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Bloomberg Analyst Insists Dogecoin Lacks Utility for an ETF

Albert Brown
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Bloomberg Analyst Insists Dogecoin Lacks Utility for an ETF

Despite community backlash, Bloomberg senior ETF analyst Eric Balchunas maintains an unwavering conviction that Dogecoin lacks utility.

He took to X (formerly Twitter) on Wednesday to reiterate this sentiment, questioning the utility that Dogecoin provides. Balchunas asked the aggrieved DOGE community what use case the meme coin offers amid objections to his earlier “no utility” comment.

Balchunas Unmoved on Dogecoin Utility Debate

For perspective, the Bloomberg ETF expert shared on Tuesday that the first-ever US ETF tracking the performance of Dogecoin, the largest meme coin by market cap, will launch later in the week. Adding to the announcement, he stated that the investment vehicle will be the first to “hold something that has no utility on purpose.”

However, the comment sparked reactions from the Dogecoin community, which had conflicting opinions. Some argued that despite its meme origin, the DOGE has use cases in tipping and macro payments. Others say that Dogecoin can be compared to professional sports and has a similar use case to Bitcoin.

However, Balchunas added that Dogecoin was literally created by two guys as a joke. “So what’s the utility?” he asked. 

Nonetheless, he noted that his comments are not meant to judge Dogecoin, as he is “fine with meme coins.” However, he wants DOGE enthusiasts, known as “Shibes,” to simply acknowledge that the token was merely for entertainment and highly speculative.

First US Dogecoin ETF to Launch on Thursday

Meanwhile, Balchunas revealed that the Rex Osprey Dogecoin ETF would launch in the US on Thursday, marking the debut of the meme coin ETF era. It would be listed with the ticker DOJE under the Investment Company Act of 1940. This choice gave it an edge in the race to launch a Dogecoin-focused ETF.

The fund would hold at least 80% of its net assets in Dogecoin and the rest in other vehicles that provide exposure to the token.

Rex-Osprey Dogecoin ETF/Eric Balchunas

Conversely, filings under the Securities Act of 1933 (Act 33) continue to face roadblocks. The US SEC recently delayed a decision on the Bitwise Dogecoin ETF, asking for a longer period to assess the proposed rule change.

Meanwhile, several other altcoin ETFs are also awaiting approval on the US SEC’s desk, including the Solana, Litecoin, and XRP ETFs.

Shiba Inu Shares Crucial Update on LEASH V2 Migration

Lele Jima
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Shiba Inu Shares Crucial Update on LEASH V2 Migration

Shiba Inu top developer, Kaal Dhairya, has released a crucial update on the upcoming LEASH V2 migration.

In a blog post yesterday, Dhairya confirmed that the migration will deliver a simplified, fully audited token contract alongside a carefully designed migration process that protects long-term holders and liquidity providers. 

He disclosed that the team has been focused on building mechanics for the migration. This will enable holders of LEASH V1 to migrate to LEASH V2 at a fixed ratio-based model. 

Under this model,  LEASH V1 token holders will receive the equivalent in V2. However, those who sold would see their allocation reduced accordingly.  

The team has also prepared targeted snapshots to handle complex cases, especially liquidity providers on ShibaSwap V2 and Uniswap V3, where rebases did not credit LP shares fairly. 

Phased Rollout 

The migration, scheduled to begin in the coming days, will be rolled out in three phases. Phase 1 will cover direct migration for individual holders and stakers of V1 veLEASH and xLEASH, as well as liquidity providers on Uniswap V2 and ShibaSwap V1. 

In the second phase, migration will focus on Uniswap V3 and ShibaSwap V2 liquidity providers. This phase will combine an old liquidity snapshot and a proof-of-withdrawal system to avoid loss of funds. 

Phase 3 of the migration is for bridge users, including Shibarium participants, with a 1:1 swap designed for native Shibarium LEASH. 

Token and Migrator Designs 

The team built LEASH V2 using OpenZeppelin libraries, ensuring that the base token is auditable and aligns with standards such as ERC-20, ERC20Permit (EIP-2612), and ERC20Burnable. 

According to the announcement, the team can only introduce advanced features to the token via wrapping, rather than complicating the base token. 

On the other hand, the migrator is carefully designed to ensure that no additional LEASH V2 tokens will ever be minted in the future. The team has already pre-minted the entire LEASH V2 supply and secured it in a multisig wallet. 

Upon migration, the migrator will transfer the V2 LEASH tokens to users, while burning the V1 equivalent. Notably, both the LEASH V2 token and the migrator have undergone a full audit. Leading blockchain security firm Hexens carried out the audit. 

The team intends to share the full audit report and the official mainnet launch details soon. 

What to Know Ahead of Migration 

In anticipation of the launch, the announcement confirmed that no immediate actions are required from self-custody holders. They will only migrate their tokens once the migration portal opens for phase 1. 

Stakers and liquidity providers of LEASH V1 tokens will be required to unstake their tokens before migrating them to V2.  Liquidity providers on ShibaSwap V2 and Uniswap V3 are urged to wait for Phase 2 instructions. 

Notably, bridge users and Shibarium participants will be covered under the Phase 3 migration. 

The LEASH V2 migration is expected to go live within days, beginning with Phase 1. Launch details, official addresses, and a step-by-step migration guide will be released in the upcoming announcement.

LEASH, which launched in 2021 under the brand name Doge Killer, is currently trading at $25.69. It has plunged 85.28% over the past month and 99.71% from its ATH of $8,983. 

Research Shows XRPL is a Potential Leader in the Tokenization Market Estimated by WEF to Hit $867T

Mark Brennan
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Research Shows XRPL is a Potential Leader in the Tokenization Market Estimated by WEF to Hit $867T

Independent researcher SMQKE has highlighted multiple reports suggesting that the XRP Ledger (XRPL) could be one of the leaders of the fast-growing tokenization market. 

For context, the World Economic Forum (WEF) believes this market could reach $867 trillion, covering nearly all financial assets worldwide.

RWA Tokenization Market Seeing Impressive Growth

In his disclosure, SMQKE first highlighted data showing that the total value of tokenized real-world assets (RWA) on-chain stood at $26 billion. Interestingly, this number has already climbed. According to RWA.xyz, tokenized assets now total $27.85 billion, up 4.31% over the past 30 days, with 274 issuers and more than 382,000 holders. 

RWA Tokenization Value RWAzyx
RWA Tokenization Value

At present, XRPL only holds $308.7 million of that amount, about 1.94% of the total, ranking it tenth among blockchains. Despite the modest share, SMQKE pointed out that ongoing institutional conversations suggest XRPL could eventually rise to the top.

He pointed to an August 2025 research note from Chainlink. Specifically, the note emphasized the importance of open, institution-ready platforms in tokenization. It also cited the Boston Consulting Group’s projection that $16 trillion worth of illiquid assets could be tokenized by 2030, roughly 10% of global GDP. 

However, the WEF estimates that nearly all financial assets, worth up to $867 trillion, could eventually move on-chain. The report noted that settlements and payments linked to these assets already add up to hundreds of trillions. This creates a major opportunity for blockchains.

Reports Show the XRPL Could be a Potential Leader

SMQKE then referred to an August 2024 analysis from Charltons Quantum. Notably, the analysis followed Ripple’s $10 million commitment to support OpenEden’s U.S. Treasury Bill tokens on the XRPL. 

It highlighted XRPL’s strong technical base, including automated market-making, decentralized identifiers, multi-purpose tokens, lending tools, and native oracles. Charltons Quantum suggested that these tools make the XRPL an ideal platform for RWA tokenization.

Importantly, OpenEden’s Treasury Bill tokens, backed by $75 million in total value locked, showed trust in this approach. The firm had already drawn interest from corporate treasuries, foundations, and institutional funds. Also, co-founder Jeremy Ng called XRPL a turning point in efforts to expand access to tokenized Treasuries.

Meanwhile, in July 2025, the Digital Assets Council of Financial Professionals (DACFP) also mentioned the XRPL. Its report listed Ethereum, Solana, and the XRPL among the top players building tokenization infrastructure. 

Interestingly, other recent studies support SMQKE’s claims. For instance, in May 2025, the WEF released a report on tokenization in financial markets and mentioned the XRPL as an ideal platform. It highlighted Aurum Equity Partners’ launch of a $1 billion fund combining private equity and debt on the XRPL. 

Then, in July, asset manager Bitwise suggested that buying XRP, alongside Ethereum and other assets, was one of the cleanest ways to gain exposure to the future of tokenization. These mentions have bolstered sentiments that the XRPL could become one of the leaders of the growing tokenization market.

Analyst Expects XRP to Reach $300 if Ethereum Hits $25,000

Sam Wisdom Raphael
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Analyst Expects XRP to Reach $300 if Ethereum Hits $25,000

A market pundit has shared his altcoin targets for the next big pump, expecting massive rallies from XRP and Ethereum.

The recent forecast comes on the heels of the broader market recovery effort. Notably, while Ethereum (ETH) has dropped 0.24% over the past week, XRP, Solana (SOL), Dogecoin (DOGE), and Cardano (ADA) have seen gains of at least 4% within this period.

Ethereum to Target $25,000

However, despite Ethereum’s current struggles, anonymous market commentator Whale Guru, who calls himself a “100x gem hunter,” believes the token would likely see massive gains during the next large-scale altcoin pump. Meanwhile, in the same breath, he predicts an XRP surge to $300.

According to the pundit, Ethereum would soar to $25,000 during this anticipated pump. This price aligns with the forecast from multinational banking institution Standard Chartered, which predicted an Ethereum run to $25,000. 

However, Standard Chartered only expects this to materialize by 2028, possibly during the next bull run. It remains unclear if Whale Guru’s “next pump” refers to another uptrend within this cycle or during the next bull run. Notably, from its current price of around $4,300, ETH would need to rise 481% to reach the $25,000 mark, a feasible target.

XRP Target for the Next Big Pump

Meanwhile, Whale Guru is especially more bullish on XRP, projecting a possible rally to $300 for the next big pump. This represents one of the most bullish price forecasts for XRP, considering its current position. Presently, XRP changes hands at $2.95, still struggling to regain control of the $3 mark. 

From the current price, XRP must increase 10,069% or around 101x to claim the $300 target. If Ethereum claims $25,000 and XRP hits $300, the XRPETH pair will witness a massive spike as XRP outperforms ETH. The pair currently sits at 0.00068, but could reach 0.012, a 1,664% increase if both assets reached their respective targets.

Also, if XRP’s circulating supply remains fairly stable at the current 59.61 billion level, a price of $300 would give XRP a market cap of $17.8 trillion, making it larger than the biggest companies, Nvidia, Microsoft, Apple, Alphabet (Google), and Amazon combined. 

This makes the $300 target for XRP a difficult goal to reach in this cycle or the next. Yet, the crypto market has a knack for surprising even the most experienced traders. However, despite the leap ahead, analysts at Changelly suggest that a $300 XRP price is feasible. Nonetheless, they believe XRP may only reach this target by February 2040, essentially fifteen years from now.

XRP Price Prediction Changelly
XRP Price Prediction | Changelly

Other Altcoin Targets

Besides Ethereum and XRP, Whale Guru also presented targets for other altcoins. Specifically, the renowned trader suggested that Solana could rally to $2,000. With SOL currently trading for $218.9 at press time, a run to $2,000 would represent an 813% increase.

Meanwhile, Whale Guru expects Dogecoin to finally breach the $1 mark and eventually reach $5, a 1,979% spike from current levels. The analyst then predicts Sui to claim a price of $10, representing a meager 183% increase from its current price of $3.53.

Caliber Becomes First Nasdaq Firm to Adopt Chainlink (LINK) For Its Treasury Strategy

Abdulkarim Abdulwahab
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Caliber Becomes First Nasdaq Firm to Adopt Chainlink (LINK) For Its Treasury Strategy

Nasdaq-listed firm Caliber, a real estate and digital asset manager, has adopted Chainlink (LINK) as part of its digital asset strategy.

In an announcement today, the company disclosed that it has officially completed its first purchase of LINK tokens. The acquisition serves as a system test and marks Caliber’s entry into its newly launched Digital Asset Treasury Strategy.

The firm stated that future LINK acquisitions will be funded through existing cash reserves, an ELOC, and equity-based securities, with plans for consistent purchases over time.

Gradual Accumulation and Staking Goals

The treasury strategy aims to build a significant position in LINK within Caliber’s treasury through gradual and measured acquisitions.

In addition to holding, the company intends to generate yield from staking, which it views as a disciplined and institutional approach to long-term growth. Management described the strategy as a way to enter the market responsibly.

Chainlink at the Center of Digital Expansion

Caliber is the first Nasdaq-listed company to base its treasury strategy around LINK, the cryptocurrency from Chainlink. The company believes Chainlink is key to connecting blockchains with real-world assets, positioning Caliber at the intersection of real estate and digital assets.

With this move, Caliber’s shareholders now have direct exposure to LINK through the company’s stock. This adds a digital asset component to Caliber’s traditional real estate portfolio worth over $2.9 billion.

Beyond its inclusion in Caliber’s digital asset strategy, Chainlink is also seeing increased adoption from institutions via the ETF market.

LINK ETF in the Works

Last week, Grayscale Investments became the second asset manager to file for a Chainlink ETF. The proposed product aims to offer exposure to LINK without requiring direct ownership and would trade under the ticker GLNK on NYSE Arca, pending regulatory approval.

Grayscale follows Bitwise, which filed for a similar Chainlink ETF in August. This move is part of Grayscale’s broader altcoin ETF strategy, which includes filings for Cardano (ADA), Polkadot, Dogecoin, Hedera, Solana, and XRP.

Other firms—such as WisdomTree, 21Shares, and Canary Capital—are also pursuing altcoin ETFs. With regulatory decisions expected in October, prediction markets show high odds for approval: 87% for Cardano and 93% for XRP.

Here How High XRP Needs To Reach To Erase US Debt, as Russia Warns of a “Crypto Cloud” Reset

Abdulkarim Abdulwahab
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Here How High XRP Needs To Reach To Erase US Debt, as Russia Warns of a “Crypto Cloud” Reset

Discussions about the potential for crypto assets like XRP to help alleviate the national debt of the United States are gaining traction again.

This follows recent remarks from an advisor to Russian President Vladimir Putin concerning the U.S.’s supposed hidden agenda with its expansive crypto support.

Russia Warns of a “Crypto Cloud” Reset

On September 6, Putin’s adviser, Anton Kobyakov, argued during a press conference that the United States is “rewriting the rules of the gold and crypto markets” to address declining global trust in the dollar.

He suggested that Washington could eventually move portions of its debt into stablecoins and cryptocurrencies, devalue it, and restart “from scratch”. Kobyakov likened this approach to U.S. financial resets of the 1930s and 1970s, saying they seem to be effectively pushing the world into a “crypto cloud” to reset the financial system.

For context, the U.S. national debt has crossed $35 trillion. This has raised questions about how Washington might attempt to manage its obligations in a shifting global financial landscape.

With digital assets increasingly entering policy discussions, speculation has emerged about cryptocurrencies playing a role in a systemic reset.

The XRP Debt Calculation

Against this backdrop, figures within the XRP community are running the numbers. Pumpius, a widely followed commentator, evaluated the potential price XRP would need to reach to address the U.S. national debt.

This suggestion comes amid XRP’s U.S. origin and the fact that Ripple holds a large trove of the asset in escrow. Some commentators see the escrow serving the purpose of a reserve or helping the U.S. clear its debt in the scenario where the U.S. officially adopts XRP as a strategic reserve.

Notably, Ripple still holds around 35.6 billion XRP in escrow, which represents a massive pool of potential liquidity.

If they hypothetically applied this escrow to U.S. debt, the breakeven price for XRP would be $983 per token. At that level, the 35.6 billion XRP supply under Ripple’s control could theoretically wipe away the entire $35 trillion debt burden.

At today’s market price of $3.03, that represents a climb of more than 32,347%.

The Full Reset Scenarios

Meanwhile, Pumpius added that this calculation is just the first tier of XRP’s potential. At $983, XRP could theoretically neutralize U.S. debt.

He added that at $10,000, XRP could serve as liquidity for CBDCs and foreign exchange markets. At $100,000, it could underpin securities and capital markets, and beyond $1 million, it could anchor assets tied to biometric and genomic identity systems being tested on the XRPL.

“Will Happen Overnight”

Pumpius argues that this kind of repricing wouldn’t happen gradually but rather overnight if a global liquidity reset forced sovereigns and institutions to adopt the XRPL rails at scale.

He claimed XRP is the ideal asset for adoption, as Bitcoin is “too slow” and energy-intensive. He added that Ethereum, on the other hand, is fragmented and “too costly.”

To Pumpius, XRP is the “only” neutral alternative for this level of adoption.

Notably, this perspective is highly speculative, and many do not share this level of optimism about XRP’s global adoption potential. Some even believe Bitcoin stands a better chance than XRP.

Market Veteran Says Don’t Sleep on XRP For The End Of Year

Sam Wisdom Raphael
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Market Veteran Says Don’t Sleep on XRP For The End Of Year

A well-known market veteran has advised investors not to sleep on XRP for the end of the year, as he expects a massive run after the trendline breakout.

For context, XRP has started to show signs of life after two difficult weeks. It closed at $2.96 yesterday, its strongest finish this month and its highest close in two weeks. 

This move has triggered optimism among analysts who now believe XRP could be eyeing a bigger breakout. Heisenberg, a market commentator who adopts his pseudonym from the Breaking Bad character, sees the current setup as a level that could send XRP toward double-digit prices before the year ends.

XRP’s Historical Trendline Breakouts

Data from his chart shows that for most of 2024, XRP stayed trapped below $1, trading quietly in a long base. However, in November of that year, it finally broke free following the U.S. elections, exploding higher in a sharp rally to a $2.9 peak in early December.

After this first run, XRP slipped into a downward-sloping trendline through December and into early January 2025. That pattern eventually broke to the upside, setting off the next rally, which culminated in a top of $3.4 by Jan. 16, 2025.

However, from February to April 2025, XRP repeated the same playbook with a bigger falling trendline. Again, price moved lower in a controlled decline, only to break upward once more. 

The biggest move of the cycle came late June 2025, when XRP surged in a parabolic run that peaked above $3.6 in July. This rally drove the Relative Strength Index into extreme overbought territory, hinting that a cooldown was due.

XRP Daily Chart Heisenberg
XRP Daily Chart | Heisenberg

XRP Eyeing Another Trendline Breakout

Since topping out in July, XRP has slipped into another downward trendline. On Sept. 7, the token closed at $2.96, sitting just under the upper edge of this pattern. Interestingly, RSI has cooled off to a neutral 48.86, which leaves room for a fresh burst of momentum. 

If XRP pushes through resistance near $3.05 to $3.20, the chart suggests a move toward $3.8 to $4.2 as a first target. If momentum builds the way it did in earlier runs, XRP could stretch as far as $10 before the end of the year. When someone doubted the possibility of a $10 price, Heisenberg pushed back.

Notably, the setup looks familiar because it has played out three times already: an explosive rally, a falling trendline, then another breakout. This consistency has strengthened the bullish outlook. 

Currently, the major support sits around $2.6. If the price drops under that level with force, the bullish case weakens. However, as long as XRP stays above that floor, the chart favors another upside push.

Other Analysts Remain Bullish on XRP

Meanwhile, other analysts share this view. Gordon, a veteran trader, noted that XRP has been grinding sideways at these levels for months, and he believes the next move could send it straight to $6 in a hurry. 

Hov, another analyst, argued that XRP stands at a tipping point. He sees two scenarios: either XRP launches into a third wave of its larger trend, or it keeps moving sideways in a running flat or triangle. He expects clarity soon. 

Moreover, CryptoInsightUK highlighted XRP’s performance against gold. He pointed out that while XRP rejected the 0.702 retracement, it continues to hold previous range highs as support. He also highlighted a bounce from support on the daily chart and a bullish RSI cross, both of which suggest strength.

XRPXAU Chart CryptoInsightUK
XRPXAU Chart | CryptoInsightUK

Hexydog (HEXY) Brings Real Utility To The Crypto Presale Space

Esra Zuhal
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Hexydog (HEXY) Brings Real Utility To The Crypto Presale Space

In 2025 the crypto presale market is more dynamic than ever, with dozens of new tokens being launched every month. Most of these projects are usually very popular during their first few days before they end up fading out because the excitement has died. Investors have become more cautious, looking for projects that not only promise growth but also deliver real-world adoption and transparent governance. Of these, Hexydog ($HEXY) is generally regarded as the best crypto presale in 2025 with solid fundraising performance, great utilities, and transparency.

Crypto Presales in 2025

Presales continue to be appealing to investors as they allow them to access tokens prior to their exchange listing at frequently lower prices. The question is which projects will live long and which ones will disappear after the presale is completed. Presale projects are too numerous and without purpose or use. Hence, utility and team checks are more favourable to the investors than marketing hype.

The projects that stand out are those that can connect with real industries, offer transparent roadmaps, and establish systems that protect investors. Hexydog has positioned itself as one of the few presales that meets all of these expectations while building momentum in a sector that has both size and resilience.

Fundraising Momentum

Hexydog’s presale numbers are proof of its strong start. Since launch, the token price has risen from $0.0021 to $0.0045, representing growth of more than 110 percent. Meanwhile, the project has gathered more than 630,000 dollars in early funders. These numbers are significant because of their magnitude, as well as what they tell us about trust in the project. Investors are sending positive signals to the fact that they have faith in Hexydogs roadmap and that the company has a future.

Real Utility in Pet Care

The uniqueness of Hexydog is that it is directly connected with the world pet care industry which is estimated to be over 250 billion dollars. Instead of concentrating only on speculation, the project brings blockchain to a field of everyday life that the millions of people deal with.

At the core of this effort is HexyPay, a decentralized payment system that allows pet owners to pay for veterinary services, grooming, and supplies using HEXY tokens. On top of this, the team is building a global marketplace that will give token holders exclusive benefits and discounts. The combination provides a solid adoption base and provides the token with long-term relevance outside the trading.

The other aspect that differentiates Hexydog is its focus on animal welfare. Five percent of presale funds is given to confirmed shelters and donations are transparently registered in the blockchain. This model combines both financial expansion and quantifiable social change, which is why the project will be attractive to crypto investors as well as pet owners who would like to contribute to the important cause.

Security and Investor Protection

The security and governance implementations that the team has established strengthens investor confidence in Hexydog. The team of the project has been KYC verified and its smart contracts were audited by SolidProof. Additional protections such as anti-whale rules, locked team wallets, and vesting schedules reduce the risks of manipulation or sudden market shocks.

The token burns also form a part of the strategy of Hexydog. Any presale tokens that are not sold will be taken out of circulation permanently and 30 percent of the entire supply will be destroyed over time by burning. This is important to maintain scarcity and price stability in the long run. This trust is enhanced by transparency in governance and frequent updates.

Path to Growth

Having already a strong presale phase in action, the second step of the growth will be the increased exposure and accessibility to exchange. The team is preparing to be listed in major exchanges, and they are looking at Binance Launchpad. Such actions would make it more liquid, visible, and expand Hexydog to a larger market after the presale ends.

Growth will also be supported by staking opportunities, with projected annual yields designed to reward long-term participants. This will promote holding instead of high-speed trading and this also stabilizes the ecosystem. All of this, along with its practical applicability and social purpose, brings a way to gradual adoption.

Conclusion

Hexydog has become a project with long term potential in a saturated presale market. It is not just making speculative promises to the global pet care market, an efficient payment system, and animal welfare investment.Its robust fundraising performance, disclosed security practices and an organized burn plan attest to why it is generally being considered the best crypto presale in 2025.

For investors seeking a project that balances financial growth with real-world impact, Hexydog ($HEXY) stands out as one of the most promising opportunities of the year.

Take a closer look at the Hexydog presale and explore the potential it brings to 2025’s crypto market.

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Vietnam Launches Five-Year Crypto Pilot to Test Regulatory Framework

Zabi
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Vietnam Launches Five-Year Crypto Pilot to Test Regulatory Framework

Vietnam has begun a landmark five-year pilot program to regulate cryptocurrency activities.

The framework outlines strict rules on issuance, trading, and foreign investment to ensure a balance between innovation and investor protection.

Vietnam has long ranked among the top countries for cryptocurrency adoption. Millions of citizens turn to digital assets for trading, savings, and cross-border payments. However, until now, the industry has largely operated in a legal gray zone.

That changed this week when Deputy Prime Minister Ho Duc Phoc signed a resolution introducing a regulatory framework for cryptocurrencies. The resolution, reported by the Government Electronic Newspaper of Vietnam, takes immediate effect and establishes a five-year pilot program.

Officials say the trial will allow regulators to observe how the market functions under clear rules before deciding on permanent laws.

Transactions Restricted to Vietnamese Dong

As part of the newly approved framework, the government is tightening its grip on how cryptocurrencies are used within the country. A central provision requires that all crypto transactions be conducted exclusively in Vietnamese dong.

This applies to every stage of activity, from the initial issuance of tokens to trading and payment processing. Authorities believe this measure will strengthen oversight, reduce reliance on foreign currencies, and safeguard Vietnam’s monetary stability.

Issuers Limited to Domestic Enterprises

The resolution also sets strict conditions on who can issue crypto assets. Only companies established under Vietnamese law, either limited liability firms or joint stock companies, are eligible. 

This restriction effectively prevents foreign firms from issuing tokens directly in Vietnam. Instead, they will need local partnerships or licenses to participate in the market.

Ban on Fiat-Backed and Securities-Backed Tokens

Alongside these structural limits, the government has also clarified what types of assets may back digital tokens. One of the strongest provisions is the ban on crypto assets backed by fiat currencies or securities.

Authorities argue that such instruments could blur the lines between digital assets and traditional money or financial products, creating unnecessary risks.

Instead, tokens must be issued against real, tangible assets. These could include commodities, property, or other non-financial holdings. Officials believe this approach will reduce systemic risks while encouraging innovation tied to real-world value.

Access for Foreign Investors

In addition to regulating domestic issuers, the resolution also addresses how overseas participants can engage with the Vietnamese market. The government has opted for a cautious approach rather than a full-scale opening.

Foreign investors may only buy or hold Vietnamese crypto assets through licensed service providers. These intermediaries, known as Crypto Asset Service Providers (CASPs), must first receive authorization from the Ministry of Finance. 

By requiring this channel, authorities aim to keep international capital flows transparent and within regulated boundaries, reducing risks of illicit activity or uncontrolled speculation.

Principles of the Pilot Program

The government makes clear that the initiative is not a free pass for the crypto industry. Instead, it is guided by a set of principles that emphasize caution, transparency, safety, efficiency, and protection of participants. 

Officials explain that caution and control are necessary to prevent excessive speculation, while transparency and safety should ensure fair treatment for everyone participating in the market. They also highlight the importance of efficiency in how regulations are enforced, ensuring that oversight is practical rather than burdensome.

Market Veteran Raoul Pal Says You Can’t Help But Stare at This XRP-Led Global Crypto Chart

Elendu Benedict
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Market Veteran Raoul Pal Says You Can’t Help But Stare at This XRP-Led Global Crypto Chart

Altcoins may be on the cusp of an explosive move, as Global Macro Investor founder Raoul Pal shares a bullish outlook for the XRP-led TOTAL3 market cap.

“You can’t help but stare at this chart,” Pal shared in his X post today. The market veteran’s chart indicates that the TOTAL3 market cap looks very bullish, as an imminent breakout could send the altcoin market into a frenzy.

Rallying Total3 Market Cap Sparks Bullish Momentum

For the uninitiated, the TOTAL3 market cap represents the valuation of the global cryptocurrency market, excluding Bitcoin and Ethereum. Notably, their exclusion puts XRP, the third-largest cryptocurrency by market cap, in the lead. At the time of writing, the TOTAL3 index stood at $1.09 trillion, up 3% since the start of this week.

Meanwhile, Pal highlighted its bullishness in his post today, particularly as it nears the upper resistance of an inverted descending triangle. The index has been consolidating within the structure since peaking at $1.13 trillion in November 2021.

TOTAL Market Cap Nears Breakout

It attempted to break out during the Trump-inspired late 2024 rally but succumbed to the resistance when it topped at $1.16 trillion in December. With the TOTAL3 market cap now trending near the top again, it could have a ripple effect on the broader altcoin market if it defies the years-long supply neckline.

Moreover, this optimism is clearly based on the market impact during the last breakout in May 2020. The TOTAL3 market cap broke out of a descending triangle at the time, sparking a rally from around $65 billion to November 2021’s peak of $1.13 trillion.

Notably, this break sent altcoins soaring, as capital shifted from Bitcoin and Ethereum to mid and low-cap tokens, sparking multiple new all-time highs. A similar outcome would finally usher in the long-awaited altseason, where other cryptocurrencies like XRP would dominate BTC and Ether.

Dwindling Bitcoin Dominance Further Fuels Altseason Prospects

Meanwhile, the decline in Bitcoin’s dominance further fuels the bullish outlook for altcoins. Since its peak at 66% in June, Bitcoin’s market share has dropped 11.8%, with altcoin leader Ethereum leading the sector’s rebound.

After recovering over the last two weeks, Bitcoin’s dominance has resumed its downtrend this week, further raising the enthusiasm that altcoins would continue to gain weight against the pioneering cryptocurrency. It currently trends at 58.20% and is on course for its third consecutive downtrend day.

Notably, these converging factors align with Pal’s earlier assertion that the market would see a similar rally from the 2017 bull cycle. He mentioned the weakening dollar as a catalyst, with the recently highlighted bullish chart development also fueling these sentiments.

When the rally does start, the market analyst is specifically rooting for XRP to fly. He shared this outlook in August, insisting that XRP will full port to unprecedented prices.

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