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UAE Ministry of Economy Launches Headquarters in the Metaverse

Daily Market Wrap

  • Crypto market cap: 911.28 Billion, down 0.51%

  • BTC price stands at USD 19,352, up 3.34%

  • ETH price stands at USD 1,322, up 3.14%

  • Top gainer: Helium (HNT), up 9.49%

  • Top loser: Quant (QNT), down 5.80%

News of the Day

Why it matters:

  • United Arab Emirates (UAE) Ministry of Economy has announced a third address, located within the metaverse and encourage visitors to visit and interact with a “customer happiness employee”

  • UAE Minister of Economy Abdulla bin Touq Al Marri gave a virtual tour of the new headquarters during the Dubai Metaverse Assembly and emphasised that “this is not a proof of concept”

  • Following Dubai’s government’s Metaverse adoption strategy announced in July, visitors can now sign legally binding documents through the virtual headquarters, eliminating the need to travel to physical centres.

Crypto Daily Spotlight

Brief introduction: USDC is a stablecoin that is pegged to the U.S. dollar. USDC was first issued on the Ethereum blockchain as an ERC-20 token but has expanded to others, such as the Solana, Flow and Stellar blockchain. USDC’s peg mechanism to the dollar uses a 100% collateralization approach in which every 1 USDC token in circulation has $1 that is held in collateral.

Why it matters:

  • Circle, currently the second largest stablecoin issuer, has announced plans to strengthen their market position by launching a transfer protocol, as more and more defi platforms launch their own stablecoins

  • The company issued a statement announcing the circulation of USDC on Polkadot Arbitrum One, NEAR and Optimism chains, and future plans to enter to Cosmos ecosystem in 2023

  • Circle’s Vice President of Product, Joao Reginatto says, “Extending multi-chain support for USDC opens the door for institutions, exchanges, developers and more to innovate and have easier access to a trusted and stable digital dollar”

Daily Sector Tracker

Daily News Roundup

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  3. Someone Just Paid $4.5M for a CryptoPunks Ethereum NFT Despite Bear Market

  4. Non-euro Stablecoin Transaction Cap Revived in MiCA

  5. Jack Dorsey’s TBD Teams Up With Circle to Take US Dollar Stablecoin Savings and Remittances Global

About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021.

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