Between revolutionary announcements, technological developments and regulatory turbulence, the crypto ecosystem continues to prove that it is both a territory of limitless innovation and a field of regulatory and economic battles. Here is a summary of the most notable news from the past week around Bitcoin, Ethereum, Binance and Solana, and Ripple.
Elon Musk says NO to crypto on Twitter!
Elon Musk, well known for his support of Dogecoin, is working on launching a Twitter payment service called “X Payments”. However, this service will not initially include cryptos. Twitter Payments LLC has obtained its first money transfer license in New Hampshire, signaling progress in integrating a fiat currency payment system. The decision to exclude crypto could be linked to the volatility and regulatory risks associated with cryptos. This cautious strategy has received mixed reactions in the crypto community, with some seeing it as a step backwards while others see it as a strategic step that can evolve over time.
Tether launches Alloy: A stablecoin backed by gold!
Tether, famous for its stablecoin USDT, has launched a new stablecoin called “Alloy”. This stablecoin is backed by physical gold through Tether Gold (XAUt) and is designed to provide the stability of gold while still enabling digital transactions. Alloy by Tether is a platform for creating collateralized synthetic digital assets. Users can mint aUSDT by depositing XAUt via smart contracts and price oracles, providing a new form of stability and flexibility in crypto transactions. This initiative is part of the trend of tokenization of real assets, offering an innovative combination of traditional security and blockchain technology.
BNB Chain cuts fees by 90% with Haber
The BNB Chain network recently activated the Haber hard fork, resulting in an impressive 90% reduction in transaction fees. This update includes proposal BEP-336, inspired by Ethereum's EIP-4844, introducing transactions with blobs to optimize data storage and processing. By grouping transactions into attached blobs, verification becomes more efficient, reducing network costs to approximately $0.0001. This improvement particularly benefits the layer 2 solution, opBNB, and the BNB Greenfield decentralized storage solution. Despite a period of volatility for the BNB crypto, the technological innovations of the Haber hard fork could stabilize and strengthen its position in the market.
Standard Chartered launches into crypto trading
Standard Chartered, one of the world's largest banks, has announced the opening of a spot trading desk for Bitcoin and Ether, marking a significant step in the integration of cryptos into the traditional banking sector. Based in London, this office will allow institutional clients to directly trade cryptocurrencies, enriching their investment portfolios. The bank worked closely with regulators to ensure compliance and security of this new service. This strategic initiative is part of the growing trend of financial institutions adopting cryptos, Standard Chartered wants to position itself as a leader.
Ripple partners with ten governments to develop CBDCs
Ripple recently announced partnerships with ten governments for the development of central bank digital currencies (CBDCs). This strategic initiative aims to use Ripple's blockchain technology to improve the security and efficiency of global financial institutions. Partner countries include Bhutan, Palau, Montenegro, Georgia, and Colombia, each exploring specific aspects of blockchain technology to modernize their financial systems. For example, Bhutan focuses on cross-border payments, while Palau emphasizes an eco-friendly digital currency. This collaboration sparks varied reactions within the crypto community, with some fearing increased scrutiny, while others see benefits in terms of speed and security of transactions.
This is the main thing to remember for this week. But if you want a more detailed recap and in-depth analysis straight to your inbox, feel free to subscribe to our weekly newsletter.
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