Bitcoin all-time high and more to come
- Thread starter raiders72001
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Big Banks Can Find Safety in Numbers on a Stablecoin
Working together could shield them individually from the reputational risk of any coin they issue being used to fund crime or terror.Banks are contemplating a role for themselves in stablecoins if pending US legislation helps take cryptocurrencies and their gateway products mainstream. Companies owned by Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co. have had discussed jointly issued coins, according to the Wall Street Journal. European lenders such as Banco Santander SA are also potentially interested in such projects.
It makes sense for banks to be involved in products that could compete directly with their own payment services and deposits. It’s also sensible for them to work together to shield them individually from the reputational risk of any coin they issue being used to fund crime or terror. They still need better rules and defenses around that possibility as well as confidence that the technology will be reliable.
President Donald Trump along with his family and friends are much more open to the possibilities of cryptocurrencies than previous administrations, to put it mildly. Congress is working on legislation for cryptocurrencies and stablecoins — the Genius Act and the Stable Act — to give them a practical foundation.
JPMorgan already has its own coin, but that has been limited to strictly internal uses to make cross-border transfers quickly and efficiently for its own clients. Big lenders will likely prefer joint projects rather than putting their own name to a public coin. Banks have previously worked together on new technologies to share both the costs and the risks while helping to create the level of trust that would encourage people to adopt them. Most recently, several lenders backed Zelle, an electronic instant payments service for consumers now offered by more than 2,000 US lenders. Zelle’s operating company is one of the firms involved in the joint stablecoin talks, the Wall Street Journal reported.
Stablecoins could prove to be a useful form of international payments in the future as well as a place to store money that isn’t a bank. Their main function today is as a staging place for moving money in and out of other kinds of crypto assets. The coins are meant to hold their value in dollar terms and be backed by cash-like assets such as Treasuries and government bills, money-market fund shares or bank deposits.
To have a chance of becoming broadly popular, these coins ought to become more like money-market funds, which would mean passing much of the interest they earn on their assets through to the holders of the coins. Yield-bearing stablecoins have grown rapidly in recent months and pose a growing threat to the existing interest-free versions that dominate the market, according to recent analysis from Bloomberg News.
Issuers of the leading stablecoins, such as Tether Holdings SA, which had links to Commerce Secretary Howard Lutnick, became hugely profitable by pocketing the interest paid on the reserves backing their stablecoin instead of paying it out to users.
The legislation making its way through Congress proposes barring stablecoins from paying interest, protecting the profits of existing players. Banks also support the interest ban to help prevent coins from competing for their funding alongside money-market funds.
For investment banks, the bigger prize would be gaining access to the markets for trading cryptocurrencies, which have large retail markets and growing institutional interest, too. Electronic market makers such as Jane Street LLC or Citadel Securities dominate liquidity provision in digital asset markets because banks aren’t involved yet.
Non-banks collectively made crypto-linked revenue last year similar to what they made in foreign exchange market making, or about $3.25 billion, according to estimates from Coalition Greenwich this week. Splitting that between pure market making and proprietary trading — betting a firm’s own money in markets — is difficult to do, Coalition Greenwich said. Still, the trading fees for big banks could be significant if these markets do become more mainstream.
The biggest risk for banks becoming involved in any of this is crypto’s continuing links to criminal activity — whether that’s stablecoins or other assets. That is what has led many to steer clear even as the industry’s backers have complained of being unfairly — or even politically — denied access to banking services.
Big lenders should absolutely be involved in this technology if it’s going to prove useful, but defending themselves and their countries against criminal and terror-related financing remains the most important problem to solve before that can happen. Working together makes sense for that as well as being a shield against reputational risk....bloomberg news
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Circle Internet Group Inc. and some of its backers are seeking to raise as much as $624 million in a long-awaited initial public offering, as crypto companies increasingly tap the public markets to raise funds.
The New York-based company behind the second-largest stablecoin and some of its shareholders are offering 24 million shares for $24 to $26 each, according to a filing with the US Securities and Exchange Commission on Tuesday.
The New York-based company behind the second-largest stablecoin and some of its shareholders are offering 24 million shares for $24 to $26 each, according to a filing with the US Securities and Exchange Commission on Tuesday.
Yes
When was the last time one of these big banks have been right about anything?
These banks are like institutional Jim Cramers
But, but, but.....IT'S dEceNtRaLiZEd
Cramer worked at a bank...he is not the bank.
the dollar is down 10% against other currencies.............that is not good. China is gaining on the dollar. The US is going broke.
People’s Bank of China Governor Pan Gongsheng laid out in the clearest terms yet his vision for the future of a new global currency order after decades of dollar dominance, predicting a more competitive system will take root in the years to come.
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If the US Dollar is no longer the world's reserve currency, the US is in trouble. Back to my favorite subject, BTC $104k, not much longer until a new all time high.
the world is splitting...the dollar---- china currency...
china is paying and collecting in their currency.
Circle’s Relationship With Interest Rates Isn’t a Straight Line
Wider stablecoin adoption, plus smaller partner payments, could offset pressure from lower returns on cash
Newly listed stablecoin company Circle Internet Group primarily makes money by earning yield on the cash people give it to create new coins.But to live up to the market’s soaring expectations, the issuer of USDC might actually be better off in the longer run if interest rates go down.
Shares of Circle, which started publicly trading on Thursday, have soared in trading from their issuance price of $31 per share, and are at around $100 on Friday morning. Based on the number of outstanding Class A and B common shares listed in its prospectus, that gives it a market value close to $22 billion, and puts its multiple of price-to-trailing 12-month earnings at more than 125 times.
For some investors, valuation metrics likely matter little, because Circle to them isn’t a kind of newfangled bank. It is a bet on future possibilities. In the view of many crypto backers, stablecoins—or digital tokens that are meant to represent a fixed amount of a traditional currency, such as dollars or euros—can be a vital part of the day-to-day financial system for everyone, used as part of consumer payments, for example.
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For all the problems the USD has, it still IS the world’s reserve currency. Gold has surpassed the euro for the second spot.
ETH is going to blow right through it's ATH. Up 55% in the last 30 days. ETH , SOL and PENGU are the best plays if you're outside of BTC.
I didn't say it's not now. I'm saying if the USD is replaced as the world's reserve currency, that the US is in trouble economically. The world's reserve currency changes every 100 years or so. In 50 years, it will be BTC or another digital currency.
A digital currency will be a world-wide currency.
. The banks could bring stablecoins into their platform or their own CBDC. Bitcoin is probably 3rd or worse... Bitcoin is too volatile . The margins & the fees are crazy right now. IMO it will be left as a speculative financial asset. Not officially Bitcoin has national security reserve like gold but right now is way behind gold in market cap.
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- THIS IS FROM THE WHITEHOUSE............The Order creates a Strategic Bitcoin Reserve that will treat bitcoin as a reserve asset.
- The Strategic Bitcoin Reserve will be capitalized with bitcoin owned by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings. Other agencies will evaluate their legal authority to transfer any bitcoin owned by those agencies to the Strategic Bitcoin Reserve.
- The United States will not sell bitcoin deposited into this Strategic Bitcoin Reserve, which will be maintained as a store of reserve assets.
- The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies impose no incremental costs on American taxpayers.
All this eth money is going to roll into alts
10x to 30x is going to be coming in the next 90 days
Get a piece of this bag or watch others collect
10x to 30x is going to be coming in the next 90 days
Get a piece of this bag or watch others collect
when the rest of the country finds out about bitcoin.......they will leave stocks to some degree with the 10-25% per year and play bitcoin and ETHE and never look back. A lot of people do not know anything about it or are afraid. It will come.... bitcoin will then go to 1 million
Tom Lee is a scumbag
Excuse me got him confused with Charlie lee
Well the ponzi scheme is that when the recs get into bitcoin and eth the big bag holders like blackrock will just sell sending the price down scaring away people who will buy high and sell low.
then it's big bags buying at discounts. rinse and repeat
Altcoin season is here. BTC dominance sliding. ETH, SOL and SUI will take turns.
the only one i see making it is ETHE..... they are putting stablecoins in the banks using Ethereum platform....
bitcoin i assume will be an speculative asset since already inside the brokerage/banks... the others? unless they use the others for a coin or two to each country... since there are about 195 countries????
stable coins will get rid of Paypal, venmo etc. ..use it anywhere in the world.
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SOL does more transactions than all the other chains combined by a fairly big margin. ETH leads in institutional investing and value locked which is huge. Transactions are being done on SOL since it’s cheaper and faster.
the banks will be using stablecoins... will it cost anything ..i have no idea. Zelle doesn't cost anything. SOL is sloppy if it is not in the bank. Stablecoins will blow away SOL in Transactions when the banks put it on their platform using Ethereum.