M2 News, Phoenix Group and Tether to Create AED-Pegged Stablecoin, Blackrock Overtakes Grayscale, Spot ETH ETFs, Drift Launches BET, Market Snapshot
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Phoenix Group and Tether to Create UAE Dirham-Pegged Stablecoin
Tether, the issuer of the world's largest stablecoin, USDT, is partnering with Phoenix Group, a prominent Abu Dhabi-listed crypto conglomerate and shareholder of M2, to introduce a stablecoin pegged to the UAE dirham. Supported by Green Acorn Investment Ltd., this new coin will seek licensing under the UAE Central Bank's Payment Token Services Regulation. The dirham-pegged stablecoin will be fully backed by liquid UAE-based reserves, adhering to Tether's rigorous reserve standards to ensure stability and trust in its value.
BlackRock’s Spot Crypto ETFs Overtake Grayscale’s Assets with $21.22 Billion in AUM
This marks a significant shift, as Grayscale's four crypto ETFs collectively hold $21.20 Billion. BlackRock's rise is fueled by strong institutional interest, from firms including Morgan Stanley and Goldman Sachs. The development highlights BlackRock’s growing influence in the crypto market and an increasing preference for ETFs from major investors.
Recap: One Month Since Spot Ethereum ETFs Launched
Day one (23 July), marked a strong start with $1 Billion in trading volume and $107 Million in net inflows. Despite this, the first week saw significant net outflows, mainly due to substantial withdrawals by Grayscale. There continues to be notable institutional interest from major financial players Morgan Stanley and Goldman Sachs, - a reflection of growing optimism on Ethereum's future and the role of Spot Ethererum ETFs in long-term investment strategies.
Solana-Based Drift Protocol Launches New Prediction Market BET
On BET, traders can earn yield on positions using over 30 crypto assets as collateral and tap into Drift’s $500 Million liquidity pool. The platform will expand into categories including sports, crypto, and economics, incentivizing participation with FUEL and DRIFT tokens. BET joins key player Polymarket in the prediction market space. To date, Polymarket has attracted over $650 Million bets on the U.S. presidential election.
Market Update
The total crypto market cap increased by 3.86% in the last seven days, reaching $2.15 Trillion. This notable growth corresponds with a 10-point rise in investor optimism over the same period, as reflected in the Fear & Greed Index, which now stands at 50 (Neutral).
Bitcoin began the week fluctuating within the $58-59K range and has consistently registered higher lows, reaching $60.9K at the time of writing. In contrast, Ethereum has traded flat over the 7-day period, showing a modest increase of +0.50%.
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Altcoins such as Chainlink, Avalanche, and Tron concluded the week as top performers, recording gains of +9%, +10%, and +16%, respectively.
Crypto asset funds saw net inflows of $30 Million in the third week of August. Bitcoin led with $42 Million, while Ethereum had a more modest $4.2 Million. Solana, however, faced an outflow of $39 Million, the largest on record, likely due to a decline in memecoin trading.
Quick News
Dubai court recognises the inclusion of tokens in salaries, reflecting a more progressive approach to integrating digital currencies into the country's legal and economic framework.
Bitcoin's market dominance has surged to 56%, up from 38.7% in November 2022, as long-term holders continue to accumulate.
Established in 2010, Japan-based Mt. Gox reportedly transferred $75.36 Million in Bitcoin to Bitstamp's wallet on Wednesday morning, suggesting that another payout to creditors could be imminent.
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