ECB President Christine Lagarde said Europe should build tokenized settlement infrastructure anchored by central bank money rather than rely on private stablecoins. European Central Bank (ECB) President Christine Lagarde said stablecoins are not an efficient way to strengthen the euro’s international role, pushing back against calls for Europe to respond to US dollar-backed stablecoins with euro-denominated tokens. Speaking Friday at the Banco de España LatAm Economic Forum in Roda de Bará, Spain, Lagarde made several comments on the role of stablecoins in the European economy. “It is no longer about whether stablecoins should exist, but whether jurisdictions can afford to be without them,” she said, arguing that the case for promoting euro stablecoins becomes less clear once their two core functions are separated. “The benefits attributed to them [stablecoins] rest on two distinct functions — a monetary function and a technological function — that are systematically conflated in the current debate,” Lagarde ...
The apparent pricing error was not reflected across broader crypto markets, suggesting a platform-specific data or display issue. Revolut users reported that the app briefly displayed Bitcoin prices plunging to around $39,900 on Friday, while some traders also received notifications suggesting extreme price moves, including that BTC had reached a 52-week low of 2 cents. Users further reported on X apparent simultaneous price drops across multiple cryptocurrencies, including XRP and Solana (SOL), as well as stablecoins such as USDt (USDT) and USDC (USDC). The anomalies, which quickly reversed, appear to have been confined to the Revolut app, with no matching price dislocation visible across aggregated multi-exchange data or derivatives markets during the same period. Read more
Several Ethereum metrics suggest the ETH price could see further downside due to reduced demand and weakening network fundamentals. Ether’s (ETH) price has retraced by over 5.6% to $2,275 after being rejected by resistance at $2,400. Now, multiple data points suggest ETH/USD may drop below $2,000. Key takeaways: Ethereum’s network fundamentals are weakening, with weekly average transactions dropping by 10% to 4.79 million, per data from Nansen. Active addresses dropped by 8% to 2.5 million over the same period. Read more
The credit facility would help Aave address bad debt created after the April rsETH exploit strained its WETH market. Mantle tokenholders backed a proposal authorizing a credit facility of up to 30,000 Ether (ETH), worth about $68 million, for Aave DAO, advancing remediation tied to bad debt from the April rsETH exploit. The proposal, MIP-34, passed in a seven-day Snapshot vote that ended Friday, according to DAO governance platform Snapshot. The measure authorizes the Mantle Foundation to negotiate and execute definitive agreements with Aave DAO for a loan from the Mantle Treasury, though the facility remains subject to Aave implementing its recovery plan and the parties finalizing terms. The credit facility is intended to help address the impact of the rsETH incident on Aave V3. The proposal said the attacker deposited 89,567 unbacked rsETH on Aave and borrowed about $190 million in WETH, wstETH and stablecoins, creating potential bad debt estimated at between $123.7 million and $230.1 million. Read more
Bitcoin retagged $80,000 after falling 3% on Iran concerns, while traders flagged important BTC price support levels to preserve next. Bitcoin (BTC) revisited $80,000 on Friday after US-Iran war nerves sparked 3% daily losses. Key points: Read more