It's Stablecoins' Turn ↩️
Stablecoin resurgence: Combined market cap hits $124 billion. xAI's $1 billion securities sale. Coinbase Wallet's link transfers. Ark sells more of Coinbase. What's new in AI?
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Crypto is just coming out of a freezing winter.
It was all started by a stablecoin (yeah, the TerraUSD).
Stablecoins are back. Fresh money is flowing into the crypto market.
Tether's USDT leads the charge.
Added $7 billion to its market cap since September.
Hitting an all-time high market cap of nearly $90 billion.
After more than 18 months, the stablecoin market cap is on the rise again.
Combined market capitalisation reaching $124 billion.
The largest stablecoins increased by almost $5 billion over the past month.
FDUSD Soars Past $1 Billion Mark
The dollar-pegged stablecoin issued by Hong Kong-based First Digital Limited, has crossed $1 billion mark in total circulation.
Why? Binance is promoting FDUSD as a compelling alternative to BUSD, another stablecoin.
Incentivised users by allowing them to convert BUSD to FDUSD at zero cost.
Introduced zero-fee trading for six FDUSD trading pairs, allowing users to trade FDUSD against BNB, Dogecoin, Ether, Chainlink, Solana, and Ripple without fees. Applies to both spot and margin trading.
Offers O10% annualised yield on FDUSD deposits.
Why is Binance doing this? Regulatory issues.
The New York Department of Financial Services ordered BUSD issuer Paxos to halt token issuance earlier this year.
The AEUR Stablecoin
Supposedly pegged to the euro, AEUR experienced an almost 200% surge on Binance, reaching $3.25 before trading was suspended due to "abnormal volatility."
The token had traded at around $1.08, closely tracking the EUR-USD rate before the sudden price surge. AEUR is issued by Anchored Coins, backed by euro fiat assets, and owned by Singapore investor Calvin Cheng.
PayPal's PYUSD's Effect
PYUSD's launch by a major payments company signals mainstream acceptance of stablecoins.
Integration of PYUSD across various ecosystems, exchanges, and wallets could lead to the creation of more use cases for digital assets, expanding their versatility.
Its size and reach may intensify regulatory focus, potentially leading to tighter regulations and compliance requirements for stablecoins.
PayPal's entry may inspire other fintech firms to explore stablecoin offerings, further diversifying the industry.
But then again, its centralised
Who’s New in the Game?
Société Générale, the third-largest bank in France, is set to become the first major bank to list a stablecoin on a crypto exchange.
The bank will launch its own stablecoin, called EUR CoinVertible, on the Bitstamp exchange.
The resurgence of stablecoins isn't just a feel-good comeback story; it's a bullish signal for the broader crypto market's health.
An increase in the circulating supply of stablecoins, such as USDT, indicates improving on-chain liquidity, creating an environment where more capital is readily available for deployment.
Crypto Market's Moving
Bitcoin's price surged to $44,000, marking a 10% gain for the week.
Observers anticipate Bitcoin prices could surpass $48,000 in the coming weeks.
Bitcoin's rapid price increase is causing significant losses for short traders.
Short traders lost $90 million on Tuesday and $70 million on Monday due to short liquidations.
Most liquidations happened on exchanges like Binance, OKX, and Huobi.
Trading volumes have increased by 25% in the past week, with open interest growing from $17.2 billion to $20.2 billion.
TTD Numbers 🔢
xAI is cooking up something big – $1 billion worth of unregistered securities.
xAI has filed with the SEC for a private sale of $865.3 million in unregistered equity securities.
The filing uses the SEC's Form D to allow private sale of securities without registration, complying with Regulation D of the Securities Act of 1933.
Musk is listed as the executive officer and director of xAI in the filing.
The team includes Jared Birchall, a finance heavyweight with experience at Goldman Sachs, Merrill Lynch, and Morgan Stanley.
The securities will be sold to accredited investors with resale restrictions under Rule 506(b).
$134.7 million of these securities have already been sold, with the first sale occurring on Nov. 29.
To join the game, investors need to roll the dice with a minimum investment of $2 million.
Elon Musk announced xAI's launch in July, aiming to "understand the universe" and compete with ChatGPT.
Musk had a public dispute with OpenAI's co-founder and CEO Sam Altman over XAI's chatbot, Grok's capabilities.
Fun fact: Elon Musk was also a co-founder of OpenAI but left the company.
What's new in AI?
Alibaba's AI research team has unveiled "Animate Anyone," an AI model that can create high-quality animations from still photos.
Users transform photos into videos with control over desired pose sequences and temporal continuity.
The GitHub page for Animate Anyone received a flood of requests for access to the source code, and the team plans to release the demo and code publicly.
Animate Anyone integrates diffusion models into a framework called ReferenceNet to achieve consistent and realistic animations.
TikTok's AI Endeavors
ByteDance, the parent company of TikTok, is set to launch a public platform for users to develop their own AI models.
The move is part of the generative AI competition in China, with ByteDance's platform being described as a competitor to similar offerings by Alibaba and Baidu.
ByteDance's internal memo mentions a "bot development platform" aimed at exploring new generative AI products and integration with existing ones.
TikTok has been using large language models (LLMs) to power its algorithm, but its attempts to build its own chatbot, including products like 'Tako' and 'Grace,' have faced challenges.
AI Meets Storytelling
Lore Machine, an AI-powered story visualisation tool, aims to assist screenwriters and content creators by using generative AI to create visual presentations like storyboards, comic books, and motion graphics based on scripts, books, and articles.
It uses OpenAI’s GPT and Stability AI’s Stable Diffusion to generate visuals.
The platform has garnered significant interest with 25,000 people on its waitlist, set to launch in 2024.
Users can customise text and image descriptions, choose different image styles, and export images and text in high resolution.
The SEC has delayed its decision on whether to approve or disapprove Grayscale's proposed spot ether ETF until January 25👇
Now, crypto transfers are as easy as sharing a link on popular social media and messaging apps like WhatsApp, Telegram, Facebook, Instagram, and TikTok.
Coinbase Wallet has introduced a new feature that allows users to send cryptocurrency through links.
No Fees for USD Coin: Sending USD Coin, a US dollar stablecoin, comes with zero payment fees. Coinbase Wallet ensures a smooth experience for both senders and recipients.
The Setup: Recipients simply click the link and are directed to their device's app store to download Coinbase Wallet (if not already installed). With just one click, they can create their wallet.
Here's the catch: If the funds aren't claimed within two weeks, they're returned to the sender.
Simplified for New Users: Coinbase has also introduced a "simple mode" for its wallet, making it user-friendly for those new to crypto. It focuses on essential functions like buying, sending, receiving, and viewing assets.
ARK Sells More
Ark Invest sold 10,218 Coinbase shares on Monday, which amounted to approximately $1.4 million.
This follows a previous sale of $15 million worth of Coinbase stock last week.
The recent Coinbase stock sales included 2,970 shares ($419,000) from the Fintech Innovation ETF and 7,248 shares ($1 million) from the Next Generation Internet ETF.
Ark had previously sold 37,377 Coinbase shares ($4.7 million) on Thursday and additional amounts of $5.3 million and $4.9 million worth of COIN stock on Monday and Wednesday, respectively.
TTD ChatGPT 🤖
Our dear ChatGPT became the most-viewed English article on Wikipedia in 2023.
49.5 million page views.
English Wikipedia recorded over 84 billion page views in 2023.
ChatGPT surpassed other notable topics in page views, including "Deaths in 2023," the "2023 Cricket World Cup," and the "Indian Premier League."
ChatGPT attracted a user base of over 100 million within its first year of introduction.
In September 2023, ChatGPT reintroduced a live web browsing feature, making it more useful for users and businesses. The browsing feature transformed ChatGPT into a real-time information generator.
Users can now access market trends, product reviews, and travel information.
Read this: OpenAI's DevDay 🎉
TTD Surfer 🏄
Crypto.com has been granted an Electronic Money Institution (EMI) license by the UK's Financial Conduct Authority (FCA).
Bonk, a Shiba Inu-themed token, has become the third-largest dog-themed token, behind Dogecoin (DOGE) and Shiba Inu (SHIB).
Crypto-fueled wireless carrier Helium Mobile has introduced an unlimited nationwide plan in the US for just $20 per month.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.