The Daily: Hamster Kombat's token goes live, Ethena plans new stablecoin, Kamala Harris says US should become 'dominant' in blockchain and more
Quick Take
- Hamster Kombat’s HMSTR token went live for trading with an airdrop to 131 million eligible user accounts on TON blockchain.
- Ethena plans to launch new stablecoin backed by BlackRock’s tokenized BUIDL fund.
- Kamala Harris says the U.S. should become “dominant” in blockchain and reiterates that digital assets should be encouraged while protecting consumers and investors in her economic plan.
- The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Thursday! In today's newsletter, Hamster Kombat's token goes live, Ethena plans a new stablecoin backed by BlackRock's BUIDL fund, Kamala Harris says the U.S. should become "dominant" in blockchain and more.
Meanwhile, former Mt. Gox CEO Mark Karpeles talks about his comeback in the latest episode of The Crypto Beat podcast.
Let's get started.
Hamster Kombat token goes live for trading
Telegram clicker game Hamster Kombat's HMSTR token went live for trading on major exchanges at 8 a.m. ET on Thursday, including Binance, OKX, Bitfinex and Bitget.
- Some 60 billion HMSTR tokens, 60% of the total 100 billion supply, were distributed to 131 million eligible user accounts on TON blockchain.
- Hamster Kombat claims more than 300 million user accounts have signed up since it launched in March, with airdrop eligibility based on their participation during Season 1 of the tap-to-earn game.
- Another 15%, or 15 billion tokens, will be dropped during Season 2, the team said.
- The game's creators added that 2.3 million user accounts labeled "bots and cheaters" were deemed ineligible to receive the token.
- Due to the size of the airdrop and the number of recipients, the TON Core team has said the TON blockchain may face challenges managing the distribution volume.
- Hamster Kombat's token airdrop follows in the footsteps of other Telegram clicker games like Notcoin and Catizen.
Ethena plans new stablecoin backed by BlackRock's BUIDL
Ethena is set to launch a new stablecoin called UStb in collaboration with the real-world asset tokenization platform Securitize, backed by BlackRock's Ethereum-based tokenized U.S. Treasuries fund, BUIDL.
- UStb would exist as a "wholly independent product," offering an alternative and completely different risk profile compared to Ethena's existing USDe stablecoin, the team said.
- USDe, with a $2.6 billion circulating supply, differs from traditional stablecoins by using collateralized derivative hedging strategies instead of direct fiat or asset backing, introducing additional risks.
- UStb could help USDe weather adverse market conditions by reallocating USDe's collateral assets to UStb, the team added, if deemed necessary by Ethena's governance.
Kamala Harris says US should become 'dominant' in blockchain
In a speech addressing The Economic Club of Pittsburgh on Wednesday, Kamala Harris said that under her leadership, the U.S. will "recommit" to global leadership in blockchain, AI and other emerging technologies.
- Unlike pro-crypto Republican candidate Donald Trump, the Democratic presidential nominee has been quiet about the industry on the campaign trail until recently.
- During a Wall Street fundraiser in Manhattan over the weekend, Harris said digital assets and AI are a part of her vision of an "opportunity economy" that should be encouraged while protecting consumers and investors.
- On Wednesday, Harris also reiterated that sentiment in the publication of her 80-page economic plan.
South Korea fines Worldcoin Foundation and Tools For Humanity for data privacy violations
South Korea's Personal Information Protection Commission fined the Worldcoin Foundation and developer Tools For Humanity a combined 1.1 billion Korean won ($830,000) for privacy law violations.
- The violations included failing to notify individuals about the purpose and duration of data collection from its eyeball-scanning Orbs, the transfer of that biometric data overseas and the inability to request its deletion.
- Despite the fine, Tools For Humanity said it welcomed the decision, considering it a conclusion of the regulator's investigation, which identified weaknesses in its disclosures that have since been rectified.
- The PIPC confirmed it would not ban Worldcoin's data collection in the country, provided the project maintains compliance going forward.
Gensler warns crypto industry 'will not long persist' without investor protection
SEC Chair Gary Gensler warned that the crypto industry will not survive without investor protections, pointing to the collapse of firms like FTX and Celsius as examples of market turmoil on CNBC's Squawk Box.
- Additionally, Gensler reaffirmed his view in the Thursday morning interview that while most cryptocurrencies are securities, bitcoin was an exception.
- CNBC also asked Gensler for his thoughts on Kamala Harris and Donald Trump's openness to crypto, but he declined to comment on the elections.
In the next 24 hours
- U.S. PCE figures are released at 8:30 a.m. ET on Friday.
- U.S. FOMC member Michelle Bowman will speak at 1:15 p.m.
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