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Observers Sunday Review 21.05.2023

While the leaders of the G7 countries are currently in Tokyo discussing how to deal with China's 'economic coercion', let's take a look back at some of the news stories that have 'coerced' the crypto economy over the past week.

In Euro-land, the European Banking Authority has been bigging up the potential of stablecoins (or those that follow the rules at least), while the European Central Bank still doesn't seem to have realised that its Digital Euro project needs to offer some benefit to more than just the commercial banks if it is going to succeed.

Meanwhile South Korea has already sussed out offline payment functionality for its potential CBDC, and is currently working with Samsung to further improve the technology.

Ripple has taken steps into the global crypto custody market with its purchase of Switzerland's Metaco, in a move which may go some way to offset its continuing domestic issues with the SEC. And some serious crypto personalities (and Justin Sun) have taken steps into the weird and wonderful world of meme-coins.

One of those meme-baiting personalities, Binance's CZ, is reportedly also looking to offload a portion of his portion of Binance.US, in the hope that this may deflect some of the regulators attention from the beleagured exchange.

Assassin's Creed fans have been less than thrilled at the franchise releasing a collection of NFTs which they can get 3D-printed in the real world, although NFT fans seem more positive about the proposition. And Alibaba Cloud has launched a platform to help businesses who want to build their own space in the metaverse.

Businesses (in particular SMEs with a global supply chain) got further support this week, with the launch of the blockchain-based ADAR accounts payable platform on  SORA. Elsewhere Solana launched a crypto phone, and MakerDAO must surely hope that its Endgame update is as successful as that of The Avengers.

Finally, we recently marked the first anniversary of the Terra collapse. While the community is actively looking to revive the platform, all founder Do Kwon has to look forward to is his upcoming day in court.