The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Wednesday! Neglected macro catalysts may spark a renewed bout of selling pressure that could drag bitcoin back below the $100,000 mark this month, analysts warn.
In today's newsletter, Coinbase is rolling out futures trading for a new equity index, Ondo debuts over 100 tokenized U.S. stocks and ETFs on Ethereum, the SEC and CFTC clarify that the NYSE and Nasdaq can list spot crypto assets, and more.
Meanwhile, the U.S. Federal Reserve is set to hold a conference with a focus on stablecoins, tokenization, and decentralized finance. Plus, Polymarket can go live in the U.S. following a CFTC ruling, its CEO says.
Let's get started.
P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!
Coinbase unveils futures trading for index tied to Nvidia, Google, and BlackRock's Bitcoin ETF
Coinbase is launching trading for its new Mag7 + Crypto Equity Index Futures product later this month, blending top tech stocks with BlackRock's Bitcoin and Ethereum ETFs.
- "We're diversifying our U.S. derivatives platform beyond single-asset offerings for the first time, launching a new equity index product," the company said in a statement.
- The index evenly weights 10 components, including Apple, Microsoft, Alphabet, Amazon, Nvidia, Meta, Tesla, the two crypto ETFs, and Coinbase's own shares.
- The crypto exchange's move to boost trading activity comes after it posted weaker spot volumes and revenue in the second quarter.
- Coinbase is also exploring prediction markets and recently launched a DEX integration, enabling traders to buy and sell digital assets previously unavailable on the company's platform.
- Trading of Coinbase's new index futures product begins on Sept. 22.
Ondo rolls out 100 tokenized US stocks and ETFs on Ethereum
Ondo Finance and the Ondo Foundation have launched more than 100 tokenized U.S. stocks and ETFs onchain, starting with Ethereum.
- The Ondo Global Markets tokenization platform is available to qualifying users and plans to expand to 1,000 tokenized securities by year-end and to offer BNB Chain and Solana support "soon," with interoperability powered by LayerZero.
- Ondo tokenized stocks are supported by leading crypto wallets, exchanges, protocols, and infrastructure providers at launch, including OKX Wallet, Bitget Wallet, Trust Wallet, Gate, BitGo, Ledger, Morpho, and 1inch, with Chainlink serving as the oracle platform for asset price data.
- Ondo is not the only crypto project launching tokenized security solutions, with Backed, Robinhood, and Coinbase also embarking on their own onchain equity initiatives.
- Meanwhile, Galaxy launched a tokenized version of its own shares on Solana, using Superstate's Opening Bell platform.
SEC and CFTC's new joint guidance 'opens the door' for mainstream crypto adoption
The SEC and CFTC clarified for the first time that registered U.S. exchanges like the NYSE and Nasdaq can list and facilitate trading for certain spot crypto assets.
- The joint guidance, part of the SEC's Project Crypto and CFTC's Crypto Sprint, builds on the recommendations from President Trump's Working Group on Digital Asset Markets.
- "Today's joint staff statement represents a significant step forward in bringing innovation in the crypto asset markets back to America," SEC Chairman Paul Atkins stated in the release.
- Industry leaders said the move "opens the door" to mainstream adoption by enabling spot BTC and ETH trading at venues where trillions already trade.
Story-based IP tokenization platform Aria raises $15 million at $50 million valuation
Story-based Aria raised $15 million in seed and strategic rounds at a $50 million valuation, co-led by Polychain and Neoclassic with backing from Story Protocol Foundation.
- The IP tokenization platform focuses on music royalties, with its first IP token, APL, tied to "partial rights" of royalty-generating songs by artists including Justin Bieber, BTS, and Miley Cyrus.
- APL holders can stake tokens for royalty exposure and upcoming onchain features like licensing, remixing, and programmable IP modules, according to Aria co-founder David Kostiner.
- Aria plans to use the funding to expand beyond music into art, film, and television while prioritizing ecosystem growth.
Ray Dalio says soaring US debt threatens dollar, fueling demand for crypto and gold
Ray Dalio, billionaire founder of Bridgewater Associates, warned that soaring U.S. government debt is undermining the dollar's reserve status and pushing investors toward crypto and gold.
- "Crypto is now an alternative currency that has its supply limited," he said, providing investors with an attractive option if the U.S. money supply continues to expand or global demand for dollars declines.
- He also downplayed systemic risks from stablecoins' Treasury exposure if well-regulated, but warned that debt, politics, climate, and AI will drive major upheaval over the next five years.
In the next 24 hours
- U.S. jobless claims figures are due at 8:30 a.m. ET on Thursday.
- U.S. FOMC member John Williams will speak at 12:05 p.m.
- Taipei Blockchain Week kicks off in Taiwan. ETHWarsaw gets underway in Poland.
Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
