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Tether Shrinks Ambitions for Gold-Backed Stablecoin
Tether is pulling the plug on Alloy and aUSDT after two years, as the product only managed to hit a market cap of $1.2 million, which pales in comparison to XAUT's $3 billion. Tether is recalibrating its product lineup amid a clear market demand split between core digital assets and experimental derivative financial products. The largest stablecoin issuer in the market has announced it will halt the rollout of Alloy by Tether and aUSDT, a gold-backed stablecoin derivative with over-collateralization, just two years after launch.
Kentucky has sued Polymarket, Kalshi, and Kalshi's partners including Coinbase, Robinhood, and Webull, regarding the provision of sports event contracts in the state. Kentucky has become the latest state in the U.S. to throw prediction markets into the legal spotlight, as Attorney General Russell Coleman filed a lawsuit against Polymarket, Kalshi, and Kalshi's partners including Coinbase, Robinhood, and Webull. The suit targets these platforms for offering sports event contracts in Kentucky, amid the increasingly tricky legal question of where the line is drawn between derivative financial instruments and sports betting in the fintech landscape.
The new CBETS platform from the People's Bank of China is bringing Standard Chartered and dozens of banks into a 24/7 digital yuan payment system that spans multiple continents. China is transitioning the digital yuan project from a domestic pilot phase to a more clearly defined international rollout. On June 16, the People's Bank of China (PBOC) signed a direct membership agreement with 26 financial organizations, officially integrating them into a new cross-border payment network built around the e-CNY.
Estonia Wants to Issue Separate National ID Codes for AI Agents
Estonia is proposing to issue national identification codes for AI agents, aiming to control digital access across 100% of online public services. Estonia is gearing up to lay the legal and technical groundwork for a new class of digital entities: artificial intelligence agents. Prime Minister Kristen Michal stated he supports the proposal from the advisory council Eesti.ai to assign each AI agent a unique personal identification code, separate from the identity of the individual, business, or organization that the agent represents.
CoinFund and Coinbase Ventures lead a $32 million Series A round for Trace Finance — the company has processed over $10 billion in cross-border transactions between Brazil and the US. Trace Finance, the infrastructure company connecting Brazil and US banking systems with stablecoin settlement networks, has just announced the closing of its $32 million Series A funding round led by CoinFund, with participation from Coinbase Ventures, Haun Ventures, and Jump Capital.
American Psychologists Report Patients Are Integrating AI Into Therapy Sessions
A recent survey from the American Psychological Association reveals that over a third of psychologists have patients using AI as a supplementary mental health expert, even as clinicians warn that this tech could reinforce delusions. A large-scale survey by the American Psychological Association (APA) involving over 1,200 psychologists has unveiled a notable trend: 77% of them reported that patients have actively introduced AI chatbot conversations into therapy sessions, using this tech for emotional support, self-diagnosis, or seeking companionship.
Nvidia Develops Self-Learning Robots Using AI Programming Agents
Nvidia's ENPIRE enables eight robots to autonomously learn to assemble components with a 99% success rate, cutting training time down to half compared to human-led methods. Eight robotic arms in Nvidia's GEAR lab have learned to plug in, install graphics cards, and cut zip ties in just a few weeks, all without any engineers keeping an eye on them. This is the result of ENPIRE, a framework published by researchers from Nvidia, Carnegie Mellon University, and UC Berkeley, where the entire training process for the robots is handed over to AI programming agents like OpenAI's Codex, Anthropic's Claude Code, and Moonshot's Kimi Code.
France Moves Toward Phasing Out Non-Quantum-Resistant Encryption
Starting in 2027, the French cybersecurity agency ANSSI will stop certifying non-quantum-resistant security products — a move that puts pressure on the entire ecosystem from government infrastructure to Bitcoin. The French national cybersecurity agency ANSSI has just announced that it will cease certification of security products that do not integrate quantum-resistant encryption starting in 2027, while also recommending that all businesses switch to quantum-safe solutions by 2030. Since ANSSI certification is a must-have for French government agencies and critical infrastructure operators, this decision effectively outlines a phased-out timeline for the entire generation of current cryptographic systems.
Ripple Invests in Flutterwave, Betting on African Stablecoin Payments
Ripple makes a strategic investment in Flutterwave — valuing the company at $3.2 billion — to deploy RLUSD and XRP Ledger into the cross-border payment infrastructure across Africa. Ripple, one of the leading names in enterprise-grade blockchain infrastructure, has confirmed its position as a strategic investor in Flutterwave during its Series E funding round, which values the African payment company at $3.2 billion. This deal marks a significant escalation in the race to roll out stablecoins into cross-border payment corridors on the continent, where high forex costs and slow settlement speeds continue to be persistent barriers for businesses.
State Street Launches GENIUS-Compliant Money Market Fund for Stablecoin Issuers
State Street and Anchorage Digital launched SSCXX — the first government money market fund tailored for stablecoin reserves under the GENIUS Act, following the trend set by BlackRock, JPMorgan, and Morgan Stanley. State Street Investment Management just launched the State Street Stablecoin Reserves Money Market Fund (SSCXX), a government money market fund under Rule 2a-7 specifically designed for stablecoin issuers to park their reserve assets.
U.S. Gambling Industry Pushes to Ban Sports Prediction Markets in Crypto Asset Law
The American Gaming Association and industry groups are urging the Senate to include a ban on sports event contracts in the Clarity Act, as Kalshi hit $16.8 billion in trading volume in May. The legal battle surrounding prediction markets in the U.S. is escalating to a federal legislative level. In a letter to the Senate reported by Semafor, the American Gaming Association, the National Indian Gaming Association, and the Association of Gaming Equipment Manufacturers are calling on lawmakers to include a ban on sports-related prediction markets in the Clarity Act, the bill that structures cryptocurrency markets, which was passed by the Senate Banking Committee last month and is awaiting a full vote.
Trump's World Liberty Financial Set to Receive Federal Trust License
The OCC is almost certain to approve the federal trust license for World Liberty Financial, the crypto asset project that the Trump family has raked in over $2.3 billion in profits since the start of the second term. The U.S. Office of the Comptroller of the Currency (OCC) is gearing up to approve the national trust banking license for World Liberty Financial, the crypto asset venture co-founded by President Donald Trump, according to a report by NOTUS citing two anonymous former OCC employees, one of whom described the possibility of rejection as 'unimaginable.'
The Scale of Stablecoin Adoption in Nigeria Makes Risks More 'Apparent', Says IMF
Nigeria scooped up $59 billion in crypto assets over the year, dominating 60% of the stablecoin flow into Sub-Saharan Africa — that's a big enough scale for the IMF to flag it as a sovereign currency risk. The adoption rate of stablecoins in Nigeria has hit a scale that made the International Monetary Fund (IMF) dedicate a report to analyze the macroeconomic implications. According to newly released documents, Nigeria received around $59 billion in capital inflows as crypto assets from July 2023 to June 2024, accounting for a staggering 60% of the total stablecoin flow into the Sub-Saharan Africa region since 2019.
SpaceX Acquires Cursor for $60 Billion, Making a Big Bet on AI After Historic IPO
SpaceX is acquiring the AI programming startup Cursor for $60 billion in stock, pushing shares past $210 and establishing ambitions for a multi-trillion dollar AI market. Just a few days after a historic IPO, SpaceX announced its largest acquisition ever: taking over Anysphere, the parent company of the AI programming platform Cursor, valued at $60 billion, fully paid in stock. The information was revealed through an 8-K filing with the U.S. Securities and Exchange Commission (SEC) on June 16, instantly pushing SpaceX shares to a record high above $210 each according to MarketWatch data.
Japan's Interest Rates Hit 30-Year High, Crypto Market Unfazed by Familiar Shock
The Bank of Japan hiked interest rates to 1% — the highest since 1995 — but Bitcoin only dipped slightly by 1.1%, indicating the market is 'immune' to the risks of unwinding interest rate differential trades. On June 17, the Bank of Japan's policy board voted 7-1 to increase the benchmark interest rate by 0.25 percentage points to 1%, bringing borrowing costs to their highest level in over three decades, the last time being in 1995.
Binance Likely to Be Denied Regulatory License in the EU
Greece is set to deny MiCA licensing for Binance by the 30/6 deadline, putting the world's largest exchange at risk of losing access to all 27 EU countries. The world's largest crypto exchange, Binance, is facing the risk of losing the ability to serve customers in the European Union after its MiCA licensing application is expected to be rejected by the Hellenic Capital Market Commission (HCMC), according to Reuters citing two informed sources.
ChatGPT Loses 50% Market Share for the First Time as Gemini and Claude Breakthrough
The State of AI 2026 report from Sensor Tower confirms ChatGPT's market share has dropped to 46% in the AI assistant arena, while Gemini claims 28% and Claude has nearly tripled to 14% in the US. In three years, ChatGPT has become almost synonymous with generative AI. Users aren’t saying they’re 'using AI,' they’re saying they’re 'using ChatGPT.' But according to the recent State of AI 2026 report from Sensor Tower, that monopoly status has officially ended: ChatGPT's market share in the AI assistant space dipped below 50% for the first time in March 2026 and wrapped up May at 46%. Google Gemini holds 28%, while Anthropic's Claude has surged to 10% globally.
Zelle Unveils Stablecoin, Entering the $1.2 Trillion International Remittance Market
Zelle is rolling out the stablecoin ZelleUSD and expanding into India — the biggest remittance market in the world — marking the most significant strategic milestone since its inception. Early Warning Services LLC, the operator of the Zelle payment network, just dropped the news that India will be the first country outside the U.S. where American consumers can use Zelle to send funds to family and friends overseas.
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