Crypto.com announced the launch of global retail services through its Dubai regional hub and added PayPal as a payment method; Tokenised treasuriesâ market capitalisation exceeded US$2 billion.
US spot Ethereum ETFs saw a $12 million net outflow last week, while spot Bitcoin ETFs had a weekly net outflow of $277 million.
On the macro side, the Eurozoneâs inflation fell to 2.2% in August, its lowest level in three years, as it closes in on the ECBâs 2% target. In the US, the core personal consumption expenditures price index increased 0.2% in July and 2.6% year-on-year (YoY), slightly lower than the expected 2.7% YoY growth. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US.
Notable updates: Cardanoâs (ADA) Chang hard fork began on 1 September; MakerDAO (MKR) rebranded to Sky on 27 August; MATIC token holders on Ethereum can start upgrading to POL via the Polygon Portal Interface starting 28 August; Stacksâs (STX) Nakamoto activation window began on 28 August; the Crypto.com App listed Polygon Ecosystem Token (POL), Cloud (CLOUD), and DOGS (DOGS).
Notable events in the coming week: Interest rate decision from Canada and the US ADP employment change.
Weekly Market Index
The price index decreased by -9.97% last week. Volume and volatility indices increased by +5.45%and +52.59%, respectively.
Chart of the Week
Tokenised treasuriesâ market capitalisation exceeded $2 billion to reach $2.07 billion as of 30 August, according to RWA.xyz. The market hit the $1 billion milestone in March 2024.
Tokenised treasuries are digital forms of US government bonds that can be traded as tokens on blockchains. Launched in March 2024, BlackRockâs USD Institutional Digital Liquidity Fund (BUIDL) was a big contributor to the rise in market capitalisation. BUIDL exceeded Franklin Templetonâs Franklin OnChain U.S. Government Money Fund (FOBXX) as the largest tokenised treasury fund in April 2024. BUIDL had a $503 million market capitalisation on 30 August, with FOBXX coming in second at $428 million.
Weekly Performance
BTC and ETH decreased by -9.5% and -10.7%, respectively, in the past seven days. Price action for all other selected top market capitalisation tokens was down. MATIC (-23.4%) and INJ (-23.2%) led the drop.
The market capitalisation of all key categories was down in the past seven days. The Layer-2 category led the drop.
US futures exchange Chicago Mercantile Exchange (CME) Group is launching bite-sized Bitcoin Friday Futures (BFF) on 30 September. BFFs will be sized at one-50th of a Bitcoin with weekly expiration, which aims to help investors fine-tune their Bitcoin exposure more accurately.
Crypto.com announced the launch of global retail services, including providing seamless deposit and withdrawal services, to retail Crypto.com App users in over 90 countries. The services will be offered through Crypto.comâs regional hub in Dubai, powered by Standard Chartered and the regulatory framework established by Dubaiâs Virtual Assets Regulatory Authority (VARA). The rollout begins next month to customers across the UAE, and will be gradually expanded to retail customers across the globe.
Wyoming is creating its own USD-backed stablecoin called the Wyoming Stable Token, set to launch in Q1 2025. It aims to provide a cheaper and faster way to transact and create a new revenue stream for the US state.
The Hong Kong Monetary Authority (HKMA) launched the Project Ensemble sandbox on 28 August. The project aims to examine interoperability among tokenised assets, tokenised deposits, and a wholesale central bank digital currency.
Ethereum L2 Interoperability â The Super Chains: Our latest report looks into how Ethereum L2-based solutions like ZKsyncâs Elastic Chain, Polygonâs AggLayer, and Optimismâs Superchain address scalability and interoperability challenges.
Exploration of Web3 Socials: We have seen a surge in interest in decentralised Web3 Socials in 2024. Our report looks into its recent developments, including Solanaâs Actions and Blinks, as well as Farcaster and Lens on Ethereum.
How Do Interest Rates Influence the Cryptocurrency Market?: One of the top market cap cryptocurrencies, Solana (SOL) is a high-performance blockchain platform known for its scalability, speed, and low transaction costs. Learn all the fundamentals here.
What Is Maneki (MANEKI) and How to Buy MANEKI: Learn why Maneki, a cat meme coin based on the maneki-neko of Japanese folklore, is attracting attention in the cryptocurrency community.
Catalyst Calendar
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đ Crypto.com announced the launch of global retail services through its Dubai regional hub; Tokenised treasuriesâ market capitalisation exceeded $2 billion
Crypto.com announced the launch of global retail services through its Dubai regional hub and added PayPal as a payment method; Tokenised treasuriesâ market capitalisation exceeded US$2 billion.
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