🔴Stablecoins at War | This Week in Crypto – Dec 12, 2022

Goldman Sachs sees opportunities in the crypto bear market, the SEC sets new guidelines for companies with crypto exposure and Coinbase encourages its users to make the switch from USDT to USDC. These stories and more this week in crypto.

Goldman Sachs Buys Into Crypto Businesses

In the wake of the crash of FTX, Goldman Sachs sees opportunities in the cryptocurrency market. The investment giant has plans to spend tens of millions of dollars to acquire or invest in cryptocurrency organizations. The company said that some valuations are now much more reasonable and that the involvement of trustworthy regulated players in the crypto industry will improve its condition.

SEC Regulates Against Cryptocurrency Risks

The Securities and Exchange Commission released new guidance requiring public companies to disclose their exposure in cryptocurrency markets to their investors. Under the new guidelines, companies will not only have to include their crypto asset holdings in their public filings, but also their risk exposure to the FTX bankruptcy and other market developments.

Major Exchanges to Start Stablecoins War?

Coinbase is waiving conversion fees for users who make the switch from USDT to a “trusted stablecoin” as part of a new campaign that highlights the quality of reserves that back the stablecoin, USDC, of which Coinbase is a co-founder. Meanwhile, Binance has stopped supporting USDC, auto-converting its customers’ holdings to its own stablecoin, BUSD.

Nigeria Attempts to Force Use of CBDC

Nigeria has drastically reduced the amount of cash that individuals and businesses can withdraw, in its attempts to push its cashless Nigeria policy and increase the use of the eNaira — Nigeria’s central bank digital currency. Individuals will be limited to withdrawing $225 at banks per week and face a 5% fee for any amounts exceeding that limit.

Crypto.com & Coca-Cola Launch Word Cup NFTs

Crypto.com announced its collaboration with Coca-Cola to launch a series of NFTs to celebrate the FIFA World Cup 2022 in Qatar. The crypto exchange will be hosting the series of 10,000 NFTs created by Coca-Cola and digital artist GMUNK on its NFT platform, to memorialize the historic matches that will be forever captured on the blockchain.

TikTok Meme Satirizes Cryptocurrencies

In the face of wildly fluctuating monetary values, TikTok creators are embracing a completely fictional form of currency called “dabloons.” Dabloons are not a crypto, and they’re not tied to any fiat currencies, mining, or any kind of verification; but they are being acquired, lost and spent with ferocious frequency. Poking some fun at the seeming absurdity of cryptos, the dabloon economy is one big meme: TikTokers create content that rewards viewers with dabloons, as well as content that offers just as fake ‘products’ to spend them on.

Russian Crypto Entrepreneur Killed in Crash

Russian crypto tycoon, Vyacheslav Taran, founder of crypto exchange Libertex, died after the helicopter he was traveling in crashed near Monaco. The helicopter allegedly mysteriously crashed in good weather conditions and after another passenger reportedly canceled onboarding at the last minute. Taran is the third cryptocurrency entrepreneur to die unexpectedly in recent weeks.

United States Lead in Crypto Trading Volume

Huobi Research’s latest report revealed that the United States leads in crypto trading volume, with a 9% share of the global centralized trading volume and 31% of DeFi trading.  The percentage of the population using crypto, however, is not as high as in some other jurisdictions; Only 13% of Americans use crypto, compared to 20% in Vietnam, which leads that category among the countries included in the study.