🇺🇸 U.S. State Pension Funds Stack Crypto

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Michigan’s state retirement fund has become the U.S. pension fund to hold shares in spot Ethereum ETFs. The news comes as an increasing number of U.S. state pension funds are seeking exposure to cryptocurrency.

Bitcoin soared above $70,000 on Election Day, erasing losses sustained over the last three days. ETH, SOL and DOT rallied by between 2% and 5%.

Citi and Fidelity launched a tokenized money market fund as a proof-of-concept under the Monetary Authority of Singapore’s Project Guardian initiative. The news comes a few days after UBS launched a tokenized investment fund on Ethereum.

Also, Curve proposes distributing 10% of crvUSD revenue to scrvUSD holders, and Metawin casino suffers a $4 million exploit.

✍️ In today’s newsletter:

• Michigan’s state pension fund buys Ether ETF shares
• Crypto markets soar on Election Day
• Major financial institutions embrace tokenization
• Curve aims to bolster crvUSD adoption through scrvUSD
• Hackers ransack Metawin for $4M

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💰Michigan Hosts First U.S. Pension Fund to Buy Spot Ethereum ETF Shares

The State of Michigan Retirement System (SMRS) holds $11.1 million worth of spot Ethereum ETF shares, making it the first U.S. state pension exposed to Ether. The move follows both SMRS and Wisconsin’s state pension fund buying Bitcoin ETF shares earlier this year, and the Florida and Arizona pension funds adding exposure to crypto.

🚀Bitcoin Rallies Above $70,000 On Election Day

Cryptocurrency markets rallied on Tuesday morning as U.S. voters headed to the polls to elect the next President. Dogecoin (DOGE), the day's top gainer, surged over 12% in the last 24 hours. Bitcoin ETFs recorded $541 million in net outflows on Monday — the largest single-day outflow since May.

⛓️Citi and Fidelity Announce On-Chain Money Market Fund

Citi and Fidelity have teamed up on a proof-of-concept exploring a tokenized money market fund. The news comes as an increasing number of major financial institutions are embracing tokenization, with SBI Digital Markets launching a cross-border tokenized treasuries pilot and UBS launching a tokenized investment fund on Ethereum in recent days.

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‍💵Curve Proposes Giving 10% Of crvUSD Revenue To Savings crvUSD Holders

The Curve community is voting on a proposal to redistribute 10% of revenue from its crvUSD stablecoin to users of its new Savings crvUSD (scrvUSD) vault. The move aims to scale adoption of the stablecoin in a bid to stabilize crvUSD interest rates and price volatility.

💀Metawin Casino Exploited for $4 Million

Metawin, a crypto-powered casino on Ethereum and Solana, suffered a $4 million exploit targeting its withdrawal mechanism. After a brief operational pause, the platform has restored operations and pledged to implement additional security precautions.

🌍 ELSEWHERE

• Memecoin Creators Hop on U.S. Election Mania With Thousands of New Tokens (CoinDesk)
• Bitcoin mining difficulty breaks through 100 trillion for the first time (The Block)
• Binance challenges SEC lawsuit crypto classification in court motion (CryptoSlate)
• Increased Use of Ethereum Blobs Points to Growing Demand for L2 Transactions (Unchained)

🔥TRENDING

• Crypto Markets Drop for Sixth Day Ahead of U.S. Elections
• Coinbase and Binance Face Backlash Over Alleged Listing Fees
• Ethereum Spends $1.28 Per $1 of Fee Revenue, But Solana Pays Six Times As Much
• Developers Are Leaving the United States and Europe for Asia
• IMX Token Plummets After Immutable Receives Wells Notice
• Florida May Increase Crypto Holdings From $800M If Trump Wins