Here are the latest updates from the crypto world
Former U.S. President Donald Trump has unveiled a $500 billion private-led investment initiative called "Stargate," aimed at establishing AI data centers across the country. Speaking at a press conference on January 21, Trump highlighted that the project’s primary backers include OpenAI (the creator of ChatGPT), SoftBank, and Oracle, and emphasized that it would create over 100,000 American jobs.
SoftBank CEO Masayoshi Son confirmed that $100 billion would be allocated immediately to kickstart the project. Additionally, AI investment firm MGX and tech giants Microsoft, Nvidia, and Arm will serve as key technology partners. OpenAI clarified that the remaining $400 billion will be distributed over the next four years.
Trump expressed his commitment to keeping AI innovation within the U.S., saying, “China and others are competitors. We want it to stay here, and we’re making it happen.” He further pledged to use emergency declarations to facilitate the project.
Circle Internet Financial, a stablecoin issuer has acquired Hashnote, the issuer of US Yield Coin (USYC), a tokenized real-world asset (RWA) fund.
In an announcement on Jan 21, Circle said the deal “will enable USYC to emerge as a preferred form of yield-bearing collateral on crypto exchanges, and also with custodians and prime brokers.”
According to data provider RWA.xyz, Hashnote’s USDY is the most popular tokenized money fund by market capitalization, with a total value locked (TVL) of roughly $1.25 billion.
As part of the deal, stablecoin issuer is also partnering with DRW, one of the largest institutional crypto traders.
“[DRW] will expand its institutional-grade liquidity and settlement capabilities in USDC and USYC” to facilitate “more efficient and seamless collateral management,” the company said.
“Circle intends to fully integrate USYC with USDC, offering seamless access between TMMF [tokenized money market fund] collateral and USDC,” notes the announcement.
Following former Chair Gary Gensler’s departure on Jan 20, the US Securities and Exchange Commission has taken its first step toward crypto regulatory clarity.
The agency is creating a crypto task force dedicated to developing a framework for digital assets, according to a Jan. 21 announcement. The task force will be led by Commissioner Hester Peirce, often referred to as “Crypto Mom” due to her supportive stance on cryptocurrency regulations
Commissioner Mark Uyeda, acting SEC chairman announced the task force was announced.
“The Task Force’s focus will be to help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously,” said the financial watchdog in a statement.
The task force includes Richard Gabbert and Taylor Asher as chief of staff and chief policy adviser, respectively. The newly formed group plans to host roundtable discussions and gather industry insights on regulatory challenges.