Philippines to move forward with CBDC without blockchain

Terraform Labs Accuses Citadel Securities of Stablecoin SabotageTerraform Labs, the bankrupt Singaporean blockchain firm, is pointing fingers at American market maker Citadel Securities, alleging that it played a role in an orchestrated effort to destabilize Terraform’s TerraUSD (UST) stablecoin back in May 2022.In its pursuit of justice, Terraform Labs has now called upon the United States District Court in the Southern District of Florida to compel Citadel Securities to furnish vital documents concerning their trading activities during that critical period, when the stablecoin underwent a depegging crisis, now referred to as TerraUSD Classic (USTC).Photo by Tingey Injury Law Firm on UnsplashAllegations of intentional destabilizationThat’s according to a motion filed by Terraform in the United States District Court in the Southern District of Florida, earlier this week. As alleged by Terraform Labs, the catastrophic depegging event in May 2022, which saw UST plummet from $1 to a mere $0.02, was not solely due to inherent instability in the algorithm supporting the UST stablecoin. Instead, the firm contends that it was a result of the deliberate and collaborative actions of specific third-party market participants who engaged in “shorting” to trigger the depegging.Terraform stated in its motion:“Movant [Terraform] contends that the market destabilization that occurred did not result from instability in the algorithm underlying the UST stablecoin. Instead, Movant contends that the market was destabilized due to the concerted, intentional effort of certain third party market participants to ‘short’ and cause UST to depeg from its one dollar price.”The motion also alludes to “publicly available evidence” hinting at Citadel’s intention to short the stablecoin at the time of the depegging event. In particular, it references a Discord channel chat screenshot where a pseudonymous trader purportedly had a conversation with Citadel head Ken Griffin. Griffin allegedly remarked:“They were going to Soros the f*** out of Luna UST,” seemingly drawing a connection to George Soros’ trading strategies, which often involve highly leveraged, one-way bets.Citadel refuted allegations previouslyNotably, Citadel Securities has previously refuted allegations of trading the TerraUSD stablecoin in May 2022, according to Forbes.In its motion, Terraform refers to the importance of these documents for its defense in a lawsuit filed by the US Securities and Exchange Commission (SEC) in February. The SEC lawsuit alleges that Terraform Labs and its founder, Do Kwon, played a significant role in orchestrating a multi-billion dollar cryptocurrency securities fraud.The motion concludes with Terraform arguing that its defense would be substantially hampered if Citadel Securities were to successfully withhold the requested information. In the event that the court fails to compel Citadel, Terraform has requested that the matter be transferred to the US District Court for the Southern District of New York.The matter has been the subject of debate within the crypto community in recent months. In May a community member stated:“As I’ve been saying. People blamed Citadel et al. This was nothing but a rug pull. Wake up. Do Kwon says the dissolving of Terraform Labs in Korea days before the $LUNA and $UST crash is ‘purely coincidental.’”With the matter now being raised in the courts, it looks like the legal system will be the final adjudicator regarding the issue.

Untangled Finance Launches Tokenized RWA PlatformUntangled Finance has officially launched its tokenized real-world asset (RWA) marketplace on the Celo network, according to a report by CoinDesk.Photo by Blake Wheeler on UnsplashVietnamese rootsThe platform’s inauguration follows a successful $13.5 million venture capital funding round, with Fasanara Capital, a London-based asset management firm, serving as the lead investor. Untangled is also London-headquartered, with most of its employees from Vietnam.Private tokenized credit poolsIn addition to its investment, Fasanara Capital has initiated two private tokenized credit pools on the Untangled platform, focusing on off-chain operations and underwriting loans.Untangled’s expansion plans are ambitious, aiming to extend its reach to the Ethereum (ETH) network and the layer 2 scaling solution Polygon (MATIC) via Chainlink’s Cross Chain Interoperability Protocol. This strategic move transforms Untangled into a multi-chain and interoperable RWA credit protocol, catering to a broader spectrum of users and assets.Untangled Finance’s specific focus lies in the private credit market, a sector valued at over $1 trillion. The platform aims to bridge the gap between traditional private credit and blockchain technology by tokenizing these assets. Currently, decentralized finance (DeFi) platforms account for only $550 million of private credit assets, according to data from rwa.xyz.To achieve this, Untangled is concentrating on fintech lending, including services like invoice financing and consumer loans based on salary advances. The platform also targets “green assets,” such as working capital or development loans for eco-friendly infrastructure projects like battery swapping stations.Untangled serves as the infrastructure to host blockchain-based credit pools. Investors, including certified investors, firms, and decentralized autonomous organizations (DAOs), can deposit funds into these pools to lend and earn a yield. In return, depositors receive an ERC-20 token representing their positions in the pool.Asset tokenization potentialAsset tokenization, the process of representing traditional financial assets on a blockchain, has emerged as a key growth opportunity in the digital asset space. This trend comes as the industry grapples with the aftermath of a challenging bear market and the fallout from high-profile implosions witnessed in recent years.Tokenization has the potential to transform various real-world assets, such as credit, real estate, or bonds, into blockchain-compatible tokens.Untangled Finance is attempting to set itself apart from other RWA lending protocols through innovative product features, including a built-in liquidation engine designed to auction off collateral assets if the pool’s health falls below a certain threshold. The platform also employs a credit assessment model to monitor borrowers’ future default risks and offers an auction-based withdrawal mechanism for investors seeking an early exit from the pools.Francesco Filia, CEO and CIO of Fasanara Capital, commented on the significance of this development, stating:“We see an upcoming merging of worlds. “On one side, fintech lending which fills the gap in underserved SME and consumer markets and, on the other, the way values are being transferred within the new world of digital assets.”

Starbucks Korea implements NFT initiative to boost sustainability effortsStarbucks Korea is set to take on several eco-friendly initiatives in the new year to promote the use of personal reusable cups, including an NFT wallet and a new tumbler coupon policy, according to local news outlet Newsis on Thursday (KST).Photo by Battlecreek Coffee Roasters on UnsplashNFTs and eco-friendly effortsIn a newfound development, the brand also said that it would start issuing NFTs through a new NFT wallet on its mobile app next month as part of its eco-friendly consumption campaign. Until now, NFTs have been widely utilized in fields like art, music and entertainment due to their ability to prove individual ownership of digital assets. Starbucks’ adoption of the technology is a significant step in its implementation into daily life, which will lead to an increase in the number of real-world use cases and an acceleration in the transition to the era of Web3.To celebrate the launch of the NFT wallet, Starbucks plans to hold a promotional event where customers who use a reusable cup for one beverage ordered via the Siren Order function will receive one Eco Stamp. Up to three stamps can be collected per day. These can be exchanged for various types of NFTs, which are categorized as Basic, Creative and Artist, and each customer can only own one.Starbucks’ NFTs will be minted in collaboration with Seoul-based art platform and gallery Print Bakery (PBG) and PBG exclusive artist DADAZ, featuring images of unique cups, tumblers and more.The franchise plans to hold an offline exhibition to showcase images of the NFTs as well as its achievements in corporate sustainability at the Starbucks Jongno R store located in Jongno-gu, central Seoul, early next month.Sustainable sipsThe coffee franchise is also known for offering a complimentary beverage voucher to customers who purchase a reusable cup or tumbler. Next month, this voucher will be renamed the Eco Tumbler Beverage Coupon, which customers can exchange for a tall-sized beverage of their choice. This policy is aimed at encouraging the use of personal cups and providing tailored benefits to customers who embrace sustainable options.This new introduction was partially driven by the steady increase in the number of personal cups used at Starbucks stores around the country over the past three years. The annual number of cases has risen from 17.39 million in 2020 to 21.9 million in 2021, then 25.3 million last year.This figure has spiked significantly this year in particular, with the cumulative yearly number reaching 26.7 million last month, surpassing last year’s total. If this trend continues until the end of the year, the estimated figure is expected to be around 29.6 million, representing a 17% increase compared to 2022.This upward trend is attributed to the immediate KRW 400 discount offered to customers who participate, as well as an alternative benefit where customers can earn one “Star”, or reward point, for each purchase that they make. Until last month, the total value of benefits that were distributed via these two systems — with one Star valued at KRW 500 — exceeded KRW 12 billion. The ratio of immediate discount and Star rewards in this value stands at 30% and 70%, respectively.Green commitmentStarbucks also plans to continue its No Single-Use Cup Day campaign, a collaboration with the Korea Zero Waste Movement Network that has been ongoing for the past five years. The brand dedicates the tenth of every month as a day without single-use disposable cups, giving out merchandise like mugs, tumblers, coffee ground planting kits and stickers. Since last year, various events have been organized to celebrate the day, such as coupons gifted to customers who use reusable cups the most. Approximately one million people have participated in these promotions since the campaign’s inception in 2018.Starbucks expressed its hopes that these initiatives would act as a catalyst for positive changes in local communities by encouraging the reduction of waste.