Cryptoasset digest from XEROF for May 23, 2023

Greetings, and welcome to the latest edition of XEROF's cryptoasset newsletter! Our research desk provides a comprehensive rundown of the most impactful industry news each week, ensuring you stay well-informed and up-to-date.

In this week's issue, we discuss the ongoing efforts of Tether and USDC as they continue to lobby for a regulatory framework from the US Congress. Additionally, we bring you insights into Ripple's CBDC pilot program and what users can expect. Furthermore, we cover the remarkable surge Ordinals drive on the Litecoin and Dogecoin networks.

But that's not all! We also have the latest updates from the opulent world of luxury real estate. This week's highlights include the continued surge in luxury home sales in Miami, what is inside the exclusive resident's clubs that draw luxury buyers to Australia's Gold Coast, and how the ongoing low supply of super-luxury homes in London is driving market prices up!

Join us to explore and analyse this week's top news stories in-depth.

Cryptoasset News

Stablecoin Issuers Tether and Circle Advocate for Regulatory Framework in Congress 

Tether and Circle, the two largest stablecoin issuers, are actively lobbying for a well-defined regulatory framework from the US Congress. They argued that stablecoins, digital currencies linked to stable assets, offer secure and efficient methods for storing and exchanging value. This development arises amidst the deliberation of two distinct stablecoin draft bills by lawmakers, one supported by Republicans and the other by Democrats. While both proposals permit banks and non-banks to issue stablecoins, the Republican-backed draft, introduced by Patrick McHenry, grants greater authority to individual states in legislating for stablecoins.

Ripple's Hong Kong Venture: CBDC Pilot 

Ripple Labs, the organisation responsible for XRP, is fully immersing itself in Central Bank Digital Currencies (CBDCs). The organisation has announced its involvement in a pilot initiative spearheaded by the Hong Kong Monetary Authority (HKMA). Ripple's latest CBDC offering will facilitate this pilot endeavour by utilising a novel private ledger integrated with XRP Ledger technology. The project will also allow offline transactions and support non-smartphone usage.

Ordinals Fuel a Major Surge in Network Activity for Litecoin (LTC) and Dogecoin (DOGE)

In a remarkable progression, what started as developer Casey Rodarmor's creation of the Ordinals protocol to "inscribe" text and visuals onto the Bitcoin network has now expanded its reach to include Litecoin and Dogecoin. As a result, transaction volume on these respective blockchains has significantly increased over the last three weeks. The spike in Bitcoin Ordinals inscriptions can be directly attributed to implementing the BRC-20 token standard, leading to the minting of over 24,000 new tokens on the Bitcoin blockchain.

Luxury Real Estate News

Continued Surge in Luxury Home Sales in Miami's Real Estate Market

In April 2023, Miami-Dade experienced a remarkable 94.3% increase in sales of homes priced at $1 million or higher compared to the same period in April 2019 before the pandemic. In addition, the number of transactions rose from 175 to 340, showcasing the ongoing surge in luxury sales within Miami-Dade's real estate market. Notably, approximately 45% of all luxury sales in Miami have occurred since the start of the pandemic in March 2020, highlighting the significant impact of recent times on the region's luxury property sector.

Exclusive Resident-Only Clubs Draw Buyers to Australia's Gold Coast

To attract luxury buyers, developers on the Gold Coast are introducing exclusive resident-only clubs with top-notch amenities, investing hundreds of millions into creating exceptional experiences. One example is Club Espirit, a wellness retreat with a fully equipped gym, yoga lawn, remedial treatment room, ice bath, infrared sauna, steam rooms, a 25-meter lap pool, and poolside cabanas. Club One and the Ocean Club also boast a remarkable array of impressive on-site facilities, providing residents with a similar standard of luxury.

Thriving Super-Luxury Home Sector in London

According to a report by LonRes, the super-luxury real estate sector has seen a substantial increase of 26.1% in sales volume in April, surpassing the pre-pandemic average by 58.2%. Furthermore, the current inventory of these high-end homes is trading higher than in previous years, with the number of properties reaching a ten-year peak. Annual growth in luxury rental prices remained strong, with a 7.4% increase. These trends indicate that the ongoing supply shortage is driving market prices upwards.

Company News

XEROF will be participating in two prominent industry events in the coming months.

Firstly, on the 23rd & 24th of May, XEROF will attend the European Web3 Summit in Brussels. On the 24th of May, a panel discussion will be titled "Best Regulatory Practices from Outside the EU: Switzerland, Liechtenstein, UK, Singapore, Dubai," which will delve into valuable insights from these jurisdictions. This event promises to provide practical knowledge and perspectives on regulatory practices beyond the European Union.

In addition, we are proud to announce that XEROF's COO, Marc Taverner, will be moderating a panel at the upcoming Crypto Valley Conference, scheduled for June 1st and 2nd. The panel "MiCA: Green Light for Crypto Assets in Europe?" will explore the new regulatory framework for European crypto assets. The discussion will encompass both positive aspects, potential challenges, and any potential drawbacks of the framework.