BitGo, a leading digital asset custodian, will offer custodial services for USDA, a Cardano-based stablecoin, according to an Oct. 1 press release.

The collaboration involves BitGo Trust, USDA’s issuer Anzens, and EMURGO, the tech provider behind the Anzens platform. Their combined efforts will focus on creating a secure stablecoin solution for the Cardano blockchain that would also bolster USDA’s security and functionality by integrating it within advanced financial infrastructure.

According to the release, BitGo’s its involvement will strengthen USDA’s security and efficiency, aligning with Anzens’ goal of bridging traditional finance and crypto ecosystems. The partnership will streamline and ensure compliance for minting, burning, and custody services.

Stablecoins remain vital to the crypto industry due to their extensive use in remittances and payments. These digital assets are designed to maintain value, shielding users from the volatility typical of other cryptocurrencies. As of Oct. 1, stablecoins had a $173 billion market cap, reflecting their significant relevance in the crypto industry.

Despite their importance, Cardano has struggled to capture a significant market share, with stablecoins issued on Ethereum and TRON controlling nearly 90% of the market, according to data from DeFiLlama.

USDA’s comeback

Meanwhile, this development occurs as USDA attempts to make a comeback after a hiatus in 2023. At the time, the Anzens team abruptly paused communication with the community because of the regulatory uncertainty surrounding the stablecoin sector.

However, EMURGO revealed that the digital asset would launch under new ownership later this year. According to information on Cardano’s Forum, the USDA stablecoin would be launched by Encryptus, a Dubai-based platform that was established in 2020.

According to the platform:

“[Encryptus] facilitates seamless buying and selling of crypto assets, offering conversion to local currencies. Encryptus is compliance-centric, holding a European license, VASP status in Lithuania, and boasting the largest payout network spanning over 80 countries.”

The firm further stated that users can buy and sell USDA via the Anzens website after completing know-your-customers (KYC) verification. USDA will also be available through select partners and redeemable 1:1 for USD. Users in over 80 countries will have access to the stablecoin in their local currencies.

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The Euro was mostly a forgotten currency in the heavily dollarized stablecoin space. As a less intuitive asset, tokenized Euro lagged behind. Now, EURC by Circle is going for more aggressive expansion, more than doubling its supply since August. 

EURC is now the most widely circulated Euro-based stablecoin, after the past two months of supply expansion. EURC is returning to supply levels not seen since 2022, as its supply shrank for years during the bear market. The asset’s supply expanded from $36M market capitalization to above $75M. 

EURC has a circulating supply of 67.9M tokens, with most of the growth in the past month happening on the Base chain. EURC also displaced the Celo-based asset, cEUR, which even contracted its supply due to low demand. 

The Euro-based asset trades at a slight premium, at 1.12 USDC per coin, compared to the exchange rate of $1.11 per Euro. The asset is already represented on centralized exchanges like Binance and Coinbase.

EURC gets boost from decentralized swaps

Circle launched its EURC asset this July, with the goal of populating Base with another transparent, fiat-backed asset. Circle followed up on its USDC printing on Base, supplying the chain’s emerging DeFi apps. 

As of September, EURC is highly active on the Aerodrome Slipstream pair, a high-throughput DeFi trading mechanism that ensures extra liquidity in a predetermined price range. More than 62% of all EURC activity is concentrated on a single Aerodrome DEX pair. Aerodrome is also one of the drivers of growth for both USDC and EURC, as the DEX value locked rose to $1.114B. Both USDC and EURC are minted with decentralized apps in mind, and are compatible with most lending and trading protocols.  

EURC trades against USDT and offers another tool to move to and from DeFi protocols. EURC has experimental mints on Polygon and Solana, as well as less widely used chains like Stellar, Avalanche, and Internet Computer (ICP). EURC is fully programmable and bridge-compatible. 

Euro stablecoins remained relatively rare in 2024, as Euro area traders could rely on fiat, or on intuitive dollar-based prices. However, EURC looks like a fully legal onboarding tool, especially for Base users. On Coinbase, Euro users can swap EURC without commission. The EURC/USDT pair also aims to serve as a form of on-chain forex trading. 

EURC owners are also few, with around 3,500 holders on the Ethereum blockchain. Most of the EURC token supply on Ethereum is held by whales or protocols, with few wallet-to-wallet payments or small-scale holdings. On Base, EURC has around 2,222 holders, though a big part of the supply is locked with protocols like Morpho, or in liquidity pools and passive income vaults. 

More than 49% of the EURC supply circulates on Ethereum, with around 42% on Base after highly active minting. EURC still has to catch up with USDC, which has a supply of 3.98B tokens on Base. For USDC, Ethereum is also the more important chain, carrying more than 67% of the minted tokens. 

EURC grew in importance after July 2024, and may try to fully replace other types of stablecoins. The asset is fully compatible with the Markets in Crypto-Asset Regulation (MiCA), due to its backing with fiat assets. Circle has also secured an Electronic Money Institution (EMI) license in France, and is testing banks from the Euro Area as reserve-holders. 

The Euro-based token is also targeted to businesses, which have access to Circle Mint, a facility to swap EUR into tokens and vice versa. As of September 26, the EURC token reported reserves of $60.9M, in excess of the 60.1M tokens in circulation. In the past month, issues of new EURC were slightly higher than redemptions, for a net growth of 7.3M tokens. USDC expanded its supply in September by 1.9B tokens. 

EURC and USDC are partially covered by reserves in banks, and by the Circle Reserve Fund. The fund is also made up of a mix of cash and short-term US Treasury Bills. The presence of fiat reserves and the minting mechanism are sufficient to cover MiCA requirements. As for USDT, its reported backing by US T-Bills is for now insufficient, since Tether has no banking counterparties in the Euro Area.

–

Cryptopolitan reporting by Hristina Vasileva. 

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The UK’s Financial Conduct Authority (FCA) and the Bank of England have officially launched the next phase of their Digital Securities Sandbox (DSS), enabling firms to explore distributed ledger technology (DLT) and tokenized securities within traditional financial markets.

The DSS, which will be operational until December 2028, provides a structured environment for testing and implementing DLT applications, aiming to enhance market efficiency, transparency, and resilience.

The initiative seeks to position the UK as a global leader in financial innovation by fostering conditions conducive to investment and sustainable growth. Divided into sequential stages known as gates, the DSS allows sandbox entrants to progressively increase their level of permitted activity as they advance through each phase.

Activities will go live after the Gate 2 stage, involving the issuance, trading, and settlement of actual digital securities. These securities are designed to function similarly to traditional counterparts, facilitating use in repurchase agreements and derivative contracts. Eligible financial instruments encompass equities, corporate and government bonds, money market instruments, fund units, and emissions allowances.

Open to UK-based firms of all sizes and development stages—including both existing financial institutions and new market entrants—the DSS invites applications until approximately March 2027. This timeframe allows regulators and participating firms to prepare for a potential transition to a new permanent regime, contingent upon the successful implementation of the new technologies.

In conjunction with the DSS launch, the FCA and the Bank of England published Policy Statement PS24/12, outlining the final policy approach and addressing industry feedback. Per the Policy Statement, several targeted changes have been made following consultation. These include extending the scope to incorporate non-pound sterling-denominated assets and adopting a more flexible method for setting firm-specific limits during the go-live stage by introducing limit ranges instead of fixed limits.

Additional adjustments involve reducing the minimum capital requirement for a Digital Securities Depository (DSD) to six months of operating expenses, down from the initially proposed nine months. Clarifications have also been made regarding provisions related to securities settlement systems, aiming to simplify understanding and navigation of the DSS rules.

Firms interested in participating are advised to review the provided guidance and complete the online application process, ensuring adherence to the outlined requirements. Upon submission, applications will be shared with both regulators, and further information may be requested as part of the evaluation.

The DSS represents a step forward in exploring the potential of blockchain and other emerging technologies within the UK’s financial markets. By facilitating innovation while safeguarding “financial stability” and “market integrity,” the initiative aims to contribute to a safe, sustainable, and efficient financial system.

However, it’s important to note that the UK’s focus on DLT does not necessarily mean it intends to promote the decentralized ethos that engulfs Web3.

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The Eigen Foundation announced unlocking the $EIGEN token for trading, transferring, and staking across multiple exchanges. The Foundation claimed developers could now leverage staked assets to build AVSs (actively validated services). Programmatic incentives would also be used to reward operators and stakers using newly minted EIGEN tokens.

Sreeram Kannan, the founder of EigenLayer, stated that the Foundation’s vision was not just to build a re-staking platform but to build humanity’s coordination engine. There were 90M re-staked $EIGEN according to EigenLayer dApp CLI. EigenLayer described itself as a four-sided marketplace where stakers provided capital, operators ran services, developers created AVSs, and consumers benefited.

Eigen token trades on multiple crypto exchanges

GCR(@GiganticRebirth) claimed an airdrop of 253,946 $EIGEN($1.06M) through 7 wallets and deposited all of it into #Binance 40 minutes ago. #GCRhttps://t.co/A95MqjxUT6 pic.twitter.com/gs9KhMjM5r

— Lookonchain (@lookonchain) October 1, 2024

Lookonchain confirmed that $EIGEN is now live. One crypto trader deposited 253,946 $EIGEN worth ~$1.06M into Binance. The $EIGEN was claimed through an airdrop using seven wallets. 

Coingecko’s data revealed that $EIGEN opened trading at $4.05 despite the $6.8B FDV launch.

Etherscan.io’s data revealed that $EIGEN had a maximum total supply of 1.68 billion tokens, with the price currently holding at over $3. It also had an on-chain market cap of $6.46 billion and a circulating supply market cap of $718 million.

“Eigen is a token designed to be staked for all these purposes: anyone can build any decentralized service on top of it, and Eigen stakers earn rewards for staking and operating those services.” 

–Sreeram Kannan

The unlocking of $EIGEN was a call to action for users to join in the building and scaling the future of EigenLayer’s decentralized technology. $EIGEN token allows developers to create decentralized services using staked assets to expand the ecosystem’s potential. EigenLayer confirmed that there were 18 AVS projects on the mainnet, 40 on the testnet, and over 100 in development.  

EigenLayer’s Programmatic Incentives v1 introduces weekly rewards

EigenLayer announced that its Programmatic Incentives v1 would distribute ~66.95M $EIGEN in the first year. The distributed $EIGEN would equal 4% of the token’s initial supply of over 1.67B tokens. Of the 4%, Eigen clarified that 3% would go to ETH and LST stakers and operators, while 1% would go to $EIGEN stakers and operators. 

The Eigen Foundation revealed that qualifying to receive Programmatic Incentives would require operators to be registered to at least one AVS and stakers to be delegated to an AVS-registered operator. 

According to the Foundation, weekly programmatic rewards are available to claim every Tuesday at 19:00 UTC. Rewards accrued from August 15th will appear as ‘Lifetime Earned Rewards’ beginning October 1, while claiming will become available for qualifying stakers and operators as of October 8th. Importantly, there was no expiry for the accrued weekly programmatic rewards, which could be claimed at any time after they accrued.

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Robinhood has expanded its services in Europe, allowing users to transfer more than twenty cryptocurrencies in and out of its app for the first time ever.

This service will be available to all customers in the European Union (EU). Robinhood launched its crypto trading service in the EU nearly two years ago.

Expansion driven by regulation

Johann Kerbrat, Robinhood’s crypto general manager, believes the European market has a lot of potential, especially with the change in regulatory environment.

He specifically pointed to the EU’s Markets in Crypto-Assets (MiCA) regulation, which will set uniform rules across all 27 member states. Kerbrat added that:

“In terms of total addressable market, the EU is as big as the U.S.”

For a limited time, Robinhood is offering European customers who transfer tokens into its platform an incentive. Users will receive 1% of the value of their deposited tokens back in crypto.

Robinhood struggles with America’s regulation via enforcement

The situation back in the U.S. is more complicated. The SEC has been actively targeting major crypto companies like Coinbase, Binance, and Ripple.

The companies have pushed back, stating that the tokens traded on their platforms do not fall under the definition of securities that need to be registered with the SEC.

Robinhood itself is regulated by the SEC and the Financial Industry Regulatory Authority (FINRA) at the federal level in the U.S. It also holds a BitLicense with New York’s Department of Financial Services. 

But Kerbrat is frustrated with the current state of crypto regulation there, saying:

“We are disappointed by the way U.S. regulation is happening, where it’s basically regulation by enforcement.”

Meanwhile, Freetrade announced today that it would acquire the UK customer base of Australian investing app Stake. This puts it in direct competition with Robinhood.

In June, it revealed plans to acquire Luxembourg-based crypto exchange Bitstamp. The deal, valued at $200 million, was to help Robinhood expand its reach globally.

Bitstamp holds over 50 licenses in the UK, Singapore, and the EU. The acquisition is expected to close by mid-2025.

Bitstamp’s infrastructure will also allow Robinhood to expand its services to institutional investors. 

Bitstamp offers a “crypto-as-a-service” product, which lets banks and other financial institutions launch their own crypto services.

Right now though, Robinhood’s crypto trading and transfer services are not available to UK customers. 

While Robinhood launched its stock trading service in the UK in November last year, it hasn’t hinted at taking crypto there yet.

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Over $735 million worth of crypto will be unlocked and released into circulation in the first week of October, according to data from Token Unlocks.

The $735 million unlock is part of a larger $3.46 billion expected to be released throughout October. According to Token Unlocks, most releases involve assets like Celestia, Worldcoin, and Solana.

Celestia will unlock tokens worth $1.12 billion, while Worldcoin will release $336.31 million. Solana plans to unlock $360.80 million, and the remaining tokens will collectively release $1.65 billion in assets.

Token unlocks involve the gradual release of cryptocurrencies to prevent early investors or team members from selling large volumes simultaneously. This process has consistently wielded considerable influence over the broader market conditions by amplifying the selling pressure on a digital asset.

Week 1 token unlock

In the first week of October, many tokens will undergo cliff and linear unlocks. Cliff unlocks occur as a single, large release, while linear unlocks happen gradually over time.

Nine tokens will undergo cliff unlocks, including Ethena, SUI, Immutable, ZetaChain, Neon, Cardano, DYDX, Maverick Protocol, and Mode.

Among these, Ethena will unlock the largest amount—428 million tokens worth approximately $171 million.

It would be followed by the fast-rising Sui blockchain, which would release 2.4% of its circulating supply, or 64.19 million tokens—valued at around $120 million—to early contributors and investors. Over the past month, Sui has enjoyed significant attention with the recent launch of the Grayscale Sui Trust and the integration of Circle’s USDC stablecoin.

Other major cliff unlocks for the period include Immutable and ZetaChain, which would unlock tokens valued at $55 million and $37 million, respectively.

Meanwhile, Solana, Worldcoin, Bittensor, Avalanche, and six other projects will begin linear unlocks for their community during this period.

Solana will release 524,000 tokens valued at around $81 million, while Worldcoin and Bittensor will release 37 million and 72,000 tokens, valued at $73 million and $41 million, respectively.

Other assets, including Avalanche, SEI, NEAR, Polkadot, Dogecoin, BEAM, and Filecoin, will also unlock substantial assets during this period.

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Robinhood Crypto Vice President and General Manager Johann Kerbrat put an end to recent rumors that the fintech giant has plans to launch its own stablecoin.

Kerbrat told Decrypt in an interview on Sept. 30 that Robinhood has no active plans to explore the development of a stablecoin.

Kerbrat said:

“At this point, we don’t have any immediate plan to launch a stablecoin. The rumors are always interesting, but we haven’t really spent time on it.”

His comments come after a recent Bloomberg News report claimed Robinhood and Revolut were looking to launch a stablecoin.

Despite rising interest in stablecoins, Kerbrat emphasized that Robinhood has no imminent plans to enter this space. He added:

“It’s always interesting to see where people think we’re going to go next, but for now, that’s not part of our roadmap.”

Robinhood’s approach to stablecoins has largely been through partnerships, including the listing of Circle’s USD Coin (USDC). Meanwhile, Revolut has expanded its crypto offerings but has not confirmed any specific plans for a stablecoin launch.

According to the report, Revolut declined to comment directly on the matter. However, a source familiar with the European fintech company said the firm was “exploring” the idea of launching a stablecoin. However, no clear timeline or concrete plans for a stablecoin release have been finalized at this point.

TradFi and stablecoins

The stablecoin market, led by Tether (USDT), holds a significant share of the overall crypto landscape, but new entrants have faced hurdles.

Major traditional financial firms like PayPal and JPMorgan, as well as crypto giants like Binance, have failed to challenge the dominance of USDT and USDC.

In August 2023, PayPal introduced its own stablecoin, PYUSD, aimed at facilitating seamless payments and transfers between users. Despite PayPal’s large user base, the stablecoin has struggled to gain significant traction in a market dominated by crypto-native players.

Despite the challenges, speculation continues to swirl about TradFi companies looking to capitalize on the growing demand for stable digital currencies, with Societe Generale being the latest to enter the space.

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Australia’s ANZ has joined the Monetary Authority of Singapore’s (MAS) Project Guardian to explore real-world asset (RWA) tokenization in financial markets. The decision comes after insights from the Swift blockchain interoperability project, which started in June.

According to a statement released on Sept. 30, ANZ aims to test how RWAs, such as commercial papers, can function across different blockchains in collaboration with blockchain oracle provider Chainlink Labs and Singapore-based investment firm ADDX.

ANZ Singapore Country Head, Mark Evans, commented on the new partnership, saying: 

MAS is a global leader in its unwavering commitment to digitize the financial system through industry collaboration. We’re pleased to join Project Guardian and play a role in fast-tracking the development of a stable, secure digital asset ecosystem which will be essential to meeting the future needs of our customers across the region.

~Mark Evans

ANZ utilizes Chainlink’s CCIP in Project Guardian to improve cross-blockchain mobility

Project Guardian, launched about two years ago by the Monetary Authority of Singapore, is a joint effort between policymakers and the financial sector aimed at improving liquidity and financial market efficiency through RWA tokenization.

Nigel Dobson, ANZ’s banking services lead, emphasized the bank’s interest in enhancing the mobility of its Australian dollar-backed A$DC stablecoin across blockchains. To achieve this, ANZ will leverage Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which allows RWAs to move between blockchains more freely, according to Chainlink’s community liaison, Zach Rynes.

Dobson pointed out that the tokenized asset markets are currently “highly fragmented,” hindering the seamless transfer of RWAs between blockchains and complicating integration for financial institutions. Using an interoperability protocol like Chainlink’s CCIP could help solve this challenge.

ANZ will receive local support from Project Guardian as the bank maintains a presence in Singapore. Project Guardian’s trial initiatives have previously featured DBS Bank, SBI Digital Asset Holdings, WisdomTree, and S&P Global, Deutsche Bank, and JPMorgan’s blockchain platform Onyx. 

The International Monetary Fund, along with governments from the United Kingdom, Japan, Singapore, Switzerland, and France, comprise the policymaker group of Project Guardian.

ANZ and Chainlink Labs recently revealed the outcomes of a close partnership that connected blockchains for the international transfer and settlement of tokenized assets, most notably Avalanche and Ethereum.

Across over 30 locations, ANZ offers banking services and products to more than 8.5 million retail and institutional clients. To explore the potential of on-chain digital assets, ANZ used Chainlink’s Cross-Chain Interoperability Protocol (CCIP), a blockchain interoperability solution, to show how clients could easily access, trade, and settle tokenized assets across networks in various currencies—a process known as Delivery vs. Payment (DvP).

ANZ leveraged its own Avalanche Evergreen Subnet for this initiative. This is for its EVM compatibility, permissioning, and customized gas token, among other features.

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Arbitrum broke above 1B transactions in the chain’s lifetime. Close to a fifth of that activity is directed to DeFi tasks.

Arbitrum broke above 1B transactions, of which 17.71% went to DeFi activities, based on GrowThePie data. Arbitrum is among the most active L2 chains and has a relatively early arrival. The project started off as a VC-backed network but ended up drawing the bulk of L2 traffic. 

The Arbitrum One L2 rollup is also considered sufficiently decentralized and has been singled out by Ethereum’s founder Vitalik Buterin. According to metrics of decentralization, Arbitrum One is a Stage 1 chain, on track to achieve true rollups with decentralized consensus.

The Arbitrum team celebrated the 1B cumulative transaction milestone, though the total number reporting varies. Arbitrum also easily surpasses Ethereum in terms of transactions per day, as the L1 carries around 1.11M daily transfers. Arbitrum is one of the successful models to scale Ethereum as expected by rollups.

Arbitrum One just hit 1 billion transactions!

Onwards to the next billion. pic.twitter.com/OvXzUYYCuf

— Arbitrum (,) (@arbitrum) September 30, 2024

The transaction total was achieved as Arbitrum became the most widely used L2. The chain has the most active bridging, with more than $9.62B in value bridged. Arbitrum achieved the cumulative results, after three years of its launch.

The transaction count on Arbitrum also looks more organic compared to other L2s like Taiko, which subsidizes their transactions. Arbitrum is also way past its initial airdrop stage, showing that even VC-backed chains can host organic traffic after the airdrop hype. 

The Arbitrum chain growth pattern started off with under 100K transactions per day and reached up to 2M transactions as of September 2024. Arbitrum is only surpassed by Base, where traffic is driven by meme tokens, micropayments, and low-value transactions. 

Arbitrum has emerged as a well-rounded chain, with a dominance of undefined or token-based activity. The chain is large enough to host multiple DeFi protocols. This is one of the reasons why Arbitrum is lagging behind niche chains with their specific brand of DeFi.  

One of the key growth areas for Arbitrum is its alignment with the Ethereum ecosystem. Arbitrum is one of the biggest net recipients of inflows from Ethereum, due to its technological and business alignment. Arbitrum received $2.63B of inflows from Ethereum, of which 25.5% were dedicated to bridged stablecoins. 

The other factor of growth is Aave V3, which makes up around 30% of the Arbitrum total value locked. The L2 chain has attracted $3.29B in liquidity, spread among relatively small DeFi protocols with under $500M in value locked. 

ARB points to potential future of VC-backed projects

Arbitrum raised a total of $123.7M from a collection of VC funds. Arbitrum held a small seed round, then raised $120M from some of the topmost funds in crypto. The Series B round included Panthera Capital, Polychain, and even now-defunct Alameda Research. 

ARB price action resembles similar VC-backed projects, as the market price has come under pressure. ARB peaked at $2.13 during the 2024 bull market, and has since slid to $0.61. 

As of September 2024, ARB is relatively advanced in its unlocking journey, with 45% of the tokens free to circulate. Until 2027, ARB tokens will be unlocked on a predictable bi-weekly schedule. 

The Arbitrum project is one of the most successful examples where a VC-backed project has continued to grow beyond its airdrop phase. ARB now sets expectations for a potential breakout from its lows, to a slightly higher price range. ARB is closely watched for a potential breakout among L2 tokens, along with OP and other L2 tokens like Metis (METIS). 

The Arbitrum L2 chain continues to produce fees, with up to $3.5M on the busiest days. In the past month, Arbitrum fees slowed down to $10K to $20K per day. For now, Arbitrum is sustainable, still raking in net earnings after paying L1 fees to Ethereum. 

Arbitrum margins are thinner now, with $7,359 paid in the past 24 hours. Arbitrum currently achieves around 40% of the throughput of Base, showing a more conservative, but still competitive model. Throughput is a metric of gas usage, which also shows the complexity of transactions, especially DeFi routing. With the rise of DeFi on Arbitrum, some of the transactions may require more complex routing and gas usage. 

Cryptopolitan reporting by Hristina Vasileva

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Former President Donald Trump announced the launch of World Liberty Financial’s (WLFI) whitelist process on Sept. 30 and reiterated his plan to “make America great again” by leveraging crypto.

To qualify for WLFI’s early access, users must undergo a know-your-customer (KYC) process to get on the whitelist. The platform’s website states that there are no plans to launch a native token, and the whitelist does not mean there will be a token offer in any jurisdiction.

However, it also clarified that “if and when” a token is launched, it will be available to users who have completed the KYC process.

The whitelisting process is open for accredited US investors and any non-US persons. US-based retail investors will not be able to participate in the process for now due to the regulatory landscape in the country.

The WLFI team attributed the limitation to “outdated policies and regulations in the US” and said it is working on overturning it.

The KYC process consists of informing a wallet, sending a scan of a government-issued identification document, and a liveness check in a camera. Additionally, US users are also required to provide proof that they are accredited investors.

WLFI did not disclose how long it would take to process the whitelist applications.

According to DEX Screener, three fake versions of the WLFI token have been created in the hours since the whitelist was announced.

Leveraging US-pegged stablecoins

WLFI was created by Donald Trump’s sons Eric Trump and Donald Trump Jr., with the former US president supporting their venture in DeFi.

In a series of posts on Sept. 4, WLFI said it is collaborating with leading money market protocol Aave and clarified that its primary goal is to ensure the US dollar maintains its dominance in the global financial system via stablecoins.

Recently, WLFI has been on a spree of announcements regarding its advisors. The two latest additions to the team are Matthew Morgan, CEO of blockchain gaming platform Mixie AI, and Ryan Fang, founder of Tomo Wallet and co-founder of blockchain services provider Ankr.

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Blockchain digital payment network Ripple minted roughly 99% of RLUSD tokens in the last 24 hours on Ethereum and XRP ledger. The platform has now minted about 800,000 RLUSD tokens, leading analysts to believe its planned stablecocin project may launch soon.

Ripple ramps up its minting operations in the product’s testing phase

Ripple minted 800,000 RLUSD tokens on Ethereum and XRP networks in just 24 hours. Today, in a post on X, Vet.XO, co-founder of XRP Cafe, confirmed this:

The total supply of RLUSD is 812,034 across ETH and XRPL. In the last ~24h in total, 800k RLUSD got minted on Ethereum and XRP Ledger combined. 99% of the total supply was minted in the last 24h.

~Vet.XO

Moreover, on September 27, the San Franscisco-based company minted 50,000 RLUSD tokens, adding to prior mints of 5,515 RLUSD and 485 RLUSD days before.

The different minting amounts suggest that the network may be stress testing the system in preparation for broader application, leading many in the crypto community to predict that Ripple’s stablecoin project will soon launch.

Ripple first announced its stablecoin development in April, pitching it as a tool for instant cross-border money transfers and payment services while emphasizing its commitment to regulatory compliance. Four months later, the platform initiated the new stablecoin’s testing phase.

In a post on August 9, 2024, Ripple announced that RLUSD was in private beta on XRP Ledger and Ethereum and urged traders to be cautious of scammers who might falsely claim to distribute Ripple USD.

Ripple is pushing through with RLUSD despite legal troubles

In August 2024, Southern District of New York Judge Analisa Torres gave her final ruling in SEC v. Ripple. Both parties seemingly earned their fair share of victories and losses. 

For starters, Judge Torres rejected the commission’s disgorgement theory after finding no evidence of how any investor was affected by Ripple’s XRP sales. The court, however, fined Ripple about $125 million, though slightly lower than the SEC’s proposed $876 million penalty.

The court also issued an injunction preventing Ripple from future violations of Section 5 of the Securities Act. Moreover, it dismissed Ripple’s request to waive the ‘bad actor disqualification,’ which will prevent the company from utilizing the Regulation D exemption for its securities offerings for five years.

Despite all these legal troubles and a looming SEC appeal, Ripple expects to push through with the launch of its stablecoin RLUSD, anticipating regulatory approval from the commission.

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Crypto crashed into the American political scene like a bad reality show no one asked for. And now, November 5 is about to be America’s first “crypto election,” with hundreds of millions of dollars pouring into political campaigns.

Kamala Harris, out of nowhere, is now talking about embracing “innovative technologies,” while Donald Trump—who once called Bitcoin a scam—jumped into the crypto game headfirst months ago.

He’s promising to turn America into the “crypto capital of the planet.” Really? This is what politics has come to?

American crypto voters might not be all that important

Apparently, there’s a “crypto voter” now.

According to the executive director of Stand With Crypto—a lobby group backed by Coinbase, the biggest crypto exchange in the U.S.—this mysterious group is real, bipartisan, and ready to flex some political muscle.

They even give politicians grades based on how pro-crypto they are, with Trump getting an “A,” and Kamala having a N/A.

But it’s unclear if this is really a thing. Sure a handful of dudes care about crypto regulation, but most Americans seem more worried about actual problems like paying rent, affording healthcare, or literally just keeping their heads above water.

The idea that there’s this massive group of voters who care about crypto above all else seems absurd when you look at literally any national poll.

Most people don’t actually care about crypto exchanges getting regulated or if Brian Armstrong (Coinbase’s CEO) keeps getting richer.

The whole “crypto is a national priority” angle is being pushed hard, though, with lobbyists throwing around numbers like 52 million Americans supposedly owning crypto.

There hasn’t been any concrete proof of this figure by the way.

That has not stopped Stand With Crypto from claiming these supposed crypto holders are dying to have their voices heard in the upcoming election.

They even say nearly nine out of ten Americans think the financial system needs an upgrade. But if we’re being real, this is about keeping the crypto industry’s elites’ pockets lined, not helping the average Joe.

The industry is doing just fine mind you. Bitcoin’s price has quadrupled since the last election, and the value of the entire crypto market has skyrocketed.

If anyone’s losing sleep, it’s the ones who got burned by shady exchanges like FTX.

Despite Trump’s claim that the Biden-Harris administration is “extremely hostile” to crypto, the market’s thriving, with almost a third of the world’s crypto workforce based right here in the U.S.

Meanwhile, the pro-crypto Fairshake super PAC has raised over $200 million so far.

Do the candidates actually care?

Let’s talk about Kamala Harris. Until recently, she didn’t have much to say about crypto. That changed last week when she mentioned supporting “innovative technologies” at a Wall Street fundraiser.

Stand With Crypto gave her a B for her crypto stance before later downgrading her as I mentioned previously. But get this. She hasn’t really promised anything.

Her comments were just vague enough to not upset the tech industry while keeping regulators happy. Trump, on the other hand, is milking the crypto community for all it’s worth.

He’s sold four collections of NFTs and even lets people contribute to his campaign using crypto. If you think he’s genuinely invested in the future of blockchain technology, think again. 

Recent actions blatantly show that he’s in it for himself. He showed up at the Nashville Bitcoin conference and told people to “have a good time with your Bitcoin and your crypto, and everything else that you’re playing with,” because yes, that’s how seriously he takes the industry.

Trump’s understanding of crypto is about as deep as a kiddie pool, but at least he admits it. 

During the launch of his latest venture, World Liberty Financial—yet another project with his sons—he compared learning about it to learning Chinese.

Whatever the hell World Liberty Financial is supposed to be, nobody really knows. But the majority of it is owned by him and his family, so I guess we can rule out decentralization.

Then there’s Barron Trump, the apparent “DeFi visionary.” According to Trump, his 18-year-old son has four crypto wallets and “knows this stuff.”

I mean okay. Not exactly a vote of confidence, but what else would you expect from Donald Trump?

In the end, it’s all about the money. Crypto may not matter to the average American voter, but the cash behind it sure should.

The post The absurdity of crypto’s presence in America’s political circus appeared first on Top Crypto Game.

Blackrock’s iShares Ether ETF has accumulated over $1 billion in assets in just two months. The Ethereum ETF has seen massive inflows, even as crypto investors embrace a more positive front on ETH prices. 

Blackrock’s iShares Ethereum ETF saw impressive inflows in its first two weeks after launch

Today, Nate Geraci, president of the ETF store and host of ETFPrime, confirmed that Blackrock iShares Ether ETF had gained over $1 billion in just two months. He said:

iShares Ethereum ETF eclipses $1bil in assets…Now in top 20% of all 3,700+ ETFs.

~Nate Geraci

Very early on, the Ether ETF received significant inflows, with over $869.8 million pouring in its first 11 trading days since its launch on July 23. 

Within those 11 days, the Blackrock ETF welcomed over $117.9 million in a single day- June 30—and over $109.9 million on August 6. This inflow accumulation was enough to let it rank among the top six best-performing ETFs in 2024 then, with four out of 5 of the best performers being spot Bitcoin ETFs. 

Back then, Nate Geraci also commented on ETHA’s performance, stating that although the market fell, the cumulative ETHA flows on Aug. 5 and 6 alone put it in the top 10% of ETFs launched in 2024.

By September 16, 2024, iShares ETF had already earned about $992 million, more than double the amount of the Fidelity Ethereum fund, which had only $382 million at the time.

Blackrock spot Ethereum ETF options has to wait another month for SEC listing

In a filing on September 24, the US Securities and Exchange Commission detailed its rescheduling for the approval and listing of options on Blackrock and Biwise spot Ether ETFs.

The commission pushed back the approval date to November 10, following Nasdaq’s proposed rule change to approve listing and trading options for spot Ether ETFs. According to the SEC, the proposed rule changes will take a little longer to review.

Before this, the regulator had already approved and listed options trading on BlackRock’s spot Bitcoin ETF (IBIT) on September 20, the first of its kind. 

Even the Head of US options at Nasdaq, Sean Feeney, expressed the company’s content with the commission approval and listing of IBIT options, stating that the listing would protect investors and offer them another low-cost risk management tool.

In a separate filing, the SEC also delayed a decision on NYSE American LLC’s proposed rule change to list and trade options on the Bitwise Ethereum ETF, the Grayscale Ethereum Trust, and the Grayscale Ethereum Mini Trust. The new deadline for NYSE American has also been set for November.

The post iShares Ethereum ETF surpasses $1B in assets amid market recovery appeared first on Top Crypto Game.

Data from Solscan.io revealed that an unlucky investor panic-sold 21M $MOODENG, missing out on a chance to cash out $6.3M. He discovered the memecoin at a market cap of $210K an hour after its launch and acquired it for 26 SOL (~$3,537).  The investor panicked when MOODENG prices initially dipped and sold his bag for $297 (~2.19 SOL), making a 91.6% loss. 

Solscan.io revealed that the investor had acquired the 21M $MOODENG in seven separate transactions. The trader swapped 4 SOL for MOODENG six times, receiving between 2.7 M and 4.41 M of MOODENG tokens in every transaction. After that, the user added a last batch of 2.38M for 2 SOL.   

Impatient investor loses out on millions in panic sell blunder

What an unlucky guy!

The 21M $MOODENG he sold for $297 is now worth $6.3M! #MOODENG

He discovered $MOODENG one hour after it started trading and spent 26 $SOL($3,537) to buy 21M $MOODENG, which had a $210K market cap at the time.

However, when $MOODENG dropped, he panicked and… pic.twitter.com/XUt9lAk2yU

— Lookonchain (@lookonchain) September 28, 2024

Lookonchain, a blockchain analytics platform, revealed information about the trader today through an X post. What the investor sold for $297 on September 10 would be worth $6.3 million a little over two weeks later. 

Solscan.io’s data showed that the investor started trading on September 10 by swapping 648.02 $RAY for 7.29 $WSOL and 1.67M $ARMY for 8.13 WSOL, bringing the total WSOL to 15.42. Data revealed that the trader carried out six separate transactions of 4 SOL each to acquire 2.5M, 2.4M, 2.7M, 2.9M, 3.5M, and 4.4M $MOODENG respectively. The wallet: 7eCsrP…idAoBz then swapped 2 SOL for 2.4M $MOODENG, bringing the total WSOL spent to 26 for ~21M tokens. 

Two hours later, the trader panicked and sold all 21.05M MOODENG for 2.19 WSOL after $MOODENG’s price started dipping. 

Solscan.io showed that the investor’s account still held 137,199.27 $JONAH ($111.47), 260 $WAFFLES ($3.41), 200 $REXHAT ($0.18), 1M $PFIRE ($ 0.06), and 1.6M $aSPHYNX. 

Savvy investors mint millions with $MOODENG

The memecoin inspired by a female pigmy hippo, Moo Deng, had surged nearly 100% on September 27, according to Tradingview’s data. $MOODENG entered the market at $0.085 but gained 285.8% to $0.327991 in 17 days.

Tradingview revealed that a trader, believed to be an insider, turned $800 into $7.5M on September 27 with $MOODENG. The tokens were worth $3.5M a day before (Sep. 26) when Arkham Intel noticed the trader’s huge gains. 

Another trader also flipped $800 (~6 SOL) worth of $MOODENG into over $400K. The trader, with wallet Db3PqV…Vvf4Kuk49 acquired the token as it left the pump.fun, but the investment multiplied 500x after only a week. 

Crazy buying of #MOODENG!

A whale spent 10,156 $SOL($1.59M) to buy 6M $MOODENG at an average price of $0.2655 in the past 8 hours.https://t.co/e6IHotznDt pic.twitter.com/WEwQ7MefZ9

— Lookonchain (@lookonchain) September 28, 2024

Earlier today, Lookonchain disclosed that a whale spent 10,156 $SOL worth $1.5M to buy 6 M MOODENG at $0.27. The top 10 MOODENG holders now have tokens worth over $40M, with the top account holding tokens worth over $5 million, according to Solscan.io’s data.

The post Unlucky investor panic sells memecoin bag, missing the opportunity to turn 26 SOL into $6.3M appeared first on Top Crypto Game.

dYdX Trading Inc., a pioneer in perpetual markets, is planning to discontinue the dYdX v3 platform by the end of October.

According to a post on X, the transition will pave the way for the launch of dYdX Unlimited this fall. The sunset of the v3 platform will primarily affect users of dYdX v3. However, users of dYdX Chain, dydx.trade, or the v4 API will remain unaffected.

dYdX Trading Inc. urges users to withdraw USDC before the transition date

dYdX stated that the deactivation is consistent with its objective of “truly unlimited” decentralized trading. The move follows the successful mainnet launch of the v4 chain in 2023, which resulted in more than $220 billion in trade volume. 

From now until the mentioned date, dYdX v3 will continue to operate normally, with uninterrupted trading. However, users are encouraged to plan to wind down their positions and withdraw their USDC from the platform. Trading, oracle-price updates, and funding payments are scheduled to cease on October 28 at 12:05 P.M. UTC.

Two days after the dYdX v3 platform is shut down, the Ethereum smart contract will register the L2 exchange as “frozen,”. This will allow users to withdraw the full USDC value of their accounts without incurring any trading or liquidation fees, aside from gas fees associated with Ethereum transactions.

dYdX Trading prioritizes user control and liquidity as it considers selling its v3 platform

dYdX Trading makes it clear that they value giving users control by saying:

We at dYdX Trading will never custody your funds.

dYdX Trading

All user accounts and their funds are held securely within the Ethereum smart contract system so that users can withdraw their USDC without depending on dYdX Trading or any other third-party entity. 

The company intends to keep access to read-only historical data through API for a minimum of one year after the shutdown date to ensure users can still view past trading details. 

The dYdX v3 platform, which received significant startup money from organizations such as Andreessen Horowitz and Paradigm, was immensely popular with investors due to its high liquidity and reduced slippage on larger trades.

VanEck’s March 2023 report projected the platform earned $137 million in fees at the end of 2022. Its operator has already chosen to retire the platform in favor of a more modern successor.

In July, speculations surfaced that dYdX Trading was considering selling the decentralized exchange platform. Wintermute Trading and Selini Capital are among the potential bidders, while Perella Weinberg Partners is advising dYdX Trading on the transaction.

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