Author: NBTC

BitGo says it is launching a stablecoin in January 2025 Called USDS this stablecoin will provide rewards to the institutions which power its liquidity. SINGAPORE — BitGo plans to introduce a dollar-backed stablecoin next year, differentiating itself in a crowded market by offering rewards to institutions that provide liquidity to the network. The stablecoin, dubbed USDS, will be backed by short-duration Treasury bills, overnight repos, and cash, like others on the market. It will be what BitGo calls the first open-participation stablecoin. “The main reason for launching USDS is that, while existing stablecoins serve a good function, we see an…

Crypto stocks across the board took a dive at Monday’s open after Bitcoin failed to maintain its early weekend momentum, but some are starting to rebound as the day goes on. At 9:45 am ET, Coinbase (COIN) fell 4% to $156.63. MicroStrategy (MSTR), the world’s largest corporate Bitcoin holder, dipped by 5% to about $133, while the Valkyrie Bitcoin Miners ETF (WGMI) fell by the same amount to a price of nearly $16. By comparison, the S&P 500 traded flat, and the Nasdaq 100 traded 0.5% down at Monday’s open. Meanwhile, after surging above $60,500 on Saturday, Bitcoin has now…

Elon Musk teases the Dogecoin community and the broader crypto scene in his latest remarks suggesting a willingness to serve in “D.O.G.E.” SpaceX and Tesla owner Elon Musk have exhilarated the Dogecoin and crypto communities after flaunting the dog-themed memecoin in a post on Tuesday. Musk rubbed in DOGE while expressing his desire to serve the United States of America, indicating how dear the largest memecoin is to him. “I am willing to serve,” the post read. Along with the caption, Musk posted what looked like an AI-generated picture of himself on a podium inscribed with “Department Of Government Efficiency…

The United States Securities and Exchange Commission (SEC) announced Wednesday that it has reached an agreement to settle previously unannounced charges against Rari Capital, a decentralized finance (DeFi) platform. The regulator alleged that Rari Capital and co-founders Jai Bhavnani, Jack Lipstone, and David Lucid misled investors and that the platform served as an unregistered broker. Rari Capital’s platforms held more than $1 billion worth of assets at one point, the SEC said. “We allege that Rari Capital and its co-founders misled investors about both the features and profitability of certain of the crypto asset investments Rari Capital offered, and acted…

Crypto management startup Mesh has partnered with broker CoinMENA to streamline crypto transactions in the Middle East. Crypto startup Mesh (formerly known as Front Finance) has announced a strategic partnership with Bahrain-regulated crypto trading platform CoinMENA to expand its services in the Middle East and North Africa. In a Sept. 18 press release, Mesh said the partnership will enable CoinMENA users to benefit from its API-based solutions, which are designed to streamline crypto transactions assets across various platforms. “By eliminating cumbersome processes, the integration enables CoinMENA users to access their accounts directly from other platforms without the hassle of long…

During a recent appearance on Fox Business, VanEck CEO Jan van Eck predicted that the price of Bitcoin could surge to $350,000. How did Van Eck arrive at this target? At the aforementioned price level, Bitcoin would be able to reach half of gold’s entire market cap. In the long run, Bitcoin could surge to as high as $2.9 million, according to the executive. He has added that there is “no doubt” that Bitcoin is currently being adopted the way gold is. “I just think it’s obvious,” he added. Van Eck has added that investors are supposed to have their…

Synthetix, a popular DeFi protocol, is facing challenges regarding its plans for Arbitrum, a layer-2 platform for Ethereum. According to the recent voting results, the community voted against its plans to extend its Long-Term Incentive Program (LTIP) grant. Arbitrum Holders Vote Against Synthetix Proposal The goal was to support the launch of Multi-Collateral Perps. The feature would have permitted traders to trade using margin with ETH, BTC, and USDx acting as collateral when initiating perpetual futures on Arbitrum via Synthetix perpetuals. If the Arbitrum community had agreed, it would have allowed Synthetix to distribute 900,000 ARB as trading fee rebates.…

Despite rhetoric about a strong U.S. economy, three Democratic Senators urged the Federal Reserve to implement an aggressive monetary policy shift. Crypto-skeptic U.S. Senator Elizabeth Warren of Massachusetts called on the Federal Reserve and its chair, Jerome Powell, to slash interest rates by 75 basis points to curtail recession risks. Warren’s letter, co-signed by fellow Senators Sheldon Whitehouse and John Hickenlooper, warned of potential economic declines that smaller funding cuts may usher in. If the Fed is too cautious in cutting rates, it would needlessly risk our economy heading towards a recession. A number of economists have warned of this…

The SEC pauses Solana ETF approval process after discussions on its security classification, as withdrawal of filings delays any immediate prospects. As noted by Colin Wu, the U.S. Securities and Exchange Commission (SEC) has paused the approval process for Solana-based exchange-traded funds (ETFs). Recent discussions with potential issuers raised concerns about whether Solana (SOL) should be classified as a security, a classification that has previously led to significant regulatory challenges. As a result, filings submitted to initiate the approval process were withdrawn by Cboe BZX, stalling any immediate prospects for Solana ETFs. According to TheBlock, the U.S. SEC discussed concerns…

Lawmakers from both sides of the aisle on Wednesday expressed frustration with the US Securities and Exchange Commission’s current approach to digital assets. The House Financial Services Committee Digital Assets Subcommittee on Financial Technology and Inclusion convened Wednesday to discuss how crypto market participants are navigating the current regulatory landscape — and what additional clarity is needed. The hearing, entitled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets,” featured legal experts and market participants as witnesses, including Robinhood Markets Chief Legal Officer Dan Gallagher and Teddy Fusaro, the president of Bitwise Asset Management. Committee members were…