
Decentralizing stability: An examination of crypto supply models and stablecoins
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The biggest stories from the cryptocurrency world that you may have missed.
As is generally the case, it was another busy week in the blockchain and cryptocurrency industry. A long-awaited Bitcoin ETF is finally slated to hit a regulated stock exchange by the end of the year, as both the European Union and United States look to take stablecoins — which hit $20 billion, in total — more seriously.
Read the most pertinent details about these stories and more in this edition of OKX Insights’ Crypto News of the Week!
After years of waiting, the world finally has its first Bitcoin ETF.
The much-anticipated exchange-traded fund comes in the form of the Hashdex Nasdaq Crypto Index ETF, which will be listed on the Bermuda Stock Exchange by Brazilian-based fund manager Hashdex.
Three million shares have been made available via private placement and are priced at $1,000 each.
The U.S. Office of the Comptroller of the Currency has once again bolstered the cryptocurrency industry by issuing new guidance that allows national banks and federal savings associations to hold reserve funds for stablecoins — i.e., cryptocurrencies pegged to fiat currencies.
Naturally, the bureau’s guidance is not an explicit endorsement of stablecoins, and banks choosing to provide services to stablecoin issuers will still need to adhere to anti-money laundering practices, such as Know Your Customer requirements.
Following the recent news that the European Commission was slated to propose a regulatory framework for cryptocurrencies, the executive branch of the European Union did just that on Thursday via a 168-page provisional proposal.
Following the newsworthy DeFi-induced congestion on the Ethereum network, an Ethereum Layer-2 scaling startup called Optimism has released its limited testnet. Optimism specifically uses a tool called “Optimistic Rollup” in an effort to provide a second-layer solution and, in doing so, reduce gas fees on the world’s most popular smart-contract platform.
Decentralized application Synthetix, a synthetic-asset exchange, has already integrated with Optimism’s testnet and will incentive users with SNX token rewards.
The total combined value of the stablecoin market has hit a new milestone by surpassing the $20 billion mark on Thursday. This comes only four months after the combined value of stablecoins reached $10 billion.
Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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