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According to a survey conducted by Citi of over 500 finance executives, digital assets and tokens are projected to handle ten percent of the post-trade market turnover by 2030. This includes stablecoins and tokenized securities, with bank-issued stablecoins seen as a key method for improving collateral efficiency, fund tokenization, and private market securities. The report notes that since 2021, the digital asset industry has moved from early-stage experimentation to strategic implementation, and while a tipping point hasn't been reached yet, it is "tantalizingly close."
The survey also highlighted that liquidity and cost efficiencies are the main motivators for investing in distributed ledger technology. Expectations for digital asset growth are highest in the United States, where 14% of market turnover is predicted to be handled by these assets, compared to 10% in Europe and 9% in Asia Pacific. The report also found that generative artificial intelligence is expected to play a significant role in the post-trade market, with over half of the polled firms piloting the technology for various operations. Source
India's ambitions in the stablecoin space are stalled due to bureaucratic confusion, allowing neighbouring countries to move ahead, according to industry experts. Aishwary Gupta from Polygon Labs says the lack of clear regulation and a government department to take ownership of the issue is preventing Indian banks from adopting stablecoins, despite the potential to save the country $68 billion annually. This regulatory paralysis, which he calls an "ownership crisis," has led to a significant brain drain, with an estimated 80-85% of India's top crypto talent having already left the country. While India grapples with this gridlock, other nations like Dubai, Hong Kong, Singapore, and Thailand have established clear regulatory bodies and frameworks for stablecoins.
The article highlights a contrast in perspectives, with some experts defending India's cautious approach due to concerns about monetary sovereignty and systemic risk. Despite the Reserve Bank of India pushing for its own digital currency, some question whether this addresses the full potential of stablecoins, particularly in reducing cross-border payment costs. The author notes that regulatory clarity could immediately spur innovation, as three teams are ready to launch stablecoin services as soon as guidance is provided. The piece concludes with a sense of hope that India will eventually find a way to navigate its regulatory challenges and participate in the evolving digital finance landscape. Source
Coinbase is launching a new futures product, "Mag7 + Crypto Equity Index Futures," which will combine traditional tech stocks and crypto exchange-traded funds (ETFs) into a single contract. Scheduled to launch on September 22, the index will track the "Magnificent 7" tech stocks—Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, and Tesla—along with BlackRock's Bitcoin and Ether ETFs and Coinbase's own stock. Each of the ten components will have an equal 10% weighting, and the index will be rebalanced quarterly. This product is a first in the U.S. to offer exposure to both asset classes within a single futures contract.
The new offering is part of Coinbase's broader strategy to expand its derivatives platform, which has seen a significant increase in trading volume. The product will initially be available to institutional clients, with plans to make it accessible to retail users in the coming months. Coinbase CEO Brian Armstrong stated that this launch is part of the company’s vision to become an "everything exchange." This aligns with their recent moves, including the acquisition of a major crypto derivatives exchange and the rebranding of their wallet to "Base app," as they seek to combine trading, payments, and social media into a single platform. Source
Solana's network is set to undergo a major overhaul after validators overwhelmingly approved the Alpenglow consensus protocol. With over 98% of voting power in favour and a 52% stake participation, the upgrade is expected to dramatically reduce transaction finality from over 12 seconds to just 150 milliseconds. The upgrade, which replaces Solana's existing TowerBFT and proof-of-history mechanisms with new components called Votor and Rotor, is designed to enable the blockchain to achieve "Web2-level responsiveness" and unlock new use cases that require both high speed and cryptographic certainty.
The governance process, which required a minimum of 33% of validators to participate, saw strong support for the new protocol. The Solana Foundation believes that the combined effect of these and other initiatives will create financial infrastructure that operates at internet speed. Additionally, the article notes that a new advocacy group, the Solana Policy Institute, has launched to educate policymakers on blockchain applications and has pledged financial support for the legal defence of Tornado Cash co-founders. Source
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have issued a joint statement giving registered exchanges the green light to facilitate the trading of certain spot crypto products. The statement, which covers crypto products involving "leverage, margin, and financed spot retail commodity transactions," clarifies that existing laws do not prohibit these activities on SEC- and CFTC-registered exchanges. This move, which follows a report from the President's Working Group on Digital Asset Markets, is seen as a significant step toward improving the regulatory environment for digital assets and providing more choices for market participants. The agencies have invited market participants to engage with their staff to discuss any questions.
This joint regulatory guidance is viewed by some as a major win for the crypto industry under the current administration, which has previously dropped lawsuits against crypto organizations and signalled a willingness to work with the industry. One market observer believes this statement could pave the way for major equity exchanges like the NYSE and Nasdaq to begin offering spot trading for assets like Bitcoin and Ethereum. However, another former SEC official has expressed concern over the statement's vagueness, arguing that it does not fully address the regulatory authority needed to oversee trading and protect consumers. Source
Markethive, a company with a long history in inbound marketing, is developing a comprehensive blockchain-based ecosystem to replicate the successful growth model of Binance and its native token, BNB. The article draws a strong parallel between the two companies, noting that Binance’s success was fuelled by the utility of BNB, which offered users discounts on trading fees and was integrated into various services. Similarly, Markethive is building intrinsic value for its native utility token, Hivecoin (HVC), by using it for all transactions and services within its platform, including advertising, subscriptions, and press releases. The goal is to create a symbiotic relationship where the platform's growth drives demand for HVC.
To accelerate its vision, Markethive is launching a significant incentive program to reward its community. The "Launch the Vision" initiative will distribute HVC tokens to users in a strategic airdrop, with the amount of HVC received directly proportional to each member's total spending on Markethive services over the year. This tiered system offers increasingly higher HVC rewards for greater financial commitment, with a cap of 20 million HVC tokens to be distributed. The company believes this non-ICO approach will foster a genuine user base, stimulate internal economic activity, and accelerate its launch onto a crypto exchange. Source
In the current Web3 landscape, the proliferation of blockchains has resulted in a fragmented user experience, compelling individuals to manage multiple wallets, bridges, and gas tokens across different ecosystems. This complexity, which includes expensive bridging fees and liquidity fragmentation, creates significant friction and hinders widespread adoption. The solution lies in chain abstraction, which aims to transform crypto wallets into a seamless, universal gateway. By hiding the underlying complexities, this approach provides a unified and chain-agnostic user interface, allowing users to interact with various chains and applications using a single interface and identity.
Chain abstraction not only enhances user experience but also has the potential to drive greater capital efficiency and market depth. This unified approach can simplify complex cross-chain interactions, enabling advanced functionalities in sectors like decentralized finance (DeFi) and the metaverse. For instance, a user could execute multi-chain financial strategies or use a single identity and set of assets across different metaverse platforms without the need for manual bridging or switching wallets. The success of this vision depends on builders overcoming significant challenges, such as creating unified interfaces, ensuring seamless transaction routing, and solving cross-chain gas abstraction. Source
Coinbase is set to launch a new futures index in the U.S. that will combine exposure to both traditional tech stocks and cryptocurrencies. The product, called "Mag 7 + Crypto Equity Index Futures," is a hybrid index that equally weights shares of the "Magnificent 7" tech companies (Apple, Microsoft, Google, Amazon, Nvidia, Meta, and Tesla), Coinbase’s own stock, and BlackRock's Bitcoin and Ethereum ETFs. This new offering, scheduled to launch on September 22, is designed to provide a single, capital-efficient tool for investors seeking diversified risk exposure across these two traditionally separate asset classes.
This move marks a significant step for Coinbase's derivatives arm, which has been an area of focus for growth. The launch of this unique product, which the company claims is the first of its kind in the U.S., follows Coinbase’s recent acquisition of the options exchange Deribit for $2.9 billion. This and similar moves by other crypto exchanges, like Kraken acquiring NinjaTrader for $1.5 billion, show a trend of crypto firms expanding their offerings to include traditional financial products and creating a more integrated trading environment. Source
Gemini Space Station Inc. is moving toward a public offering, having filed an S-1 registration statement with the U.S. Securities and Exchange Commission to sell 16.7 million shares of its Class A common stock. The crypto exchange intends to list its shares on the Nasdaq Global Select Market under the ticker symbol “GEMI.” While the final pricing is dependent on market conditions, the shares are expected to be offered in a range of $17 to $19. The company has also given underwriters a 30-day option to acquire an additional 2.4 million shares from Gemini itself, and a further 103,652 shares from existing stockholders.
The IPO is being led by a consortium of major financial institutions, with Goldman Sachs, Citigroup, Morgan Stanley, and Cantor serving as the lead bookrunners. They are supported by a number of other firms in bookrunner and co-manager roles. It is important to note that the IPO's registration is not yet effective, and no shares can be sold or offers accepted until regulatory approval is granted. In a separate development, the company recently partnered with Ripple to launch a new co-branded credit card. Source
Elon Musk's attorney, Alex Spiro, is set to chair a new publicly traded digital asset treasury focused on Dogecoin. This initiative is the result of a partnership between the House of Doge, which is the commercial arm of the Dogecoin Foundation, and CleanCore Solutions, a publicly traded company. The treasury aims to use a $175 million private investment in public equity (PIPE) to acquire Dogecoin, which will serve as the company's primary treasury reserve asset. The funds for the PIPE were raised from over 80 institutional and crypto-native investors, including firms like Pantera and GSR.
The announcement led to a significant drop in CleanCore's stock price, with shares falling by nearly 53% to $3.23 by the close of trading on the day of the news. Despite this drop, the company's stock was still up about 145% since the beginning of the year. The new treasury, advised by both House of Doge and financial institution 21Shares, is intended to provide institutional credibility for Dogecoin and explore opportunities like "staking-like yield." Spiro previously represented Musk in a lawsuit from Dogecoin holders, which was dropped in November. Source
The amount of Ether waiting to be staked has surged to its highest level since September 2023, indicating a significant increase in institutional confidence and demand. Data shows that 860,369 ETH, valued at approximately $3.7 billion, are currently in the staking entry queue. This growth is attributed to a combination of factors, including increased trust in Ethereum's long-term value, favorable market conditions with rising ETH prices and low gas fees, and a surge in interest from institutional funds and companies bringing larger amounts of capital into the network.
The increase in staking activity is a positive sign, as it comes after a recent surge in the staking exit queue, which had raised concerns about a potential sell-off. The exit queue has now decreased by 20% from its peak, indicating a slowdown in unstaking. Currently, there are 35.7 million ETH staked on the network, representing about 31% of the total supply. A significant portion of this is held by corporate treasury funds that have been buying and staking ETH to earn additional yields. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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