Stablecoin and DeFi Growth

Here is what we have in store in this Market Summary:

1. DeFi Development Corp reports 108% yearly growth in SOL per share

2. Fidelity International receives Moody’s AAA-mf rating for tokenized fund

3. Jupiter works with Bitwise on institutional-grade USDe lending market

4. KRWQ expands to Solana after EDX Markets listing

5. Ledger pauses U.S. IPO plans amid market conditions

DeFi Development Corp reports 108% yearly growth in SOL per share

DeFi Development Corp reported 108% year-over-year growth in SOL per share as the company continued expanding its Solana treasury strategy.

The firm has been increasing its exposure to Solana while tracking performance through a SOL-per-share metric tied to shareholder exposure.


Read the full article by The Block here

Fidelity International tokenized fund receives Moody’s AAA-mf rating

Fidelity International received a AAA-mf rating from Moody’s for its first tokenized fund.

The rating is one of the highest classifications for money market-style funds and marks another step in the expansion of tokenized financial products from traditional asset managers.

The fund operates using blockchain infrastructure while maintaining structures tied to traditional financial markets.


Read the full article by The Block here

Jupiter and Bitwise launch institutional-focused USDe lending market

Jupiter announced that Bitwise Asset Management will curate a dedicated lending market for USDe on Jupiter Lend. This is the first time an institutional asset manager has taken on a curation role for Jupiter Lend, and the first time an external manager has curated on Fluid, the lending infrastructure that powers the platform.


Read the full article by The Block here

Korean Won Stablecoin KRWQ Expands to Solana

KRWQ, a stablecoin pegged to the South Korean won and issued by IQ in partnership with Frax, announced its expansion to Solana this week.

The goal is to establish KRWQ as the primary settlement asset for Korean won liquidity on Solana.

Read the full article by The Block here

Ledger pauses U.S. IPO plans amid market conditions

Ledger has paused its plans for a U.S. IPO due to current market conditions and weaker investor appetite for crypto listings.

Despite the pause, Ledger has continued expanding its U.S. operations, including opening a New York office and appointing former Circle executive John Andrews as CFO.


Read the full article by CoinDesk here

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Disclaimer:

The content covered in this newsletter is not to be considered investment or financial advice. It is for informational and educational purposes only. The views and opinions expressed in this publication do not reflect those of AP Collective.