The U.S. Treasury’s top official for financial oversight said government regulators need action from lawmakers to adequately protect investors — and the wider financial system — from risks posed by stablecoins.

The fintech, which provides crypto custody services to financial institutions and recently obtained a national trust bank charter, will use its Series D funding to increase the size of its team and strengthen its infrastructure.

The basketball star Kevin Durant and his company Thirty Five Ventures have signed a multiyear deal with Coinbase Global to promote the cryptocurrency platform across his businesses.

The funding is tied for the second-largest crypto- or blockchain-related venture capital deal of the year with FTX Trading’s $1 billion round in July, after Robinhood Markets' $3.4 billion raise in January, according to PitchBook data.

A new survey of industry executives finds substantial interest in cryptocurrencies and mergers but anxiety about competition from large technology companies.

The so-called reserves held by the issuers of stablecoins like Tether and USD Coin aren’t the risk-free assets that the term connotes. For all the public knows, they could largely consist of low-grade corporate debt.

Executives representing leading cryptocurrency firms such as Circle and FTX told Congress that some federal oversight of their industry is worthwhile, but they criticized a recent report by a Biden administration working group recommending that stablecoin issuance be limited to FDIC-insured banks.

The card network's new cryptocurrency advisory service aims to help financial institutions catch up with companies like Square and PayPal by spotting opportunities to support stablecoins, nonfungible tokens and central bank digital currencies.

The proceeds will support Silvergate’s network that facilitates cryptocurrency transactions and a leveraged lending product that provides loans collateralized by bitcoin.

President Biden says his administration is focused on policing cryptocurrency crimes to combat corruption globally and is taking advantage of a newly formed Department of Justice task force, according to an anti-graft report released Monday.