CBDCs continue to make headlines these days. Check out the latest reports about the matter that involves a layer 1 blockchain using a CBDC stablecoin.

Layer 1 blockchain using USDC stablecoin for gas fees

Burnt, a Web3 developer, has recently launched a public testnet for Xion, a Layer-1 blockchain that will have the Circle-issued USDC stablecoin as its native transactional currency.

This network will mainly focus on payment-related activities, social communities, web subscriptions, loyalty programs, and games.

Xion has the support of more than seventy-five partners who will provide users with essential features, from onramp to managing on-chain communities and fee abstraction.

Additionally, all products developed on Xion will exhibit prices in USDC, making it user-friendly.

“Our long-term vision for XION is to empower user-friendly applications that harness the power of Web3 without the complexities typically associated with blockchains,” said Burnt Banksy, CEO of Burnt.

According to its website, Burnt has managed to secure over $11 million in funding from investors like Animoca, Circle Ventures, Multicoin, Spartan, HashKey, and others.

Principal at Circle Ventures, Wyatt Lonergan, expressed his support for Burnt’s mission to provide developers with the tools to create user-friendly experiences that simplify the complexities of using Web3.

The beta launch of XION enables developers to build applications that are purpose-built and leverage USDC for widespread adoption.

Burnt’s blockchain uses the Comet BFT consensus framework and the Cosmos SDK, a software package that has been utilized in developing projects such as BNB Chain, Injective, Osmosis, and dYdX Chain.

Bitcoin and Ethereum selling exhaustion

According to Chris Burniske, a leading venture capitalist in digital assets, the top cryptocurrencies by market cap may have reached their bottom.

In a post on the social media platform X, Burniske suggests that a bull market is on the horizon and that the current financial quarter may be the cycle bottom for crypto prices.

Although fear is widespread, Burniske believes that selling exhaustion is imminent. He predicts that BTC could drop to the low $20,000s and ETH to the low $1,000s.

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