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ProBit Bits — ProBit Global's Weekly Blockchain Bits Vol. 100

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Total Value Locked of Real World Assets Reaches Record $8 Billion

Real World Assets have seen a significant increase in total value locked, surpassing $8 billion as of April 26, 2024. This is a nearly 60% increase since February, a trend highlighting a growing interest in debt based high yield investments in the finance blockchain sector . El Salvador is leading the innovation of tokenized debt issued to fund a hotel project, aiming to raise $6.25 million via HILSV tokens offering a 10% coupon over five years. The move towards real world assets has extended to US treasuries and bonds, now totaling up to $1.29 billion, driven by platforms like Securitize and BlackRock's Ethereum based digital liquidity fund BUIDL, emphasizing blockchain's innovative impact on traditional finance.

Tether Pulls in $4.52 Billion Profit in Q1 Supported by Bitcoin's Rally

Tether, known for their stable coin USDT has achieved a whopping $4.52 billion profit in their first quarter of 2024, driven by the substantial earnings from the US Treasury holdings, Bitcoin market gains and gold reserves. Tether's Bitcoin holdings surged from $2.8 billion to $5.4 billion and its gold position rose from $3.5 billion to $3.7 billion compared to the previous quarter. Tether issued over 12 billion new USDT tokens in Q1 with CEO Paolo Adroino highlighting the company's commitment to transparency and risk management, with reserves now totaling $6.3 billion. Tether is aiming to secure formal audits from major accounting firms from the big four, however has faced challenges due to reputational risks. Despite the volatility of crypto, Tether remains a key player in the stable coin market.

Azuki NFTs Thriving During Crypto Market Correction

The crypto market has seen a slight correction recently with Bitcoin's price correction below 60K, however Azuki, an Ethereum based NFT collection has thrived and achieved sales surpassing $1.13 million , making it the top selling NFT collection according to Crypto Slam data. This propelled their total sales volume to approximately $1.12 billion and has positioned the collection to be the 8th largest NFT collection by sales volume. Other notable NFT collections like Bored Ape Yacht Club and Crypto Punks also saw strong sales but trailed behind Azuki during this market correction.

SEC Chair Gary Gensler Accused of Misleading Congress On Ethereum

SEC Chair Gary Gensler is accused of misleading Congress on Ethereum's regulatory status, highlighted by Congressman Patrick McHenry concerns over the SEC's inconsistent approach to digital asset classification. Gary Gensler allegedly evaded direct questions about Ethereum's security status during a House Financial Services Committee session has raised concerns amid a broader pattern of uncertainty within the agency. The controversy deepens with Consensys filing a lawsuit against the SEC following a Wells notice related to Ethereum's transition to proof of stake.

MicroStrategy Is Building A Decentralized Identity Solution on Bitcoin Ordinal Inscriptions

Michael Saylor the CEO of MicroStrategy has introduced MicroStrategy Orange Decentralized Identity protocol to enhance digital identity security. The protocol links identity data into the Bitcoin blockchain for added security. The solution includes a service cloud for issuing identifiers, prepackaged applications and SDK for easy integration. For example, using email, public and private keys are inscribed using the Ordinals protocol. This approach stores only decentralized identity data, enabling flexible document creation while leveraging Bitcoin's SegWit feature. With MicroStrategy Orange innovative approach to decentralized identity solutions, it opens up many use cases for secured identity verification on the blockchain.

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