By Shikha Singh
Sui Smashes New TVL Record as Token Resurges with Gains
Sui, a layer-1 blockchain, has seen significant growth recently, particularly in its total value locked (TVL) and native token value.
As of September 23, 2024, Sui’s TVL has surged to over $920 million, up from around $350 million a month ago, making it the 8th TVL chain.
The SUI token has also risen approximately 39% over the past week, settling at $1.55 after rebounding from a previous low of $1.30.
Google CEO Sundar Pichai Announces $120 mn Fund For Global AI Education.
At the UN Summit of the Future, Google CEO Sundar Pichai described AI as “the most transformative technology yet” and announced a $120 million Global AI Opportunity Fund aimed at enhancing AI education and training worldwide.
He highlighted four key opportunities for AI in sustainable development: improving access to information, accelerating scientific discovery, monitoring climate disasters, and promoting economic growth.
While acknowledging AI’s risks, such as deep fakes, he emphasized the importance of avoiding a global “AI divide” through smart product regulation.
Tether USDT Market Cap Nears $120 bn.
Tether’s USDT, the largest stablecoin, is nearing a market capitalization of $120 billion, boosted by a recent $1 billion minting on the Ethereum blockchain, bringing its total to $119 billion.
Over the past year, Tether has minted $35 billion in USDT. USDC, its closest competitor, holds less than one-third of Tether’s market share.
As of Q2 2024, Tether is the 18th largest holder of US Treasuries, with over $97 billion in such assets. The stablecoin has gained significant adoption, particularly in emerging markets like Nigeria, and boasts over 350 million users globally, generating over $400 million in profit in the last month.
Bank of Korea to Launch CBDC Payment Trial in Supermarkets.
The Bank of Korea (BOK) will begin a central bank digital currency (CBDC) trial in December, allowing 100,000 participants to use digital tokens for payments at supermarkets and convenience stores.
This pilot, in collaboration with six major banks, aims to assess the effectiveness of CBDCs in enhancing banking transactions.
The BOK will issue a wholesale CBDC, which banks will convert into deposit tokens for consumers.
The BOK is involved in Project Agora, a global effort to tokenize cross-border payments, and is forming retail partnerships to support the initiative.
IMF Explore CBDC Adoption Incentives For Consumers, Merchants.
An IMF paper addresses the challenges of adopting central bank digital currencies (CBDCs) and warns against a “build and they will come” approach.
It introduces the REDI Framework, focusing on regulatory strategies, education, design choices, and incentive mechanisms.
According to survey findings from 18 central banks, benefits such as a digital version of central bank money, increased financial inclusion, and reduced cash management costs are highlighted. Most plan to distribute CBDCs through both traditional and non-bank payment providers.
To boost adoption, the paper recommends merchant incentives such as subsidies and cost reductions.
Headline 10
Google, Nvidia to Boost AI in India: Modi Meeting.
Google and Nvidia are expanding their AI engagement in India, following discussions with Prime Minister Narendra Modi during his US visit.
Nvidia CEO Jensen Huang praised Modi’s interest in AI, highlighting India’s strong base of computer scientists and Nvidia’s partnerships, including with Yotta Data Services.
Huang emphasized AI’s role in revolutionizing industries and democratizing computing, with Nvidia supporting AI education in Indian institutes.
Google CEO Sundar Pichai discussed Modi’s push for AI to benefit sectors like healthcare, education, and agriculture, aligning with the PM’s Digital India vision.
You need to login in order to Like
