Uncategorized
Ethena Labs, Securitize launch blockchain for DeFi and tokenized assets
Stablecoin developer Ethena Labs and real-world asset (RWA) tokenization company Securitize are launching a new blockchain for retail and institutional investors seeking access to the DeFi and tokenization economies.
According to a March 17 announcement, the forthcoming Converge blockchain is an Ethereum Virtual Machine that will provide retail investors with access to “standard DeFi applications.” It will also specialize in institutional-grade offerings that will help bridge traditional finance with DeFi opportunities.
The Converge blockchain is announced at the Tokenize NYC conference on March 17. Source: Cointelegraph
Converge will launch with various product offerings, including Ethereal, Morpho, Maple Labs, Pendle and Aave Labs’ Horizon.
Converge’s RWA infrastructure will benefit from Securitize’s growing presence in the tokenization market, with nearly $2 billion minted across various blockchains. The company recently announced that BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) has surpassed $1 billion in net assets one year after launch.
The Converge blockchain will receive custodial support from Anchorage and Copper as well as custodial support from Securitize’s latest partner, RedStone.
On the DeFi side, Converge will allow users to stake Ethena’s native governance token, ENA. Ethena’s USDe (USDE) and USDtb stablecoins will serve as the network’s gas tokens.
Related: BlackRock CEO wants SEC to ‘rapidly approve’ tokenization of bonds, stocks: What it means for crypto
Institutional DeFi on the rise
Institutional DeFi — when traditional financial institutions adopt regulatory-compliant DeFi systems — appears to be gaining traction as companies look to optimize their operations and access new yield opportunities.
Even JPMorgan, once a blockchain and Bitcoin (BTC) skeptic, said institutional DeFi “has the potential for growth and transformative impact.”
RWAs are accelerating this trend, with the likes of McKinsey forecasting a $2 trillion tokenization market by 2030.
As Neoclassic Capital co-founder Michael Bucella noted in an interview with Cointelegraph, RWAs are attracting big investors because they address “pricing inefficiencies” in both traditional and digital assets.
“To TradFi, that is mispriced credit facilities (i.e., cost of capital) or exposure to underpriced volume. To crypto-native, that is low-volume, secure assets,” said Bucella.
Including stablecoins, which are onchain representations of fiat currencies, the total RWA market has exceeded $240 billion, according to industry data.
Excluding stablecoins, the total value of RWAs onchain is fast approaching $20 billion across more than 90,500 holders, according to RWA.xyz.
The new issuance volume of RWA shows a significant growth in stablecoins, US Treasury and private credit debt. Source: RWA.xyz
Related: Bitwise makes first institutional DeFi allocation
Bitcoin (BTC) investors are preparing for the record-breaking $16.5 billion monthly options expiry on March 28. However, the actual market impact is expected to be more limited, as BTC’s drop below $90,000 caught investors off guard and invalidated many bullish positions. This shift gives Bitcoin bears a crucial opportunity to escape a potential $3 billion loss, a factor that could significantly influence market dynamics in the coming weeks. Bitcoin options open interest for March 28, USD. Source: Laevitas.ch Currently, the total open interest for call (buy) options stands at $10.5 billion, while put (sell) options lag at $6 billion. However, $7.6 billion of these calls are set at $92,000 or higher, meaning Bitcoin would need a 6.4% gain from its current price to make them viable by the March 28 expiry. As a result, the advantage for bullish bets has significantly weakened. Some analysts attribute Bitcoin’s weak performance to the ongoing global tariff war and US government spending cuts, which increase the risk of an economic recession. Traders worry about slower growth, particularly in the artificial intelligence sector, which had driven the S&P 500 to a record high on Feb. 19 before falling 7%. S&P 500 futures (left) vs. Bitcoin/USD (right). Source: TradingView / Cointelegraph Meanwhile, Bitcoin bulls remain hopeful for a decoupling from the stock market, despite the 40-day correlation staying above 70% since early March. Their optimism stems from the expansion of the monetary base by central banks and increased Bitcoin adoption by companies such as GameStop (GME), Rumble (RUM), Metaplanet (TYO:3350), and Semler Scientific (SMLR). As the options expiry date nears, bulls and bears each have a strong incentive to influence Bitcoin’s spot price. However, while bullish investors aim for levels above $92,000, their optimism alone is not enough to ensure BTC surpasses this mark. Deribit leads the options market with a 74% share, followed by the Chicago Mercantile Exchange (CME) at 8.5% and Binance at 8%. Given the current market dynamics, Bitcoin bulls hold a strategic advantage heading into the monthly options expiry. For instance, if Bitcoin remains at $86,500 by 8:00 am UTC on March 28, only $2 billion worth of put (sell) options will be in play. This situation incentivizes bears to drive Bitcoin below $84,000, which would increase the value of active put options to $2.6 billion. Related: Would GameStop buying Bitcoin help BTC price hit $200K? Below are five probable scenarios based on current price trends. These outcomes estimate theoretical profits based on open interest imbalances but exclude complex strategies, such as selling put options to gain upside price exposure. Between $81,000 and $85,000: $2.7 billion in calls (buy) vs. $2.6 billion in puts (sell). The net result favors the call instruments by $100 million. Between $85,000 and $88,000: $3.3 billion calls vs. $2 billion puts, favoring calls by $1.3 billion. Between $88,000 and $90,000: $3.4 billion calls vs. $1.8 billion puts. favoring calls by $1.6 billion. Between $90,000 and $92,000: $4.4 billion calls vs. $1.4 billion puts, favoring calls by $3 billion. To minimize losses, bears must push Bitcoin below $84,000—a 3% drop—before the March 28 expiry. This move would increase the value of put (sell) options, strengthening their position. Conversely, bulls can maximize their gains by driving BTC above $90,000, which could create enough momentum to establish a bullish trend for April, especially if inflows into spot Bitcoin exchange-traded funds (ETFs) resume at a strong pace. This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. South Korea’s Ethics Commission revealed that high-ranking public officials in the country hold an average of 35.1 million won ($24,000) in crypto assets. On March 27, the country’s Ethics Commission for Government Officials reportedly disclosed that more than 20% of the surveyed public officials hold 14.4 billion won ($9.8 million) in crypto. This means 411 of the 2,047 officials subjected to the country’s disclosure requirements hold crypto assets. The highest amount disclosed was 1.76 billion won ($1.2 million) belonging to Seoul City Councilor Kim Hye-young. The officials held different crypto assets, including Bitcoin (BTC), Ether (ETH), XRP (XRP), Dogecoin (DOGE), Luna Classic (LUNC) and others. The disclosure of public officials’ crypto assets follows calls for transparency from its prime minister. In 2023, South Korean Prime Minister Han Deok-soo said in a news conference that high-ranking government officials must include crypto in their property disclosures. The official said crypto should be treated similarly to other assets like precious metals. On May 25, 2023, South Korea passed a bill mandating public officials to include crypto in their public asset disclosures. The new system granted South Koreans access to the crypto holdings of at least 5,800 public officials starting in 2024. In June 2024, crypto exchanges in the country launched information provision systems to simplify the registration of information about crypto holdings. Related: South Korea temporarily lifts Upbit’s 3-month ban on serving new clients The new law was created in response to the controversy involving South Korean lawmaker Kim Nam-kuk, who was accused of liquidating crypto assets and concealing holdings of around $4.5 million before lawmakers in the country enforced the Financial Action Task Force’s (FATF) “Travel Rule.” Kim departed from the Democratic Party at the height of the controversial lawsuit to relieve party members of the burden of the lawsuit. While prosecutors requested a six-month prison sentence for Kim, the lawmaker was eventually acquitted after a judge ruled that crypto assets were not subject to public disclosures at the time Kim made the transactions. Magazine: 3AC-related OX.FUN denies insolvency rumors, Bybit goes to war: Asia Express OpenAI expects to more than triple its revenue this year to $12.7 billion, despite fast-growing competition from the likes of China’s DeepSeek and other competitors making rapid progress. The ChatGPT creators also expect its revenue target for 2025 to more than double to $29.4 billion by 2026, Bloomberg reported on March 26, citing a person familiar with the matter. The 2025 estimate is a little higher than the $11.6 billion revenue target that OpenAI was reportedly eyeing for 2025, The New York Times reported last September. Bloomberg noted that the bulk of ChatGPT’s revenue has come from its paid AI software subscription offerings for consumers and businesses. OpenAI reportedly hit 1 million paid users for the corporate versions of ChatGPT last September, while the company more recently added a $200 monthly ChatGPT Pro option. The Sam Altman-led firm does not expect to be cash-flow positive until 2029, when it expects its revenue to top $125 billion, the person told Bloomberg. OpenAI is reportedly close to finalizing a $40 billion funding round led by SoftBank Group at a valuation of up to $300 billion, Bloomberg reported on March 26. The firm is also looking to convert its nonprofit business model into a for-profit venture. While the release of DeepSeek’s ChatGPT-competitor “R-1” model sent shockwaves through the AI industry in late January, it sparked a wave of several other high-quality, low-cost AI solutions from other Chinese tech firms, Bloomberg reported on March 26. Baidu Inc. launched its “Ernie X1” model to compete with DeepSeek’s R-1 model in China, while Alibaba Group launched its new open-source AI model for cost-effective AI agents on March 26. Source: David Sacks Tencent Holdings also unveiled an AI chatbot of its own under subsidiary firm Ant Group Co, while DeepSeek released its latest model — DeepSeek-V3-0324 — on March 24. Related: Cathie Wood to kick off El Salvador’s AI public education program While it remains to be seen how these Chinese models truly stack up against OpenAI’s products, the newer and often cheaper options are putting more pressure on the business models of leading US companies, Balaji Srinivasan, a tech investor and former general partner at tech-focused venture capital firm Andreessen “a16z” Horowitz said in a March 22 X post. “China is trying to do to AI what they always do: study, copy, optimize, and then bankrupt everyone with low prices and enormous scale.” Lee Kai-fu, CEO of Chinese startup 01.AI told Reuters on March 25 that DeepSeek’s efforts have positioned Chinese AI firms only three months behind their US counterparts after previously being around six to nine months behind. Source: The Short Bear Meanwhile, OpenAI’s CEO Sam Altman said on Feb. 12 that his firm is looking to ship GPT-4.5 and GPT-5 in the coming weeks or months. Plus and Pro subscribers will be able to run GPT-5 at a “higher level of intelligence” which will incorporate voice, canvas, search, deep research features and more, he said in OpenAI’s technical roadmap update. Among OpenAI’s competitors in the US market are Anthropic, DeepMind, xAI and Google’s Gemini. Magazine: What are native rollups? Full guide to Ethereum’s latest innovation Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025 Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist Aptos Leverages Chainlink To Enhance Scalability and Data Access Bitcoin Could Rally to $80,000 on the Eve of US Elections Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals Crypto’s Big Trump Gamble Is Risky Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Source link 
Bitcoin bulls pray for a “decoupling” if QE restarts
Bitcoin bulls will have the edge if BTC price passes $90,000
Source link 
South Korean public officials disclosed crypto holdings
Lawmaker controversy spurred crypto disclosure laws
Source link 
Competition heats up between US and Chinese AI players
Source link 
Crypto Pundit Makes Case For Bitcoin Price At $260,000, But This Invalidation Level Threatens The Rally
$16.5B in Bitcoin options expire on Friday — Will BTC price soar above $90K?
$5,000,000,000,000 Asset Manager Fidelity To Launch a USD-Pegged Stablecoin: Report
Proposed Bipartisan Legislation Recognizes Bitcoin As A Technology That Supports Democracy
Wyoming Stablecoin Is Just a State-Issued CBDC by Another Name: Rep. Tom Emmer
Bitcoin faces 70% odds of another drop as April tariff fears shake markets, Nansen says
Political Endorsements Are Driving Rug Pulls
‘Trust the Cycle’ – Pro Says Dogecoin Price Could Suddenly Hit $1
Top Conglomerate Adds 580 $BTC Amid Unprecedented Crypto Popularity. Here’s Why BTC Bull Token Could 100x
Over 400 South Korean officials disclose $9.8M in crypto holdings
Copper Partners with Everstake to Deliver Secure Staking Services for Institutional Investors
GameStop’s Bitcoin Move Looks Bold—But It Might Be Brilliant
Elizabeth Warren Calls Stablecoin Bill a Trump and Musk ‘Grift’
Crypto scammers nabbed in India for $700k fraud posing as a Japanese exchange
BTC in Stasis Below $88K as Trump Suggests Bigger Tariffs on EU, Canada
Arthur Hayes, Murad’s Prediction For Meme Coins, AI & DeFi Coins For 2025
Expert Sees Bitcoin Dipping To $50K While Bullish Signs Persist
Aptos Leverages Chainlink To Enhance Scalability and Data Access
Bitcoin Could Rally to $80,000 on the Eve of US Elections
Sonic Now ‘Golden Standard’ of Layer-2s After Scaling Transactions to 16,000+ per Second, Says Andre Cronje
Institutional Investors Go All In on Crypto as 57% Plan to Boost Allocations as Bull Run Heats Up, Sygnum Survey Reveals
Crypto’s Big Trump Gamble Is Risky
Ripple-SEC Case Ends, But These 3 Rivals Could Jump 500x
Has The Bitcoin Price Already Peaked?
A16z-backed Espresso announces mainnet launch of core product
Xmas Altcoin Rally Insights by BNM Agent I
Blockchain groups challenge new broker reporting rule
Trump’s Coin Is About As Revolutionary As OneCoin
The Future of Bitcoin: Scaling, Institutional Adoption, and Strategic Reserves with Rich Rines
Is $200,000 a Realistic Bitcoin Price Target for This Cycle?
