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Bitwise has filed for a stablecoin and tokenization ETF after predicting that new Securities and Exchange Commission (SEC) listing rules could unleash a “flood’’ of crypto funds. The proposed ETF (exchange-traded fund), called Bitwise Stablecoin & Tokenization ETF, will track an index of stablecoin issuers, infrastructure firms, exchanges, payment processors, and regulated crypto ETPs (exchange-traded products with Bitcoin and Ethereum exposure), a ccording to a filing . It will be split evenly between equities tied to stablecoins and tokenization, and crypto assets.  The largest crypto ETP in the crypto asset sleeve will be capped at 22.5%, according to the proposed fund’s prospectus. Bitwise says the filing positions it for growth as stablecoins and tokenization become dominant crypto themes, fueled by regulatory clarity and rising adoption under the GENIUS Act. “The adoption of generic listing standards — which could come as early as O...

A heated debate over whether Ethereum is “dying” has erupted online after a Messari analyst flagged a sharp decline in the blockchain’s revenue, even after ETH hit an all-time high and stablecoin activity on the network surges. Messari analyst AJC highlighted on X that Ethereum generated $39.2 million in revenue in August, down 75% from $157.4 million in the same month in 2023 and 40% lower than last year’s $64.8 million. This marked the network’s fourth-lowest monthly revenue since January 2021. “Ethereum is dying,” he said . “Ethereum’s fundamentals are collapsing, but the .eths don’t care so long as the price goes up.” The analyst added that the decline in network fundamentals is “alarming,” despite ETH hitting a new all-time high of $4,953.73 on Aug. 24. ETH price chart (Source: CoinMarketCap )  EHT has since retraced over 13% to trade at $4,300.40 as of 3:17 a.m. EST.  A large part of...

The leading stablecoin firm Tether (USDT) has rolled out a private beta for a new tokenization platform. “Hadron by Tether” aims to simplify the tokenization process for stocks, bonds, funds, stablecoins, loyalty points, real estate, art and other assets, according to a new press release from the firm. Tether chief executive Paolo Ardoino notes the platform is fully non-custodial and supported by multiple blockchains. The CEO says Hadron represents “the beginning of a new era for finance.” “It leverages a very intuitive user interface to set up and configure multi-signature wallets, including hardware wallets. A deeply thought user experience streamlines the interaction between issuers and their users. Among its suite of controls, deep emphasis has been placed on providing the most comprehensive set of tools for compliance, Know-Your-Customer (KYC), Anti-Money-Laundering (AML), Know-Your-Transaction, Risk Management, and secondary m...

The European Banking Authority (EBA) published the draft rules on complaints handling procedures for issuers of Assets Referenced Tokens (ART) on March 13. EBA collaborated with the European Securities and Markets Authority (ESMA) to draft the regulatory technical standards (RTS). These regulatory standards are part of MiCA provisions on stablecoins. The European Banking Authority (EBA) has published draft rules outlining the regulatory standards applicable to Stablecoin issuer s in relation to consumer complaints . EBA worked on the draft regulatory technical standards (RTS) in collaboration with the European Securities and Markets Authority (ESMA). “ In order to avoid diverging complaints handling procedures among issuers of asset referenced tokens and third-party entities, complainants should be able to file their complaints using a harmonised template valid for complaints handling procedures with issuers of asset-referenced tokens irrespective o...

In a Sept. 11 post on X, Mountain Protocol announced the launch of USDM, an ERC-20 yield -bearing stablecoin . Mountain Protocol, granted a digital asset business license by the Bermuda Monetary Authority, can now issue, sell, and redeem USDM. The thread on X (formerly Twitter) claims that the token is fully backed by short-term U.S. treasuries while offering users daily rewards through rebasing at a rate of 5% APY. The protocol states that the mechanism for rebasing is similar to Lido Finance’s stETH and will be familiar to most of the crypto community. 1/ Today we publicly launch Mountain Protocol and $USDM. Also announcing a financing round led by @nic_carter from @CastleIslandVentures with participation from @cbventures, @newformcapital, @daedalus_angels, @ameensol, @ASvanevik, @maraoz, @demibrener among others. pic.twitter.com/rWLYpwStHL — Mountain Protocol | USDM (@MountainUSDM) September 11, 2023 The stablecoin is also marketed for its ability to allow non-U.S. us...

Introduced in March 2023, Australia’s bill on digital asset market regulation has faced a series of report delays by the Senate, and it's now been sent back for amendments. Australia’s Senate Committee on Economics Legislation has finally provided feedback to the cryptocurrency bill introduced by senator Andrew Bragg. The committee on Sept. 4 reported on the draft bill referred to as “The Digital Assets (Market Regulation) Bill 2023,” asking the bill authors to add some amendments. The Senate particularly concluded that it would pass the bill with minor amendments such as removing the term nonfungible tokens (NFTs) from the definition of regulated digital assets. Among other recommendations, the lawmakers asked the bill authors to exclude certain asset-based tokens — such as the Gold and Silver Standard and the BetaCarbon Token — from the definition of stablecoin. The Senate also asked to extend the transition period from three to nine months. In the report, the Senate also urged...

Tether and Bitfinex chief technology officer Paolo Ardoino voiced concerns over what, according to him, are signs that the USDT (USDT) stablecoin is being manipulated . In an Aug. 3 tweet, Ardoino explained that USDT is being pressured down by about 10 basis points (equivalent to 0.1%, or a price of about $0.99). Still, while one would expect USDC — arguably USDT’s main competitor — to gain from this situation, it is instead redeemed heavily while a very new competitor “is getting it all.” “Exactly! It feels definitely organic and not manipulative at all,” Ardoino concluded with a sarcastic remark. Stablecoin data suggests that Ardoino was most likely referring to a new stablecoin named First Digital USD (FDUSD) in his tweet. CoinMarketCap data for this stablecoin goes back until July 26 and shows a market cap of just $20.25 million on Aug. 2, just before a sudden explosion to its current market cap of $256.55 million. First Digital USD price chart | ...

Join Our Telegram channel to stay up to date on breaking news coverage        Coinbase suggests inflation - pegged “flatcoins” as one of four key areas of innovations to be built            on Layer 2 Basenetwork. What: Coinbase is calling for developers to work on a flatcoin that will be pegged to the ‘price of living’ instead of fiat. Why : The exchange lists this and three other ideas as ways to help the on-chain economy grow. What Next: The ideas which will be built on Base aim at securing DeFi ecosystems and increasing confidence and trust in on-chain trade. About a month after launching Base, Coinbase, one of the leading crypto exchanges, plans on developing a “flatcoin” as one of the major ideas for the Ethereum Layer 2 network.  A flatcoin is a stablecoin that is pegged to the rate of inflation in the traditional financial system and is viewed by the companies that dev...