EMN Weekly Issue #7

Published in

E Money Network

4 min readAug 5, 2024

Welcome to the 7th issue of EMN Weekly!

We’re excited to bring to you RWA and MiCA news from around the world, latest developments at E Money Network and some crypto humour to tickle your funny bone. Happy reading!

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 & MiCA News of the Week

RACE Launched Mainnet of RWA-focused L2 Blockchain — RACE, a leading full-stack modular infrastructure platform, recently announced the mainnet launch of its Ethereum L2 blockchain. RACE’s blockchain is specifically designed for tokenising and distributing RWAs. Leveraging Optimism’s OP Stack, a solution for scaling Ethereum, RACE’s new blockchain has joined Optimism’s Superchain with OP Mainnet and Base. Owing to this integration, users will be able to experience improved asset interoperability, higher speed and enhanced security.
Mercado Bitcoin Makes First On-chain Sale of Digital Fixed Income Tokens on XDC Network-Powered Platform — Latin America’s largest digital asset platform, Mercado Bitcoin, recently made its first on-chain sale of Digital Fixed Income tokens on a platform powered by XDC Network. This transaction marks the first on-chain case related to a RWAs by a Brazilian company in the international market. The dollar-token offers an impressive 9.2% yearly return as compared to US treasury bonds which earn 5.25% to 5.5% per year.
Hydro Protocol Launches RWA Initiative in Partnership with Ondo Finance and Injective — Hydro Protocol recently announced the launch of its RWA initiative in partnership with Ondo Finance and Injective. This will enable Hydro Protocol’s users to access Ondo Finance’s USDY, which has been integrated into Injective. USDY is a yieldcoin pegged to US short-term treasuries and offers a yield of 5.3% APY.
ESMA Expresses Concerns About Authorisation of Global Crypto Firms Under MiCAR — The European Securities and Markets Authority (ESMA) has voiced concerns in an Opinion regarding the authorisation of international crypto firms under the Markets in Crypto Assets (MiCA) regulations. The Opinion highlights the risk associated with global crypto firms that seek to offer services such as crypto brokerage in the EU while keeping the bulk of their operations, such as intra-group execution venues outside the EU’s regulatory framework. ESMA believes that such activities could compromise consumer protection and give these firms unfair advantage over EU-authorised execution venues.
Bitvavo to Use Nasdaq’s Market Surveillance Ahead of MiCAR Implementation — Crypto Exchange Bitvavo has signed an agreement with Nasdaq to deploy their market surveillance technology to mitigate market abuse ahead of the MiCAR implementation in Europe. The Amsterdam-based crypto exchange will enhance its market abuse detection measures through detailed trading insights, order book replay with a consolidated audit trail, and analyse suspicious activity through alerts.