🌟 Huge win for Circle's stablecoin in the EU

Sunday is here.

Welcome back to another newsletter from us at The Merge.

•  🌟 Circle’s USDC becomes the first EU MiCA Compliant Stablecoin

• 🪙 Clearpool migrates to BASE to let institutions access DeFi

• ⚡️ INX Group and Backed Finance launch bNVDA, a tokenised security backed one-to-one by NVIDIA stock

Read Time: 8 Minutes

Global Market Overview

Real World Assets on-chain (excl stablecoins) are worth $10.39b (↑3.76% from last month).

There are 60,163 Total Asset Holders (↑4.14% from last month).

• $7.99b is within Private Credit

• $1.8b is in US Treasury Debt

• $852.83m is in tokenised Commodities

• $21.7m is in Global Bonds

• $4.48m is in tokenised Stocks

The top 3 networks are 🥇Ethereum ($89.5b in Total Value Locked) 🥈Tron ($60.47b in TVL) & 🥉Binance Smart Chain ($4.96b in TVL).

Fancy taking a look for yourself? Check it out here.

So, what’s being tokenised this week?

Private Credit

Currently, there is $7.99b in active value loans & $12.81b total loan value across all protocols.

As of today, the top 3 current protocols with outstanding loans are 🥇Figure ($7.36b) 🥈Centrifuge ($286m) & 🥉Maple Finance ($171m).

Top stories this week?

🌐 Clearpool ($CPOOL) the well-known DeFi credit platform, has announced a unique product Credit Vaults, on the Ethereum-based L2 blockchain Base to permit institutional users to access DeFi credit.

The Credit Vaults optimise efficiency and give incentives to lenders having greater interest rates. In this way, they attract the latest participants from Coinbase’s institutional partners!

Stablecoins

Currently, the market cap of stablecoins is $160.94b (↓0.94% from last month.)

As of today, it makes up 0.77% (↓0.41% from last month) of all M2 Money Supply with Monthly Transfer Volume totalling $2.16 trillion (↓16.58% from last month).

The top 3 current entities are 🥇Tether ($113.5b) 🥈Circle ($29.5b) &🥉Maker DAO ($5.03b).

Top stories this week?

🤝 Circle’s stablecoin known as $USDC is the first global issuer to be #MICA compliant.

It has been granted an Electronic Money Institution (EMI) license which means $USDC & $EURC are being issued in line with the regulatory frameworks all across the EU.

This is huge progress for stablecoins 🥂

Commodities

Currently, the market cap of commodities is $848.29m (↑0.16% from last month).

As of today, the Monthly Transfer Volume totals $151.83m (↑17.38% from last month) with 54.7k addresses that are current holders.

The top 3 current entities are 🥇Paxos ($431.4m) 🥈Tether ($388.7m) &🥉Aurus ($17.9m).

Bonds

Currently, the total value of bonds is $21.73m (↑0.37% from last week).

As of today, the Average Yield to Maturity is 3.1% with 0.02 years in Weighted Average Maturity (length of time until the bond’s principal is repaid). There is a total of 29 Holders (↓48.28% from last week).

The top 2 current entities are 🥇Backed Finance ($20.43m)🥈OpenTrade ($1.31m).

Stocks

Currently, the total value of stocks is $4.48m (↓2.44% from last month).

As of today, the Monthly Transfer Volume totals $317.97k (↓22.93% from last month) with 96 Active Addresses and 646 Current Holders.

The top 3 current entities are 🥇Coinbase Global ($3.13m)🥈iShares Core S&P 500 ($1.07m) &🥉Tesla ($81,256).

Top stories this week?

📈 INX Group and Backed Finance partnership begins with the launch of bNVDA, a tokenised security backed one-to-one by NVIDIA Corp (NVDA) stock issued on the Ethereum network, with the blockchain ledger conveying ownership and open to non-US eligible investors.

This appears to be only the start, with more assets coming in the pipeline, such as ETFs, Bonds, or even commodities arriving on INX in the future. Backed’s tokenised public securities are called bTokens, which are permissionless ERC-20 tokens that can be transferred between wallets freely.

Weekly Resource List

🌐 RWA.xyz: On-Chain RWA Analytics - NEW

Explore tokenised real-world assets and the investors, issuers and service providers participating in public blockchains. View protocol statistics, industry aggregate metrics, and the issuers all in one place (link)

🔎 Santiment: Crypto Intelligence Tool - NEW

A behaviour analytics platform for crypto, sourcing on-chain, social and development information on thousands of coins, including market signals. For RWA’s insights check out this (link) 

🔐 Coinbase Wallet: Easy-to-use crypto wallet - NEW

You’ve more than likely heard and probably used Coinbase, so no introduction is needed. This is by far one of the easiest and non-crypto native wallets to be picked up and used by anyone. They even have a ‘Simple Mode’ for beginners. (link) 

🔭 DeBank: Web3 Portfolio Tracker

When it’s difficult to keep track of what’s where - just sync up any of your wallets and see within seconds where things are. This new gem of a tool we stumbled across gives you a holistic overview of all your holdings across multiple blockchains in one place (link)

👻 Phantom Wallet: Multi-Chain Crypto Wallet

Becoming a favourite wallet to use across crypto. An easy-to-navigate cross-chain compatible wallet (you can use it for SOL & ETH etc) with a user interface that beats most of the competition out of the ballpark (link)

🦇 Arkham Insights: Smart Money Insights

An investment tool if you want to understand where ‘Smart Money’ (aka the market makers) are placing their bets then make sure to check it out (link) 

🦎 CoinGecko: Crypto Data and Analysis Platform

Keep up to date with prices, trading volumes, and crucial crypto data (link)

That’s it!

As always, thanks for reading.

Hit reply and let us know what you found most helpful this week —we’d love to hear from you!

See you next Sunday,

Merge