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Wintermute Calls Out Near Foundation, HSBC To Launch Digital Asset Custody Platform

Nov 8, 2023
Author
Tom Couture
Tom Couture AC
Market Update U.S. equity indices are showing mild losses, with both the SPY and QQQ declining about 0.20% at the time of writing. Treasury yields are continuing yesterday’s retreat, with the US10Y approaching 4.50%. Crypto markets are mixed, with $BTC (-0.19%) sitting above $35k and $ETH (+0.61%) hovering just below $1,900. Large-cap altcoins are showing strength today, with $LINK (+7.29%) and $MATIC (+6.54%) being two of the best performers in the top 100 tokens. Circle, the issuer behind USDC, is reportedly contemplating an IPO in 2024. Circle tried to go public via a SPAC in 2022 at a valuation of $9 billion, but it’s unclear what valuation they would seek through a potential IPO. USDC currently has a market cap of approximately $24 billion, but its stablecoin dominance ratio has waned this year after it de-pegged during the SVB collapse.Source: GlassnodeAs part of the FTX bankruptcy, crypto market-maker Wintermute has been involved in liquidating FTX assets, including the sale of 11.2 million USN, Near Network’s native stablecoin. USN is supposed to be backed 1:1 with Tether, therefore instantly redeemable for USDT. Wintermute had sent the 11 million USN to the Near Foundation in August with assurances that its redemptions would be met, but Wintermute has yet to recei

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