Good Morning, Asia. Here’s what’s making news in the markets: In the lead-up to Seoul’s Korea Blockchain Week, discussions about a Korean Won stablecoin were among the leading narratives. The idea carries political weight, positioning local currencies as digital alternatives to the U.S. dollar. However, despite the enthusiasm, most Asian currencies are hindered by capital
Companies that switched their business focus to holding digital currencies are now using borrowed money to buy back their own shares, suggesting the “crypto treasury” trend may be falling apart. Businesses ranging from online gaming firms to golf cart makers changed their strategies to purchase cryptocurrencies just two months ago. Now these same companies are
Federal Reserve Chair Jerome Powell on Tuesday reiterated the central bank’s delicate balancing act, stressing that policymakers are trying to navigate between their price stability and employment mandates following last week’s interest rate cut. “Recent data show that the pace of economic growth has moderated,” Powell said in prepared remarks at the Greater Providence Chamber
Tether Holdings, issuer of the world’s largest stablecoin, is seeking to raise as much as $20 billion in a private funding round that would value the company at roughly $500 billion, according to a report. The El Salvador-based firm is negotiating with investors to sell a 3% equity stake, a move that would place Tether
Earlier this year, some reports suggested that China might be changing its tune on crypto due to some cryptocurrency in Hong Kong. However, according to a Tuesday report by Caixin Global, Beijing regulators have ordered local tech and financial firms to scale back their crypto activities. Crypto mirage Earlier this year, Hong Kong, one of
Silo Pharma has secured a key pillar of its digital asset strategy by partnering with institutional custodian Fireblocks, triggering a 22% stock surge as investors appear to endorse the move to secure its Bitcoin and Ethereum treasuries. Summary Silo Pharma stock jumped 22% after naming Fireblocks as custodian for its crypto treasury. The company launched
Key Takeaways Fed’s Bostic says employment risks are now as significant as inflation risks. Labor market stability is becoming a concern as the Fed weighs its dual mandate of maximum employment and price stability. Federal Reserve Bank of Atlanta President Raphael Bostic today signaled that employment risks now pose threats equivalent to inflation pressures. The
Key Takeaways The European Central Bank (ECB) is targeting a mid-2029 timeline for potentially launching the digital euro, their proposed central bank digital currency (CBDC). The digital euro is intended to function as an electronic equivalent to cash for daily transactions throughout the eurozone. The European Central Bank, the central bank responsible for monetary policy
The US market looks like a crypto powerhouse, but in reality, only a small fraction of American investors have material crypto exposure. Recent data shows most investments still go toward traditional assets. American investors have limited crypto exposure, when it comes to material allocations. A new Bank of America survey, cited by the Kobeissi Letter,