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Implications of Ondo Finance’s Tokenization of US Stocks and ETFs

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Ondo Finance has launched Ondo Global Markets, a platform that tokenizes over 100 U.S. stocks and ETFs on the Ethereum blockchain, targeting non-U.S. investors in regions like Asia-Pacific, Africa, and Latin America.

These tokenized assets, backed by securities held at U.S.-registered broker-dealers, mirror the economic performance of stocks like Apple and Nvidia, and ETFs from providers like BlackRock, offering 24/7 trading and fractional ownership. The platform integrates with DeFi protocols and partners like Chainlink, BitGo, and OKX, with plans to expand to over 1,000 assets by year-end and support additional blockchains like Solana and BNB Chain via LayerZero.

Tokens are not available in the U.S. due to regulatory restrictions, and they don’t grant direct ownership but provide exposure to price changes and dividends. The launch aligns with a growing trend in tokenized real-world assets, though regulatory challenges and concerns about shareholder rights persist.

Tokenized assets allow investors in regions with limited access to U.S. brokerages to gain exposure to major U.S. stocks (e.g., Apple, Nvidia) and ETFs (e.g., BlackRock’s). This democratizes access to high-value assets, bypassing traditional barriers like high account minimums or complex cross-border regulations.

Investors can trade these assets 24/7, unlike traditional stock markets with fixed trading hours, enabling greater flexibility. Tokenization enables fractional ownership, allowing investors to purchase small portions of high-priced stocks or ETFs. This lowers the capital required to invest, making markets more inclusive for retail investors in emerging economies.

Integration with DeFi Ecosystems

By integrating with DeFi protocols (e.g., via Chainlink for price feeds, BitGo for custody), tokenized assets can be used as collateral, traded in decentralized exchanges (DEXs), or incorporated into yield farming and lending protocols. This creates new financial use cases, such as leveraging tokenized stocks for loans or staking.

Compliance with local regulations in target markets (e.g., Asia-Pacific, Africa) will be critical to avoid legal risks, as tokenized securities operate in a gray area in many jurisdictions. Ondo’s move aligns with a broader trend of real-world asset (RWA) tokenization, with competitors like Securitize and Franklin Templeton also tokenizing assets.

Plans to expand to over 1,000 assets and support additional blockchains (e.g., Solana, BNB Chain) signal ambition to capture a significant share of the tokenized asset market, estimated to grow to $16 trillion by 2030 (per BCG and ADDX).

Investors bear risks like smart contract vulnerabilities, counterparty risks with custodians, and market volatility. The lack of direct ownership may also raise concerns about shareholder rights, such as voting or corporate governance.

Unlike traditional stock markets with set trading hours, tokenized assets on blockchain platforms can be traded around the clock. This continuous trading increases market activity and liquidity, as investors can buy or sell at any time, reducing delays and improving price discovery.

By targeting non-U.S. investors in regions with underdeveloped financial infrastructure, tokenized assets tap into new pools of capital. This expanded investor base increases demand and trading volume, directly boosting liquidity. Fractional ownership allows smaller investors to participate, increasing the number of market participants.

For example, instead of buying a full share of a high-priced stock like Nvidia, investors can purchase a fraction of a token, leading to more frequent and smaller transactions that enhance liquidity. Tokenized assets can be integrated into DeFi platforms, enabling their use in automated market makers (AMMs), DEXs, or lending protocols.

For instance, investors could use tokenized ETFs as collateral for loans or trade them on Uniswap-like platforms, creating secondary markets that further increase liquidity. This interoperability allows assets to flow seamlessly between different protocols, reducing friction and enabling faster transactions.

Ondo’s planned support for multiple blockchains (e.g., Ethereum, Solana, BNB Chain via LayerZero) enables tokenized assets to reach users on different networks. This cross-chain accessibility broadens the market, attracting more traders and improving liquidity across ecosystems.

Blockchain-based trading eliminates some traditional intermediaries (e.g., brokers, clearinghouses), reducing transaction costs and settlement times. Lower costs encourage more frequent trading, while instant settlement (or near-instant on blockchains) ensures faster capital turnover, both of which enhance liquidity.

Tokenized assets can leverage smart contracts for automated trading strategies, such as limit orders or arbitrage across platforms. This programmability increases trading activity and market efficiency, contributing to higher liquidity. Partnerships with custodians like BitGo and exchanges like OKX attract institutional investors, while fractionalization appeals to retail investors.

Ondo Finance’s tokenization of U.S. stocks and ETFs has the potential to significantly boost liquidity by enabling 24/7 trading, fractional ownership, and DeFi integration, while tapping into global markets with limited access to U.S. assets. By lowering barriers to entry and leveraging blockchain’s efficiency, Ondo can attract a diverse investor base, increasing trading volume and market depth.

Bill to Legalize and Tax Cryptocurrencies Passes First Reading in Ukraine

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On September 4, 2025, Ukraine’s parliament, the Verkhovna Rada, passed the first reading of a bill to legalize and tax cryptocurrencies with 246 votes in favor.

The bill proposes an 18% income tax and a 5% military levy on crypto profits, totaling a 23% tax rate, alongside a temporary 5% tax on fiat conversions for the first year to encourage compliance. This move aims to regulate Ukraine’s growing crypto sector, which ranks eighth globally in adoption, and address $10 billion in losses from illicit flows due to inadequate regulation.

The legislation aligns with EU accession requirements and could boost state revenue for defense and reconstruction amid the ongoing war. Further amendments are expected before the second reading, and the regulatory authority remains undecided between the National Bank of Ukraine and the National Securities and Stock Market Commission.

The passage of the first reading of Ukraine’s bill to legalize and tax cryptocurrencies has several implications: Taxing crypto profits at 23% (18% income tax + 5% military levy) could generate significant revenue for Ukraine, supporting defense and reconstruction efforts amid the ongoing war. The temporary 5% tax on fiat conversions incentivizes compliance, potentially increasing state funds.

Legalizing crypto aligns Ukraine with EU standards, a key step for EU accession. Clear regulations could reduce the $10 billion in losses from illicit crypto flows, fostering a more transparent market. Formal recognition of crypto may attract more investment and innovation in Ukraine’s already vibrant crypto sector. This could strengthen its position as a crypto hub.

A regulated framework may boost confidence among domestic and international crypto investors, encouraging broader adoption and reducing risks associated with unregulated markets. The undecided regulatory authority could delay implementation.

Potential amendments before the second reading may also alter the tax structure or enforcement, impacting compliance. The military levy ties crypto revenue directly to war efforts, potentially increasing public support for the bill but also placing a financial burden on crypto users.

The bill aligns Ukraine’s crypto regulations with the EU’s Markets in Crypto-Assets (MiCA) framework, which emphasizes transparency, consumer protection, and anti-money laundering (AML) measures. This demonstrates Ukraine’s commitment to adopting EU financial regulations, a key requirement for accession.

By addressing the $10 billion in losses from illicit crypto flows through regulation and taxation (18% income tax + 5% military levy), Ukraine shows progress in combating financial crime, a priority for the EU. This could enhance its credibility in accession negotiations.

Legalizing and taxing crypto could boost state revenue, supporting Ukraine’s fiscal stability—a critical factor for EU membership. The funds, partly allocated to defense and reconstruction, signal economic resilience, aligning with EU expectations for candidate countries.

A regulated crypto market could facilitate Ukraine’s integration into the EU’s digital economy, encouraging cross-border investment and innovation. This aligns with the EU’s goal of a unified digital market. The undecided regulatory authority and potential amendments before the second reading could delay full compliance with EU standards.

Inconsistent or weak enforcement might raise concerns during accession talks. Advancing crypto legislation amid war underscores Ukraine’s reform commitment, potentially garnering EU political support. However, the EU may scrutinize implementation to ensure alignment with MiCA’s rigorous standards.

In summary, the bill strengthens Ukraine’s EU accession case by aligning with financial and digital market standards, but successful implementation and regulatory clarity are critical to maximizing its impact.

$4.5B Crypto Options Will Expire in Deribit on Friday

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The expiration of over $4.5 billion in crypto options on Deribit, coinciding with the U.S. nonfarm payrolls (NFP) report on Friday, September 5, 2025, is a significant event that could influence cryptocurrency market dynamics, particularly for Bitcoin (BTC).

Over $4.5 billion in crypto options are set to expire on Deribit, a leading cryptocurrency derivatives exchange, on Friday at 08:00 UTC. $3.28 billion for approximately 29,000 BTC options contracts. $112,000, the price level at which the maximum number of options contracts would expire worthless, causing the greatest financial loss for option holders.

1.38, indicating a bearish sentiment as more put options (bets on price declines) are being traded compared to call options (bets on price increases). Puts are clustered around the $105,000–$110,000 strike prices, suggesting traders are anticipating a potential Bitcoin price drop below $105,000.

Expected to show 75,000 jobs added in August (up from 73,000 previously) and an unemployment rate rising to 4.3% (from 4.2%). This report, due at 12:30 UTC, could impact broader financial markets, including cryptocurrencies, as it influences expectations for U.S. Federal Reserve interest rate decisions.

Implications for Bitcoin

The max pain point represents the price at which the most options (both puts and calls) expire worthless, maximizing losses for option holders. Option sellers (typically institutions with significant capital) may attempt to push the spot price toward this level to minimize their payouts.

As of now, Bitcoin is trading around $110,004.75, slightly below the max pain point. If the price remains near or moves toward $112,000 by expiry, it could lead to significant options expiring worthless, potentially stabilizing or capping price movements in the short term.

A put-call ratio above 1 indicates more put options than call options, reflecting bearish sentiment among traders. The clustering of puts around $105,000–$110,000 suggests many traders are hedging against or betting on a price decline below these levels. This bearish bias aligns with recent market conditions, including $115 million in long position liquidations and rising long-term Treasury yields, which have increased selling pressure on Bitcoin.

Impact of the NFP Report

The NFP report is a key macroeconomic indicator that can influence risk assets like cryptocurrencies. A weaker-than-expected report (e.g., job growth below 75,000 or unemployment above 4.3%) could signal economic slowdown, potentially strengthening expectations for Federal Reserve rate cuts, which are generally bullish for risk assets like Bitcoin.

Conversely, a stronger-than-expected report could reinforce expectations of sustained or higher interest rates, potentially increasing selling pressure on Bitcoin and pushing it toward the $105,000–$110,000 range where puts are concentrated. Historical data suggests that NFP releases can trigger short-term volatility in crypto markets, as seen in previous instances where Bitcoin prices reacted to unexpected jobs data.

Large options expiries, especially quarterly ones, often lead to heightened volatility as traders close or roll over positions. The $4.5 billion expiry, with Bitcoin accounting for $3.28 billion, could amplify price swings, particularly if the NFP report deviates significantly from expectations.

However, the max pain theory suggests that prices may gravitate toward $112,000, potentially mitigating extreme volatility unless external factors (e.g., NFP data or geopolitical events) trigger a breakout. Ethereum (ETH) options worth $1.28 billion are also expiring, with a put-call ratio of 0.78 (neutral sentiment) and a max pain point of $4,400, slightly above the current price of $4,385.

This suggests less bearish pressure on ETH compared to BTC. XRP options ($5.54 million) have a put-call ratio of 0.93 and a max pain point of $2.90, indicating a balanced but cautious market outlook.

Solana (SOL) is trading down 0.6% with reduced trading volume, reflecting a lack of interest ahead of the NFP report. The broader crypto market is experiencing pullbacks due to profit-taking and liquidations of $115 million in long positions. Rising Treasury yields and gold prices are adding pressure on risk assets like Bitcoin, as investors shift toward safer assets amid fiscal concerns.

Monitor Bitcoin’s price around $105,000–$112,000. A drop below $105,000 could trigger significant put option exercises, while staying near $112,000 may limit losses for option holders. A lower-than-expected jobs number or higher unemployment rate could boost Bitcoin prices by increasing expectations for monetary easing. A stronger report may exacerbate bearish sentiment.

Expect short-term price swings around the 08:00 UTC expiry and 12:30 UTC NFP release. Post-expiry, markets may stabilize unless a significant breakout occurs. Key support lies around $105,000, with resistance at $118,000–$121,000, as noted in recent market analyses.

The $4.5 billion crypto options expiry on Deribit, combined with the U.S. nonfarm payrolls report, sets the stage for potential volatility in the Bitcoin market. The bearish put-call ratio of 1.38 and max pain point of $112,000 suggest traders are bracing for a possible price drop toward $105,000–$110,000, especially if the NFP report signals tighter monetary policy.

However, a weaker-than-expected NFP could spark a recovery, potentially pushing Bitcoin toward higher resistance levels. Traders should closely monitor price action around the expiry and NFP release, as these events could dictate Bitcoin’s short-term direction.

OpenAI Announces Plan to Build Jobs Platform to Prepare Workers And Businesses For The AI Era

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Artificial Intelligence company OpenAI has announced its ambition to build a jobs platform to help workers and businesses navigate the AI era.

As AI continues to transform industries, the company is introducing the OpenAI Jobs Platform and OpenAI Certifications, both designed to expand economic opportunities and ensure that people have the skills needed to thrive in an AI-driven world.

According to OpenAI, one of the most common concerns people express about AI is its impact on jobs and businesses. Many wonder how their roles will evolve or how companies will adapt as AI continues to advance. OpenAI’s leadership believes that while AI will be transformational, it will also be disruptive, fundamentally reshaping how people work.

The company emphasized that AI has the potential to create more opportunities than any technology in history—helping businesses operate more efficiently, empowering individuals to monetize their ideas, and even creating jobs that do not yet exist. However, it acknowledged that this transformation will require workers at all levels, from entry-level employees to CEOs, to learn new ways of working.

“We can’t eliminate the disruption, but we can help more people become fluent in AI and connect them with companies that need their skills”, OpenAI CEO of Applications Fidji Simo noted in a blog post.

To achieve this, OpenAI is focusing on access and education. The company noted that the majority of the hundreds of millions of people who use ChatGPT each week do so for free, aligning with its mission to democratize access to AI tools.

Now, the company is expanding its efforts by partnering with organizations such as Walmart, John Deere, Boston Consulting Group (BCG), Accenture, Indeed, the Texas Association of Business, the Bay Area Council, and several state governments, including Delaware to help everyone take advantage of the opportunities that AI has to offer.

The first major initiative is the OpenAI Jobs Platform, which aims to connect employers with AI-skilled workers. This platform will use AI-driven matching technology to ensure that companies find candidates who meet their needs, whether they are seeking permanent hires or talent for specific projects.

OpenAI highlighted that this platform will not only serve large corporations but will also have a dedicated track for small businesses and local governments, helping them compete in the rapidly evolving digital economy. For instance, the Texas Association of Business plans to leverage the platform to connect thousands of Texas employers with skilled individuals who can modernize their operations.

The second initiative focuses on ensuring that companies can verify the AI fluency of workers. Earlier this year, OpenAI launched the OpenAI Academy, a free online learning hub that has already connected more than 2 million people with resources, workshops, and communities for mastering AI tools.

Building on this success, OpenAI is introducing OpenAI Certifications, which will provide formal recognition of various levels of AI expertise. These certifications will range from basic workplace AI skills to advanced areas like prompt engineering and custom AI development.

Learners will be able to prepare for these certifications directly within ChatGPT using its new Study Mode, making it simple to access training and complete certification without leaving the app. Businesses will also be able to integrate these certifications into their employee learning and development programs.

Research has shown that workers with AI skills are more productive, more valuable to employers, and earn higher wages compared to those without AI expertise.

OpenAI has set an ambitious target to certify 10 million Americans by 2030. Walmart, the world’s largest private employer, has already signed on as a launch partner for this initiative.

Notably, OpenAI’s job platform could put the company in direct competition with LinkedIn, a professional networking platform that serves as a digital resume and networking tool, allowing individuals to showcase their professional background, post updates, and engage with industry content.

Future Outlook

OpenAI noted that its efforts are not just about technology, but about bridging the gap between workers and economic opportunity. By giving people access to AI tools, training, and verified skills, OpenAI aims to ensure that the benefits of AI are widely shared rather than concentrated in a few hands.

The company believes these programs will empower individuals to control their future while enabling businesses of all sizes to innovate and grow in the AI-driven economy.

Key Strengths and Weaknesses of Nigeria-ASUU Agreement in 2019

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The 2019 Memorandum of Action (MoA) between the Federal Government of Nigeria (FGN) and the Academic Staff Union of Universities (ASUU) was a pivotal document aimed at resolving a long-standing impasse in Nigeria’s higher education sector. Signed in February 2019 after a three-month strike, the agreement attempted to address the union’s grievances through financial commitments, administrative reforms, and renewed dialogue. While it succeeded in temporarily restoring industrial harmony, our analysis reveals both commendable strengths and critical weaknesses that continue to shape the trajectory of university education in Nigeria.

A Structured Response to Immediate Grievances

One of the most notable strengths of the 2019 MoA lies in its structured approach to resolving ASUU’s core demands. The agreement identifies nine key areas of concern, ranging from revitalization funding and earned academic allowances to issues of university governance and renegotiation of the 2009 agreement. This clarity of focus demonstrates a deliberate effort to engage with the union’s longstanding complaints in a comprehensive manner.

The financial commitments outlined in the agreement are particularly significant. The government pledged N25 billion for the revitalization of public universities and another N25 billion for earned allowances. Although these figures fell short of ASUU’s expectations, they signaled a willingness to invest in the sector and acknowledge the legitimacy of the union’s demands. Additionally, the MoA recognized ASUU’s autonomy in selecting its representatives and emphasized principles of equality in collective bargaining, reinforcing the union’s role as a credible stakeholder in education policy.

The inclusion of timelines for implementation added a layer of accountability. Specific dates were provided for disbursements, committee reports, and renegotiation processes. This time-bound structure was intended to prevent the delays and ambiguities that had plagued previous agreements. In theory, it offered a roadmap for restoring trust and ensuring that commitments would be honored.

Underlying Assumptions and Structural Gaps

Despite its strengths, the 2019 MoA was fundamentally limited by the way it framed the problem. The agreement treated the crisis in Nigeria’s university system as a matter of unmet financial and administrative obligations. This narrow representation overlooked deeper structural issues such as poor research output, outdated curricula, and the lack of a sustainable funding model for higher education.

The assumption that financial disbursements alone could resolve systemic challenges was overly simplistic. While money is essential, it cannot substitute for visionary policy reform. The MoA also assumed that setting timelines would automatically lead to compliance, yet it failed to include enforcement mechanisms or penalties for non-implementation. This omission weakened the document’s credibility and left room for future breaches.

Another significant gap was the treatment of state universities. The agreement proposed a consultative committee to engage with state governments, but it did not outline how its recommendations would be enforced. Given the autonomy of state institutions and the uneven commitment of state governments to education funding, this aspect of the MoA lacked the necessary teeth to drive meaningful change.

Additionally, the agreement repeated many promises from earlier agreements, particularly those related to visitation panels and renegotiation timelines. This repetition raised concerns about the government’s sincerity and the likelihood of follow-through. Without a mechanism to monitor progress or hold parties accountable, the MoA risked becoming yet another symbolic gesture rather than a transformative tool.

Implications for Policy and Practice

The 2019 MoA reflects a pattern of reactive policymaking in Nigeria’s education sector. Rather than addressing the root causes of industrial unrest, the government has often resorted to short-term fixes aimed at ending strikes. This approach has created a cycle of disruption, negotiation, and temporary resolution, with little attention paid to long-term reform.

The absence of student-centered considerations in the agreement is particularly troubling. Repeated strikes have devastating effects on students’ academic progression, mental health, and future prospects. Yet the MoA is silent on how to mitigate these impacts or involve students in shaping the future of university education.

The agreement also fails to engage with broader questions of global competitiveness, innovation, and research excellence. In an era where universities are expected to drive economic growth and social development, Nigeria’s higher education policy must evolve beyond transactional agreements and embrace a strategic vision.

Toward a More Sustainable Future

To move forward, future agreements between FGN and ASUU must be anchored in a holistic understanding of the challenges facing Nigerian universities. This includes not only financial commitments but also structural reforms, accountability mechanisms, and inclusive policymaking. Stakeholders must prioritize long-term planning over crisis management and ensure that agreements are backed by legal and institutional frameworks that guarantee implementation.

The 2019 MoA was a necessary step in restoring industrial harmony, but it was not sufficient to transform the higher education landscape. Its strengths lay in its responsiveness and structure, while its weaknesses stemmed from limited scope and lack of enforcement. Our analyst notes that as Nigeria continues to grapple with the complexities of university governance, the lessons from this agreement must inform a more ambitious and sustainable path forward.