Tether & Bitcoin | Ripple & CBDCs | ApeCoin DAO & Ape Accelerator | Osmos & Axelar & Akash | Circle & Euro-backed Stablecoin | &more
16.05. - 30.05.2023
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1 | Tether Says It Will Buy Bitcoin for Stablecoin Reserves Using Realized Profits
Stablecoin issuer Tether will regularly buy bitcoin (BTC) for its stablecoin reserves using a portion of its profits starting this month as part of a new investment strategy focused on the largest cryptocurrency by market capitalization, the firm announced on Wednesday. Tether said it will allocate up to about 15% of the realized profits from investments – excluding any unrealized price appreciation of its reserve assets – to purchase BTC and will add the tokens to the reserve surplus. The company will custody the BTC stash on its own, without using any third-party custodians, according to the statement.
2 | Ripple Starts Platform for Central Banks to Issue Their CBDCs
Ripple is starting a central bank digital currency (CBDC) platform which allows central banks, governments, and financial institutions to issue their own digital currency. Using Ripple's platform government institutions can manage and customize the entire life cycle of the CBDC, which includes minting, distribution, redemption and token burning. Financial institutions would also be able to manage and participate in inter-institutional settlement and distribution functions using the CBDC. Central banks can issue both wholesale and retail CBDCs, which can make offline transactions as well.
3 | ApeCoin DAO Approves Proposal to Boost Bored Ape NFTs, APE Ecosystem Growth
ApeCoin DAO has passed a community proposal that would see the launch of an Accelerator that supports the incubation of projects utilizing apecoin tokens (APE) to bolster the fledging ecosystem. The new AIP-209, which was submitted and approved via ApeCoin DAO’s Idea Proposal system, will incubate and launch community-approved projects that focus on improving the value of the Bored Ape Yacht Club (BAYC) NFT collection, and other projects that use ApeCoin. The "Ape Accelerator" aims to engage the ApeCoin community as initiators, voters, and participants. Initiators can submit proposals for projects to be incubated, while voters can use their APE tokens to vote on whether the proposed projects should be launched. Participants will be able to support approved projects by purchasing NFTs and other yet-unspecified tokens.
4 | Osmosis, Axelar and Akash fund 'mesh security' model for Cosmos ecosystem
Osmosis, the largest decentralized finance network in the Cosmos ecosystem, is spearheading the development of a novel cross-chain security model termed “mesh security.” This model aims to combine staked assets from two or more blockchains, thereby bolstering the security of the Cosmos ecosystem against potential security breaches or validator staking takeovers. The development of mesh security is being funded by Osmosis, in collaboration with Axelar, Akash Network, and ATOM Accelerator DAO. According to a note shared with The Block, the necessary funds for this initiative will be provided to Cosmos developers through grants.
5 | Avalanche EUROC: Expanding Access to the Euro
Euro Coin, or EUROC, launched on Ethereum in 2022 to provide businesses and developers with a fully reserved, euro-backed stablecoin they can trust. Euro Coin helps unlock new opportunities for global commerce, faster and more efficient FX, and greater access to the euro around the world. Today, we’re bringing Euro Coin natively to Avalanche, which now makes Euro Coin the latest Circle-issued stablecoin to go multi-chain. Avalanche EUROC is now available to efficiently send, spend, save, lend and borrow in the innovative Avalanche ecosystem. Developers can benefit from building with a trusted, euro-backed stablecoin that’s native to the Avalanche network, enabling both new and existing apps to provide optionality for users to transact in euros on-chain. Circle offers access to Avalanche EUROC liquidity for qualified businesses with a Circle Account. The Circle Account and Circle APIs also make it easy to swap Euro Coin natively between Ethereum and Avalanche.
https://www.circle.com/blog/avalanche-euroc-expanding-access-to-the-euro
6 | FTX CEO John Ray III Confirms Plans for FTX 2.0 Amidst Legal Proceedings
In a recent disclosure of the CEO's legal billings, FTX CEO John J. Ray III has confirmed the existence of plans for FTX 2.0, the next iteration of the cryptocurrency exchange. The disclosed legal billings, totaling $290,190.39, shed light on the ongoing efforts by Ray and his team to recover funds and rebuild the collapsed exchange. John J. Ray III, an esteemed American attorney with expertise in recovering funds from failed corporations, was appointed as the CEO of FTX following the exchange's collapse in November 2022. Since then, Ray has been diligently working to chart a course for the future of FTX, aiming to restore its former glory and ensure a more stable and secure platform for its users.
https://blockchain.news/news/FTX-CEO-John-Ray-III-Confirms-Plans-for-FTX-20-Amidst-Legal-Proceedings
7 | MakerDAO proposal seeks to hike DAI savings rate to 3.33%
The community of Ethereum-based decentralized finance (DeFi) protocol MakerDAO will soon vote on a proposal to increase its Dai (DAI) stablecoin’s savings rate (DSR) to 3.33%. If it goes through, the move is tipped to have broader implications for rates across the DeFi market. In a May 26 tweet, the Maker team revealed that an “upcoming Executive Vote will deploy a new DSR raise, from 1% to 3.33%, if approved.” “The Dai Savings Rate (DSR) is a fundamental component within the Maker Protocol system, offering users the opportunity to deposit DAI and receive a consistent interest rate. This interest is accrued in real-time, accumulating from the system's revenues,” Maker stated.
https://cointelegraph.com/news/ethereum-s-beacon-chain-is-updated-after-finality-issues
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