Trueusd Leverages Chainlink Proof of Reserve
• TrueUSD (TUSD) has announced that it is leveraging Chainlink Proof of Reserve (POR) technology to provide real-time verification for the minting of trueusd tokens.
• Archblock, the issuer of TUSD, is using Chainlink to verify reserves before minting new stablecoins.
• The POR data feed is a smart contract that automatically checks whether the total supply of TUSD would exceed the total amount of U.S. dollars held in reserve before any new stablecoin is minted.
Trueusd (TUSD) is a stablecoin project with a circulating supply of over 968 million tokens and is the sixth-largest stablecoin by market capitalization. It is deployed on several blockchains, including Arbitrum, Avalanche, Binance Smart Chain (BSC), BNB Chain, Cronos, Ethereum, Fantom, Polygon, Aurora, Optimism and Tron. Out of the top ten stablecoins by market capitalization, TUSD is one out three which have increased their supplies in the last 30 days.
Archblock Uses Chainlink to Verify Reserves Before Minting New TUSD Stablecoins
Archblock has announced that it will be using Chainlink to verify reserves before minting new TUSD stablecoins. This means that a smart contract will be used to automatically check whether or not the total supply of TUSD would exceed the total amount of U.S dollars held in reserve before any new token can be created. This move from Archblock furthers its commitment to trust and transparency for its users and customers alike.
Chainlink Co-Founder Comments
Chainlink co-founder Sergey Nazarov commented on this move stating “With Chainlink Proof Of Reserve ,TUSD can provide greater levels of assurance and confidence to its users” . This statement shows how important trust and security are when dealing with these types blockchain projects as well as how important it is for these companies to ensure they are providing their customers with reliable information on their platforms at all times .
This move from Trueusd comes at an interesting time where many other similar projects have had a tumultuous past 12 months due to various issues such as pegging issues or regulations preventing them from issuing certain coins . However , this move from Trueusd proves that they are committed to providing secure transactions and ensuring trustworthiness amongst their users .
• El Salvador is considering opening a second bitcoin embassy in Texas to boost economic exchange.
• Milena Mayorga, the Salvadoran ambassador to the US, discussed this with Texas Secretary of State Joe Esparza.
• The IMF noted that El Salvador had managed to avoid cryptocurrency-related risks due to slow and tepid adoption of Bitcoin.
El Salvador Considers Opening Second Bitcoin Embassy
El Salvador is considering opening a second bitcoin embassy in Texas to boost economic exchange and foster their growing relationship with the state. Milena Mayorga, the Salvadoran ambassador to the United States, recently discussed this possibility with Texas Secretary of State Joe Esparza.
Digital Assets Issuance Law
The proposal follows El Salvador’s approval of the Digital Assets Issuance Law in January 2023 and a recent mission statement on El Salvador’s economy by the International Monetary Fund (IMF). The IMF noted that El Salvador had managed to avoid cryptocurrency-related risks due to its slow and tepid adoption of bitcoin.
Comments by President Nayib Bukele
This development also follows comments by President Nayib Bukele regarding disinformation in national and international media. El Salvador’s finance minister Alejandro Zelaya took to Twitter to refute claims made by some media outlets, tweeting: “El Salvador has met its debt obligations. We announce that on this day we have completed the payment of the 2023 Bond for $800 million, plus interest”.
Exchange Projects Between El Salvadore and Texas
Ambassador Milena Mayorga stated that government officials were considering opening a second bitcoin embassy in Texas and had already taken place with authorities from Lugano, Switzerland about similar projects. She said that discussions with the deputy secretary of Government of Texas revealed plans for expanding commercial and economic exchange between both countries – having exchanged $1,244,636,983 in 2022 alone.
In conclusion, following developments such as El Savador’s approval of Digital Assets Issuance Lawand comments from President Nayib Bukeleabout disinformation in media; it appears that there are efforts being made topromote economic exchange between both nations through initiatives such asopening a second bitcoin embassyinTexas; furtheringrelations betweenEl SalvadoreandTexas even moreso than before.
• Nouriel Roubini, an economist known as “Dr. Doom,” has warned about the demise of the U.S. dollar and the rise of a “bipolar” world.
• Roubini believes that the Chinese renminbi might be a substitute for the dollar, as new technologies like central bank digital currencies (CBDCs) and corporate payment rails contribute to a new landscape.
• The US government’s increasing set of restrictions on its rivals, including primary and secondary financial sanctions, may be causing this bipolar system in the next decade.
Nouriel ‘Dr. Doom’ Roubini’s Warning
Nouriel Roubini, an economist known as “Dr. Doom,” has warned about the demise of the U.S. dollar and the rise of a “bipolar” world currency system with Chinese renminbi being used more frequently as a substitute for it due to technological advancements such as central bank digital currencies (CBDCs), corporate payment rails and other modern solutions that are contributing to this shift in global finance.
US Government Restrictions
Roubini has pointed out that US-imposed restrictions on its rivals such as primary and secondary financial sanctions have made these countries vulnerable to US monetary policy changes driven by domestic factors such as inflation, which may be one of many contributing factors for this move towards de-dollarization in coming years.
Saudi Arabia’s Example
The BRICS bloc revealed it was working on creating its own currency while Saudi Arabia is already settling transactions using Chinese renminbi which could serve as an example for other countries in that area to follow suit in order to break away from dependence on USD currency altogether or at least reduce it significantly enough where it won’t affect their economies nearly as much if they decide to do so in near future.
Advantages & Disadvantages
While this transition comes with both advantages and disadvantages for different countries involved depending on their current economic situation, overall it seems that adoption of alternative currencies could bring more economic stability for those currently struggling due to reliance on USD without having much say regarding its issuance or control over monetary policy decisions dictated by US government domestically or internationally through various organizations like IMF (International Monetary Fund).
In conclusion, Nouriel Roubini’s warning about potential demise of US Dollar should not be taken lightly since there are numerous circumstances leading up to this happening whether it’s technological advancements making alternative solutions available or political issues forcing some countries into adopting them sooner than later regardless how they feel about it initially due to already existing dependencies mentioned earlier leaving them with no choice but going along with whatever changes come their way eventually if they want remain economically stable despite all odds against them right now globally speaking anyway when compared with those currently relying solely or mostly on USD worldwide at least until things start changing gradually over time hopefully sooner rather than later despite all odds being against us right now globally speaking anyway when compared with those still relying solely or mostly on USD worldwide at least until things start changing gradually over time hopefully sooner rather than later
• FTX debtors have filed a motion requesting the dismissal of their Turkish subsidiaries from the Chapter 11 bankruptcy proceedings.
• The motion claims that the dismissal is in the best interests of creditors, and FTX debtors do not believe Turkish authorities will cooperate with officials from the United States.
• In addition, FTX lawyers are asking for permission to subpoena co-founder Sam Bankman-Fried (SBF) and his inner circle for more information about the company’s collapse.
FTX Debtors Seek Dismissal of Turkish Entities
FTX debtors have filed a motion with the court requesting to dismiss its Turkish subsidiaries from the Chapter 11 bankruptcy proceedings. The defunct crypto exchange’s lawyers claim that dismissing the entities “is in the best interests” of creditors, and FTX debtors do not believe Turkish authorities “or any liquidator” in the country will cooperate with officials from the United States.
Reasoning Behind Motion
The motion argues that shortly after FTX collapsed, Turkish authorities froze and seized substantially all assets held by two related companies: FTX Turkey – which operated locally as a crypto exchange – and SNG Investments – a wholly-owned Alameda Research subsidiary acting as a marketmaker. The filing also suggests that given these circumstances, expulsion of these entities from bankruptcy proceedings is warranted; furthermore, it adds that given that these assets were frozen by Turkish government due to an investigation conducted by Financial Crimes Investigation Board (MASAK), conversion to Chapter 7 would not serve any beneficial purpose for either creditors or debtors’ estates.
Request for Subpoena
In addition to this request for dismissal, FTX lawyers are also seeking permission to issue subpoena against co-founder Sam Bankman-Fried (SBF) and his inner circle for more information about company’s collapse. Despite SBF publicly expressing willingness to provide explanations and help customers affected by collapse, he has yet to respond or comply with requests made so far; hence necessity of subpoena authorization granted by court is requested in this filing.
Court Ruling Expected Soon
At present moment it remains unclear what decision judge presiding over case will make regarding both motions presented by debtors; however it is expected ruling will be issued soon which should finally bring some clarity into current situation surrounding defunct crypto exchange.
FTX debtors have submitted a motion requesting removal of their twoTurkish subsidiaries from Chapter 11 bankruptcy proceedings due to lack cooperation expected from local authorities; additionally they are seeking court authorization for subpoena against SBF and his inner circle as part of effort to recover more data regarding company’s collapse. Judge presiding over case is expected to make ruling soon on both motions presented by debtors which should provide much needed clarity on current state of affairs surrounding defunct crypto exchange.
• Dogecoin (DOGE) and Shiba Inu (SHIB) surged to 8-week highs on Tuesday, with both coins breaking resistance levels.
• DOGE/USD rose to an intraday high of $0.095, while SHIB/USD climbed back above the key support level of $0.00001165.
• The move came as a result of the release of the latest consumer confidence report in the United States.
Biggest Movers: DOGE and SHIB Surge
Dogecoin (DOGE) and Shiba Inu (SHIB) both saw significant gains on Tuesday, with prices surging to eight-week highs. The movement came following the release of the latest consumer confidence report in the United States.
Dogecoin (DOGE) moved higher on Tuesday, breaking out from a key resistance level at $0.08578 to reach an intraday high of $0.095 – its highest point since December 11th when prices were at a peak of $0.0972. The 14-day relative strength index (RSI), which had collided with a ceiling at 65, was currently tracking at 65.03 as momentum continued to move higher for bulls targeting their next area of focus at $0.099 or beyond that if able to maintain current momentum .
Shiba Inu (SHIB)
Shiba Inu also saw notable gains on Tuesday, rebounding from losses earlier in the week amidst news from the US consumer confidence report to reach an intraday high of $0.00001195 – climbing back above its key support level at $0.00001165 as its RSI climbed back up towards 62 and beyond that possibly 68 if momentum is able to sustain itself higher for bulls aiming for their next target price set around $0.00001220 or more depending on how strong they are able to stay over time .
The meme coin market has been very volatile lately but these recent moves show promise for dogecoin and shiba inu holders hoping for further growth this year as long as they are ready for any potential dips or volatility along their journey ahead!