Key facts
- Vanguard has advertised for a Head of Digital Assets, a first for the firm.
- The new role will oversee strategy for tokenization, stablecoins, custody, and blockchain settlement.
- Vanguard had previously resisted offering crypto investments, including spot Bitcoin ETFs.
- Zcash saw a 10% price increase due to progress on its Tachyon Upgrade, addressing counterfeiting concerns.
- Major cryptocurrencies experienced a 2-5% decline following US strikes on Iran.
- The SEC is expected to propose new crypto rules this month.
Vanguard, a prominent asset manager with approximately $11 trillion in assets, has posted its first-ever job opening for a Head of Digital Assets. This move signifies a notable shift in the firm's long-held skeptical stance on cryptocurrencies. The executive hired for this role will be tasked with developing a multi-year strategy for digital assets, encompassing tokenization, stablecoins, custody, and blockchain settlement, and will also represent Vanguard in regulatory discussions.
Previously, Vanguard was known for its resistance to crypto, notably refusing to allow clients to trade spot Bitcoin ETFs when BlackRock, Fidelity, and Franklin Templeton launched them in early 2024. The firm had deemed Bitcoin an immature asset class inconsistent with its investment philosophy. However, Vanguard began to soften this stance in December, allowing brokerage clients to trade third-party crypto funds.
In other crypto market news, Zcash experienced a price surge of over 10% on Tuesday, briefly trading above $500 for the first time since early June. This rise was attributed to developer progress on Project Tachyon, which aims to ensure the upcoming shielded pool is free of counterfeiting bugs. The upgrade also focuses on scaling private transactions and enhancing quantum resistance.
Broader crypto markets saw a decline of 2-5% following US strikes on Iran, with Bitcoin trading around $62,000 and Ethereum near $1,743. Meme coins also experienced a downturn. The SEC is reportedly planning to introduce its crypto rules as soon as this month, potentially creating safe harbors for tokenized securities and DeFi activities.
Stablecoin markets saw Tether burn $2.5 billion of USDT on Ethereum, reducing its overall supply. Bitcoin ETFs, however, continued to see inflows, with $21 million on Tuesday, extending their streak. Meme coins on the Robinhood chain, such as CASHCAT, saw significant surges, with CASHCAT rising over 13 times to $110 million, following comments from Robinhood CEO Vlad Tenev.