Today in crypto, a Multicoin Capital executive said the stablecoin-focused Genius Act will finally give traditional banks a run for their money, DeFiLlama announced the delisting of Aster perpetual trading volume data, and Bitcoin rallied to a new all-time high.
GENIUS Act could mark the end of the banking rip-off: Multicoin
The stablecoin-focused GENIUS Act, which was enacted in July, will trigger an exodus of deposits from traditional bank accounts into higher-yield stablecoins, according to the co-founder of Multicoin Capital.
“The GENIUS Bill is the beginning of the end for banks’ ability to rip off their retail depositors with minimal interest,” Multicoin Capital’s co-founder and managing partner, Tushar Jain, posted to X on Saturday.
“Post Genius Bill, I expect the big tech giants with mega distribution (Meta, Google, Apple, etc) to start competing with banks for retail deposits,” Jain added, arguing that they would offer better stablecoin yields with a better user experience for instant settlement and 24/7 payments over traditional banking players.
He noted that banking groups tried to “protect their profits” in mid-August by calling on regulators to close a so-called loophole that may allow stablecoin issuers to pay interest or yields on stablecoins through their affiliates.
DefiLlama delisting Aster perpetual futures volume data
DefiLlama, a platform for decentralized finance analytics, is delisting volume data for the Aster decentralized exchange platform (DEX) due to data integrity concerns, according to 0xngmi, a pseudonymous co-founder of DeFiLlama.
0xngmi said the perpetual futures trading volume on Aster nearly matches Binance perpetual futures trading volume and shared a chart showing that the correlation ratio between the volume data of the two exchanges is about one. 0xngmi added:
“Aster doesn’t make it possible to get lower-level data, such as who is making and filling orders, so until we can get that data to verify if there’s wash trading, Aster perpetual volumes will be delisted.”
The Aster perpetual DEX has captured narrative attention in the crypto community as a challenger to the popular Hyperliquid perpetual futures exchange. Aster is also linked to Binance co-founder CZ.
Bitcoin rally to $125,000 fueled by US gov’t shutdown, macro factors: Analysts
Bitcoin breached a new all-time high over the weekend, prompting analysts to call for a renewed accumulation phase that could fuel a rally to $150,000 before the end of the year.
Bitcoin (BTC) set a new all-time high above $125,700, and its market capitalization briefly crossed the $2.5 trillion milestone for the first time in crypto history, Cointelegraph reported earlier on Sunday.
The rally was supported by multiple macroeconomic factors, including the recent US government shutdown — the first since 2018 — which some analysts say has renewed interest in Bitcoin’s store-of-value role.
In the past, similar conditions have led to “major price milestones,” according to Fabian Dori, chief investment officer at digital asset banking group Sygnum Bank.
The US government shutdown has “renewed discussion around Bitcoin’s store-of-value role, as political dysfunction underscores interest in decentralised assets,” Dori told Cointelegraph. “At the same time, the broader environment — characterised by loose liquidity conditions, a service-led acceleration in the business cycle, and narrowing underperformance relative to equities and gold — has drawn attention to digital assets,” he added.
