CoinChapter.com presents the top cryptocurrency news of the day. Here are the highlights:
1. Ethereum ETF Expected to Launch in Late June:
Analysts believe that spot Ether exchange-traded funds (ETFs) in the United States could potentially launch by late June. BlackRock recently updated its Form S-1 for the launch of its iShares Ethereum Trust (ETHA). The Securities and Exchange Commission (SEC) approved its 19b-4 filing, which is necessary for the ETF to start trading. Bloomberg ETF Analyst Eric Balchunas sees this as a positive sign, suggesting that other firms may follow suit soon. While Balchunas predicts an end-of-June launch, he considers a launch around July 4th more likely.
2. Stablecoin Market Cap Reaches 2-Year High:
The stablecoin market cap has reached its highest level since April 2022, according to a report by CCData. The market cap rose by 0.63% from the start of May 2023, reaching $161 billion. Among the top ten stablecoins, Athena USDe’s market cap saw a significant 11.6% increase to $2.61 billion. Tether recorded an all-time high market cap of $111 billion, increasing its stablecoin market cap dominance to 69.3%.
3. BlackRock’s Tokenized Fund Surges:
BlackRock’s tokenized fund token BUIDL experienced a surge of 19.6% to $448 million, making it the largest tokenized treasury fund. Circle’s USDC market cap also increased for the sixth consecutive month, reaching $32.6 billion in May. However, stablecoin trading volumes on centralized exchanges fell to a monthly low of $829 billion on May 23rd.
4. U.S. Lawmaker Predicts Crypto Law Within a Year:
Representative Patrick McHenry predicts that the crypto industry won’t have to wait long for regulations, stating that “We will have crypto law within the next year.” McHenry, the chairman of the House Financial Services Committee, believes that the bipartisan backing for his Financial Innovation and Technology for the 21st Century Act (FIT21) is evidence of the inevitable nature of crypto policy and law.
5. PayPal’s Solana Stablecoin to Offer ‘Confidential Transfers’:
PayPal’s PYUSD stablecoin, previously only available on Ethereum, will now offer “confidential transfers” on Solana. This feature allows merchants to provide transaction amount confidentiality to consumers while maintaining visibility for regulatory purposes. PYUSD on Solana will also benefit from additional programmability, including “transfer hooks” for more control over the asset.
6. BlackRock’s IBIT Leads Net Inflows in Spot Bitcoin ETFs:
Spot Bitcoin ETFs in the U.S. saw a total daily net inflow of $28.32 million on May 29th, marking the 12th consecutive day of inflows. BlackRock’s IBIT led the inflows with $24.5 million worth of funds. Grayscale’s GBTC, on the other hand, experienced net outflows of $31 million, widening the gap between IBIT and GBTC. Fidelity’s FBTC followed IBIT with net inflows of $18 million. In total, the 11 Spot Bitcoin ETFs saw combined net inflows of over $2 billion in the past 12 days, bringing the cumulative total net inflows since January to $13.76 billion.
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