First Mover Asia: USDC Hasn’t ‘Flippened’ USDT, but Trader Preferences Are Changing; Cryptos Rise Despite Bearishness

“Web 3’s open access eliminates the power hierarchy, enabling creators to take control of their businesses. Spencer (Dinwiddie] noted that ‘our “New Money” conversations taught us about the pressing urgency for creators to be able to monetize directly, without the interference of a third-party,’ and that newly developed, decentralized platforms provide more efficient avenues for transactions between creators and fans.” (Calaxy COO and co-founder Solo Ceesay) … “We have both the tools and the resolve to get inflation back down,” [Federal Reserve chief Jerome] Powell said during an appearance at The Wall Street Journal’s Future of Everything Festival, adding that the Fed is tightly focused on the task. The central bank is raising interest rates as part of its most aggressive effort in decades to curb upward price pressures. “We need to see inflation coming down in a convincing way,” Mr. Powell said. “Until we do, we’ll keep going.” (The Wall Street Journal) … “Retail sales – a measure of spending at stores, online and in restaurants – rose a seasonally adjusted 0.9% last month compared with March, the Commerce Department said Tuesday. That marked the fourth straight month of higher retail spending.” (The Wall Street Journal)