Ether and related stocks gain amid the latest crypto craze: Tokenization

S of BitMine Immersion, SharpLink and Bit Digital were all higher on renewed interest in ether amid a surge of interest in tokenization of traditional assets, which includes stablecoins

Ethereum, which turns 10 years old at the end of July, has struggled for the past year with investor uncertainty the network's value position and weaker revenue

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Dado Ruvic | Reutetocks tied to the price of ether, better known as ETH, were higher on Wednesday, reflecting renewed enthusiasm for the crypto asset amid a surge of interest in stablecoins and tokenization

BitMine Immersion nologies, a bitcoin miner that announced plans this week to make ETH its primary treasury reserve asset, jumped 20%

Bit Digital, which last week exited bitcoin mining to focus on its ETH treasury and staking plans, jumped more than 6%. "We're finally at the point where real use cases are emerging, and stablecoins have been the first version of that at scale but they're going to open the door to a much bigger story around tokenizing other assets and using digital assets in new ways," Devin Ryan, head of financial nology re at Citizens

ETH ETFs came back to life in June after much concern that they were becoming zombie funds

The price of the coin itself was last higher by 5%, according to Coin Metrics, though it's still down 24% this year

Ethereum has been struggling with an identity crisis fueled by uncertainty the network's value position, weaker revenue since its last big nical upgrade and increasing competition from Solana

Market volatility, driven by geopolitical uncertainty this year, has not helped

The Ethereum network's smart contracts capability makes it a minent platform for the tokenization of traditional assets, which includes U

Dollar-pegged stablecoins

Fundstrat's Tom Lee this week called Ethereum "the backbone and architecture" of stablecoins

Both Tether (USDT) and Circle's USD Coin (USDC) are issued on the network

Tokenization is the cess of issuing digital representations on a blockchain network of publicly traded securities, real world assets or any other form of value

Holders of tokenized assets don't have outright ownership of the assets themselves

The wave of interest in ETH-related assets s an announcement by Robinhood this week that it will enable trading of tokenized U

Stocks and ETFs across Europe, after a groundswell of interest in stablecoins throughout June ing Circle's IPO and the Senate passage of its posed stablecoin bill, the GENIUS Act

Some analysts see even more gains aheadHow the stablecoin bill gives Treasury Secretary Bessent a new tool to fund the U

Talia Kaplanan hour agowatch nowwatch now07:03Circle’s Dante Disparte explains what mpted stablecoin issuer to apply for national bank charterTanaya Macheelan hour agoRead More.