Stablecoin Market Sees Significant Minting Activity
In recent crypto news, Circle has minted 500 million USDC, contributing to a notable increase in stablecoin supply over the past two months. This follows an earlier mint of 750 million USDC earlier in the week. Both Circle and Tether have collectively minted approximately $15 billion worth of stablecoins in the last two months, a period that has seen market downturns.
Analysts view this surge in stablecoin minting as a positive indicator, particularly during market downturns. The increased liquidity suggests a market readiness to purchase assets once conditions improve. The growth in stablecoin supply has maintained an upward trend, mirroring the significant demand experienced earlier in the year. Data from Coinmarketcap indicates that stablecoins have increased by nearly 60% over the last 12 months.
In parallel developments, World App is reportedly piloting virtual bank account tests in the U.S. The initiative aims to enable direct salary deposits into these virtual accounts using USDC.
21Shares Expands Crypto Access in Sweden with New ETPs
21Shares has furthered its commitment to crypto expansion by launching 16 new exchange-traded products (ETPs) on Nasdaq Stockholm, Sweden's premier stock exchange. These newly listed ETPs provide enhanced access to prominent cryptocurrencies including ADA, DOT, LINK, and AAVE.
This move signifies a growing integration of cryptocurrencies with traditional financial markets. The new ETPs are expected to facilitate deeper engagement with the underlying cryptocurrencies within the Swedish market. Furthermore, these offerings from 21Shares are anticipated to offer insights into institutional interest in the crypto space, providing compliant avenues for institutions seeking exposure to digital assets.
This expansion aligns with 21Shares' broader strategy to broaden access to its crypto products in markets beyond the U.S. The announcement comes shortly after the company's launch of its TSOL Solana ETF.
Strike CEO Outlines Ambitious Bitcoin Acquisition Plans
The competitive landscape for Bitcoin treasuries is intensifying, with an increasing number of companies aiming to bolster their holdings. Strike is adopting an aggressive strategy to challenge established players like Strategy and BlackRock.
In a recent interview, Strike CEO Jack Miller stated that the company is currently the third-largest corporate holder of Bitcoin and intends to significantly increase its BTC acquisitions upon receiving necessary approvals.
Miller revealed that Strike plans to acquire approximately $60 billion worth of Bitcoin. He also indicated that the company will adopt a hybrid acquisition approach, drawing inspiration from firms like Coinbase and Strategy, without relying on leverage. While Strike is positioning itself for a leading role in the corporate Bitcoin treasury sector through this substantial investment, Miller did not specify the exact timelines for these plans.
Nonetheless, Miller's statements underscore the current optimism surrounding Bitcoin among crypto-focused institutions, particularly those actively building their BTC treasuries.