📰 Web3 Morning News | 11.13
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🟥 Regulation & Macro
▪️ The U.S. Treasury plans to raise due diligence requirements for stablecoin issuers’ counterparties to the same level as banks. The specific timeline and scope have not yet been announced. Compliance costs for issuance, custody, and clearing may rise, giving leading institutions with mature compliance frameworks an advantage.
▪️ The U.S. Department of Justice, business groups, and DeFi companies are jointly challenging Illinois’s 0.2% digital asset transaction tax. They argue that taxing even unprofitable transactions will drive up costs and may conflict with federal law. The final outcome is still subject to a court ruling.
🟩 Projects & Ecosystem
▪️ Frax Finance has launched the FRAX burn engine. Starting in Q4, 8% of the protocol fees retained from frxETH staking revenue will be used to buy back and burn FRAX on the open market. frxETH currently has around $120 million in total value locked, and the mechanism could create sustained deflation.
▪️ DTCC plans to bring tokenized stocks, ETFs, and U.S. Treasuries to Solana in 2027. Expectations for institutional-grade settlement are rising, but wallet access rules and the actual pace of partnerships remain key to implementation.
🟦 Capital & Markets
▪️ BTC fell below $71,000 to $70,995.50, down 1% on the day. Grayscale says correlations between crypto sectors and BTC are declining. The AI sector’s annualized volatility has reached 85%, and capital is increasingly being priced according to each sector’s own fundamentals.
▪️ Strategy’s share price fell 5% after it was removed from an MSCI index. Meanwhile, State Street’s 13F filing showed it held around $1.22 billion in Strategy and increased its position by 6%. Tether has about $4.8 billion of stock market exposure through 13 U.S.-listed companies, as cross-allocation between institutions and crypto markets continues to expand.
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💡 Opportunity Insights
1️⃣ BTC and high-volatility altcoins: $BTC is currently at $70,995.50, and the short-term outlook remains cautious. Grayscale data shows that volatility across sectors is generally higher than BTC’s. Altcoins should no longer be viewed as simply moving in sync with BTC; prioritize areas with independent catalysts, ample liquidity, and sustained capital inflows.
2️⃣ Solana and RWA infrastructure: DTCC’s tokenized securities plan provides medium-term narrative support for $SOL , but wallet rules may limit actual participation. Wallets, custody, oracles, settlement, and compliance services are more worth tracking than simply chasing token prices. Wait for partnership details and testing progress to be confirmed.
3️⃣ Frax and compliant stablecoins: The $FRAX burn engine directly links frxETH protocol fees with token deflation. If revenue and open-market execution remain steady, supply-side pressure may persist. Also keep an eye on leading stablecoin ecosystems with bank-grade compliant reserves, on-chain payments, and institutional settlement capabilities.
These views are for reference only and do not constitute investment advice. Please assess market volatility rationally.
━━━━━━━━━━━━━
🟥 Regulation & Macro
▪️ The U.S. Treasury plans to raise due diligence requirements for stablecoin issuers’ counterparties to the same level as banks. The specific timeline and scope have not yet been announced. Compliance costs for issuance, custody, and clearing may rise, giving leading institutions with mature compliance frameworks an advantage.
▪️ The U.S. Department of Justice, business groups, and DeFi companies are jointly challenging Illinois’s 0.2% digital asset transaction tax. They argue that taxing even unprofitable transactions will drive up costs and may conflict with federal law. The final outcome is still subject to a court ruling.
🟩 Projects & Ecosystem
▪️ Frax Finance has launched the FRAX burn engine. Starting in Q4, 8% of the protocol fees retained from frxETH staking revenue will be used to buy back and burn FRAX on the open market. frxETH currently has around $120 million in total value locked, and the mechanism could create sustained deflation.
▪️ DTCC plans to bring tokenized stocks, ETFs, and U.S. Treasuries to Solana in 2027. Expectations for institutional-grade settlement are rising, but wallet access rules and the actual pace of partnerships remain key to implementation.
🟦 Capital & Markets
▪️ BTC fell below $71,000 to $70,995.50, down 1% on the day. Grayscale says correlations between crypto sectors and BTC are declining. The AI sector’s annualized volatility has reached 85%, and capital is increasingly being priced according to each sector’s own fundamentals.
▪️ Strategy’s share price fell 5% after it was removed from an MSCI index. Meanwhile, State Street’s 13F filing showed it held around $1.22 billion in Strategy and increased its position by 6%. Tether has about $4.8 billion of stock market exposure through 13 U.S.-listed companies, as cross-allocation between institutions and crypto markets continues to expand.
━━━━━━━━━━━━━
💡 Opportunity Insights
1️⃣ BTC and high-volatility altcoins: $BTC is currently at $70,995.50, and the short-term outlook remains cautious. Grayscale data shows that volatility across sectors is generally higher than BTC’s. Altcoins should no longer be viewed as simply moving in sync with BTC; prioritize areas with independent catalysts, ample liquidity, and sustained capital inflows.
2️⃣ Solana and RWA infrastructure: DTCC’s tokenized securities plan provides medium-term narrative support for $SOL , but wallet rules may limit actual participation. Wallets, custody, oracles, settlement, and compliance services are more worth tracking than simply chasing token prices. Wait for partnership details and testing progress to be confirmed.
3️⃣ Frax and compliant stablecoins: The $FRAX burn engine directly links frxETH protocol fees with token deflation. If revenue and open-market execution remain steady, supply-side pressure may persist. Also keep an eye on leading stablecoin ecosystems with bank-grade compliant reserves, on-chain payments, and institutional settlement capabilities.
These views are for reference only and do not constitute investment advice. Please assess market volatility rationally.