The Block
Stablecoins are becoming “systemically important,” according to Bernstein, with issuers now among the largest holders of U.S. treasuries alongside sovereign nations.After previously peaking in April 2022, the circulating supply of stablecoins is now back at an all-time high of around $180 billion.
Quick Take Judge Reed O’Connor in the U.S. District Court for the Northern District of Texas in the Fort Worth Division dismissed Consensys’ claims and sided with the SEC on Thursday. The dismissal follows a long back and forth between the SEC and Consensys over the past year.
Quick Take CFTC argues election betting undermines integrity in Kalshi’s prediction market case. Judges question distinctions between election betting and other forms of wagering. Kalshi defends contracts, asserts compliance with “know your customer” protections.
Quick Take DEX aggregator Jupiter has acquired blockchain explorer SolanaFM. It has also acquired Coinhall, a decentralized trading terminal for Solana and Cosmos blockchains.
Quick Take U.S. spot bitcoin exchange-traded funds (ETFs) recorded net inflows of $158 million on Thursday, a turnaround from $52 million in net outflows the previous day.
Quick Take Jump Crypto’s Kevin Bowers said during the Solana Breakpoint event that Jump’s Frankendancer validator client launched on the Solana mainnet. Firedancer is currently on testnet, and a mainnet launch date has yet to be announced.
Quick Take Catizen’s TON blockchain-based CATI token has gone live for trading on several centralized exchanges. The Telegram clicker game airdropped 150 million tokens to eligible users as part of its Season 1 distribution.
Quick Take The U.S. dollar’s strength against the Japanese yen is creating favorable risk-on market conditions for bitcoin, an analyst said. Since the U.S. Federal Reserve’s 50 basis-point rate cut on Wednesday, bitcoin’s price has increased by more than 6%.
Quick Take Ethereum network activity could experience a significant uptick if the current crypto rally evolves into a sustained bull market, according to analysts. One added that the adoption of real-world asset tokenization may decelerate as market participant appetite switches to risk assets.
