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first_img Goldman Sachs $100 billion Treasury Fund FTIXX connects to Lynq network

Goldman Sachs has connected its approximately $100 billion government bond fund FTIXX to the digital asset settlement network Lynq, providing a new subscription channel for institutional-level crypto companies. The fund will be listed on Lynq, with trading handled by tZERO Securities, a broker-dealer registered with the U.S. Securities and Exchange Commission. This is the first external fund introduced to the Lynq network, which previously only had a single investment product.Unlike most blockchain-based fund products on Wall Street, FTIXX has not been tokenized. BlackRock's BUIDL is a tokenized fund, and Franklin Templeton offers tokenized shares of money market funds through BENJI, while Goldman Sachs retains the traditional fund format of FTIXX, with Lynq opening new access channels for digital asset companies. Lynq CEO Jerald David stated that there is a convergence occurring between traditional market participants and digital asset market participants.For institutions using Lynq, FTIXX provides a place to store cash and earn returns during trading gaps, redeemable when needed. David mentioned that clients have been looking for government bond assets on the platform that offer yields different from existing tools. Lynq's partners include B2C2, Wintermute, Galaxy, FalconX, Crypto.com, and Fireblocks. The network operates on a private permissioned Avalanche Layer 1 blockchain and has connected over 30 institutional digital asset companies, with assets exceeding $89 million.

The Federal Reserve plans to require banks to back each $1 stablecoin with at least $1 in reserves

The Federal Reserve Board (Fed) plans to establish rules for payment stablecoins issued by banks, requiring that each $1 token be backed by at least $1 in approved reserve assets and generally completed customer redemptions within two business days. If the issuer consistently falls below the minimum capital requirements, they may be required to liquidate reserve assets and redeem all tokens.Reserve assets may include U.S. dollars, Federal Reserve bank balances, certain bank deposits, U.S. Treasury securities with a remaining maturity of no more than 93 days, qualified repurchase agreements, and qualified investment funds, with some tokenized forms of assets potentially included. If reserves are insufficient, the issuer must notify the Fed and restore adequate backing; otherwise, they must liquidate reserves and redeem tokens pegged to the dollar. The Fed intends to require issuers to hold standardized capital against operational and certain credit risks, with a capital charge of 2% for the first $20 billion of issued stablecoin and 1% for amounts exceeding $50 billion.Another proposal allows state member banks that hold deposits to apply to establish subsidiaries for issuing payment stablecoins. The "GENIUS Act" stipulates that once the application is substantively complete, the Fed must make a decision within 120 days. Fed Governor Michael Barr stated that stablecoins should be reliably and promptly redeemable at par in various market conditions and when issuers encounter problems, and he called for the final rules to clarify universal redemption rights. He also expressed concern about the threshold for triggering regulatory or enforcement actions for anti-money laundering deficiencies needing to reach "significant or systemic" levels. The public comment period will be 60 days following the publication in the Federal Register.

first_img Jeff Booth stated that the $1 million Bitcoin target is too small and believes that the dollar-denominated system is manipulated

Writer and author of "The Price of Tomorrow," Jeff Booth, stated in a video interview with Bitcoin Magazine that the price target of $1 million for Bitcoin is "thinking too small." He believes that pricing Bitcoin in a constantly depreciating fiat currency is equivalent to valuing it within a system manipulated by currency devaluation, making such a target invalid. In his view, Bitcoin is not just a token or an asset, but the beginning of a decentralized, secure, and privacy-focused protocol stack, which will ultimately resemble the internet, and it is also the first true free market in human history.In the interview, Booth also discussed AI valuation and technological deflation. He believes that a free market will drive the prices of AI services toward zero, and this deflationary force brought by AI will conflict with a monetary system built on debt. He mentioned the United States' debt of up to $40 trillion, bond yields, and a financial system that is approximately $350 trillion in size and essentially insolvent, linking AI singularity theory, market fear, and monopolistic regulation.In the longer-term section, Booth talked about the adoption timeline of Bitcoin and emphasized that Bitcoin is not just an asset. He also discussed the global expansion of Bitcoin payments and the circular economy, as well as ideas such as private equity supported by Bitcoin and permanently held enterprises, outlining a deflationary future priced in Bitcoin.

first_img RockawayX invested $150 million to launch Catapult, driving real-world revenue on-chain

According to CoinDesk, digital asset investment firm RockawayX announced an investment of $150 million to launch the Catapult program, aimed at bringing more private credit and other yield-generating real-world assets on-chain, betting that lending linked to the real economy will become one of the largest markets in the crypto space.The investment firm, which manages approximately $2 billion, stated that Catapult will provide venture capital, product structuring, liquidity, market making, and distribution support for tokenized credit products. RockawayX currently operates early-stage venture funds, market-neutral funds providing liquidity to DeFi protocols, and a vault business deploying about $300 million, and acquired the crypto hedge fund Relayer in August.According to RWA.xyz data, the scale of tokenized real-world assets such as bonds, stocks, and funds has rapidly grown to approximately $38 billion, but more than half of this is tokenized money market funds. RockawayX expects this market to reach $10 trillion to $20 trillion by 2030, a target higher than the $5.5 trillion benchmark forecast provided by Citigroup analysts. Catapult will focus on areas such as trade and supply chain finance, asset-backed securities, CLOs, and real estate-related credit.RockawayX CEO Viktor Fischer stated that following transactions, yields will become the largest application scenario on-chain, requiring new yield sources of over 12% that are uncorrelated with the crypto market. He pointed out that the appeal of bringing low-liquidity assets on-chain lies in the fact that even if the underlying investments have long redemption periods, market makers can create exit channels.
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