Ndax Weekly TL;DR Aug 3

Global banks test tokenized money for cross-border payments

• A group of major global banks, including JPMorgan, Citi, and UBS, completed real-value cross-border payments using tokenized central bank reserves and commercial bank deposits. This was a pilot test led by the Bank for International Settlements and included 28 commercial lenders and five central banks. Participants processed around US$1 million worth of value across 30 transactions in six currencies. (CoinDesk)
• Why it matters: The test used a shared ledger to settle payments in roughly 80 seconds on average, with the goal of evaluating whether tokenized bank money can improve cross-border settlement. This serves as one of the clearer examples of tokenization moving into the core functions of global banking.

Bitcoin wallet flaw puts self-custody security back in focus

• A flaw impacting some older Coldcard hardware wallets was linked to the theft of roughly 594BTC. The issue involved predictable key generation tied to certain Mk3 devices and firmware versions, with funds reportedly drained from around 500 single-signature wallets in under 30 minutes. (BeinCrypto)
• Why it matters: The security incident is a reminder that self-custody safety depends on both user behavior and the security of the tools being used. Hardware wallets can reduce many risks, but they can never remove all technical risks. For Bitcoin holders, the unfortunate event reinforces the importance of firmware security, multisig setups, device updates, and understanding how wallet seeds are created and stored.

Ondo moves beyond token issuance

• Ondo Finance dropped prior plans for a traditional layer-1 blockchain and instead launched Ondo Network, a private, high-speed trading network built for tokenized financial assets. The first application is Ondo Perps, with the network expected to separate private trade execution from settlement on public blockchains. (Ondo Finance)
• Why it matters: Ondo’s strategic pivot could be seen as a move to address a gap that limits the industry’s growth. Issuing assets onchain is just one part of the market; institutions need access to trading infrastructure, privacy, settlement controls, and liquidity. By moving away from a traditional layer-1 model, Ondo likely believes that tokenized markets need purpose-built infrastructure rather than another general blockchain.

Canadian spotlight: Crypto ownership reaches 25% in new OSC survey

• A new Ontario Securities Commission survey found that 25% of Canadians currently own crypto assets, up from 10% in 2023. Awareness reached 59%, while 38% of Canadians familiar with crypto said they were highly likely to purchase it in the future. (Ontario Securities Commission)

• BTC Weekly Range: $87K-$91K
• ETH Weekly Range: $2.5K-$2.7K

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Aug 6: U.S. Initial Jobless Claims
Aug 7: Canada Unemployment Rate
 Aug 7: U.S. Unemployment Rate
 

Crypto prices struggled to establish a clear direction last week as investors balanced weaker risk sentiment against a challenging macro backdrop. Bitcoin moved from approximately C$89,000 at the beginning of the week into the high C$86,000 range by Friday. Volatility in major technology stocks continued to weigh on broader market sentiment.

The Federal Reserve left its benchmark rate unchanged at 3.50% to 3.75% on July 29. Three policymakers voted for a quarter-point increase, an unusually divided decision that kept inflation and the possibility of tighter policy in focus.

Attention will turn to upcoming economic data, including U.S. manufacturing and services activity and employment reports from both Canada and the United States. Weaker results could increase expectations that central banks will eventually have room to lower interest rates, potentially supporting risk-on assets, especially crypto. However, stronger-than-expected hiring or business activity could reinforce the sentiment that rates will remain elevated for longer.

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