Are you curious about the latest in the crypto world? Here’s a rundown of today’s key trends and events affecting Bitcoin prices, blockchain technology, DeFi, NFTs, Web3, and crypto regulations.
Circle integrates USDC with the national payment systems of Brazil, Mexico.
Circle has announced the integration of its USD-pegged stablecoin, USD Coin (USDC), with Brazil's and Mexico's national real-time payment systems.
In a statement on September 17, the company revealed that USDC is now accessible within the banking systems of both countries. This integration enables businesses to obtain USDC through local financial institutions directly, eliminating the need for international wire transfers. According to Circle, companies in Brazil and Mexico can utilize the stablecoin for corporate activities and extend it to retail clients.
Circle emphasized that removing the reliance on international wire transfers significantly reduces the time required to access USDC—from several days to just minutes—freeing up capital that would otherwise be tied up in lengthy settlement processes.
Through this integration, USDC is now available in local currencies, such as the Brazilian Real (BRL) and the Mexican Peso (MXN). Additionally, it brings a digital dollar into Brazil's PIX system and Mexico's SPEI network.
US gov’t cites Caroline Ellison’s ‘extraordinary cooperation’ before sentencing
Former Alameda Research CEO Caroline Ellison, who is scheduled for sentencing on September 24, may receive a reduced sentence following a recommendation from U.S. prosecutors.
In a filing on September 17 with the U.S. District Court for the Southern District of New York, U.S. Attorneys informed Judge Lewis Kaplan of Ellison's "extraordinary cooperation" in the case against former FTX CEO Sam “SBF” Bankman-Fried and her assistance in exposing the "wrongdoing at Alameda Research and FTX."
Prosecutors stated that Ellison provided "credible and compelling testimony" against Bankman-Fried during the trial and was transparent about her own serious misconduct in the collapse of FTX.
The filing noted that although Ellison played a significant role in Bankman-Fried's criminal schemes, she was not involved in all aspects. "Ellison never worked at FTX and had no role in creating the coding systems that gave Alameda special privileges on FTX or allowed it to accumulate a negative balance by withdrawing FTX customer funds," the filing added.
Circle is launching USDC on Sui, marking its 15th network integration.
According to Circle's co-founder and CEO, Jeremy Allaire, Circle, the company behind the second-largest stablecoin USDC, is set to launch a dollar-backed token on the Layer 1 blockchain Sui as early as next week. This announcement comes alongside other developments for the stablecoin issuer, including a partnership with MoviePass that will allow users to pay for cryptocurrency subscriptions, and the news that USDC is now available in Brazil and Mexico.
This marks Circle's fifteenth blockchain integration since USDC was launched in 2018 in collaboration with Coinbase. Currently, USDC ranks as the sixth-largest cryptocurrency, with a market capitalization and circulating supply of $35 billion, according to The Block.
Following the news, the Sui network's native token, SUI, has risen by more than 10% and is currently trading at $1.15.
Jamie Dimon says JPMorgan Chase is ‘probably one of the bigger users of blockchain’
Jamie Dimon, CEO of JPMorgan Chase, stated that the bank, the largest in the U.S., is likely one of the most significant users of blockchain technology during his interview on Tuesday at the Financial Markets Quality Conference.
"We're probably one of the bigger users of blockchain, an actual user, like a real user," Dimon remarked when discussing innovative technologies such as blockchain and artificial intelligence. "It's just a database," he added.
Despite this, Dimon, a long-standing critic of cryptocurrency, has not shifted his stance on the broader industry, which he has previously described as “worthless.” He reiterated his scepticism, using his familiar quip: "Cryptocurrency... I call this a pet rock."
Nonetheless, Dimon seems to have developed a reluctant respect for the technology underlying cryptocurrencies, acknowledging that blockchain is "a great way to share data" and build trust between banks and their clients.
In 2020, JPMorgan launched a private, permissioned blockchain network called Onyx, built on Ethereum's forked version. Onyx facilitates wholesale payments, peer-to-peer lending, and cross-border transactions.
The Onyx network has processed over $700 billion in transactions, with major institutions such as Goldman Sachs, DBS Bank, and BNP Paribas among its users.
Australia's RBA to prioritise wholesale CBDC work over retail
Australia's central bank has decided to focus on developing a wholesale central bank digital currency (CBDC), as its economic advantages are considered more significant than those of a retail version, according to a senior official on Wednesday.
In a speech at a conference, Reserve Bank of Australia (RBA) Assistant Governor Brad Jones announced the initiation of a three-year digital currency work plan for the RBA and the Treasury, called Project Acacia.
The project will involve collaboration with the industry and aim to enhance wholesale markets' efficiency, transparency, and resilience through tokenized money and new settlement infrastructures.
Jones also mentioned that future project phases could explore cross-border applications with other regional central banks.
While the RBA and Treasury will continue to evaluate the potential benefits of a retail CBDC over time, they plan to release a follow-up report in 2027. He added that if a retail version is to be adopted, the decision would rest with the Australian government and would likely require legislative changes.
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