Matrixport forecasts SEC bitcoin ETF rejection

In a historic move, Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Chairman of the Board of the Central Bank of the United Arab Emirates (UAE), executed the first cross-border payment for the UAE’s central bank digital currency (CBDC), the "Digital Dirham." Utilizing mBridgeAccording to local news source Gulf News, the transaction, valued at 50 million dirhams ($13.6 million), was conducted directly with China through mBridge. mBridge is a multi-CBDC platform which has been developed to support peer-to-peer cross-border payments in real time. The blockchain-based system was established by the Bank of International Settlements (BIS), in conjunction with the central banks of Hong Kong, Thailand, China and the UAE. The project has an additional 23 central banks and the IMF involved as observers. It’s thought that mBridge can play a vital role for nations to circumvent the use of the U.S. dollar for international trade purposes. Within each participant country, the project has onboarded multiple commercial banks.Photo by Karthik B K on UnsplashMarking CBUAE’s 50th anniversarySheikh Mansour carried out this groundbreaking payment during a celebration commemorating the 50th anniversary of the Central Bank of the UAE (CBUAE). The event also witnessed the graduation of the inaugural batch of 1,056 citizens from the "Ethraa" program, a high-level training initiative at the Emirates Institute of Finance aimed at fostering Emirati representation in the financial sector. The ceremony, held at the Abu Dhabi National Exhibition Center, showcased the significant progress and development the CBUAE has undergone over its 50-year history. The apex bank has played a pivotal role in strengthening financial and monetary stability, contributing to economic growth, and implementing innovative projects as part of the Financial Infrastructure Transformation Programme (FIT program) to accelerate digital transformation in the financial services sector. Sheikh Mansour emphasized the leadership's commitment to solidifying the UAE's position as a global financial center, praising the CBUAE's role in enhancing financial and monetary stability, ensuring efficiency in the financial system and supporting economic growth and development. He underscored the leadership's dedication to empowering UAE nationals to become fintech specialists, providing them with skills and knowledge to contribute to the nation's progress. The Vice-President also commended the efforts of all CBUAE employees, the Emirates Institute of Finance and the graduates of the Ethraa program, expressing his best wishes for their success in serving the nation. During the event, Sheikh Mansour was briefed on the services offered by the "Aani" instant payment platform, designed to facilitate fast, secure and convenient fund transfers. He also witnessed the launch of "Open Finance," allowing consumers to connect and share data across the entire financial ecosystem, and the visual identity of the Ombudsman Unit called "Sanadak," the first independent unit for settling banking and insurance disputes in the Middle East and North Africa (MENA) region. According to data from the Atlantic Council, 130 nations, accounting for 98% of global GDP, have made some efforts towards exploring the adoption of a CBDC. 11 countries have actually launched a CBDC and 19 of the G20 economies are at the advanced development stage. Meanwhile, a survey report published by the BIS last summer revealed an expectation among central banks that by 2030, we could see the launch of nine wholesale CBDCs and 15 retail CBDCs.  

South Korean Banks Adopt Blockchain for Streamlined Civil Servant LoansSouth Korea’s state-run financial organizations and banks are embracing blockchain technology to streamline the loan process for government employees and enhance loan management for banks.Photo by Shubham Dhage on UnsplashBlockchain-aided loan servicesIn a collaboration announced today at the Korea Federation of Banks (KFB) in Seoul, the Korea Financial Telecommunications and Clearings Institute (KFTC), the Government Employees Pension Service (GEPS), and four local banks are coming together to introduce blockchain technology in providing loan services specifically tailored for civil servants. The four participating banks are NongHyup Bank, Hana Bank, DGB Daegu Bank, and Gwangju Bank.Easier applicationAt present, civil servants are required to acquire a physical loan recommendation letter from the GEPS in order to apply for a bank loan. However, with the implementation of the new loan system, the GEPS will have the capability to issue blockchain-based letters, which can be obtained by civil servants either in-person or remotely at banks. This innovative approach will significantly simplify the verification process for these letters.Easier managementFurthermore, the manual exchange of loan-related information, such as repayment history and retirement details, between banks and the GEPS will be replaced by a more efficient system. The KFTC will take on the role of mediator, ensuring that any changes to this information are immediately reflected in real time. This streamlined approach will significantly enhance loan management for lenders.The launch of this service is scheduled for November this year, bringing about improved accessibility to loans for government employees. As the project progresses, other financial institutions are expected to join in, further enhancing the convenience of public servants. Additionally, these collaborating organizations will explore joint services aimed at providing the necessary support to stabilize the livelihoods of civil servants.

A spot Solana (SOL) exchange-traded fund (ETF) is set to debut in Hong Kong next week, according to the South China Morning Post. Managed by ChinaAMC (HK), the Hong Kong subsidiary of Chinese financial services company China Asset Management, the product will begin trading on Oct. 27 and will be available against both Hong Kong and U.S. dollars. The Hong Kong listing comes amid growing global interest in Solana-based investment products. While this marks a first for the city, the first country to trade a spot Solana ETF was Canada, where four products from 3iQ, Purpose, Evolve, and CI Financial went live on the Toronto Stock Exchange in April 2025.Photo by GuerrillaBuzz on UnsplashU.S. institutions await regulatory approvalIn the U.S., institutional interest is also high, though a product has yet to be approved. According to Bloomberg senior ETF analyst Eric Balchunas, 23 separate ETP filings for Solana have been submitted in the U.S. This matches Bitcoin, with both assets having the highest number of filings among 35 cryptocurrencies tracked, out of a total of 155 crypto ETP filings overall. The push for exchange-traded products mirrors rising institutional investment in the Solana ecosystem itself. Several firms have recently established corporate SOL treasuries. Forward Industries spent $1.6 billion on its treasury and filed with the U.S. Securities and Exchange Commission (SEC) to raise up to $4 billion from share sales to acquire more SOL. Similarly, Sharps Technology announced a collaboration with Coinbase Global to expand its reserve strategy, and an SEC filing showed that Citadel and its affiliates hold a portion of the outstanding shares in DeFi Development Corp. (DFDV), another SOL treasury firm. Uniswap expands to Solana networkSolana's platform has also seen wider technical integration. On Oct. 16, the decentralized exchange Uniswap began supporting the network, allowing its users to connect Solana wallets and swap SOL tokens. Uniswap stated the move helps address fragmentation issues by supporting both Solana and Ethereum, the two largest DeFi ecosystems. According to DefiLlama data, SOL currently boasts $10.88 billion in total value locked (TVL) in decentralized finance, while ETH TVL amounts to $83 billion. Separately, the Solana team recently promoted the network's technical resilience. Following a recent Amazon Web Services (AWS) outage, the team shared an analysis on X indicating a 97.6 resilience index, noting that only 77 of its 1,295 nodes were affected, suggesting a 6% dependency on AWS. Market performance lags despite growthDespite these developments, the price of SOL, the sixth-largest cryptocurrency by market capitalization, has not reflected the positive sentiment in the short term. Trading at roughly $186, SOL is down 13.74% over the past month, according to Kraken data. The asset remains 36.49% below its all-time high of $293.31, which was reached on Jan. 19, 2025.