1. Stablecoin regulation is ‘inevitable’ according to CBA chief, Matt Comyn
To quickly recap, stablecoins are digital assets within the cryptocurrency space that are supposedly backed by tangible assets held in a bank such as US dollars, bonds or even gold. The idea is for the stablecoin to keep its peg at $1 to allow investors to save some money aside without removing it entirely from their digital wallets. Some of these stablecoins are merely backed by an algorithm, which was the case for the UST token which has plunged to US13 cents in the space of a week, wiping out thousands of investors and catching the eye of regulators.

Speaking on the matter, Commonwealth Bank CEO, Matt Comyn said that when the US dollar peg of the stablecoin known as terraUSD broke last week, “it had all the hallmarks of a classic bank run”.

This would embolden central banks and prudential regulators to set strict rules for those offering the digital currencies, which serve as a bridge between the traditional finance and crypto systems,” the AFR reports.

“It is inevitable – and let’s face it, the events of the last week are going to accelerate this – they will be treated similarly to financial institutions,” Mr Comyn continued.

“And [stablecoins] will not just have to be backed one-to-one with theoretical assets, but high-quality liquid assets”.

2. Hong Kong considers blocking popular global private message network
Hong Kong authorities are currently weighing up whether to ban public access from messaging service Telegram. Bloomberg reports that the potential move has revived fears that this could mark a closer move “toward Beijing-style internet controls”.

The grounds for blocking Telegram are centred around the online phenomenon called doxing, which is the practice of exposing someone’s sensitive and personal data online.

3. Ads on Netflix? But isn’t that why we pay for a subscription?
Netflix has told employees that the leading online streaming service could be introducing ads to its platform by the end of 2022, which is a more expedited timeline than originally anticipated.

“Last month, Netflix stunned the media industry and Madison Avenue when it revealed that it would begin offering a lower-priced subscription featuring ads, after years of publicly stating that commercials would never be seen on the streaming platform,” the SMH reports.

It comes after the company reported a loss of 200,000 in the first quarter of the calendar year (the first time in a decade).

4. Black box suggests China Eastern plane crash was intentional
The Wall Street Journal has reported that data from the China Eastern aircraft that crashed into a rural mountainside earlier this year took an intentional nosedive. Data recovered from the black box suggest that someone in the cockpit input controls that sent the plane into its deadly descent, the Journal reported, citing people familiar with US officials’ preliminary assessment of the incident.

5. ASX to rise as Wall St recoups losses
ASX futures were up 70 points or 1% to 7181 near 7am AEST, with the AUD +0.7% to 70.22 US cents.

On Wall St: Dow +1.3% S&P 500 +2% Nasdaq +2.8%.

2-year yield: US +0.13% (2.70%) Australia +0.02% (2.55%). 10-year yield: US +0.11% (2.99%) Australia +0.02% (3.40%).