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The Office of the Comptroller of the Currency Suggests Stablecoins Need Standard-Setting Effort

Daily Market Wrap

  • Crypto market cap: 1.81 trillion, up 1.87%

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  • Top gainer: STEPN (GMT), up 22.85%

  • Top loser: Oasis Network (ROSE), down 3.50%

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Why it matters:

  • Michael Hsu, acting chief of the OCC, advocates a new standard-setting effort for stablecoins

  • He believes a standard-setting initiative will be similar to setting up common web practices in the early days of the internet

  • This is not the first time for Hsu to question the long-term value of cryptocurrency and to publicly say that Web3 is a flawed concept

Crypto daily spotlight

Brief introduction: Optimism is the first Ethereum Layer-2 to develop an Ethereum Virtual Machine (EVM) compatible Optimistic Rollup solution. It relies on a fraud-proof mechanism to ensure the legitimacy of the transactions. Optimism sits in parallel with Ethereum blockchain, therefore, unlike sidechains such as Ronin, rollups like Optimism are able to inherit their security from the Ethereum mainnet.

Why it matters:

  • The Optimism team has announced that there will be a series of airdrops (5% of the total supply) for loyal supporters

  • Around 250,000 addresses are eligible for this airdrop event. Optimism team also said a “season of airdrops” is coming up with plenty of room for users to join

  • The team revealed this $OP token airdrop as part of a larger move toward a decentralized governance structure known as the Optimism Collective

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