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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 focus to AI, Meta Platforms is quietly assembling a “superintelligence” unit aimed at advancing artificial general intelligence (AGI), led by Scale AI founder Alexandr Wang. This follows a nearly $15 billion acquisition of parent company Scale.
Fortune 500 companies increasingly drawn to stablecoins
Fortune 500 company interest in stablecoins has increased dramatically over the past year, highlighting the technology’s growing real-world utility according to a new Coinbase survey.
“Interest in stablecoins among Fortune 500 companies has grown sharply,” stated…
The crypto exchange surveyed 100 executives from the largest US companies and found nearly 29% are either using or exploring stablecoins, a more than threefold increase from 8% in Q1 2024.
The primary driver cited by executives is faster financial transactions and lower payment fees, with 7% of respondents stating their organizations are actively using stablecoins.
However, not all institutions are embracing the technology. As previously reported by Cointelegraph, the US banking lobby is particularly concerned about yield-bearing stablecoins challenging traditional financial intermediation.
Meta makes major AI push with Scale AI acquisition
Facing challenges in the AI sector, Meta Platforms CEO Mark Zuckerberg has made a strategic acquisition to bolster the company’s AI capabilities.
“Meta Platforms’ struggles in AI prompted CEO Mark Zuckerberg to make a bold move…”
Reports from The Information and Bloomberg confirm a $14.8 billion deal giving Meta a 49% stake in Scale AI, a leading data-labeling company. The deal significantly expands Meta’s purposed “superintelligence” team, a group dedicated to developing artificial general intelligence (AGI).
The acquisition brings Scale AI CEO Alexandr Wang into Meta leadership. This follows growing frustration from Zuckerberg regarding Meta’s AI progress despite significant planned investment in AI infrastructure.
Nasdaq fintech acquires crypto-native protocol
A notable development in mainstream finance occurred as Nasdaq-listed fintech firm Netcapital acquired Web3 gaming platform Mixie.
The deal, executed through Zelgor, a Netcapital portfolio company, represents a potential milestone as the first acquisition of a crypto-native protocol by a publicly traded company.
Netcapital CEO statement: “The acquisition enhances synergies between Mixie’s tokenization capabilities and Netcapital’s browser-based security offering.”
The deal is expected to enhance Netcapital’s tokenization infrastructure. Netcapital operates a digital capital markets platform connecting private companies with investors. As a nano-cap company (market cap
Guggenheim partners with Ripple to expand digital debt offerings
US investment giant Guggenheim has expanded its real-world assets (RWA) offerings through a partnership with Ripple.
Less than a year after launching its commercial paper program on Ethereum, Guggenheim Treasury Services will now offer Treasury-backed fixed-income products on the XRP Ledger.
“Guggenheim Treasury Services will offer its Treasury-backed fixed-income product on the XRP Ledger…” (Source: reports)
The fully US Treasury-backed product may eventually be purchasable using RLUSD, Ripple’s dollar-pegged stablecoin. Ripple’s parent company also invested $10 million in the asset backing this product.
