Mercado Libre, Latam's Largest Company, Launches Own Dollar Stablecoin

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Mercado Libre, the largest public company in Latam by market capitalization, has announced the release of its own dollar-pegged stablecoin, the meli dolar, for the Brazilian market. The development was completed in partnership with Ripio, an Argentine cryptocurrency exchange, and is issued by Meli Uruguay S.R.L., a part of the Mercado Libre group.

USD JPY is moving within the 145.830–150.900 range

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General outlook

USDJPY has been trading in a sideways market within the last day.

Support levels are now located at 145.830 and 141.900.

If the pair rebounds from the support level, analysts recommend opening a Buy order with a take profit at the nearest resistance level. In case the breakout is confirmed, analysts suggest opening a Sell order.

Now, the resistance level is located at 150.900.The upcoming news will not influence your orders within the mentioned period.

Some traders may close their positions on Friday, which can add more pressure to the market.

EURUSD retested the resistance level of 1.11315

General Outlook

EURUSD has been trading in a sideways market within the last day.

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Support levels are now located at 1.09540 and 1.07800.

Now, the resistance level is located at 1.11315.If the pair rebounds from the resistance level, analysts recommend opening a Sell order with a take profit at the nearest support level. In case the breakout is confirmed, analysts suggest opening a Buy order. The upcoming news will not influence your orders within the mentioned period. Some traders may close their positions on Friday, which can add more pressure to the market.

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EURUSD moves sideways ahead of Powell's speech

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EURUSD

EURUSD traded bearish on Thursday. The pair went into moderate correction towards the 1.11000 support level due to higher-than-expected U.S. Composite Purchasing Managers' Index (PMI) data, eventually losing 0.35%.

Possible effects for traders

The S&P Global U.S. Composite PMI numbers fell slightly towards 54.1 in August, a four-month low from 54.3 in July but still above market expectations of 53.5. The U.S. dollar (USD) recovered from a 13-month low against the euro on Thursday, ahead of today's Federal Reserve (Fed) Chair Jerome Powell's speech. The U.S. dollar has been declining due to concerns about a potential economic slowdown and expectations of the Fed's possible interest rate reduction. Brad Bechtel, global head of Foreign Exchange at Jefferies, stated that the U.S. dollar had been under significant pressure but was now reaching a point where it had become significantly oversold. Traders have now priced in a 25% likelihood of a 50-basis-point (bps) interest rate cut next month, down from 38% the previous day. Meanwhile, the chances of a 25-bps reduction stand at 75%, according to data from the CME Fed Watch Tool.

Traders will closely monitor Powell's remarks at the Jackson Hole symposium today for any new insights into the U.S. interest rate path. Powell may not provide extensive details in his remarks, given that the August jobs and inflation figures will be released after his speech, before the monetary policy meeting in September. The Fed's July meeting minutes, released on Wednesday, indicated that a majority of officials supported a September reduction. Philadelphia Fed President Patrick Harker stated on Thursday that he supports a September rate reduction, provided that the data continues to perform as expected. Boston Fed President Susan Collins also supported this stance. EUR USD moved sideways during Asian and early European trading sessions, just below the 1.11300 resistance level.

Beware of USDT

Amid a change in the regulatory factors, Tether, despite being the most widely used stablecoin, is facing growing concerns, especially in the European Union (EU).
In March 2024, crypto exchange OKX announced it would cease support for USDT trading pairs for users in the European Union and European Economic Area (EEA).
OKX stated that this move was to focus on euro-denominated liquidity. While USDT remains available for deposit, withdrawal, and over-the-counter (OTC) trading, it is no longer available for direct trading against crypto assets other than USDC and the euro​.
This decision aligns with the EU’s new regulatory framework, known as the Markets in Crypto-Assets (MiCA) regulation, set to come into full force by the end of 2024.
MiCA requires stablecoin issuers to be regulated as electronic money institutions, a classification that many stablecoins currently offered in Europe do not meet.
Meanwhile, on June 18, cryptocurrency exchange Uphold notified its European users that it would delist six popular stablecoins, including USDT, starting July 1.
Uphold cited compliance with MiCA as the reason for this change. Users were instructed to convert their holdings into other cryptocurrencies before the deadline, after which the exchange would automatically convert the stablecoins into USDC​​.
Other major exchanges, such as Binance and Kraken, have also begun reviewing their stablecoin policies to comply with the new regulations.
Binance, for instance, has categorized its stablecoins into “regulated” and “unauthorized” under MiCA but has yet to finalize which stablecoins will continue to be supported.
Tether’s removal from trading pairs in the EU raises questions about its future as well as its legitimacy as a stablecoin in the region.
Could USDT collapse?
A look at the TerraUSD (UST) collapse offers a historical tale. TerraUSD was an algorithmic stablecoin designed to maintain its peg to the US dollar through a combination of algorithms and incentives involving its sister cryptocurrency, Luna..#usdtstory #USDT。

Tether plans to launch a dirham-pegged stablecoin.
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Stablecoin issuer Tether has reportedly launched its USDT stablecoin on the Aptos blockchain. Tether stated that the move is part of its plan to improve digital currency accessibility and use globally.
> By integrating USDT on Aptos, Tether aims to utilise Aptos blockchain’s scalability and speed to provide users with “extremely low gas fees, costing only a fraction of a penny.”
> This is expected to unlock wider use cases, including “microtransactions [and] large-scale enterprise operations.” The press release also notes that Aptos has witnessed substantial growth throughout the year, with a rise in average daily active users (DAU) from 96,000 in January to 170,000 in July.

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