Ndax Weekly TL;DR Sept 7

Major banks join forces on dollar stablecoin

• A group of 21 financial institutions, including Goldman Sachs, Bank of America, Citi, Wells Fargo, TD Bank, and Scotiabank, committed to forming a company that plans to issue a U.S. dollar-backed stablecoin in the first half of 2027. The group intends to use the token across wholesale, institutional, and retail markets. Use cases include cross-border payments and digital asset settlement. (Decrypt)
• Why it matters: The stablecoin industry has mostly been dominated by crypto-native issuers like Tether and Circle. But now some of the world’s largest banks could become direct competitors. A shared stablecoin could give participating banks a common digital settlement asset backed by existing banking relationships and distribution networks.

SEC brings blockchain into securities rulebook

• The U.S. Securities and Exchange Commission proposed a major overhaul of transfer-agent rules after decades without substantial updates. Transfer agents maintain official ownership records and help process changes in ownership for securities. The proposed framework recognizes the growing relevance of blockchain and distributed ledger technology for recordkeeping and securities transfers. (CoinDesk) 
• Why it matters: Tokenizing a stock or fund is only useful if the blockchain record can connect with the legal record of who actually owns the security. The SEC proposal addresses that infrastructure directly by modernizing rules for transfer agents and accounting for the use of blockchain technology. The proposal could provide a clearer regulatory framework for transfer agents using blockchain-based systems as part of securities recordkeeping and transfers.

BitMine closes in on 5% of Ethereum supply

• Tom Lee’s BitMine Immersion Technologies acquired another 53,501 ETH worth approximately $131 million, marking its largest weekly Ethereum purchase since June. The company said that it now holds 5.9 million ETH, representing around 4.9% of Ethereum’s total supply. This puts the company within striking distance of its previously stated goal of holding 5%. (The Block) 
• Why it matters: BitMine now controls nearly one out of every 20 ETH in existence, with most of those holdings committed to staking. BitMine has staked roughly 86% of its ETH holdings, and the company projects approximately $335 million in annualized staking revenue at its current reported yield. This means BitMine has significant exposure to both Ethereum’s price movements and the economics of securing the network.
   

Canadian spotlight: APX expands crypto-backed lending

• Toronto-based APX Lending launched a five-year revolving line of credit that allows eligible borrowers to use Bitcoin, Ethereum, or a combination of both as collateral. Clients can repay or redraw funds without taking out a new loan each time, with annual rates ranging from 10.49% to 11.99%, depending on the outstanding balance. (Fintech.ca)
• Why it matters: APX Lending’s new product makes crypto-backed lending look more like conventional revolving credit rather than a one-time crypto loan. A five-year revolving facility allows borrowers to access liquidity against their crypto without having to sell the assets upfront or establish new loans for each draw.
   

BTC Weekly Range: $109K-$111K
ETH Weekly Range: $3.4K-$3.5K

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Sept. 10: U.S. Producer Price Index for August.
Sept. 11: U.S. Consumer Price Index for August.
 

Bitcoin started the week under pressure as rising oil prices and a global bond selloff pushed yields higher and strengthened expectations that central banks may need to keep monetary policy restrictive.

Bitcoin rebounded sharply Thursday amid stronger institutional demand. U.S. spot Bitcoin ETFs attracted around $731 million on Thursday, marking their largest single day of net inflows since January. The move followed comments from Federal Reserve Governor Christopher Waller, who indicated he could support keeping interest rates unchanged if August inflation data continue to cool.

Friday’s employment report, however, complicated that outlook. The U.S. economy added 162,000 jobs in August, well above economists’ expectations. Unemployment remained at 4.1%, pushing Bitcoin slightly lower following the report as Treasury yields and expectations for a September rate hike moved higher.

Canada delivered almost the opposite labour-market signal. The economy lost roughly 42,000 jobs in August, while unemployment remained at 6.4%. The weak report came just two days after the Bank of Canada held its policy rate at 2.25% and said upside risks to inflation had increased amid elevated energy prices and new tariffs.

This week’s U.S. inflation reports will be closely watched. Strong employment data from last week give the Fed more room to focus on inflation, making Thursday’s producer-price data and Friday’s CPI report important inputs ahead of its September policy meeting. Cooler inflation could support the case for leaving rates unchanged, while another hot reading could strengthen expectations for tighter monetary policy. Either outcome could influence Bitcoin and other risk assets heading into the Fed decision.

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• Why where you trade crypto actually matters: The case for Canadian-registered exchanges