The launch of the UBI program, utilizing a “digital sovereign bond,” occurred two months after the IMF warned against the island nation using an “untested” digital asset. Update (Nov. 18 at 12:10 am UTC): This article has been updated to include a statement from David Paul. The Republic of the Marshall Islands announced that it would allow citizens to access funds through a government-issued digital asset as part of the nation’s Universal Basic Income (UBI) program. In a Wednesday announcement shared with Cointelegraph, the government of the Pacific island nation said it had launched a digital wallet called Lomalo, which will utilize the US dollar-pegged stablecoin USDM1 to enable citizens to access the UBI program. According to the government, the first disbursement of funds will occur in late November, allowing citizens to access them through their wallet, by physical check, or via direct deposit. Read more
The new omnichain token brings fully backed dollar liquidity to Hyperliquid, Plume and Aptos while keeping a single regulated supply across networks. Paxos Labs has launched USDG0, an omnichain extension of its regulated USDG stablecoin, bringing fully backed dollar liquidity to Hyperliquid, Plume and Aptos through LayerZero’s OFT standard. According to an X post from Paxos Labs on Tuesday, USDG0 extends USDG (USDG), a 1:1 dollar-backed stablecoin issued by Paxos and governed by the Global Dollar Network, to new chains without creating separate wrapped versions. By using LayerZero’s OFT standard, USDG0 can move across blockchains as a single native asset while preserving the same regulatory protections and backing as USDG on Ethereum, Solana, Ink and X Layer. Read more
Bitcoin whales are accelerating their purchasing despite BTC’s short-term bearish outlook. Meanwhile, Wall Street analysts expect BTC to hit new all-time highs before the end of 2025. Key takeaways: Bitcoin’s drop below its MVRV Mean band puts $75,700 as the next major downside target. BTC whales are accelerating their purchases as Wall Street analysts predict a 40% price rebound by year-end. Read more
The OCC said authorized national banks could hold crypto under specific circumstances, citing examples under the recently passed GENIUS act. The US Office of the Comptroller of the Currency (OCC) issued guidance to banks confirming their authority to hold specific cryptocurrencies for the purpose of paying network gas fees. In a Tuesday notice, the OCC said US banks were allowed to hold crypto on their balance sheets to pay network, or gas fees, provided the transactions were for permissible activities. The regulator said that an authorized national bank “may hold amounts of crypto-assets as principal necessary for testing otherwise permissible crypto-asset-related platforms.” “As with any activity, a national bank must conduct these activities in a safe and sound manner and in compliance with applicable law,” said the OCC. Read more
Bitcoin jumped 4% as US equities dropped ahead of Nvidia’s earnings report, but onchain data noted weak institutional demand. Does data show BTC's rebound as a sign of spot buying? Key takeaways: Bitcoin rebounded 4% from a key range under $90,000, outperforming US equities on Tuesday. Tech stocks slid ahead of Nvidia’s pivotal Q3 earnings, which may determine the next phase of the AI trade. Read more