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Mysten Labs’ Sui Network partners with F1 Red Bull racing team

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The Red Bull team signed a $150-million sponsorship deal with crypto exchange Bybit in 2022 ahead of the market crash and major bankruptcies in the space.

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Stablecoin fever: 5 major stablecoins are growing crypto adoption

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May 5, 2025

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Increasing institutional interest and moves toward legal frameworks for stablecoins have seen the space grow, with five major projects slated to expand the market in the near future.

In the EU, the Markets in Crypto-Assets (MiCA) regulatory package is in full force and has given stablecoin issuers clear guidelines by which they can enter European markets. In the US, the STABLE Act and the GENIUS Act, which would provide rules for stablecoins, are making their way through Congress. 

As a result, major payments firms like Mastercard and Visa are stepping up support for stablecoin systems, and new coins have appeared, boosting the overall market capitalization of the stablecoin market. 

Here are five major stablecoin initiatives projected to grow crypto adoption.

Tether to relaunch in the US

Stablecoin giant Tether is eyeing a relaunch in the US with a dollar-based stablecoin. 

Tether’s USDt (USDT) is already known worldwide as the largest stablecoin on the market, providing liquidity to crypto trading pairs on numerous exchanges. 

However, Tether has found itself in hot water with regulators over proof of its reserves, other financial transparency and Anti-Money Laundering concerns. 

In an April 30 interview with CNBC, Tether CEO Paolo Ardoino announced that the firm wants to launch a rebranded coin in the US, separate from its ubiquitous international stablecoin. “A domestic stablecoin would be different from the international stablecoin,” he said.

Tether holds the lion’s share of the stablecoin market. Source: Nansen

The move would give Tether access to US financial markets as the latter’s exposure to crypto widens under the pro-crypto administration of US President Donald Trump.

Trump dabbles in the dollar with USD1

At the beginning of March, World Liberty Financial (WLFI), the cryptocurrency project tied to the Trump family, launched its dollar-backed stablecoin, USD1, on the BNB Chain and Ethereum.

According to CoinMarketCap, the coin has over $2 billion in market capitalization at publishing time.

The stablecoins follow other high-profile crypto projects that use the president’s personal brand as a marketing tool, namely the TRUMP and WLFI memecoins that launched ahead of Trump’s inauguration. 

Related: Are Donald Trump’s tariffs a legal house of cards?

Trump’s ability to influence stablecoin policy has led a group of US senators to call for an inquiry into his personal interests in the project, calling it a clear conflict of interest.

The letter calling for an inquiry. Source: Senator Schiff

Custodia and Vantage Bank launch bank-issued coin on Ethereum 

Two US banks, the crypto-friendly Custodia Bank and the Texas-based Vantage Bank, have entered a partnership to issue the supposed first bank-issued stablecoin in the US, UK and Europe.

On March 25, Custodia stated that it tokenized US dollar demand deposits on the Ethereum blockchain as an ERC-20 standard token called Avit. 

Custodia CEO and crypto advocate Caitlin Long said that Avit is a “real dollar” in that it tokenizes funds that customers can withdraw on demand, like checking account deposits. 

Stripe is testing a stablecoin product 

On April 28, Stripe CEO Patrick Collison announced that his global payments platform was working on a US-dollar-based stablecoin product for use outside the US.

Source: Patrick Collison

The move comes after it received approval to acquire stablecoin payments network Bridge in a $1-billion deal in October 2024, a deal which it completed in February 2025.

Bridge was founded by two former Coinbase executives, Zach Abrams and Sean Yu, in 2022 and competes with firms using the ubiquitous SWIFT global payments system. 

The stablecoin initiative is the latest development in the firm’s expanding crypto plans. After a false start on Bitcoin support in 2014, the firm began rebuilding its crypto team in earnest in 2021. On Oct. 9, 2024, the firm opened USDC support for users in 70 countries. 

UAE’s largest bank to issue stablecoin

Abu Dhabi’s International Holding Company, Abu Dhabi Developmental Holding and First Abu Dhabi Bank (FAB) partnered to launch a dirham-backed stablecoin on April 28.

According to The National, FAB — the largest bank in the UAE — will issue the stablecoin on the ADI network pending approval from the central bank. 

The ADI network is a project of the ADI Foundation in Abu Dhabi, which itself is a nonprofit organization founded by Sirius International Holding, a local holding firm with a $243 billion market capitalization. 

The firms claim that the stablecoin will “have a significant impact on various industries, including finance, commerce, and trade.”

Related: Stablecoin adoption grows with new US bills, Japan’s open approach

Visa, SBI and Mastercard add more stablecoin support 

New stablecoin issuances are picking up the pace, and payments firms, banks and financial institutions are adding support for them as well.

On April 28, international payments giant Mastercard partnered with OKX to expand its stablecoin card options, which allow cardholders to spend stablecoins through their Mastercard linked with prominent crypto firms. 

Two days later, Visa announced that it partnered with Stripe and Bridge on April 30 to offer stablecoin payments on its network in Latin America, starting with Argentina, Colombia, Ecuador, Mexico, Peru and Chile.

SBI VC Trade, the cryptocurrency subsidiary of the Japanese financial conglomerate SBI, said it was preparing to add support for USDC after local regulators softened their approach to foreign stablecoins. Pending formal approval, the trading platform will be one of the first in Japan to offer cryptocurrency trading in USDC (USDC).

SBI VC Trade CEO Tomohiko Kondo shows the firm getting the go-ahead from Japanese regulators. Source: Tomohiko Kondo

Regulators and payments providers worldwide are warming up to stablecoins. US lawmakers have yet to vote on the aforementioned crypto bills, but if the stablecoin frameworks pass, adoption is set to take off as firms gain access to a large financial market with clear guidelines.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

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How cybercriminals are exploiting digital twins to scam crypto users

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20 minutes ago

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May 5, 2025

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What is a digital twin?

A digital twin is a virtual model or replica of a physical object, system or process. It’s like a digital mirror, allowing us to simulate, monitor and predict the behavior of real-world entities in real-time. 

These virtual counterparts are designed to pull data from physical sensors or inputs, providing a continuous feedback loop that helps with analysis, optimization and decision-making. Digital twins can represent almost anything, from machinery in a manufacturing plant to human behavior or entire cities.

In industries like healthcare, automotive, manufacturing and urban planning, digital twins allow for better resource management, predictive maintenance and more accurate simulations before physical changes are made. In essence, they help prevent costly mistakes by modeling complex systems in the virtual world before implementing them in the real world.

Digital twins have taken on a darker role in the blockchain and cryptocurrency sectors. Cybercriminals use digital twin technology rather than simulating physical objects to create synthetic identities, replicas of real individuals, often derived from stolen data. These digital copies are then used to infiltrate online communities, impersonate influencers or executives, or manipulate systems for financial gain.

How cybercriminals weaponize digital twins to scam crypto users

In the crypto world, where anonymity and trustless transactions reign supreme, digital twins have emerged as a potent tool for cybercriminals to exploit. Scammers can take advantage of the decentralized, unregulated nature of crypto platforms to perpetrate these frauds. 

 

Here’s a deeper look at how scammers weaponize digital twins:

Identity cloning: Cybercriminals gather personal data from social media, data breaches and other online sources to create a highly accurate digital twin of a real person. This might include images, voice recordings, writing style and even behavioral patterns. Once the digital twin is created, it can be used to impersonate individuals and gain trust from others in the crypto community.Fake influencers or advisers: Crypto influencers, who often command significant trust and attention, are prime targets for digital twin scams. By replicating their speech patterns, mannerisms and even generating deepfake videos, scammers can pose as trusted personalities in the space. These fake versions may promote fraudulent investment schemes, fake tokens or manipulate users into sending crypto to scam wallets.Synthetic KYC (Know Your Customer) scams: Some digital twins are created to bypass KYC processes on exchanges or decentralized finance (DeFi) platforms. Attackers can generate fake identities and provide forged documents or images to appear legitimate, gaining access to accounts or executing unauthorized transactions. This can enable criminals to launder stolen funds or impersonate legitimate traders.Phishing with personalization: Phishing scams in the crypto space often target individuals with highly personalized messages. When a scammer creates a digital twin of a known figure, they can tailor their communications to appear more convincing. By using these personalized messages, they trick victims into clicking on malicious links, giving away private keys or downloading harmful software.Did you know? In 2023, a Hong Kong finance employee was tricked into transferring $25 million after joining a video call with what turned out to be deepfake versions of their colleagues, generated using publicly available footage.

Examples of digital twin-related scams in crypto

While digital twin scams in crypto might sound futuristic, they’re already happening, and AI is a big part of the problem. These scams don’t always rely on evil digital twins alone; many use deepfake videos, AI-generated profiles and hallucinated interfaces to deceive users. 

Here are some real-world examples:

Deepfake CEO scam defrauds chief financial officer via video call: In a sophisticated attack, scammers created digital avatars of a company’s CEO and executives using publicly available video materials. They conducted a video call with the company’s chief financial officer, convincing him to transfer funds under false pretenses. The digital twins were so convincing that the executive did not suspect foul play during the call.UI spoofing mimics trusted crypto platforms: Cybercriminals have employed UI spoofing to create near-perfect replicas of legitimate cryptocurrency platforms. These counterfeit interfaces trick users into entering sensitive information or making transactions, believing they are interacting with the real platform. The high fidelity of these digital twins makes them particularly dangerous, as they can bypass traditional security measures.AdmiralsFX scam uses deepfakes to lure investors: A large-scale scam operated by a call center in Tbilisi, Georgia, used deepfake videos of celebrities to promote a fraudulent cryptocurrency investment platform called AdmiralsFX. Victims were shown AI-generated videos of public figures endorsing the platform, leading them to invest substantial amounts of money. The operation defrauded over 6,000 individuals, highlighting the potent combination of deepfake technology and social engineering.

How to spot interactions with evil digital twins: 6 Red flags

Digital twin scams rely on sophisticated impersonation techniques, and scammers often use synthetic identities to build trust and manipulate their targets. 

To help you stay alert, here are six red flags that can help you identify interactions with synthetic identities. Watch for these warning signs to protect yourself from falling victim to fraud.

Digital twin scams in crypto often hide behind polished, AI-generated responses that sound perfect but lack authenticity. If someone avoids live video calls and instead offers pre-recorded clips or deepfakes, be skeptical. Real people show up. 

Scammers frequently use urgency, pushing you to act fast with phrases like “limited offer” to bypass your judgment. One major red flag is receiving unverified crypto requests via DMs — legit professionals don’t do that. Always check profiles for inconsistencies like low follower counts or recent creation dates. 

Finally, be wary if someone insists on sticking to one platform and refuses to switch to secure or verified channels. These tactics combined often signal a coordinated scam using digital twin or AI deception.

Did you know? Unlike traditional simulations, digital twins are dynamic virtual environments powered by real-time data. While a simulation models one process, a digital twin can run multiple simulations at once, constantly learning and adapting through a live feedback loop.

Can blockchain help prevent digital twin-powered crypto scams?

While blockchain technology is often targeted by cybercriminals due to its decentralized and pseudonymous nature, it also holds the potential to offer powerful solutions for combating digital twin-based scams.

Blockchain, with its transparent and immutable features, provides unique tools that can help verify identities and secure transactions, making it harder for scammers to manipulate the system. Leveraging blockchain’s capabilities introduces robust security layers that verify the legitimacy of interactions, helping reduce fraud, identity theft and digital impersonation.

Onchain identity verification: One of the most important developments in blockchain technology is the concept of decentralized identity (DID). With DID, individuals can verify their identity on the blockchain without relying on centralized authorities. This ensures that scammers cannot create synthetic identities without being detected. Blockchain provides a transparent, secure and verifiable system for managing identities, reducing the risk of impersonation.NFT identity markers: Some platforms use non-fungible tokens (NFT) as a form of digital identity. NFTs are unique and traceable on the blockchain, which makes it much harder to clone someone’s identity. If you’re engaging with a person who has a verified NFT identity, you can be more confident that they are who they claim to be.Immutable audit trails: Every transaction on the blockchain is permanently recorded and timestamped. This means that if someone tries to impersonate another person or create a fraudulent identity, their actions leave a trace. If a synthetic identity is used to scam individuals, the blockchain’s audit trail can help authorities track the perpetrator.Smart contract protections: Smart contracts on blockchain can be used to implement certain safeguards. For instance, smart contracts can include identity verification processes, ensuring that transactions aren’t processed unless the user’s identity is verified. This can help prevent users from sending crypto to scammers using fake identities.

While not a silver bullet, blockchain can significantly strengthen trust and security in increasingly AI-powered digital environments.

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Notcoin says tap-to-earn ‘probably dead’ as Telegram games see shift

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20 minutes ago

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May 5, 2025

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Notcoin, one of the most prominent Web3 gaming projects of 2024, said the tap-to-earn genre is “probably dead” as Web3 gaming shifts to more fun and engaging projects.

During Token2049 in Dubai, Notcoin co-founders Sasha and Vladimir Plotvinov, along with Uliana Salo, the head of design and product lead for Not Games, spoke with Cointelegraph about the state of Telegram-based Web3 gaming. 

Vladimir told Cointelegraph that game builders are shifting to different game genres as tap-to-earn failed to sustain players’ interests. 

“We’re going to see different types of games, as tap-to-earn games are probably dead because they’re not sustainable,” he said. 

Notcoin’s Sasha (left), and Vladimir Plotvinov (middle), and Uliana Salo (right) at the Token2049 event in Dubai. Source: Cointelegraph

Gamers want a “fun time” with friends 

In 2024, Notcoin was one of Telegram’s most popular tap-to-earn games, onboarding more than 30 million users within three months of its release. In a previous interview, Sasha attributed the game’s growth to its ability to “solve the issue” of onboarding Telegram users into crypto. 

While Telegram gaming exploded in 2024, gamers soon went game-hopping, moving to other games as soon as they “farmed” what they could in one project. Sasha told Cointelegraph: 

“Users who come to farm — their motivation is just to earn something. And with games, it’s more like I have fun, I want to play with my friends, and I want to play within a group.”

He added that while Telegram’s first wave of games didn’t provide that social element, Web3 can still play a vital role in the platform’s gaming ecosystem.

He told Cointelegraph that Telegram games started to shift to models that move away from simply “farming” tokens. In these new experiences, the Web3 economy part becomes an “add-on” instead of the main value proposition. 

However, development may take some time. Sasha told Cointelegraph that Telegram has no “real games” yet, but is optimistic for the future.

How artificial intelligence improves Web3 gaming development

Vladimir told Cointelegraph that artificial intelligence and Telegram have made creating games easier for Web3 developers. 

The Notcoin co-founder said that the advent of AI technology allowed developers to be faster and more efficient when writing game code:

“It saves time. My speed of delivery becomes faster. I write code faster than usual because I save a lot of time on other easy tasks.”

However, he urged developers to pay attention when using AI when creating their projects. 

“You have to pay a lot of attention, have the expertise and experience because you have to see like how the API will work, how it will be connected to each other, how it will work on high load with a lot of users,” Vladimir said. 

Related: Web3 games with one wallet still the vision for players — The Sandbox

Telegram Web3 gaming to grow exponentially

When asked if Telegram’s Web3 gaming industry will still grow despite the perceived death of tap-to-earn, Salo told Cointelegraph that Telegram has a market similar to Facebook and WeChat, which are platforms with their own gaming ecosystems. 

“We believe in our chances because we already have a similar platform like WeChat and Facebook that already have their game ecosystems, and it’s a huge market. The number of users is practically the same,” she said. 

Salo noted that Telegram’s gaming scene currently lacks major publishers and investor funding, but she expects exponential growth.

Salo added that they’re trying to get to a point where gamers play not just to get tokens but because it’s fun. “We’re trying to get this extra part, like this ‘fun’ with something that people are doing not only for money, just for themselves,” Salo said. 

Magazine: TV hit Peaky Blinders to launch crypto game, FIFA Rivals on Polkadot: Web3 Gamer

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