SEC откладывает принятие решения по ETF Polkadot

cryptonews.ruPubblicato 2024-11-25Pubblicato ultima volta 2025-04-25

Комиссия по ценным бумагам и биржам США (SEC) отложила принятие решения о том, следует ли одобрить предлагаемый биржевой инвестиционный фонд (ETF), владеющий собственным токеном Polkadot, как следует из документов регулирующих органов.

Согласно заявлению от 24 апреля, регулятор продлил срок вынесения окончательного решения до 11 июня, то есть почти на четыре месяца после того, как 24 февраля Nasdaq запросила разрешение на листинг Grayscale Polkadot Trust.

Согласно Bloomberg Intelligence, заявка Grayscale на создание ETF пополняет список из примерно 70 предлагаемых ETF, ожидающих одобрения Комиссии по ценным бумагам и биржам, включая фонды, владеющие альткоинами, мем-коинами и финансовыми деривативами, связанными с криптовалютой.

Управляющие активами размещают ETF для “[e] всего, от XRP, Litecoin и Solana до Penguins, Doge и 2x Melania и всего, что находится между ними”, - сказал аналитик Bloomberg Эрик Балчунас в публикации 21 апреля на платформе X. Управляющий активами 21Shares также ожидает разрешения на размещение своего собственного ETF Polkadot.

Polkadot — это блокчейн-сеть первого уровня, запущенная в 2020 году. Её собственный токен DOT имеет рыночную капитализацию около 6,6 миллиарда долларов по состоянию на 24 апреля, согласно CoinMarketCap.

Цена Polkadot с течением времени. Источник: CoinMarketCap

Согласно мартовскому отчёту Coinbase и EY-Parthenon, более 80% институциональных инвесторов планируют увеличить вложения в криптовалюту в 2025 году.

Однако аналитики предупреждают, что спрос на биржевые инвестиционные фонды, ориентированные на альткоины, скорее всего, будет гораздо более ограниченным, чем спрос на фонды, инвестирующие в основные криптовалюты, такие как биткоин и эфир.

«Попасть в ETF — это всё равно что быть участником группы и получить доступ ко всем музыкальным стриминговым сервисам», — сказал Балчунас.

«Это не гарантирует прослушивание, но выставляет вашу музыку там, где находится подавляющее большинство слушателей».

Crypto di tendenza

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The Impact of OUSD on Circle, Tether, and Paxos: Not a Simple Negative, but a More Complex Competitive Landscape

OUSD's Impact on Circle, Tether, and Paxos: A Nuanced Competitive Reshuffle The launch of OUSD, a new stablecoin initiative, has complex implications for the stablecoin market. For Circle (CRCL), the initial 15-20% stock drop reflects legitimate competitive concerns but is not a "death sentence." Circle retains deep liquidity, existing integrations, and first-mover advantages. A potential restructuring or termination of its Coinbase partnership could even double its net revenue in the short term, providing more competitive freedom. However, OUSD, backed by Stripe's engineering and product strengths, could become the default stablecoin within the Stripe ecosystem for new adopters, challenging USDC's position. OUSD does not solve the core barrier for corporate adoption: it remains a credit exposure to its issuer (likely a Bridge-related entity), which, like Circle, is not an investment-grade entity. Large banks and asset managers could still capture the most lucrative enterprise use cases. Circle must accelerate its payment/fintech product development and consider defensive M&A. For Tether, OUSD targets a different market segment. Tether will continue focusing on distribution channels not prioritized by Stripe or Circle. Its market share may decline over time, but within a significantly growing total market. Paxos faces the greatest pressure. OUSD undermines the key selling points of its USDG stablecoin, and Paxos's regulatory advantages may diminish as frameworks mature. This poses a more existential challenge, explaining Paxos's recent shift back to its brokerage-as-a-service business.

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The Impact of OUSD on Circle, Tether, and Paxos: Not a Simple Negative, but a More Complex Competitive Landscape

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This article analyzes the impact of the newly announced stablecoin OUSD, backed by a consortium including Stripe, on major incumbents like Circle (USDC), Tether (USDT), and Paxos (USDG). For Circle, the announcement is not a simple negative. While the initial market reaction was rational, it's not a "death sentence." Circle retains deep liquidity, existing integrations, and first-mover advantage. A potential restructuring or termination of its exclusive revenue-sharing deal with Coinbase could even near-double its net income in the short term, providing more competitive flexibility. However, within the Stripe ecosystem, OUSD, with its strong engineering and product focus, could become the default choice, displacing USDC for new integrations. Circle must accelerate its own fintech product development and consider defensive M&A. OUSD does not directly threaten Tether's core markets, which focus on different distribution channels. Tether's market share may decline over time but within a significantly growing overall market. Paxos faces the greatest pressure. OUSD undermines the primary value proposition of its USDG stablecoin, and Paxos's regulatory advantages may erode as frameworks mature, posing a more existential challenge. This explains Paxos's recent strategic pivot towards brokerage-as-a-service. A fundamental unresolved issue for enterprise adoption remains: if issued by a Bridge-related entity, OUSD, like USDC, still represents a credit exposure to a non-investment-grade issuer, unless a parent company guarantee is provided. Large banks and asset managers entering the space later could still compete for the most lucrative enterprise use cases.

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OUSD's Impact on Circle, Tether, and Paxos: Not a Simple Negative, but a More Complex Competitive Reshuffle

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