Circle Considers Issuing Stablecoin in Japan

In the Philippines, the Department of Budget and Management (DBM) has introduced an on-chain system utilizing the Ethereum layer-2 network Polygon to notarize and track documentation and the expenditure of public funds. The government contracted Manila-headquartered blockchain technology company BayaniChain Ventures in order to implement the system. The firm took to social media on July 31 to provide details on the DBM Blockchain Project.Photo by GuerrillaBuzz on UnsplashBuilding trust into infrastructureBayaniChain Ventures CEO Paul Soliman outlined that the new system “builds trust into the infrastructure itself.” The DBM Blockchain Project connects a DBM internal platform, the Action Document Releasing System (ADRS), which creates official budget documentation, with the Lumen Blockchain-as-a-Service (BaaS) system created by BayaniChain.  Lumen functions as a core framework, enabling government systems to connect securely with blockchain infrastructure. Consequently, Lumen facilitates the tokenization of government documents, managing access to those documents and publishing data to a portal. A third system, Prismo Protocol, interacts with Lumen and ADRS, determining what documentation should be shared with the public and what documentation should remain accessible exclusively to DBM staff.The upshot of the interaction of these systems is that select budget documentation is published to the Polygon blockchain. Soliman stated that the system provides transparency, enabling members of the public to “see proof, not just promises” with regard to the activity of the government department. Integrating blockchain into public governanceThe Undersecretary at DBM, Maria Francesca Montes Del Rosario, took to Facebook on July 30 to confirm that the DBM blockchain initiative had gone live. She described it as the “first ever Transparency Government Blockchain for immutable and verifiable action documents.” She added: “We are using cutting edge technology like AI, blockchain, satellite imaging to enhance how we do public policy and governance.”Del Rosario was quoted by local media as stating that the technology combats the problem of AI deepfakes and fake documents. Another stakeholder in the development of the system was Exakt IT Services, a local company that specializes in assisting government organizations in the Philippines to bring about digital transformation. Exakt was awarded a contract by DBM to act as a technology partner, supporting the project with technical expertise and infrastructure in order to bring about the implementation of the blockchain solution. BayaniChain’s Soliman believes that the new system “sets a precedent for transparency and accountability in public finance.” However, the timing of the launch of the service proved to be unfortunate, as it coincided with an outage suffered by the Polygon network. The outage, which lasted for one hour, disrupted apps running on Polygon. On X, Polygon CEO and Founder Sandeep Nailwal asserted that the incident didn’t prevent the blockchain from operating or producing blocks and with that, user transactions on the network were still being processed.In better news for the blockchain network, Crypto Analyst Lennaert Snyder reported on July 31 that Polygon has reached a yearly high of $1.2 billion in total value locked (TVL), an 80% increase since March.

FanC – a South Korean blockchain reward project designed for creators and users of the Watch-to-Earn short-form video app CELEBe – has signed a business agreement with Coins.ph, the largest cryptocurrency exchange in the Philippines. Through this agreement, the two companies aim to expand their respective global ecosystem through fanC’s rewards system, according to an article by local news outlet Daehan Kyungjae.Photo by Lance Anderson on UnsplashEmpowering creators and rewarding viewersThe CELEBe app aims to bring content creators and viewers together through Create-to-Earn and Watch-to-Earn mechanisms. The platform has notably collaborated with some 4,000 well-known figures, ranging from actors and singers to YouTubers and athletes. Connecting communitiesUnder the agreement, fanC's reward token (FANC) will be available for trading on Coins.ph, allowing fanC to deepen its roots not only in the Filipino market but also in the larger Asian blockchain community. "This agreement marks an important step in fanC's global expansion strategy," said Lee Dong-ho, CEO of fanC. "Through our collaboration with Coins.ph, we will build a stronger global network." Meanwhile, fanC plans to continue to strengthen its partnership with Coins.ph through activities like global meetings to lead the growth of its global fan community. The platform is thus committed to consistent technological development and innovation through collaborations with various global partners. Through these efforts, it aims to provide new value by building an ecosystem that connects the global blockchain community.

Com2uS Integrates Summoners War: Chronicles into Blockchain Mainnet XPLASouth Korean game developer Com2uS announced today the onboarding of its massively multiplayer online role-playing game (MMORPG) called Summoners War: Chronicles on Com2uS’ blockchain mainnet XPLA.Photo by Muha Ajjan on UnsplashOwnership and rewardsWhat sets Chronicles apart is its play-to-own (P2O) service, allowing players to own in-game assets and be rewarded for their time and efforts. This is made possible through a system of tokenomics, enhancing the overall gaming experience.Since its global launch in March of this year, Chronicles has garnered significant recognition and popularity due to its sophisticated strategy gameplay and abundant content. Now, with its integration into the XPLA blockchain, the game aims to establish itself as an AAA title within the blockchain gaming market.Three in-game currenciesThe game’s P2O system is pillared by three in-game currencies: Rahild, Mileage, and Xlium. Players can earn Rahild by trading items, participating in events, and accomplishing challenging tasks. Rahild can then be exchanged for Mileage and other valuable items. Mileage, on the other hand, can be traded for Xlium, which can be further converted to XPLA, the native token of the blockchain, through XPLA GAMES Wallet.A Com2uS official said that the introduction of Chronicles on the XPLA mainnet opens up a world of exciting gaming experiences for both existing players and newcomers exploring the Web3 gaming realm. Players will not only be able to explore multiple ways to grow their characters but also have the chance to earn rewards for their gameplay. The game’s improved economic system will ensure that all users can make progress. Com2uS looks forward to taking this opportunity to help its flagship game succeed in the global blockchain game market.