Recently, the Circle-issued USD Coin (USDC) faced challenges when it detached from the U.S. dollar after Silicon Valley Bank’s failure. However, Mastercard took a significant step by incorporating the stablecoin into its system in the Asia-Pacific region, enabling users to utilize USDC across its network. This marks a noteworthy development in the crypto space.
Additionally, Bitcoin (BTC) continues to gain traction as a reliable asset, separate from traditional markets, solidifying its status as a hedge against equity market fluctuations in the long term.
This week’s Crypto Biz covers the latest updates on global crypto adoption and how concerns within the banking sector impact the cryptocurrency environment.
Despite global banking uncertainties and regulatory pressures, the merging of traditional finance and decentralized finance (DeFi) continues to progress. The connections between both sectors appear to be strengthening amidst the evolving financial landscape.
Mastercard to Facilitate Transactions with Stablecoin Wallet in APAC
Mastercard, a leading payment provider, has extended its reach into the crypto sphere by enabling retail customers in the Asia-Pacific region to transact with stablecoins at any location that accepts Mastercard. Through a partnership with Stables, an Australian stablecoin platform, users can convert stablecoins such as Tether (USDT) and Binance USD (BUSD) into USDC and carry out transactions on the Mastercard network.
MetaMask now Supports Direct Crypto Purchases in Nigeria
In Nigeria, MetaMask, a popular crypto wallet, has expanded its services to allow direct transactions with local banks, thanks to a partnership with crypto fintech MoonPay. This integration enables users to purchase cryptocurrencies through instant bank transfers, eliminating the need for credit or debit cards. This move is expected to decrease the rejection rate for direct crypto purchases in Nigeria significantly.
OKX to Halt Operations in Canada by June 22, 2023
Crypto exchange OKX has informed its Canadian users via email that it will cease operations in Canada from March 24, 2023, citing new regulations as the reason behind this decision. Users in the country must close their positions and withdraw fiat or tokens by June 22, 2023. The move comes after the Canadian Securities Administrators mandated crypto exchanges to comply with new regulations while awaiting registration.
Bitcoin’s Appeal in Face of Banking Crisis Might Attract Institutional Investors, says ARK’s Cathie Wood
As global banking concerns escalate due to recent crises at institutions like Silvergate, Silicon Valley Bank, and Signature Bank, Bitcoin’s resilience and potential as a safe-haven asset are increasingly evident. Cathie Wood, CEO of ARK Invest, believes that Bitcoin’s detachment from equity markets may drive institutional interest towards the leading cryptocurrency. Wood anticipates that institutions could allocate a significant portion of their portfolios to BTC by 2030, potentially driving its price to new highs.
Understanding the Impact of Credit Suisse Bank Crisis on the Crypto Market
In light of recent banking upheavals, crypto analyst Marcel Pechman explores the enterprise value metric as a more accurate measure of a bank’s financial health, especially in relation to cryptocurrencies like Bitcoin.
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