Skip to main content

Enterprises should seek partners and solutions during the crypto winter: Paxos report

“We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Clara Medalie said.

Blockchain infrastructure provider Paxos has recently published a report, that aims at helping the community look beyond the crypto winter and understand how to respond to the current market conditions. 

Inside the 20 pages of the Paxos Crypto Winter Report 2023, the infrastructure provider identified several key opportunities for projects during the crypto winter. This includes seeking solutions and finding potential partnerships for their projects.

Within the report, Clara Medalie, the director of research at the digital asset data provider Kaiko, said that solutions like stablecoins remain one of the crypto use cases that have "consistently proven itself over time.” Medalie said that stablecoins have been very useful for the entire industry.

Total value settled with stablecoins by year. Source: Paxos Report

Despite being one of the use cases that proved itself, stablecoins still have room for improvement. “We need more transparency over the reserves of these stablecoins, which I think we’re going to see,” Medalie added. 

Apart from solutions like stablecoins, the report also highlighted that those who view the crypto winter as a "season for bridge-building" will come out ahead of the others. According to the report, it’s important to partner with those who are building businesses that implement technologies that aim to meet the “real-world needs of the financial sector.”

Related: Paxos set to withdraw from Canada amid regulatory uncertainty

Meanwhile, the United States regulating stablecoins may be a necessary step to keep the dollar strong according to Denelle Dixon, the CEO and executive director of the Stellar Development Foundation. Dixon recently said that if they want a strong dollar globally, a USD stablecoin is the "way to see that happen."

On the other hand, the Bank of International Settlements (BIS) recently said in a working paper that stablecoins are a less preferable form of tokenized money. The report likened stablecoins to bearer instruments which were prevalent during the era of "free banking" in the United States.

Magazine: Get your money back: The weird world of crypto litigation

Comments

Post a Comment

Popular posts from this blog

BNP Paribas teams up with Bank of China to promote digital yuan usage

The partnership will enable BNP Paribas China's corporate clients to make payments using the digital yuan through an e-CNY management system. The French bank BNP Paribas is collaborating with the Bank of China (BOC) to promote China's digital currency, the digital yuan, to its corporate clients, the South China Morning Post reported.  The partnership will enable BNP Paribas China's corporate clients to connect with the BOC system, allowing users to manage their digital yuan wallets by linking them to their bank accounts, track transactions, and make payments using China's digital currency via an e-CNY management system. The e-CNY management system also promises to make it easier and more convenient for clients to use digital cash for real-time transactions. The e-CNY management system can facilitate “efficient, real-time and convenient [digital cash] practice,” BNP shared, according to The South China Morning Post.  BNP Paribas China also plans to explore the use
Read more

5 New Countries To Join BRICS Alliance in August

Image
The next BRICS summit will be held in South Africa in August and the bloc of five nations will decide on expanding the alliance. It is reported that the BRICS expansion could occur in August making the alliance rebrand itself as BRICS+. Among the 25 countries that have applied to join the BRICS alliance, five could be allowed entry into the bloc. Their entry into the group is almost certain and the announcement of the expansion could be made at the summit. Also Read: BRICS: Saudi Arabia, Iran & Brazil Pay in Chinese Yuan, Ditch U.S. Dollar BRICS is an acronym for Brazil, Russia, India, China, and South Africa. The group is looking to take on the U.S. dollar by launching a new currency for global trade. BRICS: 5 New Countries To Join the Alliance in August Source: pakistantoday.com.pk Out of the 25 countries that formally sent their applications to join BRICS, only five could be inducted in August. The five countries likely to join the BRICS alliance are Saudi Arabia, the United Ara
Read more

VeChain Working With United Nations in Sustainability Campaign

Image
VeChain is launching a new sustainability campaign with the United Nations aiming towards the promotion of sustainability through the AWorld campaign. “We’ve just launched our Challenge Tournament in the AWorld app, the official platform in support of the United Nations ACTNOW sustainability campaign! We have some epic prizes for our eco-champions – are you ready to play?” the project tweeted. Source: Zipmex AWorld is the UN’s official platform supporting the ACTNOW campaign. The VeChain sustainability campaign pushing for individual actions on climate change and sustainability. Its partners include the University of Cambridge, the European Commission, BlackRock, Prada, and now, VeChain Also Read: VeChain : VET Secures Key US Patent For Blockchain Transactions The VeChain Blockchain network will reward participants for daily sustainability actions as part of the initiative. According to VeChain , all participants will receive an exclusive NFT, with one lucky winner rece
Read more