines. 

Checkout.com to use USDC to settle out-of-hours payments 

Online payments giant Checkout.com has begun using the USDC stablecoin to settle payments. 

The USDC adoption will allow for round-the-clock payment processing including weekends and public holidays. This will speed up payments as compared with traditional schemes with which Visa and Mastercard operate, which often means merchants do not receive funds for several days.

Checkout.com is the latest major financial body to enter crypto, following Stripe's integration that lets Twitter users receive USDC. 

USD Coin (USDC) is the world's second-largest stablecoin with a supply of more than $50 billion. The adoption even directly after the collapse of UST is promising for the future of stablecoins. 

EverGrow Coin becomes leading reflection token thanks to stablecoins

In other stablecoin crypto news today, EverGrow Coin has shot past $37 million rewards.

The news takes EverGrow Coin to the top of reflection token rankings thanks to choosing to reward investors in Binance-Pegged USD (BUSD). EverGrow Coin charges a 14% transaction tax with 8% distributed as BUSD to digital wallets holding EverGrow Coin.

The success of EverGrow Coin BUSD rewards is infinite scalability as well as the ability to earn crypto passive income even during a bear market. In fact, EverGrow Coin has seen its investor base rise to 139,000 during the crypto crash.

The project plans to soon roll out a content subscription platform integrating fiat, BUSD, BNB, and EverGrow Coin with faster payouts than the likes of OnlyFans or Patreon and far reduced fees. 

USDD becomes 'over-collateralized' in wake of UST collapse 

The collapse of UST and Terra Luna wiped over $40 billion from investors' holdings. 

UST (not USTC) is an algorithmic stablecoin that maintains a $1 price thanks to code and an arbitrage relationship with Luna (now LUNC). This is similar to how USDD operated alongside the Tron (TRX) native token.

USDD has now announced it is over-collateralized with a collateral ratio of 226.1%. This is backed with over 14,000 Bitcoin, 240 million USDT, and 1.9 billion Tron. Tron founder Justin Sun said the $1.37 billion assets back the 667 million USDD in circulation. 

Moneygram wants to launch stablecoin transfers

The US company MoneyGram has also announced an intention to launch stablecoin transfers.

The CEO of MoneyGram, Alex Holmes, this week said the company will launch a new platform that can send and convert stablecoin transfers into fiat currencies. "We are hoping to be a bridge between the world of cryptocurrencies and the world of fiat," Holmes said. He said that users with a Stellar (XLM) digital wallet would be able to convert USDC into fiat using the new MoneyGram platform.