TLDR Crypto 2026-01-28
BlackRock files for BTC Premium ETF ๐งโ๐ป, Tether launches USAโฎ ๐, Crypto at Davos โ26 ๐จ๐ญ
Japan Defines Which Bonds Can Back Yen Stablecoins (2 minute read)
Japan's Financial Services Agency opened a public consultation (running to February 27) on draft rules under the 2025 Payment Services Act that would restrict eligible reserve assets for regulated yen-pegged stablecoins to certain foreign bonds meeting two strict tests. One is a high credit rating (risk category 1-2 or above) and an issuer outstanding amount of at least ยฅ100 trillion. This is all while adding supervisory guidance for banks and subsidiaries, requiring foreign issuers to pledge not to solicit Japanese retail users, and setting the reserve-composition standards that will govern all trust-based yen stablecoins.
BlackRock Files for Bitcoin Premium Income ETF (4 minute read)
BlackRock has filed with the SEC to launch the iShares Bitcoin Premium Income ETF, which would use a covered call strategy to generate income by selling call options on bitcoin exposure managed through the firm's existing iShares Bitcoin Trust (IBIT), trading potential upside for premium distributions to investors. The filing follows similar existing crypto income products, including Roundhill's YBTC, Amplify's BAGY, and NEOS's BTCI, though BlackRock's entry stands out due to IBIT's dominance as the largest spot bitcoin ETF with over $69.7 billion in assets and the firm's $12.5 trillion in total assets under management. Covered call bitcoin ETFs have historically underperformed BTC spot returns, which is typical by design given the higher yields offered, with BTCI down 31.3%, YBTC down 45%, and BAGY down 25% over relevant periods compared to bitcoin's 14% drawdown over the past 12 months.
๐
Innovation & Launches
Why Polaris? The Stablecoin we needed to build (6 minute read)
Polaris counters stablecoin centralization by replacing RWA dependencies with an immutable, counterparty-free architecture. While MakerDAO and Ethena pivoted to T-bills, Polaris utilizes bonding curves and a three-token system (pUSD, pETH, and POLAR) to generate native yield from volatility, ensuring permanent decentralization through code-enforced stewardship.
Tether Launches USAโฎ: Federally Regulated US Dollar Stablecoin (3 minute read)
Tether's USAโฎ is a US-focused, dollar-backed stablecoin issued by Anchorage Digital Bank, NA. It is designed to operate within the GENIUS Act's federal stablecoin framework with Cantor Fitzgerald as reserve custodian. Initial distribution will be on Bybit, Crypto.com, Kraken, OKX, and Moonpay. The stablecoin is a bank-grade, institution-oriented digital dollar that sits alongside Tether's global USDโฎ.
Invest in AMARA - the card that's bringing crypto payments to the mainstream (Sponsor)
Finally, an answer to those who say crypto isn't โrealโ money. Built for high-achieving young professionals,
AMARA is the only card that lets you spend crypto like cash. It combines spending with meaningful travel and experience rewards in a complete neobanking solution including charge cards, high yield savings, and debit cards.
Invest at $2.50/shareWhat Maple Finance Tells Us About Onchain Asset Management (6 minute read)
Maple Finance has originated over $17B in cumulative loans and now manages $4.2B in AUM across stablecoin credit products, demonstrating institutional-grade private credit infrastructure operating onchain. The protocol has generated $128M in interest for LPs and $14M in protocol revenue through usage-driven activity rather than token incentives, with utilization rates ranging from 55-93% across different products. Stablecoin-denominated pools have scaled faster than other onchain credit models by combining traditional underwriting with composability and automated settlement.
Interesting things in DeFi (4 minute read)
Yield Basis launched hybrid vaults requiring crvUSD deposits followed by 2.5x BTC to address crvUSD demand and scale yb-BTC. Pendle is introducing NVIDIA funding rate markets on Hyperliquid perps (the first tradfi-style instrument for funding rate speculation) while transitioning from veToken to liquid staking sPENDLE with 14-day unstaking, 80% revenue buybacks, 30% emission cuts, and 4x boosts for current lockers. USD3's sUSD3 is offering 25% APR with PT markets anticipated for looping strategies, while Pear Protocol V2.1 adds cross-asset conditional orders enabling executions based on BTC price thresholds or dominance levels.
Hyperliquid Spot Markets (5 minute read)
Hyperliquid's spot market model โ designed to avoid predatory CEX practices like 200k+ listing fees, forced token allocations, and manipulated launch prices โ initially struggled to sustain volume and price action across nearly all listings. The recent performance of Kinetiq, a token from the team behind kHYPE that's airdropped to TVL farmers, may signal an inflection point proving the ecosystem can support sustainable spot bids. KNTQ's recovery demonstrates that Hyperliquid-native projects with revenue generation and genuine utility can attract consistent buying pressure, validating the platform's alternative listing approach.
Quantum Computing and Blockchains (15 minute read)
While post-quantum encryption requires immediate deployment due to harvest-now-decrypt-later attacks already underway, blockchains face less urgent timelines for post-quantum signatures since they aren't vulnerable to HNDL and cryptographically relevant quantum computers remain 10+ years away. Most public blockchains like Bitcoin and Ethereum use signatures rather than encryption and thus aren't exposed to current HNDL risks, though privacy chains that encrypt transaction details face immediate vulnerability. Bitcoin presents unique challenges, including slow governance processes and hundreds of billions in abandoned quantum-vulnerable coins, but blockchains should prioritize implementation security over quantum threats in the near term while beginning migration planning.
Get our free, daily newsletter with the latest launches ๐, innovations ๐ก, and market moves ๐ in crypto!
Join 310,000 readers for
one daily email