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Fidelity Ethereum Fund (FETH) again notched second place, with $1.5 billion in net inflows.
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BlackRock’s iShares Bitcoin Trust (IBIT) netted more than three times the inflows of runner-up Fidelity Wise Origin Bitcoin Fund (FBTC), which attracted nearly $12 billion in net inflows this year, Farside said in a Dec. 31 post on the X platform.
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The funds raised will support the development of the protocol, with capital to be deployed on security and user acquisition. The protocol claims a total value locked of over $63 million as of Dec. 31, with plans to expand into crosschain operations and other DeFi services.
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Another trend to watch in 2025 is the growth of stablecoins tied to local currencies. In 2024, the Central Bank of the United Arab Emirates approved the launch of the dirham-backed stablecoin AE Coin, which it said will be the first stablecoin the central bank will regulate.
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MiCA’s framework might encourage local players to enter the market with euro-backed stablecoins, creating more competition and potentially shifting the market dynamics away from dollar-centric options.
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At present, there are concerns around Tether’s USDT stablecoin. It dominates the market but lacks the necessary licensing for MiCA compliance, and there are rumors that exchanges are preparing to delist USDT for European users. If Tether doesn’t secure a license, it risks losing significant market share in the region. Such a moment may open the door for regulated alternatives such as USDC, which has already obtained the necessary European approvals.
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This regulatory clarity will open the door for banks to offer custody services, which are vital for integrating crypto into traditional financial systems. Custody solutions enable banks to safely store digital assets on behalf of their clients, serving institutional investors and cautious retail users.
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The European Union’s Markets in Crypto-Assets (MiCA) regulation, set to be fully implemented by January 2025, will serve as a significant catalyst. MiCA requires stablecoin issuers to obtain licenses and provides a clear framework for financial institutions to enter the crypto market.
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The strategy goes like this: 1) Launch a regulated stablecoin, 2) negotiate with a prominent exchange to promote it, and 3) earn consistent yields by investing in fiat reserves. For promotion, the exchange removes commissions on the stablecoin, which, of course, attracts clients to it. This formula is too attractive for traditional financial giants to ignore.
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In 2025, we will likely see more stablecoins issued by financial institutions. Tether has already demonstrated the profitability of this model, netting $5.2 billion in the first half of 2024 after placing reserves in US Treasury bonds.
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During 2024, the trends of the previous years have continued. Major issuers like Tether and Circle experimented with stablecoins tied to currencies other than the US dollar, but adoption has been slow. Euro-backed stablecoins remain a niche product with relatively low market capitalizations, and even big-name entrants have struggled.
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Before looking to the future, however, we must examine what we are leaving behind.
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The stablecoin market is set to close 2024 with exceptional developments and records. What should we expect in 2025? Even more achievements as mass adoption begins to take hold.
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“If Atkins wants to change the SEC’s position, he wouldn’t just be able to declare it as so. They would have to go through the legal process and have some justification in order to alter their claims.
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Looking at the swathe of existing lawsuits from the SEC, including those against firms like Kraken, Coinbase, Ripple and others, Ho said neither Atkins nor the agency are capable of simply dropping everything and hammering a pro-crypto position immediately.
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“There’s still a precedent set by Gensler for him to follow and just because a new commissioner is named, it doesn’t mean all the legal work and precedent that has come out previously is just gone,” Ho said.
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Even though Atkins is clearly pro-crypto, Ho warned that industry pundits expecting a quick overhaul of the rules may be getting ahead of themselves.
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It is not only MicroStrategy that has been buying Bitcoin. CoinShares report shows that cryptocurrency investment products set a new record of $3.85 billion in inflows during the Dec. 2– Dec. 6 trading week.
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However, there is no stopping MicroStrategy, one of the largest corporate holders of Bitcoin, which continues to build its stockpile. The firm said it bought 21,550 Bitcoin between Dec. 2–8 at an average price of $98,783. MicroStrategy co-founder and former CEO Michael Saylor told Yahoo Finance that he would be “buying the top forever.”
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Fears of weakening global economies potentially impacting cryptocurrency markets likely played a role in the recent ETH price correction. However, traders’ sentiment remained optimistic, as reflected in derivatives market indicators.
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