Onramper 和 Exodus 推出跨链加密货币交换

Three major companies, Tether, SoftBank, and Cantor Fitzgerald, unite to launch a $3.6 billion Bitcoin accumulation company, 21 Capital. Strike CEO Jack Mallers will occupy a CEO position in 21 Capital. The company is going to go public via a SPAC merger with Cantor Equity Partners. Will the company become a strong rival to Saylor’s Strategy? 21 Capital launches with 42,000 bitcoins in assets. Japanese tech giant SoftBank provides a $900 million investment and will have a minority ownership. Tether is going to contribute around $1.5 billion to the corporate treasury. Read more:Cantor Fitzgerald partners with SoftBank, Tether and Bitfinex on a new $3B Bitcoin venture 21 Capital will mediate corporations’ involvement in Bitcoin investing without having to resort to the use of crypto ETFs. 21 Capital will use unorthodox metrics such as “Bitcoins Per Share (BPS)” or “Bitcoin Return Rate (BRR).” 2/ With an initial allocation of 42,000 BTC, Twenty One will debut as the #2 largest public Bitcoin holder—second only to @Strategy.This is a generational capital deployment.— Bitcoin For Corporations (@BitcoinForCorps) April 23, 2025 Currently, the company is publicly traded as CEP but aims to get a new ticker, XXI, in the near future. The company outrightly compares itself with Strategy, the most established Bitcoin-focused company so far. The bold acquisition of 42,000 bitcoins swiftly throws 21 Capital into the leading spot of the corporate Bitcoin race. Jack Mallers’ new firm Twenty One is pitching itself as a better bet than MicroStrategy. pic.twitter.com/VxCnBKLyOm— TFTC (@TFTC21) April 23, 2025 Jack Mallers, an established professional and influencer in the crypto sector, said in a television interview that the company intends to raise “as much capital as [it] can acquire.” Here’s what he said: “Again, my one rule to my shareholders is it will be accretive. Our Bitcoin per share will grow. We will never have Bitcoin per share negative. At least, that’s our intent. Our intent is to make sure that when you’re a shareholder of 21, that you’re getting wealthier in Bitcoin terms. And that’s my job as a CEO to deliver that. So we plan on raising capital in all different types of sectors and markets and really blending Bitcoin and incorporating it in the traditional financial system to deliver a powerful equity to the public markets for Bitcoin.” A new public company spending millions on Bitcoin and betting on a Strategy-like Bitcoin playbook–that sounds bullish. Finally, Strategy will have a vial competitor and more incentive to seek new opportunities. However, both the list of the parties involved in Twenty One and their mutual connections leave a bitter taste for some in the crypto community. More than that, yet another company that allows its clients to own Bitcoin without owning Bitcoin is not something everyone greets. They made @JackMallers the figurehead for this scheme because he is a great used car salesmenHe promises you your the BTC denominated returns will only grow, never shrink, but yet you can't actually redeem your shares for the BTC he's claiming you own.Don't fall for it. https://t.co/qBIhqlXEw2 pic.twitter.com/gSNUDsvUnQ— Pledditor (@Pledditor) April 23, 2025 “Ultimate exorbitant privilege joint venture” In general, the combination of the companies involved in the consortium is mighty, probably even too mighty: SoftBank was fined for violating anti-monopoly laws in 2021; it owns shares in various huge U.S. and Japanese companies Tether, the biggest stablecoin and one of the biggest owners of the U.S. treasury bills, denied Bitcoin price manipulation allegations in 2017 and accusations of a lack of independent audits The chair of Cantor Fitzgerald is the son of the U.S. Secretary of Commerce, Brandon Lutnick Head of Alpha Strategies in Bitwise Invest, Jeff Park, was one of the first to hint that the new company is more than just another big player in the industry. In an X post that was not quite understood by most (just look at the comment section), Park called 21 Capital an “ultimate exorbitant privilege joint venture” and a “wild move.” SoftBank and Tether have potentially formed the ultimate “exorbitant privilege” joint venture—a move so wild you can’t begin to fathom how it will supercharge the dollar export machine in a positive feedback loop of the existing global carry system— Jeff Park (@dgt10011) April 23, 2025 He continued his message by saying that 21 Capital will supercharge dollar exports in a positive feedback loop. Trying to satisfy the demand for details from Park, an X user, Kinky Contango stepped in and gave their vision of what Park could mean to say. Stablecoins, if structured as USD-backed digital assets held by special-purpose banks, could bypass the Federal Reserve’s role in dollar intermediation, creating a parallel dollar system. Backed 1:1 by U.S. Treasuries, these stablecoins would operate outside fractional reserve…— Kinky Contango (@KinkyContango) April 23, 2025 Ties of Tether with the U.S. financial top officials, leadership in treasury bills ownership, and worldwide demand both for USD and USDT may help pump up the American dollar price in a very quick manner, which may turn away foreign buyers of U.S. goods and services as it may become too costly. SoftBank’s complicated past SoftBank has a troubled history of investments and bets. Its founder is sometimes referred to as one of the worst investors, while definitely some of his decisions were absolutely correct. In 1999, SoftBank founder Masayoshi Son was the richest man on Earth, and he invested in many Internet companies not long before the dot-com bubble burst. That year, he “owned 25% of the Internet.” It’s understood that the next thing was 70 billion in losses as the dot-com bubble burst. This money personally belonged to Son. No man before ever lost that much.  However, Son invested most of the remaining money in the little-known Alibaba, and it turned out to be a worthy bet. Nevertheless, some perceive Son as a gambler and criticize his ability to make accurate forecasts. Later failures include Uber’s valuation drop afterSoftBank acquired the company and unfortunate Bitcoin investments – Masayoshi Son lost around $130 million on Bitcoin, having bought BTC at the peak price in 2017 and sold it at a low price in 2019.  Masayoshi Son has pledged 38% of his stake in Softbank as collateral for personal loans from 19 banks.This will be the most epic Ponzi unwind ever— zerohedge (@zerohedge) September 19, 2019 One of Masayoshi Son’s biggest mistakes in the 2010s was investing around $16 billion in WeWork, a company that went bankrupt two years after its IPO. Will Capital 21 be his next Alibaba or, rather, his next WeWork? Time will show. Tether’s hazy future Tether is the company behind one of the biggest cryptocurrencies and the most popular stablecoin, USDT. Although USDT is an absolute leader in its sector and crypto is equally recognized by African workers and institutional investors, Tether has a long history of tensions with the law. Not long ago, the company had to leave the European market due to its inability to fit the standards set by the MiCA law regulating stablecoins.  It is not clear if Tether will manage to keep its stablecoin business in the U.S. as the new regulations will require more transparency, something that Tether has not been good at all the time. Currently, Tether is working on a large-scale project in Africa aimed at addressing the problem of electricity scarcity in Africa. Similar to the African project, Tether’s involvement in 21 Capital is a way to diversify its business in case USDT is delisted from U.S. exchanges.  What’s more interesting is that through 21 Capital, Tether establishes its ties with the U.S. government and Wall Street brokerage as the latter’s chair is Brandon Lutnick, a son of the U.S. Secretary of Commerce Howard Lutnick, formerly a Cantor Fitzgerald head. Final thoughts Strategy has been a lone actor in the sector for too long. With a new, ambitious player in the field, it will have to prove itself. We will likely see more names arriving to play on Strategy’s field. However, on top of the good news about a new Saylor rival, it’s worth keeping your eye on how 21 Capital will impact the crypto sector and the world economy in general. You might also like:Paolo Ardoino: Tether’s growth fueled by global demand for U.S. dollars

MetaMask co-founder said the company is still considering a native token launch and revealed how the team would go about announcing it. In a recent interview, the Block’s Head of Growth, Tim Copeland, asked the crypto wallet’s co-founder Dan Finlay if the company was still planning to launch a native token sometime in the future. Finlay simply replied to the question with “maybe.” When asked for more details, Finlay said that there’s still a lot of speculation surrounding whether the company will launch a token or not. It has been hinting at a token launch since as early 2021. At the time, MetaMask engineer Erik Marks prompted the idea of community ownership of the wallet through a token launch, which was followed by a post from ConsenSys CEO Joseph Lubin saying a “Wen $MASK?” Although there does not seem to be any concrete plan about a token launch, Finlay did reveal that if the MetaMask team were to launch a token, it would be linked directly to the user’s digital wallet. “You’ll be able to find a link directly in the wallet. You will not find some account on social media that you’ve never heard of giving you a link,” said Finlay in the interview. He said information about a native token launch from MetaMask would not be distributed to users through email or a text message. Instead, it will be announced through official channels. You might also like:Consensys establishes a Swiss non-profit to support Linea decentralization “It will be in the wallet, it will be on our main website. Use the channels you already know to find communications from us,” Finlay continued. Moreover, Finlay cited the shifting regulatory regime in the U.S. under the more crypto-friendly Trump administration provides more “safety for far more kinds of token launches.” “Hopefully people take this opportunity to push the boundaries and establish precedence for things that we can all be doing,” said Finlay. In early March, MetaMask published a notice, warning users about accounts promoting fake MetaMask tokens. The platform clarified that claims suggesting the existence of a MetaMask token are false and potentially harmful. Back in 2023, it issued a similar notice debunking rumors of an official token airdrop linked to the platform. You might also like:No official MetaMask token: wallet provider warns of scam schemes

俄亥俄州众议院提出一项禁止对加密支付征收额外税款并保障数字资产权利的法案。 该法案被称为《俄亥俄州区块链基础法案》，概述了对自我托管、挖矿和质押等活动的保护，同时还免除了某些加密交易的资金传输许可要求。 该法案于 2 月 24 日由众议员史蒂夫·德米特里奥 (Steve Demetriou) 提出，并由其他议员特克斯·菲舍尔 (Tex Fischer)、布莱恩·洛伦兹 (Brian Lorenz)、泰·D·马修斯 (Ty D. Mathews)、里奥丹·麦克莱恩 (Riordan McClain) 和乔什·威廉姆斯 (Josh Williams) 共同发起。 该法案的一个关键方面是，它禁止州和地方政府对作为支付方式的数字资产征收额外的税款、费用或收费，本质上将其视为与传统法定交易相同。 然而，加密交易仍需缴纳标准税，例如州税和销售税，就像使用传统法定货币进行的任何其他付款一样。 关于数字资产权利，该法案规定个人有权使用硬件或自托管钱包自行保管其数字资产。只要遵守当地分区法规，它还保护参与加密货币质押和挖矿活动的权利，而无需货币传输许可证。 此外，它确保任何国家机构或政治部门都不会禁止个人接受数字资产作为商品和服务的付款。 你可能还喜欢：俄亥俄州推出第二份比特币储备法案 此外，该法案允许住宅区加密挖矿符合当地法令，并确保分区变化不会不公平地针对在工业区运营的挖矿企业。 该法案还要求俄亥俄州的州退休基金评估投资加密货币交易所交易基金的潜在风险和收益。评估结果必须在一年内报告给州议会，这凸显了该州对探索机构投资组合数字资产投资的兴趣日益浓厚。 过去几个月，俄亥俄州立法者不断推动与加密相关的法案，其中包括两项与加密货币储备相关的法案。 第一项法案由众议员德里克·梅林 (Derek Merrin) 提出，旨在为该州建立战略性比特币储备。不久之后，众议员史蒂夫·德米特里奥 (Steve Demetriou) 也提出了第二项法案，该法案将允许俄亥俄州将其州控制资金的 10% 用于建立比特币储备。德米特里奥也是《俄亥俄州区块链基础法案》的牵头人。 阅读更多：俄亥俄州议员德里克·梅林提出法案，创建州比特币储备

RedStone has teamed up with Securitize to launch the first onchain price feed for Blockchain Capital’s $BCAP token on ZKsync Era.  The $BCAP feed represents a key milestone in the rapid growth of RWAs, a sector that has grown over 500% in the last year and now exceeds $20 billion in value, according to a company note shared with crypto.news. Despite this growth, tokenized assets have remained largely siloed from DeFi due to a lack of secure, real-time price feeds needed for lending, collateralization, and other use cases. RedStone (RED), the official oracle provider for Securitize, addresses this gap with gas-efficient, multi-chain price feeds. The BCAP integration on ZKsync follows similar support for tokenized assets like BlackRock’s BUIDL fund.  According to RedStone Co-Founder Marcin Kazmierczak, the collaboration paves the way for onchain strategies involving tokenized venture assets and other institutional-grade products. You might also like:Dow, S&P 500 slip amid ongoing market uncertainty ZKsync and RWAs ZKsync, which hosts over $2 billion in RWAs, now trails only Ethereum mainnet in RWA market size. With BCAP and its live price feed now native to ZKsync, DeFi protocols can begin integrating it into lending platforms, vaults, and automated yield strategies — tools previously unavailable to institutional assets. “This is more than a price feed,” said Omar Azhar of Matter Labs. “It signals that institutional finance is moving onchain.” Securitize CEO Carlos Domingo added that the feed enables BCAP to support DeFi-native yield products with real-time pricing that meets institutional standards. Together, RedStone, Securitize, and ZKsync are building the infrastructure to bring regulated assets into the core of decentralized finance. You might also like:Casper 2.0 launches on the mainnet, with a real world asset focus

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. In just five years, stablecoins have grown from niche instruments to a $250 billion market. These digital assets now form essential infrastructure for crypto adoption, enabling transactions and providing the foundation for DeFi protocols. Yet, beneath this growth lies a troubling reality: dominant stablecoins carry hidden risks that contradict crypto’s foundational principles. You might also like:The United States SEC’s timely stablecoin guidelines | Opinion Recent history tells a cautionary tale. When TerraUSD collapsed in 2022, it erased billions overnight. Meanwhile, Tether’s (USDT) peg has wavered during market stress, and USDC (USDC) briefly faltered following Silicon Valley Bank’s failure. These incidents expose a fundamental question: why sacrifice decentralization and transparency when centralized models fail to guarantee stability? The fragile foundation of traditional stablecoins Conventional stablecoins operate on a deceptively simple premise—for every digital token issued, an equivalent amount of dollars sits in reserve. This model introduces vulnerabilities that users often overlook until a crisis strikes. Counterparty risk stands as the immediate concern. Users must trust that issuers maintain adequate reserves—a promise that becomes tenuous when audits are delayed or reserves include less liquid assets. During confidence crises, even momentary doubts can break the peg. More fundamentally, these stablecoins depend entirely on the traditional banking system. When Silicon Valley Bank collapsed in 2023, USDC temporarily lost its peg as Circle struggled to access billions in reserves. This revealed an uncomfortable truth: these stablecoins inherit all the weaknesses of the very system cryptocurrency was designed to transcend. The regulatory landscape adds another layer of fragility: centralized reserves create a single point of failure that authorities can target. Asset freezes directly undermine the permissionless nature that gives cryptocurrency its value, introducing a fundamental contradiction where tokens meant to enable borderless transactions ultimately depend on centralized institutions. The synthetic alternative: Engineering stability Synthetic dollars represent a fundamentally different approach to price stability. Rather than relying on fiat backing, these protocols use cryptocurrency collateral balanced with offsetting positions to neutralize price volatility through financial engineering. The mechanics operate through perpetual futures contracts—financial instruments unique to cryptocurrency markets that allow continuous trading without expiration dates. When a protocol holds Bitcoin (BTC) as collateral, it simultaneously establishes an equivalent short position via these contracts. This delta-neutral strategy ensures market movements cancel out. For example, if Bitcoin’s value increases 10%, the collateral gains 10% while the short position loses an equivalent amount. This mathematical balance keeps the synthetic dollar stable at $1. This elegant solution offers three critical advantages: complete independence from banking infrastructure, transparent verification through on-chain data, and sustainable yield generation through funding rate arbitrage, the premium paid between long and short positions in perpetual markets. Unlike failed algorithmic stablecoins that offered unsustainable 20% returns through artificial mechanisms, emerging synthetic dollars generate yield through verifiable market activities, creating a more sustainable model for users seeking both stability and returns. Not all synthetics are created equal Despite these innovations, a concerning trend has emerged. Many synthetic dollar implementations have merely shifted dependencies rather than eliminating them by relying on USDT-margined perpetual contracts for their hedging operations. This distinction matters. When a protocol uses USDT-margined futures, it remains exposed to Tether’s risks. Should Tether face regulatory challenges or solvency questions, these synthetic dollars would experience immediate disruption, creating precisely the centralized vulnerability they claim to solve. True innovation requires breaking these dependencies completely. The most resilient implementations use coin-margined futures—particularly Bitcoin-margined approaches—that operate independently from both traditional banking and existing stablecoins. This separation creates genuine resilience against contagion when centralized players face turmoil. Understanding the risk landscape While synthetic dollars offer compelling advantages, some can also introduce distinct risks that users should consider. Funding rate volatility and liquidation risk represent primary concerns. Though funding rates for major cryptocurrencies have historically been positive, they can turn negative during bear markets, potentially reducing yield. Extreme market conditions can also create liquidation risks if backing asset prices diverge significantly from short positions. Counterparty risks arise from reliance on exchanges for trade execution, while smart contract vulnerabilities pose technical risks despite rigorous auditing. Regulatory uncertainty also looms over the space, with potential restrictions that could impact long-term viability. Leading protocols address these challenges through reserve funds, diversified exchange relationships, and continuous security improvements, though their effectiveness during prolonged market stress remains to be tested. Navigating the future of stability For users seeking true stability in volatile markets, four evaluation criteria emerge as essential. First, demand radical transparency. Synthetic dollars must offer real-time verification through visible on-chain reserves and positions, allowing anyone to audit solvency at any moment.  Secondly, prioritize collateral quality. Liquidity determines resilience during market stress, making Bitcoin’s global trading volume and battle-tested history the gold standard for backing assets.  Third, analyze the complete dependency chain. The strongest protocols exclusively operate outside the fiat banking system and existing stablecoins, eliminating vulnerabilities that others merely obscure. And finally, assess yield sustainability. Funding rate arbitrage represents a genuine market inefficiency rather than temporary incentives, providing ongoing returns without relying on unsustainable tokenomics. The quest for a truly decentralized and stable value continues to evolve. This market is progressing toward synthetic dollars that achieve genuine decentralization while maintaining reliable value. As this asset class matures, offerings that maintain perfect stability while eliminating all centralized dependencies will be the last ones standing. Read more:Stablecoins are inevitable but can’t scale without a truly private digital dollar | Opinion Ermin Sharich Ermin Sharichis a co-founder of Aegis. He is a finance veteran whose career spans traditional banking, institutional crypto business development, and venture capital investment. With extensive experience in strategic due diligence and institutional markets, Ermin brings a uniquely comprehensive perspective to DeFi innovation. At Aegis, he leads the development of the first fully transparent yield-generating stablecoin backed by Bitcoin, designed to protect users’ wealth while maintaining complete independence from the fiat banking system.