befla

MoonPay targets $8.7B trading venue, but the features remain unrevealed

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MoonPay targets $8.7B trading venue, but the features remain unrevealed
MoonPay has signed a definitive agreement to buy North Capital Investment Technology, a deal that would bring an existing private-securities trading venue into the crypto payments company’s group if it closes. The companies announced the agreement on Sept. 23, and said both boards had approved it. Regulatory approvals and other closing conditions still stand between … Read more

Galaxy adds $100M Sky token and institutional adoption is tested

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Galaxy adds $100M Sky token and institutional adoption is tested
Galaxy Digital has added $100 million of sUSDS, Sky Protocol’s yield-bearing savings token, to its corporate treasury and approved it as collateral for institutional clients, the companies said Sept. 23. Galaxy and Sky described the treasury position as complete, but their announcement gave no figure for client lending secured by sUSDS or the first completed … Read more

Stablecoins hold nearly $200 billion in US debt, but money funds bought the surge

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Stablecoins hold nearly $200 billion in US debt, but money funds bought the surge
Money-market mutual funds absorbed approximately 85% of the US government’s latest Treasury-bill surge, giving traditional cash managers the clearest claim to the marginal demand behind the summer issuance wave. The Treasury Department said net bill supply grew by more than $550 billion in July and August, an increase of about 8% in two months. Money … Read more

Europe’s central banks want to scrap this stablecoin reserve safeguard

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Europe’s central banks want to scrap this stablecoin reserve safeguard
EU rules require stablecoins issued by electronic-money institutions to keep at least 30% of their reserves in commercial-bank deposits, rising to 60% for significant tokens. Britain’s policy for systemic sterling stablecoin reserves excludes those deposits from coin backing. European central banks now want to remove the EU requirement, bringing the two approaches closer on the … Read more

EU central banks attack MiCA rules and stablecoin runs are blamed

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EU central banks attack MiCA rules and stablecoin runs are blamed
Europe’s central banks want the European Union to rethink a rule designed to make stablecoins safer, but that can also link a token run directly to the banking system. For reserve amounts tied to official currencies, MiCA currently requires issuers of non-significant tokens to keep at least 30% as deposits with EU credit institutions. The … Read more

Animoca Brands suspends Currenc deal that would have taken it public

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Animoca Brands suspends Currenc deal that would have taken it public
Animoca Brands, a digital asset venture, has suspended merger talks with Nasdaq-listed Currenc Group after the companies failed to reach definitive terms on schedule. On Sept. 22, the companies said they mutually agreed to pause discussions after reviewing projected closing timelines and changing market conditions, concluding that the additional time needed to complete the transaction … Read more

XRP volume explodes to $7.4B, and a massive CME short squeeze is blamed

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XRP volume explodes to $7.4B, and a massive CME short squeeze is blamed
XRP registered an intraday high of $1.60 on Sept. 22, with roughly $7.4 billion in reported volume. The move was strong, but the latest public data on regulated futures showed different positioning shifts across venues. The Commodity Futures Trading Commission’s Sept. 15 snapshot showed leveraged funds cutting their net short in CME futures by the … Read more

Why newly granted federal approval won’t save these 3 crypto banks

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Why newly granted federal approval won’t save these 3 crypto banks
The Office of the Comptroller of the Currency advanced three stablecoin-focused firms toward federal trust-bank status on Sept. 18, using a recognizable regulatory perimeter across the decisions for Agora, Catena and Bastion. The decisions strengthen the case that the OCC is building a repeatable pathway for narrow, uninsured trust banks. That pathway still carries execution … Read more

Narrowing price cushions leave Bitcoin loans vulnerable to 4.7% price dips as Aave weighs higher leverage

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Narrowing price cushions leave Bitcoin loans vulnerable to 4.7% price dips as Aave weighs higher leverage
Aave governance has advanced a proposal that would give Bitcoin-backed borrowers materially more leverage while leaving less room before liquidation. The proposal from risk service provider LlamaRisk would let users on Aave V3 Ethereum Core borrow as much as $0.81 against each $1 of WBTC or cbBTC collateral, up from $0.73. The liquidation threshold would … Read more