Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ Brazil's Congress is considering a bill to establish a Bitcoin Sovereign Strategic Reserve (RESBit), aimed at diversifying the country's treasury reserves, mitigating currency volatility, and enhancing economic sovereignty. The proposal suggests allocating up to 5% of Brazil's foreign reserves, or approximately $18 billion, to Bitcoin, with the goal of positioning the nation as a leader in financial innovation.
2/ MetaMask has expanded its fiat on-ramp functionality by integrating with Venmo, allowing U.S. users to purchase cryptocurrency directly via the popular payment app. This integration marks a significant step in making crypto more accessible to mainstream users, providing an easy bridge between traditional fiat currencies and decentralized finance.
3/ Ethereum has recently reclaimed its dominance over USDT, overtaking Tron for the first time in two years. This shift follows a 10% increase in USDT supply on Ethereum, signaling Ethereum's growing role as a preferred network for stablecoin transactions, despite competition from other Layer 2 solutions.
Check out our latest publications from this week 🔎: The Fed, Interest Rates, and the Economy: A Primer
