Grayscale Launches MakerDAO Trust Fund

Grayscale Launches MakerDAO Trust Fund for MKR Token

Grayscale has introduced a new fund centered on the governance token MKR from the decentralized lending platform MakerDAO. The Grayscale MakerDAO Trust, accessible to accredited individual and institutional investors, is a closed-end fund, meaning it could experience price deviations from the underlying asset due to limited liquidity and trading restrictions.

MakerDAO, which manages over $7 billion in various assets including US Treasuries and issues the third-largest stablecoin, DAI, is undergoing a major "End Game" overhaul aimed at upgrading MKR and DAI. This launch adds to Grayscale’s recent expansion into single-asset funds, including those for Bittensor's TAO token and the Sui blockchain.

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DBS Bank Pilot Treasury Tokens for Liquidity Management

DBS, Singapore's largest bank, has launched a pilot for its “DBS Treasury Tokens” in collaboration with Ant International, aiming to improve efficiency in multi-currency treasury and liquidity management. Utilizing DBS' permissioned blockchain, the pilot project intends to speed up intra-group transactions, reducing settlement times from days to mere seconds.

This innovation is expected to optimize liquidity and provide better visibility and control over cash positions, catering to the evolving needs of businesses in the age of e-commerce and on-demand services. The initiative builds on DBS’s participation in Project Orchid and Project Guardian, both aiming to explore the potential benefits of financial tokenization in traditional banking.

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Trump-Musk Interview Causes MAGA Memecoin Sell-Off

During a live interview with Elon Musk, former President Donald Trump did not touch on cryptocurrency, leading to disappointment among traders and a sell-off in Trump-themed meme coins. The interview, which was delayed by 40 minutes due to technical issues (or DDoS attack), covered diverse topics including technology but skipped any mention of crypto, a key interest for many listeners.

This omission resulted in significant losses for traders who had bet on the appearance of crypto-related topics, with Polymarket users seeing the largest losses on these bets. As a consequence, several Trump-inspired meme coins such as MAGA and Dark MAGA experienced steep declines, reversing earlier gains made in anticipation of crypto discussions.

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FBI's Vague Response to Satoshi Nakamoto's Identity

The FBI has issued a “Glomar response” to a FOIA request about Bitcoin creator Satoshi Nakamoto, neither confirming nor denying the existence of records related to the pseudonymous individual. Investigative journalist Dave Troy revealed this response on August 13, noting that the agency’s indirect implication suggests Nakamoto might be a "third party individual," though this is not explicitly confirmed.

The true identity of Nakamoto has remained a subject of intense speculation since the release of Bitcoin’s white paper in 2008, with candidates like early contributor Hal Finney proposed but never definitively proven. Previous FOIA requests to the FBI and the CIA have similarly resulted in vague responses, leaving Nakamoto’s identity in mystery. Well, at least in 2024 we know for 100% that it's not Craig Wright.

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Data of the Day

PayPal’s PYUSD stablecoin has seen its supply on Solana exceed that on Ethereum for the first time. As of now, Solana hosts 391 million PYUSD tokens compared to Ethereum's 357 million. Launched in August 2023, the stablecoin's total supply has appreciated, surpassing 748 million one year later.

The expansion to Solana in May and its integration into decentralized exchanges may have contributed to this growth, positioning PYUSD as the fourth-largest centralized stablecoin by market cap.

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More Breaking News

• Kamala Harris might continue the Biden administration's strict cryptocurrency regulations with support from former economic advisers.
• Curve Finance has cut its CRV token emissions to 137 million annually, enhancing DAO sustainability and surpassing earnings for the first time.
• Pump.fun achieved a record $28.73 million in monthly agreement income in July, reflecting increased retail interest in Solana meme coins.
• Marathon Digital will stamp all mined Bitcoin blocks with "Made in USA" to align with Trump’s call for American-made BTC.
• Canadian exchange ezBtc's founder gambled away $9.5 million of users' Bitcoin and Ether, leading to enormous investor losses.
• A US legal appeals court revived a class-action lawsuit against Binance.US, alleging the exchange manipulated Hex (HEX) token prices.

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