Kalshi Targets $40B Valuation, Doubling in One Round | CoinDesk Daily

**Jennifer Sanasie** (0:00)
Kalshi is chasing a $40 billion valuation, and Trump won't sign a CBDC ban into law. This is CoinDesk Daily.
Kalshi is raising fresh capital at roughly a $40 billion valuation, nearly double from one funding round ago. This widens its lead over rival PolyMarket, last reported to be raising at $15 billion.
CEO Tarek Mansour also says the company is weighing a public listing, though not before 2027 President Trump is refusing to sign Congress's housing affordability bill that includes a four-year ban on a US. CBDC. He's holding out until lawmakers pass the Save America Act, an unrelated voter citizenship bill that's currently stuck in the Senate. The standoff could squeeze the calendar for the Clarity Act that the industry is racing to pass before Congress's summer break. And Ripple's RLUSD just cleared Japan's financial regulator, opening up one of Asia's strictest crypto markets. RLUSD is still relatively small, about 1.57 billion in market value, compared to Tether's $186 billion and Circle's $74 billion. But an approval like Japan's gives it the credentials to compete for institutional use. Get more updates on coindesk.com.