EMN Weekly Issue #5

Welcome to the 5th issue of EMN Weekly.

Our weekly post aims to update you with the latest news in the RWA space and developments at E Money Network, and tickle your funny bone with the crypto meme of the week. Hope you enjoy reading it!

What’s in Today’s Issue?

• This Week’s Top RWA & MiCA News
• Crypto Humour for the Week
• Top E Money Network Posts of the Week
• Community Spotlight

Top RWA News of the Week

1. Circle CEO points at bank risks around MiCA’s rules — Jeremy Allaire, the CEO of Circle, expressed concerns about MiCA’s potential to destabilise the industry in a meeting with EU’s policymakers. As per Allaire, MiCA’s stipulations for reserve assets are problematic. They mandate stablecoin issuers to hold a significant amount of their reserve assets in cash in multiple European bank accounts. For “significant e-money tokens”, the percentage of such cash reserves is 60% of the issued tokens. Allaire believes that this stipulation can potentially induce risks to banking systems.
2. Malta to Serve as OKX’s MiCA Compliance Hub — Cryptocurrency exchange OKX recently announced in a press release that Malta will serve as its Markets in Crypto Assets (MiCA) hub to ensure compliance in the EU. Malta’s “high regulatory standards” and the firm’s existing presence and infrastructure in the country has led to this decision. The press release also revealed OKX’s plans of offering spot trading to eligible EU residents through Okcoin Europe Ltd, including Euros and Circle USD. It will also offer crypto staking services and other trading options to EU residents once MiCA comes into full effect later in December this year.
3. Memecoins, RWA, AI dominated crypto narratives in Q2 2024 — Memecoins, real world assets (RWAs) and artificial intelligence (AI) dominated crypto narratives in the second quarter of 2024 as per CoinGecko’s website traffic. Narratives related to these three categories captured as much as 36% of all CoinGecko web traffic categories during Q2. CoinGecko data also highlighted that Ether was inflationary in Q2, which means that due an increase in supply, Ether’s purchasing power declined.
4. NEAR Protocol Hits a Key RWA Milestone, Unveils First ETP — NEAR Protocol has achieved a significant RWA milestone. Its partner, Valour, recently announced the launch of its first exchange traded product (ETP). The ETP is listed for trading on Sweden Spotlight spot market.
5. BlackRock, Ondo Finance and Superstate Plan to Participate in MakerDAO’s $1B Tokenized Treasury Investment Plan — MakerDAO has recently announced its plans to invest $1 billion of its reserves in tokenized U.S. Treasury products. Top players in the space including BlackRock, Ondo Finance and Superstate have expressed interest in MakerDAO’s open competition. MakerDAO’s token MKR saw a 5% increase after this news.

Crypto Humour of the Week

1. https://x.com/emoney_network/status/1813509925961879819

Top E Money Network Posts of the Week

1. E Money Network partnered with RWA exchange platform EleveX to integrate E Money Wallet — https://x.com/emoney_network/status/1813192949561229355

2. E Money Network Founder & CEO participated in an X Spaces session with industry leaders from Brickken, Giants Planet, Redbelly Network, Polytrade Marketplace and Zoth — https://x.com/emoney_network/status/1813231806285537404

Community Spotlight

It is our vibrant community that keeps us motivated to keep striding forward and achieve new milestones — https://x.com/DVickito/status/1813346477734785114

That’s all for this week. See you next weekend with more updates and memes!