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first_img The market value of tokenized stocks reached a new high of $2.3 billion, with major platforms setting multiple historical records on the same day

According to Token Terminal data, the market value of tokenized stocks reached a record $2.3 billion in mid-July, nearly doubling since it first surpassed $1 billion in March. On July 21, the circulating volume of Ondo Finance's tokenized stocks (514.5 million shares) and the number of holders (93,880), the tokenized market value of Backed Finance ($579.4 million), and the number of tokenized stocks on Robinhood Chain (126,720 shares) and the number of holders (36,170) all hit historical highs.The tokenized stock exchange Arcus launched by the dYdX team recorded a daily perpetual contract trading volume of $11.9 million and a new high of $6.8 million in open contracts on the same day. By chain distribution, Ethereum accounts for 34% of the tokenized stock market share, BNB Chain accounts for 30%, and Solana accounts for 23%. Ondo Finance leads with an on-chain stock scale of $955 million and recently collaborated with Japan's SBI Group to tokenize Japanese stocks, enabling 24/7 minting, redemption, and voting rights features. xStocks surpassed a cumulative trading volume of $25 billion within eight months of its launch. Ondo executives previously estimated that the market value of tokenized stocks would reach $2.5 to $3 billion by the end of the year.

first_img CryptoQuant Analyst: Strategy records the largest scale BTC sell-off, futures market shows significant cooling

CryptoQuant analyst Axel Adler Jr. stated that Strategy recently sold 3,588 BTC, marking the largest recorded Bitcoin sale to date, with the funds used for preferred stock payments and to replenish USD reserves.According to the Form 8-K document he cited, the sale was executed in two batches: from June 29 to June 30, 1,363 BTC were sold at an average price of $59,256, generating $80.8 million; from July 1 to July 5, 2,225 BTC were sold at an average price of $60,773, generating $135.2 million, for a total revenue of $216 million. The funds were used for preferred stock payments and to replenish USD reserves.Axel indicated that this sale differs from the sales made in 2022 for tax optimization, as it is primarily driven by debt obligations and does not represent a change in Strategy's long-term Bitcoin strategy. As of July 5, Strategy still holds 843,775 BTC and $2.55 billion in reserves, with this sale accounting for approximately 0.4% of its Bitcoin reserves.He also pointed out that after the announcement, the Bitcoin futures market positions significantly cooled down, with the Composite Market Index (IMI) dropping from about 80 to 32.6, briefly approaching 20, entering a bearish range; however, Bitcoin prices have largely remained in the range of $61,600 to $64,200, still above the 30-day fair value of $61,800. Analysts believe that the market currently views this sale as passive liquidity management rather than the beginning of a systematic reduction.

The UK House of Lords released a 71-page report on stablecoin regulation, criticizing the current regulatory proposals for lacking competitiveness

According to a report titled "Stablecoins: Waiting for Regulation" released by the UK House of Lords Financial Services Regulatory Committee, the global market capitalization of stablecoins has exceeded $310 billion, but the UK pound stablecoin market is still in its infancy, and the construction of the regulatory framework is clearly lagging behind the United States (GENIUS Act) and the European Union (MiCAR).The report criticizes several aspects of the current regulatory proposals from the UK Financial Conduct Authority (FCA) and the Bank of England, focusing on:• The Bank of England's requirement for systemic stablecoin issuers to deposit at least 40% of reserve assets in non-interest-bearing central bank deposits, which the industry believes will severely harm issuers' profitability and the international competitiveness of the UK market;• The proposed holding limits (individual £20,000, corporate £10 million) are considered extremely difficult to implement and may stifle the development of the pound stablecoin market;• The T+1 redemption requirement will impose a significant operational burden on issuers;• The Prudential Regulation Authority (PRA) restrictions on deposit-taking institutions issuing stablecoins under independent brands are deemed overly stringent.The report also acknowledges the liquidity support loan mechanism proposed by the Bank of England, considering it an innovative regulatory measure that surpasses other major jurisdictions. The committee calls on regulatory agencies to strictly adhere to the established timeline, ensuring that the complete regulatory framework comes into effect as scheduled on October 25, 2027, and recommends adopting a principle-based, technology-neutral regulatory approach to achieve a reasonable balance between financial stability and market innovation.
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