Bank of America CEO Brian Moynihan warned analysts during the bank's earnings call that up to $6 trillion in U.S. bank deposits, representing 30% to 35% of total commercial bank deposits, could shift to stablecoins if Congress permits interest-bearing versions. Citing U.S. Treasury Department studies, he highlighted how stablecoins, backed by short-term instruments like Treasurys rather than recycled into lending, resemble money market funds and could shrink banks' deposit base. "If you take out deposits, they’re either not going to be able to loan or they’re going to have to get wholesale funding, and that wholesale funding will come at a cost," Moynihan said. Banks are lobbying to restrict passive yields to protect their lending, while a Senate Banking Committee draft from Chair Tim Scott bans interest on idle stablecoin holdings, but allows activity-based rewards like staking or liquidity provision. Amid intense negotiations and over 70 amendments, the markup was postponed, with Coinbase CEO Brian Armstrong withdrawing support over reward concerns, yet bipartisan talks continue in good faith.
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The Time2Build developer challenge, hosted by Breez alongside partners such as Tether, Lightspark, Fulgur Ventures, Plan ₿ Network, PlebLab, Geyser, and Draper University, has crowned its 2025 winners after drawing participation from over 50 global developer communities. Focused on embedding self-custodial Lightning Network payments into open-source tools using the Breez SDK, the contest produced practical integrations for merchant processors, social platforms, identity systems, and Nostr applications. Bitcoin Magazine's Juan Galt highlighted the standout $3,500 winners including a BTCPay Server plugin easing Lightning adoption for merchants, Evento's peer-to-peer tipping features, Portal's native Lightning identity protocol, and Primal's streamlined Nostr client onboarding. The Breez team expressed enthusiasm: “For us, the next steps are clear. The era of building has begun. ... It’s time to build.”
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A little-known offline messaging app called Bitchat, created by Twitter co-founder Jack Dorsey, has become a vital communication lifeline in Uganda and Iran amid aggressive government internet shutdowns. In Uganda, where authorities cut off web access ahead of a highly contentious election expected to extend President Yoweri Museveni's four-decade rule, Bitchat surged to the top of app stores with more than 28,000 downloads, as reported by Reuters. The Bluetooth mesh-based application requires no internet or login, allowing messages to hop between nearby phones. "Internet shutdowns violate fundamental human rights and have become a familiar tool used by governments during moments of political or electoral stress," warned Cornell University assistant professor Aditya Vashistha. The rapid adoption of the app signals growing citizen empowerment and determination to maintain free and open communication even under severe digital repression.
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Joe Burnett, VP of Strategy at Strive Asset Management, argues that the technological singularity begins not in some distant future but instead, already occurred on January 3, 2009, with Bitcoin's genesis block amid the financial crisis. He contends that AI has collapsed the cost of intelligence, ushering in an era of abundance where goods, services, and production become dramatically cheaper, eroding traditional stores of value and savings durability. This shift exposes the fragility of fiat systems tied to inflating goods baskets, while Bitcoin introduces perfect digital scarcity enforced by mathematics, immune to replication even by abundant intelligence. “This means a future of abundance. A future where there is no poverty, where people can have whatever they want in terms of goods and services,” Burnett quotes Elon Musk. In this highly optimistic vision, Bitcoin complements AI's productivity explosion by providing a reliable anchor for wealth, redirecting capital toward immutable scarcity as total prosperity accelerates.
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