Visa has introduced a blockchain-based platform designed to help financial institutions integrate fiat-backed tokens. The Visa Tokenized Asset Platform (VTAP) will allow banks to mint, transfer, and redeem tokens on public blockchain networks, such as Ethereum. BBVA, a leading Spanish bank, is set to pilot this platform by 2025, aiming to bridge the gap between traditional banking and blockchain technology.
The platform is designed to integrate with existing banking systems using APIs, allowing banks to explore tokenisation use cases. It also offers programmable features to automate complex credit lines and release payments based on smart contract conditions.
Despite Visa’s cautious approach to stablecoin adoption, citing concerns over automated transactions, the platform marks a significant step toward blending blockchain technology with traditional financial services.
PayPal has recently completed its first business payment using its USD-pegged stablecoin, PYUSD, to Ernst & Young via SAP’s digital currency hub. The transaction, made public in early October, highlights how corporations can utilise stablecoins for instant and seamless payments. PayPal launched PYUSD in August 2023, and it has rapidly gained traction, with a market capitalisation of $699 million.
Stablecoins pegged to assets such as the US dollar, provide businesses with a more stable payment option than the often volatile cryptocurrency market. PayPal’s blockchain executive, Jose Fernandez da Ponte, emphasised the appeal of stablecoins in corporate finance, noting the practicality of this digital asset for Chief Financial Officers. Meanwhile, fintech companies like Robinhood and Revolut are also exploring their stablecoins as regulations worldwide, particularly in Europe, become more apparent.
Tether’s USDT has long dominated the stablecoin market, which has a market cap nearing $120 billion, far ahead of competitors like USD Coin. However, with PayPal and other firms entering the space, competition in the stablecoin sector is expected to intensify.
Cryptocurrency index investing is emerging as a strategic solution for managing the volatility of the digital asset market. By bundling multiple cryptocurrencies into a single investment vehicle, index funds allow investors to diversify risk and gain exposure without the complexities of managing individual assets. It approach is particularly appealing to institutional investors looking to include crypto in their portfolios.
The growing popularity of crypto index funds reflects their ability to streamline investment strategies. These funds offer a range of options, from focusing on stable assets like Bitcoin and Ether to targeting high-growth sectors such as decentralised finance. As the market matures, crypto index investing continues to attract professional investors seeking a balanced and risk-managed entry into the digital economy.
Russian authorities have initiated a criminal investigation against the founders of UAPS and Cryptex, accusing them of generating over $40 million in illegal profits. It follows allegations of running unlicensed banking operations, unauthorised access to protected information, and creating a payment infrastructure that supported cybercriminal activities. The probe is being led by Moscow’s Investigative Committee.
UAPS, established in 2013, and Cryptex, launched in 2018, were primarily used by criminals for illegal currency exchanges and money laundering. In 2023 alone, the network saw more than $1.2 billion in illicit transactions. Russian law enforcement conducted 148 raids across 14 regions, detaining 96 suspects, many of whom face charges of organised crime and illegal banking.
The investigation comes just days after OFAC sanctioned Cryptex and its founder, Sergey Ivanov, accusing them of laundering funds linked to ransomware attacks and darknet markets. US authorities have labelled Ivanov’s other exchange, PM2BTC, as a major money laundering concern.
The US Securities and Exchange Commission (SEC) has announced its intention to appeal a recent court ruling that limits its authority to oversee cryptocurrency markets. This decision stems from a July 2023 ruling by US District Judge Analisa Torres, which concluded that the XRP token sold by Ripple Labs on public exchanges does not qualify as a security. As a result, the approximately $757 million in sales of XRP would not fall under the protective regulations enforced by the SEC.
Ripple Labs, which could also appeal aspects of the ruling, has expressed its frustration with the SEC’s move. CEO Brad Garlinghouse labelled the decision to appeal as ‘misguided’ and ‘infuriating,’ yet he remained confident, stating that XRP’s status as a non-security is currently upheld in law. This ongoing legal battle could have significant implications for the broader regulatory landscape surrounding cryptocurrencies in the US.
Polkadot (DOT) has faced a significant downturn, falling nearly 8% in the last 24 hours as rising tensions in the Middle East have prompted investors to seek refuge in safer assets. Currently trading around $4.16, DOT has lost crucial support levels, leaving sellers firmly in control.
The week has been challenging for Polkadot, with the token quickly losing the gains it achieved just a week ago. After rebounding from a low of $3.98 in mid-September to a high of $4.96, the altcoin struggled to maintain its momentum, failing to break the $5 barrier. Following a weekend of selling pressure, DOT saw a sharp decline, slipping below critical support levels and closing Monday at $4.44. Despite a brief attempt to recover, the ongoing geopolitical issues have led to further losses.
Currently, DOT is hovering around $4.10, with strong support at the $4 mark. Should selling pressure continue, it may test this level, which could attract buyers. Analysts suggest that this downturn might present a buying opportunity, noting that DOT is nearing the end of its accumulation phase and could soon break out from its descending triangle pattern. Many believe that long-term prospects remain positive despite short-term volatility.
Overall, while the market sentiment is bearish at present, experts remain optimistic about Polkadot’s potential for recovery and growth in the near future.
Shiba Inu, the second-largest meme coin, has seen a period of stability after a surge that raised its value by 26.4% over the past week, pushing its market cap above $10.8 billion. This rise coincided with a boost in whale activity and continued outflows from centralised exchanges, suggesting growing investor confidence in the coin.
Despite the positive trends, Shibarium’s network has seen a decline in transaction fees, dropping to 0.0025 BONE. New account additions have slowed, but the total number of Shibarium accounts has reached a record 126,750, showing sustained interest in the ecosystem. A portion of BONE generated within Shibarium is converted into SHIB and burned, impacting Shiba Inu’s value.
Shiba Inu’s price has pulled back slightly after hitting a multi-month high, crossing below key resistance levels. However, with the coin holding above its 50-day and 200-day moving averages, there is potential for further upside if it can turn the resistance at $0.000020 into support.
Solana’s native token, SOL, saw a 9% decline over two days after reaching a peak of $161.80 on 29 September, marking its highest level in seven weeks. The correction mirrored the broader altcoin market capitalisation (excluding stablecoins), which hit approximately $800 billion in late September before dropping to $739 billion on 1 October.
Despite this dip, Solana’s network activity surged in the past week, prompting traders to speculate on SOL’s potential to outperform competitors. Notably, SOL’s price has risen by 10.4% over the past 30 days, indicating positive overall market sentiment. The token remains the fourth-largest cryptocurrency by market capitalisation and ranks third in total value locked (TVL), which measures the amount deposited in the network’s smart contracts.
Solana’s network distinguishes itself with low transaction fees, averaging just $0.02, compared to Ethereum’s $2.50 and BNB Chain’s $0.08. The cost-efficiency, coupled with the network’s scalability, positions Solana as a strong competitor, particularly in gaming and mobile applications. Recent developments, such as the announcement of Gameshift and the upcoming Seeker smartphone, are seen as potential catalysts for increased network demand.
Ethereum and TRON continue to dominate the stablecoin market, controlling a combined $144.4 billion, which accounts for nearly 84% of the total supply. According to CoinGecko, Ethereum leads with $84.6 billion, while TRON holds $59.8 billion, primarily driven by demand for Tether.
Despite growth in both networks, Ethereum’s market share has dipped, influenced by factors such as the Terra UST collapse and the rise of layer 2 solutions. TRON also saw its market share shrink despite increasing supply, as the stablecoin landscape diversifies.
Other networks, such as the BNB Chain, have faced challenges, notably a sharp decline in stablecoin supply due to Binance USD’s regulatory issues. However, newer blockchains like Coinbase’s Base rapidly growing, indicating a more competitive future. Stablecoins are playing an increasing role in global finance, with their usage expanding in emerging markets for purposes beyond crypto trading.
Kazakhstan’s financial regulators have frozen $1.2 million in cryptocurrency and shut down 19 illegal over-the-counter platforms, marking a significant step in their ongoing crackdown on unlicensed crypto activity. These platforms, with a combined turnover exceeding $60 million, were operating illegally and posed risks related to money laundering and terrorism financing.
In addition to freezing funds, the Financial Monitoring Agency has targeted illegal crypto-mining operations. Since the start of the year, authorities have dismantled nine mining sites and seized around 4,000 mining rigs. Furthermore, more than 5,500 unlicensed online exchangers have been blocked as part of this broad regulatory effort.
Kazakhstan’s attempts to tighten its control over the crypto industry extend to major international players. In December 2023, the country banned the US-based crypto exchange Coinbase, accusing it of violating local laws regarding the trading of uninsured digital assets.
