Crypto is buzzing with big updates, new stablecoins, Bitcoin laws, and a wild meme coin crash. Here’s a quick roundup of the hottest news you need to know this week!
Reeve Collins, one of Tether's original co-founders, is launching a new stablecoin project called Pi Protocol on Ethereum and Solana. The project introduces USP, a stablecoin backed by real-world assets like bonds. Users can create (mint) USP by exchanging it for USI, a token that earns rewards.
Collins, who co-founded Tether but sold it in 2015, aims to attract investors looking to earn passive income on their stablecoins. With stablecoin transactions crossing $15.6 trillion in 2024, Pi Protocol will compete with giants like Tether (USDT), Circle (USDC), Ethena (USDe), and DAI in the fast-growing market.
Montana is pushing forward with a Bitcoin reserve bill, becoming the fourth US state to do so after Utah, Arizona, and Oklahoma. The state's House Business and Labor Committee approved House Bill 429 in a 12-8 vote, allowing the state to invest in Bitcoin, stablecoins, and precious metals.
If passed, the bill will take effect on July 1, allowing up to $50 million in investments. Other states like Illinois, Texas, and Pennsylvania are considering similar bills, while Utah is currently the only state where such a bill has passed the House.
The meme coin $LIBRA saw a wild ride, skyrocketing to a $4.5 billion market cap in just an hour before crashing to $190 million. Some early investors walked away with over $40 million in profits, while many others suffered big losses.
Things got more controversial when Argentina’s President, Javier Milei, denied any involvement. He stated, “I did not promote it, I spread it,” implying he only talked about the token but wasn’t behind it. As complaints flooded in, reports suggested prosecutors might investigate the situation.
A man who accidentally threw away a hard drive containing Bitcoin now worth $700 million is making one last attempt to recover it. He plans to buy the entire landfill where the drive is buried and use AI, high-tech scanners, and excavation teams to search for it.
However, time and nature are working against him—after years of exposure to weather and waste, the chances of finding the hard drive in working conditions are slim. Still, he’s determined to try. Will he get his Bitcoin back, or is it lost forever?
Microsoft has unveiled a new quantum computing chip called Majorana 1, which could speed up efforts to protect Bitcoin from future quantum threats.While experts believe it could take years before quantum computers can break Bitcoin’s encryption, Microsoft’s new chip might shorten that timeline. Some estimates suggest that by 2027-2029, powerful quantum computers could become a serious threat.
However, many believe quantum computing is still decades away from being a real risk and would likely target traditional banking systems first. Meanwhile, Bitcoin developers are already working on solutions like BIP-360, which could help make the network quantum-resistant.
