The Block
Quick Take MUFG, SMBC and Mizuho banks will trial a stablecoins platform to facilitate cross-border transfers. The initiative, dubbed “Project Pax,” will be run by blockchain firms, including Progmat, Datachain and TOKI, with expected participation from more banks worldwide.
Quick Take Bernstein analyst Gautam Chhugani argues that AI will require crypto micropayments to avoid the financial bottlenecks automated agents face in the traditional system. While the convergence between crypto and AI is already underway, stablecoins present the greatest opportunity, Chhugani said.
Quick Take Former SEC Chair Jay Clayton explains how the crypto industry has evolved over the years since his time at the SEC.
Quick Take The Ethereum Foundation plans to release a financial report soon, addressing community concerns about its spending. Justin Drake, an Ethereum researcher, indicated in an AMA that the foundation spends $100 million annually and has about $650 million in its main wallet. Depending on ether prices, the foundation’s financial runway is roughly ten years, Drake added.
Quick Take Fidelity’s FBTC saw the largest amount of outflows on Thursday, with $149.49 million. Spot ether ETFs showed comparatively small net movements in funds.
Macro trends took center stage today, driving the market up earlier in the session before pulling it back down.This column is adapted from The Scoop newsletter.
Quick Take Prosecutors on Thursday said they repeatedly clarified with Ryan Salame’s lawyers that his guilty plea would not halt any ongoing investigation into his partner Michelle Bond. The filing also included some details about Salame’s alleged misconduct while at FTX, according to notes taken by prosecutors in April 2023.
Quick Take Telegram CEO Pavel Durov posted a message to his popular messaging app after being arrested in France. He said Telegram is “prepared to leave markets that aren’t compatible” with the messaging app’s principles.
Quick Take Polymarket’s growth trajectory speaks volumes about its increasing popularity and the public’s eagerness to put their money where their predictions are. The following is an excerpt from The Block’s Data and Insights newsletter.
EigenLayer plans to distribute 86 EIGEN million tokens to stakeholders in its season 2 “stakedrop.”Worldcoin eyes Facebook-like scale for global reach, according to Tools for Humanity CEO Alex Blania.Robinhood agrees to pay a $3.9 million penalty to settle an investigation from the California DOJ over its past crypto withdrawal restrictions.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.