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Worldcoin to cease paying Orb operators in USDC

Worldcoin is set to begin paying its Orb Operators — those rewarded for scanning people’s eyes with its native Worldcoin token, phasing out USD Coin as early as next month.

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Worldcoin is set to begin paying its Orb Operators — those rewarded for scanning people’s eyes with its native Worldcoin token, phasing out USD Coin as early as next month.

According to an Oct. 22 announcement, Worldcoin says Orb Operators — “independent ecosystem participants” tasked with scanning people’s irises in exchange for WLD tokens — will cease to be paid in USDC as of November. The change will affect most jurisdictions.

Worldcoin said the move to pay orb operators entirely in WLD was part of a “transitional phase” following the official launch of the project on July 24. On Oct. 10, the Worldcoin Foundation kicked off a pilot program to grant select operators with payment in WLD tokens.

In the blog post, Worldcoin noted that the Worldcoin tokens are currently not available to people or companies who are living in the United States, as well as “certain other restricted territories.”

Data from Worldcoin’s official Dune Analytics dashboard shows that the supply of the WLD token has grown from approximately 100 million at the time of launch to around 134 million at the time of publication.

According to Worldcoin, a total of five market-making entities received the 100 million WLD loans, which were due to expire on Oct. 24, 2023. However, Worldcoin said that it would extend the expiration date of these loans to Dec. 15, with a reduced amount of 75 million WLD.

The price of Worldcoin’s native WLD token has regained slightly in recent weeks following a somewhat prolonged post-launch slump. WLD reached an all-time high of $2.65 on July 27 before falling 63% to reach as low as $0.97 on Sept. 13. It is currently changing hands for $1.64, according to data from TradingView.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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