Author: Benjamin Lee
A major billion-dollar bank is executing a live pilot of its proprietary dollar-backed stablecoin on a public blockchain to move funds across borders. U.S. Bank, which is headquartered in Minneapolis, Minnesota, says the transaction was completed on the Stellar network between its North American and European entities. The pilot validates the bank’s Digital Asset Platform, which supports minting, redemption, freezing and clawback functions while remaining linked to existing finance, risk and compliance systems. Gunjan Kedia, chairman and chief executive officer at U.S. Bank, addressed the pilot’s impact. “This live pilot demonstrates our ability to accelerate global cash management and money…
JPMorgan Chase is now reviewing whether to launch its own stablecoin. The bank is doing that work on a separate track from a group of 21 banks and financial firms that plan to build a dollar stablecoin for business payments across borders, reports The Wall Street Journal. That group includes Bank of America, Wells Fargo, Citigroup, Santander and Goldman Sachs. They want the venture running in the first half of 2027 and plan to set up a company to run it. The token will be pegged to dollars, with other Group of Seven currencies planned for launch in the future. Use…
A Michigan court is barring a prediction market platform from offering sports wagers to state residents or risk massive daily fines for failing to block access. The order requires KalshiEx, LLC to maintain geofencing using a state-licensed third-party provider, with violations triggering a $500,000 daily fine. The injunction prohibits offering, facilitating, advertising, or processing any internet sports betting contracts to anyone in Michigan, including users aged 18 and older. Michigan Attorney General Dana Nessel secured the ruling after filing suit in March 2026 alleging unlicensed sports betting under the Lawful Sports Betting Act. A temporary restraining order was already in…
Grayscale Research is warning that artificial intelligence may heighten financial surveillance risks on transparent blockchains by improving the ability to link transactions with off-chain data and de-anonymize addresses. This dynamic builds on past waves of privacy concerns tied to technological shifts, including the 1970s digitization of financial records and the 1990s rise of the internet. Grayscale Research says a third wave is underway, driven by AI tools that could make blockchain address labeling more effective and widespread. Source: Grayscale Bitcoin (BTC) transactions are visible by default on the public ledger, a risk noted in its white paper. In contrast, Zcash…
A group of 21 banks and financial firms including Bank of America, Wells Fargo, Citigroup and Goldman Sachs are preparing to launch a dollar stablecoin for business payments across borders. The firms say they will form a new company in the second half of 2026 and aim to have the token live in the first half of 2027, reports the Wall Street Journal. Stablecoin are digital tokens meant to stay pegged to a currency, in this case the U.S. dollar. The first customers are meant to be companies sending money overseas. Some regions may later offer it to regular customers.…
Crypto platforms are suffering massive losses to sophisticated exploits despite many having undergone independent security audits. A new CoinGecko report shows that between January 2025 and July 2026, crypto platforms suffered a staggering $3.63 billion in losses across 245 documented incidents. Notably the top 10 largest attacks accounted for more than 72.5% of the total value stolen during the period. Out of 245 documented incidents since early 2025, 147 involved protocols that had undergone audits before being compromised. These vetted entities represented a staggering 88.44% of the total capital drained over the last 19 months. Only about 11.0% of these…
Major banks are shifting from opposing stablecoins to advancing their own versions as competition grows in the payments market. The change comes after years of resistance, reports The Wall Street Journal. Banks large and small have started to warm up to the idea of their own stablecoins, despite early doubts from some executives that there will be much demand for them. A group of more than a dozen financial institutions including Bank of America, Wells Fargo and Santander is moving forward with plans for a global stablecoin venture that would initially focus on the U.S. dollar. JPMorgan Chase recently evaluated…
Tokenized versions of major US stocks are going live on Base, Coinbase’s Ethereum layer-2 network. Base says tokenized stocks issued by top US crypto exchange Coinbase are now live on the chain. The stocks are built on the network’s native token B20, which represent real shares held 1:1 by a regulated custodian in a bankruptcy-remote structure. Eligible non-US users can hold fractional shares of companies including Apple and NVIDIA directly in self-custody wallets. The tokenized stocks allow for 24/7 on-chain trading. Base is highlighting the launch with a clear message. “Tokenized stocks are live on Base, and ready for builders.” The…
Blockchain sleuths are tracking a major transfer of Official Trump meme coin tokens to a leading cryptocurrency exchange. The firm Lookonchain says that the team behind the token transferred 2.62 million TRUMP tokens valued at $6.21 million over the weekend, with the tokens then deposited into OKX. According to Arkham Intelligence data, the Official Trump Meme entity controls 15 addresses holding 751.799 million TRUMP tokens priced at $2.71. That totals about $2.04 billion. The entity’s overall portfolio stands at $2,037,000,000, reflecting an 11.81% gain. This is not the first transfer from the team behind the token. The same wallets previously…
A US banking regulator is granting preliminary conditional approval to World Liberty Financial’s application for a new national trust bank. The Office of the Comptroller of the Currency says it reviewed the application from the President Trump-backed firm to establish the World Liberty Trust Company, National Association bank for stablecoin operations and digital asset custody. The bank plans to issue and redeem the USD1 stablecoin, maintain reserves in a non-fiduciary capacity, provide fiduciary digital asset custody and offer limited conversion services for custody customers. USD1 is a core product of World Liberty Financial. Says the OCC, “The OCC hereby grants preliminary…