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DeFi Protocol Usual’s Surge Catapults Hashnote’s Tokenized Treasury Over BlackRock’s BUIDL

Hashnote’s USYC is the primary backing asset of the red-hot decentralized finance protocol Usual, whose USD0 stablecoin zoomed over $1 billion market capitalization in a few months.

There’s been a change of guard at the rankings of the $3.4 billion tokenized Treasuries market.

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Asset manager Hashnote’s USYC token zoomed over $1.2 billion in market capitalization, growing five-fold in size over the past three months, rwa.xyz data shows. It has toppled the $450 million BUIDL, issued by asset management behemoth BlackRock and tokenization firm Securitize, which was the largest product by size since April.

USYC is the token representation of the Hashnote International Short Duration Yield Fund, which, according to the company’s website, invests in reverse repo agreements on U.S. government-backed securities and Treasury bills held in custody at the Bank of New York Mellon.

Hashnote’s quick growth underscores the importance of interconnecting tokenized products with decentralized finance (DeFi) applications and presenting their tokens available as building blocks for other products — or composability, in crypto lingo — to scale and reach broader adoption. It also showcases crypto investors’ appetite for yield-generating stablecoins, which are increasingly backed by tokenized products.

USYC, for example, has greatly benefited from the rapid ascent of the budding decentralized finance (DeFi) protocol Usual and its real-world asset-backed, yield-generating stablecoin, USD0.

Usual is pursuing the market share of centralized stablecoins like Tether’s USDT and Circle’s USDC by redistributing a portion of revenues from its stablecoin’s backing assets to holders. USD0 is primarily backed by USYC currently, but the protocol aims to add more RWAs to reserves in the future. It has recently announced the addition of Ethena’s USDtb stablecoin, which is built on top of BUIDL.

“The bull market triggered a massive inflow into stablecoins, yet the core issue with the largest stablecoins remains: they lack rewards for end users and do not give access to the yield they generate,” said David Shuttleworth, partner at Anagram. “Moreover, users do not get access to the protocol’s equity by holding USDT or USDC.”

“Usual’s appeal is that it redistributes the yield along with ownership in the protocol back to users,” he added.

The protocol, and hence its USD0 stablecoin, has raked in $1.3 billion over the past few months as crypto investors chased on-chain yield opportunities. Another significant catalyst of growth was the protocol’s governance token (USUAL) airdrop and exchange listing on Wednesday. USUAL started trading on Binance on Wednesday, and vastly outperformed the shaky broader crypto market, appreciating some 50% since then, per CoinGecko data.

BlackRock’s BUIDL also enjoyed rapid growth earlier this year, driven by DeFi platform Ondo Finance making the token the key reserve asset of its own yield-earning product, the Ondo Short-Term US Government Treasuries (OUSG) token.

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Tether Takes $775M Stake in Video-Sharing Platform Rumble

YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether. Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of …

YouTube competitor Rumble (RUM) is in a deal for a $775 million strategic investment from stablecoin giant Tether.

Rumble will use $250 million of the money to support operations and the remainder to fund a tender offer for up to 70 million shares of its common stock at a price of $7.50, according to a Friday evening press release. That $7.50 is the same price per share Tether is paying for its stake.

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“I truly believe Tether is the perfect partner that can put a rocket pack on the back of Rumble as we prepare for our next phase of growth,” said Rumble CEO Chris Pavlovski.

“Legacy media has increasingly eroded trust, creating an opportunity for platforms like Rumble to offer a credible, uncensored alternative,” said Tether CEO Paolo Ardoino. “Beyond our initial shareholder stake, Tether intends to drive towards a meaningful advertising, cloud, and crypto payment solutions relationship with Rumble.”

RUM shares have rocketed higher by 41% in after hours action to $10.13.

Bonk Rockets 30% to Lead Dog Meme Rebound; Floki Termed ‘Utility Token’ by CFTC

Memecoins are known for their high volatility and tend to outperform major tokens during price rallies, serving as a leveraged bet

Solana-based bonk (BONK) led growth among dog-themed memes Saturday as bitcoin staged a recovery rally to above $98,000, a day after Friday’s bloodbath that pushed it near $93,000.

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BONK surged 30%, CoinGecko data shows, with dogecoin (DOGE), shiba inu (SHIB), dogwifhat (WIF) and floki (FLOKI) surging as much as 20%. The dog-themed token category gained 8% on average in the past 24 hours, beating a market-wide jump of 4.5% as tracked by the broad-based CoinDesk 20 (CD20) index.

Memecoins are known for their high volatility and tend to outperform major tokens during price rallies, serving as a leveraged bet on the overall crypto market sentiment.

However, in this case, fundamentals are helping back gains and sentiment among some memecoins. FLOKI was named alongside ether (ETH) and Avalanche’s AVAX as a utility token in a Commodity Futures Trading Commission (CFTC) meeting last month.

The derivatives regulator proposed in a Global Markets Advisory Committee (GMAC) a new class of assets termed utility tokens, which fulfill six criteria that include providing their holder “immediately available, non-incidental consumptive use” in a crypto platform without including “governance and voting abilities.”

“FLOKI was recently highlighted by the CFTC’s Global Markets Advisory Committee as a case study of a utility token, which is a big deal and validates Floki’s utility-first approach,” Floki lead developer B told CoinDesk in a Telegram message. “Floki’s Valhalla metaverse game will go live in early Q1 2024, and the recently released Floki Trading Bot has generated over a million dollars in fees.

“This puts Floki on an entirely different level from other memecoins, especially when the market turns and people start to pay attention to fundamentals again,” B added.

Elsewhere, interest in BONK comes as a host of activities intend to deflate token supply gain traction among users — a move that has historically contributed to higher prices.

BonkDAO, a decentralized group of bonk believers that maintain the token, burned 100 billion tokens from the circulating supply in November and targeted a trillion token burn in December. This could increase the token’s value due to scarcity.

🔥 In just the last 30 days, over 30 BILLION $BONK have been burned across 3,856 wallets, averaging a scorching 1 BILLION daily!

Leading the charge are @bonkbot_io and @BonkEarn, setting the standard for burns.

And guess what? 1 TRILLION $BONK is about to go up in smoke by… pic.twitter.com/bWkkPd5ISZ

— Ario 🌲 (@ario_57_) December 20, 2024

The feat could meet its target in the weeks ahead, observers say.

As Bitcoin’s Post-Fed Price Dip Extends, This Key Contrary Indicator Offers Fresh Hope: Godbole

A key contrary indicator is flashing green offering hope to BTC bulls anticipating a renewed upswing into six figures.

Bitcoin’s (BTC) post-Fed price drop to $96,000 has activated a crucial contrary indicator that has historically marked the end of price pullbacks.

On Wednesday, the Fed cut the benchmark borrowing cost as expected but penciled in only two rate cuts for 2025, down from four projected in September. The central bank stressed that it’s not interested in participating in a potential government plan to build a strategic BTC reserve.

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Since then, BTC has dropped over 8%, hitting lows near $96,000 at one point. As of writing, the cryptocurrency changed hands near $97,500, down nearly 10% from the record high of $108,266 reached early this week, CoinDesk data show.

The losses have caused the 50-hour simple moving average (SMA) to dip below the 200-hour SMA, confirming a bearish crossover. The pattern suggests that the ongoing pullback could evolve into a deeper one, although it has failed to live up to its reputation during the recent bull run.

Bitcoin has experienced a few pullbacks during its post-U.S. election rally from $70,000 to over $100,000, and each of these dips has ended with a bearish crossover of the 50- and 200-hour SMAs.

The latest crossover, therefore, offers hope to bulls expecting a renewed move into six figures above $100,000.

A potential bounce could face resistance near $10,600, a level identified by the descending trendline, representing the recent price drop. A violation there would open doors for record highs.

It’s important to remember that patterns don’t always play out as expected, and the contrary indicator discussed above may fail, potentially leading to a deeper drop. The first sign of trouble will be if prices move below the overnight low of $96,000, which could expose the swing low of around $91,000 recorded on Dec. 5.

BlackRock Bitcoin ETF Put Options at $30, $35 Price Levels See Volume Spike

The spike in activity likely stems from “cash-secured” selling of the options by traders who missed the rally in the ETF.

Surging volumes in put options linked to BlackRock’s Nasdaq-listed spot bitcoin ETF (IBIT) could be interpreted as bearish sentiment. That’s not necessarily the case.

On Friday, more than 13,000 contracts of the $30 out-of-the-money (OTM) put option expiring May 16 changed hands as the ETF rose 1.7% to $57.91, according to data from Amberdata. Volume in the $35 put option expiring Jan. 16, 2026, topped 10,000 contracts.

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Most of the activity probably stems from market participants looking to generate passive income through “cash-secured put selling” rather than outright purchase of the options as bearish bets, according to Greg Magadini, Amberdata’s director of derivatives.

A put seller, offering insurance against price drops in return for a premium, is obligated to purchase the underlying asset at a predetermined price on or before a specific expiration date. (That’s opposed to the buyer of the put, who has the right but not the obligation to sell the asset.)

That means savvy traders often write OTM puts to acquire the underlying asset at a lower price while pocketing the premium received by selling the put option. They do so by continuously maintaining the cash required to purchase the asset if the owner of the put option exercises their right to sell the asset.

Hence, the strategy is called “cash-secured” selling of puts. In IBIT’s case, sellers of the $35 put expiring in January 2026 will keep the premium if IBIT stays above that level until expiry. If IBIT drops below $35, the put sellers must buy the ETF at that price while keeping the premium received. The sellers of the $30 put expiring in May next year face a similar payoff scenario.

“The $35 Puts for Jan 2026 traded +10k contract with an IV range of 73.52% to 69.94%, VWAP at 70.75% suggests net selling from the street… potentially Cash Secured put selling flows (for traders who missed the rally),” Magadini said in a note shared with CoinDesk.

Saxo Bank’s analyst suggested cash-secured put selling as the preferred strategy in Nvidia early this year.

Calls are pricier than puts

Overall, IBIT call options, which offer an asymmetric upside to buyers, continue to trade pricer than puts.

As of Friday, call-put skews, with maturities ranging from five to 126 days, were positive, signaling relative richness of implied volatility for calls. The bullish sentiment is consistent with the pricing in options tied to bitcoin and trading on Deribit.

On Friday, IBIT recorded a net inflow of $393 million, representing the majority of the total inflow of $428.9 million across the 11 spot ETFs listed in the U.S, according to data tracked by Farside Investors.

UK Set to Prohibit Public Offers of Crypto

The FCA’s paper also asks for industry input on its incoming markets admission and disclosures as well as market abuse regime.

The U.K. intends to prohibit public offers of crypto, the Financial Conduct Authority said in its paper on the incoming crypto regime on Monday.

Legislation will be put in place to prohibit public offers of crypto, building on the U.K.’s promotion rules that prevent unregistered crypto firms from reaching out to U.K. clients. Only crypto asset trading platforms and offers qualifying for exemptions may not be subject to this.

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CoinDesk reached out to the Treasury for input on whether or not this only applies to regulated companies as the FCA could not comment on this.

The paper asks for industry input on its market admission and disclosures as well as market abuse regime and is one of many more papers to come from the regulator as it prepares for its crypto regime.

The FCA is the U.K.’s regulator in charge of overseeing financial activities in the country including crypto. It has been watching over the sector and seeing how it will comply with its money laundering rules since 2020 but it plans to put in place a new regime in 2026 following the implementation of draft regulation that is coming out next year.

It will need industry feedback on how it can ensure consumers have the necessary information to make informed decisions as well as on their plans to reduce fraud via the market abuse regime.

MicroStrategy Boosts Bitcoin Holdings to 439,000 BTC Following Nasdaq 100 Inclusion

MicroStrategy has increased its bitcoin holdings to a total of 439,000 BTC following its latest purchase of 15,350 BTC.

Disclaimer: The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR).

Self-described bitcoin (BTC) development company MicroStrategy (MSTR) has increased its bitcoin holdings to a total of 439,000 BTC following its latest purchase of 15,350 BTC with the acquisition finishing on Dec. 15.

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MicroStrategy disclosed that the 15,350 BTC purchase came to a total of $1.5 billion for an average price of $100,386 per bitcoin. This brings the company’s total holdings to 439,000 BTC worth $45.6 billion at current market prices. The company’s overall average purchase price is $61,725 per bitcoin.

The latest acquisition purchases was funded through share sales under the company’s at-the-market (ATM) program. Before the announcement, MicroStrategy had $9.19 billion left of the ATM offering. Following the announcement, the company now has $7.65 billion left, according to the latest filing.

Once again, Executive Chairman, Michael Saylor teased the Monday announcement with a Sunday post.

This is now a multi week trend that MicroStrategy has announced a bitcoin purchase on a Monday before the U.S. market opens. In the previous five weeks MicroStrategy has purchased 171,430 BTC for $15.61 billion, according to an X post, by @LuckyXBT__. This current ATM offering is still part of MicroStrategy’s well-known “21/21 plan”. While, the company still has $18 billion left of convertible note offerings, of which only $3 billion has been used so far, according to LuckyXBT.

This announcement follows Friday’s news of MicroStrategy entering the Nasdaq 100, with the index’s re-shuffling going into effect on Dec. 23.

In addition, the Financial Accounting Standards Board (FASB) has officially adopted fair value accounting for bitcoin and other digital assets for fiscal years after Dec. 15 2024, which passed in 2023.

This means that digital assets will be able to account for using fair value measurement, which allows companies to recognize both fair value gains and impairments on their bitcoin holdings in net income. Under the previous rules, companies could only record impairments if that asset’s value dropped below its purchase price, but they could not record any gains seen if the asset increased above the purchase price.

Following the news of both the Nasdaq 100 inclusion and recent bitcoin purchase, MicroStrategy’s share price is up 4% in pre-market trading at $425 a share. While, bitcoin is trading over $104,000, after recently setting an all-time high over $106,000.

Semler Scientific (SMLR) also acquired more bitcoin, 211 BTC for $421.5 million at $101,890 per bitcoin. As of Dec. 12, Semler Scientific holds 2,084 BTC. In addition, Semler Scientific filed a second prospectus supplement to its S-3 Shelf, increasing its ATM offering by a further $50 million, taking the total offering to $150 million.

Bitcoin Mining Economics Continued to Improve in December, JPMorgan Says

The hashprice, a measure of daily mining profitability, rose 5% from the end of November, the report said.

Bitcoin (BTC) mining economics continued to improve this month, as the hashprice, a measure of daily profitability, rose 5% from the end of November, JPMorgan (JPM) said in a research report Monday.

The hashprice increased as the rally in the world’s largest cryptocurrency outpaced the rise in the network hashrate, the report said. The hashrate is a proxy for competition in the industry and mining difficulty.

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The network hashrate has increased 6% month-to-date to an average of 773 exahashes per second (EH/s), the bank noted.

“We note miners earned about $57,300 in daily block reward revenue per EH/s over the first two weeks of December,” analysts Reginald Smith and Charles Pearce wrote, adding that this is the highest level in the last seven months, but is still about 40% below pre-halving levels.

The combined hashrate of the fourteen U.S.-listed miners the bank tracks has increased almost 94% year-to-date to 222 EH/s and now accounts for around 29% of the global network, the bank said.

The total market cap of the miners the bank tracks fell 4% or $1.5 billion, having increased more than 50% following the U.S. presidential election.

The bank estimated that the U.S.-listed miners are currently trading on about two times their proportional share of the four-year block reward opportunity.

Read more: Bitcoin Mining Profitability Improved in November, JPMorgan Says

Ethena Rolls Out Stablecoin Backed by BlackRock’s BUIDL Token

The protocol’s governance token ENA rallied over the weekend as Donald Trump-affiliated World Liberty Financial invested in the token.

Red-hot decentralized finance (DeFi) project Ethena said Monday it is rolling out its new stablecoin that aims to help stabilize the protocol’s flagship USDe token when crypto markets turn bearish.

The USDtb token aims to keep a steady $1 price and holds 90% of its reserves in BUIDL, the tokenized money market fund issued by asset management behemoth BlackRock and tokenization firm Securitize.

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“In light of the rapidly accelerating demand for different stablecoin options, we saw a clear opportunity to provide a new product that offers users an entirely different risk profile from USDe without them having to leave our trusted ecosystem,” Ethena founder Guy Young said in a statement.

Ethena is one of the fastest-growing DeFi platforms this year, attracting nearly $6 billion of user funds since its public launch in early 2024. The protocol’s flagship token USDe, marketed as a “synthetic dollar” with a steady $1 price, generates yield to investors by shorting bitcoin (BTC), ether (ETH) and solana (SOL) perpetual swaps and farming the funding rates. This investment strategy offers lofty yields – currently 27% annualized – when crypto markets are in bull mode, but can quickly turn unprofitable when things turn bearish with persistently negative funding rates.

The new offering will allow Ethena close the underlying derivatives positions behind USDe and divert the backing assets to USDtb during periods of negative funding rates and mitigating risks, the Ethena team explained.

The protocol also aspires to get USDtb accepted as collateral in the future for margin trading on centralized exchanges.

Ethena enlisted Copper, Zodia Custody, Komainu, and Coinbase Institutional as custodians for USDtb, according to a press release. Liquidity providers for the token include Jump, Cumberland, Amber Group, GSR Markets and SCB Limited.

Ethena also applied with the new USDtb stablecoin for Sky’s, formerly MakerDAO, so-called Tokenization Gran Prix program that aims to invest up to $1 billion funds in tokenized real-world asset (RWA) products.

The protocol’s governance token recently garnered the attention of President-elect Donald Trump DeFi project World Liberty Financial, which purchased some $500,000 worth of tokens on Saturday, blockchain data showed. ENA subsequently rallied 25% over the weekend before paring some of the advance on Monday.

Ripple to Roll Out RLUSD Stablecoin on Dec. 17, Adds Former Central Bankers to Advisory Board

The stablecoin will become broadly available to crypto users on the XRP Ledger and Ethereum networks beginning on Tuesday.

Ripple, an enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said it will start making its highly-anticipated U.S. dollar stablecoin accessible to users on Tuesday, Dec. 17 following the token’s regulatory approval.

RLUSD will be initially listed on several exchanges and crypto platforms including Uphold, MoonPay, Archax and CoinMENA, the company said in a press release, with further listings on Bitso, Bullish, Bitstamp, Mercado Bitcoin and Independent Reserve, Zero Hash and others in the coming weeks.

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The company also announced two additions to its stablecoin advisory board: Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and COO of the Federal Reserve Bank of Boston. The pair join board members announced in October including Sheila Bair, former chair of FDIC, and Chris Larsen, co-founder and executive chairman and co-founder of Ripple.

The launch follows Ripple CEO Brad Garlinghouse’s announcement last week that RLUSD sealed “final approval” from the New York Department of Financial Services, paving the way for rolling out the stablecoin for the public from its test phase. RLUSD is fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents and aims to keep a steady price at $1.

With RLUSD, Ripple aims to compete for a piece in the rapidly growing stablecoin market, currently dominated by Tether’s $140 billion USDT and Circle’s $40 billion USDC tokens. Stablecoins are a key piece of infrastructure bridging digital asset markets and traditional finance, serving as liquidity for trading, vehicle for blockchain-based transactions and increasingly as a payment method across borders. Traditional financial institutions such as banks and payment companies including PayPal, Visa and Societe Generale have also entered the stablecoin space as regulators around the world put rules and guidelines in place for the asset class, bringing much-desired regulatory clarity.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” Ripple CEO Brad Garlinghouse said in a statement. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

RLUSD will be initially available in the Americas, Asia-Pacific, UK and Middle East regions via its distribution and exchange partners, Jack McDonald, senior vice president of stablecoin at Ripple, said in an interview with CoinDesk. He was CEO of Standard Custody & Trust, a company acquired by Ripple earlier this year that holds a New York Trust license.

The token won’t be accessible in the E.U. in the beginning as Ripple does not hold the necessary license under the bloc’s MiCAR regulations, but the company is “actively exploring” ways to enter the bloc’s market, he added.

RLUSD volatility warning

RLUSD, which aims to hold a $1 price, may see an unusual price volatility due to early demand from traders and limited supply.

“There may be supply shortages in the very early days before the market stabilizes,” David Schwartz, chief technology officer at Ripple, warned in an X post. He said that some traders “are willing to pay” as much as $1,200 token price to buy a fraction of RLUSD.

“Please don’t FOMO into a stablecoin,” he added. “This is not an opportunity to get rich.”