4 October 2024
Macro/TradFi
Federal Reserve Chair Jay Powell indicated the central bank might return to a quarter-point rate cut in November if strong economic data persists, following a larger half-point reduction earlier. He also expressed increasing confidence in achieving a soft landing for the economy.
Franklin Templeton has submitted a proposal to the SEC for a Bitcoin and Ethereum index ETF. If approved, this could allow the global asset manager to offer both BTC (and ETH in a single fund.
Bitwise is progressing with plans to create an ETF for XRP. As the first step toward listing and trading shares of the fund, Bitwise is registering a trust entity in Delaware.
Grayscale Investment has launched a new fund, offering investors exposure to AAVE, the governance token of a major DeFi lending platform.
Swift announced that banks will begin live trials of digital asset and currency transactions over its network next year, marking the first time it will move from testing blockchain transactions to real-world settlements.
Visa has launched a platform for tokenized digital asset management. Currently in its sandbox phase, the Visa Tokenized Asset Platform (VTAP) is designed to issue and manage digital assets such as stablecoins and CBDCs.
ANZ, a major Australian bank, joins Project Guardian to explore tokenizing real-world assets and moving its A$DC stablecoin across blockchains.
Crypto
L1/L2:
Vitalik Buterin has suggested lowering the 32 ETH minimum deposit requirement for stakers to boost Ethereum’s decentralization. Currently, 11 firms control roughly 48% of the staking market, resulting in increased centralization.
Tron Network reported a record US$577M in Q3 revenue, surpassing Bitcoin and Ethereum, fueled by rising stablecoin activity and a push into the meme coin market.
Arbitrum One, an Ethereum Layer2 optimistic rollup, has surpassed 1 billion transactions within three years of its mainnet launch in August 2021.
Franklin Templeton expanded its tokenized U.S. treasuries fund, Franklin OnChain U.S. Government Money Fund (FOBXX), to the Aptos blockchain.
DeFi:
A U.S. federal appeals court has allowed Kalshi, a derivatives exchange, to list event contracts linked to U.S. election outcomes. This ruling could open the door for Web3 election prediction markets to operate in the U.S.
The Ethena community is discussing a proposal to integrate a decentralized exchange (“DEX”) called Ethereal into its reserve management system, making it the on-chain venue for spot and derivative positions supporting its synthetic stablecoin, USDe.
Stablecoin:
PayPal completed its first business transaction using the PYUSD stablecoin, paying an invoice to Ernst & Young. In other news, PYUSD can now be purchased on MoonPay via all major payment methods in supported countries, excluding Canada.
Others:
HBO documentary "Money Electric: The Bitcoin Mystery" claims to reveal the true identity of Bitcoin's creator, Satoshi Nakamoto, who is believed to control up to 1.1 million Bitcoin, valued at around US$67B.
In Q3 2024, while the number of crypto hacks decreased, the value of stolen assets surged by 9.5%, totaling US$753M across 155 incidents, according to CertiK.
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