Economist and market commentator Peter Schiff raised doubts about the potential of stablecoins to uphold the U.S. dollar’s dominance on Wednesday, stating that their primary use would be in cryptocurrency trading.

What Happened: Schiff took to X, disputing the widely touted role of stablecoins in helping the U.S. economy.

“Rising federal budget deficits and higher inflation will erode demand for non–interest-bearing U.S. dollar–pegged stablecoins,” Schiff argued.

He added that stablecoins will fail to preserve the dollar’s role as the global reserve currency, as claimed, with their primary use case as trading pairs with other cryptocurrency tokens.

See Also: Anthony…

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This isn’t a promo piece. This is a totally normal weekly markets update that just so happens to include news of a sweeping transparency initiative that may reshape token due diligence forever, thanks to your friendly neighborhood content goblins at Blockworks.

Just so we’re all clear.

The week began with SOL in a minor rotation. We’re still off local highs, but prices remain steady within the $140-$150 range. Bitcoin similarly hodls around $104k, reasonably unfazed by geopolitical noise out of the Strait of Hormuz. 

Though, if we’re reading tea leaves, crypto will likely remain…

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The cryptocurrency market is trading relatively flat on Wednesday, with Bitcoin reclaiming the $104,000 level. Sentiment remains cautious amid rising geopolitical tensions.

CryptocurrencyPrice   Gains +/-Bitcoin BTC/USD $104,035.29-0.95%Ethereum ETH/USD $2,494.54-1.4%Solana SOL/USD $144.97-2.9%XRP XRP/USD $2.14-2.3%Dogecoin DOGE/USD $0.1672-2.1%Shiba Inu SHIB/USD $0.00001151-1.7%

Notable Statistics:

IntoTheBlock data shows large transaction volume increasing by 16.4%, and daily active addresses growing by 1.6%. Transactions greater than $100,000 are down from 11,517 to 11,167 in a single day, and exchange net flows are down by 105.3%.

CoinGlass data reports that 95,040 traders… Read more on Benzinga

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As you’ve probably heard a thousand times: Tokenization is in its early stages. 

But a new tidbit seems to confirm that the utility of onchain assets will continue to evolve. 

As it stands now, stablecoins are “really the only [RWA]” that have gained substantial product-market fit, Ondo Finance CEO Nathan Allman recently told me. (My fuller Q&A with Allman will hit Blockworks.co a bit later). 

Circle had its IPO earlier this month and the Senate passed the GENIUS Act last night, both of which brought stablecoins further into the public eye.

While the promise of more…

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On June 12, a massive outage originating in Google Cloud disrupted over 70 services globally, affecting platforms like OpenAI (ChatGPT suffered its longest outage to date), Cloudflare, Spotify, Discord, Snapchat, UPS, DoorDash and more. We often don’t appreciate how much critical infrastructure we’re now routing through opaque, centralized systems. And it’s not just a Web2 story. It’s also a DeFi one.

Before the likes of OpenAI were scrambling to reboot, another less publicized outage rippled through crypto: TRM Labs, a widely used blockchain compliance provider, went down on June 10…

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K33, a Norway-based digital asset brokerage and research firm, has launched a directed share issue to raise at least SEK 85 million (approximately $8 million USD). The proceeds will be used to acquire up to 1,000 Bitcoin BTC/USD to hold on its balance sheet.

The company confirmed the share offering has already received full subscription commitments, including a €100,000 investment from CEO Torbjørn Bull Jenssen through his personal holding entity.

The offering, priced at SEK 0.1036 per share, is managed solely by Pareto Securities AS and represents a move by K33 to gain direct exposure to Bitcoin while reinforcing its operational capabilities as a crypto broker.

“This raise marks a major…

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