Circle Internet Group shares surged 11% in pre-market trading on Tuesday following the stablecoin issuer’s first quarterly earnings report as a public company. The company reported total revenue and reserve income of $658 million, up 53% from the previous year, while posting a net loss of $482 million, primarily due to $591 million in non-cash…
Binance, the world’s largest cryptocurrency exchange, has become a member of T3+, a new global collaboration program dedicated to fighting illicit activity on the blockchain, and has contributed to its first successful case, helping freeze nearly $6 million linked to a pig-butchering scam. Launched by TRON, Tether, and TRM Labs through the T3 Financial Crime…
Circle Internet Group, Inc. (NYSE: CRCL) has unveiled Arc, an open Layer-1 blockchain designed specifically for stablecoin finance, marking what the company calls a “defining moment” in its step toward developing a full-stack internet financial platform. gm @arc The open blockchain designed for stablecoin financehttps://t.co/dSOzO3FkGY — Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) August 12,…
Visa’s head of crypto, Cuy Sheffield, predicts the future will combine traditional and crypto payments as the stablecoin market reaches $269 billion, growing 62% over the past year with potential to expand to $2 trillion within three years. The payments giant has surpassed $200 million in cumulative stablecoin settlement volume while positioning itself as a…
FTX creditors have filed an updated class action lawsuit against Silicon Valley law firm Fenwick & West, alleging the firm was a “key” participant in the $8 billion fraud that led to the crypto exchange’s collapse. The complaint accuses Fenwick of having actual knowledge of the fraud while providing substantial assistance in its perpetration, including…
Clearpool, a decentralized capital markets ecosystem, has partnered with on-chain credit risk management company Cicada in a move to institutionalize PayFi lending with improved risk management. In an announcement shared with Cryptonews on Monday, the partnership will boost Clearpool’s credibility and risk management in PayFi lending. Cicada will structure and underwrite PayFi lending opportunities and…
Payments giant Stripe is developing “Tempo,” a high-performance Layer 1 blockchain focused on payments, in partnership with crypto venture capital firm Paradigm, according to a job posting discovered on the Blockchain Association website. As per Fortune report, the stealth project represents Stripe’s most ambitious crypto initiative yet, building on its recent $1.1 billion acquisition of…
Google veteran and blockchain CEO Graham Cooke says quantum computing will never crack Bitcoin’s security. He made this claim despite recent advances in quantum chips from tech giants. In a post on X, Cooke said Bitcoin’s cryptographic security is unbreakable. He dismissed concerns about Microsoft, Google, and IBM’s new quantum chips. The Numbers Don’t Add…
Terraform Labs co-founder Do Kwon is expected to plead guilty in a US fraud case tied to the 2022 collapse of the TerraUSD (UST) stablecoin, which wiped out $40b in value and sent shockwaves through the cryptocurrency industry. US District Judge Paul Engelmayer has scheduled a change of plea hearing for Tuesday 10:30 am in…
The crypto exchange Bithumb has made “significant reductions” to the scale of its crypto lending services amid ongoing concerns from financial regulators. Per the South Korean newspaper Kookmin Ilbo, the trading platform has reduced its leverage ratio from x4 to x2. It has also slashed its maximum lending cap by 80% from 1 billion won…