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Trump's Stablecoin Chose For $2 Billion Abu Dhabi Investment In Binance

1 week 5 days ago
Donald Trump's crypto company created a digital dollar called USD1, which is now being used by a big investor in Abu Dhabi to help fund a $2 billion deal with Binance, the world's largest crypto exchange. Reuters reports: Stablecoins are an increasingly lucrative cog in global crypto trading. Their issuers typically profit by earning interest from the Treasuries and other assets that underpin them. The value of USD1 in circulation reached about $2.1 billion on Wednesday, according to CoinMarketCap data, making it one of the fastest-growing stablecoins. The identity of its major holders, however, remains unclear. An anonymous cryptocurrency wallet that holds $2 billion worth of USD1 received the funds between April 16 and 29, according to data from crypto research firm Arkham. Reuters could not ascertain the owner of this wallet. Binance founder and former CEO Changpeng Zhao, who was incarcerated in the United States last year after pleading guilty to violating U.S. laws against money laundering, met Zach Witkoff and two other World Liberty co-founders in Abu Dhabi, according to a photo posted on social media site X on Sunday. "It was great to see our friends," in Abu Dhabi, posted Zhao in response to the photo, tagging Witkoff. Zhao, who in 2023 stepped down from his role at Binance as part of a $4.3 billion settlement with the U.S. over the illicit finance charges, remains a major shareholder of Binance. Separately, Zach Witkoff announced that USD1 would be integrated into Tron, the blockchain of Hong Kong-based crypto entrepreneur Justin Sun. Sun is the biggest known investor in World Liberty and an adviser to the venture, according to his social media posts, having poured at least $75 million into the project. Sun was fighting a U.S. securities fraud lawsuit at the time of his first investment in World Liberty. The U.S. Securities and Exchange Commission in February paused its case against him, citing public interest.

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Patreon Will Update Its iPhone App To Sidestep Apple's Payment System

1 week 5 days ago
Following a major court ruling limiting Apple's control over App Store payments, Patreon plans to update its iOS app to allow payments outside Apple's system, letting creators keep more of their earnings. Spotify and Proton are also preparing similar updates. The Verge reports: "This is a huge moment for creators and their businesses," [spokesperson Adiya Taylor] says. "The iOS app is the number one platform for fan engagement on Patreon, and we believe this ruling allows creators to get paid without giving Apple 30 percent. As a first step, we will submit an app update for review by Apple to enable payments outside of IAP so creators keep more from iOS based fan payments." Last year, Patreon said it was forced to switch to Apple's in-app purchase system, which applied a 30 percent fee to all new memberships purchased in the app, or else risk "being removed from the App Store." "When we first announced rolling out Apple's IAP requirements last year, we shared that we used three principles to guide our decision in how we wanted to move forward: transparency, control, and stability," Taylor says. "Keeping with those principles, we're exploring further action we can take, and we'll continue to keep creators and fans posted on any changes to our experience." Taylor wasn't able to share a timeline for when the update might be rolled out. Further reading: Epic Games Is Launching Webshops To Circumvent App Store Fees

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Zuck ghosts metaverse as Meta chases AI goldrush

1 week 5 days ago
Seriously, HTF does Reality Labs bleed SIXTY BILLION US DOLLARS in FIVE years?

Meta's Reality Labs division continued its losing streak with another $4.2 billion down the drain in the first quarter of 2025. CEO Mark Zuckerberg's stated priorities on Wednesday's earnings call suggest his metaverse dream is well and truly over.…

Brandon Vigliarolo

Epic Games Is Launching Webshops To Circumvent App Store Fees

1 week 5 days ago
An anonymous reader quotes a report from TechCrunch: Epic Games is taking a victory lap. After notching a big win against Apple in a years-long legal dispute, Epic announced that its Epic Games Store will allow developers to open webshops, which can offer players out-of-app purchases to circumvent fees from Apple and Google. [...] With the Epic Games Store's new webshops feature, other developers will be more easily able to follow suit. Usually, Epic takes a 12% share of a developer's earnings from the Epic Games Store, which is still a better deal than what developers get from Apple. But starting in June, Epic Games will not take a cut from the first $1 million each game earns annually. Only after a game eclipses $1 million in revenue will Epic begin taking a cut. "With new legal rulings in place, developers will be able to send players from games to make digital purchases from webshops on any platform that allows it, including iOS in the European Union and United States," Epic said.

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Meta's Reality Labs Has Now Lost Over $60 Billion Since 2020

1 week 5 days ago
Meta's Reality Labs posted a $4.2 billion operating loss in Q1 2025. According to CNBC, cumulative losses since 2020 now exceed $60 billion. From the report: Meta's Reality Labs unit is responsible for the company's Quest-branded virtual reality headsets and Ray-Ban Meta Smart Glasses. It's the key business unit that anchors CEO Mark Zuckerberg's plans to build a new computing platform involving digital worlds accessible via VR and augmented reality devices. [...] Wall Street has questioned Meta's big spending on the metaverse, which Zuckerberg has said could take many years to turn into a real business. The company must now also contend with sweeping new tariffs from President Donald Trump and the likely increase in costs that will follow, potentially leading to higher-priced devices. Last week, Meta said that an unspecified number of Reality Labs employees were laid off. Those workers were part of the Oculus Studios unit, which creates VR and AR games and content for Quest VR headsets.

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