SCB 10X debuts Rubie Wallet with Thai baht and US dollar stablecoins  

At least some of the top holders of Donald Trump’s memecoin who apply to attend a private dinner with the president could be based outside the United States.According to a May 7 Bloomberg report based on an analysis of the top TRUMP tokenholders, 19 of the top 25 wallets on the leaderboard used foreign exchanges that exclude US-based customers, suggesting either foreign nationals or Americans living abroad. In addition, more than half of the top 220 holders — the group eligible to apply for a dinner with the president — also used exchanges in other countries.Top 10 TRUMP memecoin holders as of May. 7. Source: Trump memeAs of May 7, the identities of the top tokenholders and those who might choose to apply for the May 22 Trump dinner and “special VIP tour” were unknown. However, the project stated that anyone who applied could not bring guests, had to pass a background check, and “can not be from a [Know Your Customer] watchlist country.” The implications of having dozens or hundreds of memecoin holders potentially tied to foreign governments and interest groups have raised ethics concerns from some US lawmakers, claiming that Trump was engaging in “pay-to-play” corruption. At least one senator has called for the president’s impeachment, saying Trump was “selling access for what are effectively payments directly to him.”Memecoin concerns are slowing crypto legislationDemocratic lawmakers in the House of Representatives and Senate have already been pushing back against considering any crypto-related legislation until Republicans address concerns around “Trump’s crypto corruption.” The Senate is expected to vote on a bill regulating stablecoins on May 8, and House Republicans recently introduced a discussion draft of a digital asset market structure bill.Related: Trump-backed USD1 is now the seventh-largest stablecoin worldwideThen-president-elect Trump launched the memecoin on Jan. 17 — three days before taking office — followed by the first lady introducing her own token. Two companies connected to Trump control roughly 80% of the memecoin’s supply.The launch of the memecoin and its potential influence over the president and his agenda has already prompted some companies to get on board. On April 30, a trucking logistics management company announced a $20 million investment in the TRUMP token, suggesting influencing Trump’s trade war between the US and Mexico, where the firm conducts much of its business. Magazine: Trump’s crypto ventures raise conflict of interest, insider trading questions

USD1, the US dollar stablecoin launched by the President Donald Trump-backed World Liberty Financial (WLFI), has become the seventh-largest stablecoin worldwide in just two months since its launch.WLFI’s snapshot vote for a USD1 airdrop proposal is underway, and USD1’s market capitalization has continued to climb.Launched in early March with a $3.5 million supply, USD1 has expanded into a market cap of $2.2 billion at the time of writing, leaving rival stablecoins First Digital USD (FDUSD), PayPal USD (PYUSD) and Tether Gold (XAUT) behind, according to data from CoinGecko.Top 10 stablecoins by market capitalization. Source: CoinGeckoAlthough rising fast, the USD1 market cap is still far from the market value of major stablecoins like Tether’s USDt (USDT) and USDC (USDC), whose market caps are worth $149 billion and $61 billion, respectively.BNB Chain drives USD1 issuance Trump-backed USD1 is almost exclusively issued on Binance-backed BNB Chain. According to data from BscScan, as much as $2.1 billion of all USD1 supply is issued on BNB Chain, accounting for more than 99% of its total circulating supply, while an Ethereum-based version accounts for just $14.5 million, according to Etherscan.BNB Chain-based (BEP-20) USD1 versus Ethereum-based (ERC-20) USD1. Source: BscScan, EtherscanUSD1’s latest market spike was sharp, jumping 1,540% from $128 million to $2.1 billion within two days in late April, according to CoinGecko.USD1 (USD1) market cap chart since April 2025. Source: CoinGeckoThe spike came days before Eric Trump announced that Abu Dhabi-based investment firm MGX would use the USD1 to invest $2 billion in Binance.Justin Sun-backed HTX among the first CEXs to list USD1As USD1’s market cap spiked, some centralized exchanges (CEXs) rushed to list the Trump-backed stablecoin.HTX, a crypto exchange closely associated with Tron founder Justin Sun and formerly known as Huobi, announced the listing of USD1 with permanent zero-fee withdrawals on the BEP-20 network on May 6.Source: HTXAccording to websites like CoinGecko and CoinMarketCap, HTX was one of the first CEXs to list USD1, as the token is primarily available on decentralized exchanges, including PancakeSwap and Uniswap.Most WLFI inflows come from outside the USWhile the WLFI community has been voting on the USD1 airdrop, some reports suggested that WLFI investment is mainly coming from outside the United States.According to a poll by V1PS founder Notaz.Sol, as much as 90% of WLFI investors are likely coming from non-US jurisdictions, including Europe, Asia and Latin America.Source: Tran HungA May 7 Bloomberg report also indicated that over half of the top holders of Trump-branded memecoins reside abroad.The USD1 stablecoin’s growth lines up with Trump’s pro-stablecoin agenda announced in his executive order on “Strengthening American leadership in digital financial technology” in January.While WLFI has been closely associated with Binance, both Trump and Binance have repeatedly denied and criticized reports suggesting any links or deals between the parties.Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Cryptocurrency miner Diversified Energy quietly vacated a natural gas-powered crypto mining site in Elk County, Pennsylvania, reportedly leaving behind unplugged wells and regulatory violations.The site, known as Longhorn Pad A, was revived in 2022 after sitting dormant for nearly a decade when Diversified began using it to fuel on-site generators powering cryptocurrency mining computers, according to a report by the Erie Times-News.Per the report, the operation was launched without obtaining an air quality permit from the Pennsylvania Department of Environmental Protection (DEP).Though the company was later granted the permit in December 2023, a March 2025 inspection revealed that Diversified had already removed the mining infrastructure.Empty metallic sheds and missing production equipment led the DEP to issue a formal violation notice for well abandonment. Diversified reportedly denied that the site was abandoned, saying that it may resume gas production.However, the DEP and environmental advocates say the company has failed to meet its obligations. Under a 2021 agreement, Diversified had committed to plugging Longhorn A and 13 other wells at the end of their operational life, an obligation it has reportedly not fulfilled.An image of the site. Source: The Erie Times-NewsCointelegraph has reached out to Diversified for comment.Related: Bitcoin miners should pay costs in depreciating currency — Ledn execDiversified under scrutiny over business modelEnvironmentalists have long raised concerns about Diversified’s business model, which involves acquiring aging, low-producing wells and extracting remaining value without sufficient plans for decommissioning.Plugging a single well can cost over $100,000, and Pennsylvania already has over 350,000 orphaned and abandoned wells, making the stakes particularly high.A 2022 report labeled the company’s approach a “business model built to fail Appalachia,” warning that taxpayers could be left footing the bill for thousands of unplugged wells.Diversified recently agreed to plug 3,000 wells by 2034 in a separate legal settlement but continues to face regulatory scrutiny, including a probe by the US House Committee on Energy and Commerce.Horton Township officials, where the Longhorn site is located, say they’ve received no updates from the company.Local supervisor PJ Piccirillo told the Erie Times-News that generators and tanks were removed without notice. “All we know is that the property seems to have been abandoned,” he said.Related: Bitcoin mining — Institutions boost investments amid favorable US climateUS cities confront crypto miningOn April 25, the planning commission of Vilonia, Arkansas, unanimously rejected a proposal to establish a cryptocurrency mining facility within the city limits, following opposition from residents.In January, Arkansas lawmakers introduced a bill that would ban crypto mining operations within 30 miles of any US military facility in the state.The opposition to crypto miners in Arkansas follows a broader trend across US municipalities where crypto-mining initiatives have faced increasing scrutiny.In October 2024, a group of residents in Granbury, Texas, filed a lawsuit against Marathon Digital, alleging that its mining facility generated too much noise.Magazine: 12 minutes of nail-biting tension when Ethereum’s Pectra fork goes live