In a move to dispel swirling market speculations, stablecoin issuer Circle has firmly denied rumors suggesting a potential sale to either Ripple Labs, the San Francisco – based cryptocurrency firm, or Coinbase, according to a report by Golden Finance. Prior to this denial, it was reported that Circle had been engaged in informal negotiations regarding a possible sale to these two major players in the crypto space.
A report from Fortune magazine further added fuel to the fire, stating that Circle was exploring a sale at a valuation of $5 billion, which aligns with the target valuation for the company’s planned initial public offering (IPO). However, a Circle spokesperson categorically rejected any such sale plans, emphasizing the company’s steadfast commitment to achieving its long – term strategic goals.
Dubai Launches First Real Estate Tokenization Platform
The Dubai Land Authority (DLD) has joined forces with real estate fintech firm Prypco and infrastructure provider Ctrl Alt to introduce Prypco Mint, the region’s first real estate tokenization platform, as reported by Golden Finance. This innovative platform tokenizes property ownership contracts and synchronizes with official real estate records, operating on the XRP Ledger blockchain.
This initiative is part of a government – backed project with ambitious goals. By 2033, it aims to tokenize 7% of Dubai’s real estate market, which is valued at approximately $16 billion. Currently, the platform only supports transactions in UAE Diram and is accessible exclusively to holders of UAE ID cards. However, plans are in place to expand its access globally in the future. Zand Digital Bank serves as the banking partner for this venture, and its operations are overseen by the Central Bank of the United Arab Emirates, the Dubai Virtual Asset Regulatory Authority (VARA), and the real estate sandbox of the Dubai Future Foundation.
El Salvador Adds to Its Bitcoin Holdings
Golden Finance reported that El Salvador has made another Bitcoin purchase, bringing its total Bitcoin holdings to 6,189.18 bitcoins. This latest acquisition continues the country’s notable foray into the world of cryptocurrencies.
Crypto Industry Urges SEC for Staking Guidelines
Crypto industry groups have called on the U.S. Securities and Exchange Commission (SEC) to issue formal guidelines on staking, highlighting the ongoing regulatory uncertainties faced by Web3 infrastructure providers, as reported by Golden Finance. At the Solana Accelerate conference in New York, Allison Muehr, head of staking policy at the Crypto Council for Innovation, stated, “We have only completed approximately 25% of the progress.”
Muehr noted that while the SEC has shown more constructive engagement in the past four months compared to the previous four years, formal staking guidelines are still absent. She added that the approval of the Solana ETF and its staking version “ultimately depends on reassuring the SEC about the structure.” Muehr also mentioned that there have been “some productive meetings” between the industry and the SEC recently. Currently, the SEC has neither approved the use of staking in ETFs nor issued clear compliance guidelines for staking service providers.
Related Topics:
