A recent report discussed how Digital Asset Treasury (DAT) companies like BitMine and Strategy are sitting on billions of dollars of unrealized profits as Ethereum (ETH) and Bitcoin (BTC) lose crucial support levels. Related Reading: This Altcoin Soars 20% In One Day Following Major Saudi Arabia Partnership DATs To Face ‘Increasing Scrutiny’ On Thursday, crypto insights company 10x Research reported that the largest Ethereum Treasury company, BitMine Immersion Technologies, has a multi-billion-dollar paper loss after the ongoing market correction, which has sent ETH to multi-month lows. “Bitmine is now down more than $1,000 per ETH, implying about $3.7 billion in unrealized losses before even accounting for the hefty NAV [net asset value] premium public-market investors paid on top,” the report highlighted. 10x Research believes that treasury companies will struggle to attract new retail investors amid the current market environment, where existing shareholders are sitting on billions of dollars in losses. When NAV rises, “old” shareholders benefit; when it falls, the damage compounds, a dynamic DAT investors often underestimate. When the premium inevitably shrinks to zero, as it is doing now, investors find themselves trapped in the structure, unable to get out without significant damage, a true Hotel California scenario. Unlike Exchange-Traded Funds (ETFs), Digital Asset Treasuries “layer on complex, opaque, and often hedge-fund-like fee structures that can quietly erode returns,” the report added, noting that many investors are unaware that DATs embedded costs “far exceed” the management fee charged by asset managers like BlackRock on its Bitcoin (BTC) and ETH ETFs. Moreover, 10x Research argued that with the potential introduction of a staked Ethereum ETF by BlackRock, “the economics of DATs are likely to face increasing scrutiny” as retail investors reallocate to a low-cost source of yield. BitMine Remains Confident On Ethereum Despite DAT challenges and ETH’s price action, BitMine has continued to bet on the King of Altcoins. According to Lookonchain data, a new wallet suspected to be linked to the Ethereum-focused treasury company purchased 21,054 ETH, worth around $66.57 million at the time, on Tuesday night. In its November Chairman’s Message, Thomas ‘Tom’ Lee, noted that the crypto market prices have not recovered from the October 10 liquidation event, and “the lingering weakness has the hallmarks of a market maker (or two) suffering from a crippled balance sheet.” BitMine does not believe crypto prices have peaked for this cycle, he added, suggesting that “a crypto cycle top is likely 12-36 months away.” On the contrary, Lee told CNBC News on Monday that the market is “pretty close” to bottoming this week. Crypto suffered from that liquidation event on October 10th, but because the fundamental story is intact and crypto discounts the future, that’s why it’s volatile, but it still looks pretty attractive here. Related Reading: Solana Reclaims $140 As Second Wave Of SOL ETFs Debut – Is A Rebound Coming? Notably, ETH has lost the $3,000 support for the first time since July, retesting the $2,800 area on Thursday morning. However, Lee has affirmed that “Ethereum is undervalued because number one, the story is gaining relative to Bitcoin this year. But two, we’re getting this sort of intrinsic floor because of the value that the assets locked onto the Ethereum blockchain.” As of this writing, Ethereum is trading at $2,840, a 29% decline in the monthly timeframe. Featured Image from Unsplash.com, Chart from TradingView.com
The conversation around XRP has grown louder in recent months as the asset continues to gain traction through ecosystem growth, Spot XRP ETFs, and market interest. Despite this momentum, XRP still sits far below Bitcoin, the industry’s dominant cryptocurrency, when comparing total valuation. That gap raises a simple question: how high would the XRP price need to climb in order to actually flip Bitcoin? Data from MarketCapOf provides a direct, real-time look at what XRP’s price would be if it matched Bitcoin’s market capitalization today. The Market Cap Required To Flip Bitcoin Although it is currently going through a correction phase, Bitcoin has the largest presence in the crypto market by an overwhelming margin, and its market capitalization currently stands at roughly $1.84 trillion. This valuation ranks Bitcoin among the largest assets on the planet, surpassing many global corporations. Related Reading: Is It Time To Buy XRP? Analyst Says Get In Before This Switch Happens XRP, now trading around $2.14 at the time of writing, holds a market cap of approximately $128.7 billion. This means Bitcoin’s valuation is more than fourteen times larger than XRP’s. For XRP to flip Bitcoin, the cryptocurrency would need to rise to the same market capitalization that Bitcoin currently holds. Using the circulating supply of XRP, MarketCapOf calculates how much each XRP token would be worth if it matched Bitcoin’s market cap. Based on the latest data, XRP would need to trade at $30.61 for its total valuation to equal Bitcoin’s. This is the current “flippening price,” and it reflects the direct ratio between their two market caps. To reach the level of Bitcoin’s all-time high market cap of $2.485 trillion recorded on October 6, XRP would need to climb to about $41.26 per token. Breaking Down The Numbers The calculation highlights how far ahead Bitcoin still is. XRP sits at roughly seven percent of Bitcoin’s total valuation, meaning the asset would need to appreciate more than fourteen times from its current level to stand on equal footing. In simple terms, an investor holding 1,000 XRP would see their position shift from about $2,140 today to more than $30,000 if the token were priced at $30.61. Related Reading: Wondering Why The XRP Price Is Still Lagging Despite Record ETF Launch? Read This This comparison does not assume any change in circulating supply, tokenomics, or macro factors. It is a clean and direct valuation exercise based purely on market capitalization. However, even in its simplicity, it shows the scale of inflows required for XRP to close the gap and flip Bitcoin’s dominance in the cryptocurrency rankings. Recent months have seen stronger activity in the Ripple ecosystem, most especially with new partnerships and acquisitions by Ripple. Added to this is the expanding conversation around Spot XRP ETFs, which many analysts believe could introduce significant liquidity if major issuers like BlackRock, Fidelity, and Grayscale fully enter the space. The newest entrant is Bitwise, which launched its Spot XRP ETF just hours ago. Featured image from iStock, chart from Tradingview.com
The company sees bitcoin as a store of value, similar to gold, a spokesperson told Bloomberg.
A Delaware name registration is one of the first public signals that a new exchange-traded fund is in the works.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
The average spot bitcoin ETF buyer sits near a $90,000 cost basis, leaving most investors roughly flat.
The debut of Canary Capital’s spot-XRP ETF was one of the standout moments for the XRP community this year, bringing the token into the US ETF arena with strong opening volume and heavy attention from traders. Many holders went into launch week expecting that kind of headline event to push XRP into a sharp rally, especially after waiting years for regulated access in the United States. Instead, price action has stayed relatively muted, leaving a gap between expectations and reality. In a new 26-minute video shared on X, finance coach Coach JV tried to close that gap, breaking down why XRP has not exploded higher yet and what he believes holders should actually focus on. Coach JV Puts XRP In A Macroeconomic Perspective XRP’s Spot ETF has undoubtedly been a success, considering the amount of inflows it has had in its first two trading days. However, this has yet to translate into a surge in the price of XRP, as many traders had predicted and expected. Related Reading: Analyst Claims XRP Will Flip Bitcoin As These Developments Play Out Instead, XRP’s price action has been highlighted by a downtrend in recent days. A large part of this price downtrend is due to the wider decline in the crypto market. In his breakdown, Coach JV approached the XRP situation from a macroeconomic perspective. Rather than treating the ETF launch as an isolated trigger, he contextualized XRP’s current price behavior within the larger environment that financial markets are dealing with. A major theme of his outlook was the way people respond to hype. Coach JV stated plainly that the only way is to have discipline and a consistent plan. He did not build his message around chasing short-term excitement or reacting emotionally to price moves. His focus was on having a structure that an individual can stick to, regardless of whether XRP moves fast after the ETF launch or takes longer than many were expecting. Is $5 Next? I Don’t Know Coach JV also addressed one of the most common questions circulating in the community: whether $5 is the next big target for XRP now that an ETF is live. Related Reading: Analyst Breaks Down Why There Can’t Be 7 Million XRP Holders “Is $5 next? I don’t know; I’m not banking on that, I’m not waiting for it, I believe it’s going to happen at some point, and I have my exit strategy set up,” he said. That tone is now being echoed by others in the community who are pushing back against unrealistic targets. Zach Rector recently reminded his audience that XRP is not heading toward triple-digit prices this year, despite widespread speculation. Another commentator, known as Xoom on X, made a similar remark, saying XRP will not reach $100 or even $10 on ETF momentum alone. At the time of writing, XRP is trading at $2.18, down by 3.5% in the past 24 hours. It is still too early to conclude how much long-term influence Spot XRP ETFs will have on price, especially with major issuers such as BlackRock, Fidelity, and Grayscale yet to launch their own offerings. Featured image from iStock, chart from Tradingview.com
The price of IBIT has dropped 16% to $52, a level last seen in April.
The speculation surrounding a potential BlackRock XRP ETF has surged to new heights. This surge is a direct consequence of the astonishing market debut of the Canary XRPC ETF. Canary XRP ETF’s launch has painted a clear picture of robust institutional and retail demand for a regulated XRP investment product. Why XRPC’s Success Fuels BlackRock Rumors As the speculation around a potential BlackRock XRP ETF is heating up again, the Canary XRPC ETF has delivered one of the strongest launches of the year. An analyst known as Skipper_xrp has noted on X that the newly listed fund stunned the market with over $58 million in first-day trading volume and $245 million in net inflows, outperforming hundreds of ETF debuts of 2025. Related Reading: XRP ETF Completes First Full Day Of Trading, Here’s Why The Community Is Shocked Skipper_xrp mentioned that many supporters in the XRP community still believe that BlackRock might already be quietly experimenting with or even testing the idea of an XRP trust behind closed doors. The momentum has increased further after Ripple CEO Brad Garlinghouse made a statement at the company’s Swell event, highlighting that Ripple’s ongoing collaboration with major traditional financial firms will bring digital asset adoption into regulated global markets. However, with the ETF inflows accelerating and XRP gaining more visibility among institutions, many investors are now arguing that it’s only a matter of time before a heavyweight firm like BlackRock will consider stepping into the XRP space. Understanding XRP’s Long-Term Growth Trajectory Crypto trader Adam_Xrp has also offered some insight on why XRP didn’t moon when the first ETF was launched. According to the expert, the XRP ETF launch was never going to be a flip-the-switch moment. Even with the first XRP ETF going live, price action was building slowly, and the institutional money did not pour in all at once. Rather, it scales over time as confidence and liquidity grow. Related Reading: New XRP ETF Just Dropped, But Will Anything Be Different This Time? Furthermore, the altcoin is still early in the rollout, and more XRP ETFs are scheduled to begin trading. Each new product will increase exposure, volume, and demand. This is how true institutional adoption is slowly progressing. BlackRock has stated that the company is not launching an XRP ETF right now, but this isn’t something they would ignore forever. However, once the regulatory path is fully cleared and institutional demand strengthens, it’s only a matter of time before the biggest players, like BlackRock, will step into the arena. Adam_Xrp concluded that the altcoin wasn’t supposed to skyrocket overnight. This phase is a gradual process of foundation building as the ecosystem, liquidity expansion, and the institutional framework grow. The expert added that if you expect to get rich overnight, without understanding the long-term game plan, then XRP might not be the right investment for you. Featured image from Pxfuel, chart from Tradingview.com
A debate over the XRP Ledger’s (XRPL) economy model has ignited after Ripple’s Chief Technology Officer (CTO), David Schwartz, directly addressed questions about taxation on the blockchain. Critics have suggested that if XRP holders do not earn from the ecosystem, someone must be collecting a tax. Schwartz’s response challenges this assumption, framing the XRP Ledger as a public utility rather than a profit-generating mechanism for token holders. The debate has since sparked broader conversations about real-world use cases, passive income expectations, and the underlying purpose of the XRPL blockchain. Ripple CTO Says No Tax On The XRP Ledger In a post on X social media, Schwartz clarified that the XRP Ledger does not impose a tax on its users. He explained that the ledger allows holders to issue assets, trade, create NFTs, and make payments without central authority extracting value from these financial activities. He also stated that transaction fees and reserves exist solely as anti-spam measures, not as a mechanism for wealth extraction. Related Reading: Ripple CTO Explains Real Value Of XRP Ledger And Why It Doesn’t Trigger Price Rallies The Ripple CTO emphasized that ownership of XRP does not give anyone the right to collect fees or profits from the ledger itself. He drew a comparison to Bitcoin’s blockchain, highlighting that the XRPL provides similar decentralized functionality while also supporting features such as Decentralized Exchanges (DEXs), stablecoins, and NFTs. These features work without XRP holders needing to profit from the system’s operations. Schwartz’s remarks on taxes on the XRPL blockchain come after Matthew Sigel, head of digital asset research at VanEck, raised questions about who benefits if XRP holders do not earn anything from the ecosystem and the protocol itself does not generate value. In response, other members of the community, including XRPL dUNL validator Vet, emphasized that the absence of a tax encourages developers and users to focus on building meaningful, functional use cases rather than relying on passive income. XRP’s Utility Outweighs Tax Considerations The XRPL tax debate between Schwartz and Sigel also intersected with discussions about the blockchain’s real-world applications. In a much earlier post, Sigel questioned the blockchain’s relevance, subtly hinting that its supporters overstate its functionality. Related Reading: XRP Leading A $400 Trillion Revolution? How Ripple’s Tokenization Campaign Is Sparking Utility In response, an XRP community member pointed to the recent collaboration between Ondo Finance, Ripple, and BlackRock, in which the XRP Ledger will be utilized for stablecoin issuance, minting, Treasury asset redemption, and liquidity enhancement in financial markets. While Sigel acknowledged the innovative initiative, he reiterated that these applications do not directly generate revenue for XRP token holders, highlighting a gap between network activity and personal gain. Schwartz responded by explaining that the value of XRPL stems from enabling financial independence and reducing reliance on intermediaries, rather than providing passive income. He added that focusing on tax collection as a measure of success can overshadow the blockchain’s purpose of promoting open access and meaningful innovation. Featured image from Peakpx, chart from Tradingview.com
Harvard University increased its holdings of BlackRock’s iShares Bitcoin Trust (IBIT) by 257% compared to its June position, with a reported 6,813,612 shares valued at $442.9 million as of September 30. The allocation rose from 1,906,000 shares worth about $116 million earlier this year. The same SEC filing revealed that Harvard has doubled down on […]
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The investment, which accounts for 20% of Harvard's reported U.S.-listed public equity holdings, is notable.
The $2.5 billion BUIDL fund, tokenized by Securitize, deepens its utility for institutional traders and expands to a new blockchain.
BlackRock is launching an extension of its tokenized treasury fund on BNB Chain as Binance begins to accept BUIDL as off-chain collateral.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Since their 2024 debut, the Bitcoin ETFs have attracted total net inflows of $61 billion, with cumulative trading volume near $1.5 trillion.
The negative sentiment was driven by post-liquidity cascade volatility and uncertainty over a U.S. rate cut, James Butterfill said.
Bitcoin’s recent struggle to hold the $100,000 level has revived familiar doubts about whether institutional demand is durable. However, in a new filing with the US Securities and Exchange Commission, BlackRock signals the opposite conclusion, saying its conviction in Bitcoin’s long-term relevance remains intact despite short-term market weakness. The firm frames Bitcoin as a decades-long […]
The post Why BlackRock remains bullish on Bitcoin despite recent price slowdown appeared first on CryptoSlate.
Speculations across the crypto space have ignited a wave of excitement for the XRP price as rumors linking BlackRock, the world’s largest asset manager, and Ripple, a crypto payments company, continue to spread. The possibility of XRP reaching $1,000 before the end of 2025 has become the latest hot topic, fueled by bold claims from top analysts who believe that this rumored partnership could set the stage for one of the most explosive bull runs in this cycle. BlackRock And Ripple Rumors To Send XRP Price To $1,000 Crypto market analyst ‘The Real Remi Relief’ has stirred significant interest with his post on X social media, claiming that if ongoing rumors about a potential partnership between BlackRock and Ripple prove true, the XRP price could reach $1,000 by the end of 2025. He advised holders to secure their XRP in cold wallets and prepare for a potential market-wide supply shock. Related Reading: Valuation Model That Puts XRP Price Above $18,000 Stuns Community His optimism stems from reports shared by another well-analyst @DelCrxpto, who revealed that sources deep within the crypto industry are hinting at a major development involving BlackRock and Ripple. According to these claims, the global asset manager may be preparing to collaborate with Ripple to establish infrastructure for the tokenization of all $5.3 trillion of its ETF liquidity. If such an initiative were to materialize, it would represent one of the largest integrations of blockchain into global finance. Ripple’s network, designed for fast and cost-effective asset transfers, could provide the foundation for tokenized ETFs, potentially transforming traditional investment markets. Additionally, the crypto payments company, which is already expanding into the Real-World Asset (RWA) tokenization sector, will broaden its technology and services to support a broader range of financial products. The possibility of such a partnership has reignited optimism within the XRP community, especially after the recent Ripple Swell event, which featured participation from prominent names including BlackRock, Nasdaq, Franklin Templeton, The White House, and several other global institutions. Related Reading: Pundit Elaborates On Ripple/SWIFT Theory That Will Send The XRP Price To $1,000 Notably, an ETF tokenization deal between Ripple and BlackRock could elevate XRP’s role in the digital asset and financial ecosystem, driving institutional adoption, which could propel its price. Despite growing optimism about XRP’s price outlook, the rumors remain unconfirmed, and neither Ripple nor BlackRock has issued any official statement. XRP Expected To Explode Within The Next 3 Months Market analyst @Steph_iscrypto has added fuel to the bullish excitement surrounding the XRP price with a technical analysis suggesting that the cryptocurrency could soon enter another parabolic phase. He announced in his X post that “XRP will shock everyone in the next 1-3 months.” His accompanying weekly chart highlights bull rallies from past cycles, where XRP surged 2,117% in 2013, 110,466% in 2017, and 1,208% in 2020. Building on this trend, XRP has recently broken through a long-term resistance level, mirroring the early stages of its previous explosive bull cycles. If historical patterns repeat, the analyst suggests that the cryptocurrency could be on the verge of another explosive bull run this cycle. Featured image from Freepik, chart from Tradingview.com
BlackRock will list an iShares Bitcoin ETF on the Australian Securities Exchange in mid-November 2025, according to public filings and market reports. Related Reading: Bitcoin May Be This Week’s Big Story As Saylor Teases Fresh Buy The product will be a local wrapper around BlackRock’s US iShares Bitcoin Trust — a vehicle that launched in January 2024 and now manages about $85 billion. Based on reports, the new ASX ticker will charge a management fee of 0.39% per year. BlackRock Brings IBIT To ASX The move aims to give Australian investors an easier way to gain exposure to bitcoin through a familiar exchange-listed product. Reports have disclosed that investors who buy the ASX ETF will not hold bitcoin in a private wallet; they will have exposure through the ETF’s structure. That means price swings in bitcoin still apply. It also means custody and technical handling are managed by the fund rather than each investor. What Investors Should Know The fee of 0.39% is competitive when compared with many retail crypto services, but traders and long-term holders will want to check how closely the ETF tracks bitcoin’s price and what trading spreads look like on the ASX. According to filings, the ASX listing will use the US trust as the underlying asset, which raises questions about cross-market flows and the mechanics of how units are created and cancelled. Liquidity on the local exchange, and how market makers support the product, will shape how cheaply investors can enter and exit positions. Market Implications For Australia BlackRock’s entry could prompt other asset managers to list similar products in Australia. Based on reports, the launch follows a wave of spot bitcoin ETF approvals and listings in other markets since early 2024. For retail investors who avoided direct crypto custody, an ETF on the ASX removes some of the operational hurdles. But it does not remove market risk: bitcoin’s price can move sharply. Regulators in Australia have already been refining rules around crypto products, and the presence of a major global manager will put those rules under closer scrutiny. Competition And Risks Smaller providers offering bitcoin exposure through different structures may face tougher competition on fees and access. Reports have also highlighted potential downsides: an ETF wrapper can add a layer of cost and complexity, and investors may misunderstand the difference between owning the underlying asset and owning ETF units. Related Reading: ‘Good News’ Finally Arrives For SHIB Army As Team Unveils New Update Custody arrangements, insurance, and how the trust sources and stores bitcoin are items that advisers and sophisticated buyers will examine. According to market watchers, the timing — mid-November 2025 — matters. Investor appetite, bitcoin’s price action and broader market sentiment around that time will affect how much money flows into the new ETF. For many Australians, this will be a new, regulated route into bitcoin exposure. For the market, it is another step toward mainstream channels where big asset managers compete for crypto assets on familiar ground. Featured image from Unsplash, chart from TradingView
Investors interpreted Fed Chair Powell's remarks on the likelihood of December rate cuts as hawkish, Head of Research James Butterfill said.
Over the past year, Bitcoin’s exchange-traded fund (ETF) boom has been celebrated as proof that Wall Street has finally embraced crypto. Yet the numbers reveal something far more fragile. On Oct. 28, Vetle Lunde, head of research at K33 Research, noted that US-traded Bitcoin ETFs have attracted about $26.9 billion in inflows year-to-date. However, that […]
The post US spot Bitcoin ETF balances are negative without BlackRock appeared first on CryptoSlate.
More than 100 firms across finance, payments, and technology are participating in the network's early development.
Bitcoin investment products bounced back to add $931 million, while Ethereum funds slipped to $169 million in net outflows.
Some of Bitcoin’s biggest holders, popularly known as whales, are quietly moving billions of dollars’ worth of coins into spot exchange-traded funds (ETFs). On Oct. 21, Bloomberg reported that these whales executed roughly $3 billion in in-kind transfers through BlackRock’s iShares Bitcoin Trust (IBIT). Instead of selling, they handed their Bitcoin to the ETF in […]
The post How Bitcoin climbs to $140k next as ETF conversions drain BTC supply appeared first on CryptoSlate.
Large holders are reportedly swapping BTC into spot ETF shares without selling, making it easier to borrow against or include in estate plans.
The Financial Conduct Authority, the UK's financial regulator, officially lifted a four-year retail ban on crypto ETNs earlier this month.
The exchange-traded product is already been listed on several European exchanges.
Rumors are circulating that BlackRock has partnered with Ripple to tokenize real-world assets on the XRP Ledger (XRPL). There has been no confirmation from either party, suggesting that these rumors may not be accurate. Rumors Circulate About BlackRock’s Partnership With Ripple and XRP In an X post, XRP influencer JackTheRippler said that there are rumors that BlackRock is about to announce a partnership with Ripple to tokenize assets on the XRPL. Other XRP influencers, such as CryptoSensei and Bale, also shared the rumor, sparking excitement among XRP community members. Related Reading: Investment CEO Highlights Why Ripple’s XRP Has The Strongest Utility In The Industry However, BlackRock and Ripple have yet to issue an official announcement about the rumored partnership, suggesting these claims may not be true. However, BlackRock CEO Larry Fink confirmed that they are building their own technology to tokenize several of their funds and expand their crypto offerings. The BlackRock CEO noted that tokenization can help crypto-native investors access more traditional assets. He further remarked that if they could tokenize an ETF, they could get these investors into the more traditional long-term retirement products. Notably, the asset manager already has products, such as its tokenized money market fund, BUIDL, which runs on the Ethereum network. It is worth mentioning that Ripple already partnered with the fund’s manager, Securitize, to enable off-ramp support for BlackRock’s BUIDL using their RLUSD stablecoin. This has so far been the closest to a partnership between Ripple and BlackRock amid rumors that the asset manager plans to tokenize assets on the XRP Ledger. However, Ripple has so far helped advance upgrades to the XRP Ledger, which could compel institutions like BlackRock to tokenize their funds on the XRPL. This has included the launch of the Multi-Purpose Token (MPT) standard, which is designed to simplify the tokenization of real-world assets (RWAs). Ripple Expands Into Treasury Markets While rumors of a Ripple and BlackRock partnership do not appear to be accurate, there are other recent developments that provide a bullish outlook for XRP. This includes Ripple’s expansion into the corporate treasury markets through the $1 billion acquisition of GTreasury, a provider of treasury management systems. Related Reading: The XRP Price Roadmap To $8: How An Over 50% Bounce Could Materialize As part of the deal, Ripple and GTreasury will focus on enabling customers to carry out real-time cross-border payments using Ripple’s payment solution, in which XRP serves as the bridge currency. Meanwhile, according to Bloomberg, Ripple is also working to raise up to $1 billion to establish an XRP treasury company. The crypto firm plans to contribute some of its XRP holdings to set up the firm, while the proposed $1 billion is expected to be raised through a special purpose acquisition company (SPAC). At the time of writing, the XRP price is trading at around $2.35, down over 2% in the last 24 hours, according to data from CoinMarketCap. Featured image from Getty Images, chart from Tradingview.com
BlackRock has revamped its Select Treasury Based Liquidity Fund to simplify reserve management for stablecoin issuers.