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Argentinians Flock to U.S. Dollar-Pegged Stablecoins Amid Economy Minister’s Resignation

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News of the Day


Argentinians flocked to U.S. Dollar-pegged stablecoins over the weekend.


Why it matters:

  • Argentina saw the price of dollar-pegged stablecoins rise across exchanges on Saturday after the shocked resignation of its Economy Minister

  • Argentina has long been struggling with rising inflation and the continued decline of the peso (local currency) against the U.S. dollar

  • Argentineans have been billing using crypto as a means to hedge against the country’s inflation


Crypto Daily Spotlight


Cardano successfully implements upgrade on its testnet ahead of its mainnet Vasil upgrade.


Brief introduction: Cardano is a public blockchain platform. It is open-source and decentralised, with consensus achieved using proof of stake. The Cardano blockchain can be used to build smart contracts, and in turn, create decentralised applications and protocols.


Why it matters:

  • On July 3, Cardano (ADA) successfully conducted a hard fork of its testnet ahead of the upcoming Vasil upgrade

  • The Vasil hard fork is one of the primary features of Cardano’s Basho phase, which is the fourth in a series of five of the network’s building eras

  • The previous three were the foundation (Byron), decentralisation (Shelley), and smart contracts (Goguen) phases, while the Basho phase aims to improve Cardano’s scalability


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