R2 Protocol 宣布完成与 BlackRock、Apollo、VanEck、Fasanara、Mercado Bitcoin、Centrifuge 等 12 家资 管机构接入整合，主网将于 9 月 26 日 15:00（UTC+8）上线，并推出两大旗舰产品 T-Bills Vault（约 4% 年化）和 Private Credit Vault（约 9–10%，限时补贴后约 32%）。 （来源：吴说） 来源：市场资讯 ...

Had Securitize CEO on the show to discuss BlackRock & VanEck's onchain plans, RLUSD, and the tokenization pitch at large.Sector is hot rn. Good for those interested in institutional capital.https://t.co/m0CdK8eCh2 ...

Regulatory Landscape - SEC Crypto Task Force 与 VanEck 会面，讨论加密货币 ETF 监管问题 [1] - 讨论内容包括流动性质押代币、基金代币化、DeFi 监管和数字资产托管规则 [1]

RT Securitize (@Securitize)With RLUSD liquidity now live for BlackRock's BUIDL and VanEck's VBILL, our CEO @CarlosDomingo spoke with @therollupco to unpack new utility for tokenized Treasuries.“This partnership with Ripple brings regulated, yield-bearing assets into a system that moves with stablecoin speed and flexibility. Instantly moving from RWAs to RLUSD onchain is a huge advantage" ...

Core Insights - Bitcoin exchange-traded funds (ETFs) experienced a significant rebound on September 24, with net inflows of $241 million following two days of withdrawals totaling $683 million [1][3][4] Group 1: Bitcoin ETF Performance - BlackRock's iShares Bitcoin Trust (IBIT) led the inflows on September 24 with $128.9 million, bringing its cumulative net inflows to $60.78 billion and total net assets to $87.2 billion [2] - Ark Invest and 21Shares' ARKB followed with $37.7 million in net inflows, raising its historical total to $2.18 billion [2] - Cumulative inflows for Bitcoin ETFs reached $57.49 billion, with total assets now at $149.7 billion, representing 6.62% of Bitcoin's total market capitalization [3][6] Group 2: Ethereum ETF Performance - Ethereum ETFs continued to face outflows, recording $79.4 million in net redemptions on September 24, with Fidelity's FETH leading the outflows at $33.2 million [4][5] - Cumulative inflows for Ethereum ETFs stand at $13.6 billion, while total assets are at $27.4 billion, representing 5.45% of Ethereum's total market value [6]

Core Insights - Private credit is becoming more accessible to retail investors through vehicles like ETFs, with the introduction of the Simplify VettaFi Private Credit Strategy ETF (PCR) [1][6] Group 1: Private Credit Overview - Private credit offers elevated yields and strong lender protections, providing a diversification opportunity beyond core fixed income for retail investors [2] - The main challenge for ETFs accessing private credit is the SEC's 15% limit on illiquid investments, which most private credit falls under [3] Group 2: Investment Vehicles - ETFs can gain indirect exposure to private credit by holding publicly traded alternative asset managers like Blackstone, KKR, and Ares Management, which generate revenue from private credit strategies [3] - The State Street/Apollo structure allows ETFs to include private credit alongside public credit while adhering to liquidity rules [4] Group 3: Simplify VettaFi Private Credit Strategy ETF (PCR) - PCR is an actively managed ETF that seeks income and capital appreciation by providing exposure to publicly traded BDCs and CEFs that hold over 50% of their portfolios in private credit [6] - The ETF employs a proprietary credit hedging strategy using total return swaps to manage credit risk [6][10] Group 4: Advantages of ETFs - PCR offers daily portfolio transparency, in-kind creation/redemption, and better tax efficiency compared to CEFs and BDCs, which can trade at premiums or discounts to NAV [9] - The expense ratio of PCR is 76 basis points, which is lower than many traditional ETFs of CEFs that have fees ranging from 200 to 300 basis points [10] Group 5: Market Trends - The growth in the market is leaning towards ETFs, making it easier for investors to access private credit through a familiar structure [8]

Core Insights - Bitcoin and Ethereum exchange-traded funds (ETFs) experienced significant outflows, totaling $244 million on September 23, following a $439 million exit the previous day, indicating a trend of investor withdrawals amid market repositioning around the Federal Reserve's recent rate cut and upcoming U.S. inflation data [1][5]. Group 1: ETF Outflows - Bitcoin spot ETFs recorded net outflows of $103.6 million on September 23, with Fidelity's FBTC leading the withdrawals at $75.6 million, followed by ARK 21Shares' ARKB with $27.9 million [2]. - Ethereum ETFs faced even larger redemptions, with $140.7 million flowing out in a single day, primarily driven by Fidelity's FETH, which accounted for $63.4 million in outflows [3][4]. - On September 22, Bitcoin products lost $363 million, with Fidelity's FBTC again leading the redemptions at $276.7 million, while Ethereum funds saw $76 million withdrawn [4]. Group 2: Current ETF Holdings - As of September 23, Bitcoin spot ETFs hold $147.2 billion in net assets, representing 6.6% of Bitcoin's total market capitalization, with cumulative inflows of $57.25 billion [5]. - Ethereum spot ETFs currently hold $27.5 billion in net assets, accounting for 5.45% of the total Ethereum market, with cumulative inflows reaching $13.7 billion [5]. Group 3: Recent Market Activity - The recent outflows occurred just one week after digital asset products saw nearly $1.9 billion in inflows, following the Federal Reserve's first interest rate cut of 2025, which had previously spurred renewed investor demand for crypto exposure [5][6]. - During the week prior to the outflows, Bitcoin funds attracted $977 million, while Ethereum products recorded $772 million, marking a year-to-date record of $12.6 billion for Ether-backed products [6].

Tokenization & On-Chain Finance - Ripple and Securitize enable RLUSD for tokenized funds [1] - BlackRock's BUIDL and VanEck's VBILL holders can swap shares for RLUSD 24/7 on-chain [1] Cryptocurrency & Asset Management - RLUSD facilitates 24/7 on-chain swaps for holders of tokenized assets [1]

Core Viewpoint - Asset management companies are preparing to launch cryptocurrency exchange-traded funds (ETFs) to capitalize on the growing interest in digital assets and the easing of regulatory requirements [1][2] Group 1: Regulatory Changes - The SEC has updated its ETF standards, which may increase demand for exchange-traded products linked to a range of cryptocurrencies from Solana to Dogecoin [1] - The new rules allow for a faster approval process, reducing the time for new crypto product approvals from up to 270 days to 75 days or less [2] - The SEC's recent vote eliminates the requirement for individual regulatory reviews for each crypto ETF application, streamlining the process for compliant products [2] Group 2: Market Activity - As of now, there are 21 ETFs in the U.S. that hold Bitcoin or Ethereum, with numerous applications for new products linked to other cryptocurrencies submitted to the SEC [1] - Grayscale Investments has launched the Grayscale CoinDesk Crypto 5 ETF shortly after receiving SEC approval to convert from a private fund to a publicly traded fund, which includes Bitcoin, Ethereum, XRP, Solana, and Cardano [2] - Analysts expect the first products approved under the new rules, likely linked to Solana and XRP, to be launched in early October [1] Group 3: Future Outlook - The new approval process is expected to lead to a surge in the issuance of crypto ETFs, with 2025 Q4 being identified as a potential boom period for crypto ETF issuers [2] - There is uncertainty regarding investor interest in ETFs linked to lesser-known cryptocurrencies, and the need for investor education on these new assets is emphasized [3] - Asset management companies are assessing which of their existing applications meet the new criteria and how quickly they can bring products to market [3]

Tokenization & On-Chain Finance - Ripple and Securitize enable RLUSD for tokenized funds [1] - BlackRock's BUIDL and VanEck's VBILL holders can swap shares for RLUSD 24/7 on-chain [1]