Financial technology firm Circle announced on Thursday that the launch of its USD Coin on the Arbitrum platform is June 8. In this new arrangement, USDC issued by Circle will be recognized as the official version within the Arbitrum ecosystem. This addition is expected to gradually replace the currently circulating Ethereum-bridged USDC, improving liquidity over time.
The U.S. stock market rallied on Thursday, as traders revised down their expectations for a Fed rate rise in June, after more dovish-than-expected comments by Fed members in the past days. According to Jefferson, the Fed is expected to keep interest rates steady in June in order to better assess the economic outlook.
First Digital, a Hong Kong-based trust company and authorized custodian, announced the introduction of its new U.S. dollar-pegged stablecoin, which will be governed by regulations in Asia. What Happened: The stablecoin, named First Digital USD or FDUSD, is planned to be fully backed by U.S. dollars or assets of equal fair value, The Block reported from the company's statement.
The U.S. stock market rallied on Thursday, as traders revised down their expectations for a Fed rate rise in June, after more dovish-than-expected comments by Fed members in the past days. According to Jefferson, the Fed is expected to keep interest rates steady in June in order to better assess the economic outlook.
The U.S. stock market tumbled on Wednesday following the release of the JOLTS report, which showcased an unexpected increase in job vacancies to 10.1 million, surpassing the anticipated 9.375 million.
The U.S. dollar has soared to levels unseen since mid-March, fueled by encouraging progress on the debt ceiling deal and mounting expectations of impending Federal Reserve interest rate hikes. The debt limit deal cleared the major hurdle of the House Rules Committee on Tuesday, in a 7-6 vote.
The U.S. stock market tumbled on Wednesday following the release of the JOLTS report, which showcased an unexpected increase in job vacancies to 10.1 million, surpassing the anticipated 9.375 million. This development has reinforced market speculations of the Federal Reserve implementing further rate hikes in the upcoming month.
The EUR remains at a low level, with the most traded currency pair in the market staying near 1.0730 on Monday. Investors continue to focus on the issue of raising the US public debt limit. It is expected that Republicans will agree to raise the borrowing limits by 4 trillion USD over two years if the Democrats allow for restrictions on non-defense spending in 2024.
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