World Liberty Financial now carries a market value near $5.6 billion. However, many of us who watched WLFI’s debut are still unsure what the project actually does, what has shipped, and what, if anything, is new.

To date, deliverables include USD1, governance voting, and a proposed Aave v3 money market. Let’s weigh those elements against the valuation and ownership incentives that frame WLFI’s first days of trading.

World Liberty Financial’s WLFI token began public trading on Sept. 1 after holders voted to allow transfers.

The launch put a multibillion-dollar value on a token that started life as nontransferable, raising an immediate question for investors assessing a roughly $5 billion to $7 billion market value: what is substantively new here?

What has WLFI actually shipped?

The project describes WLFI as a governance asset. Holders can vote on proposals, including the July decision to make WLFI tradable, but published materials and third-party explainers do not show equity, revenue rights, or other cash flow tied to the token.

That framing, governance without economic rights, remains the clearest documented utility as of this week. The shift to tradability came by vote and does not add a claim on protocol revenue.

What has shipped around WLFI is largely adjacent infrastructure. USD1, a dollar stablecoin issued by the same venture, is live with custody and infrastructure provided by BitGo, and Binance announced a USD1 spot listing in May.

These elements establish fiat on-chain plumbing but accrue no direct economic right to WLFI holders.

The flagship money market that would mark clear DeFi utility, a proposed Aave v3 instance branded for WLFI, has gone through Aave governance checkpoints. However, there is still no public, verifiable WLFI front end or running market for users.

The Aave forum shows a temp check and an ARFC thread for an Ethereum deployment, yet no production launch is documented on Aave’s site or WLFI’s public channels. As Aave governance records indicate, the idea exists on paper, not as a usable market today.

Trading began via a staged unlock and a Lockbox claiming flow. Exchange communications reference pre-market perpetuals that transitioned alongside the spot go-live, and multiple venues now show WLFI pairs or price pages, with activity on Binance, OKX and Bybit.

The mechanics concentrated the initial float, with only a fraction of the supply unlocked for early investors. Per Bybit’s pre-market notice, OKX, and day-one reporting that pegged market value in the mid-single-digit billions.

Is WLFI really worth its multi-billion valuation?

Ownership and incentives sit at the core of the valuation debate. Reporting places the Trump family’s exposure near a quarter of the token supply through affiliated entities, with new wealth on paper following the trading switch.

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Reuters further reports that DT Marks DEFI LLC, tied to the family, holds equity and revenue rights in World Liberty Financial and has already realized hundreds of millions of dollars from the venture’s activities. Those arrangements pertain to the operating company, not to WLFI token holders.

For readers tracking the project’s history, WLFI’s path from teaser to tradability is well documented. Prior reporting on whitelisting, funding totals, ecosystem tie-ups, and the July vote covers the raise and treasury activity, the Sui partnership, and the governance vote. The through line remains a governance token with voting rights alongside a custodial stablecoin.

The novelty question, therefore, resolves to design and delivery. A governance token that gains tradability by vote is common across crypto projects, and a custodial dollar stablecoin with qualified trust custody resembles existing large issuers.

The proposed Aave deployment could create a natural venue for USD1 and begin to connect WLFI governance to visible market parameters, but until a public instance is live, there is no documented cash flow, fee share, or protocol discount that accrues to WLFI holders.

The differentiators to date are distribution and brand, not technical design. That leaves little that is new.

True novelty would require governance that directly sets parameters across integrated markets, on-chain revenue routing with verifiable attestations, or contract-level controls that make votes binding on fees, risk limits, and emissions.

None of that is live.

As delivered, WLFI matches prior patterns, a voting token, a custodial stablecoin, and a planned market.

Until a public deployment shows votes changing production settings and producing measurable holder benefits, WLFI remains an aggregation of existing parts rather than a new token design.

As of Sept. 3, the token’s concrete holder utility is the ability to vote, the stablecoin exists, and the rest is still pending execution.

Put plainly, for a market now valuing WLFI in the mid-single digit billions, the project has shipped fairly basic DeFi products, while its advertised lending market has not launched in a way users can touch.

Mentioned in this article

Wormhole has jumped into the bidding plans for bridging service Stargate, promising a bid above LayerZero’s initial $110 million token-swap proposal.

It wants the Snapshot vote delayed so the community can weigh its offer.

Stargate’s numbers explain the interest. The bridge processed $4 billion in July, holds $345 million in TVL, and sits on a treasury of $92 million in stables and ether, plus $55 million in STG and other assets. The annual revenue is approximately $2 million.

“Based on our initial review, we believe that STG holders deserve a more competitive process, and we are prepared to submit a meaningfully higher bid,” the proposal said.

LayerZero’s proposal would transfer both the treasury and future income, which critics call a discount. Wormhole says the terms shortchange tokenholders and that “STG holders deserve better.”

A Wormhole–Stargate tie-up would create one of the largest cross-chain hubs in crypto, pairing Stargate’s unified liquidity pools with Wormhole’s integrations across dozens of networks. The foundation argues this would boost volume and long-term resilience for both ecosystems.

“The Wormhole Foundation sees unrealized value in the Stargate brand, protocol, and protocol assets,” the proposal said. “The Wormhole Foundation is confident that a successful combination of Stargate and the Wormhole ecosystem will lead to the most immediate and long-term value for current holders of STG, as well as current and future holders of Wormhole (W).”

Wormhole has requested a five-day delay in the vote, seeking more time for due diligence and a fairer process.

Read more: LayerZero Proposes $110M Stargate Token Merger in Consolidation Play

The National Bank of Ras Al Khaimah (RAKBANK), a government-owned bank in the United Arab Emirates (UAE), is the first conventional bank in the country to offer retail crypto trading.

In a Tuesday news release, the bank announced the launch of a crypto brokerage service through its mobile banking app, allowing customers to buy, sell and swap cryptocurrencies directly from their UAE dirham accounts.

“We recognize the opportunity this solution will provide to customers in the UAE, as we believe they deserve a more efficient and seamless crypto buying, selling and swapping journey that is fully regulated and entirely in AED [dirhams],” said Raheel Ahmed, group CEO of RAKBANK.

The new offering is powered by Austria-based Bitpanda, with transactions facilitated by Bitpanda Broker MENA DMCC, a Virtual Assets Regulatory Authority (VARA)-regulated entity in Dubai.

Related: Dubai regulator clarifies real-world asset tokenization rules

Bank-backed crypto trading now possible

RAKBANK said customers can trade crypto without needing to transfer funds to an external exchange or convert between fiat currencies, eliminating foreign exchange fees. The integration uses Bitpanda’s infrastructure to execute trades and manage custody.

“We are proud to be the first conventional bank in the UAE to enable simple, secure, and regulated access to a world-class digital assets platform,” Ahmed said.

The crypto trading service is currently available by invitation only, with a broader rollout expected in the coming months.

Lukas Enzersdorfer-Konrad, deputy CEO of Bitpanda, called the partnership “a big moment for digital assets in the region.” Bitpanda is regulated in multiple European jurisdictions and has existing institutional partnerships with Deutsche Bank, N26 and Raiffeisen Bank.

Cointelegraph reached out to RAKBANK for comment but had not received a response by publication.

Related: Dubai taps Crypto.com to enable crypto payments for govt services

RAKBANK launches crypto platform in UAE

Last year, RAKBANK partnered with Bitpanda to build a digital asset management platform for residents. The bank described digital assets as the “future,” adding that they offer a more efficient and secure way for customers to manage finances.

RAKBANK’s push into crypto comes as the UAE strives to establish itself as a primary destination for blockchain and crypto projects.

The Dubai Multi Commodities Centre free zone has attracted over 600 crypto companies, with more firms flocking to the Dubai International Financial Centre and One Central district as the country positions itself as a leader in digital finance.

Last month, the Dubai Financial Services Authority, the financial regulator in charge of the Dubai International Financial Centre, approved Ripple’s RLUSD stablecoin. 

Magazine: Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims

]]> https://earlybirdsinvest.com/rakbank-becomes-the-first-uae-bank-to-offer-crypto-trading-for-retail/feed/ 0 50293 https://earlybirdsinvest.com/citigroup-looking-to-issue-own-stablecoin-and-offer-crypto-asset-custody-solutions-says-ceo-jane-fraser/ https://earlybirdsinvest.com/citigroup-looking-to-issue-own-stablecoin-and-offer-crypto-asset-custody-solutions-says-ceo-jane-fraser/#respond Thu, 17 Jul 2025 17:50:43 +0000 https://earlybirdsinvest.com/citigroup-looking-to-issue-own-stablecoin-and-offer-crypto-asset-custody-solutions-says-ceo-jane-fraser/

The third-largest bank in the US is signaling intentions to enhance its digital asset capabilities and offerings.

In an earnings call for the second quarter of 2025, Citigroup CEO Jane Fraser says stablecoins are the “next evolution in the broader digitization of payments, financing and liquidity.”

According to Fraser, the trillion-dollar bank intends to, among other things, issue a stablecoin and offer custody services for crypto assets.

“So four main areas that we’re exploring [are] reserve management for stablecoins, the on and off ramps from cash and coin, backwards and forwards. We are looking at the issuance of a Citi stablecoin.

But probably most importantly is the tokenized deposit space where we’re very active. And then also providing custodial solutions for crypto assets. So this is a good opportunity for us.”

According to the Citigroup CEO, the third-largest US bank’s potential stablecoin will have a cost advantage when used for making payments.

“So if you keep in mind right now, stablecoins about 88% of all stablecoin transactions are used to settle crypto trades.

There’s only 6% which is payments. In a traditional offering, if you are moving from cash to stablecoin and back to cash, right now, you’re incurring as much as a 7% transaction cost. I mean, that’s just prohibitive. So this is where Citi Token Services is so exciting because it enables the client to move from physical fiat to the digital and back again without incurring that transaction cost.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

About Author

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

July 14, 2025

The global crypto jobs market is heating up, just as Bitcoin smashed through $122,000 for the first time on July 14.

As interest in digital assets soars, a new study reveals where the most promising crypto careers are taking shape, and which countries offer the best mix of pay, opportunity and regulation.

A recent Taurex study shows the US tops the list, cementing its role as the world’s largest crypto ecosystem.

With 292 active job listings and an average salary of $148,100, crypto careers in the US now rival some of the best-paying roles in traditional finance. The country is also home to 170 crypto companies, reflecting a well-established infrastructure and supportive policy environment.

UAE Leads in Crypto Ownership, India in Company Count and User Base

Trailing just behind, the United Arab Emirates has carved out a stronghold of its own. The UAE not only offers the second-highest average salary at $111,483, but also boasts the highest Bitcoin ownership rate globally, at 27%. Online search interest in crypto jobs remains strong, displaying its appeal to both domestic and international talent.

Image Source: Taurex

India ranks third, driven by sheer scale. It hosts 173 crypto companies, the most of any country, and has the world’s largest number of Bitcoin owners by headcount. While average salaries trail behind at $83,687, India’s growing talent pool and expanding startup ecosystem make it a key player in the space.

Singapore comes in fourth, offering 72 active roles with an average salary above $100,000. The city-state leads all countries in search interest for crypto jobs, suggesting a high concentration of tech-savvy professionals looking to make a mark in Web3.

Top Crypto Salaries and Strong Policy Support Keep Europe in the Game

The UK rounds out the top five, with 66 listings and an average salary of $97,204. It also shows robust search interest and a stable regulatory framework, making it Europe’s most attractive destination for crypto talent.

Canada, Switzerland and Germany also place in the top ten, each offering six-figure salaries and maintaining solid regulatory standings. Switzerland, in particular, stands out for having the highest crypto regulation score at 9.5, while Germany leads Europe in job count with 84 listings.

Emerging Markets Like Poland Join Established Hubs in Crypto Job Boom

Further down the list, Hong Kong and Poland secure the ninth and tenth spots, respectively. Hong Kong’s crypto sector remains active, supported by strong search interest and competitive salaries. Poland, meanwhile, ranks high in job volume with 157 listings, though salaries remain more modest at just under $62,000.

With the crypto market now worth over $3.8 trillion and Bitcoin pushing into record highs, the demand for blockchain talent is climbing fast. From rising salaries to growing job listings and clearer regulations, crypto careers are moving into the mai nstream,and countries around the world are racing to draw in the best talent.

Tuttle Capital has filed an amendment to shift the effective date for a series of crypto and meme-related leveraged exchange-traded funds (ETFs) to July 16.

This move, first reported by Bloomberg’s ETF analyst Eric Balchunas on July 1, could signal the imminent launch of 10 new leveraged funds.

These ETFs are poised to offer double (2x) leveraged exposure to various assets, including well-known cryptocurrencies like Solana, Chainlink, Cardano, Polkadot, and Litecoin, as well as meme assets such as Trump, Melania, and Bonk.

If approved, the funds would also include assets like XRP and mark a notable expansion in the range of crypto options available to ETF investors.

However, Balchunas clarified that the amended effective date doesn’t always guarantee a launch, though it is often a strong indication that the product is imminent.

He said:

“[This] doesn’t mean they will launch but typically effective dates are when ETFs launch.”

Tuttle originally filed for these ETFs in January, catching the attention of analysts due to their aggressive design.

Unlike standard ETFs, which mirror the underlying asset’s price movement one-to-one, leveraged ETFs aim to amplify these movements, providing investors with double the exposure—both gains and losses—compared to the asset’s daily performance.

Notably, many of these assets do not yet have basic spot ETF counterparts, making Tuttle’s filings unusual.

Crypto ETF wave

The potential debut of Tuttle’s ETFs follows a broader innovation trend in crypto-related financial products.

Rex Shares and Osprey Funds are leading the drive, with a staking Solana ETF (SSK) launch scheduled for July 2. This product would give investors direct exposure to SOL and incorporate on-chain staking rewards.

Unlike the usual spot ETF product, the fund is registered under the Investment Company Act and taxed as a C-corporation. This regulatory structure means that while the US SEC didn’t officially “approve” it, there were no objections to its launch.

According to Balchunas, SSK’s debut could motivate other firms to push for more innovative product designs that face minimal regulatory resistance.

Mentioned in this article

Circle applied to charter First National Digital Currency Bank to become a federally regulated trust that would manage USDC reserves and expand custody services for institutional clients.

According to a June 30 announcement, Circle applied to the Office of the Comptroller of the Currency (OCC), seeking authority to operate as a national trust bank subject to full OCC supervision. 

Approval would permit the new entity to hold and safeguard the assets backing USDC for Circle’s US issuer and to offer crypto custody to pension funds, asset managers, and corporate treasurers. 

Circle added that a national charter would align its structure with the GENIUS Act, a bill moving through Congress that would require payment stablecoin issuers to hold segregated reserves in federally regulated institutions.

CEO Jeremy Allaire said the charter “marks a significant milestone in our goal to build an internet financial system that is transparent, efficient, and accessible.” 

He noted that the firm aims to “enhance the reach and resilience of the US dollar” by operating market-neutral infrastructure open to global institutions. 

Circle trades on the New York Stock Exchange under the symbol CRCL and reported more than $32 billion in USDC circulation at the end of May.

Expanding licensing movement

Circle issued the first New York Department of Financial Services BitLicense in 2015, which gave it a head start in complying with the European Union’s Markets in Crypto-Assets framework last year. 

In April, the Abu Dhabi Global Market granted the company in principle approval to operate as a money services provider. Circle said the OCC filing extends that licensing strategy to the US at the federal tier rather than the state level.

The trust bank will act as a wholly owned subsidiary of Circle Internet Group. It will maintain capital and liquidity according to OCC rules and submit to regular examinations. Circle did not provide a launch timeline. OCC evaluations of trust charter applications typically span several quarters.

In its announcement, Circle noted that institutional clients have pressed stablecoin issuers for federally regulated custody options as US lawmakers debate reserve mandates and disclosure standards. 

By holding reserves at a national trust, Circle aims to streamline compliance ahead of the potential passage of the GENIUS Act while reducing counterparty risk for large depositors.

Mentioned in this article

Germany’s largest banking group, Sparkassen-Finanzgruppe, is preparing to offer crypto trading services to its retail clients by summer 2026, Bloomberg News reported on June 30.

The move represents a significant policy shift for Sparkassen, which had previously avoided crypto offerings due to concerns about volatility and risk.

According to the report, the bank’s board of directors voted in 2023 to hold back from digital asset services, calling cryptocurrencies “highly speculative.” Now, Sparkassen will allow private clients to trade leading tokens, including Bitcoin and Ethereum, directly from their accounts.

Sparkassen’s wholly owned subsidiary, Dekabank, will develop and manage the platform.

Dekabank secured a crypto custody license under Germany’s Banking Act from the Federal Financial Supervisory Authority (BaFin), enabling it to provide trading and custody services for institutional clients. The upcoming retail expansion marks its next strategic milestone.

The decision follows the implementation of the EU’s Markets in Crypto-Assets (MiCA) regulatory regime, which established a single, harmonized legal framework for crypto businesses across EU member states.

MiCA’s clarity has emboldened several European banks to accelerate crypto initiatives once deemed too risky under fragmented national rules. However, German regulators continue to monitor crypto-related risks closely.

Bloomberg noted that the country’s anti-money laundering agency reported a record 8,711 suspicious activity reports tied to crypto transactions in 2024, even as overall financial crime alerts declined compared to prior years.

Officials have warned that digital assets remain an attractive channel for illicit flows despite improved compliance measures.

Sparkassen’s entry into retail crypto services reflects a broader European banking trend. Börse Stuttgart’s “Bison” app, along with similar initiatives from cooperative banks and Landesbanken, as well as Deutsche Börse, has demonstrated strong demand from retail investors for regulated crypto products in Germany.

Sparkassen’s nearly 50 million retail customers could significantly accelerate mainstream adoption of digital assets in Europe’s largest economy.

Mentioned in this article

A new wave of cyberattacks shows the DPRK is exploiting the crypto industry’s recruitment funnel, using fake LinkedIn job offers, deep‑fake Zoom calls, and backdoored interview files to access Web3 developers’ wallets and repositories.

With seasoned developer talent already thinning and open‑source protocols increasingly reliant on individual contributors, the stakes have never been higher.

North Korean hackers developer infiltration

On 18 June , cybersecurity firm Huntress reported a campaign attributed to BlueNoroff, a notorious Lazarus Group subgroup targeting a developer at a major Web3 foundation.

The ruse began with a polished recruiter pitch on LinkedIn, followed by what appeared to be a Zoom interview with a senior executive. In reality, the video feed was a deep‑fake, and the “technical‑assessment” file the candidate was asked to run, `zoom_sdk_support.scpt`, deployed cross‑platform malware dubbed BeaverTail that can harvest seed phrases, crypto‑wallets, and GitHub credentials.

These tactics represent a sharp escalation. “In this new campaign, the threat‑actor group is using three front companies in the crypto consulting industry … to spread malware via ‘job‑interview lures,’” researchers at Silent Push wrote in April, referring to companies such as BlockNovas, SoftGlide, and Angeloper. All three maintained U.S. corporate registrations and LinkedIn job posts that easily passed HR sniff tests.

The FBI seized the BlockNovas domain in April . By then, multiple developers had reportedly sat through fake Zoom calls where they were urged to install custom apps or run scripts. Many complied.

These aren’t simple smash‑and‑grab scams but part of a well‑funded, state‑directed campaign. Since 2017, North Korean hacking groups have stolen over $1.5 billion in crypto, including the $620 million Ronin/Axie Infinity hack.

The stolen assets are routinely funneled through mixers such as Tornado Cash and Sinbad, laundering Pyongyang’s take and ultimately bankrolling its weapons programme, according to the U.S. Treasury.

“For years, North Korea has exploited global remote IT contracting and crypto ecosystems to evade U.S. sanctions and bankroll its weapons programs,” said Sue J. Bai of the DoJ’s National Security Division. On 16 June, her office announced the seizure of $7.74 million in crypto tied to the fake‑IT‑worker scheme.

Crypto developer focus

The targets are carefully selected. The open‑source nature of crypto protocols means that a single engineer, often pseudonymous and globally distributed, may hold commit privileges to critical infrastructure, from smart contracts to bridge protocols.

Electric Capital’s most recent publicly available Developer Report counted about 39,148 new active crypto developers, with total developers down roughly 7% year‑on‑year. Industry analysts say the supply of seasoned maintainers has only tightened, making each compromised developer disproportionately dangerous.

That imbalance is why the hiring pipeline itself has become a cybersecurity battleground. Once a front‑company recruiter gets past HR, engineers, eager for stability in a bearish market, may not spot the red flags in time. In several cases, the attackers even used Calendly links and Google Meet invites that silently redirected victims to attacker‑controlled Zoom look‑alike domains.

The malware stack is advanced and modular. Huntress and Unit 42 have catalogued BeaverTail, InvisibleFerret, and OtterCookie variants, all compiled with the Qt framework for cross‑platform compatibility. Once installed, the tools scrape browser extensions such as MetaMask and Phantom, exfiltrate `wallet.dat` files, and search for terms like “mnemonic” or “seed” in plaintext files.

Yet despite the technical sophistication, law‑enforcement pressure is mounting. The FBI’s domain seizures, the DoJ’s financial forfeitures, and Treasury sanctions on mixers have begun to raise the cost of doing business for Pyongyang’s hackers. The regime, however, remains adaptive.

Each new shell company, recruiter persona, or malware payload arrives wrapped in more convincing packaging. Thanks to generative‑AI tools, even the fake executives in live calls now look and move credibly. DeFi’s trustless systems still rely on a surprisingly small and vulnerable circle of trusted human maintainers.

North Korean crypto target onslaught

Recent CryptoSlate coverage paints a broader canvas of Pyongyang’s crypto onslaught. One year-end analysis found that North Korea-linked groups siphoned $1.34 billion from 47 hacks in 2024, which was a total of 61 % of all crypto stolen that year.

A big slice of that tally came from the $305 million breach of Japan’s DMM Bitcoin, which the FBI says started when a TraderTraitor operative posed as a LinkedIn recruiter and slipped a malicious “coding test” to a Ginco wallet engineer.

The same playbook escalated this February when the bureau attributed a record $1.5 billion Bybit exploit to Lazarus, noting the thieves had already laundered 100,000 ETH through THORChain within days.

North Korean operatives are impersonating venture capitalists, recruiters, and remote IT workers, using AI-generated profiles and deep-fake interviews, to earn salaries, exfiltrate source code, and extort firms in what Microsoft researchers call a “triple-threat” scheme.

In a world where jobs can be remote, trust is digital, and software runs the money, the subsequent state‑sponsored breach may begin not with an exploit but with a handshake.

Mentioned in this article