Weekly Recap - Jan. 21^st , 2024

Top News Headlines

• As bitcoin ETFs continue fight for assets, here’s where they all stand - Read More

• Tether (USDT) prints $10B in 3 months, nears exclusive $100B crypto club - Read More

• IRS says businesses can hold off on reporting crypto, for now - Read More

• Jamie Dimon slams bitcoin as a 'pet rock' that does nothing and vows he's done talking about the cryptocurrency - Read More

Top Crypto Prices by Market Cap.

Source: Coingecko Price Feed, Jan. 21st 2024, 10:45pm EST. Data excludes Lido Staked Ether, and stablecoins USDC and USDT.

Spotlight: Tokenization -The $867 Trillion Opportunity

Earlier this week, Jamie Dimon, CEO and Chairman of J.P. Morgan Chase, made headlines after comparing Bitcoin to “a pet rock” and politely telling reporters “I don’t care. Please stop talking about this shit.”

Although Jamie has always been an outspoken critic of Bitcoin, many don’t know the $490B financial institution has been building blockchain-based solutions across payments, digital identity, and tokenization since 2020.

So, why Tokenization?

Boston Consulting Group forecasts the tokenization of assets could reach $16.1 trillion or a “best-case scenario” of $68 trillion by 2030. The World Economic Forum on the other hand, has previously estimated the total value for tokenization of traditional markets is worth $867 trillion! 🤯

Although this would mean almost every asset on earth is eventually migrated to blockchain applications … anything is possible right??

In 2023 we witnessed the tokenization of U.S. Treasuries on public permissionless blockchains such as Ethereum, Stellar, Polygon, and Solana.

The total value of tokenized U.S. Treasuries increased over 600% from $114M in Jan 2023 to $837M by Dec 2023.

Some of the largest issuers include Franklin Templeton, Mountain Protocol, and Ondo Finance.

For now, the largest and most useful application of tokenization remains stablecoins, or tokenized USD.

PayPal, the first publicly traded U.S. company to launch a stablecoin (PYUSD), has designed their token to maintain a “stable” peg to the U.S. Dollar. The token is backed by several reserve assets including cash deposits, U.S. Treasuries, and cash equivalents.

Stablecoin issuer Circle, (USDC), just announced their plans for an IPO later this year as well.

The tokenization of real-world assets, (RWAs), will likely dominate financial headlines in 2024, and our team will do our best to share new use cases as they are unveiled!

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