The passage of the GENIUS Act is bringing renewed investor interest to Ether and Ethereum-native yield-generating opportunities. Institutional interest in cryptocurrencies was piqued after “Crypto Week” in the US saw the passage of the industry’s key stablecoin bill, the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. Signed into law by US President Donald Trump on July 18, the GENIUS Act bans yield-bearing stablecoins in the world’s largest economy, which may increase the demand for Ether (ETH) and Ethereum-based yield-generating decentralized finance protocols, according to industry watchers. Signaling growing demand for the world’s second-largest cryptocurrency, a group of crypto researchers and public market experts announced the launch of the largest yield-bearing Ether fund for institutional investors, called Ether Machine. Read more
XRP price fell by 10% as whales sold and wider market liquidations spread to the altcoin. Key takeaways: XRP’s liquidation was the third-largest long liquidation on Binance this year. XRP’s higher time frame trend remains bullish, as bulls aim to defend the $2.95–$3.00 support zone. Read more
Goldman Sachs and BNY Mellon’s tokenization push aims to keep money market funds competitive as the US accelerates stablecoin adoption, according to a JPMorgan strategist. The tokenization of money market funds marks a significant step in preserving the appeal of “cash as an asset,” especially as the growing adoption of stablecoins threatens to erode the attractiveness of traditional fund offerings, according to JPMorgan strategist Teresa Ho. Commenting on recent initiatives by Goldman Sachs and Bank of New York Mellon to tokenize shares of money market funds, Ho noted that such services will help maintain the competitiveness of these funds while unlocking new use cases, such as margin collateral. This development is particularly timely given the recent passage of the US GENIUS Act, a comprehensive stablecoin bill expected to accelerate the usage of digital dollars by integrating the speed and predictability of blockchain technology into the traditional banking system. Read more