Tether , the firm behind the biggest stablecoin by market cap, has debuted a next-gen version of its gold-backed token. Dubbed XAUt₀, this new omnichain iteration of the existing $XAUt asset was first deployed on the TON (The Open Network) blockchain. Built using LayerZero’s Omnichain Fungible Token (OFT) standard, XAUt₀ seeks to revolutionize the ways in which gold is both accessed and moved across blockchain ecosystems. The need for on-chain, real-world assets is growing rapidly, and this launch represents a huge leap in connecting traditional commodities like gold with decentralized finance (DeFi) capabilities. A New Era of Gold: Ownership, Not Just Exposure In contrast to the traditional gold exchange-traded funds (ETFs), which yield just synthetic price exposure, XAUt₀ gives token holders actual ownership of gold on the blockchain. Each XAUt₀ token is backed 1:1 with physical gold, meaning there’s 7.7 tons (7,000 kg) of LBMA-certified gold backing all the XAUt₀ tokens that have been issued. This direct support is bolstered by 24/7 accessibility and redemption options for the tokens, which allow holders to claim their shares of the gold anytime they want. Tether has made clear that the reserves are verified by an independent party and that this party also follows the ISAE 3000 standards. These standards provide adequate transparency and auditability, which are both very important if you want a reserve-backed token to actually be trustable. With XAUt₀, Tether is not just converting gold into a digital form; it is remaking the way gold is stored, traded, and put to use—around the clock, across the world, and without middlemen. CMC News: XAUt0 Launches Omnichain Gold Token on TON Network Tether has unveiled XAUt0, the omnichain version of its gold-backed stablecoin $XAUt , with first deployment on TON Network. The token enables seamless movement across blockchains using LayerZero's Omnichain… pic.twitter.com/YTXQfGzSq2 — CoinMarketCap (@CoinMarketCap) June 3, 2025 Omnichain Infrastructure Unlocks New Possibilities The omnichain architecture of XAUt₀ transcends any earlier models and derives directly from LayerZero’s OFT (omnichain token) standard. Thus the token itself is an omnichain token, facilitating its movement across chains as if they were all part of a single universe (without needing to wrap assets or rely on bridging mechanisms). The deployment of the first service on the TON Network is a strategic decision. We are taking advantage of the rapidly growing ecosystem and user base that TON has built. However, many people might not realize that the token we are deploying (XAUt₀) is omnichain, which means it can and will be used across other prominent networks (Ethereum, BNB Chain, Avalanche, etc.) as well. This mobility across chains establishes a totally new category of DeFi strategies. For example, users might take part in a lending protocol that spans multiple chains, posting gold as collateral in one chain and borrowing stablecoins on another. Then, too, there is the possible emergence of arbitrage opportunities that are tied to the price of gold. Traders could attempt to profit from any mispricings they might find between tokenized gold and various fiat-pegged stablecoins across the platforms and networks they use. Equipped with these abilities, XAUt₀ is not merely a digital iteration of gold; it is capable of being programmed and used in conjunction with other entities, making it ideal for the decentralized financial (DeFi) ecosystem. Gold Meets Crypto Utility in DeFi 2.0 XAUt₀, by Tether, is being introduced when traditional finance and crypto steadily converge. Real-world assets (RWAs) are gaining traction in DeFi, and tokenized commodities like gold offer both stability and historical trust. With the integration of the TON network and leveraging omnichain architecture, XAUt₀ is set up in a central role to play in the next wave of DeFi utility. Users can now access a stable, inflation-resistant asset that can be deployed across lending markets, used as collateral, or integrated into automated trading strategies—all without departing from the blockchain ecosystem. The potential here is not just limited to crypto-native traders but also appeals to institutions and traditional investors who are looking to diversify into gold while maintaining digital asset flexibility. In the wider context, this development shows Tether’s continuing ambition to reach beyond USD-pegged stablecoins. With USDT already solidly ensconced in crypto markets, XAUt₀ adds a second pillar to Tether’s real-world asset portfolio—one that unites centuries of trust and the modernity of DeFi under a single token. Conclusion Tether’s introduction of XAUt₀ on the TON network is more than just a technical upgrade; it’s a look into the future of asset tokenization. By combining physical gold with omnichain DeFi and decentralized governance, Tether has allowed for a new generation of use cases in which not only gold, but also other precious metals (and soon the same will apply to other assets like real estate), can be used in DeFi protocols. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
Ripple CEO Brad Garlinghouse has officially denied rumors of a $5 billion acquisition offer for Circle, emphasizing Ripple’s focus on organic growth and strategic partnerships. Despite market speculation, Ripple remains
The post SEC Chair Paul Atkins Criticizes Gensler’s Crypto Crackdown – Promises Clear Crypto Rule appeared first on Coinpedia Fintech News Newly appointed SEC Chair Paul Atkins , the new SEC chair, calls out the agency’s past failures under Gary Gensler’s tenure. Atkins slammed Gensler’s way of handling crypto as a disaster that hurt growth and let fraud sneak in. But now, Atkins promises to fix it all by giving the crypto world the clear rules it needs. Could this be the start of a crypto boom in America? No More Surprise Lawsuits For years, the SEC’s primary approach to crypto has been through surprise lawsuits and stringent actions. This was especially true under the previous SEC chair, Gary Gensler. His tenure was marked by lawsuits and broad regulations that often confused or worried the crypto community. But Atkins says those days are over. In a Senate hearing on June 3 , he said this old way of going after crypto companies without clear rules, what’s known as “regulation-by-enforcement,” hurt innovation and allows more fraud to sneak in. Instead, Atkins believes the SEC should go back to its roots, making fair rules and only stepping in when there’s real wrongdoing. That’s a big relief for anyone holding crypto or building something new in the space. Dropping Old Lawsuits, Focusing on Real Rules Since Gensler left , the SEC has already dropped some big lawsuits, first under interim chair Mark Uyeda and now under Atkins. They’re also writing new guidance to help everyone in crypto. For example, certain staking activities are now clearly not considered securities. Meet the New Crypto Task Force Atkins also praised the SEC’s new Crypto Task Force, which is being led by Commissioner Hester Peirce. This group is focused on creating fair and clear guidelines for the crypto industry. Atkins said Peirce’s passion and dedication make her the right person to lead this important work. The Crypto Task Force is different. It brings people together to create rules that work for everyone.”
Since March 10, 2025, the net flow of Bitcoin—the balance between BTC moving into exchanges and those moving out—has turned negative. This means that on average 3,600 more BTC per day are being taken out of exchanges than are being put into them. Analysts often consider this to be a signal that’s bullish—indicative of greater confidence among BTC holders than there is among BTC non-holders in the longer-term prospects for Bitcoin. Yet the market is more complex, and the situation is more delicate, especially for short-term BTC holders. As it now stands, that’s an unenviable group of people. Understanding Netflow: Why Negative is Bullish Netflow gauges the flow of Bitcoin in and out of exchanges. When the flow of Bitcoin to exchanges is increasing, while the flow of Bitcoin to offline storage is not, then the Bitcoin economy is more likely to be in an increasing selling-pressure situation. Gauging netflow is straightforward. You just measure deposits against withdrawals. They have an explicit Bitcoin money supply implication, which is essentially “You cannot sell what you do not have.” The current net outflow of about -3,600 BTC daily is a significant shift from the prior months and quarters. To put things into context, the peak net outflow in this cycle happened back in December 2022, when a whopping 12,100 BTC per day were moving onto exchanges. Ever since then, this net outflow number has dropped quite a bit, and we now find ourselves in a sustained period of negative net outflow. This movement reflects a change in trader psychology. Instead of offloading their BTC, investors seem to be accumulating or at least holding, which is often viewed as a positive precursor for price appreciation. Starting March 10, 2025, the average Netflow (the difference between BTC deposits to exchanges for selling and BTC withdrawals from exchanges, which count as buying) has moved into negative territory (highlighted in green). In other words, every day about 3.6K more BTC is being… pic.twitter.com/Pfrc8g803r — Axel Adler Jr (@AxelAdlerJr) June 3, 2025 The less BTC available on exchanges, the less immediate selling pressure there is, and that’s something that can help stabilize or even boost Bitcoin’s price in the medium to long term. Short-Term Holders Face Challenges: Underwater and Vulnerable In spite of the good netflow data, traders who have held Bitcoin for less than one month are experiencing losses. Their average purchase price for Bitcoin is almost $104,700, which is a lot higher than the current trading price for the cryptocurrency. Traders in this situation are said to be “underwater,” meaning they are holding onto an asset that is worth a lot less than they paid for it. Short-term $BTC holders (less than a month in) are underwater – average entry was around $104.7K. Now they’re sitting in red, and Realized Price has dropped below zero again. If BTC doesn’t bounce soon, it could trigger some panic selling. This is a zone to watch closely. pic.twitter.com/tsGvaompMw — Kyledoops (@kyledoops) June 2, 2025 This unfavorable sentiment is more amply underscored by the metric known as the realized price, which recently dropped below zero again for this group. The realized price signifies the average price at which coins were last moved on-chain and serves well as a proxy for the average cost basis of the current holders. For the holders of a short duration, a realized price that is now below the market price signifies that a whole lot of them are in a position of loss. This situation can be a dangerous one. For short-term holders, an extended amount of time spent in an underwater position may lead to panic selling if the price does not quickly recover. And if those doing the selling are in a panic, that can certainly put added downward pressure on the price. And by “downward pressure,” I do mean the potential for a price decline or correction. Market analysts closely monitor this situation because they know that short-term holders are the price movers. When the price is going up—say you have token price at 2.5x—that’s when short-term holders are coming in. And when the price is going down, and you have a 75% down from the peak, that’s when your short-term holders are going out. The Road Ahead: Key Levels and Market Sentiment Even though the netflow continues to be negative, we see the holders of Bitcoin as a cautious but optimistic crowd. These are people who aren’t too worried about being off of exchanges and don’t feel that they need to keep their Bitcoin on exchange to feel safe. In fact, this trend combined with an on-exchange supply that is historically low bodes well for the medium-term outlook. The present pressure on short-term holders highlights a fragile equilibrium that the market is maintaining. For Bitcoin, now is the time to find support and perform a bounce-back. If it doesn’t, and if it rather continues the drift of the past week or so, then the risk of a very negative feedback loop that could lead to a further fall in prices looms. That’s because the market seems to be just one more significant price drop away from a look of panic setting in—pushing more holders to do the opposite of what Bitcoin’s name suggests. Bitcoin’s next move might be forecast from an accounting of netflow and the realized price metrics. A continuing negative netflow trend, when prices are stable or improving, could signal the early stages of a healthier, more sustained rally. On the other hand, not maintaining essential support zones could indicate a more difficult stretch coming up, necessitating that investors prepare for heightened volatility and possible price drops. Conclusion Since early March 2025, Bitcoin’s netflow has shifted into negative territory. By contrast, the netflow was positive for much of 2024. In a nutshell, netflow measures whether an asset is coming in or going out of an exchange. In Bitcoin’s case, more currency is moving off exchanges. That’s typically a good sign—much better than the reverse, which is what happened in the last part of 2022 and the first part of 2023, when more Bitcoin was on the way into exchanges. Increased confidence among holders from either of these two scenarios leads to diminished selling pressure. Yet, there are two challenges to this scenario being as rosy as it sounds. The market is moving through this complex scene, and investors and traders are watching closely for any signs of price stabilization or further declines. The next few weeks could be critical in determining whether Bitcoin resumes its trajectory upward or faces renewed selling pressure that looks more like panic than reason. Remaining vigilant with respect to the netflow trends, the realized price data, and the short-term holder behavior of Bitcoin will be pivotal to comprehending the cryptocurrency’s trajectory through 2025. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
Asian stocks edged higher on Wednesday as investors prepared for new U.S. tariffs on steel and aluminium, a fresh turn in the ongoing trade dispute. The dollar reached near its weakest point in six weeks as traders weighed the potential fallout. The KOSPI, South Korea’s main stock index, jumped over 2% to its highest point since August 2024. In the rest of the region, the MSCI Asia-Pacific index outside Japan rose by 0.6% as mentioned in a Reuters report . Japan’s Nikkei 225 rose by 0.8%, while Taiwan’s stock market saw a 1.6% increase, spurred in part by Nvidia’s strong performance in U.S. markets overnight. [.N] In mainland China, blue-chip stocks were nearly flat in early trading, inching up by 0.09%. Hong Kong’s Hang Seng index added 0.27%. “Markets may be desensitized to trade headlines, but Trump-Xi talks remain in focus. A grand deal looks unlikely, yet any escalation could still spark a bout of risk aversion,” said Charu Chanana, chief investment strategist at Saxo in Singapore. OECD cuts global growth forecast to 2.9% for 2025 and 2026 Wednesday marked the deadline for U.S. trading partners to submit proposals that could help them avoid President Trump’s planned “Liberation Day” tariffs , set to take effect in five weeks. On Wednesday at 04:01 GMT, Trump’s surprise move to raise existing tariffs on steel and aluminium from 25% to 50% officially took effect, following an order he signed last week. “We believe that the steel and aluminium tariffs are an exemplar of other strategic tariffs that are coming and likely to ‘stick,’” said Thierry Wizman, global FX and rates strategist at Macquarie. “With that, there’s still little impetus for a U.S. dollar rally to take hold.” The on-again, off-again nature of U.S. tariffs has driven investors away from American assets and toward safe havens like gold and other currencies. The Organisation for Economic Cooperation and Development (OECD) warned that the global economy is set to slow from 3.3% growth last year to 2.9% in both 2025 and 2026, trimming its previous estimates from March, largely due to the impact of the U.S. trade war. Dollar slips sear six-week low as Yen and Euro gain ground On Wednesday, the dollar slipped 0.17% against the Japanese yen to 143.72 and fell 0.1% against the Swiss franc to 0.8227. The euro rose 0.15% to $1.1388. The dollar index, which tracks the U.S. currency against six major peers, stood at 99.11, not far from a six-week low of 98.58 hit on Monday. Year-to-date, the index has fallen 8.5%. In commodity markets, oil prices eased as a softening supply-demand balance emerged amid rising OPEC+ output and ongoing worries about global growth. Brent crude futures inched down 0.06% to $65.59 a barrel, while U.S. West Texas Intermediate crude declined 0.09% to $63.35 per barrel. Gold continued its climb, rising 0.5% to $3,369.59 per ounce, bringing its gains so far this year to an impressive 28% on safe-haven buying. Cryptopolitan Academy: Coming Soon - A New Way to Earn Passive Income with DeFi in 2025. Learn More
BitcoinWorld US Stock Market Rallies: Unpacking the Impact on Crypto The financial world often operates like a complex ecosystem, where movements in one area can send ripples through others. Today, we’re looking at significant upward movement in the US Stock Market , and naturally, many in the crypto community are asking: What does this mean for digital assets? Yesterday saw the three major US Stock Market indexes close the trading session with notable gains. While seemingly separate from the volatile world of cryptocurrencies, the performance of traditional markets, especially key indicators like the S&P 500 , Nasdaq , and Dow Jones , can often provide context or even signal shifts in broader investor sentiment and liquidity that might eventually influence the crypto space. Understanding the Recent US Stock Market Rally Let’s break down the performance of the primary indexes: S&P 500: Gained +0.58% . This index is widely considered a benchmark for the overall health of large-cap US equities, representing 500 leading companies. Its positive movement suggests strength across a broad swathe of the economy. Nasdaq: Rose by +0.81% . Home to many technology and growth stocks, the Nasdaq’s stronger performance often indicates investor appetite for higher-growth, potentially riskier assets within the traditional finance sector. This is particularly interesting for crypto enthusiasts, as tech stocks and crypto sometimes exhibit similar risk-on/risk-off behavior. Dow Jones: Climbed +0.51% . The Dow Jones Industrial Average tracks 30 large, publicly owned companies based in the United States. While less diverse than the S&P 500, its positive close reflects confidence in major industrial and financial sector giants. This coordinated upward movement across the US Stock Market signals a generally positive sentiment among investors in traditional finance right now. But why is this happening? Why the Climb? Factors Driving the S&P 500, Nasdaq, and Dow Jones Several factors could be contributing to this rally in the US Stock Market : Economic Data: Positive economic indicators, such as strong jobs reports, improving consumer confidence, or better-than-expected inflation figures, can boost investor optimism. Corporate Earnings: Strong quarterly earnings reports from major companies, particularly those within the S&P 500 and Nasdaq , demonstrate profitability and future growth potential, attracting investment. Federal Reserve Outlook: Expectations regarding interest rates and monetary policy play a huge role. Hints of potential rate cuts or a pause in hikes can make stocks, especially growth stocks on the Nasdaq , more attractive. Sector Performance: Specific sectors performing well can lift the entire market. For instance, strong performance in technology, financials, or healthcare impacts the S&P 500 and Dow Jones significantly. Understanding these drivers in the traditional market is essential before we explore the potential Crypto Correlation . Exploring the Crypto Correlation: How Does the US Stock Market Influence Digital Assets? The relationship between the US Stock Market and the cryptocurrency market, particularly Bitcoin (BTC) and Ethereum (ETH), has evolved over time. While initially, crypto was largely uncorrelated with traditional finance, it has shown increasing correlation, especially since the COVID-19 pandemic and the influx of institutional investors. Here’s how the Crypto Correlation often manifests: Risk-On/Risk-Off Sentiment: Both tech stocks (heavy on the Nasdaq ) and cryptocurrencies are often considered ‘risk-on’ assets. When investors are optimistic about the economy and willing to take on more risk, both markets may rally. Conversely, in times of uncertainty or fear (‘risk-off’), both may see sell-offs. Liquidity: A strong stock market can indicate ample liquidity in the financial system. This excess capital might then flow into other asset classes, including cryptocurrencies, as investors seek higher returns. Institutional Adoption: Many institutions investing in crypto also have significant positions in traditional markets. Their asset allocation decisions, influenced by stock market performance and economic outlook, can directly impact crypto investments. Macroeconomic Factors: Shared macroeconomic headwinds or tailwinds (inflation, interest rates, geopolitical events) affect both traditional stocks and crypto, driving parallel movements. While the correlation isn’t perfect and can change, a positive day for the S&P 500 , Nasdaq , and Dow Jones is often viewed by crypto traders as a positive sign for overall market sentiment, potentially paving the way for gains in digital assets as well. Does a Stock Market Rally Guarantee Crypto Gains? Not necessarily. While the Crypto Correlation exists, crypto markets have their own unique drivers: Specific Crypto News: Regulatory developments, technological upgrades (like Ethereum’s Merge), major exchange hacks, or significant adoption news can cause major price swings independent of stock market performance. Market Structure: The 24/7 nature and lower liquidity (compared to stocks) of crypto markets can lead to rapid, volatile movements not seen in traditional markets. Retail vs. Institutional Influence: While institutional money is significant, retail sentiment and viral trends can still have a disproportionate impact on certain cryptocurrencies, especially smaller altcoins. So, while a strong US Stock Market provides a favorable backdrop, crypto investors must also pay close attention to crypto-specific news and market dynamics. Actionable Insights for Crypto Investors Given the increasing Crypto Correlation with the US Stock Market , what can crypto investors do? Monitor Key Indexes: Keep an eye on the performance of the S&P 500 , Nasdaq , and Dow Jones . Significant moves can serve as early indicators of shifts in broader market sentiment. Understand Macro Trends: Pay attention to economic data releases, central bank announcements, and geopolitical events. These factors influence both markets. Assess Risk Appetite: A strong stock market often signals high risk appetite. Consider how this might influence capital flows into riskier assets like crypto. Diversify and Manage Risk: Don’t solely rely on stock market movements to predict crypto. Maintain a diversified portfolio and employ sound risk management strategies based on both macro and crypto-specific analysis. The recent positive close for the US Stock Market indexes – S&P 500 , Nasdaq , and Dow Jones – is a significant event in the traditional finance world. Given the growing Crypto Correlation , it’s a development worth noting for anyone involved in digital assets. While not a direct guarantee of immediate crypto gains, it contributes to a broader picture of investor confidence and liquidity that can create a more favorable environment for risk-on assets like cryptocurrencies. Staying informed about both traditional and crypto markets is key to navigating this interconnected financial landscape. To learn more about the latest crypto market trends, explore our article on key developments shaping Bitcoin price action. This post US Stock Market Rallies: Unpacking the Impact on Crypto first appeared on BitcoinWorld and is written by Editorial Team
BitcoinWorld Bitcoin 2025 Attendees Set GUINNESS WORLD RECORDSTM Title for Most Bitcoin Transactions in a Single Day Day 1 of Bitcoin 2025 Sees 4187 Transactions, Underscoring Bitcoin’s Real-World Functionality as a Medium of Exchange Las Vegas, May 29, 2025 – BTC Inc and BTC Media LLC, the leading provider of Bitcoin-related news and the organizer of the world’s largest Bitcoin conference, today announced they have set the GUINNESS WORLD RECORDS title for the “Most Bitcoin Point of Sale Transactions in 8 hours” at The Bitcoin Conference 2025. Over an eight-hour timeframe on May 28, over 4187 transactions were recorded. Attendees had the opportunity to transact using one of the limited edition Bolt Cards distributed in addition to Lightning network at various on-site vendors and activations including the Official Bitcoin Magazine Store to purchase merchandise, food and beverages, and other items. “This historic milestone is a testament to the Bitcoin 2025 attendees who gathered from all over the world to celebrate the widespread adoption of Bitcoin as a practical form of contactless payments,” said Didier Lewis, Chief Financial Officer of BTC Inc. “We are grateful to the thousands of bitcoiners who embraced this vision and turned the conference into a living demonstration of Bitcoin’s potential as an everyday currency.” The Bitcoin 2025, being held this week at the Venetian Conference Center in Las Vegas, unites builders, leaders, and believers in the world’s most resilient monetary network. The event is expected to attract over 35,000 attendees and feature more than 400 exhibitors and 500 speakers across three days. About The Bitcoin Conference: The Bitcoin Conference is the world’s largest and most influential gathering of Bitcoin professionals, investors, and thought leaders. Committed to fostering Bitcoin adoption and industry innovation, the conference has grown into a global phenomenon since its founding in 2019. Learn more at https://b.tc/conference/2025 This post Bitcoin 2025 Attendees Set GUINNESS WORLD RECORDSTM Title for Most Bitcoin Transactions in a Single Day first appeared on BitcoinWorld and is written by Keshav Aggarwal
Classover ($KIDZ), a public company, has been busy shoring up its treasury with a slew of recent purchases of Solana’s native token, $SOL . The company recently made an initial buy of 6,472 SOL worth about $1.05 million and plans to continue diversifying its treasury into digital assets. With the purchase, Classover has entered into an agreement to issue up to $500 million in convertible notes. A hefty 80% of those notes are to be invested in $SOL. This issuance follows a $400 million equity financing round. If fully utilized, it would boost Classover’s potential funding capacity to $900 million. The company’s funding strategy is in line with a broader trend. Increasingly, publicly listed companies are adopting SOL-based assets as part of their treasury reserves. BREAKING: Classover ($KIDZ) has completed an initial purchase of 6,472 $SOL (~$1.05M) and signed a new agreement to issue up to $500M in convertible notes, with 80% allocated to $SOL . Combined with a prior $400M equity deal, Classover now has up to $900M in total financing—part… pic.twitter.com/IdSyV1q3ic — SolanaFloor (@SolanaFloor) June 3, 2025 Diverting a good chunk of the convertible notes into $SOL is a solid expression of confidence in the Solana ecosystem and its long-haul viability. Classover diversifies its treasury in a manner more in keeping with current warm and fuzzies about crypto than anything we did in 2019 or 2020 (or, as far as I can tell, anything anyone has done since, except for maybe using crypto as an NFT). The reason we can make such a confidence-laden move is that Solana’s technical merits are unassailable. Solana Foundation Partners with Dubai to Accelerate Blockchain Adoption Simultaneously with Classover’s financial work, the Solana Foundation has signed a landmark memorandum of understanding (MoU) with the Virtual Assets Regulatory Authority (VARA) of Dubai. This strategic partnership is set to accelerate the development of blockchain innovation in the region—a big part of Dubai’s ambition to become a top global hub for virtual asset technology. JUST IN: @Solana Foundation has signed an MoU with Dubai's Virtual Assets Regulatory Authority (VARA), outlining plans for talent programs, policy workshops, and support for a Solana Economic Zone in the city. pic.twitter.com/KZJ62WepYq — SolanaFloor (@SolanaFloor) June 3, 2025 The MoU defines a collaborative framework concentrated on developing talent, formulating policy, and creating a distinct Solana Economic Zone within Dubai. The Solana Foundation and VARA target local talent for a series of initiatives and workshops—some directly aimed at local talent, others at local talent in a workshop format—that are meant to cohere with the local conditions necessary for a blockchain like Solana to operate. It is a distinctive Solana effort targeting Dubai. This collaboration not only assists Dubai in its ambition to become a futuristic blockchain hub but also reflects a key step in Solana’s global growth story. By ensuring that Solana’s tech and ecosystem are integrated into the emirate’s framework for regulations and its broader embrace of an economic strategy, this partnership lays the groundwork for new projects and certainly makes Solana’s tech a viable option for developers and enterprises, as they think about which blockchain to build on. A Broader Trend: Public Companies Embrace Crypto Treasury Reserves Classover’s substantial purchases of $SOL and its multi-hundred-million-dollar financing strategy show something deeper. They are a sign of a new era in the public company treasury playbook. Increasingly, firms are diversifying their treasury balances away from cash and conventional financial instruments and taking up sizable positions in cryptocurrencies, especially the native tokens of the blockchain protocols they’re building on, like Solana. This trend is fed by a set of factors. The main one is firms wanting to take advantage of the growth potential of blockchain networks and, at the same time, hedge against inflation and currency volatility in traditional markets. Solana’s network, renowned for its high transaction speeds and low fees, has been particularly alluring to firms looking for both technological edge and portfolio diversification. Convertible notes, like the ones planned by Classover, have become a capital-raising tool directed toward crypto assets. They allow companies to get funded while offering investors a simple and straightforward pathway to equity or crypto tokens if they so choose. It is essentially a bridge financing mechanism, a way to raise money that doubles as an option on future growth. Classover’s total financing capacity of $900 million is substantial—not only because of the sum involved but owing to its dual structure of equity and convertible notes with a crypto allocation. This arrangement could well inspire other public companies to follow Classover’s lead, which would be a very good development for Solana. Surpassing Ethereum, Solana could well be establishing itself as the go-to blockchain for treasury management. And unlike many other crypto projects, Solana’s tokens (SOL) are in the hands of a reliable team. Looking Ahead Classover’s push for an increase in its decentralized treasury and the Solana Foundation’s partnership with the Dubai International Financial Centre together show that Solana’s blockchain power is taking hold both in the world of corporate finance and in today’s global regulatory landscape. As Solana’s growth continues apace, it has the look of a project that could provide the crypto industry with a healthy dose of life. The months ahead will be vital to observe how these events affect not just market sentiment regarding $SOL, but also the much broader adoption of blockchain technologies in both the public and private sectors. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news !
The post Elon Musk Slams ‘One Big Beautiful Bill’ as a Path to U.S. Bankruptcy appeared first on Coinpedia Fintech News Elon Musk has reignited the national debate on government spending with a fiery outburst against Congress. Reacting to the newly passed “ One Big Beautiful Bill Act ,” Musk called it a “disgusting abomination” and warned that it’s pushing the United States toward bankruptcy. In a post on X, he took a jab at this bill and said, “I’m sorry, but I just can’t stand it anymore.” Musk’s controversial statements are not new, and this one is hitting hard, creating a storm inside the white house. I’m sorry, but I just can’t stand it anymore. This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it. — Elon Musk (@elonmusk) June 3, 2025 Trillions in New Debt The bill, championed by President Donald Trump, is projected to add up to $5.1 trillion to the U.S. national debt over the next decade, according to the Committee for a Responsible Federal Budget. Musk echoed those concerns, warning that it would “massively increase the already gigantic budget deficit to $2.5 trillion” and load American citizens with “crushingly unsustainable debt.” End of DOGE Role, Not the Criticism Musk’s comments come just days after he stepped down from his role leading the Department of Government Efficiency (DOGE). Though no longer in an official position, he stressed that the mission of DOGE would continue within government structures. His exit didn’t mute his voice, he has strongly objected to the bill despite of congress funding cut initiated on DOGE. However, Musk isn’t alone in his frustration. Senator Rand Paul echoed Musk’s concerns, calling the bill “a huge mistake.” He criticized the reckless addition of trillions in federal debt and emphasized the need for fiscal discipline. Meanwhile, the White House defended the bill, calling it vital for preserving tax relief. Despite the backlash, White House Press Secretary Karoline Leavitt defended the bill, saying it preserves tax relief and supports national interests. As America braces for what could be a deeper fiscal divide, Musk’s warnings are sparking fresh outrage and perhaps a new round of political debate. .article-inside-link { margin-left: 0 !important; border: 1px solid #0052CC4D; border-left: 0; border-right: 0; padding: 10px 0; text-align: left; } .entry ul.article-inside-link li { font-size: 14px; line-height: 21px; font-weight: 600; list-style-type: none; margin-bottom: 0; display: inline-block; } .entry ul.article-inside-link li:last-child { display: none; } Also Read : Big News: Trump Team Disowns ‘$Trump Wallet’ Project Backed by Magic Eden , Not All in Sync…. Meanwhile, House Speaker Mike Johnson pushed back strongly against Elon Musk’s criticism of the new spending bill, suggesting on X that any cuts recommended by the now-defunct DOGE initiative would be formally handled through Congress’s rescissions and appropriations processes. Responding to Musk’s alarm over rising federal debt, Johnson insisted that “with all due respect, Elon is simply wrong about the One Big Beautiful Bill,” signaling deep disagreement over the bill’s fiscal impact. In response, Senator Mike Lee warned that current government spending has reached a crisis point, especially since 2020, and stressed that it can’t be ignored. 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Swedish healthcare firm H100 Group has successfully obtained a $2.1 million convertible loan from renowned cryptographer Adam Back, with an option to increase funding by an additional $12.8 million. This