Inside Trump's Crypto Project; Ripple's Upcoming Stablecoin To Launch in 'Weeks': Garlinghouse

A Trump linked crypto project is similar to a recently hacked app and Bitcoin mining profitability is at a record low. You're watching Coin Desk daily, I'm your host, Jen Sani Coin Desk has obtained excerpts of a white paper for World Liberty Financial. A Trump crypto project linked to a $2 million defi hack. The document and other reporting describe a borrowing and lending service similar to do finance. A recently hacked Blockchain app built by four people listed as team members of World Liberty Financial. According to a person familiar with the plans, the project will also include a new Cryptocurrency though the app isn't ready for prime time. A review of a since deleted code base on github shows that the project at least in its early stages appears to have lifted code directly from do finance which lost $2 million in July's hack. Bitcoin. Mining profitability is stuck at record lows. According to JP Morgan. In a research report, analysts said they estimate that Bitcoin miners earned reward revenue in August at the lowest point on record. Mining stocks declined as the average price of the world's largest Cryptocurrency fell for the third consecutive month and the network has rate rose. Hash rate refers to the total combined computational power used to mine and process transactions on a proof of work Blockchain. The report noted that the total market cap of the 14 US listed miners tracked by the bank shrank 15% month on month to $20 billion with only three of the miners outperforming Bitcoin in the period and ripple is close to launching its US dollar pegged Stablecoin RL US D ripple. Lab, Ceo Brad Garlinghouse said that the project will launch soon in weeks and not months at a Korea Blockchain week event. He stated that plans for the Token were made after us DC, the second largest Stablecoin by market of $34 billion lost its dollar peg in March 2023. He added quote, we felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into the market. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.