Good Evening Dinar Recaps,

FINANCIAL INSTITUTIONS WILL DRIVE RWA TOKENIZATION’S TRILLION-DOLLAR GROWTH

The real-world asset tokenization industry is projected by some to exceed $30 trillion by 2030, driven by nimble and mainstream financial institutions.

Financial institutions will be the main drivers of the growing tokenization industry leading up to 2030, which could potentially see more than 50-fold growth.

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BRICS MEETING WITH SAUDI ARABIA: MAJOR DISCUSSION POINTS UNVEILED

Despite the ongoing confusion regarding the country’s position within the economic alliance, the BRICS bloc and Saudi Arabia have met, with major points of discussion being unveiled. The nation had previously accepted an invitation to be among its first expanded members. However, that proved not to be the case, with major leadership not even attending the alliance’s 2024 Summit.

However, the two sides are still reportedly engaged in positive talks. Specifically, they have met to confront the potential for growing cooperation on a global scale.

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CRYPTO LEADERS UNITE FOR DESCI: A NEW ERA OF SCIENCE WITH BLOCKCHAIN

▪️DeSci movement seeks to make scientific research more open, fair, and accessible.

▪️Prominent figures like CZ, Vitalik, and Brian Armstrong are actively supporting DeSci's goals.

▪️DeSci can improve scientific funding, democratize research, and foster greater collaboration within the scientific community.

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PRO-BITCOIN MATT GAETZ NOMINATED AS U.S. ATTORNEY GENERAL

Matt Gaetz, a Florida Representatives and American lawyer, has been nominated as Attorney General by President-elect Donald Trump. Gaetz was assigned due to his educational and career experience in law.

President-elect Donald Trump nominated Matt Gaetsz, pro-bitcoin and Florida representative, to be the next U.S. Attorney General. Following this nomination, he resigned from the House of Representative on Nov. 13, 2024.

Good Evening Dinar Recaps,

18 GOP AGS SUE SEC AS GENSLER HINTS RESIGNATION

Donald Trump’s promise of a U.S. SEC without Gary Gensler may be realized ahead of schedule amid state lawsuits and resignation chatter.

Wall Street’s top cop-on-the-beat has been accused of “unconstitutional overreach” and “unfair persecution” of the $3 trillion cryptocurrency industry, according to a lawsuit signed by 18 Republican Attorneys Generals.

The lawsuit alleges that the United States Securities and Exchange Commission and its commissioners, led by chair Gary Gensler, overstepped their jurisdiction and disregarded state economic autonomy.

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MARKET PARTICIPANTS URGE ECB TO EXTEND WHOLESALE DLT TRIALS

For the last six months the European Central Bank (ECB) has been orchestrating wholesale DLT settlement trials using central bank money. More than 70 institutions have taken part, with three different payment options available.

 Today three of the most active participants – Deutsche Börse’s Clearstream, DekaBank and Union Investment – shared their lessons as part of a Frankfurt School Blockchain Center event.

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BLACKROCK EXPANDS TOKENIZED MONEY MARKET FUND BUIDL TO FIVE MORE BLOCKCHAINS

Today Securitize, BlackRock’s tokenization partner, announced that BlackRock’s money market fund, BUIDL, is now available on five additional blockchains. It launched in March on Ethereum and has now expanded to Aptos, Arbitrum, Avalanche, Optimism’s OP Mainnet, and Polygon.

BUIDL is the largest tokenized money market fund on a public blockchain with a market capitalization of $517 million. Ondo Finance has issued its own money market fund backed by BUIDL, so it accounts for $192 million of BUIDL’s balance. While BlackRock has a minimum investment of $5 million, Ondo’s OUSG has a $5,000 minimum and also temporarily waves fees.

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RADIAN USES R3’S CORDA DLT TO SMOOTH REAL ESTATE TITLE TRANSFERS

US mortgage and real estate service firm Radian has integrated R3’s Corda enterprise blockchain with its Titlegenius offering. The workflow system for real estate title transfers uses DLT for document storage and data transfer. Rather than a black box, it provides transparency around the title transfer process and claims to cut closing costs by an average of 25%.

Radian has a market capitalization of more than $5 billion, although mortgage insurance is its primary revenue source rather than title services.

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UK LIKELY TO ISSUE DIGITAL GILTS WITHIN THE NEXT TWO YEARS – REPORT

Yesterday, state-owned French development bank Caisse des Dépôts et Consignations (CDC) issued a €100m ($108m) digital bond settled using the Banque de France’s DL3S DLT platform using its pilot wholesale central bank digital currency (wCBDC).

The transaction formed part of the European Central Bank’s wholesale DLT settlement trials which are due to end this month.

The Banque de France avoids using the term wholesale CBDC, instead referring to it as a tokenized representation of central bank money.

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STABLECOIN FIRM TETHER PLOWS PROFITS INTO COMMODITY TRADE FINANCE

On Friday Tether, known as the operator of the largest stablecoin, reported its investment division completed its first trade finance transaction in October. It involved providing finance for 670,000 barrels of Middle Eastern crude oil worth around $45 million.

The credit granted was from Tether Investments, a company with $7 billion in equity funded by the profits of the stablecoin firm. Hence, it does not involve the use of stablecoin reserves. However, the Tether stablecoin was used for the payment.

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ITALY LOWERS PROPOSED CRYPTO TAX HIKE TO 28%: REPORT
Italy’s government is considering lowering its proposed tax hike on crypto trades, reducing the planned rate increase from 42% to 28%.

This shift comes as Prime Minister Giorgia Meloni’s coalition appears inclined to amend the tax proposal, which was initially part of October’s budget plan, to support the country’s growing digital asset sector, according to Bloomberg.

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AFME PROPOSES MICA-LIKE REGULATIONS FOR TOKENIZATION TO ADDRESS CSDR ISSUES WITH DLT

Last week the Association for Financial Markets in Europe (AFME) outlined its European vision and policy recommendations for DLT and tokenization. 

This is in response to a call for submissions by the EU’s capital markets Directorate, FISMA.

The paper makes recommendations that address some key issues holding up the development of tokenization in the European Union.

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PETER SCHIFF SLAMS DONALD TRUMP’S STRATEGIC BITCOIN RESERVE PROPOSAL

With the incoming Donald Trump administratation, crypto might play a key role, but Peter Schiff thinks Bitcoin Reserve proposal is a bad idea

▪️  Peter Schiff has watered down the hyped Bitcoin reserve proposal

▪️  He believes the move might crash the US Dollar in the long term

▪️  Many differ from Schiff with Bhutan also keeping a BTC Reserve