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Paxos and DBS Bank Unveil New USD Stablecoin in Singapore
Paxos has introduced a new U.S. dollar-backed stablecoin, Global Dollar (USDG), aligned with Singapore’s regulatory framework for digital assets. Launched through Paxos Digital Singapore, USDG will have its reserves managed and secured in collaboration with DBS Bank, Singapore’s largest bank. This move follows Paxos receiving approval from the Monetary Authority of Singapore (MAS) in July to issue stablecoins under MAS’s upcoming stablecoin framework. Available initially on Ethereum, USDG is Paxos’s second regional stablecoin offering, following the UAE’s Lift Dollar (USDL).
Tether Reports $2.5B Q3 Profit, Lifting Year-to-Date Earnings to $7.7B
Tether reported $2.5 billion in profit for Q3, pushing its year-to-date earnings to $7.7 billion, up from $5.2 billion in the first half of 2024. The stablecoin issuer attributed growth to strong demand for its USDT, now with $120 billion in circulation, marking a 30% increase this year. Tether’s reserves include over $105 billion in cash and cash equivalents, mainly U.S. Treasuries. CEO Paolo Ardoino highlighted a reserve buffer exceeding $6 billion, reinforcing Tether’s commitment to stability amid rising global interest in stablecoins.
Florida CFO Reveals State Holds Approximately $800 Million in Crypto Assets
Florida’s Chief Financial Officer Jimmy Patronis revealed the state currently holds around $800 million in "crypto-related" assets, adding that he supports expanding Florida’s retirement investments to include cryptocurrencies. This stance aligns with a recent proposal by Patronis that Florida allocate a portion of state retirement funds into digital assets. Patronis also echoed former President Donald Trump’s plan to establish a national stockpile of bitcoin, suggesting that this approach could serve as a hedge against federal centralization. Other U.S. states, like Wisconsin, have also recently invested in crypto-related financial products.
Trading Desk Insights
Today’s trading session saw Bitcoin prices retreat by over 2% from the morning peak of $71,600 to $69,000, with the cryptocurrency market's overall cap shrinking by 6% within the same period. This downturn led to the liquidation of approximately $250 million in bullish positions, reflecting broader market uncertainties. Factors potentially influencing this dip include a shift in the betting odds against Trump's election victory on Polymarket, rising geopolitical tensions between Iran and Israel, and lackluster earnings reports from tech giants like Microsoft and Meta. Meanwhile, U.S. stock averages have ended the week down by about 1%, despite Bitcoin's weekly gain of 2%. Notably, short-term Bitcoin holders transferred roughly $2.3 billion worth of the cryptocurrency to exchanges at a loss on Thursday, following a price drop below $70,000 after nearing record highs earlier in the week.
As we approach the U.S. elections slated for November 5, market volatility is expected to remain high. Traders are also keenly awaiting the Federal Reserve's interest rate decision on November 7, anticipating a 25 basis point reduction. However, the outlook remains unclear for the subsequent Fed meeting on December 18, with the market now pricing in an 81% chance of another 25 basis point cut, while expectations for a steeper 50 basis point reduction have plummeted from 50% to virtually none.
In the equities sector, stocks experienced an uptick this Friday as November trading commenced, spearheaded by significant gains in major tech firms, including Amazon. This positive shift occurred despite a disappointing October jobs report, which revealed only 12,000 new jobs, massively undershooting the anticipated 106,000. This represents the lowest job creation figure since December 2020, maintaining the unemployment rate at 4.1%. However, traders appear to be largely dismissing the weak job data, attributing it to the impact of recent hurricanes and a strike at Boeing.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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