SEC ends stablecoin lawsuit, tokenized fund milestone, and Goldman dives into tokenization

The crypto markets had a bounce-back week, buoyed by strong performance over the weekend. Bitcoin (BTC) increased 4.9%, ether (ETH) rose 6.9%, and the Nasdaq Crypto Index (NCI) was up 5.9%. Zooming out over a longer period, BTC’s price action continues to follow a sideways pattern within its consolidation range.

SEC ends Paxos stablecoin investigation, no enforcement actions recommended

The acting chief of the SEC’s crypto assets and cyber unit has informed Paxos he does not intend to recommend enforcement action. The news helps provide regulatory clarity, boosting market confidence and setting a favorable legal precedent, which could help encourage the growth and adoption of stablecoins by major companies and financial institutions.

BlackRock’s tokenized US Treasuries fund surpasses $500M within four months

The fund, BUIDL, is issued in partnership with Securitize and backed by US Treasuries. This is the first tokenized treasury product to reach this milestone, helping to serve as validation for the tokenization of real-world assets, highlighting the rapid adoption and acceptance of these financial products, and attracting institutional investors seeking low-risk instruments with stable yields.

Goldman Sachs to launch three tokenization projects by the end of 2024

The firm plans to launch three tokenization projects by the end of the year, targeting major institutional clients, according to a report from Fortune. The ongoing entrance of traditional financial services firms into the crypto space helps validate the asset class.