Crypto Biz: Stablecoins are paving the way for mass adoption of crypto, June 2–8
Stablecoins are a controversial subject in crypto. Questioning the legitimacy and backing of (USDT) is a right of passage for many entering the crypto market for the first time. The meltdown of the (LUNC; or the old LUNA) ecosystem left little doubt that algorithmic stablecoins don’t have a future beyond Do Kwon’s fantasies. Pesky regulators are constantly poking and prodding at dollar-pegged assets to carve out firmer rules on their usage.
But, if you look beyond all the fear, uncertainty and doubt, stablecoins are providing liquidity to millions of people who don’t have access to dollars because of capital controls or sanctions, or because hyperinflation is destroying their local currency. This week’s Crypto Biz newsletter looks at the role of stablecoins in fueling e-commerce. We also do some prodding of our own to see if a major payment platform is prepping its own stable asset.
Checkout.com launches 24/7 stablecoin settlement in partnership with Fireblocks
Crypto.com’s Cronos launches $100M accelerator for DeFi and Web3
FTX will not freeze hiring amid layoffs at other crypto firms, CEO states
PayPal (NASDAQ:) enables transfer of digital currencies to external wallets
Before you go! Can the Merge save from the ETH Killers?