The Blockchain Bulletin March 26: ADGM Partners with Chainlink for Blockchain Growth
Hey folks! Welcome to the latest edition of the Blockchain Bulletin, where we cover insights that hit the headlines in the past 24 hours. The Abu Dhabi Global Market (ADGM), an international financial center with $635 billion in assets, has signed an MoU with Chainlink to create a compliant framework for digital assets, while maintaining ADGM as the leader in blockchain adoption. As a decentralized oracle network connecting real-world data to blockchain, Chainlink will offer its services to ADGM, including verified data, interfacing solutions, and proof-of-reserve mechanisms to enhance trust. This agreement signifies bridging traditional finance with decentralized systems, especially in the regulatory-heavy UAE.
Meanwhile, a new token, World Liberty Financial USD (USD1), has garnered attention in the crypto community. Deployed on Ethereum and BNB Chain earlier this month, USD1 has sparked speculation due to its potential ties to World Liberty Financial (WLFI), a DeFi platform backed by U.S. President Donald Trump. Blockchain data reveals that major firms like Wintermute and BitGo have interacted with the token. USD1’s total supply stands at around 3.5 million across both blockchains, and the token has gained additional attention after Binance’s CEO Changpeng Zhao shared a screenshot of USD1’s profile on BscScan to his followers, triggering interest.
Related: XRP Eyes $2.50 Resistance as Price Consolidation Builds Up
The now-defunct firm, Mt.Gox, raised speculation of repayment after the release of Bitcoin, as part of its bankruptcy proceedings. A recent transfer of 11,501.4 BTC, worth nearly $1 billion, has captured market interest. However, despite these substantial movements, Bitcoin’s price has remained relatively stable. The flipside to the market instability that was experienced this time last year, which came in the form of price changes following asset transfers. The ongoing pricing stability reflects increasing maturity in Bitcoin’s market, which is becoming less sensitive to price swings resulting from large transactions.
Kraken has raised almost $1 billion in debt ahead of a possible Initial Public Offering (IPO). The company is in discussions with investment banks Goldman Sachs and JP Morgan to raise funds for purposes other than operating expenses, particularly for the expansion of Kraken’s future growth. Meanwhile, Binance suspended an employee for alleged insider trading. The perpetrator utilized information that was obtained through his past employment at Binance’s BNB Chain business development team to profit from trades with related tokens. An internal investigation was conducted, and the consequent findings were made public, underlining the group’s efforts to maintain compliance and internal integrity in the crypto space.
In the regulatory arena, several states are in the process of approving the Bitcoin Reserve bill, with some finalizing the bill into an Act. On March 1, the House of Representatives of Oklahoma passed the bill and is awaiting approval from the Senate, while Kentucky has approved the bill into law with restrictions. Further, Arizona has advanced two bills to establish strategic reserves for digital assets.
Related: Bitcoin Price Climbs to $87K, Testing Key $90K Resistance
Taking an innovative step, the Dogecoin Foundation launched the “Official Dogecoin Reserve,” acquiring 10 million Dogecoins worth $1.8 million to improve the delays in transaction receipts and foster its use as a payment alternative. Also, Japan has approved the first stablecoin in USDC following Circle’s partnership with SBI Holdings. The joint venture is another critical step toward the global regulatory acceptance of stablecoins. Lastly, BlackRock has launched its first Bitcoin exchange-traded product (ETP) in Europe, signaling its commitment to digital assets. This product is backed by physical Bitcoin and is expected to attract institutional investors looking for secure exposure to Bitcoin in a regulated environment.
