Crypto Biz: Wall Street and crypto fight for the same turf
Crypto and traditional finance are converging around stablecoins and tokenized assets. Binance invested $100 million in Circle and agreed to expand USDC usage across its exchange, while Circle will pay Binance incentives tied to USDC balances. Canada’s six largest banks are jointly testing tokenized Canadian dollar deposits, which would move like digital payment rails but remain ordinary bank liabilities. Stablecoin cross-border flows jumped 77.5% to $220.3 billion over the past year even as the broader crypto market shrank, suggesting growing use for payments, remittances and savings. In another sign of convergence, NYSE and Blockchain.com plan a tokenized US stocks and ETF trading venue, pending approval, as demand for tokenized equities rises and regulators create clearer rules.
