The Weekly Bull-etin: No. 10

Welcome to Mu Digital's Weekly Bull-etin! We are bringing you the latest news and insights into real world assets ("RWA"), tokenization, stablecoins and yield products in the Web3 and Decentralized Finance ("DeFi") industry. Follow us to keep updated!

Charts of the Week

Stablecoin Mint / Burn Trend vs. BTC

Net weekly stablecoin burn of (US$0.9bn), in line with with 5% decrease of BTC over the past week. Net stablecoin flows over time generally track rotation of capital into sector and market sentiment (BTC used as proxy for market).

Stable Yields

Delta neutral yields (USDe) pick up of 60bps over the past week as markets recover. Onchain savings rate (AAVE) continue to trade below TradFi risk free rates. We expect US treasury yields and crypto reflexive yields to continue inversion throughout the year as further Fed rate cuts are expected.

DeFi TVL

DeFi TVL down 6% over the past week to US$103 billion. RWA as a category continues to remain attractive, with TVL of US$6.3bn (up 14% since the beginning of the year).

What’s Mu?

1️⃣ Coinbase Leads EU Stablecoin Purge: What’s Being Delisted and Will Other Platforms Join? 👎

2️⃣ BlackRock and Ethena Partner Up to Launch New Stablecoin USbt 🪙

3️⃣ BlackRock Exec Says Crypto Serves as Valuable Gateway for Institutions 🌉

4️⃣ PayPal Completes First Business Payment Using $PYUSD, Highlighting Stablecoin's Commercial Utility 💵

5️⃣ Guggenheim Partners Issues $20M in Tokenized Commercial Paper on Ethereum 💰

6️⃣ Introducing Zoth Tokenized Liquid Notes (ZTLN): Your Gateway to Secure Onchain Yields 🙋‍♂️