A week of sharp declines, and two institutional developments were overshadowed by the market
Everyone’s attention this week was on BTC falling below 70,000 and continued outflows from spot ETFs. But while going through the weekly reports, I noticed two longer-term developments that received little discussion:
First, Coinbase announced that it had received a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC), bringing its institutional custody business under federal oversight. According to reports, the charter covers custody and related services, but not ordinary retail deposits, traditional lending, or the direct issuance of stablecoins. The company plans to move its custody business in New York over within three years.
Second, the New York Stock Exchange chose Avalanche as the settlement infrastructure for its planned tokenized securities trading platform.
My take is that prices are falling, but progress in connecting traditional finance to crypto infrastructure hasn’t stopped. Bringing custody under regulatory oversight and putting securities on-chain are both slow-moving trends. They don’t change the near-term reality of ETF outflows and leveraged positions being flushed out, but they will determine what channels the next wave of capital uses to enter the market.
Of course, there’s still a long way between news being announced and it generating real trading volume, so it shouldn’t be interpreted as a short-term bullish catalyst.
Do you think bringing traditional finance on-chain will be one of the main themes of the next market cycle?
#代币化 #Coinbase #RWA #BTC #Institutional developments
Everyone’s attention this week was on BTC falling below 70,000 and continued outflows from spot ETFs. But while going through the weekly reports, I noticed two longer-term developments that received little discussion:
First, Coinbase announced that it had received a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC), bringing its institutional custody business under federal oversight. According to reports, the charter covers custody and related services, but not ordinary retail deposits, traditional lending, or the direct issuance of stablecoins. The company plans to move its custody business in New York over within three years.
Second, the New York Stock Exchange chose Avalanche as the settlement infrastructure for its planned tokenized securities trading platform.
My take is that prices are falling, but progress in connecting traditional finance to crypto infrastructure hasn’t stopped. Bringing custody under regulatory oversight and putting securities on-chain are both slow-moving trends. They don’t change the near-term reality of ETF outflows and leveraged positions being flushed out, but they will determine what channels the next wave of capital uses to enter the market.
Of course, there’s still a long way between news being announced and it generating real trading volume, so it shouldn’t be interpreted as a short-term bullish catalyst.
Do you think bringing traditional finance on-chain will be one of the main themes of the next market cycle?
#代币化 #Coinbase #RWA #BTC #Institutional developments