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Circle is entering an agreement with a Hong Kong telecommunications firm with the aim of building blockchain-based solutions for the Asia-based company. The USDC stablecoin issuer says it is signing a memorandum of understanding with the technology, media and telecommunications firm HKT to “explore a potential collaboration in developing blockchain-based customer loyalty solutions for merchants in Hong Kong.” “Leveraging Circle’s expertise in Web3 Services and HKT’s extensive merchant ecosystem and customer engagement capabilities, the two companies aim to develop customer loyalty solutions backed by Web3 technology that will enhance how consumers discover and engage with merchants, fostering more social and dynamic engagement experiences.” Circle says its suite of tools for developing blockchain-based solutions includes its programmable wallets that enable the use of crypto assets and smart contracts safely and easily. News of the potenti...

1. Federal Reserve Cuts Interest Rates by 50 Basis Points link The Federal Reserve announced a rate cut to 5%, lower than the anticipated 5.25%, marking the first rate reduction since March 2020. The median forecast indicates two 25-basis point cuts in 2024, totaling a 100-basis point reduction. Fed Governor Miki Bowman voted against the action, favoring only a 25-basis point cut, making this the first dissent from a board member since 2005. At the press conference, Jerome Powell stated that the 50-basis point cut would help sustain economic and labor market strength, reflecting the Fed’s confidence that inflation is moving toward the 2% target. China International Capital Corporation (CICC) remarked that the Fed’s move was more aggressive than expected. The Fed’s focus seems to have shifted from controlling inflation to prioritizing employment. Despite Powell denying victory over inflation, he now appears to be concentrating solely on employment. The Fed’s tolerance for rising unemplo...

Coinbase and Circle each expanded their European presences following regulatory approval from the French AMF. Crypto exchange Coinbase secured a virtual asset service provider (VASP) license from France’s Financial Markets Authority (AMF) as it positions itself outside the U.S. and across European markets.  The AMF’s approval authorizes Coinbase to do business as a digital asset trading venue, offering cryptocurrency trading, crypto-fiat pairs, and crypto custodial services, according to a Dec. 21 CNBC report and a company spokesperson. Meanwhile, USD Coin (USDC) operator Circle announced conditional registration with the French AMF. CEO Jeremy Allaire said the company hopes to obtain a full Digital Asset Service Provider (DASP) from France’s financial watchdog.  .@circle receives conditional Digital Asset Service Provider (DASP) registration in France, home to Circle's EU HQ for our stablecoin platforms. We also announced that Coralie Billmann has joined to head French oper...

Tron (TRX) founder Justin Sun made several large cryptocurrency deposit s totaling $25.5 million to leading exchange Binance over the past day. According to transaction data from blockchain intelligence firm Arkham, the deposit s were made in three separate transactions from Justin Sun’s known wallet address to a Binance deposit address. The first transfer was for $1.7 million of USD Coin (USDC), followed by $2.8 million of True USD (TUSD) and finally $21 million USDT. USDC, TUSD, and USDT are all stablecoins whose values are pegged to the United States dollar. By using these dollar-backed cryptocurrencies instead of a volatile coin like Bitcoin (BTC), Sun likely wanted to avoid significant price fluctuations when the tokens were held in the wallets. You might also like: Justin Sun became largest individual ETH staker The decision to hold multiple stablecoins is likely partially motivated by a willingness to limit losses if one stablecoin collapses. Sun could plan t...