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first_img India's SEBI tokenized bond pilot fundraising exceeds 100 million USD

The Securities and Exchange Board of India (SEBI) announced on Thursday that three issuers raised a total of 102.5 million rupees (approximately 10.72 million USD) through its Demat 2 pilot program by issuing tokenized corporate bonds. This pilot utilizes distributed ledger technology to issue, hold, and settle corporate bonds.REC Ltd. was the first to issue on September 7, raising 50 million rupees (approximately 5.23 million USD) from 18 investors; L&T Ltd. raised a similar amount from 4 investors on September 9, and IIFL raised 25 million rupees (approximately 2.6 million USD) from 1 investor on the same day. SEBI stated that the pilot infrastructure records corporate bonds in the form of native digital tokens on a distributed ledger owned by the depository and achieves atomic settlement of bonds and funds through a unified market interface connected to the Reserve Bank of India’s wholesale central bank digital currency.This mechanism can reduce settlement risks arising from the separation of securities and funds transfer, allowing issuers to receive funds on the same day as the bidding, whereas the existing process typically takes two to three days. The regulator noted that the information of bondholders on the shared ledger is instantly visible to all authorized entities, and at maturity, e₹ payments will go directly into the bondholders' central bank digital currency wallets. SEBI clarified that this pilot does not create a new category of corporate bonds; tokenized bonds retain the same ISIN, issuer obligations, coupon, maturity, covenants, ratings, and investor rights as traditional paperless bonds. The pilot will be implemented in three phases, with the first phase covering institutional issuance, while secondary trading and retail access will be conducted in subsequent phases within SEBI's regulatory sandbox.

Data: Bitcoin and Ethereum options with a nominal value of 2.52 billion USD are set to expire today

According to Greeks.live, options delivery data shows that 29,000 BTC options are set to expire, with a Put Call Ratio of 0.6, a maximum pain point of $78,000, and a nominal value of $2.24 billion. 114,000 ETH options are set to expire, with a Put Call Ratio of 1.17, a maximum pain point of $2,450, and a nominal value of $280 million.Analysis indicates that Bitcoin continues to fluctuate around $80,000, having surged to $80,000 over three days in late last month, and has been consolidating for nearly three weeks now. The monthly realized volatility (RV) remains unchanged compared to last week, while the monthly implied volatility (IV) has slightly increased, with a general rise in the volatility risk premium (VRP). From other major options data, 7% of options are set to expire this week, with BTC and ETH open interest slightly declining compared to last week, and overall trading activity has also seen a certain pullback. The cryptocurrency market has experienced a 10-month bear market, with the main altcoins' gains concentrated in a week last month; however, during the pullback period, some concept coins and memes have shown signs of recovery, which is a positive signal. The brief calm in the U.S. stock market has also provided a breathing window for the crypto market, creating a very optimistic market atmosphere. Currently, the monthly out-of-the-money IV is not high, making it worthwhile to consider some directional buys.
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