Circle Secures EU Stablecoin Approval: Does USDC Have a Chance to Outrun USDT?

El Salvador continues its "1 BTC a day program" despite recent market downturns. Data from BitInfoCharts confirms this ongoing strategy of the first crypto country of the world. The first crypto country keeps doing phenomenal things. The nation's crypto wallet has been consistently acquiring one Bitcoin daily since March. And there is no sign of stopping that bullish trend. President Nayib Bukele's anounced this politics in November 2022. Bukele then reaffirmed the policy in March 2024. He also said that purchases would continue until Bitcoin "becomes unaffordable with fiat currencies." Basically it means, El Salvador is going to buy Bitcoin until the time when fiat currencies won't matter anymore in the financial world, believe it or not. He also confirmed in February that El Salvador has no plans to sell its BTC reserves. The country has moved a significant portion of its holdings to a cold wallet. Bukele referred to this as El Salvador's "first Bitcoin piggy bank." Reports indicate the nation received Bitcoins from crypto exchange Bitfinex. Additionally, El Salvador has mined 474 BTCs over the past three years. This was achieved using geothermal power from the Tecapa volcano, according to Reuters. The Latin American nation recently proposed banking reforms. These aim to enable banks to conduct operations in both Bitcoin and US dollars. This move signals a deepening integration of cryptocurrency into El Salvador's financial system. No wonder, the country stays faithful to its declared policy of 'buying, buying, buying' regardless of the circumstances. Which kind of reminds us Michael Saylor's bullish sentiments, right? El Salvador's commitment to Bitcoin remains steady despite market fluctuations. The country continues its purchases even as Bitcoin's price has fallen sharply. Bitcoin recently plummeted to around $58,000. This decline followed a high of over $63,000 on July 2. Total liquidations reached $260 million during this period. The cryptocurrency experienced a 3.7% drop in 24 hours. This downturn has also affected various altcoins. El Salvador's persistent Bitcoin strategy reflects its long-term faith in the cryptocurrency. The nation maintains its purchase schedule regardless of short-term market volatility.

Friend.tech has decided to remain on the Base Layer-2 network. This reversal comes just a month after announcing plans to launch its own chain. The decision has negatively impacted the FRIEND token price. It fell to a record low of $0.2973 on Thursday morning. FRIEND is now trading at $0.3557, down 25% from yesterday. This represents a more than 50% drop since June 10. Friend.tech launched in August 2023. It aimed to create a monetized social media network. The platform allows influencers to create "shares" of themselves. These were later renamed "keys" due to regulatory concerns. Interest in the project waned after its initial launch. It saw a resurgence in May 2024 with the announcement of an airdrop and version 2 launch. "$FRIEND was always meant to be a 100% community-controlled token," the team stated on Twitter. They emphasized that users can still access all features on Base. The project has also disabled protocol fees for BunnySwap, its native decentralized exchange. BunnySwap's total value locked has fallen from a peak of $53 million to $10.6 million. Crypto Quant analyst Bradley Park commented on the situation. "FT was originally one of the leading contributors to the Base boom," he told Decrypt. "However, overshadowed by growth of Farcaster, FT announced that it would move to another chain." Park noted that community sentiment has turned negative. Large wallet holders have been exiting their positions, contributing to the price drop.

Bitcoin mining is not that bad for our mother nature, after all. According to a recent study, Big Tech's carbon emissions continue to grow exponentially. This is largely due to the rise of generative artificial intelligence. Amazon alone now produces more carbon dioxide per year than all global Bitcoin mining. Most major U.S. tech firms began disclosing emissions in 2019. And that data is scary. Data shows Big Tech has released more CO2 since 2019 than Bitcoin has since 2014. Bitcoin's exact carbon footprint is difficult to calculate. Researchers lack comprehensive power grid data from all mining countries. However, cost estimates compared to mining activity provide feasible approximations. A United Nations University study found Bitcoin mining consumed 173.42 Terawatt hours of electricity in 2020-2021. This exceeds Pakistan's energy use, a nation of 220 million. Another study estimated Bitcoin mining produced 65.4 megatonnes of CO2 annually as of 2022. This equals Greece's entire carbon footprint. Critics argue Bitcoin's value doesn't justify its climate impact. But how does it compare to tech companies? Amazon self-reported 71.54 million metric tons of CO2 emissions in 2021. This surpasses Bitcoin's estimated 65.4 million metric tons. Google reported 14.3 million tons in 2023. Microsoft reported 15.3 million tons. Combined with Amazon, this exceeds 100 million tons annually. Apple's 15.6 million tons are not included. Direct comparisons between company reports and Bitcoin estimates aren't entirely scientific. However, Big Tech's footprint is clearly larger, even while we don't have exact numbers. And we don't know if we ever will, which is pretty sad. Assuming AI, Bitcoin, and cloud computing data centers have similar power demands, U.S. Big Tech has likely emitted more carbon since 2019 than all Bitcoin mining in history.

Ripple, a leading blockchain payments infrastructure provider, has launched a new "Try It" feature in its Payments API documentation. The tool allows developers to test XRP payments without login or real funds. Like a test drive in a car showroom. The company aims to offer a risk-free way for potential customers to explore Ripple's payment solutions. Developers can access the testing tool on API documentation pages. These include Ripple Payments, Smart Liquidation Service, and Report Service. Ripple stated in a blog post that the feature simulates real requests. It provides instant responses. This helps developers ensure correct integration before live deployment. The "Try It" tool offers real-time testing. Developers see immediate results from API calls. This instant feedback aids troubleshooting and application refinement. Previously, developers needed API credentials to test. This process often caused delays. The new feature eliminates this barrier. Ripple's development team is working to integrate the tool into Ripple Payments Direct API. This integration is expected in the coming weeks. The introduction of "Try It" is a strategic move by Ripple. It aims to drive broader adoption of its payment solutions. Ripple has been active in the crypto economy since 2014. Last month, Ripple reportedly partnered with Apple. They plan to roll out a new payment solution called "Tap to Pay", which is definitely something many of us have dreamt about for a while. It will allow users to send and receive money by placing their phones near each other. Ripple also partnered with Clear Junction, an electronic money institution. This partnership aims to expand cross-border payments between the UK and other European countries. On June 12, Ripple launched a $640 million investment fund. It targets blockchain innovations in Japan and South Korea. The company has hinted at exploring markets outside the United States. This comes amidst ongoing legal battles with US financial regulators.

The Ethereum layer-2 scaling ecosystem is thriving. This is despite recent bearish market sentiment. Ryan Berckmans, an Ethereum community member, made this assertion on social media. Berckmans was responding to criticism from Rushi Manche, founder of Movement Labs. Manche had claimed that "EVM L2s will go to zero." He argued they were inferior to Solana. Berckmans strongly disagreed. He pointed to rapid growth in layer-2 protocols and EVM scaling platforms. "Coinbase made an EVM L2. So did Worldcoin. So did Immutable X," he noted. Layer-2 solutions are increasingly seen as integral to Ethereum, not just for scaling. Berckmans argued they offer better value than alternative layer-1 networks. This is due to Ethereum's "credible neutrality" as a base layer. He also highlighted Ethereum's larger ecosystem. It surpasses competitors in liquidity, mature protocols, and total value locked. Berckmans made a bold prediction about transaction throughput. "In five years, [L2s will surpass Solana] by like 100x," he stated. The analyst sees Ethereum's layer-2 ecosystem as more attractive for corporations and governments. This is due to its security and decentralization properties. He described a "settlement network effect" for Ethereum. As the layer-2 ecosystem grows, it increases benefits and reduces costs of settling on Ethereum. Berckmans concluded by emphasizing the strength of Ethereum's L2 model. "What we're actually seeing is that Ethereum's L2 model is killing it, and EVM is leading the pack by far," he said. Current data supports this optimistic outlook. Total value locked across all L2 protocols stands at $42.86 billion, according to L2beat. This figure has remained steady since March, despite an 18% decline in overall crypto markets. Year-over-year, L2 TVL has surged by approximately 280%. Arbitrum One leads with $17 billion TVL and 40% market share. Coinbase Base and OP Mainnet follow with $7.3 billion and $6.4 billion respectively. L2beat now lists 58 protocols. This is a significant increase from just a handful a year ago. It further underscores the rapid growth of the layer-2 ecosystem.

Bitcoin miners are shifting to other cryptocurrencies amid falling profits, reports CryptoQuant CEO Ki Young Ju. Bitcoin's hashprice has hit an all-time low. This metric indicates expected daily earnings per unit of mining power, which is a fundamental indicator of the overall efficiency of the mining business. The trend is affecting mining companies' strategies. Many are simply forced to slow equipment investments. Some are switching to alternative proof-of-work coins. These moves aim to hedge against market uncertainty. Ju states, "Bitcoin hashprice hit an all-time low. Many mining companies slowed mining rig investments, with some switching to other PoW coins to hedge against market uncertainty." He believes this shift is temporary. Miners are not long-term bearish, in his view. They are waiting for buy-side liquidity to recover. This pattern suggests miner capitulation. Such behavior often precedes Bitcoin bull runs. Bitcoin currently trades at $60,681. Ju also sees signs of an emerging altcoin season. Ethereum's Market Value to Realized Value (MVRV) ratio is rising faster than Bitcoin's. This indicates growing interest in Ethereum relative to its on-chain fundamentals. "We're entering early altcoin season," Ju notes. "ETH MVRV is rising faster than Bitcoin (BTC) MVRV, suggesting ETH market is heating up relative to its on-chain fundamentals." He speculates this could be an Ethereum-focused trend. Current ETF developments may drive this dynamic. Historically, Ethereum price surges often lead to broader altcoin rallies, simply put, ETH is a locomotive for other altcoins to follow, and it quite often happens exactly so. Market participants will be watching closely for potential ripple effects across the cryptocurrency sector. The situation highlights the evolving dynamics in the cryptocurrency mining industry. Miners are adapting to changing market conditions. Their strategies reflect broader trends in profitability and investor sentiment across different blockchain networks.

The Cardano Foundation has released sustainability indicators for its blockchain network to align with Europe's Markets in Crypto-Assets (MiCA) regulation, required for operating in the EU. The release was made in partnership with the Crypto Carbon Ratings Institute (CCRI). The timing is significant. It comes six months before MiCA's second phase implementation for crypto asset providers. The first phase, targeting stablecoins, took effect on June 30, and has already brought some serios troubles to Tether and other issuers. Inability or unwillingness to comply with MiCA results in a ban to operate in EU. MiCA requires crypto asset issuers and service providers to disclose sustainability indicators. The Cardano Foundation and CCRI collaborated to meet this requirement. The result is a comprehensive report on Cardano's sustainability indicators, which turned out to be rather impressive. Cardano indeed uses an energy-efficient consensus protocol that consumes much less energy than Proof-of-Work blockchains like Bitcoin. As of May 2024, Cardano's network energy consumption was 704.91 MWh. This translates to 0.192 W per transaction per second (TPS). The report also discloses Cardano's carbon footprint. The annualized figure is 250.73 tCO2e. The carbon intensity of consumed electricity is 356 gCO2 per kWh. These metrics align with MiCA's draft regulatory technical standards. In many ways, Cardano sets a benchmark for other blockchain networks with this report. Frederik Gregaard, CEO of the Cardano Foundation, commented on the initiative. He said, "There is a growing need to address sustainability in the crypto space." Gregaard believes the CCRI partnership will help Cardano meet MiCA's requirements. Dr. Ulrich Gallersdörfer, CTO and co-founder of CCRI, also weighed in. He stressed the importance of scientific methodologies and real-world data. These are crucial for measuring and managing blockchain networks' environmental impacts. The report sets a precedent in the crypto industry. It demonstrates a proactive approach to regulatory compliance and environmental responsibility.

Robinhood, a major retail trading platform, is exploring the launch of crypto futures in the US and Europe. The company has not set a specific timeline for this potential expansion, but it seems that this teeny tiny revolution is already looming at the horizon. The move follows Robinhood's recent acquisition of Bitstamp, a cryptocurrency exchange. With that purchase Robinhood immediately became quite a prominent player in the crypto industry. Johann Kerbrat, Robinhood's general manager of crypto, commented on the acquisition. He emphasized Bitstamp's resilience and strong reputation among investors. The acquisition also aims to bolster Robinhood's international expansion. But what's even more important, the move also seeks to attract institutional customers to the platform. Though institutional trade might have questionable consequences for Robingood in the light of some recent events. In May, Robinhood received a Wells Notice from the SEC. This warning indicates potential legal action against the company. Dan Gallagher, Robinhood's chief legal officer, responded to the notice. He asserted that the assets on their platform are not securities, and as such shouldn't be in sight of SEC. Gallagher stated, "We firmly believe that the assets listed on our platform are not securities." Robinhood, founded in 2013, has become a prominent player in retail investing. It gained popularity for its commission-free trades and user-friendly mobile app. Millions of users come to the platform to buy and sell stock, ETF, options, and cryptocurrency.