The U.S. Department of Defense has hired the cryptocurrency intelligence firm Inca Digital to develop tools to understand crypto markets and help crack down on digital asset use that could pose a risk to national security.

Nasdaq-listed cryptocurrency exchange Coinbase is being sued by blockchain-based software firm Veritaseum Capital for alleging infringing on a patent relating to its blockchain technology. Vieraseum is seeking $350 million in damages.

Tether’s USDT stablecoin has launched on Polkadot. Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.

Top stories in the Crypto Roundup today:

• U.S. Department of Defense Assesses Crypto’s Threat to National Security
• Blockchain Firm Sues Coinbase Alleging Patent Infringement
• USDT Stablecoin Launches on Polkadot
• Historical Monthly Top-Tier Spot Volume

U.S. Department of Defense Assesses Crypto’s Threat to National Security

The U.S. Department of Defense has hired the cryptocurrency intelligence firm Inca Digital to develop tools to understand crypto markets and help crack down on digital asset use that could pose a risk to national security.

The move came through the Defense Advanced Research Projects Agency (DARPA), which is an independent agency of the U.S. Department of Defense. The program reportedly involves “mapping out the cryptocurrency universe in some detail.”

Inca Digital analyzes data across cryptocurrency markets, blockchains, news, and social media platforms to deliver intelligence to financial institutions, technology firms, and government entities.

The firm’s clientele includes a number of government and private sector companies, including the Commodity Futures Trading Commission, crypto exchange FTX, and brokerage firm Fidelity.

Blockchain Firm Sues Coinbase Alleging Patent Infringement

Nasdaq-listed cryptocurrency exchange Coinbase is being sued by blockchain-based software firm Veritaseum Capital for alleging infringing on a patent relating to its blockchain technology. Vieraseum is seeking $350 million in damages.

According to a lawsuit filed by U.S. law firm Brundidge & Stanger in the U.S. District Court in Delaware, the blockchain firm alleges Coinbase infringed on its cryptocurrency payment transfer technology patent, known as “566 Patent,” which revolves around “novel devices, systems and methods” that enable parties to “enforce value transfer agreements” with “little or not trust.”

The firm alleges Coinbase used this for many of its services:

“Defendant’s infringing activities include but are not limited to its website [...] Coinbase Android mobile wallet [...] iOS mobile wallet [...] its Coinbase Cloud, Coinbase Commerce APIs, Query and Transact, Participate, Delegate and Validator software, Coinbase Pay, Coinbase Wallet and Coinbase Operated Public Validators.”

The firm justified the $350m figure by arguing that Coinbase had “gained substantial profits by virtue of its infringement” and that Veritaseum “sustained damages as a direct and proximate result.”

USDT Stablecoin Launches on Polkadot

Tether’s USDT stablecoin has launched on Polkadot. Polkadot is a blockchain network often described as a “blockchain of blockchains,” as it allows users to launch and operate their own blockchains on top of the main Polkadot blockchain. This main blockchain, called the relay chain, does not support smart contracts, but other blockchains connected to it can support them.

USDT is the largest U.S. dollar-based stablecoin with a market capitalization of over $67 billion. It maintains the value of its tokens through a basket of assets and cash reserves.

The announcement means Tether has further expanded the availability of the USDT stablecoin, which is also on networks including Ethereum, Solana, Algorand, EOS, Omni, TRON, the Liquid Network, and Bitcoin Cash’s Standard Ledger Protocol.

Historical Monthly Top-Tier Spot Volume

In August, spot trading volume from the 15 largest Top-Tier cryptocurrency trading platforms decreased by 2.12% compared to July, with total spot volumes of $795 billion.

Binance, graded AA, was the largest Top-Tier spot exchange by volume in August, trading $438 billion after losing 0.25% of its volume. It was followed by Coinbase, graded AA, which traded $58.3 billion after seeing its volume rise 13.2%.

Read our newest Exchange Review to see our latest data analysis for the largest crypto exchanges

State of the Crypto by Top Tier Exchange Volume

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