Seeds of Wisdom RV and Economics Updates Monday Afternoon 7-1-2

July 1, 2024 DINARRECAPS8

Good Evening Dinar Recaps,

"Stripe and Coinbase have partnered to expand the global adoption of cryptocurrency and provide faster, cheaper financial infrastructure."

"This collaboration aims to serve businesses and people around the world, Coinbase said in a Thursday (June 27) blog post."

"With this partnership, Stripe will add USDC on Base to its crypto payouts product, according to the post. This will enable Stripe platforms to make “faster, cheaper” money transfers to more than 150 countries."

"In addition, Stripe will add USDC on Base to its fiat-to-crypto onramp, allowing customers in the U.S. to make faster fiat-to-crypto conversions, the post said."

"In a third key integration that’s part of this collaboration, Coinbase will add Stripe’s fiat-to-crypto onramp to Coinbase Wallet. This integration will enable instant purchase of crypto with credit cards and Apple Pay, per the post."

Read more: PYMNTS

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Circle Snags First Stablecoin License Under EU's New MiCA Crypto Rules

Circle Mint France will issue the euro-denominated EURC stablecoin and USDC in the European Union in compliance with MiCA.

Circle is claiming bragging rights as the first global stablecoin issuer to comply with MiCA.

Before the rules took effect on June 30, some exchanges delisted euro-denominated stablecoins, such as Tether’s EURT.

Circle became the first global stablecoin issuer to secure an Electronic Money Institution (EMI) license, a prerequisite to offering dollar- and euro-pegged crypto tokens in the European Union (EU) under the Markets in Crypto Assets (MiCA) regulatory framework.

Read more: CoinDesk

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U.S. Marshals Service Announces Partnership With Coinbase To Manage and Dispose Cryptocurrencies

The US government has announced it is using American crypto exchange Coinbase to custody its digital assets.

The U.S. Marshals Service (USMS), a sub-tier of the Department of Justice (DOJ), has revealed that it is custodying digital assets with Coinbase as part of its program to manage and dispose of large amounts of “Class 1” cryptocurrencies.

“The U.S. Marshals Service (USMS) Department of Justice (DOJ), on behalf of the Asset Forfeiture Division (AFD) has a requirement for managing and disposing of large quantities of popular cryptocurrency assets, known as Class 1 cryptocurrencies. This will require the use of multiple, industry leading, storage and liquidation techniques employed in a manner that is professional, lawful, and consistent with Department and USMS policy.

This contract will also streamline custody, management, and disposal processes for cryptocurrency assets while allowing for the diversification of the type of cryptocurrency assets that can be managed and disposed of under the Government’s forfeiture programs.”

In a blog post, Coinbase says it has a “longstanding history” of working with government agencies.

“Coinbase has a longstanding history of supporting law enforcement agencies, dating back to the founding of our law enforcement program in 2014. Today, Coinbase works with every major U.S. federal, state, and local law enforcement agency, as well as international agencies on every continent.

Read More: Daily Hodl

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DE-DOLLARIZATION

Is Saudi Arabia pulling back from the dollar for oil trade? It appears SA is looking to diversify its oil trade.

"American economic dominance is no longer as stark, with its share of world GDP falling from 40% to 25% since 1960. Moreover, US dependence on Saudi oil has slid considerably, given a historic explosion in US domestic production."

"For instance, Saudi Arabia is among potential BRICS candidates, an economic bloc that has become one of the leading voices against the dollar. It's also linked with China to help establish mBridge, a cross-border payments system that uses central bank digital currencies."

Read more: Markets Business Insider

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WILL CBDC's TURN US INTO A CASHLESS SOCIETY?

"Digital economies require digital currencies."
"Personal, government and business payments shifted away from mainly cash to online and digital payments, embraced FinTech (eg, for financial market transactions, lending, wealth management), with tech companies such as Apple and Alibaba disintermediating banks."

"Retail, wholesale, cross-border and financial payment systems now enable e-commerce and digital finance including digital assets and cryptocurrencies such as Bitcoin and Ethereum. Data suggests there is substantial appetite for cryptocurrencies in the Middle East and North Africa: the region had the sixth largest crypto economy globally, with an estimated $389.8 billion in on-chain value received, in the year ending June 2023 (about 7.2 percent of global transaction volumes)."

"Saudi Arabia reported the highest growth globally in the volume of cryptocurrency transactions during this period."