Blockchain Press Releases
Stablecoin 2.0: The Blueprint for Global Digital Economy
Author: Raymond Yuan
SINGAPORE, Aug. 13, 2024 /PRNewswire/ — Stablecoins have been in existence for over a decade, but their prominence surged after 2017 when governments worldwide started restricting or even shutting down fiat-to-Bitcoin trading channels. Since then, stablecoins have consistently acted as a crucial bridge between fiat currencies and cryptocurrencies. Today, with daily trading volumes approaching $100 billion, stablecoin pairs make up over 80% of the market’s activity, far outpacing fiat-to-crypto trading volumes.
As the benefits of stablecoins—like anonymous transfers, low transaction fees, rapid processing, irreversibility, and 24/7 global peer-to-peer transactions—become more widely recognized, these digital assets are increasingly being integrated into everyday payment scenarios, broadening their range of use cases. However, despite these advancements, the stablecoin products available today still face several critical limitations that impede their growth and broader adoption.
The Stablecoin Conundrum: Tackling Key Challenges
- Lack of User Incentives: Most leading stablecoins in the market today offer little to no incentives for users, with issuers and operators capturing all the profits. Consequently, when customers hold funds in stablecoins, they miss out on earning basic, risk-free returns. During periods of high interest rates and subdued market activity, users are less inclined to retain stablecoins, resulting in significant outflows. While users can generate returns by lending stablecoins or engaging in high-risk investments, they must assume additional risk to do so. To sustain stablecoin circulation growth and compete effectively with traditional payment wallets and demand deposits, there must be enhanced incentives to retain customers and foster loyalty.
- Lack of Community Governance and Transparency: As a blockchain-based product within the Web3 ecosystem, stablecoins should more closely adhere to the fundamental principles of this space—specifically by introducing community governance and utilizing on-chain asset proofs to increase transparency. Currently, the success of stablecoins is largely dependent on the integrity, discipline, and decision-making of the management team. However, without community governance, this control remains highly centralized, leaving the management team vulnerable to the temptation of pursuing higher returns by taking on excessive risks. Moreover, relying on traditional auditing firms for verification is inconsistent with Web3 principles. Many large-scale financial collapses have been caused by the failures of conventional auditing practices. In the digital future, trust must be grounded in the reliability of technology and established rules, rather than the ethics of individuals or institutions.
- Lack of User-Friendly Interfaces and Convenient Access to Funds: A straightforward street survey of 100 adults on their use of cash, bank cards, mobile payments, and stablecoins would likely show that stablecoin payments are still in their early stages. Despite their growth, stablecoins have a relatively small user base compared to traditional payment methods, and their adoption remains limited. Many potential users are unaware of how to easily and affordably acquire and redeem stablecoins. To advance stablecoin payments, expanding the user base is crucial. Currently, most stablecoin transactions rely on over-the-counter (OTC) trades, which not only facilitate fraud but also restrict legitimate use. For stablecoins to succeed, they need to establish more accessible distribution and exchange channels. This underscores the need for improved education and more efficient infrastructure.
- Lack of Diversified Product Lines, Use Cases, and Value Ecosystems: Most stablecoins today are limited to a single product line, and many do not provide their own wallets. This creates challenges for new users, who must navigate issues such as seeds, gas fees, and cross-chain transactions. Institutional users face additional hurdles, including inadequate support for stablecoin custody and internal transfer approvals, which often forces them to build their own infrastructure from scratch. Furthermore, the lack of diverse use cases means that many users see stablecoins primarily as a medium for value transfer, rather than holding them long-term. This results in a really short value chain, requiring frequent switching between stablecoins and fiat currencies to meet various needs. A more robust value ecosystem is essential to address these issues and support sustained use and adoption.
WSPN: Crafting Stablecoin 2.0
WSPN (Worldwide Stablecoin Payment Network) is at the forefront of crafting Stablecoin 2.0, setting the standard for the next generation of stablecoins. Our mission is to design and develop infrastructure that embodies the essence of Web3, with a focus on enhancing the robustness and transparency of stablecoin systems. We emphasize user and community engagement, striving to offer a diverse range of products and expand use cases. By integrating stablecoins into more real-world applications, we aim to serve a broader audience and scale to a billion users. Our vision is to revolutionize digital payments, positioning stablecoins as the leading payment method in the future digital economy.
- From the People, For the People: WSPN will introduce its own governance token to incentivize users by sharing the ecosystem’s value with them, making them the primary beneficiaries of this infrastructure. True infrastructure “comes from the people, serves the people,” and should not solely cater to the profit ambitions of a few. Any value system that fails to prioritize user value and incentives at its core is ultimately destined to be abandoned by its users. Unlike many stablecoins that simply distribute interest from underlying assets, WSPN’s governance tokens allow users to share in the ecosystem’s long-term value, liberating them from the limitations of fluctuating LPR. Over time, this approach will cultivate a strong sense of ownership among users, ensuring that the infrastructure remains community-driven and user-focused.
- By the Community, For the Community: WSPN will adopt community governance, empowering governance token holders to participate in on-chain voting. The goal is to shift from traditional corporate governance to a truly community-driven model. As a blockchain-based infrastructure, stablecoins must align more closely with Web3 principles. Decisions about the allocation of underlying assets should be made collectively by the community, which will vote on various risk/reward proposals. These decisions will be transparently recorded on the blockchain, enabling real-time on-chain asset verification and eliminating dependence on any single audit firm. Community governance seeks to build trust rooted in technology and rules, rather than in individuals or institutions.
- Empowering User Accessibility, Redefining Payment Systems: WSPN will dramatically enhance user interfaces, reduce entry barriers, and streamline the process for users to freely access and withdraw funds. The future of stablecoins must prioritize maximum accessibility, enabling both individual and institutional users to transition to stablecoin usage at a lower cost. It’s essential to understand that stablecoins should not be confined to the niche of crypto asset trading. Their primary mission should be to upgrade existing electronic payment systems, and even settlement and clearing processes. This means shifting from traditional bank transfers based on electronic ledgers to blockchain-based transfers on distributed ledgers. While stablecoin payment networks will coexist with traditional payment and settlement/clearing systems for some time, stablecoin payments are poised to gradually encroach on the market share of current electronic payment methods. In doing so, they will better serve the digital and intelligent economy of the AI era, laying the foundation for the next-generation global digital payment network.
- Building Value Ecosystem, Expanding Use Cases: WSPN is committed to developing a comprehensive product line, fostering a thriving value ecosystem, and creating diverse use cases for stablecoins. The future of stablecoins should empower users to manage a wide array of asset allocations, from stocks and gold to oil and commodity trading, enabling the purchase of any freely tradable asset worldwide. Stablecoins should also seamlessly integrate into everyday spending, whether it’s for public transportation, convenience store purchases, or shopping mall transactions. Moreover, stablecoins should provide multiple income streams, allowing users to maximize their financial potential—whether through holding stablecoins, lending, or wealth management—without the need for constant conversion between fiat and stablecoins. As a pivotal tool in open finance, stablecoins should aim to build a more vibrant value ecosystem, drawing in more participants to engage in various roles within this evolving financial landscape.
Stablecoin 2.0: A New Era of Globalization Through Digital Technology
Throughout history, technological advancements have continuously expanded our possibilities, revolutionizing international communication and commerce. We are now on the brink of a transformative wave of globalization, propelled by digital innovation. In this evolving landscape, stablecoin 2.0 emerges as a powerful catalyst, ushering in a new era of digital interconnectedness. As we step into this promising future, brimming with limitless potential, stablecoin 2.0 stands at the forefront, guiding us toward a world of unprecedented opportunity and progress.
About WSPN
WSPN is a global digital payments company utilizing Distributed Ledger Technology (“DLT”) to provide transparent, fast, and efficient payment solutions. Their flagship product, WUSD stablecoin, is pegged 1:1 to the U.S. Dollar and aims to optimize secure and licensed digital payments for Web3 users. WUSD is currently available on more than 30 exchanges, including industry leaders such as Bitget and MEXC Global, and across major blockchains including Ethereum, Solana, Polygon, BSC, Arbitrum and Base. This broad accessibility makes WUSD one of the most readily available stablecoins in the market today.
Learn more: www.wspn.io | X | LinkedIn
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View original content:https://www.prnewswire.co.uk/news-releases/stablecoin-2-0-the-blueprint-for-global-digital-economy-302220978.html
DUBAI, UAE, Nov. 15, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, opens up the November arena for the Bybit Crypto Titans trading competition. Available for users in select regions, a prize pool of 55,000 USDT will be available for a limited time only.
From now to Nov. 30, eligible traders can level up their trading strategies and amplify their winning chances by inviting friends to share two prize pools in two simple steps: register for the event at the Grand Arena, and invite friends and trade.
Battlefields: Once in the Arena, users can pick their battlefields. Up to 30,000 USDT are up for grabs in the Team Battlefield ranked by total trading volume, while another 15,000 USDT is reserved for traders in the Solo Battlefield competing by PnL(%).
More perks: Additionally, top traders and leaders will receive extra perks. Participants will receive a bonus 5 USDT for every new qualified referee, and the first 50 Team Leaders whose team exceeds a threshold amount in trading volume will be entitled to a 100 USDT bonus.
“As trading volumes overall are climbing, we are seeing so many talented traders in our community with a knack for navigating fast-moving markets. This event gives some of them an incentive to share their passion with their friends, and there is room for rewards for the solo trading pros to shine as well,” said Joan Han, Sales and Marketing Director of Bybit.
Market sentiment and activities have been trending up in recent weeks globally, and the enthusiasm is shared among users in niche markets. While traders rush to capture opportunities in a heated market, the Crypto Titans competition encourages users to bring out the best trading game and hone their trading skills for healthier returns.
Find out more about Bybit’s Crypto Titans: November Showdown, terms and conditions apply.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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Blockchain Press Releases
Blockchain for Good Alliance Hosts Web3 Oscar, Celebrating Innovators Advancing UN’s Sustainable Development Goals
DUBAI, UAE, Nov. 14, 2024 /PRNewswire/ — The highly anticipated Web3 Oscar, a prestigious event hosted by the Blockchain for Good Alliance (BGA), celebrating blockchain projects driving real-world impact aligned with the UN’s 17 Sustainable Development Goals (SDGs). Industry leaders gathered in Bangkok to honour innovators shaping a sustainable future.
The event was part of BGA’s November lineup, featuring two major initiatives for global change through blockchain: the Sustainable Innovation Summit and the Web3 Oscar Awards.
Sustainable Innovation Summit: A Hackathon for Social Impact
Held from September 9 to November 11, 2024, the Sustainable Innovation Summit hosted a hackathon with a $100,000 prize pool, inviting participants worldwide to create blockchain solutions addressing key issues such as poverty, clean water access, and gender equality. The summit concluded with a Demo Day at the Grand Hyatt Erawan in Bangkok, where finalists showcased their projects to blockchain pioneers, investors, and industry leaders, with opportunities for incubation support and equity-free funding.
Rising Stars
In a cinematic presentation style, 10 shortlisted projects from across the globe, participating in the Sustainable Innovation Summit’s 17 SDGs Challenge, took the stage. Each team presented their blockchain solutions to address sustainability challenges, telling the story of a “hero” confronting a global crisis (one of the 17 SDGs), with blockchain as the “tool” they wield for change.
Winners for the 17 SDGs Challenge:
- 1st Place: Grand Social Impact Award 🥇 EthicHub
- 2nd Place: Outstanding Social Innovation Award 🥈 Plastic Odyssey
- 3rd Place: Emerging Impact Award 🥉 ResearchHub
Rising Star Awards (top 10 projects, in no specific order):
- Wavy Health
- LAKE (LAK3)
- KulaDAO
- erable°
- arkreen
- UCO Network
- Edu3Labs
Web3 Oscar Awards: Honouring Leaders in Blockchain for Social Good
Coinciding with the hackathon’s Demo Day on November 11, the BGA Web3 Oscar Award recognizes individual contributions to blockchain for social good across three categories, with up to 7 total winners.
Each category highlights individual efforts aligning with BGA’s mission.
The Collaboration Bridge Award honours individuals who have played a vital role in guiding the strategic direction of the Blockchain for Good Alliance (BGA). This year’s recipients are:
- Harn, CEO of Trigger Asset Management
- Mariana de la Roche Wills from INATBA (International Association for Trusted Blockchain Applications) and de la Roche W. Consulting
The Public Welfare Contribution Award celebrates individuals who have harnessed #BlockchainForGood. This award was presented to:
- BreeAnne Yek, Consultant at The Verdant Room
- Milica Dimitrijevic from Positiveblockchain.io
These individuals have demonstrated remarkable dedication, guidance, and pioneering work, significantly advancing the mission of the Blockchain for Good Alliance (BGA) in promoting sustainable development through blockchain technology.
In her closing remarks, Helen Liu, Co-founder and COO of Bybit and founder of BGA, explained how blockchain can bring people together to make a real difference worldwide. Her vision for leveraging blockchain to create worldwide impact was both inspiring and forward-thinking.
About Blockchain for Good Alliance (BGA)
The Blockchain for Good Alliance (BGA) is a long term collaborative non-profit initiative with key partners with the main aim to contribute to societal good by using blockchain technology to solve real world problems. By convening leaders, innovators, and organisations from across the blockchain community, BGA seeks to drive innovation, collaboration, and action towards a more sustainable and equitable world.
For more information
Email: [email protected]
Website: www.blockchainforgood.xyz
Twitter: www.twitter.com/chainforgood
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