Planet Daily | Nomura Securities, Laser Digital and GMO cooperate to explore the issuance of stablecoins in Japan; FDUSD
Headlines
Nomura Securities, Laser Digital and GMO Partner to Explore Issuing Stablecoins in Japan
Japanese banking giant Nomura and its digital asset unit Laser Digital have partnered with Japan-based GMO Internet Group to explore issuing stablecoins in Japan. They plan to explore issuing, exchanging and circulating stablecoins denominated in yen and U.S. dollars.
The partnership also plans to offer “stablecoin-as-a-service” products to help companies issue stablecoins. According to its announcement, such products may cover regulatory compliance management, blockchain integration, and back-end transaction management.
Through the partnership, Nomura Securities and Laser Digital will focus more on crypto trading, asset management and venture capital, while GMO plans to contribute more on the technology side.
Previously, GMOs US subsidiary GMO-Z.com Trust has issued stablecoins such as GYEN and ZUSD on multiple chains. (The Block)
Odaily Planet Daily News Since May 11, 2024, the market value of stablecoins has grown from $160.86 billion to $161.45 billion, an increase of $590 million in the past two weeks. The market value of USDT is approximately $111.95 billion, accounting for 69.34% of the entire stablecoin market.
Over the past 30 days, USDT supply has grown by 1.3%, while USDC supply has fallen by 1.9% over the same period, with a market cap of $32.72 billion as of Sunday, May 26, 2024. DAI currently has a market cap of approximately $5.29 billion, up 1.8% over the past month.
FDUSD has seen the biggest drop in 30 days, with 29% of its supply redeemed, and a market cap of $3.13 billion at press time. In contrast, Ethena’s USDe has seen a 17.5% increase in supply over the same period, with a market cap of around $2.78 billion as of Sunday. (Bitcoin.com)
DeFiLlama data shows that the TVL of Ethereum liquidity re-staking protocols is currently $13.234 billion, among which the top five protocols in terms of TVL are:
-ether.fi Stake TVL is 5.796 billion US dollars, with a 7-day increase of 29.56%;
– Renzo (Ethereum chain) TVL is 2.864 billion US dollars, with a 7-day increase of 24.48%;
-Puffer Finance TVL is 1.817 billion US dollars, with a 7-day increase of 27.21%;
-Eigenpie TVL is $1.019 billion, a 7-day increase of 25%;
-Kelp DAO TVL is US$971.12 million, with a 7-day increase of 24.34%.
Industry News
The defense team for Tornado Cash co-founder Roman Storm has filed a series of new documents seeking to have the trial against Storm dismissed before it even begins, arguing that prosecutors overstepped their authority in their final pretrial motions.
After the government responded to Storms motion to dismiss the trial, his defense team filed another response on Friday, arguing that the case against him should be dismissed on the grounds that the government did not do enough to prove that Storm actively participated in the crimes alleged in the indictment.
“In fact, as the government admits, when criminals began abusing the Tornado Cash protocol, it was immutable and accessible to anyone with an internet connection,” the motion states.
Much of the filing questions the government’s characterization of Tornado Cash as a “money transmitter business,” a description that even caught the attention of Senators Ron Wyden and Cynthia Lummis, who sent a letter objecting to the government’s interpretation of the term, which is also included in Storm’s motion. Storm’s lawyers argue that characterizing Tornado Cash as a money transmitter “…violates due process, leniency, and principles against innovative structures.”
In other motions, attorneys argued that government prosecutors should be compelled to produce certain communications with Dutch authorities and that the seizure of his cryptocurrency hardware wallets violated the Fourth Amendment. (The Block)
Earlier in April, the U.S. Department of Justice rejected a motion by Tornado Cash developer Roman Storm to dismiss criminal charges against him, saying that the documents submitted by the defendant raised controversial facts that the jury should weigh.
EU draft considers MEV as market abuse and proposes strict regulatory standards
The European Securities and Markets Authority (ESMA) defines maximum extractable value (MEV) as a clear example of illegal market abuse in its draft technical standards under the proposed Markets in Crypto-Assets (MiCA) regulation. Patrick Hansen pointed out that almost all EU-regulated crypto businesses, including exchanges and brokers, are required to detect and report MEV instances through comprehensive suspicious transaction or order reports (STORs). The new standards raise concerns about the feasibility of managing reports for every instance. ESMA also recommends that authorities inside and outside the EU cooperate to sanction market abuse, and actors involved in MEV may face investigations and enforcement by international regulators. The deadline for consultation feedback set by ESMA is June 25, and the final standards are expected to have a significant impact on the EU crypto regulatory environment.
Libertarian Party Nominates Chase Oliver as Presidential Candidate, Crypto Stance Undecided
At the Libertarian Party convention, 38-year-old Chase Oliver was nominated as a candidate for the 2024 U.S. presidential election. The candidate of the third-largest political party will face Democratic candidate Joe Biden and Republican candidate Donald Trump. After Oliver was nominated, many people expressed concern about his stance on cryptocurrency. Although the Libertarian Party supports the use of any mutually agreed-upon goods or items as currency, Oliver has not made a clear statement so far. Oliver supports the release of Silk Road founder Ross Ulbricht, but his specific views on digital assets remain unclear. Olivers proposed running mate Mike ter Maat strongly opposes central bank digital currencies (CBDCs) and supports no regulation of cryptocurrencies. In addition, Trump has become more active on the issue of cryptocurrency, announcing that he will accept digital asset donations and expressing an open attitude towards the technology. President Biden is expected to sign three cryptocurrency-related bills by November, which may affect voter choices. The Libertarian Party only received about 3% of the vote in the 2016 presidential election, but in the 2024 election, third-party candidates may affect the results by splitting votes.
Project News
After the co-founder of the Web3 social network friend.tech protocol (alias Racer) posted a message hinting at his intention to migrate the protocol out of Base, the protocols native token FRIEND fell sharply. According to Coingecko data, FRIEND is now trading at $1.01, down 32.2% in 24 hours.
System Design Bounty: If you can find a way to migrate friend.tech off of Base without causing major problems for users, and it works well enough that we decide to use it, we will pay you $200,000, Racer wrote on X.
In another post, Racer explained that the friend.tech team had a rocky relationship with Base, saying, Farcasters investors went crazy trying to discredit us when we launched because they misunderstood what we were doing. They put a lot of pressure on the team and users, and since then our relationship has gone downhill and we have been ostracized from the Base community. Its important to note that at some point on Sunday, Racers post was no longer accessible; its unclear if they deleted their account after the post was published.
In response, Coinbases Base head Jesse Pollak admitted that the friend.tech team felt isolated and disconnected from Base and parts of the Ethereum ecosystem. Pollak wrote: I would be sad if the team decided to leave Base, but I would respect and support either path – thats the beauty of a decentralized, on-chain economy. (The Block)
Taiko, an Ethereum L2 network based on zkRollup, announced on the X platform that its protocol has been deployed on the Ethereum mainnet. After the mainnet was launched, Taiko said that it plans to launch a DAO later this year to gradually transfer control of the protocol to its community. This transition will be carried out in stages, reducing the training wheels over time until the community achieves full governance. (TheBlock)
TON TVL surpasses $300 million, a new high, growing more than 10 times since early March
DefiLlama data shows that TON TVL has exceeded US$300 million and is currently US$316.82 million, a record high, an increase of more than 10 times since early March (US$23 million).
The rapid growth of the protocol’s TVL is mainly driven by DEXs such as Ston.fi and Dedust, as well as liquidity staking protocols such as Tonstakers and bemo. (The Block)
Character*Voice
JPMorgan Chase: Doubtful of SEC Approval of Solana and Other Cryptocurrency ETFs
JPMorgan Chase expects the U.S. Securities and Exchange Commission will not approve other cryptocurrency ETFs after the spot Ethereum ETF. JPMorgan analyst Nikolaos Panigirtzoglou said that unless U.S. policymakers pass legislation to declare most cryptocurrencies as non-securities. Given that the U.S. SEC believes that most cryptocurrencies are securities, the investment bank doubts whether the SEC will approve such funds. (TheBlock)
Silk Road founder Ross Ulbricht: Thank you Trump for your pardon promise
Ross Ulbricht, founder of Silk Road, posted a message on X platform to thank former US President Donald Trump. He said: Last night, Donald Trump promised to commute my sentence on the first day if re-elected. Thank you. Thank you. Thank you. After spending 11 years in prison, it is difficult for me to express my feelings at this moment. Thanks to your unremitting support, I have the possibility of getting a second chance.
Donald Trump promised at the Libertarian National Convention in Washington, D.C. yesterday that if he is re-elected as president, he will commute Ross Ulbrichts sentence on the first day. Trump said Ulbricht has served 11 years in prison and were going to get him home. Many in the audience held signs that read Free Ross and cheered Trumps promise.
Andrey Stoychev, head of brokerage business at Nexo, believes that ETF approval may be the strongest price catalyst for ETH in the current bull market cycle, and the Ethereum ETF in the United States and similar products in Asia may become the driving force for ETH to reach $10,000 by the end of 2024, better than Bitcoins performance after the ETF approval. (Cointelgraph)
Investment and Financing
Elon Musks artificial intelligence company xAI announced the completion of a $6 billion Series B financing round, with participation from Valor Equity Partners, Vy Capital, Andreessen Horowitz (a16z), Sequoia Capital, Fidelity Management Research Company, Saudi Arabian Prince Alwaleed Bin Talal and his Kingdom Holding.
The funds from this round of financing will be used to bring xAIs first products to market, build advanced infrastructure, and accelerate the research and development of future technologies.
Blockchain node management platform NodeOps received US$5 million in seed round financing, led by L1 D, with participation from Blockchain Founders Fund, Finality Capital and others.
It is reported that NodeOps has built a solution that simplifies the process of node deployment and management, and enables integration with multiple blockchain networks through innovative tools and support mechanisms.
This article is sourced from the internet: Planet Daily | Nomura Securities, Laser Digital and GMO cooperate to explore the issuance of stablecoins in Japan; FDUSD supply has decreased by 29% in the past 30 days (May 28)
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