Binance Explores Stablecoin Issuance on MUFG Progmat Coin Platform

Titi Financial Announces $TITI AirdropTiti Financial, the team behind Titi Protocol, a project that aims to further its $TiUSD algorithmic stablecoin, announced that it is currently distributing the first round of airdrops of its $TITI governance token.Taking to social media, the Singapore-based project encouraged interested parties to check their eligibility for the airdrop on the project’s website. In a Medium blog post, the project stated: “In order to give back to the users who have supported us all the way, TiTi protocol has decided to conduct the first round of airdrops to community users.”An algorithmic stablecoinTiTi Protocol is a decentralized, 100% collateral-backed, ‘use-to-earn’ algorithmic stablecoin. It aims to provide diversified and decentralized financial services based on the crypto-native stablecoin system, with an autonomous monetary policy.Alongside $TITI as the project’s governance token, $TiUSD is the accompanying stablecoin issued by TiTi Protocol.Initial DEX offering (IDO)The airdrop runs until May 9. Once that process has been completed, the project intends to launch on mainnet through an initial DEX offering (IDO). IDO volume will be 10 million $TITI, 1% of total issuance, with an initial price per token of $0.06.Launching on the Ethereum blockchain, the IDO commences on May 10, with the sale running until 8:00 UTC on May 13. Buyers have until 08:00 UTC on May 14 to claim their tokens. Total token supply has been set at 1,000,000,000 $TITI. Purchase amount parameters have been set, with a minimum to maximum range extending from $100 to $3,000. The $TITI token can be purchased using USDC, USDT or DAI stablecoin. The project has advised participants to prepare by having an Ethereum compatible wallet available, such as MetaMask, Gnosis Safe or WalletConnect.$3.5 million fund raiseLast month, the project disclosed that it had been successful in raising $3.5 million in funding. The funding round was led by California-based Spartan Group, a blockchain advisory and asset management firm. Other venture investors included SevenX Ventures, Incuba Alpha, DeFi Alliance, Agnostic Fund, Fourth Revolution Capital and Solidity Venture. A number of individual investors associated with Alpha Venture DAO and 0x1b from Fold Finance also participated.Overcoming algorithmic design shortcomingsIt’s interesting to see a renewed interest in algorithmic stablecoins after the epic collapse of Terra Luna in 2022. Additionally, it’s noteworthy that an institutional investment appetite exists given that backdrop. Lead investor Spartan Group cited the depegging risk alongside poor liquidity as being a known problem where algorithmic stablecoins are concerned. However, the investor believes that the Titi Protocol has the necessary design elements incorporated to counteract these issues.One of the key features of the protocol is that liquidity providers only need to provide single sided liquidity to Titi automated market makers (AMMs). The protocol itself covers the other side of that process, doing the math to mint the equivalent value of TiUSD.In April, the project also announced a partnership with Alpha Venture DAO. The decentralized venture capital fund is financed by its own community. Furthermore, Titi Finance can call on the expertise and skills of the DAOs members.Photo by CoinWire Japan on Unsplash

Animoca Brands, a company focused on Web3 and metaverse projects, has gotten together with the Hong Kong subsidiary of British banking giant Standard Chartered to establish Anchorpoint Financial Limited.In a press release published to its website on Aug. 8, Animoca Brands outlined that the joint venture company has been established with the objective of building a business model that will concern itself with the issuance and advancement of licensed stablecoins. The move follows Hong Kong’s Stablecoins Ordinance, which went live on Aug. 1.Photo by Andres Garcia on UnsplashHKT involvementThe partnership also involves Hong Kong Telecom (HKT), one of the largest telecommunications companies in Hong Kong. This collaboration is not something that has just been formed. The trio had been participants in a regulatory sandbox related to stablecoin issuance established by the Hong Kong Monetary Authority (HKMA) in 2024.  Back in February, it emerged that the three companies had entered into an agreement to establish a joint venture with a view towards applying to the HKMA for a license to cover the issuance of a Hong Kong dollar-pegged stablecoin. By June, the companies had formed that company. Applying for a licenseAnchor Financial has already informed the HKMA of its intention to apply for a stablecoin license. A recent Bloomberg report asserted that somewhere in the region of 50 companies have expressed an interest in obtaining stablecoin licensing in Hong Kong. However, the regulator is likely to issue no more than 10 licenses. Additionally, disclosure by the HKMA of strict customer identification rules related to the city’s new Stablecoins Ordinance has sparked concern among industry stakeholders. Know-your-customer (KYC) rules will put an onus on stablecoin issuers in Hong Kong to verify the identity of every stablecoin holder. Bo Tang, head and assistant director at the HKUST Institute for Financial Research, told Reuters that the rules were “a bit too strict and not good for acquiring users.” Ricky Xie, a crypto trader based in Hong Kong, pointed out that these KYC rules aren’t just for those who would hold accounts with the stablecoin issuer, but instead they will apply to every stablecoin holder. A number of Hong Kong stablecoin-concept stocks, that had been performing well in the market, fell by as much as 20% when these stringent rules were disclosed by the HKMA. Evan Auyang, group president of Animoca Brands, expressed contentment with Animoca’s partnership with HKT and Standard Chartered Bank (Hong Kong), while adding:”Stablecoins represent one of the most compelling use cases within Web3, and we believe we are still at the early frontier of widespread adoption across institutions and retail alike. As assets continue to move on-chain, the HKMA-regulated fiat-referenced stablecoin is important in reinforcing Hong Kong’s position as a leading international financial center.” The first stablecoin licenses are expected to be issued by the HKMA early next year.

Founders Exit Following Overhaul of NFT Startup RarioPolygon-based NFT platform Rario, specializing in cricket-related non-fungible tokens (NFTs), is experiencing a major transformation, with its founders, CEO Ankit Wadhwa and CTO Sunny Bhanot, departing the company after a two-year tenure.Investors in the startup are taking on a more prominent role in steering the direction of the Indian startup, according to a report from TechCrunch on Friday.Photo by Alessandro Bogliari on UnsplashDream11Dream11, a prominent Mumbai-based fantasy sports platform and one of Rario’s primary backers, alongside other investors, is said to be exerting pressure to gain greater control, resulting in the ousting of the firm’s founders. The development comes amid other significant shifts in Dream11’s leadership.Additionally, Rario is undergoing a broader restructuring effort that includes the elimination of various roles, according to sources who were cited by TechCrunch as being familiar with the matter.This recent upheaval coincides with reports of Dream11’s parent company, Dream Sports, taking measures to reduce operational costs. TechCrunch noted that Dream Sports is actively renegotiating several licensing agreements previously inked by Rario as part of cost-cutting measures.High profile investorsRario boasts a roster of high-profile investors, including global investment company Alpha Wave Global and cricket icon Sachin Tendulkar. In April 2022, the cricket NFT platform made waves by securing $120 million in a Series A funding round, asserting its dominance in the cricket NFT rights arena with over 900 cricketers on board at that time. It’s not clear what valuation the firm had at the time of the Series A funding round but in a prior round, Rario had been valued at $250 million.Founded in 2021, Rario set out with a mission to create digital cricket collectibles and foster an online community for passionate fans. By April 2021, the company had successfully sold 50,000 NFTs to sports enthusiasts spanning 20 countries.Cricket world partnershipsCricket is the second largest sport in the world with in excess of 1.5 billion fans worldwide. That leaves a lot of scope for Rario to harness NFTs to bring about new forms of engagement.Among Rario’s notable partnerships are agreements with cricket leagues such as Cricket Australia, the Australian Cricketers’ Association, the Caribbean Premier League, the Lanka Premier League, and the Abu Dhabi T10 League Legends League Cricket.Polygon changesPolygon Labs, the developer of the Ethereum-centric layer two scaling network upon which the Rario platform runs, also features India in its origin story. It too has seen upheaval at a managerial level recently. In July, the firm announced a number of senior positional changes. Its former Chief Legal Officer (CLO) was elevated to the position of CEO. Those changes saw Polygon Labs’ Indian Co-Founder Sandeep Naiwal transition to the role of Executive Chairman.Rario’s ongoing evolution reflects the dynamic nature of the NFT space, where startups must adapt to changing investor interests and market conditions. With its investors taking the reins, Rario faces a pivotal juncture in its journey to redefine how cricket fans engage with the sport through the exciting world of NFTs.