Coinbase secures UK license for equities and derivatives
Coinbase expands in the UK with new investment services approval as AI stocks slide and Tether prepares USDT’s return to Bitcoin.
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Crypto and traditional finance are moving closer into the same lane.
Coinbase wants to be a stock brokerage. Tether wants to come home to Bitcoin.
Meanwhile, the AI trade that dominated markets for two years is showing cracks.
Samsung beat earnings by a mile and still got punished for it.
Today's newsletter connects the dots between ambition, rotation, and reality.
Coinbase just became a licensed equities and derivatives shop in the UK
Coinbase now holds a UK MiFID license, letting it trade stocks and derivatives alongside crypto.
The exchange already runs $2B in daily derivatives volume with $29B in open interest globally.
This is Coinbase building the "everything app" for finance, one regulatory stamp at a time.
Markets
AI stocks stumble while Bitcoin holds its ground
The AI trade is wobbling. Micron dropped 8% despite posting revenue up 346% year over year.
Samsung fell nearly 10% after crushing expectations. In English: even perfect earnings can't save a crowded trade.
Crypto quietly outperformed. Bitcoin held near $63K, SOL climbed past $82, and XRP sat steady around $1.13.
Tether is bringing USDT back to Bitcoin through the RGB protocol
USDT will soon run natively on Bitcoin again via RGB protocol v0.11.1.
It's a homecoming. USDT first launched on Bitcoin in 2014 before migrating to Tron and Ethereum.
Those two networks currently hold $86B and $80B in USDT supply respectively.
Former Tether investment chief looks to sell his stake in the company
Richard Heathcote is shopping a portion of his 1.26% stake in Tether Holdings.
He stepped down as CIO in March after overseeing a portfolio worth nearly $150B.
Investment bank PJT Partners is handling the sale, which could price a rare slice of crypto's most profitable company.
Samsung posted operating profit that surged nineteen-fold year over year.
Investors sold anyway, dragging shares down nearly 10% in a classic "sell the news" move.
If a nineteen-fold profit jump gets punished, the market is telling you it already priced in the AI boom.
On Our Radar
The deepfake problem: Spotting fake faces might soon become your new password.*
Stablecoin goes shopping: Tether's dropping $20 million on Latin American crypto exchange Mercado Bitcoin
Cryptography's quality control: Zcash is using formal verification to catch counterfeiting bugs before they happen.
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ICYMI
Meme of the Day
That’s your briefing. Catch you next time.
Estéfano
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