Circle stock sinks as payments, crypto giants back rival stablecoin
MetaMask now pays you 4% just for holding dollars in your wallet.
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The stablecoin wars just got a heavyweight challenger.
Old alliances are fracturing, new ones are forming, and no one's safe.
Meanwhile, your crypto wallet wants to be your savings account, and OKX wants robots to apply for jobs.
Today's newsletter covers the cracks, the cash, and the code.
BlackRock, Visa and Stripe join coalition behind Open USD stablecoin
Circle shares cratered 13% Tuesday after Open USD was introduced with backing from BlackRock, Google, Visa, and Coinbase.
The stock hit $65, its lowest in four months, before clawing back some ground.
When your biggest distribution partner helps fund the competition, the moat starts looking more like a puddle.
Markets
Bears tighten their grip as buying pressure vanishes
Cleveland Fed president Hammack warned the economy shows little sign of policy restraint.
Translation: rate cuts aren't coming anytime soon, and risk assets are feeling it.
Market maker Wintermute says capitulation signals are growing but a bottom isn't in yet.
Persistent ETF outflows and fears that Strategy could flip from buyer to seller left bulls with nowhere to hide.
BTC slipped below $59K, ETH traded near $1,560, SOL held around $73, and XRP dipped below $1.05.
MetaMask launches Money Account with up to 4% APY on stablecoin deposits
MetaMask now lets users earn yield on idle dollars without leaving their wallet.
Deposits convert into mUSD, a stablecoin issued by Bridge, which is owned by Stripe.
Crypto wallets doubling as savings accounts is the kind of thing that makes traditional banks nervous.
OKX built a LinkedIn for AI agents, and it lives onchain
OKX launched a marketplace where AI agents can find work and build verifiable reputations.
The platform bundles discovery, payments, and dispute resolution into one onchain system.
If autonomous agents are going to transact at scale, they'll need resumes too.
On Our Radar
The deepfake problem: AI-generated faces are becoming the new frontier in identity theft.*
The rulebook arrives: UK crypto gets its long-awaited regulatory framework from FCA.
Nasdaq goes full crypto: extending market data through Pyth Network.
*sponsored
ICYMI
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