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Trump's Stablecoin Chosen For $2 Billion Abu Dhabi Investment In Binance

Slashdot.org - Thu, 05/01/2025 - 18:20
Donald Trump's crypto company created a digital dollar called USD1, which is now being used by a big investor in Abu Dhabi to help fund a $2 billion deal with Binance, the world's largest crypto exchange. Reuters reports: Stablecoins are an increasingly lucrative cog in global crypto trading. Their issuers typically profit by earning interest from the Treasuries and other assets that underpin them. The value of USD1 in circulation reached about $2.1 billion on Wednesday, according to CoinMarketCap data, making it one of the fastest-growing stablecoins. The identity of its major holders, however, remains unclear. An anonymous cryptocurrency wallet that holds $2 billion worth of USD1 received the funds between April 16 and 29, according to data from crypto research firm Arkham. Reuters could not ascertain the owner of this wallet. Binance founder and former CEO Changpeng Zhao, who was incarcerated in the United States last year after pleading guilty to violating U.S. laws against money laundering, met Zach Witkoff and two other World Liberty co-founders in Abu Dhabi, according to a photo posted on social media site X on Sunday. "It was great to see our friends," in Abu Dhabi, posted Zhao in response to the photo, tagging Witkoff. Zhao, who in 2023 stepped down from his role at Binance as part of a $4.3 billion settlement with the U.S. over the illicit finance charges, remains a major shareholder of Binance. Separately, Zach Witkoff announced that USD1 would be integrated into Tron, the blockchain of Hong Kong-based crypto entrepreneur Justin Sun. Sun is the biggest known investor in World Liberty and an adviser to the venture, according to his social media posts, having poured at least $75 million into the project. Sun was fighting a U.S. securities fraud lawsuit at the time of his first investment in World Liberty. The U.S. Securities and Exchange Commission in February paused its case against him, citing public interest.

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Trump's Stablecoin Chose For $2 Billion Abu Dhabi Investment In Binance

Slashdot.org - Thu, 05/01/2025 - 18:20
Donald Trump's crypto company created a digital dollar called USD1, which is now being used by a big investor in Abu Dhabi to help fund a $2 billion deal with Binance, the world's largest crypto exchange. Reuters reports: Stablecoins are an increasingly lucrative cog in global crypto trading. Their issuers typically profit by earning interest from the Treasuries and other assets that underpin them. The value of USD1 in circulation reached about $2.1 billion on Wednesday, according to CoinMarketCap data, making it one of the fastest-growing stablecoins. The identity of its major holders, however, remains unclear. An anonymous cryptocurrency wallet that holds $2 billion worth of USD1 received the funds between April 16 and 29, according to data from crypto research firm Arkham. Reuters could not ascertain the owner of this wallet. Binance founder and former CEO Changpeng Zhao, who was incarcerated in the United States last year after pleading guilty to violating U.S. laws against money laundering, met Zach Witkoff and two other World Liberty co-founders in Abu Dhabi, according to a photo posted on social media site X on Sunday. "It was great to see our friends," in Abu Dhabi, posted Zhao in response to the photo, tagging Witkoff. Zhao, who in 2023 stepped down from his role at Binance as part of a $4.3 billion settlement with the U.S. over the illicit finance charges, remains a major shareholder of Binance. Separately, Zach Witkoff announced that USD1 would be integrated into Tron, the blockchain of Hong Kong-based crypto entrepreneur Justin Sun. Sun is the biggest known investor in World Liberty and an adviser to the venture, according to his social media posts, having poured at least $75 million into the project. Sun was fighting a U.S. securities fraud lawsuit at the time of his first investment in World Liberty. The U.S. Securities and Exchange Commission in February paused its case against him, citing public interest.

Read more of this story at Slashdot.

Patreon Will Update Its iPhone App To Sidestep Apple's Payment System

Slashdot.org - Thu, 05/01/2025 - 17:40
Following a major court ruling limiting Apple's control over App Store payments, Patreon plans to update its iOS app to allow payments outside Apple's system, letting creators keep more of their earnings. Spotify and Proton are also preparing similar updates. The Verge reports: "This is a huge moment for creators and their businesses," [spokesperson Adiya Taylor] says. "The iOS app is the number one platform for fan engagement on Patreon, and we believe this ruling allows creators to get paid without giving Apple 30 percent. As a first step, we will submit an app update for review by Apple to enable payments outside of IAP so creators keep more from iOS based fan payments." Last year, Patreon said it was forced to switch to Apple's in-app purchase system, which applied a 30 percent fee to all new memberships purchased in the app, or else risk "being removed from the App Store." "When we first announced rolling out Apple's IAP requirements last year, we shared that we used three principles to guide our decision in how we wanted to move forward: transparency, control, and stability," Taylor says. "Keeping with those principles, we're exploring further action we can take, and we'll continue to keep creators and fans posted on any changes to our experience." Taylor wasn't able to share a timeline for when the update might be rolled out. Further reading: Epic Games Is Launching Webshops To Circumvent App Store Fees

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Epic Games Is Launching Webshops To Circumvent App Store Fees

Slashdot.org - Thu, 05/01/2025 - 17:00
An anonymous reader quotes a report from TechCrunch: Epic Games is taking a victory lap. After notching a big win against Apple in a years-long legal dispute, Epic announced that its Epic Games Store will allow developers to open webshops, which can offer players out-of-app purchases to circumvent fees from Apple and Google. [...] With the Epic Games Store's new webshops feature, other developers will be more easily able to follow suit. Usually, Epic takes a 12% share of a developer's earnings from the Epic Games Store, which is still a better deal than what developers get from Apple. But starting in June, Epic Games will not take a cut from the first $1 million each game earns annually. Only after a game eclipses $1 million in revenue will Epic begin taking a cut. "With new legal rulings in place, developers will be able to send players from games to make digital purchases from webshops on any platform that allows it, including iOS in the European Union and United States," Epic said.

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Meta's Reality Labs Has Now Lost Over $60 Billion Since 2020

Slashdot.org - Thu, 05/01/2025 - 16:20
Meta's Reality Labs posted a $4.2 billion operating loss in Q1 2025. According to CNBC, cumulative losses since 2020 now exceed $60 billion. From the report: Meta's Reality Labs unit is responsible for the company's Quest-branded virtual reality headsets and Ray-Ban Meta Smart Glasses. It's the key business unit that anchors CEO Mark Zuckerberg's plans to build a new computing platform involving digital worlds accessible via VR and augmented reality devices. [...] Wall Street has questioned Meta's big spending on the metaverse, which Zuckerberg has said could take many years to turn into a real business. The company must now also contend with sweeping new tariffs from President Donald Trump and the likely increase in costs that will follow, potentially leading to higher-priced devices. Last week, Meta said that an unspecified number of Reality Labs employees were laid off. Those workers were part of the Oculus Studios unit, which creates VR and AR games and content for Quest VR headsets.

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Sam Altman's Eye-Scanning ID Project Launches In US

Slashdot.org - Thu, 05/01/2025 - 15:40
Sam Altman's eye-scanning identity project, now called World, officially launched in the U.S. with six in-person registration sites. CNBC reports: Here's how it works: You go up to an Orb, a spherical biometric device, and it spends about 30 seconds scanning your face and iris, then creates and stores a unique "IrisCode" for you verifying that you're a human and that you've never signed up before. Then you get some of the project's cryptocurrency, WLD, for free, and you can use your World ID as a sign-in with integrated platforms, which currently include an open API integration with Minecraft, Reddit, Telegram, Shopify and Discord. Starting Thursday, the company is opening six flagship U.S. retail locations where people can sign up to have their eyeball scanned: Austin, Atlanta, Los Angeles, Nashville, Miami and San Francisco. At an event in San Francisco on Wednesday, the venture announced two high-profile partnerships: Visa will introduce the "World Visa card" this summer, available only to people who have had their irises scanned by World, and the online dating giant Match Group will begin a pilot program testing out World ID and some age verification tools with Tinder in Japan.

Read more of this story at Slashdot.

House Votes To Block California's Ban On New Gas-Powered Vehicles In 2035

Slashdot.org - Thu, 05/01/2025 - 15:00
An anonymous reader quotes a report from CBS News: The House of Representatives on Thursday voted to block California from implementing plans to block new sales of gas-powered vehicles in a decade. In a 246-164 vote, members approved House Joint Resolution 88, which seeks to withdraw a waiver granted by the Environmental Protection Agency to California during the Biden administration to implement the ban. Thirty-five Democrats joined 211 Republicans in backing the measure. [...] The House also approved two other measures which withdraw waivers on the state's plans to increase sales of zero-emissions trucks in a 231-191 vote, along with the state's latest nitrogen oxide emission standards for engines in a 225-196 vote. Following Thursday's vote, Newsom's office issued a statement saying the House illegally used the Congressional Review Act (CRA) to repeal the state's Clean Air Act waivers. The governor's office also said the move contradicts the Government Accountability Office and Senate Parliamentarian who have ruled the CRA does not apply to the state's waivers. "Trump Republicans are hellbent on making California smoggy again. Clean air didn't used to be political. In fact, we can thank Ronald Reagan and Richard Nixon for our decades-old authority to clean our air," Newsom said. "The only thing that's changed is that big polluters and the right-wing propaganda machine have succeeded in buying off the Republican Party -- and now the House is using a tactic that the Senate's own parliamentarian has said is lawless. Our vehicles program helps clean the air for all Californians, and we'll continue defending it." Sen. Alex Padilla (D-California) said in a statement: "House Republicans' misguided and cynical attempts to gut the Clean Air Act and undercut California's climate leadership ignores the reality of California's strength as the fourth largest economy in the world... ... If Senate Republicans take up these measures under the Congressional Review Act, they will be going nuclear by overruling the Parliamentarian, all to baselessly attack California."

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Savings I Bonds May 2025: 1.10% Fixed Rate, 2.88% Inflation Rate (3.98% Total for First 6 Months)

MyMoneyBlog.com - Thu, 05/01/2025 - 14:58

Update: Savings I Bonds bought from May 1, 2025 through October 31, 2025 will have a fixed rate of 1.10% and inflation rate of 2.88%, for a total composite rate of 3.98% for the first 6 months. Compare the total rate with the current short-term Treasury yields (1-year @ ~3.9%), and compare the fixed rate with the short-term TIPS real yields (5-year @ ~1.5%).

Every existing I Bond will earn this inflation rate of ~2.88% eventually for 6 months; you will need to add your own fixed rate that was set based the initial purchase month. See you again in mid-October for the next early prediction for November 2025.

Original post from 4/11/25:

Savings I Bonds are a unique, low-risk investment backed by the US Treasury that pay out a variable interest rate linked to inflation. With a holding period from 12 months to 30 years, you could own them as an alternative to bank certificates of deposit (they are liquid after 12 months) or bonds in your portfolio.

New inflation numbers were just announced at BLS.gov, which allows us to make an early prediction of the May 2025 savings bond rates a couple of weeks before the official announcement on the 1st. This also allows the opportunity to know exactly what an April 2025 savings bond purchase will yield over the next 12 months, instead of just 6 months. You can then compare this against a May 2025 purchase.

New inflation rate prediction. September 2024 CPI-U was 315.301. May 2025 CPI-U was 319.799, for a semi-annual inflation rate of 1.43%. Using the official composite rate formula:

Composite rate formula: [Fixed rate + (2 x semiannual inflation rate) + (fixed rate x semiannual inflation rate)]

This results in the variable component of interest rate for the next 6 month cycle being ~2.86 to 2.88%, depending on the fixed rate.

Tips on purchase and redemption. You can’t redeem until after 12 months of ownership, and any redemptions within 5 years incur an interest penalty of the last 3 months of interest. A simple “trick” with I-Bonds is that if you buy at the end of the month, you’ll still get all the interest for the entire month – same as if you bought it in the beginning of the month. It’s best to give yourself a few business days of buffer time. If you miss the cutoff, your effective purchase date will be bumped into the next month. (You should always sell at the very beginning of the month.)

Buying in April 2025. If you buy before the end of April, the fixed rate portion of I-Bonds will be 1.20%. You will be guaranteed a total interest rate of 1.20 + 1.91 = 3.11% for the next 6 months. For the 6 months after that, the total rate will be 1.20 + 2.88 = 4.08%.

Buying in May 2025. If you buy in May 2025, you will get ~2.88% plus a newly-set fixed rate for the first 6 months. The new fixed rate is officially unknown, but is loosely linked to the real yield of short-term TIPS with some reductions. In the previous 10 days, 5-year TIPS real rates have ranged from 1.25% to 1.72%. That’s a nearly 50 basis point swing! If I had to guess, I’d put a new fixed rate somewhere between 1.0 to 1.3%, for a total rate of about 4%. Every six months after your purchase, your rate will adjust to your fixed rate (set at purchase) plus a variable rate based on inflation.

If you have an existing I-Bond, the rates reset every 6 months depending on your specific purchase month. Everyone will eventually get this variable rate. Your bond rate = your specific fixed rate (based on purchase month, look it up here) + variable rate (total bond rate has a minimum floor of 0%).

Buy now or wait? Between those two options, I’m actually not sure. In the short-term, the rates are no better than T-bills. If you are a long-term holder, you might grab the 1.2% fixed rate “bird in the hand”. But the inflation rate will be higher in May by nearly a whole 1%, and so I’d personally just wait and see what happens in mid-October to buy my limit.

Also consider that 30-year TIPS rates on 4/10/25 were at 2.68%! If you really intend to hold for 30 years, that might be a better deal. I plan to fill out my TIPS ladder a bit more if the rates stay this high.

Unique features and considerations. I have a separate post on reasons to own Series I Savings Bonds, including inflation protection, tax deferral, exemption from state income taxes, and potential tax benefits if used toward qualified educational expenses.

The main drawback is hassle. You can only buy new savings bonds through TreasuryDirect.gov, which is limited in its customer service resources and features. But as there is no option for paper tax forms nor statements, so your heirs may never know they exist! If they do find it, it may take them several months to close out all the estate paperwork. If your password is compromised, they will not replace any lost or stolen savings bonds. The juice may not be worth the squeeze when you can own individual Treasury bonds or TIPS within any full-service brokerage account.

Annual purchase limits. The annual purchase limit is now $10,000 in online I-bonds per Social Security Number. For a couple, that’s $20,000 per year. As of 2024. you can only buy online at TreasuryDirect.gov, after making sure you’re okay with their security protocols and user-friendliness. (No more tax refund savings bonds.) Technically, the purchase limits are per Social Security Number or Employer Identification Number. For those looking for another way to expand their purchasing power, that means you can also buy for a child, grandchild, LLC, or a trust.

Bottom line. Savings I bonds are a unique, low-risk investment that are linked to inflation and only available to individual investors. You can now only purchase them online at TreasuryDirect.gov. For more background, see the rest of my posts on savings bonds.

[Image: 1942 US Savings Bond poster – source]

Categories: Finance

NIH To Suspend Funds For Research Abroad As It Overhauls Policy, Report Says

Slashdot.org - Thu, 05/01/2025 - 13:58
Nature: A forthcoming policy from the US National Institutes of Health (NIH) will target - and at least temporarily stop -- funding to laboratories and hospitals outside the United States, threatening thousands of global-health projects and international collaborations on topics such as emerging infectious diseases and cancer. The NIH, the world's largest funder of biomedical research, plans to release the policy in the next week. Some agency staff members have already been instructed to hold funds for foreign institutions that are part of both new research grants and grants coming up for renewal, according to multiple agency employees who spoke to Nature under the condition of anonymity because they are not authorized to speak to the press.

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China Advances Abandoned US Nuclear Technology

Slashdot.org - Thu, 05/01/2025 - 13:18
Chinese scientists have achieved a significant nuclear breakthrough by successfully refueling a thorium-based reactor while it remains operational, according to reports from Chinese state media. The experimental 2-megawatt thermal reactor, which came online in June 2024, represents the revival of technology originally developed and abandoned by the United States in the mid-20th century. The milestone was revealed during a closed meeting at the Chinese Academy of Sciences, where project leaders shared results demonstrating the reactor's ability to be refueled without shutdown -- a capability conventional uranium reactors lack. Though small compared to MIT's 6-megawatt research reactor, this achievement shows China's accelerating nuclear ambitions. The country has surpassed France in nuclear generation and recently approved 10 new reactors worth over $27 billion in investment. This thorium reactor joins other revived nuclear concepts, including molten-salt cooling systems and high-temperature gas reactors, as developers look to the past for solutions to advance nuclear energy's future.

Read more of this story at Slashdot.

Google is Putting AI Mode Right in Search

Slashdot.org - Thu, 05/01/2025 - 12:23
A "small percentage" of Google's users in the US will begin seeing an AI Mode tab in Google Search "in the coming weeks," the company said Thursday, marking the tool's first deployment outside the company's experimental Labs environment. Unlike traditional search results that display URLs based on user queries, AI Mode generates conversational responses from Google's search index. The feature will appear as a dedicated tab positioned before the standard "All," "Images," and other search filters. The deployment represents Google's direct challenge to LLM-powered search engines like Perplexity and ChatGPT. AI Mode differs from existing AI Overviews in Google Search, which merely insert AI summaries between the search box and web results.

Read more of this story at Slashdot.

Setting up your new Google TV just got easier.Setting up your new Google TV just got easier.Product Manager

GoogleBlog - Thu, 05/01/2025 - 12:00
Here are 4 new ways it’s faster and easier than ever to set up your new Google TV device:No app download needed. Android phones will automatically show a notification up…
Categories: Technology

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