A consortium of prominent cryptocurrency firms, including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, has launched a new stablecoin designed to share the yield earned on reserve assets with participants, called the Global Dollar (USDG).

The State of Michigan Retirement System has revealed a holding of approximately 460,000 shares in Grayscale’s Ethereum exchange-traded fund (ETF), the Grayscale Ethereum Trust, worth around $10 million.

Healthcare technology firm Semler Scientific has announced it will continue its Bitcoin accumulation strategy, adding an additional $2.6 million worth of the cryptocurrency to its holdings after the end of the third quarter.

Top stories in the Crypto Roundup today:

• Crypto Consortium Launches USDG Stablecoin with Yield-Sharing Model
• Michigan State Retirement Fund Invests $10 Million in Spot Ethereum ETFs
• Semler Scientific Doubles Down on Bitcoin, Adds $2.6 Million After Q3
• Circle’s Euro Coin Rises to New All-Time Highs Post MiCA Implementation

Crypto Consortium Launches USDG Stablecoin with Yield-Sharing Model

A consortium of prominent cryptocurrency firms, including Anchorage Digital, Bullish, Galaxy Digital, Kraken, Nuvei, Paxos, and Robinhood, has launched a new stablecoin designed to share the yield earned on reserve assets with participants, called the Global Dollar (USDG).

Issued out of Singapore by Paxos Trust Company, USDG is pegged to the U.S. dollar and is designed to be compliant with the region’s upcoming stablecoin regulatory framework.

The innovative aspect of USDG lies in its yield-sharing model: a significant portion of the interest earned on its reserve assets will be distributed to network participants who contribute to its growth and adoption. According to Paxos CEO Charles Cascarilla, that percentage is “something like 97%.”

The stablecoin market is dominated by Tether’s USDT and Circle’s USDC, both of which retain all the interest earned on their reserves, while USDG aims to differentiate itself by sharing the yield made through its reserves, which are set to be made up of U.S. Treasuries.

Per Cascarilla, USDG’s yield is going be distributed to participants “for activity that helps grow the utility of the network.” It rewards participant companies rather than individual users.

DBS Bank, Southeast Asia's largest bank, will serve as the primary banking partner, providing essential services like cash management and custody for USDG's reserves.

Michigan State Retirement Fund Invests $10 Million in Spot Ethereum ETFs

The State of Michigan Retirement System has revealed a holding of approximately 460,000 shares in Grayscale’s Ethereum exchange-traded fund (ETF), the Grayscale Ethereum Trust, worth around $10 million.

This investment marks the first time a major U.S. pension fund has publicly disclosed a position in the Ethereum-focused financial instrument, which began trading in July, and makes the fund a top-five holder in the ETF. The Michigan fund also holds 460,000 shares of the Grayscale Ethereum Mini Trust ETF, valued at around $1.1 million.

Michigan’s foray into crypto aligns with a broader trend among U.S. states and pension funds taking interest in crypto, with the first pension fund investment in the space occurring back in 2019.

Earlier this year, Wisconsin’s state investment board revealed a nearly $100 million stake in BlackRock’s Bitcoin ETF, while Florida’s Chief Financial Officer recently disclosed $800 million in “crypto-related” investments.

Semler Scientific Doubles Down on Bitcoin, Adds $2.6 Million After Q3

Healthcare technology firm Semler Scientific has announced it will continue its Bitcoin accumulation strategy, adding an additional $2.6 million worth of the cryptocurrency to its holdings after the end of the third quarter.

As of November 4th, the company owns 1,058 Bitcoin, valued at approximately $71 million. Its CEO Doug Murphy-Chutorian said the firm is “laser-focused on acquiring and holding Bitcoin, while supporting innovation and growth in our healthcare business.”

The company has been actively acquiring Bitcoin over the past year, spending $8.4 million on 141 BTC during the third quarter.  With this latest acquisition, Semler Scientific has climbed to the 17th spot among publicly traded companies in terms of Bitcoin ownership, surpassing Japanese investment firm Metaplanet.

Circle’s Euro Coin Rises to New All-Time Highs Post MiCA Implementation

The total market capitalization of Circle’s Euro Coin (EURC) rose 47.9% to $94.7 million last month in its third consecutive monthly market capitalization increase, to reach a new all-time high. The trading volume on centralized exchanges for EURC pairs rose 3% to $83.7 million.

The stablecoin’s growth comes after the implementation of MiCA regulation on stablecoins, with EURC dominating the Euro-pegged stablecoin sector with a 31.3% market share.

Dig deeper into the stablecoin sector through CCData’s latest Stablecoins & CBDCs report.

State of the Crypto by Top Tier Exchange Volume

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