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Crypto & Web3CoinDesk ·

Dollar Dominates Euro 300-to-1 Onchain Despite Near-Parity Offchain

A report by Ryan Connor of RockawayX highlights a stark disparity between the dollar and euro in the crypto economy. While the dollar leads the euro roughly 3-to-1 in traditional finance, the gap widens to over 300-to-1 in onchain activity. Euro-pegged stablecoins currently account for just €711 million, representing less than 1% of total stablecoin supply. Connor attributes this imbalance to historical path dependency and an underdeveloped euro-denominated DeFi infrastructure. However, he suggests that MiCA-regulated stablecoin issuance and the emergence of euro vault rails could begin to close the gap.

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Crypto & Web3CoinDesk ·

Kalshi Election Market Data Now Available on DoubleZero Before Midterms

Prediction market platform Kalshi has made its election market data live on the DoubleZero network ahead of the upcoming U.S. midterm elections. The integration provides institutional and automated traders with access to full-depth order books from Kalshi's political prediction markets. DoubleZero is a high-performance data infrastructure network designed to serve professional and algorithmic trading participants. The move signals growing institutional interest in political prediction markets as a tradable asset class.

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Crypto & Web3CoinDesk ·

PayPal launches PYUSD developer platform for custom stablecoin issuance

PayPal has unveiled PYUSDx, a new developer platform designed to enable custom stablecoin token issuance built on its PayPal USD (PYUSD) stablecoin. The platform was developed in partnership with blockchain infrastructure firm M0 and crypto payments company MoonPay. PYUSDx is intended to expand the utility and reach of PayPal's stablecoin by giving developers tools to create and deploy their own tokens. The move signals PayPal's broader ambition to deepen its presence in the digital assets and stablecoin infrastructure space.

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Crypto & Web3CoinDesk ·

Hunter Biden-themed LAPTOP token crashes 98% within an hour of launch

A cryptocurrency token called LAPTOP, themed around Hunter Biden's laptop controversy, debuted with a valuation of $1.6 billion before collapsing nearly 98% in value within an hour. The token's price swung dramatically from $190 to under $4 within minutes of opening on Base, a blockchain network. Onchain records revealed that tokens had been pre-distributed to market makers for approximately a week before public trading began. The rapid collapse has raised concerns about potential manipulation surrounding the token's launch.

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Crypto & Web3CoinDesk ·

Why KYC Data Is a Hacker Target and How to Fix Identity Verification

Know Your Customer (KYC) data collected by financial and crypto services has become a prime target for hackers due to its concentrated, sensitive nature. Coin Center's Laz Pieper argues that the current model of storing personal identity data creates dangerous honeypots for cybercriminals. Pieper advocates for privacy-preserving identity verification systems as a safer alternative to traditional KYC practices. Such systems would allow users to prove only the specific information a service requires, without exposing underlying personal data. This approach would give individuals greater control over their own identity information while reducing the risk of large-scale data breaches.

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Crypto & Web3CoinDesk ·

Algorand appoints ex-Chainlink executive William Herkelrath as new CEO

Algorand has named William Herkelrath as its new Chief Executive Officer. Herkelrath previously held executive roles at both Chainlink and Curv, bringing significant blockchain industry experience to the position. He will be responsible for steering Algorand's strategic direction going forward. His leadership will focus on expanding the organization's presence in institutional finance and advancing quantum-resistant security capabilities.

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Crypto & Web3CoinDesk ·

Germany proposes taxing Bitcoin gains like stocks in new draft legislation

Germany is considering a draft bill that would change how Bitcoin and other cryptocurrencies are taxed, bringing them in line with stocks and other capital assets. Under the proposed rules, gains from Bitcoin would be subject to capital gains tax regardless of how long the asset has been held. This marks a significant shift from the current framework, which allows investors to sell cryptocurrency tax-free after holding it for at least 12 months. Importantly, existing holdings would be grandfathered in, meaning they would retain the current favorable tax treatment. The proposal signals a broader move by German authorities to tighten regulation and taxation of digital assets.

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Crypto & Web3CoinDesk ·

Crypto Groups Seek Court Injunction to Pause Illinois Digital Asset Tax

Two major crypto lobbying organizations, the Crypto Council for Innovation and the Blockchain Association, have filed a motion for a preliminary injunction to temporarily suspend an Illinois digital asset tax. The move comes weeks after the same groups filed a lawsuit seeking to block the law entirely. The injunction request aims to halt enforcement of the tax while the broader legal challenge works its way through the courts. The groups argue the law is problematic enough to warrant an immediate pause pending the outcome of litigation.

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Crypto & Web3CoinDesk ·

U.S. Bank Tests USBDC Stablecoin for Cross-Border Treasury Payments

U.S. Bank, the fifth-largest commercial bank in the United States, has completed a live cross-border payment transaction using its own stablecoin, USBDC. The test marks a significant step forward in the bank's exploration of digital currency for institutional use. The bank is evaluating USBDC for applications including treasury payments, liquidity management, and collateral. This development signals growing interest among major traditional financial institutions in integrating stablecoin technology into core banking operations.

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Crypto & Web3CoinDesk ·

OpenAI AI Agents Claim $1M Math Breakthrough, but Mathematicians Raise Doubts

OpenAI has announced that 10,000 AI agents working together produced a proposed solution to one of mathematics' seven Millennium Prize Problems, each carrying a $1 million reward. The feat was reportedly achieved by an internal model described as more powerful than GPT-4, referred to as Astra. However, the announcement has sparked debate within the mathematics community, with experts questioning how independently the AI system actually arrived at the solution. Concerns center on whether the result constitutes a genuine autonomous mathematical discovery or relied heavily on human-guided inputs.

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Crypto & Web3CoinDesk ·

Bitcoin rises toward $80K alongside gold as oil surges and equities slide

Bitcoin climbed to a high of $79,700 as global markets reacted to heightened geopolitical tensions following Iranian strikes. Brent crude oil crossed the $100-per-barrel mark amid the turbulence, while European equity markets declined. Notably, Bitcoin appeared to track gold's movement rather than that of traditional stocks during the selloff. The divergence suggests a potential shift in how investors are treating crypto assets during periods of geopolitical uncertainty.

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Crypto & Web3CoinDesk ·

Iran Allows Exporters to Use Crypto for Repatriating Overseas Earnings

Iran has relaxed its currency controls to permit exporters to bring their overseas earnings back home using cryptocurrency, according to the Financial Times. The move allows traders to directly fund imports with their foreign earnings, effectively sidestepping the country's official foreign-exchange system. The policy shift represents a notable easing of Iran's traditionally strict currency regulations. This development signals Iran's growing willingness to integrate digital assets into its broader trade and financial framework.

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Crypto & Web3CoinDesk ·

Singaporean, 22, pleads guilty to leading $245M crypto fraud ring in the US

Malone Lam, a 22-year-old Singaporean residing in Miami, has pleaded guilty to leading a large-scale cryptocurrency fraud operation. The scheme resulted in the theft of approximately 4,100 bitcoin, valued at around $245 million. Lam headed a ring of fraudsters who carried out the crimes through a combination of online scams and physical home invasions. Victims were targeted and robbed of their digital assets through these coordinated methods. The case marks one of the more significant crypto theft prosecutions in recent years.

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Crypto & Web3CoinDesk ·

India's FIU flags 15 crypto platforms for anti-money laundering violations

India's Financial Intelligence Unit (FIU-IND) has issued non-compliance notices to 15 cryptocurrency platforms operating in the country. The regulator classified these firms as virtual digital asset service providers under its oversight framework. The notices were issued due to lapses in adherence to anti-money laundering (AML) regulations. This action signals India's continued push to bring crypto businesses in line with its financial compliance standards.

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Crypto & Web3CoinDesk ·

XRP ETFs Draw $2M Inflows as Bitcoin, Ether and Solana Funds Face Outflows

XRP exchange-traded funds attracted nearly $2 million in inflows on Tuesday, standing out against a broader trend of losses across crypto ETFs. Bitcoin, ether, solana, and hyperliquid funds all recorded net outflows on the same day. Grayscale's products were solely responsible for the outflows seen in both the bitcoin and ether ETF categories. The divergence highlights shifting investor appetite, with XRP products bucking the wider market retreat.

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Crypto & Web3CoinDesk ·

Anthropic Researcher Resigns, Warns AI Could Pose Existential Risk by 2030

A researcher at Anthropic has resigned from the AI safety company, citing serious concerns about the technology's potential dangers. The individual, identified as Coxon, publicly announced the resignation on X, formerly Twitter. In the post, Coxon stated that those actively developing AI genuinely believe it could pose a lethal threat to humanity before the end of this decade. The warning draws comparisons to fictional doomsday AI scenarios, such as those depicted in the Terminator film franchise. The resignation highlights growing unease even among insiders at leading AI research organizations about the long-term risks of advanced AI systems.

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Crypto & Web3CoinDesk ·

Hunter Biden launches LAPTOP memecoin, calls out Trump's crypto venture

Hunter Biden is set to launch a memecoin called LAPTOP on Wednesday. He has described the token as being centered on themes of resilience, redemption, and recovery. As part of the launch, Biden plans to distribute coins to nearly one million crypto wallets that suffered losses on the TRUMP memecoin. He took a swipe at the Trump token, labeling it a 'grift' in his defense of the new project.

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Crypto & Web3CoinDesk ·

US Agencies Accuse Six Chinese AI Firms of Extracting Capabilities from American Models

Six Chinese artificial intelligence companies have been accused by US agencies of systematically extracting capabilities from American AI models. Moonshot, the company behind the Kimi AI model, is among the firms named in the accusations. Kimi had previously rattled financial markets earlier this year upon its release. US authorities allege these firms used American models as a foundation to build and enhance their own AI systems. The accusations raise fresh concerns about intellectual property and technology transfer in the global AI race.

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Crypto & Web3CoinDesk ·

Bitcoin Steadies Near $79,000 While Zcash Surges 43% on Grayscale ETF Milestone

Bitcoin dipped to approximately $77,600 on Tuesday before recovering most of its losses, ending the day largely flat. Meanwhile, Zcash posted a notable weekly gain of around 43%, outperforming the broader crypto market. Grayscale's newly launched Zcash-focused fund reached a significant milestone, crossing $500 million in assets. The developments highlight diverging momentum across different digital assets amid an uncertain market environment.

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