Cardano [ADA], XRP, Solana [SOL], Polkadot [DOT], etc are among the top 10 crypto assets that have significant exposures from the world’s largest banks, a report by the Basil Committee on Banking Supervision [BCBS] has revealed.
According to the analysis, titled “Basil II Monitoring report” from the Bank of International Settlements [BIS], with access to a total of $9 billion in cryptocurrencies, Bitcoin [BTC] and Ethereum [ETH] are the two that banks are most exposed to, with the dominant cryptocurrency accounting for 31% of the reported crypto exposure and ETH accounting for 22% of it.
While BTC and ETH together account for “nearly 90% of recorded exposures,” other well-known cryptocurrencies such as Polkadot and XRP contribute only 2% and almost the same amount, respectively, of reported exposure. Both Solana and Cardano’s ADA coin made up 1% of exposure.
Litecoin [LTC], which had 0.4% of reported exposure, and Stellar [XLM], which had a similar amount of exposure, were other cryptocurrencies in the survey.
Custody or wallet-related services were the main activity increasing banks’ exposure to cryptocurrencies. The exposure of these financial organizations is probably due to investments made in cryptocurrencies by institutional investors looking to enter the market without having to manage their own private keys.
Meanwhile, digital assets could pose a risk to the stability of the U.S. financial system, according to a recent analysis by government regulators and consultants, if their scale or ties to the established financial system were to increase without adhering to “proper regulation.”
After U.S. President Joe Biden signed an executive order on March 9, 2022, titled “Ensuring Responsible Development of Digital Assets,” the Financial Stability Oversight Council recently released a 124-page study on digital assets.
XRP May Be “Super Undervalued”- David Gokhshtein
David Gokhshtein, the creator of Gokhshtein Media and a cryptocurrency enthusiast, said he is “searching for something that’s incredibly discounted and is considering putting $1000 into XRP.” Gokhshtein frequently emphasized the significance of Ripple potentially succeeding in its legal battle with the SEC.
He added that he was thinking about adding more coins to the XRP bags he was already carrying. This is because he frequently has the urge to purchase additional XRP before its price skyrockets. Finally, based on the most recent tweet, it appears like Gokhshtein kept his word.