Digest

• MoneyGram Partners With Stellar to Launch a USDC Settlement
• FDIC Studying Stablecoins; DOJ Establishes National Crypto Enforcement Team
• NFT Platform Sorare Partners in Bundesliga
• Meme Token Shiba: Reasons for explosive growth and resistance

MoneyGram Partners With Stellar to Launch a USDC Settlement

The race to integrate crypto is on, and PayPal (NASDAQ:) continues to lead the charge. MoneyGram joined the fray by integrating support for cryptocurrency wallets into its network.

This integration was made possible by a partnership between Stellar Network and the Cross-border P2P platform. Stellar Network allows cross-border users to connect to its global retail platform. Another part of this partnership was with USDC, stablecoin.

International remittance provider MoneyGram now offers near instant USDC settlements via the Stellar blockchain. MoneyGram customers will be able to fund their accounts and withdraw funds using USDC at any of the physical branches.

MoneyGram announced that the United Texas Bank, within the regulations, will be the settlement bank. Stellar (XLM), the stablecoin USDC, jumped over 12% after the announcement.

Flipsider

• The use of USDC is increasing, but the securities and Exchange Commission (SEC), has subpoenaed Circle, major backers for the stablecoin,

What You Need to Care About

Integration of cryptocurrency into global financial institutions will make it more available and foster global adoption.

FDIC Studying Stablecoins; DOJ Establishes National Crypto Enforcement Team

A key U.S. banking regulator is studying stablecoin deposit insurance and whether it can provide coverage. Crypto regulation has intensified. FDIC specializes in maintaining public confidence in the nation’s financial system.

Sources reported that the FDIC is analyzing the pass-through FDIC insurance for the stablecoin issuers’ reserves at banks. In the event that their issuers are unsuccessful, this coverage may cover stablecoin holders up to $250,000. According to insiders, the discussions are still early.

The U.S. Department of Justice joined the regulatory movement by launching two new enforcement initiatives that target the crypto sector and government contractors who do not report cyber breach reports.

Wednesday, October 7th was the official launch date of the National Cryptocurrency Enforcement Team. Combining anti-money laundering and cybersecurity experts, the enforcement team will look to “strengthen” the DOJ’s ability to disable financial markets that allow cybercriminals to “flourish.”

Flipsider

• While regulation of crypto increases in one place, other countries are adopting cryptos. Brazil and Tonga agree to establish a legal tender

What You Need to Care About

Increased regulation of crypto should be a step in reducing the dominance by fraudsters and scammers within the crypto world.

NFT Platform Sorare Signs Partnership to Bundesliga

NFT mania has impacted the hearts of many sports, including football. We have witnessed many clubs, such as Paris Saint-Germain, launch fan tokens and form branding partnerships with NFT platforms.

Bundesliga, the most prestigious division in Germain’s sports, signed an NFT Partnership with Sorare. Sorare uses blockchain to create fantasy football platforms. Bundesliga and Sorare have become official partners of Sorare since October 6.

It will continue until the end of the season 2022-23. The announcement states that Sorare will produce digital items for the fantasy football game. They can also be traded and collected on the Sorare platform, just like NFTs.

Sorare will also publish NFT-based videos of Bundesliga 2 and Bundesliga 2 in the 2022 partnership. These videos, known as “Moments,” will be collected by fans and can be played in the fantasy football game.

Flipsider

• Regulations are currently looking into how to manage the hype surrounding NFTs and digital art.

What You Need to Care About

Sorare has been steadily growing in popularity within the NFT industry. Last month, fantasy football platform Sorare announced a partnership agreement with Spanish La Liga, the leading sports division.

Meme Token Shiba dazzles: The Reasons for Explosive Growth & Resistance

Due to recent gains, Meme token (SHIB), a competitor coin of SHIB has been one of the most discussed coins. SHIB gained nearly 40% in the past 24 hours making it the best performer.

SHIB gained 284% in just five days. SHIB is now trading at $0.000003459 Now, SHIB is ranked 17th among cryptos with a market value of $12 Billion.

A five-day chart showing the price of Shiba inu (SHIB) Source: Tradingview

Tesla’s CEO Elon Musk, who is famous for his backing Dogecoin (NASDAQ:), the first meme coin, has also been behind skyrocketing SHIB prices. Musk posted a photo of his Shiba Inu puppy, Floki, which he purchased in September. SHIB was named for the Shiba Inu Japanese hunting dog.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf

— Elon Musk (@elonmusk) October 4, 2021

Flipsider

• The Shiba Inu’s (SHIB), continues its rise, but the coin may face stiff resistance at $0.000035 levels. This is just below its May ATH of $0.0000388.

What You Need to Care About

Shiba refers to itself as a “Dogecoin killer.” It has gone from almost unknown to one of the most popular cryptos thanks to help from Elon Musk.

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