Circle Stock Soars After NYSE Debut
CW23. Circle (CRCL) surged over 200% in its NYSE debut, reflecting renewed interest in stablecoins. Meanwhile, Singapore restricts crypto firms from serving overseas clients, as Hong Kong positions itself as a regional hub. JPMorgan will accept crypto ETFs as loan collateral.
Circle NYSE.CRCL starts trading
Listed on NYSE, shares of Circle (CRCL) surged in its first day of trading on the New York Stock Exchange (NYSE), closing at $83 after coming public at $31.The stock spiked to as high as $104 after the first trades crossed the board at $69. Then in the next trading day Circle stock went up to $123.51 at the peak and closed at $107.7.
Circle’s rise comes alongside a modest bump in activity for the stablecoin market. Trading volume for USDC was up 22% over the past 24 hours, while Tether’s USDT — the largest stablecoin by market capitalization — saw its volume climb 13%.
Details see: https://finance.yahoo.com/quote/CRCL
Singapore and Hong Kong showing different attitude to crypto
Singapore's central bank, to everyone's surprise, has set a deadline of June 30 for local crypto service providers to stop offering digital token (DT) services to overseas markets.
The Monetary Authority of Singapore's (MAS) stated that no transitional arrangements will be made for local DTSPs providing services abroad. It said that any Singapore-incorporated company, individual or partnership that provides DT services outside Singapore must either cease operations or obtain a license when the DTSP provisions come into force by the end of June.
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While in the north of Singapore, Hong Kong is advocating to open crypto derivatives market to qualified investors, as well as welcoming institutions to migrate their office from Singapore to Hong Kong.
JPMorgan to accept crypto ETFs as collateral for loans
PMorgan, the largest bank in the United States by assets, plans to offer trading and wealth-management clients the option of using crypto-linked assets as collateral for loans, according to a June 4 report from Bloomberg.
The bank is set to allow financing against crypto exchange-traded funds (ETFs) in some weeks. JPMorgan will begin with BlackRock’s iShares Bitcoin Trust.
Once this is running smoothly, there will be sooner or later spot Bitcoin accepted as collateral for loans.
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