Top Crypto News Of The Day: Stablecoin Transfer Surges, LayerZero Airdrop, and More

cryptocurrency news
cryptocurrency news of the day

Here is the top crypto news of the day curated by 

Stablecoin Transfers See 16x Increase in 4 Years

The use of stablecoins has grown tremendously over the past four years. Monthly stablecoin transfer volume hit a record $1.68 trillion in April 2024, up from just $100 billion in October 2020 – a 16-fold increase. 

Top crypto news, Top Crypto News Of The Day: Stablecoin Transfer Surges, LayerZero Airdrop, and More
Source: X

Stablecoins act as a bridge between traditional finance and crypto. Their rising usage indicates growing adoption and investor confidence in the crypto market. As more funds flow into stablecoins, it signals more capital entering the crypto space.

The total market value of all stablecoins now exceeds $162 billion, up 24% so far this year. User numbers are also climbing, with over 31 million monthly active stablecoin users made 353 million transactions in the last 30 days.

Crypto News: LayerZero to Airdrop Tokens to 1.28 Million Wallets 

LayerZero, a protocol enabling cross-chain communication, announced that 1.28 million wallets are eligible for its upcoming token airdrop. 23.8% of the token supply is allocated to LayerZero users and developers.

Crypto news: LayerZero to Airdrop Tokens to 1.28 Million Wallets 
Source: X

When the airdrop launches, 8.5% of those tokens will be claimable. Additionally, 5% will go to core contributors, 3% to approved projects, and 0.5% to the community pool. The remaining tokens will be distributed gradually over 3 years, plus retroactive payouts annually.

However, the final eligible wallet count may change as LayerZero removes wallets engaged in “sybil farming” – using multiple wallets to inflate activity and claim more tokens.

Oil Firm Eyes Crypto Miners in $320M IPO

LandBridge, a US company acquiring land for oil/gas operations, is courting crypto miners as part of its strategy around its $320 million initial public offering (IPO) this week.

The company owns 220,000 acres in the oil-rich Permian Basin of Texas and New Mexico. In IPO filings, it noted this land’s infrastructure like power, water and fiber optics could benefit crypto miners and data centers willing to pay “surface use” fees.

LandBridge already earns over $52 million annually from non-oil/gas royalties, including one operational crypto mining facility on its land. As it goes public, recruiting more miners is part of its diversification plans.

Crypto News: Iran Launching Nationwide Digital Currency Pilot 

Iran’s central bank is launching a pilot program for its new central bank digital currency (CBDC), the digital rial, starting June 21st.

The digital rial will first be available to bank customers and tourists visiting Kish Island. The Island is one of Iran’s free trade zones popular with 12 million annual visitors.

The island pilot allows Iran to test the digital rial for domestic micro-payments before a full nationwide rollout of the CBDC, as the country explores the benefits of digital central bank money.

‘Pharma Bro’ Says He Created Trump Crypto Token

The controversial Martin Shkreli, known as “Pharma Bro”, claims he helped create the DJT token on Solana that has drawn speculation of links to Donald Trump’s family.

Crypto News: 'Pharma Bro' Says He Created Trump Crypto Token
Source: X

In an online chat, Shkreli said around 10 people directly created DJT in April. Additionally, 40-50 person were aware of it – including Trump’s son Barron according to reports.

This follows a $150,000 bounty offered to identify DJT’s creator after Shkreli accepted a $100 million bet on whether the token is legitimately connected to Trump.

On betting platforms, most bets are against DJT being an official Trump token following Shkreli’s comments. However, the mystery continues to swirl online.

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