KRAKEN TO LAUNCH TOKENIZED U.S. STOCKS FOR GLOBAL USERS
Kraken, a U.S.-based crypto exchange, will soon let non-U.S. users trade tokenized versions of popular U.S. stocks like Apple, Tesla, and Nvidia. These digital tokens, called xStocks, will trade 24/7 on the Solana blockchain, offering global investors easier and cheaper access to U.S. equities.
Key Details: 🔸 Launching in Europe, Latin America, Africa, and Asia in the coming weeks. 🔸 Not available to U.S. users. 🔸 Over 50 stocks and ETFs will be tokenized, including SPY and SPDR Gold Shares. 🔸 Tokens will be backed by actual shares, held by Kraken’s partner Backed Finance, and redeemable for cash. 🔸 Tokens can be held in digital wallets or used as collateral for crypto trades.
Why Tokenize Stocks? Kraken says this allows 24/7 trading and avoids high fees and delays typical of international brokerage systems. Investors may eventually trade xStocks on other crypto platforms.
Bitcoin may continue to climb after hitting a record high, says Standard Chartered’s Geoff Kendrick. A high U.S. Treasury term premium is boosting bitcoin, which tends to follow it. Inflows into U.S. spot bitcoin ETFs are growing, and both institutional and government interest are increasing. A new U.S. stablecoin regulation bill also supports the market. Standard Chartered expects bitcoin to reach $120,000 by the end of Q2, $200,000 by late 2025, and $500,000 by 2028. Bitcoin is currently up 2.3% at $110,768 after reaching $111,862.
SEC DATA BACKS BITCOIN $500K TARGET BY 2028: STANDARD CHARTERED
Standard Chartered's Geoff Kendrick says recent SEC 13F filings support a possible rise in Bitcoin to $500,000 by end-2028. While direct ETF holdings dipped in Q1, government entities boosted stakes in Strategy (formerly MicroStrategy), seen as a Bitcoin proxy. This may reflect efforts to gain Bitcoin exposure despite regulatory limits. Bitcoin is down 0.4% to $105,098.
SENATE TAKES ITS SECOND STAB AT ADVANCING STABLECOIN LEGISLATION: SEMAFOR
Senators expect to vote again tonight on advancing legislation to create rules for stablecoins — a type of cryptocurrency pegged to assets like the dollar — after a previous attempt imploded, a person familiar with the plans said.
BITCOIN RETREATS FROM RECENT HIGHS AFTER MOODY'S DOWNGRADES U.S. CREDIT RATING
Bitcoin falls, retreating from multi-month highs, as investors sell risky assets. This comes after Moody's Ratings downgraded U.S. sovereign debt to Aa1 from Aaa, citing spiraling government debt. The cryptocurrency had a strong week last week, recording its highest-ever weekly close near $106,500, Saxo says in a note. Bitcoin falls 0.8% to $103,298, having hit a peak of $107,060 in overnight trade, its highest in nearly four months, LSEG data show