Circle, the company behind the USDC stablecoin, is partnering with SBI Holdings to enhance the circulation and use of USDC in Japan. The collaboration involves SBI VC Trade's efforts to become a registered electronic payment service, enabling USDC transactions in Japan's significant economy. Moreover, SBI Shinsei Bank will offer banking services to Circle, facilitating USDC's access for local entities. This partnership is part of SBI's digital asset strategy, which will now incorporate Circle's Web3 Services, including wallets, blockchain infrastructure, and smart contract tools. This strategic move by Circle aims to expand its footprint in Japan and the Asia Pacific region, aligning with the recent regulatory updates in Japan for stablecoin investor protection and SBI Holdings' ongoing involvement in the cryptocurrency sector.
Multinational bank Standard Chartered has initiated exchange services for China's central bank digital currency, the digital yuan (e-CNY), marking a significant step in CBDC integration by foreign banks. Collaborating with City Bank Clearing Services, the bank's China division is providing customers with access to the digital yuan's interconnection platform, enabling recharge and redemption functionalities. Furthermore, Standard Chartered has joined the digital yuan's business pilot, becoming one of the earliest foreign firms to do so. This move highlights the growing adoption of China's digital yuan, which has emerged as a leading CBDC, recording transaction volumes of 1.8 trillion yuan (around $250 billion) as of June this year, reflecting an increasing trend in banks facilitating transactions with the digital yuan.
Nine Blocks Capital Management has achieved a significant milestone in the cryptocurrency sector by becoming the first hedge fund to receive a license from Dubai's Virtual Assets Regulatory Authority (VARA), subsequently establishing Dubai as its global headquarters. The city's clear and comprehensive regulatory framework has fostered a thriving crypto business community, distinguished from the ambiguity of U.S. regulations. Henri Arslanian, co-founder of Nine Blocks, emphasizes Dubai's conducive ecosystem for crypto, highlighting the close proximity and easy collaboration with other industry players. The fund adopts a market-neutral strategy, focusing on generating returns through exploiting inefficiencies in crypto markets, such as arbitrage opportunities between perpetual swaps and the spot prices of Bitcoin and Ethereum, rather than relying on market direction.
Stock futures showed a slight dip on Tuesday as traders closely examined the robust gains witnessed throughout November, with the trading month approaching its conclusion. Monday witnessed a modest pullback as November's strong trading month nears its end, culminating with Thursday's closing bell. The S&P 500 is poised to wrap up the month with an impressive 8.5% increase, while the Nasdaq, dominated by tech stocks, has surged by an impressive 10.8% during November.
Investor attention will also be focused on a lineup of Federal Reserve officials scheduled to deliver speeches throughout the day. This roster includes the Chicago Fed President and several Fed Governors.
In the world of cryptocurrencies, Bitcoin continues to rebound off its 20-day moving average, with market participants eagerly buying the dips. A closer examination of the intraday chart reveals price consolidation within an upward trending channel, signaling potential further advances.
Over at the CME, the gap between BTC and ETH's "front month" (December contract) and "next month" (January contract) futures has surged to its highest level since 2021. This contango phenomenon underscores bullish sentiment in the market, reflecting a strong desire to increase long exposure.
ARK Invest has recently liquidated over $5 million worth of GBTC shares and also divested $5.3 million of Coinbase shares. This move coincided with Coinbase's price surpassing its yearly high and achieving its highest closing price since April 2022.
In a separate development, Binance founder CZ is required to remain in the United States as a federal judge weighs a motion that would compel him to stay in the country until his sentencing scheduled for February 23rd next year. Although CZ was initially allowed to return to the UAE to be with his family under the terms of his bond release, legal arguments have emerged suggesting that his departure from the U.S. could pose a flight risk, given the absence of an extradition treaty between the U.S. and the UAE. CZ faces the prospect of serving anywhere from a few months to a maximum of 10 years in prison.
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