TD Securities' Reid Noch sees the exchange's tokenized-equities plan as a “market structure” moment, a sign that Wall Street is taking tokenization seriously. TD Securities, a major Canadian investment bank with operations across North America, says tokenization may be approaching an institutional turning point following the New York Stock Exchange’s push into tokenized equities. In recent commentary, TD Securities Reid Noch, vice president for electronic trading, said tokenization is beginning to carry real implications for market structure, pointing to the NYSE’s proposed tokenized equities alternative trading system (ATS) as a key development. The planned platform would enable 24-hour trading and near-instant settlement of tokenized stocks and exchange-traded funds (ETFs), subject to regulatory approval. Read more
Bitfinex Securities will restart USDt-denominated bond issuances on Bitcoin’s Liquid Network, following four previous tokenized offerings totaling $6.2 million since 2023. Bitfinex Securities said on Monday it will resume issuing tokenized bonds for Luxembourg-based securitization fund ALTERNATIVE, with future sales expected to exceed $10 million. The USDt-denominated bonds will be issued and settled on the Liquid Network, a Bitcoin sidechain, with fundraising, coupon payments and principal repayments executed fully onchain. The move follows four prior tokenized bond issuances since 2023 totaling $6.2 million, three of which have matured and been fully repaid, representing about $1 million in principal returned to investors. Read more
Chainlink’s protocol enables Coinbase’s cbBTC to move from Base to Monad, boosting Bitcoin-backed liquidity into the layer-1’s DeFi ecosystem. Chainlink has enabled transfers of Coinbase’s wrapped Bitcoin token, cbBTC, from Base to the Monad blockchain using its Cross-Chain Interoperability Protocol, enabling more than $5 billion worth of cbBTC to move into the Monad ecosystem. According to Monday’s announcement from Monad, the integration brings cbBTC into the Monad DeFi ecosystem, where a bevy of applications, including Curvance and Neverland, are adopting cbBTC markets. The move introduces Bitcoin-backed liquidity to lending, borrowing, and other decentralized finance (DeFi) applications on Monad, an EVM-compatible layer-1 blockchain designed for high-throughput trading and financial use cases. Read more
While the White House has hosted three meetings to discuss how to address stablecoin yield in the Senate's market structure bill, there are no signs of a solution. While US Senate lawmakers have been working to pass a comprehensive digital asset market structure bill since July, some industry observers in Washington say progress could be “on hold” due to government gridlock. Since the House of Representatives passed the CLARITY Act last summer and sent the legislation to the other chamber, lawmakers have faced a historically long government shutdown, partisan divides on ethics and debates over stablecoin yield that have likely slowed progress on the bill, which could be further hampered by the upcoming US midterm elections in November. Eight months ahead of the midterms, one version of the market structure bill focused on commodities regulations has passed the Senate Agriculture Committee, while members of the Senate Banking Committee have yet to address a bill on securities laws and regulations after the pan...
The Bitcoin financial services company retired $66.3 million in convertible debt, reducing dilution risk as it expands its BTC rewards business. Fold, a publicly traded Bitcoin financial services company, has eliminated $66.3 million in convertible debt, removing a potential source of share dilution and simplifying its balance sheet as it prepares to expand its product lineup. In a recent disclosure, Fold said it retired two outstanding convertible notes, which are debt instruments that can be converted into equity at a later date. By paying them off, the company reduces the risk that new shares would be issued in the future, which may dilute existing shareholders. Fold also said it released 521 Bitcoin (BTC) that had been pledged as collateral against the debt. With the notes retired, those Bitcoin holdings are no longer encumbered and can now be used for corporate purposes. Read more
Bitcoin’s return to the $70,000 level proves that buyers are absorbing the bulk of selling, but analysts warn that traders should be patient due to market bottoms taking months to form. War in the Middle East failed to sink Bitcoin (BTC) below the $63,000 level. That may have attracted buyers who are attempting to maintain the price above $69,000. However, a quick recovery is unlikely. Macroeconomic newsletter Ecoinometrics said in a post on X that deep drawdowns generally unfold slowly, advising “patience rather than urgency.” Data shared by Bitwise Europe head of research André Dragosch shows that when investors buy and hold BTC for at least three years, the probability of loss drops to 0.70%. Although BTC is down about 50% from its all-time high, its three-to-five year realized price of $34,780 shows that investors who bought and held during the period are sitting on large profits. The big question on traders’ minds is when to buy BTC. BitMEX co-founder Arthur Hayes said in a blog post that every military...
The US-based asset manager debuts a blockchain-enabled structure for its liquidity fund as onchain US Treasurys exposure nears $11 billion. Northern Trust Asset Management has launched a tokenized share class of its NIF Treasury Instruments Portfolio, marking its entry into the digital assets market, according to the company. The structure uses distributed ledger technology to maintain a digital mirror of share ownership, while the underlying portfolio continues to invest in short-term US Treasurys. According to Monday’s announcement, the shares will initially be offered through BNY’s LiquidityDirect platform, which operates on Goldman Sachs’ Digital Asset Platform. The fund itself does not use blockchain technology or invest in crypto assets. Instead, authorized intermediaries are expected to maintain a blockchain-based mirror of ownership records for clients. Read more