Odaily News OKX market data shows that ETH fell below 2400 USDT and is now at 2398.96 USDT, a 24-hour drop of 3.49%. (This newsletter is generated with the assistance of AI)

Odaily News Crypto KOL @ _FORAB published an article on the X platform to analyze the principle behind the currency-stock circulation after Kraken, Bybit, Jup and other platforms connected to xStocks, saying that (the tokenization of US stocks is mainly) controlled by the parent company registered in Switzerland, Backed Assets in Jersey. They buy stocks in the US stock market through the channel of IBKR Prime under Interactive Brokers, and then transfer them to the segregated account under Clearstream. Clearstream is the depository under the Deutsche Börse, helping them to store these stocks. When the above buying, transfer, and deposit operations are completed, the contract deployed on the Solana chain will be triggered, corresponding to the issuance of stock tokens, that is, for every 1,000 Tesla shares purchased and stored, 1,000 TSLAx tokens will be minted on the chain at a 1:1 ratio. The control address of the token contract belongs to the issuer Backed. After that, third-party exchanges such as Kraken, Bybit, Jupiter, etc. can directly list the spot and contracts of these tokens. If investors or market makers buy TSLAx tokens greater than or equal to 1, they can apply to Backed to exchange them for actual Tesla shares under the brokerage. In this way, the entire process of mortgaging, minting, issuing, and redeeming the tokens is completed.

Odaily News According to market news: The U.S. SEC approved the conversion of the Grayscale Digital Large Cap Fund into an ETF. The digital assets involved in the fund include BTC, ETH, XRP, SOL and ADA.

Odaily News Crypto KOL @cryptobraveHQ posted on the X platform that the team behind xStocks is the original zero-return project DAOStack. According to the relevant information of Backed, the Israeli development company behind XStocks, its first three co-founders were all co-founders of DAOStack in their previous cryptocurrency entrepreneurial experience, and DAOStack basically stopped updating and operating in 2020. After its token GEN ICO raised about 30 million US dollars, the team was too lazy to even go to a small exchange, and just let the token return to zero after issuing it. The DAOStack team then started a business @xStocksFi, which was mainly driven by investors such as Coinbase. This wave of cryptocurrency-stock narrative hit the vent and became a U.S. stock tokenization company in cooperation with @krakenfx and @Bybit_Official and Infra on the Solana chain.

Odaily News Market news: The U.S. House of Representatives is scheduled to debate and vote on Trump's tax cut and spending bill on Wednesday local time. (Jinshi)

Odaily News According to official news, GMGN has cooperated with xStocks, allowing users to trade US stocks on the Solana chain.