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 from blockchain to AI, Meta Platforms is quietly assembling a “superintelligence” unit, led by Scale AI founder Alexandr Wang. This move follows reports that Mark Zuckerberg’s company acquired Scale in a nearly $15 billion all-cash deal.
In this week’s Crypto Biz, we explore the evolving landscape of stablecoins and the latest high-stakes moves in the crypto and AI sectors.
Fortune 500 companies are paying attention to stablecoins: Coinbase
Interest in stablecoins among Fortune 500 companies has grown sharply over the past year, highlighting the technology’s increasing real-world utility, according to a new survey by Coinbase.
The crypto exchange polled 100 executives from Fortune 500 companies and found that nearly 29% are either using or exploring the use of stablecoins, up from just 8% in 2024. This represents a more than threefold increase in a year.
Executives cited faster financial transactions and lower payment fees as the primary drivers of interest. About 7% of respondents said their companies are already using stablecoins.
Not every company is embracing stablecoins. As Cointelegraph reported, the US banking lobby is particularly concerned about yield-bearing stablecoins disrupting their business.
Zuckerberg scrambles to keep Meta from falling behind in AI race
Meta Platforms’ struggles in AI prompted CEO Mark Zuckerberg to make a bold move by acquiring a 49% stake in Scale AI, a data-labeling company that supports several AI applications, according to reports from The Information and Bloomberg.
The $14.8 billion deal also brings Scale AI CEO Alexandr Wang into Meta. Wang is set to join Meta’s “superintelligence” team, a group of about 50 people focused on pursuing artificial general intelligence.
As Bloomberg reported, Zuckerberg has grown frustrated with Meta’s slow progress in AI, despite plans to nearly double capital expenditures this year, much of which is earmarked for AI infrastructure development.
Nasdaq fintech acquires crypto native protocol Mixie
Nasdaq-listed fintech firm Netcapital has acquired Web3 gaming platform Mixie for an undisclosed sum, potentially marking the first time a publicly traded company has acquired a crypto-native protocol.
The deal was executed through Zelgor, a Netcapital portfolio company, and is expected to enhance Netcapital’s tokenization infrastructure.
Netcapital operates a fully digital capital markets platform that connects private companies seeking to raise capital with investors. A company spokesperson said the acquisition enhances “synergies between Mixie’s tokenization capabilities and Netcapital’s browser-based security offering.”
Netcapital is a nano-cap stock with a total market capitalization of less than $10 million.
Guggenheim partners with Ripple to expand digital debt offering
Less than a year after launching its commercial paper offering on Ethereum, US investment giant Guggenheim is expanding the product through a new partnership with Ripple.
Through this collaboration, Guggenheim Treasury Services — a subsidiary of Guggenheim — will offer its Treasury-backed fixed-income product on the XRP Ledger. Fully backed by US Treasurys, the product could eventually be available for purchase using RLUSD, Ripple’s US dollar-pegged stablecoin.
As part of the agreement, Ripple has invested $10 million into the asset.
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