Base Explores Native Token, Coinbase Confirms

Hi! In today’s edition:

• 🚀 Base begins exploring a native token

• 🛒 MetaMask drops dollar-backed mUSD

• 🧠 Ethereum makes big AI play with new team

• 🐕🐚 Dogecoin & XRP ETFs set for launch this week

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Base Starts to Explore a Native Token 

Coinbase-backed Ethereum layer 2 Base is “beginning to explore a network token,” the head of Base’s ecosystem, Jesse Pollak, said at the BaseCamp summit on Monday.

“We’re in the early phases of exploration, and don’t have any specifics to share around timing, design, or governance. We’re committed to bringing the community along with us, and building in the open,” said the Base team in a post on X. 

Coinbase CEO Brian Armstrong also confirmed the development, saying in his own X post that the token could be a “great tool” for decentralization and expanding growth for both creators and developers.

“BASE will be instant top 5 market cap coin if done the right way,” wrote VC Nick Tomaino on X. 

The Base team expanded on its token plans in a blog post, explaining that the decision represented a shift in philosophy after the chain achieved sub-second and sub-cent transactions.

Base is one of the most active layer 2 networks, with nearly one million daily active addresses and over $5 billion in total value locked (TVL), making it the second largest by TVL after Arbitrum.

MetaMask Stablecoin mUSD Goes Live

Crypto wallet firm MetaMask has officially launched its native stablecoin called MetaMask USD (mUSD). The U.S. dollar-backed stablecoin is the first to be issued by a self-custodial browser wallet. 

Initially launched on Ethereum and the Linea layer 2 network, mUSD aims to enhance liquidity in the MetaMask ecosystem and compete with major stablecoins like USDT and USDC.

“As mUSD grows, the revenue generated from the underlying yield can be used to further grow the ecosystem, from subsidizing user fees to additional yield,” said Head of Linea Declan Fox. 

The stablecoin is backed by Stripe-owned stablecoin issuer Bridge and powered by the decentralized stablecoin infrastructure protocol M0.

Major cross-chain protocol Wormhole, also M0’s interoperability partner, said it will soon begin launching more multichain expansions. 

As of late Monday evening, mUSD had a circulating supply of over $24.3 million.

Ethereum Foundation Forms AI Team

The Ethereum Foundation has formed a new dedicated artificial intelligence team called the dAI Team, led by Ethereum researcher Davide Crapis.

In a post on X, Crapis explained that the new team aims to position Ethereum as the primary settlement and coordination layer for AI agents and the machine economy.

Their focus will be on enabling AI agents to autonomously execute payments and coordinate actions, while also developing decentralized AI infrastructure to reduce reliance on centralized services.

The team will also look to advance the new ERC-8004 standard for verifying AI agent identity and trustworthiness. 

“The more intelligent agents transact, the more they need a neutral base layer for value and reputation. Ethereum benefits by becoming that layer and AI benefits by escaping lock-in to a few centralized platforms,” said Crapis.

Dogecoin and XRP ETFs Could Launch This Week

The REX-Osprey Dogecoin ETF (DOJE) and the REX-Osprey XRP ETF (XRPR) are highly likely to debut in the coming days, with both funds targeting launches this week.

Bloomberg ETF analyst Eric Balchunas said DOJE was slated for a Thursday launch, while REX indicated XRPR would go live later in the week.

It is worth noting that these ETFs will be launched under a different structure from traditional spot crypto ETFs. REX employs a registered investment company (RIC) framework, which operates under the Investment Company Act of 1940.

This structure allows the fund to blend spot crypto holdings with flexibility to use derivatives and to invest in other ETFs, and also differs in their tax treatment and investor return distribution.

• 🗽 A new pro-crypto political group called The Fellowship PAC claims it raised $100 million to support Trump-aligned candidates and influence digital asset policy ahead of upcoming U.S. elections.

• 🇬🇧 UK crypto groups pushed back against the Bank of England’s plan to cap stablecoin holdings, warning it would make the country less competitive and harder to regulate compared to the U.S. and EU.

• 🤝 The SEC and Gemini, led by the Winklevoss twins, reached a tentative deal to end a lawsuit over Gemini’s defunct crypto lending program, which had offered returns through now-bankrupt Genesis Capital.

• 🗳️ The U.S. Senate confirmed crypto-friendly economist Stephen Miran to the Federal Reserve Board in a narrow vote, ensuring his seat before the Fed’s next major interest rate meeting.

• 📉 Polkadot approved a token supply cap, limiting DOT to 2.1 billion tokens and phasing out its endless inflation model, while also creating a new division to attract traditional financial institutions.

• 🏢 Robinhood filed plans to launch a new venture capital fund aimed at giving retail investors exposure to pre-IPO private companies, continuing its effort to tokenize and democratize access to private equity.

• 📲 PayPal revealed a new peer-to-peer feature called PayPal Links that will soon let users send Bitcoin, Ethereum, and other tokens through messages, emails, and texts, starting in the U.S.

• 🖼️ American Express launched digital NFT passport stamps on Ethereum’s Base network for U.S. cardholders to preserve travel memories as blockchain collectibles, replacing the tradition of physical stamps.

• 💳 MoonPay announced it would acquire payments startup Meso, founded by ex-PayPal and Venmo execs, to further its goal of becoming the backbone of crypto payments worldwide.

• 💼 Standard Chartered’s SC Ventures said it would raise $250 million for a crypto investment fund launching in 2026, targeting global digital asset opportunities with backing from Middle East investors.

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