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The Crypto Coin Show News Team covers digital assets, blockchain infrastructure, markets and policy. Crypto Coin Show has been running for more than 12 years, with 1,500+ interviews with founders, investors and builders.

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Martina Keane reveals that the UK’s financial services features attract global investors

Martina Keane reveals that the UK’s financial services features attract global investors

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The UK’s finance industry retained its position as a magnet for foreign investment ahead of its European rivals despite a slowdown in activity across the region last year, according to EY (Ernst & Young), a global professional services firm.

The country received foreign investment for 73 finance projects last year, which caused a 32% decline compared to the previous year.

In Germany, which was in second place, deals dropped by 16% to 32. Across Europe, deal volumes decreased by 11%, according to EY’s findings. 

Martina Keane reveals that the UK’s financial services features attract global investors

Reports from sources revealed that investors worldwide favored London as the top European city for foreign investment in financial services in the next 12 months. This is ahead of Frankfurt and Paris, even though Germany was the top choice for the future on a national level. 

Following  Donald Trump’s tariff announcements clouding the future, only 32% were willing to invest in the US, according to a poll. This is compared with 39% for the EU and 44% for the UK.

Martina Keane, EY’s EMEIA Financial Services Chief Operating Officer and the firm’s EMEIA Deputy Regional Managing Partner, commented on the situation.

Keane stated that the UK’s financial services sector is strong and deep. According to her, this feature keeps attracting global investors, especially during tough market conditions.

She also mentioned that the competition for available funding is still intense.

EY’s analysis highlights Europe’s drastic decline in FDI project

Europe experienced a 5% drop in foreign direct investment (FDI) projects year-on-year. In 2024 the continent attracted 5,383 projects, marking the lowest number in nine years. These project numbers were 16% lower than the pre-COVID-19 pandemic and 19% lower than the peak year in 2017, which was 6,653.

Additionally, based on data from EY’s analysis, Europe’s overall FDI project total has dropped for the second consecutive year. This also meant that the continent has had falling FDI numbers for four out of the past seven years.

In leading economies, more than 50% of Europe’s annual FDI project total has historically been allocated to France, the UK, and Germany. However, project numbers decreased significantly in these countries last year due to low economic growth, high energy costs, and competition from other markets, such as Asia and the US.

France struggled with political uncertainty in 2024, rising labor costs, and postponed tax hikes for large businesses, and Germany’s energy prices rose as its manufacturing shrank.

Contrastingly, FDI project totals rose elsewhere in Central, Eastern, and Southern Europe, with Spain experiencing a 15% rise, Poland a 13% rise, and Italy a 5% rise each, though with much smaller numbers compared to the top three ranked countries.

The government focuses on demonstrating that the UK is open for business

Anna Anthony, EY UK & Ireland regional managing partner, highlighted the positivity that the UK still ranks near the top in Europe for investment. However, Anthony

stated that the UK was not immune to the decline in FDI volume felt by other large European nations last year.

According to the regional managing partner, the UK still has a strong investment story to share. She claimed it has done better than Europe in attracting investments in industries like technology and life sciences, creating the most jobs related to FDI, and drawing funds from a wide range of global sources. 

The government is actively working to demonstrate that the UK is open for business by strengthening trade relationships with India and the US. They also focus on sectors they believe will see the most growth and investment under their Industrial Strategy. 

Based on Anthony’s argument, the UK can showcase a stable regulatory and business environment, which could help attract important FDI projects during this global economic uncertainty, leading to increased value, job creation, and prosperity. 

The global economy has suffered because international trade disruptions have made things difficult. How much this has impacted investor appetite this year is yet to be seen.

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UK PMs prioritize AI skills to achieve economic growth, enlists Nvidia boss

UK PMs prioritize AI skills to achieve economic growth, enlists Nvidia boss

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Sir Keir Rodney Starmer, Prime Minister of the United Kingdom and Leader of the Labour Party, has enlisted Nvidia Corp co-founder Jensen Huang to launch a £187 million program. The project aims at enhancing AI skills among British workers and students.

This came after the labor leader revealed plans to host an in-conversation event in London with tech billionaire Huang to inaugurate a deal that sees Nvidia assist in the UK to train more people in AI and push forward research at universities and the company’s AI lab in Bristol, west England.

Starmer places technology and artificial intelligence at the center of his government’s plan to drive economic growth.

Downing Street reveals eagerness to highlight its growth strategies instead of budget cuts

At the beginning of a critical week in which the labor government will set out its usage plans to spend hundreds of billions over the time of the parliament, Starmer wants to highlight an optimistic outlook for technology and development.

On the other hand, Chancellor of the Exchequer Rachel Reeves is coming under pressure from opposition parties and some of her own colleagues over anticipated cuts elsewhere.

In her spending review, Reeves will focus first on the cherished but struggling National Health Service and the UK’s ability to project military power in the face of Russian aggression and the potential for diminished support from US President Donald Trump’s White House. 

She will also confirm big capital investment — which is not included within her fiscal rules — but day-to-day spending will be tight, with some departments facing real-terms cuts.

Downing Street, eager to highlight its growth strategies instead of budget cuts, announced £86 billion worth $116 billion in funding for British science over the weekend. This funding will support pharmaceuticals, green energy, and military technology. 

The government noted that major tech companies such as IBM, QinetiQ, Microsoft, BT, and defense manufacturer BAE Systems are backing this initiative. 

Starmer hosted CEOs and investors—including Eric Schmidt and Demis Hassabis—this past weekend at Chequers, his countryside retreat, as part of its efforts to advance technology in the UK. 

UK PMs prioritize AI skills to achieve economic growth

The UK is a global AI hub, leading Europe in AI startups funded for the first time and total private investment in AI through 2024. Additionally, the industry has been expanding rapidly and has been supported by more than $28 billion in private investment since 2013. Notably, investing in AI brings advantages to everyone in the UK.

Keir Starmer’s vision for Britain to become an AI maker, not an AI taker, is set to be realized at London Tech Week.

London Tech Week is scheduled to run from June 9th and end on June 13th. To mark the occasion, NVIDIA and some of Britain’s most innovative companies are coming together to host the first UK Sovereign AI Industry Forum.

This brings together some of the UK’s most significant and forward-thinking businesses – including inaugural members Babcock, BAE Systems, BT, National Grid, and Standard Chartered – and enhances the security of the nation’s economy by rolling out AI infrastructure on sovereign soil and supercharging the growth of the UK’s AI startup ecosystem.

Through its partnership with NVIDIA, the UK is developing sovereign computing infrastructure, investing in world-class leading research and skills, and promoting leadership in AI across all sectors.

Peter Kyle, a Member of Parliament of the United Kingdom who has served as Secretary of State for Science, Innovation, and Technology since July 2024, commented on the topic of discussion. According to Kyle, they have ambitious goals for creating the next generation of AI advancements in the UK. 

Based on his argument, this will help them achieve the economic growth they need for their “Plan for Change” and keep their status as global leaders.

Kyle further stated that ensuring they have the right infrastructure to support AI is a key part of this. He was pleased that NVIDIA is establishing the UK Sovereign AI Industry Forum. He added that this forum will unite top British companies to develop and implement these technologies across the UK, helping them to promote growth and create new opportunities.

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SEC Ripple case could show why crypto needs clearer rules

SEC Ripple case could show why crypto needs clearer rules

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The legal battle between the US Securities and Exchange Commission (SEC) and Ripple Labs has dragged on for nearly five years. It is one of the most closely monitored cases as the court decides whether selling XRP broke US securities laws.

When people thought the case was finally over after Ripple and the SEC agreed to a joint settlement, District Judge Analisa Torres rejected the request because it wasn’t filed correctly under court rules. 

This minor setback looks like a procedural delay to some people, but others think it proves the legal system isn’t ready to handle cryptocurrency-related cases and that even the SEC is confused about applying decades-old financial laws to brand-new technologies.

What happened in the Ripple vs. SEC case?

The US Securities and Exchange Commission sued Ripple Labs in December 2020 for breaking investor protection laws that apply to stocks or bonds by raising $1.3 billion from selling XRP tokens without registering them as securities.

Ripple fought back, saying XRP is not a security but a digital currency, but Judge Analisa Torres ruled in 2023 that Ripple violated securities laws when it sold XRP directly to institutional investors like hedge funds and investment firms. 

She said the deals still involved investment contracts categorized under federal securities regulations and penalized Ripple with a $125 million fine plus restrictions on structured sales of XRP to institutions in the future. 

However, Ripple and the SEC reached a new agreement to reduce the penalty to $50 million and remove the restrictions in 2024, but the judge rejected their request because it wasn’t filed using the correct legal format.

Why did the Judge really say no to the deal?

Judge Analisa Torres rejected the joint motion from Ripple and the SEC because their legal process didn’t follow Rule 60. The rule only allows changes to final judgments if there are rare and exceptional circumstances like new evidence, fraud, or serious procedural mistakes.

The judge said Ripple and the SEC just wanted to change the fine amount and remove restrictions after reaching a new agreement without a strong enough reason to meet that high legal standard.

The cryptocurrency community thinks this setback shows that the current legal system is slow and rigid regarding blockchain because deals, innovations, and market reactions move in real-time. At the same time, court rulings and settlement approvals can take months or even years.

This means investors will remain confused, token prices will fluctuate based on rumors, and the cryptocurrency community will speculate over future agreements in court simply because small procedural mistakes in the legal system can cause big delays.

Crypto regulation still has no clear path

The Ripple case is just one example of a bigger problem in how the rules for regulating cryptocurrencies remain unclear because the SEC sometimes pushes for huge penalties, and other times, it quietly drops charges with very little explanation. 

For example, the agency sued Kraken and Coinbase for selling investment products that weren’t registered under securities laws but recently dropped the cases after striking deals that seem to change the rules case by case.

The SEC also accused Terraform Labs of damages after its TerraUSD stablecoin collapsed and wiped out billions of dollars from the market but still settled with a small penalty.

These events make people wonder how enforcement decisions are really made and whether they reflect a fair or consistent set of standards when the damage caused appears far greater than in Ripple’s situation.

Regulators like the SEC and CFTC still apply old rules (some written in the 1930s or 1940s) to brand blockchains, stablecoins, and smart contracts because Congress hasn’t passed any major law that gives them authority to oversee digital assets. It’s no wonder judges are unsure about what legal standards apply in these complex disputes, developers remain confused about how to build legal products, and investors don’t know what to invest in. 

Cryptocurrency firms struggle to balance growth ambitions with regulatory risks

Cryptocurrency companies face a dilemma where they either keep their operations small and limited to avoid attracting regulatory trouble or push for growth and innovation. However, they risk facing costly lawsuits and enforcement actions from the SEC because there aren’t clear rules. 

Ripple’s long and expensive legal battle shows how challenging it is for any firm to survive this uncertain regulatory environment, especially smaller startups that simply cannot afford such costly and time-consuming fights.

The judge’s rejection of the Ripple and the SEC settlement was grounded in procedural laws but still felt like a missed opportunity to end a prolonged and exhausting saga because their agreement was a rare moment of cooperation that many hoped would bring clear guidance. 

And just like that, organizations,  investors, and regulators don’t know how to move forward with innovation while staying compliant with the law.

Ripple’s legal battle highlights urgent need for clear crypto regulation

Ripple can still refile their motion correctly using Rule 60 (b) but will have to spend more time in court while investors remain nervous and developers cautious because  XRP prices fluctuate sharply with each new headline about the case.

Regulators haven’t also said when or how tokens like XRP will be officially classified and regulated under the law. This has turned the entire Ripple case into a complex, drawn-out saga that still leaves more questions than answers about the future of crypto regulation and enforcement.

The watchdogs must act quickly and communicate openly to keep pace with digital finance because cryptocurrency communities urgently need clear guardrails to operate safely and know how to apply them to plan and grow without sudden legal problems. 

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Coinbase ends legal battle with BiT Global over wBTC delisting

Coinbase ends legal battle with BiT Global over wBTC delisting

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BiT Global agreed to dismiss its lawsuit against Coinbase for delisting the wBTC after the cryptocurrency exchange launched a competitor token, the cbBTC.

In a filing, lawyers for BiT Global, an entity backed by TRON founder Justin Sun, who last year became a strategic partner to BitGo in providing the wBTC-wrapped Bitcoin token, said they had agreed to dismiss the suit with prejudice. This means the case cannot be brought again. 

Additionally, the two companies each said they would incur their own legal expenses in connection with the complaint

Sun’s link to wBTC caused ETH DeFi protocols to stop supporting it as a collateral asset

Wrapped Bitcoin tokens facilitate the use of Bitcoin on various blockchain networks. Both wBTC and cbBTC target the Ethereum ecosystem. However, the tokens do not offer any direct claim to the Bitcoin unless one trusts a central intermediary to custody the Bitcoin and release the wrapped token.

Sun’s association with wBTC caused Ethereum DeFi protocols MakerDAO and Aave to contemplate disintegrating the support of the token as a collateral asset, ultimately deciding on tougher risk parameters rather than a complete exit.

According to reports from credible sources, the lawsuit was filed in December 2024 by Kneupper & Covey on behalf of BiT Global, and it was claimed that if Coinbase delisted wBTC, it would be an example of anti-competitive behavior. It would also break several state and federal laws.

The suit highlighted that having demonstrated the value represented by wBTC, Coinbase reversed course and removed wBTC from its platform. This made it impossible for anyone to trade it on Coinbase. The change came shortly after they launched their own similar version: cbBTC.

Following the dismissal of the lawsuit, Paul Grewal, Coinbase’s top lawyer, stated that this important win affirms their clear right to manage security and risk for Coinbase users. Grewal added, “…we will not be bullied into continuing to list an asset that puts our customers at risk.” 

Previously, the exchange’s chief legal officer had defended its approach, stressing its dedication to high listing standards.

He wrote on an X post that when an asset does not meet their listing standards anymore, they remove it. He further stated that they would add it to their list if another asset could meet or do better than market requirements while still following those standards.

Grewal’s post faced criticism from crypto-industry insiders, including Tron founder Justin Sun, who accused the company of lacking transparency and asked how Grewal’s post squared with previous comments by Coinbase CEO Brian Armstrong.

An attached image provided by Sun depicted a screenshot of Coinbase CEO Brian Armstrong, who says Coinbase was agnostic to assets because it believes that consumers deserve options in the crypto economy. 

Mike Belshe defends BitGo as having a solid reputation after Sun’s backlash

Earlier legal attempts to stop Coinbase from delisting the token were unsuccessful after a federal judge in December sided with Coinbase and said it had the right to delist the token.

The transfer of wBTC from being managed only by the custody company BitGo to a partnership involving Sun faced backlash from people in the cryptocurrency world. 

In response to this criticism, BitGo CEO Mike Belshe revealed that he believes BitGo has a solid reputation because they follow the highest security standards in everything they do. Belshe concluded that 

Ultimately, he thinks people will see that this is not a big deal.

The current market capitalization for the wBTC token is about $13.6 billion, with Coinbase’s cbBTC valued at about $4.7 billion, according to CoinGecko data. Both of these tokens are almost at an all-time high market cap.

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Bolivia embraces USDT as shoppers ditch cash

Bolivia embraces USDT as shoppers ditch cash

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Tether’s CEO Paolo Ardoino has praised Bolivia’s rapid rise in USDT (Tether) usage, stating that the country is increasingly turning to digital dollars for regular trade.

In a tweet, Ardoino shared images of shops in the country showing prices in USDT, suggesting that these could open the gates for stablecoins in the retail market.

Photos from these stores show items such as Cadbury Dairy Milk and Oreo products printed with the USDT price, not the more traditional Bolivian Boliviano.

Ardoino emphasized that the stablecoin is now a part of people’s daily lives in the state. He noted that when digital currency is used for commerce, the relevance to the digital age is modernizing transactions, and the contextual relevance is mastering economic instability.

Ardoino’s images also include popular products, including sunglasses and Milka chocolate, tagged with prices in USDT.

Bolivia embraces USDT as shoppers ditch cash

According to the Central Bank of Bolivia, some goods are now exclusively sold with prices set in USDT. That illustrates Bolivians’ increasing trust in digital money and the greater cryptocurrency market, including the Ethereum price.

Price tags are now confusingly appearing in USDT, as the Boliviano increasingly becomes a thing of the past in regular point-of-sale transactions. This is happening as the country is also facing a myriad of economic struggles, and digital currencies have become a more stable source of value than the Nation’s fiat currency.

Using Tether’s stablecoin allows customers to pay via digital wallets instead of cash, marking a new era where technology increasingly shapes payment methods.

For experts, this is a major milestone. Hence, they think that the country could inspire other states to do the same. Digital payments might attract more organizations to start using them. This is especially true as platforms like Coinbase slash account freezes by 82%, signaling broader accessibility.

However, this shift also highlights the requirement for coherent government policies to manage the digital currency industry. Meanwhile, many Bolivians are already accustomed to buying everyday goods in USDT.

The Central Bank’s proposal to allow residents to exchange Bolivianos for Tether’s stablecoin could further simplify transactions and reduce exchange rate uncertainties.

Bolivia reverses crypto ban as stablecoin adoption surges

Mid last year, Bolivia’s central bank, Banco Central de Bolivia, lifted its ban on Bitcoin and crypto payments, allowing financial institutions to transact with digital assets. The ban has been in place since 2014.

In September 2024, the country reported a 100% rise in virtual asset trading, with roughly $15.6 million worth of assets traded every month between July and September. The $48.6 million traded was largely made up of stablecoins. Stablecoins are often used in developing countries whose local currency has experienced a high degree of devaluation or where there’s a shortage of foreign currency.

Stablecoin use gained further momentum in Bolivia in October 2024 when local bank Banco Bisa introduced a stablecoin custody service. That service, which the country’s financial regulator supported, allows the nation’s residents to buy, sell, and trade Tether’s USDT, a US dollar-pegged stablecoin.

Reports from September 2016 show that the state had much to gain from adopting cryptocurrencies. At that time, much of that country’s citizens were unbanked, with just 11% of residents using a debit card to make payments and only 5% using credit cards. However, the country continued upholding its ban until 2024, calling crypto a pyramid scheme in May 2017 and arresting crypto advocates.

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Winklevoss twins drive Gemini’s ambitious growth

Winklevoss twins drive Gemini’s ambitious growth

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The cryptocurrency exchange Gemini has submitted its paperwork for an initial public offering (IPO) to the US Securities and Exchange Commission (SEC), as stated in a press release on June 6. Gemini is seeking to go public through an IPO.

Gemini had submitted a confidential draft registration statement on SEC Form S-1, which would permit the company to apply for an IPO without revealing sensitive information to the public. The filing has been motioned amid renewed investor confidence as trade war fears have receded.

The number of shares to be offered and the price range have not yet been determined. No date was given or when the IPO might take place.

Winklevoss twins drive Gemini’s ambitious growth

Gemini was founded in 2014 by twins Cameron and Tyler Winklevoss. In November 2021, it announced a fundraising of $400 million at a valuation of $7.1 billion.

Around November 2022, Gemini was said to have approximately 1,000 employees, though it laid off some employees during the crypto winter.

In January 2023, Gemini conflicted with the SEC over the exchange’s “Earn” program, through which the agency claimed unregistered securities sales.

The Winklevoss twins were notable supporters of US President Donald Trump’s election campaign and donated $1 million. But the money was returned after they surpassed what people could give.

The battle for IPO is already heating up following Circle’s successful IPO on June 5 and the soaring stock price of Coreweave after the company went public in March.

Circle’s IPO encourages other crypto firms to follow the lead

Circle has encouraged other large crypto firms, such as Gemini, to go public as the industry reaps the benefit of President Donald Trump’s embrace of the sector.

Earlier, Circle had priced its shares at $ 31 on Wednesday, June 4. Reflecting strong investor demand, they opened trading on the New York Stock Exchange on Thursday, June 5, at $69 and closed at $83.23.

That trajectory will likely be an encouraging sign for other crypto companies looking to make stock market debuts. 

Circle is the first big crypto company to go public since the crypto exchange Coinbase was listed on Nasdaq in 2021.

Analysts anticipate that more crypto companies will  apply for an IPO

Analysts had identified crypto exchanges Kraken and Gemini as potential IPO candidates in the digital asset sector. Interestingly, their prediction came true with Gemini’s IPO announcement. The companies did not immediately respond to a request for comment.

An example of the analysts include Jacob Zuller, an analyst at Third Bridge, who stated that it would not be shocking if more crypto companies did the same as Circle. Based on his argument, the public markets realize that crypto is here to stay.

Dan Dolev, a Wall Street analyst at Mizuho Securities, is another pundit who voiced his opinion. According to Dolev, Circle’s IPO success shows pent-up demand for crypto and other fintech companies in the public markets. Based on his argument, if IPOs are doing well, it is a good indicator.

Lynn Martin, the President of NYSE Group, added that Circle’s IPO is a good sign for crypto listings and IPOs. She explained that she viewed the Circle IPO as a key indicator for this year’s IPO market beyond just crypto listings.

Circle issues USDC, a stablecoin linked to the US dollar, and it aims to keep its value steady. Crypto traders employ stablecoins to shift money among tokens swiftly, and advocates say they could be used to send or receive payments instantly.

In an interview, Circle CEO Jeremy Allaire highlighted that from the beginning, they strongly believed that they could create a new system for money using the internet, which, according to them, could change how money is used.

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Tech giants explore stablecoin integration

Tech giants explore stablecoin integration

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Tech behemoths Apple, Google, Airbnb, and X (formerly Twitter), among others, are reportedly exploring the integration of stablecoins into their platforms, according to multiple industry sources familiar with the matter. 

Stablecoins are cryptocurrencies pegged to stable assets, such as the US dollar. They provide the advantages of blockchain but without the volatility that has plagued more traditional crypto tokens like Bitcoin.

These discussions are occurring as demand increases for faster, cheaper cross-border payments. The positives are also obvious for tech companies like Airbnb, which are globally reachable. Accepting stablecoins could also avert steep fees charged by credit card networks such as Visa and Mastercard.

An Airbnb spokesperson said that the company is “always looking at all aspects of payments” for improving user experience, but it is also looking into digital assets.

According to previous reports, X has reportedly expressed an interest in adding stablecoin payments to its upcoming payments product, X Money.

According to sources, Elon Musk’s team has been in touch with crypto companies, and the company is in talks with Stripe about integration. The aim is to realize Musk’s ideal of an “everything app” that blends social media, payments, and commerce.

Apple is also keen on stablecoin functionality through its Apple Pay infrastructure. Sources hint the tech firm has been in talks with Circle, the minters of the hugely popular USDC stablecoin, since early this year.

Google was interested, too, it was reported. Rich Widmann, who leads Web3 strategy at Google Cloud, has called stablecoins “one of the biggest upgrades to payments since the SWIFT network.”

Stripe bets on stablecoins with bold acquisition

Stripe, one of the world’s largest payment processors, has made a bold bet. It recently purchased Bridge, a stablecoin infrastructure startup with funding from vendor capital firm Haun Ventures. Bridge has been working on tools to enable businesses to implement stablecoin payments quickly and securely.

Stripe’s purchase of Bridge was interpreted as a sign that stablecoins have turned the corner in Silicon Valley. The deal also gave Stripe a technical advantage — Bridge’s infrastructure will be used to assist Stripe in making it possible for accounts and payments to be made in a stablecoin, which is important for global freelancers and marketplaces.

Visa has followed suit by rolling out pilots for issuing stablecoin-linked cards with Bridge in April 2025.

The sources say Airbnb is discussing with one of its existing payment partners the incorporation of one of the popular stablecoins to facilitate easy payment processes. Worldpay recently disclosed that it would facilitate stablecoin payouts by partnering with BNVK, a crypto infrastructure provider.

Trump administration eases crypto regulations

In the United States, legislators are considering two bills to regulate stablecoins. The most high-profile, known as the GENIUS Act, details consumer protections, reserve requirements, and oversight mechanisms for issuers of digital dollars.

Big Tech was hesitant about crypto in part because of scrutiny under the Biden administration. But the political winds are shifting.

The second term of Donald Trump has injected vitality into the realm of blockchain. His administration has pursued a more hands-off approach, pushing agencies to roll back rules and embrace crypto innovation. This policy change has reawakened some dormant dreams.

Two years after regulatory opposition forced Meta to mothball its Diem stablecoin project, the parent company reconsidered its views on crypto payments.

Uber’s chief executive, Dara Khosrowshahi, said recently that the ride-hailing company is examining the use of stablecoins for its global transfers. Uber’s interest is further evidence of a broader trend circulating throughout tech circles, not just a niche idea.

For now, the tone is most cautious among most firms, including Google and Airbnb. They are not promising instant launches. However, their research, alliances, and internal experiments indicate that they are gaining confidence in the future for stablecoins.

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Will Fidelity’s stablecoin transform the crypto market?

Will Fidelity’s stablecoin transform the crypto market?

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Fidelity Investments, one of the world’s most respected financial institutions, has made significant strides in digital assets in recent years.

The firm offers institutional clients Bitcoin and Ethereum custody and trading services through Fidelity Digital Assets. It has also explored blockchain applications in settlement and tokenized securities—efforts that underline its long-term commitment to bridging traditional and digital finance.

While there is no official confirmation, a representative of Fidelity recently said that the firm’s digital asset arm was experimenting with a stablecoin. However, it did not have immediate plans to launch one.

The arrival of Fidelity into stablecoins will likely bring more trust, attention, and skills to the stablecoin ecosystem. However, it could also invite tougher scrutiny from regulators and raise concerns about fairness or the likelihood that a handful of large players could dominate the market.

Some people believe Fidelity’s new stablecoin will help provide safer, more reliable digital payment options. However, critics say it could create problems with oversight, limit competition, and concentrate too much power in the hands of a few large firms.

How does Fidelity’s stablecoin help innovation?

Reports indicate that Fidelity has a pilot program for a stablecoin backed by the US dollar to make faster, cheaper, and more efficient payments and settlements than traditional methods. The company wants to build a bridge between old and new finance, and its investment shows that trusted, well-established financial institutions see stablecoins as a serious and credible part of the future financial system.

Some crypto experts suggest Fidelity’s move will push banks, payment providers, and fintech companies to adopt blockchain technology faster and improve their services due to the growing competition.

Blockchain experts also pointed out the success of Fidelity’s early pilot programs, saying the trials show promising results that could fuel optimism among other big players and make digital financial systems more accessible for everyone.

What risks come with Fidelity’s stablecoin?

Some critics say unclear rules for digital currencies make it hard for investors, companies, and regulators to know what’s fair or how to keep the market safe.

Others, though, fear that large firms like Fidelity will crowd out small start-ups and prevent these new and innovative businesses from getting a fair shot at competition and that the end result will be less fresh ideas and new competition.

Some people fear that if just a handful of big companies dominate most stablecoins, it could risk the entire financial system if any one of them encounters trouble. They also worry about whether these companies will be truthful when they claim to manage their reserves responsibly and to keep users safe.

Fidelity’s stablecoin initiative is part of a larger trend where many traditional banks and fintech companies actively develop their own stablecoins or explore blockchain technology to improve payment systems and financial services.

Those advantages have attracted the attention of political leaders and regulators who agree there is an opportunity for the industry to expand and offer benefits to more people but have also sought to create clear rules to remove the risks associated with these tokens and to shield consumers from potential harm.

Some crypto projects are concerned that large finance companies like Fidelity will use their vast amounts of resources to take over a large part of the crypto space and discourage new innovations from startups, which beats the whole purpose of cryptocurrency.

As a result, there is a growing push and pull between industry experts who want regulators to create soft laws that will help the crypto industry grow by making it fair for small companies to compete with large firms and those who want strict rules that will protect everyone from the dominance of large financial institutions.

What does Fidelity’s stablecoin mean for the future?

People and financial firms that have doubts about cryptocurrencies will get a positive perspective about investing in digital currency when they see Fidelity’s stablecoin initiative succeed.

Big banks and fintech companies will also be motivated to develop their own stablecoins or develop new blockchain solutions to help make digital finance accessible to a wider audience.

We still can’t ignore the risks involved because it is possible that large firms like Fidelity might try to dominate the crypto market once they see the company succeed. This means they will have more influence on whether they are worthy of joining the crypto space, which would make it difficult for smaller firms to compete.

The current laws around cryptocurrency also don’t fully address the problems big companies bring when they introduce their own coins. This is because these firms must follow heavy compliance requirements and need tight supervision that smaller companies will struggle to keep up with.

The success or failure of Fidelity’s stablecoin will likely shape the future of both traditional finance and the crypto world, influencing how open, fair, and innovative this industry can become.

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The U.S. Department of Justice has filed a civil forfeiture complaint against $7.74 million in crypto

The U.S. Department of Justice has filed a civil forfeiture complaint against $7.74 million in crypto

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The U.S. Department of Justice (DOJ) issued a statement Thursday announcing forfeiture action against $7.74 million in cryptocurrency. The funds are allegedly tied to North Korean IT workers fraudulently infiltrating U.S. companies.

The civil forfeiture complaint, filed on June 5, says the state was able to “freeze and seize” over $7.74 million in cryptocurrency, originally tied to North Korean Foreign Trade Bank representative Sim Hyon Sop. Now D.C. is moving to take ownership of the funds via the suit.

Fake IT workers allegedly sending crypto to North Korea

“For years, North Korea has exploited global remote IT contracting and cryptocurrency ecosystems to evade U.S. sanctions and bankroll its weapons programs,” Sue J. Bai, head of the DOJ’s National Security Division, is quoted as saying in the government press release.

According to the DOJ, an FBI investigation is said to have revealed a “massive campaign” involving remote IT workers infiltrating U.S. businesses with fraudulent identities, or identities stolen from American citizens. “These tactics hid the North Koreans’ true location and identities, causing unwitting employers to hire them and pay them a salary, often in stablecoins, such as USDC and USDT,” the release notes.

To obfuscate the money and send funds back to North Korea, workers allegedly used the following tactics:

  • Fake accounts
  • Micro-transactions
  • Chain-hopping/Token-swapping
  • Hiding value in NFTs (non-fungible tokens)
  • Using U.S.-based accounts to “legitimize” activity
  • Crypto mixing

US government use of crypto, fiat also criticized

U.S. Attorney Jeanine Ferris Pirro said of the forfeiture action: “Crime may pay in other countries but that’s not how it works here,” noting that “We will halt your progress, strike back, and take hold of any proceeds you obtained illegally.”

Some might take issue with Pirro about that. And with Sue J. Bai about the bankrolling of weapons programs. In recent years, hundreds of millions of dollars in cryptocurrency have been funneled to “socially acceptable” U.S.-backed military initiatives in Ukraine, including for “lethal equipment.”

DOJ aims to confiscate $7.7M in crypto allegedly tied to fraudulent North Korean IT workers
Elliptic data on Ukraine government’s cryptocurrency expenditures from 2022. Source: Elliptic.

Billions in fiat currency have been sent to the Israeli military, as Gazans are killed and ousted from their homes, while the U.S. president backing this bankroll has a controversial, influence-cashgrab memecoin released while in office. Anyway one slices it, it is a messy situation, where “licit” uses of crypto seem to depend more on the power and geopolitical standing of the user, than they do ethics. None of this justifying any ostensible North Korean terror.

Regardless, the DOJ release summarizes: “Today’s forfeiture action follows the Department’s announcement of two federal indictments charging Sim for allegedly conspiring (1) with North Korean IT workers to generate revenue through illegal employment at companies in the United States and abroad; and (2) with over-the-counter cryptocurrency traders to use stolen funds to buy goods for North Korea.”

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Momentum Raises Strategic Round Led By OKX Ventures, Coinbase Ventures, Protagonist and DNA Fund

Momentum Raises Strategic Round Led By OKX Ventures, Coinbase Ventures, Protagonist and DNA Fund

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Central liquidity engine of the Move ecosystem surpasses $3 billion swap volume in less than two months, becoming the fastest growing DEX on Sui; will use strategic funding round to help grow Sui DeFi ecosystem

SAN FRANCISCO, June 4, 2025 – Momentum, one of the fastest-growing decentralized exchanges (DEX) on the Sui blockchain, has raised a new strategic funding round at a $100 million valuation led by OKX Ventures with participation from Coinbase Ventures, Gate Ventures, MEXC Ventures, KuCoin Ventures, and strategic partners Protagonist and DNA Fund. The influx of capital will be used to continue Momentum’s astronomical growth within the Sui DeFi ecosystem. This funding round follows a previous round of $10 million led by Varys Capital in March 2025.

OKX Ventures recognizes Momentum’s position as a leading DEX on the Sui blockchain, with its innovative approach to liquidity management and ecosystem development. The investment aligns with OKX Ventures’ strategy of supporting promising infrastructure projects that contribute to blockchain ecosystem growth. Momentum has demonstrated strong technical execution and adoption metrics since its launch, positioning it as an important contributor to the expanding Sui Network ecosystem. 

“We are delighted to partner with and invest in Momentum, whose model will effectively enhance trading efficiency, boost liquidity depth and increase user rewards. This innovative approach has the potential to make a significant impact in the DeFi space, especially for the Sui ecosystem,” said Cass Cai, Head of KuCoin Ventures. 

Momentum has established itself as one of the fastest-growing liquidity engines on Sui, powered by its innovative ve(3,3) DEX model. It has achieved $3 billion in swap volume, $69 million in TVL, and has surpassed 420,000 users within just two months. 

In addition to the respected backers joining Momentum’s latest funding round, additional funding came from prominent industry leaders, including Coin Bureau, Monke Ventures, MultiChain Advisors (MCA), Crypto Lark (@TheCryptoLark) @theonlynom (Core Contributor at Bonk), and others.

The latest funding builds on early strategic support from Circle Ventures, Coinbase Ventures and Sui Foundation, and positions Momentum as a leading force in the Sui ecosystem and one of the most highly anticipated projects in DeFi.

Led by co-founder ChefWEN (@ChefMMT_X), the architect of MSafe and senior engineer of Meta’s Libra project, Momentum has established its security track record since its launch in May 2022. This is achieved through audited smart contracts, a robust review process, real-time monitoring and 24/7 support, ensuring minimal fund risk while earning and building trust with both retail and institutional investors.

“Sui’s architecture sets a new standard for DeFi infrastructure – enabling near-instant transaction finality, scalable performance under heavy load. It takes a strong chain to make a DEX that delivers, and because of this, I’m confident in Momentum’s ability to build a DEX that delivers a seamless, CEX-like experience entirely on-chain,” said ChefWEN.

Momentum’s groundbreaking ve(3,3) DEX incentivizes liquidity through vote-escrowed tokenomics, redistributing 100% of protocol revenue to stakers. This flywheel, token locking, voting and deeper liquidity pools set Momentum apart from the competition. 

About Momentum 

Momentum is a Move-native DEX built on Sui, offering trading, vesting, and treasury management for both retail and institutional participants. Backed by Coinbase Ventures, Circle Ventures, OKX Ventures, Vary’s Capital, Selini Capital, Amber Group, Protagonist and Sui Foundation, it’s co-founded by ChefWEN, an early architect of Meta’s Libra project. Mirroring the success of Aerodrome which boasts 73% market share of Base on-chain volume, the groundbreaking ve(3,3) model is set to provide deeper liquidity with better rates for traders and higher earnings for liquidity providers.

Join the Momentum

To stay ahead, follow Momentum’s official channels for first-look updates, rollout timing, and early access. Dive into the WAGMI Trading Competition to score Bricks (points) and unlock early TGE airdrop rewards. Stay connected with @MMTFinance on X, Telegram, and LinkedIn.

Trade now: https://app.mmt.finance/trade
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Media Contact: team@mmt.finance

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