Demex Daily #202: Spot Ethereum ETFs Set to Launch Tomorrow Following SEC Approval

What’s Interesting Today:

The U.S. Securities and Exchange Commission (SEC) has granted final approvals to spot Ethereum ETFs, allowing them to start trading as early as Tuesday, July 23. These ETFs, including those from major firms like BlackRock, Fidelity, and Grayscale, follow the earlier introduction of spot Bitcoin ETFs, which have attracted over $17 billion in inflows. Despite the approval, Ethereum's price has slightly declined by 0.6% to $3,470. Some market observers, like Wintermute, anticipate lower-than-expected demand for the Ethereum ETFs.

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Ondo Finance has launched its US Dollar Yield Token, $USDY, on Cosmos via the Noble appchain, marking the first tokenized treasuries product in the Cosmos ecosystem. $USDY, backed by U.S. Treasuries and bank demand deposits, offers a 5.3% APY and is aimed at U.S. individuals and investors for use in decentralized finance (DeFi) applications across Cosmos chains like Injective and Osmosis. Noble, which has raised $3.3 million led by Polychain Capital, functions as a routing hub for asset issuance within Cosmos’ Interchain. Currently, $USDY holds a market cap of $323 million, contributing to Noble’s total stablecoin market cap of $246 million.

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