Morning Minute: SWIFT Goes On-chain

Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

In the present day’s high information:

• Crypto majors inexperienced however pulling again after Monday rally; BTC at $113k
• SWIFT companions with Consensys to deliver funds onchain
• SEC & CFTC promise nearer cooperation in crypto oversight
• Meteora proclaims Oct 23 TGE date, shares new airdrop mechanism
• Andre Cronje raises $200M at $1B valuation for Flying Tulip

🌐 SWIFT Goes Onchain: 24/7 Cross-Border Funds With ConsenSys

One after the other the most important TradFi gamers on this planet are capitulating into crypto.

Final week it was Vanguard, and this week it’s Swift.

📌 What Occurred

Yesterday, SWIFT mentioned it can add a blockchain ledger to its infrastructure, beginning with a conceptual prototype designed by Consensys.

The primary use case is instantaneous, always-on interbank cross-border funds.

SWIFT says the ledger will report, sequence and validate transactions and implement guidelines by way of good contracts, whereas interoperating with current rails and rising networks.

A coalition of 30+ establishments, together with names like Financial institution of America, Citi and NatWest, is already shaping the construct.

It’s not but specified whether or not the prototype will anchor to Ethereum mainnet or Linea.

🗣️ What They’re Saying

“I’m very happy to announce that we’ll add a blockchain-based ledger to our expertise infrastructure to permit for trusted motion of tokenised worth throughout the digital ecosystems… Within the regulated system of the long run, we imagine [Swift and blockchain] can [go together]. Banks are prepared for it. And so they’re asking us to play a much bigger function.” – Javier Pérez-Tasso, SWIFT CEO

🧠 Why It Issues

TradFi’s most important cost rails are selecting to embed blockchain, successfully acknowledging the tech as a greater answer.

If SWIFT could make tokenized-value funds instantaneous and 24/7, and preserve compliance, controls, and interoperability, their blockchain answer will develop into their de facto possibility with huge value financial savings and impacts throughout monetary establishments.

That is very bullish for broader crypto adoption.

The extra banks standardize on shared ledgers, the simpler it turns into to bridge fiat, stablecoins, and tokenized deposits throughout markets.

So stablecoins are an enormous winner, together with the tokenization effort for RWAs.

All of which supplies crypto extra validity throughout the U.S. and world.

And naturally, it’s very bullish for his or her blockchain of selection (seemingly Ethereum or one in every of its L2s).

If Linea have been to win this (Consensys’ blockchain), anticipate a serious repricing. So be looking out for extra information tied to this story.

And general, increasingly capitulation into crypto and blockchain is going on from the most important tradfi gamers on this planet. On a close to weekly foundation…

🌎 Macro Crypto and Memes

A couple of Crypto and Web3 headlines that caught my eye:

• Crypto majors are inexperienced however pulling again after an enormous Monday rally; BTC +1% at $113,100, ETH +2% at $4,170, XRP -1% at $2.84, SOL even at $207
• S (+5%), LDO (+4%) and XMR (+3%) led high movers
• Monday was an enormous turn-around day for the ETFs, with BTC seeing $518M in inflows and ETH seeing $546.9M in inflows
• The SEC and CFTC have pledged nearer cooperation as they work collectively to supervise crypto markets
• SWIFT and Consensys introduced plans to construct a blockchain prototype for twenty-four/7 cross-border funds together with 30 monetary establishments
• Bitcoin faces a pivotal month forward with its Core v30 replace slated for October roll out, although debate rages on over the OP_RETURN change which might result in spam and even unlawful content material on the community

In Company Treasuries / ETFs

• Technique (MSTR) added 196 BTC (~$22M) final week, amongst its smallest buys this yr
• The SEC halted buying and selling of QMMM after a >2,000% surge tied to a crypto-treasury pivot, citing potential manipulation
• BlackRock’s IBIT handed Coinbase’s Deribit to develop into the biggest venue for Bitcoin choices with $38B in open curiosity

In Memes

• Memecoin leaders are barely purple; DOGE -1%, Shiba -1%, PEPE -1%, PENGU -2%, BONK +1%, TRUMP -3%, SPX -2%, and FARTCOIN -1%
• Trillions on Plasma peaked close to $60M over the weekend earlier than falling to $20M
• CARDS jumped 38% to $43M on Solana; pibble +670% led high movers

💰 Token, Airdrop & Protocol Tracker

Right here’s a rundown of main token, protocol and airdrop information from the day:

• Meteora launched its MET airdrop mechanic because the “Liquidity Distributor,” as recipients will obtain LP positions reasonably than tokens and introduced a ten/23 TGE date
• Andre Cronje’s Flying Tulip raised $200M at an $1B valuation and introduced a $FT public sale
• Pump Enjoyable launched Superior for its cell app, that includes terminal columns and different professional buying and selling instruments
• Polymarket launched point out markets for NFL video games beginning with final evening’s Dolphins Jets recreation
• Talus Labs raised $10M+ from Sui & Walrus to construct out infra for AI Brokers and Prediction Markets
• Sui’s Bluefin perps dex noticed its BLUE token bounce 40% previously week as TVL pushed previous $220M and quantity neared $80B

🤖 AI x Crypto

Part devoted to headlines within the AI sector of crypto:

• Total market cap +1% at $17.1B, leaders have been blended
• FARTCOIN (-1%), VIRTUAL (-2%), TIBBIR (+3%), aixbt (-2%) & ai16z (-2%)
• BIOS (+50%) and GAME (+12%) led high movers

🚚 What is going on in NFTs?

Right here is the record of different notable headlines from the day in NFTs:

• ETH NFT leaders have been largely purple; Punks -1% at 47.3 ETH, Pudgy -2% at 10, BAYC -1% at 9 ETH
• Hypurr’s fell 14% from a 1,400 HYPE flooring ($65,000) to 1,150 ($52,000) after their first day of buying and selling
• Punk Technique acquired its 18th Punk and is sort of 50% of the best way to its nineteenth
• OpenSea launched the entire NFT Technique tokens for buying and selling on their platform