It’s been another busy week in crypto: Donald Trump’s World Liberty Financial is planning to launch a stablecoin, BlackRock’s spot Bitcoin ETF hit $30 billion in assets in 293 days, ex-FTX executive Nishad Singh avoided prison, and Immutable received a Wells notice from the SEC.
Let’s take a closer look at these and give you a recap on what happened this week in crypto.
Donald Trump’s World Liberty Financial is planning to launch a stablecoin
With the US election drawing closer, Donald Trump’s World Liberty Financial (WLFI) project plans on entering the crypto market by linking a stablecoin to the US dollar.
The news of this comes as the project raised $14 million in initial funding; however, despite intentions to capitalize on the growing demand for stablecoins, the project saw limited success, falling short of its $300 million token sale.
On top of that, shortly after the sale went live, the platform’s website crashed and even though 100,000 people signed up, only 6,832 unique wallets hold WLFI tokens, according to Etherscan.
With only a few days until election day, if Trump does become the US President again, he would hold significant influence over the regulatory environment surrounding stablecoins, which could be a pivotal move for the future of WLFI.
BlackRock’s spot Bitcoin ETF hit $30 billion in assets
BlackRock’s spot Bitcoin exchange-traded fund (ETF) has set a new record, reaching $30 billion in assets in 293 days. By doing so, it surpasses gold, which did it in 1,790 days and JPMorgan Equity Premium Income ETF ($JEPI), which did it in 1,272 days.
BlackRock holds more than 433,000 Bitcoin, valued at $30.5 billion, according to iShares data.
The milestone from BlackRock comes 10 months after the company launched its spot Bitcoin ETF in January. Then, it was reported that BlackRock had traded $7.5 million in shares within the first 10 minutes of launching.
With the combined spot Bitcoin ETFs, they now have over one million in Bitcoin holdings and could soon pass Satoshi Nakamoto’s wallet, which holds 1.1 Bitcoin.
Ex-FTX executive Nishad Singh avoids prison
Earlier this week, Nishad Singh, the former engineering director of crypto exchange FTX, was sentenced to time served and three years of supervised release in a federal court in New York.
Judge Lewis Kaplan said, “this may have been one of the biggest…