Tether's Two Faces: USAT as the Legal Persona, and USDT as the Gray Empire

Author: Peggy, Lin Wanwan, BlockBeats

The most stable asset in the crypto market is actually a dollar without an ID.

Over the past decade, USDT has turned itself into the "de facto dollar" of the crypto world with $170 billion in assets and ubiquitous liquidity. But the more successful it becomes, the sharper its identity anxiety grows: a dollar without U.S. backing remains a vulnerability.

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Letture associate

The 'VVV' Concept Soars 9x in Half a Year, The New AI Narrative on Base Chain

"The article explores the 'VVV' concept as the new AI-focused narrative within the Base ecosystem, centered around the token $VVV of the privacy-focused, uncensored generative AI platform Venice, led by crypto veteran Erik Voorhees. Venice has seen significant growth in 2026, with its API users surging, partly attributed to exposure from OpenClaw. The platform now boasts over 2 million total users and 55,000 paid subscribers. Correspondingly, the $VVV token price has risen over 9x this year. Key to its performance are tokenomics designed for value accrual: reduced annual emissions, subscription revenue used for buyback-and-burn, and a unique staking mechanism. Staking $VVV yields $sVVV, which can be used to mint $DIEM tokens. Each staked $DIEM provides a daily $1 credit for using Venice's API services, creating tangible utility. The article also highlights other tokens associated with the 'VVV' narrative. $POD, the token of distributed AI network Dolphin (which co-developed Venice's default AI model), saw a massive price surge. $cyb3rwr3n, a project for a Venice credit auction market, gained attention due to perceived connections to Venice's team despite official denials. Finally, $SR of robotics platform STRIKEROBOT.AI rose after announcing a partnership with Venice for robot vision-language model development. Overall, the 'VVV' ecosystem combines AI platform growth, deflationary tokenomics, and innovative utility mechanisms, driving significant investor interest and price action in related tokens."

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marsbit6 min fa

Anthropic and OpenAI Have Single-Handedly Severed the Logic of Pre-IPO Stock Tokenization

The pre-IPO stock token market is experiencing significant turmoil following strong statements from AI giants Anthropic and OpenAI. Both companies have updated their official policies, declaring that any transfer of their company shares—including sales, transfers, or assignments of share interests—without prior board approval is "invalid" and will not be recognized in their corporate records. This means buyers in such unauthorized transactions would not be recognized as shareholders and would have no shareholder rights. A major point of contention is the use of Special Purpose Vehicles (SPVs), which are legal entities commonly used by pre-IPO token platforms to pool investor funds and indirectly acquire shares from employees or early investors. The companies explicitly state they do not permit SPVs to acquire their shares, and any such transfer violates their restrictions. They warn that third parties selling shares through SPVs, direct sales, forward contracts, or stock tokens are likely engaged in fraud or are offering worthless investments due to these transfer limits. This stance directly threatens the core model of many pre-IPO token platforms, which rely on SPV structures. The announcement revealed additional risks within this model, such as complex "SPV-within-SPV" layering that obscures legal transparency, increases management fees, and creates a chain reaction risk of invalidation. Following the news, tokens like ANTHROPIC and OPENAI on platforms like PreStocks fell sharply (over 20%). The market reaction highlights a divergence: while asset-backed pre-IPO tokens plummeted, purely speculative pre-IPO futures contracts, which are bilateral bets on future IPO prices with no claim to actual shares, remained relatively stable as they are unaffected by the transfer restrictions. The industry is split on the implications. Some believe the fundamental logic of pre-IPO token trading is broken if leading companies reject SPV-held shares, potentially causing a domino effect. Others, like Rivet founder Nick Abouzeid, argue that buyers of such unofficial tokens always knowingly accepted the risk of non-recognition by the company. The statements serve as a stark risk warning and a corrective measure for a market where valuations for some AI-related pre-IPO tokens had soared to irrational levels, far exceeding recent funding round valuations.

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Anthropic and OpenAI Personally Sever the Logic of Pre-IPO Crypto-Stocks

The pre-IPO token market has been rocked by strong statements from Anthropic and OpenAI. Both AI giants have updated official warnings, declaring that any sale or transfer of their company shares without explicit board approval is "invalid" and will not be recognized on their corporate records. This directly targets Special Purpose Vehicles (SPVs), the common legal structure used by pre-IPO token platforms. These platforms typically use an SPV to acquire shares from employees or early investors, then issue blockchain-based tokens representing a claim on the SPV's economic benefits. Anthropic and OpenAI's position means that if an SPV's share purchase lacked authorization, the underlying asset could be deemed worthless, nullifying the token's value. Anthropic explicitly warned that any third party selling its shares—via direct sales, forwards, or tokens—is likely fraudulent or offering a valueless investment. The crackdown highlights risks in the popular SPV model, including complex multi-layered "Russian doll" SPV structures that obscure legal ownership, add fees, and concentrate risk. If one layer is invalidated, the entire chain could collapse. Following the announcements, tokens like ANTHROPIC and OPENAI on platforms like PreStocks fell sharply (over 20%). In contrast, purely speculative pre-IPO prediction contracts remained stable, as they involve no actual share ownership. The move is seen as a corrective measure amid a market frenzy where some pre-IPO token valuations (e.g., Anthropic's token hitting a $1.4 trillion implied valuation) far exceeded recent official funding rounds. Opinions are split: some believe this undermines the core logic of pre-IPO token trading if top companies reject SPVs, while others argue buyers always assumed this legal risk when accessing unofficial channels. The statements serve as a stark warning and a potential catalyst for market de-leveraging and clearer boundaries.

Odaily星球日报1 h fa

Odaily星球日报1 h fa

The Waged Worker Driven to Poverty by AI Subscriptions

"AI Membership: The Hidden Cost Pushing Workers Toward 'Poverty'" The widespread corporate push for AI adoption is creating a hidden financial burden for employees. Companies, from giants like Alibaba to small firms, are mandating AI use, often tying token consumption to KPIs, but frequently refuse to cover the costs. Workers are forced to pay for subscriptions out of pocket to stay competitive and avoid being replaced. Front-end developer Long Shen spends up to 2000 RMB monthly on tools like Cursor and ChatGPT Plus, seeing it as a necessary 3% salary investment to handle 90% of his coding tasks. While it boosted his performance and led to promotions, he now faces idle time at work, pretending to be busy. Designer Peng Peng navigates strict company firewalls by using personal devices and accounts for AI image generation tools like Midjourney, spending hundreds monthly without reimbursement, while her boss demands faster, more numerous revisions. The pressure creates workplace anxiety and suspicion. Programmer Li Huahua, after a friend's experience of raised KPIs following AI success, fears being branded a "traitor" for using it yet worries about falling behind if she doesn't. The dynamic allows management to demand results without understanding the tools or covering expenses, treating employees like AI "agents." While some, like entrepreneur Jin Tu, find high value in paid AI, building entire systems and winning competitions, for most, it's a trap. Free tools like Kimi and Doubao are introducing fees, closing off alternatives. The initial efficiency gains individual advantage, but as AI becomes ubiquitous, the personal edge disappears, workloads increase, and a cycle of dependency begins. Workers like Long Shen realize they cannot maintain AI-generated code without AI, making stopping harder than continuing to pay. The tool promising liberation is instead becoming a compulsory, costly chain in the modern workplace.

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Strategy Says Its Software Business Is Quietly Powering Its Bitcoin Machine

Strategy CEO Phong Le emphasizes that the company's legacy software business is integral to its Bitcoin Treasury Company model, creating unique operational, financial, and cultural synergies. He argues that the software division, which recently reported its strongest quarter in a decade with 12% revenue growth and 27% margin expansion, funds Bitcoin-related expenses and provides a critical institutional foundation. This includes a 35-year operating history, public company infrastructure, and extensive compliance standards that most digital asset firms lack. Conversely, Le states the Bitcoin strategy has energized employees and engaged customers. Looking ahead, Strategy is leveraging its "Mosaic" AI data platform to automate internal systems and drive its software evolution, aiming for more autonomous and adaptive operations.

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Articoli Popolari

Come comprare USAT

Benvenuto in HTX.com! Abbiamo reso l'acquisto di USAT (USAT) semplice e conveniente. Segui la nostra guida passo passo per intraprendere il tuo viaggio nel mondo delle criptovalute.Step 1: Crea il tuo Account HTXUsa la tua email o numero di telefono per registrarti il tuo account gratuito su HTX. Vivi un'esperienza facile e sblocca tutte le funzionalità,Crea il mio accountStep 2: Vai in Acquista crypto e seleziona il tuo metodo di pagamentoCarta di credito/debito: utilizza la tua Visa o Mastercard per acquistare immediatamente USATUSAT.Bilancio: Usa i fondi dal bilancio del tuo account HTX per fare trading senza problemi.Terze parti: abbiamo aggiunto metodi di pagamento molto utilizzati come Google Pay e Apple Pay per maggiore comodità.P2P: Fai trading direttamente con altri utenti HTX.Over-the-Counter (OTC): Offriamo servizi su misura e tassi di cambio competitivi per i trader.Step 3: Conserva USAT (USAT)Dopo aver acquistato USAT (USAT), conserva nel tuo account HTX. In alternativa, puoi inviare tramite trasferimento blockchain o scambiare per altre criptovalute.Step 4: Scambia USAT (USAT)Scambia facilmente USAT (USAT) nel mercato spot di HTX. Accedi al tuo account, seleziona la tua coppia di trading, esegui le tue operazioni e monitora in tempo reale. Offriamo un'esperienza user-friendly sia per chi ha appena iniziato che per i trader più esperti.

406 Totale visualizzazioniPubblicato il 2026.01.27Aggiornato il 2026.01.27