HSBC to bring tokenized deposits to US and UAE as stablecoin race heats up

Coinbase is launching its decentralized exchange (DEX) trading platform in Brazil, approximately six weeks after its debut in the United States. This new offering will allow Brazilian users to trade over 10,000 tokens directly within the Coinbase app, enhancing their trading experience.

Libra-linked wallets have withdrawn approximately $4 million from a struggling memecoin and redirected a portion of these funds into Solana, according to on-chain tracking and news reports. This move comes amid ongoing fraud investigations and scrutiny surrounding the token's launch, which had previously seen significant withdrawals that affected investor confidence. The wallets involved purchased around $61.5 million worth of SOL at an average price of approximately $135.

Crypto entrepreneur Mike Alfred stated that the US is likely to delay purchasing Bitcoin until other countries take action. He emphasized that the government will only intervene when there is sufficient external pressure, reflecting a cautious approach to cryptocurrency reserves.

Kraken has confidentially filed for an initial public offering (IPO) in the United States, a move that may indicate growing mainstream acceptance and regulatory scrutiny of the cryptocurrency sector in the country.

The UAE has amassed a significant holding of 6,450 Bitcoin through state-backed mining operations. This substantial investment positions the UAE to potentially enhance its influence in the global cryptocurrency market and affect international financial dynamics.

HSBC is set to introduce tokenized deposits in the US and UAE next year, marking a significant move in the competitive landscape of stablecoins. This initiative reflects the bank's commitment to innovate within the cryptocurrency sector.

US Bitcoin ETFs are experiencing significant outflows nearing $3 billion in November, with BlackRock leading the trend with record outflows of $523 million. This decline is attributed to a fresh death cross in market indicators, diminishing expectations for Federal Reserve rate cuts, and a general negative sentiment among investors.

Basel's stringent crypto regulations are being reconsidered as the US, UK, and EU diverge in their approaches. The chair of the Basel Committee indicated that the rapid adoption of stablecoins is prompting a review of the previously proposed 1,250% capital charges for banks dealing with cryptocurrencies.