
Decentralizing stability: An examination of crypto supply models and stablecoins
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Meanwhile, a Senate hearing on stablecoins did little to lend regulatory clarity to the industry in the United States.
As 2021 nears its conclusion, the blockchain and cryptocurrency world isn’t taking any time off. After former first lady of the United States Melania Trump announced her own nonfungible token platform, both Solana Labs and MoonPay made efforts to distance themselves from the project. Meanwhile, Time Magazine’s Person of the Year, Elon Musk, announced that Tesla will accept DOGE for merchandise purchases.
Here’s everything you need to know about these stories, and more, in this week’s edition of OKX Insights’ News of the Week.
Melania Trump is launching a Solana-based nonfungible token platform apparently powered by Parler, a controversial social media platform with strong right-wing political tendencies. The former first lady announced on Twitter that some of the proceeds will be donated to children aging out of foster care.
On Tuesday, the United States Senate heard testimony from various industry leaders on stablecoins — though few substantive conclusions were made. Primarily, legislators were widely unanimous in their assertions that new reporting requirements must be implemented to prove the assets’ backings. However, the utility of stablecoins was widely debated among the lawmakers.
Elon Musk announced this week via tweet that Tesla will allow merchandise to be purchased with DOGE. The electric car manufacturer previously added BTC to its balance sheet before walking back its apparent endorsement for the market-leading cryptocurrency, citing environmental concerns.
Nike has acquired NFT studio RTFKT after the start-up raised its valuation to $33.3 million following its latest $8 million fundraise. The sports company’s president and CEO, John Donahoe, stated in a press release: “This acquisition is another step that accelerates Nike’s digital transformation and allows us to serve athletes and creators at the intersection of sport, creativity, gaming and culture.”
90% of all BTC has been mined, per a milestone that took place this week when block 714,032 was added to the Bitcoin blockchain.
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