The total value locked (TVL) in decentralized finance (DeFi) has seen a significant drop of 16%, indicating a cooling in the sector’s growth. Despite this, the stablecoin market has remained robust, with no notable fluctuations in their market cap or trading volumes. Ethereum traders are preparing for potential market swings as $525 million worth of crypto options are due to expire on December 27. Meanwhile, SpaceX, led by Elon Musk, has been using stablecoins as a hedge against foreign exchange risks, showcasing a practical application of these digital assets in traditional finance. In the ETF space, Bitcoin ETFs have attracted $475 million in inflows, with Bitwise introducing new strategies to enhance their appeal. Regulatory developments include the U.S. Treasury and IRS finalizing broker rules for DeFi, mandating Know Your Customer (KYC) procedures from protocols.
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