Stablecoin related services and regulations sprout across the world.

South Korea immerses in Metaverse as Oman backs crypto mining
Bitcoin and Crypto Market News Friday, June 03, 2022 - 20:14

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In this article, we have curated a list of the top-5 crypto stories from this week that will help you stay in sync with the crypto ecosystem.

Oman backs mining to cut gas flaring 

Crusoe Energy, a US-based company that specializes in exploiting excess natural gas for bitcoin mining, is set to deploy generators and mining equipment in Muscat and Oman, as the Middle East is aiming to reduce emissions. 

The Sultanate of Oman's sovereign wealth fund invested in Crusoe, which claims to assist fossil-fuel producers to reduce flaring by using stranded natural gas to power cryptocurrency mining instead. The Middle East and North African (MENA) region accounts for 38 percent of the world's excess natural gas from oil wells.

Crusoe will assemble an office in Muscat and Oman, to assist in the deployment of power generators and mining equipment for gas capture at well sites.

South Korea to invest $177 M in metaverse platforms 

South Korea has announced that it will begin investing directly in metaverse-related businesses and projects, becoming one of the first countries to invest in this subject.

The government of South Korea said that the metaverse, when combined with modern technology, had enormous potential and will invest more than $177 million to kickstart national jobs and businesses in this industry. 

The investment is part of the new tech focus South Korea has included in its Digital New Deal, a set of guidelines that the government is following to push citizens to transition to a fully digital society.

Japan passes stablecoin law protecting crypto investors

Japan's parliament has enacted a legislative framework surrounding stablecoins offering a safety net for investors following last month's TerraUSD crash. Japan is one of the first major economies to approve a stablecoin-specific law, even if the legislation comes into effect in a year.

The bill clarifies the definition of stablecoins, which will subsequently be classified as digital money and will be tied to Japan's currency yen, or another legal tender, ensuring that holders can redeem them for their face value.

Under the new law, only licensed banks, registered money transfer agencies, and trust businesses can now issue stablecoins. The bill does not address existing asset-backed or algorithmic stablecoins. Exchanges in Japan do not list stablecoins.

Tron becomes third largest DeFi blockchain

Tron has become the third-largest network in terms of total value locked in decentralized finance (DeFi) protocols this week.  

The recent debut of Tron's algorithmic stablecoin USDD, with high yield returns, is claimed to have ignited this bullish streak. 

With the rise of Tron's TVL, skeptics have questioned the network's stablecoin USDD, pointing out similarities between USDD and Terra's UST. Unlike Tether’s USDT or Circle’s USDC, USDD isn’t backed by deposits and is instead governed by smart contract algorithms.

MoneyGram partners with Stellar, allowing users to trade USDC for fiat 

MoneyGram, a global leader in the advancement of digital P2P payments, has teamed up with the Stellar Foundation to bring the crypto and fiat worlds closer together.

Together, they will launch a service that allows users to send and convert stablecoins into fiat currencies.

Users with Stellar wallets will be able to convert their crypto into Circle's USD Coin (USDC) once the service becomes live and use MoneyGram’s network to withdraw it.

According to the World Bank, remittances in low and middle-income nations might reach $630 billion in 2022. The rapid growth creates a massive opportunity for MoneyGram’s service.

Chipotle adds option to pay with crypto

Chipotle, a popular Mexican fast-food company, is now taking crypto payments at all of its 2,950 locations in the United States, thanks to the digital payment service Flexa.

Flexa currently supports 98 cryptocurrencies including Bitcoin, Ethereum, and seven US dollar-pegged stablecoins. 

In April 2021 to celebrate National Burrito Day, it gave away $100,000 worth of Bitcoin along with free burritos and claimed it was the first U.S. restaurant brand to offer a crypto giveaway. 

Other fast-food chains have also shown interest in using cryptocurrency and the Metaverse to promote their brands. Burger King partnered with trading platform Robinhood in November 2021 to give away free Dogecoin, Bitcoin, and Ethereum with meal purchases.

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Disclaimer: This article was authored by Giottus Crypto Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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