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Project Overview
River is building a chain-abstracted stablecoin system, connecting assets, liquidity, and returns across multiple blockchains. Through its core stablecoin, satUSD, users can achieve returns, leverage, and scale across diverse ecosystems. River's key feature is its pioneering omni-CDP module, allowing users to collateralize assets on chain A and mint satUSD on chain B—all without requiring cross-chain asset bridging.
Robinhood, MetaMask, and other institutions jointly launched the On-Chain Trading Coordination Protocol (OTL).
According to PR Newswire, the Open Transaction Layer (OTL) officially launched on May 28 as an open industry initiative aimed at establishing a unified transaction coordination standard for on-chain finance. OTL defines shared protocols among institutions, non-custodial wallets, and AI agents for identity verification, messaging, and transaction coordination—covering the entire transaction lifecycle, including discovery, compliance, and settlement. The founding alliance comprises over 25 members, including leading financial institutions, payment service providers, and blockchain foundations such as Fireblocks, Checkout.com, Cross River Bank, MetaMask, Robinhood, Securitize, Wintermute, Solana Foundation, and Polygon. OTL’s technical specifications are built upon mature standards including W3C Decentralized Identifiers (DIDs) and ISO 20022, and adopt a modular five-layer architecture covering Identity, Session, Transport, Messaging, and Application layers. The specifications have been published under an open-source license at otl.network, and the alliance is also open to additional institutional participation.
Robinhood, MetaMask, and Others Join the OTL Initiative: Attempting to Solve the "Missing Coordination Layer" Problem for On-Chain Finance
: Multiple institutions including Robinhood, MetaMask, and eToro, along with Fireblocks, Checkout.com, Cross River Bank, Securitize, Wintermute, and others, jointly announced their participation in the "Open Transaction Layer (OTL)" initiative, aimed at establishing a unified transaction coordination protocol layer for on-chain finance.OTL is positioned as an open protocol stack for coordinating identity verification, compliance validation, transaction messaging, and execution processes among wallets, institutions, and AI agents, addressing the integration fragmentation problem currently plaguing cross-institutional interactions in on-chain finance, where entities operate in silos.The current coalition members include payment companies, trading platforms, wallets, market makers, and custody and stablecoin infrastructure providers, including Robinhood, MetaMask, eToro, MoonPay, SoFi, Wintermute, among others, as well as foundations from multiple public chains such as TON, Solana, Stellar, and Polygon. (Financefeeds)
U.S. Senator Sends Letter to Musk Regarding X Money, Questions Stablecoin Plan and User Protections
According to Cointelegraph, U.S. Senator Elizabeth Warren sent a letter to Elon Musk requesting clarification on X platform’s planned payment feature, X Money—including its stablecoin and cryptocurrency integration strategy—and warning that it could pose risks to the financial system and U.S. national security. Warren specifically questioned whether X Money would issue its own stablecoin under exemptions provided by the GENIUS Act, and whether users would be adequately informed that their funds are not covered by FDIC deposit insurance. The letter also noted that X Money’s test preview indicates it may offer a 6% deposit interest rate and that it is partnering with Cross River Bank—a bank previously subject to FDIC enforcement actions.
Benchmark sharply raises bitcoin miner Hut 8 target price to $165
Odaily Benchmark has raised its price target for Hut 8 (HUT) from $85 to $165, citing the company's accelerated commercialization of its AI data center business and a total of $16.8 billion in long-term contracts for AI infrastructure. Analyst Mark Palmer stated that the commercialization progress of Hut 8's Beacon Point AI data center campus in Texas "has changed the company's valuation logic," significantly increasing the project's value.Currently, Hut 8's stock price is approximately $97, meaning Benchmark's new target implies roughly 69% upside. The stock had previously fallen nearly 30% over the past six weeks.According to Benchmark's estimates, the redesigned first phase of the Beacon Point campus will support 352MW of IT capacity, a 57% increase from the original 224MW plan. The base term value of the lease for this initial phase is approximately $9.8 billion, with an estimated annualized net operating income of around $655 million.Additionally, the lease agreement for Hut 8's River Bend data center, signed with Fluidstack and supported by Google, is valued at approximately $7 billion. The combined base term value of the two contracts reaches $16.8 billion. If tenants exercise the included 5-year renewal options, the potential total value could rise to $42.8 billion. (The Block)
ZachXBT: LAB Insider Deposits 226 Million Tokens to Exchange
ZachXBT posted on X platform, stating that the wallet (0xf09c) of the LAB lending contract borrower is the same wallet used for public buybacks, and the funds have flowed to an exchange suspected to be personally controlled by Vova. Since January 2026, co-founder Mark has publicly sought OTC buyers, offering loans with a 5% monthly interest, as well as OTC parcels with a 60% discount and a 5-month lock-up period.The funding source for the LAB team's multi-signature signer address (0xcEA...eBC9) is linked to an insider involved in the RIVER manipulation incident. This insider had previously received over $12 million worth of RIVER tokens to two CEX deposit addresses. Between March and April, the insider deposited 226 million LAB tokens to Bitget, and recently withdrew 100 million tokens. An unknown market maker may be operating through Chinese exchanges.He pointed out that the team, market makers, and OTC buyers possess inside information, placing retail investors at a disadvantage. He called on Bitget, Binance, and Gate.io to freeze the profits obtained by insiders and redistribute them to users.
Benchmark sharply raises bitcoin miner Hut 8 target price to $165
Odaily Benchmark has raised its price target for Hut 8 (HUT) from $85 to $165, citing the company's accelerated commercialization of its AI data center business and a total of $16.8 billion in long-term contracts for AI infrastructure. Analyst Mark Palmer stated that the commercialization progress of Hut 8's Beacon Point AI data center campus in Texas "has changed the company's valuation logic," significantly increasing the project's value.Currently, Hut 8's stock price is approximately $97, meaning Benchmark's new target implies roughly 69% upside. The stock had previously fallen nearly 30% over the past six weeks.According to Benchmark's estimates, the redesigned first phase of the Beacon Point campus will support 352MW of IT capacity, a 57% increase from the original 224MW plan. The base term value of the lease for this initial phase is approximately $9.8 billion, with an estimated annualized net operating income of around $655 million.Additionally, the lease agreement for Hut 8's River Bend data center, signed with Fluidstack and supported by Google, is valued at approximately $7 billion. The combined base term value of the two contracts reaches $16.8 billion. If tenants exercise the included 5-year renewal options, the potential total value could rise to $42.8 billion. (The Block)
Robinhood, MetaMask, and other institutions jointly launched the On-Chain Trading Coordination Protocol (OTL).
According to PR Newswire, the Open Transaction Layer (OTL) officially launched on May 28 as an open industry initiative aimed at establishing a unified transaction coordination standard for on-chain finance. OTL defines shared protocols among institutions, non-custodial wallets, and AI agents for identity verification, messaging, and transaction coordination—covering the entire transaction lifecycle, including discovery, compliance, and settlement. The founding alliance comprises over 25 members, including leading financial institutions, payment service providers, and blockchain foundations such as Fireblocks, Checkout.com, Cross River Bank, MetaMask, Robinhood, Securitize, Wintermute, Solana Foundation, and Polygon. OTL’s technical specifications are built upon mature standards including W3C Decentralized Identifiers (DIDs) and ISO 20022, and adopt a modular five-layer architecture covering Identity, Session, Transport, Messaging, and Application layers. The specifications have been published under an open-source license at otl.network, and the alliance is also open to additional institutional participation.
Robinhood, MetaMask, and Others Join the OTL Initiative: Attempting to Solve the "Missing Coordination Layer" Problem for On-Chain Finance
: Multiple institutions including Robinhood, MetaMask, and eToro, along with Fireblocks, Checkout.com, Cross River Bank, Securitize, Wintermute, and others, jointly announced their participation in the "Open Transaction Layer (OTL)" initiative, aimed at establishing a unified transaction coordination protocol layer for on-chain finance.OTL is positioned as an open protocol stack for coordinating identity verification, compliance validation, transaction messaging, and execution processes among wallets, institutions, and AI agents, addressing the integration fragmentation problem currently plaguing cross-institutional interactions in on-chain finance, where entities operate in silos.The current coalition members include payment companies, trading platforms, wallets, market makers, and custody and stablecoin infrastructure providers, including Robinhood, MetaMask, eToro, MoonPay, SoFi, Wintermute, among others, as well as foundations from multiple public chains such as TON, Solana, Stellar, and Polygon. (Financefeeds)
Hut 8 to Invest $16 Million in Louisiana to Support AI Data Center Construction
According to PRNewswire, Nasdaq-listed Bitcoin mining company Hut 8 announced an agreement with West Feliciana Parish in Louisiana, U.S., to invest $16 million locally to support the construction of an AI data center. The funds will be used to expand the local water supply system for the River Bend AI Data Center campus.
Related news
Toss Payments Selected as Priority Negotiation Partner for South Korea Deposit Token Payment Infrastructure Construction
According to Yonhap News Agency, South Korean payment technology company Toss Payments has been listed as a priority negotiation partner for the "Deposit Token-based Payment Infrastructure Expansion Project" promoted by the Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). The project aims to reduce the payment fee burden for small and micro merchants by extending the institutional central bank digital currency (CBDC) deposit token pilot experience verified in the Bank of Korea's "Han River Project" to the private payment environment.
Hut 8 and IREN Announce New Billion-Level AI Infrastructure Contract, Both Stock Prices Surge Over 16%
According to The Block, Bitcoin mining companies Hut 8 (HUT) and IREN sequentially announced major AI infrastructure deals, with share prices both rising over 16% on the day. Hut 8 signed a second 15-year, $9.8 billion lease at the Beacon Point campus in Nueces County, Texas, fully commercializing the 1GW site. This contract doubles the signed capacity for existing tenants to 704MW, raising the total value of campus contracts to $19.6 billion. Adding River Bend's 245MW, Hut 8's total signed IT capacity for its AI data center portfolio reaches 949MW, with a total contract base term value of $26.6 billion and expected average annual net operating income exceeding $1.75 billion. If three renewal options are exercised, Beacon Point's potential contract value could reach up to $50.2 billion. After signing a new $2.8 billion multi-year cloud computing contract, IREN raised its end-of-2026 AI cloud annualized revenue target from $3.7 billion to over $4 billion, with currently about 85% of the target secured within contracts. Clients include top institutions such as Microsoft, NVIDIA, Perplexity, and Figure AI, with customer prepayments in the new contract covering approximately 45% of the related GPU capital expenditures. As of June 30, IREN held approximately $7.6 billion
Bank of Korea Accelerates Phase 2 of "Han River Project", Real Transaction Test for Indefinite Deposit Tokens to Launch as Early as September
According to Yonhap News Agency, the Bank of Korea is accelerating the second phase of its Central Bank Digital Currency-based proof-of-concept project, the "Han River Project." If system development and participant recruitment are completed as planned, live transaction testing of deposit tokens will commence as early as September and continue on an indefinite basis. The number of participating banks in the second phase has increased from 7 to 9, with new features including peer-to-peer transfers, biometric authentication, and automatic deposit and withdrawal of deposit tokens, while usage scenarios will also expand to merchants contracted with participating banks.
Benchmark sharply raises bitcoin miner Hut 8 target price to $165
Odaily Benchmark has raised its price target for Hut 8 (HUT) from $85 to $165, citing the company's accelerated commercialization of its AI data center business and a total of $16.8 billion in long-term contracts for AI infrastructure. Analyst Mark Palmer stated that the commercialization progress of Hut 8's Beacon Point AI data center campus in Texas "has changed the company's valuation logic," significantly increasing the project's value.Currently, Hut 8's stock price is approximately $97, meaning Benchmark's new target implies roughly 69% upside. The stock had previously fallen nearly 30% over the past six weeks.According to Benchmark's estimates, the redesigned first phase of the Beacon Point campus will support 352MW of IT capacity, a 57% increase from the original 224MW plan. The base term value of the lease for this initial phase is approximately $9.8 billion, with an estimated annualized net operating income of around $655 million.Additionally, the lease agreement for Hut 8's River Bend data center, signed with Fluidstack and supported by Google, is valued at approximately $7 billion. The combined base term value of the two contracts reaches $16.8 billion. If tenants exercise the included 5-year renewal options, the potential total value could rise to $42.8 billion. (The Block)
Israeli military's massive attack on southern Lebanon leaves dozens dead or wounded
on June 9 local time, the Israel Defense Forces issued a statement saying that ground forces crossed the Litani River that day, continuing military operations in southern Lebanon. On the same day, Israeli Chief of Staff General Herzi Halevi stated that the military would escalate the scale of strikes against the Hezbollah armed group in Lebanon.Lebanon's National News Agency reported the same day that Israeli airstrikes targeting towns in southern Lebanon resulted in dozens of casualties. Hezbollah, in turn, issued multiple statements claiming that its fighters had struck several Israeli military targets. (CCTV International News)
KRW Stablecoin Alliance Accelerates Formation Amid Intensive Partnerships Between Banks and Fintech Giants
According to Yonhap News Agency, despite the absence of finalized legislation on the Korean won (KRW) stablecoin, major South Korean banks and fintech companies have accelerated efforts to form alliances. KB Kookmin Bank plans to collaborate with Toss, with KB taking the lead in issuance and Toss handling circulation; Shinhan Financial Group continues its collaboration with Samsung Financial; Woori Bank and NH Nonghyup Financial Group are currently considering Kakao’s partnership proposal; Hana Bank has already invested 1 trillion KRW in Dunamu and is jointly building South Korea’s largest stablecoin ecosystem with Naver. Meanwhile, the Bank of Korea is advancing the “Han River Project,” a pilot program for tokenized deposits. If this project launches rapidly, it could fuel claims that KRW stablecoins are unnecessary, further delaying related legislative progress.