Crosschain US-dollar stablecoin USDT0 has been deployed to Optimism’s Superchain, increasing access to the world’s most widely used stable asset across Ethereum’s layer-2 ecosystem.

On March 27, Optimism announced that the dollar-pegged USDT0 is now live on the OP mainnet. The crosschain stablecoin’s first deployment was on Ink, Kraken’s DeFi-focused layer-2.

USDT0 is essentially a bridged version of Tether’s USDt (USDT), designed to extend the stablecoin’s adoption across various blockchains. It launched within the Tether ecosystem independently in January, with support from Tether and its CEO, Paolo Ardoino.

Superchain is a network of layer-2 chains designed to scale Ethereum through Optimism’s OP Stack. The collective currently accounts for 52% of Ethereum layer-2 transactions, according to data tracked by Superchain.

Since September, Superchain’s L2 dominance has grown from 36.6% of all transactions to 51.9%. Source: Superchain Health Dashboard

In February, Optimism Chief Growth Officer Ryan Wyatt told Cointelegraph that Superchain will likely account for 80% of Ethereum L2 transactions this year. At the time, Superchain secured more than $4 billion in total value, which has since grown to $4.2 billion.

Related: Celo, Chainlink, Hyperlane launch crosschain UDT on OP Superchain

Stablecoin adoption heats up

Superchain said deploying USDT0 is expected to attract “more top-tier assets, applications and partners” to the collective, which highlights the role stablecoins play in fueling DeFi adoption.

The total value of all stablecoins in circulation has reached nearly $228 billion, having increased 3.3% over the past 30 days. According to RWA.xyz, there are more than 155 million stablecoin holders worldwide.

Ethereum accounts for 58% of the total stablecoin supply.

In terms of market cap, Ethereum is by far the largest network for stablecoins. Tether’s USDt is the most widely used stable asset. Source: RWA.xyz

Tether has long had a first-mover advantage in the stablecoin market. The company has emerged as one of the world’s largest holders of US Treasury assets, which has helped fuel its record-breaking profits in recent years.

With US President Donald Trump in the White House, dollar-pegged stablecoins have become a major policy driver in the United States.

The head of Trump’s council on digital assets, Bo Hines, recently told a conference in New York that comprehensive stablecoin regulations could arrive on the president’s desk within two months.

Related: Tether’s US Treasury holdings surpass Canada, Taiwan, ranks 7th globally

Crosschain US-dollar stablecoin USDT0 has been deployed to Optimism’s Superchain, increasing access to the world’s most widely used stable asset across Ethereum’s layer-2 ecosystem.

On March 27, Optimism announced that the dollar-pegged USDT0 is now live on the OP mainnet. The crosschain stablecoin’s first deployment was on Ink, Kraken’s DeFi-focused layer-2.

USDT0 is essentially a bridged version of Tether’s USDt (USDT), designed to extend the stablecoin’s adoption across various blockchains. It launched within the Tether ecosystem independently in January, with support from Tether and its CEO, Paolo Ardoino.

Superchain is a network of layer-2 chains designed to scale Ethereum through Optimism’s OP Stack. The collective currently accounts for 52% of Ethereum layer-2 transactions, according to data tracked by Superchain.

Since September, Superchain’s L2 dominance has grown from 36.6% of all transactions to 51.9%. Source: Superchain Health Dashboard

In February, Optimism Chief Growth Officer Ryan Wyatt told Cointelegraph that Superchain will likely account for 80% of Ethereum L2 transactions this year. At the time, Superchain secured more than $4 billion in total value, which has since grown to $4.2 billion.

Related: Celo, Chainlink, Hyperlane launch crosschain UDT on OP Superchain

Stablecoin adoption heats up

Superchain said deploying USDT0 is expected to attract “more top-tier assets, applications and partners” to the collective, which highlights the role stablecoins play in fueling DeFi adoption.

The total value of all stablecoins in circulation has reached nearly $228 billion, having increased 3.3% over the past 30 days. According to RWA.xyz, there are more than 155 million stablecoin holders worldwide.

Ethereum accounts for 58% of the total stablecoin supply.

In terms of market cap, Ethereum is by far the largest network for stablecoins. Tether’s USDt is the most widely used stable asset. Source: RWA.xyz

Tether has long had a first-mover advantage in the stablecoin market. The company has emerged as one of the world’s largest holders of US Treasury assets, which has helped fuel its record-breaking profits in recent years.

With US President Donald Trump in the White House, dollar-pegged stablecoins have become a major policy driver in the United States.

The head of Trump’s council on digital assets, Bo Hines, recently told a conference in New York that comprehensive stablecoin regulations could arrive on the president’s desk within two months.

Related: Tether’s US Treasury holdings surpass Canada, Taiwan, ranks 7th globally

Stablecoin issuer Circle and Intercontinental Exchange (ICE), the company that operates the New York Stock Exchange (NYSE) among others and provides clearinghouse services, are collaborating to explore stablecoin integration in ICE’s operations.

The companies will explore the potential integration of Circle’s US dollar stablecoin (USDC) and its US Yield Coin (USYC) into ICE’s derivatives exchanges, clearinghouses, data services and other systems, under a memorandum of understanding (MoU) announced March 27.

Lynn Martin, president of the New York Stock Exchange, issued this statement alongside news of the collaborative partnership:

“We believe Circle’s stablecoins and tokenized digital currencies can play a larger role in capital markets as digital currencies become more trusted by market participants as an acceptable equivalent to the US Dollar. We are excited to explore the potential use cases for USDC and USYC across ICE’s markets.”

The potential integration of stablecoins and real-world tokenized products into exchange settlement systems follows Nasdaq announcing 24-hour weekday trading starting in 2026 and the New York Stock Exchange’s plan to extend trading hours during the week as traditional financial markets shift toward a more global orientation.

Stablecoin market breakdown by top issuers. Source: RWA.XYZ

Related: ‘Stablecoin multiverse’ begins: Tether CEO Paolo Ardoino

Stablecoins emerge as store-of-value in developing regions

According to Bitso’s “Crypto Landscape in Latin America 2024” report, stablecoins, including Tether’s USDt (USDt) and Circle’s USDC, accounted for 39% of crypto purchases in the region, with USDC accounting for 24% of the total stablecoin volume.

The report added that stablecoins have become a store of value against rapidly depreciating local currencies due to significant inflation pressures.

A 2023 report from Chainalysis found that stablecoins comprised the vast majority of crypto value received in the Latin American region, where individuals preferred the tokenized fiat instruments to Bitcoin (BTC) as a store of value.

USDC was the most widely held and transferred crypto in Latin America. Source: Bitso

The low transaction costs, ease and speed of cross-border transfers make stablecoins ideal for remittances and international business.

These features led to a sharp rise in stablecoin adoption in 2024. According to a January 2025 report from CEX.IO, stablecoin transfer volumes surpassed the combined volume of Visa and Mastercard in 2024.

Stablecoins recorded $27.6 trillion in transfer volume during 2024, eclipsing the combined volume of Visa and Mastercard by 7.7%.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Officials with the Federal Bureau of Prisons have moved former FTX CEO Sam Bankman-Fried to a transit facility days after political commentator Tucker Carlson interviewed him.

As of March 27, the bureau’s website showed Bankman-Fried was being housed at the Federal Transfer Center (FTC) in Oklahoma City, suggesting he may be moved from the facility where he was incarcerated while awaiting trial and then moving forward with an appeal of his conviction.

Carlson remotely interviewed Bankman-Fried, commonly known as SBF, from the Metropolitan Detention Center (MDC) in Brooklyn, New York on March 5 — a reportedly unsanctioned event that resulted in the former FTX CEO being sent to solitary confinement. 

Former FTX CEO’s status as of March 27. Source: US Bureau of Prisons

The reason for the move to the Oklahoma transit facility was unclear. After Bankman-Fried’s 2023 conviction on seven felony charges and 2024 sentencing to 25 years in prison, a federal judge recommended that the former CEO remain in the New York area to assist during his appeals process. He was briefly transferred to FTC Oklahoma City in May 2024 before being returned to MDC Brooklyn.

Related: SBF always played both sides of the aisle despite new Republican plea

Bankman-Fried has been housed in various facilities since a judge revoked his bail in August 2023 following allegations the former CEO attempted to intimidate witnesses before his criminal trial. According to the Federal Bureau of Prisons, he is set to be released in November 2044 but could serve less time based on his behavior in prison.

Interviews from prison

Though Bankman-Fried was essentially silent on social media and public statements during his criminal trial, he recently began giving interviews to conservative media outlets, including Carlson and the New York Sun. Reports have suggested that reaching out to conservative audiences was an attempt by Bankman-Fried to appeal to US President Donald Trump and Republican lawmakers, hinting at a federal pardon.

A representative for the US Bureau of Prisons reportedly told The New York Times that SBF’s interview with Carlson was not approved. The former FTX CEO spoke to the right-wing commentator the day before his 33rd birthday, saying, “I don’t think I was a criminal.” He also suggested that former FTX Digital Markets co-CEO Ryan Salame — also in prison for his role in the exchange’s downfall — had been charged with “totally bogus crimes,” potentially because of his political leanings. 

Trump has not made any public statement suggesting he was considering a pardon for Bankman-Fried. In one of his first acts as president, he pardoned Silk Road founder Ross Ulbricht, who attended a joint session of Congress after his release.

Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom

Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt 

Strange sights were seen as India recently concluded MahaKumbh, a Hindu congregation that occurs once every 144 years.

Every day, a man took dips at Sangam — the triple confluence of rivers Ganga, Yamuna and Sarasvati — with several passport-sized photographs offering “Digital Snan,” symbolizing digital nectar baths. A nine-acre camp offered people a glimpse of the Hindu religion since the beginning of time. Several families received a 360-degree live virtual MahaKumbh tour with a VR box and packaged pure Sangam water at their homes.

These are some of the sights that were seen for the first time in MahaKumbh’s known history. But all of it brings us to a fascinating question: Does the fusion of tech and tradition help us peek into India’s future of the metaverse? Indeed.

Adopting technology religiously

India’s approach to technology has always been unique. The country has previously leapfrogged many traditional technology adoption cycles. For example, it moved directly to mobile-first digital experiences without many households ever seeing a landline. As immersive technologies gain traction, the country shows signs of its distinctive adoption pattern.

Over the past few years, digitization of religious experiences has surged in India. The VR Devotee app, launched in 2016, streamed rituals and festivals from over 150 temples, allowing devotees to participate virtually. During COVID-19, the platform saw a remarkable 40% jump in user engagement.

The Indian government, recognizing this potential, launched “Temple 360” in 2022 — a web portal providing virtual darshan (viewing of deities) from significant pilgrimage sites. When the famous Puri Jagannath Rath Yatra was held without public attendance for the first time in 2020, millions watched live. The same holds for nearly all pilgrimages in India.

What’s particularly striking about MahaKumbh?

Immersive technologies were embraced at one of Hinduism’s most sacred gatherings, which saw over 663 million people make pilgrimages. If deep spiritual traditions can incorporate digital experiences, it signals a profound cultural readiness for adoption.

From skepticism to frontier tech

Under the Digital India initiative, AR/VR is explicitly identified as an emerging technology alongside AI, blockchain and 5G networks. And this isn’t mere lip service.

The government has backed its words with concrete actions, establishing Centers of Excellence like VARCoE at the Indian Institute of Technology Bhubaneswar and launching initiatives such as IMAGE to incubate extended reality (XR) startups. In 2022, the MeitY Startup Hub partnered with Meta to launch the XR Startup Program, extending grants worth 20 lakh Indian rupees (~$23,000) to 16 startups.

Recent: Indian town adopts Avalanche blockchain for tamper-proof land records

The Uttar Pradesh government recently launched a 3D VR experience center in Ayodhya. Multiple Hindu religious places, including Kashi Vishwanath Dham and Maa Vaishno Devi Bhawan, have already extended such immersive experiences.

This deliberate strategy can prove to be a catalyst in India’s XR adoption, tapping the nation’s rich cultural heritage.

Corporate giants embrace the immersive future

Perhaps the most telling sign of India’s metaverse readiness comes from its corporate landscape. Reliance leads the charge, headed by Asia’s richest person, Mukesh Ambani. In a landmark development, Jio Platforms recently partnered with Polygon Labs to integrate Web3 and blockchain capabilities into its existing digital ecosystem.

The partnership is no small feat. It potentially brings Web3 functionality to Jio’s vast user base of over 482 million customers. Jio had previously demonstrated its commitment to immersive technologies by unveiling “Jio Glass,” an affordable mixed-reality device designed for the Indian market. Reliance’s acquisition of Tesseract in 2019 and recent discussions with Meta underscore its long-term bet on immersive futures.

The country’s largest telecom provider is strategically investing in metaverse-enabling technologies. This speaks volumes about the future of digital experiences in the country.

This year, after announcing its partnership with Polygon, Jio also launched its mystery JioCoin, a significant development for the Indian Web3 community. Meanwhile, the Indian Railway Catering and Tourism Corporation also issued non-fungible (NFT) train tickets on the Polygon blockchain to passengers traveling to the MahaKumbh festival.

These initiatives tapped Polygon specifically for its faster throughput and low gas fees — practical considerations that signal maturity in blockchain implementation in India.

Differing perspectives and the elusive mainstream moment

Not everyone is convinced that digitizing sacred experiences represents progress. The “Digital Snan” service for 1,100 rupees in Sangam triggered a significant backlash on social media. Critics viewed such services as commercializing spirituality and reducing sacred rituals to transactional experiences.

Furthermore, it’s been over eight years since Pokémon Go took the world by storm, demonstrating AR’s potential to create cultural phenomena that transcend demographic boundaries. The world hasn’t seen anything of that magnitude ever since.

This absence of a defining moment also raises questions about whether immersive technologies will achieve the ubiquity that smartphones have at present. Mall VR arcades attract curious teens for one-off experiences, but habitual usage patterns haven’t materialized outside specific professional contexts.

Green shoots of adoption?

What distinguishes India’s potential metaverse from Western models is its grounding in cultural contexts with profound meaning for millions. While Silicon Valley envisions virtual offices and digital asset speculation, India’s early applications focus on democratizing experiences of profound cultural significance.

This culturally rooted approach could ultimately prove more sustainable. By addressing genuine human needs — connection to heritage, participation in community rituals, access to experiences otherwise impossible due to distance or disability — India’s metaverse initiatives may find the elusive “why” that has hampered mainstream adoption elsewhere.

Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Bitcoin is seeing unprecedented adoption, with the US establishing a Strategic Bitcoin Reserve, but some prominent Bitcoin advocates believe the project is getting away from its roots.

Earlier this year, Jack Dorsey, a Bitcoin proponent and founder of Twitter, said that he believed if Bitcoin (BTC) becomes just a form of “digital gold,” then the project has failed. He said that a national Bitcoin reserve may be “good for the nation-state, but I don’t necessarily know if it’s good for Bitcoin.” 

Dorsey contended that Bitcoin needs to return to the white paper and work on becoming a form of peer-to-peer cash that can be transacted globally if it wants to become a success.

Around the world, a number of “circular Bitcoin economies” have been working at just that: developing local economies that use Bitcoin as currency in an attempt to showcase its viability and what the future of BTC can look like.

The Bitcoin white paper put forward a cash system. Source: Bitcoin.org

Bitcoin circular economies and Wall Street 

The Bitcoin Federation calls a Bitcoin circular economy a “local economic ecosystem where Bitcoin (BTC) is used increasingly as a medium of exchange, a unit of account, and a store of value” — i.e., a place where Bitcoin fulfills the three roles of currency, as it is understood. 

There are diverse Bitcoin communities and circular economies all over the world, but their goal is similar in that they all believe that Bitcoin is the superior form of money and that it should be used “as a means of payment for goods and services and for settlement of other financial obligations.”

Related: Failure or 5D chess? El Salvador IMF deal walks back Bitcoin adoption

This approach of using Bitcoin as a currency diverges from the prevailing attitude in the United States, where crypto advocates view it as a reserve asset to be hoarded — akin to digital gold. President Donald Trump told the Nashville Bitcoin conference in July 2024, “Never sell your Bitcoin.”

In a March 17 lecture at the Bitcoin Policy Institute, Strategy CEO and Bitcoin maximalist Michael Saylor likened the digital currency to an investment asset. A significant stake, per Saylor, would allow the holder — such as the US government — to exert control over the digital economy in another iteration of “manifest destiny.” 

When asked whether mass adoption by a nation like the US takes Bitcoin away from its founding principles, Isa Santos, founder of the Bitcoin Isla project in Isla Mujeres, Mexico, said:

“Yes, but that’s the beauty of Bitcoin. It’s for your enemies, too.” 

Stelios Rammos, founder of Bitcoin crowdfunding project Geyserfund, said that, good or bad, adoption by governments was “inevitable.”

“Bitcoin is for everyone, and its truest founding principle is being permissionless money. The adoption of Bitcoin by governments was inevitable, and if there was a button we could press to say, ‘Governments are banned from Bitcoin,’ then it wouldn’t be Bitcoin anymore,” he told Cointelegraph.

Still, he believes that the Bitcoin community has a core set of values that promotes grassroots adoption of Bitcoin over government welfare, adding that Bitcoin is at a stage where Bitcoiners should be more concerned about how it’s adopted rather than whether it’s adopted.

“Circular economies will have a huge role to play in bringing about a future where Bitcoin is held and used by everyday people and not just held as a pure asset within digital vaults at large banks and governments,” said Rammos. 

Both said that there were tangible benefits to government Bitcoin adoption. Santos said that adoption from a large country like the US could still be a positive in that many look to the US as a leader in the financial world. 

Rammos said that the US adopting Bitcoin would raise awareness about the seminal cryptocurrency, which benefits the entire network and has knock-on effects for circular economies worldwide.

What does Bitcoin do for these communities?

Bitcoin circular economies are present all over the world. They have gained particular ground in developing economies where the local currency is unreliable as a store of value. 

In Cuba, where inflation is runaway and salaries are at unlivable lows, Bitcoin and Bitcoin circular economies have allowed locals to protect their savings.

In rural Peru, where most people are unbanked — i.e., do not have a bank account or access to financial services — Bitcoin has provided a way for locals to save their money and pay for school and everyday expenses.

There are challenges, however. Namely, Bitcoin’s notorious volatility makes it difficult to sell as an instrument for savings to rural communities, according to Valentin Popescu, co-founder of Motiv — a Bitcoin education and advocacy group in Peru. 

Bitcoin communities also face challenges of growing outside the group of Bitcoin expats and enthusiasts who are already present. Bitcoin advocates flocked to El Salvador, where Bitcoin Beach provided the first prototype for a Bitcoin circular economy. However, this did not translate into locals actually using Bitcoin.

Related: ‘Bitcoin hasn’t had the widespread adoption we hoped for’ — Nayib Bukele

Bitcoin circular economies proliferate worldwide. Source: Geyser Fund

Aside from the victories and challenges facing these communities, many of them also offer financial education programming and community-building initiatives. 

Santos said that “each circular economy has its own unique features. They have to cater to the needs of the communities that make them.” She said that one common factor among such communities is volunteering. 

Bitcoin Ekasi, a Bitcoin circular economy in South Africa, supports the local Surfer Kids community project by paying coaches’ salaries in Bitcoin while simultaneously onboarding local shops and vendors to accept Bitcoin payments. 

Rammos said that these communities can put lesser-known locations on the map, attracting tourism through “Bitcoin expats” who want to come to spend their Bitcoin and grow the local economy. 

“Ultimately, the local populations gain from being a Bitcoin circular economy as much as the Bitcoin network benefits from having them; it’s a true symbiosis,” said Rammos. 

Whether it is Wall Street or Main Street that drives Bitcoin adoption, the end goal for the organizers running these communities is to have Bitcoin fully integrated into the financial world.

Rammos concluded, “There will be a point in the hopefully not-so-distant future where we won’t need the term ‘circular economies’ anymore; it will just be the Bitcoin economy or just the economy.”

Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder

Bitcoin is seeing unprecedented adoption with the US establishing a “strategic Bitcoin reserve,” but some prominent Bitcoin advocates believe the project is getting away from its roots.

Earlier this year, Jack Dorsey, a Bitcoin proponent and founder of Twitter, said that he believed if Bitcoin becomes just a form of “digital gold” then the project has failed. He said that a national Bitcoin reserve may be “good for the nation-state, but I don’t necessarily know if it’s good for Bitcoin.” 

Dorsey contended that Bitcoin needs to return to the white paper and work on becoming a form of peer-to-peer cash that can be transacted globally if it wants to become a success.  

Around the world, a number of “circular Bitcoin economies” have been working at just that — developing local economies that use Bitcoin as currency in an attempt to showcase its viability and what the future of BTC can look like.  

The Bitcoin white paper put forward a cash system. Source: Bitcoin.org

Bitcoin circular economies and Wall Street 

The Bitcoin Federation calls a Bitcoin circular economy a “local economic ecosystem where Bitcoin (BTC) is used increasingly as a medium of exchange, a unit of account, and a store of value.” That is, a place where Bitcoin fulfills the three roles of currency, as it is understood. 

There are diverse Bitcoin communities and circular economies all over the world, but their goal is similar in that they all believe that Bitcoin is the superior form of money and that it should be used “as a means of payment for goods and services and for settlement of other financial obligations.”

Related: Failure or 5D chess? El Salvador IMF deal walks back Bitcoin adoption

This approach of using Bitcoin as a currency diverges from the prevailing attitude in the United States, where crypto advocates view it as a reserve asset to be hoarded — akin to digital gold. President Donald Trump told the Nashville Bitcoin conference in July 2024, “Never sell your Bitcoin.”

In a March 17 lecture at the Bitcoin Policy Institute, Strategy CEO and Bitcoin maximalist Michael Saylor likened the digital currency to an investment asset. A significant stake, per Saylor, would allow the holder — such as the United States government — to exert control over the digital economy in another iteration of “manifest destiny.” 

When asked whether mass adoption by a nation like the US takes Bitcoin away from its founding principles, Isa Santos, founder of the Bitcoin Isla project in Isla Mujeres, Mexico, said:

“Yes, but that’s the beauty of Bitcoin. It’s for your enemies too.” 

Stelios Rammos, the founder of Bitcoin crowdfunding project Geyserfund, said that good or bad, adoption by governments was “inevitable.” 

“Bitcoin is for everyone, and its truest founding principle is being permission-less money. The adoption of Bitcoin by governments was inevitable, and if there was a button we could press to say ‘governments are banned from Bitcoin,’ then it wouldn’t be Bitcoin anymore,” he told Cointelegraph.

Still, he believes that the Bitcoin community has a core set of values that promotes grassroots adoption of Bitcoin over government welfare, adding that Bitcoin is at a stage where Bitcoiners should be more concerned about how it’s adopted rather than whether it’s adopted.  

“Circular economies will have a huge role to play in bringing about a future where Bitcoin is held and used by everyday people, and not just held as a pure asset within digital vaults at large banks and governments,” said Rammos. 

Still, both said that there were tangible benefits to government Bitcoin adoption. Santos said that adoption from a large country like the US could still be a positive in that many look to the US as a leader in the financial world. 

Rammos said that the US adopting Bitcoin will raise awareness about the seminal cryptocurrency, which benefits the entire network and has knock-on effects for circular economies worldwide.

What does Bitcoin do for these communities?

Bitcoin circular economies are present all over the world. They have gained particular ground in developing economies where the local currency is unreliable as a store of value. 

In Cuba, where inflation is runaway and salaries are at unlivable lows, Bitcoin and Bitcoin circular economies have allowed locals to protect their savings. 

In rural Peru, where most people are unbanked i.e. do not have a bank account or access to financial services, Bitcoin has provided a way for locals to save their money and pay for school and everyday expenses.

There are challenges, however. Namely, Bitcoin’s notorious volatility makes it difficult to sell as an instrument for savings to rural communities, according to Valentin Popescu, co-founder of Motiv — a Bitcoin education and advocacy group in Peru. 

Bitcoin communities also face challenges of growing outside the group of Bitcoin expats and enthusiasts who are already present. Bitcoin advocates flocked to El Salvador, where Bitcoin Beach provided the first prototype for a Bitcoin circular economy. However, this did not translate into locals actually using Bitcoin.

Related: ‘Bitcoin hasn’t had the widespread adoption we hoped for’ — Nayib Bukele

Bitcoin circular economies proliferate worldwide. Source: Geyser Fund

Aside from the victories and challenges facing these communities, many of them also offer financial education programming and community-building initiatives. 

Santos said that “each circular economy has its own unique features. They have to cater to the needs of the communities that make them.” She said that one common factor among such communities is volunteering. 

Bitcoin Ekasi, a Bitcoin circular economy in South Africa, supports the local Surfer Kids community project by paying coaches’ salaries in Bitcoin while simultaneously onboarding local shops and vendors to accept Bitcoin payments. 

Rammos said that these communities can put lesser-known locations on the map, attracting tourism through “Bitcoin expats” who want to come to spend their Bitcoin and grow the local economy. 

“Ultimately, the local populations gain from being a Bitcoin circular economy as much as the Bitcoin network benefits from having them, it’s a true symbiosis,” said Rammos. 

Whether it is Wall Street or Main Street that drives Bitcoin adoption, the end goal for the organizers running these communities is to have Bitcoin fully integrated into the financial world.

Rammos concluded, “There will be a point in the hopefully not-so-distant future, where we won’t need the term circular economies anymore, it will just be the Bitcoin economy, or just, the economy.”

Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder

Bitcoin is seeing unprecedented adoption with the US establishing a “strategic Bitcoin reserve,” but some prominent Bitcoin advocates believe the project is getting away from its roots.

Earlier this year, Jack Dorsey, a Bitcoin proponent and founder of Twitter, said that he believed if Bitcoin becomes just a form of “digital gold” then the project has failed. He said that a national Bitcoin reserve may be “good for the nation-state, but I don’t necessarily know if it’s good for Bitcoin.” 

Dorsey contended that Bitcoin needs to return to the white paper and work on becoming a form of peer-to-peer cash that can be transacted globally if it wants to become a success.  

Around the world, a number of “circular Bitcoin economies” have been working at just that — developing local economies that use Bitcoin as currency in an attempt to showcase its viability and what the future of BTC can look like.  

The Bitcoin white paper put forward a cash system. Source: Bitcoin.org

Bitcoin circular economies and Wall Street 

The Bitcoin Federation calls a Bitcoin circular economy a “local economic ecosystem where Bitcoin (BTC) is used increasingly as a medium of exchange, a unit of account, and a store of value.” That is, a place where Bitcoin fulfills the three roles of currency, as it is understood. 

There are diverse Bitcoin communities and circular economies all over the world, but their goal is similar in that they all believe that Bitcoin is the superior form of money and that it should be used “as a means of payment for goods and services and for settlement of other financial obligations.”

Related: Failure or 5D chess? El Salvador IMF deal walks back Bitcoin adoption

This approach of using Bitcoin as a currency diverges from the prevailing attitude in the United States, where crypto advocates view it as a reserve asset to be hoarded — akin to digital gold. President Donald Trump told the Nashville Bitcoin conference in July 2024, “Never sell your Bitcoin.”

In a March 17 lecture at the Bitcoin Policy Institute, Strategy CEO and Bitcoin maximalist Michael Saylor likened the digital currency to an investment asset. A significant stake, per Saylor, would allow the holder — such as the United States government — to exert control over the digital economy in another iteration of “manifest destiny.” 

When asked whether mass adoption by a nation like the US takes Bitcoin away from its founding principles, Isa Santos, founder of the Bitcoin Isla project in Isla Mujeres, Mexico, said:

“Yes, but that’s the beauty of Bitcoin. It’s for your enemies too.” 

Stelios Rammos, the founder of Bitcoin crowdfunding project Geyserfund, said that good or bad, adoption by governments was “inevitable.” 

“Bitcoin is for everyone, and its truest founding principle is being permission-less money. The adoption of Bitcoin by governments was inevitable, and if there was a button we could press to say ‘governments are banned from Bitcoin,’ then it wouldn’t be Bitcoin anymore,” he told Cointelegraph.

Still, he believes that the Bitcoin community has a core set of values that promotes grassroots adoption of Bitcoin over government welfare, adding that Bitcoin is at a stage where Bitcoiners should be more concerned about how it’s adopted rather than whether it’s adopted.  

“Circular economies will have a huge role to play in bringing about a future where Bitcoin is held and used by everyday people, and not just held as a pure asset within digital vaults at large banks and governments,” said Rammos. 

Still, both said that there were tangible benefits to government Bitcoin adoption. Santos said that adoption from a large country like the US could still be a positive in that many look to the US as a leader in the financial world. 

Rammos said that the US adopting Bitcoin will raise awareness about the seminal cryptocurrency, which benefits the entire network and has knock-on effects for circular economies worldwide.

What does Bitcoin do for these communities?

Bitcoin circular economies are present all over the world. They have gained particular ground in developing economies where the local currency is unreliable as a store of value. 

In Cuba, where inflation is runaway and salaries are at unlivable lows, Bitcoin and Bitcoin circular economies have allowed locals to protect their savings. 

In rural Peru, where most people are unbanked i.e. do not have a bank account or access to financial services, Bitcoin has provided a way for locals to save their money and pay for school and everyday expenses.

There are challenges, however. Namely, Bitcoin’s notorious volatility makes it difficult to sell as an instrument for savings to rural communities, according to Valentin Popescu, co-founder of Motiv — a Bitcoin education and advocacy group in Peru. 

Bitcoin communities also face challenges of growing outside the group of Bitcoin expats and enthusiasts who are already present. Bitcoin advocates flocked to El Salvador, where Bitcoin Beach provided the first prototype for a Bitcoin circular economy. However, this did not translate into locals actually using Bitcoin.

Related: ‘Bitcoin hasn’t had the widespread adoption we hoped for’ — Nayib Bukele

Bitcoin circular economies proliferate worldwide. Source: Geyser Fund

Aside from the victories and challenges facing these communities, many of them also offer financial education programming and community-building initiatives. 

Santos said that “each circular economy has its own unique features. They have to cater to the needs of the communities that make them.” She said that one common factor among such communities is volunteering. 

Bitcoin Ekasi, a Bitcoin circular economy in South Africa, supports the local Surfer Kids community project by paying coaches’ salaries in Bitcoin while simultaneously onboarding local shops and vendors to accept Bitcoin payments. 

Rammos said that these communities can put lesser-known locations on the map, attracting tourism through “Bitcoin expats” who want to come to spend their Bitcoin and grow the local economy. 

“Ultimately, the local populations gain from being a Bitcoin circular economy as much as the Bitcoin network benefits from having them, it’s a true symbiosis,” said Rammos. 

Whether it is Wall Street or Main Street that drives Bitcoin adoption, the end goal for the organizers running these communities is to have Bitcoin fully integrated into the financial world.

Rammos concluded, “There will be a point in the hopefully not-so-distant future, where we won’t need the term circular economies anymore, it will just be the Bitcoin economy, or just, the economy.”

Magazine: Arbitrum co-founder skeptical of move to based and native rollups: Steven Goldfeder

Major stablecoin issuer, Tether, invested 10 million euros ($10.8 million) in Italian media company Be Water.

According to a March 27 announcement, Tether acquired a 30.4% stake in Rome-based Media Water. Tether CEO Paolo Ardoino said the company recognized “the importance of independent media in shaping informed societies.”

“Our investment in Be Water aligns with our vision to support technology-driven innovation across industries,” Ardoino added.

Related: Tether seeks Big Four firm for its first full financial audit — Report

According to its LinkedIn page, Be Water is an Italian producer and distributor of films, documentaries and series that address modern social issues as well as journalism.

The company’s executive chairman, Guido Maria Brera, said that the firm’s objective is to be “capable of producing and distributing content across multiple platforms — podcasting, film, television and live events — with a strong, diverse and independent voice.” He added:

“With Tether’s entry and the technological expertise of Paolo Ardoino, we have the opportunity to accelerate our growth and expand our reach both in Italy and globally.”

Source: Paolo Ardoino

Significant changes for Be Water

Following the deal, Be Water’s board of directors will be restructured to include Ardoino and Tether chief operating officer Claudia Lagorio. The company plans to use the capital to upgrade its digital infrastructure and expand its content production and distribution capabilities.

The company will also expand the investigative journalism departments of the Italian podcast platform Chora Media and social media news organization Will Media.

Related: Tether’s US treasury holdings surpass Canada, Taiwan, and ranks 7th globally

Tether keeps investing

According to its announcement, Tether saw profits exceeding $13 billion in 2024, with its US Treasury holdings surpassing $113 billion, fueling the firm’s ongoing investment drive.

In February, Tether acquired a majority stake in Juventus FC, a major Series A football club based in Turin, Italy. During the same month, the stablecoin operator sought to acquire a majority stake in South American agribusiness firm Adecoagro.

Some of those investments have already started paying off. Rumble, the video platform in which Tether invested $775 million in late 2024, recently announced the launch of its wallet for content creator payments with support for Tether’s USDt (USDT) stablecoin.

Tether and Paolo Ardoino had not responded to Cointelegraph’s inquiry by publication time.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express

Major stablecoin issuer, Tether, invested 10 million euros ($10.8 million) in Italian media company Be Water.

According to a March 27 announcement, Tether acquired a 30.4% stake in Rome-based Media Water. Tether CEO Paolo Ardoino said the company recognized “the importance of independent media in shaping informed societies.”

“Our investment in Be Water aligns with our vision to support technology-driven innovation across industries,” Ardoino added.

Related: Tether seeks Big Four firm for its first full financial audit — Report

According to its LinkedIn page, Be Water is an Italian producer and distributor of films, documentaries and series that address modern social issues as well as journalism.

The company’s executive chairman, Guido Maria Brera, said that the firm’s objective is to be “capable of producing and distributing content across multiple platforms — podcasting, film, television and live events — with a strong, diverse and independent voice.” He added:

“With Tether’s entry and the technological expertise of Paolo Ardoino, we have the opportunity to accelerate our growth and expand our reach both in Italy and globally.”

Source: Paolo Ardoino

Significant changes for Be Water

Following the deal, Be Water’s board of directors will be restructured to include Ardoino and Tether chief operating officer Claudia Lagorio. The company plans to use the capital to upgrade its digital infrastructure and expand its content production and distribution capabilities.

The company will also expand the investigative journalism departments of the Italian podcast platform Chora Media and social media news organization Will Media.

Related: Tether’s US treasury holdings surpass Canada, Taiwan, and ranks 7th globally

Tether keeps investing

According to its announcement, Tether saw profits exceeding $13 billion in 2024, with its US Treasury holdings surpassing $113 billion, fueling the firm’s ongoing investment drive.

In February, Tether acquired a majority stake in Juventus FC, a major Series A football club based in Turin, Italy. During the same month, the stablecoin operator sought to acquire a majority stake in South American agribusiness firm Adecoagro.

Some of those investments have already started paying off. Rumble, the video platform in which Tether invested $775 million in late 2024, recently announced the launch of its wallet for content creator payments with support for Tether’s USDt (USDT) stablecoin.

Tether and Paolo Ardoino had not responded to Cointelegraph’s inquiry by publication time.

Magazine: Ridiculous ‘Chinese Mint’ crypto scam, Japan dives into stablecoins: Asia Express