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Stablecoins, Tokenization and Caroline Ellison Headline This Week in Web3
- Stablecoins, tokenization, and regulatory scandals dominated the Web3 industry this week.
- Stablecoins have emerged as a critical component in the financial ecosystem, offering a bridge between traditional financial world and blockchain payments.
- Many major companies, including PayPal, have been using stablecoins to offer products and services.
- MEME coins, the crypto space’s volatile alter ego of stablecoins, have been surging due to the federal reserve’s interest rate cut.
- Fiat-cryptocurrency payment gateway Alchemy Pay’s Virtual Card now supports Google Pay. This gateway will allow users to make more quicker and secure payments for everyday transactions.
- At the same time, Visa and Singapore-based digital payment solutions provider dtcpay have also formed a partnership to make digital payments.
- The PYMNTS Intelligence report “Shopping With Cryptocurrency: Tech-Driven Consumers Drive Market Acceptance” shows that tech-driven consumers are the most common users of cryptocurrency for everyday transactions.
- Meanwhile, the broader digital asset landscape is struggling to cope up with increased regulatory scrutiny after the collapse of FTX.
- Caroline Ellison, Alameda chief executive and former girlfriend of FTX founder and criminal conman Sam Bankman-Fried, was given a two-year prison sentence for her role in the collapse of FTX crypto exchange.
- Meanwhile, Coinbase Global aims to force the SEC to create new rules for digital assets as the current regulations are not compatible with cryptocurrencies.
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