Wyoming Launching Stablecoin
Wyoming announced that's planning to launch a stable coin by the July timeframe. This potentially would be the first fiat backed token issued by a public entity. Token (WYST) is current being tested on multiple platforms including Ethereum, Solana, and Avalanche. Upon launched, WYST will grant holders the ability for dollar-denominated transactions to be made anywhere in the world in seconds. Transactions fees would be significantly reduced compared to traditional ACH or wires. Other entities such as asset manager Fidelity has also been reported to be working on their own stablecoin. I expect a large number of organizations will be creating stablecoins which will overall increase crypto usage and extremely cut down on transactional and merchant fees to businesses and consumers.
GameStop's Private Offering
GameStop will be doing a private offering with a 0% converate note for $1.3 Billion to fund its Bitcoin acquisition plan. Many investor believed the Gamestop would use it's Billions in cash to purchase Bitcoin and were disappointed with the private offering. The stock retreated 20% plus on Thursday as investors showed their frustrations. The prospective investors will be purchasing the bond with a zero coupon(return) and will have to rely on the price of Bitcoin increasing over time as their potential return. For Bitcoin it's still extremely positive that more and more companies want to purchase and hold, however it will be interesting to see how the GameStop bond sale is received and how investors will respond to this strategy over the next 6-12 months.
Quick Hits
- Vice President Advisor of Brazil calls on nation to create Strategic Bitcoin Reserve.
- Incoming SEC Chair calls Bitcoin and digital assets a "Top Priority".
- Senator Moreno wants a bill to buy 1 million Bitcoin to be passed by August.
- Blockchain Group in France bought 50 million more BTC and is Europe's first Bitcoin Treasury Company.
