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The Federal Reserve took a significant step this week, unveiling proposed rules to implement the GENIUS Act governing stablecoins. The proposals would require issuers under Fed supervision to back tokens fully with safe assets, and open a formal application process for banks seeking to enter the stablecoin space. Public comment is now open.
On the heels of that regulatory push, the crypto exchange Bitget is dealing with a very different kind of headline. The platform confirmed it lost three hundred fifty-two million dollars in a hack, with CEO Gracy Chen announcing the breach shortly after independent researchers flagged suspicious wallet activity. Bitget insists user funds remain safe, though that claim will face scrutiny in the days ahead.
Shifting from finance to the frontier, Google is sending its tensor processing units into orbit aboard a SpaceX rocket next week. The launch is part of Project Suncatcher, the company's space datacenter initiative, and is designed as a test to see how its custom chips hold up under launch stress and the unforgiving conditions of low Earth orbit. The long-term vision is compute power beyond our atmosphere.
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