The Weekly Bull-etin: No. 8

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$1.4bn, correlated with 4% increase 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 150bps 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 post Fed rate cuts and liquidity entering the crypto system.

DeFi TVL

DeFi TVL up 8% since over the past week to US$106 billion. RWA as a category remains stable, with TVL of US$5.7bn (up 4% since the beginning of the year).

What’s Mu?

1️⃣ More than 40 Firms Join Central Bank Group to Explore Tokenization for Cross-Border Payments 🤝

2️⃣ Singapore’s DBS Bank to launch crypto options and structured notes in Q4 2024 📈

3️⃣ Louisiana state government accepts Bitcoin and USDC for state services 💵

4️⃣ Janus Henderson teams up on tokenized fund 🪙

5️⃣ First MiCA-Compliant Euro Stablecoin Debuts on Cosmos 🥇