Merge pull request #1107 from CAFECA-IO/feature/news-0811

Feature/news 0811

package.json

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src/news/usdc/news-usdc-202308110001.md

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+---
+date: 1691744359
+title: 'Decoding USDC: What Influences its Availability'
+description:
+  'Recent regulatory actions emphasize the significance of compliance within the cryptocurrency
+  sector. The U.S. Securities and Exchange Commission (SEC) is ensuring that crypto trading
+  platforms adhere to regulations, with Bittrex settling charges for a notable $24 million.
+  Internationally, eToro faces challenges from the Australian Securities and Investments Commission
+  (ASIC) over its contract for difference (CFD) product.'
+---
+
+### **Introduction**
+
+Recent regulatory actions emphasize the significance of compliance within the cryptocurrency sector.
+The U.S. Securities and Exchange Commission (SEC) is ensuring that crypto trading platforms adhere
+to regulations, with Bittrex settling charges for a notable $24 million. Internationally, eToro
+faces challenges from the Australian Securities and Investments Commission (ASIC) over its contract
+for difference (CFD) product.
+
+### **Global Regulatory Stance**
+
+Recent regulatory actions have highlighted the importance of compliance in the cryptocurrency
+industry. The U.S. Securities and Exchange Commission (**SEC**) has taken significant steps to
+ensure that crypto asset trading platforms adhere to established regulations. **Bittrex, a prominent
+crypto asset trading platform, has settled charges with the SEC for operating as an unregistered
+national securities exchange, broker, and clearing agency. The settlement includes a substantial
+monetary payment of $24 million.**
+
+On the international front, **eToro**, a renowned social investment platform, is facing **legal
+challenges** from the **Australian Securities and Investments Commission (ASIC)**. The regulator
+alleges that eToro failed to act efficiently, honestly, and fairly concerning its contract for
+difference (**CFD**) product. The ASIC's concerns revolve around eToro's target market for the CFD
+product, which they believe was too broad for such a high-risk trading product. The regulator
+estimates that nearly 20,000 of eToro's clients lost money trading CFDs between October 2021 and
+June 2023.
+
+In conclusion, the regulatory landscape is evolving rapidly, with authorities worldwide taking a
+keen interest in ensuring that cryptocurrency platforms operate within the confines of the law.
+These developments, combined with the dynamic nature of the stablecoin market, could influence
+customer confidence in the supply of USDC and other stablecoins. It's essential for stakeholders to
+stay informed and adapt to the changing environment to ensure continued growth and stability in the
+sector.
+
+### **Technology Advancements in USDC**
+
+The launch of **PayPal's stablecoin, PYUSD**, has sparked discussions within the crypto community.
+Approximately **26 million PYUSD tokens** have been issued. Tether's CTO, Paolo Ardoino, opines that
+PYUSD's introduction doesn't affect Tether (USDT) since Tether isn't aimed at U.S. users.
+Nonetheless, the rivalry between PYUSD and Circle's USDC stablecoin is still unfolding. While USDT
+remains the leading stablecoin with a circulation of more than 84 billion tokens, USDC is not far
+behind with over 24 billion tokens in supply.
+
+The PYUSD is an **ERC-20 token based on the Ethereum** blockchain and is backed by deposits in US
+dollars, short-term Treasury bills, and similar cash equivalents. It's pegged to the US dollar and
+will soon be available to PayPal customers in the US. Additionally, Paxos plans to release monthly
+reports detailing the assets backing PYUSD. The article also touches on the regulatory environment,
+noting that Paxos recently faced an SEC lawsuit and mentions support from US lawmaker Patrick
+McHenry for PayPal's stablecoin initiative.
+
+Also, the PYUSD is implemented by **upgradble proxy design pattern**. It means there’re two kinds of
+contracts. One is proxy contract, and the other is implementation contract. The reference lists the
+related contract addresses.
+
+1. **Proxy Contract**: This contract holds the storage and delegates all calls to an implementation
+   (logic) contract. The address of the implementation contract can be changed, allowing for
+   upgrades.
+2. **Implementation Contract**: This is where the actual logic of the application resides. When you
+   want to upgrade, you deploy a new version of this contract and then update the proxy to point to
+   the new version.
+
+As more and more corporates take part in crypto market, the transparency and security offered by
+blockchain technology, combined with the stability of assets like USDC, will likely play a pivotal
+role in shaping the future of digital finance.
+
+### **Economic Outlook and Trends**
+
+1. **US Household Credit Card Debt:**
+   - The US has reached a significant milestone in credit card debt, surpassing **$1 trillion** for
+     the first time. This increase is attributed to a **4.6% rise in credit card balances during the
+     second quarter**, totaling $1.03 trillion. Overall household debt also grew, with a 1%
+     increase, reaching $17.06 trillion in the same quarter. This escalation in debt coincides with
+     interest rates nearing a record **20.53%**, the highest in 22 years, making debt repayment more
+     challenging for households.
+2. **Wilko's Bankruptcy:**
+   - The **UK-based household goods retailer**, Wilko, has entered administration, endangering its
+     **400 stores and 12,500 jobs**. The company's move to seek protection from creditors comes
+     after a failure to secure emergency funding amidst a trading downturn. The company's challenges
+     highlight the broader economic pressures faced by retailers, with **rising inflation and
+     interest rates impacting consumer spending**.
+3. **Germany's Automotive Sector:**
+   - Germany's industrial production witnessed **a decline of 1.5% in June compared to May**, with
+     the **automotive sector experiencing a 3.5% drop**. This decline raises concerns about Germany
+     potentially re-entering a recession. The automotive industry, a significant contributor to
+     Germany's economy, has been grappling with challenges from the pandemic and supply chain
+     disruptions.
+4. **China's Export Decline:**
+   - China, the world's second-largest economy, has seen its **exports drop by 14.5% in July**
+     compared to the previous year. This decline marks the third consecutive month of reduced
+     exports. The decrease in exports is attributed to global demand slowdown, inflation, and rising
+     interest rates affecting global consumption. Additionally, China's imports also fell by 12.4%
+     in July, indicating softened domestic demand.
+
+The global economic landscape, as depicted by the aforementioned events, showcases a mix of
+challenges and uncertainties. Rising household debts in the US, coupled with economic pressures in
+major economies like the UK, Germany, and China, indicate potential shifts in consumer behavior and
+investment strategies.
+
+In such a scenario, stablecoins like USDC could emerge as a preferred choice for investors and
+consumers seeking stability and security. The decentralized nature of blockchain, combined with the
+pegging of USDC to the US dollar, offers a hedge against economic volatilities. As traditional
+markets face turbulence, the confidence in and supply of USDC might witness an upward trajectory,
+positioning it as a reliable financial instrument in the evolving global economy.
+
+### **Summary**
+
+The article delves into the evolving regulatory landscape of the cryptocurrency industry. Bittrex, a
+major crypto trading platform, has settled with the SEC for operating without proper registration,
+resulting in a $24 million payment. eToro, a global investment platform, is under scrutiny from ASIC
+for its CFD product, with concerns about its broad target market. The article concludes by
+emphasizing the rapid changes in the regulatory environment and the potential impact on customer
+confidence in stablecoins like USDC. Stakeholders are urged to stay updated and adapt to these
+changes to ensure the sector's growth and stability.
+
+### **Reference**
+
+- https://www.sec.gov/Archives/edgar/data/1884021/000138713123009033/ethu-485apos_072823.htm
+- https://www.sec.gov/news/press-release/2023-150
+- https://decrypt.co/152090/crypto-exchange-bittrex-agrees-pay-24-million-settle-sec-lawsuit
+- https://www.coindesk.com/policy/2023/08/10/bittrex-reaches-settlement-with-sec-agrees-to-pay-24m-fine/
+- https://thefintechtimes.com/etoro-locks-horns-with-asic-australian-regulator-sues-over-dishonest-cfd-exposure/
+- https://www.theblock.co/post/243602/paypal-stablecoin-tether-usdc-impact
+- https://coinmarketcap.com/community/articles/64d1bb684ce9d035a27be3c4/
+- https://etherscan.io/address/0x6c3ea9036406852006290770BEdFcAbA0e23A0e8
+- https://etherscan.io/token/0x6c3ea9036406852006290770BEdFcAbA0e23A0e8
+- https://etherscan.io/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e#code
+- https://etherscan.deth.net/address/0xe17b8adf8e46b15f3f9ab4bb9e3b6e31db09126e#code
+- https://edition.cnn.com/2023/08/08/economy/us-household-credit-card-debt/index.html
+- https://edition.cnn.com/2023/08/10/economy/wilko-store-files-bankruptcy/index.html
+- https://edition.cnn.com/2023/08/07/economy/germany-recession-car-industry/index.html
+- https://edition.cnn.com/2023/08/08/economy/china-trade-exports-decline-july-intl-hnk/index.html