jpyxx So, what’s the fuss? Imagine a coin that’s as steady as Mount Fuji (or at least tries to be), pegged at 1 JPYC = 1 JPY. It’s backed by-wait for it-liquid assets! That’s fancy talk for “stuff you can turn into cash quickly,” like bank deposits and government bonds, because nothing says “trust me” like a pile of IOUs from Uncle Sam’s favorite island nation. 🇯🇵💰
As of this very moment, over 56,638 ETH in bullish long positions-valued at a staggering $236 million-are at risk of being unceremoniously liquidated on the decentralized perpetual exchange Hyperliquid, should ether decide to plummet to $4,170, as per the sage data from Hyperdash.
The company, listed on the revered stage of Nasdaq, announced on a Sunday worthy of Ivan Ilyich-an epitome of frivolous days-its intent to sculpt a “C10 (Crypto 10) Treasury” from the financial streams of the world. With a modest starting purse of $30 million, they harbor the lofty ambition that this fortune could swell to a magnitude measurable in the very billions.
A tiny slice – only 3.2%! – of these Picasso wannabes think it’s hip to own something digital, but guess what? Average that out across all of them, and it’s a measly 0.3%, like that one tiny unicorn in the fantasy stock universe.
In a plot twist worthy of a Dostoevsky novel, Tokyo-based fintech JPYC will take the reins, registering as a licensed money transfer business faster than you can say “stablecoin.” Their digital currency will cling to the Japanese yen like a koala to a eucalyptus tree, maintaining a 1:1 peg, backed by liquid reserves that are as solid as a sumo wrestler’s stance-think bank deposits and government bonds. Tokens will be issued via bank transfer and tucked away in digital wallets, both for individuals and corporations, because who doesn’t love a little digital hoarding? 💰
“The venture space is capped,” says Park, “liquid markets aren’t.” Because what’s more fun than pouring your cash into a limited bottle when you could be splashing in the endless fountain of crypto liquidity? 💧💸
Mert Mumtaz, a chap from a firm called Helius (sounds like something you’d catch in a space station), declared Solana the “first major blockchain” to reach 100,000 TPS. A block late on Sunday apparently showed 43,016 *successful* transactions alongside a mere 50 failures. That totals to 107,540 TPS! Quite a feat, if you ignore…well, we’ll get to that.
Four pillars, sturdy as the legs of a table, define this transformation. First, the government, in its infinite wisdom, plans a phased approach to corporate participation-because who doesn’t love a good slow dance? Second, regulators are crafting frameworks for spot Bitcoin ETFs and won-pegged stablecoins, as if they were preparing a fine meal for the discerning palate of the market. Third, authorities are cracking down on unregistered operators and KYC breaches with the fervor of a mother hen protecting her chicks. Fourth, the central bank, in a surprising twist, has decided to pause its CBDC development, opting instead for bank-led stablecoin pilots-because why not let the banks have a little fun?
Apparently, the brave souls behind the GENIUS Act (which sounds more like a superhero than a law) are on a quest to find the perfect compliance tech – from APIs that probably know more about your snack habits than your spouse, to AI systems that might, just maybe, recognize a scam before it happens. Because what’s better than a transparent financial system? One with embedded digital ID badges, of course! Think of it as KYC and AML checks finally deciding to get cozy with your smart contract, making every transaction a tiny digital passport check. Bonjour, compliance!
The rate of Ethereum (ETH) has ascended by a modest 2.24% since yesteryear, which, in the grand scheme of things, is about as thrilling as watching a teakettle whistle. 🫣
