gm 17/10

Summary
gm, Coinbase announced plans to list Binance's BNB token on its roadmap, marking a notable shift in relations between two major competitors in the exchange space. Ripple made a strategic $1 billion acquisition of treasury management firm GTreasury, expanding its capabilities in corporate finance and positioning itself to better serve institutional clients managing digital assets. Meanwhile, institutional investment trends continued to evolve with BlackRock modifying one of its money market funds specifically to serve stablecoin issuers under the GENIUS Act, while Kraken acquired Small Exchange for $100 million to enhance its derivatives trading offerings in the U.S. The market also faced ongoing pressure with Bitcoin testing support at $108,000 amid increased short selling and rising volatility indicators.

News Headlines
💰 Stablecoins Hit Record $314B Market Cap as Competition Intensifies

• The stablecoin market has reached an all-time high capitalization exceeding $314 billion, driven by regulatory clarity regarding their treatment as cash by the U.S. government.
• Major financial institutions are launching their own stablecoin initiatives, intensifying competition with Tether, which currently commands nearly 70% of the market share. The integration of stablecoins into the financial system is accelerating investment in digital infrastructure.

💸 KPMG: Stablecoins Can Cut Cross-Border Payment Costs by 99%

• KPMG's recent report suggests that stablecoins can revolutionize cross-border payments by reducing settlement times from days to seconds and cutting transaction costs by up to 99%.
• Major financial institutions are already implementing blockchain technology for payments, with JPMorgan processing about $2 billion daily through its blockchain platform and PayPal's stablecoin reaching a $1.17 billion market cap.

💹 Visa Eyes $40 Trillion Credit Market With Stablecoins

• Visa's report highlights the potential of stablecoins to impact the $40 trillion global credit market, noting they have already facilitated $670 billion in lending over the past five years.
• Circle's USDC and Tether's USDT account for 98% of stablecoin borrowing, with the average loan size increasing from $76,000 to $121,000, signaling a shift towards blockchain technologies redefining traditional credit markets.

🌞 Daylight Energy Secures $75 Million to Expand Decentralized Solar Network

• Daylight Energy has raised $75 million, including $15 million in equity led by Framework Ventures and a $60 million project development facility, to expand its decentralized solar energy network.
• The company offers a subscription-based program for households without upfront costs, and is introducing DayFi, a decentralized finance protocol linked to electricity revenues, bridging capital markets and renewable energy infrastructure.

⚠️ North Korean Hackers Target Crypto Developers Through NPM Registry

• North Korean hackers have uploaded over 300 malicious code packages to the npm package registry as part of a campaign named "Contagious Interview" specifically targeting Web3 and cryptocurrency developers.
• Approximately 50,000 downloads occurred before many packages were removed, highlighting vulnerabilities in the software supply chain that allow attackers to steal credentials and cryptocurrency wallet keys.

Market Metrics

Fundraising & VC
1. The Small Exchange (M&A, $100M) - U.S.-based futures and derivatives exchange
2. Better Payment Network (Seed, $50M) - blockchain-native cross-border payments and FX protocol on BNB Chain
3. DSRV (Series B, $9.57M) - Seoul-based blockchain infrastructure company

Regulatory
💱 Sony Bank Subsidiary Applies for Crypto Banking Charter

• Sony Bank's subsidiary, Connectia Trust, has filed for a national banking charter to issue U.S. dollar-pegged stablecoins and provide digital asset custody services.
• This application follows a trend of crypto firms seeking regulatory approval from the OCC, with Sony targeting opportunities in the $312 billion stablecoin market.

⚖️ Australia Moves to Regulate Crypto ATMs

• Australia's Home Affairs Minister Tony Burke announced plans to grant AUSTRAC powers to restrict or prohibit crypto ATMs, citing concerns over money laundering and financial crimes.
• The number of crypto ATMs in Australia has surged from 23 to over 2,000 in six years, with authorities reporting that 85% of transactions by top users are linked to scams.

💰 Europe's First Fully Tokenized Stock Exchange Gets License

• Paris-based Lise received a Distributed Ledger Technology license to operate Europe's first fully tokenized equity exchange, targeting IPOs for small and medium-sized enterprises.
• The exchange, backed by shareholders including BNP Paribas, aims to streamline trading and settlement on a blockchain platform, with first listings planned for early 2026.

📱 MEV Bot Exploit Trial Tests Crypto's Legal Boundaries

• Brothers Anton and James Peraire-Bueno are facing trial for a $25 million exploit using maximal extractable value (MEV) bots on the Ethereum blockchain.
• The case could set precedents for the legality of MEV operations, with prosecutors alleging fraud while the defense argues their trading strategy targeted sandwich bots and wasn't illegal.

🏦 Fed Master Accounts for Crypto Firms: Banks Oppose Equal Access

• Ripple CEO Brad Garlinghouse criticized Wall Street banks for opposing Federal Reserve master accounts for crypto firms, calling their stance hypocritical and anti-competitive.
• Garlinghouse argued that crypto companies should follow the same regulatory standards as traditional finance but also deserve equal access to financial infrastructure.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency has marginally broken down through support at points 109600. An established break predicts a further decline. The volume balance is negative and weakens the currency in the short term. The currency is overall assessed as technically negative for the short term.

Ethereum - Ethereum is within an approximate horizontal trend channel in the short term. This indicates that investors are uncertain and waiting for signals of further direction. A break upwards will be a positive signal, while a break downwards will be a negative signal. There is no support in the price chart and further decline is indicated. In case of a positive reaction, the currency has resistance at 4300 points. Negative volume balance weakens the currency in the short term. The currency is overall assessed as technically negative for the short term.