Coindesk

Anchorage Digital, a crypto custodian and federally chartered bank, said it will start phasing out and direct institutional clients to convert USDC USDC and other stablecoins into rival token Global Dollar (USDG) in a sweeping move that drew criticism from industry players.The firm released a "Stablecoin Safety Matrix" that ranks stablecoins based on regulatory oversight and reserve asset management on Tuesday. Circle-issued USDC, which is the second-largest stablecoin with a $61 billion supply and is popular among institutions, was deemed no longer suitable under Anchorage's security framework. Two other, smaller tokens, Agora USD (AUSD) and Usual USD (USD0), were also slated for removal. Stablecoins are cryptocurrencies with their prices tied to an external asset, predominantly to the U.S. dollar."Following our...

In a research note released late Thursday, Cantor Fitzgerald says Core Scientific (CORZ) could fetch over $30 per share in a potential acquisition by cloud compute giant CoreWeave, citing both the long-term cash flows from its AI contracts and the replacement value of its data centers.That would be a near doubling from the current level just above $16.The note came hours after The Wall Street Journal reported that CoreWeave, a cloud AI compute firm, is once again in advanced talks to acquire Core Scientific, following a failed $5.75 per share offer in 2024.CORZ shares jumped 33% to close over $16 Thursday, but Cantor believes that it still undervalues the company by at least 50%.At the heart of the bull case...

With the near-passage of the GENIUS Act and a host of companies announcing stablecoin initiatives, stablecoin-related assets have been on a tear. Circle, issuer of USDC, has seen its stock rise about 500% since its debut on June 5. This week, the company was valued at a staggering $77 billion, which is well above the total market cap of USDC itself (about $62 billion).Bullish signals for stablecoins were all around:CRCL is now the most popular foreign stock in South Korea. The leading stablecoin issuer, Tether, has so much spare cash it can afford to have a determinative stake in Juventus, an Italian soccer team.Coinbase, which actually makes more money from USDC than Circle, has seen its stock rise to its...

Crypto exchange Coinbase (COIN) will start offering perpetual-style futures contracts in the U.S. on July 21, becoming one of the first regulated players to offer the globally popular product.The new vehicle, first available with bitcoin BTC and ether ETH, will trade on the Coinbase Derivatives Exchange, a CFTC-regulated venue.Unlike offshore perpetuals, which dominate global crypto derivatives markets but are not approved in the U.S., Coinbase’s instruments are structured as long-dated futures with five-year expirations. They incorporate a funding rate mechanism that accrues hourly and is settled twice daily to mimic the price dynamics of perpetual swaps. Trading will be available 24/7 and settlements will be handled through regulated clearing.Separately, Coinbase CEO Brian Armstrong said the company also accumulates bitcoin on...

Bitcoin BTC continues to consolidate in the $102,000 to $108,000 range and gold is lower by 2% today and roughly 7% from its record high. Meanwhile, the Nasdaq 100 has reached new all-time highs.A couple of U.S. macroeconomic data points Friday morning — though nearly two months old at this point — might have added to the modestly negative tone for BTC and gold. Personal income in May came in at -0.4%, falling short of the expected increase of 0.3%. Personal spending month over month printed at -0.1%, missing the forecast of a 0.1% increase.Maybe of more import to markets, the core PCE price index in the US, which excludes volatile food and energy prices and is the Federal Reserve's...