Everything web3, crypto, defi, degen
In brief The deal raises roughly $231 million payable in BTC or SolvBTC, issued by Solv Protocol. Zeta says the transaction enhances its balance sheet and reflects confidence in Bitcoin’s fundamentals. The group touts the deal as a way to fuse Bitcoin’s scarcity with sustainable yield. Nasdaq-listed fintech firm Zeta Network Group has entered into…
In brief Crypto markets crashed last week, and Dogecoin has taken the hardest hit among major assets. While Bitcoin and Ethereum are still suffering following the sell-off, Dogecoin is faring far worse. Experts said that the coin is not finding enough use cases and may be facing an identity crisis. Following last week’s flash crash,…
In brief Philippine Senate Bill 1330, filed by Senator Paolo Benigno “Bam” Aquino IV, seeks to mandate blockchain-based tracking of government spending under an $8.6 million initial appropriation. The push follows public scrutiny over $9.2 billion in infrastructure projects flagged for irregularities. Lawyers told Decrypt the bill risks concentrating control, limiting data contestability, and turning…
In brief Visa reports stablecoins have originated $670 billion in lending over five years, with average loan sizes rising from $76,000 to $121,000. USDC and USDT dominate stablecoin lending, mirroring their share of the $307 billion total stablecoin market. The IMF warns that stablecoin growth could lead to excessive risk-taking and financial system vulnerabilities. Payments…
In brief Bitcoin is in a critical confidence-rebuilding phase after last week’s liquidation cascade, Decrypt was told. Experts are divided, with some seeing a market bottom and others warning of persistent headwinds. Sustainable recovery depends on improved macro conditions and the return of institutional demand. Bitcoin’s latest pullback has cleared the decks for a potential…
In brief The channel was briefly compromised late Wednesday, promoting a Solana-based token. An hour later, the PGL YouTube channel, run by the Romanian esports organizer behind Valve-sanctioned tournaments, was also reportedly hijacked to stream a fake Bitcoin giveaway. Decrypt independently verified screenshots of the compromised Dota 2 channel before the content was removed. The…
Crypto industry observers were baffled Wednesday afternoon when an on-chain transaction showed that Paxos, the issuer behind the PayPal-branded PYUSD stablecoin, minted $300 trillion worth of the tokens on the Ethereum blockchain.A little over 20 minutes later, all 300 trillion PYUSD tokens were “burned,” or effectively destroyed, by sending them to an inaccessible network address.Paxos…
In brief Joe Moglia, former TD Ameritrade chairman and current chair of Ethereum treasury FG Nexus, says every stock, option, mutual fund, and ETF will be tokenized within five years. FG Nexus is also exploring the tokenization of its reinsurance company’s risk exposure. Industry experts say the timeline is plausible, even with infrastructure challenges including…
In brief Synthetix (SNX) is up 190% over the past month ahead of its Q4 Ethereum mainnet perpetual DEX launch. The rally has fueled a spike in on-chain activity with 975 new wallets and 229 whale transfers in a day. Experts call the recent pullback a healthy correction, with long-term growth depending on user retention.…
In brief Bridge, Stripe’s stablecoin arm, has applied to the OCC to form a national trust bank under the GENIUS Act. The charter would place its stablecoin issuance and reserves under a unified federal framework. Bridge joins Circle, Paxos, Ripple, and Coinbase in seeking federal trust bank approval. Bridge, the stablecoin infrastructure arm of Stripe,…
