Kazakhstan clears Etherfuse for stablecoin issuance as Trump Media moves $165M in bitcoin to Crypto.com
DeFi & Yields ·
The National Bank of Kazakhstan has admitted Etherfuse to issue its core product, the Stablebond, while separate wallets tied to Trump Media transferred 2,628 BTC to Crypto.com the same day.
The Etherfuse approval marks a regulatory clearance for a stablecoin-linked product to operate within Kazakhstan's central bank framework, a step that positions the country among jurisdictions formally accommodating tokenized bond-like instruments tied to stable-value products. Details on the scope of the approval, including any conditions or licensing terms beyond issuance authority, were not provided.
On the same day, Trump Media-linked wallets sent 2,628 BTC, valued at roughly $165 million, to the exchange Crypto.com, according to The Block, which reported that 4,261 BTC remain in tracked addresses following the transfer. The move was executed at a loss, part of a pattern of treasury liquidations that has brought cumulative losses to an estimated $555 million, according to CryptoPotato.
Additional reporting placed the cumulative unrealized and realized losses at $555 million against total holdings of 11,542 BTC, underscoring the scale of the drawdown relative to the treasury's overall position. The transfer's destination, an exchange rather than a cold-storage address, has drawn attention as a possible signal of liquidity needs or further disposition, though no confirmed sale has been disclosed beyond the transfer itself.
Bitcoin traded near $63,000, up 0.08%, and ether stood near $1,900, down 0.76%, at the time of the reports, per figures compiled in the digest writeup. Separately, the Solana Foundation's new chief information security officer warned that artificial intelligence is making crypto scams more effective, a development flagged in the same news cycle without further elaboration on specific incidents or mitigation steps.
What remains unresolved is whether the Trump Media BTC sent to Crypto.com has been or will be sold outright, and what portion of the remaining 4,261 BTC might follow a similar path. Also unclear is the full scope of Etherfuse's regulatory clearance in Kazakhstan and whether it extends to broader stablecoin operations beyond the Stablebond product, a detail also referenced in WuBlockchain's coverage of the cluster.