What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international events, as well as interesting background reports, summarized in our weekly review.
Selected articles of the week:
Shortly after the launch of the first Solana ETF in the US, the US Securities and Exchange Commission (SEC) also approved the conversion of the Grayscale Large Cap Fund (GDLC) into an ETF. The fund tracks Bitcoin, Ethereum, Solana, XRP, and Cardano. With approximately USD 800 million in assets under management, GDLC would be the first ETF offering exposure to both XRP and ADA. However, public trading has not yet been permitted. While the SEC approved the conversion, it emphasized that trading may only begin at a later date. The agency might want to greenlight single-asset ETFs before allowing multi-asset products. Still, the decision signals an impending wave of new crypto ETFs in the US.
The SEC approves the conversion of the Grayscale Large Cap Fund into an ETF that tracks ETH, SOL, XRP, and ADA in addition to Bitcoin.
Expansion to new all-time highs
After months of consolidation around the psychologically important USD 100,000 mark, Bitcoin surged to a new all-time high this week. Billion-dollar inflows into spot ETFs and purchases by Bitcoin treasury companies drove the price up to USD 118,000. Additional momentum came from expectations of monetary easing in the US. Altcoins also benefited: Ethereum (ETH) once again crossed the USD 3,000 threshold, while many digital assets saw double-digit gains over the past seven days. Combined with the anticipated US ETFs, a potential “altcoin season” could be emerging.
Bitcoin once again defends the 100.000 USD mark despite conflict in the Middle East, while Ethereum and altcoins weaken.
Tether: one of the world’s largest gold holders
Tether remains the leading stablecoin issuer with around 160 billion USDT in circulation. The tokens are primarily backed by liquid dollar reserves such as US Treasuries and cash. However, about 5% are backed by physical gold – approximately 80 tonnes worth USD 8 billion, stored at a secret location in Switzerland. This puts Tether on par with established financial giants like UBS in terms of gold holdings, surpassing many private institutions. Under the new US regulatory framework (“GENIUS Act”), however, the company may be forced to liquidate its gold reserves.
Tether holds USD 8 billion in physical gold in a secret Swiss vault – covering nearly 5% of USDT reserves.
Consolidation in the fintech sector
The global trend of consolidation in the fintech and crypto sector is reaching Switzerland. After four years of operation, Swissquote is acquiring PostFinance’s 50 percent stake in the financial app Yuh. According to Swissquote, the app is an ideal addition to its existing offering. Yuh now manages over one million accounts – a large portion of which are active in the crypto market. Around 38% of users invest in cryptocurrencies, and 50% hold securities such as stocks, ETFs, and digital assets. The average portfolio volume is CHF 5,600. This high investment rate enhances the app’s profitability. Cryptocurrencies thus remain a central component of its expansion strategy.
After four years of operations for the finance app Yuh, Swissquote is acquiring the 50-percent stake of joint venture partner PostFinance.
Tokenization gains momentum
The Swiss stock exchange SIX and Banque Pictet & Cie SA have successfully completed a pilot project for the tokenization of corporate bonds. Bonds denominated in euros and Swiss francs were issued via the regulated SIX Digital Exchange (SDX) and partially integrated into portfolios managed by Pictet Asset Management. For the first time, traditional bonds were split into fractional tokens – enabling more precise allocation and greater diversification. Automated rebalancing also facilitates individual investment strategies that are difficult to implement with traditional structures.
SIX & Pictet tokenize bonds on SDX for the first time – fractional investing and automated rebalancing launch pilot for asset managers.
