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CPI calms markets as Circle makes its USDC case after Drift exploit
Bitcoin and stocks rose after the CPI print, while Circle defended lawful USDC controls after Drift and Hong Kong issued its first stablecoin licenses.
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Crypto had a good Friday. Markets needed it.
A cooler-than-expected core CPI print gave risk assets room to breathe.
But underneath the green candles, a deeper tension is playing out.
Governments and institutions are racing to define stablecoin rules. The question is whether decentralization survives the process.
Circle says it only freezes USDC when the law makes it
Hackers drained $285M from Drift Protocol. Circle froze none of it.
About $230M in stolen USDC was bridged off Drift before anyone could act.
Circle's defense: it won't freeze assets without a legal order, period.
Now it's pushing Congress to pass the GENIUS Act and finally set stablecoin rules.
Drift's TVL collapsed from $550M to under $250M, and the debate over issuer responsibility is just getting started.
Markets
CPI lands soft where it matters, and risk assets notice
Core inflation came in at 2.6%, a tick below forecasts.
Gasoline surged 21.2%, driving nearly three-quarters of the headline increase.
But traders focused on the good news: underlying price pressures are cooling.
The Iran-US truce holds for now, though energy markets remain on edge.
BTC climbed near $73K, ETH pushed toward $2,250, and SOL rose past $85.
Hong Kong hands out its first stablecoin issuer licenses
HSBC and a Standard Chartered joint venture just got licensed to issue stablecoins in Hong Kong.
The HKMA approved both under a new framework designed to boost cross-border payments.
Standard Chartered's venture includes Animoca Brands, blending TradFi with crypto-native DNA.
Asia is building stablecoin rails while the US is still debating them.
Covenant AI walks out of Bittensor, tanks TAO by 15%
Bittensor's biggest AI partner just quit over centralization concerns.
Covenant AI said governance had drifted too far from the network's decentralized ideals.
TAO fell from $337 to $284 within hours of the announcement.
When your flagship project leaves citing the thing you're supposed to be built on, investors notice.
On Our Radar
The hybrid liquidity play: Crypto markets are quietly ditching traditional AMMs for asymmetric alternatives.*
Japan tightens the screws: The government wants crypto regulated like traditional assets as the market keeps maturing.
Google's crypto play gets messy: Gemini might offload its European operations to the highest bidder.
*sponsored
ICYMI
Meme of the Day
Until next time.
Estéfano
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