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The Daily: XRP is back in crypto's top three, Michael Saylor advises Microsoft on adopting bitcoin and more

XRP becomes the third-largest cryptocurrency, Michael Saylor advocates for Bitcoin adoption at Microsoft, MicroStrategy purchases more Bitcoin, and a Japanese exchange plans to shut down after a hack.

theblock.co • 02/12/2024 - 18:45 PM

Global Ethereum investment products hit $2.2 billion annual inflow record amid US ETF surge

Ethereum-based investment products registered $634 million worth of net inflows globally last week, led by the U.S. spot ETFs, according to CoinShares. As a result, Ethereum funds reached a new annual record of $2.2 billion in net inflows, surpassing the $2 billion peak in 2021. Meanwhile, XRP funds hit a weekly inflow record, while Bitcoin products witnessed outflows.

theblock.co • 02/12/2024 - 15:33 PM

TETHER
XRP

XRP becomes world's third-largest crypto, overtakes Tether’s USDT in market cap

XRP, which is largely associated with Ripple Labs, has a market cap of $141.8 billion, surpassing USDT’s $134.5 billion.

theblock.co • 02/12/2024 - 01:47 AM

TETHER
USDC

Standard Chartered and Zodia Markets forecast stablecoin usage could reach 10% of U.S. M2 and FX transactions

Stablecoins currently make up 1% of U.S. M2 and FX transactions, but they could feasibly reach 10% of each measure as the sector gains legitimacy, analysts said. The analysts critiqued the legacy global financial infrastructure, pointing out opaque fee structures in correspondent banking and SWIFT systems.

theblock.co • 28/11/2024 - 15:07 PM

Ex-Revolut duo raise $2.3 million to build 'blockchain bank account' Bleap

Bleap has raised $2.3 million in a pre-seed funding round led by Ethereal Ventures to launch a self-custodial stablecoin payments app. Bleap is currently in beta with select EU users, with a full public deployment scheduled for Q1 2025 and a token launch expected in 2026.

theblock.co • 28/11/2024 - 09:05 AM

TETHER

Tether’s commodities liquidity pool could hit $5 billion by 2026, says CEO

According to CEO Paolo Ardoino, Tether Investment’s liquidity pool, set aside for financing transactions of raw materials, could grow to as much as $5 billion by 2026. Tether financed an oil trade valued at approximately $45 million in October.

theblock.co • 27/11/2024 - 16:15 PM

Tether to end support for EURT stablecoin citing MiCA regulations, falling demand

Tether is discontinuing support for EURT, requesting customers holding the Euro stablecoin on all supported blockchains to redeem by Nov. 27, 2025. The decision comes shortly before the European Union’s Markets in Crypto-Assets regulation, known as MiCA, takes full effect at the end of December.

theblock.co • 27/11/2024 - 15:26 PM

Lutnick, Cantor Fitzgerald negotiated a 5% ownership stake in Tether: WSJ

Cantor, which holds most of Tether’s $133 billion in reserves, negotiated a 5% ownership interest in the stablecoin issuer within the past year, according to The Wall Street Journal.

theblock.co • 24/11/2024 - 05:03 AM

The Daily: Trump nominates pro-bitcoin Lutnick for Commerce Secretary, Metaplanet shares jump 15% after latest BTC acquisition and more

President-elect Donald Trump has nominated the crypto-friendly Howard Lutnick to lead the U.S. Department of Commerce. Shares in the Japanese investment firm Metaplanet gained more than 15% on Tuesday after the company announced its latest bitcoin acquisition. Tokenization firm Securitize has introduced the “sToken,” a new way to gain liquidity from real-world assets while still earning a yield, using the ERC-4626 token standard. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 19/11/2024 - 20:31 PM

The Daily: Monad begins rolling out testnet, Bernstein's catalysts for a $200,000 bitcoin price and more

The highly-anticipated Ethereum-compatible Layer 1 Monad has begun rolling out its testnet as part of a phased release, a source told The Block. Analysts at Bernstein have outlined the key upcoming catalysts that could propel bitcoin’s price to their cycle target of $200,000 in 2025. Netherlands-based Quantoz Payments has launched MiCA-compliant stablecoins USDQ and EURQ, pegged to the dollar and euro, on the Ethereum blockchain. The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

theblock.co • 18/11/2024 - 18:26 PM

Currency