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Crypto Fear Factor Is Overblown, According to Stablecoin Chief

Frax CEO Sam Hamidi-Kazemian has revealed why public fears about stablecoins and the wider crypto market are overblown.

Speaking exclusively to Be[in]Crypto, Hamidi-Kazemian explained why the chances of a Terra-style implosion befalling another stablecoin such as Frax, USDC or DAI is next to impossible.

The stablecoin chief was also quick to acknowledge that in spite of this, the damage caused by Terra’s mismanagement and its monumental collapse may take some time to heal.

In a wide-ranging discussion we also asked for Hamidi-Kazemian’s opinion on upcoming legislation in the U.S. that would see the Commodity Futures Trading Commission (CFTC) wrestle regulatory control from the Securities and Exchange Commission (SEC), and found out how changes might impact stablecoin providers in the future.

Hamidi-Kazemian further revealed to us three components of the “DeFi trinity” and why every company in the space will converge upon one other as they race to catch them all.

Crypto CeFi projects suspended
To begin, we sought to gain Sam Hamidi-Kazemian’s perspective on the last few months which have been tough for so many. Celsius, Voyager and numerous other centralized finance (CeFi) projects have suspended withdrawals as crypto winter bites, stretching the meaning of words such as “temporary” and “pause” to near breaking point.

With many crypto companies and investors struggling, we invited Hamidi-Kazemian to look back at the first domino in the chain: Luna (UST) and Terra.

“I don’t think most people thought that something so big would collapse to zero,” Hamidi-Kazemian said. “There were definitely people that said it was unsustainable, and credit to them, but there were a lot of big bets like 3AC [Three Arrows Capital] on Luna. There was a very big surprise about how everything went to zero, that the ecosystem went ‘poof’ as if there was nothing there but hot air.”

Those big bets, including from 3AC, turned out to be bad ones. Today, Terra’s dollar-pegged stablecoin is next to worthless. The sheer depth of Terra’s calamity has led to wider misunderstandings about stablecoins, the market and the possibility of a recurrence.

UST had no assets outside ecosystem
“UST was a purely algorithmic stablecoin with no exogenous assets, other than the Bitcoin they were trying to buy the last few weeks, and it was too late,” he says. “It literally went to zero, and I think there is this psychology of people thinking ‘What happens if USDC or Frax or DAI breaks peg, what happens if something like UST happens’?”

According to Hamidi-Kazemian, USDC or Frax or DAI might break the peg, but the fact they hold exogenous assets makes a crash-to-zero Terra-level disaster “literally impossible.”

Even so, the fallout from Terra will remain with us for some time, “especially with all the defaults of CeFi lending stuff like Voyager and Celsius. You have to let those traumas heal. Let those bankruptcy processes go through and hopefully people get back their deposits. It’s a macro painful environment,” he acknowledges.

Hope lies ahead
Hamidi-Kazemian believes in a very bright future for the market, and part of that will be down to clearer regulation and better oversight. The proposed Lummis-Gillibrand bill, should it pass, is one pathway towards a better framework for cryptocurrency in the U.S.

“I’m a pretty big supporter of the Lummis-Gillibrand legislation,” says Hamidi-Kazemian. “I think it’s very well done, and I think if it passes in something of its current form it’s a huge win for the U.S. stablecoin industry.”

Besides providing the guidance which would allow stablecoins to flourish in the U.S. market, Hamidi-Kazemian believes another benefit of the legislation will be to wrestle cryptocurrencies from the grip of the Securities and Exchange Commission (SEC) and hand more power to the Commodity Futures Trading Commission (CFTC).

“I think the main thing of concern is that there’s kind of a battle in the United States between the SEC and the CFTC. I think it would be great if the CFTC has more control over digital assets… I hope that something like the Lummis-Gillibrand bill, which gives a lot of power to the CFTC, prevails.”

As for Frax, would it comply with the legislation in its proposed form?

“Yes. I do think that Frax would comply,” Hamidi-Kazemian asserts. “It’s a very good bill.”

The crypto DeFi trinity
During our discussion we delved deeper into wider market forces in DeFi and learned why the industry is trending towards something that Hamidi-Kazemian refers to as the trinity.

“We have this view that, I think the entire DeFi ecosystem is trending towards this concept I call the trinity, which means that all of DeFi is basically a three-point system called something like ‘lending, liquidity and stablecoins.’”

In Hamidi-Kazemian’s opinion, “the entire stack in all the different products you see in DeFi, they’re just different flavors of AMMs [automated market makers] or liquidity, lending and leverage like Compound and Aave and these other lending products, and stablecoins like Frax and DAI.”

Over time DeFi projects will close the gaps in their offerings and “everything will trend in this direction,” seeking to capture the entire DeFi stack of lending, liquidity and stablecoins.

“Which means that if you’re a lending application like Aave you will release a stablecoin and later start experimenting with AMMs… if you’re an AMM, and you’re coming at it from the liquidity side you will want to release a stablecoin as well to capture the money layer.”

Curve and Aave to launch their own stablecoins
As Hamidi-Kazemian points out, this paradigm is already emerging before our very eyes. Aave CEO Stani Kulechov proposed the launch of a dollar-pegged stablecoin (GHO) in July and community governance already responded positively to the plan.

Curve founder Michael Egorov has also confirmed that the AMM will soon launch a stablecoin of their own. Frax is another DeFi player swiftly moving in on its own trinity.

“We’re actually building Fraxswap which is our AMM in the protocol, and then Fraxlend which is our lending and leverage system within the Frax economy.”

Frax launched Fraxswap around two months ago, and the AMM has already gained significant traction with nine-figure liquidity. BeInCrypto understands that the launch of Fraxlend is imminent and as Hamidi-Kazemian says that “will complete our trinity vision.”

https://beincrypto.com/crypto-fear-factor-is-overblown-according-to-stablecoin-chief/

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Ripple CEO on partnership with BNY to serve as custodian of stablecoin
00:01:12
Brad Garlinghouse In Washington 🚀

It’s time for a fair and open level playing field.

Under Gary Gensler it was quite the opposite.

  • Brad Garlinghouse
    July 9, 2025
00:01:56
More Of The Same...l

🚨 JUST IN: Patriot Tom Fitton, who has been fighting DOJ and FBI to release documents for years, has practically thrown in the towel.

👉 "The justice department and the FBI are irredeemably compromised and corrupted.
The leadership needs to understand that and act accordingly." ~Tom Fitton

00:01:30
👉 Coinbase just launched an AI agent for Crypto Trading

Custom AI assistants that print money in your sleep? 🔜

The future of Crypto x AI is about to go crazy.

👉 Here’s what you need to know:

💠 'Based Agent' enables creation of custom AI agents
💠 Users set up personalized agents in < 3 minutes
💠 Equipped w/ crypto wallet and on-chain functions
💠 Capable of completing trades, swaps, and staking
💠 Integrates with Coinbase’s SDK, OpenAI, & Replit

👉 What this means for the future of Crypto:

1. Open Access: Democratized access to advanced trading
2. Automated Txns: Complex trades + streamlined on-chain activity
3. AI Dominance: Est ~80% of crypto 👉txns done by AI agents by 2025

🚨 I personally wouldn't bet against Brian Armstrong and Jesse Pollak.

👉 Coinbase just launched an AI agent for Crypto Trading

🎁 As of July 8th there have been 84 VERI SmartMetal NFT Activations (1.3%). With shipments ramping up, we witness the corresponding jump in activations.

Need help getting started? Check out our knowledge base to get the info you need: https://veridao.freshdesk.com/support/solutions/articles/51000487052-what-are-the-nft-activation-steps

👉Interested in which NFTs have been activated? Check them out here:
https://basescan.org/token/0x4516a5d613c30a36d157d3b579813734cbb929a4

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🚨BREAKING: The US House Committee on Financial Services says that next week the House will deliver on President Trump's call to make the US the "crypto capital of the world!

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Brinc Launches Web3 Accelerator with Octopus, XDC & IDA

Brinc Launches Web3 Accelerator with Octopus, XDC & IDA to Transform Hong Kong’s Loyalty and Payment Systems.

Read more: https://www.brinc.io/blog/brinc-launches-octopus-backed-web3-accelerator-program-to-revolutionize-hong-kongs-retail-loyalty-and-payment-ecosystem-with-xdc-and-ida-as-key-web3-infrastructure-partners/

🔗 Startups can apply from July 10

📅 Launching Sept 8

Learn more about the Web3 Accelerator program and apply now: https://www.brinc.io/stablecoin-accelerator/

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Musk Turns On Starlink to Save Iranians from Regime’s Internet Crackdown

Elon Musk, the world’s richest man and a visionary behind SpaceX, has flipped the switch on Starlink, delivering internet to Iranians amid a brutal regime crackdown.

This move comes on the heels of Israeli strikes targeting Iran’s nuclear facilities, as the Islamic Republic cuts off online access.

The former Department of Government Efficiency chief activated Starlink satellite internet service for Iranians on Saturday following the Islamic Republic's decision to impose nationwide internet restrictions.

As the Jerusalem Post reports, that the Islamic Republic’s Communications Ministry announced the move, stating, "In view of the special conditions of the country, temporary restrictions have been imposed on the country’s internet."

This action followed a series of Israeli attacks on Iranian targets.

Starlink, a SpaceX-developed satellite constellation, provides high-speed internet to regions with limited connectivity, such as remote areas or conflict zones.

Elizabeth MacDonald, a Fox News contributor, highlighted its impact, noting, "Elon Musk turning on Starlink for Iran in 2022 was a game changer. Starlink connects directly to SpaceX satellites, bypassing Iran’s ground infrastructure. That means even during government-imposed shutdowns or censorship, users can still get online, and reportedly more than 100,000 inside Iran are doing that."

During the 2022 "Woman, Life, Freedom" protests, Starlink enabled Iranians to communicate and share footage globally despite network blackouts," she added.

MacDonald also mentioned ongoing tests of "direct-to-cell" capabilities, which could allow smartphone connections without a dish, potentially expanding access and supporting free expression and protest coordination.

Musk confirmed the activation, noting on Saturday, "The beams are on."

This follows the regime’s internet shutdowns, which were triggered by Israeli military actions.

Adding to the tension, Israeli Prime Minister Benjamin Netanyahu addressed the Iranian people on Friday, urging resistance against the regime.

"Israel's fight is not against the Iranian people. Our fight is against the murderous Islamic regime that oppresses and impoverishes you,” he said.

Meanwhile, Reza Pahlavi, the exiled son of Iran’s last monarch, called on military and security forces to abandon the regime, accusing Supreme Leader Ayatollah Ali Khamenei in a Persian-language social media post of forcing Iranians into an unwanted war.

Starlink has been a beacon in other crises. Beyond Iran, Musk has leveraged Starlink to assist people during natural disasters and conflicts.

In the wake of hurricanes and earthquakes, Starlink has provided critical internet access to affected communities, enabling emergency communications and coordination.

Similarly, during the Ukraine-Russia conflict, Musk activated Starlink to support Ukrainian forces and civilians, ensuring they could maintain contact and access vital information under dire circumstances.

The genius entrepreneur, is throwing a lifeline to the oppressed in Iran, and the libs can’t stand it.

Conservative talk show host Mark Levin praised Musk’s action, reposting a message stating that Starlink would "reconnect the Iranian people with the internet and put the final nail in the coffin of the Iranian regime."

"God bless you, Elon. The Starlink beams are on in Iran!" Levin wrote.

Musk, who recently stepped down from leading the DOGE in the Trump administration, has apologized to President Trump for past criticisms, including his stance on the One Big Beautiful Bill.

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GENIUS Act lets State banks conduct some business nationwide. Regulators object

The Senate passed the GENIUS Act for stablecoins last week, but significant work remains before it becomes law. The House has a different bill, the STABLE Act, with notable differences that must be reconciled. State banking regulators have raised strong objections to a provision in the GENIUS Act that would allow state banks to operate nationwide without authorization from host states or a federal regulator.

The controversial clause permits a state bank with a regulated stablecoin subsidiary to provide money transmitter and custodial services in any other state. While host states can impose consumer protection laws, they cannot require the usual authorization and oversight typically needed for out-of-state banking operations.

The Conference of State Bank Supervisors welcomed some changes in the GENIUS Act but remains adamantly opposed to this particular provision. In a statement, CSBS said:

“Critical changes must be made during House consideration of the legislation to prevent unintended consequences and further mitigate financial stability risks. CSBS remains concerned with the dramatic and unsupported expansion of the authority of uninsured banks to conduct money transmission or custody activities nationwide without the approval or oversight of host state supervisors (Sec. 16(d)).”

The National Conference of State Legislatures expressed similar concerns in early June, stating:

“We urge you to oppose Section 16(d) and support state authority to regulate financial services in a manner that reflects local conditions, priorities and risk tolerances. Preserving the dual banking system and respecting state autonomy is essential to the safety, soundness and diversity of our nation’s financial sector.”

Evolution of nationwide authorization

Section 16 addresses several issues beyond stablecoins, including preventing a recurrence of the SEC’s SAB 121, which forced crypto assets held in custody onto balance sheets. However, the nationwide authorization subsection was added after the legislation cleared the Senate Banking Committee, with two significant modifications since then.

Originally, the provision applied only to special bank charters like Wyoming’s Special Purpose Depository Institutions or Connecticut’s Innovation Banks. Examples include crypto-focused Custodia Bank and crypto exchange Kraken in Wyoming, plus traditional finance player Fnality US in Connecticut. Recently the scope was expanded to cover most state chartered banks with stablecoin subsidiaries, possibly due to concerns about competitive advantages.

Simultaneously, the clause was substantially tightened. The initial version allowed state chartered banks to provide money transmission and custody services nationwide for any type of asset, which would include cryptocurrencies. Now these activities can only be conducted by the stablecoin subsidiary, and while Section 16(d) doesn’t explicitly limit services to stablecoins, the GENIUS Act currently restricts issuers to stablecoin related activities.

However, the House STABLE Act takes a more permissive approach, allowing regulators to decide which non-stablecoin activities are permitted. If the House version prevails in reconciliation, it could result in a significant expansion of allowed nationwide banking activities beyond stablecoins.

Is it that bad?

As originally drafted, the clause seemed overly permissive.

The amended clause makes sense for stablecoin issuers. They want to have a single regulator and be able to provide the stablecoin services throughout the United States. But it also leans into the perception outside of crypto that this is just another form of regulatory arbitrage.

The controversy over Section 16(d) reflects concerns about creating a regulatory gap that allows banks to operate interstate without the oversight typically required from either federal or state authorities. As the two Congressional chambers work toward reconciliation, lawmakers must decide whether stablecoin legislation should include provisions that effectively reduce traditional banking oversight requirements.

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If you find value in my content, consider showing your support via:

💳 PayPal: 
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🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

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Dubai regulator VARA classifies RWA issuance as licensed activity
Virtual Asset Regulatory Authority (VARA) leads global regulatory framework - makes RWA issuance licensed activity in Dubai.

Real-world assets (RWAs) issuance is now licensed activity in Dubai.

~ Actual law.
~ Not a legal gray zone.
~ Not a whitepaper fantasy.

RWA issuance and listing on secondary markets is defined under binding crypto regulation.

It’s execution by Dubai.

Irina Heaver explained:

“RWA issuance is no longer theoretical. It’s now a regulatory reality.”

VARA defined:

- RWAs are classified as Asset-Referenced Virtual Assets (ARVAs)

- Secondary market trading is permitted under VARA license

- Issuers need capital, audits, and legal disclosures

- Regulated broker-dealers and exchanges can now onboard and trade them

This closes the gap that killed STOs in 2018.

No more tokenization without venues.
No more assets without liquidity.

UAE is doing what Switzerland, Singapore, and Europe still haven’t:

Creating enforceable frameworks for RWA tokenization that actually work.

Matthew White, CEO of VARA, said it perfectly:

“Tokenization will redefine global finance in 2025.”

He’s not exaggerating.

$500B+ market predicted next year.

And the UAE just gave it legal rails.

~Real estate.
~Private credit.
~Shariah-compliant products.

Everything is in play.

This is how you turn hype into infrastructure.

What Dubai is doing now is 3 years ahead of everyone else.

Founders, investors, ecosystem builders:

You want to build real-world assets onchain.

Don’t waste another year waiting for clarity.

Come to Dubai.

It’s already here.

 

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If you find value in my content, consider showing your support via:

💳 PayPal: 
1) Simply scan the QR code below 📲
2) or visit https://www.paypal.me/thedinarian

🔗 Crypto – Support via Coinbase Wallet to: [email protected]

Or Buy me a coffee: https://buymeacoffee.com/thedinarian

Your generosity keeps this mission alive, for all! Namasté 🙏 Crypto Michael ⚡  The Dinarian

 

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