Circle · Wall Street · Canada · Cointelegraph
Crypto Biz: Wall Street and crypto fight for the same turf
Compiled by KHAO Editorial — aggregated from 1 source. See llms.txt for citation guidance.
◌ Single Source
Stablecoins and tokenized assets are pushing banks, exchanges and crypto companies into the same markets, from payments to stocks and ETFs.
Key facts
- According to a Tuesday filing with the US Securities and Exchange Commission, Circle issued Binance 1,237,011 shares of Class A common stock at $80.84 apiece in a Sept. 17 private placement
- According to Chainalysis, cross-border stablecoin flows increased 77.5% while total crypto market capitalization fell 37% to $2.1 trillion
- The initiative brings together Bank of Montreal, CIBC, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank Group
- Cross-border stablecoin flows surged nearly 78% to $220.3 billion in the year through June, even as the broader crypto market lost more than a third of its value
Summary
Crypto companies want a bigger role in payments and traditional assets, while banks and exchanges are bringing those markets onchain without giving up their place at the center of the financial system. This week’s Crypto Biz highlights how stablecoins and tokenized assets put crypto companies and traditional finance on increasingly overlapping turf, with both sides vying for control over how money and assets move. Binance is deepening its ties to Circle with a $100 million investment in the stablecoin issuer and a five-year agreement to expand USDC adoption across the exchange. According to a Tuesday filing with the US Securities and Exchange Commission, Circle issued Binance 1,237,011 shares of Class A common stock at $80.84 apiece in a Sept. 17 private placement.