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CNBC

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  • Stablecoins go mainstream: Why banks and credit card firms are issuing their own crypto tokens background of header A $44 billion IPO. A Senate bill with bipartisan momentum. And now, a wave of Fortune 500 firms launching crypto tokens of their own. Stablecoins — once a niche corner of the cryptocurrency world — are entering the corporate and policy mainstream, potentially reshaping how money moves in the United States and around the world. "Many of the users out there today are not aware of stablecoins, or not interested in stablecoins, and they should not be," said Jose Fernandez da Ponte, PayPal's SVP of blockchain, crypto and digital currencies. "It should just be a way in which you move value, and in many cases, is going to be an infrastructure layer." For corporations, stablecoins are an opportunity to slash millions in transaction fees and turbocharge payment infrastructure with instantaneous settlement. Stablecoins 'mature' USDC issuer Circle's long-awaited public debut exposed a wave of pent-up demand for digital dollars as investors sent the stock soaring as much as 750% in June. Partnerships, and competition, quickly followed. Coinbase announced a deal with e-commerce platform Shopify to bring USDC payments to merchants. Payments firm Fiserv announced a stablecoin to pair with the 90 billion transactions it processes every year. "We're entering the utility phase right now, where the technology has matured. It's gotten fast, it's gotten cheap," said Jesse Pollak, head of base and wallet at Coinbase. "It's gotten easy to use, and that's leading to real-world adoption across businesses and consumers." Base is Coinbase's Ethereum layer-2 network, designed to make blockchain applications faster, cheaper, and more accessible to developers and users. Merchants are a particular focus for stablecoins, as payment processing fees for these businesses totaled a record $187.2 billion in 2024, according to the Nilson Report. Payment companies are looking to fend off potential disruption by stablecoin issuers. Stablecoins in payments Mastercard this week announced support for four stablecoins on its Multi-Token Network. The private blockchain is targeted toward institutions and promises 24-hour settlement. Visa's CEO told CNBC the payment processor is modernizing its infrastructure with the help of stablecoins. "Visa and MasterCard are leaning into the disruption," said Nic Carter, founding partner at Castle Island Ventures. "They're trying to disrupt themselves, so they seem to be ahead of the curve." JPMorgan took a slightly different approach to the crypto token boom on Wall Street. The financial giant launched a token backed by commercial bank deposits rather than U.S. dollars. JPMorgan's Naveen Mallela, global co-head of Kinexys, the bank's blockchain unit, told CNBC the JPMD token would allow for round-the-clock settlement for institutional clients looking for faster, cheaper transactions while staying connected to the traditional banking system. Stablecoins in D.C. The boom in crypto adoption on Wall Street is bolstered by growing support in Washington. The Senate passed its framework of rules for stablecoins, called the GENIUS Act. The bill includes guidelines for consumer protections, reserve requirements for issuers, and anti-money laundering guidance. Stablecoins and other cryptocurrencies have faced criticism for their use in illicit activity, and some Democrats argue the bill doesn't do enough to address those concerns. Those lawmakers also argue the bill doesn't curtail conflicts of interest, including the recent launch of a stablecoin tied to President Donald Trump through World Liberty Financial. The crypto-focused firm run by his family is behind the dollar-pegged token USD1. When asked about Trump's ties to crypto projects in his name, the White House told CNBC there are no conflicts of interest and the president's assets are in a trust managed by his children. "I think it was a mistake for Trump to have a Trump-affiliated DeFi project issue a stablecoin. I think that really set back his stablecoin legislative agenda," Carter said. "I think we could do it a lot more in terms of tackling these conflicts of interest. And I completely understand the Democrats when they try and weed this out."
  • Bigger bitcoin HODL: Time for 10% to 40% of portfolio in crypto, says financial advisor Ric Edelman Four years ago, financial advisor Ric Edelman went out on a limb in saying everyone should hold cryptocurrencies. But how much? Low single digits was his recommendation. In his "The Truth about Crypto" book in 2021, Edelman said as low as a 1% allocation was reasonable. A lot has changed. This week, Edelman said financial advisors should be recommending anywhere from 10% to 40% allocations to cryptocurrencies, and he is aware it's quite a shift in his own thinking. "Today I am saying 40%, that's astonishing," he told CNBC's Crypto World in an interview. "No one has ever said such a thing." But the "why" is the more important thing. For one, it's because of the massive change seen in the industry, what he called "the evolution of crypto in the past four years," he said. Four years ago, Edelman said, we didn't know if governments would ban bitcoin, or if the technology would be obsolete, and if consumers and institutions would adopt it. "Today, all those questions have been resolved," said Edelman, who heads the Digital Assets Council of Financial Advisors. "It's radically changed and is now a mainstream asset," he added. For sure, the more mainstream crypto becomes, the more it will feature across investment portfolios. Bitcoin ETFs have been taking in billions this year, among the top asset classes in ETF inflows this year, one sign of crypto's arrival on the radar of more financial advisors and long-term investors. The other big shift Edelman sees longer-term, and just as important to his view of crypto allocations, is the end of the traditional 60/40 model of long-term investing, with 60% in stocks and 40% in bonds, which Edelman says is obsolete due to increased longevity — life expectancy in the U.S. has risen from 47 in the 1900s to 85 today, and is projected to potentially reach as high as 100 over the next 30 years if technological advances related to medicine proceed. "If you're a financial advisor and you had a 30-year-old client who was saving for their long-term future, you would tell them to put 100% of their money in stocks, because they have 50 years to go," said Edelman. "Today's 60-year-old is kind of like yesterday's 30-year-old," he added. "You need to get better returns than you can get from bonds and you need to hold equities longer than ever before," Edelman said. And as that allocation model shifts away from the classic 40% bond allocation, he said crypto needs to play a much bigger role in investing. "Bitcoin prices don't move in sync with stocks or bonds or gold or oil or commodities," Edelman said. He added that investors are starting to recognize it as a "wonderful way to improve modern portfolio theory statistics." "The crypto asset class offers the opportunity for higher returns than you're likely to get in virtually any other asset class," Edelman said. Some analysts predict bitcoin will hit $150,000-$250,000 by the end of this year and $500,000 by the end of this decade. Edelman said, "That's a conservative estimate compared to what others are saying." Ric Edelman calls on financial advisors to allocate up to 40% to crypto in portfolios In other crypto news of note on Friday: Crypto hacks hit a new record in the first half of the year. According to TRM Labs, bad actors raked in over $2.1 billion in at least 75 different hacks and exploits, setting a new record. Attacks on crypto infrastructure, like stealing private keys and seed phrases or compromises of front-end software, accounted for over 80% of the funds stolen in 2025's first half. Trump housing advisor tells CNBC about crypto mortgage plan. Bill Pulte, the director of the Federal Housing Finance Agency, joined CNBC's "Money Movers" on Friday to discuss the plan he released this week to have Fannie Mae and Freddie Mac figure out how to count crypto as a federal mortgage asset. Senate targets end of September for crypto bill. Senator Tim Scott, chairman of the Senate Banking Committee, said at an event on Thursday that legislation to establish rules for U.S. crypto markets will be finished by the end of September.
  • Germany tells Apple, Google to block DeepSeek as the Chinese AI app faces rising pressure in Europe In this photo illustration, the DeepSeek logo is seen displayed on a smartphone screen and in the background, the flag of the European Union. Thomas Fuller | Sopa Images | Lightrocket | Getty Images One of Germany's data protection watchdogs on Friday said DeepSeek's app illegally sends user data to China and asked Google and Apple to consider blocking the artificial intelligence service. Berlin's data protection commissioner Meike Kamp said in a statement that DeepSeek's transfer of German user data to China is "unlawful." There is not a readily available way to get in touch with DeepSeek. CNBC has reached out to DeepSeek's privacy team. Chinese firm DeepSeek made waves this year when it launched an AI model that it claimed was created at a fraction of the cost of competitors, using less advanced Nvidia chips. The company also has its own global chatbot AI app, which has been downloaded millions of times, garnering scrutiny. If the German case against DeepSeek progresses, it could lead to a European Union-wide ban for the app, some experts say. "It is certainly possible that this incident could lead to an EU-wide ban because the rules that apply in Germany are the same elsewhere in the EU and also in the UK," Matt Holman, specialist AI and data lawyer at Cripps, told CNBC by email. There are a few steps before this would become reality, however. What is Germany's issue with DeepSeek? "DeepSeek has not been able to convincingly demonstrate to my authority that the data of German users is protected in China at a level equivalent to that of the European Union," Germany's Kamp said, according to a CNBC translation. "Chinese authorities have extensive access rights to personal data within the sphere of influence of Chinese companies." Under the European Union's General Data Protection Regulation — the bloc's huge data protection law — companies are prohibited from sending data outside the region unless specific safeguards are in place at the countries of arrival. Those safeguards must meet GDPR requirements in Europe. In short, the Berlin data protection commissioner is concerned that Chinese authorities could access German user data sent by DeepSeek to China. What are the next steps? The Berlin data watchdog on Friday said it had informed Apple and Google of DeepSeek's alleged violations and expects the U.S. tech giants to carry out a "timely review" about whether to ban the app or not from their respective app stores. It's unclear if Google and Apple will comply. CNBC has reached out to both companies for comment. Cripps' Holman said that while and EU-wide ban is possible, there needs to be consensus among the bloc's regulators first that this would be an appropriate step. If Apple and Google remove DeepSeek from their app stores, this would effectively amount to an EU-wide ban, Holman said. "The implications for Deepseek could be, unsurprisingly, quite stark. Access to German citizens' data will be curtailed. In short order this could expand to the remainder of the EU if other national regulators follow suits meaning EU — and potentially UK — markets will be curtailed if Apple and Google disables the app," Holman said. This is not DeepSeek's first run-in with regulators in Europe. Italian data protection authorities in February ordered DeepSeek to block its app in the country. Meanwhile, Irish authorities in January asked DeepSeek for information on its data processing.
  • A new trend is driving Southeast Asian tourists to China’s Chongqing city, viral social media clips of monorails running through a residential building, buildings perched atop hilly terrain, and a pedestrian bridge on the 13th floor.
  • Apple reveals complex system of App Store fees to avoid EU fine of 500 million euro Kif Leswing POLAND - 2024/03/23: In this photo illustration an Apple logo is displayed on a smartphone with an EU flag on the background. Apple, Meta, Google to face EU Digital Markets Act probes. (Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images) Omar Marques | Sopa Images | Lightrocket | Getty Images Apple Thursday made changes to its App Store European policies, saying it believes the new rules will help the company avoid a fine of 500 million euro ($585 million) from the EU for violating the Digital Markets Act. The new policies are a complicated system of fees and programs for app makers, with some developers now paying three separate fees for one download. Apple also is going to introduce a new set of rules for all app developers in Europe, which includes a fee called the “core technology commission” of 5% on all digital purchases made outside the App Store. The changes Apple announced are not a complete departure from the company’s previous policy that drew the European Commission’s attention in the first place. Apple said it did not want to make the changes but was forced to by the European Commission’s regulations, which threatened fines of up to 50 million euros per day. Apple said it believed its plan is in compliance with the DMA and that it will avoid fines. “The European Commission is requiring Apple to make a series of additional changes to the App Store,” an Apple spokesperson said in a statement. “We disagree with this outcome and plan to appeal.” A spokesperson for the European Commission did not say that Apple was no longer subject to the fine. He said in a statement that the EC is looking at Apple’s new terms to see if the company is in compliance. “As part of this assessment the Commission considers it particularly important to obtain the views of market operators and interested third parties before deciding on next steps,” the spokesperson said in a statement. The saga in Brussels is the latest example of Apple fiercely defending its App Store policies, a key source of profit for the iPhone maker through fees of between 15% and 30% on downloads through its App Store. It also shows that Apple is continuing to claim it is owed a commission when iPhone apps link to websites for digital purchases overseas despite a recent court ruling that barred the practice in the U.S. Steering rules no longer in effect in U.S. Under the Digital Markets Act, Apple was required to allow app developers more choices for how they distribute and promote their apps. In particular, developers are no longer prohibited from telling their users about cheaper alternatives to Apple’s App Store, a practice called “steering” by regulators. In early 2024, Apple announced its changes, including a 50 cent fee on off-platform app downloads. Critics, including Sweden’s Spotify, pushed back on Apple’s proposed changes, saying that the tech firm chose an approach that violated the spirit of the rules, and that its fees and commissions challenge the viability of the alternative billing system. The European Commission investigated for a year, and it said on Thursday that it would again seek feedback from Apple’s critics. “From the beginning, Apple has been clear that they didn’t like the idea of abiding by the DMA,” Spotify said last year. Epic Games CEO Tim Sweeney, whose company successfully changed Apple’s steering rules in the U.S. earlier this year, accused Apple last year of “malicious compliance” in its approach to the DMA. Sweeney said Apple was looking to comply with the letter of the law but make it difficult for developers to benefit from the changes. The European Commission announced the 500 million euro fine in April. The commission at the time said that the tech company might still be able to make changes to avoid the fine. Apple’s restrictions on steering in the United States were tossed earlier this year, following a court order in the long-running Epic Games case. A judge in California found that Apple had purposely misled the court about its steering concessions in the United States and instructed it to immediately stop asking charging a fee or commission on for external downloads. The order is currently in effect in the United States as it is being appealed and has already shifted the economics of app development. As a result, companies like Amazon and Spotify in the U.S. can direct customers to their own websites and avoid Apple’s 15% to 30% commission.
  • Bitcoin rises, NYSE battles for Trump ETF, and crypto may be coming to mortgage next background of header The price of bitcoin rose again on Wednesday, reaching above $108,000 at an intraday high, as investors looked past the recent tensions in the Middle East and the stock market hovered near an all-time record. But the trading in cryptocurrencies was uneven, with ether and solana both slipping modestly in afternoon trading. Washington, D.C., figured in a major way in the latest crypto headlines. Fed Chair Jerome Powell spoke about crypto in his testimony before the Senate Banking Committee on Wednesday morning, saying the stablecoin industry has matured significantly over the past few years, and increasingly become part of the mainstream financial landscape. The director of Federal Housing Finance Agency, William Pulte — whose family founded Pulte Group, one of the nation's largest homebuilders — may have also given bitcoin a boost after ordering Fannie Mae and Freddie Mac to study the usage of cryptocurrency holdings for those looking to qualify for mortgages. After the Senate unveiled a bill Tuesday to write the "crypto rules of the road," Senator Cynthia Lummis, who heads the Senate Banking subcommittee on digital assets, spoke with CNBC's "Squawk Box" on Wednesday to break down the details of new legislation. She said the U.S. should be a leader in crypto rulemaking, and noted that rules of the road for digital assets already exist in some markets overseas. Meanwhile, the New York Stock Exchange went to bat for the planned crypto ETF from President Trump's Truth Social, asking for a rule change to allow the bitcoin and ethereum ETF to launch. If approved by the SEC within the next 90 days, it would further Trump's push into digital assets. Finally, Crypto World spoke with Yuval Rooz, CEO of Digital Asset, which raised $135 million in a fundraising announced on Tuesday, a round backed by major names in banking and finance, including Goldman Sachs and Citadel Securities. He explained how the money will be used and what the investment highlights. Watch the video above to hear his take on the big deal.
  • Goldman Sachs and Citadel back crypto firm Digital Asset in $135 million funding round Crypto company Digital Asset said Tuesday that it's netted $135 million in funding from a raft of major names in banking and finance. The firm, which touts itself as a regulated crypto player, said it raised the fresh cash in a funding round co-led by DRW and Tradeweb, with Goldman Sachs, BNP Paribas and Ken Griffin's Citadel Securities also investing. The investment highlights how large financial institutions are embedding themselves in the once murky world of cryptocurrencies. Previously associated with fraud, money laundering and other illicit activities, digital assets have become a more mainstream asset class over the years as big names like JPMorgan Chase, Goldman Sachs and Morgan Stanley warmed to the space. Just last week, JPMorgan launched its own version of a stablecoin, a deposit token called "JPMD." "With growing participation from global financial institutions and market participants, we expect this funding round to help us solidify our role as the backbone of digital finance," Yuval Rooz, Digital Asset's CEO and co-founder, told CNBC. Digital Asset sells a number of digital asset services to its clients, which include major Wall Street players like Goldman Sachs, Citadel and Virtu. Co-founded in 2014 by trader-turned-entrepreneur Yuval Rooz, it competes with the likes of Ripple, R3 and Consensys. The firm will use the new funding to advance adoption of the Canton Network. Initially developed by Digital Asset but now open-source, Canton is a public blockchain designed for financial institutions to move assets and data around while meeting regulatory and privacy requirements. Banks and trading firms are using Canton to tokenize real-world assets such as bonds, commodities and money market funds. "This raise will allow us to build upon the continuing momentum around the Canton Network and accelerate the onboarding of more high-quality assets, finally making blockchain's transformative promise an institutional-scale reality," Rooz told CNBC. The network now supports trillions of dollars in tokenized assets, according to Digital Asset's CEO
  • Goldman Sachs and Citadel back crypto firm Digital Asset in $135 million funding round Crypto company Digital Asset said Tuesday that it's netted $135 million in funding from a raft of major names in banking and finance. The firm, which touts itself as a regulated crypto player, said it raised the fresh cash in a funding round co-led by DRW and Tradeweb, with Goldman Sachs, BNP Paribas and Ken Griffin's Citadel Securities also investing. The investment highlights how large financial institutions are embedding themselves in the once murky world of cryptocurrencies. Previously associated with fraud, money laundering and other illicit activities, digital assets have become a more mainstream asset class over the years as big names like JPMorgan Chase, Goldman Sachs and Morgan Stanley warmed to the space. Just last week, JPMorgan launched its own version of a stablecoin, a deposit token called "JPMD." "With growing participation from global financial institutions and market participants, we expect this funding round to help us solidify our role as the backbone of digital finance," Yuval Rooz, Digital Asset's CEO and co-founder, told CNBC. Digital Asset sells a number of digital asset services to its clients, which include major Wall Street players like Goldman Sachs, Citadel and Virtu. Co-founded in 2014 by trader-turned-entrepreneur Yuval Rooz, it competes with the likes of Ripple, R3 and Consensys. The firm will use the new funding to advance adoption of the Canton Network. Initially developed by Digital Asset but now open-source, Canton is a public blockchain designed for financial institutions to move assets and data around while meeting regulatory and privacy requirements. Banks and trading firms are using Canton to tokenize real-world assets such as bonds, commodities and money market funds. "This raise will allow us to build upon the continuing momentum around the Canton Network and accelerate the onboarding of more high-quality assets, finally making blockchain's transformative promise an institutional-scale reality," Rooz told CNBC. The network now supports trillions of dollars in tokenized assets, according to Digital Asset's CEO
  • Pompliano’s ProCap raises over $750 million, goes public via SPAC background of header Anthony Pompliano: Gold, crypto divergence shows investors aren't used to going Bitcoin for safety The race to create publicly traded bitcoin treasuries is accelerating — and so is the capital pouring in. ProCap Financial, the latest entrant, has raised more than $750 million and is going public through a special acquisition company, or SPAC, with Columbus Circle Capital Corp. I, according to an announcement Monday. Led by investor and podcast host Anthony Pompliano, ProCap raised more than $750 million in its funding round, including $235 million in convertible debt, with equity making up the rest. The new firm aims to hold up to $1 billion in bitcoin on its balance sheet and generate revenue through a full-stack, bitcoin-denominated financial services platform. The rush into bitcoin treasuries — inflated by cheap capital, yield promises, and brand name endorsements — is starting to resemble a bubble. "There's an old George Soros quote that goes, 'When I see a bubble forming, I rush in to buy, adding fuel to the fire,'" Pompliano said. "There's a reason the bubble forms — because the trend works." ProCap joins a growing cohort of bitcoin-heavy ventures using reverse mergers and blank-check vehicles to tap into public markets. From Trump Media's $2.5 billion bitcoin treasury plan to Jack Mallers' Twenty-One and the Nakamoto fund, a growing number of firms are racing to offer stock market exposure to bitcoin. Some, like Tron founder Justin Sun, are using reverse mergers to take crypto businesses public — in Sun's case, folding his blockchain platform into a Nasdaq-listed toy manufacturer. Others, like Mallers, are launching purpose-built bitcoin holding firms backed by heavyweight investors including Tether and SoftBank. While Trump Media isn't a crypto-native firm, it has embraced the playbook of raising money to buy bitcoin and promoting the asset through affiliated ventures. All are following a path blazed by Strategy's Michael Saylor: Turning public companies into bitcoin proxies. But ProCap says it's pushing beyond that model, aiming not just to hold bitcoin but to build a financial services platform on top of it. "Most other firms raised capital that's just sitting in cash while they wait for deals to close," Pompliano told CNBC. "We're buying bitcoin immediately." He added that ProCap's equity investors are getting direct exposure from day one. Anthony Pompliano: Circle 'may be more of a stablecoin story than it is a crypto story' The structure gives ProCap a rare first-mover edge in a space where many deals are still weeks or months from closing, with some yet to even file their S-4s — the regulatory documents required to complete a merger. It also sets the stage for a new phase of the bitcoin proxy trade: not just holding bitcoin, but generating yield from it. "We want to build the leading bitcoin-native financial services company," Pompliano said. "Like a traditional Wall Street firm, but on top of a bitcoin balance sheet instead of dollars." ProCap plans to offer services like lending, trading, and capital markets — all denominated in bitcoin. The goal is to recreate the architecture of a Goldman Sachs or Cantor Fitzgerald, rebuilt from the ground up in crypto. "The goal is to look and feel like a traditional financial institution," he added. "That resonates very differently with capital allocators." ProCap's pitch to investors is that it's not just chasing momentum. It's building the infrastructure for what Pompliano calls a new financial system — one that runs on bitcoin, but looks and feels familiar to the institutions still sitting on the sidelines. "Many companies don't care about the cost of capital. We do," he added. "We're traditional capital allocators — we care about building a sustainable business that generates cash flow."
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