A blockchain platform linked to Trump invests $10 million in Falcon Finance to boost stablecoin infrastructure. USD1 token, backed by Eric Trump, was used in a $2 billion Binance investment. The partnership aims to create a robust digital dollar infrastructure for retail and institutional use.
Falcon Finance’s USDf and WLFI platform’s USD1 stablecoins dropped below $1 peg but regained parity. Concerns arise over the collateral quality of overcollateralized stablecoins. The Trump-linked USD1 stablecoin struggles to regain dollar peg, trading at $0.9993.
Trump’s crypto ventures add $620 million to his net worth. Political division deepens in Congress over crypto legislation. House Democrats oppose Republican efforts to pass “dangerous” bills like the Anti-CBDC Surveillance State Act and the CLARITY Act, criticizing Trump’s involvement in the crypto space.
Read more at Cointelegraph.com
Tesla CEO Elon Musk announced that the company will accept Bitcoin as a form of payment for its products. This decision comes after Tesla invested $1.5 billion in the cryptocurrency, causing Bitcoin prices to surge to a record high of over $44,000. The move is seen as a major endorsement of Bitcoin’s legitimacy.
In other news, Mastercard revealed plans to support select cryptocurrencies on its network later this year. This move is aimed at giving customers more choices in how they transact, while also preparing for the future of payments. Mastercard’s announcement follows a growing trend of mainstream adoption of digital currencies.
Meanwhile, the price of Ethereum reached a new all-time high of over $1,800 as investors continue to flock to the second largest cryptocurrency. This surge in Ethereum’s price is attributed to the growing popularity of decentralized finance (DeFi) applications, which are built on the Ethereum blockchain. Experts predict that Ethereum’s price could continue to rise in the coming months.
Lastly, the total market capitalization of all cryptocurrencies surpassed $1.5 trillion for the first time, fueled by Bitcoin’s rally and increased institutional interest in digital assets. The milestone highlights the growing acceptance and adoption of cryptocurrencies as a legitimate asset class. Analysts believe that the crypto market could see further growth in the near future.: Trump’s WLFI Invests $10M in Falcon Finance for Stablecoin development