Cryptocurrency Live News & Updates : Circle's Market Capitalization Exceeds USDC Value
23 Jun 2025 | 11:55:11 PM IST
Circle's total market capitalization has surpassed the value of its stablecoin, USDC, marking a significant achievement for the company in the financial sector. In a notable development, Circle's market capitalization has now outstripped the total value of its stablecoin, USDC, showcasing the company's growing influence. Meanwhile, a group of crypto hedge fund executives is working to raise $100 million for BNB investments, following strategies similar to those of Michael Saylor. This initiative is led by former Coral Capital executives and aims to rename their Nasdaq-listed company to Build & Build Corporation. Additionally, YZi Labs has made a strategic investment in Blueprint Finance, a multichain DeFi infrastructure firm, to enhance its offerings in the DeFi space, including cross-application margin accounts and automated yield vaults. Plume is also making strides by integrating Agora's U.S. dollar-backed stablecoin, AUSD, to enhance its real-world asset finance capabilities, aiming to bridge traditional and decentralized finance. As these developments unfold, they highlight the dynamic nature of the cryptocurrency and DeFi sectors, with companies seeking innovative solutions and partnerships to drive growth and adoption. Show more
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Time of India
3 hours ago
- Time of India
Asian shares rally, oil prices tumble as Trump announces Iran-Israel ceasefire
SYDNEY: Global shares rallied and the dollar extended declines on Tuesday after U.S. President Donald Trump said Iran and Israel had agreed to a ceasefire, sending oil prices into a deep dive as concerns over supply disruptions ebbed. Writing on his Truth Social site, Trump implied a ceasefire would go into effect in 12 hours, after which the war would be considered "ended". A senior Iranian official confirmed Tehran had agreed to the ceasefire with Israel. Israel's Channel 12 reported Prime Minister Benjamin Netanyahu had agreed in a conversation with Trump to a ceasefire as long as Iran stopped its attacks. Oil prices fell almost 4%, having already slid 9% on Monday when Iran made a token retaliation against a U.S. base, which came to nothing and signalled it was done for now. With the immediate threat to the vital Strait of Hormuz shipping lane seemingly over, U.S. crude futures fell another 3.4% to $66.24 per barrel, the lowest since June 11. Live Events "To the extent that we've got a reduction in the risk of a renewed oil price spike, I think that plays positively from a risk point of view. I think it sort of removes that downside global growth risks," said Ray Attrill, head of FX strategy at the National Australia Bank. "I think that would encourage people in the view that maybe the U.S. dollar can sort of resume its downtrend here and that." Risk assets rallied, with S&P 500 futures up 0.5% and Nasdaq futures 0.7% higher. EUROSTOXX 50 futures jumped 1.1% and FTSE futures rose 0.3%. The MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.8% while Japan's Nikkei rallied 1.3%. News of the ceasefire saw the dollar extend an overnight retreat and slip 0.3% to 145.70 yen, having come off a six-week high of 148 yen overnight. The euro rose 0.2% to $1.1594 on Tuesday, having gained 0.5% overnight. The yen and euro benefited from the slide in oil prices as both the EU and Japan rely heavily on imports of oil and liquefied natural gas, while the United States is a net exporter. Against its major peers, the U.S. dollar index slumped 0.6% overnight and was last unchanged at 98.20. Ten-year Treasury yields rose 1 basis point to 4.353%, while interest rate futures slipped as investors rowed back a little on expectations for rate cuts. The Treasury market had rallied on Monday after Federal Reserve Vice Chair for Supervision Michelle Bowman said the time to cut interest rates was getting nearer as risks to the job market may be on the rise. Fed Chair Jerome Powell will have his own chance to comment when appearing before Congress later on Tuesday and, so far, has been more cautious about a near-term easing. Markets still only imply around a 22% chance the Fed will cut at its next meeting on July 30. The risk-on mood saw gold prices ease 0.6% to $3,346 an ounce. ETMarkets WhatsApp channel )
Mint
4 hours ago
- Mint
Fight escalates as Infosys claims poaching by Cognizant executives Diaz, Gummadi
A fresh row has erupted between Infosys Ltd and Cognizant Technology Solutions, just when it appeared that their battle over trade secrets was nearing an end. Infosys has named two Cognizant officials—chief people officer Kathryn Diaz and president of the company's Americas business Surya Gummadi—as having documents pertaining to the case and for allegedly being involved in poaching its employees that slowed the development of its own healthcare software product, according to court documents seen by Mint. The new twist to the ongoing legal battle between the two software services companies comes after Infosys, on 9 January, first alleged Cognizant chief executive Ravi Kumar S of deliberately delaying the rollout of its healthcare product, Infosys Helix, as he was in talks for the top job at the Nasdaq-listed company. Also read: No more waiting: IT firms go deal-hunting amid slowdown Teaneck, New Jersey-based Cognizant was swift in rejecting Infosys' poaching accusations, saying that Diaz was hired much after Kumar came on board. Kumar, formerly an Infosys veteran and who was critical to the development of Helix, left the company in October 2022 and joined Cognizant as chief executive officer (CEO) in January 2023. 'Indeed, Infosys's former president Ravi Kumar S installed Diaz as chief people officer after he became Cognizant's CEO in 2023 and she occupied that role as Cognizant targeted Infosys Helix by scheming with and hiring away Infosys executives overseeing the product's development: Shveta Arora (October to December 2023) and Ravi Kuchibhotla (2024)," said Infosys in its 13 June joint report supporting its motion in a Dallas court. Arora is Cognizant's consulting head whereas Kuchibhotla is its chief strategy officer. Both executives worked at Infosys prior to joining Cognizant in December 2023 and August 2024, respectively. Infosys Helix is a competing software to Cognizant's TriZetto. 'Infosys' ongoing obfuscation does not change the fact that they have been caught red handed stealing Cognizant's intellectual property. Infosys manufactured baseless claims that suffer from multiple factual and legal deficiencies and only serve to distract from its trade secret theft," said Cognizant on 23 June in a reply to Mint's email. Infosys had yet to respond to Mint's request for comment. The legal tussle goes back to August last year when Cognizant accused Infosys of stealing trade secrets pertaining to its healthcare software. Infosys denied the allegations and responded with its own counterclaims, suggesting Cognizant had not properly identified the trade secrets it alleged were stolen. Also read: Infosys CEO Parekh gets 22% pay hike in FY25, stays second-highest paid IT CEO Subsequently, Infosys upped the ante by publicly naming Cognizant's chief executive S Ravi Kumar in a court filing dated 9 January. It accused Cognizant of hiring Kumar to slow down the development and rollout of a competing software, Helix, a move that nfosys has termed anti-competitive. The Bengaluru-based company said Gummadi and Diaz had documents containing knowledge pertaining to the case. 'Infosys has explained its position that both Gummadi and Diaz are likely to have documents that are highly relevant to the issues in the case and responsive to multiple requests for production propounded by Infosys," said the company in its joint report supporting its motion. Infosys mentioned that Gummadi would have documents related to the 2014 acquisition of TriZetto, which is Cognizant's healthcare payer software, and also documents including the strategy behind the acquisition. The Bengaluru-based company added that Gummadi would also have knowledge of Cognizant's strategic approach in the healthcare payer software and IT services markets both before and after the acquisition. Both companies are fierce competitors in the healthcare space. Cognizant gets almost a third of its revenue, about $5.9 billion, from clients in the health sciences sector, while Infosys gets 7.3% of its revenue, or about $1.4 billion, from clients in this space. Cognizant in its reply stated that an investigation was launched to respond to Infosys' claims regarding the case. The company said the two executives named by Infosys had no bearing on this case. 'As part of that investigation, Cognizant determined that the high-ranking nature of Gummadi's position as president— Americas and Diaz's position as chief people officer (both are on CTS's leadership team) made them particularly poor fits as custodians because they infrequently draft or receive the types of fact-intensive documents about granular subjects that would be most responsive to Infosys's requests," said Cognizant as part of the joint report of Infosys and Cognizant on 13 June. 'Ms. Diaz in particular, is a poor fit as a custodian in this case because—as Infosys admits, supra at 30-31—she was not hired by Cognizant until months after Ravi Kumar was hired as the CEO. It is thus odd to suggest that she was part of some grand scheme to poach Ravi Kumar and undermine Helix when she was not employed by Cognizant at that time," said Cognizant in its response as part of the report. Cognizant added that Infosys had not provided it, or the court with any evidence suggesting that Gummadi and Diaz have documents which are not already covered by the other executives Cognizant has identified to respond to Infosys's requests. Also read: How India's mid-cap IT bested the Big Four in hiring 'Infosys has done nothing more to attempt to connect them (Gummadi and Diaz) to this case than point to their job titles," said Cognizant. Earlier, in a 10 March filing, Cognizant called Infosys's accusations against itself and its CEO as 'preposterous' and 'absurd', adding that Kumar and two other people (Shveta Arora and Ravi Kuchibhotla) named by Infosys were hired on the basis of their skills. Cognizant, which follows a January-December financial calendar, ended 2025 with $19.74 billion in revenue, while Infosys, which follows an April-March financial calendar, ended FY25 with $19.28 billion in revenue. The latest developments may quash all hopes of truce as the Dallas court welcomed both parties to discuss matters pertaining to the case over a call with the court in a 23 May order. Now, Infosys said that it might treble the damages sought from Cognizant. 'The amount in controversy flowing from the antitrust claims alone is significant, likely in excess of hundreds of millions of dollars. Both parties have monetary damages claims against each other, and Infosys is entitled to treble damages and attorneys' fees if it prevails on its antitrust claims," said Infosys in its 13 June report. Infosys has also sought the court to compel Cognizant to produce documents regarding a similar 'Syntel case,'—a substantial trade secrets dispute between Cognizant arm TriZetto and Syntel—as it claims Cognizant continuously cited excerpts from the case throughout the legal proceedings. In a New York district court, Syntel was found guilty of misappropriating Cognizant trade secrets in 2020.
Mint
6 hours ago
- Mint
Wall Street's new darling: Stablecoin issuer Circle is minting billions
While Bitcoin grabs headlines with record-breaking rallies, a little-known crypto company is stealing the spotlight with a surprisingly simple business model. As reported by Circle Internet Group, the firm behind the USDC stablecoin, has seen its stock skyrocket 675% in just eleven trading days since going public on June 5—adding over $42 billion in market value. The firm now boasts, as per the report, a valuation that rivals Silicon Valley unicorns and AI giants, despite offering no revolutionary tech. Circle's model is shockingly straightforward, according to a report in Users exchange U. dollars for Circle's digital token, USDC, a stablecoin pegged 1:1 to the dollar. Circle takes those real dollars and invests them in low-risk, interest-earning assets. The surge in Circle's valuation comes amid growing optimism that stablecoins are going mainstream. The Senate's recent passage of the 'Genius Act', which opens the door for banks, fintechs, and even major retailers to use stablecoins for payments, has fueled bullish sentiment. Citi analysts reportedly predict the stablecoin market could grow to $3.7 trillion by 2030. Reddit's r/wallstreetbets is already buzzing, with one user quipping that Circle is 'a Treasury ETF in a trench coat.' Despite the hype, Circle's business faces serious vulnerabilities, the report stated. If the Federal Reserve cuts interest rates, Circle's revenue—largely driven by interest on Treasury holdings—would shrink.
