Mastercard Launches Crypto Debit Cards in Europe - Japan’s major banks back new stablecoin project for global trade
Top Crypto Market Headlines: ?
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by?Chadi El Adnani, Head of Research
Weekly Insights Report:
Stocks ended their worst week in 18 months on Friday with another day of sharp losses, driven by economic uncertainty and a significant drop in the semiconductor sector. U.S. jobs growth rebounded to 142,000 in August, according to Friday’s nonfarm payrolls report, though it fell short of Wall Street’s expectations of 160,000. Steep downward revisions to the June and July figures further highlighted a weaker labor market. Despite the lackluster jobs report, the broader market reaction was more negative than the data alone would suggest, as Wall Street posted its worst weekly performance since March 2023. ?
Bitcoin and cryptocurrency prices also tumbled on Friday, reversing a brief rally following the release of the jobs data. Bitcoin initially spiked to nearly $57,000 early in the day but fell back to ~$53,300, hitting its lowest level since early August. Ethereum dropped 6%, wiping out its gains for the year as the broader crypto market struggled. ?
Japan’s top three banks—MUFG, SMBC, and Mizuho—are preparing to test a cross-border stablecoin transfer platform called "Project Pax." The pilot, which includes crypto firms like Progmat, Datachain, and TOKI, aims to facilitate faster international settlements for businesses using blockchain technology. The platform will use stablecoins issued via Progmat and rely on SWIFT’s API framework for compliance and transaction instructions. The project plans to commercialize by 2025, offering stablecoins denominated in JPY, USD, and EUR for both domestic and global use. ?
Mastercard has partnered with Mercuryo to launch a crypto Euro debit card, allowing users to spend crypto directly from their self-custody wallets at over 100 million merchants. This development integrates cryptocurrency into everyday transactions, enhancing user control over funds and advancing Mastercard’s initiative to incorporate digital assets into the mainstream economy. ?
Qatar, through the Qatar Financial Centre, has introduced a new regulatory framework for digital assets aimed at fostering innovation and efficiency within the financial sector. This framework includes guidelines on tokenization, custody, and legal recognition of smart contracts and property rights in tokens, as part of the country’s broader efforts to stimulate economic growth and attract foreign investment. ?
The FBI has issued a Public Service Announcement warning that North Korean hackers are targeting U.S. crypto ETFs. In recent months, hackers have employed sophisticated social engineering tactics to exploit employees in the crypto industry, using methods such as impersonation, personalized scenarios, and fake job offers in their attempts to steal company funds. ?
On a weekly basis, Bitcoin is down by 4.2%, while Ethereum has dropped 5.2%.
Token of The Week:?Near Protocol (NEAR)
NEAR is currently ranked 20th in terms of market capitalization, with a valuation of $4.3 billion. The token has increased by about 7% in 2024, a performance similar to ETH and significantly better than other major altcoins such as DOT (-50%), MATIC (-59%) or ADA (-44%). ? Like many other tokens, NEAR's daily volumes have largely decreased compared to March. They currently stand at around $100 million on average. The average market depth levels at 50 basis points are also very high. NEAR therefore displays significant liquidity levels on centralized exchanges. On the DeFi side, the Total Value Locked (TVL) on NEAR Protocol has doubled in 2024, going from about $100 million to $200 million [...] ?
Read the full analysis here:?https://en.thebigwhale.io/article-en/near-protocol-near-analysis-of-the-chain-abstraction-champion ?
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? ? ? ? ? ??? ? 500+ projects/companies/DAOs/funds.. listed!
A total of 4 high-level categories: Blockchain Infrastructure; Blockchain Applications; Digital Currencies & On-chain Assets; Institutional "TradFi-like" Services, divided into sub-categories (e.g., Blockchain Infrastructure > Blockchain Services) and further down into sub-sub-categories (e.g., Blockchain Applications > DeFi > Decentralized Exchanges) ?
Download the full 28 pages mapping here:?https://sunzulab.com/publicationstype/the-complete-web3-ecosystem-mapping/
The Week Ahead: ?
Tuesday September 10 2024
Wednesday September 11 2024
Thursday September 12 2024
Friday September 13 2024
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