Hunter Biden confirmed on Monday that a memecoin named after his laptop launches on Sept. 9, posting the ticker $LAPTOP and the date to his verified X account at 10:55 a.m. ET alongside a 31-second clip of a Fox News segment about the computer. The post had 250,900 views within an hour.

It went up four minutes after The Wall Street Journal reported the launch, in a story by Vicky Ge Huang headlined “Hunter Biden (and His Laptop) Enter the Cryptosphere With New Meme Coin.” Biden is part of the founding team, according to the report.

The airdrop is the political content of the launch. A fifth of supply goes to airdrops that include wallets holding losses on TRUMP, the memecoin issued in President Trump’s name three days before his second inauguration, which now trades 97% below its record. Biden’s Substack subscribers and a mailing list kept by video journalist Andrew Callaghan also qualify, according to the Journal.

One Billion, Thirty Percent Locked

Total supply is 1 billion tokens. The founding team takes 30%, locked for six months after launch and released over the following two years. Airdrops take 20% across two rounds, and a further 20% covers liquidity, exchange listings and legal costs, according to the Journal’s account of the tokenomics. Up to 30% is earmarked for burns triggered by named events, including bitcoin setting a record and LAPTOP passing TRUMP’s market value.

Biden has not published tokenomics himself. His X post carries no contract address, website or launch venue, and his Substack, where he has written about the laptop since July, has no post on the token. His art site lists bitcoin as a payment option.

Copycats In One Minute

The first token named LAPTOP appeared on Robinhood Chain at 14:50 UTC, roughly a minute before the Journal’s markets account posted the story. Twenty-two more pools followed over the next 53 minutes across Robinhood Chain, Solana, TON and BNB Chain, covering at least 14 distinct tokens, DEX Screener data shows. None is on Base, and none launches on Sept. 9.

They traded $6.9 million between them by 15:45 UTC. The largest, a Robinhood Chain token at 0x76Ed1E spread across ten pools, carried a $535,206 fully diluted valuation and took $5.43 million of volume over 31,878 trades in a single pool paired against SGOV, the tokenized short-dated Treasury ETF. The pairing follows the pattern The Defiant has documented on the chain since July, where memecoins quote against tokenized equities and generate most of the network’s stock-token volume.

A Solana token called Hunter Biden’s Laptop, deployed in January 2024, rose 411% to a $191,541 market capitalization on $932,561 of volume.

The Ticker Is Taken

A token trading as LAPTOP has been live on Base since June 27, up 54% on Monday to a $51,908 market capitalization on $55,602 of volume. Whether the September launch shares the ticker or the contract is unresolved; Biden’s post names neither.

TRUMP At Minus 97%

TRUMP trades at $2.25, down 6.3% over 24 hours and 5% over the week, with a $613.4 million market capitalization on 273.1 million circulating tokens, according to CoinGecko. Its high was $73.43 on Jan. 19, 2025, two days after launch, and its low was $1.37 on Aug. 13 this year. Holders who bought near the top and never sold are the constituency the LAPTOP airdrop addresses.

Base holds $5.67 billion of total value locked and settled $567.2 million of DEX volume over 24 hours, according to DefiLlama. Robinhood Chain, where every copycat with meaningful volume launched, holds $908.7 million of TVL on $1.61 billion of daily DEX volume.

Zcash mining activity has risen more than 2.5 times in 2026 as stronger ZEC prices have pushed estimated revenue per megawatt-hour to about four times the level generated by Bitcoin miners.

Zcash mining returns have outpaced Bitcoin per machine

Grayscale Research Director Zach Pandl said Zcash miners currently generate about $2 million in total revenue each day, compared with approximately $35 million earned across the Bitcoin network.

Bitcoin’s total remains far higher because its mining network contains much more computing power. On an individual-machine basis, however, Grayscale estimated that a Zcash miner earns about twice the daily revenue of a Bitcoin miner.

Power-based comparisons create an even larger gap. Pandl estimated that Zcash mining produces approximately four times as much revenue per megawatt-hour as Bitcoin mining. Under the assumptions used in Grayscale’s analysis, ZEC mining revenue per unit of electricity also exceeds the income offered by some artificial intelligence and high-performance computing cloud services.

Zcash uses a proof-of-work consensus system, so miners compete to process transactions and add blocks to the chain. Successful miners receive newly issued ZEC and transaction fees, making token prices, network difficulty, equipment efficiency and electricity costs central to their earnings.

Unlike Bitcoin miners, Zcash operators use equipment designed for the Equihash mining algorithm. Bitcoin relies on SHA-256 machines, which means operators cannot move the same hardware between the two networks simply because one becomes more profitable.

Grayscale’s estimates compare revenue rather than net profit. Actual earnings for any operator can vary after accounting for power rates, equipment prices, cooling, maintenance, facility costs, and mining-pool fees.

Zcash hash rate has grown more than 2.5 times

Rising ZEC prices have encouraged miners to add computing power, pushing total Zcash mining activity to more than 2.5 times its level at the beginning of the year, according to Pandl.

Hash rate measures the computing power dedicated to mining and securing a proof-of-work chain. As more machines compete, the network gains additional resources for validating blocks, while individual miners face more competition for the same block rewards.

Pandl described the increase as a reinforcing cycle in which a higher ZEC price makes mining more attractive, fresh machines raise the network’s hash rate, and added computing power strengthens the cost of attacking the chain. Grayscale believes improved security can then support investor confidence in the asset, although the cycle depends partly on ZEC retaining enough value to cover miners’ operating expenses.

The economics can change as mining participation rises. Zcash adjusts its mining difficulty to match the computing power on the network, so adding machines eventually makes each unit of hash rate less productive unless ZEC prices or transaction-fee revenue rise at the same time.

Supply issuance also affects the calculation. Zcash follows a Bitcoin-like scarcity model with a maximum supply of 21 million coins and scheduled reductions in block rewards. Lower issuance reduces the number of new tokens available to miners, requiring price gains, fee growth, or more efficient machines to offset the decline.

ZEC’s price rally has changed the mining equation

Improved mining revenue has followed a sharp rise in ZEC’s market value during 2026. On Sep. 4, the token climbed above $1,000 for the first time after gaining 20% in one session, while about $34.5 million in short positions were liquidated over 24 hours.

As crypto.news reported earlier, ZEC had advanced roughly 2,300% year over year from about $42 in September 2025. Trading volume reached $1.2 billion during the move above $1,000, while its market capitalization rose to approximately $16.8 billion.

Price gains directly affect miners because block rewards are paid in ZEC. A miner producing the same number of coins earns more in dollar terms when the token rises, even if its equipment and electricity use remain unchanged.

The rally has also made Zcash mining more sensitive to price reversals. CoinGecko data showed ZEC trading near $1,093 on Sep. 11 after falling close to 11% over 24 hours. Although the level remained far above its price a year earlier, the daily loss showed how quickly the dollar value of mining rewards can change.

Network growth may also reduce revenue per machine if additional hash rate raises mining difficulty faster than prices recover. Grayscale nonetheless considers Zcash mining attractive at its current valuation, according to Pandl, who said the new computing power continues to reinforce network security.

US investors gained ZEC access through ZCSH

American investors received a new route to Zcash exposure on Aug. 25 when Grayscale converted its existing Zcash Trust into an exchange-traded product listed on NYSE Arca under the ticker ZCSH.

The Zcash ETF launch allowed brokerage-account investors to track the value of ZEC without buying the cryptocurrency directly or operating mining equipment. Grayscale set the product’s annual sponsor fee at 2.5% and said fee revenue would support network development, marketing and other Zcash-related work.

ZCSH holds ZEC while its shares trade through the traditional securities market. Grayscale’s regulatory filings provide for authorized participants to create and redeem baskets of shares, a process intended to keep the fund’s market price close to the net asset value of its holdings.

Before the conversion, the product traded on OTCQX as the Grayscale Zcash Trust. The fund held more than $313.5 million in assets shortly before its exchange listing, while Grayscale’s earlier filings identified Coinbase Custody as custodian and BNY Mellon as administrator.

An August filing amendment also disclosed that DCG International Investments, a subsidiary of Grayscale parent Digital Currency Group, was considering an investment tied to approximately 200,000 ZEC. The discussions were nonbinding, and Grayscale said the subsidiary could purchase more shares, fewer shares or none.

The US Securities and Exchange Commission closed an investigation into the Zcash Foundation in January without recommending enforcement action. The inquiry began with an August 2023 subpoena concerning crypto asset offerings, according to the foundation.

Bitcoin has rebounded above $78,000 after U.S. consumer inflation met forecasts in August, although prediction-market traders have raised the chance of a Federal Reserve rate hike to 81%.

US CPI has held at 3.4% in August

The U.S. Bureau of Labor Statistics reported Friday that the Consumer Price Index rose by a seasonally adjusted 0.4% in August after increasing 0.1% in July. Consumer prices climbed 3.4% over the preceding 12 months, unchanged from July’s annual rate.

Both figures matched the forecasts cited in the original report. Still, inflation remained above the Federal Reserve’s 2% target as officials prepared for their Sept. 15–16 policy meeting.

Energy costs accounted for much of the monthly increase. According to the BLS, the energy index advanced 2.1% in August, while gasoline prices rose 3.9% and contributed more than one-third of the increase in the headline index. Shelter costs added 0.3%, and food prices gained 0.1%.

Annual energy inflation reached 16.3%, driven partly by a 27.4% increase in gasoline prices and a 52% rise in fuel oil. Food costs were 2.7% higher than a year earlier, while the food-at-home index rose 2.2%.

Excluding food and energy, core CPI increased by 0.3% from July. The monthly reading exceeded the 0.2% forecast cited in the source report, giving policymakers another sign that underlying price pressure has not fully eased.

On an annual basis, however, core inflation slowed from 2.5% in July to 2.4% in August, its lowest reading since 2021. Shelter prices rose 3% over the year, while services excluding energy services also increased 3%.

Several components helped push core prices higher during August. The BLS recorded monthly increases of 2.7% in airfares, 2.4% in lodging away from home, and 2.3% in communication costs. Used vehicle prices gained 0.4%, while new vehicle prices rose 0.3%.

Medical care costs fell 0.2%, with dental services dropping 0.6%. Motor vehicle insurance declined 0.8%, while recreation and apparel prices were unchanged.

Bitcoin price has recovered above $78,000

Following the 8:30 a.m. Eastern release, TradingView data cited in the source report showed Bitcoin recovering from below $77,000 and moving above $78,000. The rebound followed a sell-off tied to the previous day’s hotter producer inflation reading.

Ether also returned above $2,500, while Solana reclaimed $100, according to the same TradingView data. Both levels had acted as psychological thresholds during the preceding market decline.

The CPI reaction reversed part of the weakness recorded after the August Producer Price Index came in at 5.4% annually, slightly above the 5.3% estimate cited in the source report. Crypto prices fell after the PPI release as traders increased their bets on tighter U.S. monetary policy.

Bitcoin entered the latest inflation reports under pressure from strong employment data as well. As crypto.news previously reported in September, U.S. employers added 162,000 jobs in August, far above the 56,000 forecast cited by Reuters, while unemployment held at 4.1%.

Bitcoin initially reached about $82,262 after the employment release but later fell below $80,000. The report also showed average hourly earnings rising 0.3% from July and 3.1% from a year earlier, adding wage data to the figures Fed officials must consider.

Fed funds futures placed the probability of a September increase at 61% after the jobs report, up from 52% beforehand. Two-year Treasury yields climbed five basis points to 4.38%, while the 10-year yield reached 4.776%.

Fed rate hike odds have climbed to 81%

After Friday’s CPI report, Polymarket traders assigned an 81% probability to a 25-basis-point rate increase at the September meeting, according to MarketWatch’s live coverage. The implied chance stood near 59% before the data, while the probability of no change fell from 41% to about 20%.

Polymarket prices represent wagers placed by participants and can change throughout a trading session. They are not an official Federal Reserve forecast or a direct measure of how Federal Open Market Committee members intend to vote.

The federal funds target range currently stands at 3.50% to 3.75%. A quarter-point increase would take it to 3.75% to 4% and would be the Fed’s first hike since July 2023.

A September policy analysis published before the CPI report found that CME FedWatch had placed the probability of a quarter-point hike at 66%. Polymarket odds had reached 72% after Fed Governor Michael Barr backed a decisive response if inflation failed to ease.

At the time, the analysis identified $75,000 as an important Bitcoin support area and $82,000 to $86,000 as resistance. Bitcoin had gained 25% in August, while U.S. spot Bitcoin exchange-traded funds attracted $3.52 billion across 16 of 21 trading sessions.

American investors now face competition between crypto assets and rising yields on Treasury securities if the Fed increases borrowing costs. Higher rates raise the return available on government debt and money-market products, which can affect demand for assets without fixed yields.

Oil supply risks have kept inflation concerns elevated

Energy prices remain a key issue for the Fed after gasoline drove more than one-third of August’s monthly CPI increase. Middle East fighting has disrupted oil flows and increased concern that fuel costs could keep headline inflation above the central bank’s target.

Brent crude remained above $100 on Friday despite falling nearly 4%, according to market data cited in the source report. Folha reported that the benchmark slipped toward $104 after approaching $110 earlier in the session.

The decline followed reports of a possible meeting between Iran and Gulf states, but shipping risks remained after Iran-backed Houthi forces captured Perim Island in the Bab al-Mandeb Strait. The island sits along a major route used for oil and commercial shipping between the Red Sea and the Gulf of Aden.

One day earlier, the European Central Bank raised its deposit rate by 25 basis points to 2.5%. The ECB attributed its decision to persistent inflation, including pressure from energy prices and the Middle East conflict, and projected that eurozone inflation would remain above its 2% target for an extended period.

The International Energy Agency said on Friday that attacks on oil tankers and facilities had contributed to supply disruptions, while Saudi output had fallen to 6 million barrels per day. The agency estimated that worldwide oil supply would decline by 5.7 million barrels per day in 2026.

India has issued 1,025 crore ($116 million) in tokenized corporate bonds using the Demat 2.0 pilot. The bonds were issued in three transactions and settled using the Reserve Bank of India’s (RBI) wholesale digital rupee.

According to a statement by the Securities and Exchange Board of India (SEBI), Demat 2.0 connects a distributed ledger owned by India’s statutory depositories with the RBI’s Unified Market Interface, moving the bond and associated payment via atomic settlements.

India Issues $116 Million Using Demat 2.0 Pilot

REC Limited completed the first issuance on September 7, raising 500 crore from 18 investors. Larsen & Toubro completed the second 500 crore issuance on September 9, with IIFL issuing 25 crore later in the day. SEBI Chairman Tuhin Kanta Pandey and RBI Governor Sanjay Malhotra announced the Demat 2.0 pilot at the ongoing Global Fintech Fest in Mumbai.

Demat 2.0 changes how ownership, settlement, and bond servicing are recorded, but does not change repayment obligations or create a new category of security. The tokenized bond retains its legal rights, fixed interest rate, and maturity date. Other requirements, including debenture trustees, credit ratings, exchange listings, and company disclosures, were also retained. Ownership records are held on a distributed ledger maintained by India’s regulated depositories.

Additionally, investors don’t need separate securities accounts or identity tests, and can hold the securities using their existing demat accounts. However, investors must activate Demat 2.0 with the relevant depository to participate.

India’s First Native Distributed Ledger Issuance Of Corporate Bonds

SEBI described Demat 2.0’s structure as India’s first native distributed-ledger issuance of corporate bonds, in which statutory depositories maintain ownership records while settlements are completed using central bank digital currency. India’s National Institute of Securities Markets valued the country’s corporate bond market at 53.64 lakh crore ($627 billion). However, only 1,025 crore has been issued through Demat 2.0, while SEBI has not disclosed the amount that will move into the system.

How Demat 2.0 Works

Demat 2.0 uses the Unified Market Interface to connect the bond ledger to the RBI’s wholesale central bank digital currency. Since it uses atomic settlements, the delivery of the tokenized security and payment in digital rupee are completed in a single transaction. Traditional bond systems use separate systems for allocating securities and transferring funds, with users receiving funds two or three days after the bidding process. Issuers using Demat 2.0 receive payment on the bidding day itself.

According to the regulator, atomic settlements remove the risk of partial transaction failure. The pilot also streamlines delivery services. Interest payments and bond redemptions can be programmed and delivered directly into an investor’s wholesale digital rupee wallet on their respective due dates. Currently, issuers must obtain the list of bondholders, manually calculate each payment, and send the funds through traditional banking channels. The Demat 2.0 pilot allows authorized institutions to share access to the ownership record and program instructions to trigger payments.

SEBI expects the pilot to substantially reduce manual file sharing, reconciliation, and validation work.

Issuers On The Demat 2.0 System

Three issuers have already tested the Demat 2.0 system. REC completed a 500 crore issuance on September 7. The company initially offered 100 crore with a 400 crore greenshoe option. Investors submitted 796 crore in bids, substantially exceeding the final amount. Larsen & Toubro completed the second transaction on September 9, with four investors purchasing its 500 crore bond. The third transaction was also completed on September 9, with IIFL issuing a 25 crore bond to a single investor.

Trading And Retail Access

According to SEBI, Demat 2.0’s first phase will focus on corporate bond issuance, with plans to connect tokenized bonds with existing request-for-quote platforms in the country. This would allow eligible investors to buy and sell securities after issuance, and keep trading within the regulated market structure. SEBI said that secondary market sellers could receive digital rupee funds instantly, but did not state when this phase would launch.

Retail participation is also in the pipeline. Individual investors will be able to use their existing demat accounts, but would need to activate Demat 2.0 access and a compatible digital rupee wallet.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coinbase has partnered with payments provider Moov to bring stablecoin payment acceptance, settlement and real-time funding to more than 1,000 community banks and credit unions, the company said Thursday in an announcement.

Moov will integrate Coinbase’s Payments API and Coinbase Developer Platform Custodial Wallet accounts into its existing payments platform, which serves the 1,000-plus institutions. That lets a bank or credit union add stablecoin services without building its own crypto technology stack. The infrastructure supports consumer payments, merchant acceptance, settlement and payouts, with fully disclosed custodial accounts available for business and merchant payments.

Why it matters for small banks

Community banks in the US typically hold less than $10 billion in total assets, and few have the resources to build crypto infrastructure themselves. The deal hands them stablecoin rails through a provider they already use. Coinbase’s head of corporate affairs, Ryan VanGrack, said community banks and credit unions “have witnessed their customers use digital assets for years.”

VanGrack added that “Modern tech should meet local institutions where they are, giving them the tools to compete with the largest players while preserving what makes them trusted pillars of their communities.”

Jill Castilla, CEO of Citizens Bank of Edmond, an Oklahoma community bank that has operated for 125 years, said her small business customers are looking to lower interchange costs and get paid faster.

The announcement lands amid a wave of bank stablecoin activity. U.S. Bank, the fifth-largest US commercial bank, completed a live cross-border payment using its proprietary USBDC stablecoin on the Stellar blockchain on Wednesday. Earlier this month, 21 financial institutions, including Bank of America, Citi, Goldman Sachs, Deutsche Bank and UBS, plan to form a company to issue stablecoins, targeting a dollar stablecoin in the first half of 2027.

The partnership follows Coinbase deals with PNC in July 2025, and later with Citi and JPMorgan, moving the exchange from serving banks as a crypto venue toward providing embeddable infrastructure.

Which stablecoins the integration supports, along with pricing and a rollout timeline, was not disclosed.