“Upon completion of the acquisition, Paxos will be a fully licensed EMI in Finland and the EU,” the company said Tuesday. “Paxos intends to make its portfolio of assets and tokenization solutions compliant with Markets in Crypto Asset (MiCA) regulations.” Source
Tether’s ambition to venture into asset tokenization, a red-hot trend at the intersection of crypto and traditional finance, has been well-documented as the company strives to diversify from its highly-profitable stablecoin business. The company issues the $126 billion dollar stablecoin USDT and the $600 million gold-backed token XAUT, and reported f $7.7 billion in group-wide net profits this year so far, in large part from the yield on its $80 billion stockpile of U.S. Treasuries. It has used the profits to invest in startups, bitcoin mining, energy production and AI.…
Tether Investments, the group’s venture arm that manages Tether’s growing foray into energy, mining and artificial intelligence, had a net equity value of $7.7 billion, up from $6.2 billion in the previous quarter. It also disclosed owning 7,100 bitcoin (BTC) worth nearly $500 million, the company said in a blog post. Source
The platform has processed over $1.4 billion in trading volumes in the past 14 days, buoyed by an ongoing artificial intelligence-themed memecoin frenzy. Source
Along with the success of T-bill tokens, new types of yield-bearing tokenized products emerged such as Ethena’s USDe “synthetic dollar,” which generates yield from market neutral trading positions also known as the “basis” trade. Midas launched its own version with mBASIS earlier this year, and has over $4 million of assets under management. Source
Hong Kong Exchanges and Clearing (HKEX) has appointed Johnson Chui, a seasoned investment banker with over two decades of experience, as Managing Director and Head of Global Issuer Services. Chui’s role will be pivotal in HKEX’s efforts to draw international companies to list in Hong Kong, diversifying the exchange’s predominantly mainland Chinese issuer base, South China Morning Post reported. HKEX’s Global Aspirations Chui’s appointment also signals the exchange‘s commitment to expanding its international reach. Chui will lead teams across Hong Kong, mainland China, London, and Singapore, focusing on attracting a…
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Crypto asset manager Bitwise has acquired London-based ETC Group, marking its expansion into Europe with over $1 billion in crypto assets under management. Bitwise, the largest crypto index fund manager in the U.S., announced the acquisition of ETC Group, a London-based crypto exchange-traded product issuer with more than $1 billion in assets under management. While the financial details of the deal were not disclosed, the acquisition signals Bitwise’s entry into the European market, adding nine European-listed crypto ETPs to its growing portfolio, the company said in an Aug. 19 press…
Maker is one of the largest protocols in the decentralized finance (DeFi) led by a community of token holders, or decentralized autonomous organization (DAO). Those who hold MKR tokens can participate in decision-making and vote on proposals. The protocol manages over $7 billion of crypto and real-world assets (RWA) including U.S. Treasuries and issues the third largest stablecoin on the market, the $5 billion DAI. Source
Through the partnership, Backed will offer its bTokens on the platform of eNor Securities, a fully regulated exchange based in El Salvador. In this country, the company has already worked on a $100 million public offering of a soybean-backed digital token created by e-Grains, a digital assets issuer for agricultural commodities. Source