Key Highlights of Today’s Crypto News

Today in crypto, major developments include:

• Stablecoin Initiative by Japanese Banks: Japan’s leading banks are reportedly planning to launch a joint yen-pegged stablecoin to enhance digital currency adoption in their financial systems.

• Crypto ETF Applications Surge: In spite of the US government shutdown, more than five new crypto exchange-traded funds (ETFs) were filed this week, showcasing continued interest in this investment vehicle.

• Fundraising Dinner with Trump: Executives from the crypto industry, including the Winklevoss twins, gathered at a White House dinner hosted by President Donald Trump to raise funds for a new ballroom.

Details

Japanese Banks Collaborate for Stablecoin

Three major banks in Japan: Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp., and Mizuho Bank, aim to enhance corporate payment systems via a yen-pegged stablecoin. This initiative is expected to standardize interoperability across various companies with a launch planned by year’s end.

Source: https://cointelegraph.com/news/japan-mega-banks-stablecoin-mitsubishi-progmat

Increased Activity in ETF Applications

A surge in ETF filings was noted despite the ongoing government shutdown. Among new filings is VanEck’s application for the Lido Staked Ethereum ETF, aiming to track the performance of Lido’s staking token.

Source: VanEck Filing

Lido Staked Ethereum Overview Lido controls a significant portion of staked Ether.

Celebrities at Trump’s Fundraiser

The fundraising event for the proposed White House ballroom witnessed attendance from notable figures including the Winklevoss twins and representatives from Coinbase and Ripple. The ballroom project, estimated at $250 million, aims to add considerable space to the presidential residence.

Source: WSJ Report

Additional corporate attendees included representatives from Meta, Google, and Microsoft, among others.