The Daily: 'Powell's pullback,' Uphold's XRP rewards card, SpaceX's bitcoin move, and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Thursday! "Powell's pullback" saw bitcoin drop to around $107,000 today after the Fed Chair said a further rate cut in December is not guaranteed following Wednesday's 25 bps reduction, BRN Head of Research Timothy Misir told The Block.

In today's newsletter, Uphold is relaunching its XRP rewards debit card, Elon Musk's SpaceX moves 281 BTC, MetaMask parent firm Consensys eyes a U.S. IPO, and more.

Let's get started!

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Uphold relaunches XRP rewards debit card in US

Digital asset trading platform Uphold has relaunched its U.S. debit card , offering users up to 6% in XRP rewards for spending dollars, crypto, or stablecoins.

• The move marks Uphold's return to the U.S. debit card market after discontinuing its previous solution in March 2023.
• Customers who deposit a portion of their paycheck into Uphold can earn an additional 4% in XRP rewards.
• Chief Revenue and Marketing Officer Nancy Beaton said the relaunch caters to Uphold's strong XRP community, noting the firm's loyalty to the project during Ripple's regulatory challenges.
• The launch follows Uphold's March reinstatement of staking rewards for 19 digital assets, including Ethereum, Solana, and NEAR.
• The card's rollout also aligns with a broader trend of crypto firms, including Gemini, expanding credit and debit offerings to integrate digital assets into everyday spending.

SpaceX moves another $31 million of its bitcoin stash to new wallet

Elon Musk's SpaceX transferred another 281 BTC ($31 million) to a new wallet late Wednesday（UTC+8）, according to Arkham data.

• The move marks the company's fifth bitcoin transfer this month, shifting a total of 4,337 BTC ($472 million) in October via institutional custody platform Coinbase Prime, per Arkham's labeling.
• Analysts suggest the transfers are part of a likely custody consolidation effort, reflecting SpaceX's migration from legacy bitcoin addresses to more modern formats for improved security and efficiency.
• Arkham currently tracks 7,258 BTC ($799 million) in SpaceX wallets, though some recent transfers may not yet be fully relabeled, meaning the figure is likely closer to 8,285 BTC ($894 million).

MetaMask parent Consensys pursues IPO with JPMorgan and Goldman

Consensys, the parent company of MetaMask, has hired JPMorgan and Goldman Sachs to lead its initial public offering in the U.S., Axios reported.

• The Ethereum-focused software firm aims to capitalize on favorable market conditions that have recently enabled successful IPOs by Bullish and USDC-issuer Circle.
• The move follows a string of MetaMask product launches, including perpetual futures trading, a new rewards program, and plans for a MASK token and Polymarket integration.
• Founded by Ethereum co-founder Joseph Lubin, Consensys also develops core network infrastructure like Infura and Layer 2 Linea, as well as backing ETH treasury firm SharpLink.

KRWQ launches as first Korean won stablecoin on Base

Frax and IQ have launched KRWQ , the first Korean won-pegged stablecoin on Coinbase's Layer 2 network Base, debuting with a KRWQ-USDC pair on Aerodrome.

• Built on LayerZero's Omnichain Fungible Token standard, KRWQ also enables multichain transfers via the Stargate bridge, positioning it as the first won-pegged token with cross-chain functionality.
• However, KRWQ is currently unavailable to South Korean residents as local efforts to establish rules on stablecoins are still underway, with minting and redemption currently limited to eligible institutional counterparties.
• IQ said the project aims to become Korea's first fully compliant stablecoin, leveraging Frax's regulatory expertise as the government pushes to define the future framework for won-backed digital currencies.

Western Union files 'WUUSD' trademark after Solana stablecoin reveal

Western Union filed a U.S. trademark for "WUUSD" just a day after announcing its Solana-based USDPT stablecoin, signaling a potential broader push into digital assets.

• The U.S. Patent and Trademark Office filing covers downloadable crypto wallet software, stablecoin payment processing, and exchange services, raising speculation over whether WUUSD will coexist with or replace USDPT.
• Analysts at William Blair said Western Union's stablecoin strategy could cut settlement costs, boost capital efficiency, and help users in inflation-hit markets preserve purchasing power.

In the next 24 hours

• Eurozone CPI data are due at 6 a.m. ET（UTC+8） on Friday. U.S. PCE figures follow at 8:30 a.m.（UTC+8）
• U.S. FOMC member Raphael Bostic is scheduled to speak at 12 p.m.（UTC+8）
• Celo, Optimism, Wormhole, and Manta are set for token unlocks .
• HODLween kicks off in Charlotte, North Carolina.

Never miss a beat with The Block's  daily digest  of the most influential events happening across the digital asset ecosystem.