Welcome to today's edition of The Daily, where we explore significant developments in the cryptocurrency sphere.
The much-anticipated Hamster Kombat's HMSTR token launched for trading at 8 a.m. ET today on major exchanges, including Binance, OKX, Bitfinex, and Bitget. In total, 60 billion HMSTR tokens, representing 60% of the total supply of 100 billion, were distributed to 131 million eligible users on the TON blockchain.
Since its launch in March, Hamster Kombat has attracted over 300 million user accounts, with airdrop eligibility based on participation during Season 1 of this tap-to-earn game. Following this airdrop, an additional 15 billion tokens will be distributed during Season 2.
However, the distribution process may face challenges, according to the TON Core team, due to the scale of the airdrop and the number of recipients.
In other news, Ethena is set to introduce a new stablecoin named UStb, in partnership with the asset tokenization platform Securitize. Backed by BlackRock's Ethereum-based tokenized U.S. Treasuries fund, BUIDL, UStb will exist independently from Ethena's existing USDe stablecoin.
While USDe utilizes collateralized derivative hedging strategies, creating different risk profiles, UStb aims to provide an alternative that may enhance stability during adverse market conditions.
In a recent address to The Economic Club of Pittsburgh, Kamala Harris emphasized the need for the U.S. to reclaim its position as a global leader in blockchain technology and artificial intelligence. This statement marks a notable shift in her campaign rhetoric, as she previously remained quiet on crypto issues.
Harris envisions digital assets and AI as integral components of an 'opportunity economy,' promoting innovation while ensuring consumer and investor protection.
In regulatory news, South Korea's Personal Information Protection Commission has fined the Worldcoin Foundation and developer Tools For Humanity a total of 1.1 billion Korean won (approximately $830,000) for privacy law violations related to data collection practices.
Despite this penalty, the company welcomed the decision, viewing it as a resolution to the investigation and committing to improved compliance in the future.
SEC Chair Gary Gensler warned that the crypto industry will struggle to survive without robust investor protections, citing the collapses of firms like FTX and Celsius as stark reminders of market instability. Gensler reiterated his stance that most cryptocurrencies qualify as securities, with Bitcoin being an exception.
In upcoming economic announcements, U.S. PCE figures will be released tomorrow at 8:30 a.m. ET, followed by a speech from FOMC member Michelle Bowman at 1:15 p.m.
Stay updated with The Block's daily digest for the latest and most impactful events in the digital asset ecosystem.
