Trump Media and Technology Group has confirmed plans to distribute a new digital token to its shareholders, marking the clearest step yet in the company’s gradual expansion into blockchain-based products tied to its media and financial services ecosystem. In a press release, the company said it intends to issue the token to shareholders of its publicly traded stock, DJT, in partnership with Crypto.com. The distribution will be carried out using Crypto.com’s infrastructure, with the token expected to run ...

Core Insights - Bitcoin has been the top-performing cryptocurrency over the past decade, but Pax Gold (PAXG) is currently considered a better investment option due to its 1-to-1 peg with gold and a 74% increase in value this year [1][8] Group 1: Gold-Backed Stablecoins - Gold-backed stablecoins, such as Pax Gold and Tether Gold, are gaining traction, with both having market caps exceeding $1.6 billion [3] - Pax Gold is preferred over Tether Gold due to its availability on more U.S.-based cryptocurrency trading platforms [3] - Pax Gold trades at the price of gold, currently valued at $4,563, rather than the typical $1 peg of traditional stablecoins [4] Group 2: Investment Advantages - Pax Gold offers a more cost-effective and simpler way to gain exposure to gold compared to traditional gold ETFs [8] - Each Pax Gold token is backed by 1 fine troy ounce of gold stored in a London vault, providing a direct link to physical gold [5][6] - The ability to exchange Pax Gold for physical gold at any time adds to its appeal as a digital gold alternative [6]

Core Viewpoint - Trump Media is launching a new digital token for its shareholders, which will provide periodic benefits but not represent ownership in the company [1][3]. Group 1: Token Distribution - The new token will be distributed in partnership with Crypto.com, leveraging its blockchain technology, Cronos, which supports a $500 million DeFi ecosystem [2]. - Shareholders will receive one token for each whole share of Trump Media, with the tokens offering benefits such as discounts on company products [3]. - The tokens are anticipated to be non-transferable and cannot be exchanged for cash [3]. Group 2: Company Developments - Trump Media has previously partnered with Crypto.com to establish a digital asset treasury company and develop a prediction market called Truth Predict [5]. - The company announced a $6 billion merger with TAE Technologies to build a utility-scale fusion power plant by 2026 [6]. - The first five Truth Social ETFs began trading on the New York Stock Exchange, with plans to offer crypto-based ETFs in 2026 through a Crypto.com subsidiary [6]. Group 3: Leadership and Future Plans - CEO Devin Nunes expressed optimism about utilizing Crypto.com's blockchain technology to enhance regulatory clarity and promote fair markets [4]. - Additional details regarding the token distribution will be shared in the new year [4].

Core Viewpoint - Coinbase has expressed concerns that new restrictions on stablecoin rewards in the U.S. could undermine its competitive position in digital payments, especially as China enhances its digital yuan to attract users [1][2]. Group 1: U.S. Regulatory Environment - The GENIUS Act, signed into law in July, establishes the first comprehensive framework for stablecoins in the U.S., setting reserve and compliance standards while prohibiting direct interest payments [4]. - Ongoing Senate negotiations on broader market structure legislation could further tilt the competitive landscape in favor of non-U.S. stablecoins and central bank digital currencies (CBDCs) [5]. Group 2: China's Digital Yuan Developments - The People's Bank of China announced a framework allowing commercial banks to pay interest on digital yuan wallet balances starting January 1, 2026, enhancing the digital yuan's role beyond just a cash substitute [3]. - By November 2025, the digital yuan had processed 3.48 billion transactions worth approximately $2.34 trillion across 230 million personal wallets and nearly 19 million corporate wallets [7]. Group 3: Industry Perspectives - Coinbase's chief policy officer highlighted that limiting rewards could diminish the attractiveness of dollar-backed stablecoins in international markets [1][2]. - Stablecoin platforms argue that sharing returns with users through rewards is essential for maintaining product appeal [6].

Core Insights - Bitwise Asset Management has submitted applications for 11 new "strategy" exchange-traded funds (ETFs) to the US SEC, targeting various altcoins [1] - The proposed ETFs will utilize a hybrid investment approach, combining direct token holdings with ETPs and derivatives to provide targeted exposure while adhering to regulatory constraints [2][4] - The launch of these ETFs is anticipated around March 16, 2026, pending SEC approval, and is expected to attract billions in institutional capital [3] Investment Strategy - Each Bitwise ETF will allocate up to 60% of its assets directly into the target cryptocurrency, with the remaining 40% invested in ETPs and derivatives [4] - The funds will commit at least 80% of net assets to the applicable token, its ETPs, or derivatives, focusing on capital growth [5] - The structure of these ETFs is designed to mirror successful spot Bitcoin and Ethereum ETFs, while adapting to the unique challenges of altcoins that lack US spot approval [4] Market Positioning - Bitwise's filings indicate a listing on NYSE Arca, with specific tickers and fees yet to be determined, marking the firm's largest single-day crypto ETF submission [5] - The move is seen as a strategic effort to capitalize on a maturing US regulatory landscape, potentially influenced by the Trump administration [3]

Core Insights - The crypto industry has gained significant political influence in 2023, raising concerns about potential backlash and new adversaries by 2026 [1] - Wall Street may emerge as a key opponent to the crypto sector, particularly in light of recent regulatory developments [2] Group 1: Wall Street's Position - Citadel Securities, a major Wall Street player, has expressed strong opposition to regulatory exemptions for the crypto industry, warning that such actions could undermine investor protections [3] - Traditional finance entities, including Nasdaq, are also urging the SEC to reconsider granting key exemptions to the crypto sector [4] Group 2: Legal Challenges - The DeFi Education Fund's executive director anticipates that traditional finance giants will likely pursue legal action against the crypto industry due to its recent regulatory successes [4] - The banking lobby has actively opposed certain provisions in crypto-related legislation, although the GENIUS Act passed Congress despite their efforts [5] Group 3: Internal Dynamics - The crypto industry has already successfully countered traditional finance's opposition this year, indicating its growing political clout [5] - There is a division within Wall Street regarding crypto, with some players recognizing the technology's potential to reduce costs and navigate regulatory landscapes [6]

Photo by BeInCrypto Welcome to the US Crypto News Morning Briefing—your essential rundown of the most important developments in crypto for the day ahead. Grab a coffee and settle in. January is already shaping up to test the patience of XRP traders. While headlines are buzzing about Ripple’s $1 billion escrow unlock, the real story may lie less in the numbers and more in what the market chooses to do with them. Crypto News of the Day: Ripple Unlocks $1 Billion in XRP as 2026 Begins Ripple is set to unl ...

September 2025 Stablecoins 2030 Citi Institute Global Perspectives and Solutions Authors © 2025 Citigroup 2 Ronit Ghose Global Head, Future of Finance, Citi Institute ronit.ghose@citi.com Sophia Bantanidis Future of Finance Citi Institute sophia.bantanidis@citi.com Web3 to Wall Street Global Perspectives & Solutions Contributors Matthew Blumenfeld PwC Maya Caddle Solana Foundation Ron Chakravarti Citi Biswarup Chatterjee Citi Kaiwan Master Future of Finance Citi Institute kaiwan.hoshang.master@citi.com Rona ...

Core Insights - Spot Bitcoin ETFs experienced a return to net inflows, attracting $355 million after a week of losses, indicating a potential recovery in market sentiment [1][2] - The inflow ended a seven-day outflow streak that saw $1.12 billion withdrawn from these funds, reflecting a shift in investor behavior amid low trading volumes and weak prices [2][3] Inflows and Performance - BlackRock's iShares Bitcoin Trust led the inflow with $143.75 million, followed by Ark 21Shares Bitcoin ETF with $109.56 million, and Fidelity's Wise Origin Bitcoin Fund with $78.59 million [3] - December has been challenging overall, with total outflows for the month reaching $744 million, as traders reduced exposure during the year-end slowdown [4] Market Liquidity and Sentiment - The shift in Spot Bitcoin ETFs flow is linked to improvements in global liquidity, with indications that dollar liquidity reached its lowest point in November and has been improving since [5] - The Federal Reserve is set to inject over $8 billion into markets through upcoming US Treasury bill purchases, which may further support market sentiment [6] Broader Market Trends - Spot Ethereum ETFs also saw a reversal, ending a four-day outflow streak with $67.8 million in net inflows after earlier losses exceeding $196 million [6] - Spot XRP ETFs continued to show strong demand, extending their inflow streak to 30 days with an additional $15 million added [7]

Core Insights - BitMine Immersion Technologies has experienced an 80% decline in stock price, yet it remains a top choice for South Korean retail investors in 2025, ranking second only to Alphabet in overseas stock purchases [1][2][3] Group 1: Stock Performance - BitMine's shares have plummeted approximately 82% from their peak in July, erasing most of the gains from an earlier rally [2] - Despite the significant drop, BitMine and USDC issuer Circle are still among the top 10 overseas securities purchased by South Korean investors this year [3] Group 2: Investment Behavior - South Korean retail investors have invested a net $1.4 billion in BitMine shares in 2025, including $566 million into a 2x leveraged ETF linked to the stock [6] - The behavior of Korean investors is described as "hoarding logic," where faith-driven capital flows do not necessarily align with price movements [7][8] Group 3: Company Strategy - BitMine has undergone a radical transformation from a Bitcoin miner to an Ether treasury, mirroring strategies popularized by other crypto investors [4] - The company's stock surged over 3,000% to a peak in July as retail traders sought exposure to Ethereum accumulation [5]