USDT0 expands to 11 networks with Polygon integration, while XAUT0 grows following its TON debut and HyperEVM integration. Polygon, a layer-2 (L2) scaling solution for Ethereum, is about to upgrade to the USDT0 standard, the unified liquidity network that introduced the omnichain versions of Tether’s USDT and XAUT. USDT0 (USDT0) and XAUt0 (XAUt0), cross-chain liquidity stablecoins enabled by LayerZero's Omnichain Fungible Token (OFT), are launching on the Polygon blockchain, USDT0 operator Everdawn Labs announced to Cointelegraph on Wednesday. The integration marks a milestone for XAUt0, with Polygon becoming its third blockchain integration following XAUt0’s debut on TON and Hyperliquid’s HyperEVM. Read more
Four whales realized a cumulative $47.5 million profit on Hyperliquid, spurring price manipulation allegations related to XPL’s 200% rally. Update (Aug. 27 at 5:44 pm UTC): This article has been updated to reflect that a blockchain analyst retracted a claim linking Justin Sun to a whale wallet. Four whales, or big cryptocurrency investors, were accused of price manipulation that resulted in a $4.59 million loss for one unfortunate trader, raising questions about the reliability of decentralized trading platforms over their centralized counterparts. Four whale addresses profited a combined $47.5 million after the recently launched Plasma blockchain’s (XPL) token soared 200% to over $1.80 in minutes on the decentralized exchange Hyperliquid. Read more
Coinbase, Kraken, Ripple, a16z and others pressed the Senate to add explicit protections for developers and non-custodial services in the market structure bill. A coalition of 112 crypto companies, investors and advocacy groups has called on the US Senate to include protections for software developers and non-custodial service providers in upcoming market structure legislation. A letter sent Wednesday to the Senate Banking and Agriculture Committees, authored by the DeFi Education Fund and its coalition partners, said the industry spoke “with one voice,” urging lawmakers to ensure developers and non-custodial actors are not misclassified as intermediaries under outdated financial rules. “Provide robust, nationwide protections for software developers and non-custodial service providers in market structure legislation,” the letter said. “Without such protections, we cannot support a market structure bill.” Read more