Paxos’ USDH plan brings PayPal/Venmo links, a $20-million fund and yield sharing. Could it turn Hyperliquid into DeFi’s next liquidity hub? Put simply, too much profit is directed to issuers. In most cases, the yield from reserves flows back to those managing the stablecoin rather than to its users. When you hold a stablecoin like USDC (USDC) or Tether’s USDt (USDT), the issuer (Circle or Tether) holds real dollars or safe assets (such as US Treasurys, money market funds or cash) to back every token in circulation. Read more
Bitcoin Core proponents defend OP_RETURN changes as neutral, while critics warn of spam and capture. Bitcoin Core’s next major upgrade has reignited old tensions in the community, pitting developers who want a neutral, fee-driven network against purists who see non-financial data as spam. Bitcoin Core v30, expected in October, will remove the 80-byte cap on OP_RETURN, the part of a transaction script that allows users to embed arbitrary data. Bitcoin Core is software that runs the Bitcoin network, maintained by an open group of developers but widely relied upon by miners and node operators. While alternatives such as Knots exist, Bitcoin Core is the protocol’s reference implementation that is run by the majority of the network. Read more
Coinbase Ventures led a $14.6 million round for Bastion, a startup providing white-label stablecoin issuance with backing from Sony, Samsung, A16z and others. Update (Sept. 24, 5:45 pm UTC): This article has been updated to correct the date of Bastion’s $25 million raise in September 2023. Stablecoin infrastructure startup Bastion has raised $14.6 million in a funding round led by Coinbase Ventures, the company said Wednesday. According to a Wednesday announcement, the round also saw the participation of Japanese tech giant Sony, the investment subsidiary of South Korean phone maker Samsung, the crypto arm of venture capital (VC) firm Andreessen Horowitz and crypto VC firm Hashed. Read more
Bitcoin traders supplied BTC price levels to cause “max pain” around a giant $17.5 billion options expiry, while Bollinger Bands set new records. Key points: Bitcoin price wars between bulls and bears continue as traders line up end-of-month BTC price targets. These include a return to $107,000 or lower before a rebound. Read more
While crypto focuses on US and EU markets, real adoption is happening in Argentina, Nigeria and the Philippines, where digital assets solve survival needs. Opinion by: Maksym Sakharov, group CEO at WeFi The crypto industry has been focused on the same markets: the United States and the European Union. The conversation has mainly concerned regulatory clarity, speculative gains and institutional access, whether Silicon Valley’s venture capital firms or Wall Street’s exchange-traded fund issuers. Unfortunately, this fixation is blinding much of the industry to a more pressing reality, where the future of crypto adoption isn’t in New York, London or Brussels, but rather in Lagos, Buenos Aires and Manila. Read more
Bitcoin might seem like a religion to some — but how do the world’s major religions view cryptocurrency and what can they teach us about it? Since the invention of money, the major religions of the world have grappled with its effect on human morality, the unequal distribution of wealth, and the indignities of poverty. Through money, even the incorruptible can become corrupted, said the 19th-century Hasidic rabbi Menachem Mendel Kotzk. Therefore, if they desire to invest their money, let them exercise diligent care lest they be snatched by cupidity, the source of all evil, wrote Pope Benedict XIV in a 1749 encyclical. Read more