US Bank pilots USBDC stablecoin on Stellar
Hunter Biden's LAPTOP coin crashed from $200 to under $2 on its launch day.
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Legacy banks are quietly testing the waters on public blockchains.
Citi and US Bancorp are both making on-chain moves.
Meanwhile, the Treasury is buying back $6B in bonds as yields spike.
And wild meme coin activity reminds us that crypto still houses two distinct cultures under one roof.
Bank-coin race gets a new entrant
US Bancorp just completed a live cross-border payment using its own stablecoin.
The dollar-backed token, called USBDC, settled a transaction between the bank's North American and European arms on Stellar.
It's among the first bank-issued stablecoins deployed on a public blockchain.
If regulators give it room, this could become the template for how traditional banks move money globally.
Markets
Treasury buys back $6B in bonds as yields keep climbing
The US Treasury tripled its usual long-dated bond buyback to $6B on Thursday.
Markets weren't impressed. The 10-year yield hit its highest level since November 2023 anyway.
Brent crude topped $101 a barrel on US-Iran tensions, adding inflation fears to the mix.
The Nasdaq slid about 1% as investors juggled rising energy costs and borrowing rates.
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BTC hovered near $79K, ETH sat below $2,500, and SOL traded around $104.
Citi to bring 24/7 cross-border payments to Japan via tokenized deposits
Citigroup plans to launch a blockchain-based remittance service for Japanese corporate clients.
The service would let companies send foreign currencies instantly using tokenized deposits.
It could go live as early as this year, according to Nikkei.
Two of the world's largest banks adopting on-chain infrastructure in the same week is no longer a coincidence.
Hunter Biden's LAPTOP token crashes 99% within hours of launching on Base
A meme coin tied to Hunter Biden's laptop saga lost 99% of its value on launch day.
The token debuted around $200 on Base and cratered below $2 within hours.
Its fully diluted valuation still sat above $770M, which tells you everything about meme coin math.
On Our Radar
The real bottleneck: Crypto prop traders are struggling with execution, not getting in the door.*
Strategic split: ConsenSys is letting MetaMask go independent after years together.
Crypto's new tax reality: Germany's 25% gains tax may kick in 2027, making hodlers less cozy.
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Meme of the Day
That’s a wrap.
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