The Indian government expressed renewed skepticism toward cryptocurrencies like Bitcoin as it prepared to launch new digital currency initiatives backed by the Reserve Bank of India (RBI). India will soon launch an RBI-backed digital currency, India’s Commerce Minister Piyush Goyal said in a roundtable during his visit to Qatar, local news agency The Hindu reported…
Read more
A7A5, a Russian ruble-backed stablecoin issued in Kyrgyzstan, has become the world’s biggest non-US dollar stablecoin despite facing multiple sanctions. A7A5’s market capitalization stood at almost $500 million on Monday, about 43% of the total $1.2 billion market cap of non-US dollar stablecoins, according to data from CoinMarketCap and DefiLlama. “We have already proven that…
Read more
Cryptocurrency investment products recorded their highest-ever weekly inflows last week, as the US government shutdown fueled a rally in spot crypto markets. Global crypto exchange-traded products (ETPs) recorded $5.95 billion of inflows in the week ending Friday — the largest inflows ever seen — CoinShares reported on Monday. “We believe this was due to a…
Read more
Galaxy Digital, a crypto investment firm founded by former Fortress Investment Group president Michael Novogratz, is launching the GalaxyOne platform, offering exposure to both crypto and traditional finance (TradFi) markets. Galaxy Digital has launched GalaxyOne, a platform combining exposure to yields on fiat cash with trading cryptocurrencies and equities, the company announced on Monday. Targeting…
Read more
Kazakhstan is moving forward with a dual-track approach to digital assets, piloting its central bank digital currency (CBDC) while also backing a state-linked stablecoin. In September, the National Bank of Kazakhstan launched the Evo stablecoin in collaboration with Solana and Mastercard, marking one of the first cases of state-backed stablecoin development worldwide. The central bank…
Read more
Tether’s USDt and Circle’s USDC, the two largest stablecoins by market capitalization, have slowly lost market share in the past year, suggesting a major shift in the stablecoin landscape. Despite Tether’s USDt (USDT) and Circle’s USDC (USDC) steadily increasing their market caps, the stablecoins have lost more than 5% of their combined market share since…
Read more
The US Senate Finance Committee will hold a hearing Wednesday on cryptocurrency taxation, a day after the Treasury Department and Internal Revenue Service (IRS) issued interim guidance easing corporate crypto tax rules. The Treasury and IRS on Tuesday issued interim guidance aimed at easing compliance under the Corporate Alternative Minimum Tax (CAMT), including for companies…
Read more
European crypto asset manager CoinShares is set to make another strategic acquisition as the company prepares to go public in the United States. CoinShares announced Wednesday that it will acquire London-based crypto investment manager Bastion Asset Management as part of its strategy to expand crypto investment products in the US. The deal, pending approval from…
Read more
Cryptocurrency investment products failed to extend their inflow streak last week as spot prices declined. Global crypto exchange-traded products (ETPs) recorded $812 million of outflows in the week to Friday, ending a two-week run of inflows, CoinShares reported on Monday. Total assets under management (AUM) declined to $221 billion from a record-setting $241 billion the…
Read more
Michael Saylor’s Strategy, the world’s largest public holder of Bitcoin (BTC), added more of the cryptocurrency as the BTC price dropped below $110,000 last week. Strategy acquired 196 Bitcoin for $22.1 million during the week ending Sunday, according to a US Securities and Exchange Commission filing on Monday. The purchase was made at an average…
Read more