Stablecoin – The Shib Daily

Tether’s USDT Gains Key Abu Dhabi Approval, Boosting Institutional Use

Michaela — Wed, 10 Dec 2025 09:42:47 +0000

Tether’s USDT, the world’s most widely circulated stablecoin, has achieved a key regulatory milestone in Abu Dhabi’s international financial center, gaining recognition as an accepted fiat-referenced token and enabling licensed institutions to offer regulated services using the digital asset.

Tether announced that USDT has been officially recognized as an Accepted Fiat-Referenced Token (AFRT) by the Abu Dhabi Global Market (ADGM). This designation permits licensed entities under the Financial Services Regulatory Authority (FSRA) of ADGM to conduct regulated activities using USDT across multiple blockchain networks, including Aptos, Celo, Cosmos, Kaia, Near, Polkadot, Tezos, TON, and TRON.

“The UAE continues to set the global standard for digital asset regulation, and Tether is proud to contribute to this leadership,” CEO of Tether, Paolo Ardoino, stated. “This milestone highlights Tether’s dedication to advancing financial inclusion and innovation on a global scale. Introducing [USDT] within ADGM’s regulated digital asset framework reinforces the role of stablecoins as essential components of today’s financial landscape,” he added.

ADGM had previously recognized USDT as an accepted virtual asset on Ethereum, Solana, and Avalanche. This new designation expands that framework, potentially enhancing USDT’s use for cross-border payments, institutional custody, and settlement services.

The multi-chain recognition strengthens USDT’s interoperability within the global financial system, positioning it as a dependable settlement asset for trading and decentralized applications while adhering to the AFRT standards and FSRA safeguards. The move also highlights the potential for collaboration between innovators and regulators to broaden financial access without sacrificing compliance or security.

“Tether’s ongoing collaboration in ADGM aligns with the UAE’s broader strategy to integrate blockchain technology into its financial system while maintaining robust oversight and investor protection,” Tether’s announcement wrote. “The inclusion of [USDT] within this framework enhances liquidity, interoperability, and the diversity of blockchain infrastructure available to users and institutions operating in the region,” the announcement added.

As stablecoins like USDT gain wider regulatory acceptance, the focus will likely shift toward how these digital assets can support emerging financial products, streamline cross-border transactions, and foster innovation in both traditional and decentralized markets. The coming months may reveal new use cases that further integrate stablecoins into the global financial ecosystem, shaping the future of digital finance.

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Taiwan Plans First Stablecoin by 2026 as Crypto Laws Move Forward

Michaela — Thu, 04 Dec 2025 09:47:59 +0000

Taiwan has announced plans to launch a domestic stablecoin pegged to the local or U.S. dollar as early as the second half of 2026, pending passage of new crypto legislation.

According to local reports, Financial Supervisory Commission (FSC) Chairman Peng Jin-long stated Wednesday at a legislative hearing that the stablecoin’s legal framework, the Virtual Assets Service Act, should be scheduled for consideration in the current session and, if it advances smoothly, passed in the next session. He added that once the FSC issues the accompanying regulations, a six-month implementation period would be required before the law takes effect.

This week, the Cabinet is set to review the act after three previous meetings that Peng said had achieved a “high level of consensus.” He added that the draft bill is modeled on the European Union’s Markets in Crypto-Assets (MiCA) regulations and does not explicitly mandate that stablecoins be issued by financial institutions. However, for risk-management purposes, the FSC and the central bank have agreed that issuance will initially be limited to regulated financial institutions.

Taiwan is among several jurisdictions that have recently expressed interest in introducing a domestically pegged stablecoin. Earlier this week, ten major European banks applied to the Dutch Central Bank for approval to launch a euro-backed stablecoin, aiming for a second-half 2026 rollout.

The euro-backed stablecoin is expected to enable 24/7 cross-border transactions, programmable payments, and smoother digital asset settlements, including tokenized assets and cryptocurrencies. It aims to deliver near-instant, low-cost payments while streamlining supply chain and financial processes.

The initiative comes as U.S. regulators prepare a legal framework for payment stablecoins under the GENIUS Act, signed by President Donald Trump in July, highlighting a global push for clearer digital currency regulations.

Additionally, Taiwan’s push into stablecoins comes amid reports that the government is preparing an assessment of its Bitcoin holdings, as officials consider establishing a national Bitcoin reserve using seized coins, modeled after the U.S. Strategic Bitcoin Reserve.

The development of a Taiwan-issued stablecoin spotlights the island’s effort to position itself as a regional hub for digital finance, signaling a strategic push to modernize payments infrastructure and strengthen its presence in the emerging crypto economy.

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Klarna Launches First Bank-Issued USD Stablecoin on Stripe’s Tempo

Michaela — Wed, 26 Nov 2025 12:19:36 +0000

Swedish fintech firm Klarna has launched its first stablecoin, KlarnaUSD, on Tempo, a new payments-focused blockchain developed by Stripe and Paradigm.

According to a press release, the launch follows McKinsey estimates that stablecoin transactions now exceed $27 trillion annually and could surpass traditional payment networks within the decade. With cross-border payments generating roughly $120 billion in fees each year, Klarna views stablecoins as a solution to significantly lower costs for both consumers and merchants.

“With 114 million customers and $112 billion in annual GMV, Klarna has the scale to change payments globally: with Klarna’s scale and Tempo’s infrastructure, we can challenge old networks and make payments faster and cheaper for everyone,” Sebastian Siemiatkowski, co-founder and CEO of Klarna, stated. “Crypto is finally at a stage where it is fast, low-cost, secure, and built for scale. This is the beginning of Klarna in crypto, and I’m excited to work with Stripe and Tempo to continue to shape the future of payments,” he added.

KlarnaUSD, built using Open Issuance by Bridge, a stablecoin infrastructure platform owned by Stripe, is currently live on Tempo’s testnet, providing Klarna early access for testing, prototyping, and integration. The stablecoin is scheduled to launch on Tempo’s mainnet in 2026. This initiative strengthens Klarna’s existing partnership with Stripe, which already supports payments infrastructure across Klarna’s 26 global markets.

The launch of KlarnaUSD spotlights a growing shift in the financial sector, where traditional fintech companies are increasingly embracing blockchain technology to innovate payment solutions. By exploring stablecoins, firms like Klarna are positioning themselves to reduce costs, improve transaction efficiency, and enhance cross-border payments.

Experts suggest that these developments could accelerate mainstream adoption of digital assets, as more consumers and merchants gain exposure to blockchain-based financial tools. While stablecoins were once considered niche products, they are now emerging as a viable complement to existing payment networks, potentially reshaping how money moves globally.

Klarna’s entry also emphasizes the competitive pressure for fintech companies to integrate digital currencies into their offerings to stay relevant in a rapidly evolving financial landscape.

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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Western Union Bets on Stablecoins — What It Could Mean for SHIB Holders

Michaela — Mon, 27 Oct 2025 06:26:57 +0000

Global financial services firm Western Union has announced plans to pilot a stablecoin-powered settlement system to modernize remittance services for its more than 150 million customers worldwide.

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Key points:

Western Union is piloting a stablecoin-based settlement system to modernize remittances, aiming for faster, cheaper, and more transparent cross-border transfers.
The initiative provides customers, especially in high-inflation regions, greater control over funds and helps preserve purchasing power with US dollar-denominated assets.
Mainstream adoption of stablecoins could boost confidence in crypto, indirectly benefiting SHIB holders through increased visibility, trading activity, and liquidity.

During Western Union’s third-quarter earnings call on October 23, CEO Devin McGranahan said the pilot aims to use on-chain settlement rails to decrease reliance on traditional correspondent banking, speed up transactions, and enhance capital efficiency. He added that the initiative could enable faster, more transparent, and lower-cost money transfers while maintaining compliance and customer trust.

Western Union stated that the stablecoin initiative would provide customers with greater flexibility and control over managing and transferring funds, especially in countries experiencing high inflation. Holding a US dollar-denominated asset can help protect purchasing power where local currencies are rapidly losing value. The company emphasized that these efforts are part of a broader strategy to modernize the global money movement.

“Over the last several years, we have frequently spoken about our desire to make Western Union a more digital company and to expand our product set to meet the needs of our customers as they evolve,” McGranahan stated.

Western Union Stablecoin Pilot Boosts Crypto Adoption

Western Union’s stablecoin pilot signals a major step toward mainstream blockchain adoption, and SHIB holders could feel the ripple effects. By integrating stablecoins into cross-border transfers, traditional financial networks begin to recognize crypto as a practical tool rather than just a speculative asset.

This normalization can boost confidence among both retail and institutional investors, potentially increasing demand and usage of established tokens like SHIB. Faster, more transparent transfers also spotlight the advantages of decentralized finance, showing how crypto can solve real-world problems like inflation, remittance costs, and slow settlement times.

As more major players like Western Union explore blockchain solutions, SHIB benefits from increased exposure, adoption, and credibility. While SHIB itself may not be directly used in these transfers, its position as a widely recognized digital asset means it could see enhanced trading activity and liquidity, benefiting holders who are already invested in the token’s ecosystem.

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Beijing Halts Chinese Tech Giants’ Stablecoin Initiatives in Hong Kong

Michaela — Mon, 20 Oct 2025 16:42:39 +0000

Major Chinese tech firms Ant Group and JD.com have suspended their Hong Kong stablecoin initiatives after Beijing regulators expressed concerns over private companies issuing and controlling digital currencies.

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Key points:

Ant Group and JD.com have paused their Hong Kong stablecoin projects following directives from Beijing regulators over private issuance concerns.
Hong Kong is moving forward with its stablecoin framework, with the HKMA planning limited licenses and requiring strict compliance, security, and operational standards.
The regulatory pause highlights Hong Kong’s cautious approach to balancing innovation with financial stability, influencing both major firms and smaller fintech players in the region.

According to the Financial Times, both companies were directed by the People’s Bank of China (PBoC) and the Cyberspace Administration of China (CAC) to halt their stablecoin initiatives. A source familiar with the matter told the outlet that regulators’ primary concern is determining who holds the ultimate authority to issue currency, whether it is the central bank or private firms.

Earlier this year, Ant Group and JD.com showed interest in participating in Hong Kong’s pilot stablecoin program or launching tokenized financial products, including digital bonds. Hong Kong began accepting applications for stablecoin issuers in recent weeks, with mainland officials initially viewing the initiative as a way to promote renminbi-pegged stablecoins and strengthen the yuan’s presence in international markets.

In September, the Hong Kong Monetary Authority (HKMA) announced plans to issue a limited number of stablecoin licenses during the program’s initial phase, despite 77 institutions signaling their intent to apply.

In May, Hong Kong’s Legislative Council approved the Stablecoin Bill in its third reading, paving the way for major institutions to apply for HKMA licenses to issue stablecoins before year-end.

The HKMA aims to balance oversight with innovation, requiring early participants to meet strict compliance, security, and operational standards. Analysts say the phased rollout may give early adopters a competitive advantage while allowing regulators to refine rules as the market evolves.

The pause by Ant Group and JD.com underscores the delicate balancing act Hong Kong faces as it positions itself as a hub for digital finance. Observers suggest that regulatory caution may signal a broader trend in Asia, where governments are carefully managing the growth of private digital currencies to protect financial stability while fostering innovation.

Meanwhile, smaller fintech startups and international players remain watchful, adjusting strategies as the licensing framework takes shape. The coming months will be critical in shaping Hong Kong’s stablecoin ecosystem, determining whether it can attract credible participants while maintaining public trust and regulatory integrity.

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North Dakota Unveils Plan for State-Backed ‘Roughrider’ Stablecoin

Michaela — Thu, 09 Oct 2025 12:29:17 +0000

Global payments firm Fiserv, Inc., in collaboration with the Bank of North Dakota, has unveiled the Roughrider Coin, the state’s first stablecoin and the first of its kind to be issued by a U.S. state.

Key point:

North Dakota launches the Roughrider Coin, the first U.S. state-backed stablecoin, through a partnership between Fiserv and the Bank of North Dakota.
Fully backed by U.S. dollars, the Roughrider Coin aims to modernize financial transactions, boost global payments, and drive adoption across banks and credit unions.
State-backed coins like Roughrider may reshape crypto liquidity, influencing how decentralized ecosystems like Shiba Inu’s interact with regulated digital assets.

In a statement, the payments firm said the Roughrider Coin will be fully backed by U.S. dollars and is designed to “increase bank-to-bank transactions, encourage global money movement, and drive merchant adoption.” The stablecoin is expected to become available to banks and credit unions across North Dakota next year.

“As one of the first states to issue our own stablecoin backed by real money, North Dakota is taking a cutting-edge approach to creating a secure and efficient financial ecosystem for our citizens,” Governor Kelly Armstrong stated. “The new financial frontier is here, and The Bank of North Dakota and Fiserv are helping North Dakota financial institutions embrace new ways of moving money with the Roughrider coin,” he added.

Fiserv COO Takis Georgakopoulos said the financial industry is entering a new era defined by instant, interoperable, and borderless payment systems. “With Roughrider Coin, we’re bringing together the reliability of traditional finance and the innovation of blockchain to deliver faster and smarter digital payments,” Georgakopoulos stated. “North Dakota’s vision and leadership in launching this initiative show how forward-thinking policy can drive real progress in digital finance. We are pleased to be selected as their partner,” he added.

The Roughrider Coin takes its name from former U.S. President Theodore Roosevelt, who commanded the Rough Riders during the Spanish-American War in the late 1800s. After his presidency, Roosevelt made North Dakota his home, where he maintained a strong personal and historical connection to the state.

Roughrider Coin and the New Liquidity Shift

The arrival of state-backed stablecoins marks a new chapter in crypto’s evolving liquidity landscape. For the Shiba Inu ecosystem, this development stretches far beyond Shibarium, it raises deeper questions about how regulated digital dollars might coexist with decentralized networks.

As governments move toward issuing their own blockchain-based currencies, liquidity could begin to shift between permissioned and permissionless systems. State coins, with their built-in compliance and fiat backing, may attract institutional players seeking stability, while Shiba’s decentralized economy continues to thrive on transparency, community governance, and open access.

For SHIB holders and DeFi builders, the potential ripple effects are twofold: greater liquidity across chains could make it easier to bridge assets into and out of Shibarium, but it could also test the ecosystem’s competitive edge against government-regulated networks.

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GENIUS Act Could End Banks’ Low-Interest Game, Says Multicoin Exec

Michaela — Mon, 06 Oct 2025 13:13:32 +0000

Tushar Jain, co-founder and managing partner of crypto investment firm Multicoin Capital, has said the GENIUS Act could shift retail deposits from traditional banks to higher-yield stablecoins, creating direct competition between banks and stablecoin issuers once the legislation takes full effect.

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Key points:

The GENIUS Act could shift retail deposits from traditional banks to higher-yield stablecoins, intensifying competition between banks, tech giants, and stablecoin issuers.
Traditional banks may face pressure to raise interest rates, impacting profits, while regulators worldwide, including in Canada and Hong Kong, are considering stablecoin frameworks to remain competitive.
Stablecoins are expected to reshape global finance by enabling faster, 24/7 payments and cross-border transactions, potentially redefining consumer expectations and the future structure of banking.

“The Genius Bill is the beginning of the end for banks’ ability to rip off their retail depositors with minimal interest,” Jain wrote in an X post on Saturday. Jain noted that after the GENIUS Act is fully implemented, major tech companies like Meta, Google, and Apple could begin competing with traditional banks for retail deposits, leveraging stablecoins to provide higher yields, faster settlement, and around-the-clock payment services. “These stablecoins will be embedded into the most widely distributed apps and operating systems in the world,” Jain wrote.

The Genius Bill is the beginning of the end for banks' ability to rip off their retail depositors with minimal interest. Post Genius Bill I expect the big tech giants with mega distribution (Meta, Google, Apple, etc) to start competing with banks for retail deposits.

The tech… https://t.co/SCtHrgNeLI
— Tushar Jain (@tushar_jain) October 4, 2025

Jain added that traditional banks may face pressure to raise interest rates for depositors, which could significantly impact their profits. He also noted that the banking lobby sought to safeguard earnings through the GENIUS Act’s restrictions on paying interest to stablecoin holders.

Following the U.S. rollout of the GENIUS Act, other countries are exploring comparable regulations to stay competitive. In late September, Hong Kong-based fintech firm AnchorX launched AxCNH, a stablecoin pegged to the offshore Chinese Yuan (CNH). The token aims to simplify cross-border payments and settlements, targeting offshore Chinese businesses and nations involved in the Belt and Road Initiative (BRI).

In Canada, Ron Morrow, head of payments at the Bank of Canada, urged regulators to establish a clear stablecoin policy, warning that without action, the country could fall behind others in modernizing payment systems. He emphasized that stablecoins must offer safety and stability on par with traditional bank deposits to be considered money, calling on both federal and provincial authorities to implement a comprehensive framework.

The GENIUS Act’s ripple effects are poised to reshape the global financial landscape, prompting banks, regulators, and fintech innovators to reassess how money moves and earns. As stablecoins gain traction, they could redefine consumer expectations around accessibility, speed, and returns, forcing traditional institutions to adapt or risk losing relevance.

Meanwhile, international developments signal that stablecoin policy is no longer just a domestic matter. The coming years may see digital assets increasingly integrated into everyday finance, with implications for global payment networks, cross-border commerce, and the very structure of banking as we know it.

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China Launches AxCNH Stablecoin in Bid to Challenge Dollar Dominance

Michaela — Mon, 22 Sep 2025 13:21:27 +0000

Hong Kong fintech firm AnchorX has introduced AxCNH, a stablecoin tied to the offshore Chinese Yuan (CNH), marking its entry into the growing global race to develop alternatives to dollar-backed digital currencies.

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Key points:

AnchorX launched AxCNH, a stablecoin pegged to the offshore Chinese yuan, to support cross-border payments and trade.
The company partnered with Zoomlion, Lenovo, and Conflux and listed AxCNH on Kazakhstan’s ATAIX exchange.
Stablecoins are emerging as tools of economic influence, with China aiming to reduce reliance on the US dollar through AxCNH

AnchorX unveiled the launch of its yuan-pegged stablecoin, AxCNH, during the 10th Belt and Road Summit in Hong Kong, according to Reuters. The fintech, which recently became the first to secure a stablecoin license from Kazakhstan’s Astana Financial Services Authority (AFSA), also signed a Memorandum of Understanding with Zoomlion, Lenovo, China Chrilliant Global, ATAIX, and Conflux to explore AxCNH’s use in cross-border payments, trade settlements, digital asset trading, and real-world asset tokenization.

The AxCNH stablecoin is intended to streamline cross-border payments and settlements, with a focus on serving offshore Chinese businesses and nations participating in the Belt and Road Initiative (BRI).

AnchorX and Zoomlion have completed pilot transactions of AxCNH on the Conflux blockchain, Reuters reported. The two firms plan to expand their collaboration to strengthen cross-border payment capabilities, aiming to help Zoomlion and its Belt and Road partners settle transactions more efficiently and at lower cost.

Additionally, AnchorX signed a listing deal with Kazakhstan-based crypto exchange ATAIX Eurasia and launched AxCNH on the Conflux blockchain, where its first trials were conducted. The stablecoin will debut on ATAIX with two trading pairs, AxCNH:KZT and AxCNH:USDT, though access will initially be restricted to professional clients.

For governments, stablecoins represent more than just a financial innovation, they are becoming instruments of economic influence. By issuing or supporting digital tokens tied to national currencies, states can stimulate international demand for their money, reduce reliance on the U.S. dollar, and create new tools to manage inflation.

What began with private firms like Tether and Circle has now evolved into a global contest, where sovereign nations are racing to digitize their currencies. From China’s digital yuan to experiments in Europe, the Middle East, and now Asia-Pacific, the push emphasizes how stablecoins are increasingly viewed as a matter of monetary sovereignty and competitiveness.

For countries participating in the BRI, such tools could redefine trade flows, giving them greater efficiency, transparency, and independence in settlement systems.

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Bank of England Stablecoin Cap Plan Sparks Backlash From UK Crypto Groups

Michaela — Tue, 16 Sep 2025 10:47:06 +0000

Crypto advocacy groups based in the United Kingdom have urged the Bank of England to reconsider its proposal to cap individual stablecoin holdings, warning the measure would be costly and difficult to enforce.

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Key points:

UK crypto groups push back against the Bank of England’s proposed stablecoin caps, calling them costly, hard to enforce, and potentially harmful to the country’s competitiveness.
Central bankers argue caps are needed to prevent large withdrawals from traditional deposits, which could threaten credit availability and financial stability.
Enforcement of individual stablecoin limits is complex, as issuers lack real-time visibility of token holders, making the process costly and operationally challenging.

According to a report by the Financial Times, the crypto groups pushed back against the Bank of England’s proposed stablecoin limits, warning the policy could hinder the country’s competitiveness compared with other jurisdictions. In a November 2023 discussion paper, the Bank suggested individual caps on digital pounds ranging from 10,000 to 20,000 pounds, roughly $13,000 to $27,000, and solicited feedback on a potential lower threshold of 5,000 pounds.

“Imposing caps on stablecoins is bad for UK savers, bad for the City and bad for sterling,” Tom Duff Gordon, vice-president of international policy at Coinbase, stated. “No other major jurisdiction has deemed it necessary to impose caps,” he added.

Simon Jennings, executive director of the UK Cryptoasset Business Council (UKCBC), argued that imposing individual stablecoin limits is impractical. He noted that issuers lack real-time visibility of token holders, making enforcement both complex and costly.

Central bankers warn that without limits, stablecoins could trigger large withdrawals from traditional bank deposits, potentially threatening credit availability and financial stability. UK regulators stress that these digital assets could disrupt the conventional financial system if left unchecked.

Bank of England Stablecoin Rules Could Impact SHIB Trading

For SHIB holders, the potential impact is clear. Stablecoins serve as one of the primary gateways for trading in and out of SHIB, acting as a bridge between fiat currencies and the token. If the Bank of England imposes caps or other restrictions on stablecoin holdings, UK-based traders could face reduced liquidity, making it harder to execute quick trades or respond to market movements.

Slower trading volumes could also lead to wider spreads and less efficient price discovery, affecting both short-term trading strategies and long-term investment plans. In essence, even though SHIB is not a stablecoin, tighter rules on stablecoins could indirectly constrain SHIB market activity and make it less flexible for holders to manage their positions.

This development spotlights how broader regulatory decisions in the crypto ecosystem can ripple across individual tokens, influencing everything from liquidity to investor confidence.

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Coinbase Pushes UK Blockchain Petition — Could It Spark a Parliament Debate?

Michaela — Fri, 12 Sep 2025 13:37:48 +0000

Crypto exchange Coinbase has rallied its UK user base behind a public petition calling for a pro-innovation approach to blockchain and stablecoin policy, giving the July-launched campaign fresh momentum.

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Key points:

Coinbase has mobilized its UK user base to support a petition calling for pro-innovation blockchain and stablecoin policies, boosting momentum for the July-launched campaign.
The petition urges the UK government to establish a comprehensive framework, including stablecoin regulation, blockchain adoption, and appointing a dedicated crypto “czar,” with over 7,000 signatures so far.
Former finance minister George Osborne and Coinbase warn that without urgent reform, the UK risks falling behind global competitors like the US, Singapore, and Hong Kong in digital asset innovation.

The petition, published on the UK government’s website, calls for a comprehensive policy framework that covers stablecoin regulation, wider blockchain adoption, and the appointment of a dedicated blockchain and crypto “czar.”

Source: UK Parliament

“For centuries London was the centre of global trade and finance. We consider that the future is digital where equities, bonds and real world assets exist as tokens – tradeable 24/7, instantly, globally,” the petition further stated.

The petition gained renewed traction this week after Coinbase reportedly sent in-app notifications urging users to sign. Screenshots circulating on X show the exchange calling on its community to “help the UK lead stablecoin innovation now.”

X user, Emi, shared that upon logging into Coinbase, they received the petition prompt, which warned that the UK risks falling behind as other nations advance. The message urged users to sign in support of protecting innovation, competitiveness, and the pound’s global position.

Logged into Coinbase to this…

This petition calls on the government to:
– Support a forward-looking regulatory regime for stablecoins & tokenisation
– Explore government uses for blockchain
– Appoint a blockchain & crypto czar

Clear rules = more builders, more adoption, more… pic.twitter.com/gA4ETn0QjI
— Emi (@itsEmi) September 11, 2025

Furthermore, the petition notes that it considers stablecoins to be the basis of a tokenised economy, as the U.S. has ruled out CBDCs and is leaning into stablecoins. “The UK is at a crossroads and we believe it will fall behind without a strategy,” the petition wrote. “This is a question of national interest to preserve the competitiveness of the City and sterling’s global standing,” it added.

As of now, the petition has collected more than 7,000 signatures. Under UK rules, a government response is triggered once it reaches 10,000, while surpassing 100,000 signatures could see the issue brought forward for debate in Parliament.

Coinbase and Osborne Sound Alarm on UK Crypto Lag

Coinbase’s latest push for regulatory clarity in the UK builds on earlier efforts to spotlight gaps in the country’s approach to digital assets. Back in July, the exchange released a satirical video titled “Everything is Fine”, which mocked Britain’s financial system by pairing upbeat lyrics about strong finances with imagery of inflation, poverty, and economic hardship.

If everything is fine, then don’t change anything at all.

But when the financial system isn’t working for so many people in the UK, it needs to be updated. pic.twitter.com/rL1EaKu12V
— Coinbase (@coinbase) July 31, 2025

“If everything is fine, then don’t change anything at all,” Coinbase teased. “But when the financial system isn’t working for so many people in the UK, it needs to be updated,” the exchange added.

In August, former UK finance minister George Osborne cautioned that Britain could lose ground in the global digital asset race without urgent regulatory reform. He criticized the Labour government and the Bank of England for moving too slowly compared to other countries and likened the current moment to the 1980s “Big Bang” reforms, which transformed London into a top financial hub. Osborne warned that failing to act decisively could mean missing a comparable opportunity in the crypto era.

Furthermore, Osborne noted how jurisdictions such as the United States, Abu Dhabi, Hong Kong, and Singapore are actively advancing legal frameworks for cryptocurrencies and stablecoins, presenting them as models of progress. By comparison, he argued, the UK is being “completely left behind.”

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Putin Adviser Says US Using Stablecoins, Gold to Tackle $37T Federal Debt

Michaela — Tue, 09 Sep 2025 13:40:26 +0000

Anton Kobyakov, an adviser to Russian President Vladimir Putin, has accused the U.S. government of using cryptocurrency and gold to strategically devalue its federal debt amid declining confidence in the dollar.

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Key points:

Anton Kobyakov claims the U.S. is using stablecoins and gold to devalue its $35 trillion debt, moving portions of it into the “crypto cloud.”
Strategies under discussion include Senator Cynthia Lummis’ Bitcoin Act and stablecoin regulation, aimed at managing debt while maintaining the dollar’s global dominance.
Russia is developing a ruble-backed stablecoin to reduce reliance on U.S. dollar stablecoins, highlighting how governments are leveraging crypto in national economic strategies.

“The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—35 trillion dollars. These two sectors are essentially alternatives to the traditional global currency system,” Kobyakov stated during a press briefing at the Eastern Economic Forum.

Putin’s advisor Kobyakov: The U.S. has devised a crypto scheme to erase its massive debt at the world’s expense.

“The U.S. is now trying to rewrite the rules of the gold and cryptocurrency markets. Remember the size of their debt—35 trillion dollars. These two sectors (crypto… pic.twitter.com/R4RDeYtaGg
— Russia Direct (@RussiaDirect_) September 8, 2025

Kobyakov compared the U.S. financial situation to the 1930s and 1970s, claiming that “the U.S. plans to solve its financial problems at the world’s expense.” He added that the government is now attempting this by moving everyone into the “crypto cloud,” suggesting that placing portions of federal debt into stablecoins would allow Washington to devalue it over time.

“Put simply: they have a $35 trillion currency debt, they’ll move it into the crypto cloud, devalue it — and start from scratch. That’s the reality for those who are so enthusiastic about crypto,” Kobyakov stated.

Amid growing debates over digital assets and federal debt, one strategy gaining attention involves using cryptocurrency as a financial tool. Senator Cynthia Lummis’ Bitcoin Act proposes that the government acquire 1 million Bitcoin over five years and hold it for two decades, unless the tokens are used to reduce federal debt.

U.S. officials stress, however, that the main goal of stablecoins is to strengthen the U.S. dollar’s status as the world’s dominant currency. In July, President Donald Trump advanced U.S. crypto policy regarding stablecoins by signing the GENIUS Act into law, marking a notable step in digital asset regulation.

Russia, on the other hand, is developing a ruble-backed stablecoin aimed at reducing dependence on the U.S. dollar stablecoin Tether, following the blocking of wallets tied to an EU-sanctioned Russian crypto exchange.

The debate over stablecoins, gold, and Bitcoin emphasizes how governments are increasingly exploring digital assets to manage federal debt, maintain currency dominance, and influence global financial systems, signaling a new era where crypto is entwined with national economic strategy.

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Ex-Lawmaker: Korea Must List Won Stablecoins on Binance, Coinbase

Michaela — Mon, 08 Sep 2025 12:02:59 +0000

Lee Kwang-jae, a three-term South Korean lawmaker, former Secretary-General of the National Assembly, and professor at Myongji University, has said that demand for won stablecoins could grow if they were allowed on global crypto exchanges, recommending platforms like Binance and Coinbase to enable trading for international users.

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Key points:

Lee Kwang-jae urges that won-denominated stablecoins be listed on global exchanges like Binance and Coinbase to boost international demand.
He recommends opening domestic exchanges to foreigners and encouraging major companies like Samsung to enter the stablecoin market.
Lee emphasizes using won-pegged coins for culture, education, and healthcare, and suggests a joint government–Bank of Korea approach for stablecoin development.

“Foreigners must be able to easily trade won-denominated stablecoins on overseas exchanges to secure international acceptance,” Lee stated in an interview with Seoul Economic Daily. Lee also emphasized the the importance of allowing foreigners access to domestic crypto exchanges such as Upbit and Bithumb. Non-residents cannot open real-name accounts, effectively barring them from trading cryptocurrencies in South Korea.

“Global demand will only be generated when foreigners can enter the Korean market and freely trade won-denominated coins,” Lee added.

The South Korean government has reportedly been advised to encourage major corporations, including Samsung Electronics, to enter the stablecoin market. Lee predicted that Samsung and Apple could eventually compete in this space, with Samsung’s device market dominance making a won-denominated stablecoin integration especially impactful.

“Based on these distribution networks, we should build K-platforms in areas like culture, education, healthcare, and storytelling to facilitate the use of won-denominated coins. Only by expanding the use of coins at the national level can they truly gain value,” Lee stated. Using the Korean won as a payment option for performances, dramas, webtoons, online education, telemedicine, and healthcare platforms could expand access for consumers around the globe.

Furthermore, Professor Lee observed that while stablecoins are gaining global attention, the Bank of Korea has been cautious in its approach. Abroad, private firms like Tether, which issues USDT, and Circle, issuer of USD Coin (USDC), lead the market, emphasizing a trend away from bank-centered stablecoin issuance.

Lee argued that focusing primarily on banks is outdated and suggested that a Korean won–pegged coin should be developed collaboratively by the government and the Bank of Korea.

Looking ahead, the evolution of won stablecoins could reshape South Korea’s position in the global digital finance landscape, offering new avenues for innovation, cross-border commerce, and broader adoption of blockchain-based payment systems. As regulators and private players continue to explore this frontier, the coming months may set the tone for how the country balances technological progress with financial oversight.

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Hong Kong Prepares Limited Stablecoin Licenses Amid Rising Bank Interest

Michaela — Mon, 08 Sep 2025 12:02:57 +0000

The Hong Kong Monetary Authority (HKMA) has announced it will issue a limited number of stablecoin licenses in its initial phase, even as 77 institutions have expressed their intent to apply.

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Key points:

The HKMA will issue a limited number of stablecoin licenses, with 77 institutions already expressing interest, including major Chinese banks.
Hong Kong’s Stablecoin Bill, passed in May, enables institutions to apply for licenses, aiming to balance regulatory oversight with innovation.
The phased rollout allows regulators to monitor the market, strengthen compliance standards, and build confidence in Hong Kong-issued stablecoins.

According to local reports, Industrial and Commercial Bank of China, the world’s largest bank by assets, along with its Hong Kong subsidiary, has signaled its intention to apply for a stablecoin license with the HKMA. This makes it the second prominent Chinese bank to seek a stablecoin license, after Bank of China.

In May, Hong Kong’s Legislative Council passed the Stablecoin Bill in its third reading, clearing the path for major institutions to seek HKMA licenses to issue stablecoins before the end of the year.

The HKMA’s approach is designed to balance regulatory oversight with innovation, ensuring that early participants demonstrate robust compliance, security standards, and operational readiness.

Industry observers note that the phased rollout could create a competitive edge for institutions that meet the requirements early, while also allowing regulators to monitor and adjust rules as the market develops.

Experts suggest that this measured entry may strengthen market confidence in Hong Kong-issued stablecoins, potentially encouraging international adoption and laying the groundwork for a more structured digital asset ecosystem.

Shib Holder Opportunities with HKMA Stablecoin Licenses

The HKMA’s selective rollout of stablecoin licenses could open significant opportunities for Shib holders. With a limited number of institutions likely to receive approval in the initial phase, regulatory clarity in Hong Kong may create a safer environment for using Shib in everyday transactions.

Holders could see more ways to use Shib for cross-border payments, participate in staking programs, or engage with emerging DeFi tools with reduced legal uncertainty. This clarity could also encourage new partnerships between Shib-related projects and licensed stablecoin platforms, expanding the practical use of Shib across payment networks and financial services.

Over time, these developments may strengthen adoption, enhance liquidity, and increase confidence among both new and existing holders, helping to cement Shib’s position as a more functional and widely accepted digital asset in the evolving global crypto landscape.

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Lian Warns Against Hasty Bitcoin Adoption, Urges Foundational Policymaking

Gushiken Yona — Mon, 01 Sep 2025 15:46:04 +0000

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A leading intergovernmental advisor is issuing a stark warning to nations racing to adopt Bitcoin: building massive reserves without a solid policy foundation is like building on sand. Speaking at Bitcoin Conference Asia 2025, author and blockchain advisor Anndy Lian urges governments to prioritize international cooperation and deliberate groundwork over the headline-grabbing rush to accumulate. He argues that without shared standards and a deep understanding of decentralized finance, the global crypto ecosystem risks derailing its own journey.

Key Points

Foundations Before Reserves: Lian argues that foundational policies on regulation, education, and infrastructure must precede the accumulation of national Bitcoin reserves, calling the rapid U.S. approach an exception, not a global template.
A Call for Global Coordination: Criticizing the current “siloed” approach by governments, he calls for a new international body for digital assets, similar to the BIS for banking, to establish baseline regulatory standards for all nations.
Understanding Decentralization is Critical: Lian warns that policymakers’ widespread ignorance of DeFi and decentralized networks is dangerous, stressing that these systems must be recognized as legitimate and central to the future of finance.

“You Can’t Build a Bitcoin Economy on Sand”

During the panel “Global Game Theory: The Response to America’s Changing Bitcoin Policy” at Bitcoin Conference Asia, Lian delivered a measured yet powerful perspective on the global landscape. While many focus on national reserves and rapid adoption, he emphasized the need for strategic patience and foundational policy work, warning that ambitious Bitcoin initiatives risk collapse without it.

Lian acknowledged the momentum generated by the United States’ pro-Bitcoin shift. “I love what America is doing right now,” he said. “The Genius Act, the strategic reserve, the market structure legislation—it’s all moving at godlike speed.”

But he quickly added a caution. “That speed is not replicable everywhere. If you zoom out and look at Asia, most countries are still in catch-up mode.” He noted that while some nations are exploring reserves, the majority are focused on more basic steps like asset tokenization and stablecoin regulation.

For Lian, this slower pace is a necessity. “You can’t build a Bitcoin economy on sand,” he stressed. “Every country needs to build the foundation first—regulation, education, institutional frameworks—before jumping into strategic reserves.”

A Call for Substance Over “PR”

Lian also criticized superficial policy engagement, which he sees as a significant roadblock.

“Right now, you see people flying in, shaking hands, taking photos. CZ comes to Singapore, everyone celebrates. But that’s not policy making. That’s pure PR.” He called for deeper, sustained dialogue between governments and industry experts who can navigate the complexities of custody, compliance, and decentralized networks.

From the Magazine: Under the Skin: How Sweden Is Now Rewriting Identity on the Blockchain

One of his most urgent messages was the need for global coordination to end the confusion caused by nations acting in isolation. “Governments are working in silos,” he said. “What we need is a body, like IATA for aviation or the BIS for banking, that leads a basic regulatory framework for digital assets.” He envisioned a world where every country contributes to shared minimum standards for exchanges, stablecoins, and custody.

Lian also urged policymakers to take decentralized finance seriously. “Most governments have no clue what DeFi is. They think it’s where criminals hide. That ignorance is dangerous.”

Lian issued a final warning and a call to action.

“Stablecoin is not just about Tether or Circle. It’s a new monetary layer. And decentralized networks are not fringe—they are the future. If we don’t build the right policies now, we won’t just miss the train—we’ll derail the entire journey.”

For Lian, the Bitcoin revolution is not won by who accumulates the fastest, but by who understands the deepest and builds the smartest.

The full panel discussion can be viewed on YouTube.

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Citi Warns High-Yield Stablecoins Could Shake Crypto Markets, SHIB Impact

Michaela — Tue, 26 Aug 2025 10:28:07 +0000

Summary: Why is Ronit Ghose warning about high-yield stablecoins?

Citi’s Ronit Ghose warned that offering interest on stablecoins could cause large withdrawals from banks, similar to the surge of money market funds in the 1980s. This shift could raise banks’ funding costs, leading to higher borrowing expenses for households and businesses. Experts caution that widespread movement toward high-yield stablecoins may disrupt the traditional banking sector and credit markets.

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Ronit Ghose, Global Head of Citi’s Future of Finance division, has cautioned that offering interest on stablecoin holdings could prompt significant bank withdrawals, echoing the 1980s money market fund surge, and potentially raising funding costs and credit rates.

According to a report by the Financial Times, Ghose drew parallels between potential outflows from interest-paying stablecoins and the surge in money market funds during the late 1970s and early 1980s. Adding to the concern, Sean Viergutz, a banking and capital markets advisory lead at PwC, warned that a migration of consumer funds toward higher-yielding stablecoins could pose significant risks for the traditional banking sector.

Ghose warned that banks might encounter increased funding costs if they turn to wholesale markets or raise deposit rates, a scenario that could drive up borrowing expenses for both households and businesses.

Ghose’s warnings about higher funding costs for banks add context to the ongoing debate over stablecoin regulations, emphasizing the potential strain on traditional banking if interest-bearing crypto products gain traction.

The GENIUS Act bars stablecoin issuers from offering interest to holders but does not restrict crypto exchanges or related businesses, prompting concerns from the banking sector.

US banking groups, led by the Bank Policy Institute, have urged regulators to close what they see as a loophole that could allow indirect interest payments, warning it might trigger $6.6 trillion in deposit outflows and disrupt credit for businesses and households.

The crypto industry has pushed back, arguing that tightening the rules would favor traditional banks and hinder innovation, even as the US government continues to support dollar-pegged stablecoin adoption.

Stablecoins Shift Could Ripple Through SHIB Market

For SHIB holders, these developments could have indirect but meaningful implications for the market. As investors pursue higher yields from stablecoins, they may rebalance their crypto portfolios, potentially reducing exposure to tokens like SHIB and affecting its trading volume and overall demand.

Over time, such shifts could influence price dynamics and liquidity in the SHIB market, particularly if a significant portion of the crypto community reallocates capital toward interest-bearing stablecoins.

This scenario spotlights how broader regulatory changes and market trends in the crypto sector can ripple across altcoins, impacting investor behavior, market confidence, and even adoption rates, even when a token is not directly involved in stablecoin products.

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Japan’s Finance Minister Backs Crypto — What It Could Mean for SHIB

Michaela — Tue, 26 Aug 2025 10:28:04 +0000

Summary: What did Japan’s Finance Minister say about cryptocurrencies and investment?

Japanese Finance Minister Katsunobu Kato highlighted that cryptocurrencies, despite their high volatility, can be part of diversified investment portfolios if a proper investment environment is created. He emphasized that the government is working to balance regulation with innovation. These efforts aim to build a safer and more structured market for crypto investors.

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Japanese Finance Minister Katsunobu Kato has acknowledged that cryptocurrencies can play a role in diversified investment portfolios, remarks he made during his keynote at the Web3 Conference WebX 2025.

According to Bloomberg Japan, Finance Minister Kato noted that “cryptoassets have the risk of high volatility, but by creating an appropriate investment environment, they can become a target for diversified investments.” He further stressed that the government is working to establish a balanced regulatory framework that supports innovation while avoiding excessive restrictions.

The report also noted that the Liberal Democratic Party’s 2025 House of Councillors election platform includes initiatives aimed at building a nation focused on asset management, such as implementing insider trading regulations and establishing separate taxation to ensure transaction integrity.

The announcement comes after reports that Japan’s Financial Services Agency (FSA) plans to approve the nation’s first yen-backed stablecoin, paving the way for fiat-backed digital tokens as early as this fall.

Tokyo-based fintech firm JPYC is set to register as a licensed money transfer business this month and spearhead Japan’s first yen-backed stablecoin launch. The stablecoins will maintain a 1:1 peg with the Japanese yen, supported by highly liquid assets including bank deposits and government bonds. Upon purchase, the tokens will be transferred to users’ digital wallets via bank transfers.

Finance Minister Signals Regulatory Support That Could Benefit SHIB Investors

These developments highlight that the Finance Minister’s focus isn’t on hacks, specific infrastructure, or ETFs at this stage — it’s on legitimizing cryptocurrencies as part of investment portfolios and fostering a healthier trading environment.

This regulatory emphasis could have direct implications for SHIB in Japan. By positioning crypto as a recognized asset class, Japan may create a more favorable environment for SHIB holders, with potential benefits including clearer tax treatment, fairer rates, and enhanced trading infrastructure. A regulated framework could also support smoother SHIB liquidity on Japanese exchanges, improving accessibility and encouraging wider adoption.

In addition, as Japan continues to refine its crypto regulations, SHIB investors could see increased confidence in the market, encouraging both long-term holding and active trading. Over time, these regulatory measures could position Japan as a key hub for SHIB trading, giving holders greater assurance and access to a more robust and secure ecosystem.

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Tether Hires Ex-White House Crypto Director Bo Hines for US Push

Michaela — Wed, 20 Aug 2025 07:10:34 +0000

Summary: Who is Bo Hines and what role will he play at Tether?

Bo Hines is the former executive director of the White House Crypto Council under President Trump. He has been appointed as Tether’s Strategic Advisor for Digital Assets and U.S. Strategy. In this role, he will help guide Tether’s U.S. expansion, work with regulators, and support the company’s efforts to strengthen its presence in the American market.

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Tether Limited, the issuer of the USDT stablecoin, has named Bo Hines, former executive director of the White House Crypto Council under President Donald Trump, as its new Strategic Advisor for Digital Assets and U.S. Strategy. Hines will begin his role immediately, supporting the company’s regulatory and expansion efforts in the United States.

In an official statement, Tether stated that Hines will work closely with the company’s leadership to drive its U.S. strategy and oversee expansion initiatives as a key member of the team. “Hines brings a unique blend of policy expertise, legal training, and private sector insights.” Tether wrote.

“While at the White House, he was instrumental in advancing initiatives to foster innovation in digital assets, develop clear guardrails for stablecoin issuers, and build collaborative relationships between government and the blockchain industry,” the company added.

Tether said Hines’ appointment spotlights the company’s dedication to strengthening its U.S. presence, starting with digital assets and extending to broader opportunities, including potential investments in domestic infrastructure. “His deep understanding of the legislative process, combined with his passion for practical blockchain adoption, makes him an invaluable asset as Tether enters the biggest market in the world,” Paolo Ardoino, CEO of Tether, stated.

In his new role, Hines will work alongside Tether’s leadership to develop and implement the company’s U.S. strategy, fostering engagement with regulators and key industry partners.

Before his appointment at Tether as Strategic Advisor for Digital Assets and U.S. Strategy, Hines held the position of executive director of the White House Crypto Council for a tenure of less than one year.

During his tenure, Hines contributed to President Trump’s Working Group on Digital Assets. He helped develop a regulatory report with recommendations on market structure, oversight, banking access, and cryptocurrency tax policies.

Additionally, before stepping down as executive director, Hines confirmed that plans for a U.S. strategic Bitcoin reserve remain underway, despite the latest White House crypto report not explicitly mentioning the initiative.

“During my time in public service, I witnessed firsthand the transformative potential of stablecoins to modernize payments and increase financial inclusion,” Hines stated in the official statement. “I’m thrilled to join Tether at such a pivotal moment, helping to deliver an ecosystem of products that will set the standard for stability, compliance, and innovation in the U.S. market – one that will empower American consumers and help revolutionize our nation’s financial system.”

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South Korea Fast-Tracks Tokenized Securities and Stablecoin Laws

Michaela — Tue, 05 Aug 2025 12:43:42 +0000

Summary: What is South Korea doing to prepare for the future of digital finance?

South Korea is introducing new laws to support tokenized securities and regulate stablecoins. These measures include recognizing blockchain for record-keeping and allowing financial institutions to issue digital assets. Banks are also forming dedicated teams and infrastructure to support this shift.

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South Korea has advanced a landmark tokenized securities law while competing legislative efforts to regulate stablecoins are gaining momentum, signaling a significant shift in the nation’s approach to digital finance.

The Token Securities Act, backed by bipartisan support in South Korea, is set to introduce sweeping updates to the Electronic Securities Act and the Capital Market Act. The legislation will formally recognize blockchain as a valid method for record-keeping and provide the legal foundation for financial institutions to issue and manage tokenized assets, including stocks, bonds, and private equity.

LATEST: South Korea passes major tokenized securities law – banks can now tokenize bonds, stocks & private equity on blockchain.

Asia dominating RWA pic.twitter.com/YV4p3phPJQ
— Real World Asset Watchlist (@RWAwatchlist_) August 4, 2025

South Korea’s efforts to accelerate crypto-friendly legislation have gained new momentum following the passage of the GENIUS Act in the United States. The GENIUS Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins Act, establishes a clear regulatory framework for payment stablecoins by assigning oversight responsibilities to key federal agencies such as the OCC, Federal Reserve, and FDIC.

Furthermore, as legislative discussions around stablecoin regulation gain momentum, South Korea’s financial sector is moving swiftly to prepare for the anticipated changes. Local reports indicate that major banks are proactively laying the groundwork by creating specialized internal teams and forming strategic consortia aimed at supporting the future issuance and management of stablecoins.

Woori Bank, one of South Korea’s leading commercial banks, reportedly launched a dedicated Digital Asset Team to oversee its expanding portfolio of digital finance initiatives. The specialized unit is tasked with developing and managing a range of services, including stablecoins and electronic wallets, as part of the bank’s broader strategy to position itself at the forefront of the evolving digital asset landscape.

In addition to major commercial banks, South Korea’s internet-only and regional banks are also taking steps to prepare for upcoming stablecoin regulations. K Bank has reportedly formed a dedicated digital asset task force to explore opportunities in the sector, while Busan Bank continues to expand its blockchain capabilities through a specialized team within its platform business division. This unit oversees the Citizen Platform, the bank’s local currency initiative, and serves as the core organization managing its blockchain-related operations.

As South Korea accelerates its digital finance overhaul, the convergence of regulatory clarity and institutional readiness suggests a rapidly approaching shift in how financial assets are issued, managed, and exchanged. With momentum building across both the public and private sectors, the country appears poised to emerge as a key player in the global race toward blockchain-powered finance.

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Ripple Eyes Takeover of Stablecoin Giant Circle

Gushiken Yona — Thu, 01 May 2025 14:37:38 +0000

Ripple, the digital payments firm best known for its XRP token, has reportedly quietly set its sights on one of the most influential companies in crypto: Circle, the issuer of the $60 billion USDC stablecoin.

In recent weeks, Ripple approached Circle with an acquisition offer valued between $4 billion and $5 billion, a recent report from Bloomberg revealed. The bid was rebuffed. But the approach signals Ripple’s deepening ambition to expand its footprint in the fast-evolving stablecoin market — and possibly reshape it in the process.

Circle Charts Its Own Course

For now, Circle seems determined to forge its own path, having filed paperwork earlier this month for an initial public offering. This move places it among a cohort of crypto-related firms aiming to transition from the sometimes-turbulent digital asset markets to the established floors of public stock exchanges.

A spokesperson for Circle stuck to the script when asked about the potential deal. “We do not comment on market rumors,” citing the mandatory “quiet period” with the Securities and Exchange Commission due to the pending IPO. “Our long-term goals remain the same.”

Ripple Eyes Stablecoin Supremacy

This maneuver isn’t entirely out of the blue for Ripple. The company only launched its own dollar-pegged stablecoin, RLUSD, in December.

While growing fast – its market value has climbed significantly to over $300 million – it remains dwarfed by Circle’s massive USDC. Snapping up Circle would have been a shortcut, instantly transforming Ripple into a leading force in the stablecoin arena.

Why try to acquire a direct competitor shortly after launching your own? For some observers, the answer lies in consolidation.

“It’s not about competition — it’s about consolidation,” commented one industry watcher posting under the handle @StellarNews007 on social media. Acquiring Circle’s USDC, widely seen as the “institutional darling” and increasingly integrated with traditional finance, offered Ripple a potential “shortcut to liquidity dominance,” the commentator added, rather than facing the slow process of building adoption for its new RLUSD.

Ripple’s chief executive, Brad Garlinghouse, even telegraphed such intentions back in March. He mentioned that the company was becoming “more proactive in looking at acquisitions,” specifically mentioning an interest in “blockchain infrastructure companies.”

Circle fits that bill perfectly. The reported bid suggests an ambition, as another commentator, @TheCryptoSquire, put it, to control significant financial “rails.”

Despite the initial rejection, reports suggest Ripple might still be interested, though whether another, higher offer is forthcoming remains uncertain. Circle’s refusal, however, speaks volumes. It signals a belief, perhaps, that it doesn’t “need to sell to win,” as @TheCryptoSquire speculated.

This reported, but failed, bid is likely just an “opening move,” as one observer noted, in a larger strategic game for control over the future shape of digital finance.

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Itaú Unibanco Explores Stablecoin Launch Amid Brazil’s Regulatory Shifts

Vanessa — Fri, 04 Apr 2025 11:11:47 +0000

Itaú Unibanco, the largest bank in Brazil and Latin America, is actively considering the issuance of an in-house stablecoin as digital assets gain traction in the financial sector.

The bank’s leadership has emphasized the growing importance of blockchain technology for transaction settlement and is assessing how stablecoins could integrate into its business model.

The potential for a stablecoin tied to the Brazilian real remains on the table, with Itaú Unibanco exploring whether such an asset would benefit its customers.

The bank is also closely monitoring stablecoin developments at other financial institutions, as well as ongoing regulatory efforts in Brazil that will shape the future of these digital assets.

Stablecoins have emerged as a dominant force in global finance, playing a crucial role in U.S. and Brazilian markets by facilitating crypto transactions. With the U.S. government signaling a shift in its stance on crypto and the upcoming introduction of stablecoin legislation, financial institutions worldwide are reassessing their strategies.

In Brazil, regulators are considering restrictions on self-custody for stablecoins, a move aimed at preventing illicit activities. Itaú Unibanco supports a balanced approach. It suggests that a regulated list of approved self-custody wallets could offer oversight while preserving user autonomy.

Vanessa has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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FDUSD Firestorm: Sun Presses Fraud Case with Hong Kong Officials

Gushiken Yona — Fri, 04 Apr 2025 08:14:45 +0000

The battleground shifts from social media to formal channels. Crypto figure Justin Sun now presses explosive fraud allegations against First Digital Trust, issuer of the FDUSD stablecoin, directly with Hong Kong lawmakers and regulators. His move escalates a bitter dispute that puts hundreds of millions of dollars, and the city’s financial reputation, squarely in the spotlight.

Sun, a Chinese-born cryptocurrency entrepreneur, business executive and founder of TRON, detailed his actions earlier this week. He announced on the social platform X that he had taken concrete steps beyond online posts.

Justin Sun Escalates FDUSD Fraud Fight to Hong Kong Regulators

The Tron founder said he met personally with Hong Kong Legislative Council member Johnny Ng. During this meeting, Sun said he presented materials supporting his claims against First Digital Trust, known as FDT. He specified these materials were submitted “to local regulators and judicial authorities.”

He framed the move as necessary, calling the situation “a major international financial fraud involving traditional financial institutions and web3 platforms.” In his posts, Sun stressed the importance of the case for Hong Kong’s status. “This matter concerns the reputation of Hong Kong as a financial center and the safety of users’ assets,” he wrote.

非常感谢吴议员的支持，事关香港金融中心的声誉与用户资产安全，这是全行业的大事，也是香港的大事，我们对于香港的监管机构与执法机关充满信心，也相信该案件会得到圆满结果，香港未来绝不应也不会再出现类似的欺诈案件。 https://t.co/yXfbrISiQZ
— H.E. Justin Sun (@justinsuntron) April 3, 2025

Hong Kong Lawmaker Confirms FDUSD Complaint, Signals Potential Oversight Reform

Ng confirmed receiving the complaint from Sun. He addressed the situation publicly on X, stating that if the serious allegations against FDT are proven, “enforcement authorities will definitely take action.”

While reassuring international investors about Hong Kong’s legal framework, Ng acknowledged potential systemic issues. He noted his office had received other complaints this year related to trust companies. “I believe there is a need to discuss how to improve the regulatory framework for relevant trust companies,” Mr. Ng added, suggesting a possible review of oversight practices.

FDT Denies FDUSD Fraud Claims, Blames Ongoing Dispute Over TUSD

First Digital Trust strongly refuted Sun’s accusations. The company issued statements calling the claims “false information” and a deliberate “smear campaign.” FDT maintained that its stablecoin, FDUSD, remained fully backed by reserves and is solvent.

The recent allegations by Justin Sun against First Digital Trust are completely false.

This dispute is with TUSD and not with $FDUSD. First Digital is completely solvent.

Every dollar backing $FDUSD is completely, secure, safe and accounted for with US backed T-Bills. The…
— First Digital (@FirstDigitalHQ) April 2, 2025

The firm linked Sun’s actions to a separate, ongoing dispute involving another stablecoin, TrueUSD (TUSD), whose reserves FDT previously managed. FDT accused Sun of choosing public attacks over established legal routes related to that matter. The company stated it is seeking legal counsel and would take action to protect its reputation.

The public conflict briefly affected the FDUSD stablecoin market midweek, causing a temporary dip below its $1 peg before it recovered. Binance, the primary holder of FDUSD, affirmed the stablecoin’s backing remained secure during the episode.

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The Shib News Recap: Thursday

Malaya Ruiz — Thu, 27 Feb 2025 22:00:00 +0000

The Shib Daily’s top headlines this Thursday are highlighted by Shiba Inu (SHIB) experiencing a burn rate increase exceeding 1,300%, DOJ’s probe into President Milei, Bank of America’s announcement regarding a new stablecoin, and a hacking incident involving Pump.fun’s X account.

SHIB Burn Rate Surges to Over 1,300%

The Shiba Inu ecosystem saw an impressive increase in token burns, incinerating nearly 31 million SHIB in just 24 hours. This growth raised the daily burn rate over 1,300%. In total, 30,156,987 SHIB were burned yesterday, surpassing the 142,062,714 SHIB removed over the past week. Community projects like Shib Torch also helped, reporting a total of 547,791,530 SHIB burned, a 14.92% increase from the prior week.

DOJ Begins Investigation Into Javier Milei Over LIBRA Scandal

Argentine President Javier Milei is under investigation by the U.S. Department of Justice regarding his promotion of the LIBRA token. The probe aims to explore Milei’s involvement and that of the project’s founders, including two Argentine entrepreneurs, for possible fraudulent activity. It has been reported that he promoted LIBRA through two posts on X before its failure. He has since claimed he did not endorse the token and initiated an internal investigation.

Bank of America Plans to Launch Dollar-Backed Stablecoin

Bank of America’s CEO Brian Moynihan has announced plans to launch a stablecoin when the U.S. establishes clear regulations for digital assets. He confirmed that the stablecoin will be fully dollar-backed. Moynihan compared stablecoins to money market funds due to their asset-backed structure and lower volatility. He also clarified that stablecoins are distinct from other digital assets like Bitcoin.

Hackers Use Pump.fun X Account to Promote Fake ‘PUMP’ Token

Pump.fun’s official X account was compromised by hackers promoting a fraudulent token named “PUMP,” as confirmed by co-founder Alon Cohen. The platform announced later that day that they had regained access to their account. They reassured users that the breach was confined to the X account and did not affect other systems or assets. Additionally, no confirmation emails were received about any changes during the incident.

The post The Shib News Recap: Thursday first appeared on The Shib Daily.

The Shib News Recap: Monday

Malaya Ruiz — Mon, 24 Feb 2025 20:58:34 +0000

Today’s top stories from The Shib Daily highlight notable progress on NFT regulatory clarity, developments surrounding a recent hack, large movements of Ether (ETH) and Solana (SOL), and alarming trust breaches in the stablecoin market.

SEC Investigation of OpenSea Nears Conclusion

Devin Finzer, founder of OpenSea, revealed that the SEC will soon wrap up its investigation into the platform. He called this a major win for creators and collectors. This announcement followed the SEC’s dismissal of a lawsuit against Coinbase for being an unregistered securities broker. Industry leaders, including Alon and Ji Kim, praised the decision, suggesting it could lead to a more favorable environment for digital assets.

Bybit CEO Proposes Bounty Program Following Major Cyberattack

After a cyberattack believed to be orchestrated by the Lazarus Group took over $1.4 billion, Bybit CEO Ben Zhou is determined to find recovery solutions. Zhou outlined plans for a bounty program, law enforcement cooperation, and working with the Ethereum Foundation. On-chain security expert ZachXBT noted that Bybit lost millions in liquid-staked Ether and other tokens during the breach. Zhou even proposed the idea of rolling back the Ethereum blockchain to undo the hack’s effects.

Speculation Surrounds Binance’s Massive ETH and SOL Transfers

Binance is moving large amounts of ETH and SOL to market maker Wintermute and Symbolic Capital Partners’ CEX Bridge. Transactions involve hundreds to over two thousand ETH and thousands of SOL. The lack of an official statement from Binance has led to speculation in the crypto community. Possible reasons for these transfers range from routine portfolio adjustments to concerns about market manipulation or a change in Binance’s investment strategy.

Infini Faces $49.5 Million Theft by Ex-Developer, Promises Investor Reimbursement

A former developer at Hong Kong-based stablecoin neobank Infini is suspected of stealing $49.5 million in USDC. The stolen funds were converted to DAI and Ethereum before being sent to an external wallet. Infini has acknowledged the breach and is working diligently to secure their systems. Infini’s founder noted that many major investors were affected, but they have promised full reimbursement to all impacted users.

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Tether Under Scrutiny: Truth or FUD?

Gushiken Yona — Fri, 25 Oct 2024 21:07:01 +0000

A specter is haunting the crypto world – the specter of a federal investigation into Tether, the stablecoin giant that underpins trillions of dollars in transactions. The Wall Street Journal’s report, citing anonymous sources, claims Manhattan prosecutors are scrutinizing Tether for potential sanctions violations and money laundering, raising the unsettling question: truth or FUD (fear, uncertainty, and doubt)?

The Wall Street Journal’s bombshell alleged that prosecutors are investigating whether Tether has been used by third parties to fund illegal activities, including drug trafficking, terrorism, and hacking. The Treasury Department is reportedly considering sanctions against Tether due to its alleged use by sanctioned individuals and groups, including Hamas and Russian arms dealers. Such sanctions would effectively bar Americans from interacting with the company.

Tether, however, has issued a swift and forceful denial. CEO Paolo Ardoino, via an X post, dismissed the report, stating there’s “no indication that Tether is under investigation” and labeling the claims as “old noise.”

This alleged investigation comes at a critical juncture for the stablecoin market. Tether’s USDt is the most traded cryptocurrency globally, serving as a vital liquidity tool for exchanges and traders. Its purported stability, pegged to the U.S. dollar, makes it a popular choice for those seeking refuge from the volatility of other cryptocurrencies.

However, Tether has long been dogged by controversy and skepticism regarding the composition and adequacy of its reserves. While the company has increased transparency efforts, questions about its backing remain. A federal investigation, if confirmed, could further erode trust in the stablecoin and potentially destabilize the broader crypto market.

In February 2021, Bitfinex and Tether reached an $18.5 million settlement with the New York Attorney General’s office, resolving allegations that they concealed the loss of commingled client and corporate funds. The investigation found that Tether, affiliated with Bitfinex, had misrepresented the reserves backing its stablecoin, USDT, claiming full backing when it wasn’t always the case. As part of the settlement, Bitfinex and Tether were required to submit quarterly disclosures about their reserves for two years and were prohibited from servicing New York customers. They neither admitted nor denied the allegations.

In a statement, New York Attorney General Leticia James declared:

“Bitfinex and Tether recklessly and unlawfully covered-up massive financial losses to keep their scheme going and protect their bottom lines. Tether’s claims that its virtual currency was fully backed by U.S. dollars at all times was a lie. These companies obscured the true risk investors faced and were operated by unlicensed and unregulated individuals and entities dealing in the darkest corners of the financial system.”

The potential ramifications of the allegations against Tether are significant. Even if the company is not formally under investigation or ultimately cleared of any wrongdoing, the mere existence of these claims could erode confidence in the stablecoin giant.

This could potentially trigger a sell-off of USDt and other stablecoins, impacting the broader crypto market. If a formal investigation is launched and if Tether were found to have violated sanctions or facilitated money laundering, the consequences could range from substantial fines to criminal charges, potentially disrupting its operations and sending ripples of instability throughout the crypto ecosystem.

Given Tether’s dominance as the most traded stablecoin and its crucial role in providing liquidity, any disruption, or even the perception of potential wrongdoing, could have far-reaching consequences.

The post Tether Under Scrutiny: Truth or FUD? first appeared on The Shib Daily.

The Shib Crypto Recap: Friday

Malaya Ruiz — Fri, 11 Oct 2024 20:55:18 +0000

As the crypto world caps off the week, here are the headlines that made it to our top list today. Read about the latest in cybersecurity and customer trust in financial service providers, regulatory developments, Ripple’s legal battles, and a phishing attack with ties to a “draining-as-a-service” (DAAS) tool.

Fidelity Data Breach: Thousands Affected as Hackers Steal Personal Information

Over 77,000 Fidelity customers had their sensitive identity information stolen in a data breach. The incident was disclosed on Wednesday after Fidelity informed authorities. The hackers accessed personal information from August 17 to 19, using two accounts created by a third party. This breach also exposed data from thousands of other customers. Fidelity has since notified those affected and is offering credit monitoring and guidance on protecting their information.

Such incidents emphasize the vital importance of implementing strict account creation procedures and maintaining constant monitoring to recognize and prevent unauthorized access.

Stablecoin Regulation in Focus: Senator Hagerty Introduces New Framework Proposal

U.S. Senator Bill Hagerty has introduced a draft for legislation to establish a regulatory framework for stablecoins. This proposal, which resembles the Clarity for Payment Stablecoins Act, aims to clarify stablecoin regulations. It suggests splitting oversight between the Federal Reserve for banks and the Office of the Comptroller of the Currency for non-bank issuers. Hagerty highlighted the benefits of stablecoins in improving payment systems and increasing demand for U.S. Treasuries.

Discussions on this legislation are ongoing in both the House and Senate, with efforts led by Rep. Patrick McHenry and Rep. Maxine Waters since 2022.

Ripple Files Cross-Appeal Against SEC in Ongoing Legal Battle Over XRP

Ripple Labs has submitted a cross-appeal in its ongoing legal dispute with the SEC, filing it with the U.S. Court of Appeals for the Second Circuit. This move comes after the SEC filed its own notice of appeal regarding a previous court decision. Ripple’s cross-appeal aims to ensure all relevant issues are covered. Stuart Alderoty, Ripple’s chief legal officer, stated that the appeal highlights that an “investment contract” requires specific rights and obligations, which were not present in Ripple’s XRP sales.

Both parties have filed appeals, with detailed arguments expected in the coming months. This ongoing case has been a significant legal issue in the cryptocurrency space for nearly four years.

$35 Million Vanished: How a Phishing Scam Shook the DETH Market

A phishing scam led to the loss of $35 million in fwDETH for a crypto whale. Security firm Scam Sniffer reported that a counterfeit “permit” message deceived the whale, and this allowed the attacker to withdraw the funds. BlockSec co-founder Yajin Zhou noted that this message was used to access the whale’s fwDETH tokens, which caused a major market disturbance. The value of Duo ETH (DETH) dropped more than 90%. It went from $2,000 to $100 before it partially recovered to $1,000. Blockchain security firm SlowMist linked the attack to the Angel Drainer group, which offers scammers tools for phishing.

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Coinbase to Drop Tether in the EU: Because Who Needs Stability When You Can Have Rules?

Gushiken Yona — Sun, 06 Oct 2024 13:29:20 +0000

Have you heard about the latest drama brewing in the EU? Coinbase is about to make your holiday season extra spicy. Starting December 30, Europe’s crypto scene might be waving goodbye to some of its beloved stablecoins—chief among them, Tether. Yes, you heard that right, the largest stablecoin might soon be persona non grata in the EU, thanks to the snazzy new Markets in Crypto Assets (MiCA) regulations, MiCA, the EU’s new crypto sheriff, cracking down on stablecoins without proper licenses.

Coinbase is playing the role of the responsible adult at the crypto party (we know, ironic, right?), announcing they will de-list any stablecoin that hasn’t jumped through the EU’s regulatory hoops. Their deadline? December 30, 2024. So, consider this your festive gift from the regulatory gods: more compliance, fewer stablecoins. Ho ho ho.

The Tether Stablecoin Tangle: MiCA Madness

Tether, the heavyweight champ of stablecoins, isn’t exactly sweating it. They’ve graciously applauded the EU for their efforts but then slipped in a cheeky note that MiCA could “potentially introduce new risks.” Oh, really? You mean making something that was supposed to be stable suddenly more complicated might be risky? Shocking. But don’t worry, Tether promises a “technology-based solution” is on its way, which sounds like the crypto version of “don’t call me, I’ll call you.”

Here’s the kicker: Tether doesn’t have an e-money license in the EU. You know who does? Circle. So while Tether’s working on their secret tech magic, Circle’s already got their paperwork in order and is serving up those compliant USDC and EURC stablecoins like freshly baked regulation-compliant cookies. Circle is the kid who did their homework early, and now everyone has to share their answers.

Is This the Beginning of the End for Tether Stablecoin in the EU?

This brings us to the question everyone’s thinking but no one wants to ask: Is Tether toast in Europe? Are we about to see the top stablecoin dethroned by Circle just because of a few pesky laws? More importantly, does this mark the beginning of a world where compliance trumps innovation? Isn’t the whole point of crypto to shake off the shackles of traditional finance and bureaucracy?

Coinbase, ever the good student, says they’ll give EU users options to switch to other stablecoins. Because nothing screams decentralization like being told which coins you can use. At what point do we just admit that MiCA has turned the decentralized dream into the eurozone’s latest group project? Is this really the future we signed up for?

Can Crypto Survive the Rules?

And here’s where it gets existential. Is crypto about freedom and innovation, or is it just becoming another buttoned-up, rule-following financial system with shinier tech? MiCA might be a well-meaning attempt to clean up the crypto Wild West, but are we in danger of turning the wild frontier into a boring, rule-bound suburb where the only excitement comes from reading the fine print?

Not to worry, Coinbase will still list the Tether fraud everywhere else. https://t.co/GIjWuVpmio
— Bitfinex'ed Κασσάνδρα (@Bitfinexed) October 6, 2024

If stablecoins like Tether can’t survive the EU’s compliance maze, what’s next? Will we one day look back and say, “Remember when crypto was fun and unpredictable?” Or is this just the beginning of a more mature (read: boring) crypto ecosystem where only the regulatory darlings like Circle get to play?

Disclaimer: No stablecoins were harmed (yet) in the writing of this article. This is not financial advice. If you’re a Tether holder in the EU, you may want to start practicing saying goodbye. Or don’t. You’re in crypto; we live for the thrill, don’t we?

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BBVA Bank Eyes Stablecoin Launch Amid Growing Popularity of Digital Assets

Gairika Mitra — Fri, 04 Oct 2024 11:54:22 +0000

Spain’s second-largest bank, BBVA, plans to launch its own stablecoin in 2025 in collaboration with Visa.

Wu Blockchain mentioned this move in an X post on Thursday. This comes as stablecoins, digital currencies pegged to the value of a traditional asset like the U.S. dollar or euro, continue to gain popularity among financial institutions, businesses, and consumers alike.

BBVA is currently participating in Visa’s new project. Its stablecoin initiative is in the sandbox phase, which allows for early-stage testing of the concept. The goal is to move into the prototype and operational phases by next year.

Stablecoin Dominance Spurs Regulatory Concerns Amid Shifts in Global Activity

Stablecoins remain the most widely used type of crypto asset. Chainalysis data reveals that stablecoins were used for more than half of all on-chain transaction volume involving centralized services between June 2022 and July 2023. Notably, stablecoins pegged to the U.S. dollar account for over 90% of stablecoin activity. This has drawn significant interest from U.S. regulators, as USD-denominated reserves are central to the stability of these assets.

Concerns over the potential misuse of crypto assets leads to increased regulatory focus. This misuse is particularly troubling in relation to criminal activities that threaten national security. For example, North Korea-linked hackers have used stolen crypto, including stablecoins, to fund the country’s nuclear program. If U.S. regulators can curb stablecoins’ role in such illicit activity, it could significantly reduce the overall rate of cryptocurrency-related crime, given the large share of crypto transactions that stablecoins represent.

Navigating Change: The Importance of U.S. Stablecoin Oversight in an Evolving Digital Economy

In addition to crime prevention, stablecoin regulation offers a strategic opportunity for the U.S. to shape the future of the digital economy, according to Chainalysis. By implementing effective oversight, regulators can help ensure that U.S.-based cryptocurrency businesses remain at the forefront of innovation, further reinforcing the global dominance of the U.S. dollar as digital currencies evolve. However, recent data indicates that an increasing share of stablecoin activity is flowing through entities outside of U.S. regulatory reach.

Cases in which services where users transfer stablecoins reflect this shift. Since the spring of 2023, the majority of stablecoin inflows to the 50 largest cryptocurrency services have moved from U.S.-licensed platforms to non-U.S.-licensed ones, reversing a trend from late 2022 and early 2023. By June, 54.6% of stablecoin inflows to these top services were directed toward exchanges not licensed in the United States.

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The Shib Crypto Recap: Wednesday

Malaya Ruiz — Wed, 25 Sep 2024 21:01:31 +0000

In a world where cryptocurrencies once promised innovation and financial freedom, today’s headlines paint a more troubling picture, featuring tales of fraud, illicit drug distribution networks, and the numerous legal and ethical dilemmas surrounding various crypto ventures. Additionally, the intersection of artificial intelligence (AI) with this sector continues to garner attention, while the FTX saga remains an ever-evolving story. Together, these reports underscore the volatility and unpredictability inherent in the crypto space, prompting concerns about the safety and security of users.

Stablecoin Fraud and Other Crypto-Related Crimes on the Rise

The SEC has penalized crypto company TrueCoin LLC and financial services provider TrustToken Inc. for engaging in fraudulent and unregistered sales of investment contracts related to the stablecoin TrueUSD (TUSD). A complaint filed in the U.S. District Court for the Northern District of California details how the companies conducted an unregistered offering between November 2020 and April 2023, selling investment contracts and profit-making opportunities without disclosing significant risks to investors. While neither company admitted nor denied the allegations, both have agreed to settle the charges, paying civil penalties of $163,766 each, and have consented to judgments preventing future violations of federal securities laws.

Adding to the list of crimes related to illicit crypto transactions is the recent crackdown by South Korea’s Narcotics Crime Investigation Unit on a drug distribution network. This drug ring allegedly used cryptocurrency for illegal transactions, revealing a concerning trend of virtual assets being used in criminal activities. A 33-year-old distributor was arrested for smuggling methamphetamine into the country, along with six accomplices facing prosecution for drug-related charges. The use of cryptocurrency highlights the challenges law enforcement faces in monitoring emerging financial technologies, as officials stress that drug-related crimes threaten both community safety and public health.

Unethical and Exploitative? Worldcoin’s Tech Receives Backlash

Berlin-based cryptocurrency project Worldcoin currently faces serious legal and ethical issues. Despite attracting millions in funding, Worldcoin is under investigation for potential violations of the General Data Protection Regulation (GDPR), especially concerning its collection of biometric data through iris scans. The business model relies on creating a distinct digital identity, referred to as WorldID, using users’ iris data, which they exchange for WLD tokens.

Furthermore, Worldcoin has been criticized for allegedly exploiting marginalized populations, such as homeless individuals, and has been accused of incentivizing those with substance issues to participate in eye scans. Compounding these controversies, the company is facing scrutiny for potentially infringing privacy laws by scanning minors’ eyes without obtaining necessary parental consent.

Building the Backbone of AI: OpenAI’s Data Center Proposal

In a move aimed at addressing the increasing demand for AI technologies, OpenAI has proposed the establishment of large-scale data centers throughout the United States. The plan outlines the need for up to 5 gigawatts of power for these centers. It also anticipates the creation of tens of thousands of jobs and a positive impact on the U.S. economy, emphasizing that this infrastructure is vital for the country to maintain its AI development leadership and ensure national security.

However, some individuals in the energy sector remain skeptical about such ambitious projects. Joe Dominguez, the CEO of Constellation Energy Corp., highlighted the complexities associated with powering a single 5 GW center and noted that OpenAI’s vision of building multiple centers could face substantial obstacles due to existing issues with the energy grid, supply chain challenges, and workforce shortages. The U.S. currently has an installed nuclear capacity of 96 GW, and in a related development, Microsoft, OpenAI’s biggest investor, has partnered with Constellation Energy to rejuvenate the Three Mile Island nuclear plant to supply power for the next two decades.

FTX Fallout: Ellison’s Fate and Salame’s Stark Critique of Legal Disparities

Former Alameda Research CEO Caroline Ellison has faced sentencing for her involvement in the FTX collapse. While all of this was happening, Ryan Salame, the former co-CEO of FTX Digital Markets, accused Ellison of being the one who prompted him to make political contributions. He made sure to emphasize that he had never been asked to do so by Sam Bankman-Fried. He also commented on the flaws within the justice system, suggesting that high-priced attorneys essentially admit that beating the government at trial is nearly impossible.

When challenged on the disparity between his sentence and Ellison’s, considering her pivotal role in the fraud and the corresponding restitution, Salame implied sarcastically that he should have committed more crimes to receive a lighter sentence. Meanwhile, as Ellison was sentenced by Judge Lewis Kaplan, the judge recognized her remorse and exploitation at the hands of Bankman-Fried but emphasized that her cooperation wouldn’t excuse her from the consequences.

Wednesday’s developments paint a complex picture of the cryptocurrency and AI industries. While there are notable developments, the prevalence of crypto-related crimes and ethical dilemmas cannot be overlooked. This duality serves as a reminder that many innovations are still in their infancy. A careful and cautious approach is needed in finding a balance between innovation and responsibility.

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Crypto Sleuth Exposes Circle’s Hypocrisy in Lazarus Group Fund Freeze

Gushiken Yona — Mon, 16 Sep 2024 19:27:20 +0000

A lone blockchain investigator has ignited a firestorm in the crypto world by accusing stablecoin giant Circle of dragging its feet in freezing funds stolen by North Korean hackers Lazarus Group, raising questions about corporate responsibility and the effectiveness of blacklisting in the fight against cybercrime.

ZachXBT, a prominent on-chain sleuth known for exposing crypto scams and illicit activities, publicly lambasted Circle and its CEO, Jeremy Allaire, on X. “@jerallaire you do not care at all about the ecosystem except extracting from it,” ZachXBT wrote in a scathing tweet. “Not once have you ever blacklisted after a DeFi exploit / hack when there was ample time while you continue to profit off the transactions.”

The investigator’s accusations stemmed from Circle’s delayed response in blacklisting addresses associated with the Lazarus Group, a North Korean hacking syndicate notorious for its involvement in major cryptocurrency heists. ZachXBT claimed that Circle took 4.5 months longer than other major stablecoin issuers to blacklist the Lazarus Group funds. “You took 4.5 months longer than every other major issuer to blacklist Lazarus Group funds,” he tweeted. “So tired of your virtue signaling when you are the problem.”

Circle eventually blacklisted the addresses on September 14, freezing over $1.5 million worth of its USD Coin (USDC). This action followed similar moves by other stablecoin issuers, including Tether, Paxos, and Techteryx, which collectively froze nearly $5 million across two Lazarus Group-linked addresses.

ZachXBT’s initial investigation, published on April 29, revealed that the Lazarus Group had laundered over $200 million from 25 separate cryptocurrency hacks between 2020 and 2023. The $5 million blacklisted represents a small fraction of the total stolen funds but highlights the growing role of stablecoins in facilitating money laundering and the challenges in combating it.

1/ How Lazarus Group laundered $200M from 25+ crypto hacks to fiat from 2020 – 2023https://t.co/s8zNFwlamb
— ZachXBT (@zachxbt) April 29, 2024

When questioned about Circle’s delayed response, ZachXBT responded, “in public they pretend to be the compliant stablecoin helping protect the ecosystem when in reality it is not exactly true.” This statement underscores the growing skepticism within the crypto community regarding the commitment of some centralized entities to security and transparency.

The incident has sparked a broader debate about the effectiveness of blacklisting as a tool to combat cybercrime in the decentralized world of cryptocurrency. While freezing stolen funds can disrupt the activities of criminal organizations, it also raises concerns about censorship and the potential for abuse of power by centralized entities.

The $5 million blacklisted represents a minuscule portion of the entire stablecoin market, which currently stands at $172.4 billion, according to CoinGecko data. However, the incident serves as a stark reminder of the vulnerabilities within the cryptocurrency ecosystem and the need for greater vigilance and cooperation between industry players and law enforcement agencies to combat the growing threat of cybercrime.

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Adult Industry Unchained: The Crypto Shift to Slash Payment Fees

Malaya Ruiz — Sat, 07 Sep 2024 13:55:52 +0000

You know who loves adult websites? Internet users, of course! But let’s be real—not everyone is in favor of them, especially not mainstream payment processors. When it comes to traditional payments, adult sites are stuck in economic limbo, which makes dealing with regular banking a hassle and a half. It’s trickier and pricier!

Those in the business are not happy about this, and neither are those who are purchasing their services. C’mon, they’d rather use the money to pay for AI girlfriends.

Source: @mypeachai

So don’t worry if you’re on that side of the fence because the crypto revolution in adult entertainment has entered the picture. But remember that this is in no way a promotion of anyone or anything, although you might enjoy the little tip-off—AT YOUR OWN RISK.

Pioneering this revolution is Crass Kitty, the clever mind behind MyPeach.ai, an AI-powered sexting playground. Think of it as a digital dating app but with more virtual spice, thanks to AI. Normally, users would be flirting with a digital doppelgänger of their favorite OnlyFans star or splurging on some raunchy custom art with their credit cards. But times are changing, and so are payment methods on adult sites because why not?

Kitty’s got the scoop: if you’re buying crypto with your credit card, get ready to pay a 3-5% fee to payment processors. But if you’re venturing into adult entertainment territory, that fee goes up to a ridiculous 10-15%. That’s highway robbery! So Kitty thought it’s clear there’s a strong motivation to go crypto. ₿

Here’s how it works on MyPeach.ai. On the front end, customers are using their credit cards to get in on the action. But behind the curtain, they’re actually buying stablecoins and sending them over to the site. It’s actually clever if you think about it because payment processors charge fees for adult content that are practically a membership to a luxury country club!

Adult websites have a bit of a reputation when it comes to chargebacks. It’s basically an annoying game of ‘takebacks’ that no one wants to play. Card processors, sensing an opportunity, have slapped higher transaction fees on these sites so business owners are feeling the pinch when it comes to cash flow. What a buzzkill for them, right?

In reality though, Kitty soon realized crypto isn’t a one-size-fits-all miracle solution. As it turns out, new users, especially those without any crypto background, often freak out at the thought of setting up wallets and buying tokens when all they want is to flirt with their sexy AI darlings. Because of this, Kitty had a lightbulb moment and this is where all the fun begins.

She took a page from OnlyFans’ playbook, betting on the fact that users love personalized experiences and are willing to pay however much for their custom adult content. MyPeach.ai became a spicy platform where users can earn PEACH tokens for exchanging steamy texts with AI personas that match their desires. Crypto plus AI = genius. ₿ I guess no matter what business you’re in, if you mix these two, you always win!

For AI-generated images, tokens are the currency of choice. And if their token stash runs low, a simple credit card swipe gets them back in the game. Thanks to a little stablecoin wizardry!

We’re now living in the future, with platforms out there that make use of AI magic to whip up hyper-realistic nude images and the bonus of paying with cryptocurrency. Back in May, OpenAI started pondering whether it could responsibly toss in some age-appropriate NSFW content through its API and ChatGPT.

With the adult industry getting its blockchain groove on, we can only speculate what kind of futuristic tech tricks are waiting just around the corner. For those who enjoy this type of fun, it’s a wait-and-see game—the plot twist could be anything and everything.

Disclaimer: This is all in good fun and for educational purposes only. The Shib Daily or any Shiba Inu publication doesn’t promote anything mentioned in this article. But if adult content tickles your fancy, no judgment here! We only feel obliged to tell you to stay safe out there, whether you’re paying for services from humans or AI!

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Russia Unveils Plans for Crypto Exchanges to Boost Foreign Trade, Eyes Stablecoin

Gushiken Yona — Fri, 23 Aug 2024 10:06:55 +0000

Russia is set to shake up the global cryptocurrency landscape with ambitious plans to launch domestic crypto exchanges aimed at boosting foreign trade and introducing a stablecoin.

Russia is moving forward with plans to launch at least two cryptocurrency exchanges, one specifically designed to facilitate foreign economic activity (FEA) and trade, with the other being established in Moscow, a new report from Kommersant, a major Russian business-focused newspaper and media outlet, revealed.

The initiative, which is expected to operate within an experimental legal regime, reflects Russia’s ongoing efforts to navigate international sanctions and find new avenues for global trade.

The Moscow exchange remains in its early stages of planning. It is unclear whether it will be built on the existing Moscow Exchange platform or developed separately. The St. Petersburg exchange, however, is expected to leverage the infrastructure of the St. Petersburg Currency Exchange (SPCE), which already supports FEA.

While the creation of these exchanges presents a potentially powerful tool for Russia to circumvent sanctions and facilitate international trade, legal hurdles remain. Experts highlight that the classification of stablecoins as “digital financial assets” in Russia presents challenges in terms of technology, convertibility, liquidity, and securing a reliable backing.

In addition to the exchanges, Russia is reportedly planning to create a stablecoin pegged to the Chinese yuan (RMB) and potentially a basket of BRICS currencies. A development, which underscores the country’s strategic interest in exploring alternative financial systems and fostering closer economic ties with its BRICS partners.

The Russian government is considering the legal recognition of stablecoins for international transactions. According to a report by Izvestia last month, the Central Bank of Russia (CBR) is actively exploring proposals to allow the use of these cryptocurrencies, which are pegged to stable assets like the US dollar or gold, making them less susceptible to price fluctuations.

This potential legalization of stablecoins could provide Russian companies with a more efficient and flexible way to conduct cross-border payments, particularly in the face of sanctions that have limited their access to traditional financial systems. By adopting stablecoins, Russian businesses could potentially circumvent restrictions and maintain their economic ties with international partners.

Currently, Russian cryptocurrency regulation is primarily governed by the law “On Digital Financial Assets,” which establishes a framework for their issuance and circulation but lacks specific guidelines for crypto exchanges. The recent introduction of an experimental legal regime (EPR) could offer a potential solution.

Initially, access to these exchanges will be limited to a select group of participants, primarily large exporters and importers. Smaller businesses and individuals are unlikely to gain access in the early stages.

While Russia aims to bolster its foreign economic activity through these new platforms, overcoming the regulatory hurdles and mitigating the associated risks will be crucial for their success. The future of these exchanges remains uncertain, as their functionality will likely be limited by sanctions and the evolving regulatory landscape.

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Stablecoins: A Digital Solution to US Debt and Economic Stability

Saha Swatilakha — Mon, 17 Jun 2024 18:45:06 +0000

The U.S. economy faces significant challenges due to its large national debt and the growing influence of China in the global financial system. However, stablecoins backed by the U.S. dollar may offer a solution. These digital currencies create a demand for U.S. government debt, helping the country sustain its borrowing needs.

According to a Wall Street Journal article, the U.S. is on a perilous path toward a debt crisis that could stall the economy and force drastic budget cuts. Entitlement programs like healthcare and retirement benefits are driving the debt, yet political gridlock has prevented necessary reforms. WSJ warns of a potential failed Treasury auction, which could precipitate a severe economic contraction and a major confidence shock in the dollar.

The time for solutions is now, and stablecoins might offer a viable path forward. Paolo Ardoino, CEO of Tether, emphasized in a social media post on X the transformative impact of USDT on global financial dynamics, especially in developing economies. Ardoino highlighted that USDT fosters demand for the U.S. dollar among over 300 million users worldwide, offering stability in regions afflicted by inflation and currency devaluation. The Wall Street Journal supports this view, noting that stablecoins could stave off a U.S. debt crisis by being significant net purchasers of U.S. government debt.

USDT’s influence extends beyond financial stability. With significant holdings in short-term U.S. Treasury bills valued at $90.87 billion last quarter, Tether is among the top global buyers of these securities. This positions Tether as a substantial player in traditional financial spaces, further integrating cryptocurrency into mainstream economics.

Stablecoins also offer strategic advantages in the geopolitical arena, particularly against China. China has been pushing for non-dollar payments in trade with countries like Russia and the Middle East. The Chinese yuan recently became the fourth most used currency in global settlements. The demand for the yuan is expected to grow, especially after the collapse of the U.S.-Saudi Arabia petrodollar deal, coupled with China’s rapid advancement in digital currency.

“If other countries are successful at bolstering their currencies’ influence while dumping Treasury debt, the U.S. will need to find new ways to make the dollar more attractive. Dollar-backed stablecoins are one answer,” argues WSJ.

China is making rapid strides, aiming to embed the yuan in international financial networks through strategic infrastructure investments. If the U.S. aims to get ahead of this digital financial race, promoting dollar-backed stablecoins is a way to reinforce the dollar’s international dominance and secure a competitive edge against China. These stablecoins, built on public, permissionless blockchains, align with American values of freedom and openness, offering a stark contrast to China’s controlled financial ecosystem. As the U.S. navigates its economic challenges, embracing stablecoins could prove to be a crucial step in maintaining financial stability and global economic leadership.

A predictable regulatory framework for stablecoins has garnered bipartisan support in Congress. Establishing clear regulations would encourage the expansion of digital dollars, providing an immediate and durable increase in demand for U.S. debt. In this crypto election year filled with political turmoil, a push for stablecoin regulation could offer a much-needed economic boost and reaffirm the dollar’s global status.

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Tether CEO Rebukes Ripple’s Garlinghouse as ‘Uninformed CEO’ Over Claim of US Government ‘Going After’ USDT

Gushiken Yona — Mon, 13 May 2024 12:50:37 +0000

In a swift response to Ripple CEO Brad Garlinghouse’s assertion of the U.S. government’s scrutiny toward the world’s largest stablecoin, Tether (USDT), Paolo Ardoino, Tether’s CEO, didn’t hold back. Ardoino sharply rebuked Garlinghouse, labeling him an “uninformed CEO” of a company currently under investigation by the SEC and suggested that Garlinghouse’s remarks were spreading fear about USDT.

In a comprehensive post on the social media platform X (formerly Twitter), Tether’s CEO fired back at Ripple’s CEO’s assertions regarding U.S. government scrutiny of Tether. Ardoino labeled Garlinghouse’s statement as “spreading fear about USDt” and called it “Cui prodest”—a Latin phrase that translates to “who benefits?” in English.

The phrase is often used in discussions or analyses to question who stands to gain or benefit from a particular action, event, or situation. This phrase prompts consideration of motives and potential beneficiaries, especially in contexts where there may be hidden interests or agendas at play.

In the X post, Ardoino underscored the widespread adoption of USDT, particularly in underserved regions, and emphasized the coin’s compliance measures and safety. He stated, “Let me give you an update on Tether USDt ecosystem safety. USDt is the most used stablecoin in the world, with hundreds of millions of users across primarily emerging markets and developing countries.” Ardoino’s remarks aim to reassure stakeholders about the integrity of the USDT stablecoin amid external scrutiny.

An uniformed CEO, leading a company being investigated by the SEC, launching a competitive stablecoin (cui prodest), is being reported spreading fear about USDt.

Let me give you an update on Tether USDt ecosystem safety.

USDt is the most used stablecoin in the world, with…
— Paolo Ardoino (@paoloardoino) May 13, 2024

Ardoino emphasized the company’s commitment to ensuring a safe global financial ecosystem through robust compliance measures and the stability of USDT. He underlined, “At Tether, we believe that our main mission is to ensure that our entire community can benefit from a safe global financial ecosystem. There were, in fact, different crucial requirements that stablecoins need to fulfill in order to become widely adopted.”

The CEO further underscored Tether’s compliance with regulatory standards by leveraging blockchain transparency and collaborating with global law enforcement, saying “Tether USDt demonstrates its adherence to regulatory standards by utilizing blockchain transparency and engaging in partnerships with global law enforcement.”

Moreover, Ardoino enumerated Tether’s proactive approach to compliance and collaboration with law enforcement agencies worldwide. The list showed the stablecoin’s adherence to regulatory standards by respecting OFAC/SDN lists, employing a skilled internal investigation team, and leveraging partnerships with entities like Chainalysis.

The CEO also highlighted that Tether has cooperated with numerous law enforcement agencies, blocking significant amounts of funds associated with illicit activities. Additionally, Tether’s direct collaboration with law enforcement contrasts with other stablecoins, which may require a court order for compliance, potentially enabling prolonged illicit fund movement.

The Tether CEO’s response was prompted by Garlinghouse’s assertion of a “100% chance” of another crypto-related black swan event during a podcast interview. While Garlinghouse hinted at the U.S. government’s scrutiny of Tether, he didn’t elaborate on the reasons behind his assessment. Nevertheless, Garlinghouse acknowledged Tether’s pivotal role within the crypto market.

In April, blockchain firm Ripple announced its entry into the $150 billion stablecoin market by unveiling plans to launch a U.S. dollar stablecoin. This strategic move positions Ripple in direct competition with stablecoin giants Tether, responsible for the largest stablecoin USDT, and Circle, the issuer of USDC. Initially, Ripple intends to introduce its stablecoin exclusively in the U.S. but has not dismissed the possibility of expanding its offerings to include regional stablecoins tailored for non-U.S. markets such as Europe and Asia.

The post Tether CEO Rebukes Ripple’s Garlinghouse as ‘Uninformed CEO’ Over Claim of US Government ‘Going After’ USDT first appeared on The Shib Daily.

USDC Surpasses USDT in Transaction Volume: A Game-Changing Shift in Stablecoin Dynamics

Saha Swatilakha — Tue, 30 Apr 2024 12:57:01 +0000

In a remarkable turn of events, Circle’s USD Coin (USDC) has taken the lead over Tether’s USDT in stablecoin transactions, signaling a significant shift in the crypto market landscape.

According to recent data from Visa’s on-chain analytics, USDC recorded a staggering 166.6 million transactions in April, surpassing USDT’s 163.6 million transactions for the month.

This unexpected surge in USDC transactions has caught industry observers by surprise, especially considering Tether’s longstanding dominance as the world’s largest stablecoin with a market capitalization exceeding $110 billion. USDC, currently valued at $33.5 billion, has managed to outpace Tether despite its smaller market size.

The rising popularity of USDC can be attributed to several key factors. One of the standout features of USDC is its transparent reserve backing, which provides users with greater confidence in its stability compared to other stablecoins. Additionally, USDC’s growing utilization of decentralized finance (DeFi) applications has fueled its adoption among cryptocurrency enthusiasts seeking efficient and reliable trading options amid market fluctuations.

USDT, issued by Tether, has traditionally held sway in the stablecoin market, boasting a massive user base of over 34.2 million unique wallets in April. In contrast, USDC trailed behind with 9.57 million unique users during the same period. However, despite USDT’s larger user count, USDC’s surge in transaction volume reflects a shifting preference among traders and investors.

Stablecoins play a crucial role in the cryptocurrency ecosystem, allowing market participants to swiftly navigate in and out of digital assets with minimal exposure to price volatility. The growing adoption of stablecoins by countries for trade and commerce underscores a broader trend toward stability and reliability within the crypto space.

USDT, a stablecoin pegged to the U.S. dollar with a 1:1 ratio (though it depegged temporarily in the summer of 2023), has faced scrutiny in the past over concerns related to its reserve backing and potential for market manipulation. These issues may also have contributed to USDC’s recent surge in transaction volume as users seek more transparent and secure alternatives.

The rise of USDC as a transaction leader marks a milestone for Circle, and reflects evolving market sentiments toward more transparent and trusted digital assets. While Tether continues to maintain a dominant market share, the surge in USDC transactions signals a growing demand for alternative stablecoin options that prioritize accountability and security.

The post USDC Surpasses USDT in Transaction Volume: A Game-Changing Shift in Stablecoin Dynamics first appeared on The Shib Daily.

Stripe Returns to Crypto Payments: USDC Integration Signals Strategic Shift

Saha Swatilakha — Fri, 26 Apr 2024 11:36:35 +0000

In a surprising move, fintech giant Stripe announced its re-entry into the cryptocurrency market after a six-year hiatus, unveiling plans to accept crypto payments starting with the USDC stablecoin on Thursday. The news came during the company’s Connect developer conference in San Francisco, where co-founder and president John Collison revealed Stripe’s pivot towards embracing stablecoins for transactions.

This strategic shift marks a notable departure from Stripe’s previous stance on cryptocurrencies, notably pulling back from Bitcoin in 2018 due to its volatility. Now, Stripe is focusing on the stability and reliability of USDC, a leading stablecoin, allowing customers to transact seamlessly on Solana, Ethereum, and Polygon blockchains.

“We believe stablecoins offer a superior experience for transactions compared to volatile cryptocurrencies like Bitcoin,” stated John Collison, president of Stripe, highlighting the company’s evolving approach towards crypto adoption.

The decision to reintroduce crypto payments underscores Stripe’s ambitions to adapt to the changing landscape of digital finance while prioritizing customer experience and stability. By leveraging USDC, Stripe aims to streamline payments for its vast network of users, potentially opening doors for broader crypto integration in the future.

Stripe’s history with cryptocurrency has been a rollercoaster ride, from early experiments with Bitcoin to involvement in projects like Libra (now Diem) and more recent partnerships enabling USDC payouts for platforms like X (previously Twitter). This latest move signals a renewed commitment to exploring the potential of blockchain technology while mitigating risks associated with volatile assets.

On Wednesday, Stripe made a significant announcement by allowing customers to integrate competing payment providers alongside its suite of financial services for the first time. This decision represents a strategic shift aimed at opening up Stripe’s ecosystem and offering more flexibility to users. As Stripe reenters the crypto payments market, industry observers speculate about potential impacts on market dynamics.

Stripe’s comeback into crypto payments signals a notable shift in sentiment towards stablecoins, emphasizing reliability and scalability over speculative assets. As the company gears up for its crypto-enabled summer, stakeholders eagerly anticipate the implications of this strategic maneuver on the broader fintech landscape.

The post Stripe Returns to Crypto Payments: USDC Integration Signals Strategic Shift first appeared on The Shib Daily.

Stablecoin – The Shib Daily

Tether’s USDT Gains Key Abu Dhabi Approval, Boosting Institutional Use

Taiwan Plans First Stablecoin by 2026 as Crypto Laws Move Forward

Klarna Launches First Bank-Issued USD Stablecoin on Stripe’s Tempo

Western Union Bets on Stablecoins — What It Could Mean for SHIB Holders

Western Union Stablecoin Pilot Boosts Crypto Adoption

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Bank of England Stablecoin Cap Plan Sparks Backlash From UK Crypto Groups

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Shib Holder Opportunities with HKMA Stablecoin Licenses

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Circle Charts Its Own Course

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FDUSD Firestorm: Sun Presses Fraud Case with Hong Kong Officials

Justin Sun Escalates FDUSD Fraud Fight to Hong Kong Regulators

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The Shib News Recap: Thursday

SHIB Burn Rate Surges to Over 1,300%

DOJ Begins Investigation Into Javier Milei Over LIBRA Scandal

Bank of America Plans to Launch Dollar-Backed Stablecoin

Hackers Use Pump.fun X Account to Promote Fake ‘PUMP’ Token

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The Shib News Recap: Monday

SEC Investigation of OpenSea Nears Conclusion

Bybit CEO Proposes Bounty Program Following Major Cyberattack

Speculation Surrounds Binance’s Massive ETH and SOL Transfers

Infini Faces $49.5 Million Theft by Ex-Developer, Promises Investor Reimbursement

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Tether Under Scrutiny: Truth or FUD?

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The Shib Crypto Recap: Friday

Fidelity Data Breach: Thousands Affected as Hackers Steal Personal Information

Stablecoin Regulation in Focus: Senator Hagerty Introduces New Framework Proposal

Ripple Files Cross-Appeal Against SEC in Ongoing Legal Battle Over XRP

$35 Million Vanished: How a Phishing Scam Shook the DETH Market

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Coinbase to Drop Tether in the EU: Because Who Needs Stability When You Can Have Rules?

The Tether Stablecoin Tangle: MiCA Madness

Is This the Beginning of the End for Tether Stablecoin in the EU?

Can Crypto Survive the Rules?

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