US $2 Trillion CARES Act Signed; Microsoft Human Crypto Mining; Tether $6 Billion Market Cap

TL;DR: Welcome to In Case You Missed It (ICYMI), a daily crypto news update. CARES Act signed by President Trump. Microsoft files patent for human cryptocurrency mining. Ex-CFTC head’s digital dollar initiative to get whitepaper. Tether market cap now over $6 billion. Coinbase Commerce reaches $200 million in transactions, and Bitcoin Cash City Conference is postponed due to coronavirus. 

$2 Trillion CARES Act Signed by Trump

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The CARES (Coronavirus Aid, Relief and Economic Security) Act was signed into law, promising to inject some $2 trillion worth of stimulus into the US economy through a package of direct cash payments and loans. With Trump’s signature, it becomes the biggest piece of legislation in the country’s history. Aid to the health care system, bailouts of leading industries, and payroll guarantees hope to stave off what many analysts are assuming will be a brutal next few months at least.

Microsoft Files Patent for Human Crypto Mining

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Microsoft, the software and hardware giant, filed a patent for human body activity as a substitute for proof of work system to mine cryptocurrencies. The patent states “a brain wave or body heat emitted from the user when the user performs the task provided by an information or service provider… can be used in the mining process.” The user would generate a specific brain wave that would let the system know if, for example, an ad is being watched, and would deliver the user the crypto being mined.

Digital Dollar Initiative to Get Whitepaper

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A digital dollar initiative promoted by ex-CFTC head Christopher Giancarlo (nicknamed “Cryptodad”) is preparing to launch its whitepaper in the next two months. The whitepaper would define some key elements of the project, including “core elements and the value proposition of a digital dollar.” The platform, led by Accenture, an IT company, is trying to create a digital representation of the dollar as easy to use as a text message. A digital dollar was also included in a draft, later stricken, of the CARES Act recently approved by President Trump.

USDT Passes $6 Billion Market Cap

USDT, the biggest stablecoin by usage,  reached a new milestone, raising its market cap to more than $6 billion. In just the last month, more than 1 billion USDT were issued and entered the cryptocurrency market for traders to leverage. The Transparency Tether page shows the number of issued USDT went from $4,886,426,592.27 on February 28 to $6,204,453,321.45 a day ago. USDC, its rival in the stablecoin market, also has increased its market cap immensely this month.

Coinbase Commerce Reaches $200 Million in Transactions

Coinbase Commerce, the cryptocurrency retail payment platform of the exchange, reached a volume of more than $200 million collected since its inception in 2018. Commerce has been adopted for more than 8,000 retailers, who are using it to process their online crypto payments. While bitcoin is one of the favorite choices of payment, stablecoins are also growing in adoption. According to product lead John Zettler, USDC, Coinbase and Circle’s stablecoin, has been the currency with the biggest growth.

Bitcoin Cash City Conference Postponed

Bitcoin Cash City Conference, the first Bitcoin Cash dedicated event gathering, announced via its official Twitter account it was cancelled as a result of the coronavirus pandemic. However, organizers insisted a new date will be announced “when the situation is clear.” The conference, set to happen in August, partnered with CoinEx to rewards early bird ticket buyers with prices. The coronavirus outbreak affected the conference lineup this year, causing cancellations of several important ones.

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