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Stablecoin-Related Services and Regulations Are Growing Worldwide

Oman Backs Crypto Mining

Crusoe Energy, a firm based in the United States specializing in mining Bitcoin with excess natural gas, plans to set up generators and mining hardware in Muscat and Oman as part of the Middle East’s efforts to cut emissions.

Crusoe, which claims to help fossil-fuel companies avoid flaring by using trapped natural gas to power cryptocurrency mining instead, has received funding from the Sultanate of Oman’s sovereign wealth fund. The MENA region makes up for 38% of the globe’s surplus natural gas from oil wells.

Crusoe will open an office in Muscat and Oman to help with the setup of power generators and mining hardware for gas extraction at well locations.

South Korea to Invest 177 Million USD in Metaverse

South Korea has declared that it will begin making direct investments in metaverse-related firms and initiatives, making it one of the first nations to do so.

South Korea’s government stated that the metaverse has immense potential when integrated with current technology. It will invest more than 177 million USD in stimulating national jobs and businesses in this domain.

The investment is part of the country’s new tech focus, which is part of the government’s Digital New Deal, a set of principles to encourage citizens to move to a fully digital society.

Japan Passes Stablecoin Regulation to Protect Crypto Investors

Following last month’s TerraUSD crisis, Japan’s parliament enacted a legislative framework for stablecoins, providing investors with a safety net. Even if the legislation takes effect in a year, Japan is one of the first large economies to pass a stablecoin-specific law.

The measure specifies the definition of stablecoins, which will be classified as digital money and linked to the yen or another legal tender in Japan, assuring that holders can reclaim them for their face value.

Only licensed banks registered money transfer providers, and trust organizations can now issue stablecoins under the new regulation. Existing asset-backed or algorithmic stablecoins are not addressed by the bill. Stablecoins are not listed on any Japanese exchanges.

Tron is Now Third-Largest DeFi Blockchain

This week, Tron became the third-largest network by total value locked in DeFi, decentralized finance protocols.

This bullish streak is said to have been sparked by the recent launch of Tron’s algorithmic stablecoin USDD, which has high yield returns.

Skeptics have questioned Tron’s USDD stablecoin, pointing out parallels between USDD and Terra’s UST due to the network’s TVL’s increase. USDD, unlike Tether’s USDT and Circle’s USDC, is not backed by deposits and is instead managed by smart contract algorithms.

MoneyGram Join Hands with Stellar, Allowing Users to Trade USDC with Fiat

MoneyGram has partnered with the Stellar Foundation to draw the crypto and fiat spheres closer. MoneyGram is a global leader in the evolution of digital P2P payments.

They’ll partner to establish a service that lets customers transfer and exchange stablecoins into fiat money.

When the service goes live, users with Stellar wallets would be capable of converting their crypto into Circle’s USD Coin (USDC) and withdrawing it using MoneyGram’s network.

As per the World Bank, remittances in low and middle-income nations might reach 630 billion USD in 2022. MoneyGram’s service has a huge possibility due to its rapid expansion.

Chipotle Now Accepts Crypto

Thanks to the digital payment firm Flexa, Chipotle, a prominent Mexican fast-food chain, accepts crypto payments at all of its 2,950 locations across the US.

Flexa supports 98 cryptocurrencies, including Bitcoin, Ethereum, and seven stablecoins tied to the US dollar.

It gave away 100k USD worth of Bitcoin together with free burritos in April 2021 to commemorate National Burrito Day, claiming to be the first US restaurant brand to do so.

Other fast-food restaurants have expressed interest in promoting their brands using cryptocurrencies and the metaverse. In November 2021, Burger King teamed with trading platform Robinhood to offer free Ethereum, Dogecoin, and Bitcoin with meal purchases.