Google Play to Demand Banking Licenses for Crypto Wallets

Google Play has enacted a sweeping policy requiring cryptocurrency wallet developers to obtain banking or money service licenses in 15 jurisdictions. Effective immediately, developers targeting the United States must register with FinCEN as an MSB and hold a state money transmitter license.

The EU requirement mandates authorization as a Crypto-Asset Service Provider under MiCA, effectively excluding simple non-custodial wallets from licensing eligibility. Similar obligations apply in markets including the UK, Japan, South Korea, and Canada, with each jurisdiction demanding local regulatory recognition.

Google’s rules make no distinction between custodial and non-custodial software, imposing AML, CTF, and KYC duties beyond existing legal requirements. Industry critics warn such compliance programs could purge independent non-custodial wallets from the Play Store and throttle open-source financial innovation.

The policy aligns closely with FATF’s 2021 guidance expanding “Virtual Asset Service Provider” definitions to include certain decentralized software interfaces. By embedding custodial compliance burdens into its distribution platform, Google effectively enforces global financial surveillance norms through commercial rather than legislative means.

MetaMask Expected to Announce mUSD Stablecoin

MetaMask is preparing to launch its own USD-pegged stablecoin, mUSD, with an official announcement expected this week. The token will be issued with the help of Bridge, a stablecoin payments facilitator acquired by Stripe, and the M^0 issuance protocol. Blackstone will provide custody and treasury management, ensuring reserves are invested in short-term, highly liquid assets like US Treasuries.

The wallet provider, which claims over 30 million active monthly users, aims to capture yield from underlying assets while integrating mUSD into its ecosystem. mUSD is expected to go live by the end of the month, joining a growing list of platform-branded stablecoins. MetaMask’s move follows a trend of large crypto firms leveraging stablecoin issuance for both utility and revenue growth.

OKX Burns 65 Million OKB and Caps Supply at 21 Million

OKX announced it will permanently burn 65.26 million OKB tokens from past buyback programs, fixing the total supply at 21 million. The tokenomics overhaul also includes upgrading the OKB smart contract to remove minting and manual burn functions. Following the announcement, OKB’s price surged 170% to $124.

The exchange will also wind down OKTChain, converting existing OKT tokens into OKB based on a set pricing period before ceasing chain operations in January 2026. OKX said the changes are intended to simplify and strengthen OKB’s role as its core asset. Market response suggests investor confidence in the tighter supply model.

Peter Thiel-Backed Bullish Shares Jump 150% in NYSE Debut

Crypto exchange Bullish saw its shares soar more than 150% on debut, closing at $93.83 after pricing its IPO at $37. The Peter Thiel-backed firm raised $1.11 billion by selling 30 million shares, valuing the company at $5.41 billion. JPMorgan, Jefferies, and Citigroup led the underwriting, with BlackRock and ARK Invest among early investors.

Bullish’s strong market reception follows Circle’s blockbuster IPO in June, which spurred a wave of crypto-related listings. Under the Trump administration’s pro-crypto stance, multiple firms, including Grayscale and BitGo, are pursuing public offerings. The listing also reflects growing institutional appetite for equity exposure to digital asset platforms.

Data of the Day

President Donald Trump has earned an estimated $2.4 billion from crypto-related ventures since 2022, per The New Yorker. The total includes $1.3 billion from Trump Media’s Bitcoin treasury, $412.5 million from World Liberty Financial token sales, and $385 million from the TRUMP memecoin. Additional revenue came from NFTs, Bitcoin mining, and UAE-linked crypto deals.

The figure accounts for roughly 43.5% of Trump’s known political career earnings, raising concerns over potential conflicts of interest. Democratic lawmakers have called for investigations into whether these ventures allow undisclosed influence over US policy. Meanwhile, federal agencies under Trump have eased regulatory pressure on crypto firms, dropping several high-profile enforcement actions.

More Breaking News

• US banking groups urged Congress to amend the GENIUS Act to prevent stablecoin issuers from offering yield through affiliates, warning of potential $6.6T deposit outflows.
• Coinbase relaunched its Stablecoin Bootstrap Fund to boost USDC and EURC liquidity on Aave, Morpho, Kamino, and Jupiter, aiming to expand stablecoin access across DeFi.
• Ethereum core developer Zak Cole lost funds to a malicious Cursor AI extension that exfiltrated his private key, highlighting growing threats from fake code tools.
• Hackers stole 58.2 BTC worth $7 million from OdinFun by exploiting a liquidity pool flaw to manipulate token pricing and drain reserves.
• Pantera Capital invested $300 million in crypto treasury companies, predicting higher yields than ETFs and naming Ethereum-focused BitMine as a model digital asset treasury.
• Andreessen Horowitz and the DeFi Education Fund petitioned the SEC for a safe harbor exempting certain DeFi apps from broker-dealer registration under the Exchange Act.
• HashFlare founders Sergei Potapenko and Ivan Turõgin received time served for a $577 million crypto Ponzi scheme after spending 16 months in custody.

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