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Robinhood Wallet and Fomo’s support for purchasing meme coins via credit cards has sparked controversy, amid suspicions that the platforms are circumventing credit card crypto transaction rules.

7 days ago

Robinhood Wallet and the Fomo app allow users to directly purchase meme coins via Visa or Mastercard credit cards through Apple Pay or Google Pay, with no identity verification required throughout the process, and transactions can earn regular credit card points or cashback—a feature that has sparked controversy. The service is provided by crypto infrastructure firm Crossmint, whose Token Checkout product categorizes meme coin transactions under MCC 5815 ("Digital Goods, Media") instead of cryptocurrency purchases. This category was originally intended for goods like e-books and digital movies. JPMorgan Chase, the card issuer under JPMorgan, stated after an investigation that Visa transactions were not marked as cryptocurrency purchases. The bank considers the MCC code misused, meaning the transactions should not qualify for points, and has filed a case against Visa over the issue. Meanwhile, the New York State Attorney General’s Office is aware of the matter and reviewing it. Crossmint insists the classification is reasonable, citing the SEC’s prior statement that certain meme coins can be considered "digital collectibles" in a securities context, and referencing an example in a joint SEC-CFTC guidance that lists WIF as a digital collectible. Payment experts note that card network rules and SEC guidance are "two completely separate systems." Visa and Mastercard have clear MCC 6051/6012 coding requirements and special labeling rules for direct cryptocurrency transactions, and these are not waived due to a "collectible" classification.

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Circle adds support for pre-payment of CCTP fees, covering all EVM-compatible chains.

Official announcements reveal that Circle’s Cross-Chain Transfer Protocol (CCTP) now supports a fast transfer prepaid fee function. Previously, protocol fees were deducted directly from the USDC transfer amount on the destination chain; with this update, developers can pre-quote and collect fees using the source chain’s native gas token or USDC before a transfer executes, simplifying cross-chain transfer fee handling and ensuring users receive their expected USDC amount. The prepaid fee mechanism primarily enhances fee predictability in cross-chain applications. Users no longer face reduced received amounts due to extra deductions on the destination chain side. Additionally, the CCTP Quote API uniformly calculates fees across all supported chains, integrating Fast Transfer and Forwarding fees into a single quote—removing the need for developers to build separate systems to compute multiple protocol fees. Furthermore, fees can be paid directly with the source chain’s native token, with no reduction or impact on the actual transferred USDC balance. Currently, the prepaid fee feature supports USDC transfers on all EVM chains covered by CCTP, but does not yet support transfers initiated from Solana; transfers to Solana remain available. Developers can retrieve specific fee quotes via the Quote API and integrate this feature, with relevant developers advised to refer to CCTP’s official documentation to build more predictable cross-chain USDC transfer workflows.

11 minutes ago

The US stock market's optical communication sector rose sharply, with LITE surging more than 11%.

According to BIT (Bit.com) market data, the US optical communication sector has surged sharply, with performances as follows: Applied Optoelectronics (AAOI) up 9.61%; Lumentum (LITE) up 11.27%; Nokia (NOK) up 6.1%; Corning (GLW) up 8.47%; Roundhill Optical Module ETF (LYTE) up 9.08%; Coherent (COHR) up 11.25%; and Marvell Technology (MRVL) up 3.01%.

11 minutes ago

Bonk Guy: PONS buyback is severely undervalued by the market, will continue adding positions during pullbacks.

Renowned trader Bonk Guy posted that PONS has seen sustained revenue growth recently, with daily income staying above $1.3 million to $2 million for most of the past week, and not dropping below $1.1 million for seven consecutive days. Meanwhile, PONS’ buyback wallet has accumulated nearly $3 million so far; these funds will be used to repurchase PONS via Time-Weighted Average Price (TWAP), and the wallet’s fee replenishment rate is currently outpacing its fund consumption rate. 100% of PONS’ generated fees are allocated to repurchases and token burns. PONS’ actual market cap is likely significantly lower than its Fully Diluted Valuation (FDV). At the time of posting, its price stood at around $0.736, translating to an FDV of roughly $736 million. However, since PONS’ launch, approximately 30% of its token supply has been repurchased and burned via fees, bringing its actual market cap closer to $515 million. Additionally, PONS hit an all-time high of ~80% market share on Robinhood Chain yesterday, holding between 75% and 80% for most of the past week. The platform also set a new all-time high for daily token issuance, peaking at 28,560 tokens in a single day, with around 27,600 new tokens launched over the past 24 hours. PONS is benefiting from the growth of the Robinhood Chain ecosystem and has established itself as the chain’s leading Launchpad. Bonk Guy noted that PONS currently boasts daily revenue of $1 million to over $2 million, nearly $3 million in buyback funds, ~30% of its supply burned, no VC unlock pressure, and strong early community support. Comparing PONS to PUMP, he argued its current actual market cap remains attractive. Traditional finance quant trading networks are also starting to take notice of PONS, calling it a potential “most tradable asset of this cycle”. He expects sustained buying during market pullbacks and is bullish on its market cap eventually reaching the multi-billion-dollar level.

11 minutes ago

Iran claims to have seized "the world's most advanced intelligent unmanned submarine", with US authorities yet to confirm.

According to Iran's Tasnim News Agency, the Navy of Iran's Islamic Revolutionary Guard Corps (IRGC) claimed it captured a U.S. unmanned underwater vehicle (UUV) at the entrance to the Strait of Hormuz early local time today and brought it back to Iran. The IRGC Navy stated that the vessel is "one of the most advanced intelligent unmanned submarines in the world", was delivered to the U.S. Navy in 2025, and seized at "a complex facility". The IRGC will release photos of the UUV within hours. The claim has not yet been confirmed by U.S. officials.

11 minutes ago

Crypto figure Shen Yu recounts his past ZEC experience: On the first night of Zcash’s mainnet launch, his mining farm was struck by lightning, and he has not held ZEC personally since.

Cobo co-founder and CEO Shen Yu posted on social media, stating: "I really have a lingering negative impression of ZEC. Back in 2016, when Zcash’s mainnet launched, BitMEX set a hard price cap of 10 BTC. Shortly after mining kicked off on launch night, the transformer at a GPU mining farm was struck by lightning. Since then, ZEC has never appeared in my personal wallet."

11 minutes ago

Polymarket launches its in-app social feature Squads.

Prediction market platform Polymarket today announced the launch of Squads, a new social feature for its US version of the Polymarket app. Squads provides an exclusive communication space for friends, where users can discuss markets, share their prediction selections, and trade directly with friends on Polymarket. The feature brings market discussions that originally took place in group chats onto the Polymarket platform, centralizing conversations and actual trading in one place to make it easier for friends to jointly participate in and experience prediction markets.

11 minutes ago

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