Daily Crypto Roundup: Record Inflows as Election Approaches; New Global Stablecoin Launches

In a week marked by significant developments across the cryptocurrency sector, institutional interest continues to surge while new initiatives reshape the stablecoin landscape and pension funds make bold moves into digital assets.

Record-Breaking Investment Flows

Cryptocurrency investment products witnessed another remarkable week, with inflows reaching $2.2 billion from October 26 to November 2. This brings year-to-date inflows to an unprecedented $29.2 billion, according to CoinShares’ latest report. The surge in investment has pushed total assets under management above $100 billion for the second time in history, matching levels last seen in June.

The recent influx of capital has been largely attributed to speculation around the upcoming U.S. presidential election on November 5. “We believe euphoria around the prospect of a Republican victory was the likely reason for these inflows,” noted James Butterfill, CoinShares’ head of research.

Major Players Launch New Global Stablecoin

In a significant development for the stablecoin sector, several cryptocurrency industry heavyweights have joined forces to launch the Global Dollar (USDG). The initiative, dubbed the Global Dollar Network, includes prominent firms such as Robinhood, Kraken, Paxos, Anchorage Digital, Bullish, Galaxy Digital, and Nuvei.

The Singapore-based USDG stablecoin, issued by Paxos, introduces an innovative yield-sharing model where approximately 97% of reserve earnings will be distributed among network participants. “This is meant to really be a community token,” explained Paxos CEO Charles Cascarilla, distinguishing USDG from traditional stablecoins that typically retain all interest from reserves.

DeFi Expansion Across Multiple Chains

TON and Curve Finance Partnership

The Open Network (TON) blockchain has declared 2025 as its year of DeFi, partnering with leading decentralized exchange Curve Finance to advance stable asset swaps. The collaboration has already yielded results, with Torch Finance and Crouton Finance emerging as winners in a competition to develop Curve’s Constant Functional Market Maker technology. Both winners will receive $150,000 each for audits and initial liquidity support, with seven venture capital firms committing $2.3 million in potential investments.

Internet Computer’s Cross-Chain Growth

Internet Computer’s Chain Fusion protocol has seen a remarkable 1,230% year-over-year increase in usage, primarily driven by Bitcoin-native applications. The protocol enables direct interaction with the Bitcoin network without traditional bridges, supporting apps like Rainbow Protocol, Tap Protocol, and Bitfinity. Total network activity across Internet Computer protocols has surged 150% year-over-year, with plans to integrate with Solana next.

Grayscale Pushes for Multi-Crypto ETF

In a pioneering move for the crypto investment landscape, Grayscale is seeking regulatory approval for the first U.S. ETF to hold multiple cryptocurrencies. The Grayscale Digital Large Cap Fund (GDLC), with approximately $534 million in assets under management, would hold a diverse portfolio including Bitcoin, Ether, Solana, Avalanche, and XRP. The NYSE Arca’s filing has initiated a 240-day review period for the SEC to make its decision, potentially opening new avenues for diversified crypto investment products.

Ethereum Marks 11-Year Milestone

The cryptocurrency community celebrated the 11th anniversary of Ethereum’s technical white paper, first shared by co-founder Vitalik Buterin in November 2013. The protocol, which began as a “next-generation smart contract and decentralized application platform,” has since evolved into a cornerstone of the $32.8 billion DeFi sector.

Research analysts from 21Shares have drawn parallels between Ethereum’s current position and Amazon’s early days, suggesting significant untapped potential. “Ethereum is complex, akin to Amazon in the 1990s — promising vast potential but less straightforward in its use cases,” noted Leena ElDeeb, Research Analyst at 21Shares.

Institutional Adoption Accelerates

In a notable development for institutional crypto adoption, a UK-based pension scheme has allocated 3% of its portfolio to Bitcoin. Cartwright, a pension specialist, reported that the unnamed scheme made the allocation after “a rigorous training and due diligence process,” citing Bitcoin’s “long investment time horizon” as a key factor.

Market Security Concerns

The crypto sector faced another security challenge as online casino platform MetaWin suffered a $4 million exploit on November 3. While the platform has since restored withdrawal services for most users and “topped off” affected wallets, the incident highlights ongoing security concerns in the digital asset space.