This week saw notable developments in the cryptocurrency market, with the market capitalisation and volatility indices increasing by 0.55% and 33.36%, respectively. However, the volume index experienced a significant decline of 25.07%.
In a major step forward, 1inch upgraded its Swap API, enabling support for tokenised real-world assets (RWAs). This upgrade, made in partnership with Ondo Finance, aims to broaden access to stocks and exchange-traded funds (ETFs) through its decentralised application (dapp), wallet, and affiliated platforms.
Meanwhile, Hyperliquid is preparing for the launch of its proprietary stablecoin, USDH, which will be introduced via an on-chain governance process. The intention behind USDH is to decrease reliance on existing options such as USDC and USDT while generating revenue from the assets that back the token. Data reveals that the total stablecoin supply on Hyperliquid stands at approximately $5.8 billion, with USDC dominating at 95%, amounting to $5.5 billion. Proposals for the issuance of USDH have been submitted by key crypto entities including Paxos, Frax, Agora, Native Markets, Sky, and Ethena Labs. A formal vote by validators will occur after Hyperliquid’s forthcoming network upgrade, though the exact date for this upgrade has yet to be disclosed.
In a shift within social media landscapes, Trump Media updated its rewards system, allowing users of Truth Social and Truth+ to convert ‘gems’ earned through activities on the platform into CRO and additional benefits. This integration utilizes Crypto.com’s digital wallet infrastructure.
Ondo Finance inaugurated its tokenised equity platform, Ondo Global Markets, which grants non-U.S. investors access to more than 100 U.S. stocks and ETFs on-chain. These digital assets are backed by securities managed by U.S.-registered broker-dealers, enabling round-the-clock trading on Ethereum.
Fidelity also made headlines with the launch of the Fidelity Digital Interest Token (FDIT), a tokenised money market fund that is anchored by Ondo Finance’s Ondo Short-Term U.S. Treasuries Fund (OUSG), which comprises over 99% of FDIT’s assets.
In another development, MegaETH Labs unveiled MegaUSD (USDm), a native stablecoin crafted for real-time applications on the MegaETH blockchain, in collaboration with Ethena Labs. This stablecoin is additionally backed by BlackRock’s tokenised U.S. Treasury fund.
On the technological front, digital asset infrastructure provider Fireblocks rolled out an enterprise-grade stablecoin payments network, designed to assist financial and crypto firms in moving USD-pegged tokens and constructing innovative products.
Collaboration efforts continue as Stripe and Paradigm introduced a new blockchain named Tempo, aimed at streamlining financial transactions such as payments, global payouts, and remittances on-chain. Currently, Tempo is in a private testnet phase, with a collaborative effort involving several firms, including Anthropic and Shopify.
Traditional financial institutions are also pivoting towards cryptocurrency, with BNP Paribas and HSBC joining the Canton Foundation, which is focused on developing real-world asset (RWA) tokenisation. The Canton Network is a blockchain specifically designed for institutional finance, emphasizing RWA tokenisation, regulatory compliance, and interoperability.
Additionally, Nasdaq is intensifying its oversight of U.S.-listed companies seeking to raise capital for cryptocurrency purchases, imposing requirements for shareholder votes and increased disclosures. This tightening of regulations may result in delays and uncertainty for companies wishing to secure funding while market conditions remain favorable.
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