Industry Trends - The world is heading towards stablecoins settling real value [1] - Companies are running pilots for on-chain transactions [1] - Regulators are seeking systems that protect users and provide selective auditability [1] Challenges - A key missing element is a way for people to move money on-chain privately [1] - Current on-chain transactions lack privacy, making every transaction public information [1]

NASDAQ's Digital Asset Strategy - NASDAQ has been involved in digital assets since 2021, launching the NASDAQ crypto index and further immersing in the space [1] - NASDAQ filed an application with the SEC for a proposed rules change to allow for the trading of tokenized stocks and ETPs [1] - The primary goal is to bridge the digital asset world and the traditional world, prioritizing investor-first principles [3] - NASDAQ aims to integrate tokenized assets into current market structures, applying current securities laws [7] Tokenized Assets and Market Impact - Tokenized shares will trade under the same ticker and CUSIP, fully fungible with their traditional counterparts, offering investors a choice in holding [5] - The trading of tokenized assets on NASDAQ aims to improve efficiency and enhance audit trails [12] - Near-term benefits include process efficiencies on the post-trade side, with potential for atomic instant settlement in the long term [13][14] - Mid-term benefits include collateral mobility for assets, enhancing capital efficiency by allowing equity to be used in collateral pools [15] - Tokenization enhances utility beyond the trade itself, with potential for better access for proxy and enhancements around corporate actions [17] Convergence of Traditional Finance (TradFi) and Decentralized Finance (DeFi) - The convergence of TradFi and DeFi is seen as a combination of traditional risk management, compliance, and regulation with the programmability of DeFi [36] - Stablecoins gained significantly in 2025, and their use in collateral management, along with tokenized treasuries, money market funds, and equities, could drive the next phase of adoption [37][38] NASDAQ's Infrastructure and Offerings - NASDAQ offers exchange technology, powering over 130 markets globally, including crypto markets using their matching engine technology [28] - NASDAQ has a crypto index and reference rates used globally for benchmarking [29] - NASDAQ acquired Calypso through the Adenza acquisition, integrating it with blockchain rails for collateral mobility [29] - NASDAQ offers data products and a surveillance business used globally to monitor markets for manipulation, including crypto markets [31][32]

Overview of Ocash - Ocash enables private, compliant transactions [1] - Ocash provides regulator-ready audit proofs [1] - Ocash offers a unified rail for humans and AI agents [1] - Ocash serves as a foundation institutions can finally use safely [1] Market Trends - Stablecoins are becoming mainstream [1] - AI agent economies now represent approximately 18.6% of all dApps [1] - Enterprises seek blockchain solutions but require privacy for their financial history [1]

Binance Wallet Trading Fee UpdateStarting November 26, 2025, at 8:00 (UTC), trading fees on the App will be determined based on the token category involved in each transaction.- Selected stablecoins, native tokens of major blockchains, and Alpha token trading pairs will still enjoy 0% fees on the App.- Other token trading pairs will revert to the standard fee rate of 0.5%.Binance Wallet's latest rebate policy applies. Invitees can enjoy up to 30% cashback, with trading fees as low as 0.35%.For details, plea ...

Market Trends & Performance - Bitcoin is rebounding, correlating with the NASDAQ 100 [1] - Crypto market is approaching the $89 thousand mark [1] - Crypto-pegged equities are rallying [1] - Tom Lee's Bitmine Immersion and Ether Proxy is up over 18%, exceeding Ether's 5% gain [2] Institutional Investment & ETF Flows - Spot Bitcoin ETF flows turned positive, indicating potential institutional buyer re-entry after weeks of redemptions [3] - The industry is questioning whether this marks a true bottom or a temporary pause [3] Risk Aversion & Safe Havens - Capital is rotating into digital asset safe havens due to market volatility [4] - Stable coins now constitute 9% of crypto's total market cap, a two-year high [4] - Analysts interpret this as a classic bear market signal, reflecting increased risk aversion [4]

Tokenized Assets Overview - The industry has a new 'Tokenized assets' dashboard for more data on stablecoins, tokenized funds, and tokenized stocks [1]

Stablecoins Could 'Pose Stability Risks,' ECB Says in Latest Warning► https://t.co/eO71MyDU3l https://t.co/eO71MyDU3l ...

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Core Insights - The European Central Bank (ECB) has raised concerns about the rapid growth of stablecoins, particularly those from Tether and Circle, indicating significant risks to financial markets and the banking system [1][7] - The concentration of U.S. stablecoins, with Tether's USDT and Circle's USDC accounting for nearly 90% of the global supply, poses a systemic risk where the failure of a single entity could lead to widespread market disruption [2][3] Group 1: Risks of Stablecoins - The vulnerabilities of stablecoins stem from their dependence on investor confidence and the assumption of redeemability at par, with a loss of confidence potentially triggering a run on stablecoins and a de-pegging event [2][4] - The ECB noted that the extreme dominance of a few stablecoins makes it difficult to reverse this concentration due to "inherent interchangeability frictions" [3] - A mass withdrawal from stablecoins could force issuers to liquidate assets quickly, impacting the functioning of U.S. Treasury markets [4] Group 2: Implications for the Banking Sector - The ECB warned that increased adoption of stablecoins could lead to retail deposit outflows from banks, replacing stable deposits with more volatile wholesale funding, making banks more vulnerable to shocks [5] - Regulatory discrepancies between global regimes could lead to "regulatory arbitrage," particularly when EU and non-EU entities jointly issue fungible stablecoins [6] - The ECB highlighted that EU-regulated issuers might face risks of having insufficient reserve assets to meet combined redemption requests, necessitating additional safeguards before granting market access [8] Group 3: Market Overview - The total market capitalization of all stablecoins has surpassed $280 billion, representing approximately 8% of the total crypto-asset market [9]

Crypto Industry Trend - Stablecoins are settling trillions, indicating significant adoption [1] - Banks, fintechs, and enterprises are increasingly utilizing crypto rails [1] - The need for private transactions within regulatory frameworks is becoming critical [1] Ocash Solution - Ocash aims to be the first step toward an Open Cash System [1] - Ocash offers shield & send functionality in seconds [1] - Ocash ensures zero transaction-graph leakage [1] - Ocash supports lawful selective disclosure [1] - Ocash provides one engine for payroll, remittance, and enterprise rails [1] Core Value - Privacy is not just a feature but a fundamental infrastructure requirement [1]