Stablecoins promise seamless dollar movement, but fragmented liquidity is turning large transfers into complex execution problems, says Eco CEO Ryne Saxe. Stablecoins behave like a fragmented foreign exchange market, where liquidity is spread across blockchains and pools, creating price differences and uneven access to dollar liquidity. Moving stablecoins looks simple on the surface. But under the hood, it’s often a multi-step transaction routed across chains and pools. “It’s a very special case of a foreign exchange market onchain, and that leads to bad user experience, with unexpected slippage, transaction reversion and unfamiliar information when moving your dollar from point A to point B,” Ryne Saxe, CEO at stablecoin infrastructure company Eco, told Cointelegraph. Read more
Spot Bitcoin ETFs recorded nearly $1 billion in weekly inflows, their strongest performance in over three months amid improving risk sentiment. Spot Bitcoin exchange-traded funds (ETFs) recorded nearly $1 billion in net inflows over the past week, marking their strongest performance in more than three months as market sentiment shifts toward risk assets. Data from SoSoValue shows that spot Bitcoin (BTC) ETFs attracted $996 muillion in total net inflows last week, the highest weekly intake since early January, when inflows reached about $1.4 billion. Friday saw $663.9 million in inflows, the strongest single-day performance of the week. Earlier gains included $411.5 million on Tuesday and $186 million on Wednesday, followed by a more modest $26 million on Thursday. The period began with a $291 million outflow on Monday. Read more
The SEC has sued crypto executive Donald Basile over an alleged $16 million scheme involving false claims about an “insured” Bitcoin Latinum token. The US Securities and Exchange Commission has filed a lawsuit against crypto executive Donald Basile, accusing him and two companies he controlled of raising about $16 million from investors through false claims tied to a so-called “insured” crypto token known as Bitcoin Latinum. In a complaint filed Friday in the US District Court for the Eastern District of New York, the SEC alleged that Basile ran the scheme between March and December 2021 through Monsoon Blockchain Corp. and GIBF GP Inc., offering investors Simple Agreements for Future Tokens (SAFTs) that promised future delivery of the token, according to a report from The Wall Street Journal. Regulators said hundreds of investors were told the asset was backed and insured, but the SEC alleged no insurance company ever provided coverage or any proof that these claims were true, per the report. Read more
The USDC Bridge adds to Circle's Cross-Chain Transfer Protocol, which often sees over $500 million worth of USDC transfers each day. Stablecoin issuer Circle has launched USDC Bridge, a new user interface built on top of the Cross-Chain Transfer Protocol (CCTP) that seeks to simplify native cross-chain transfers of the USDC stablecoin. On Friday, Circle’s USDC X account said the bridge allows users to move the USDC (USDC) stablecoin in a “predictable, transparent way,” citing a native burn-and-mint transfer mechanism and no bridge complexities. Gas fees will be handled automatically, fees will be shown upfront, and live status updates will be provided throughout the transfer, Circle added. Read more
X’s Cashtags feature has been integrated into Canadian-based online brokerage Wealthsimple, but has not yet been adopted by a US trading platform. Social media platform X has already generated roughly $1 billion in trading volume from its new Cashtags feature, which allows users to view stock and crypto data directly from the app. In a post to X on Friday, the company’s head of product, Nikita Bier, said the estimated $1 billion in trading volume was reached after launching on Tuesday night, citing data aggregated from X’s trading pilot. Based on aggregated data from our trading pilot, X has driven a estimated $1 billion in trading volume globally since launching on Tuesday night. https://t.co/TimRE4U37S Read more