Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
75% of US retailers plan to accept crypto or stablecoin payments within the next two years, according to a Deloitte survey of 2,000 senior executives at US retail organizations across multiple industries. 64% of them said their customers had expressed interest in crypto payments, and of those who already accept such payment, 93% reported a positive impact on their customer metrics. Challenges to adoption include the security of the payments system (43%), changing regulations (37%), volatility (36%) and insufficient budget (30%).
Fintech firm Checkout.com will now allow merchant settlements using USDC through a partnership with crypto custody service provider Fireblocks, allowing for much shorter settlement times even during non-banking hours. Checkout.com revealed that in a beta test with select clients, it settled $300 million in transaction volume leveraging USDC. At the same time, Coins.ph partnered with Fireblocks and revealed that it would integrate the latter’s custody management into its platform.
Aided by Fidelity Investments and Charles Schwab, Citadel Securities and Virtu Financial are reportedly building a crypto trading platform that could go live in late 2022 or early 2023. A Fidelity spokeswoman said the firm supported “efforts within the industry” that provided optionality to “source liquidity for clients”. At the same time, global brokerage firm BGC Partners (BGCP) plans to launch a crypto exchange by year-end or Q1 2023. CEO Howard Lutnick believes BGCP’s technology puts it in good stead to compete with global exchanges.
The New York State Department of Financial Services (DFS) has released regulatory guidance for USD-backed stablecoins issued by DFS-regulated entities, stating that a stablecoin must be fully backed by reserves at the close of every business day and that the issuer must have a redemption policy approved in advance by the DFS in writing (among other rules). Currently, the guidance is applicable to the Paxos Trust Company (USDP), Binance USD (BUSD), Gemini Trust Company (GUSD) and GMO-Z.com Trust Company (ZUSD).
USDC is now supported on the Polygon network and can be withdrawn using a Circle Account and Circle APIs, without the need for manual cross-chain bridge technology. The new Polygon USDC is a bridged version of USDC that is minted when a native Ethereum version of USDC is bridged and can be used for trading, borrowing, lending, making and accepting payments. According to Circle, users leveraging Polygon USDC will enjoy “fast and efficient transactions” at a “fraction of the cost of sending USDC on the Ethereum network”.
Neal Stephenson, the speculative fiction author who coined the term “metaverse” three decades ago, is launching a metaverse-focused blockchain project, LAMINA1, together with former BTC Foundation chairman Peter Vessenes. He said the experience would likely be geared more towards flat 2D screens instead of the VR or AR tech proposed by Microsoft and Meta, and he and Vessenes hope LAMINA1 will serve as the “base layer for the Open Metaverse”. Ethereum co-founder Joseph Lubin is one of the project’s early investors.
Show me the money
BTC rose 0.15% to $30,536.33 in the last 24 hours. Within the same period, ETH rose 0.49% to $1,819.08, while other major altcoins also saw increases: ADA was up 2.28%, SOL was down 4.29% and AVAX was up 1.14%. Meme tokens SHIB and DOGE saw mixed price movements, with the former falling 0.51% and the latter rising 0.57% in the past 24 hours. LUNA continued its decline from yesterday, falling 6.5% to $2.92 in the past 24 hours.