Binance-linked companies sued RedotPay, accusing it of diverting more than 470,000 Binance Card users under a commercial deal and seeking nearly $473 million in damages. Binance-affiliated companies have sued the founders of Hong Kong-based cryptocurrency payments company RedotPay, alleging it diverted more than 470,000 users from Binance Card in breach of their commercial agreement. The plaintiffs seek nearly $473 million in damages, alleging the conduct contributed to RedotPay’s valuation as the company considers a potential initial public offering, Bloomberg reported Wednesday, citing a Hong Kong court filing it obtained. RedotPay said it is defending the proceedings and rejected what it described as “unfounded allegations” against the company and its co-founders. “RedotPay is strenuously defending the proceedings,” a RedotPay spokesperson told Cointelegraph, adding that it will respond through the appropriate legal process. Read more
Stablecoin issuer Circle reported $701 million in Q2 revenue, missing Wall Street estimates of about $713 million. Stablecoin issuer Circle reported $701 million in revenue for the second quarter of fiscal year 2026 on Wednesday, narrowly missing preliminary Wall Street estimates. Circle reported $701 million in total revenue and reserve income, up 7% year-over-year, according to its announcement. It also reported net income from continuing operations of $48 million, marking a $530 million year-over-year increase. Circle also reported $668 million in reserve income, which increased 5% year-over-year, primarily due to a 25% increase in average USDC (USDC) circulation. Read more
US spot Bitcoin ETFs drew $382 million in two-day inflows, with Galaxy’s Bitcoin ETF returning to gains as the Coldcard incident renewed custody concerns. US-listed spot Bitcoin exchange-traded funds (ETFs) are attracting fresh capital as a high-profile cryptocurrency custody incident puts renewed focus on digital asset security. Spot Bitcoin ETFs recorded $211.5 million in net inflows on Tuesday, adding to Monday’s $170 million, according to data from SoSoValue. The inflows came as the ongoing Coldcard hack drew attention from analysts, with Galaxy Research estimating that the attack may have affected as many as 7,300 addresses and resulted in about $130 million in suspected Bitcoin (BTC) losses from users of the hardware wallet. Read more
The rating recognizes the fund’s ability to maintain a stable net asset value, while S&P separately reaffirmed USDT among the lowest-rated stablecoins under its existing assessment framework. S&P Global Ratings assigned its highest principal stability fund rating to BlackRock’s new tokenized money market fund. The ratings provider assigned an “AAAm” rating to the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle (BRSRV) on Monday, citing the creditworthiness of its investments and counterparties, its maturity structure and management’s ability to maintain a stable net asset value. S&P said it identified “no weaknesses” in its qualitative assessment of BlackRock Advisors’ management and organization, credit research and analysis, risk management and compliance. Read more