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Customers affected by FTX's collapse are monitoring SpaceX's post-IPO performance, hoping for increased recoveries from the bankruptcy proceedings. FTX's estate has distributed $10.3 billion to customers, with projections indicating potential surplus for creditors, including from FTX's investment in SpaceX via K5 Global.
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Despite Bitcoin's decline and liquidations, select altcoins like NEAR Protocol, Worldcoin, and Internet Computer have seen double-digit gains. Factors such as geopolitical tensions, ETF outflows, and macroeconomic pressures are driving the divergence between Bitcoin and altcoins.
Coindesk
Ripple's RLUSD stablecoin is entering the Turkish market through collaborations with BiLira, Bitexen, and Bitlo. With a market capitalization of $1.7 billion, RLUSD is positioned for payments, tokenization, and collateral use, catering to the demand in Turkey's crypto market.
Coindesk
MoneyGram has introduced its own stablecoin, MGUSD, on the Stellar blockchain, enabling customers to hold a dollar-denominated balance and transfer funds globally. The stablecoin is part of a trend where companies are leveraging digital dollars for cross-border payments.
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Telegram has rebranded its Toncoin as Gram, the original proposed name, as part of its takeover of The Open Network. CEO Pavel Durov announced the shift, stating it will pave the way for future developments in about three weeks.
Coindesk
Keyrock, a Brussels-based digital asset services firm, is set to acquire bankrupt crypto trading and lending firm Blockfills, pending court approval. The acquisition includes assets, liabilities, equity interests, customer lists, and proprietary technology. BlockFills filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware.
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Bill Zanker, a key figure in President Donald Trump's official meme coin project, is launching the "Trump Coin Club" to offer exclusive events to top holders. The first event will be a luxury experience at the FIFA World Cup finals next month, with perks like a private suite viewing and VIP access to a night club.
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Strategy, holding over $60 billion in Bitcoin, sold 32 BTC worth $2.5 million before May 31. The market's resolution is under dispute as the announcement came after the expected date. The market in question has seen over $50 million in trading volume so far.
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Kalshi has filed to offer perpetual futures tied to various altcoins in the U.S., following CFTC's approval of Bitcoin futures. The move signifies Kalshi's expansion into a market traditionally dominated by offshore platforms.
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According to analysts at Compass Point, Coinbase's efforts to offer leverage for digital asset speculation through perpetual futures may result in limited revenue growth due to competition and low switching costs. Regulatory approvals for offshore perps and the potential for leverage restrictions in the U.S. pose challenges for Coinbase's market share and pricing power.
Coindesk
Vitalik Buterin proposed using options contracts to create index-tracking assets in DeFi, aiming to reduce sudden liquidation risks associated with collateralized debt positions. This new approach could offer a smoother process during market volatility by gradually adjusting exposure levels.