Quick Take

• Crypto.com announced the launch of global retail services through its Dubai regional hub and added PayPal as a payment method; Tokenised treasuries’ market capitalisation exceeded US$2 billion.

• US spot Ethereum ETFs saw a $12 million net outflow last week, while spot Bitcoin ETFs had a weekly net outflow of $277 million.

• On the macro side, the Eurozone’s inflation fell to 2.2% in August, its lowest level in three years, as it closes in on the ECB’s 2% target. In the US, the core personal consumption expenditures price index increased 0.2% in July and 2.6% year-on-year (YoY), slightly lower than the expected 2.7% YoY growth. The latest CME FedWatch Tool showed a 100% probability of a September rate cut in the US. 

• Notable updates: Cardano’s (ADA) Chang hard fork began on 1 September; MakerDAO (MKR) rebranded to Sky on 27 August; MATIC token holders on Ethereum can start upgrading to POL via the Polygon Portal Interface starting 28 August; Stacks’s (STX) Nakamoto activation window began on 28 August; the Crypto.com App listed Polygon Ecosystem Token (POL), Cloud (CLOUD), and DOGS (DOGS).

• Notable events in the coming week: Interest rate decision from Canada and the US ADP employment change.

Weekly Market Index

The price index decreased by -9.97% last week. Volume and volatility indices increased by +5.45% and +52.59%, respectively. 

Check price

Chart of the Week

Tokenised treasuries’ market capitalisation exceeded $2 billion to reach $2.07 billion as of 30 August, according to RWA.xyz. The market hit the $1 billion milestone in March 2024. 

Tokenised treasuries are digital forms of US government bonds that can be traded as tokens on blockchains. Launched in March 2024, BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) was a big contributor to the rise in market capitalisation. BUIDL exceeded Franklin Templeton’s Franklin OnChain U.S. Government Money Fund (FOBXX) as the largest tokenised treasury fund in April 2024. BUIDL had a $503 million market capitalisation on 30 August, with FOBXX coming in second at $428 million. 

Weekly Performance

BTC and ETH decreased by -9.5% and -10.7%, respectively, in the past seven days. Price action for all other selected top market capitalisation tokens was down. MATIC (-23.4%) and INJ (-23.2%) led the drop.

The market capitalisation of all key categories was down in the past seven days. The Layer-2 category led the drop.

Notable Token Updates

News Highlights

Funds

• BlackRock launched its Ethereum ETF through a depositary receipt on Brazil’s stock exchange, B3, on 28 August. Retail and institutional investors can trade iShares Ethereum Trust (ETHA) under the ticker ‘ETHA39’ in Brazil. 

• US futures exchange Chicago Mercantile Exchange (CME) Group is launching bite-sized Bitcoin Friday Futures (BFF) on 30 September. BFFs will be sized at one-50th of a Bitcoin with weekly expiration, which aims to help investors fine-tune their Bitcoin exposure more accurately. 

• US securities exchange, Cboe Exchange, filed an amended application to list options on BTC and ETH ETFs. This is after it withdrew an application earlier to list options on spot BTC ETFs on 8 August. 

Regulations

• New Zealand plans to put in place the Organisation for Economic Co-operation and Development's (OECD) crypto reporting framework by April 2026. New Zealand-based crypto asset service providers will have to collect information on user transactions from 1 April 2026 onwards, ensuring firms provide tax information related to crypto transactions. 

Others

• Crypto.com announced the launch of global retail services, including providing seamless deposit and withdrawal services, to retail Crypto.com App users in over 90 countries. The services will be offered through Crypto.com’s regional hub in Dubai, powered by Standard Chartered and the regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA). The rollout begins next month to customers across the UAE, and will be gradually expanded to retail customers across the globe. 

• Crypto.com added PayPal as a payment method for US users to make crypto purchases. They can now add their PayPal account and use the funds to buy coins and top up their Crypto.com Visa Card for users in the U.S. This feature will soon be available in additional markets.

• Wyoming is creating its own USD-backed stablecoin called the Wyoming Stable Token, set to launch in Q1 2025. It aims to provide a cheaper and faster way to transact and create a new revenue stream for the US state. 

• Bloomberg is adding election odds data from prediction markets platforms (e.g., Polymarket, PredictIt) to its terminal. This highlights the importance of prediction markets in analysing political trends and gathering insights. 

• The Hong Kong Monetary Authority (HKMA) launched the Project Ensemble sandbox on 28 August. The project aims to examine interoperability among tokenised assets, tokenised deposits, and a wholesale central bank digital currency. 

Recent Research Report

• Crypto Market Sizing Report H1 2024: Global crypto owners reached 617 million in the first half of 2024.

• Ethereum L2 Interoperability – The Super Chains: Our latest report looks into how Ethereum Layer-2-based solutions like ZKsync’s Elastic Chain, Polygon’s AggLayer, and Optimism’s Superchain address scalability and interoperability challenges.

• Exploration of Web3 Socials: We have seen a surge in interest in decentralised Web3 Socials in 2024. Our report looks into its recent developments, including Solana’s Actions and Blinks, as well as Farcaster and Lens on Ethereum.

Recent University Articles

• What Is the Wen Meme Coin and How to Buy WEN: From Dogecoin and Shiba Inu to lesser-known variants, learn all about meme coins, what they are, and how to trade them.

• How Do Interest Rates Influence the Cryptocurrency Market?: One of the top market cap cryptocurrencies, Solana (SOL) is a high-performance blockchain platform known for its scalability, speed, and low transaction costs. Learn all the fundamentals here.

• What Is Maneki (MANEKI) and How to Buy MANEKI: Learn why Maneki, a cat meme coin based on the maneki-neko of Japanese folklore, is attracting attention in the cryptocurrency community.

Catalyst Calendar

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