gm 01/10

Summary
gm, Multiple stablecoin developments emerged as Deutsche Börse announced integration of Circle's USDC and EURC into European financial markets, while Visa launched a pilot program treating stablecoins as cash equivalents for cross-border transactions. Additionally, the SEC showed regulatory flexibility through two notable actions: considering allowing stock tokens to trade on crypto exchanges and issuing a no-action letter for DePIN tokens like DoubleZero, signaling a more pragmatic approach to blockchain innovation in the financial ecosystem.

News Headlines
🤖 OpenAI Unveils Sora 2 with Social App Integration

• OpenAI has launched Sora 2, its latest video generation model, alongside a new iOS app that allows users to integrate themselves into AI-generated videos through a feature called "cameos."
• This enhanced model generates synchronized dialogue and sound effects with improved physics awareness, maintaining realism in complex actions and multi-scene continuity.

📱 Phantom Launches Stablecoin and Payment Service

• Phantom, a major crypto wallet provider, has introduced its own stablecoin named CASH and a new financial platform called Phantom Cash, developed in collaboration with Stripe and Bridge.
• The service supports peer-to-peer transactions, a Visa debit card, and rewards on unused stablecoins, enhancing Phantom's offerings beyond traditional wallet capabilities.

📊 BlackRock's IBIT Options Now Dominate Bitcoin Derivatives Market

• BlackRock's iShares Bitcoin Trust (IBIT) has surpassed Deribit to become the leading venue for Bitcoin options, with an open interest of nearly $38 billion compared to Deribit's $32 billion.
• This shift, occurring less than a year after IBIT options launched, indicates a significant transformation in crypto derivatives trading, bringing increased legitimacy and liquidity to regulated markets.

💸 Coinbase's Bitcoin-Backed Loans Surpass $1B, Borrowing Cap to Increase

• Coinbase's bitcoin-backed loan program has exceeded $1 billion in originations since its January launch, with an average loan size of approximately $54,000.
• Due to growing demand, Coinbase plans to increase its borrowing cap from $1 million to $5 million in the coming weeks, reflecting increasing interest in using cryptocurrency as collateral.

💰 Tether Adds $1 Billion in Bitcoin to Reserves as USDT Supply Approaches $175B

• Tether has significantly increased its Bitcoin reserves, adding 8,889 BTC valued at approximately $1 billion, boosting its total Bitcoin holdings to $9.7 billion.
• The addition coincides with a rise in USDT's supply, which now stands at nearly $175 billion, reflecting a 10.7% increase over the last quarter.

Market Metrics

Fundraising & VC
1. Talus Network (Strategic, $10M) - AI infra & network
2. BaseVol (Seed, $3M) - Options-​trading platform built on Base
3. Nolan (Seed, $2M) - Meme + AI-powered Web3 ecosystem
4. Drake Exchange (Seed, $1M) - Decentralized on-chain perpetual DEX built on the Monad network

Regulatory
💸 Solana ETF Approval Now "100% Certain" According to Analysts

• Bloomberg analyst Eric Balchunas suggests Solana ETF approval is now virtually certain, with filings reaching their fourth amendment stage.
• The shift from 19b-4 reviews to S-1 registration has dramatically increased the likelihood of imminent approval, though experts warn of potential "sell the news" corrections upon launch.

🌐 $8 Billion Crypto Network Exposed in Russian Sanctions Evasion

• Leaked documents reveal a network linked to a Moldovan oligarch has allegedly used $8 billion in cryptocurrency to evade sanctions and influence elections.
• Analysis connects the network to extensive stablecoin transactions, suggesting crypto has become central to Russia's strategy for circumventing financial restrictions.

🔄 Ripple CTO David Schwartz to Transition to Board Role

• David Schwartz, Chief Technology Officer of Ripple, announced he will step back from daily responsibilities after 13 years with the company.
• While transitioning to a CTO emeritus role, Schwartz will join Ripple's board of directors and continue focusing on developing new use cases for XRP.

⚖️ UK Court Handles World's Largest Crypto Seizure in $7B Fraud Case

• A Chinese national has pleaded guilty in a UK court to a massive fraud scheme involving nearly $7 billion in Bitcoin, defrauding 128,000 individuals.
• British authorities seized approximately 61,000 Bitcoins, marking the world's largest cryptocurrency seizure to date, with civil proceedings for the recovered funds ongoing.

🚀 SEC Fast-Tracks Crypto ETF Approvals with New Process

• The SEC has requested crypto ETF issuers to withdraw their 19b-4 filings, allowing for a significantly accelerated approval process following a recent rule change.
• This new framework enables exchanges to list certain commodity-based crypto ETFs without individual SEC reviews, potentially leading to approvals within days instead of months.

Technical Analysis
Bitcoin - Investors have accepted lower prices over time to get out of Bitcoin and the currency is in a falling trend channel in the short term. Falling trends indicate that the currency experiences negative development and falling buy interest among investors. The currency is between support at points 113600 and resistance at points 115600. A definitive break through of one of these levels predicts the new direction. The currency is assessed as technically neutral for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency gave a negative signal from the double top formation by the break down through the support at 4298. Further fall to 3878 or lower is signaled. The currency is between support at points 4000 and resistance at points 4300. A definitive break through of one of these levels predicts the new direction. The RSI curve shows a falling trend, which is an early signal of a possible trend reversal downwards for the price as well. The currency is overall assessed as technically negative for the short term.