Gate.io Threatens Legal Action Against Speculators

In a first for Bolivia, Japanese automaker Toyota saw one of its vehicles purchased with the stablecoin USDT, according to a recent X post by digital asset trust company BitGo. The transaction underscores growing cryptocurrency adoption in the Latin American country, which is grappling with soaring inflation and a shortage of U.S. dollars. The transaction was facilitated by a partnership between Toyosa (the official Toyota distributor in Bolivia), BitGo, and Tether, the issuer of the USDT stablecoin. The sale highlights the increasing use of digital assets for commercial and retail payments, as the global stablecoin market cap recently reached an all-time high of $293 billion at the time of publication. Confirming the milestone, Tether CEO Paolo Ardoino stated on the social media platform X that, in addition to Toyota, the USDT stablecoin is now also accepted by distributors of BYD and Yamaha vehicles in Bolivia.Photo by Christina Telep on UnsplashCrypto use surges amid inflation and dollar shortage The development comes as Bolivia faces 25% inflation, the highest in 34 years. With the local economy under pressure, many Bolivians are moving their money into cryptocurrencies in an effort to protect their savings, according to Bloomberg. U.S. dollars have become increasingly scarce. Unofficial exchange rates have jumped to 14 bolivianos per dollar, nearly twice the government's rate. That gap is pushing people toward stablecoins like USDT, which are easier to access and hold their value. The shift is already showing up in payment trends. Digital transactions surged more than fivefold in the first half of 2025, reaching nearly $300 million. Regional adoption and Toyota’s blockchain pushThe rise in crypto use in Bolivia is part of a broader shift across Latin America. According to a recent report from analytics firm Chainalysis, crypto adoption in the region jumped from 53% to 63% in the 12 months ending June 2025. The only region to outpace this growth was Asia-Pacific, which saw a 69% year-over-year increase. El Salvador stands as another prominent example in the region, having adopted Bitcoin (BTC) as legal tender in September 2021 and currently holding over 6,300 BTC in its treasury. Separately, Toyota Motor Corporation has been actively exploring applications for blockchain technology. In March, its subsidiary Toyota Financial Services, in collaboration with Daiwa Securities and MUFG Bank, launched its first security token bonds on Progmat, a platform founded by MUFG with backing from other big banks like Sumitomo Mitsui Banking Corporation (SMBC) and Mizuho. The initiative is aimed at strengthening the Toyota Group’s ties with individual investors and supporting the growth of the digital bond market. 

P2E defense game Slime World to roll out a major update in DecemberSlime World, a play-to-earn (P2E) blockchain game developed by South Korean company Nada Digital, is set to roll out a major update this December, according to a report by local news outlet Edaily.Photo by Markus Winkler on UnsplashUpdates to two game modesThis update to the defense game will enhance PvP Arena Mode, allowing players to merge NFT characters to battle against others, and will also improve the defense-oriented Infinite Mode. New NFTs released with this update will enable users to try diverse squad formations in Arena Mode, fostering strategic gameplay. The upgrade to Infinite Mode is designed to simplify the process of mining in-game tokens.Airdrop eventsIn celebration of its upcoming update, Slime World is planning a series of events. To bolster Arena Mode, the game will conduct airdrops of extra NFTs to both current and new NFT purchasers. Additionally, there will be airdrops of NADA tokens and various paid items. The platform is also set to provide incentives for players who haven’t accessed the server in a while, encouraging them to re-engage with the game.A representative from NADA Protocol, which operates under Nada Digital, mentioned that despite South Korea’s ban on play-to-earn (P2E) games, Slime World has garnered favorable reviews from gamers around the world. They anticipate that the forthcoming update will further contribute to the game’s growth and popularity.

China Furthers Efforts to Shape the MetaverseFindings by US political media outlet POLITICO suggest that Chinese authorities and state-owned companies are seeking to mold the metaverse in line with existing systems in China such as the country’s social credit scoring system.The concept of the metaverse entails a network of interconnected immersive virtual worlds powered by virtual reality, augmented reality, and simulations. Development in this area is centered around applications such as online gaming and virtual events.Photo by Hanson Lu on UnsplashDigital Identity SystemIn a report published on Sunday, POLITICO referenced recently drafted proposals put forward by China Mobile, a state-owned telecoms operator. The proposals outline a “Digital Identity System” for users within online virtual worlds and metaverses.These proposals recommend the use of “natural characteristics” and “social characteristics” within digital IDs, encompassing personal data such as occupation, “identifiable signs,” and other attributes. Moreover, they suggest storing this information “permanently” and sharing it with law enforcement to ensure order and safety within the virtual realm.Setting agreed benchmarks for emerging techThe proposals present a hypothetical scenario involving a disruptive user named Tom, who causes turmoil in the metaverse. The digital identity system, according to these proposals, would facilitate prompt identification and punishment by law enforcement.These discussions are occurring within the framework of the International Telecommunication Union (ITU), a United Nations (UN) agency responsible for establishing global technology standards. This strategy echoes China’s endeavor to set worldwide benchmarks for emerging technologies.The ITU, as a UN agency, holds significant sway in defining global telecommunications and technology infrastructure standards. Given that the US and China have quite different outlooks when it comes to technology governance, particularly the future development of the internet and related technologies, the ITU has become a means through which common ground can be found and differences resolved.Upcoming vote on proposalsChina Mobile’s proposals, presented during the ITU’s metaverse focus group meeting, are poised to be voted on during the next meeting in October in Geneva. The company is the largest mobile operator by subscriber base. Demonstrative of ongoing tensions that exist between the US and China, the company was delisted from the New York Stock Exchange in 2021 following a US executive order.Chinese organizations are reportedly submitting more proposals than their Western counterparts, demonstrating that China is very much taking a lead in metaverse development. It’s evident that there is a clear strategy for China to establish itself in furthering this technology.In May, Alibaba Cloud, a subsidiary of Chinese e-commerce giant Alibaba Group, entered into a partnership with layer one blockchain Avalanche to better enable businesses to deploy metaverses. Around the same time, an administrative body within China’s Henan Province established a $22 million dollar investment fund, focused on financing metaverse-related ventures.Later that month, the city of Zhengzhou announced a set of policy proposals designed to support the growth and development of metaverse companies in the region.Within the Chinese autonomous territory of Hong Kong too, there has been plenty of metaverse-related activity. Metaverse start-up Artifact Labs completed a funding round with a view towards expanding its operations. The city is home to Animoca Brands, a prominent player in metaverse-related development.