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Ripple Former CTO Says XRP Could Flip Bitcoin Through an 18x Surge

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🏴‍☠️

XRP hovers under $1.40 while the Ripple former chief architect just put a number on the maximalist dream: an eighteen-fold rally. That’s the gap David Schwartz, Ripple former CTO and one of the designers of the XRP Ledger, quietly implied during a live X Space.

Responding to a host who believes XRP will eventually surpass Bitcoin by market cap, Schwartz didn’t dodge the question; he reframed it. “I honestly have to say, I think XRP surging is probably more likely than not,” he said, adding that a flip is more plausible through XRP’s ascent than Bitcoin’s collapse.

The clip spread fast among XRP holders eager for validation from a technical insider. Fair enough, but the numbers behind that comment deserve scrutiny.

Bitcoin (BTC)
24h7d30d1yAll time

Bitcoin currently sits near $78,000, but XRP’s market cap runs about $87.25 billion, or just 5.5% of Bitcoin’s size. Closing that gap without Bitcoin moving requires exactly the kind of surge Schwartz described. The near-term tape isn’t cooperating with that narrative yet.

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Can XRP Price Hit $1.50 This Week?

XRP’s daily range has stayed tight between $1.375 and $1.40, a compression pattern consistent with the descending-triangle setup analysts have flagged beneath resistance near $1.43–$1.46. Support sits at $1.34–$1.35, with deeper floors at $1.32 and $1.20 if momentum fails.

Bitcoin’s dominance reading of 59.05% and an altcoin season index of 39 both point to capital still parked in BTC rather than rotating into XRP or other majors.

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Xrp (XRP)
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  • Bull case: A clean break above $1.43 opens a path toward $1.50, and more aggressive models put $1.68–$2.00 in play if the CLARITY Act clears the Senate on September 15 and ETF inflows accelerate.
  • Base case: continued consolidation between $1.34 and $1.43 while traders wait on the Fed’s September 16 decision.
  • Bear case: a break below $1.32 invalidates near-term bullish structure and opens room toward $1.20.

For deeper scenario modeling, see this extreme XRP price target breakdown and a more moderate long-term forecast for comparison.

Discover: The Best Token Presales

LiquidChain Targets Early Mover Upside as Ripple Tests Key Levels

An 18x surge to flip Bitcoin is a headline, not a trade setup. XRP would still need to pass Ethereum, Tether, and BNB just to reach third place. That’s the uncomfortable math nobody clips for social media.

For traders chasing outsized returns without waiting on a market cap miracle, attention is shifting toward earlier-stage infrastructure plays instead.

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LiquidChain ($LIQUID) is building a Layer 3 execution environment that fuses Bitcoin, Ethereum, and Solana liquidity into a single unified layer. With Liquid, developers deploy once and reach all three ecosystems rather than fragmenting across chains.

The presale token sits at $0.014954, with $960K raised so far. Core features include Single-Step Execution, Verifiable Settlement, and a Deploy-Once Architecture designed to cut cross-chain friction.

Those tracking early-stage L3 infrastructure can research LiquidChain before the next presale price tier.

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PYUSDx reaches $100M as M0 CEO explains business stablecoin model

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Stablecoins quietly out‑settle Visa as Coinbase crowns them the internet’s real money

PayPal, M0, and MoonPay have publicly launched PYUSDx after three products processed about $100 million through the business stablecoin platform.

Summary

  • PYUSDx lets businesses issue programmable tokens backed one-to-one by PayPal USD.
  • Saturn, Concrete, and Cap have processed about $100 million across three live products.
  • Businesses can control token policies and allocate revenue generated by the backing.
  • A shared swap facility converts supported tokens at par without separate liquidity pools.

M0 CEO and co-founder Luca Prosperi told crypto.news that PYUSDx gives businesses control over token rules, revenue, and administration that they would not receive by integrating PayPal USD directly.

PayPal, MoonPay and M0 introduced the platform in February as infrastructure for developers seeking to issue application-specific stablecoins without building the underlying token and reserve systems from scratch.

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With the public launch, Saturn, Concrete, and Cap are using PYUSDx for three different products. Saturn operates a Bitcoin-backed lending product, Concrete runs an onchain investment vault, and Cap provides a credit platform.

According to Prosperi, the three products have processed about $100 million through the platform. The figure refers to processed volume rather than PYUSDx circulation or the value of reserves held against the tokens.

PYUSDx gives businesses control over token rules

A business can integrate PYUSD as an existing stablecoin or use PYUSDx to deploy a separate token with custom settings. Prosperi said the second option allows a builder to set administrative roles, compliance controls and upgrade policies for its product.

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“When you hold someone else’s stablecoin, you use its programming and rulebook,” Prosperi said.

With a direct PYUSD integration, functions such as freezing, pausing, forced transfers, minting, and burning follow rules established by the issuer. Prosperi said most roles attached to a custom PYUSDx token instead belong to the business that deployed it.

Each builder can choose an administrator, apply compliance controls under its own policy, and determine how software upgrades are handled. According to Prosperi, a business can automatically adopt M0’s audited upgrades or follow its own process.

The model also gives businesses a share of the economics created by their tokens. Prosperi said revenue generated by PYUSD goes to its issuer, Paxos, while revenue accruing on the PYUSDx that backs a custom token can be sent to a treasury selected by the builder.

PYUSDx tokens are non-rebasing, meaning holder balances do not change automatically as revenue accumulates. The business can use the proceeds to reduce fees, fund rewards for holders, or add the money to its profit and loss account, according to Prosperi.

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“The float economics that historically belonged to the issuer now sit one layer out, with the builder.”

Prosperi also said builders can use a template that accepts other approved stablecoins as backing, with separate limits for each asset. Wrapping and unwrapping occur one-to-one through a common swap facility, while transfers between supported blockchains use a burn-and-mint process.

Custom tokens carry three layers of backing

Every business-issued token is backed one-to-one by PYUSDx held in an onchain contract, according to Prosperi. Users can inspect the contract to verify the amount of backing attached to the token.

PYUSDx is backed by PYUSD held in reserve by MoonPay Digital Assets Limited, the issuer of PYUSDx. PayPal USD is issued by Paxos Trust Company, N.A., against dollar deposits, U.S. Treasuries, and cash equivalents.

The reserve structure runs from the custom token to PYUSDx, then from PYUSDx to PYUSD, and finally to the assets held against PYUSD. Prosperi described every link in the structure as fully reserved.

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Responsibilities are divided among the participating companies. M0 supplies the onchain infrastructure and does not handle funds, while MoonPay manages the reserves supporting PYUSDx and Paxos holds the assets backing PYUSD, according to Prosperi.

Paxos operates as a national trust bank regulated by the U.S. Office of the Comptroller of the Currency. The OCC has proposed reporting requirements under the GENIUS Act for payment stablecoin issuers subject to its supervision.

Under the proposal, covered issuers would file a confidential report with the OCC each week for every payment stablecoin they issue. A separate quarterly filing would provide additional information required under the federal stablecoin framework.

PayPal has also extended PYUSD to more payment infrastructure since announcing PYUSDx. In July, the company added PYUSD to Polygon through the network’s Open Money Stack, which combines wallets, compliance tools and fiat conversion services.

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Polygon Labs said the integration allows businesses to accept funds through cards, bank accounts or exchange balances, settle transactions in PYUSD and convert the stablecoin into local currencies through one system.

Shared reserves allow tokens to convert at par

Stablecoins with separate reserve pools may depend on individual markets and liquidity providers for conversions. Prosperi said the business-issued tokens on PYUSDx operate as different wrappers around the same underlying PYUSDx asset.

Moving from one custom token to another requires the first token to be unwrapped into PYUSDx before the second token is created through the wrapping process. According to Prosperi, the shared swap facility completes the conversion at par without a spread.

Projects do not need to fund separate liquidity pools for the process. Prosperi said the common backing also removes the need to establish a secondary market between each pair of business-issued tokens.

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“There is no secondary market to bootstrap because there is nothing to price: the tokens are the same asset wearing different policies,” Prosperi said.

He compared the arrangement with deposits held at different banks that clear at par through a common settlement asset. Under the PYUSDx structure, the settlement asset is fully reserved, and a smart-contract transaction handles the clearing process, he added.

A fiat conversion follows several steps. Prosperi said users first exchange the custom token for PYUSDx at par, convert PYUSDx into PYUSD, and then use an off-ramp or redemption service that supports PYUSD-to-dollar transactions.

M0 uses the same swapping and bridging tools across its other tokenized finance products. Prosperi said the infrastructure currently makes Saturn’s and Cap’s tokens interchangeable and could later connect PYUSD-backed tokens with digital dollars supported by different reserves.

In June, Mastercard included PYUSD settlement in a service spanning Ethereum, Solana, Polygon, Base, Arbitrum, Canton, Tempo and the XRP Ledger.

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Mastercard said the service allows issuers and acquirers to settle card transactions during weekends, holidays, and outside standard banking hours. Its existing security controls, fraud protections and dispute procedures remain part of the settlement process.

Payment use depends on velocity and counterparties

PYUSDx has entered public use through lending, credit, and investment products rather than consumer payments. Prosperi said DeFi-focused businesses formed the first group because onchain systems are already part of their standard operating tools.

According to Prosperi, blockchain activity can show whether a business-issued token has moved from collateral use into payments. He identified token velocity and counterparty mix as the two measurements he follows.

Velocity measures transfer volume against outstanding supply. Collateral often remains in one location, while a token used for payments moves between addresses more frequently.

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“If a PYUSDx token’s velocity stays at DeFi levels a year from now, it has not left the building,” Prosperi said.

Counterparty mix tracks the destinations of transfers and the amount of activity moving toward fiat. Prosperi said merchant settlement and payroll use would appear as small, frequent transfers to addresses that are not smart contracts, along with unwrap-to-fiat transactions.

Distribution will determine whether such activity develops across PYUSDx products, according to Prosperi. Companies with millions of existing users will decide whether the infrastructure becomes part of everyday payments and merchant settlement.

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EU Finance Groups Seek to Lift Tokenized Securities Cap

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Crypto Breaking News

European financial and tokenization stakeholders have escalated their push for changes to the EU’s Distributed Ledger Technology (DLT) Pilot Regime, warning that a proposed cap of 100 billion euros could choke off scaling. In a letter dated Sept. 7 and addressed to members of the European Council and the European Parliament’s Economic and Monetary Affairs Committee, a coalition urged lawmakers to remove the limit entirely or, if it remains, raise it to at least 500 billion euros.

The group argues that some existing European tokenization efforts have already reached a scale of about 350 billion euros and are planning further expansion. They also claim the EU’s proposed cap is mismatched to how global markets size up, noting that the threshold would be based on the market value of instruments admitted to DLT infrastructure rather than trading volumes.

Key takeaways

  • A coalition of European financial and tokenization firms wants EU lawmakers to remove the proposed 100 billion euro cap on tokenized financial instruments or raise it to at least 500 billion euros.
  • The letter, dated Sept. 7, is directed to EU Council members and the European Parliament’s Economic and Monetary Affairs Committee.
  • Signatories include Nasdaq, Boerse Stuttgart Group, Securitize, the European Ethereum Institute and Axiology.
  • The DLT Pilot Regime’s thresholds are described as based on admitted market value, making the EU cap small relative to global equity markets.
  • Backers point to the US as an example of tokenization without volume-style limits, arguing Europe risks falling behind.

Why the 100 billion euro cap is drawing fire

The coalition’s central concern is the scale implied by the EU’s draft proposal. The letter states that lawmakers should treat 500 billion euros as a baseline if they decide to keep any cap on tokenized financial instruments.

In their view, the proposed 100 billion euro ceiling would be too low for Europe’s tokenization trajectory. They cite that certain regional projects already approach 350 billion euros in scale and plan additional growth, suggesting that a tighter cap would effectively force regulatory bottlenecks before the market has a chance to expand.

The industry letter also frames the limitation as structurally restrictive because of how it is measured. According to the signatories, the thresholds apply to the market value of financial instruments admitted to DLT infrastructure—rather than the volume of trading activity. That distinction, they argue, makes the proposed 100 billion euro number relatively small when compared with the size of global equity markets.

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What the EU is proposing under its Market Integration package

The debate is linked to the European Commission’s Market Integration and Supervision Package. As described in the source, the Commission has proposed increasing the current cap—set at 6 billion euros—to as much as 100 billion euros, as part of revisions to the DLT Pilot Regime.

The DLT Pilot Regime, which took effect in 2023, allows eligible financial firms to test blockchain-based trading and settlement of assets such as stocks and bonds. It does so through exemptions from certain EU financial rules, enabling experimentation without fully stripping away regulatory guardrails.

For participants in the ecosystem, however, the issue is not whether the program should exist—it is whether the limits imposed on tokenized instruments are calibrated to real-world growth. The coalition’s letter argues that the proposed tighter ceiling would limit the ability of regulated on-chain markets to scale within Europe.

US comparison: “no volume caps” for tokenized equities

A major part of the coalition’s argument is comparative. In the letter, signatories contrast the EU framework with the United States, claiming that in the US, a dominant settlement platform enables tokenization of equities and other assets without volume caps.

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The letter goes further by asserting that such an approach could cover as much as 150 trillion euros in assets. While the claim is presented as the coalition’s assessment, the underlying message is consistent: if Europe places restrictive caps on tokenized assets, global liquidity may gravitate to jurisdictions with fewer scaling constraints.

That comparison matters for investors and market operators because tokenization’s promise—especially for liquidity, settlement efficiency, and potentially broader access—depends on scale. Caps that are tight relative to market size can turn what should be regulatory sandboxes into permanent ceilings, reducing the economic case for deploying infrastructure in the region.

A repeated pattern: pressure on DLT rules over multiple months

This latest letter is not the first time firms have urged EU policymakers to adjust the DLT Pilot Regime. The coalition’s push follows earlier industry campaigns aimed at changing both the limits and the operational boundaries of the regime.

In April, 39 financial firms and industry groups—including Nasdaq and Boerse Stuttgart—called on EU policymakers to fast-track amendments and raise the regime’s overall limit to a range between 100 billion euros and 150 billion euros. That April proposal also sought broader asset eligibility and the removal of time limits on licenses issued under the program.

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Earlier still, in February, tokenization and market infrastructure firms including Securitize, 21X and Boerse Stuttgart issued warnings that existing asset limits, volume caps and time-limited licenses were restricting the growth of regulated on-chain markets in Europe. That warning argued that without faster changes, liquidity could shift toward US markets as US regulators move toward larger-scale tokenization and onchain settlement.

Taken together, these efforts point to a recurring tension in the EU’s approach: the DLT Pilot Regime is designed as a testing framework, but industry participants want it to function more like a scalable launchpad for regulated tokenized markets. The letter from Sept. 7 reflects that shift in emphasis—from enabling pilots to ensuring they can grow beyond the early phase without hitting regulatory ceilings.

The push also arrives as distributed real-world assets (RWA) continue to build, even if the sector remains smaller than traditional capital markets. One cited figure in the source places the total value of distributed RWA at about $39.15 billion, excluding stablecoins, with US Treasury debt as the largest category at roughly $15.8 billion, according to RWA.xyz.

What to watch next

Lawmakers will now have to weigh whether the EU’s cap structure should be recalibrated to support tokenization scale, or whether limits should remain tighter for oversight reasons. For market participants, the key follow-up will be how the EU responds to the Sept. 7 request for either removal of the cap or a major increase to at least 500 billion euros—and whether revised thresholds continue to be based on admitted market value rather than other measures.

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Cosmos says bank tokenization is moving beyond pilots

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Cosmos says bank tokenization is moving beyond pilots

Cosmos has launched a 17-company partner network as it prepares for a Wells Fargo tokenized-deposit rollout planned for fall 2026, according to its chief commercial officer.

Summary

  • 17 qualified providers cover custody, compliance, security, infrastructure and systems integration.
  • Wells Fargo plans to begin with a cross-border tokenized-deposit use case this fall.
  • Banks must contract with providers separately and retain responsibility for compliance decisions.
  • IBC supports ledger connectivity, while liquidity and policy standards still require industry agreement.

Cosmos Chief Commercial Officer Eran Barak told crypto.news that the Partner Network is designed to help banks move tokenization projects from trials into production without searching the open market for each service provider.

However, the network does not offer a pre-integrated system in which every participant operates under one technical and commercial agreement. Financial institutions must choose providers based on their needs, negotiate separate contracts, and determine how responsibility will be divided across the product.

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“The Cosmos Tokenization Suite partner network is a qualified ecosystem, not a pre-wired integration marketplace,” Barak said.

According to Barak, participating companies have tested their services against the Cosmos Tokenization Suite across the functions banks may need for a complete tokenization product. Services include custody, wallet management, know-your-customer and know-your-business checks, compliance monitoring, core banking connections, node operations, and interoperability between ledgers.

Banks can therefore choose firms that already understand the Cosmos technology rather than assessing providers without experience using the system, he added.

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Cosmos partner network removes the vendor search process

Commercial relationships will remain between each financial institution and the providers it selects. A bank’s regulatory environment, existing technology, and current vendor relationships will influence which companies it hires, according to Barak.

“What the network removes is the discovery and qualification burden — that work is already done,” he said.

“A bank evaluating tokenized deposits can move to implementation faster because the ecosystem is pre-vetted rather than open market.”

The Partner Network gives banks access to qualified providers, but it does not combine their services under one contract. Barak described the program as a vendor pool that can support different parts of a tokenized-deposit product.

Cosmos launched the network with 17 members, including BitGo, Blockchain.com, Blockdaemon, Galaxy Digital, OpenZeppelin, DFNS, and Hypernative. Other participants include Anseta, Balance, BCW Group, Coinbax, InfStones, Peersyst Technology, Silence Laboratories, Ubyx, Utila, and Zeeve.

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Together, the companies offer custody, settlement, trading, transaction screening, wallet controls, smart-contract security, and blockchain infrastructure. Systems integrators within the group can also coordinate several providers for banks that do not want to manage each technical connection themselves.

Cosmos supplies the ledger and tokenization platform, while network members provide supporting products based on the bank’s requirements. The Cosmos Tokenization Suite can support round-the-clock payment settlement, treasury management, programmable escrow, trade finance, and payments initiated by software agents, according to the company.

A financial institution may keep an existing custody provider while selecting another network member for compliance screening, node operations, or ledger integration. Each provider would remain responsible for the service covered by its agreement.

Banks retain responsibility for compliance decisions

Accountability follows the contracts signed by the financial institution, Barak said. Cosmos is responsible for its digital ledger and tokenization technology under its agreement with the bank, while every partner remains responsible for its own service.

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For example, a custody provider would handle matters involving access to assets, while a compliance company would be responsible for the accuracy of its screening product. Compliance decisions and regulatory liability remain with the bank regardless of the providers it selects, according to Barak.

Institutions seeking one contractor for the complete system can appoint a systems integrator. The integrator would serve as the primary contractor, with custody, compliance, or infrastructure providers working as subcontractors.

The model will receive its first named production test through Wells Fargo, Barak said. The U.S. bank is using Cosmos digital ledger technology to tokenize customer deposits, with an initial cross-border rollout planned for fall 2026.

Barak said the implementation is expected to add more clients, countries, currencies, and use cases through 2027. The rollout will place a regulated U.S. financial institution at the center of Cosmos’ effort to move tokenized deposits beyond limited trials.

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Recent institutional discussions have also focused on measuring adoption through active financial products rather than market activity alone. A fintech executive recently argued that collateral would provide a clearer measure of bank adoption than cryptocurrency trading volume.

Cosmos uses IBC to connect separate bank ledgers

Tokenized deposits issued by different banks could remain divided across separate networks unless the institutions use compatible infrastructure and operating rules, Barak said.

Cosmos plans to address the technical part of that problem through the Inter-Blockchain Communication Protocol, or IBC. The open protocol allows assets to move directly between digital ledgers without relying on a central intermediary.

“Banks using IBC send assets directly to one another through self-hosted infrastructure, similar to how the internet routes packets,” Barak said.

IBC has operated in production for more than five years and already connects public and permissioned networks, according to Barak. Supported systems include Cosmos-based networks, Besu chains, Ethereum, and Solana.

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Ongoing work is expected to add Canton, Cori, Parriot, and other networks later in 2026, he added.

Although IBC provides a transport layer between ledgers, Barak said technical connectivity does not resolve differences in compliance rules, liquidity practices, or settlement finality.

“That technology alone doesn’t solve fragmentation,” he said. “Compliance standards, liquidity practices, and settlement finality also need industry alignment.”

Under the model described by Barak, IBC provides the infrastructure for transferring assets and a neutral governance base for the protocol. Regulators and standards bodies would still need to establish common rules for the institutions and assets using those connections.

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Wells Fargo rollout will provide production metrics

Cosmos plans to assess the Partner Network by measuring how quickly banks progress from a signed agreement to a live transaction, Barak said.

The company will also track the number of institutional users operating in production and transaction volume over time. Barak did not provide numerical targets for those measures or a date for publishing the first results.

Wells Fargo’s initial cross-border implementation is planned for fall 2026, followed by the proposed expansion across additional clients, countries, currencies and use cases through 2027.

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Retirees sue fund linked to public Dogecoin miner Z Squared

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Retirees sue fund linked to public Dogecoin miner Z Squared

Z Squared, a public company that got Dogecoin mining rigs from a fund advertising 28% annual returns for investors, is facing SEC enforcement actions, a new seven-figure lawsuit from retirees, and a stock price down 76% over the past year.

Reitrees Paula and Stephen Darby, both 77 years old, sued Broad Street Global Management, LLC, BroadStreet, Inc, Steven Baldassarra, and Joseph Baldassarra in Miami federal court on September 4, and the court issued summons yesterday.

The Darbys allege that the Baldassarras “are trying to steal over half a billion dollars from their own investors, including the Darbys’ approximate $1,415,373.”

All-time chart of Z Squared. Source: TradingView

Anyone can make allegations in a civil lawsuit, which aren’t necessarily indicative of wrongdoing. Readers of a legal complaint shouldn’t interpret initial claims by plaintiffs seeking money as accurate nor probable.

The Broad Street Global Fund allegedly transferred investment interest from some of its investors into a Nasdaq-listed Dogecoin miner, Z Squared, whose ZSQR common stock has declined 76% over the past 12 months.

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The Darbys’ complaint asks a judge to appoint a receiver over Broad Street Global Fund. It also seeks dissolution of the fund’s assets. 

Among those assets sits a strange relic of the 2021 bull market — a year when BTC first rallied to $60,000, and Dogecoin first rallied to $0.73.

Today, for context, Dogecoin trades below $0.09.

The SEC steps in

In January 2025, the SEC sued Broad Street and its managers, alleging the group collected more than $1 billion from over 1,000 investors. The name Broad Street invokes the prestige of, but is unrelated to, a financial district street in downtown New York. 

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Investor money was supposed to fund hotels, custom home construction, and a South Carolina lagoon resort promising “perpetual income at rates of return never seen before.”

Disturbingly, Broad Street’s crypto mining division took in about $199 million after targeting outrageous, 28% annual returns

A court-appointed monitor has overseen the company since April 2025, a few months after the SEC enforcement action.

Read more: Struggling bitcoin miner Hut 8 links to penny stock ring

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$660 million of Dogecoin rigs that mine at a loss

With ongoing proceedings of the SEC case swept into the past, the mining arm worked to go public anyway. In April 2026, a blank check holding company merger brought the fleet of Dogecoin miners into the publicly-traded Z Squared.

Common shares of the combined company traded on Nasdaq under the symbol ZSQR. 

Its CEO, David Halabu, had worked with Broad Street since late 2021. 

Broad Street walked away with 41.5 million shares, about 81% of the company at the closing, and handed them to its members.

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The valuation attached to that merger was ambitious. A valuation firm ascribed the 9,800-machine fleet a value of $660 million, even though that number assumed every machine was a flagship Bitmain L9 working on Dogecoin.

In reality, 8,228 of the machines were lower specification, L7 units.

Z Squared’s own books are less romantic. The machines came onto the books at $12.4 million and carried a net value of $11.3 million at quarter end. In the second quarter of 2026, the fleet earned just $1.6 million, 88% of it from Dogecoin. 

Cost of revenue ran to 211% to simply generate that revenue, and the filing admited, “Our direct mining costs exceeded our mining revenue before giving effect to depreciation of our mining fleet.”

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Its quarterly net loss was $13.8 million.

In other words, the company’s “$660 million” fleet of crypto miners generated money-losing revenue.

The Darbys want their cash

Broad Street’s November 2025 redemption notice offered investors two options for a payout: cash within 180 days, or stock of a Cayman acquisition company. 

The Darbys chose cash. It was due on May 27, 2026. 

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With the deadline five days out, according to the Darbys, Broad Street changed their selection to the Cayman company’s stock. The Darbys are suing to get their cash.

Z Squared has since discovered artificial intelligence. On Wednesday it closed an all-stock purchase of an Arkansas data center campus with eight megawatts of power.

Halabu wrote to shareholders last month: “I would rather earn your confidence with delivered megawatts than ask for it with words.”

The SEC’s enforcement action remains ongoing. In the latest quarterly filing for ZSQR shareholders, the company disclosed, “BSG Series CM, LLC, the entity from which we acquired our entire mining fleet, was our controlling stockholder immediately after the business combination and is a named defendant in SEC enforcement proceedings.”

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MetaMask Goes Solo as Consumer Platform

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Editorial illustration of a wallet-shaped vessel splitting into two streams, one flowing toward a household table and the other toward a vault door

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MetaMask will become its own company by the end of 2026, and its owner is betting the wallet built for crypto can grow into a mainstream consumer finance platform.

Consensys Software Inc. announced on September 9 that it will split into two independent companies. The existing company rebrands as MetaMask, focused on the consumer platform, while a newly formed company takes the Consensys name along with the protocols and institutional infrastructure businesses, including Linea, Besu and Teku. Consensys co-founder Joe Lubin serves as chairman and CEO of MetaMask and executive chairman of the new Consensys. Mike Kriak leads the new Consensys as CEO, with David Cunningham as president.

For MetaMask, the split formalises a shift that has been underway for months. The company said in the announcement that the wallet will keep its focus on consumer self-custody while expanding beyond crypto into payments, savings, investing and traditional financial products.

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The consumer buildout

The buildout began in 2025, when MetaMask launched its mUSD stablecoin on Ethereum and Linea. It added Bitcoin support in December after adding Solana. In February, eligible users outside the United States gained access to 200 tokenized US stocks, ETFs and commodities through Ondo Global Markets, and the Mastercard-enabled MetaMask Card reached 49 US states that month, expanding a product already live in Europe, Canada, Mexico, Brazil and Argentina.

In June, MetaMask launched Money Account, which lets users earn up to 4% variable APY on eligible mUSD balances and spend the funds through MetaMask Card. The company’s product leadership has framed the direction plainly: senior director of product Johann Bornman said at the time that the company was working toward a “neo-banking experience.”

Lubin said in the announcement that MetaMask has grown into “a platform where people don’t just hold their assets, but manage their money in its many diverse forms and aspects.”

The scale behind the bet is company-reported rather than independently checked: MetaMask says it has more than 100 million downloads across roughly 190 countries and has handled trillions of dollars in cumulative transaction volume.

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The separation is expected to complete by the end of 2026. The company did not disclose financial details of the separation, and stayed mum on a possible IPO and token.

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Bitcoin Drops After US PPI Beat as 30-Year Yield Hits 19-Year High

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Crypto Breaking News

Bitcoin slipped below $77,000 around the start of Thursday’s Wall Street session, dragged down by a sharp reversal in broader risk sentiment. Macro pressure intensified as fresh US inflation data and a surge in oil prices pushed yields higher, tightening the conditions that typically support non-yielding assets like BTC.

Market pricing also reflected renewed concern over Federal Reserve policy. The US 30-year bond yield climbed to 5.353%, the highest level since June 2007, even after the Treasury repurchased $6 billion in Treasurys as part of stepped-up debt buyback operations.

Key takeaways

  • Bitcoin’s move below $77,000 coincided with risk assets weakening after US PPI printed hotter than expected.
  • August US Producer Price Index rose 5.4% year-on-year, reinforcing expectations of tighter financial conditions.
  • WTI crude broke above $100 per barrel for the first time since May 21, lifting inflation sensitivity across markets.
  • Long-dated US yields rose despite a $6 billion Treasury buyback, with the 30-year yield reaching 5.353%.
  • CME Group FedWatch showed the probability of a 0.25% Fed hike at the September 16 meeting increasing to 69.8%.

Hot inflation and oil spill into crypto’s risk trade

According to TradingView, BTC/USD was on track for roughly 2% losses on the day as equities weakened and macro variables tightened. While Bitcoin’s short-term trading is often driven by liquidity and broader risk appetite, Thursday’s catalyst mix was hard to ignore: hotter inflation expectations and renewed energy-driven price pressure.

Earlier in the session, escalation in the Middle East pushed crude higher. WTI crude moved above $100 per barrel for the first time since May 21, while Brent crude topped $105, approaching a 16-week high. Higher energy prices can quickly filter into inflation expectations, which then feed into bond yields and interest-rate forecasts—key inputs for investors rotating between growth and defensive assets.

That link is especially relevant for crypto markets because higher real yields and expectations of firmer central bank policy typically reduce the relative attractiveness of risk assets. With no cash flows or coupon to offset discount-rate moves, Bitcoin often trades as a high-beta proxy for global liquidity conditions.

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Yields press higher despite Treasury intervention

The bond market’s momentum was central to the risk-off tone. The US 30-year yield rose to 5.353%, a level last seen in June 2007, while the 10-year yield hit its highest levels since November 2023 at 4.924%. Notably, this came even after the Treasury carried out the first of its stepped-up debt buyback operations, repurchasing $6 billion worth of Treasurys on Wednesday.

The contrast matters: if intervention doesn’t dampen yield pressure, investors can interpret that as a sign that underlying demand for long-duration risk is weakening—or that inflation and rate expectations are dominating the narrative. In other words, the “help” from buybacks was outweighed by macro forces.

Trading-focused commentary echoed the idea that markets were fighting the Treasury. The Kobeissi Letter, commenting on X, warned that “the bond market is quite literally fighting the US Treasury.”

PPI reinforces Fed hike odds as markets look to CPI

US inflation data added another layer of pressure. The August Producer Price Index came in at 5.4% year-on-year, exceeding expectations by 0.1 percentage points. The Bureau of Labor Statistics said July’s headline PPI print was also revised higher.

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In the BLS release, the agency highlighted that the index for final demand less foods, energy, and trade services rose 0.3% in August after moving up 0.4% in July. Over the 12 months ending in August, prices for that measure advanced 4.7%, according to the same official news release from the US Bureau of Labor Statistics: https://www.bls.gov/news.release/ppi.nr0.htm.

Markets responded quickly. CME Group’s FedWatch Tool showed expectations for a 0.25% rate hike at the Fed’s Sept. 16 meeting rising to 69.8% at the time of writing, up from 61.2% the previous day. That shift underscores how sensitive risk assets can be when inflation prints keep pushing the central bank path toward additional tightening.

Earlier coverage from Cointelegraph had already pointed to rising concerns over Fed policy after stronger-than-expected nonfarm payrolls data sent Bitcoin back below $80,000. Thursday’s PPI adds to that same tightening narrative rather than easing it.

What to watch into the next inflation report and central bank moves

Friday is set to bring another major US inflation release: the Consumer Price Index (CPI). As Cointelegraph noted in earlier coverage, CPI is expected to be the last major inflation print before the Fed rate decision. For Bitcoin traders and investors, that matters because CPI can either validate the market’s “higher-for-longer” fears or introduce enough cooling to shift expectations back toward easing.

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Meanwhile, policy tightening is not limited to the US. On Thursday, the European Central Bank approved a 0.25% rate hike, its second such move in 2026. While the ECB’s rate actions don’t directly determine US Fed policy, additional tightening outside the US can reinforce a global “less liquidity” backdrop, which generally weighs on high-duration, risk-sensitive markets.

Bitcoin’s drop below $77,000 therefore looks less like a single-coin story and more like the outcome of a broader macro re-pricing: oil-driven inflation concerns, accelerating bond yields, and a Fed path that investors are increasingly pricing as restrictive.

Going forward, the key uncertainty for crypto is whether the next CPI reading cools the inflation picture enough to stabilize yields—or whether oil and producer-price momentum keep expectations for Fed hikes elevated. Until that becomes clearer, BTC is likely to remain highly responsive to macro headlines rather than crypto-specific catalysts.

Risk & affiliate notice: Crypto assets are volatile and capital is at risk. This article may contain affiliate links. Read full disclosure

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Thousands of Food-Packaging Chemicals Lack Safety Data

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Thousands of Food-Packaging Chemicals Lack Safety Data

We don’t often look with suspicion at the plastic wrapping a block of cheddar, the waxed carton containing milk, or the plastic bottle of ketchup. We expect food packaging to be more or less inert—breakfast isn’t supposed to come with a side of chemicals, after all. 

But evidence suggests that many food-contact materials, as food packaging is known, leach chemicals into the products they house. The most famous of these is likely bisphenol A (BPA), an ingredient in plastic that is a potent endocrine disrupter. In 2025, the E.U. banned BPA’s use in food-contact materials, and in the U.S. it’s banned in baby bottles, sippy cups, and formula packaging.

But when one chemical is demonized, its replacement may not be any safer, says Helene Weisinger, a chemist at the Swiss nonprofit Food Packaging Forum. (BPA, for instance, is often replaced with BPS, which turns out to have similar issues.) It’s “chemical whack-a-mole,” Weisinger says. 

In a recent paper in Environmental Science and Technology, she and her colleagues propose a new system for avoiding this situation, in which chemically similar substances are grouped together and may be banned or regulated together, rather than one by one—an idea that could simplify what’s proving to be a difficult process. 

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A lack of safety information about food packaging

The chemicals we encounter in daily life aren’t well understood. “There’s 350,000 chemicals that are put on global markets, and for a lot of those, we have relatively little information about their toxicity. They’ve not been exhaustively tested,” says Olwenn Martin, an associate professor in health and environment at University College London who was not involved in the new research. “That’s something that, in my world, is well known, and probably for the general public would come as a bit of a shock.”   

Chemicals used in food packaging are little different; the health effects of relatively few are well-understood. Out of about 15,000 chemicals used in food-contact materials, 1,222 have known major health risks, the researchers state in the new paper, while there is little information on most of the others. “People kept asking us, ‘We can’t do measurements for 15,000 chemicals. What should we really be concerned about?’ And that is kind of how we started off with the study,” says Weisinger.

The team sorted known food-contact chemicals into structurally related groups, identifying 38 groups where many of the members had clear health risks. Each group contained numerous compounds whose health effects are still a question mark, which the researchers point out should be addressed in future studies. But even in the absence of further toxicological work, says Martin, this information could be used to regulate similar chemicals en masse, helping to avoid chemical whack-a-mole.

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“The backlog is such that it would take hundreds, if not thousands, of years to test all of these chemicals at current rates, and even regulatory bodies are looking at different ways of doing this,” she says. “One of the ways is by grouping chemicals: looking at chemicals that are fairly similar—structurally or through other means—to be able to make assumptions about chemicals in this group and regulate them as a group.” 

Regulating chemicals can make a big difference in reducing people’s exposure, if done correctly, says Martin Wagner, a biologist at the Norwegian University of Science and Technology who studies the health effects of plastics and who was not involved in the new research. As a result of stricter rules in Europe against BPA and other dangerous substances, “we’re seeing in European populations that levels of exposure to phthalates and to regulated bisphenols, BPA and so on, are dropping, which is a good thing, “ he says. “But at the same time, we see that the level of exposure in Europeans to all these alternative chemicals is increasing.” Banning entire groups of chemicals might stop this kind of unfortunate substitution.

The push to put safety first

Even if governments grouped chemicals to lighten the regulatory load, there are still many substances to be assessed—some of them that even the people making the materials may not know about. “The problem with food-contact materials and with plastics is that these are really incredibly complex materials, and our research in the lab is showing they contain a lot of unknown chemicals,” says Wagner. 

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Plastics manufacturing, for instance, involves chemical steps that are known to generate other products, and contaminants are not uncommon in the materials used to make food-contact materials. “We call them non-intentionally added substances,” says Wagner. “We have no way of making sure that all these compounds are safe. Yet we know that these are leaching into food, into water. So people are very likely to be exposed to that complex mixture of compounds with very little oversight.”

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What Will Happen to Bitcoin (BTC) if Trump Distributes $5,000 to Each American: 3 AIs Speculate

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US President Donald Trump proposed a $5,000 “dividend” payment to every adult American citizen if Republicans keep control of Congress after the midterm elections.

The country has around 245 million citizens aged 18 and above, making the program’s estimated cost a whopping $1.2 trillion. The idea sparked major controversy, with some X users claiming part of that sum could flow into the cryptocurrency market and potentially create a major altseason. It is also worth watching how this stimulus package could affect Bitcoin (BTC). Here’s what three of the most popular AI-powered chatbots said on the matter.

You can also check our dedicated video on the matter and much more.

Rise Sharply at First and Then?

According to ChatGPT, if Trump actually gives $5K to each adult American, BTC would probably experience a strong initial pump. OpenAI’s platform does not expect people to spend most of the stimulus to gain exposure to the primary cryptocurrency, but it noted that even if they distribute a small amount of that sum, they could still move the price up.

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The chatbot also claimed the announcement alone could trigger huge speculation, as traders would probably “front-run the payments” by buying Bitcoin, altcoins, technology stocks, and other risk assets before the money reached bank accounts.

“BTC could therefore rally well before the actual distribution,” it predicted.

ChatGPT assumed that the real danger would come after the initial enthusiasm. If the program were financed through additional government borrowing and introduced while the economy is still struggling, it could lead to higher inflation and amendments to the Fed’s monetary policy.

“This creates two opposing forces for Bitcoin. Inflation and currency debasement strengthen its “digital gold” narrative, but higher yields and tighter monetary policy generally hurt speculative assets. Bitcoin might therefore surge initially, then experience a sharp correction if the bond market or Fed pushed back,” ChatGPT concluded.

Perplexity stated that such a decision would be “mildly bullish” for BTC in the short term but not “a standalone bull market trigger.” Like ChatGPT, it said the long-term effect would largely depend on the Federal Reserve’s actions and the overall condition of the American economy.

Like Last Time?

Google’s Gemini made an interesting comparison between Trump’s idea and the stimulus packages distributed to Americans during the COVID-19 pandemic. In 2020-2021, locals received several rounds of benefits to help them cover basic needs after the spread of the disease caused lockdowns and major unemployment.

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The chatbot noted that back then, some people used part of the distributed cash to purchase BTC, which eventually triggered a bull run. Recall that the leading digital asset collapsed below $5,000 in March 2020, while approximately a year and a half later it skyrocketed to a new record of almost $70,000.

“A $5,000 payout per American would total $1.2 trillion – exceeding all three COVID checks combined. If passed, it would likely trigger an even more substantial rally for BTC than the one from 2021,” Gemini predicted.

The post What Will Happen to Bitcoin (BTC) if Trump Distributes $5,000 to Each American: 3 AIs Speculate appeared first on CryptoPotato.

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MoneyGram unveils stablecoin-backed card as digital dollars move into everyday spending

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MoneyGram's CEO says blockchain works best when customers don't know it's there


The remittance giant is rolling out a Visa card that lets customers hold dollars and spend from a stablecoin-backed balance.

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Bitcoin Slips Under $77,000 as High US PPI, Oil Drive Risk Assets Lower

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Bitcoin Slips Under $77,000 as High US PPI, Oil Drive Risk Assets Lower

Bitcoin (BTC) dipped below $77,000 around Thursday’s Wall Street open as risk assets faced resurgent macro headwinds.

Key points:

  • Bitcoin saw downside on the back of higher-than-expected US PPI inflation data, which hit 5.4% in August.
  • Middle East strikes sent WTI crude oil over $100 per barrel for the first time since May.
  • The US 30-year bond yield shrugged off a $6 billion buyback operation to hit its highest level since June 2007.

US bond yields surge despite $6 billion intervention

Data from TradingView showed BTC/USD on track for 2% losses on the day, following weakness in US equities.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

Ongoing escalation in the Middle East fueled a fresh surge in oil prices, with WTI crude passing $100 per barrel for the first time since May 21. Brent crude passed $105 per barrel on the day, nearing a new 16-week high.

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CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingView

Against a backdrop of increasing inflation due to higher oil prices, markets also faced a fresh breakout in long-dated US bond yields. These came despite the Treasury executing the first of its stepped-up debt buyback operations and repurchasing $6 billion worth of Treasurys on Wednesday. 

The US 30-year yield reached 5.353% on the day, a level last seen in June 2007, while the 10-year yield hit its highest levels since November 2023 at 4.924%.

US 30-year bond yield one-month chart. Source: Cointelegraph/TradingView

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Commenting, trading resource The Kobeissi Letter warned of knock-on effects from high borrowing costs for both government and consumers.

“The bond market is quite literally fighting the US Treasury,” it wrote in a reaction on X.

Hot US PPI data adds to crypto’s macro headache

The August print of the Producer Price Index (PPI) underscored increased inflation, coming in at 5.4% year-on-year, 0.1% higher than expected. July’s headline PPI print was likewise revised higher.

Related: Bitcoin sell-side risk returns to rare lows as $80K sellers fade from view

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“The index for final demand less foods, energy, and trade services rose 0.3 percent in August after moving up 0.4 percent in July. For the 12 months ended in August, prices for final demand less foods, energy, and trade services advanced 4.7 percent,” an official news release from the US Bureau of Labor Statistics (BLS) stated.

US PPI one-month % change. Source: BLS

Market expectations of interest-rate hikes from the Federal Reserve jumped on the data. CME Group’s FedWatch Tool showed the odds of a 0.25% hike at the Fed’s Sept. 16 meeting at 69.8% at the time of writing versus 61.2% the day prior.

Fed target-rate probability comparison for September FOMC meeting (screenshot). Source: CME Group

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As Cointelegraph reported, concerns over Fed policy tightening had already increased on the back of stronger nonfarm payrolls data. Friday will see the release of another key US inflation report, the Consumer Price Index (CPI), which will form the last major inflation print before the Fed rate decision.

On Thursday, the European Central Bank enacted its own 0.25% hike, the second such move in 2026.

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