Here is the top crypto news of the day curated by CoinChapter.com.
Ethereum ETF May Launch in Late June
According to analysts, there is a legitimate possibility that spot Ether exchange-traded funds (ETFs) in the United States could launch by late June. BlackRock updated its Form S-1 on May 29th, a key filing for the launch of its iShares Ethereum Trust (ETHA). Earlier this week, the Securities and Exchange Commission (SEC) approved its 19b-4 filing. Both filings need approval for the ETF to start trading.
Bloomberg ETF Analyst Eric Balchunas commented that this is a good sign, suggesting that other firms may follow suit soon. He mentioned that there will likely be another round of fine-tuning based on SEC comments, but an end-of-June launch is a legitimate possibility. However, Balchunas still considers a launch around July 4th more likely, calling an earlier approval a “long shot.”
Relate Post: Ethereum ETF Final Approval Could Happen by July
Stablecoin Market Cap Reaches 2-Year High
A recent report by CCData reveals that the stablecoin market cap has reached its highest level since April 2022. The report states that the stablecoin market cap rose by 0.63% from the start of May 2023, reaching $161 billion. However, stablecoin market dominance slightly decreased to 6.07%, down from 7% in March.
Source: XAmong the top ten stablecoins, Athena USDe’s market cap saw a significant 11.6% increase to $2.61 billion. Tether recorded an all-time high market cap of $111 billion as of May 29th, increasing its stablecoin market cap dominance to 69.3%.
Market cap of top 10 stablecoin, including Athena USDe, Tether and more. Source: CCData ReportBlackRock’s tokenized fund token BUIDL surged by 19.6% to $448 million. Now it has become the largest tokenized treasury fund, surpassing Franklin Templeton’s BENJI. Circle’s USDC market cap also increased for the sixth consecutive month, reaching $32.6 billion in May.
USDC Market Cap Reached $32.6B. Source: CCData ReportDespite the market cap rises, stablecoin trading volumes on centralized exchanges fell to a monthly low of $829 billion on May 23rd.
Another Crypto News of the Day: U.S. Lawmaker Predicts Crypto Law Within a Year
Representative Patrick McHenry (R-N.C.) has vowed that the crypto industry won’t have to wait long for regulations. He stated with certainty that “We will have crypto law within the next year.”
Source: XMcHenry, the chairman of the House Financial Services Committee, cited the massive bipartisan backing for his Financial Innovation and Technology for the 21st Century Act (FIT21) last week as evidence of the inevitable nature of crypto policy and law. Despite pushback from the White House, more than a third of House Democrats voted in favor of the bill.
He argued that the momentum from the House’s consensus product will carry into the next congressional session in 2025, if necessary, and will lift the market-structure bill and the long-awaited legislation to regulate stablecoin issuers.
PayPal’s New Solana Stablecoin to Offer ‘Confidential Transfers’
PayPal’s recently deployed PYUSD stablecoin on Solana will Offer “Confidential Transfers” as an additional feature, according to a recent announcement. While PYUSD was previously only available on Ethereum, its expansion to Solana will enable merchants to “provide confidentiality for transaction amounts to their consumers while maintaining visibility for regulatory purposes.”
Source: XThis “confidential transfers” feature has drawn comparisons to the long-discussed but unimplemented “confidential transactions” concept in Bitcoin. Some industry experts have pointed out that PayPal users may have access to this privacy-enhancing feature before Bitcoin users.
Beyond confidential transfers, PYUSD on Solana will also benefit from additional programmability, including “transfer hooks” that allow specific programs to be called with each token transfer, enabling more control over the asset for wallets.
Crypto News: BlackRock’s IBIT Lead Net Inflows in Spot Bitcoin ETFs
Spot Bitcoin exchange-traded funds (ETFs) in the U.S. recorded a total daily net inflow of $28.32 million on 29 May. This marked the 12th consecutive day of inflows, the longest streak since the last week of February.
Total Daily Net Inflow Of BTC ETF reached $28.32 million on 29 May. Source: SoSoValueBlackRock’s IBIT led the inflows, drawing in $24.5 million worth of funds, according to data from SoSoValue. Grayscale’s GBTC saw net outflows of $31 million, widening the gap between IBIT and GBTC after IBIT overtook GBTC as the largest bitcoin ETF in terms of net assets under management on Tuesday.
BlackRock’s IBIT recorded $24.5 million of BTC ETF inflows. Source: SoSoValueFidelity’s FBTC, the third-largest Spot Bitcoin ETF, followed IBIT with net inflows of $18 million. Bitwise’s ETF saw $11 million worth of net inflows, while funds from Ark Invest and 21Shares, Invesco and Galaxy Digital, and WisdomTree reported smaller inflows.
In total, the 11 Spot Bitcoin ETFs saw combined net inflows of over $2 billion in the past 12 days. This brought the cumulative total net inflows since January to $13.76 billion.
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The post Top Crypto News Of The Day: Ethereum ETF Launch, Stablecoins Popping, and More appeared first on CoinChapter.
