Japanese Banking Giant To Launch Yen Stablecoin – February 7

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $43,689

Bitcoin price has continued its strong recovery to begin the week, currently sitting well above the $43,000 level.

Top-20 altcoins have also had a promising 24 hours of price action, as Ethereum rises 4%, Cardano gains 6% and XRP tears ahead with a 16% move.

Top Stories for February 7, 2022 πŸ”₯

πŸ‘‰ Japanese Banking Giant To Launch Yen Stablecoin

Japan’s largest bank, Mitsubishi UFJ, is planning to issue a Japanese yen-pegged stablecoin to expedite the settlement process for securities transactions.

The stablecoin, which will be used by the bank’s trust arm, will reduce the settlement process from multiple days to instantaneous – potentially saving millions of dollars.

JPMorgan currently uses a similar process with its very own JPM Coin, which is used to speed up payments like bond transactions.

πŸ‘‰ SEC Filings Show Tesla Held $2B Of Bitcoin As Of Late 2021

Official SEC filings show that Tesla held $1.99 billion worth of Bitcoin at the end of 2021, also disclosing a $128 million realized gain from selling part of its BTC holdings last March.

According to Bitcoin Treasuries, Tesla remains the second-largest Bitcoin investor behind MicroStrategy, with holdings of 43,200 BTC and 125,000 BTC, respectively.

πŸ‘‰ Polygon Raises Another $450M From SoftBank & Others

Ethereum scaling network Polygon has raised another $450 million dollars, in a token sale with contributions from SoftBank, Tiger Global, Galaxy Digital and several other notable names.

Polygon will place $100 million in its ecosystem fund and allocate $10 million per year to each of its scaling products. Investors received Polygon’s native MATIC tokens at an undisclosed discount.