The Digital Currency War Heats Up With A New Proposed Pan-Asian Stablecoin
Plus big growth in open interest in BTC options
Happy Thursday, Blockfolians
As questions grow about whether the dollar should remain the world’s global reserve currency, China continues to power up innovations around digital currency.
The latest concept is for a new stablecoin that is functionally backed by an SDR (special drawing rights) basket of collateral including the Japanese yen, Korean won, Hong Kong dollar and the Chinese yuan.
According to CoinDesk, the idea was proposed in the Chinese People’s Political Consultative Conference (PCC), an advisory house that does not have the influence of the National People’s Congress (NPC).
Still, that this idea is being proposed reflects a world that appears to be moving to an increasingly multipolar, multi-currency model.
Enjoying Blockfolio’s Market Refresh? Sign up to have it delivered every day.
Highly Relevant Reading
Binance acquires Travala.com to create a blockchain-based booking agency
ADAM, a cryptocurrency trade group, has hired a former hedge fund legal expert as its first chief executive
One US lawmaker has proposed a legislative groundwork for a new national blockchain strategy
Genesis trading acquires a crypto custodian in a bid to become crypto’s first primer broker. When The Block’s Frank Chaparro asked “will they have the balance sheet to execute?” here was the response:
Electric Capital’s Avichal Garg shared the firms recent investor letter, discussing among other topics a growing confidence in bitcoin as a store of value
Udi Werheimer and Vitalik Buterin take Twitter’s new “control who replies” tools out for a spin. Pretty interesting, actually.
A Really Big Number We Should Be Paying Attention To
That’s the increase in open interest in CME bitcoin options this month.
Is Eric Weinstein a pre-coiner?