Stablecoins

Tokenized Real-World Assets on Solana

Wednesday. October 30 at 6:30 AM

1 min. read

Solayer and OpenEden have introduced a yield-bearing stablecoin on Solana (SOL) backed by United States Treasury bills. The stablecoin, named sUSD, is the first of many tokenized real-world assets (RWAs) that Solayer plans to launch on Solana. Users can access tokenized real-world assets with just $5, starting with US Treasury Bills. Solayer is a Solana-based restaking protocol, while OpenEden specializes in RWA tokenization. The sUSD protocol operates as a request for quote (RFQ) marketplace, where users deposit USD Coin (USDC) to receive sUSD, a liquid RWA token (LRT). Solayer, known for restaking SOL tokens, has facilitated nearly $300 million in restaked total value locked (TVL). The market for tokenized RWAs is predicted to grow significantly by 2030, offering a $30 trillion global market opportunity. Stablecoins remain popular, but there is increasing demand for tokenizing yield-bearing assets like US Treasury bills.

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Increasing Demand for Treasury Bills Driven by Stablecoins

Thursday. October 31 at 3:00 AM

The US Department of the Treasury meeting minutes published on Oct. 30 revealed that stablecoins are driving demand for short-term United States government bonds, known as Treasury bills. During an Oct. 29 meeting, the US Treasury’s Borrowing Advisory Committee discussed the advantages of stablecoin adoption and Treasury bill tokenization. One committee member even proposed the creation of a permissioned blockchain specifically for T-bills. This signals a growing openness among US government officials to incorporate blockchain technology into the financial system. The committee acknowledged that stablecoin collateral mainly consists of Treasury bills or Treasury-backed transactions, leading to increased demand for short-dated Treasury securities. T-bill tokenization was seen as a way to enhance operational efficiency and foster innovation in the Treasury market, although it also poses risks to financial stability. The rise of stablecoins, particularly Tether and USD Coin, has made them essential for trading and payments, with a total market capitalization nearing $180 billion.

Stablecoins

Tokenized Real-World Assets on Solana

Wednesday. October 30 at 6:30 AM

Stablecoins

Cryptocurrency Trends Among Indonesian Youth

Tuesday. October 29 at 8:30 PM

A recent report from Indonesia's commodities regulator, Bappebti, and local crypto platforms revealed that over 60% of crypto investors in the country are aged 18 to 30. The data also showed that the total volume of crypto transactions in September reached 33.7 trillion Indonesian rupiah, with 21.3 million crypto users in the country. Popularly traded assets include USDT, ETH, BTC, PEPE, and SOL. Despite facing challenges from a dual tax system, Indonesians continue to embrace digital assets. Bappebti has called for a reassessment of the tax regime, emphasizing the growing importance of cryptocurrencies in the country's economy. This trend mirrors a global pattern, with younger generations worldwide showing a higher inclination towards investing in crypto assets. The future of cryptocurrencies in Indonesia and beyond looks promising, with potential for significant integration into the financial sector.

Stablecoins

Venture Capital Firm Sequoia Capital Set to Make Over $100 Million from Bridge Acquisition Deal

Tuesday. October 29 at 11:00 AM

Venture capital firm Sequoia Capital stands to earn more than $100 million from Stripe's $1.1 billion acquisition of stablecoin platform Bridge. Sequoia initially invested $19 million in Bridge's Series A round last year. Other VC firms like Ribbit Capital, Haun Ventures, Index Ventures, and Bedrock Fund Management are also poised to make significant profits from their stakes in Bridge. This windfall comes at a time when VC funding in the crypto industry has decreased since its peak in 2022. Bridge, often referred to as the crypto equivalent of Stripe, offers a stablecoin payments network for businesses. Stripe's acquisition of Bridge, one of the largest in the crypto industry, is pending regulatory approval and is expected to close in the coming months.

Stablecoins