YZi Labs has invested further into Ethena to push USDe adoption across more chains and platforms, while also assisting with the development of a new stablecoin. Tech-focused venture capital firm YZi Labs has increased its stake in Ethena, the stablecoin issuer behind USDe, which will assist the digital dollar’s adoption across decentralized and centralized platforms. The investment will assist Ethena USDe’s (USDe) expansion on BNB Chain while enabling Ethena to continue building its USDtb stablecoin and an institutional settlement layer, “Converge,” Changpeng Zhao’s YZi Labs said in a statement on Friday. USDtb is backed by short-duration treasury assets, including BlackRock's BUIDL, while Converge is an Ethereum Virtual Machine-compatible chain focused on tokenizing real-world assets. The move supports YZi’s mission to “support open, scalable digital dollar infrastructures that can serve as a backbone of efficiency and liquidity for the entire financial ecosystem.” Read more
Liquidity is set to flow into private financial markets once the United States Treasury fills its General Account with $850 billion. Crypto markets will enter “up only” mode once the United States Treasury hits its target goal of filling the General Account (TGA), the Treasury Department’s bank account, with $850 billion, according to Arthur Hayes, co-founder of the BitMEX crypto exchange. “With this liquidity drain complete, up only can resume,” Hayes wrote on Friday as the US TGA’s opening balance crossed $807 billion. When the Treasury is filling its General Account, the funds are generally sequestered and do not flow into private markets. However, not all analysts were convinced by Hayes’ prediction that liquidity will flow to financial markets once the US Treasury hits its goal. Read more
BTC will continue to appreciate and gain adoption as the global financial and geopolitical system is reshaped in the coming decades. Bitcoin (BTC) is poised to grow in price and adoption regardless of the macroeconomic scenarios that will unfold in the coming years and decades, as the global financial system heads for a Fourth Turning-style reset, according to market analyst Jordi Visser. Visser told Anthony Pompliano that the average person has lost confidence in all legacy institutions, which should drive investment into BTC — a neutral, permissionless, global asset not tied to governments or traditional organizations. The Fourth Turning is a reference to a book written by William Strauss and Neil Howe that describes the cyclical rise and fall of nations due to predictable intergenerational patterns. Read more
The rising network difficulty and the need to pay for energy are pushing out smaller players and even publicly traded corporations. The Bitcoin (BTC) mining difficulty, a metric that tracks the relative challenge of adding new blocks to the ledger, climbed to a new all-time high of 142.3 trillion on Friday. Mining difficulty hit successive all-time highs in August and September, driven by an influx of freshly deployed computing power over the last several weeks. Bitcoin’s hashrate, the average of the total computing power securing the decentralized monetary protocol, also hit an all-time high of over 1.1 trillion hashes per second on Friday, according to CryptoQuant. Read more