Adoption Friday: Hottest Blockchain News of the Week
Hey everyone,
Welcome back to Adoption Friday with adoption news from around the world. In this week’s batch:
- 🇲🇾 Malaysia adopts Worldcoin’s iris-scanning tech
- 🇺🇸 Colorado church tokenizes chapel
- 🌐 Polygon sees $30T opportunity in tokenized RWAs
- 🇦🇪 Tether to launch UAE dirham-pegged stablecoin
- 🇺🇸 Wyoming plans state-issued stablecoin for 2025
🇲🇾 Malaysia adopts Worldcoin’s iris-scanning tech
Malaysia has adopted Worldcoin’s iris-scanning technology for personal verification and digital ID. This technology aims to verify individuals’ identities and improve digital credentials within the country. However, Worldcoin has faced global skepticism and controversy over biometric data collection and compliance with privacy laws. Additionally, the company has been accused of price manipulation and scams with its native token.
Our take:
We remain cautious about this development considering the skepticism and allegations against Worldcoin. Balancing innovation with privacy and security is crucial.
Read more here.
🇺🇸 Colorado church tokenizes chapel
A church group in Colorado has used blockchain technology to tokenize their chapel in an effort to raise money to purchase the building. The pastor leading the project says he was inspired by a spiritual experience to tokenize the building and create a digital asset called Stone Coin. The group plans to open token sales to non-members to raise the remaining funds needed to buy the chapel.
Our take:
This exemplifies community engagement and the potential of tokenization to democratize access to investment opportunities, even in traditionally non-commercial contexts.
Read more here.
🌐 Polygon sees $30T opportunity in tokenized RWAs
Polygon’s global head of institutional capital, Colin Butler, believes that tokenized real-world assets (RWAs) present a $30 trillion global market opportunity. High-net-worth individuals and private equity funds are expected to drive the adoption of tokenized RWAs, especially as they increase their portfolio allocations to alternative assets like private credit. Currently, the tokenized RWA market is valued at $11.66 billion, and this figure is anticipated to grow significantly as more large private equity funds enter the space.
Our take:
We expect increased allocations to these alternative assets. This could transform the landscape of asset management but it likely will come with a side dish of regulation.
Read more here.
🇦🇪 Tether to launch UAE dirham-pegged stablecoin
Tether is collaborating with UAE-based companies to launch a new stablecoin pegged to the United Arab Emirates dirham (AED). This partnership aims to create a digital representation of the dirham currency backed by liquid UAE-based reserves, offering stability and confidence in its value. The new stablecoin is expected to streamline international trade and remittances while reducing transaction fees and providing a hedge against currency fluctuations.
Our take:
This is a promising development for regional economic integration and a hedge against currency volatility. It also reinforces blockchain’s role in modern financial solutions.
Read more here.
🇺🇸 Wyoming plans state-issued stablecoin for 2025
Wyoming Governor Mark Gordon announced plans for a state-issued dollar-pegged stablecoin to be launched in 2025. The stablecoin will be backed by US Treasury bills and repurchase agreements and aims to drive demand for the US dollar. Governor Gordon highlighted the benefits of embracing blockchain innovation and discussed the potential challenges and competition with the Federal Reserve Bank. The state has been proactive in digital asset regulations and sees an opportunity for growth in the digital asset space.
Our take:
Such a proactive approach is setting a precedent in the regulatory environment. We hope it will drive further innovation and growth and others will emulate this approach.
Read more here.
And that’s it! What do you think about this week’s adoption news? Let us know in the comments!
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