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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