By Shikha Singh
Market Cap of Ethena’s USDe Stablecoin Surged 60% In Six Weeks.
Ethena’s yield-bearing stablecoin, USDe, has seen a significant surge in adoption, with its market cap rising by 61% to an all-time high of $3.87 billion since mid-October.
This makes USDe the fourth-largest stablecoin, surpassing First Digital USD (FDUSD) and approaching DAI.
The growth is attributed to rising yields for holders, driven by Ether staking rewards and short funding rates for ETH, with some holders earning an annual yield of 25%.
Several centralized exchanges have integrated USDe, thereby expanding its reach. Additionally, competition in the yield-bearing stablecoin market is growing, with other platforms like Curve and Binance launching similar products offering high returns to users.
Shiba Inu Lead Says Burning 99% of SHIB Circulating Supply is Possible.
Shiba Inu’s lead, Shytoshi Kusama, addressed the possibility of burning 99% of SHIB’s circulating supply, stating it is achievable but not a primary focus.
While the goal would have been difficult in the past, Kusama believes it’s possible if more projects adopt Shiba Inu’s tech stack.
However, he warned that higher burn rates could eventually make SHIB too expensive, slowing down the process.
Kusama emphasized that increasing adoption and real-world use cases for SHIB is a more sustainable way to boost its value and ecosystem.
He believes that driving utility and mainstream adoption will be key to Shiba Inu’s long-term success.
Singapore Gulf Bank to Raise Funds, Buy Stablecoin Payments Firm.
A Middle Eastern sovereign wealth fund and other investors will purchase a less-than-10% equity stake from Singapore Gulf Bank, a startup bank with a Bahraini license, in an effort to raise at least $50 million by early 2025.
The bank will use the funds to enhance product development, expand its payment network, and hire staff. The bank plans to acquire a stablecoin payments company in early 2025, likely in the Middle East or Europe.
The move comes amid growing optimism in the digital asset sector, supported by regulatory advancements.
The bank provides a platform for managing both traditional and digital assets, supported by Bahrain’s Mumtalakat Holding Co. and Singapore’s Whampoa Group.
Philippines Readies Virtual Asset Reporting Portal for Jan. 1 Rollout.
The Philippines’ central bank (Bangko Sentral ng Pilipinas, BSP) is tightening reporting requirements for virtual asset service providers (VASPs) to improve data collection and oversight.
A new reporting portal will launch by January 1, 2025, requiring VASPs to submit 13 reports at different intervals, including monthly transaction volumes, quarterly data on operating offices, and annual audited financial statements.
Failure to comply will result in enforcement actions. The BSP also issued a warning to the public about unregistered VASPs, noting that only 14 have been registered, with seven of them currently operational.
Additionally, the BSP cautioned against crypto scams and clarified that Governor Eli Remolona, Jr. does not endorse any crypto projects.
Winklevoss Demands FTX Campaign Finance Probe.
Cameron Winklevoss, co-founder of Gemini, is calling for a renewed investigation into the dropped campaign finance charges against Sam Bankman-Fried (SBF), the convicted founder of the collapsed FTX exchange.
He criticized the Department of Justice (DOJ) for failing to investigate claims that they used stolen customer funds to make over $100 million in political donations to influence U.S. elections.
Winklevoss questioned the lack of attention to these serious charges, particularly given their potential to influence election outcomes.
The DOJ initially dropped the charges due to objections from Bahamian authorities, but Winklevoss urges the incoming U.S. Attorney General to investigate further.
Meanwhile, Bankman-Fried is serving a 25-year sentence, and FTX’s bankruptcy managers are working on asset recovery.
Metaverse Tokens SAND & MANA Signal Recoveries as NFT Sales Volume Jumps 40%.
The NFT sector has seen a resurgence with approximately $158 million in weekly sales, reflecting growing interest despite a 13% drop from the previous week.
Ethereum led in sales at $49 million, while Solana had the most buyer activity. This marks a significant recovery compared to earlier in November, when NFT sales were just $93 million.
Additionally, the altcoins Sandbox (SAND) and Decentraland (MANA) have shown bullish momentum, with SAND experiencing a 110% increase over the past week and MANA gaining nearly 4%.
This suggests a potential rebound for both tokens as the broader crypto market, fueled by Bitcoin’s rising price, enters a more optimistic phase.
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