💸 - Kyrgyzstan is set to launch a gold-backed stablecoin ! - 06/05/2025
But also : The Blockchain Association urges the SEC to relax its crypto regulations, Tether unveils its decentralized AI project, and the Nomad Bridge hacker is arrested in Israel
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Welcome to your daily two-minute briefing on the latest developments in the Web3 space.
🔥 TODAY'S HOT NEWS
Kyrgyzstan to launch gold-backed dollar stablecoin
At a time when gold is flirting with historic highs, Kyrgyzstan is preparing to capitalize on its safe-haven status by launching a stablecoin backed by the precious metal: the USDKG. Scheduled for Q3 2025, this stablecoin will be pegged to the US dollar and backed by $500 million in physical gold held by the country's Ministry of Finance.
The project is not intended for speculation, but rather to bring about a concrete transformation of the country's financial infrastructure. The USDKG will facilitate cross-border transfers, which are particularly essential for an economy dependent on remittances. Ultimately, reserves could reach $2 billion, with independent audits to ensure transparency and trust.
Designed to be redeemable 1:1 for dollars, physical gold or other cryptocurrencies, this stablecoin differs from gold-backed tokens such as PAXG or XAUT in that it does not directly track the price of the metal. It is part of a strategic move to use blockchain to modernize trade and secure value.
With this initiative, Kyrgyzstan joins a still small group of countries exploring hybrid monetary solutions. By leveraging the stability of gold and the flexibility of digital assets, the USDKG could establish itself as an innovative lever for regional economic sovereignty.
💎 MARKETCAP
🟠 BITCOIN : 94 130 $ 📉
🔵 ETHER : 1 800 $ 📉
🟢 FEAR & GREED : 50 📉
Blockchain Association calls on SEC to relax crypto regulations
In a letter addressed to the SEC, the Blockchain Association calls for a “flexible and progressive” approach. It criticizes the rigid vision of the Gensler era and encourages the Atkins team to better support innovation in the sector.
Tether unveils its decentralized AI project
Tether has announced the upcoming launch of tether.ai, an open-source, modular, peer-to-peer AI. The technology promises to integrate USDT and Bitcoin payments.
Nomad Bridge hacker arrested in Israel
Alexander Gurevich, wanted for the $190 million hack linked to Nomad, was arrested on May 1 at Ben Gurion Airport while attempting to flee to Russia. Extradited to the US, he faces up to 20 years in prison for fraud and money laundering.
Towards a freer App Store for crypto apps ?
A court ruling has forced Apple to allow external payments, freeing developers from the App Store's stifling commissions. This breakthrough could accelerate the integration of cryptocurrencies and micropayments on mobile devices.
🗳️ QUESTION OF THE WEEK
While the transparency of blockchains is often presented as a major advantage, some users prefer total privacy through cryptocurrencies such as Monero or Zcash.
VanEck files for a spot ETF on BNB
VanEck has become the first asset manager to file an S-1 form with the SEC for a spot ETF on BNB. This fund would potentially offer income from staking BNB, the fourth largest cryptocurrency by market cap.
eToro aims for a $4 billion valuation for its IPO on Nasdaq
The eToro platform plans to raise $500 million through an IPO in the US, with a share price between $46 and $50. It is aiming for a valuation of $4 billion and plans to trade under the symbol “ETOR.”
Canary Capital's Litecoin ETF postponed by the SEC
The SEC has decided to delay its decision on the Litecoin ETF proposed by Canary Capital, a standard step for this type of application. This postponement comes amid a massive influx of altcoin ETF applications.
Strategy continues its Bitcoin offensive
Strategy has acquired another 1,895 BTC for $180 million, bringing its total holdings to 555,500 BTC. Despite a quarterly loss of $5.9 billion, it plans to raise an additional $84 billion through equity and debt to ramp up its purchases.
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