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Fidelity Investments Will Allow 401(k) Investors to Allocate Retirement Savings in Bitcoin

Daily Market Wrap

  • Crypto market cap: 1.77 trillion, down 5.02%

  • BTC price stands at USD 38,428, down 5,24%

  • ETH price stands at USD 2,840, down 5.38%

  • Top gainer: 0x (ZRX), up 8.99%

  • Top loser: Monero (XMR), down 13.08%

News of the Day

Fidelity Investments announced that it would allow 401(k) investors to allocate a portion of their retirement savings into Bitcoin.

Why it matters:

  • Fidelity Investments will become the first retirement plan provider to allow investors to allocate part of their retirement savings in Bitcoin through their 401(k) investment plans

  • A 401(k) investment plan is a company-sponsored retirement plan in the U.S.

  • Business analytics firm MicroStrategy Inc. is said to be the first employer to use the new plan

  • The new plan will have a capped amount of Bitcoin allocation expected to be no more than 20%

Crypto daily spotlight

The long-anticipated USN stablecoin goes live Near Protocol paying roughly 10% annual yield from Decentral Bank Brief introduction: Near protocol is a layer-one blockchain infrastructure that uses Nightshade technology to improve transaction throughput. Near protocol runs in concert with Ethereum, Polkadot, Cosmos, and more, facilitating asset-free flow and communication across various blockchains.

Why it matters:

  • $USN is a decentralised stablecoin similar to TerraUSD (UST) and Frax Finance (FRAX), soft-pegged to the US Dollar, backed by a Reserve Fund that contains $NEAR, as well as $USDT initially

  • $USN’s peg to the US Dollar is secured through on-chain arbitrage and the Reserve Fund. $USN can be minted by depositing in NEAR tokens as collateral in the NEAR wallet or swapping $USDT on Ref Finance’s StableSwap

  • The exact $USN APY can change depending on the circulating supply and treasury size. The Decentral Bank which has been leading the USN stablecoin effort is offering a roughly 10% annual yield coming from Decentral DAO’s revenue

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About Aspen Digital

Aspen Digital is a leading technology and financial services company with a mission to accelerate the mass adoption of digital assets. The company provides a digital asset management solution for asset managers, institutions, and sophisticated investors. Aspen Digital was co-founded by digital assets innovators and asset management veterans at Everest Ventures Group (“EVG”) and TT Bond Partners (“TTB”) in 2021. For more information, please visit https://www.aspendigital.co/

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