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July 4th - Micron Technology officially launched the expansion project of its western Japan factory, with a total investment of 1.5 trillion yen, for the production of advanced memory chips. This expansion is part of its global capacity expansion plan aimed at meeting the needs of the artificial intelligence industry; the Japanese government will provide subsidies of up to 500 billion yen to share the construction costs. This factory expansion will help Micron improve the energy efficiency and data transmission efficiency of chips required for artificial intelligence services and autonomous vehicles. The expanded production line is expected to be operational and shipping around the summer of 2028.July 4th - The National Data Administration announced today the issuance of the "Guidelines for Data Property Rights Registration (Trial)," which will promote the safe, compliant, and efficient circulation and use of data. The national data management department is responsible for the management of data property rights registration nationwide. Specific responsibilities include establishing and improving a unified national data property rights registration system; guiding and supervising data property rights registration activities nationwide; and constructing and managing the national data property rights registration service system. The national data property rights registration service system aggregates registration results and provides unified services nationwide, including publicizing data property rights registration information, querying and verifying registration results, and supporting the management of registration agencies.US President Trump: Iran is very keen to reach a deal; Iran was given a week off to hold Khameneis funeral.SK Hynix is reportedly considering paying a 0.5% fee on its massive ADR offering.July 4th - The Russian presidential website reported on the night of July 3rd that President Putin stated that large-scale strikes against Ukrainian military-industrial complexes and related facilities must continue. The report stated that Putin inspected an auxiliary command post of the Russian Joint Forces Group that day and held a military meeting with the head of the General Staff of the Russian Armed Forces and commanders of various units to discuss the current situation and recent combat developments in the special military operations area.

USDC to Replace Terra Stablecoin on Cosmos Network

Cory Russell

Sep 30, 2022 14:23

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Today, USD Coin (USDC-USD) is experiencing a lot of positive with very little negative. One the one hand, the stablecoin is losing out since Binance (BNB-USD) is ceasing to support it. However, it currently seems like USDC will play a significant part in the Cosmos (ATOM-USD) ecosystem, replacing the very volatile TerraClassicUSD (USTC-USD). The announcement is only one piece of a multi-chain expansion that will significantly strengthen USDC's position in the field of decentralized finance (DeFi).


In fact, during the last several weeks, USDC has had to deal with some fairly discouraging news. The biggest cryptocurrency exchange in the world, Binance, is discontinuing support for USDC trading on its platform along with a number of other features. The action is a part of Binance's endeavor to boost adoption of its Binance USD (BUSD-USD) stablecoin.


The de-listing that USDC is facing does not go completely. Money is still possible for users to add USDC to their Binance accounts and withdraw it in the same way. However, Binance will automatically convert USDC into BUSD for trading when a customer deposits USDC. As one of the few stablecoins still accessible for trading on the app, this increases the liquidity of BUSD. Effectively, this won't affect USDC users, but it will negatively impact USDC trading volumes.


This crucial transformation for the exchange is now starting to happen. Additionally, USDC is already seeing an immediate impact; the stablecoin's market capitalisation is falling by 5%. The business that creates USDC, Circle, is resisting the bearishness, however. Investor attention is being drawn by the company's significant update.

Expanding to Five New Blockchains, USDC

Despite the bad Binance news for USDC, Circle is reassuring its customers by revealing a bevy of positive developments. Most notably, the stablecoin is playing a significant part in one of the most well-liked dapp ecosystems. The cooperation is only one of the stablecoin's five upcoming expansions into other blockchains.


Although the Cosmos network has been in turmoil for the most of the year, nothing has affected it more than Terra's demise (LUNA-USD). The Terra network was formerly the Cosmos ecosystem's biggest undertaking. Additionally, every DeFi app inside that ecosystem used its stablecoin, currently known as USTC. But many of those dapps had to switch to less safe stablecoin assets as the price de-pegged and started to spiral out of control.


Developers and Circle are working together to give USDC the position that USTC formerly had in an effort to bring Cosmos back to the level of popularity it enjoyed before the Terra debacle. In order to provide DeFi applications with a more secure stablecoin via which users can borrow, lend, and stake, Circle will be producing USDC natively on the Cosmos network. Additionally, it will lessen the necessity for users to transfer stablecoins through blockchain bridges to the network. Given that crypto bridges are among the least secure methods of moving assets, this is a significant positive.


However, Circle isn't stopping there. Four more blockchains will also get native USDC from the corporation. These are Arbitrum (ARR-USD), Near (NEAR-USD), Optimism (OP-USD), and Polkadot (DOT-USD). Even in the face of the negative news, Circle CEO Joao Reginatto hails the expansion as a major success for the firm, stating it would "enable institutions, exchanges, developers, and more to innovate and have easier access to a trustworthy and reliable digital currency."

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