The Weekly Bull-etin: No. 17

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!

Mu-sings from the Editor

Gm,

This week, stablecoins hit an all-time high of $190B in market cap. The demand for stablecoins tracks capital flow into digital assets, as the cryptocurrency market continues to outperform. Crypto investors continue to expect the U.S. government to be friendlier toward the industry following Donald Trump's election victory.

Now, let's dive into some news about stablecoin market leader Tether. Since November 8, Tether has minted 13B USDT. According to on-chain analytics site Lookonchain, the stablecoin company has been minting 3B USDT daily.

On the TradFi side, Cantor Fitzgerald has acquired a 5% stake in stablecoin issuer Tether, valued at up to $600M. This acquisition, which occurred within the past year, positions the firm to potentially leverage political influence through its CEO Howard Lutnick, who was recently appointed as U.S. President-Elect Donald Trump’s Secretary of Commerce.

Lastly, Tether has ended support for its Euro-pegged stablecoin EURT. The blockchain-enabled platform disclosed that the decision was reached due to changes in the stablecoin regulatory framework in the European market.

To fill the gap, Euro-pegged stablecoin alternatives are emerging. Schuman Financial, a new cryptocurrency firm founded by former Binance executives, including Martin Bruncko and Eduardo Morrison, has officially launched a new euro-pegged stablecoin, EURØP.

Until next time,

LA Yepez

What’s Mu?

1️⃣ Stablecoins Hit Record $190B Market Cap, Surpassing Pre-Terra Crash Peak

2️⃣ Stablecoin trading volume surges to $1.8T in November

3️⃣ Tether mints an additional $3 billion in USDt stablecoins

4️⃣ Cantor Fitzgerald Acquires 5% Stake in Stablecoin Issuer Tether, Valued up to $600M

5️⃣ Tether ends support for Euro-pegged stablecoin EURT

6️⃣ Schuman Financial Introduces Euro-Backed Stablecoin EURØP for Payments and Asset Tokenization

Charts of the Week

Onchain Yield Alternatives

This week, delta neutral yields increased to 29%, as frothy crypto markets elevated funding rates. Meanwhile, yields on US Treasuries, AAVE, and DAI remained stable. Native onchain yield alternatives are currently more attractive than tokenized US treasuries.

DeFi TVL Trends

DeFi Total Value Locked (TVL) has increased by 6% to US$150 billion, marking the fourth consecutive week of growth and setting a new high for 2024. Real-World Asset (RWA) protocols continue to see weekly TVL growth.

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