The Weekly Bull-etin: No. 11

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 mint of US$0.0bn, on relatively flat BTC price action 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) down 260bps over the past week, while onchain savings rate (AAVE) continue to trade below TradFi risk free rates. We expect US treasury yields and crypto reflexive yields to continue inversion post Fed rate cuts but continue to watch where the equilibrium point lands for delta neutral strategies.

DeFi TVL

DeFi TVL down 4% over the past week to just below US$100 billion. RWA as a category remains stable, with TVL of US$6.5bn (up 18% since the beginning of the year).

What’s Mu?

1️⃣ Stripe Brings Back USDC Payments After Six-Year Gap 👋

2️⃣ XSGD, Singapore’s First Dollar-Backed Stablecoin, Launches on Bitstamp to Power Global Cross-Border Payments 🚀

3️⃣ PayPal Completes First Business Payment Using $PYUSD, Highlighting Stablecoin's Commercial Utility 💰

4️⃣ South Korea plans to regulate cross-border stablecoin transactions 🌐

5️⃣ State Street Explores Blockchain Solutions for Bonds and Funds 🔎