2021-10-07-Digest

Read in the Digest

  • MoneyGram Partners with Stellar, Launches USDC Settlement
  • FDIC Is Studying Stablecoins, DOJ Launches National Crypto Enforcement Team
  • NFT Platform Sorare Partners with Bundesliga
  • Meme Token Shiba Dazzles, Reasons for Explosive Growth and Resistance

MoneyGram Partners with Stellar, Launches USDC Settlement

As the prominence of crypto rises, the race for full crypto integration continues, with PayPal at the forefront. Hopping on the bandwagon, MoneyGram has also integrated support for crypto wallets on its networks.

The integration is thanks to a partnership with Stellar Network, allowing the cross-border p2p platform to access its global retail platform. The other part of the partnership is with stablecoin, USDC.

The international remittance service provider now supports cheap, near-instant USDC settlements on the Stellar blockchain. In addition, MoneyGram customers can fund and withdraw from their accounts using the USDC stablecoin at physical branches.

MoneyGram also revealed that the United Texas Bank will act as the settlement bank, working within the regulatory framework. Following the announcement, Stellar (XLM) spiked more than 12%, while the stablecoin USDC remained stable.

Flipsider:

  • While the use of USDC increases, the securities and exchange commission (SEC) has sent a subpoena to Circle, the major backers of the stablecoin

Why You Should Care

The increasing integration of crypto into established global financial service providers will help make crypto more accessible whilst fostering global adoption.

FDIC Is Studying Stablecoins, DOJ Launches National Crypto Enforcement Team

As crypto regulation intensifies, a key U.S. banking regulator, the Federal Deposit Insurance Corp (FDIC), is reportedly studying deposit insurance for stablecoins and whether they are eligible for coverage. FDIC specializes in maintaining public confidence in the nation’s financial system.

Sources reported that the FDIC is analyzing the pass-through FDIC insurance for the stablecoin issuers’ reserves at banks. The coverage could insure holders of stablecoins of up to $250,000 if their issuers fail. However, insider reports suggest that the discussion is still in its early stages.

The U.S. Department of Justice has joined the regulatory trend, unveiling two new enforcement initiatives targeting the crypto space and government contractors who fail to report cyber breaches.

On Wednesday, October 7, U.S. Deputy Attorney General Lisa Monaco announced the launch of the National Cryptocurrency Enforcement Team. Combining anti-money laundering and cybersecurity experts, the enforcement team will look to “strengthen” the DOJ’s ability to disable financial markets that allow cybercriminals to “flourish.”

Flipsider:

Why You Should Care

The increasing push for crypto regulation should help in curbing the growing trend of fraud and scams dominating the crypto space.

NFT Platform Sorare Signs Partnership with Bundesliga

The NFT mania has cut deep into the heart of sports, especially football. As a result, we have seen numerous clubs launch fan tokens, including Paris Saint-Germain and others, and enter branding partnerships with NFT platforms.

The Germain premier sports division, Bundesliga, has taken up the initiative, signing an NFT partnership with Sorare, a blockchain-based fantasy football platform. Effective on October 6, Sorare is now an official partner of Bundesliga and Bundesliga 2.

The partnership will last until at least the 2022-23 season. According to the announcement, Sorare will create digital player items that will be played in the fantasy football game, and like NFTs, they can be collected, exchanged, and traded on the Sorare platform.

As part of the partnership, in 2022, Sorare will publish NFT-based videos from Bundesliga and Bundesliga 2. These videos, known as “Moments,” will be collected by fans and can be played in the fantasy football game.

Flipsider:

  • The euphoria surrounding the emergence of NFTs and digital arts has been tagged a bubble, with regulators looking at how best to handle them

Why You Should Care

Sorare is steadily gaining ground in the NFT world. Last month, the fantasy football platform announced a partnership with the premier sports division, the Spanish La Liga.

Meme Token Shiba Dazzles: Reasons for Explosive Growth and Resistance

Meme token and Dogecoin competitor Shiba Inu (SHIB) has been among the most talked-about coins in recent times, thanks to its recent gains. Over the last 24 hours, SHIB has gained almost 40%, making it the top performer.

Over the last five days, SHIB has gained an astonishing 284%. As a result, SHIB now trades at $0.000003459. The meme coin is now ranked as the 17th largest crypto, with a market cap of $12 billion.

The five-day price chart of Shiba Inu (SHIB). Source: Tradingview

Famous for backing the original meme coin, Dogecoin (DOGE), Tesla CEO Elon Musk is also behind the skyrocketing prices of SHIB. After Musk tweeted a picture of his puppy, Floki (a pet Shiba Inu he bought in September), SHIB, named after the Shiba Inu breed of Japanese hunting dog, began to spike.

Flipsider:

  • While Shiba Inu (SHIB) continues to spike, the coin could meet a stiff resistance at $0.000035 levels, just below its ATH of $0.0000388 recorded in May.

Why You Should Care

Shiba refers to itself as a “Dogecoin killer.” It has gone from almost unknown to one of the most popular cryptos thanks to help from Elon Musk.

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