Weekly Update: 30th of May
What happened between the 23rd and the 30th of May?
- Major U.S. banks, including JPMorgan and Citigroup, are jointly developing a stablecoin to compete with existing crypto providers and fintech firms. Read more
- Despite market volatility, Ethereum ETFs continue to attract substantial inflows, signaling growing institutional confidence in ETH as an investment vehicle. Read more
- Dubai’s government has launched a platform to tokenize 7% of its real estate by 2033 via the XRP Ledger, aiming to boost transparency and efficiency. Read more
- An increasing number of companies, including Trump Media and GameStop, are investing billions in Bitcoin and Ethereum as strategic assets on their balance sheets. Read more
Major U.S. Banks collaborate on stablecoin
Major U.S. banks, including JPMorgan, Bank of America, and Citigroup, are jointly exploring the development of a dollar-backed stablecoin. This collaboration is a direct response to the growing dominance of existing stablecoins like Tether and USDC, which currently generate billions in profits. The banks aim to create a regulated and secure digital payment method capable of competing with current stablecoin offerings. The initiative is supported by recent regulatory easing, giving banks more room to offer digital assets. Analysts view this as a smart move to remain relevant in the rapidly evolving financial landscape. While still in the early stages, the involvement of such major financial institutions highlights the increasing importance of stablecoins in the modern economy.
Ethereum ETFs see steady inflows
Over the past week, Ethereum Exchange-Traded Funds (ETFs) have experienced steady capital inflows, indicating growing institutional interest in the second-largest cryptocurrency. Approximately $300 million flowed into ETH ETFs during the week. This trend coincides with Bitcoin reaching new all-time highs, but Ethereum is also showing signs of renewed investor confidence. The inflows suggest long-term belief in Ethereum’s value, despite previous concerns over scalability and regulation. Many analysts are watching the ETH/BTC ratio, which measures Ethereum’s market strength relative to Bitcoin—a key indicator that could signal a shift in momentum toward altcoins like Ethereum.
Dubai explores real estate tokenization on XRP Ledger
The government of Dubai has announced plans to tokenize 7% of all real estate in the city by 2033, using the XRP Ledger. This initiative is part of a broader strategy to integrate blockchain technology into the real estate sector, aiming to make transactions more transparent and efficient. By tokenizing property, ownership rights can be digitally recorded and transferred, potentially democratizing access to real estate investments. Dubai is positioning itself as a pioneer in applying blockchain to the property market, potentially inspiring other cities and nations to consider similar initiatives.
More companies add Bitcoin and Ethereum to their balance sheets
An increasing number of companies are adding crypto to their balance sheets as strategic assets. This week, Trump Media announced plans to purchase $2.5 billion worth of Bitcoin, while GameStop confirmed a $513 million Bitcoin acquisition. Michael Saylor’s Strategy also bought another $427 million in Bitcoin. Meanwhile, Sharplink is considering a $425 million investment in Ethereum. These moves suggest growing acceptance of digital assets as stores of value and hedges against inflation. While Bitcoin remains the dominant choice, Ethereum is gaining traction among institutional investors. Analysts note that this trend could drive broader crypto adoption in the corporate world, with companies diversifying into digital assets to strengthen their financial positions.
In other digital assets news
- Circle has filed for a stock market listing on the New York Stock Exchange under the ticker symbol ‘CRCL’.
- Texas' House of Representatives has passed a bill advancing the state’s Bitcoin reserve initiative toward final approval.
- FTX is expected to begin distributing an additional $5 billion in repayments today, May 30, to users affected by the collapse of the now-defunct crypto exchange.
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