Ndax Weekly TL;DR July 13

• Circle moves deeper into regulated stablecoin infrastructure
   
  Circle, the USDC stablecoin issuer, said last week it received final regulatory approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank. The approval allows Circle National Trust to act as custodian for Circle’s own reserves and to hold crypto assets on behalf of institutional clients. (Reuters)
• Why it matters: Stablecoin issuers are increasingly being evaluated on institutional trust. The approval gives Circle a much stronger regulated infrastructure story around its USDC stablecoin. Circle’s regulatory win brings one of the largest stablecoin issuers closer to the core of the regulated U.S. financial system.

Swift brings tokenized deposits closer to bank pilots

• Swift said its blockchain-based ledger is now ready for initial use. Seventeen banks across six continents are lined up to pilot live transactions using tokenized deposits. The ledger is designed to support 24/7 cross-border payments, with final settlement occurring through existing banking infrastructure. (Swift)
• Why it matters: The pilot, which includes global heavyweights including Citi, HSBC, BNP Paribas, and Lloyds, shows banks are no longer ignoring blockchain-based payment models. Tokenized deposits could let banks offer faster settlement and more flexible liquidity management while staying within existing compliance, credit, and risk-control frameworks.

XRP Ledger upgrade gains validator support

• The XRP Ledger’s v3.2.0 server software upgrade is gaining traction among validators, even though broader node adoption still trails the older v3.1.3 version. Around 89% of validators on the default Unique Node List have upgraded to v3.2.0, above the 80% threshold needed for network upgrades to take effect. A separate amendment tied to security fixes and new features remains in the voting process. (CoinDesk)
• Why it matters: The update gives XRP Ledger a technical network story that is separate from Ripple’s regulatory and payments business. Validator support for v3.2.0 points to continued work on XRP Ledger reliability and institutional-facing features, while the separate amendment vote shows that security and functionality changes still depend on network governance.

Canadian spotlight: Bitcoin Treasury updates June buyback activity

• Toronto-based Bitcoin Treasury Corporation said it purchased and retired 150,700 common shares in June as part of its normal course issuer bid. The company said the repurchases contributed to another month of Bitcoin per share growth, with Bitcoin per share up 0.88% year to date as of June 30. (TMX Newsfile)

• BTC Weekly Range: $87K-$91K
• ETH Weekly Range: $2.4K-$2.5K

Visit our new markets page offering real-time data for almost 5,000 cryptocurrencies. Track trends, monitor your favorite cryptocurrencies, and stay ahead of the market.

View Live Market Data 

July 14: U.S. Core CPI
July 15: U.S. Core PPI
July 16: Canada BoC Interest Rate Decision
July 16: U.S. Initial Jobless Claims

Crypto markets ended the week with some signs of stabilization after a volatile stretch. Bitcoin, Ethereum, and many other major altcoins ended the week in the green, although the macro backdrop may dictate the tone.

This week’s U.S. CPI, PPI, jobless claims, and Bank of Canada rate decision will give investors several new data points on inflation, growth, and monetary policy. For crypto, that means price action could remain sensitive to any shift in rate expectations or risk appetite.

Industry news was again more constructive than the price action might suggest. Circle received approval to establish a U.S. national trust bank, Swift moved its blockchain ledger toward bank pilots, and XRP Ledger validators advanced support for the network’s latest upgrade. These stories point to the same broader theme: digital asset infrastructure continues to move closer to regulated financial markets.

• Ndax Ice Soccer: The World’s Game. Your Picks. Real Rewards.
• Stop orders: What are they and how do they work?
• Crypto staking in Canada: Rewards, risks, taxes, and lockups explained