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Cryptocurrency fund manager Valkyrie Digital Assets has set its sights on establishing a spot Bitcoin exchange-traded fund (ETF), filing an S-1 registration form with the Securities and Exchange Commission (SEC).

Popular decentralized finance protocol MakerDAO, the project behind the cryptocurrency-backed stablecoin DAI, has bought an additional $700 million worth of U.S. Treasurys, bringing the total in its DAI reserve to $1.2 billion.

The Monetary Authority of Singapore (MAS), in conjunction with the International Monetary Fund (IMF), Banca d'Italia, Bank of Korea, financial institutions, and fintech firms, has unveiled proposals for setting standards in the use of digital money.

Top stories in the Crypto Roundup today:

  • Valkyrie Files for Spot Bitcoin ETF, Joining Race with BlackRock and Invesco
  • MakerDAO Boosts Its DAI Reserve with $700 Million U.S. Treasury Purchase
  • Central banks, IMF Collaborate with Amazon and Others on Setting Standards for Digital Money
  • Stablecoin Market Cap Declines for 15th Consecutive Month

 
24 hours chart of the price of BTC
 

Valkyrie Files for Spot Bitcoin ETF, Joining Race with BlackRock and Invesco

 

Cryptocurrency fund manager Valkyrie Digital Assets has set its sights on establishing a spot Bitcoin exchange-traded fund (ETF), filing an S-1 registration form with the Securities and Exchange Commission (SEC).

The move sees Valkyrie enter what appears to be a race for a spot Bitcoin  ETF with several large financial industry players, including BlackRock and Invesco. If accepted, the firm plans to list its ETF on the Nasdaq under the ticker “BRRR.”

Valkyrie introduced the second Bitcoin futures ETF in the US, the Valkyrie Bitcoin Strategy ETF (BTF), in October 2021. December of the same year witnessed the launch of the Valkyrie Balance Sheet Opportunities (VBB), though it was liquidated in October 2022.

The firm also manages the Valkyrie Bitcoin Miners ETF (WGMI), which tracks the securities of companies whose revenue or profits spring from Bitcoin mining. In pursuit of diversification, the firm applied on May 16 for a Bitcoin futures ETF, dubbed the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFD).

Contrary to its proposed spot Bitcoin  ETF, which is designed as a trust, BTFD would function as a fund.

 
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MakerDAO Boosts Its DAI Reserve with $700 Million U.S. Treasury Purchase

 

Popular decentralized finance protocol MakerDAO, the project behind the cryptocurrency-backed stablecoin DAI, has bought an additional $700 million worth of U.S. Treasurys, bringing the total in its DAI reserve to $1.2 billion.

The move is part of Maker’s “Endgame Plan,” which has been seeing Maker increasingly incorporate traditional financial assets, like government bonds, into its reserve to support the stablecoin.

This step is part of a plan greenlit in March to increase the maximum limit of a real-world asset (RWA) vault, which invests in short-term government bonds, to $1.25 billion. Asset manager Monetalis oversees the vault, one of the mechanisms that helps maintain DAI's $1 price peg.

As part of a larger reorganization, Maker is segmenting its structure into smaller, autonomous units known as SubDAOs, while also investing in yield-generating, real-world assets to enhance protocol revenue during a period of muted demand for crypto lending.

The Maker community has recently endorsed the onboarding of a new RWA vault managed by crypto asset manager BlockTower, signifying a preliminary move towards an additional U.S. Treasury purchase of up to $1.28 billion in the future.

The DAO also supported the idea of offloading $500 million of Paxos Dollar (USDP) and $390 million of Gemini Dollar (GUSD) from the reserve, instead opting for more profitable investments.

 
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Central banks, IMF Collaborate with Amazon and Others on Setting Standards for Digital Money

 

The Monetary Authority of Singapore (MAS), in conjunction with the International Monetary Fund (IMF), Banca d'Italia, Bank of Korea, financial institutions, and fintech firms, has unveiled proposals for setting standards in the use of digital money.

The suggested framework will encompass central bank digital currencies (CBDCs) and tokenized bank deposits on a distributed ledger, as indicated in a recently published technical white paper.

The white paper proposes a universal protocol that lays out the parameters within which underlying digital money can be utilized. E-commerce giant Amazon.com (AMZN), financial services company FAZZ, and superapp developer Grab are working together to pilot test escrow arrangements for online retail transactions.

The arrangements would ensure that payments are released to the merchant only after the customer has received the items purchased. The paper recognizes the contentious nature of digital money's programmability, citing European Union regulations against it for potentially infringing upon freedoms offered by cash.

 
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Stablecoin Market Cap Declines for 15th Consecutive Month

 

In June, the overall market value of stablecoins witnessed a slight dip of 0.57%, settling at $128 billion - the lowest it's been since September 2021. This marks the fifteenth straight month of decrease in the market capitalization of stablecoins.

Stablecoins now hold an 11.8% share of the total crypto market, a rise from 11% in May. However, this figure still falls short of its peak dominance of 16.6%, which was recorded in December 2022.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report

 
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