Today in crypto, Ondo Finance is urging the US SEC to delay or reject Nasdaq’s tokenized securities proposal. Meanwhile, Japan’s top banks are reportedly planning a joint yen-based stablecoin, and more than five new crypto ETFs were filed this week despite the ongoing US government shutdown.
OpenSea rejects pivot from NFTs, says it’s evolving to ‘trade everything’
OpenSea CEO Devin Finzer has rejected claims that the company is pivoting away from non-fungible tokens (NFTs), saying instead that the marketplace is “evolving” into a universal platform to trade every type of onchain asset.
In a Friday post on X, Finzer announced that OpenSea’s October trading volume exceeded $2.6 billion, with over 90% of that amount coming from token trading, calling it the beginning of the platform’s transformation to “trade everything.”
“We’re building the universal interface for the entire onchain economy — tokens, collectibles, culture, digital and physical,” Finzer told Cointelegraph. “The goal is simple: if it exists onchain, you should be able to trade it on OpenSea, seamlessly across any chain, while maintaining complete control of your assets,” he added.
OpenSea was the first major NFT marketplace, launching in 2017 as a platform for buying, selling, and trading various non-fungible tokens. The platform remained the dominant player in the space until early 2023, when it lost momentum due to a combination of the overall NFT market crash and the rise of a major competitor, Blur.
Ondo Finance to SEC: Hold off on Nasdaq’s tokenized securities plan
Ondo Finance urged the US Securities and Exchange Commission (SEC) to delay or reject Nasdaq’s proposal to trade tokenized securities, saying it lacks transparency and could give established market players an unfair edge.
In a Wednesday letter to the regulator, Ondo — a blockchain company that issues tokenized versions of traditional assets — said regulators and investors can’t fairly evaluate Nasdaq’s proposal without public details on how the Depository Trust Company (DTC) will handle blockchain settlements. DTC serves as the main depository for US securities and facilitates their post-trade settlement.
While acknowledging support of Nasdaq’s move toward tokenization, Ondo warned that “Nasdaq’s reference to non-public information implies differential access that deprives other firms of a fair opportunity to comment.”
The company also noted that Nasdaq’s rule cannot take effect until DTC finalizes its system, saying there’s no harm in delaying approval until more features are released. It called on the SEC to prioritize “open collaboration and transparent standards” before making a final decision.
Ondo’s letter responds to Nasdaq’s Sept. 8 filing with the SEC, in which the world’s second-largest stock exchange sought to amend its rules to allow trading in tokenized securities.
Tokenized shares are digital versions of traditional stocks recorded on a blockchain.
If approved, the proposal would let tokenized shares trade alongside traditional ones, with settlements processed through the DTC’s forthcoming system for tokenized securities.
Nasdaq’s proposal was published in the Federal Register on Sept. 22, starting the SEC’s 45-day review period, which runs until early November or late December if extended.
Japanese mega banks to jointly issue yen-pegged stablecoin: Report
Three of Japan’s largest banks reportedly plan to jointly issue a yen-pegged stablecoin, contributing to the region’s growing adoption of crypto technology within its financial infrastructure.
Nikkei reported on Friday that Mitsubishi UFJ Financial Group (MUFG), Bank Sumitomo Mitsui Banking Corp. (SMBC) and Mizuho Bank plan to modernize corporate settlements and reduce transaction costs through a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat.
The banks, which collectively serve more than 300,000 corporate clients, aim to standardize the token to make it interoperable for payments within and between companies. The consortium expects to roll out the stablecoin by the end of the year.
Mitsubishi Corp. will be the first entity to implement the stablecoin for internal settlements. With over 240 subsidiaries globally, the company aims to streamline international transfers on dividends, acquisitions and customer transactions, saving on fees and administrative burdens.
If successful, the project could establish Japan’s first bank-backed stablecoin network under a unified framework