dYdX, a cryptocurrency exchange, has launched a public testnet for its “v4” iteration, completing milestone 4 out of five. This indicates the start of a future v4 mainnet launch, which is planned to enable complete exchange decentralization. dYdX is a decentralized exchange based on the Ethereum and StarkEx networks, but it also has a centralized order book and matching engine that allows market makers to post limit orders. Version four will get rid of the centralized order book and matching engine, making the exchange completely decentralized and free of the need for an automated market maker. Parts of the app will be hosted on a separate dYdX network with its own validators, allowing the order book to be kept on-chain. Users may request testnet funds to use the program and execute simulated trades, evaluate profit and loss, and complete basic activities. The fifth milestone of the plan will see the integration of stablecoins into dYdX as well as the addition of support for Cosmos Inter-Blockchain Communication. After this final milestone is met, version four is likely to be released.
Circle, the second-largest stablecoin by market size, is considering about launching a stablecoin in Japan. Circle co-founder and CEO Jeremy Allaire believes Japan will be a key market if stablecoins are extensively utilized in cross-border transactions. The firm is looking for collaboration opportunities in the world’s third-largest economy. In June 2022, Japan’s parliament enacted a measure mandating stablecoins to be tied to the yen or another fiat currency and holders to be able to redeem them at face value. Circle has expanded its reach in Asia by getting a Major Payment Institution license from the Singapore Monetary Authority to provide digital payment token services as well as cross-border and domestic money transfer services. Japan’s largest bank, Mitsubishi UFJ Financial Group, has also expressed interest in stablecoins, introducing its Progmat Coin platform in June.
