What happened in the cryptocurrency market over the weekend
Stablecoins cannot credibly serve as a means of payment on a global scale, according to BIS General Manager Pablo Hernández de Cos. He believes tokenized deposits offer a more promising way to harness the benefits of the technology. U.S. Treasury Secretary Scott Bessent, however, takes a different view. A supporter of stablecoin adoption, Bessent has described the technology as a ‘revolution in digital finance’ that could strengthen the U.S. dollar’s position as the world’s leading reserve currency while generating trillions of dollars in additional demand for U.S. Treasuries. Bitcoin is trading above $78,600 on August 31, while Ethereum is priced at around $2,400, according to CoinMarketCap. CoinShares previously reported that cryptocurrency investment products attracted more than $1.6 billion in inflows last week, with approximately $1 billion going into Bitcoin products. Analysts view the figures as another sign of recovering institutional demand. The inflows marked a second consecutive week of gains, following $2.9 billion invested in crypto funds the week before. Late last week, lending protocol Tectonic, which operates on the Cronos network, suffered an exploit resulting in estimated losses of around $75 million. After the incident, the blockchain’s operations were halted. Although Cronos has relatively limited adoption among cryptocurrency market participants, the network still holds more than $200 million in user deposits.AML analyzer | Mini App | X.com | New website
