Today in Crypto, Ondo Finance urges US SEC to delay or reject Nasdaq’s securities proposal. Meanwhile, Japan’s top banks are reportedly planning a joint yen-based StableCoin, and more than five new crypto ETFs were filed this week despite the ongoing US government shutdown.
OpenSea rejects pivot from NFTS, says it’s emerging to ‘trade everything’
OpenSea CEO Devin Finzer has denied the claim that the company was pivoting Far from invisible tokens (NFT), it is said that the market is “evolving” into a universal platform to trade every type of onchain asset.
In a Friday post on X, Finzer announced that OpenSea’s trading volume in October exceeded $2.6 billion, with more than 90% of that amount coming from token trading, calling it the beginning of the platform’s transformation to “trade everything.”
“We are building a universal interface for the entire onchain economy – tokens, collectives, cultures, digital and physical,” Finzer told Cointelegraph. “The goal is simple: if it has an onchain, you should exchange it with OpenSea, without breaking any chain, while maintaining complete control of your assets,” he added.
OpenSea is the First Major NFT Marketplace. The platform remained the dominant player in the gap until early 2023, when momentum is lost due to a combination of a general NFT market crash and the rise of a major competitorBlurry.
Ondo Finance To Sec: Hold Off on Nasdaq’s Tokenized Securities Plan
Ondo Finance urged the US Securities and Exchange Commission (SEC) to delay or reject NASDAQ’s proposal To trade tokenized securities, saying it lacks transparency and could give established market players an unfair edge.
On a Wednesday Letter At the Regulator, Ondo – a blockchain company that issues tokenized versions of traditional assets – said regulators and investors would not be fair to review NASDAQ’s proposal without public details on how the Depository Trust Company (DTC) will handle blockchain settlements. DTC serves as the primary depository for US securities and facilitates their post-trade settlement.
While acknowledging the support of Nasdaq’s move towards tokenization, Ondo warned that “Nasdaq’s reference to non-public information implies access to diversity that deprives other companies of a fair opportunity to comment.”
The company also noted that NASDAQ’s rule cannot take effect until DTC finalizes its system, saying there is no harm in delaying approval until more features are rolled out. It called on the SEC to prioritize “open cooperation and transparent standards” before making a final decision.
Ondo’s letter responded to Nasdaq on Sept. 8 Filing with the SEC, where the second largest stock exchange is seeking to change its rules to allow trading in tokenized securities.
Tokenized shares are digital versions of traditional stock recorded on a blockchain.
If approved, the proposal would allow tokenized shares to trade alongside traditional ones, with settlements processed through the upcoming DTC system for tokenized securities.
Nasdaq’s proposal is Published In the Federal Register on September 22, the SEC’s 45-day review begins, running until early November or late December if extended.
Japanese Mega Banks to jointly issue yen-pegged stableCoin: Report
Three of Japan’s largest banks reported plan to jointly issue A yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology within its financial infrastructure.
Nikkei reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho bank plan to modernize corporate arrangements and reduce transaction costs through a yen-based StableCoin Project built on MUFG’s Stablecoin Issuance Platform Progmat.
The banks, which collectively serve more than 300,000 corporate clients, aim to standardize the token to make it interoperable for payments within and between companies. The consortium hopes to release StableCoin by the end of the year.
Mitsubishi Corp. is the first entity to implement StableCoin for internal transactions. With more than 240 subsidiaries worldwide, the company aims to streamline international transfers of dividends, acquisitions and customer transactions, saving on fees and administrative burden.
If successful, the project could establish Japan’s first bank-backed network under a unified framework.
