Dubai: Crypto & Coffee at 8: 09th June (🚨Stable Coins dominate 87% 😱of the cryptocurrency market!)
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09th June! 🚨Stable Coins dominate the cryptocurrency market!

😱Over 87% of the 24-hour trading volume is by Stable Coins. Could this set the stage for CBDC & make it easier to transition from one of the traditional forms of exchange ie Cash to Digital? CBDC & Stable coins with Smart Contract functionality & easier user onboard could threaten Bitcoin, Opensource & Freedom? The Bank for International Settlements — BIS has released a new bulletin: Blockchain scalability and the fragmentation of crypto that has some really interesting takes & most likely CBDC is on its way, sooner than anticipated. Report here https://bit.ly/3tsXarR Some interesting points such as benefits vs drawbacks of Permissionless Blockchain, Newer Blockchain that has higher capacity, how they compromise on centralisation, Lack of Scalability, Interoperability & more in the report by Frederic Boissay, Giulio Cornelli, CFA, FRM, Sebastian Doerr & Jon Frost

🔵The New York State Department of Financial Services has also just released new guidance for dollar-backed Stable coins. Official info here https://on.ny.gov/3H9I7cq This is definitely a good move & protects users of stable coins & investors. A few key points are

1. Backing and Redeemability
2. Reserve Requirements &
3. Independent Audits

We envision a future like this: ⚡Bitcoin = Store of value ⚡Ethereum = Store of value + Medium of Exchange ⚡Blockchain Protocols = Medium of Exchange for Smart Contracts ⚡Stable Coins + CDBC = Medium of Exchange

💥Checkout.com has also revealed that merchants can now accept payments in USDC. Looks like Cryptocurrency is definitely going mainstream. Article by Bitcoin.com here https://bit.ly/3aPRa69 Checkout.com’s new stablecoin settlement service is through a partnership with the firm Fireblocks, & the 24/7/365 fiat to stablecoin settlement solution is done by Transak. They have posted this via Twitter here https://bit.ly/3aQPPMo & blog confirming this is here https://bit.ly/3NUcmGm

Great move for sure & allows customers with alternate payment options but, it does introduce a central entity. The very 2nd line of the Bitcoin white paper mentions that …. the main benefits are lost if a trusted third party is still required to prevent double-spending. Would have been ideal if the transactions are Peer to Peer (no middle person involved in any form)

💥Circle has just announced that stable coin USDC is now supported by Polygon Network. Circle CEO and co-founder Jeremy Allaire announced the news via Twitter & blog giving full details can be seen here https://bit.ly/3H4kNN3. This would mean that businesses can now easily accept payments from one of the largest user bases in Web3, easily make payouts in Polygon USDC, or off-ramp to fiat currency as desired. Great stuff

Two UAE news: (Check slides for more info)

• Crypto Oasis selects Roland Berger as its global strategic partner
• Zeelay pay AE joins Visa’s Fintech Fast track program.

For slides click here:https://bit.ly/3xkiTDB

Bitcoin address: 02ddf96964b352b75dd660a56a5162bf9e76e549e31263b88ed93015e635771795

Cardano address:addr1qxwu4h9uw4ptc6jp4zzhvckcjua7nda9u5fkvmdfrge00n3dpznq9000nxdcvklpdtw320zku7eeju483l2pg6gtw3eqp8e4q6

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