Today in crypto, Native Markets wins USDH stablecoin ticker, Pakistan has invited international crypto firms to apply for licenses under its regulatory authority PVARA. Meanwhile, a Wall Street veteran predicts that institutional interest in Bitcoin allocations will grow by the end of the year.
Native Markets wins USDH stablecoin ticker
Native Markets, one of the teams that submitted a bid to issue the Hyperliquid crypto exchange’s dollar-pegged stablecoin (USDH), won the rights to the USDH ticker on Sunday, following a bidding war that was closely watched by the crypto community.
The Native Markets team will submit a Hyperliquid Improvement Proposal (HIP) for USDH, based on the bid submitted to the Hyperliquid community in the coming days, Max Fiege, founder of Native Markets, said in an X post. He also outlined the next steps:
“We will then start with a testing phase for mints and redeems of up to $800 per transaction with an initial group, to be followed by the opening of the USDH/USDC spot order book, as well as uncapped mints and redeems.”
Native Markets will also launch a USDH ERC-20 token, the token standard for the Ethereum network, alongside the HIP, Fiege said.
The race drew mixed reactions and criticism from the crypto community and several crypto industry executives, some of whom called into question the trajectory of the entire stablecoin sector and how exchanges would handle stable tokens in the future.
Pakistan invites global crypto firms to apply for operating licenses: Report
Pakistan has opened the door to international crypto businesses, inviting leading exchanges and virtual asset service providers (VASPs) to apply for licenses under a new federal regime.
On Saturday, the Pakistan Virtual Asset Regulatory Authority (PVARA) called on major crypto firms to submit Expressions of Interest (EoIs) to enter the country’s digital asset market, according to a report by local news outlet Dawn.
“This EoI is our invitation to the world’s leading VASPs to partner in building a transparent and inclusive digital financial future for Pakistan,” said Bilal bin Saqib, PVARA chair and minister of state for crypto and blockchain.
Eligibility is limited to firms already licensed by recognized regulators, including the US Securities and Exchange Commission (SEC), the UK Financial Conduct Authority, the EU’s VASP framework, the UAE’s Virtual Assets Regulatory Authority and the Monetary Authority of Singapore.
TradFi to ramp up Bitcoin allocations by year-end, Wall Street veteran tips
Wall Street veteran and macro analyst Jordi Visser is forecasting that US financial institutions are set to ramp up their Bitcoin allocations before the year is out.
“Between now and the end of the year, the allocations for Bitcoin for the next year from the traditional finance world are going to be increased,” Visser told Anthony Pompliano during an interview published to YouTube on Saturday.
“I think Bitcoin’s allocation number will go higher across portfolios,” Visser said. “That is going to happen,” he emphasized.
Visser predicts that traditional financial institutions will bolster their Bitcoin allocations in the final quarter of this year in preparation for next year, the same quarter that market participants are debating over whether Bitcoin’s price will peak for the cycle or not.
