Ethena to launch new stablecoin backed by BlackRock's BUIDL fund - PayPal enables merchants to use crypto
Top Crypto Market Headlines:
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? "?Some personal news!
This 172nd edition of SUN ZU Lab’s weekly crypto newsletter marks my final contribution, as I will be stepping away from my duties at SUN ZU Lab and taking some time off. ?
It has been a true pleasure exploring the crypto ecosystem each week and bringing you the latest news and insights.
I am incredibly grateful to SUN ZU Lab for this amazing opportunity and feel fortunate to have had thousands of you engaging with our insights over the past couple of years. ?
I look forward to meeting some of you in person soon, as my journey in the crypto space is far from over! ?
Wishing you all a fantastic week ahead.
Best,?Chadi?"
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by?Chadi El Adnani, Head of Research
Weekly Insights Report:
Bitcoin surged past $65,000 last week, fueled by positive U.S. jobs data and expectations of new economic stimulus from China. While these factors have injected optimism into the market, analysts warn that if Bitcoin fails to maintain this level, it could face significant downward pressure, even as the broader stock market continues its rally. ?
Ethena is set to launch a new stablecoin, UStb, in partnership with the real-world asset tokenization platform Securitize. UStb will function similarly to traditional stablecoins and is expected to invest its reserves in BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), which is tokenized on Ethereum. BUIDL, which launched in March, invests in U.S. dollars, short-term U.S. Treasury bills, and repurchase agreements. It has quickly grown to become the largest tokenized U.S. Treasuries fund, with over $522 million in assets under management. ?
The Celestia Foundation, the primary organization behind the modular blockchain network Celestia, has raised $100 million in a funding round led by Bain Capital Crypto. Other participants included Syncracy Capital, 1kx, Robot Ventures, and Placeholder, bringing the foundation’s total financing to $155 million. Celestia, launched in October 2023, is designed to help other blockchains scale by offloading their data requirements. Its "data availability sampling" technology allows users to verify large blocks without needing to download all the data. ?
PayPal has expanded its cryptocurrency services to U.S. business accounts, allowing merchants to buy, hold, and sell crypto directly through PayPal. This includes support for external transfers to third-party wallets, continuing PayPal’s push to broaden digital currency utility. The company also recently launched its own stablecoin, PayPal USD (PYUSD). ?
Visa is launching a platform to help banks test tokenized assets and smart contracts, furthering the integration of real-world assets on blockchain. This platform will provide banks with the tools to issue fiat-backed tokens in a regulated environment, supporting the growing trend of tokenization in the financial sector. ?
Turkey has decided against imposing additional taxes on stock and crypto trading profits, according to Vice President Cevdet Yilmaz. This decision follows careful consideration of the economic impact and feedback from various stakeholders, with the government now focusing on adjusting tax exemptions instead. ?
Caroline Ellison, the former CEO of Alameda Research, has been sentenced to two years in a minimum-security prison for her role in the collapse of FTX. ?
On a weekly basis, Bitcoin is up by 3.2%, while Ethereum has gained 3%.
Token of The Week:?Maker (MKR)
The price of MKR has remained stable in 2024 after a 125% rise in March. Currently, the token is trading at around $1,500, well below the $2,000 it reached at the end of August before the announcement of its transition to the Sky protocol. Daily volumes have also halved from the levels seen in March and April, currently averaging around $25 million. ? Maker's total locked-in value (TVL) stagnated at around $8 billion in 2023 and early 2024, before dropping to around $5 billion in the past two months, according to data from DefiLlama. The market capitalisation of the DAI stablecoin has also stagnated at around $5 billion, down from almost $10 billion in February 2022. In comparison, the amount of stablecoins in circulation increased by $40 billion in 2024, currently reaching $170 billion, including a $30 billion increase for Tether (USDT) alone. ?
Long leaders, Maker and DAI appear to be losing ground in the stablecoin war. The recent transition to the Sky protocol does not, for the moment, seem to be providing the hoped-for impetus [...] ?
Read the full analysis here:?https://en.thebigwhale.io/article-en/sky-ex-maker-what-is-the-value-of-this-new-defi-protocol-and-its-ecosystem
? ? ? ? ? ? ? ? ? ? ? ? ? ? ? We just finished mapping the entire crypto ecosystem ??
500+ projects/companies/DAOs/funds.. listed!
A total of 4 high-level categories: Blockchain Infrastructure; Blockchain Applications; Digital Currencies & On-chain Assets; Institutional "TradFi-like" Services, divided into sub-categories (e.g., Blockchain Infrastructure > Blockchain Services) and further down into sub-sub-categories (e.g., Blockchain Applications > DeFi > Decentralized Exchanges) ?
Download the full 28 pages mapping here:?https://sunzulab.com/publicationstype/the-complete-web3-ecosystem-mapping/
The Week Ahead:
? Monday September 30 2024
Tuesday October 01 2024
Thursday October 03 2024
Friday October 04 2024
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