State Street exploring stablecoins, more public pensions invest in bitcoin ETFs, and Russia to legalize BTC trading and mining

Crypto markets had another week of consolidation, led by bitcoin (BTC) increasing 1.1% and ether (ETH) experiencing a -6.2% correction, pushing the Nasdaq Crypto Index (NCI) down -0.7%. BTC flirted with the $70,000 threshold in midst of bullish sentiment regarding the US political landscape during the Bitcoin 2024 conference.

State Street considering adoption of blockchain-enabled solutions

Boston-based financial giant State Street Corp is reportedly considering adding blockchain solutions to their services, including launching their own stablecoin. This move reflects a growing trend among traditional financial firms embracing crypto, highlighting the technology’s promise and its increasing global adoption.

Michigan, Jersey City invest in bitcoin ETFs

The State of Michigan disclosed bitcoin ETF investments as Jersey City’s municipal pension plan will soon invest in bitcoin (BTC) through ETFs. This comes a few months after the Wisconsin Investment Board disclosed bitcoin ETF exposure. Public pension investments help to further enhance the credibility of bitcoin and crypto assets.

Russian Parliament approves trading and mining of bitcoin

The Russian State Duma passed a bill legalizing bitcoin (BTC) mining and permitting crypto use for international trade. Pending final approval, it will take effect on Sept. 1, representing a significant endorsement of BTC by a major country, which could increase its demand.