In this episode of the Coin Street headlines, we dive into the latest headlines shaping the cryptocurrency landscape. Discover how stablecoin transfers reached a record $15.6 trillion in Q3, driven largely by automated trading bots, which accounted for 71% of the total volume. We discuss the U.S. Securities and Exchange Commission’s recent moves, including a no-action letter allowing investment advisors to use state-trust companies for cryptocurrency custody and their stance on tokens linked to decentralized physical infrastructure networks (DIPs). Learn about the significant inflows into bitcoin exchange-traded funds, totaling over $240 million in September, and how firms like BlackRock are benefiting from this trend. We also touch on Michael Saylor’s recent acquisition of over 7,000 Bitcoin last month. Jane King with the latest from the NYSE
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Here's a look at your coin Street headlines.
Stablecoin transfers surged to a record 15.6 trillion in the third quarter of this year, with much of the activity linked to automated trading bots.
That's according to new research from crypto exchange CEX.O.
Now during the quarter, the value of stablecoin transfers reached that $15.6 trillion.
That was the strongest quarter yet.
Bot-driven transfers made.
Up about 71% of the total third quarter stablecoin transfer volume, while the US Securities and Exchange Commission staff has opened up to allowing investment advisors to use state trust companies to custody cryptocurrency assets.
In a rare no action letter, the SEC's Division of Investment Management said it would not recommend that the SEC take enforcement action if advisors use state trust companies as crypto custodians and also The SEC has signaled it will not take enforcement action against tokens tied to blockchain-based decentralized physical infrastructure networks, or DP.
The SEC Division of Corporate Finance chief counsel Michael Sean said he will not recommend enforcement action to the SEC for the planned token launch of the DPE project 00.
SEC Commissioner Hester Purse separately added that the economic reality of DPE projects differs fundamentally.
From the capital raising transactions that Congress charged the commission with regulating and inflows into Bitcoin exchange traded funds totaled over $240 million in September.
This is proving to be a boon for the firms such as BlackRock, which has generated $260 million in revenue from its ETF offerings in the last two years.
Michael Saylor's strategy scooped up over 7000 Bitcoin last month, and that is the latest Coin Street headlines.