Japan’s largest bank, SBI, has unveiled plans to launch the country’s first exchange-traded fund (ETF) that will be linked to both Bitcoin (BTC) and XRP.
In addition, the country’s financial giant has introduced a second product, the Digital Gold Crypto ETF, which will allocate 51% to gold and 49% to cryptocurrencies.
This structure is reportedly designed to mitigate investment risks through diversification, catering to a growing interest in combining traditional assets with digital currencies.
Such developments may further enhance the attractiveness of these offerings to investors looking for regulated investment opportunities in the crypto space. Meanwhile, across the waters in China, the focus is shifting towards the introduction of the country’s first stablecoin.
Recently, Hong Kong passed legislation allowing licensed businesses to issue tokens backed by any fiat currency. However, the Hong Kong Monetary Authority (HKMA) has adopted a cautious approach, announcing that only a limited number of licenses will be granted starting next year.
In a speech made in June, Pan Gongsheng, the governor of China’s central bank, noted that stablecoins have “fundamentally reshaped the traditional payment landscape.”
This acknowledgment reflects a growing interest in stablecoins from Chinese state-owned enterprises, especially for payment and settlement solutions.
Notably, the HKMA has not ruled out the possibility of approving licenses for stablecoins backed by offshore renminbi, a potential move that could greatly facilitate cross-border payments—an increasingly vital area for China as it seeks to enhance its financial influence globally.
When writing, Bitcoin trades at $115,245, recording a 1% recovery in the 24-hour time frame. When compared to its recently achieved all-time high (ATH) of $123,000, the cryptocurrency has retraced over 6%.
Featured image from DALL-E, chart from TradingView.com
