In this edition, we look at the key events that have taken place in the cryptocurrency world over the past week, including new regulatory initiatives and current market trends.
Changes in Stablecoin Regulation
The U.S. Securities and Exchange Commission (SEC) has issued new interim guidance allowing certain U.S. dollar-backed stablecoins to be classified as cash equivalents. This statement, made on August 5, applies to stablecoins that are fully backed by cash or short-term Treasuries, maintaining a strict dollar peg and guaranteed redemption rights.
Global Initiatives and Regulatory Measures
On the global stage, Qatar is calling for international cooperation on asset tokenization, highlighting its potential to enhance transparency and encourage economic growth. Meanwhile, China is preparing to launch its first stablecoins via Hong Kong to reduce reliance on the U.S. dollar. Indonesia and South Korea are also actively developing their crypto initiatives with the launch of new stablecoins.
Market Trends
Significant changes are being observed in the market: the share of workers receiving salaries in cryptocurrency has tripled year-over-year, with USDC emerging as the dominant payroll token. Among cryptocurrencies, MYX Finance and Imagen Network showed the largest gains this week, while Graphite Protocol and Vine became the biggest losers.
Recent events in the cryptocurrency space demonstrate the ongoing development of regulatory initiatives and the growing interest in cryptocurrencies from countries worldwide. This indicates the continuing evolution of the crypto industry and its integration into the global economy.
