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first_img Cross-border payment company Conduit sued Tether, demanding the unfreezing of 2.76 million USDT

The cross-border payment company Conduit has filed a lawsuit in the Southern District of New York Federal Court, accusing the stablecoin issuer Tether of freezing its $2.76 million in funds and refusing to unfreeze or provide any explanation. Conduit states that its USDT has been locked for over a year. The complaint claims, "Conduit owes no money to Tether and has no obligations to Tether."Conduit uses stablecoins, including Tether's USDT and Circle's USDC, to transfer funds across more than 100 countries. The lawsuit states that the wallet frozen by Tether is equivalent to Conduit's "operating bank account." This freeze reportedly stems from an investigation involving Conduit's former client Onix Intermediações, which was received by the Brazilian Federal Police. However, Conduit claims that law enforcement has confirmed it never requested the freezing of the payment service provider's funds wallet, and it is unclear why Tether took action; a Brazilian court also confirmed that Conduit is not under investigation related to the Onix Intermediações case.According to the complaint, Onix has not used the Conduit platform since April 2025, about a month before the creation of that funds wallet, and that wallet has never held any funds from Onix. Since the wallet is used to support company operations, Conduit states that its business has been affected, while Tether continues to earn interest on the reserves behind the frozen USDT.

first_img Solana Treasury Company DeFi Development Authorized CHAD Preferred Stock Buyback Plan

According to The Block, Nasdaq-listed Solana Treasury company DeFi Development Corp. (DFDV) announced that it has approved an open-ended buyback plan to repurchase all outstanding shares of its CHAD preferred stock, including any shares that may be issued in the future.The plan gives the company flexibility to repurchase when the trading price of CHAD is below the $10 par value. The company stated that it does not intend to immediately buy back CHAD but hopes that the preferred stock will stabilize near the par value first.DeFi Development CEO Joseph Onorati stated that the company's primary goal is simple: to bring CHAD back to par value. He mentioned that this is not an announcement to buy CHAD today, but rather to set up the infrastructure, so that once CHAD stabilizes near par value, if it subsequently falls below par, the company will have an additional tool available. He also stated that the company views CHAD as a long-term financing platform rather than a one-time issuance.This open-ended authorization adds a potential funding allocation tool to DeFi Development's existing $300 million At-the-Market (ATM) issuance plan for CHAD, which the company previously stated would be used to raise funds for increasing its holdings of SOL. The company paid the first dividend on CHAD on October 1.Additionally, the company stated on Monday that preliminary estimates for the third quarter show that as its Solana Treasury increased to 2.56 million SOL over the past week, the net asset value per share has more than doubled compared to before. DFDV's stock price rose 3.3% during Tuesday's trading session.

Ondo Finance launched an on-chain tokenization product for the private placement market, with the first target being a Pre-IPO company in the AI field

According to PR Newswire, Ondo Finance announced the launch of Ondo Private Markets, providing on-chain access to top private companies for investors through tokenized notes. The first target will focus on a private company in the artificial intelligence sector, expected to begin trading on the secondary market this week.Subsequently, Ondo Private Markets plans to expand to private enterprises in fields such as robotics, cybersecurity, biotechnology, and infrastructure. Ondo stated that the related tokens do not correspond to the company's stocks or shares but provide holders with economic exposure to the performance of the reference company's common stock in qualified liquidity events through tokenized notes. The tokens can be freely transferred on-chain and can be used in conjunction with the DeFi ecosystem.This product is based on Ondo's existing on-chain asset infrastructure, which currently has a total value locked (TVL) of approximately $3.7 billion and over 1 million cumulative holders across the related tokenized stock and U.S. Treasury platforms. Ondo Finance indicated that the majority of large companies in the U.S. are still in private stages, with about 87% of companies generating over $100 million in annual revenue being private. Traditional investors often find it difficult to participate in these companies' early growth opportunities. Ondo Private Markets aims to provide a more flexible trading channel through the blockchain secondary market, allowing qualified investors to adjust their private market exposure around the clock.

first_img Stripe plans to expand its stablecoin card business to over 100 countries by the end of the year

According to CoinDesk, global payment company Stripe is expanding its stablecoin card business worldwide, betting that the digital dollar can become another payment method for consumers and businesses beyond traditional currency.Henri Stern, head of Stripe's stablecoin and crypto business, stated that the company expects its stablecoin card program to cover over 100 countries by the end of the year. Current clients include cryptocurrency exchange Kraken, fintech company Ramp, and payment app Morse. According to Paymentscan data, the stablecoin spending through cards last month was approximately $1.2 billion, doubling from a year ago.Stern mentioned that Stripe's strategy is to integrate stablecoins into its existing infrastructure. Since 2018, the company has issued over 400 million cards, processing hundreds of billions of dollars in card transaction volume. Its stablecoin business combines card issuance with the stablecoin infrastructure company Bridge, which was acquired for $1.1 billion in 2024.Additionally, Stripe has acquired the crypto wallet infrastructure company Privy and partnered with crypto investment firm Paradigm to develop a blockchain called Tempo specifically designed for payments, while also being a founding investor in the Open Standard that is developing Open USD.Stern noted that many projects currently use Circle's USDC, but Stripe intends to remain "completely stablecoin neutral and completely blockchain neutral." He stated that stablecoins should be another option within existing products for businesses, rather than a separate crypto technology stack that needs to be learned.
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