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first_img The dispute over AMC tokenized stocks is spreading, with intense debates in the industry about three issuance models

According to The Defiant, the dispute between AMC Entertainment CEO Adam Aron and Robinhood over tokenized AMC stock has escalated into a debate among tokenized stock issuers about which model should become the industry standard.Gabriel Otte, co-founder of Dinari, criticized Robinhood's synthetic tokens with Ondo as "worse for end investors than regular stocks," while Uniswap founder Hayden Adams compared it to early stablecoins, stating that it meets users' demands for programmability and 24/7 trading.Currently, three models are competing in the $2.91 billion tokenized stock market: Robinhood's stock tokens are debt securities issued by a Jersey entity, available only to non-U.S. persons; Ondo, xStocks, and Dinari hold the underlying stocks through regulated intermediaries and pass on economic benefits; Securitize and Superstate directly put company-registered stocks on-chain. The U.S. SEC's Division of Corporation Finance has legally defined the three models as of January 28. Data from rwa.xyz shows that the total scale of tokenized stocks reaches $2.91 billion, with a 14.4% growth over 30 days, and Ondo leads with $869.6 million.Securitize CEO Carlos Domingo also supports Aron's position, stating that he does not wish for others to create offshore derivatives of company stocks. Brian Huang, co-founder of Glider, believes that the trading venue is more important than the packaging format, as AMMs cannot guarantee users the best execution.

first_img Bitcoin ETF saw a net inflow of 3.8 billion USD over three weeks, setting the strongest record for 2026

The U.S. spot Bitcoin ETF recorded the strongest consecutive three-week inflow of funds since 2026. SoSoValue data shows that as of the week ending September 5, the net inflow was $986.9 million, with a cumulative net inflow of $3.8 billion over the past three weeks, an increase of about 7% compared to the previous week. Despite a significant rebound in demand, the net inflow for Bitcoin ETFs this year is still approximately negative $1 billion.On Friday, the single-day net inflow was $174.6 million, a noticeable drop from over $731 million on Thursday. Among them, BlackRock's iShares Bitcoin Trust (IBIT) attracted $117.4 million, accounting for about 67% of the day's net inflow, while Fidelity's Wise Origin Bitcoin Fund (FBTC) had a net inflow of $57.2 million, with the remaining U.S. spot Bitcoin ETFs having no net inflow that day. On that day, Bitcoin briefly fell below $79,000, then rebounded to around $79,700, still up about 2.6% over the past 7 days.As of Friday, the total net assets of U.S. spot Bitcoin ETFs were approximately $101.3 billion, with a cumulative net inflow of $55.6 billion. Meanwhile, the inflow of funds into Ethereum and XRP spot ETFs has significantly cooled, with net inflows for the week dropping to $21.84 million and $1.9 million, respectively, a decline of about 74% and 83% compared to the previous week; their cumulative net inflows for the year are approximately $863 million and $515 million, respectively.

first_img Gray Scale: Currency depreciation trades will benefit Bitcoin, as the dollar falls to a three-month low

The asset management company Grayscale's crypto research team stated in a report that the so-called "debasement trade" is favorable for Bitcoin. The head of research at the institution, Zach Pandl, pointed out in the report that uncontrolled government debt growth undermines the credibility of fiat currencies, prompting investors to seek alternative stores of value such as physical gold and certain cryptocurrencies, with Bitcoin being the primary beneficiary.The report states that U.S. public debt has surpassed $40 trillion, and the Treasury is conducting bond buybacks to alleviate rising borrowing costs, but the core deficit still exists. Grayscale believes this may drive investors towards debasement trades involving Bitcoin, Ethereum, and Zcash. The report also notes that the buybacks themselves indicate a problem—the heavy growth of government debt is driving up borrowing costs, and the Treasury is merely treating the symptoms (rising bond yields) without addressing the root cause of the structural deficit.As Bitcoin began to surge last week, the dollar experienced its worst week in August and fell to a three-month low. As of Friday afternoon New York time, Bitcoin was trading at approximately $77,493, having reached a high of $81,281 earlier in the week; it has remained relatively flat over the past 24 hours but has risen over 20% in the past 30 days.
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