Weekly Bull-etin: No. 9

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$0.1bn, relatively flat despite 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), despite the trend over the past week.

Stable Yields

Delta neutral yields (USDe) pick up of 400bps 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 4% over the past week to US$111 billion. RWA as a category remains stable, with TVL of US$5.9bn (up 8% since the beginning of the year).

What’s Mu?

1️⃣ Ethena to launch new stablecoin backed by BlackRock’s BUIDL 🚀

2️⃣ DWF Labs to debut its synthetic stablecoin as early as Q4 this year 🚀

3️⃣ Plume Network ready to tokenize $1.25 billion of RWA in 2024 💰

4️⃣ Wall Street’s Guggenheim Treasury tokenizes $20M paper on Ethereum 🪙

5️⃣ Franklin Templeton Plans to Launch Mutual Fund On Solana 🤝

6️⃣ Vitalik Buterin endorses Celo for beating Tron in stablecoin addresses 📢