Sixteen years after the launch of Bitcoin, stablecoins have emerged as one of the most compelling applications of blockchain technology. Banks are reportedly “panicking” over stablecoins encroaching on their territory, while Fortune 500 companies are beginning to grasp their transformative potential.

Shifting from blockchain to AI, Meta Platforms is quietly assembling a “superintelligence” unit, led by Scale AI founder Alexandr Wang. This move follows reports that Mark Zuckerberg’s company acquired Scale in a nearly $15 billion all-cash deal.

In this week’s Crypto Biz, we explore the evolving landscape of stablecoins and the latest high-stakes moves in the crypto and AI sectors.

Fortune 500 companies are paying attention to stablecoins: Coinbase

Interest in stablecoins among Fortune 500 companies has grown sharply over the past year, highlighting the technology’s increasing real-world utility, according to a new survey by Coinbase.

The crypto exchange polled 100 executives from Fortune 500 companies and found that nearly 29% are either using or exploring the use of stablecoins, up from just 8% in 2024. This represents a more than threefold increase in a year.

Executives cited faster financial transactions and lower payment fees as the primary drivers of interest. About 7% of respondents said their companies are already using stablecoins.

Not every company is embracing stablecoins. As Cointelegraph reported, the US banking lobby is particularly concerned about yield-bearing stablecoins disrupting their business. 

Zuckerberg scrambles to keep Meta from falling behind in AI race

Meta Platforms’ struggles in AI prompted CEO Mark Zuckerberg to make a bold move by acquiring a 49% stake in Scale AI, a data-labeling company that supports several AI applications, according to reports from The Information and Bloomberg.

The $14.8 billion deal also brings Scale AI CEO Alexandr Wang into Meta. Wang is set to join Meta’s “superintelligence” team, a group of about 50 people focused on pursuing artificial general intelligence.

As Bloomberg reported, Zuckerberg has grown frustrated with Meta’s slow progress in AI, despite plans to nearly double capital expenditures this year, much of which is earmarked for AI infrastructure development.

Nasdaq fintech acquires crypto native protocol Mixie

Nasdaq-listed fintech firm Netcapital has acquired Web3 gaming platform Mixie for an undisclosed sum, potentially marking the first time a publicly traded company has acquired a crypto-native protocol.

The deal was executed through Zelgor, a Netcapital portfolio company, and is expected to enhance Netcapital’s tokenization infrastructure.

Netcapital operates a fully digital capital markets platform that connects private companies seeking to raise capital with investors. A company spokesperson said the acquisition enhances “synergies between Mixie’s tokenization capabilities and Netcapital’s browser-based security offering.”

Netcapital is a nano-cap stock with a total market capitalization of less than $10 million. 

Guggenheim partners with Ripple to expand digital debt offering

Less than a year after launching its commercial paper offering on Ethereum, US investment giant Guggenheim is expanding the product through a new partnership with Ripple.

Through this collaboration, Guggenheim Treasury Services — a subsidiary of Guggenheim — will offer its Treasury-backed fixed-income product on the XRP Ledger. Fully backed by US Treasurys, the product could eventually be available for purchase using RLUSD, Ripple’s US dollar-pegged stablecoin.

As part of the agreement, Ripple has invested $10 million into the asset.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

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A man from Massachusetts has been sentenced to six years in prison for exchanging cash for Bitcoin
BTC


$107,351.29

without government approval.

Trung Nguyen, who lived in Danvers, also has to give up $1.5 million and will be under supervision for three years after he leaves prison. The sentence was announced on May 22 by the US Attorney’s Office in Boston.

Nguyen ran a business under the name “National Vending” between 2017 and 2020. Although it appeared to be a vending machine company, it was actually a cash-to-Bitcoin service that was not registered with federal authorities, as required by law.

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To avoid being caught, Nguyen used methods he learned in an online course. He made up supplier names, kept the word “Bitcoin” out of his communications, and used the vending machine label to avoid suspicion.

People who used his service included scam victims and a drug dealer who sent him $250,000 in 2018 over ten separate transactions. The US Department of Justice said Nguyen moved more than $1 million into Bitcoin but never filed the required paperwork for large or suspicious transactions.

Nguyen usually met clients in person and accepted large amounts of cash. In 2023, he was charged after investigators met him while posing as customers. He accepted cash and sent Bitcoin in return, taking a fee of just over 5%.

On May 21, Brandon Karony, CEO of the cryptocurrency project SafeMoon, was found guilty and faced up to 45 years in prison. What happened? Read the full story.

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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America’s pro-crypto policy shift has become a bipartisan commitment as Democrats and Republicans look to secure the US dollar’s influence as a global reserve currency. According to US Representative and California Democrat Ro Khanna, at least 70 of his fellow party members now understand the importance of stablecoin regulation. 

According to Khanna, Americans can expect sensible crypto market structure and stablecoin bills this year. Under normal circumstances, this news would send crypto prices soaring, but that’s not been the case as President Donald Trump’s trade policies stoke recession fears.

ARK Invest CEO Cathie Wood is the latest crypto industry executive to sound the recession alarm. While a recession is rarely a good thing, Wood said it could provide Trump and the Federal Reserve with leeway to enact pro-growth policies. 

“We are worried about a recession” — Cathie Wood

Although US Treasury Secretary Scott Bessent isn’t worried about a recession, Wood is certainly preparing for that possibility. 

Speaking virtually at the Digital Asset Summit in New York, Wood implied that the White House could be underestimating the recession risk facing the economy as a result of Trump’s latest tariff war. 

“We are worried about a recession,” Wood said. “We think the velocity of money is slowing down dramatically.”

A slowdown in the velocity of money means capital is changing hands less frequently as consumers and businesses reduce spending. Such conditions usually signify the onset of a recession.

However, recessionary forces could end up being a boon for risk assets like crypto as declining GDP should give “the president and the Fed many more degrees of freedom to do what they want in terms of tax cuts and monetary policy,” said Wood.

US stablecoin bill is “imminent” — Bo Hines

The US could have comprehensive stablecoin legislation in as little as two months, according to Bo Hines, the recently appointed executive director of Trump’s Presidential Council of Advisers on Digital Assets.

Speaking at the Digital Asset Summit in New York, Hines lauded the Senate Banking Committee’s bipartisan approval of the Guiding and Establishing National Innovation for US Stablecoins Act, also known as the GENIUS Act.

“We saw that vote come out of the Senate Banking Committee in extremely bipartisan fashion, […] which was fantastic to see,” Hines said.

The GENIUS Act seeks to establish clear guidelines for US stablecoin issuers, including collateralization requirements and compliance rules with Anti-Money Laundering laws. 

“I think our colleagues on the other side of the aisle also recognize the importance for US dominance in this space, and they’re willing to work with us here, and that’s what’s really exciting about this,” said Hines.

Ethena Labs, Securitize launch DeFi-focused blockchain

Ethena Labs and Securitize are launching a new blockchain designed to boost retail and institutional adoption of DeFi products and tokenized assets.

The new blockchain, called Converge, is an Ethereum Virtual Machine that will offer retail investors access to “standard DeFi applications” and specialize in institutional-grade offerings to bridge traditional finance and decentralized applications. Converge will also allow users to stake Ethena’s native governance token, ENA. 

Converge will also leverage Securitize’s RWA infrastructure. The company has minted nearly $2 billion in tokenized RWAs across various blockchains, including the BlackRock USD Institutional Digital Liquidity Fund, which was initially launched on Ethereum and has since expanded to Aptos, Arbitrum, Avalanche, Optimism and Polygon.

Canary Capital files for Sui ETF

Canary Capital has submitted its Form S-1 filing to the US Securities and Exchange Commission (SEC) to list an exchange-traded fund tied to Sui (SUI), the native token of the layer-1 blockchain used for staking and fees.

The March 17 filing underscores the race to expand institutional access to digital assets following the overwhelming success of the spot Bitcoin (BTC) ETFs last year. Canary Capital has so far filed six crypto ETF proposals with the SEC.

Sui is the 22nd largest crypto asset by market capitalization, with a total value of $7.5 billion, according to CoinGecko. The Sui blockchain recently partnered with World Liberty Financial, the DeFi company backed by Trump’s family.

Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

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