Last week’s crypto market prices fell slightly by -0.64%. Volume and volatility also decreased by -34.21% and -78.15%, respectively.
Chart of the Week
Developments continue in the stablecoin area, with recent highlights being the launch of PayPal’s own stablecoin, PYUSD, and Visa rolling out support for USDC payments on the Solana blockchain. In our latest monthly feature research reports, we explore the decentralised stablecoins landscape, how they compare to centralised stablecoins, and upcoming projects. Decentralised stablecoins have innovative stability mechanisms, typically making use of over-collateralised DeFi protocols and algorithms, however, centralised stablecoins currently dominate the market share.
Bitcoin (BTC) and Ethereum (ETH) prices were down slightly at -0.6% and -1.4%, respectively,in the past seven days. Price action for other selected top-cap tokens was also mostly negative.
Selected key categories were also down slightly on market cap change in the past seven days, although Real World Assets bucked the trend.
News Highlights
Global payment processor Visa has rolled out support for USD Coin (USDC) payments on the Solana blockchain to settle fiat-based payments. Previously, Visa conducted a successful pilot with Crypto.com – check out the Visa and Crypto.com USDC settlement case study here.
As the US Securities and Exchange Commission (SEC) considers a swath of spot bitcoin ETFs and ether futures funds, Ark Invest and 21Shares aim to introduce their own spot ether offering to the market.
The Financial Accounting Standards Board (FASB) has recommended recording crypto at fair market value on corporate balance sheets, removing possibly significant impairments but adding to volatility. The FASB is the organisation that sets accounting and reporting standards for companies that follow US Generally Accepted Accounting Principles (GAAP).
JPMorgan Chase & Co. is reportedly exploring a blockchain-based digital payment and settlement system. JPMorgan developed much of the infrastructure for the project, which requires a digital deposit token, but can’t move ahead with system before getting the go-ahead from US regulators.
Research Roundup Newsletter [August 2023]: We present to you our latest issue of Research Roundup, featuring trending market insights in August, charts of the month, and our latest research on decentralised stablecoins.
Alpha Navigator: Quest for Alpha [August 2023]: Asset classes dipped in August; BTC and ETH underperformed. No surprises from the central bankers summit at Jackson Hole. China intensifies economic stimulus.
Decentralised Stablecoins: Stablecoins are well positioned to facilitate broader adoption of cryptocurrencies. We explore the key decentralised stablecoin projects and their innovative mechanisms.
What Is USD Coin (USDC)?: In this article, we explore Circle’s USDC, a leading stablecoin in the cryptocurrency market, diving into its tokenomics, backing, and utility.
Catalyst Calendar
Author
Research and Insights Team
Disclaimer:
The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties.
This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement.
The brands and the logos appearing in this report are registered trademarks of their respective owners.
ETH spot ETF applications are rolling in. FASB recommends recording crypto at fair market value. JPMorgan explores blockchain-based digital payment system.
