crypto

State regulators got sidelined in the U.S. Department of the Treasury’s effort to implement the new U.S. stablecoin law, according to several senators from both parties who insist that the states need to be given an explicit process for proving their supervision and standards are on par with federal regulators’. The Guiding and Establishing National…

The company is simultaneously broadening its derivatives business. New products include perpetual futures tied to thematic baskets such as artificial intelligence, defense and Chinese equities, as well as pre-IPO perpetual futures that provide exposure to private companies including SpaceX (SPCX), which went public earlier this month. Coinbase said contracts tied to OpenAI and Anthropic, which…

Binance, the world’s largest cryptocurrency exchange, may be unable to serve customers in Europe if its regulatory license application in Greece is turned down, as Reuters reported on Tuesday. Binance’s Markets in Crypto Assets (MiCA) license application, which has to be approved by a deadline at the end of this month, is going to be…

Coinbase (COIN) said it plans to introduce tokenized stocks backed one-for-one by underlying U.S. equities, joining the growing competition among crypto firms and traditional financial companies to bring stocks onto blockchain networks. In a post on X on Tuesday, the exchange said “the first real, 1:1 backed tokenized stocks are coming,” allowing users to own,…

Ripple, the blockchain firm closely associated with the XRP Ledger (XRP) network, invested in African payments company Flutterwave as part of its Series E funding round, a deal centered on expanding the use of stablecoins for cross-border payments. Flutterwave said Tuesday that the funding round values the company at $3.2 billion. Financial terms of Ripple’s…

Wall Street’s largest asset managers are increasingly competing to manage the assets backing stablecoins, a market that could swell into the trillions of dollars as digital dollars become a larger part of the financial system. State Street Investment Management introduced the State Street Stablecoin Reserves Money Market Fund on Tuesday, a government money market fund…

The new fund offering comes as bitcoin struggles to break out of a bear market, trading around $67,000, down about 23% year to date. IBIT, which debuted in January 2024, has amassed nearly $49 billion in assets, making it the largest spot bitcoin ETF on the market. The fund has seen significant outflows since the…

Rate hikes are typically bearish for risk assets like cryptocurrencies, especially from the BOJ, whose long era of ultra-low rates had supported global equity and bond bull markets. The positive crypto reaction likely stemmed from a key dovish element in the announcement: the BOJ’s decision to pause its bond taper. As InvestingLive noted, “The bond…