At Crypto, UK finance has launched tokenized deposit pilots in collaboration with six major banks, including Barclays, HSBC and Lloyds Banking Group. BlackRock has taken initial steps to submit a Bitcoin Premium Revenue ETF, considered a “sequel” to popular spot Bitcoin ETF.
UK Finance Pilot tokenized Sterling Deposits at Six Major Banks
UK Finance, the trade association representing more than 300 UK financial services companies, has launched a joint pilot project for tokenized Sterling Deposits (GBTD).
The trade group has launched a pilot phase for its tokenized deposit project. It aims to provide a digital representation of traditional British pound commercial bank money, the announcement on Friday.
The pilot was launched in collaboration with six major UK banks including Barclays, HSBC, Lloyd’s Banking Group, Natwest, nationwide and Santander.
UK finance is set to run the pilot until mid-2026, aiming to explore benefits for customers, businesses and the UK economy, with the goal of greater control of payments, fraud prevention and a more efficient settlement process.
Among the use cases, the GBTD project tests three major areas: online marketplace payments, recurrence process and wholesale bond settlement.
According to Quant Founder and CEO Gilbert Verdian, the project goes beyond improving payments, allowing a new form of programmable money “to fundamentally change the way value is moved and managed.”
BlackRock chases Bitcoin yields with the latest ETF as an “sequel” to IBIT
Asset management giant BlackRock filed on Thursday to register the Delaware Trust Company for the proposed Bitcoin Premium Revenue ETF, showing its driving force to expand its Bitcoin offering.
Bloomberg ETF analyst Eric Bulknath said the products proposed by BlackRock will sell call options covered in Bitcoin futures, collecting premiums and generating yields.
However, regular distributions trade potential benefits from BlackRock’s investment in Spot Bitcoin ETFs. This reflects the price movement of Bitcoin (BTC).
“This is a covered Bitcoin strategy to give BTC some yield. This is a sequel to the ’33 ACT Spot product, 87B $IBIT.”
The new BlackRock product has recorded an influx of over $60.7 billion since its launch in January 2024, and has recorded an influx of over $60.7 billion since the loyal, wise Origin Bitcoin Fund (FBTC) appeared at its next $12.3 billion.
HashDex extends crypto Index US ETF to sec generic listing standards
Asset Manager HashDex has expanded its Crypto Index US Exchange-Traded Fund (ETF) to include XRP (XRP), Solana (SOL), and Stellar (XLM), following a general listing rule change from the Securities and Exchange Commission (SEC).
The ETFs listed on the NASDAQ Stock Exchange include five cryptocurrencies held 1:1 by funds containing Bitcoin (BTC) and ether (ETH), trading under the ticker symbol NCIQ, according to an announcement Thursday.
The SEC approved the ETF’s general listing standards in September, paving the way for a faster ETF approval process for eligible cryptocurrencies.
To qualify for general list eligibility, you must classify cryptocurrencies as goods or feature futures contracts listed in reputable exchanges. Additionally, eligible cryptocurrencies must be subject to financial surveillance under the US market monitoring group.
Market analysts and industry executives are anticipating a new crypto ETF filing torrent due to new standards. This allows stock market participants to access the crypto market and blur the line between traditional financial products and digital assets.