Kalam Crypto #109: BlackRock Launch BUIDL on Ethereum
This week, BlackRock launched a tokenization fund on Ethereum, Stablecoins’ supply increasing, currency crises continue in Turkey, and Bitcoin becomes the 5th largest currency in the world, surpassing the oldest currency, the British pound.
"The biggest decision you make daily is what to focus on."
Ahlan wa sahlan, and welcome to the 109th edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, BlackRock launched a tokenization fund on Ethereum, Stablecoins’ supply increasing, currency crises continue in Turkey, and Bitcoin becomes the 5th largest currency in the world, surpassing the oldest currency, the British pound. All that and more on this week’s Kalam Crypto.
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Global News 🌍
BlackRock Launches First Tokenized Fund on Ethereum Blockchain: BlackRock announced the launch of a real-world asset (RWA) tokenization fund on the Ethereum network. The BlackRock USD Institutional Digital Liquidity Fund, represented by the BUIDL token, is fully backed by cash, U.S. Treasury bills, and repurchase agreements, providing daily yield payouts to token holders. This move reflects the increasing convergence of digital assets and traditional finance, with major players like BlackRock, Citi, Franklin Templeton, and JPMorgan embracing tokenization. Tokenized U.S. Treasuries alone have grown substantially, reaching $730 million. BlackRock's CEO, Larry Fink, highlighted the significance of this shift, viewing the company's spot BTC ETF as a stepping stone towards broader tokenization efforts.
Stablecoin Supply Increasing: The total supply of stablecoins has increased by $20 billion over the past 6 months and currently sits at $150 billion in total market capitalization. If stablecoin issuers were a sovereign country, they'd be the 16th largest holder of U.S. treasuries (bonds), if they were a Money Market Mutual Fund (MMMF), they'd be the 14th largest in the world. Tether’s USDT dominates the market with ~70% market share, USDC in second, but its market cap has increased at a faster rate than USDT during the past month.
Local News 📍
Currency crises continue in Turkey: Turkey's central bank made a surprising move by increasing interest rates by 500 basis points to reach 50%. This decision was prompted by a concerning inflation forecast, with the central bank vowing to implement additional tightening measures if inflation risks escalate. This is why bitcoin is crucial to protecting people’s savings. The price of bitcoin in Turkish lira is at an all-time high, increasing over 300% in the last year alone.
Tweet Of The Week 🐥
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Quiz Corner ✅
Last week’s question: True or false: The bitcoin halving decreases the total supply of bitcoin. The correct answer is false.
This week’s question: what percent of on-chain transaction volumes do stablecoins represent?
Less than 10%
Less than 50%
More than 50%
More than 90%
See the answer in next week’s newsletter. Or check out our new learning platform https://university.coinmena.com/
