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
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