Real Trump Coins promoted GOLD before deleting related X posts, while team-linked wallets sold 224.5 million tokens as its market value fell about 99%. A Solana-based token promoted by a Trump-linked coin brand collapsed within hours of its launch, raising questions over who was behind it and its unusual trading activity. Real Trump Coins, a brand US President Donald Trump publicly promoted in 2024, touted the “Trump Digital GOLD” token on X before deleting related posts on Saturday, according to blockchain analytics platform Lookonchain. The Real Trump Coins website continued promoting GOLD as of publication, advertising a 4% trading fee and pledging to use 99% of trading fees to buy back the token in an effort to make it a top-10 crypto asset by market capitalization. Read more
BIS chief Pablo Hernández de Cos said stablecoins lack credibility for payments at scale, while a new FSI study highlights sharp differences in issuer rules. The Bank for International Settlements is renewing its criticism of stablecoins, questioning their credibility as everyday money as governments worldwide build regulatory frameworks around the tokens. BIS General Manager Pablo Hernández de Cos, a candidate to succeed European Central Bank President Christine Lagarde next year, argued that stablecoins do not credibly function as a means of payment at scale. He said tokenized bank deposits offer a stronger alternative, Reuters reported on Friday. “Tokenised deposits offer a more direct path to harness tokenisation while preserving the monetary system’s foundations,” de Cos said. Read more
US spot Bitcoin ETFs posted $201.8 million in net outflows Friday, led by ARK 21Shares, as total fund assets slipped back below $100 billion. US-listed spot Bitcoin exchange-traded funds (ETFs) ended a nine-day inflow streak as Bitcoin fell below $78,000, while several altcoin ETF categories continued to see inflows. Bitcoin ETFs recorded $201.8 million in net outflows on Friday, ending nine consecutive trading sessions of inflows, according to SoSoValue data. The reversal followed more than $3 billion of net inflows during the nine-session run, while August flows remained positive at $3.3 billion with one US trading session left in the month. Total net assets fell to $97.6 billion after topping $100 billion on Thursday. Read more