Coinbase helped build USDC – Why is it now backing the stablecoin trying to replace it, Open USD?

The stablecoin market has long rewarded the companies that issue digital dollars. They take in customer cash, hold reserves in short-term government securities, and earn the yield.  Now, the companies that distribute those tokens want more of the economics.  That tension is at the center of Open USD (OUSD), a planned stablecoin backed by more than 140 financial, technology, and crypto firms, including Coinbase, Visa, Mastercard, Stripe, BlackRock, and Google.  The project promises free minting and redemption for businesses, as well as a reserve-income model that sends more value to the platforms driving adoption.  For Circle, the USD Coin ($USDC) stablecoin issuer, the most important name on that list is Coinbase.  The exchange helped turn $USDC into one of cryptos most widely used dollar tokens. Coinbase said in its first-quarter report that more than 25% of $USDC in circulation, or about $19 billion on average, was held across its products. It also said Base, its layer-2 network, processed 62% of global on-chain stablecoin transaction volume during the quarter.  That makes Coinbase‘s support for OUSD more than a symbolic endorsement. It gives Circle’s most important distribution partner a stake in a rival model just as the economics of stablecoin issuance are becoming more contested.  The cost of distribution  OUSDs

07-03

Ethereum is splitting into three power centers and ETH treasury firms are paying for two

Ethereum Institutional announced its launch on July 1, folding a year of the Foundations go-to-market work into a group pitching Ethereum to banks and asset managers on tokenization and stablecoins.  Ethlabs, built by five former senior Ethereum Foundation (EF) researchers, surfaced days earlier with the goal of faster settlement and $ETHs monetary case. Bitmine, Sharplink, and Joe Lubin fund both initiatives.  The timing lines up with an organizational unraveling within the Foundation itself, as Hsiao-Wei Wang stepped down as EF co-executive director on June 18, joining Tomasz Stańczaks earlier resignation and at least eight senior departures over five months.  The Foundations own March 2026 mandate already redefined its role: as a steward of self-sovereignty, censorship resistance, open-source code, privacy, and security, with no claim to being Ethereums parent or final authority.  That leaves room, deliberately or not, for outside groups to take over the commercial half of the work.  Ethlabs absorbed the technical and asset-value side, focused on infrastructure readiness, $ETH as a monetary instrument, and the arguments that make institutions comfortable holding and building on the chain.  Ethereum Institutional absorbed the sales side through relationship-building, forums, and the pitch decks that turn interest into deployed capital.  Both moved outside the EF because the Foundation was never

07-03

FBI director discloses Strategy holdings months after deadline: Report

Kash Patel, director of the Federal Bureau of Investigation (FBI) , reportedly omitted reporting exposure to Bitcoin treasury company Strategy, in violation of federal law.  According to a Wednesday report from the nonpartisan nonprofit news agency NOTUS, Patel “inadvertently omitted” a Strategy (MSTR) investment worth as much as $250,000. The purchase, which Patel conducted on Nov. 21, 2025, wasnt included in his December 2025 financial disclosures, as required for a government official under the Stop Trading on Congressional Knowledge (STOCK) Act.Source: NOTUS  Patel filed an amended report on May 26, indicating that the Strategy holdings were “inadvertently omitted” and “no current conflict exists” with the investment. Under the STOCK Act, some government officials and lawmakers must disclose financial transactions exceeding $1,000 no later than 45 days after executing the trade. Strategy, formerly known as MicroStrategy, is a registered US government contractor, raising concerns about conflicts of interest with Patels investments.  Although signed into law in 2012, the STOCK Act has come under fire from many in Congress who claim that lawmakers and White House officials who violate it do not face severe penalties. First-time violators are only subject to a $200 fine under the law, with additional penalties falling short of the hundreds

07-03انڈسٹری

Russia on track for digital ruble rollout on Sept. 1: Central bank governor

Russias central bank governor, Elvira Nabiullina, confirmed that the country was prepared to roll out its central bank digital currency (CBDC) in two months, following the timeline it laid out last year.  According to a Thursday report from Russian state media outlet RIA Novosti, Nabiullina said that “everyone is ready” for a Sept. 1 digital ruble launch. The CBDC will launch as a complement to Russias fiat currency, the ruble, and will initially be accepted by financial and credit institutions.  “We want the digital ruble to be in demand by people and businesses, to be convenient, and, of course, were constantly discussing [...] what functionality to develop,” said Nabiullina in a translated statement.  Pile of 5000 ruble banknotes next to a keyboard on a white surface, viewed from above. Source: Polina Tankilevitch, Pexels  The launch of a digital ruble, whose development began in 2021, has already been targeted by preemptive sanctions from European Union authorities, which announced restrictions on the CBDC in April. The European Council said that the sanctions package was in response to Russias “war of aggression against Ukraine,” which it started in February 2022.  According to the Bank of Russias first deputy governor, Vladimir Chistyukhin, the law allowing the digital ruble will

07-03انڈسٹری

IMF says tokenization could transform settlement and financial stability

The International Monetary Fund (IMF) says tokenization could fundamentally reshape how financial markets operate, marking one of the strongest acknowledgments yet from a global policymaker that blockchain-based infrastructure is moving into the financial mainstream.  In a blog published Thursday, Tobias Adrian, the IMF‘s financial counselor and director of its Monetary and Capital Markets Department, said tokenization is more than a niche crypto innovation. By bringing assets, settlement and recordkeeping onto a shared ledger, tokenization could compress today’s multi-day settlement process into near-instant transactions.  Adrian also warned that tokenization shifts risks away from traditional financial intermediaries and toward the underlying infrastructure, including smart contracts, distributed ledgers and service providers. Without common standards and coordinated regulation, tokenized financial markets could become fragmented across incompatible platforms, creating new sources of systemic risk.Source: IMF  The report comes as financial institutions accelerate efforts to integrate tokenization into traditional markets. The Clearing House, whose owners include JPMorgan Chase, Bank of America, and Barclays, reportedly plans to launch a tokenized deposit network in early 2027 to keep deposits within the regulated banking system while enabling faster, programmable payments.  The IMF‘s assessment aligns with recent research from PwC, which found that tokenization could address longstanding inefficiencies in traditional finance, including payment settlement

07-03انڈسٹری

Securitize becomes first to debut shares on NYSE and onchain, but it won't be the last

Quick TakeSecuritize today became the first firm to debut its stock simultaneously on the New York Stock Exchange and onchain.President Brett Redfearn said the firm is in discussions to tokenize other IPOs within the next year.  Leading tokenization firm Securitize (SECZ) began trading on the New York Stock Exchange on Thursday following a business combination with Cantor Equity Partners II late Wednesday.  After opening at $12.45, SECZ hit a midday high of $13.70, about a 10% jump, and closed the day at $12.30.  Securitize also launched tokenized versions of full SECZ shares on Solana and Avalanche, enabling broader global access to the stock and 24/7 trading, among other potential use cases.  This means that even though traditional U.S. stock markets will be closed Friday in observance of Independence Day, SECZ will continue to trade.  “Were gonna eat our own dog food,” Securitize President Brett Redfearn told The Block, discussing plans to bring stocks onchain.  While some firms have issued versions of their stock onchain, Securitize is the first to do so at debut. However, Redfearn believes this wont be true for long.  Redfearn, who served as director of the Securities and Exchange Commissions trading and markets division, said Securitize has been having numerous conversations with “capital markets

07-03انڈسٹری

Venice‘s $65M raise makes VVV holders ask how much of Venice’s growth reaches the token

Venice, the AI platform behind the $VVV token, raised $65 million in a Series A led by Dragonfly at a $1 billion equity valuation, its first outside capital raise. The company chose stock over its own token, and the market is already arguing about what that choice means for $VVV holders.  Series A investors received 8.98% equity, a 1.5 million $VVV vesting grant, and warrants to purchase 5 million additional $VVV over 8 years. That package brings together Dragonfly, Coinbase Ventures, North Island Ventures, and other participants on both sides of Venices capital structure, with equity and tokens held in the same deal.Holder groupAsset heldWhat they getKey limitationSeries A investors8.98% equity, 1.5M $VVV grant, warrants for 5M $VVVLegal ownership in Venice AI plus token-linked upsideToken exposure vests over time and depends on market demand$VVV holdersPublic tokenStaking access, $DIEM minting, exposure to buy-and-burn mechanicsNo direct legal ownership of Venice AIVenice treasury30M+ $VVVLargest token position; alignment with public $VVV holdersTreasury value depends on $VVV market priceVenice AI equity holdersCompany stockCorporate upside, ownership rights, contractual protectionsNot publicly liquid like $VVV$DIEM usersCompute credit minted through $VVV staking$1 of daily-renewing Venice compute access per $DIEMUtility exposure, not ownership exposure  Venices own $VVV page describes the token as

07-03

Bitcoins Thought to Have Been Forgotten for 10 Years Have Come to Life: A Huge Amount Is Still Dormant

According to data from the blockchain tracking platform Arkham, Bitcoins linked to Irish drug trafficker Clifton Collins, which were long thought to be “permanently lost,” have started moving again.  According to the data, an address linked to the Irish police transferred 500 $BTC to Coinbase Prime. The current market value of this transfer is estimated to be approximately $30.76 million. Following the transfer, the address still holds 4,500 $BTC, with a total estimated value of approximately $277.16 million.  Clifton Collins is known for his past beekeeping activities, but he was later arrested on drug trafficking charges. It is reported that Collins purchased approximately $30,000 worth of Bitcoin between 2011 and 2012, assets that are now worth hundreds of millions of dollars.  Related News CEO of a Crypto Firm Managing $4 Billion Shares Two Altcoins He Believes Are Bullish  However, because Collins claimed to have lost his private keys, those Bitcoins were considered inaccessible for a long time. Therefore, the assets were thought to be “permanently lost” for years.  However, in April of this year, 500 $BTC of these Bitcoins moved for the first time in almost 10 years. Another transfer of 500 $BTC took place in May. With this latest transaction, 500 $BTC has been

07-03

eToro leads $12.5 million round in onchain perps exchange Extended

Quick TakeThe investment is tied to a partnership between Extended and Zengo, the self-custody wallet eToro acquired earlier this year.Jump Crypto also participated in the round.  Trading platform eToro said Thursday it led a $12.5 million strategic round in Extended, an onchain exchange for perpetual futures.  Etoro said the investment is tied to a partnership with Zengo, the self-custody wallet eToro acquired earlier this year. At the time of the acquisition, Bloomberg reported Zengo was valued at around $70 million.  “The partnership will focus on expanding access to global financial markets through next-generation on-chain infrastructure,” eToro said in a post on X. “Together, we will explore opportunities to bridge traditional financial assets and decentralized trading environments.”  Jump Crypto also participated in the round, according to Thursdays post.  Extended, founded by former Revolut employees, opened trading in late 2024, according to a statement at the time. The platform is built on StarkWares onchain scaling engine, StarkEx.  Zengo, which was founded in 2018, built its wallet around multi-party computation cryptography, removing the need for seed phrases while offering token swaps, staking, and access to decentralized applications. Etoro has been integrating the non-custodial wallets technology into its brokerage platform, broadening its digital asset stack and connecting it with onchain

07-03انڈسٹری

CFTC‘s Selig says Illinois lawmakers ’decided they know better on crypto tax

Quick TakeCFTC Chair Michael Selig said Illinois lawmakers “slammed the brakes on technological progress” when they voted to enact a tax last month that puts into place a 0.2% tax on crypto transactions.The tax is scheduled to take effect in January 2027.  The Commodity Futures Trading Commission Chair Michael Selig sharply criticized Illinois decision to pass a law putting a 0.2% tax on crypto transactions, warning the state risks missing out on innovation and is diverging from Washington.  Selig says Illinois lawmakers “slammed the brakes on technological progress” when they voted to enact the tax last month. The Digital Asset Tax Act was signed into law by Governor JB Pritzker as part of the states FY2027 budget planning last month.  “Just as the internet revolutionized the transfer of information, blockchains will revolutionize the transfer of value,” Selig said in a statement. “Anything and everything is likely to be tokenized, or represented in crypto asset format – from commodities to currencies to stocks and bonds. Illinois lawmakers seeking to plan the states economy from an ivory tower have placed their constituents at a significant disadvantage.”  His statements were published in an op-ed in the Washington Times.  The tax is scheduled to take effect in January 2027.

07-03انڈسٹری
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