In this episode of the Crypto Daily Download, we dive into the latest developments in the cryptocurrency world. Discover how U.S. dollar-backed stablecoins could potentially withdraw around $500 billion from U.S. banks by 2028, with regional banks facing the most exposure. We discuss insights from Geoff Kendrick, the global head of digital asset research at Standard Chartered. Learn about Gemini Trust’s decision to shut down its digital art token marketplace, Nifty Gateway, and what it means for users as they transition to a withdraw-only mode. We highlight Mesh Connect’s recent $75 million funding round that has propelled its valuation to $1 billion, and its ambitious plans to expand into new regions, including Latin America, Asia, and Europe and get the scoop on Digital Edge’s $4.5 billion investment to build one of Indonesia’s largest data center campuses, designed to support AI and deliver significant IT capacity. Jane King with the latest from the NYSE.
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Here's a look at your crypto daily download.
US dollar-backed crypto tokens known as stablecoins could pull around $500 billion in deposits out of US banks by the end of 2028.
That's according to Standard Chartered estimates.
A new analysis that could intensify a fight between the banks and the crypto companies over legislation to set rules for the digital assets sector.
Regional US banks would be the most exposed.
To a loss of deposits due to stable coins, according to Jeff Kendrick, who is the global head of digital asset research at Standard Chartered.
The analysis was based on lenders's net interest margin income, the difference between what a bank earns on loans and what it pays out on deposits.
Gemini Trust, the cryptocurrency exchange owned by Tyler and Cameron Winklevoss, said it will shut down its digital art token marketplace, nifty gateway in February.
Users can no longer list, purchase, or sell such tokens on the platform, which entered withdraw only mode on Friday.
Customers must pull their assets by February 23rd, after which Gemini will then continue to support the tokens in the Gemini wallet.
Overall trading volume in the industry has plunged since prices tumbled from a few years ago.
Mesh Connect secured a $1 billion valuation after a recent $75 million funding round led.
Dragonfly Capital Mesh aims to plug platforms into consumers' crypto wallets, and it sees almost $10 billion in monthly volume across its platform with clients including PayPal, Cal and Revolut.
Mesh plans to use the new funds to accelerate its expansion into new regions including Latin America, Asia, and Europe, with a focus on winning local fintechs and payment platforms as clients.
Digital Edge, an Asian digital infrastructure firm plans.
To invest $4.5 billion to build one of Indonesia's largest data center campuses, the campus, an AI-ready hyperscale facility, will deliver 500 megawatts of IT capacity at full development with the potential to rise to 1 gigawatt.
The first building in that phase is scheduled to be ready for service by the 4th quarter, and the 2nd and 3rd are due in the first half of next year.
And that is the latest crypto daily download headlines.