Daily Digest 10/7

Insight on the biggest news and charts that provide context for whats going on in the market today.

Not too long ago MoneyGram was partners with XRP but with the news of being taken to court by the SEC pushed them a part.
Just yesterday MoneyGram announced that they are partnering with XRP rival XLM. XLM was founded by Jed McCaleb who was also a co founder of XRP.
This partnership will allow MoneyGrams customers to send money using USDC on the Stellar network. This will enable “near-instant backend settlement” for account funding and local fiat withdrawals.
“ A new segment of cash users will be able to convert their cash into and out of USDC, giving them access to fast and affordable digital asset services that may have previously been out of reach.”

Stablecoins have been facing a lot of scrutiny from the US government recently but the FDIC might be coming to its aid in becoming “safe” for retail investors.
The FDIC insures bank accounts up $250,000 to protect against lost funds. This would be a big step in the right direction for broader adoption of stablecoins as this would give consumers some kind of protection.
“This is all part of a process by which they are trying to bring stablecoins into the banking system in a responsible manner,” one insider said. “It depends on what’s backing the stablecoins. If it’s backed by reserves at the Federal Reserve for cash then I think you just make the argument that it’s a deposit. If it’s backed by Treasuries [bonds], I think you’ll have a hard time treating it as a deposit.”
No time table has been provided as to how long this will take to happen or if it ever will. This still poses a challenge for the FDIC because technically stablecoins can be sent and received from any wallet and people could take advantage of “losing” their funds.

Public is an up and coming stock trading app that is looking to compete with Robinhood. The platform has sponsors such as the beautiful DogeMother herself, Chantel Jefferies, which promotes users to share what they are invested in.
Users will have the same issue that Robinhood is currently working on where the users will not be able to send their cryptos off of the exchange. They both however feature commission free trading.
Currently they are planning to list 10 currencies to start including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Dash, Stellar, ADA, Zcash, and Doge.
Public is differentiating themselves by giving stock and crypto trading a social media-like influence and feel by encouraging users to share their portfolios.

Shib is another version of Doge coin that was made with the intent of having an abundance of coins in circulation. The “project” has 1 quadrillion tokens in circulation right now but that may be changing.
The founder of Shib announced the other day that they were looking into introducing a deflationary mechanism to the project that would take tokens out of circulation. Following this announcement social sentiment metrics have been up over 300% in the last few days.
Shib is also releasing its first line of NFTs on its DEX platform Shibaswap sometime in the next week.

Blockchain.com Exec Bashes El Salvador’s Bitcoin Adoption