(Note: If you’re looking for more news regarding cryptocurrency, please visit our website Bitcoin Commando. All crypto news will be posted there. ~ Dinar Chronicles)
Seeds of Wisdom
IOTA NEWS: COULD IOTA BE THE NEXT BIG PLAYER IN THE STABLECOIN ARENA?
▪️IOTA’s decentralized technology could serve as the foundation for a compliant stablecoin.
▪️The Trade and Logistics Information Pipeline enables secure and efficient exchange of electronic trade documents.
With Europe’s Markets in Crypto-Assets (MiCA) regulations reshaping the crypto landscape, IOTA’s decentralized and scalable technology could position itself as the foundation for a new, compliant stablecoin. IOTA’s feeless and efficient framework makes it an intriguing candidate in the search for the next big player in digital assets.
The launch of MiCA marks a new dawn of regulation in the EU crypto market, which will lead to a more accountable industry. This regulation addresses issues relating to digital assets in a bid to protect the consumer and ensure the stability of the market.
With platforms like Coinbase recently delisting the non-compliant stablecoins, the regulatory change paves the way for new entrants. Could IOTA fill this gap?
IOTA’s Tangle technology enables feeless, instant, and scalable transactions, which will be suitable for a stablecoin designed to function under the MiCA regulation. Such a network is capable of processing many transactions without congesting the network or incurring any costs, which could position it as a stablecoin giant.
How IOTA’s Technology Could Drive Stablecoin Efficiency
At the core of IOTA’s ecosystem is its Trade and Logistics Information Pipeline (TLIP). This decentralized platform is already responsible for securing global trade through the exchange of immutable data. The same principles could be applied to a stablecoin to guarantee the stability, openness, and effectiveness of digital transactions.
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TLIP has played a big role in expanding the footprint of IOTA in the African region, especially in the trade industry. The system enables participants to exchange electronic trade documents including export declarations and airway bills safely and effectively.
The TLIP model demonstrates that IOTA can cut costs by half and make cross-border transactions up to 80% cheaper. This can mean huge savings in the stablecoin ecosystem and could be useful for industries looking for effective yet cheap financial tools.
Could IOTA’s Stablecoin Revolutionize Global Trade?
A MiCA-compliant stablecoin issued on the IOTA network could transform the world’s payments system through secure and efficient transactions.
Similarly, TLIP enhances the visibility and effectiveness of logistics, and stablecoin could enhance cross-border payments through quicker and more transparent systems. IOTA’s decentralized approach, coupled with MiCA’s legal certainty, sets the stage for the creation of a safe and sustainable stablecoin.
Collaborations with organizations like Tide Protocol have been instrumental in developing the IOTA EVM ecosystem and providing key technological advancements.
Furthermore, the collaborations between IOTA and Digimarc, as well as IOTA and Agro2Circular, implement environmental stewardship by mitigating agricultural plastic waste using the DPP.
In addition, IOTA has partnered with the European Commission to develop a new IPR management system that applies DLT, NFTs, and smart contracts. It is worth noting IOTA’s Total Value Locked (TVL) recently surpassed $5 million.
@ Newshounds News™
Source: Crypto News Flash
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U.S. GOVERNMENT SET TO AUCTION $4.4 BILLION IN BITCOIN AFTER MAJOR LEGAL WIN!
The U.S. Supreme Court has put an end to the legal battle over 69,370 Bitcoin that were seized from the Silk Road dark web marketplace. These BTC are worth around $4.4 billion.
By refusing to accept the case, the Court opened the way for the U.S. government to sell these bitcoin. Let’s explore what happened and what to expect next.
Battle Born’s Claim Falls Short
The legal tussle centered around a claim from Battle Born Investments, a company that argued it had legitimate rights to the seized Bitcoin. They built their case on the idea that they acquired the assets through a bankruptcy estate tied to a man named Raymond Ngan.
Battle Born believed that Ngan was the infamous “Individual X,” a hacker who had stolen Bitcoin from Silk Road before surrendering the stolen funds to the authorities. However, the federal and appellate courts dismissed these claims.
The Dark Web and the Bitcoin Connection
To help you understand the significance of this matter, let’s share a summary of this 2013 Silk Road case. Ross Ulbricht founded the SIlk Road platform in 2011 which was infamous as a hub for i-----l activities.
The Tor network hosted the website, where people could buy anything i-----l, from d---s to weapons, by paying in Bitcoin. At its peak, the Silk Road had millions of dollars in transactions. In 2013, the F-I shut down the marketplace and arrested Ulbricht.
The seized Bitcoin, tied to transactions on the platform, remained with the government, leading to this moment. Adding another twist to the tale, the IRS later traced several btc transactions to “Individual X,” the hacker who stole Bitcoin from Silk Road before authorities shut it down.
The U.S. government eventually seized those funds in what has become the largest cryptocurrency seizure to date.
What’s Next for the Seized Bitcoin?
Now that the Supreme Court has refused to hear the case, the U.S. government can sell the seized BTC. The U.S. Marshals Service would be overseeing the sale.
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Some of the funds have already been moved to Coinbase Prime. Looks like they are ready to auction the bitcoin. This sale can bring broader implications not just for the crypto market but for the U.S. political environment.
During the Bitcoin Conference 2024 at Nashville, Presidential candidate Donald Trump has shared his plans regarding these seized Bitcoin. He shared his idea to use the seized btc to create a “strategic bitcoin reserve” for the U.S. He suggested the current administration to hold bitcoin instead of selling it like the German government.
@ Newshounds News™
Source: Coinpedia
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RIPPLE XRP HOLDERS THEY WANT TO END THE MIDDLE CLASS – SHOCKING UPDATE | YouTube
@ Newshounds News™
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WHICH COUNTRIES ARE WINNING THE CRYPTO RACE? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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CRYPTO.COM FILES SUIT AGAINST SEC AFTER GETTING WELLS NOTICE
▪️Firm warned about operating as an unregistered broker-dealer
▪️Notice is the latest in a string of enforcement actions
Crypto.com filed a lawsuit against the US Securities and Exchange Commission after receiving a Wells Notice indicating the regulator’s intention to sue the digital-asset exchange for operating as an unregistered broker-dealer and securities clearing agency.
The lawsuit contends that the regulator has “unilaterally expanded its jurisdiction beyond statutory limits and separately that the SEC has established an unlawful rule that trades in nearly all crypto assets are securities transactions no matter how they are sold,” according to a statement Tuesday.
The SEC does not comment on the existence or nonexistence of a possible investigation, an agency spokesperson said.
The notice represents the latest in a string of enforcement actions brought by the SEC against the crypto industry in recent years. Companies including Kraken, Coinbase, Consensys and Uniswap have all been targets of such notices or lawsuits in the past, with some still engaged in legal proceedings.
“The SEC’s unauthorized overreach and unlawful rulemaking regarding crypto must stop,” Crypto.com Chief Executive Officer Kris Marszalek wrote on social media platform X.
Crypto.com, which is formally named Foris DAX Inc., declined to comment further on the lawsuit. Crypto.com was founded in 2016 in Hong Kong and rebranded to Crypto.com in 2018 after a purchase of the domain. Marszalek said in an interview with Bloomberg earlier this year that its platform has more than 80 million registered users. CRYPTO.COM
The lawsuit seeks to prevent the SEC from “unlawfully expanding its jurisdiction to cover secondary-market sales of certain network tokens sold on Crypto.com’s platform.” CRO, Crypto.com’s token, fell 7.6%, according to data from tracker CoinGecko.
The firm’s Crypto.com Derivatives North America unit also filed a petition with the Commodities Futures Trading Commission and SEC seeking to confirm by joint interpretation that certain crypto derivative products are solely regulated by the CFTC.
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“It’s not surprising to see many crypto businesses turning the tables and preemptively suing the SEC,” Michael Selig, partner at Willkie Farr & Gallagher LLP, wrote on X, commenting on Crypto.com’s lawsuit.
@ Newshounds News™
Source: Bloomberg
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IN AN EU FIRST, TOKENIZATION FIRM MIDAS OPENS MTBILL AND MBASIS TOKENS TO RETAIL TRADERS
▪️Midas’ onchain mTBILL and mBASIS tokens will be the first such real-world asset trading vehicles available to non-accredited investors.
▪️The tokenization firm received regulatory approval from Liechtenstein’s Financial Market Authority to open these funds to retail traders.
Tokenization protocol Midas is launching what it calls the “first suite of internet-native investment products” after opening access to its onchain mTBILL and mBASIS tokens to non-accredited investors
In short, this makes Midas’ real-world asset (RWA) tokens the only regulated crypto vehicles in Europe not subject to a minimum investment of $100,000.
“After a year-long process involving audits, a registration and notification with various European regulations, we received approval for our product offerings,” Midas co-founder Dennis Dinkelmeyer told The Block in an interview. “Today, these are the only regulatory-compliant stablecoin yield products for retail investors across Europe.”
Midas, a startup that raised $8.75 million in a round led by Framework Ventures, BlockTower and HV Capital earlier this year, runs two tokenization projects: 1. involving U.S. Treasury bills (i.e. mTBILL) and 2. a yield-bearing carry trade (mBASIS). Both received regulatory approval from Liechtenstein’s Financial Market Authority.
The tokenization space, projected to grow into a multi-trillion dollar industry in the coming years, is currently dominated by products offering exposure to U.S. government debt. Some $2.3 billion worth of onchain T-bills has been issued to date.
Dinkelmeyer says the startup works directly with BlackRock on its mTBILL product, which has so far attracted $5 million in deposits and currently yields around 5%. The vehicle uses BlackRock’s BUIDL fund as collateral but only supports stablecoins like USDC for issuance and redemption today.
“BlackRock itself is limited to institutional investors with a min of $5 million in assets. We can target retail with our regulatory approval,” Dinkelmeyer said. “In essence, we’ve just digitized the same old barriers that exist in traditional finance which defeat the point of tokenization.”
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The same is true for Midas’ mBASIS token, which deploys an actively managed, market-neutral trading strategy using bitcoin, ether and “top altcoins” called a basis trade. Also called a carry trade, as seen in Ethena’s USDe “synthetic dollar,” the strategy capitalizes on the arbitrage opportunity that opens up when futures prices exceed spot prices.
@ Newshounds News™
Source: The Block
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XSGD, SINGAPORE’S FIRST DOLLAR-BACKED STABLECOIN, LAUNCHES ON BITSTAMP TO POWER GLOBAL CROSS-BORDER PAYMENTS
▪️Bitstamp has listed a Singapore Dollar-pegged stablecoin, XSGD, for the first time
▪️The partnership between StraitsX and Bitstamp means users can now seamlessly send and receive the SGD-backed stablecoin across borders with confidence
StraitsX, the pioneering payments infrastructure for the digital assets space in Southeast Asia, has today announced the listing of XSGD, its Singapore dollar-pegged stablecoin, on Bitstamp, the world’s longest-running cryptocurrency exchange.
This strategic partnership marks a significant step forward in enabling the mass adoption of XSGD across global markets, and sets a new benchmark for stable, efficient, and secure digital currency transactions. XSGD, backed 1:1 to the Singapore dollar (SGD) and fully backed by reserve assets, offers unparalleled transparency and stability for users in global markets.
Unlocking Global Cross-Border Payment Flows
Stablecoins like XSGD are rapidly emerging as the preferred solution for on-chain cross-border payments, providing a secure and efficient alternative to traditional financial systems.
With the listing of XSGD on Bitstamp, users can now seamlessly send and receive SGD-backed stablecoins across borders with confidence. This development addresses the demand for faster, more cost-effective global transactions, reducing the complexities of conventional financial systems.
XSGD will drive digital asset adoption and accelerate innovation in cross-border payments.
XSGD will be available via Bitstamp globally, except in US and EU countries.
“The listing of XSGD on Bitstamp is a pivotal moment in our mission to bring StraitsX’s stablecoins to the global stage. By improving liquidity and accessibility, we are enabling faster, more transparent, efficient, and cost-effective on-chain cross-border payment flows. This will transform how individuals and businesses transact internationally, unlocking new opportunities for financial inclusion and global trade,” said Jason Tay, Head of Commercial at StraitsX.
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“We are excited to list XSGD, a stablecoin with immense utility across the APAC region, to our Bitstamp platform. As demand for stable, reliable digital assets continues to grow, the addition of XSGD enhances our platform’s liquidity and provides our global users with a trusted SGD-backed asset.
This further supports the widespread adoption of stablecoins for cross-border payments and other financial transactions worldwide,” said Leonard Hoh, General Manager for APAC at Bitstamp.
Driving Adoption of Stablecoins
The listing of XSGD on Bitstamp highlights StraitsX’s commitment to advancing the digital assets and payments landscape across Southeast Asia and beyond. By combining the speed, transparency, and decentralisation of digital assets with the stability of a fiat-backed asset, XSGD is positioned to drive mass adoption. This trusted and secure stablecoin offers users a reliable solution for global cross-border payments, making it a pivotal tool for the future of digital transactions.
About StraitsX
StraitsX is the pioneering payments infrastructure for the digital assets space in Southeast Asia. StraitsX is a Major Payment Institution licensed by the Monetary Authority of Singapore and offers personal and business account holders to mint and redeem StraitsX stablecoins, manage payments as well as connect their accounts to digital asset platforms. Business accounts can also access B2B API-enabled payment rails for digital asset platforms.
About Bitstamp
Bitstamp is the world’s longest-standing cryptocurrency exchange, continuously providing safe and open access to crypto since 2011. Bitstamp provides a secure and transparent trading venue to over five million individuals and is the preferred choice for a range of institutional clients seeking a trusted partner to participate in crypto markets. Bitstamp is a sector leader in both security and compliance.
@ Newshounds News™
Source: Crypto News Flash
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TRUMP VS HARRIS: WHAT’S AT STAKE FOR CRYPTO’S FUTURE? | YouTube
@ Newshounds News™
Source: Seeds of Wisdom Team RV Currency Facts
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Source: Dinar Recaps
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