Bonk, the second-biggest Solana meme coin after Trump Coin, may be at risk of a significant drop as whales and smart money investors reduce their positions. Bonk (BONK) was trading at $0.00002053 on Wednesday, down 20% from its monthly high.…

Bonk price could slump soon as whales, smart money dump tokens

Texas is on the verge of becoming the third U.S. state to establish a state- 
managed Bitcoin. The Texas Strategic Bitcoin Reserve and Investment Act, SB 
21, was approved by the House of Representatives with a vote of 101-42. The 
bill…

Texas approves Bitcoin reserve bill, awaits governor’s signature

America&#8217;s powerful banking lobby is &#8220;panicking&#8221; over the potential of 
stablecoins to disrupt their traditional business model, particularly when it 
comes to yield-bearing stablecoins, according to Austin Campbell, a New York 
University professor and founder of Zero Knowledge Consulting.
In a May 21 social media post that begins with, &#8220;The Empire Lobbies Back,&#8221; 
Campbell claimed that the banking industry is especially alarmed by the 
potential for stablecoins to offer interest or rewards to holders.
In a pointed message aimed at Democratic lawmakers, Campbell wrote that &#8220;banks 
want you to protect their cartel so they can keep screwing your voters.&#8221;
He went on to explain how fractional reserve banking enables banks to maximize 
profits while offering depositors minimal interest.
The banking lobby says that if stablecoins pay interest or any other type of 
monetary reward, banks will be &#8220;harmed,&#8221; Campbell added.
_An excerpt of Campbell &#8216;s X post. Source: __Austin Campbell_
&#8220;This is naked pandering for cartel protection,&#8221; he said while urging the 
opposition party to avoid &#8220;screwing&#8221; its voters with supporting any type of 
blanket ban on stablecoin interest payments.
Campbell has long advocated for sensible stablecoin legislation in the United 
States, warning a Congressional subcommittee in April 2023 that failing to 
enact such laws would push issuers overseas.
_**Related:**__**Pareto launches synthetic dollar backed by private credit**_
## The rise of yield-bearing stablecoins
Campbell&#8217;s scathing assessment of the traditional banking industry comes amid 
a wave of stablecoin issuers launching yield-bearing tokens.
As reported by Cointelegraph, the US Securities and Exchange Commission (SEC) 
in February approved the first yield-bearing stablecoin security by Figure 
Markets. At the time of its launch, the new YLDS token offered a 3.85% yield.
_Figure Markets &#8216; Form S-1 registration with the SEC for its yield-bearing 
stablecoin. Source: __SEC_
Figure Markets is by no means the only player going down the yield-bearing 
stablecoin route.
In February, Tether co-founder Reeve Collins announced that his Pi Protocol 
will allow investors to mint the USP stablecoin in exchange for USI, an 
interest-paying equivalent.
Spark Protocol&#8217;s USDS also offers holders interest payments generated through 
decentralized lending and tokenized Treasurys.
_Stablecoins have come a long way since October 2014, when Tether launched 
USDt. Source:__S &amp;P Global_
&#8220;It&#8217;s unacceptable to not be receiving at least the risk-free rate for holding 
stablecoins,&#8221; Sam MacPherson, CEO of Spark Protocol developer Phoenix Labs, 
told Bloomberg.
Aside from Bitcoin (BTC), stablecoins have arguably become the most impactful 
use case for blockchain technology, with Coinbase Canada CEO Lucas Matheson 
telling Cointelegraph that global stablecoin volumes are nearly three times 
those of credit card giant Visa.
_**Related:**__**Canada lags with stablecoin approach, but there &#8216;s room to 
catch up**_

Bank lobby is 'panicking' about yield-bearing stablecoins — NYU professor

A recent filing with Maine&#8217;s attorney general sheds new light on Coinbase&#8217;s 
data breach, claiming that nearly 70,000 users were impacted and that the 
incident went unnoticed for nearly six months.
According to the filing submitted by legal firm Latham and Watkins LLP, 
69,461Coinbase users were compromised by the breach, 217 of whom are residents 
of the US state of Maine.
The document also indicates the breach occurred on Dec. 26, 2024, but was only 
discovered on May 11, 2025 &#8212; nearly six months following the cybersecurity 
incident.
Coinbase now faces a flurry of lawsuits from affected clients, who argue that 
the exchange failed to notify victims of the security breach in a timely 
manner. The attack caused $400 million in losses through social engineering 
scams and remediation costs, Coinbase has said.
Cointelegraph contacted Coinbase for comment, but had not received a response 
at time of publication.
_Coinbase data breach incident details. Source:__Maine Attorney General_
The data breach sparked debate about the ethics of Know Your Customer (KYC) 
data collection, which some argue adds risks to crypto holders. The incident 
also reflects the growing number of cybersecurity incidents plaguing the 
industry.
_**Related:**__**Coinbase faces lawsuit over alleged breaches of Illinois 
biometric privacy law**_
## The Coinbase data breach sends shockwaves through the crypto world
Coinbase became the target of a ransom attempt after scammers convinced 
several Coinbase customer service representatives to hand over limited user 
information, including client names, contact information, and physical 
addresses.
The scammers then attempted to extort the company into paying a ransom of $20 
million in exchange for not leaking the data. However, Coinbase refused to 
negotiate with the threat actors.
The crypto exchange fired the contractors who collaborated with the scammers 
to hand over the user data and also promised remediation or reimbursements for 
any impacted clients.
Despite the remediation efforts, shares of Coinbase slid by 7% following news 
of the data breach and the subsequent extortion attempt.
Later reports revealed that Roelof Botha, a partner at venture capital firm 
Sequoia Capital, was also a victim of the data leak, suggesting that the 
incident also impacted other individuals or entities tied to the VC firm.
The United States Department of Justice (DOJ) opened a probe into the leak; it 
hadn&#8217;t published updates on the incident or the extortion attempt as of May 
21.
Industry executives, investors, and legal experts have warned that such data 
leaks threaten the physical safety of crypto investors by making them the 
targets of extortion attempts, kidnapping, and armed robbery.
_**Magazine:**__**Pink Drainer creator defends his wallet-draining crypto scam 
kit**_

Coinbase breach hit almost 70k users — Attorneys

The Graph, an indexing and query protocol, has integrated Chainlink’s 
interoperability standard to enable cross-chain transfer of its native token. 
The Graph (GRT) announced that this adoption of the Chainlink (LINK) 
interoperability standard will allow users to bridge GRT across…

The Graph enables cross-chain transfer of GRT with Chainlink’s CCIP

In a press release provided to Bitcoin.com News, Democratic legislators and 
activists announced their intention to hold a rally in opposition to U.S. 
President Donald Trump’s meme coin dinner gala. Framing the event as a rebuke 
of transactional politics, the senators and demonstrators stated that they 
will be united under the banner of the ‘America […]