Weekly Update: 19 October 2023
1) JPMorgan debuts tokenized BlackRock shares as collateral with Barclays [CoinDesk]
– BlackRock said tokenization of money market fund shares as collateral in clearing and margining transactions would dramatically reduce the operational friction in meeting margin calls.
2) Tokenized RWAs could grow to a $10T market by 2030 as crypto converges to TradFi: Report [CoinDesk]
– Digital dollars, also known as stablecoins pegged to the U.S. dollar, represent the “first successful tokenization implementation,” 21.co analysts said.
3) China opens industrial park for digital yuan CBDC development in Shenzhen [Cointelegraph]
– The government is incentivizing new residents to come develop payment solutions, smart contracts, hard wallets and promotions for the digital yuan.
4) ECB officials move to ‘preparation phase’ for digital euro [Cointelegraph]
– Though the issuance of a digital euro is not a certainty, officials with the European Central Bank are moving to next phase of the project.
5) Grayscale ‘GBTC discount’ narrows to near 2-year low as SEC misses ETF appeal window [CoinDesk]
– The narrowing of the discount likely represents increased likelihood that Grayscale will be able to convert its close-ended bitcoin trust into a spot-based exchange-traded fund.
6) South Korean exchange Upbit gets initial license nod from Singapore [Cointelegraph]
– Upbit Singapore scored initial approval from the country’s central bank and financial regulator for a local crypto license.
7) UK FCA Working on Blue Print for Fund Tokenization Due This Year [CoinDesk]
– The U.K. financial regulator said earlier in the year it was speaking to firms and trade groups in relation to proposals on fund tokenization.
8) U.S. crypto regulatory fog keeps Standard Chartered rooted in UAE, Asia [CoinDesk]
– Standard Chartered to Offer Crypto Custody for Dubai Clients and Consider Create a Crypto Settlement Network.
