Crypto abstract: Myanmar takes over Tether, TRON founder resigns, Rarible integrates into Tezos

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A lot has happened on the crypto market in the past week, although the two largest cryptos by market capitalization, Bitcoin and Ethereum, have not experienced any significant price fluctuations. With the announcement that it will introduce tether not only as legal tender but also as official currency, Myanmar’s shadow government is claiming back part of its lost power.

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Banks continue to enroll in blockchain technology in a variety of ways as the U.S. Senate grapples with infrastructure law.

Altcoins

Solana had additional problems with the network slowing down and having trouble processing transactions for hours. The reason was the noise about the token sale of the SolChicks on Raydium. In Ukraine, Bitt and Tascombank, two major financial institutions, are launching a pilot program on the feasibility and functionality of an electronic currency on the Stellar blockchain.

Finances

Bank of America praises Avalanche’s subnet functionality and describes it as the driving force behind the large number of projects supported by the platform. Wells Fargo and HSBC have announced that they will use a blockchain platform for some of their foreign exchange transactions. This is necessary to reduce the costs and risks of handling foreign exchange transactions.

Mastercard and Consensys have partnered to bring ConsenSys rollups to market. This will equip large financial firms with enterprise-class scalability.

Polygon Launches $ 200 Million Web 3.0 Initiative

Polygon has teamed up with Reddit co-founder Alexis Ohanian’s VC firm Seven Seven Six to launch a $ 200 million initiative. It supports projects at the interface between Web 3.0 and social media.

Justin Sun resigns from TRON. back

The founder of the TRON Foundation, Justin Sun, is stepping down, he announced in a letter published on the TRON website. He will devote himself to other projects, including as WTO Ambassador for Grenada. Sun also announced that TRON would be liquidated next year.

Politics: stablecoin regulation and more

Federal Reserve Chairman Jerome Powell recognized the need to regulate stablecoins to protect US investors. Otherwise, he stated that cryptocurrencies are not a major risk to the financial stability of the US markets.

The definition of “broker”, which caused much controversy in the Infrastructure Act, is still a very controversial point. Six senators from both parties sent a letter to the Treasury Department asking them to clarify this definition.

The National Unity Government (NUG) of Myanmar, the shadow government, introduced the stablecoin tether as legal tender to fund efforts to overthrow the current military regime.

NFTs

Shopify has partnered with GigLabs to integrate NFTs into its retail platform. Rarible and Tezos have successfully integrated. This makes Tezos the third blockchain to support the NFT platform alongside Ethereum and Flow.


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