MXNT is a new stablecoin that is linked 1:1 to the Mexican peso and seeks to position the country, within the crypto market, as an international benchmark innovation center. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and stablecoins
📍Amid the crisis, the crypto market welcomes the new stablecoin MXNT, pegged to the Mexican peso. MXNT is the new stablecoin developed by Tether Limited, the company that created the USDT stablecoin, currently the most popular and capitalized in the crypto market.
MXNT has launched in the crypto market with initial support for the Ethereum, Tron and Polygon blockchains. The launch of this new stablecoin, linked to the Mexican peso, seeks to give Mexico a privileged position in the crypto industry, to become the next cryptocurrency and blockchain hub in Latin America.
📍More than 10% of the current UST supply will be burned. The Terra crypto community has voted on a new proposal in which 1.300 billion UST will be sent to the algorithmic stablecoin's token burning address. This is in order to reduce its current supply, which exceeds 11.280 billion units.
The proposal in question, No. 1747, was approved in a vote that ended this Thursday with more than 99 % of the votes in favor. The 1.300 billion UST to be burned, according to the proposal, is equivalent to 11,5% of the current supply of the stablecoin.
Bitcoin and Blockchain Adoption
📍US SEC receives new application for approval of first-ever Bitcoin spot ETF. Investment and venture capital firms ARK and 21Shares have filed another proposal seeking approval from the financial regulator for the creation of the first Bitcoin ETF in cash on US soil.
NFT and DeFi Markets
📍A new NFT project is born in the crypto industry to interact with limited edition collectibles from celebrities. Zoop is a new NFT platform designed by former OnlyFans executives Tim Stokely and RJ Phillips, who want to bring people closer to their favorite celebrities.
From Zoop, built on the Polygon blockchain, users can buy, sell, collect and exchange 3D digital cards, in NFT format, of their favorite celebrities, reported a release.
This new non-fungible token project aims to capitalize on the blockchain gamification market and drive people into the world of NFTs and Web3. Zoop’s limited edition crypto collectibles can be traded on secondary markets.
Innovation, Development and Technology
📍JPMorgan invests in blockchain analytics firm Elliptic. US investment bank JP Morgan, one of the largest and oldest in the world, has participated in the $60 million capital round of Elliptic, a forensic analysis and investigation provider that helps other companies and governments identify illicit activities on the blockchain.
Other major investors including SoftBank, Digital Currency Group, Wells Fargo, SBI Group and Paladin Capital Group also joined the company’s funding round, which was led by Evolution Equity Partners.
Rules and Regulations
📍The Thai government will not tax cryptocurrencies for the next two years. Thailand has decided to exclude cryptocurrency transactions from its tax obligations until 2024. The Thai government announced this this week that it will apply a tax exemption to transactions with crypto assets until the end of 2023.
Thailand has issued a royal decree under the country's VAT Exemption Tax Code law to ensure that transactions involving cryptocurrencies and digital assets will not be subject to value-added tax (VAT) for the next two years. The new decree, signed by Thailand's Ministry of Finance, came into effect on Thursday.
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