Today in your briefing: the machinery of agentic commerce is assembling itself in real time. We're tracking a new visa card for AIs, the first self-executing contract between two incorporated agents, and an Ethereum proposal to give agents their own spending limits at the token level. It's a full-stack buildout, from payment rails to legal wrappers.
Two legally incorporated AI agents, Clawbank and Shodai, successfully negotiated, signed, and executed the first AI-to-AI Ricardian contract on Thursday. This type of contract binds legal prose directly to machine-executable on-chain code. In this case, the agreement was linked to a smart contract on the Arc Network that triggered an automatic payment in ETH upon the fulfillment of a single milestone for a logo design. The milestone's completion was verified, and the payment was executed without any human intervention.
Why it matters
This is a landmark event, moving the concept of autonomous agents with legal personhood from a theoretical discussion to a practical reality. It fulfills the long-held vision of Ricardian contracts by demonstrating an end-to-end workflow where legally-recognized, non-human entities can autonomously form binding commercial agreements and settle them on-chain. For onchain organizations, this provides a concrete blueprint for how AI agents can become direct economic participants, managing assets and executing contracts. It forces the issue of legal, financial, and governance infrastructure for a world where machines are counterparties.
Clawbank and Shodai announced the breakthrough, emphasizing that the agents handled the entire process from negotiation to settlement. PwC highlighted this as a demonstration of AI agents acting as commercial counterparties. Observers noted this raises significant questions about liability and dispute resolution when no human is in the loop, pushing the frontier of both legal tech and decentralized governance.
Building on the Visa Intelligent Commerce platform and the agent-native x402 and MPP payment rails we've been tracking, Alchemy launched AgentCard on Thursday. The virtual Visa card and identity system provides a unified API for agents to make payments using tokenized cards and crypto, while including programmable spending controls for human users to set predefined limits.
Why it matters
AgentCard is another critical piece of plumbing for the emerging agent economy, bridging the gap between traditional financial rails and the onchain world. By providing a secure, controllable payment mechanism that works across both fiat and crypto, it dramatically expands the ability of autonomous agents to act as economic participants in the real world. For organizations building onchain, this provides a tangible tool to empower agents with financial capabilities while maintaining oversight, directly addressing the challenge of creating safe and effective payment rails for non-human entities.
Finance Feeds described the launch as creating a 'single pane of glass' for AI agent payments, combining identity, wallet infrastructure, and payment methods. The Block highlighted the built-in spend controls as a key feature for enabling autonomous operation with human oversight. The integration with both traditional (Visa) and crypto-native (x402) rails is seen as a pragmatic approach to accelerating agent adoption in commerce.
Directly addressing the agent authorization and spending control vulnerabilities we've been tracking, a new proposal on the Ethereum Magicians forum suggests creating an 'asset-enforced spend mandate.' The standard would allow token contracts themselves to enforce rules such as transaction value caps, expiration dates, whitelisted tokens, and revocation capabilities, rather than relying solely on the security of the wallet or application layer.
Why it matters
This proposal directly tackles one of the most significant risks in the agent economy: giving autonomous systems control over onchain assets. By embedding spending limits and rules at the token contract level, it creates a much more robust and granular security model than application-level permissions. For onchain organizations, this is a critical development for treasury management and operational security. It provides a primitive for safely delegating financial tasks to AI agents, minimizing the potential damage from a compromised agent or a flawed strategy. This is a foundational piece of governance infrastructure needed for agents to operate at scale.
NewsBTC noted this would 'bound agent spending' with hard, on-chain limits. Proponents on the Ethereum Magicians forum argue this shifts security to a more fundamental layer of the stack, providing a fail-safe that persists even if the agent's controlling logic is compromised. This is seen as a necessary evolution of account abstraction to safely accommodate non-human actors in DeFi.
The Estonian government, under Prime Minister Kristen Michal, has approved a plan to issue official digital identities to AI agents. According to reports on Wednesday, this initiative aims to grant autonomous software a distinct legal status, enabling them to perform administrative and financial tasks like booking flights or filing taxes. The framework will include 'limited, controllable and auditable authorizations' to bound the agents' powers and address issues of legal and financial responsibility for their actions.
Why it matters
This is an unprecedented move by a nation-state to formally recognize AI agents with a legal identity, tackling the question of non-human personhood head-on. For onchain organizations, Estonia's experiment is a crucial test case for how legal and governance infrastructure can be built for autonomous agents. The requirement for 'controllable and auditable' authorizations creates a direct demand for the kind of transparent, programmable, and auditable rails that blockchains can provide, potentially creating a state-sanctioned sandbox for AI-DAO interaction.
CoinTribune framed this as a move to provide clarity on accountability for AI actions. Spendnode noted the inclusion of payment authorizations as a key component. The initiative is seen as a pioneering step that could set a global precedent for how other nations approach the legal status and operational scope of AI agents within their digital economies.
Providing a counterpoint to the Pantera and Stanford study on ineffective Solana trading agents we tracked earlier this month, Web3 self-custody wallet Wallet V has launched a public performance benchmark for AI agents on Hyperliquid and Aster. The tracker aggregates profit and loss data across 688 user-configured agents from seven LLM families, reporting that 42% have generated a non-negative P&L since inception.
Why it matters
This is one of the first public, data-driven attempts to measure and compare the real-world performance of AI agents in onchain financial markets. By providing transparent benchmarks, it moves the discussion about AI traders from hype to empirical analysis. For organizations exploring the use of AI in governance or treasury management, this data provides a valuable, albeit early, look at which models are effective and what strategies are viable. It's a crucial step toward establishing accountability and a performance track record for autonomous financial agents.
NeoBulletin reported the benchmark covers agents configured by Wallet V users. The fact that 42% of agents are reportedly not losing money is presented as a promising early sign for the viability of AI-driven trading. The tool allows for direct comparison between different LLM families, offering insights into their respective strengths and weaknesses in a financial context.
Malta's financial services authority (MFSA) has opened a public consultation on a proposed legal framework that introduces 'software-based organizations' as a new category for DAOs and other DeFi projects. The framework, designed to operate within the EU's MiCA regulation, aims to legally distinguish the governing code and protocol from the human-led entity that may be behind it. This approach seeks to assign legal obligations and liability to identifiable actors, particularly for projects that claim full decentralization but retain centralized control elements. The consultation period is open until July 10.
Why it matters
This is a significant attempt by a crypto-friendly EU member state to create a bespoke legal wrapper for onchain organizations, directly addressing the persistent problem of DAO legal personhood and liability. By creating a specific category, Malta is providing a potential path for DAOs to gain legal recognition and operate within a compliant framework, which is essential for institutional engagement. The framework's focus on identifying the degree of decentralization could set a regulatory precedent across the EU for how DAOs are assessed and held accountable. This is a must-watch development for anyone designing or operating an onchain organization.
Capwolf framed this as a pragmatic approach to regulating DeFi by acknowledging its unique nature. CryptoBreaking noted the move is tied to MiCA and aims to provide legal certainty. The proposal is seen as an attempt to solve the regulatory paradox where projects use decentralization as a shield from liability while still being directed by a core team.
As we noted yesterday, Illinois Governor JB Pritzker has signed the 0.2% Digital Asset Privilege Tax Act into law. New details clarify the tax's scope: it affects any out-of-state platform generating over $100,000 annually from digital asset services for Illinois residents.
Why it matters
This legislation sets a concerning precedent for state-level taxation of the digital asset industry, creating a new and potentially 'punitive' compliance burden. It signals a risk of a fragmented and complex tax landscape across the U.S., which could stifle innovation and drive business out of states that adopt similar policies. For any onchain organization with users or operations in Illinois, this new law requires immediate legal and financial attention to ensure compliance. The industry's strong opposition highlights the ongoing battle to prevent digital assets from being singled out with unique and unfavorable tax treatment compared to traditional financial services.
The Crypto Council for Innovation (CCI) has joined a16z in strongly condemning the measure, calling it 'uniquely punitive.' Business attorneys in Chicago noted the law's broad scope applies not only to exchanges but also to businesses accepting crypto payments, raising fears of a 'tax-and-regulate' patchwork emerging across the country.
Challenging the wave of CFTC approvals for onchain perpetual futures we've been tracking, the Chicago Mercantile Exchange (CME) has filed a lawsuit against the CFTC and its chairman, Michael Selig. Targeting recent approvals for platforms like Kalshi and Coinbase, CME argues that these instruments are legally 'swaps' under the Dodd-Frank Act, not 'futures.' As such, they claim the products should be subject to a stricter regulatory regime, alleging the CFTC's decisions cause 'textbook competitive injury.'
Why it matters
This lawsuit is a direct, high-stakes challenge to the CFTC's authority to classify novel crypto derivatives. The outcome could fundamentally redefine the regulatory landscape for one of DeFi's most popular products. If the court sides with CME and reclassifies perpetuals as swaps, it could trigger significantly more onerous compliance burdens (like swap dealer registration) for any platform offering them, including onchain protocols. This case forces a legal resolution to the long-simmering ambiguity over product definitions, and its precedent will shape derivatives innovation and competition in the US for years.
Reuters reported that CME claims these are swaps under Dodd-Frank. Bitcoin Magazine noted the lawsuit follows approvals for both Kalshi and a Coinbase routing arrangement. A thirdweb blog post specifically analyzed the implications for onchain builders, warning of the major regulatory uncertainty this creates for DeFi derivatives protocols. The lawsuit arrives just as the SEC and CFTC announced a separate joint effort to harmonize these very definitions.
Timelines are solidifying in several high-profile U.S. criminal cases against crypto figures. Prosecutors have proposed a late-2026 retrial for Tornado Cash co-founder Roman Storm, following a hung jury on two key charges. Separately, a judge set a mid-August deadline for the government to respond to former Celsius CEO Alex Mashinsky's motion to vacate his 12-year prison sentence. Finally, a December 2026 trial date has been set for Gannon Ken Van Dyke in an alleged insider trading case involving the prediction market Polymarket.
Why it matters
These cases collectively represent the front line of U.S. legal action establishing individual criminal liability in the crypto ecosystem. The retrial of Roman Storm will continue to test the legal responsibility of developers for their code. The Mashinsky case scrutinizes executive accountability at centralized crypto firms. The Van Dyke case explores the application of traditional insider trading law to onchain markets. The outcomes will set critical precedents for developers, operators, and traders, shaping the legal risks across the industry.
CryptoBreaking highlighted the increasing focus of U.S. courts on individual liability. The drawn-out legal processes demonstrate the complexity of applying existing laws to novel technologies. These cases are being closely watched for their potential to define the legal boundaries for money laundering, sanctions compliance, and market integrity in DeFi.
The SEC and CFTC have issued a joint request for public comment to clarify and harmonize definitions, interpretations, and jurisdictional boundaries for derivatives products. This unprecedented collaboration, reported on Friday, aims to resolve long-standing ambiguities in the regulation of swaps, futures, and other derivatives, particularly as they apply to novel digital-era products. The move comes as the CFTC faces a lawsuit from CME Group over this very issue.
Why it matters
This is a significant step toward creating a unified and predictable regulatory framework for crypto derivatives in the U.S. For onchain organizations, clear and harmonized rules reduce legal ambiguity and compliance costs, which could encourage more onshore product development. A coordinated approach between the two main financial regulators signals a potential end to the 'regulation by enforcement' era, moving towards a more stable environment for innovation. The outcome of this review will directly shape the legal landscape for DeFi protocols offering derivative-like instruments.
Spendnode emphasized that this collaboration is happening amidst the CME lawsuit, highlighting the urgency of the issue. CryptoTimes.io framed it as a shift from piecemeal enforcement to a more unified approach. The ultimate goal is to provide a clear regulatory baseline, which could improve trust and foster more responsible innovation in the digital asset markets.
In a provision attached to the H.R. 6644 housing bill passed on Tuesday, the U.S. Congress has banned the Federal Reserve from issuing a retail Central Bank Digital Currency (CBDC) until at least December 31, 2030. The legislation includes a specific carve-out explicitly protecting the status of privately-issued, dollar-denominated stablecoins that are 'open, permissionless, and private.'
Why it matters
This is a landmark legislative decision that provides significant regulatory clarity and a multi-year runway for the private stablecoin market in the United States. By taking a federal CBDC off the table for the medium term, Congress has effectively removed a major potential competitor and source of uncertainty for onchain organizations. This creates a much more favorable environment for developers building onchain payment flows, treasury solutions, and DeFi protocols that rely on dollar-pegged digital assets, solidifying the role of private issuers in the U.S. financial plumbing.
The thirdweb blog emphasized that this action provides a clear runway for private stablecoin development. The move is part of a broader package of crypto-related legislation, including the GENIUS and CLARITY Acts, that aims to establish a comprehensive regulatory framework for digital assets in the U.S.
Following the bipartisan Senate push for clarity on the GENIUS Act's dual-track system we noted earlier this week, FinCEN and the OCC have issued a proposed rule to implement key provisions of the legislation. The rule would formally classify permitted payment stablecoin issuers (PPSIs) as 'financial institutions' under the Bank Secrecy Act (BSA), legally requiring them to establish and maintain bank-style customer identification programs (CIP).
Why it matters
This proposal is a crucial step in formalizing the regulatory treatment of stablecoins in the U.S. By bringing major issuers under the BSA's purview, regulators are moving to integrate them into the existing anti-money laundering and counter-terrorism financing (AML/CFT) framework. For onchain organizations, this increases the compliance burden on stablecoin issuers but also enhances their legitimacy and stability, making them a more reliable part of the financial stack. It clarifies the scope of KYC obligations, primarily for direct issuer-customer relationships.
The rule was formally published in the Federal Register, signaling a concrete step in the implementation of the GENIUS Act. This move is seen as necessary to combat illicit finance and enhance financial stability as the stablecoin market grows in systemic importance.
The Aave community has overwhelmingly passed the 'Aave Will Win' (AWW) proposal, a landmark governance overhaul that consolidates all revenue streams from Aave's entire product suite directly into the DAO treasury. This gives AAVE token holders direct control over the protocol's full vertical stack, including Aave Pro, Aave App, and Horizon, along with all brand assets and future revenue. The framework also introduces a 'zero-bureaucracy' model with measurable goals and KPIs for service providers, aiming to enhance accountability and streamline execution.
Why it matters
This is a pivotal moment for Aave, fundamentally shifting its economic model from a protocol-level fee structure to full-stack value capture. It transforms the AAVE token from a simple governance instrument into the central equity-like asset controlling a comprehensive business enterprise. For DAO governance design, this is a powerful case study in consolidating power and aligning incentives across a sprawling ecosystem. The move aggressively positions Aave to compete more effectively and could set a new standard for how major DAOs structure themselves for long-term growth and revenue generation.
Blockonomi highlighted that the proposal gives the AAVE token control over the full product stack and brand. The 'zero-bureaucracy' model is seen as a direct response to recent governance friction and the departure of key service providers. The move is interpreted as an effort to establish a more resilient, accountable, and commercially-focused governance structure.
The Uniswap community has passed the 'UNIfication' proposal, activating the long-debated protocol fee switch and initiating a UNI token burn mechanism. The vote gives Uniswap Labs a mandate to route a portion of trading fees to the protocol treasury, which will then be used to buy and burn UNI tokens. This directly links the protocol's trading volume to the token's supply dynamics. The proposal also includes a one-time burn of 100 million UNI and an internal restructuring.
Why it matters
This decision marks a fundamental change in Uniswap's tokenomics, shifting UNI from a pure governance token to a productive asset that accrues value from protocol activity. Activating the 'fee switch' is one of the most significant events in DeFi governance, representing a major step toward creating a sustainable economic model for a core piece of market infrastructure. This move will be closely watched as a precedent for how other large DAOs approach value accrual and capital management.
Coinpedia noted the overwhelming approval and the direct link it creates between protocol usage and token economics. The move is seen as a maturation of Uniswap's governance, finally delivering on a capability that has been discussed for years and aiming to increase the long-term value of the UNI token for its holders.
MakerDAO, DeFi's largest protocol, has officially completed its multi-year 'Endgame' transformation, upgrading the entire ecosystem to 'Sky'. The transition, finalized Friday, replaces the original DAI stablecoin with a new asset, USDS, and allows MKR holders to upgrade their governance tokens to SKY. The new architecture is designed to enhance governance flexibility, scale to new blockchains, and introduce new features through a modular SubDAO structure.
Why it matters
This is a complete overhaul of one of DeFi's foundational pillars, impacting everything from its core stablecoin product to its governance structure. The shift to the Sky Ecosystem represents one of the most ambitious and complex governance-led transformations ever attempted by a DAO. The success or failure of this new model—with its dual-token system and SubDAOs—will provide crucial lessons for other large-scale decentralized organizations on how to evolve, adapt, and manage systemic change while maintaining stability.
The upgrade is positioned as a move to improve scalability and governance resilience. The introduction of USDS and SKY marks a definitive break from the original MakerDAO branding and tokenomics. The Endgame plan has been a long and sometimes contentious process, and this final implementation will be a major test of the community's vision for a more robust and adaptable decentralized financial system.
Zimbabwe's Financial Intelligence Unit issued a mandate on Tuesday requiring all virtual asset service providers (VASPs) to register under a new law, Statutory Instrument 99 of 2026. This establishes the country's first dedicated regulatory framework for cryptocurrencies, aiming to formalize a grey market that has flourished due to years of hyperinflation and currency instability. The move aligns Zimbabwe with the FATF's global standards for anti-money laundering (AML) and combating the financing of terrorism (CFT).
Why it matters
This is a significant policy shift for a country that previously banned crypto, moving towards a supervised integration model. For organizations, this opens a new, albeit highly regulated, market and provides a case study in how nations with volatile economies are attempting to manage digital assets. The adoption of a formal regulatory framework could pave the way for broader institutional use or even the consideration of digital assets like Bitcoin for national treasury reserves, a trend relevant to global treasury diversification strategies.
CryptoNews framed the move as aligning Zimbabwe with international FATF standards. Yahoo Finance speculated on whether this could lead to the country adopting a Bitcoin treasury to stabilize its economy. The regulation is seen as a necessary step to bring legitimacy and oversight to a burgeoning informal crypto economy.
In an interview on Thursday, Bryan Choe, Head of Research at RWA.xyz, argued that while the tokenization of real-world assets is becoming inevitable, the industry often makes the mistake of confusing the technical act of tokenization with the creation of liquidity. He stressed that building functioning, liquid markets for these onchain assets is the far more difficult challenge, requiring robust financial infrastructure like issuer backstops and reliable redemption facilities before deep secondary markets can truly develop.
Why it matters
This analysis provides a crucial dose of realism for the RWA sector. It highlights that the true value of onchain finance isn't just in creating a digital representation of an asset, but in building the sophisticated market plumbing that allows that asset to be traded, borrowed against, and utilized efficiently. For organizations planning treasury strategies involving RWAs, this is a reminder that the liquidity of a tokenized asset is not guaranteed and depends heavily on the underlying market structure, risk warehousing, and redemption mechanisms supporting it.
Choe's comments, reported by Benzinga, serve as a corrective to the hype around tokenization. He suggests that the focus should shift from simply getting assets onchain to building the capital markets infrastructure needed to make them useful and liquid financial instruments.
Zama, in partnership with lending protocol Morpho and Steakhouse Financial, launched the Steakhouse Confidential USDC Prime vault on Thursday. This is the first DeFi yield product on Ethereum for confidential stablecoins (cUSDC), leveraging Fully Homomorphic Encryption (FHE). The technology allows institutions to deposit USDC and earn yield without publicly disclosing their balances or transaction history, as computations can be performed on the encrypted data.
Why it matters
This is a major breakthrough for institutional DeFi, directly addressing the critical need for on-chain privacy. The inability to shield financial strategies from public view has been a primary barrier to entry for large asset managers and corporate treasuries. By enabling confidential transactions on a public blockchain, FHE could unlock significant institutional capital for onchain finance. For organizations managing treasuries, this provides a pathway to participate in DeFi yield strategies without sacrificing operational security or revealing sensitive financial data.
FinTech Buzz described the launch as bridging the gap between public blockchain transparency and institutional privacy needs. The vault maintains compliance and auditability features while masking sensitive user data. This is seen as a key piece of infrastructure that could dramatically accelerate the migration of traditional finance onto decentralized rails.
A new analysis circulating on Farcaster and Paragraph on Thursday examines the political economy of Ethereum's core institutions. The piece argues that with the Ethereum Foundation's role and influence intentionally diminishing, the ecosystem faces a potential funding crisis for essential protocol maintenance and public goods. It calls for the deliberate design and establishment of new, durable institutions to guide Ethereum's next decade, addressing the looming challenge of 'institutional succession.'
Why it matters
This is a substantive piece of comparative organizational theory applied directly to the world's largest smart contract platform. It moves beyond technical roadmaps to ask fundamental questions about long-term sustainability, governance, and the funding of public infrastructure in a decentralized context. For anyone building or participating in onchain ecosystems, this analysis provides a crucial framework for thinking about how large-scale networks can endure and evolve beyond their founding entities, a core challenge for all mature DAOs and protocols.
The essay, authored by a respected researcher in the space, is generating significant discussion. It highlights the tension between decentralization and the need for coordinated, well-funded stewardship. The author suggests that without proactive institutional design, Ethereum risks 'institutional drift' and under-funding of critical maintenance, a warning relevant to any large-scale onchain organization.
A detailed analysis published Thursday argues that 'The Network State' is not just a theoretical concept but an active, long-term project by influential tech figures to build parallel, privatized societies that operate outside of traditional democratic governance. The piece connects the ideas of Balaji Srinivasan and Curtis Yarvin to real-world efforts, including private organizations like Dialog (co-founded by Peter Thiel) that convene powerful figures to shape policy, and startup society experiments like Zuzalu and Praxis.
Why it matters
This analysis provides a critical framework for understanding the ideological drivers and practical mechanisms behind the push for network states and onchain societies. It moves beyond the hype to expose the political project of building alternative governance structures, often with curated, wealth-gated communities. For those in the onchain organization space, this piece serves as a crucial counter-narrative, highlighting the political and social implications of creating new forms of jurisdiction and sovereignty that explicitly aim to bypass or replace existing democratic institutions.
The article, published on Medium, synthesizes publicly available information to present a cohesive thesis about the political aims of the network state movement. It describes Web3, Urbit, and other technologies as tools for this project. Leaked documents from the Dialog group are presented as evidence of a 'parallel governance system' operating without a paper trail.
Agentic Commerce Infrastructure Assembles in Real-Time A convergence of new products and standards are rapidly building out the full stack for an agent economy. Today's stories show this at multiple layers: payment rails (Alchemy's AgentCard), legal wrappers (incorporated AI agents signing contracts), and protocol-level safety (Ethereum's proposed spending mandates for agent wallets). This is no longer theoretical; the operational plumbing for autonomous onchain commerce is shipping.
The Legal Wrapper Race Heats Up Jurisdictions and protocols are actively competing to define the legal structures for onchain organizations. Malta is proposing a 'software-based organization' category to bring DAOs under MiCA, while in the US, two AI agents with distinct legal incorporation have executed the first Ricardian contract. This shows parallel progress on both state-level recognition and private, contract-based entity formation for non-human actors.
Regulatory Scrutiny Intensifies on Product Classification The regulatory arbitrage era is closing as agencies and incumbents force clear legal definitions for crypto products. The CME Group's lawsuit against the CFTC over perpetual futures classification is a prime example, directly challenging the regulator's authority. Simultaneously, a joint SEC-CFTC effort to harmonize derivatives definitions signals a move toward a more unified, less ambiguous framework, increasing compliance burdens but also providing clarity for builders.
Major DAOs Push for Value Accrual and Consolidation Leading DeFi protocols are implementing significant governance changes to consolidate power and capture value for their tokens. Aave's 'Aave Will Win' proposal centralizes all product revenue under AAVE token holder governance, Uniswap has activated its fee switch and UNI burn mechanism, and MakerDAO has finalized its 'Endgame' upgrade to the Sky Ecosystem. These are decisive moves away from passive governance toward active, value-extractive business models.
Privacy Tech Becomes a Key Enabler for Institutional DeFi The launch of a confidential USDC vault on Ethereum using Fully Homomorphic Encryption (FHE) marks a critical milestone for institutional adoption. By allowing firms to earn yield without broadcasting their positions, privacy-preserving technologies like FHE are solving a key barrier to entry. This indicates that the next wave of DeFi infrastructure will focus as much on confidentiality as on transparency to attract significant institutional capital.
What to Expect
2026-07-02—A technical spell is proposed in the Sky (MakerDAO) ecosystem to transfer 700,000 USDS to the Skybase Foundation for operational capital, a key test of its new governance and treasury procedures.
2026-07-10—Deadline for industry feedback on Malta's consultation paper proposing a 'software-based organization' legal category for DAOs under the EU's MiCA framework.
2026-10-27—Ripple's Swell 2026 conference begins, focusing on institutional crypto adoption, tokenization, and enterprise use cases for XRP and its RLUSD stablecoin.
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