Robinhood (Nasdaq:HOOD) launched the public mainnet of its new blockchain on July 1, and unfortunately, tons of people are already losing money trading its coins. Bad actors are using a variety of scam contracts, memecoin rug-pulls, phishing links, and garden variety theft, leading to complaints of loss flooding onto social media.

Relay Protocol warned about scam tokens on the new Robinhood Chain: “If you bought one, the funds you spent are unfortunately gone.”

In this example, scam contracts are accepting a token swap, briefly crediting the buyer’s wallet yet immediately transferring the tokens back to the deployer’s wallet. In other words, users unwittingly purchased tokens for someone else.

Another trader alleged that Robinhood Wallet’s default sell screen auto-populated a Robinhood Chain scam coin called USER. Unless someone modified that default, the position would vaporize. “$600 out the window in seconds,” complained the user. 

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Another trader swapped ether (ETH) for a poisoned memecoin named $ROBINHOOD inside their Robinhood Wallet. The instant the swap confirmed, tokens moved to an unauthorized wallet.

Wallet drainers and fake token scams

A collector of NFTs claimed an OpenSea swap of Robinhood Chain assets sent his coins to an unauthorized address, costing him $350.

A trader tagged Robinhood CEO Vlad Tenev after losing $50 to what he called scam transactions.

An AI-branded Robinhood Chain memecoin, HOODIE, halved in price in a single afternoon.

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Read more: Read this before you click on any Robinhood email

“It is absolutely crawling with wallet drainers and fake token scams right now,” warned another researcher, alleging that a holder of CASHCAT lost $56,000 to a hacked smart contract on Robinhood Chain. 

Someone else asked whether Robinhood Chain had gone full rug mania. Another observer estimated thousands of users losing money bridging over assets from Solana-based PumpFun.

A researcher posted that memecoins account for more than 75% of the last two days of Robinhood Chain trading. That is not a good statistic, as a general rule, due to almost all meme coins trending toward $0 eventually.

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“ROGE on Robinhood Chain is a 100% honeypot. ​The contract has a backdoor,” warned another trader. 

Clifford asked a wallet provider to enable revoke-approvals on Robinhood Chain to help users undo their smart contract authorizations.

Another user urged traders to audit smart contracts prior to authorizing in the first place.

Protos previously tracked losses on branded memecoins and the near-total mortality rate of Pump.fun token launches. The long-term performance of most speculative digital assets like NFTs is identical.

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Robinhood Chain’s permissionless architecture replicated many of those conditions and created an environment ripe for scams.

The new Robinhood Chain is nine days old.

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Bitcoin (BTC) demand shifts are “behind” the price rebound to $64,000, new analysis claims.

Key points:

• New Bitcoin price analysis says that US whales are behind the latest spate of BTC price relief.
• The Coinbase Premium is above its 14-day moving average, a key sign of strength.
• Research from Bitcoin Suisse suggests that “something changed” on the market this week.

Bitcoin Coinbase Premium still negative despite trend line reclaim

In a blog post on Friday, onchain analytics platform CryptoQuant attributed Bitcoin’s July upside to US-based whales.

Specifically, the Coinbase Premium — the difference in price between Coinbase’s and Binance’s BTC/USDT pairs — is showing early signs of buy-side momentum “regaining strength.”

“The Coinbase Premium Index for both BTC and ETH remains in negative territory, but both have bounced off their local lows,” contributor Burak Kesmeci wrote. 

“On top of that, both metrics managed to reclaim their SMA14. This is what’s behind Bitcoin’s move from 58K to 64K, and Ethereum’s rally from $1,500 to $1,750.”

Bitcoin Coinbase Premium Index with 14-day SMA. Source: CryptoQuant

Kesmeci referred to the Coinbase Premium Index’s 14-day simple moving average. As Cointelegraph reported, the Index has spent much of 2026 in negative territory, implying weak demand from both large and small investors on the largest US crypto exchange.

“Once again, U.S. whale activity is proving to be the leading data point for trend direction. Short-, medium-, and long-term regime shifts can all be read through this metric,” Kesmeci continued.

The Index currently sits at -0.08, per CryptoQuant data, having last flipped positive on daily time frames more than two months ago.

“The current picture is a catalyst for a short-term bounce — but for a real long-term regime change, this metric needs to break above zero,” Kesmeci concluded.

Bitcoin Suisse: “Bottom signal framework flashing”

 As Cointelegraph reported, institutional demand is also on the radar for market participants.

Related: BTC speculators in focus as analysis says ‘textbook Bitcoin bottom’ is underway

The US spot Bitcoin exchange-traded funds (ETFs) saw their first net inflows after a record-breaking $2.7 billion losing streak.

Data from UK-based investment company Farside Investors nonetheless shows investor sentiment remains sensitive to even small BTC price moves.

On Thursday, a third straight day of net outflows totaled $95.3 million.

US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors

Analyzing a basket of metrics, crypto finance provider Bitcoin Suisse included ETF flow data as one signal that the status quo on the market has changed.

“Eight weeks of ETF outflows. Bitcoin at a 21-month low. This week, something shifted,” it told X followers in a thread on Friday.

Bitcoin Suisse described a “bottom signal framework flashing” while the Crypto Fear & Greed Index remained in its lowest “extreme greed” zone.

Crypto’s infrastructure is starting to look a lot more like traditional finance. New data from Dune shows that the world’s stablecoin leaders — Tether’s USDT and Circle’s USDC — are no longer competing for the same users, with each now dominating a different corner of the market. Meanwhile, demand for MiCA-compliant euro stablecoins is accelerating, hinting that the stablecoin economy is slowly expanding beyond the US dollar.

Elsewhere in Crypto Biz, Strategy reignited debate over its “never sell” philosophy after offloading more than $200 million in Bitcoin (BTC) to fund shareholder dividends, while Vanguard signaled that even Wall Street’s biggest crypto skeptics are embracing tokenization.

USDT, USDC use cases diverge as stablecoins become chain-specific

USDT has become crypto’s dominant payments stablecoin while USDC has cemented itself as DeFi’s preferred settlement asset, according to new data from Dune.

Rather than competing head-on, the industry’s two largest stablecoins are carving out distinct roles. USDT settled $95 billion in identified commercial payments during the first half of 2026 and continues to dominate business-to-business transfers. USDC, meanwhile, is driving onchain trading and DeFi activity, processing trillions of dollars in monthly transfer volume across Base and Ethereum. 

The divergence suggests Tether and Circle are strengthening their positions where network effects are already on their side. 

The supply of USDT is divided almost evenly between Tron and Ethereum, while USDC remains highly active on Ethereum. Source: Dune

Strategy sells more than $200 million in BTC

Strategy sold 3,588 Bitcoin worth $216 million to fund preferred stock dividends, marking its largest sale since adopting BTC as its treasury asset.

The sale trimmed Strategy’s holdings to 843,775 BTC and follows a new capital framework that allows Bitcoin sales to fund dividend payments. Even so, the company kept its $2.55 billion cash reserve intact, suggesting the biggest publicly traded BTC holder isn’t under liquidity pressure but is opting for greater financial flexibility as its preferred shares trade below par.

The sale is unlikely to signal a broader shift away from Strategy’s Bitcoin accumulation strategy, according to Bernstein analysts. Still, it has fueled fresh debate over the company’s departure from co-founder Michael Saylor’s long-standing “never sell” mantra, even as Strategy remains the largest corporate buyer of Bitcoin. 

Strategy’s yearly net Bitcoin purchases. Source: Bernstein

Euro stablecoins gain traction under MiCA

The market capitalization of MiCA-compliant euro stablecoins surged 128% in the year leading up to the EU’s July 1 regulatory transition deadline, suggesting the overwhelmingly US dollar-dominated stablecoin market is beginning to diversify, according to payments company Decta.

The combined value of eight actively traded euro stablecoins climbed to nearly $674 million, while trading volume increased 43% over the same period. To be sure, euro-pegged tokens remain a niche market, accounting for just 0.22% of the roughly $315 billion dollar-backed stablecoin sector.

The growth comes as Europe debates whether its MiCA regime is helping or hindering the bloc’s digital asset ambitions. Industry groups argue the framework has made euro stablecoins safer but less competitive through strict reserve requirements and a ban on yield, while policymakers remain divided over whether loosening the rules would help the euro compete with the dollar.

The market capitalization of the eight largest euro-denominated stablecoins. Source: Decta

Vanguard seeks digital asset executive 

Vanguard is hiring a head of digital assets to oversee its strategy on tokenization, stablecoins and blockchain infrastructure, signaling a notable shift for one of Wall Street’s most crypto-skeptical asset managers.

The new executive will help shape Vanguard’s approach to digital asset products and custody and represent the asset manager in discussions with regulators, according to the job posting. The hiring stands in sharp contrast to the asset manager’s long-standing refusal to offer or even support spot Bitcoin ETFs.

The move reflects a broader shift across traditional finance, where tokenization has become a strategic priority regardless of firms’ views on cryptocurrencies. Asset managers, including BlackRock, Franklin Templeton, Fidelity and WisdomTree, have all expanded their tokenized fund offerings as demand for blockchain-based financial products continues to grow.

The head of digital assets job posting first appeared on July 6. Source: Vanguardjobs.com

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Crypto exchange Backpack has launched 24/7 trading for select tokenized US equities, allowing international investors to trade stocks including SpaceX, Micron and SanDisk around the clock.

Under the initial offering, Backpack said that investors would receive direct ownership of the underlying securities rather than synthetic exposure, with trades settling instantly and funded in fiat currency or stablecoins. The initial offering includes a limited selection of US equities, with additional stocks planned.

The company also offers Solana-based tokenized versions of the securities, which can be transferred between wallets, used in decentralized finance applications and converted 1:1 into the corresponding shares through Backpack.

Backpack said the service is available to investors in more than 150 countries and regions and that trades are backed by liquidity from traditional exchanges.

The company added that tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after launching in June, though it did not disclose trading volumes or provide comparisons with competing offerings.

Related: Tokenized stock transfers surge 105% in a month to $8.4B

Earlier this year, Backpack unveiled a token distribution model tied to its planned US initial public offering. Users who stake the exchange’s native token for at least one year will be eligible to exchange it for company equity after the IPO, while part of the token supply will remain locked until at least one year after the listing.

Traditional finance joins tokenized equities push

Backpack’s launch comes as tokenized equities have become one of the fastest-growing segments of the onchain real-world asset (RWA) market.

According to RWA.xyz data, the tokenized stock market has grown from about $379 million to $1.85 billion over the past year. Over the past 30 days alone, distributed value has climbed 28.6%, while monthly transfer volume has surged over 85% to $8.76 billion.

Tokenized stocks. Source: RWA.xyz

Crypto exchanges have led much of that growth. Kraken, which acquired xStocks developer Backed Finance in late 2025, has expanded the platform across its exchange, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have likewise rolled out tokenized equity offerings in recent months.

Traditional exchanges have also embraced tokenization. In March, the SEC approved Nasdaq’s pilot to trade tokenized stocks alongside conventional securities on the same exchange, while the New York Stock Exchange partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs.

The following month, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms.

Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?

Robinhood said eligible US-based customers will soon be able to connect third-party AI agents to make crypto trades on their behalf, marking the latest expansion in autonomous trading after the company rolled out a similar product to equities and options traders in May.

“You can work with an agent to create a strategy with specific guardrails and not need to be constantly monitoring your account,” a Robinhood executive said during a presentation on Friday.

Robinhood didn’t set a date for when it would roll out the product to eligible US crypto traders but noted that its UK customers would be next in line to access the offering.

Equities traders can already ask AI agents to invest in crypto mining stocks on their behalf. Source: Robinhood

The push for autonomous crypto trading adds to Robinhood’s broader crypto strategy, which has primarily focused on real-world asset tokenization and the company’s Ethereum layer 2 Robinhood Chain, which launched earlier this month.

Robinhood’s senior vice president and general manager of crypto, Johann Kerbrat, said the new blockchain processed 17 million transactions from nearly 350,000 wallet addresses in its first week.

Meanwhile, over 70,000 agentic accounts have already been created by Robinhood equities and options traders since late May, when the platform launched a beta version of the product.

AI agents serve to even the playing field

During the presentation, the Robinhood executive said the AI agents would enable retail users to base trades on data that they would have otherwise missed, putting them on a more equal playing field with institutions:

“This is another big step towards giving retail investors every advantage that institutions have enjoyed for decades.”

Robinhood offers the agentic accounts through several third-party AI companies, including Anthropic, OpenAI and SpaceX’s Grok.

Robinhood is also enabling eligible users to have credit card purchases made on their behalf by AI agents.

It comes as crypto industry executives like Coinbase CEO Brian Armstrong and Circle CEO Jeremy Allaire have tipped that AI agents will become the dominant users of blockchain payments in the next few years. 

AI agent crypto payment integrations are also taking place

Several notable integrations advancing AI agent-driven stablecoin spending have emerged in recent months, including one by Amazon Web Services in May when it integrated Coinbase’s x402 payments protocol into Amazon Bedrock AgentCore, allowing agents to transact in the USDC (USDC) stablecoin. 

Related: Robinhood Venture Fund invests $75M in OpenAI 

In April, crypto wallet startup Oobit launched a Visa-supported virtual card for AI agents to make online purchases in USDt (USDT) on behalf of businesses. 

AI agent payments adoption lagging

Despite the integrations, data shows that AI-agent transaction activity on the blockchain remains relatively small, with Artemis data showing that only $2 million in transaction volume was facilitated through the AI agent-supported x402 protocol in June.

Features: The 5 types of real world assets being tokenized fastest onchain 

OpenAI has reportedly supplied AI technology to Chinese companies on the Pentagon’s military-linked blacklist, adding fresh scrutiny to U.S. controls over advanced artificial intelligence exports.

According to the reported findings, OpenAI and Google provided access to their AI models to Chinese companies included on the U.S. Department of Defense’s Section 1260H list, which identifies entities the Pentagon believes are tied to China’s military-industrial complex.

While inclusion on the list does not automatically prohibit commercial dealings or trigger sanctions, the designation serves as a warning for U.S. businesses evaluating relationships with those organizations.

The reported access has drawn attention because both companies have publicly positioned themselves as important partners in Washington’s efforts to maintain U.S. leadership in artificial intelligence.

OpenAI has repeatedly highlighted its role in strengthening American AI capabilities, while Google has expanded work with U.S. defense and intelligence agencies. Against that backdrop, the reported availability of their models to blacklisted Chinese firms has raised new questions about how advanced AI systems are distributed internationally.

Cloud-based AI remains difficult to control

Unlike conventional defense technologies that move through physical supply chains, AI models can be delivered through cloud-based application programming interfaces, commercial partnerships, or intermediary services. According to the report, those distribution channels make frontier AI systems harder to restrict once they become commercially available, even when governments tighten technology controls.

The development comes shortly after OpenAI expanded access to its latest GPT-5.6 family. As crypto.news reported earlier, the company has begun rolling out GPT-5.6 across ChatGPT, Codex, and its API while introducing a new capability-based lineup consisting of GPT-5.6 Sol, Terra, and Luna.

OpenAI said the release replaces its previous naming convention and separates models by intelligence, speed, and pricing, with availability expanding across consumer, enterprise, and developer products worldwide over a 24-hour deployment window.

Regulatory pressure could increase

At the policy level, the reported model access arrives as Washington continues tightening restrictions on advanced AI technology reaching China. The U.S. Commerce Department has repeatedly expanded chip export controls, while successive administrations have introduced measures governing the transfer and diffusion of advanced AI capabilities.

According to the report, if frontier AI models continue reaching companies connected to China’s military despite those efforts, lawmakers could seek stricter oversight of AI distribution. Possible measures discussed in the report include mandatory know-your-customer checks for AI API users or direct limits on providing advanced models to organizations in countries viewed as strategic rivals.

The report also notes that investors may watch the issue closely because additional regulation could affect how leading AI developers generate revenue from global API services. Any congressional inquiry or executive action targeting commercial AI model access could alter operating conditions for companies that currently rely on broad international customer bases.

Competitive effects may also follow if U.S. providers face tighter distribution rules. According to the report, restrictions on American frontier models could create opportunities for domestic Chinese AI developers, including Alibaba, Baidu, and DeepSeek, whose products would remain available within China’s technology ecosystem even if access to U.S. models becomes more limited.

South Korea has launched its first government-backed blockchain stablecoin pilot after Gyeonggi Province confirmed an eight-month proof-of-concept program scheduled to begin in August.

According to blockchain media outlet NexBlock, Gyeonggi Province, the country’s most populous province, will begin testing a blockchain-based stablecoin in August as part of an initiative to examine its use for regional currency and government disbursements. The project is being led by blockchain security company ZKrypto and is expected to run until February 2027.

First phase focuses on core stablecoin functions

During the initial stage, the pilot will test how the stablecoin is issued, circulated, and settled before moving into a second phase between October and December. ZKrypto said the later stage will examine fraud prevention measures, privacy protections, and the possibility of using the stablecoin across public benefit programs.

To support the pilot, ZKrypto said the system will use zero-knowledge proof technology to stop duplicate spending while protecting user privacy. The company added that proof-of-reserves technology will verify reserve assets in real time throughout the testing process.

ZKrypto also stated that the project comes as dollar-denominated stablecoins continue gaining adoption globally, adding that South Korea should strengthen its own domestic stablecoin infrastructure. The company presented the provincial pilot as one step toward evaluating whether locally issued digital assets can support public-sector financial services.

Private companies are expanding won stablecoin infrastructure

The government-backed pilot follows several private-sector initiatives announced this week as South Korean companies continue testing blockchain payment infrastructure.

Earlier this week, financial super-app Toss signed a strategic agreement with Optimism and Sunnyside Labs to evaluate infrastructure for South Korean won-linked stablecoins.

According to a press release shared with crypto.news, the three companies will conduct a three-month proof-of-concept to determine whether blockchain infrastructure can support institutional payment systems while complying with South Korean financial regulations.

Separately, South Korea’s largest telecommunications company, KT, disclosed plans to invest 18 trillion won ($13.2 billion) over the next three years, including 6 trillion won for artificial intelligence infrastructure and 12 trillion won for networks, information technology, and cybersecurity.

According to South Korean technology publication Digital Daily, KT Chief Executive Park Yoon-young said the investment strategy also includes expanding into tokenization services and infrastructure for won-based stablecoins.

The company said those blockchain initiatives will be developed alongside upgrades to its core telecommunications business as part of its long-term growth plans.

Taken together, the announcements show government agencies, financial technology companies, and telecommunications providers testing different parts of South Korea’s digital payments infrastructure.

While Gyeonggi Province is examining stablecoin use in public administration, private companies are evaluating blockchain networks for regulated payments and building the systems needed to support future won-denominated digital assets.

Policymakers in New Hampshire’s executive council voted against a proposal that would have allowed the state to issue $100 million in bonds backed by Bitcoin (BTC).

At a Wednesday hearing, the five-member panel voted 3-2 against the New Hampshire Business Finance Authority’s (BFA) proposed issuance of $100 million in BTC-backed bonds. The proposed investments, which the authority approved in November 2025, already had support from Governor Kelly Ayotte.

“It was an extremely short-sighted decision,” said state representative Keith Ammon in a Thursday X post after the vote. “I can’t believe I witnessed it in person. They should gather all relevant facts and information and reconsider their vote at a future meeting.”

Councilors Karen Liot Hill, Dave Wheeler and Janet Stevens voted against the measure, while Joseph Kenney and John Stephen approved it. The crypto investment vehicles, issued by the BFA and with CleanSpark putting up BTC as collateral, would have marked New Hampshire’s continued approval of digital asset policies, following its May 2025 crypto reserve law.

Related: Bank of Korea governor outlines tokenized bond vision, unified ledger plan

While the BTC-backed bonds had support from many in the crypto industry, some experts warned against the proposal, saying it carried “substantial risk” for New Hampshire residents. Moody’s assigned the Bitcoin bond a provisional Ba2 rating in March.

New Hampshire to join prediction markets fight against CFTC?

With gaming authorities in many US states having already filed lawsuits against prediction market platforms like Kalshi and Polymarket over sports betting, some have speculated that New Hampshire could join the legal fight challenging the Commodity Futures Trading Commission’s (CFTC) authority. State Senator Tim Lang reportedly planned to introduce legislation restricting prediction markets in New Hampshire in April, but as of Friday, the platforms were still live in the state.

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