Coindesk

Major tokens slumped Saturday as investors digested the implications of Moody’s Ratings downgrading the U.S. credit score, with ether (ETH), XRP, and dogecoin (DOGE) dropping roughly 3%. The broader crypto market held at $3.3 trillion, paring earlier gains after briefly touching the week’s high.The move came after rating giant Moody’s cut the U.S. sovereign credit rating to Aa1 from Aaa, citing the country’s swelling deficits, rising interest expenses, and a lack of political will to rein in spending. The firm now joins Fitch and S&P in assigning a rating below the once-unblemished triple-A status long held by the world’s largest economy.As such, the White House was quick to respond, with spokespersons for President Donald Trump criticizing the decision as politically...

Despite recent setbacks, U.S. legislation to regulate stablecoin issuers may be heading toward debate and passage next week, according to the backers of the bill known as the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act.“Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” said Senator Hagerty, a Tennessee Republican who sponsored the bill to set U.S. standards for stablecoins, which are typically dollar-based tokens such as Circle's USDC and Tether's USDT that are vital to crypto trading activity.The latest draft of the bill began circulating this week, and a copy seen by CoinDesk showed language had been adjusted in modest...

Blockchain development platform Alchemy said it has acquired Solana developer DexterLab for an undisclosed fee.The acquisition will accelerate the development of Solana-based Web3 applications to meet growing enterprise demand, Alchemy said in an emailed announcement on Friday.DexterLab's technology has previously powered the Solana development of Google and the Solana Foundation, establishing itself as "a go-to infrastructure provider," according to Alchemy's announcement.One of Alchemy's aims in acquiring DexterLab is to consolidate Solana development alongside that of Ethereum to reduce complexity for projects building across multiple networks. Alchemy may be be attempting to capture the growing prominence of Solana as a preferred venue for blockchain applications.While Ethereum remains comfortably the larger blockchain in terms of total-value locked, there are some metrics where...

“There’s a famous saying that sometimes the enemy of your enemy is actually your best friend,” Eric Trump told the crowd at Consensus in Toronto, Canada. “That was the Trumps with the crypto community. And I think the banks made the biggest mistake of their lives.”The son of U.S. President Donald Trump and co-founder of bitcoin BTC mining company American Bitcoin is also an adviser to World Liberty Financial (WLF), which recently launched a U.S. dollar-backed stablecoin, USD1, that has already reached $2 billion in market capitalization.Co-founders of WLF joined Trump on stage on Friday as they announced that USD1 was now operable across multiple blockchains through Chainlink’s Cross-Chain Interoperability Protocol (CCIP).Trump painted a vivid picture of personal grievance turned...

World Liberty Financial’s USD1 stablecoin is now operable across multiple blockchains through an integration with Chainlink’s Cross-Chain Interoperability Protocol (CCIP), the companies announced Friday.That’s according to World Liberty Financial’s team, Chainlink co-founder Sergey Nazarov, and the son of U.S. President Donald Trump, Eric Trump, who announced the cross-chain capabilities at Consensus 2025.USD1, a U.S. dollar-backed stablecoin launched by the decentralized finance protocol inspired by Trump, has seen significant growth since its debut, reaching $2 billion in market capitalization. The stablecoin was used to close MGX’s $2 billion investment in Binance.It still trails behind industry leaders Tether and Circle, whose leading stablecoins have a $151 billion and $60.6 billion market cap, respectively.The token is backed by short-term U.S. Treasuries and fiat...