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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Wednesday! HYPE is on a tear, climbing 60% this week amid a surge in commodities derivative trading activity, as open interest across Hyperliquid’s HIP-3 DEXs pushes toward $1 billion.
In today’s newsletter, Tether says it will become a “gold central bank” in a post-dollar world, Morgan Stanley taps veteran Amy Oldenburg to lead its digital asset strategy, Fidelity is set to launch its dollar-backed stablecoin FIDD on Ethereum, plus more.
Meanwhile, the UK advertising watchdog pulls Coinbase ads over concerns it was “socially irresponsible.”
P.S. Don’t forget to check out The Funding, a biweekly rundown of crypto VC trends. It’s a great read — and just like The Daily, it’s free to subscribe!
Tether will become ‘gold central bank’ in post-dollar world, CEO Ardoino says
Tether CEO Paolo Ardoino said in an interview with Bloomberg that the company aims to become one of the world’s largest “gold central banks” as its role in the bullion market expands.
* Tether continues to aggressively accumulate gold, buying one to two tons per week, and is planning to maintain that pace for the coming months, Ardoino said.
* The company now holds nearly 140 tons of gold worth more than $23 billion, stored in a Cold War-era nuclear bunker in Switzerland — the largest known gold reserve in the world outside of those held by central banks, ETFs, and commercial banks.
* Ardoino expects geopolitical rivals to the U.S. to push gold-backed alternatives to the dollar, positioning gold as a safer asset than fiat currencies.
* Tether also plans to actively trade its gold reserves and has hired senior HSBC traders to pursue arbitrage opportunities in the bullion market.
* Profits from USDT’s $186 billion circulation allow Tether to reinvest into gold, bitcoin, equities, and its expanding stablecoin ecosystem, including XAUT and the newly launched USAT.
Morgan Stanley taps veteran Amy Oldenburg to lead digital asset strategy
Morgan Stanley has appointed longtime executive Amy Oldenburg to its newly created digital asset strategy lead role, according to Bloomberg, signaling a sharper push into crypto.
* The move follows the bank’s recent filings to list spot Bitcoin BTC, Ethereum, and Solana ETFs, as well as plans to launch a proprietary digital wallet later this year.
* Morgan Stanley is ramping up hiring across digital asset strategy, governance, and compliance as it prepares for broader institutional adoption in a change from its previously cautious stance.
* The shift brings Morgan Stanley closer in line with rivals like BlackRock and Fidelity, which moved earlier to expand their own crypto products and talent.
Fidelity to launch dollar-backed stablecoin FIDD on Ethereum in coming weeks
Fidelity Investments is set to launch its first dollar-backed stablecoin, the Fidelity Digital Dollar (FIDD), on Ethereum in the coming weeks as it expands into onchain payments and settlement.
* The stablecoin will be issued by Fidelity Digital Assets’ national trust bank and redeemable one-to-one for U.S. dollars through Fidelity platforms, the firm announced Wednesday.
* Fidelity said it will manage FIDD’s reserves internally, leaning on its asset management arm to oversee backing and custody, with the stablecoin also transferable to any Ethereum mainnet address and available on major crypto exchanges where it is listed.
* The launch follows passage of the GENIUS Act, which Fidelity cited as providing the regulatory clarity needed to enter the U.S. stablecoin market.
Ex-Revolut duo raise $6 million seed round to expand onchain finance app Bleap
Former Revolut leaders Joao Alves and Guilherme Gomes raised a $6 million seed funding round to scale Bleap, a self-custodial onchain finance app built around stablecoin-based payments.
* The priced round, led by Blossom Capital, opened and closed last summer, Alves told The Block, declining to disclose a post-money valuation.
* The latest raise follows Bleap’s $2.3 million pre-seed round in late 2024, which was led by Consensys founder Joe Lubin’s Ethereal Ventures.
* Bleap plans to use the fresh capital to support yield vaults, onchain trading, and regional growth, with MiCA authorization underway in Europe and expansion also rolling out across Latin America.
South Dakota lawmaker revives bitcoin reserve push with new bill
South Dakota Representative Logan Manhart introduced a new bill to allow the state to invest public funds in bitcoin, reviving a similar proposal he introduced last year that failed to advance.
* House Bill 1155 would permit the State Investment Council to allocate up to 10% of eligible state funds to bitcoin through direct holdings, qualified custodians, or regulated ETFs.
* The renewed push comes as more U.S. states explore strategic bitcoin reserves following similar legislation passed in states like Texas, Arizona, and New Hampshire.
In the next 24 hours
* U.S. jobless claims data are released at 8:30 a.m. ET on Thursday.
* Areodrome Finance is among the crypto projects set for token unlocks.
* WallStreetBets Live 2026 continues in Miami.
Never miss a beat with The Block’s daily digest of the most influential events happening across the digital asset ecosystem.
