MARKETS DAILY: Tokenization Challenges and Another Tether Lawsuit
On today’s episode, we’re talking bitcoin's bearish juncture, tokenization troubles, and new allegations filed against stablecoin Tether

Welcome to the CoinDesk Markets Daily Podcast, a 10-minute look at what's driving the crypto markets today. The podcast appears daily and we'd love you to subscribe in your favorite podcast apphttp://feeds.feedburner.com/MarketsDaily or grab the MP3 here.
Tune in as CoinDesk podcasts editor Adam B. Levine and senior markets reporter Brad Keoun run down recent action in the markets, interesting longer-term trends and some of the most important crypto industry developments of the day.
On today’s episode:
- Markets update
- Bitcoins' Bearish Juncture
- Tokenization Troubles
- New Allegations against Tether
Love the show? Want to share your thoughts? Think we missed a topic? Email [email protected] to let us know what you think.
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Pudgy Penguins: A New Blueprint for Tokenized Culture

Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
Yang perlu diketahui:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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Weaker dollar fails to spur bitcoin gains, but there's a reason for that, JPMorgan says

Gold and other hard assets are rallying on dollar weakness, but bitcoin is lagging as markets continue to treat it as a liquidity-sensitive risk asset.
Yang perlu diketahui:
- Bitcoin has, unusually, not rallied alongside the slide in the U.S. dollar.
- JPMorgan strategists say the dollar’s weakness is being driven by short-term flows and sentiment, not changes in growth or monetary policy expectations, and they expect the currency to stabilize as the U.S. economy strengthens.
- Because markets do not view the current dollar decline as a lasting macro shift, bitcoin is trading more like a liquidity-sensitive risk asset than a reliable dollar hedge, leaving gold and emerging markets as the preferred beneficiaries of dollar diversification.










