Here are some of the major developments in the world of crypto over the past few days.
Soccer superstar Lionel Messi's collaboration with the Join The Planet initiative to launch a Real World Asset (RWA) has sent the native token, PLANET, into a whirlwind of volatility. The announcement of the partnership caused the token's volatility to spike to 6.82% on Feb. 21, which is considered high within the 5% to 10% range. This surge in volatility comes as traders anticipate the release of PLANET's first tokenized product, in conjunction with Messi's involvement.
Following Messi's announcement, PLANET's price surged to $0.00011 on Feb. 19, with trading volume exceeding $23.5 million in 24 hours. However, the token's price has since fluctuated, currently trading at $0.00009. Despite the volatility, PLANET has seen a 17.9% increase in price over the past week. The token's RWA debut, scheduled for March 1, has yet to disclose the specific assets it will tokenize in partnership with Messi.
The Planet project, aiming for an ambitious $100 million in annual revenue, is leveraging tokenization to fund decentralized autonomous organizations (DAOs) focused on social and sustainability challenges aligned with the United Nations' Sustainable Development Goals. Messi's involvement in thei Web3 space dates back to 2022 when he partnered with crypto exchange Bitget as its official ambassador.
Ladan Stewart, an attorney who played a role in the SEC's case against Ripple, has joined the law firm White & Case as a partner in New York. Stewart, who recently led the SEC's specialized crypto and cyber litigation unit, brings valuable experience in crypto enforcement cases. She withdrew from the Ripple case in January after leaving the SEC's employment.
White & Case, known for defending crypto companies, sees Stewart's expertise as a significant asset amid increased regulatory scrutiny in the crypto industry. The firm has represented various crypto firms in significant cases, including those involving the SEC. Stewart's role at White & Case may involve advising and defending crypto industry players facing regulatory or private actions.
Stewart acknowledges the potential for conflicts of interest but believes she can manage them effectively. She spent eight years at the SEC, handling litigation against Ripple, former FTX CEO Sam Bankman-Fried, and Coinbase. Her move to the private sector reflects a trend of former government officials entering the digital asset industry, raising concerns about regulatory practices and expertise exchange between public and private sectors.
Tether, the largest stablecoin issuer with a market capitalization of $97.7 billion, did not confirm whether it would follow rival Circle in discontinuing support for the Tron network. Circle announced its decision to cease minting its stablecoin on Tron due to safety concerns, but Tether did not provide a clear stance on its future with the network. Tether stated that it issues tokens on various blockchains, treating them as transport layers, and retains the ability to freeze transactions to meet compliance requirements while actively monitoring safety standards.
Despite the uncertainty, the Tron network hosts over 51.8 billion USDT, accounting for more than half of the nearly 101 billion USDT tokens issued across multiple blockchains, according to Tether's transparency report. Additionally, $76.2 million is allocated for near-term liquidity on the Tron network. Concerns about the use of USDT on Tron for cyber fraud and money laundering were raised in a United Nations report, but Tether defended its traceability and collaboration with law enforcement, citing the freezing of over $300 million worth of USDT used in illicit activities.
Tron and its founder Justin Sun have faced legal challenges, including a lawsuit from the U.S. Securities and Exchange Commission (SEC) alleging the offering of unregistered securities and manipulative trading. However, Sun denies these allegations, and Tether has not indicated any immediate plans to discontinue its support for the Tron network despite Circle's decision.