TL;DR

• Coinbase is investigating an AI-generated alert that falsely reported a World Cup result before the match began.
• CEO Brian Armstrong confirmed the company is reviewing the incident after users raised concerns.
• The error has sparked fresh debate over the reliability of AI-generated prediction market content.
• The incident highlights the need for stronger AI safeguards as Coinbase expands its AI-powered financial products.

Coinbase is investigating an AI notification that falsely reported the outcome of a FIFA World Cup match before the game had even begun, prompting criticism over the reliability of artificial intelligence in prediction markets.

The erroneous alert claimed that Norway had defeated Brazil 3-2, with striker Erling Haaland scoring twice. However, Coinbase’s own prediction market page showed the fixture was under a weather delay at the time, meaning no official result existed when the notification was sent.

The incident quickly drew attention across social media, raising fresh questions about the safeguards surrounding AI content on financial platforms.

Brian Armstrong Confirms Internal Review

Coinbase CEO Brian Armstrong acknowledged the issue after users flagged the false notification online, confirming that the company had begun investigating what went wrong.

“Taking a look with the team – thanks for reporting it,” Armstrong said in response to user complaints.

The exchange has not disclosed what caused the incorrect alert or whether it originated from an AI model, an automated data feed, or another internal system. Coinbase also has not indicated whether similar notifications will be paused while the investigation is underway.

The mistake is particularly notable because Coinbase has increasingly incorporated artificial intelligence into its products and operations. The company has also expanded its presence in prediction markets through its partnership with Kalshi, offering users access to event-based markets alongside traditional crypto services.

The false notification has also reignited debate over Coinbase’s positioning of prediction markets as tools that can help surface reliable information. Critics argued that sending an incorrect result before an event had taken place undermines confidence in AI-powered alerts, particularly when they are integrated into financial products.

AI Accuracy Faces Growing Scrutiny

The latest incident adds to the broader conversation surrounding the use of artificial intelligence in customer-facing financial services, where inaccurate information can quickly spread to large numbers of users.

Although Coinbase’s prediction market page correctly displayed that the match had been delayed due to weather conditions, the conflicting push notification created confusion by presenting a fabricated final score as though it were an official outcome.

The company has previously dealt with notification-related issues. Earlier this year, Armstrong addressed a separate bug involving push notifications, noting that Coinbase generally prefers to resolve technical problems without unnecessarily restricting customer access to its services.

So far, Coinbase has not reported any material impact on its business or share price following the incident. Instead, attention has shifted toward how the exchange verifies AI content before it reaches users.

As financial technology firms continue integrating artificial intelligence into trading platforms, prediction markets, and customer communications, maintaining accuracy is becoming increasingly important. The Coinbase incident highlights the challenges of balancing automation with reliability, particularly when AI-generated information has the potential to influence user decisions or public perception.

While the investigation continues, the episode serves as a reminder that AI-powered tools are dangerous and require robust oversight, especially as crypto exchanges expand their use of artificial intelligence across core products and market services.

Nearly one million investors in Donald Trump’s memecoin, Official Trump (TRUMP), are sitting on paper losses totaling about $3.8 billion, according to an analysis published by The New York Times that relies on on-chain analytics from Nansen. The findings underscore a familiar pattern in retail-heavy memecoins: a small group of early wallets capture outsized gains while the broader base carries most of the downside.

The same Nansen analysis also points to losses among buyers of World Liberty Financial’s token (WLFI), a crypto asset tied to a trading platform co-founded by Trump and his three sons. Together, the data arrives amid renewed scrutiny sparked by Trump’s financial disclosures describing substantial crypto-related income.

Key takeaways

• According to Nansen data cited by The New York Times, 988,905 TRUMP wallets (about two-thirds of buyers) were losing money as of the end of June.
• Total TRUMP losses for those wallets were reported at $3.81 billion, while a smaller group of wallets recorded gains totaling about $4 billion.
• Separate Nansen analysis of WLFI found that 85% of the company-tracked wallets held losses, totaling $83 million, with the rest profiting $23 million.
• Trump’s recent financial disclosure described substantial income from his crypto ventures, adding fuel to concerns about conflicts of interest while in office.

TRUMP holders face broad losses, early buyers capture gains

The New York Times reported that as of the end of June, 988,905 TRUMP buyers—roughly two out of every three—were underwater. Across those wallets, losses were estimated at $3.81 billion, with Nansen’s analysis including both holders who were still holding at a loss and those whose positions were already marked negative by the time of measurement.

By contrast, just under half a million wallets recorded profits. In total, the reporting stated that profitable wallets accounted for about $4 billion in gains. Nansen characterized the distribution as skewed, describing it as “a small number of early buyers capturing enormous gains while the broad retail majority absorbed the losses.”

The contrast matters for how investors interpret memecoin risk. These tokens often start with hype and easy participation, but the on-chain outcome can be highly uneven—especially when early buyers benefit from momentum and late entrants become liquidity providers to the exit of better-positioned traders.

In terms of performance since launch, the token’s peak is reported at more than $73 shortly after it debuted. Since then, it has fallen by over 97%, and CoinGecko data in the report placed TRUMP at about $1.70 at the time of publication.

Financial disclosure raises new questions around crypto involvement

The TRUMP loss analysis arrives days after Trump’s annual financial disclosure, released earlier in the week, drew attention for crypto-related earnings. The filing reportedly showed that Trump earned more than $1.4 billion in income from crypto ventures last year, renewing debate around how personal financial interests intersect with public duties.

The disclosure, described as nearly 1,000 pages, also reportedly indicated Trump made over $630 million on the TRUMP memecoin. Meanwhile, the filing suggested that all token buyers combined made a net profit of around $200 million—an aggregate that contrasts sharply with the large number of losing wallets highlighted by Nansen.

This mismatch points to a crucial detail investors may overlook: even if the broader market settles slightly positive in aggregate, individual outcomes can still be heavily negative for most participants. Large early wins can dominate totals even when most holders end up losing money.

Trump launched the memecoin in January 2025, shortly before returning to office. The New York Times coverage and the Nansen-based approach place particular emphasis on buyer-level outcomes as of the end of June, offering a more granular view than price-only narratives.

WLFI token analysis suggests similar imbalance for retail buyers

Nansen’s work also extended to World Liberty Financial (WLFI), a token connected to the crypto trading platform of the same name. The platform’s co-founders include Trump and his three sons, according to the reporting in the article.

The token was reportedly sold directly to investors in two early rounds: first at 1.5 cents, and later at 5 cents. The analysis cited by The New York Times suggested that buyers who entered at 5 cents likely made a small profit overall. But among the nearly 27,000 wallets Nansen tracked, 85% recorded losses totaling $83 million, while the remaining wallets profited $23 million.

The article also cautioned that losses may be understated. Nansen reportedly noted that additional buyers likely purchased WLFI on exchanges where the relevant data is not public, meaning some losing positions may not be captured in the wallet set the firm analyzed. It was also noted that WLFI later became available to the public via secondary exchanges in September.

From a business-flow perspective, the reporting stated that Trump’s financial disclosure indicated he earned just under $800 million from the World Liberty Financial platform last year. The same section of the article said the Trump-linked business received 75% of WLFI sales regardless of the token’s price—an arrangement that could matter when assessing who captures value as token pricing fluctuates.

Scrutiny continues as Trump addresses conflict-of-interest concerns

In an interview with CNBC reported by Cointelegraph, Trump was described as dodging questions about perceived conflicts of interest related to his crypto activity and said there was “nothing illegal” and “nothing wrong” with the disclosed profits, adding that others were responsible for the investments.

For market participants, the emerging theme across these different threads—wallet-level loss concentration for both TRUMP and WLFI, and the scale of crypto-related income described in financial disclosures—is that retail participation may be riskier than price charts alone suggest. The on-chain outcomes reported by Nansen point to an uneven value transfer, where early access and execution timing can outweigh later entry enthusiasm.

Investors should watch whether additional on-chain breakdowns expand beyond the tracked wallet sets (especially for WLFI), and whether future disclosures provide clearer detail on how token-linked revenues and allocations are structured. As long as memecoins and tokenized platform interests remain central to attention, the key question is how consistently late participants are protected—or whether, as the Nansen analysis implies, they continue to pay most of the cost of early wins.

European regulators and central bankers have warned that rulemaking cannot keep pace with rapid advances in agentic artificial intelligence and have called for guardrails to protect the financial system. 

Bank of England deputy governor Sarah Breeden is one of several central bankers who have said that agentic AI could amplify volatility during bouts of market stress.

Breeden questioned if guardrails are needed, “analogous to circuit breakers or kill switches that would limit or stop trading market-wide if faulty AI models cause market meltdown,” she said at the European Central Bank’s annual meeting in Sintra, Portugal, on Tuesday.

US companies are leading in AI investment and frontier model development, and Europe’s financial system gives it fewer capital channels into AI compared to the US equity markets. Regulating too cautiously could widen that gap further, as AI companies may seek out jurisdictions with lower compliance requirements.

Cybersecurity and financial risk warnings 

European Central Bank President Christine Lagarde, in an interview with French outlet Les Echos on Thursday, warned that AI technology poses a “major risk.” 

“For about a decade now, we have been talking about cybersecurity risks, hacking, data theft, and so on,” Lagarde said. “But with the acceleration and deepening of AI models, we are confronted with a much more serious risk, because it is happening very, very quickly, and because the means of defense — and the funding required for them — have yet to be found.”

Related: Anthropic to bring back Fable 5 as US lifts export controls

Meanwhile, Nikhil Rathi, CEO of the UK’s Financial Conduct Authority, told CNBC’s Squawk Box on Thursday that traditional regulation cycles don’t work in an era of fast-moving AI development.

“Technology moves incredibly fast, and we need to think differently about some of the innovations that we are seeing on AI,” Rathi said.

“The reality is some of these technologies now move in weeks or months, and the traditional cycle of rulemaking simply doesn’t work in that way, so we need to think about new tools and a different way of working with the market in a more collaborative way.” 

Central bankers, especially in Europe, have raised the same red flags about crypto, claiming that it could disrupt the traditional financial system. 

Bankers warn of AI boom-bust risk

The Bank for International Settlements warned on June 28 that AI “exuberance” could have major financial consequences.

If central banks tighten policy to contain inflation, this could precipitate a “sharp pullback in [AI] asset prices after a prolonged period of exuberant risk-taking,” which could trigger “disruptive macro-financial feedback loops,” the BIS said. 

Breeden said that debt financing was rising rapidly. “We therefore judged that the financial stability consequences of any fall in AI-related asset prices could well increase,” she said. 

Meanwhile, Tobias Adrian, Director of the IMF’s Monetary and Capital Markets Department, said in an interview with Bloomberg on June 30 that there is a “potential maturity mismatch in between the duration of the physical assets and the duration of the debt.”

Magazine: AI is banking the unbanked in Africa… faster than crypto

Nearly 1 million buyers of Official Trump (TRUMP), US President Donald Trump’s memecoin, have lost a collective $3.8 billion on the token as of the end of June, newly reported analysis shows.

As of the end of last month, 988,905 TRUMP buyers, or around two out of every three buyers, have lost money on the memecoin, The New York Times reported on Saturday, citing a report by analytics firm Nansen.

Those buyers lost a total of $3.81 billion, which includes those who have held on to the token at a loss.

The report comes days after Trump’s annual financial disclosure, released on Tuesday, revealed he earned more than $1.4 billion in income from his crypto-related ventures last year, raising fresh concerns about the president’s crypto dealings while in office.

Just under half a million wallets had reportedly recorded a profit on the token, totaling $4 billion, which Nansen said reflected “a small number of early buyers capturing enormous gains while the broad retail majority absorbed the losses.”

Donald Trump posted to X on Jan. 18 about his new self-branded memecoin. Source: Donald Trump

The nearly 1,000-page disclosure showed Trump had made over $630 million on his TRUMP memecoin, while all buyers of the token taken together made a net profit of around $200 million in comparison.

Trump launched the memecoin just days before he re-entered office in January 2025, where the token quickly peaked at over $73. It has since fallen by over 97% and currently trades at $1.70, according to CoinGecko.

World Liberty Financial token buyers also likely lost out

Nansen also analyzed World Liberty Financial (WLFI), the token tied to the crypto trading platform of the same name that lists Trump and his three sons as co-founders.

WLFI was first sold directly to investors at 1.5 cents, then at 5 cents. Nansen said those who bought WLFI at 5 cents have likely made a small profit, but of the nearly 27,000 wallets the company tracked, 85% had recorded a loss, which amounted to $83 million in total, while the remaining wallets profited a total of $23 million.

Nansen said there are likely more investors who have lost on the token, as other buyers purchased WLFI on exchanges where the data is not public. The token was made available to the public via secondary exchanges in September.

Related: Senate Dems urge probe into $500M crypto deal between Trumps, UAE

Meanwhile, Trump’s financial disclosure showed that he earned just under $800 million from the World Liberty Financial platform last year, as a business tied to Trump collects 75% of the sales of WLFI regardless of its price.

In an interview with CNBC on Thursday, Trump dodged questions about perceived conflicts of interest and said there was “nothing illegal” and “nothing wrong” with his disclosed crypto profits and claimed that other people were responsible for his investments.

Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

TL;DR

• Dubai has become Asia’s largest regulated crypto hub with 50 licensed virtual asset firms.
• India’s central bank continues pushing to keep banks insulated from cryptocurrency risks.
• Metaplanet expanded its Bitcoin holdings while Russia confirmed its digital ruble launch timeline.
• Taiwan, South Korea, and Kazakhstan advanced crypto regulation, tokenization, and blockchain adoption.

Asia’s digital asset landscape continues to evolve at different speeds, with some jurisdictions like Dubai accelerating crypto adoption while others tighten oversight. Over the past week, regulators and institutions across the region announced major developments spanning licensing, central bank digital currencies (CBDCs), tokenization, and corporate Bitcoin strategies.

Dubai expanded its lead as one of Asia’s most regulated crypto hubs, while India’s central bank reiterated its cautious stance on digital assets. Meanwhile, Japan, Russia, South Korea, Taiwan, and Kazakhstan each unveiled initiatives that underscore the region’s increasingly diverse approach to blockchain technology.

Dubai Expands Lead While India Maintains Conservative Approach

Dubai reached a significant milestone after its Virtual Assets Regulatory Authority (VARA) issued its 50th Virtual Asset Service Provider (VASP) license, further strengthening the emirate’s position as one of the region’s most established crypto jurisdictions. The latest license was awarded to Tribe Tokenisation FZE, reflecting Dubai’s continued focus on regulated digital asset businesses and real-world asset tokenization. Although not every licensed company has begun commercial operations, the growing number of approvals highlights the city’s long-term commitment to building a compliant crypto ecosystem. 

India, however, appears to be moving in the opposite direction. Reports indicate the Reserve Bank of India (RBI) urged lawmakers to shield the country’s banking sector from cryptocurrency exposure while keeping the door open for regulated tokenization initiatives. According to the central bank, allowing banks to engage directly with cryptocurrencies could introduce financial stability risks, whereas tokenized versions of traditional financial assets remain a separate area worthy of development. 

Elsewhere in the region, Taiwan passed its first comprehensive crypto legislation, introducing licensing requirements for virtual asset service providers and reserve rules for stablecoin issuers. The move aligns Taiwan more closely with established regulatory frameworks already adopted in markets such as Japan and Singapore.

Institutions Push Ahead With Bitcoin, CBDCs, and Tokenization

Institutional adoption also remained a dominant theme across Asia.

Japanese investment firm Metaplanet expanded its Bitcoin treasury once again, increasing its holdings to more than 43,000 BTC after purchasing an additional 2,823 Bitcoin during the second quarter. The company also reported revenue generated through its Bitcoin yield strategy, reinforcing its commitment to a long-term digital asset accumulation model.

Meanwhile, another Japanese player, SBI Crypto, announced it will shut down its Bitcoin mining pool at the end of July after five years of operation. While no official reason was provided, the decision marks the end of one of Japan’s notable mining services.

Russia is also preparing for the next phase of its digital currency plans. Bank of Russia Governor Elvira Nabiullina confirmed the country’s digital ruble remains on track for a September 1 rollout, with banks and financial institutions expected to begin supporting the CBDC as scheduled. 

In South Korea, Bank of Korea Governor Hyun Song Shin emphasized that tokenized government bonds could significantly improve settlement efficiency and collateral management. The central bank is also exploring a unified ledger that would combine tokenized government securities, wholesale CBDCs, and commercial bank deposits into a single blockchain-based infrastructure.

Central Asia is also becoming more active in blockchain development. Kazakhstan continues advancing its digital economy ambitions after Solana Company agreed to help develop blockchain infrastructure for Alatau City, a planned technology-focused megacity backed by more than $6 billion in potential investment.

Meanwhile, compliance efforts remain a major focus beyond Asia. The U.S. Treasury sanctioned 134 cryptocurrency wallets linked to ISIS-K, prompting Tether to freeze USDT held across 131 sanctioned TRON addresses. The action highlights the growing role of blockchain analytics and stablecoin issuers in supporting international financial enforcement efforts.

Regulators across Asia and beyond delivered a mixed but telling set of signals this week on how crypto and tokenization may fit into mainstream finance—ranging from calls to quarantine banks from private digital assets to new licensing regimes for stablecoins and virtual-asset services.

Meanwhile, developments in Russia’s central bank digital currency roadmap, US sanctions tied to ISIS-K crypto activity, and corporate Bitcoin treasury moves reinforced a reality traders and institutions can’t ignore: compliance, custody, and token infrastructure are becoming as strategically important as market liquidity.

Key takeaways

• India’s central bank urged lawmakers to keep banks insulated from crypto and private stablecoins, while carving out space for regulated tokenization.
• Russia’s central bank governor said the digital ruble is on track for a Sept. 1 rollout, with initial acceptance limited to financial and credit institutions.
• SBI Crypto will shut down its Bitcoin mining pool after a five-year run, ending share acceptance on July 31.
• The US Treasury’s OFAC sanctioned 134 ISIS-K crypto wallet addresses; Tether froze 131 Tron balances tied to the designations.
• Taiwan’s legislature passed a crypto and stablecoin regulatory framework that requires VASPs to be approved and sets reserve/audit rules for stablecoin issuers.

India: isolate banks from private crypto while enabling regulated tokenization

According to a report by The Economic Times, India’s central bank position—presented to the Parliamentary Standing Committee on Finance—leans toward containment rather than blanket normalization.

The Economic Times reported that RBI Deputy Governor Rohit Jain and Executive Director P. Vasudevan presented the central bank’s stance on Thursday. In a background note submitted to the panel, the RBI reportedly framed prohibition as a policy option that remains on the table.

Per the report, the RBI recommended preventing crypto use in payments and settlements, while restricting banking-sector exposure. The central bank reportedly cautioned that “traditional” regulation applied to crypto could effectively legitimize speculative assets and encourage a false sense of safety among users.

At the same time, the RBI reportedly urged policymakers to distinguish between crypto and tokenized instruments that are already regulated—such as tokenized government securities and corporate bonds—so that restrictions would not unintentionally throttle legitimate tokenization efforts.

Russia: digital ruble rollout reiterated for Sept. 1

Russia’s central bank governor Elvira Nabiullina said the country remains prepared to launch its central bank digital currency within a short timeline. Earlier coverage by Cointelegraph reported that Nabiullina confirmed the rollout plan based on the schedule outlined last year.

According to a Thursday report from Russian state media outlet RIA Novosti, Nabiullina said “everyone is ready” for a Sept. 1 digital ruble launch. The digital ruble is intended to complement Russia’s fiat currency, the ruble, and initially will be accepted by financial and credit institutions.

Russia’s CBDC has also drawn external pressure. The EU has previously announced restrictions tied to sanctions over Russia’s war in Ukraine, including actions aimed at limiting the role of the digital ruble; those measures were highlighted in an April EU press release referenced by the Council of the European Union.

Japan: SBI Crypto ends Bitcoin mining pool operations

SBI Crypto, the cryptocurrency-focused division of Japanese financial group SBI, announced it will end its Bitcoin mining pool operations after five years. Earlier coverage from Cointelegraph noted the shutdown, and the company later confirmed the operational cutoff.

SimpleMining data, cited by Cointelegraph, shows SBI Crypto ranked 12th globally among Bitcoin mining pools at the time of reporting, with about 21.46 EH/s of hashrate and roughly 2.24% of total network share.

According to an announcement on SBI Crypto’s announcements page, the mining pool will stop operating on July 31, and the company will stop accepting mining shares at the same time. SBI Crypto said miners should continue directing hashrate to the pool until the cutoff so that final payouts can be calculated correctly, requesting ongoing support “until the final day of operation.”

US enforcement: OFAC sanctions ISIS-K wallets; Tether freezes Tron-linked balances

The US Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 134 cryptocurrency wallet addresses identified as belonging to ISIS-Khorasan (ISIS-K), according to Cointelegraph.

OFAC added the listed addresses to its Specially Designated Nationals (SDN) list on Wednesday, tightening compliance pressure on exchanges, service providers, and on-chain intermediaries that handle transfers to or from sanctioned entities.

Cointelegraph reported that Tether froze balances associated with 131 Tron addresses, while the remaining three sanctioned addresses were on the Monero network, based on analysis described in a Chainalysis report: “ISIS designation crypto addresses (July 2026)”.

The latest action follows earlier OFAC sanctions against individuals and entities that the agency said facilitated ISIS fundraising and movement of funds. On June 22, OFAC sanctioned three individuals and six entities, including MSB Bitcoin Xchange and Spider, as described in a US Treasury press release: “OFAC sanctions …”.

Treasury and token infrastructure: Metaplanet’s Bitcoin accumulation and tokenized-bonds ambitions

Bitcoin treasury strategies continued to shape headlines as Japanese investment company Metaplanet reported further accumulation. Earlier reporting by Cointelegraph said Metaplanet acquired 2,823 Bitcoin in the second quarter at a purchase price below its average acquisition cost, pushing holdings above 43,000 BTC.

Per Metaplanet’s disclosure referenced by Cointelegraph, the latest purchase was made at an average price of about 12.71 million yen (quoted as $78,850 at the time of reporting), reducing its average acquisition cost to about $95,117 per BTC from $96,258. Metaplanet now holds 43,000 Bitcoin acquired for about $4.1 billion, and it also reported revenue of about $10.95 million from its Bitcoin income-generation strategy, which includes selling cash-secured options and other Bitcoin-related yield approaches. The company’s announcement is where these figures were taken from.

Elsewhere, the policy and infrastructure discussion around tokenization widened beyond crypto asset trading. Speaking at a panel discussion referenced by Cointelegraph, Bank of Korea governor Hyun Song Shin argued for tokenized government bonds as a way to simplify issuance and post-trade management. Shin said tokenized bonds could make it easier to verify collateral, credit the asset provider’s account, and reverse transactions when appropriate.

Cointelegraph also reported that Shin outlined plans to place tokenized government bonds, wholesale central bank digital currencies, and tokenized commercial bank deposits onto a unified ledger as an extension of “Project Hangang,” a Bank of Korea-led pilot testing a blockchain-based wholesale CBDC system. A Cointelegraph link in the source text pointed to additional context on token securities, but the core claims here are Shin’s remarks and the existence of the Hangang initiative.

Dubai and Taiwan: licensing momentum and stablecoin rules tighten

Dubai continued to expand its licensing regime for virtual-asset service providers (VASPs). Cointelegraph reported that the Virtual Assets Regulatory Authority (VARA) granted its 50th VASP license to tokenized assets platform Tribe Tokenisation FZE, with the approval announced on Thursday.

While the milestone highlights growth in the number of licenses, Cointelegraph cautioned that license totals don’t necessarily indicate how many firms are operational or their level of activity. Even so, VARA’s licensed-VASP count, as reported by Cointelegraph, exceeds Hong Kong’s and Singapore’s totals cited in the same coverage (Hong Kong: 13; Singapore: 37).

Taiwan took a different step: lawmakers moved from licensing talk to legal structure. Cointelegraph reported that the Legislative Yuan passed a law establishing a regulatory framework for crypto, including licensing requirements for VASPs and rules for stablecoin issuers.

According to the Financial Supervisory Commission (FSC), cited by Cointelegraph, the law requires VASPs to obtain approval from the regulator to operate. It also states that stablecoins issued in Taiwan must be approved by both the central bank and the FSC, and issuers must maintain sufficient reserves with a trustee and undergo regular audits. Cointelegraph framed the measure as Taiwan’s first comprehensive crypto and stablecoin regulation, placing it alongside regional jurisdictions that have already adopted formal regimes.

Next to watch

As banking regulators debate how to separate traditional financial rails from crypto exposure, and as jurisdictions tighten VASP and stablecoin compliance, market participants should watch for how tokenization policy gets carved out—especially whether “regulated tokenization” expands faster than private crypto activity, and how enforcement actions influence stablecoin and custody behavior.