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Stablecoin Tether and Circle’s USDC dominate the market.

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The U.K. should establish a national stablecoin strategy to enable adoption of the tokens and avoid falling behind the U.S. on the disruptive new technology, several major crypto firms said Wednesday.

In an open letter addressed to Finance Minister Rachel Reeves, 30 crypto industry figures said that the U.K. “must act now to avoid being a rule-taker rather than a rule-maker in the digital asset era.”

“To ensure the UK is at the forefront, we believe a proactive, coordinated national strategy is needed – one that positions stablecoins not as a risk to be contained, but as a financial infrastructure to be responsibly embraced,” the letter said.

The U.K. Treasury department was not immediately available for comment when contacted by CNBC.

Stablecoins are a type of cryptocurrency that is pegged to an existing government-backed currency. There are several stablecoins in issuance, however the most commonly known are Tether’s USDT and Circle’s USDC — both of which are tied to the U.S. dollar.

The entire stablecoin market is worth over $280 billion, according to CoinGecko data. But for stablecoins pegged to the British pound, their combined market capitalization stands at just £461,224 ($621,197).

Crypto industry insiders have taken issue with Britain’s regulatory stance on stablecoins, saying it puts the nascent industry — and, in turn, the U.K.’s financial services landscape — at a disadvantage.

One aspect of the U.K.’s approach that worries the industry is the legal definition of stablecoins as “crypto-assets with reference to fiat currency.”

“This definition focuses on form rather than function,” they said in the open letter Wednesday. “This is akin to defining a cheque as paper with reference to currency, when both are essentially negotiable instruments backed by regulated issuers.”

A national stablecoin strategy would strengthen the U.K.’s role as a global financial center, generate new fee and foreign exchange revenue streams and support demand for gilts through new digital channels, the signatories to the letter said.

The letter was signed by industry executives from Coinbase, Kraken, Copper, Fireblocks, BitGo and VanEck.

Still, stablecoins are not without their concerns.

In 2022, a stablecoin named terra and its sister token luna both collapsed to $0 after a failure in the cryptocurrencies’ underlying technology. That also caused the value of USDT to temporarily fall below its $1 peg. USDT is currently worth $1.

In a research note published Wednesday, HSBC’s head of digital assets research, Daragh Maher, wrote that stablecoins could help bridge the gap between traditional finance and digital assets.

“They are basically the cash equivalent of digital assets,” Maher argued. “They are the reference or base currency for nearly every crypto asset. They can also be used for transferring money using blockchain pay rails rather than traditional banking methods.”

However, he added that regulatory issues remain the biggest hurdle to stablecoin adoption. “The key to capitalising on the potential of stablecoins lies in creating an appropriate regulatory environment for the sector,” said Maher.

How a $60 billion crypto collapse got regulators worried

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These little robots are changing the way solar farms are built, saving time and money

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These little robots are changing the way solar farms are built, saving time and money

Clean energy gets a robot boost

Private renewable energy projects are still moving forward despite a pullback in government support, and new technology is making that construction more efficient.

Solar farms, for example, take meticulous planning and surveying, involve long hours and require significant labor. Now, robots are taking on the job.

CivDot is a four-wheeled robot that can mark up to 3,000 layout points per day and is accurate within 8 millimeters. The machine can ride over rugged terrain and work through rough weather.

It is the brainchild of California-based Civ Robotics.

“Our secret sauce and our core technology is actually in the navigation and the geospatial — being able to literally mark coordinates within less than a quarter inch, which is very, very difficult in an uneven terrain, outdoor surfaces, and out in the desert,” said Tom Yeshurun, CEO of Civ Robotics.

The data for manual surveying is uploaded into the Civ software, then the operator chooses the area they want to mark and presses go. The robot does the rest, saving both time and money.

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“The manual surveying equipment, if you use that in the field and you have three crews, they will need three land surveying handheld receivers. That alone is already equal to how much we lease our machines in the field, and all the labor savings is just another benefit,” Yeshurun said.

Civ Robotics has more than 100 of these robots in the field that are primarily being used by renewable energy companies, but they are also used in oil and gas. It is currently working with Bechtel Corporation on several solar projects.

“These were usually pretty highly paid field engineers that we would send out there, and they might be able to do 250 or 350 pile marks a day. With the CivDot robot, we’re able to do about 1250 a day,” said Kelley Brown, vice president at Bechtel.

Brown said the company has used the robot in thick and muddy terrain in Texas and out in the deserts of Nevada.

“And so you have to think about things like the tires, or you may have to think about clearance. Are you trying to get over existing brush and such, across the solar field? So that’s one thing that we contemplate. I think the other is, you know, this runs on batteries, so you’ve got to contemplate battery swaps,” she added.

Civ Robotics is backed by Alleycorp, FF Venture Capital, Bobcat Company, Newfund Capital, Trimble Ventures, and Converge. Total VC funding to date is $12.5 million.

There are other robotics solutions for markings, but the competition is mostly doing work on highways and soccer fields. Yeshurun said those rivals can’t handle the terrains that the solar industry faces as it expands into new territories.

 CNBC producer Lisa Rizzolo contributed to this piece.

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Sony raises PlayStation 5 prices in U.S. as tariffs start to hit

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Sony raises PlayStation 5 prices in U.S. as tariffs start to hit

The PlayStation DualSense controller and PlayStation 5 console.

Jakub Porzycki | Nurphoto | Getty Images

PlayStation 5 game consoles will cost $50 more in the U.S. starting this week, Sony announced on Wednesday.

The price for an entry-level PlayStation 5 Digital Edition will increase from $450 to $500, and a PlayStation 5 with a disc drive is going up to $550 from $500. Sony’s high-end PlayStation 5 Pro will cost $750, up from $700. The PlayStation 5 was first released in 2020.

President Donald Trump’s sweeping tariff plan announced in April went into effect earlier this month on most countries. The U.S. currently has a 30% tariff on imports from China, and higher tariffs on goods from the world’s second-largest economy are currently “paused,” according to the administration. Sony’s home country of Japan was hit with a 15% tariff.

While Sony didn’t attribute the increase to Trump’s tariffs, consumer companies have been warning for months that higher prices are on the way.

“Similar to many global businesses, we continue to navigate a challenging economic environment,” Sony said in its blog post.

The company said that retail prices for console accessories such as controllers haven’t changed.

Earlier this month, Sony officials said the company was working on supply chain diversification to combat U.S. tariffs, and said that the console hardware it sells in the U.S. is produced outside of China.

“It is difficult to speak to our hardware pricing strategy as that has implications for our future competitive strategy,” ” Sony officials said, according to a translated transcript of a call with financial analysts posted on its website. “But we intend to take a flexible approach to such decision-making by monitoring consumer price sensitivity as we think about total full-year segment profits, lifetime value, manufacturing, units sold in, and our content sales potential.”

In May, Microsoft raised the price of its Xbox video game consoles. Nintendo delayed pre-orders of its Switch 2 by a few weeks in April, attributing the delay to tariffs. Although Nintendo did not raise the price of its new consoles, it hiked the price of the original Switch earlier this month.

WATCH: Nintendo President on the new Switch 2, tariffs and what’s next for the company

Nintendo President on the new Switch 2, tariffs and what's next for the company

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Google announces its AI-powered Pixel 10 smartphone series

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Google announces its AI-powered Pixel 10 smartphone series

Google announced its new series of Pixel smartphones, including the Google Pixel 10 Pro, which has new AI and durability features.

Google on Wednesday debuted its latest line of Pixel smartphones that prominently feature the Gemini assistant as artificial intelligence increasingly becomes the battleground where device companies compete.

The Alphabet company announced the Pixel 10 family of smartphones, saying the devices can use Google’s AI to do smart tasks, like quickly surfacing the address of an Airbnb when someone sends a text asking for it.

The Pixel 10 series includes several models and incorporates new AI and camera features. The baseline model, the Pixel 10, starts at $799 and is available in several colors. A more powerful Pixel 10 Pro starts at $999, and the Pixel 10 Pro XL with a larger screen and 256GB of base storage starts at $1,199. Google is also releasing an updated version of its folding phone, the Pixel 10 Pro Fold, that starts at $1,799.

Google’s Pixel phone launch comes before Apple is expected to announce new iPhone models in September. While the Pixel typically has single-digit market share — far behind brands like Samsung, Motorola and Apple — the devices enable Google to release cutting-edge Android features without going through third-party hardware makers. The Pixel line of devices also allows Google to showcase how it believes its Android software compares with that of the iPhone.

The latest series of smartphones also have the potential to serve as a funnel for Google’s artificial intelligence services and subscriptions. Google DeepMind CEO Demis Hassabis previously described a vision for a universal assistant that “can seamlessly operate over any domain, any modality or any device.” Hassabis told employees at an all-hands meeting last year that “the products themselves are going to evolve massively over the next year or two.”

Google’s Gemini models are considered by critics to be more advanced than the models underpinning Apple Intelligence, the iPhone’s built-in AI suite.

Earlier this year, Apple delayed a big update to Siri until 2026, creating an opening for Google to secure a lead among AI-eager customers with its well-respected Gemini assistant, which can already hold a natural conversation and manage calendars and other apps. A Google Pixel 10 ad released earlier this month poked fun at Apple’s Siri delays.

“If you buy a new phone because of a feature that’s coming soon, but it’s coming soon for a full year, you could change your definition of soon, or change your phone,” the Pixel ad said.

Among the Pixel 10’s key AI features is “Magic Cue,” which Google said is an AI product that “brings a new level of personalized intelligence and helpfulness.”

If calling an airline, Magic Cue surfaces flight details “as soon as you dial,” the company says, adding that it is meant to anticipate the users’ needs and suggest “relevant information and helpful actions based on the context on your phone.”

Google released an updated version of its folding phone, the Pixel 10 Pro Fold, which will cost at least $1799.

The Pixel 10 Pro Fold, meanwhile, has the largest inner display among devices with foldable screens at 8 inches, Google said. The screen is built with two layers of anti-impact film for added drop protection. It also has a new “high-strength” hinge that the company says can handle over 10 years of folding.

Google touts the Fold’s “split screen” abilities which allows users to navigate to different apps on the two screens.

“Imagine planning a trip with friends by comparing flight details in one app and checking hotel availability in another,” the company said.

Already, Samsung appears to be gaining momentum with its line of foldable Galaxy Z Fold 7 phones. Analysts say Apple is expected to release its first foldable-screen iPhone as soon as 2026.

The Pixel series also incorporates Gemini Live, a Google product that allows back-and-forth chat about what the phone is “seeing” on its screen in real time. It’s built on Google’s image recognition prototype Project Astra, which the company announced last year.

For the smartphone camera, Google announced a new assistant called “Camera Coach,” that can describe the scene of a photo, offer suggestions, and recommend the best angle and lighting. It can also find and combine similar photos into one “where everyone looks their best.”

The Pixel 10 Pro phones come with a one-year subscription to Google’s “AI Pro” plan, which is typically $19 a month and gives users some extra Gemini features, priority access to AI products like NotebookLM and Veo 3 as well as extra storage.

Despite Google’s unique smartphone offerings, there haven’t been major signs that artificial intelligence has yet become a key driver of smartphone sales, or that users are deciding to switch from Apple’s platform to Android due to AI offerings. No major manufacturer has claimed the features have significantly boosted sales. But analysts say that eventually, Google could crack an AI feature that catches on among users and starts to erode Apple’s installed base. 

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