Korea to trial digital vouchers based on WCBDC-backed deposit tokens
The Korean Ministry of Science and Information and Communications Technology (MSIT) and the Korea Internet and Security Agency (KISA) launched an investment project to promote the domestic blockchain industry. It is committing Won 20 billion ($14.5 million) across 14 projects, divided into two public sector and the private sector parts. One of the public sector projects includes the development of a wholesale central bank digital currency (CBDC)-based digital voucher management platform by the Bank of Korea. This platform will allow various voucher programs to be used on mobile devices, improving the efficiency and accessibility of digital payments. [Read more at the MSIT]
SEC closes Ethereum 2.0 investigation, will not sue Consensys
The Enforcement Division of the U.S. Securities and Exchange Commission (SEC) has notified Consensys that it is closing its investigation into Ethereum (ETH) 2.0, and will not pursue an enforcement action against the technology incubator that develops decentralized software services and applications that operate on the Ethereum blockchain. The SEC was investigating whether ETH had become a “security” after it switched from a proof-of-work (PoW) to proof-of-stake (PoS) protocol (from “ETH 1.0” to “ETH 2.0”). In April 2024, Consensys had filed a lawsuit against the SEC, alleging that the investigation was an “unlawful seizure of authority” over Ethereum, on the grounds that ETH is a “commodity” and therefore outside the SEC’s jurisdiction. [Read more at Consensys]
Tether launches USD-pegged gold-backed Alloy stablecoin
Tether is launched Alloy (aUSD₮), a stablecoin pegged to the U.S. dollar overcollateralized by Tether Gold (XAU₮). Users can mint aUSD₮ by depositing XAU₮ as collateral through a process managed by Ethereum-compatible smart contracts. The aUSD₮ smart contract ensures transparency by keeping track of all collateral and minted tokens, using price oracles to constantly evaluate the Mint to Value (MTV) ratio. [Read more at Tether]
National Australia Bank shutters stablecoin project
The National Australia Bank has reportedly shuttered its AUDN stablecoin project. The core team, including long time NAB staff, left the bank to start an independent Australian dollar stablecoin, Ubiquity. NAB gave the reason for ending the project as a lack of customer demand. One of the use cases was blockchain-based settlement of tokenized carbon credits as a blockchain-based project. However, blockchain technology was ditched, removing one of the AUDN motives [Read more at Ledger Insights]
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