A consortium of FDIC-insured US banks is preparing to launch a blockchain-based fiat stablecoin called USDF. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Bitcoin drops 3% while Near Protocol, Polygon, Monero, Dogecoin and other altcoins recover more than 7% of their value. La criptcurrency Market leader Bitcoin is back above $42.000 per unit after losing 3% of its value on Wednesday. However, several altcoins Smaller-cap cryptocurrencies such as Near Protocol (NEAR), Polygon (MATIC), Monero (XMR), and Dogecoin (DOGE) grew by more than 7% in the last 24 hours. Other alternative cryptocurrencies related to DeFi, such as 1inch Network (1INCH), Anyswap (ANY), Mirror Protocol (MIR), and Curve Finance (CVR) have rallied more than 4%.
The main tokens of NFT and metaverses are in the red, showing drops of up to 9% for SuperRare (RARE), Gala Network (GALA), Alien Worlds (TLM) and Splinterlands (SPS). Others such as Axie Infinity (AXS), Theta Network (THETA) and Decentraland (MANA), show minor drops between 3% and 5% in the last few hours.
Bitcoin and Blockchain Adoption
📍FDIC backs US banks to launch stablecoin. The US Federal Deposit Insurance Corporation (FDIC)-backed consortium of US banks USDF Consortium will use Provenance's blockchain technology to launch a stablecoin (stablecoin) called USDForward (USDF), backed by the dollar. USDF Consortium is made up of several of the country's largest banks, including New York Community Bank (NYCB), Sterling National Bank, and FirstBank, among others.
Through a release The consortium of banks said the stablecoin will facilitate the transfer of value between the consortium's member banks, with the transparency and trust that blockchain technology provides. The USDF stablecoin will eliminate friction in the financial system and unlock the financial opportunities that blockchain and digital transactions can bring to a larger network of users, the consortium noted.
CBDC and Central Banks
📍Switzerland reports progress on Helvetia, the project to develop an interbank and cross-border wholesale CBDC. The Swiss National Bank and five commercial banks formed part of the CBDC wholesaler into their existing back-office systems and processes, Helvetia project members reported. Through a release Officially, the banks that make up the wholesale CBDC project noted the success of the tests carried out on the future digital currency; which included interbank transactions in Swiss francs between the SIX Digital Exchange (SDX) and the SIX Interbank Clearing (SIC), through a distributed ledger technology (DLT) platform.
Following the testing phase conducted in the fourth quarter of 2021, the Swiss National Bank reported that the issuance of a wholesale CBDC through a private DLT platform is viable and feasible under the country's legislation.
Development and Technology
📍Three Arrow Capital invests in Near Protocol to boost its development as a Web3 leader. Hedge fund Three Arrow Capital led the funding round of $ 150 million dollars Near Protocol’s scalability and Web3-focused blockchain. The funding round also saw the participation of other well-known crypto industry investors such as Dragonfly Capital, Jump Capital, Andreessen Horowitz, Alameda Research, Zee Prime, Amber Group, among others. All of these are betting on the development and expansion of Near Protocol to accelerate the adoption of Web3 technologies in new audiences.
Rules and Regulations
📍The rise of NFTs as a business is driving China to create a new platform for the development and management of NFTs. The South China Morning Post, Hong Kong's leading newspaper, reported The Asian giant is working on creating a new digital platform that will help developers and content creators mint and manage NFT tokens efficiently and securely. The Asian giant's new NFT platform is built through the Blockchain Services Network (BSN).
However, despite China’s apparent embrace of NFTs, the SCMP notes that the platform will not support NFTs related to crypto transactions, in the nation’s attempt to separate cryptocurrencies from non-fungible tokens. He Yifan, CEO of Red Date Technology, reported that NFTs do not pose any legal issues in China, as long as they are distanced from cryptocurrencies. In mid-2021, the country’s government imposed a blanket ban on crypto assets and all crypto-related activities.
📍New cryptocurrency ban lifted in South Asia Pakistan's government is considering a possible ban on the use of cryptocurrencies such as Bitcoin in the country, saying that these digital assets are illegal within its territory. Local television network Samaa, reported The State Bank of Pakistan and the federal government have come out against cryptocurrencies, taking a clear and contrary stance on crypto assets for the first time. The central bank and the government submitted a brief to the Sindh High Court (SHC) earlier this week urging a ban on crypto assets and imposing penalties on those who fail to comply with the measure, if approved.
Continue reading: DeFi in numbers: TVL on decentralized Ethereum protocols grew 800% in 12 months
