Eric Adams' memecoin scam

Quick update on the stablecoin rewards front: Last night, Senate Banking Committee Chair Tim Scott released a new bipartisan draft to resolve one of the most contentious issues in the negotiations. It included no “interest” just for sitting on a payment stablecoin, but rewards are still allowed when tied to real usage. With crypto markets in the green today along with the share prices of Coinbase (after it publicly floated pulling support if rewards got heavily restricted), this reads like a workable compromise – for now. Read more →

Stablecoins – as boring as it all seems – are quickly becoming a new plumbing layer for finance and startups across the globe. And so tracking the trend matters. In Chuk Okpalugo’s (the brains behind Paxos payments infrastructure) latest essay, he makes a simple point that’s easy to miss: volume ≠ staying power. In other words, a stablecoin only becomes big if people and platforms have a reason to park meaningful balances there, not just pass through funds. That’s why, in his view, non-USD stablecoins still have lots of work to do. Read more →

KRAKacquisition Corp, a newly formed SPAC that is sponsored by Kraken today filed an S1 with the SEC for a $250 million IPO. The company will trade on the Nasdaq under the ticker KRAQU.

While the company hasn’t yet targeted a company to acquire, it plans to target businesses developing core digital asset infrastructure. And with multiple affiliations to Kraken team members and VCs, it will be interesting to see how an acquisition intertwines with Kraken’s own IPO that we expect this year. Read more →

📥️ Want to advertise in CoinSnacks? Learn More