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Quick Take Lawmakers and crypto industry leaders have argued that digital asset firms face unique challenges when establishing and maintaining accounts in the U.S. The FDIC’s move comes after the U.S. Office of the Comptroller of the Currency said it had ended examining national banks and other financial institutions for reputation risk last week.
Quick Take Custodia and Vantage Bank have partnered on a new tokenization project that uses customer deposits to issue Avit stablecoins. The move represents the first-ever “bank-issued stablecoin” issued on a permissionless blockchain, namely Ethereum.
Quick Take OG blockchain developer and Yearn Finance founder Andre Cronje teased an algorithmic stablecoin product, much to the chagrin of some users. The possibility spurred call backs to Do Kwon’s defunct Terra ecosystem and its algo stablecoin UST.
Quick Take BlackRock and Securitize expanded the on-chain liquidity market BUIDL to Solana. BUIDL, which launched in March 2024 and is the largest fund within the tokenized money market fund sector, recently crossed $1.7 billion in AUM.
Quick Take Nikita Bier, founder of a popular social media app acquired by Meta, has joined Solana as an advisor to help as the blockchain seeks to grow its mobile app ecosystem. Bier, also a product growth partner at Lightspeed Ventures, said in a social media post, “Solana has the fundamental building blocks for something to break out on mobile and certainly many apps are making headway.”
Quick Take Ripple Chief Legal Officer Stuart Alderoty posted on Wednesday on X his potential “last update” on the case. Alderoty noted that this would all be subject to a commission vote, final documents and standard court processes
Quick Take The Senate hearing for the crypto-friendly SEC chairman nominee is scheduled for Thursday, March 27. According to an ethics filing obtained by Fortune, Atkins held a board seat and owned up to $500,000 in call options in Securitize.
BlackRock is expanding its footprint in the crypto industry as it launched a Bitcoin ETP in the EU following proof of high demand in the region.
Chainlink (LINK) is gaining attention in the crypto space, with analysts highlighting a potential 200% rally supported by a bullish flag pattern.
- 06:38Institutions: The US Economy Has Not Receded as Expected, with AI Possibly Being the Main ContributorAccording to an analysis by foreign media, for the second time in three years, concerns about a U.S. economic recession have once again been disproven by reality. This time, the artificial intelligence (AI) boom may be the main driving force. As generative AI enters its third year, its financial impact has long extended beyond just the stock prices of chip manufacturers. The surge in data center construction and overall capital expenditures is “beautifying” U.S. GDP figures in a remarkable way. Jason Thomas, Chief Investment Strategist at Carlyle Group, pointed out that this capital expenditure represents an effective reindustrialization of American companies, shifting their focus from software and intangible assets to investments in factories, machinery, and energy—something unprecedented. The impact on GDP is significant. Thomas estimates that AI-related spending alone may have contributed to one-third of the U.S. GDP growth rate in the second quarter of this year. Moreover, orders in related industries continue to expand at an annual growth rate of over 40%.
- 06:18Bitget Wallet Launches Sixth "FOMO Thursday" Event in Collaboration with Maple Finance to Airdrop SYRUPOdaily Planet Daily reports that the sixth “FOMO Thursday” event by Bitget Wallet will officially kick off at 21:00 on July 23. This round, in collaboration with Maple Finance, will distribute a total of approximately 228,000 SYRUP tokens, with 120,000 participation slots available. A special “Super Lucky Koi Prize” is also set up, where a single winner can receive SYRUP worth $6,666.“FOMO Thursday” is a branded airdrop event launched by Bitget Wallet. Users only need to stake $10 to participate, and the staked amount will be 100% refunded afterward. Users can join the event through the Bitget Wallet App to explore on-chain staking and claim airdrops.
- 06:17Bank of England Considers Abandoning Digital Pound InitiativeAccording to a report by Bloomberg cited by Jinse Finance, the Bank of England is considering abandoning its central bank digital currency (CBDC) initiative. Governor Andrew Bailey stated that if payment innovations by commercial banks prove successful, he would need to be "strongly convinced" before introducing a digital pound. This signals a global decline in support for state-backed digital currencies.