Weekly Update: 12 October 2023
1) Real-world asset project Backed issues tokenized security on Base [The Block]
– Real-world asset (RWA) tokenizer Backed has issued the first tokenized security product on Base named bIB01, which tracks a short-term US treasury bond ETF.
2) Real-world asset loan worth $20M sours on DeFi platform Goldfinch, bringing RWA lending under scrutiny [CoinDesk]
– The development follows the default of a $5 million loan on Goldfinch made to an African motorcycle taxi financing company, Tugende.
3) First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx [Cointelegraph]
– The FAB pilot follows Bank ABC’s in Bahrain. JPMorgan also just launched its Tokenization Collateral Network on Onyx.
4) Hong Kong stock exchange launches blockchain-based settlement platform [CoinDesk]
– HKEX says the system, used by traders in Hong Kong to buy stocks in China, will speed up settlement and provide greater transparency.
5) Ostium Labs secures $3.5m for groundbreaking real-world assets exchange [FinTech Global]
– The funding will support the launch of their innovative protocol, which focuses on commodities and foreign exchange, offering stablecoin settlements, Chainlink-based data sourcing, and efficient risk management.
6) Ripple says Singapore license formally approved [CoinDesk]
– After a June in-principle approval, a subsidiary for Ripple has been granted its license by the Monetary Authority of Singapore.
7) USDC issuer partners with Philippines exchange to promote stablecoin [Cointelegraph]
– 18 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of the new partnership with Circle.
8) USDR stablecoin depegs to $0.53, but team vows to provide solutions [Cointelegraph]
– Real-estate-backed stablecoin USDR fell to $0.53 per coin on Oct. 11, but the team said it was merely a liquidity issue and that real estate holdings and digital assets will be used to support redemptions.
