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In a surprising new turn of events, Russia is now competing with the US dollar actively, challenging its dominion at the same time. The US dollar, which was once a global asset, has now been de-dollarized in Asia, with the majority of the Asian countries conducting trade in rubles with Russia. This narrative also shows how Russia has successfully been internationalizing its currency, despite the region being sanctioned heavily by the United States. Also Read: Foreign Funds Are Pouring In: The US Dollar Rate About to Boom Ruble Is Winning, US Dollar Shrinks In A New De-Dollarization Trend Source: Reuters / Dado Ruvic / Per a recent trade report by the AA news, Russia is spearheading global trade deals in rubles, making new pathways for its currency to thrive on an international level. Russia’s ruble share on foreign trade with Asian countries has now reached a staggering 50.7%, showcasing the successful deployment of the currency in cross-border trade dynamics. This development has yiel...

The head of South Korea’s Financial Supervisory Service (FSS) will meet with US Securities and Exchange Commission (SEC) chief Gary Gensler this year to discuss Crypto currency and bitcoin spot ETFs. According to a business plan presented by FSS director Lee Bok-hyun on Monday, trips to major finance markets in the second quarter of 2024 will provide insights into how South Korea can continue to regulate digital assets. Director Lee told local reporters that the SEC’s recent approval of spot bitcoin ETFs have impacted world policy, and is therefore top of mind for the FSS. South Korea has grappled with Crypto currency-related corruption in recent years. Its government has introduced new laws that seek to bring heightened transparency to officials’ Crypto holdings, and is even toying with a plan that would seize North Korea’s Crypto currency amid heightened cyberattacks. Buying crypto with credit cards may be scrapped in South Korea Read more: South Kor...

Liquidation and overcollateralization issues are still the main challenges in the DeFi space, but this layer-1 protocol attempts to challenge the status quo. Since emerging, decentralized finance (DeFi) has revolutionized finance by providing accessibility and control. Crypto lending is one of the most critical use cases in DeFi, enabling crypto holders to lend and borrow assets without intermediaries, thus democratizing access to financial services. Challenges faced by DeFi The privileged position of lending protocols in DeFi is underlined by the three most prominent players in this subsector: Aave, JustLend and Compound. Together, these platforms boast over $12 billion in total value locked (TVL) — about 23% of DeFi’s overall TVL of $50 billion as of mid-July 2023. These numbers demonstrate the immense potential and interest in decentralized lending. Nevertheless, DeFi lending still faces critical challenges. The two main concerns are overcollateralization and the high risk of li...