The crypto market did not make any significant recovery after weeks of sluggish activity. However, stabelcoin launches, tokenized ETFs, and pro-crypto leadership led last week’s crypto news space, with market prices dwindling, showing no signs of stability. Currently, the industry appears more optimistic as major developments are expected to unfold next year.
Here is a quick look at the top weekly crypto news you shouldn’t miss.
SoFi Bank makes history with SoFiUSD stablecoin
The US-based federally chartered SoFi Bank launched SoFiUSD stablecoin, making it the first national bank to issue a dollar-pegged stablecoin on a public permissionless blockchain.
Michael Selig appointed as new CFTC Chairman
Pro-crypto leader Michael Selig has been chosen as the new Chairman of the Commodity Futures Trading Commission (CFTC) in a 53-43 vote, indicating that the US has a leader to help position America as the crypto capital of the world.
Coinbase launches stock trading in the US
Crypto exchange Coinbase rolled out stock trading in the US, letting users buy and sell stocks and ETFs besides cryptocurrencies on its app. This move is part of Coinbase’s “Everything Exchange” agenda to spread its roots to traditional financial assets apart from cryptocurrencies.
Canada to greenlight only central bank-linked stablecoins
As part of upcoming stablecoin regulations, the Bank of Canada announced that it will approve only high-quality 1:1 stablecoins tied to the central bank. Governor Tiff Macklem emphasized that stablecoins must be “good money” like bank notes and money on deposit.
Ondo Finance, LayerZero allows for tokenized stock transfer on Ethereum, BNB
Ondo Finance and LayerZero launched Ondo Bridge for cross-chain transfers of tokenized stocks and ETFs across Ethereum and the BNB chains. Now, more than 100 tokenized stocks and ETFs on Ondo can be transferred across these chains, with support for more chains coming in the future.
Kraken-backed xStocks go live on TON blockchain
xStocks supported by the Kraken crypto exchange are now live on the TON Wallet, allowing TON users to access traditional stocks on the blockchain through Telegram. TON’s wallet is embedded in the messenger app, allowing users to gain exposure to tokenized equities and other crypto tokens.
Bitwise files for a spot Sui ETF
Asset manager Bitwise officially filed an S-1 form for a spot Sui ETF with the US Securities and Exchange Commission (SEC). Once approved and launched, the crypto ETF will track the price of the Sui coin, enabling users to access the token price without actually holding it.
Brooklyn resident faces charges after stealing $16 million in crypto
A young Brooklyn resident is facing charges after allegedly stealing nearly $16 million in cryptocurrency from hundreds of Coinbase users. The district court said that the culprit posed as a Coinbase representative and stole millions through a special engineering scheme.
EU agrees on a common position on the digital euro
The European Union (EU) government has agreed on a common negotiation to enable a digital euro, pushing the project into the next phase of progress. The EU Council supports the digital euro with both offline and online payment capabilities, uses safeguards to reduce risks, and enhances rules to make the digital coin free for consumers.
Last week, the crypto industry showed some progressive signals with an increase in tokenized ETFs, CFTC getting a new pro-crypto leader, stablecoin growth, and crypto adoptions.
Apart from all these major moves, the crypto news cycle witnessed Bybit’s relaunch in the UK, TON Foundation’s partnership with OpenPayd to support its ecosystem, the US Fed’s withdrawal of crypto-restrictive guidance, and so much more.
