Ostium has released an update on OLP fund recovery, stating that a multi-vector attack on July 15 disrupted the platform’s off-chain pricing and signing infrastructure, resulting in approximately $23.75 million being drained from its liquidity pool. Current evidence indicates the attacker may be a state-sponsored actor. The platform resumed trading on July 23 on migrated, hardened infrastructure, and has so far recovered 649,967 USDC. OLP completed its first post-incident settlement on September 12, with related losses reflected in its share price for the first time. Affected users hold proportional claims to the pool’s remaining assets, which are currently valued at roughly 30% of their pre-incident OLP holdings. OLP resumed regular settlements on September 15, though new deposits remain suspended. Users can request withdrawals at any time, with settlements processed on a T+3 basis; withdrawals will not impact eligibility for the recovery program. Ostium’s recovery portal is now live. The snapshot has identified 3,666 affected wallets, of which 3,321 (90.59%) qualify for 100% compensation of their verified losses in Phase 1. Users with losses of 1,000 USDC or less can claim an equivalent amount of USDC directly; those with losses exceeding 1,000 USDC may choose to take 1,000 USDC and forfeit the remaining balance, or participate in a proportional Phase 2 recovery program. Phase 2 funding will come from future recovered assets, Ostium protocol revenue shares, and potential additional contributions, with full details to be announced before the October 30 Phase 2 selection deadline.
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OUSD’s circulating value surpassed $470 million within two hours of its launch, with more than 90% of that total on the Tempo Chain.
Open Standard US stablecoin OUSD has launched, with its total on-chain supply reaching approximately 477.3 million tokens just two hours after launch. Its reserve assets amount to $477.3 million, resulting in a 100% reserve coverage ratio. The reserve breakdown is as follows: US Treasuries account for roughly $211.2 million (44.25%), while USD cash makes up about $266.1 million (55.75%). On the Tempo Network, OUSD has a circulating supply of 434.2 million tokens, with its cumulative transfer volume hitting $533.9 million.
38 minutes ago
Goldman Sachs has pushed back its forecast for the Federal Reserve's interest rate hike from October to December.
Goldman Sachs said Wednesday’s U.S. inflation data, paired with New York Fed President John Williams’ comments yesterday, has led the firm to now view an October Federal Reserve interest rate hike as unlikely. Economists Jan Hatzius, David Mericle, and Alec Phillips noted in a research report that, based on the latest inflation data, they project fourth-quarter core PCE year-over-year growth will reach 3.0%, well below the 3.4% median forecast from FOMC participants. The bank has thus pushed back its expectation for a second rate hike to December, and believes the FOMC has a high likelihood of ultimately determining no further rate increases are needed.
38 minutes ago
The yield on the 10-year U.S. Treasury note climbed to 5.29%, marking a new high since 2007.
The yield on the US 10-year Treasury note rose to 5.29%, hitting a new high since 2007.
38 minutes ago
Developer of meme coin SI sold off 32% of the token’s supply, missing out on $15 million in potential profits.
Bubblemaps stated in a post that meme coin Super Inu (SI) was launched around the time former US President Donald Trump pushed to rebrand artificial intelligence as "Super Intelligence", and the token rallied rapidly after Trump publicly used the "SI" shorthand. On-chain data reveals wallet 9pkJqJ created SI, minting 20% of its total supply for itself, then acquired an additional 12% via eight other wallets, bringing its total holdings to 32% of the token’s supply. The wallet later sold all its SI for approximately $24,000; had it held onto the tokens, they would now be valued at around $15 million. The developer repurchased SI after selling prematurely, but by that point the token’s price had already surged.
38 minutes ago
ENS founder denies issuing tokens on Robinhood Chain, stating that the mnemonic phrases for the relevant accounts have long been made public.
Ethereum Name Service (ENS) founder Nick Johnson has released a statement denying that he issued tokens on Robinhood. He explained that the relevant account was created for a Twitter contest, where participants needed to find the account’s mnemonic phrase from an image. The account and its mnemonic phrase have thus long been public, and are not his private account intended for token issuance.
38 minutes ago
US SEC plans to relax private investment thresholds, pushing retail investors to enter the private market.
The U.S. Securities and Exchange Commission (SEC) on Wednesday unveiled a series of reform proposals aimed at expanding individual investors’ access to private markets, enabling more retail investors to gain exposure to private equity, early-stage startups and other alternative assets. One proposal would allow registered investment advisors to charge performance fees of up to 20% based on fund performance, aligning the fee structure closer to the “2% management fee + 20% performance fee” model used by some hedge funds, in a bid to attract more private fund managers to serve individual investors. SEC Chair Paul Atkins stated that the commission aims to explore ways to expand individual investors’ participation in private markets while preventing fraud and misconduct. The SEC also proposed expanding the definition of an “accredited investor” to qualify more individuals with professional credentials, including certified public accountants (CPAs) and Chartered Financial Analysts (CFAs), as eligible investors.
Open Standard CEO Zach Abrams stated that the firm will center its stablecoin economic allocation mechanism on the OUSD model. Founding partners will not receive special revenue splits; instead, they will follow the same rules as other partners, earning rewards based on the OUSD volume they drive. Abrams added that Open Standard plans to allocate the vast majority of the company’s equity to founding partners and other network partners over the next four to five years. Partners meeting the minimum threshold will be eligible for equity based on the OUSD supply and transaction activity they drive, a move aimed at encouraging partners to boost OUSD circulation rather than just holding tokens. The company has not yet disclosed specific participation thresholds. Abrams argued that OUSD’s growth opportunities are not limited to capturing market share from USDT or USDC; sectors including card settlements, foreign exchange trading, and cross-border payments can also leverage stablecoins to facilitate faster, more frequent fund flows than traditional banking networks.
@LloydsBank and @Visa have moved their stablecoin experiment from proof-of-concept into a live, real-money environment. The two institutions completed a seven-day pilot in which Lloyds settled $750,000 of payment obligations to Visa using $USDC, with funds arriving in under an hour on each transfer.
Speed and Round-the-Clock Settlement Under the current correspondent-banking model, that process can take a day or more.
How the Infrastructure Was Structured
The Lloyds-Visa pilot fits into a broader push by Visa to scale stablecoin rails:
Sources:
The Paypers: Visa and Lloyds pilot stablecoin settlement for cross-border payments
Tokenization Insight: Visa and Lloyds Use Stablecoin for Bank-to-Card-Network Settlement
CoinDesk: Visa Expands Stablecoin Settlement Network as Volume Hits $7 Billion Run Rate
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Standard Chartered Bank has initiated coverage on ENA in its research report, projecting that its price will rise to $2 by the end of 2028.
Standard Chartered has initiated coverage of Ethena’s token ENA, projecting it will appreciate to $2 by the end of 2028. The bank’s report notes that Ethena sits at the intersection of perpetual contracts, tokenization, and stablecoins, with ENA set to benefit from growth in these sectors and its newly launched buyback program. It adds that Ethena is currently the fourth-largest stablecoin issuer globally, trailing only Tether, Circle, and Sky, and the second-largest interest-bearing stablecoin issuer after Sky. Its USDe stablecoin holds the record for reaching a $10 billion market cap the fastest.
7 minutes ago
It is reported that ByteDance's personal AI assistant has been named "Xiaodou" and will have a standalone app.
Beating AI News Flash: ByteDance’s Doubao is developing a personal AI assistant product named “Xiaodou” and plans to launch a standalone app. “Xiaodou” was not a last-minute initiative launched after Muse’s viral rise; the name was finalized this summer. Doubao kicked off internal beta testing for its personal assistant project codenamed “Spell” back in April this year, initially led by Doubao’s mobile assistant team. Recently, the project has started further integration with Doubao’s existing products, and is now jointly managed by the Spell project team and Doubao’s dialogue team. ByteDance is accelerating the push to bring its existing personal assistant projects to official product status. The main Doubao app will remain the general AI entry point, “Doubao Work” is positioned for office use, while “Xiaodou” targets consumer-grade personal assistants.
7 minutes ago
Bitwise's NEAR Spot ETF records $35.5 million in net inflow on its first day of trading.
Bitwise officials announced that the U.S.’s first spot NEAR ETP, the Bitwise NEAR ETF (ticker: NRR), reached $36 million in assets under management (AUM) on its debut day, with a net inflow of $35.5 million and trading volume of $15.1 million. Earlier reports noted that Bitwise plans to internally stake the NEAR tokens held by the fund to maximize participation in NEAR’s average ~5% staking rewards.
7 minutes ago
German stablecoin startup AllUnity launches US dollar stablecoin USDAU.
EU MiCA-regulated stablecoin issuer AllUnity has announced the launch of its USD stablecoin USDAU, which maintains a 1:1 peg to the U.S. dollar through segregated reserves. The stablecoin will first be issued on Ethereum, Solana, Base, Tempo, Arc, and Polygon. This is AllUnity’s fourth fiat stablecoin, following the euro-pegged EURAU, Swiss franc-backed CHFAU, and Swedish krona-linked SEKAU. AllUnity CEO Alexander H?ptner said USDAU aims to bring U.S. dollar liquidity into the European regulatory framework, providing a USD settlement tool for European enterprises’ global trade and cross-border payments. (Cointelegraph)
7 minutes ago
Instinct just announced it would not run ads, yet immediately began curating stores and products for its users.
Beating AI News: Personal AI agent assistant Instinct has launched a new feature called Selections, which integrates recommendations from real human experts into the agent. The company partners with local chefs, designers, architects, travel guides, and other professionals, who curate restaurants, travel itineraries, and products in their areas of expertise. Instinct then delivers recommendations tailored to user preferences. For example, if a user is looking for a restaurant, Instinct will draw on a list curated by local chefs; for home goods, it will suggest options matching the user’s style and budget from products recommended by independent designers. Noah Shinn said the team aims for these recommendations to be significantly higher quality than those from standard web searches and other chatbots. Notably, Shinn recently made clear his opposition to ad-based models in his first public long-form interview. He argues that personal agents hold large amounts of user data, so allowing brands to pay agents to persuade users to purchase items they wouldn’t otherwise want would create major conflicts of interest. Instinct plans to offer free access to users, generating revenue by taking commissions from merchants for orders driven by the agent. Selections is not currently classified as an ad product. Instinct has not stated whether merchants can pay to be included in recommendation lists, nor has it disclosed whether collaborating experts are compensated. However, if Instinct does eventually rely on transaction commissions for revenue, Selections will face a pressing question: Will its recommendations be tied to how much the platform stands to earn from them? Shinn did not address this in the interview.
7 minutes ago
Bitcoin retail investor demand has fallen rapidly, reflecting the short-term inflow and subsequent withdrawal of small capital.
Crypto analyst Darkfost’s data shows that demand from Bitcoin retail investors (trading volumes between $0 and $10,000) has rapidly faded during this latest BTC rally, with the 30-day change rate shifting from over 17% to -3.5%. Darkfost notes that this indicates retail investors tend to engage in quick in-and-out trades at current market highs, which could impact BTC’s short-term volatility.
Arc's Earn Kit Lowers the Bar for In-App Lending@arc has launched Earn Kit, a new SDK designed to make it easier for wallet developers and fintech builders to add lending products directly inside their apps.
The SDK also supports crosschain deposits through Circle's CCTP and includes built-in gas sponsorship, removing two common friction points for teams building across multiple networks.
Apps using Earn Kit can track deposits, accrued returns, and withdrawals in real time, while users retain custody of their own wallets throughout.
Morpho as the Credit LayerThe launch sits inside a broader push by Arc to position Morpho as the primary lending engine on its network.
Earn Kit sits within that suite alongside the previously released Onramp Kit.
Early integrations include Pulsar Money and SafePal, with
For smaller teams in particular, the appeal is straightforward: access to curated Morpho-based lending opportunities without writing separate smart contract integrations, and a ready-made gas sponsorship layer that avoids passing transaction costs on to end users.
Sources:
Arc Mainnet Launch: The Economic OS for the Internet (arc.io)
Morpho Is Live on Arc as Its Credit Infrastructure (morpho.org)
Morpho Enables cirBTC Deployment on Arc Lending Markets (Crypto Briefing)
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Fellow Binancians, Binance Earn presents to you new offers that are newly added to Yield Arena this week. Stay tuned for more campaigns in Yield Arena to earn rewards from Simple Earn, ETH Staking, SOL Staking, Dual Investment, and more. Earn Spotlight Limited-Time Offers USDe:Eligible users who hold at least 0.01 USDe for 24 hours can enjoy 5% APR rewards from 2026-09-25 00:00 (UTC) to 2026-10-01 23:59 (UTC). Simple Earn:From 2026-09-25 00:00:00 (UTC) to 2026-10-08 23:59:59 (UTC), users who subscribe to USDT Flexible Products may enjoy up to 7% APR, including exclusive Bonus Tiered APR. Dual Investment:Join the Dual Investment October Monthly Leaderboard to earn up to 5,888 USDC from 2026-09-29 02:00 (UTC) to 2026-10-30 23:59 (UTC). ProductOfferingsDurationAPRMin. Subscription Limit per UserMax. Subscription Limit per User Flexible ProductsUSDTFlexibleReal-Time APR (Approximately 3%)+4% Bonus Tiered APR(Tier 0 - 1,000 USDT)0.01 USDTUnlimitedUSDCFlexibleReal-Time APR (Approximately 3%)+5% Bonus Tiered APR(Tier 0 - 300 USDC)0.01 USDC300,000,000 USDCETHFlexibleReal-Time APR (Approximately 1.47%)+0.1% Bonus Tiered APR(Tier 0 - 0.2 ETH)0.002 ETHUnlimitedSOLFlexibleReal-Time APR (Approximately 2.5%)0.01 SOLUnlimitedKGSTFlexibleReal-Time APR (Approximately 3.5%)+10% Bonus Tiered APR(Tier 0 - 100,000 KGST)0.1 KGST1,500,000 KGSTLocked ProductsBNB90 Days0.3%+Airdrop Rewards (where applicable)0.05 BNB1,000,000 BNBSOL90 Days4.1%0.01 SOL500,000 SOLSOL (VIP Users)60 Days4.3% (VIP Exclusive)1 SOL2,000,000 SOLBTC (VIP Users)60 Days0.30% (VIP Exclusive)0.01 BTC10 BTCBABY90 Days4.5%1 BABY10,000,000 BABY0G90 Days5.5%1 0G200,000 0GSSV90 Days12% (ETH Rewards)1 SSV2,000,000 SSVGRAM90 Days7.2%0.1 GRAM1,000,000 GRAMETH StakingETHFlexibleDynamic APR(Up to 2.2%)0.0001 ETHUnlimitedSOL StakingSOLFlexibleDynamic APR(Up to 4.49%)0.01 SOLUnlimitedDual InvestmentBTCMultiple Settlement Dates15% or more0.00001 BTC200 BTC per SubscriptionETHMultiple Settlement Dates15% or more0.0001 ETH4,000 ETH per Subscription Check Out All Binance Earn Opportunities! Please Note: Flexible and Locked ProductsBinance reserves the right to adjust APRs at any time without prior notice.Offers are available on a first-come, first-served basis. Once subscribed, users can view their assets by going to Assets > Earn.Users may choose to redeem their assets in advance in Simple Earn Locked Products. After choosing early redemption, the principal will be returned to their Spot Accounts, and the distributed interest will be deducted from the refunded principal. Due to differing global time zones, it may take up to 72 hours to receive the tokens. However, in the case of exceptional circumstances the return of such assets may be delayed further. Please see our terms and risk warning for more details.Users will automatically receive rewards from ongoing Launchpools when they hold BNB Flexible Products and/or BNB Locked Products positions. Refer to this announcement for more information.Users may also accrue scores and qualify for Megadrop rewards with active BNB Locked Products positions. For more details, please refer to the FAQ. On top of that, users who subscribe to BNB Simple Earn products (Flexible and/or Locked) with their BNB holdings can receive airdropped tokens via HODLer Airdrops. ********** About Simple Earn Simple Earn products provide a simple and effortless way to earn rewards through either flexible or locked terms – designed for steady, passive rewards. Learn more here. About Dual Investment Dual Investment is a high-yield structured product that allows users to buy or sell cryptocurrency at their desired price and date in the future while earning rewards no matter which direction the market goes. Learn more here. About BTC Yield BTC Yield is a BTC-denominated yield product. Depositors receive BTCY, representing their strategy value. The primary strategy is covered calls—selling call options on BTC holdings, collecting premiums, and distributing them. Learn more here. About VIP Earn VIP Earn is a dedicated destination for Binance VIP users, bringing together selected Simple Earn Locked and On-Chain Yield Products with VIP-exclusive APRs and higher subscription quotas. Eligible users can explore enhanced earning opportunities across a range of digital assets in one place. Learn more here. ********** Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-30 Disclaimers: APR rewards are distributed from Binance’s own funds, and are determined based on the assessment and evaluation of prevailing market conditions. This Promotion is not associated with the issuer of USDT/USDC in any manner.USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.For clarity, references to “U” , “ USD1” in the content above are not direct acronyms of the “United States Dollar” fiat currency unless otherwise specified.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Binance is excited to launch the October Referral Tournament! Invite friends to join Binance and earn Referral Points as your referrals complete key onboarding milestones. Climb the leaderboard to earn up to 1,000 USDC in token vouchers. In addition, new users who register via a Referral Pro Link or ID and complete the required onboarding tasks can get up to 15 USDC in token vouchers. Promotion Period: 2026-10-01 00:00 (UTC) to 2026-10-31 23:59 (UTC) Join the Referral Tournament Now! Promotion A: For All Users – Referral Points Leaderboard, Earn Up to 1,000 USDC in Token Vouchers! Invite friends and earn Referral Points when your referred users complete key onboarding milestones. Accumulate Referral Points to climb the leaderboard and unlock tiered rewards. How to Participate: Click [Join Now] on the activity page.Invite new users to register for Binance using your Referral Pro Link or ID.Your referrals complete the required tasks.Accumulate Referral Points and climb the leaderboard to qualify for rewards. Note: Deposits and trading milestones completed by referrals under Promotion B will also count toward Referral Points in Promotion A. A single referral's task completion contributes to both the referrer's Leaderboard standing and the referral's own reward eligibility. How to Earn Referral Points: Eligible referrers will earn Referral Points when their referred new users complete the following task(s) during the Promotion Period: Referee TasksReferral Points Earned per RefereeCumulatively top up at least $30 equivalent via Fiat deposit, Buy Crypto or P2P.+1 PointAccumulate at least $100 equivalent in Convert or Spot trading volume (excluding zero-fee Spot trading pairs and bStocks trading volume).+1 PointAccumulate at least $200 equivalent in bStocks trading volume.+2 PointsAccumulate at least $300 equivalent in Futures trading volume, including USDⓈ-M & COIN-M Futures.+2 PointsAccumulate at least $2,000 equivalent in Spot trading volume.+4 PointsAccumulate at least $5,000 equivalent in Futures trading volume, including USDⓈ-M & COIN-M Futures.+4 Points Notes: Each task can only be completed once per eligible new referral.Each eligible referred user may contribute a maximum of 14 Referral Points to their referrer during the Promotion Period.Referral Points are awarded separately for each completed task. All eligible milestones must be completed during the Promotion Period and are subject to Binance’s risk assessment.If the listed task is not available in users’ jurisdiction, they will not be able to earn the points for that task. Leaderboard & Milestone Reward Structure: To qualify for a Leaderboard Reward, an eligible referrer must satisfy both: The relevant leaderboard ranking requirement; andThe minimum Referral Points requirement applicable to that ranking tier. Eligible Referrers’ RankingReward per Eligible ReferrerMinimum Referral Points Required1st Place1,000 USDC1,2002nd Place800 USDC1,0003rd Place600 USDC8004th - 10th Places300 USDC each45011th - 20th Places150 USDC each250 Notes: If two or more eligible referrers accumulate the same number of Referral Points, the eligible referrer who joined the Promotion earlier according to Binance’s official records will rank higher.If an eligible referrer achieves a leaderboard ranking but does not meet the minimum Referral Points requirement applicable to that ranking tier, they will not qualify for the corresponding Leaderboard Reward.The reward and ranking position cannot be reassigned to another participant, and the relevant reward will not be redistributed.Referral Points will be counted within 48 hours after the referred user completes the corresponding task, and are subject to Binance's risk assessment. Points may be forfeited if the referred user is disqualified following the risk review. The leaderboard will be updated on a daily basis and the final ranking reflecting the total eligible Referral Points after risk checks will be confirmed by 2026-11-02. Milestone Rewards: Eligible referrers who accumulate the required minimum Referral Points may qualify for one of the following Milestone Rewards on a first-come, first-served basis while supplies last: Milestone Reward QuotaReward per Eligible ReferrerMinimum Referral Points RequiredFirst 100 Eligible Referrers80 USDC80 PointsFirst 300 Eligible Referrers30 USDC30 PointsFirst 1,000 Eligible Referrers10 USDC10 Points Notes: Milestone Rewards will be allocated on a first-come, first-served basis according to the time at which an Eligible Referrer successfully joins the Promotion, subject to the Eligible Referrer accumulating the applicable minimum Referral Points during the Promotion Period. Quota is determined by the time the Eligible Referrer joins the Promotion, not the time they reach the points threshold.Each Eligible Referrer may receive only one reward from Promotion A.If an Eligible Referrer qualifies for both a Leaderboard Reward and one or more Milestone Rewards, they will receive only the reward with the highest value. Rewards cannot be combined or accumulated. Promotion B: New Referral Exclusive – Complete Tasks to Get Up to 15 USDC The first 5,000 eligible new users who register for Binance using a participant's Referral Pro Link or ID, complete all required tasks, and claim the reward on the activity page will each receive a reward valued between 2 USDC and 10 USDC, while supplies last. How to Participate: Eligible new users must complete all of the following tasks during the Promotion Period and pass Binance’s risk assessment: Log in to the Binance App at least once;Top up at least 30 USD equivalent via Fiat deposit, Buy Crypto or P2P; andComplete at least 100 USD equivalent in trading volume via Convert and/or Spot. Earn an Additional 5 USDC by Completing the bStocks Trading Task: In addition to the reward above, the first 1,000 eligible new referrals who: Complete all required onboarding tasks under Promotion B; andSubsequently accumulate at least 1,000 USD equivalent in bStocks trading volume during the Promotion Period, will each receive an additional 5 USDC token voucher. The 5 USDC token vouchers will be distributed after the campaign ends. Terms & Conditions: Only users in certain regions are eligible to join this Promotion. Users may refer to the activity page for their eligibility to participate. Users in restricted regions are disqualified from participating in the Binance Referral Program as referrers or referred users. Binance Affiliates are unable to access this promotion.These terms and conditions (“Activity Terms”) govern users’ participation in the Referral Campaign (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions.In the case of any inconsistency or conflict between these Activity Terms, and any other incorporated terms, the provisions of these Activity Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Binance will use the price of the USDC trading pair at the time of trading to calculate the value of the trades completed during the Promotion Period. If there is no USDC pair for a specific cryptocurrency, it will be converted to another token or coin with a USDC pair to determine its value.Trading volume from Spot zero-fee trading pairs and the excluded token conversion via Convert during the Promotion Period will not be counted toward the new referral’s trade tasks.Excluded Convert trade: FDUSD/USDT，USDC/USDT，TUSD/USDT，U/USDT, BUSD/USDT, USDP/USDT, DAI/USDT, GUSD/USDT, EURS/USDT, USDN/USDT, RSV/USDT, U/USDC, USDC/BUSD, BUSD/USDP, USDC/TUSD, DAI/USDC, FDUSD/TUSD, DAI/TUSD, FDUSD/USDC, DAI/FDUSD, AEUR/EUR, BUSD/FDUSD, EUR/EURI.Each new user can only be referred to Binance via one referral mode. If a new user registers for a Binance account via Referral Pro mode, the referrer will not be eligible for any rewards from limited-time activity referral ID/link nor Referral mode.Sub-accounts cannot be used to participate in this Promotion as either a referrer or a referral. Trades that are completed with a sub-account will not count toward the trading volume requirement.Any references to “$” means “United States Dollar”, unless otherwise stated.Reward Distribution:Eligible users must complete account verification (KYC) during the Promotion Period to receive the corresponding rewards.Rewards for Promotion A and Promotion B will be distributed in token vouchers by 2026-11-20 after the Promotions end. Users will be able to log in and redeem their token voucher rewards via Profile > Rewards Hub.The validity period to claim the token voucher is set at 14 days from the day of distribution. Users should redeem the token vouchers before the expiry date. Thereafter, the token vouchers will become invalid. Learn how to redeem a voucher.Users may be subject to Binance’s risk assessment procedure in relation to each reward or each product’s usage, and the user must pass the risk assessment in order to be eligible to earn rewards or use such a product. Referrers agree that they will only discuss Binance and its products in a fair and responsible manner, guaranteeing that they will not place undue pressure on their referrals to trade or act in a certain way. Binance reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right to disqualify and revoke rewards for participants who engage in dishonest or abusive activities during the Promotion, including but not limited to registering from the same IP or device, bulk-account registrations to farm additional bonuses and any other activity in connection with unlawful, fraudulent, or harmful purposes.At Binance's sole discretion, user participation will be considered without effect and users will automatically be excluded, disqualified and prevented from accumulating benefits, in cases where it is identified:Any violations of Binance's Terms of Use and other legal terms, as well as attempted or proven fraud, human and/or through the use of technology;Manipulation of results or failure to fulfill the requirements and provisions set forth in these Terms and Conditions;Completion, by the user, of incorrect, outdated, mistaken information or filled with untrue information, and may also be liable for the crime of ideological or documental falsehood;Registrations and participations for which any technological means have been used or there are indications of their use, whether electronic, computerized, digital, robotic, repetitive, automatic, mechanical and/or analogous, with the intention of automatic and/or repetitive reproduction of registrations, identical or not, which will also result in the nullity of all registrations and participations made by the user who has used one of the aforementioned means or for one of the aforementioned purposes, even if not all registrations or participations have resulted from the use of such means and/or were carried out with such purpose.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating, or suspending these activities, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-30 Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on: TelegramWhatsAppXFacebookInstagramDiscord Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Futures trading, in particular, is subject to high market risk and price volatility. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. All of your margin balance may be liquidated in the event of adverse price movement. Past performance is not a reliable predictor of future performance. Before trading, you should make an independent assessment of the appropriateness of the transaction in light of your own objectives and circumstances, including the risks and potential benefits. Consult your own advisers, where appropriate. This information should not be construed as financial or investment advice. To learn more about how to protect yourself, visit our Responsible Trading page. For more information, see our Terms of Use, Exchange Rules, Clearing Rules, Exchange Procedures, Clearing Procedures, relevant Contract Specifications and Risk Warning. These fluctuations may affect the value of digital assets you buy or sell on the Binance P2P platform, which may be lower or higher at the time of and after completion of the transaction. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. By using the Binance P2P platform you trade digital assets directly with other users. Binance facilitates transactions by releasing the digital assets once the offline fiat currency exchange is confirmed by both parties. The trading amount, price and conditions of each advertisement are set by the user publishing it. All payments are final upon completion, unless otherwise required by law. Binance has neither the right nor the obligation to resolve any disputes arising from a completed payment. Binance is not liable for any loss you incur in connection with a completed payment. Not financial advice. For more information, see our Terms of Use and Risk Warning. bStocks Tokenized Securities are Certificates representing Financial Instruments (paragraph 92, Schedule 1 to FSMR), traded on Nest Exchange Limited. BStocks represent an interest in underlying securities held by the Issuer and do not confer direct ownership of the underlying shares or stock. Ensure trading is lawful in your jurisdiction before proceeding. Tokenized Securities are high-risk products subject to market, liquidity, and price volatility risk — you could lose your entire investment. They do not represent ownership of, or any affiliation with, the underlying asset's issuer. Redemption, fees, and pricing adjustments are subject to the relevant Prospectus. This is not financial advice; seek independent advice before trading. See Responsible Trading page, Terms of Use, Exchange Rules, Exchange Procedures, relevant Prospectus, Admission to Trading Notice and Risk Warning.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Pi Network scraps the "No MCP" label: MCP is now officially integrated, using Codemode to bypass old issues.
Beating AI Express News: AI coding tool Pi has officially integrated MCP in its version 0.99.0. The original "No MCP" label on its official site was crossed out and updated to "Now with MCP+Codemode". Pi has long openly criticized common MCP integration approaches. Last year, developer Mario Zechner found in tests that Playwright MCP’s 21 tool descriptions take roughly 13,700 tokens, while Chrome DevTools MCP’s 26 tools occupy around 18,000 tokens. He argued that an overabundance of tools wastes context window space, is difficult to combine, and the large volume of returned content directly enters the model’s context. This time Pi adopted a different integration strategy: MCP tools are not exposed to the model by default, instead managed via Codemode. The model can write JavaScript to call, combine, and filter tools in parallel, only sending necessary results back to the context. Tools can also be loaded lazily, no need to declare all upfront. Pi team member Earendil has not retracted prior criticism, noting many MCP servers still overload with excessive tools and text results, and the tool combination issue remains unresolved. Pi now retains MCP’s general interface, while using Codemode to avoid the usage patterns it was most dissatisfied with before.
10 minutes ago
A crypto whale has placed $45 million in buy orders for BTC and ETH.
According to TradingBeats monitoring, a large whale address on Hyperliquid placed 140 regular limit buy orders in batches this morning for BTC and ETH, planning to purchase 400 BTC and 5,000 ETH with a total order value of approximately $45.207 million. The address currently holds no crypto positions. BTC buy orders are concentrated in the $79,600–$81,695 range, totaling around $32.294 million, with the highest buy price roughly 1.9% below the current market price. ETH buy orders fall between $2,565 and $2,600, amounting to about $12.913 million, and their highest buy price is approximately 2.7% below the current price.
10 minutes ago
Solana ecosystem platform Metaplex has launched the permissioned RWA token standard MPL-3643 for the Solana ecosystem.
According to official announcements, Solana ecosystem tokenization platform Metaplex has launched MPL-3643, a new standard for permissioned real-world assets (RWAs) and tokenized securities tailored for the Solana ecosystem. The standard allows issuers to issue assets directly on Solana, removing the requirement for wrapped asset models. It embeds functions including transfer restrictions, lock-up periods, and compliance lifecycle management, and is built on Token-2022, sRFC 37, and the Solana Attestation Service. MPL-3643 is now in a limited open alpha phase.
10 minutes ago
Arthur Hayes projects ETH will rise to $10,000 by the end of the year.
BitMEX co-founder Arthur Hayes stated during Korea Blockchain Week (KBW) that he expects Ethereum (ETH) to reach $10,000 by the end of this year. The executive also expressed a bullish outlook on ETH’s future prospects in an interview with CoinDesk. As of now, ETH is trading at roughly $2,672.
10 minutes ago
SlowMist discloses investigation progress into Bitget's hot wallet theft, with the attack involving a vulnerability in a third-party security product.
SlowMist, a leading blockchain security firm, announced in a statement that Bitget has commissioned its security team to investigate the hot wallet asset theft incident that occurred on September 25. As of September 29, SlowMist’s investigation found the attack involved malicious activities targeting a third-party security product, the wallet application’s host, and a custom withdrawal tool developed by the attacker. The investigation revealed the attacker’s key attack methods: exploiting a zero-day vulnerability in the third-party product to carry out malicious operations; using an internal employee’s identity to gain unauthorized access to the third-party product’s management platform on September 25; obtaining and deploying a custom withdrawal tool tailored for the wallet’s withdrawal logic; on-chain activity began at 02:31 UTC+8 on September 25, with the attacker transferring assets across multiple blockchains over roughly 2 hours and 52 minutes; the attacker later attempted to alter withdrawal records and triggered additional BTC withdrawals. SlowMist noted that it is still investigating how the attacker performed lateral movement between the affected systems.
10 minutes ago
A crypto whale’s long PUMP position has multiplied its principal sevenfold, generating an unrealized profit of $2.1 million.
According to TradingBeats' monitoring, PUMP has surged 18.2% today. A whale on Hyperliquid holds 1 billion PUMP with 10x leverage, at an average entry price of $0.00358. The current position is valued at roughly $5.76 million, with an unrealized profit of approximately $2.18 million, translating to a return of around 608%. This latest rally has added about $888,000 to its unrealized profit, which remains unrealized. Currently, this address has a buy-the-dip order for PUMP placed at $0.00278, with a planned investment of around $16.3 million, and the order price is roughly 51.8% lower than the current market price.
@Coinbase has expanded its crypto-backed lending product, allowing eligible U.S. residents outside of New York to borrow up to $100,000 in USDC by pledging their $HYPE (Hyperliquid) or $ZEC (Zcash) tokens as collateral. Loans are processed instantly through the Coinbase app.
Liquidity Without the Tax Hit The key appeal is the tax treatment. Borrowing against crypto holdings is not considered a taxable event, meaning users can access dollar liquidity without selling their positions and without realising a capital gain. According to Crypto Briefing, the feature lets holders of Hyperliquid and Zcash tokens borrow up to $100,000 in USDC "without triggering a taxable sale."
Risk parameters for altcoin collateral on the platform are set at a maximum loan-to-value (LTV) ratio of 49%, with liquidation triggered at 62.5%. In practical terms, that means a user posting $10,000 worth of $HYPE could borrow up to roughly $4,900. There are no fixed repayment schedules, though borrowers must keep their LTV ratio within limits to avoid automatic liquidation.
Built on Morpho and Base The product is powered by the @Morpho Protocol, an on-chain lending platform, running on @Base, Coinbase's own Layer-2 network. When a user posts collateral through the Coinbase app, the mechanics are handled by Morpho's smart contracts in the background. As Coinbase's own help documentation notes, "borrowing is enabled by the Morpho onchain lending protocol on Base."
The addition of $HYPE and $ZEC continues a steady expansion of accepted collateral assets. The platform already supports borrowing against Bitcoin, Ethereum, Solana, XRP, Cardano, Dogecoin, and Litecoin, with the programme having launched in early 2025. The broader Morpho and Coinbase partnership has grown considerably, with onchain collateral in their shared vaults rising 133% in 2026 to approximately $3.5 billion, alongside $1.57 billion in outstanding loans across roughly 53,000 active users.
Sources:
Crypto Briefing: Coinbase expands crypto-backed loans to include HYPE and ZEC
Crypto Briefing: Base financing markets grow 133% this year, driven by Morpho and Coinbase integration
Coinbase Help: Crypto-backed loans introduction
Coinbase (NASDAQ:COIN) on Monday won CFTC approval to launch Coinbase Clearing LLC, the first USDC-native derivatives clearinghouse, completing the exchange’s full regulated derivatives stack.
What the Approval Actually UnlocksCoinbase announced that the CFTC’s approval gives it the final piece of end-to-end derivatives infrastructure.
The exchange now holds all three regulated pieces: an FCM through Coinbase Financial Markets, a DCM through Coinbase Derivatives, and now a registered DCO through Coinbase Clearing.
Together, that lets Coinbase create and settle fully collateralized contracts directly, using USDC as collateral with 24/7 settlement built for always-on markets.
“Today’s CFTC approval completes Coinbase’s end-to-end derivatives infrastructure, enabling us to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement,” said Coinbase General Counsel Molly Abraham.
The company said it will still lean on existing partners for certain products, including its margined derivatives business and its upcoming single stock perps launch.
Why This Fits a Bigger PatternAs Benzinga reported Monday, Citigroup (NYSE:C) partnered with Coinbase to bring stablecoin payments to large institutional clients, connecting Citi’s merchant infrastructure with Coinbase’s blockchain rails.
Meanwhile, Citi Head of Services Shahmir Khaliq called it “part and parcel of completing that jigsaw puzzle.”
Coinbase has stacked up regulated wins all month:
IPO allocations — opened to eligible US retail investors through its app Stock trading — expanded into equities Equity perpetuals — sought regulatory approval to offer them CEO Brian Armstrong has also talked up AI agents autonomously comparing services on cost and performance, a theme that ties directly into Coinbase’s broader infrastructure push.
COIN Technical AnalysisCOIN is pulling back just below the 200-day EMA at $194.02 after breaking above the year-long descending trendline earlier this month.
That trendline break is the key structural story, since price cleared resistance that had capped every rally since January, and today’s dip looks like a retest rather than a failure.
RSI reads 54.47, roughly in line with its signal line, showing momentum has cooled to neutral from last week’s overbought push.
Key levels for COIN: $207.63 — recent high, resistance above $186.35 — 20-day EMA, first support Read Next
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Baillie Gifford, the Edinburgh-based asset manager overseeing roughly $237B to $260B in assets, has launched its Enhanced Yield Fund, ticker BAGEY, as a fully on-chain tokenized bond product. The fund is issued natively on Ethereum and Solana, settles in USDC or fiat, and targets a yield of approximately 7%.
How BAGEY actually works The fund is an actively managed short-duration bond portfolio with a roughly two-year duration and an average credit quality rating of BBB. It holds a mix of public corporate and government bonds.
Shares are minted natively on public blockchains, meaning Ethereum and Solana serve as the legal register of ownership. There’s no traditional wrapper sitting between the investor and the token.
The minimum investment sits at $100, though the fund is restricted to eligible professional investors. Settlement happens in USDC or fiat currencies.
Custody and tokenization are handled by BitGo Bank & Trust, BNY, Anchorage Digital, and Archax. The fund operates with daily net asset value calculations.
Expansion beyond the UK BAGEY launched on June 22, 2026, through Baillie Gifford’s digital assets unit, BGDA UK. By September 29, it had already expanded its availability to professional investors in Switzerland, Hong Kong, and the Cayman Islands.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Coinbase has secured U.S. Commodity Futures Trading Commission registration for Coinbase Clearing LLC, giving the exchange its own regulated clearinghouse for fully collateralized derivatives.
Summary
CFTC registered Coinbase Clearing LLC to clear fully collateralized futures, options on futures, and swaps. Coinbase Clearing completes the company’s U.S. derivatives stack alongside its FCM and designated contract market. The new clearinghouse will use USDC collateral and support settlement around the clock, Coinbase said. Coinbase will keep external partners for margined derivatives and its planned U.S. single-stock perpetual products. Coinbase applied for DCO registration in November 2025 before receiving CFTC approval on September 28. Coinbase announced on Sept. 28 that the CFTC approved Coinbase Clearing as a Derivatives Clearing Organization, or DCO, completing the company’s regulated U.S. derivatives structure across exchange, brokerage and clearing operations.
The CFTC lists Coinbase Clearing as registered from Sept. 28, with permission to clear fully collateralized futures, options on futures and swaps. The registration does not give the new clearinghouse authority to handle Coinbase’s margined derivatives business.
Coinbase calls the new entity the first USDC-native clearinghouse and plans to use USDC as collateral with settlement available around the clock. The “first USDC-native” description comes from Coinbase and is not a designation used in the CFTC registry.
Coinbase now controls its regulated derivatives stack With the DCO registration in place, Coinbase now operates three regulated entities covering separate parts of its U.S. derivatives business. Coinbase Financial Markets, Inc. operates as its Futures Commission Merchant, while Coinbase Derivatives, LLC serves as the company’s Designated Contract Market.
The CFTC shows Coinbase Derivatives as a designated contract market dating to Nov. 23, 2020. The business was originally LMX Labs LLC, later operated as FairX and eventually became Coinbase Derivatives after Coinbase acquired the platform. Its legal name changed to Coinbase Derivatives, LLC in December 2023.
Until the new clearing registration, Coinbase Derivatives relied on Nodal Clear to clear products traded through its regulated exchange. The CFTC’s DCM records still identify Nodal Clear as the clearing provider in the historical registration information for Coinbase Derivatives.
Coinbase Clearing gives the company another route for products that fall within the new DCO’s authorization. Coinbase said it can now create and settle fully collateralized contracts directly, while maintaining its exchange, brokerage and clearing functions inside affiliated regulated entities.
Molly Abraham, Coinbase general counsel, described the approval as completing the company’s “end-to-end derivatives infrastructure.” She said the structure would allow Coinbase to bring regulated derivatives products to market using native USDC collateral and continuous settlement.
Coinbase Clearing can handle fully collateralized products The scope of the CFTC registration is narrower than Coinbase’s entire derivatives business. The regulator’s public registry permits Coinbase Clearing to process fully collateralized futures, options on futures and swaps, meaning the required collateral must be posted for products cleared through the new entity.
Coinbase said the clearinghouse will use USDC collateral and support 24/7 settlement. USDC is issued by Circle and is designed to track the U.S. dollar, giving Coinbase a dollar-denominated digital asset that can move outside traditional banking hours.
The company said its clearing model is intended to support products that can be funded and settled continuously. Coinbase did not announce specific new contracts that will immediately move onto Coinbase Clearing, nor did its Sept. 28 statement provide a date for the first contract to be cleared through the new DCO.
The authorization followed an application submitted nearly a year earlier. CFTC records show Coinbase Clearing filed for DCO registration on Nov. 14, 2025. The application contained a proposed rulebook, regulatory compliance materials, a summary of planned clearing activities and details of the company’s organizational structure.
By Sept. 28, the regulator had moved Coinbase Clearing from its pending-registration list to the roster of registered DCOs. The CFTC registry describes the approval as having been granted by Commission order.
Margined derivatives will remain with existing partners Coinbase does not plan to move every derivatives product into its own clearinghouse. The company said existing external partners will continue supporting parts of its margined derivatives operation because the new DCO authorization covers fully collateralized contracts.
Coinbase’s planned single-stock perpetual contracts are another product category that will continue using external partners. Earlier in September, Coinbase filed to bring single-stock perpetual contracts to U.S. markets through its regulated derivatives exchange and brokerage businesses. The filings involved Coinbase Derivatives and Coinbase Financial Markets and did not set a launch date.
Days later, as crypto.news reported, Coinbase sought regulatory clearance for more than 50 single-stock perpetual contracts tied to companies including Nvidia, Microsoft and Tesla. The proposed products would trade 24 hours a day from Monday through Friday without fixed expiration dates.
Those contracts remain subject to their own regulatory process. Coinbase’s DCO approval does not by itself authorize the proposed stock perpetuals for launch, while the company has said outside clearing partners will continue supporting those products.
Coinbase plans more products after CFTC registration With Coinbase Clearing registered, Coinbase said it plans to develop more fully collateralized regulated derivatives over time. The company did not disclose which contracts it expects to introduce first or provide a product-launch timetable.
Its Sept. 28 statement said the company intends to strengthen the infrastructure supporting its existing products while building capacity for future offerings. Coinbase described the DCO as a new internal capability for creating and settling fully collateralized contracts.
The company’s regulated derivatives operation has expanded through acquisitions and new registrations. Coinbase acquired FairX in 2022, giving it control of the CFTC-regulated derivatives exchange that later became Coinbase Derivatives. The exchange’s original CFTC designation dates to November 2020.
Meanwhile, the new DCO registration places Coinbase Clearing alongside other CFTC-registered clearing organizations authorized for fully collateralized products. The regulator’s current registry includes Gemini Olympus, Electron Exchange DCO, ProphetX and Polymarket Clearing among entities with comparable permissions for certain fully collateralized derivatives.
Coinbase has not said when its first contract will settle through Coinbase Clearing. For margined derivatives and the planned single-stock perpetuals, the company said it will continue using existing clearing partners while those businesses operate under their respective regulatory arrangements.
President Donald Trump said that “artificial intelligence” is an “inaccurate, and very ineloquent” name for the technology earlier this month and asked users to choose from “Superior Intelligence,” “Extreme Intelligence” and “Supreme Intelligence” to select a new name for the technology.
Superior Intelligence Wins the VoteThe term "Superior Intelligence" won the poll with 41.5% of the vote, with over 230,000 votes cast on X.
While there is no update from Trump about the rename, prediction markets are abuzz about when the president will change the name of AI.
Polymarket, a Polygon (CRYPTO: POL) based prediction platform that allows users to wager on an outcome using the USDC (CRYPTO: USDC) stablecoin is currently betting on a contract "Trump renames AI by…?"
Over $650,000 has been bet on the contract so far.
The date "September 30" has a probability of 56% as per bettors, up by 7%. "October 31" has a 64% probability and "December 31" is leading with a 70% probability, up by 20%.
‘AI Force’ And ‘AI Czar’Trump also announced plans to establish an “AI Force” and appoint an “AI Czar” to monitor bad actors in the AI industry.
Trump said the new force would be inspired by the Space Force and would seek out “Bad” activity through the existing criminal justice system.
Marjorie Taylor Greene Calls Out Trump AI RebrandFormer Rep. Marjorie Taylor Greene criticized Trump’s push to rename AI, arguing that a new label will not address growing concerns over the data centers powering AI.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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The Federal Reserve has begun a public consultation on two proposed regulatory frameworks for payment stablecoin issuers operating under its supervision, outlining detailed requirements that would shape how these issuers can conduct business. This initiative follows the directive of the GENIUS Act and aims to clarify the operational and financial standards for stablecoin issuance by banks and subsidiaries.
Reserve backing and capital requirements addressedThe first proposal seeks to establish robust financial safeguards around stablecoins, mandating full reserve backing using assets such as short-term US Treasury bills and other approved liquid instruments. The framework would also set standardized capital requirements designed to address both credit and operational risks for issuers.
These two pillars—backing and capital—serve distinct functions in protecting stablecoin holders. Full reserve backing ensures that holders can redeem their stablecoins for equivalent value, provided the issuer has sufficient liquid assets. Capital requirements, on the other hand, are intended to absorb losses resulting from operational issues, unexpected legal liabilities, or technology failures.
This distinction between backing and capital becomes most critical during market stress. While a solid balance sheet provides a snapshot of asset quality, the actual redemption experience depends on the issuer’s ability to process requests efficiently as they arise. The feasibility of large-scale redemption depends on the quality of assets, their liquidity, and established operational procedures.
Reserves affirm the value holders expect to redeem, while capital absorbs risks arising from an issuer’s business activities. Strong backing does not always guarantee prompt redemption unless operational mechanisms are clear and reliable.
Emphasis on reliable redemption and further reviewFederal Reserve Governor Michael Barr supported the package but indicated that further input is needed, highlighting the need for universal redemption rights and evaluating vulnerability to interest-rate and foreign-currency risks. He called for public feedback to refine the details, particularly regarding the accessibility and resilience of redemption processes under varying market conditions.
Barr also drew attention to a proposed threshold for supervisory actions in the case of anti-money-laundering deficiencies, making it clear that the consultation process remains open for debate rather than final rulemaking.
Moving beyond prices, market participants increasingly focus on both technical signals and investor behavior within the digital asset space. In the meme token sector, for example, internet trends can rapidly become million-dollar transactions. Fomo App reported that a single trade involving “Niu Lai” transformed a $99 investment into approximately $370,000, underscoring the importance of tracking investor timing and token selection. Fomo App integrates token discovery and trading, offering social feeds, investor rankings, and real-time trade notifications aimed at those following meme tokens and investor movements.
Application process and broader implications for banksThe second proposal addresses how banks under Federal Reserve supervision would apply to issue payment stablecoins. Prospective issuers would need to submit business plans, financial data, and detailed operational outlines. Approval would involve reviews, possible hearings, and final decisions by the Board, reflecting rigorous scrutiny beyond simply deploying a token contract.
A comprehensive business plan must demonstrate the link between proposed digital financial services, funding, customer base, and operational capacity. For payment stablecoin issuers, this includes transparent processes for token distribution, redemption mechanisms, and the division of responsibilities among service providers—even when technical aspects are outsourced.
The discipline shown in evaluating banking applications for stablecoin issuance illustrates the importance of clearly distinguishing between the application, conditional approval, and full operational status in this rapidly evolving sector.
Next steps and market impactThe Federal Reserve indicated that comments on the proposals must be submitted within 60 days after publication in the Federal Register, and that regulatory changes will depend on both public input and subsequent revisions to the final text. The scope applies specifically to institutions under the Fed’s oversight and does not extend universally to all US dollar stablecoin issuers.
While the proposals provide greater clarity for prospective issuers regarding required financial safeguards and operational rigour, the economic impact will remain uncertain until the framework is finalized. Institutions are urged to monitor the development of these requirements, as they could significantly influence the costs and resources involved in launching and maintaining a compliant stablecoin issuance program.
As the regulatory consultation progresses, clear standards on reserves, capital, and practical redemption processes are expected to define whether payment stablecoins can remain reliable in adverse conditions, rather than merely functioning well during periods of market stability.
Coinbase has partnered with Citi to offer businesses fiat and stablecoin payment services, with the bank supplying the regulated banking layer underneath. The companies announced two products on Sept. 28, both launching first in the United States.
We're bringing stablecoins into the banking system with @Citi.
That means instant stablecoin acceptance for institutions - all on bank-grade, regulated infrastructure.
The next step for stablecoins becoming everyday money. pic.twitter.com/9ftQ50yl5y
— Coinbase 🛡️ (@coinbase) September 28, 2026 The first, Coinbase Virtual Accounts, runs on Citi's Virtual Account Wallet, part of the bank's banking-as-a-service offering. Coinbase describes the accounts as providing "bank-account-like functionality, the ability to accept, hold, and pay funds, with incoming fiat automatically converted into stablecoins." Citi acts as the bank of record and settles the fiat side.
The second runs in the other direction. Merchants on Spring by Citi, the bank's payment acceptance platform, will be able to take stablecoin payments at checkout without holding stablecoins themselves. Coinbase converts the incoming digital currency into fiat and Citi settles the funds with the merchant. The companies pitch this as opening Citi's enterprise merchants to a market of more than 150 million stablecoin holders.
"Fintechs building on Coinbase have always needed a fast, compliant bridge between fiat and stablecoins, and Citi gives us that at scale," said Alec Lovett, Coinbase's head of infrastructure product. Brett Tejpaul, head of Coinbase Institutional, called Citi "exactly the kind of regulated banking partner the digital asset economy needs to move from experimentation to everyday commerce."
The announcement does not give pricing, name launch customers or specify which stablecoins the products will support, although Coinbase has an obvious interest in USDC, which it co-founded with Circle and from which it earns a share of reserve income. Additional capabilities are due "in the coming months."
On the same day, Coinbase said the Commodity Futures Trading Commission had approved Coinbase Clearing LLC as a registered derivatives clearing organisation. The approval gives Coinbase all three pieces of the US derivatives stack under its own roof, alongside its futures commission merchant, Coinbase Financial Markets, and its exchange, Coinbase Derivatives. Coinbase describes the new entity as the first USDC-native clearinghouse, using the stablecoin as collateral and settling 24/7.
The CFTC's registration order is narrower than the headline suggests. It covers fully collateralised futures, options on futures and swaps, which spares the clearinghouse from calculating variation margin or maintaining a default fund. Margined derivatives and Coinbase's planned single-stock perpetual futures will stay with outside clearing partners. Nodal Clear currently clears contracts on Coinbase Derivatives.
"Today's CFTC approval completes Coinbase's end-to-end derivatives infrastructure, enabling us to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement," said Molly Abraham, Coinbase's general counsel.
The two announcements point in the same direction, with USDC positioned as both the settlement asset for business payments and the collateral asset for regulated derivatives. How much volume either product attracts will depend on whether Coinbase can extend the clearinghouse beyond fully collateralised contracts, where most derivatives trading actually happens.
Coinbase can now take eligible derivatives from customer access through execution and clearing. USDC offers continuous settlement, but posted collateral carries an opportunity cost. Margined products and planned single-stock perps will still rely on outside clearing partners. Coinbase has secured CFTC approval for its own derivatives clearinghouse, adding the clearing layer to a U.S. derivatives business that already spans brokerage and exchange infrastructure.
Registered on September 28, Coinbase Clearing LLC can clear fully collateralized futures, options on futures and swaps. Coinbase plans to build the operation around USDC collateral and continuous settlement, giving the stablecoin a role inside regulated derivatives infrastructure rather than simply as an asset used for trading and payments.
Coinbase Completes Its Three-Layer Derivatives Stack The approval fills a specific gap in Coinbase’s U.S. derivatives infrastructure.
Coinbase Financial Markets operates as a futures commission merchant, or FCM, providing the brokerage layer. Coinbase Derivatives is a designated contract market, or DCM, providing the regulated trading venue. Coinbase Clearing now adds the derivatives clearing organization, or DCO, responsible for clearing eligible contracts after execution.
The resulting structure is straightforward:
Customer access → FCM → DCM → DCO The CFTC’s registration allows Coinbase Clearing to handle fully collateralized futures, options on futures and swaps. It does not authorize the company to move every derivative it offers onto its own clearinghouse.
For contracts that fit within that scope, however, Coinbase can control more of the path between designing a product, listing it and ultimately settling it.
That reduces its dependence on third-party infrastructure for a defined category of regulated derivatives and gives Coinbase more control over how those products are brought to market.
USDC Becomes Part of the Clearing Infrastructure The collateral model is where Coinbase’s approach becomes more distinctive.
Coinbase describes the operation as the first USDC-native clearinghouse. That characterization comes from the company, rather than the CFTC, but it points to an important change in how the stablecoin is being used.
USDC is no longer only a dollar-denominated asset moving between traders or exchanges. Within Coinbase Clearing, it can serve as collateral supporting obligations created by regulated derivatives.
The design fits the operating schedule of crypto markets.
Crypto trades continuously, while parts of conventional financial infrastructure still depend on banking and settlement windows. In May, CFTC staff issued guidance addressing 24/7 trading, clearing and settlement, noting the potential relevance of continuous operations for digital-asset derivatives while maintaining existing risk-management requirements.
A blockchain-based dollar can move on weekends and outside banking hours, allowing the collateral rail to operate on a schedule closer to the market itself.
But faster movement does not automatically make collateral more economically efficient.
24/7 Liquidity Comes With a Yield Trade-Off Coinbase Clearing’s initial authorization covers fully collateralized products.
In this structure, the contract’s exposure must be backed by posted collateral rather than relying on the leveraged margin framework used by other derivatives.
USDC offers an obvious operational advantage: it can move continuously on blockchain infrastructure.
The economic trade-off is that ordinary USDC itself does not distribute the yield generated by the reserves backing it to token holders. Circle’s reserves include short-dated U.S. Treasuries and other highly liquid assets, but that reserve income does not accrue directly to a standard USDC balance.
For an institution, that creates a real collateral decision.
Capital posted as USDC gains crypto-native mobility and continuous settlement. The same capital held in an eligible yield-bearing instrument elsewhere could potentially continue generating income, depending on the clearinghouse and collateral rules involved.
The relevant calculation is therefore not simply whether USDC settles faster.
It is whether 24/7 mobility and operational simplicity compensate for the return an institution could potentially earn on capital committed elsewhere.
The answer will vary with collateral requirements, holding periods, interest rates and the products being traded.
Coinbase Still Needs External Clearing Owning a DCO does not make Coinbase self-contained across its entire derivatives business.
The company says external partners will continue supporting some products, including its margined derivatives business and planned single-stock perpetual futures.
That creates two clearing routes rather than one replacing the other.
Coinbase’s Two Clearing Routes
COINBASE CLEARING
Fully collateralized products
USDC-native infrastructure · continuous settlement · direct Coinbase clearing
Initial structure based on Coinbase’s announced model. Product coverage may expand subject to regulatory approval.
The split reflects different product economics rather than an incomplete transition.
Fully collateralized contracts require a different capital and risk structure from margined derivatives. External clearing can therefore remain useful for products where leverage, margin methodology or other clearing requirements fall outside Coinbase Clearing’s initial model.
The DCO gives Coinbase an additional route, not a universal replacement for every existing relationship.
Owning Clearing Could Shorten Product Development The strategic benefit extends beyond settlement.
A derivatives contract needs an execution venue, collateral framework, clearing process and settlement mechanism. When those functions sit across separate organizations, launching a product also requires coordination between their systems and risk frameworks.
For qualifying products, Coinbase now controls more of that lifecycle.
The company says direct clearing should help it develop regulated products faster. Its expansion into perpetual-style derivatives and planned single-stock perpetuals shows why that capability could become increasingly useful as its product range moves beyond conventional crypto futures.
Not every new contract will use Coinbase Clearing. The single-stock perpetuals, for example, are expected to retain external clearing arrangements.
But Coinbase now has the option to design future fully collateralized products around infrastructure it operates itself.
The Real Test Is Capital Efficiency The CFTC approval gives Coinbase something more consequential than another regulatory registration.
Its U.S. derivatives operation now spans brokerage, execution and clearing, while USDC provides a digital collateral rail capable of moving on the same continuous schedule as crypto markets.
That architecture could reduce operational dependencies and give Coinbase greater control over product development.
Its adoption, however, will depend on economics.
Institutions do not choose collateral solely because it moves quickly. They also consider how much capital must be committed, whether that capital earns a return, how easily it can be substituted and what liquidity is available during stressed markets.
Coinbase Clearing offers one side of that equation immediately: continuous USDC settlement inside a vertically integrated derivatives stack.
The harder question is whether that operational efficiency is valuable enough to justify keeping capital in fully collateralized, non-yield-bearing USDC.
That is where Coinbase’s new clearinghouse will ultimately have to compete.
Alex is a financial markets journalist and co-founder of Millennial Media Group, and he's spent close to ten years trying to answer one stubborn question: what's really driving this? It started in 2016, when Bitcoin refused to make sense to him - and rather than shrug, he stayed with it until it did. That patience became his method. He's less interested in what an asset is doing today than in the plumbing behind it: how liquidity flows, where risk hides, what a chart is quietly telling you that the headline isn't. That lens eventually stretched well past crypto into traditional markets, because the same forces - fear, leverage, incentives, timing - show up everywhere once you know how to look. Most coverage, in his view, insults the reader by stopping at the surface. Price up, price down, moving on. He'd rather leave someone genuinely understanding a move than merely informed that it happened. His path into markets ran through a Tourism degree at New Bulgarian University - proof, maybe, that curiosity beats credentials. With more than 200 deep analyses and over 10,000 articles behind him, he still walks away from most trading days having learned something he didn't know that morning.
Circle has announced the planned departure of Chief Financial Officer Jeremy Fox-Geen, who will remain in the role until the end of December 2026 or until a successor is appointed. The executive search for his replacement is now underway, with Fox-Geen stating that he will take a break before pursuing his next career move. The company did not provide a new financial outlook or name a replacement as part of this announcement, instead outlining a timetable for the transition.
Stablecoin finance and transparencyAs the issuer of the popular stablecoin USDC, Circle maintains that clear separation between business finances and reserves is crucial for maintaining confidence among users and investors. The company continues to provide reserve disclosures, which remain the key point of reference for those interested in the stability and backing of USDC. Management succession updates, meanwhile, are designed to address corporate governance rather than financial or reserve matters.
Circle differentiates the role of its stablecoin from that of its equity. CRCL provides an equity stake in the company, while USDC serves as a payment token. The economics of these instruments differ: while company profitability impacts shareholders, it does not automatically alter the stablecoin’s redeemable value. Conversely, USDC maintaining its peg does not necessarily signal anything about the value or attractiveness of CRCL shares.
A change in expected corporate profitability can affect shareholders without implying that a dollar token has changed its intended redemption value. Equally, a stable token price does not establish that the equity is attractively valued.
Transition during ongoing business growthThis leadership transition coincides with a period of expansion at Circle, as the company rolls out new commercial and infrastructure projects. For the finance function, growth introduces additional responsibilities, including contract management, controlling operating costs, and ensuring consistent financial disclosures. The next CFO will be tasked with overseeing these processes and effectively communicating business performance.
An organized handover aims to preserve institutional knowledge and ensure continuity. The departure window allows Circle to thoroughy conduct its search and transfer responsibilities; however, no details have been provided regarding the candidates or whether the successor will come from within the company or outside it.
Amid these operational developments, market observers in the meme token space underscore the speed with which internet trends can drive capital flows. A recent example involved a “Niu Lai” trade that turned $99 into roughly $370,000, as reported by Fomo App. Tracking both investor decisions and timing is increasingly crucial in such a fast-moving sector. Fomo App has responded by offering tools for token discovery, social feeds, investor rankings, and trade notifications to help users stay informed on meme token activity and market shifts.
What investors should expect nextThe upcoming appointment of Circle’s next CFO will draw interest around the individual’s experience, transition timeline, and approach to ongoing duties. Investors will look for continuity in reporting practices and clarity in explaining business drivers, as inconsistent definitions or changing presentation of financial indicators can complicate comparisons over time.
The earnings structure at Circle is multifaceted, involving reserve income, operating expenses, and commercial partnerships. Broader statements about stablecoin adoption are not sufficient to explain profit outcomes; transparent financial disclosure is required to connect customer activity to revenue and cost streams.
The quality of finance communication lies partly in showing how activity connects to revenue, costs and cash requirements.
There is also a logistical aspect to the timing. Fox-Geen’s scheduled departure aligns with regular financial reporting cycles; a smooth transition will depend on the company meeting disclosure commitments and promptly communicating any material changes. The statement does not suggest operational disruption, but any unexpected delays would be evaluated differently by stakeholders.
Focus on continuity and disclosureThe current announcement signals a planned leadership change but does not affect Circle’s core business strategy or USDC operating terms. Broader updates to company direction or financial targets would be communicated separately if they occur.
As the finance department prepares for this change, the emphasis remains on a thorough handover, maintaining the quality of disclosures, and selecting a qualified successor. The transition’s effectiveness will ultimately be measured by how well these elements are preserved throughout the process.
TLDR Coinbase and Citi expanded their partnership on September 28 with two new stablecoin payment services for businesses. Coinbase Virtual Accounts, powered by Citi, automatically convert incoming fiat into stablecoins. Citi clients can accept stablecoin payments through Spring by Citi and receive fiat instead. The virtual accounts pay 3.75% annual yield on USDC balances. Neither company shared customer numbers, payment volumes or pricing. Coinbase and Citi have expanded their partnership to offer new banking and stablecoin payment tools for businesses. Coinbase announced the move on September 28, 2026.
The deal combines Coinbase’s digital asset payment systems with Citi’s regulated banking network. It creates two separate paths between traditional money and stablecoins.
The partnership was first disclosed in October 2025. At that time, the companies said they would focus on fiat pay-ins and pay-outs for Coinbase’s on-ramps and off-ramps.
We're bringing stablecoins into the banking system with @Citi.
That means instant stablecoin acceptance for institutions – all on bank-grade, regulated infrastructure.
The next step for stablecoins becoming everyday money. pic.twitter.com/9ftQ50yl5y
— Coinbase 🛡️ (@coinbase) September 28, 2026
How the Two Payment Paths Work The first path centers on Coinbase Virtual Accounts. These accounts run on Citi’s Virtual Account Wallet, part of its Banking-as-a-Service offering.
The accounts give businesses features similar to a bank account. Incoming fiat is automatically converted into stablecoins, a capability Citi calls an industry first.
Coinbase Virtual Accounts also pay 3.75% annual yield on USDC balances. This means businesses can earn a return on the stablecoins they hold.
The second path works in the opposite direction. Citi’s institutional clients can accept stablecoin payments through Spring by Citi, the bank’s merchant platform.
Customers pay in stablecoins, and the merchant receives fiat. Coinbase handles the conversion while Citi settles the payment as the bank of record, so merchants do not need to hold stablecoins.
Debopama Sen, Citi’s Head of Payments, Services, said the bank aims to build payment systems that connect traditional and digital networks. Brett Tejpaul, Head of Coinbase Institutional, said the partnership helps deliver faster and cheaper cross-border payments.
What the Companies Did Not Share Coinbase described the services as available now. However, it did not name any client that has used Spring by Citi for stablecoin payments.
Neither company disclosed customer counts, payment volumes or pricing. They also did not say which currencies or stablecoins are supported for conversion.
The announcement does not confirm whether a single customer can use both payment paths. Coinbase said its infrastructure reaches an enterprise market representing more than 150 million stablecoin holders, but that figure reflects potential reach rather than confirmed users.
Citi brings a large network to the deal. The bank operates in more than 180 countries, and its 24/7 USD Clearing service serves more than 300 bank clients.
Citi Token Services has processed around $1 billion in transactions. The same week, Citi said Token Services is expanding into Japan and the UAE, bringing it to seven jurisdictions.
The yield feature arrives while rules for the GENIUS Act are still under review. The Treasury proposed its implementing regulations in August 2026, and a public comment period is ongoing.
The law takes effect in January 2027. It is not yet clear whether the 3.75% yield structure will be allowed under the final rules.
The new services are launching first in the United States. The companies said more capabilities are expected in the coming months.
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Disclaimer: This is not available for users in the EEA. Fellow Binancians, Binance is thrilled to launch a Algorand (ALGO) Trading Tournament where eligible users will have a chance to share a total prize pool of 200,000 USDC in token vouchers! In addition, Binance is introducing a “Sprint Reward” for a limited period – the more you trade, the higher your extra rewards! Promotion Period: 2026-09-29 10:00 (UTC) to 2026-10-06 10:00 (UTC) Join Now Eligibility: All verified new, regular users and Binance VIP 1-6 users can participate.Liquidity providers in the Binance Spot Liquidity Provider Program and Binance Brokers are not eligible to participate. Eligible Trading Pair(s) Trading pair(s): ALGO/USDC How to Participate: Click the [Join Now] button on the landing page to register.Total Trading Volume reaches at least 500 USD equivalent in any of the aforementioned eligible pair(s) on Binance Spot during the Promotion Period. Users who do not meet this threshold will not qualify for any reward under this Trading Volume Tournament. Main Reward Structure: Statistical Period: 2026-09-29 10:00 (UTC) to 2026-10-06 10:00 (UTC)Rankings Based on the Cumulative Trading VolumeReward per Eligible Participant (in USDC Token Vouchers)1st Place6,000 USDC2nd Place5,000 USDC3rd Place4,000 USDC4th Place3,000 USDC5th Place2,000 USDC6th - 20th PlacesAn equal split of 20,000 USDC21st - 50th PlacesAn equal split of 20,000 USDC51st - 200th PlacesAn equal split of 32,000 USDC201st - 1,000th PlacesAn equal split of 28,000 USDCAll Remaining Eligible ParticipantsA proportional share* of 40,000 USDC, capped at 30 USDC per user Proportional Share Rewards Calculation Logic*: Your Final Allocation = (Your Trading Volume / Total Trading Volume of All Eligible Participants Ranked after the 1,000th) * Proportional Share Prize Pool Sprint Reward Structure: Binance is introducing a “Sprint Reward”. For a limited period, users will receive extra rewards based on their ranking by cumulative trading volume. The more one trades during the respective Statistical Periods, the higher the extra rewards can be. Please note that users can earn from both the "Sprint Reward" and the "Main Reward" pools at the same time. Rankings Based on the Cumulative Trading VolumeRound 1 Statistical Period: 2026-09-29 10:00 (UTC) to 2026-10-01 10:00 (UTC)Round 2 Statistical Period: 2026-10-01 10:01 (UTC) to 2026-10-03 10:00 (UTC)Reward per Eligible Participant (in USDC Token Vouchers)1st Place6,000 USDC6,000 USDC2nd Place5,000 USDC5,000 USDC3rd Place4,000 USDC4,000 USDC4th Place3,000 USDC3,000 USDC5th Place2,000 USDC2,000 USDC Promotion Rules: Trading volume of any zero-fee trading pairs is excluded from the final trading volume calculation.Transaction or gas fees will be excluded from the final trading volume calculation for the tournament.All eligible buy and sell orders will be counted towards the cumulative total trading volume.Token vouchers will be distributed to winners by 2026-10-20, and will expire within 21 days after distribution. Users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub.The Spot Trading Volume leaderboard is updated at least once every 24 hours. The final update will be completed within a few hours after the campaign ends. The Main Reward leaderboard and Sprint Reward leaderboard will be displayed on the separate Sub-Spot landing page respectively. Data sync times vary daily but will always be completed by the end of the day.Only users who have met the minimum qualifying trading volume threshold will be displayed on the leaderboard along with their trading volume. Don’t miss out on this opportunity and share in the rewards now! To view more promotions for new listings on Binance, stay tuned to this page for the latest updates and exclusive opportunities. Guides & Related Materials: How to Spot Trade (App / Web) Terms & Conditions: These terms and conditions (“Activity Terms”) govern users’ participation in the activity above (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Activity Terms, and any other incorporated terms, the provisions of these Activity Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only verified users who complete the aforementioned criteria for the tournament by the end of the Promotion Period may receive rewards.This Trading Volume Tournament is available to verified new, regular and VIP 1 - 6 users enabled for Binance Spot Trading, subject to product (and where relevant, deposit methods’) availability in users’ regions, and may be restricted in certain jurisdictions or regions, or to certain users, due to legal and regulatory requirements.VIP level eligibility will be determined based on the user's VIP level at the time of joining the Activity. Users who join the Activity while they are VIP 6 or below will remain eligible for the Activity and may receive the applicable rewards based on their eligible trading volume during the Promotion Period, even if their VIP level is upgraded to VIP 7 or above during the Promotion Period.Reward Distribution:All token voucher rewards will be distributed to eligible, winning users by 2026-10-20.Users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. All token voucher rewards will expire within 21 days after distribution. Winning users should claim their vouchers before the expiration date, and no replacement reward will be provided. Learn how to redeem a Binance voucher.Please note that the actual value of rewards received by a user is subject to change due to market fluctuation.Token voucher rewards are subject to additional terms and conditions.Rewards are not negotiable nor transferable.Once the available rewards have been allocated to users, no further rewards will be provided notwithstanding that an eligible user may have completed the missions.A user’s trading volume in this Trading Volume Tournament will be calculated after the user has opted-in and will be based on the trading volume (i) in their master and sub-accounts, and (ii) on all Spot products, including Spot Trading, Spot Copy Trading and Trading Bots. API trades are allowed. Binance’s calculation of a user’s trading volume is final.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software. Rewards that have already been disqualified will not be returned to the prize pool.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating, or suspending these activities, the eligibility terms and criteria, the selection and number of reward recipients, and the timing of any act to be done, and all participants shall be bound by these amendments.The commencement and operation of the campaign (including the commencement of the Promotion Period) are subject to the successful listing of the relevant token on Binance Spot. If the listing is postponed or cancelled for any reason, the campaign (including the Promotion Period and reward distribution) may be delayed, amended or withdrawn at Binance’s discretion. Binance will not be liable for any loss or inconvenience caused by such changes.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-29 Disclaimer: USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.
In brief The CFTC has registered Coinbase Clearing LLC as a derivatives clearing organization. Coinbase now holds all three licenses: exchange, futures broker and clearinghouse. Its upcoming single stock perpetuals will still be cleared by existing partners. Coinbase has won approval to clear its own derivatives trades, completing a set of three federal registrations that lets the crypto exchange run a futures business end to end without renting any part of it.
The Commodity Futures Trading Commission registered Coinbase Clearing LLC as a derivatives clearing organization on Monday. The company already held the other two pieces: Coinbase Derivatives, LLC as a designated contract market, and Coinbase Financial Markets, Inc. as a futures commission merchant.
Owning the clearinghouse changes what Coinbase can build. "For the first time, we can create and settle fully collateralized contracts directly," the company said in a statement, which it expects to mean faster product development and fewer dependencies when launching something new.
USDC as clearing collateralCoinbase calls it the first USDC-native clearinghouse, taking the stablecoin as collateral and settling 24 hours a day, which it describes as "purpose-built for the always-on markets of the future."
Traditional clearinghouses run on cash and Treasuries and settle on a banking calendar. Accepting a stablecoin as margin removes the reason a derivatives venue has to stop trading at the weekend.
Coinbase Clearing handles fully collateralized contracts, so the margined derivatives business and the single stock perpetuals it plans to launch on Apple, Tesla and Nvidia will continue to clear through existing partners.
"Today's CFTC approval completes Coinbase's end-to-end derivatives infrastructure," said Molly Abraham, the company's general counsel.
Myriad: Will Base TGE in 2026? Click to make your prediction.Crypto exchanges and derivativesPayward, parent company of rival crypto exchange Kraken, paid $550 million for Bitnomial last year to acquire the same combination of exchange and clearinghouse registrations that Coinbase has now built in house.
Payward is already using them. It plans to deploy perpetual futures for U.S. clients on Hyperliquid, with Bitnomial creating and clearing the market while it runs on a public blockchain. With its own clearinghouse, Coinbase has the licences to attempt something comparable, though it has yet to announce any such plan.
The approval lands in a busy month for the company. Also on Monday it deepened a partnership with Citi, letting the bank's institutional clients accept stablecoin payments at checkout. Last week it rolled out fixed-rate USDC loans against Bitcoin with Morpho, and in August it launched tokenized stocks on Base for non-U.S. users.
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TLDR The CFTC registered Coinbase Clearing LLC as a derivatives clearing organization on Sept. 28. The clearinghouse can clear fully collateralized futures, options on futures and swaps. Coinbase plans to use USDC as collateral with settlement available 24/7. Margined derivatives and planned single-stock perpetuals will stay with outside partners. Coinbase has not given a date for the first contract cleared through the new entity. Coinbase has received approval from the Commodity Futures Trading Commission to run its own derivatives clearinghouse in the United States. The registration for Coinbase Clearing LLC took effect on Monday, Sept. 28.
The approval allows the clearinghouse to handle fully collateralized futures, options on futures and swaps. It does not cover Coinbase’s margined or leveraged derivatives products.
A derivatives clearing organization sits between the buyer and seller in a trade. It helps manage settlement and counterparty risk, including cases where one side defaults.
Coinbase Completes Its Derivatives Setup With this approval, Coinbase now runs three regulated entities in its U.S. derivatives business. Coinbase Financial Markets Inc. acts as its futures broker, while Coinbase Derivatives LLC serves as its exchange.
Coinbase Derivatives started as LMX Labs LLC and later operated as FairX. Coinbase bought FairX in 2022, and the exchange’s CFTC designation dates to November 2020.
Until now, Coinbase Derivatives relied on Nodal Clear to clear trades on its exchange. The new clearinghouse gives the company another option for products within its approved scope.
“Today’s CFTC approval completes Coinbase’s end-to-end derivatives infrastructure, enabling us to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement,” said Molly Abraham, Coinbase’s general counsel.
Coinbase calls the new entity the first USDC-native clearinghouse. That label comes from the company and is not used in the CFTC registry.
USDC is a stablecoin issued by Circle that tracks the U.S. dollar. It can move outside normal banking hours, which supports around-the-clock settlement.
The CFTC has approved the launch of Coinbase Clearing LLC, our own USDC-native clearinghouse.
Built for 24/7 settlement with USDC collateral, Coinbase Clearing completes our full stack of regulated derivatives infrastructure. pic.twitter.com/uLD7pSNUPj
— Coinbase Markets 🛡️ (@CoinbaseMarkets) September 28, 2026
Stock Perpetuals Stay With Outside Partners Coinbase will not move all of its derivatives products to the new clearinghouse. External partners will keep supporting its margined derivatives business.
The company’s planned single-stock perpetual contracts will also use outside clearing partners. Earlier in September, Coinbase filed to bring these products to U.S. markets.
Coinbase later sought clearance for more than 50 single-stock perpetual contracts tied to companies such as Nvidia, Microsoft and Tesla. The contracts would trade 24 hours a day, Monday through Friday, with no expiration date.
Those products still face their own regulatory review. The clearinghouse approval does not authorize them for launch.
Coinbase applied for the clearing registration on Nov. 14, 2025. The application included a proposed rulebook, compliance materials and details about its planned clearing activities.
Other crypto firms have taken similar steps. Kraken parent Payward completed its purchase of Bitnomial in May, gaining a CFTC-regulated exchange, clearinghouse and futures brokerage.
The CFTC registry also lists Gemini Olympus, Electron Exchange DCO, ProphetX and Polymarket Clearing with comparable permissions for certain fully collateralized products.
Coinbase said it plans to build more fully collateralized derivatives over time. It has not named its first contracts or said when the first trade will settle through Coinbase Clearing.
By securing a DCO registration, Coinbase has assembled the complete CFTC stack—from exchange to brokerage to clearinghouse—turning USDC into the native water of institutional derivatives.
The Full Stack: Analyzing Coinbase’s DCO Approval On September 28, 2026, the Commodity Futures Trading Commission (CFTC) approved Coinbase Clearing LLC as a Derivatives Clearing Organization (DCO). This regulatory milestone completes the vertical integration of Coinbase’s infrastructure, allowing the firm to operate as a self-contained, end-to-end ecosystem. By housing the Designated Contract Market (DCM), the Futures Commission Merchant (FCM), and now the DCO under one corporate umbrella, Coinbase has effectively closed the clearing gap that previously necessitated reliance on external partners like Nodal Clear, LLC.
The mechanism of this integration is notable for its reliance on USDC as the native collateral. Unlike traditional clearinghouses that operate on banking hours and legacy settlement rails, Coinbase’s DCO enables 24/7 settlement. By utilizing USDC, the clearinghouse bypasses the friction of traditional fiat settlement cycles, creating a continuous, automated clearing process. It is worth noting, however, that this authorization is strictly limited to fully collateralized futures, options, and swaps. The CFTC has not granted approval for margined or leveraged products, keeping the risk profile of this initial offering relatively contained.
Historically, the reliance on external clearing partners introduced a structural dependency that limited the speed and efficiency of crypto-native derivatives. By moving to an internal clearing model, Coinbase gains control over the entire trade lifecycle. This shift from an outsourced clearing model to a vertically integrated stack is a logical evolution for a firm seeking to optimize capital efficiency. While some might view this as a simple operational upgrade, it represents a significant shift in how digital asset market structure is organized, moving away from the fragmented legacy model toward a more cohesive, high-velocity architecture.
The competitive landscape for DCO registrations has become increasingly crowded. Coinbase joins a growing cohort of entities that have secured or are seeking similar status. Gemini Olympus, LLC received its registration on April 29, 2026, followed by Quanta Clear, Inc. on January 30, 2026. Meanwhile, the pipeline remains active, with Bullish Clearing & Settlement LLC and Forum Clearing LLC currently listed as pending applicants. This flurry of activity suggests that market participants recognize the strategic necessity of owning the clearing layer, even as major players like Kraken, Bitwise, and Binance.US remain notably absent from the current DCO application list.
The timing of this approval is particularly instructive, arriving just ahead of the anticipated agency merger summit between the SEC and the CFTC. This summit is expected to address the long-standing jurisdictional ambiguity surrounding digital assets, a process often discussed in the context of the GENIUS Act. By securing DCO status now, Coinbase has effectively cemented its position as a CFTC-regulated exchange of choice for BTC and ETH futures. This preemptive positioning provides the firm with a robust regulatory foundation, regardless of how the broader jurisdictional boundaries are eventually redrawn.
Ultimately, the completion of the full stack is less about the novelty of the technology and more about the maturity of the market structure. Coinbase has successfully navigated the regulatory requirements to internalize the clearing function, a move that aligns its operational capabilities with the demands of institutional investors who prioritize stability and efficiency. As the regulatory environment prepares for a potential consolidation of oversight, the ability to demonstrate a fully compliant, end-to-end infrastructure provides a distinct advantage in the ongoing negotiation over the future of digital asset regulation.
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Coinbase Completes Its US Derivatives StackCoinbase has secured a landmark regulatory approval in the United States. The move makes Coinbase the first digital assets company to hold a regulated exchange, broker, and clearinghouse license in the same jurisdiction under one corporate umbrella.
USDC as Native Collateral and Round-the-Clock Settlement That is a meaningful shift from conventional clearing, which depends on bank operating hours and dollar-based rails.
The addition of Coinbase Clearing LLC slots the missing piece into that structure, bringing the full trade lifecycle, from execution to settlement, under one roof on a blockchain-based system.
Sources:
Unchained Crypto: CFTC Approves Coinbase's Own Clearinghouse
Yahoo Finance: CFTC Approves Coinbase Clearing as First USDC-Native Clearinghouse
Crypto Times: Coinbase Wins CFTC Approval to Run Its Own USDC Clearinghouse
Coinbase has received approval from the U.S. Commodity Futures Trading Commission (CFTC) to establish Coinbase Clearing LLC, allowing the cryptocurrency exchange to launch a CFTC-regulated clearinghouse for derivatives in the United States.
CFTC Approval Strengthens Coinbase’s Derivatives OperationsOn September 28, the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization. This status enables Coinbase to handle the clearing of fully collateralized futures, options on futures, and swaps within a regulatory framework.
Coinbase, a leading U.S.-based cryptocurrency exchange, already operates Coinbase Derivatives LLC, a regulated derivatives exchange, as well as Coinbase Financial Markets Inc., a registered futures commission merchant. The addition of Coinbase Clearing LLC brings all key components under one roof and provides the company with end-to-end control over its derivatives operation.
The company stated that Coinbase Clearing will function as a USDC-native clearinghouse, leveraging the stablecoin USD Coin (USDC) as collateral and enabling 24/7 settlement for eligible derivatives positions. Coinbase described this as the first time a U.S. clearinghouse allows eligible market participants to post USDC as collateral for derivatives transactions.
General Counsel Molly Abraham explained that the CFTC’s decision allows Coinbase to complete its full derivatives infrastructure stack. By combining brokerage, exchange, and clearing functions, Coinbase aims to offer new derivatives products built on round-the-clock, USDC-backed settlement.
Coinbase emphasized that bringing together the broker, exchange, and clearinghouse functions on a single platform will help streamline the derivatives process, making it more efficient and accessible to eligible clients.
Clearing is a vital stage in derivatives markets, taking place after a transaction between two parties. Clearinghouses act as intermediaries, ensuring both parties meet their obligations and reducing counterparty risk.
With Coinbase Clearing now operational, the company achieves greater oversight across its U.S. derivatives business, reinforcing its long-term strategy to play a leading role in crypto-based financial infrastructure.
USDC at the Center of Settlement InnovationCoinbase’s new clearing division is notable for its use of USDC as the primary collateral. USDC is a stablecoin pegged to the U.S. dollar and managed by Circle, a financial technology company that issues and manages digital currencies designed for stability.
Mini dictionary: USDC is a U.S. dollar-pegged stablecoin issued by Circle, commonly used for trading and settlement due to its price stability and regulatory focus.
Coinbase highlighted the advantage of blockchain-enabled USDC transfers, which support continuous, 24/7 settlement, helping to close the gap between traditional markets and digital asset trading. This approach echoes a move by Marex in July 2026, when Marex began accepting USDC as initial margin for derivatives. Coinbase provided custody and conversion services for Marex’s USDC settlements.
Integration of USDC into clearing operations further demonstrates the growing role of stablecoins in regulated financial markets in the U.S.
Limits and Implications of the RegistrationCoinbase’s registration as a derivatives clearing organization allows it to offer clearing exclusively for fully collateralized futures, options on futures, and swaps. The company’s license does not extend to leveraged derivatives products, ensuring that only trades backed entirely by collateral—primarily in USDC—are eligible.
Coinbase also operates a regulated derivatives exchange and a futures commission merchant division approved by the CFTC, expanding its product suite for both retail and institutional clients in the United States.
According to the CFTC registry, Coinbase Clearing LLC received its registration on September 28, 2026. This milestone marks further progress in Coinbase’s ambition to deliver traditional financial market infrastructure, now enhanced by blockchain technology.
The use of USDC as collateral in setting up a 24/7 clearing mechanism reflects how digital assets are increasingly integrated with regulated finance, as Coinbase pursues its goal to serve as a bridge between crypto markets and established trading practices.
DivisionFunctionCFTC Approval YearCoinbase Derivatives LLCRegulated derivatives exchange2024Coinbase Financial Markets Inc.Futures commission merchant2026Coinbase Clearing LLCDerivatives clearing organization2026By consolidating its brokerage, exchange, and clearinghouse operations, Coinbase moves closer to operating a fully integrated derivatives platform in the United States, further establishing itself as a provider of digital asset infrastructure.
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Binance Earn is pleased to launch a promotion on Simple Earn Flexible Products for eligible users in LATAM! During the Promotion Period all newly registered users in LATAM* who subscribe to USDC Flexible Products can enjoy up to 30% exclusive Bonus Tiered APRs on top of Real-Time APR rewards for 7 days. Promotion Period: 2026-09-29 10:00:00 (UTC) to 2026-10-31 23:59:59 (UTC) Simple Earn Flexible Products Special Offer The below table shows progressive tiers. The bonus APR is calculated cumulatively, rather than applying a single rate to eligible users’ entire subscription amount. Digital AssetDurationAPR During the Promotion PeriodMinimum Subscription Limit per Eligible UserMaximum Subscription Limit per Eligible UserUSDC7 daysTier Range: Subscription Amount ≤ 200 USDCTier Range: Subscription Amount> 200 USDC 0.1 USDCUnlimitedReal-Time APR+30% Bonus Tiered APR(0 - 200 USDC)Real-Time APR Subscribe Now Please Note: It may take up to 5-10 minutes before eligible users can see and subscribe to the promotion on the USDC Flexible Products page. The special Bonus Tiered APR reward is only effective for 7 days from the subscription date and is only applicable to the user’s first 200 USDC subscribed to USDC Flexible Products. Any subscription amount exceeding 200 USDC will only earn Real-Time APR rewards.Eligible users can still receive the special APR reward once they subscribe to USDC Flexible Products, even if the 7-day period extends beyond the Promotion Period.Subscription Format: Maximum seven (7) days of subscription period. Complete subscription on a first-come, first-served basis in accordance with the terms below.The 7-day offer starts from the day that an eligible user subscribes to USDC Flexible Products. APR Rewards Distribution:Bonus Tiered APR: Distributed to users’ Spot Accounts on a daily basis. The first reward will be given the day after accrual starts (two days after subscription).Real-Time APR: Accrued and directly accumulated in users’ Earn Accounts every minute. How to Get Started with USDC Flexible Products: Users can buy USDC on the Buy Crypto page, which supports local and international payment methods including Visa and Mastercard cards, Apple Pay, Google Pay, account balances and SWIFT Bank Transfer (corporate user exclusive). Users can also deposit USDC to their Binance account. Head to [Simple Earn], and search for USDC. Select FLEXIBLE, and subscribe to USDC Simple Earn Flexible Products to start earning exclusive APR Rewards! Terms & Conditions: The promotion is available for all newly registered users in LATAM, who registered on the Binance platform after 2026-09-29 10:00:00 (UTC) and whose identity verification countries are in following countries/regions: Argentina, Antigua and Barbuda, Bolivia, Barbados, Colombia, El Salvador, Honduras, Jamaica, Mexico, Nicaragua, Paraguay, Saint Lucia, Saint Vincent and the Grenadines, Suriname, Turks and Caicos Islands, Peru, Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Pitcairn Islands.These terms and conditions (“Activity Terms”) govern users’ participation in the activity above (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Promotion Terms, and any other incorporated terms, the provisions of these Promotion Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification during the Promotion Period can qualify for rewards in the Promotion, and only master accounts qualify for rewards in the Promotion. Sub-accounts are not eligible to receive rewards. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Changes to the Binance Simple Earn Rewards Rate will be published on the Platform from time to time. Please refer to Binance Simple Earn Terms & Conditions and Risk Warning for more information prior to using Binance Simple Earn. Rewards:Real-Time APR is subject to change every minute, please refer to the respective product page(s) for accurate information. Real-Time APR rewards are accrued and directly accumulated in users’ Earn Accounts every minute.Bonus Tiered APR is offered as an additional reward on top of Real-Time APR. Upon subscription, Bonus Tiered APR rewards start to accrue the next day starting from 00:00 (UTC) based on the snapshot of your subscribed amounts to the Flexible Product of the day, which will be taken randomly between 00:00:00 to 23:59:59 (UTC) daily. Rewards will start to be distributed the following day after accrual starts between 00:00 (UTC) and 08:00 (UTC) to the user’s Spot Account.Any redemption of Flexible Products between 00:00:00 (UTC) and 00:00:00 (UTC) of the following day will stop the accrual of Bonus Tiered APR rewards on the redeemed amount for that day.Redemptions of Flexible Products will be processed starting with assets that have accrued rewards. Users can check the rewards history from the Earn History. Bonus Tiered APR rewards are calculated based on the subscribed amounts and are subject to the respective tier limit for each token. Please refer to this FAQ for more details.Eligible users who subscribe to USDC Simple Earn Flexible Products promotion will receive both Real-Time APR and Bonus Tiered APR rewards for up to 7 days for USDC during the Promotion Period. Before the Promotion Period ends, users can enjoy the bonus apr rate within the 7-day period after the first subscription. Redemption within the 7-day period will terminate the reward accrual of the Bonus Tiered APR rewards from the redemption day. After the Promotion Period ends, users will only be entitled to Real-Time APR rewards. Example: New User A subscribes to USDC Flexible Products on 2026-09-26, redeems on 2026-09-29, and resubscribes on 2026-09-30. Bonus Tiered APR rewards will accrue on 2026-09-27, 2026-09-28, and 2026-10-01, and be distributed to User A on 2026-09-28, 2026-09-29, and 2026-10-02. Bonus Tiered APR rewards are calculated based on the subscribed amounts and are subject to the respective tier limit for each token. Please refer to this FAQ for more details.APR rewards are distributed from Binance’s own funds, and are determined based on the assessment and evaluation of prevailing market conditions. This Promotion is not associated with the issuer of USDC in any manner.The Promotion’s subscription amount of each user has an upper limit. When the upper limit is reached, users will no longer be able to subscribe. A large amount of redemption requests might delay redemption temporarily. Redemptions may resume upon return of liquidity.Users can view their Flexible Products assets by going to Assets > Earn > Simple Earn.Redemption time for Flexible Products subscriptions: Instant. Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-29 Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on TelegramXFacebookInstagram Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. Not financial advice. For more information, see our Terms of Use and Risk Warning. BINANCE SERVICES LATINOAMÉRICA S.A. DE C.V. -S.S.E. (C.U.I.T. No. 30-71903746-8), Virtual Asset Service Provider (VASP), is registered under No. 76 dated September 11, 2024, in the Registry of Virtual Asset Service Providers of CNV Argentina. This registration is for the purpose of control as an Obligated Subject before the Financial Information Unit (UIF) and any other regulatory authority empowered for such purpose, within the scope of their respective competencies, and does not constitute a license or supervision by the NATIONAL SECURITIES COMMISSION over the activity carried out by the PSAV.
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Binance Earn is pleased to launch a promotion on Simple Earn Flexible Products for eligible users in Brazil! During the Promotion Period all newly registered users in Brazil* who subscribe to USDC Flexible Products can enjoy up to 15% exclusive Bonus Tiered APRs on top of Real-Time APR rewards for 7 days. Promotion Period: 2026-09-29 10:00:00 (UTC) to 2026-10-31 23:59:59 (UTC) Simple Earn Flexible Products Special Offer The below table shows progressive tiers. The bonus APR is calculated cumulatively, rather than applying a single rate to eligible users’ entire subscription amount. Digital AssetDurationAPR During the Promotion PeriodMinimum Subscription Limit per Eligible UserMaximum Subscription Limit per Eligible UserUSDC7 daysTier Range: Subscription Amount ≤ 200 USDCTier Range: Subscription Amount> 200 USDC0.1 USDCUnlimitedReal-Time APR+15% Bonus Tiered APR(0 - 200 USDC)Real-Time APR Subscribe Now Please Note: It may take up to 5-10 minutes before eligible users can see and subscribe to the promotion on the USDC Flexible Product page. The special Bonus Tiered APR reward is only effective for 7 days from the subscription date and is only applicable to the user’s first 200 USDC subscribed to USDC Flexible Products. Any subscription amount exceeding 200 USDC will only earn Real-Time APR rewards.Eligible users can still receive the special APR reward once they subscribe to USDC Flexible Products, even if the 7-day period extends beyond the Promotion Period.Subscription Format: Maximum seven (7) days of subscription period. Complete subscription on a first-come, first-served basis in accordance with the terms below.The 7-day offer starts from the day that an eligible user subscribes to USDC Flexible Products. APR Rewards Distribution:Bonus Tiered APR: Distributed to users’ Spot Accounts on a daily basis. The first reward will be given the day after accrual starts (two days after subscription).Real-Time APR: Accrued and directly accumulated in users’ Earn Accounts every minute. How to Get Started with USDC Flexible Products: Users can buy USDC on the Buy Crypto page, which supports local and international payment methods including Visa and Mastercard cards, Apple Pay, Google Pay, account balances and SWIFT Bank Transfer (corporate user exclusive). Users can also deposit USDC to their Binance account. Head to [Simple Earn], and search for USDC. Select FLEXIBLE, and subscribe to USDC Simple Earn Flexible Products to start earning exclusive APR Rewards! Terms & Conditions: The promotion is available for all newly registered users in Brazil, who registered on the Binance platform after 2026-09-29 10:00:00 (UTC) and whose identity verification country is Brazil.These terms and conditions (“Activity Terms”) govern users’ participation in the activity above (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Promotion Terms, and any other incorporated terms, the provisions of these Promotion Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification during the Promotion Period can qualify for rewards in the Promotion, and only master accounts qualify for rewards in the Promotion. Sub-accounts are not eligible to receive rewards. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Changes to the Binance Simple Earn Rewards Rate will be published on the Platform from time to time. Please refer to Binance Simple Earn Terms & Conditions and Risk Warning for more information prior to using Binance Simple Earn. Rewards:Real-Time APR is subject to change every minute, please refer to the respective product page(s) for accurate information. Real-Time APR rewards are accrued and directly accumulated in users’ Earn Accounts every minute.Bonus Tiered APR is offered as an additional reward on top of Real-Time APR. Upon subscription, Bonus Tiered APR rewards start to accrue the next day starting from 00:00 (UTC) based on the snapshot of your subscribed amounts to the Flexible Product of the day, which will be taken randomly between 00:00:00 to 23:59:59 (UTC) daily. Rewards will start to be distributed the following day after accrual starts between 00:00 (UTC) and 08:00 (UTC) to the user’s Spot Account.Any redemption of Flexible Products between 00:00:00 (UTC) and 00:00:00 (UTC) of the following day will stop the accrual of Bonus Tiered APR rewards on the redeemed amount for that day.Redemptions of Flexible Products will be processed starting with assets that have accrued rewards. Users can check the rewards history from the Earn History. Bonus Tiered APR rewards are calculated based on the subscribed amounts and are subject to the respective tier limit for each token. Please refer to this FAQ for more details.Eligible users who subscribe to USDC Simple Earn Flexible Products promotion will receive both Real-Time APR and Bonus Tiered APR rewards for up to 7 days for USDC during the Promotion Period. Before the Promotion Period ends, users can enjoy the bonus apr rate within the 7-day period after the first subscription. Redemption within the 7-day period will terminate the reward accrual of the Bonus Tiered APR rewards from the redemption day. After the Promotion Period ends, users will only be entitled to Real-Time APR rewards. Example: New User A subscribes to USDC Flexible Products on 2026-09-26, redeems on 2026-09-29, and resubscribes on 2026-09-30. Bonus Tiered APR rewards will accrue on 2026-09-27, 2026-09-28, and 2026-10-01, and be distributed to User A on 2026-09-28, 2026-09-29, and 2026-10-02. Bonus Tiered APR rewards are calculated based on the subscribed amounts and are subject to the respective tier limit for each token. Please refer to this FAQ for more details.APR rewards are distributed from Binance’s own funds, and are determined based on the assessment and evaluation of prevailing market conditions. This Promotion is not associated with the issuer of USDC in any manner.The Promotion’s subscription amount of each user has an upper limit. When the upper limit is reached, users will no longer be able to subscribe.A large amount of redemption requests might delay redemption temporarily. Redemptions may resume upon return of liquidity.Users can view their Flexible Products assets by going to Assets > Earn > Simple Earn.Redemption time for Flexible Products subscriptions: Instant. Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-29 Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on TelegramXFacebookInstagram Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. Not financial advice. For more information, see our Terms of Use and Risk Warning. Binance is an international company. Binance products and services are operated outside your country. Digital assets and digital units of value associated with the value of a fiat currency are not backed by the government or any financial institution and are not legal tender. Binance does not provide financial advice. Transactions in such digital assets and digital units involve certain risks, for which the user is solely responsible. Please refer to our Terms of Use and Risk Warning.
The U.S. Commodity Futures Trading Commission registered Coinbase Clearing LLC as a derivatives clearing organization on September 28, giving the exchange an in-house clearinghouse for the first time, Coinbase announced the same day. The approval completes the company’s end-to-end U.S. derivatives stack, joining its futures commission merchant Coinbase Financial Markets and its designated contract market Coinbase Derivatives. Coinbase described the new unit as the first “USDC-native” clearinghouse, built to take Circle’s dollar-pegged stablecoin as collateral and settle around the clock, and said it can now create and settle fully collateralized contracts directly.
Completing a three-part derivatives stack Until now, Coinbase Derivatives cleared trades through Nodal Clear, a clearinghouse owned by Deutsche Börse’s EEX Group. The registration moves that function inside the company and caps a run of expansion that began when Coinbase acquired the FairX exchange in 2022, the venue that later became Coinbase Derivatives. Coinbase has since layered on a futures commission merchant and, earlier this month, opened regulated crypto futures to Canadian traders. “For the first time, we can create and settle fully collateralized contracts directly,” Coinbase said, adding that the change means “faster product development, more efficient operations, and the flexibility to bring new regulated products to market over time.”
USDC collateral and round-the-clock settlement Coinbase is positioning the clearinghouse around USDC, the stablecoin issued by Circle, on both sides of the clearing equation. Collateral posted in USDC can settle on blockchain rails at any hour, removing the bank-hours constraint that dollar-based clearing imposes on traders across time zones. The CFTC’s registry record states the firm is “permitted to clear fully collateralized futures, options on futures, and swaps,” a scope that requires the clearinghouse to hold enough funds at all times to cover the maximum loss a trader could face, without variation-margin calls or a default fund.
What the license does not yet cover The registration is narrower than Coinbase’s full derivatives business. Margined and leveraged products will keep clearing through outside partners, and Coinbase said its planned single-stock perpetual contracts will also rely on existing partners rather than the new clearinghouse. The company has separately moved to list stock and ETF perpetual futures in the United States, a filing still pending at the regulator. “Today’s CFTC approval completes Coinbase’s end-to-end derivatives infrastructure,” said general counsel Molly Abraham, “enabling us to bring more regulated derivatives products to market with native USDC collateral and 24/7 settlement.” Coinbase Clearing applied for registration on November 14, 2025.
AUTHOR
Farhan Karim is a technology writer and content strategist with 15+ years of experience writing thousands of articles, blogs, whitepapers, and ebooks on Blockchain, Cryptocurrency, and other tech niches. His expertise in content strategy, SEO, and a keen eye on the ever-evolving tech space have led him to work with companies like Pepsi, Huawei, Arab News, and now Blockchain Reporter.
Important Note: This is not an offer or solicitation to trade any financial product. This campaign is not available to users in jurisdictions, including the United States, the United Kingdom, the European Economic Area (all member states), Hong Kong, Singapore, and the jurisdictions on Binance's prohibited list. This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Ready to discover how Binance Pay and Convert can become part of your everyday life? Join our 5-day challenge across the Binance LATAM WhatsApp channels, Telegram groups, and Binance Square for a chance to share a 1,000 USDC prize pool! Each day, Binance will post a new question, challenge, and/or real-life scenario related to Binance Pay and Convert. Eligible users can participate in the challenges, fill out the corresponding Binance Survey, and keep moving forward until all 5 missions are completed. Activity Period: 2026-09-29 14:00 (UTC) to 2026-10-02 23:59 (UTC) How to Participate: During the Activity Period, users need to complete all of the following steps to be eligible: Step 1. Join the Binance LATAM community channels on WhatsApp, Telegram, and follow on Binance Square. Step 2. Correctly complete all 5 daily surveys, which will be shared on the Binance LATAM WhatsApp and Telegram channels during the Activity Period. Step 3. Take part in the daily activity. It may be a poll, reaction, question, or quick challenge on the WhatsApp channels and Telegram group. Step 4. On day 5, complete all of the following for the final mission: Convert at least 10.1 USDC using Binance Convert.Send more than 10 USDC (or the equivalent in another cryptocurrency) to another user using Binance Pay. Fill out the day 5 survey and the requested verification to register your mission. Daily Challenges: Day 1: Discover Binance Pay and Convert Tell us how much you know about Binance Pay and whether you have used it before. Day 2: How would you use Binance Pay? Tell us in which situations you would use Binance Pay in your everyday life. Day 3: Preferred payment method We'll give you real-life scenarios to understand which payment method you would choose. Day 4: Let's build Binance Pay together Tell us what you would like to see, improve, or find in Binance Pay. Day 5: Binance Pay and Convert challenge It's time to put it into practice. Complete a real transaction using Convert and Binance Pay. Reward Structure: 1,000 USDC prize pool distributed on a first-come, first-served basis to the first 200 eligible participants who completed the daily surveys, activities and the final mission.Maximum reward per eligible user: 5 USDC in token vouchers.Rewards will be distributed before 2026-10-27. Eligible winners will receive a token voucher in their Binance Rewards Hub and must redeem it within 30 days. Unredeemed vouchers will expire after the redemption deadline. Activity Rules: Users must complete all 5 daily surveys correctly and in full to be eligible for rewards.Users must be subscribed to the Binance LATAM WhatsApp channels, Telegram channel and groups, and following on Binance Square.The Convert and Binance Pay transaction must be made during the Activity Period (on day 5) and verified via the day 5 survey.Users must be from an eligible jurisdiction to be eligible for rewards.Users must be from an eligible jurisdiction to qualify for the rewards Terms & Conditions: These terms and conditions (“Promotion Terms”) govern users’ participation in the “Convert & Pay 5-Day Challenge” promotion (the “Promotion”). By participating, users agree to these Promotion Terms, as well as: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the event of any inconsistency, these Promotion Terms shall prevail, followed by: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Eligibility: Only users who have completed identity verification (KYC), are over 18 years old, and reside in eligible LATAM jurisdictions may participate in the activity.This Activity is not open to residents or citizens of the United States, the United Kingdom, the European Economic Area (including all of its member states), Hong Kong, Singapore, or any other jurisdiction included in Binance’s Prohibited Countries List. Binance reserves the right to verify the jurisdiction of any participant and to disqualify entries at its sole discretion.Users from the following countries may participate in the Activity, but their eligibility to be included in the winners list is restricted: Afghanistan, Albania, Algeria, Andorra, Angola, Australia, Austria, Bahrain (.com), Belgium, Benin, Botswana, Bulgaria, Burkina Faso, Burundi, Brazil, Cabo Verde, Cameroon, Canada, Central African Republic, Chad, China, Comoros, Congo, Costa Rica, Crimea region (and any non-government controlled areas of Ukraine), Croatia, Cuba, Cyprus, Czech Republic, Denmark, Djibouti, Egypt, Equatorial Guinea, Eritrea, Estonia, Eswatini, Ethiopia, Falkland Islands (British Overseas Territory), Finland, France, Gabon, Gambia, Georgia, Germany, Ghana, Gibraltar (British Overseas Territory), Great Britain (United Kingdom; England) Falcon Retail, Great Britain (United Kingdom; England) Titan Pro, Greece, Guernsey (Crown Dependency), Guinea, Guinea-Bissau, Hong Kong, Hungary, Indonesia, Iran, Iraq, Ireland, Isle of Man (Crown Dependency), Israel, Japan, Japan (Local Exchange), Jersey (Crown Dependency), Jordan, Kenya, Kosovo, Kuwait, Latvia, Lebanon, Lesotho, Liberia, Libya, Liechtenstein, Lithuania, Luxembourg, Madagascar, Malawi, Malaysia, Mali, Malta, Mauritania, Mauritius, Moldova, Monaco, Montserrat (British Overseas Territory), Morocco, Mozambique, Myanmar, Namibia, Netherlands, New Zealand, Niger, Nigeria, North Korea, Norway, Oman, Palestinian territories, Philippines, Poland, Portugal, Qatar, Romania, Rwanda, Russian Federation, Sao Tome and Principe, Saudi Arabia, Senegal, Serbia, Seychelles, Sierra Leone, Singapore, Slovakia, Slovenia, Somalia, South Africa, South Korea, South Sudan, Sudan, Sweden, Tanzania, Thailand (.com), Togo, Tunisia, Turkey, Turkey (Local Exchange), Uganda, United Arab Emirates (Dubai Local Exchange “FZE”), United States, Uruguay, Yemen, Zambia, Zimbabwe.Mechanics: Users must complete and correctly answer all 5 daily surveys, participate in the channel activities, and on day 5 complete: (a) a conversion of at least 10.1 USDC using Binance Convert, and (b) a transfer of more than 10 USDC (or the equivalent in another cryptocurrency) to another user via Binance Pay. Transactions must be completed during the Activity Period and verified through the day 5 survey.Completing transactions is the sole responsibility of the user. Users should only participate if they already intended to use these products. The reward does not constitute a reimbursement or a guaranteed return.Rewards will be distributed pro rata among all eligible participants who complete all 5 missions and the final task, with a maximum of 5 USDC in token vouchers per user, within the total prize pool of 1,000 USDC in token vouchers. Distribution will take place within 30 days after the end of the Activity Period.Rewards will be distributed within 30 days after the Activity Period ends, based on the number of eligible participants and on a fair basis, on or before 2026-11-27.Users may log in and redeem their token voucher rewards via Profile > Rewards Hub. The token voucher validity period is 30 days from the date of distribution.Users must be subscribed to Binance LATAM WhatsApp channels, Telegram channel and groups, and follow Binance LATAM on Binance Square.Binance reserves the right to disqualify users for dishonest behavior (including wash trading, unlawful bulk account registrations, self-dealing transactions, market manipulation) or for tampering with the program code.Survey responses will be used for research purposes, user insights, and product improvement. Anonymized insights may be shared internally within Binance. Personal data will be processed in accordance with the Binance Privacy Notice.Binance reserves the right to amend, suspend, or cancel this Activity at any time at its sole discretion.The products and services mentioned may not be available in all regions. This content does not constitute financial advice or a solicitation to trade any product. Thank you for your support! Binance Team 2026-09-29 Trade on-the-go with Binance's crypto trading app (iOS/Android) Find us on TelegramWhatsApp X FacebookInstagram Discord Regulatory Notice: Binance ADGM entities are regulated by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market. Risk Warning: Digital asset prices are subject to high market risk and volatility. The value of your investment may go up or down, and you may not recover the amount invested. You are solely responsible for your investment decisions. Binance is not liable for any losses you may incur. Past performance is not a reliable indicator of future performance. Please refer to our Terms of Use and Risk Warning.
USDC is being introduced at the payment-orchestration layer rather than through a standalone crypto stack. Volante’s Vol360i already uses agentic AI for payment routing, exception resolution and operational monitoring. The current phase lets banks evaluate USDC workflows. It is not yet evidence of production stablecoin adoption by Volante’s major bank clients. Circle is taking USDC deeper into traditional banking infrastructure, but the important part of its latest partnership is not simply that more banks could gain access to a stablecoin.
It is where USDC is being inserted.
Volante Technologies is bringing USDC workflows into its AI-powered Payments Platform, allowing financial institutions to evaluate minting, redemption, beneficiary wallet registration, funding, notifications and wallet-to-wallet payments within the infrastructure they already use for payment operations.
That could turn stablecoin adoption from a separate digital-asset integration into something closer to a new payment-rail configuration.
Volante already serves four of the top five global corporate banks and seven of the top 10 U.S. banks, giving the collaboration access to infrastructure used by some of the world’s largest financial institutions. Those banks are Volante clients, however, not confirmed users of the new USDC workflows.
USDC Enters the Payment-Orchestration Layer Banks rarely rely on a single mechanism to move money.
Payment infrastructure has to accommodate different rails, destinations, settlement speeds and operational requirements while handling the processes surrounding each transaction.
Volante operates in that layer.
The Circle collaboration adds USDC workflows to the same environment, allowing banks to examine how stablecoin transactions could interact with their existing controls and on- and off-ramp requirements.
That is different from building a dedicated crypto system and connecting it back to the bank afterward.
Deepak Gupta, Volante’s Chief Product, Engineering and Delivery Officer, described the strategy directly:
“For banks, stablecoin adoption is not about building a separate digital asset stack.”
Instead, Gupta said the objective is to integrate a new rail into infrastructure banks already depend on.
That distinction is central to the partnership.
The technical ability to transfer USDC is only one component of an institutional payment. Banks also have to manage beneficiaries, funding, operational controls, exceptions and the conversion between traditional money and digital dollars.
Volante is positioning those functions inside an existing banking workflow rather than treating stablecoins as an isolated product.
What Vol360i’s AI Actually Does The AI component sits around the payment rather than inside USDC itself.
Volante launched Vol360i in June as an agentic AI framework embedded in its Payments Platform and Payments as a Service operations.
Its agents are organized around four functions: preventing failures, repairing exceptions, predicting payment outcomes and monitoring risks or operational problems. Volante says its clients already achieve straight-through-processing rates of 85% to 95%, with Vol360i designed to push automation further. Those are company-reported performance figures rather than independent benchmarks.
The system also uses a confidence-based model that allows banks to begin with assisted decision-making and gradually expand automation. Operator approvals and overrides remain part of the framework, while agent recommendations and actions are logged for auditability.
USDC does not become an “AI stablecoin” under this model.
Instead, it becomes a potential settlement workflow inside an infrastructure layer where AI is already being used to manage how payments are processed.
A Stablecoin Could Become a Routing Decision That creates the more interesting long-term possibility.
Volante’s payment infrastructure already operates across multiple rails. Its own materials describe support for systems including ACH, U.S. wires, instant payments and cross-border payment infrastructure. The company is also explicitly discussing multi-rail architectures that combine traditional systems with stablecoins.
Once USDC enters that environment, the question can eventually move beyond whether a bank “supports crypto.”
It becomes whether USDC is the appropriate rail for a particular payment.
Vol360i’s Predict Agents are designed to determine suitable outcomes for individual payments, while other agents handle exceptions and monitor operating conditions. Adding stablecoin functionality gives that architecture another potential method of moving value.
A mature version of the model could therefore evaluate several available routes according to bank-defined parameters and operational requirements before deciding how a transaction should proceed.
That remains a future possibility.
Circle and Volante have not announced that Vol360i is autonomously routing production bank payments into USDC. The current collaboration gives institutions an environment for evaluating stablecoin workflows alongside existing payment operations.
The distinction keeps the significance of the announcement in perspective: the infrastructure is being prepared for multi-rail stablecoin operations before large-scale bank deployment has been demonstrated.
AI Could Eventually Operate on Both Sides of the Payment Circle is approaching AI payments from another direction as well.
Its separate Agent Stack is designed to give AI applications access to programmable wallets, service discovery and USDC payments.
That addresses a different layer from Vol360i.
Circle’s agent infrastructure concerns software capable of initiating and receiving payments. Vol360i concerns intelligence embedded in the banking infrastructure responsible for processing them.
USDC could potentially connect the two.
An AI agent could originate a transaction using programmable money while AI-enabled banking infrastructure handles operational decisions surrounding how that transaction is processed.
The Volante collaboration does not establish that end-to-end architecture today. But the combination shows how two previously separate trends, agentic software and stablecoin settlement, could begin meeting inside financial infrastructure.
The Next Milestone Is Production, Not Another Partnership Volante gives Circle something particularly valuable: distribution into existing banking infrastructure.
The company says its technology already touches institutions representing 66% of U.S. commercial bank deposits, while its customers process approximately $1.4 trillion in Fedwire transactions daily. These are Volante-reported measures of its existing footprint, not USDC transaction volumes.
That distinction matters for evaluating what comes next.
The partnership does not mean those payment volumes are moving onchain. It does not establish that Volante’s largest clients have adopted USDC, and it does not show AI autonomously choosing stablecoins over conventional rails.
The next meaningful evidence would be a bank moving these workflows from evaluation into production.
Until then, Circle and Volante have moved USDC into a strategically important position without pretending the transition is already complete.
USDC is no longer being presented only as something banks can connect to. It is being positioned as a rail that the software running bank payments could eventually choose between.
Alexander Zdravkov is a crypto journalist and market analyst specializing in digital assets, blockchain technology, and the rapidly evolving cryptocurrency market. He entered the industry more than four years ago, drawn to the speed of innovation in crypto and the potential of blockchain-based financial systems to reshape traditional markets. His work focuses on understanding the forces behind crypto market movements, from Bitcoin and altcoin cycles to institutional adoption, regulation, exchange-traded products, stablecoins, DeFi, and emerging blockchain ecosystems. Rather than simply following price action, Alexander looks at liquidity, investor positioning, market structure, and macroeconomic conditions to identify developing trends and explain what they could mean for digital assets. With a degree in International Relations, he brings a broader perspective to cryptocurrency coverage by connecting developments in the sector with monetary policy, geopolitics, regulation, and global capital flows. This allows him to examine crypto not as an isolated market, but as an increasingly interconnected part of the global financial system. Over the course of more than five years in financial journalism, Alexander has written over 5,000 articles covering cryptocurrencies, blockchain, traditional markets, and the global economy. His reporting spans Bitcoin, Ethereum and altcoins, DeFi protocols, institutional crypto adoption, regulation, market infrastructure, security incidents, and major developments shaping the wider digital asset industry. His approach is centered on giving readers context behind the numbers and headlines, explaining not only what is happening in crypto markets, but why it matters and what could come next.
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By Jonatan Randin, Senior Market Analyst at PrimeXBT
In mid September the setup looked bad for Bitcoin. The CLARITY Act failed in the Senate on 15 September and the Fed hiked to 3.75 to 4.00% the next day. Bitcoin (BTC) briefly traded under $75,000. A week later it was above $87,000.
Then the bond market moved, and Bitcoin stopped going up.
What happened in bonds
On 23 September the 10 year US Treasury yield jumped more than 18 basis points, the biggest one day rise since April 2025. It kept going and rose above 5.2% the next day, the highest since 2007. The 30 year reached about 5.50%, a level last seen in 2004.
There was no single trigger. Strong PMI data, a weak five year auction and higher oil all played a part. The Treasury even bought back $4 billion of long bonds on 24 September, and yields still rose.
Why the hike didn’t matter much
Everyone saw it coming. By the eve of the meeting, futures markets priced the hike at close to 90%. Some of Bitcoin’s weakness in the weeks before arguably reflected that repricing.
ETF flows show it. Spot Bitcoin ETFs lost about $750 million over 15 and 16 September, then took in $2.39 billion in the week to 25 September, their biggest week since October 2025 according to Farside Investors.
Why the bond move is different
Look at those flows day by day: $999 million on Monday, then $715 million, $347 million, $191 million and $135 million on Friday. The buying never stopped. It just got smaller as yields went up.
A hike is one decision with a known size. A bond selloff has no size, and the market decides how far it goes. Yields above 5% compete directly with an asset that pays nothing.
There’s another way to read it. If the Treasury has to keep borrowing at higher rates, the deficit grows and so does the supply of bonds. Many in crypto see that as the long term case for Bitcoin. For now, though, the short term effect is the one showing up in the flows.
So far Bitcoin is holding the move. It isn’t extending it.
What the chart says
On the 3 day chart, Bitcoin broke above the $70,000 region around 20 August. It then spent a few weeks consolidating near $80,000 before breaking higher again last week.
That second breakout matters. It’s arguably the first higher high on the higher timeframes since the bear market began, and price reached above $87,000 before pulling back.
Bitcoin (BTC/USD) 3 day chart with the 20 and 50 EMA. The breakout above $80,000 marks the first higher high since the bear market began, and the 20 EMA has crossed above the 50 EMA. Source: TradingView
The moving averages support the same picture. The 20 EMA has crossed above the 50 EMA on the 3 day chart for the first time since they crossed down in November 2025, which is roughly where the bear market started.
Price is now retracing the latest leg up. The next higher timeframe support sits at $80,000, and the 50% Fibonacci retracement of the move from around $75,000 to $87,000 falls just above it, near $81,000.
As long as Bitcoin holds the $80,000 area, the overall structure could still be read as constructive. A sustained move back below it would put that higher high into question.
Navigating Bitcoin’s next move with PrimeXBT
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Crypto Futures maker fees are 0.01% and taker fees start from 0.045%, falling to 0.015% at VIP 5 tier through PrimeXBT’s volume-based VIP program. Crypto CFDs carry no trading commission, with BTC/USD spreads available as low as $19 at the same tier.
The same forces testing Bitcoin’s recovery are also relevant to Gold, US Dollar pairs and major equity indices. PrimeXBT provides access to these markets offering more than 350 instruments with accounts in USD, USDT, USDC, BTC and ETH. This gives traders scope to act on a broader macroeconomic view across crypto and traditional markets.
On broker’s PXTrader 2.0 platform, TradingView-powered charting allows traders to follow the $80,000 support area and the moving-average signals discussed above, while advanced order and risk-management tools help them manage positions as the outlook develops. Crypto Futures execution combines a real order book and deep liquidity with volume-weighted average pricing (VWAP). With Bitcoin holding its breakout but struggling to extend it, the emphasis shifts from identifying the rally to managing the trade as evidence for its next move emerges.
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About PrimeXBT
PrimeXBT is a global multi-asset broker and crypto asset service provider trusted by traders in more than 150 countries. The platform bridges traditional and digital markets within one integrated environment, redefining versatility and innovation in online trading. Clients can access Forex, CFDs on indices, commodities, shares, crypto, and Crypto Futures, as well as buy, store and exchange cryptocurrencies. This unified experience extends across both the native PXTrader 2.0 platform and MetaTrader 5, supported by advanced risk-management tools and a wide range of funding options in crypto, fiat and local payment methods. Since 2018, PrimeXBT has focused on empowering traders through broad multi-asset access, fair and transparent conditions, professional-grade technology and dedicated human support. By combining expertise, trust and a client-first approach, PrimeXBT sets a benchmark of excellence in the financial industry and provides traders with the tools they need to trade, grow and succeed with confidence.
Disclaimer: The content provided here is for informational purposes only and is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results. The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money. The Company does not accept clients from the Restricted Jurisdictions as indicated on its website / T&Cs. Some products and services, including MT5, may not be available in your jurisdiction. The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
Eligible Bybit clients can borrow USDT or USDC against Benji-issued fund shares that stay in custody and keep earning yield.
Bybit takes Franklin Templeton's tokenized fund shares as collateral
Posted September 28, 2026 at 6:02 pm ET.
Traders who want credit on a crypto exchange usually have to deposit collateral with the exchange first. Bybit is now letting eligible clients back their trades with shares of Franklin Templeton money market funds that stay in custody and keep earning yield.
The two companies announced a strategic collaboration on Monday. Its first piece lets clients post tokenized money market fund shares issued through Benji, Franklin Templeton’s blockchain-based recordkeeping and transfer agency platform, as off-exchange collateral for Bybit trades without depositing them.
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How the Collateral Works Clients pledge the fund shares through ByCustody, a custody platform, and receive USDT or USDC trading credit lines on Bybit in return. The shares never move to the exchange. Bybit mirrors their value inside its trading system, so clients can trade against them while the fund keeps paying its yield. Bybit said keeping the assets off the exchange cuts clients’ counterparty exposure.
“For institutions, extending connectivity of the Benji Technology Platform to Bybit offers a trusted venue to put regulated, yield-bearing assets to work in digital markets,” Sandy Kaul, Franklin Templeton’s head of digital assets and innovation, said in the release.
Not the First Exchange In April 2025, OKX and Standard Chartered launched a pilot to accept Franklin Templeton’s tokenized money market funds as off-exchange collateral, with the bank as custodian, and Franklin Templeton and Binance launched a similar program for institutional clients in February, with Binance’s custody partner Ceffu holding the assets.
“By expanding the range of high-quality collateral available through our off-exchange infrastructure, we are helping clients deploy capital more effectively while maintaining exposure to trusted, regulated investment products,” Yoyee Wang, Bybit’s global head of RWA and TradFi, said in the release.
The Bybit deal goes further than collateral. Franklin Templeton, which manages $1.7 trillion, also plans a tokenized wealth product, available on Bybit and the Mantle chain, for investors who hold assets in crypto wallets. The companies said Bybit and Mantle will share details separately, and that they will also run education programs for retail investors.
The deal comes days after CFTC staff let futures brokers invest customer funds in tokenized assets.
Related Listen: Robinhood’s Tokenized AMC Shares Spark a Fight Over What Stock Tokens Really Are
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Coinbase has received CFTC approval to register Coinbase Clearing LLC as a Derivatives Clearing Organization, completing the company’s end-to-end regulated derivatives platform. The infrastructure now spans Coinbase Financial Markets, a Futures Commission Merchant, Coinbase Derivatives, a Designated Contract Market, and Coinbase Clearing, which the company describes as the first USDC-native clearinghouse.
The clearinghouse is designed to use USDC as collateral and provide settlement around the clock. Coinbase said having its own clearing operation will allow it to directly create and settle fully collateralized contracts, potentially enabling faster product development and more efficient operations.
The company will still rely on existing partners for certain offerings, including margined derivatives and its upcoming single-stock perpetuals. Coinbase said the regulatory approval will support its efforts to expand regulated products and develop financial infrastructure for the onchain economy.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The issuer of the world's most active stablecoin is plugging into 70% of the top 10 US banks through a single PaaS integration—but the 'evaluate' caveat suggests a long testing road ahead.
Circle is currently running a masterclass in institutional osmosis. On September 28, 2026, the issuer of USDC announced a strategic collaboration with Volante Technologies, a move that effectively plugs stablecoin workflows into the central nervous system of global banking. The deal is clean, precise, and remarkably ambitious. By embedding USDC minting, redemption, and wallet-to-wallet execution directly into Volante’s AI-powered Payments Platform, Circle is bypassing the need for banks to build bespoke digital asset stacks. It is a classic distribution play: if you cannot replace the plumbing, you become the water flowing through it.
But actually, the scale of this access is the real story. Volante’s client list reads like a roll call of the global financial establishment, including four of the top five global corporate banks and seven of the top 10 U.S. banks, with names like Citi, Goldman Sachs, and BNY Mellon already in the fold. This is not a niche pilot with a crypto-friendly boutique; it is a direct line into the infrastructure that moves the world’s money. Circle is executing a two-pronged distribution strategy, having announced a separate institutional integration with Citi via Coinbase on the very same day. The playbook is consistent: leverage existing intermediaries to normalize stablecoin rails within the legacy environment.
There is a critical caveat, however, that demands attention. The official language of the announcement is strictly limited to the ability for banks to evaluate how stablecoin activity might operate alongside existing payment rails. This is an exploration-phase initiative, not a live production deployment. There are no specific pilot banks named, and no timeline for when these capabilities might move from a sandbox environment to actual transaction processing. The gap between the capacity to evaluate a new rail and the willingness to commit capital to it remains the primary tension in the stablecoin narrative. Banks are notoriously cautious, and while the technical integration is ready, the operational mandate is still in the testing phase.
This partnership serves as a practical confirmation of the thesis that stablecoins cannot scale without the very banks they were originally built to replace. The dream of a disintermediated financial future has largely collided with the reality of institutional risk management and regulatory compliance. By integrating with Volante, Circle is acknowledging that the path to mass adoption is not through the destruction of legacy systems, but through their incremental upgrade. As Volante’s Chief Product Officer Deepak Gupta noted, stablecoin adoption is not about building a separate digital asset stack; it is about integrating a new rail into the payment infrastructure banks already depend on. It is a pragmatic, if slightly less romantic, vision of the future.
The technical sophistication of this integration is bolstered by Volante’s Vol360i, an agentic AI layer launched in June 2026. This is not just a static API connection; it is an intelligent, self-healing layer designed to prevent failures and optimize routing in real time. By connecting this agent-native infrastructure to stablecoin rails, Circle is positioning USDC to benefit from the predictive capabilities of modern payment platforms. If the goal is to make digital dollars as reliable as traditional wire transfers, embedding them into an AI-driven, self-correcting environment is a logical, albeit complex, step forward.
Regulatory tailwinds are also beginning to align. With the GENIUS Act framework set to become effective on January 18, 2027, the industry is moving toward a more defined legal landscape. This provides the necessary cover for institutions to move beyond mere evaluation and toward more concrete testing. Circle, which currently holds a ~23% market share with roughly $74 billion in supply and leads the market in adjusted transaction volume, is clearly preparing for a post-regulatory-uncertainty environment. The partnership with Volante is a bet that when the regulatory dust settles, the banks will already have the pipes installed and ready to turn on.
Ultimately, the success of this collaboration will be measured by how quickly the industry can bridge the distance between evaluation and execution. Circle has successfully secured the access, and Volante has provided the technical bridge. The infrastructure is now in place to allow the largest financial institutions in the world to treat USDC as a first-class citizen within their existing operations. Whether these banks choose to flip the switch or keep the system in permanent testing mode is the next chapter. For now, the plumbing is ready, and the industry is waiting for the pressure to rise.
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The Commodity Futures Trading Commission has granted approval for Coinbase Clearing LLC to operate as a derivatives clearing organization, expanding Coinbase’s regulated infrastructure in the United States. This allows Coinbase to serve as a clearinghouse for fully collateralized futures, options on futures, and swaps.
Clearinghouse Approval Limits ScopeUnder the CFTC’s rules, fully collateralized positions require that sufficient funds are held by the clearinghouse at all times to cover the maximum potential loss for any trader. This means margin trading is excluded from Coinbase Clearing’s operations.
In its application, Coinbase highlighted that full collateralization removes the need to calculate variation margin levels or maintain a default fund. The company stated this approach simplifies direct clearing for traders, reducing both operational overhead and risk management complexity.
The CFTC order specifies that the agency can modify, suspend, or terminate the terms of the approval as it sees fit. Any new CFTC rule or rule change will take precedence, allowing for further regulatory adjustments as needed.
Comprehensive Derivatives EcosystemWith this approval, Coinbase now controls the exchange, broker, and clearinghouse functions for its derivatives business in the US. The company already operates Coinbase Derivatives as its futures exchange and Coinbase Financial Markets as its futures broker. Adding a clearinghouse allows Coinbase to directly create and settle contracts for fully collateralized products.
Coinbase described the new entity as the first “USDC-native clearinghouse,” pledging to accept stablecoin USDC as collateral and provide round-the-clock settlement for its clients.
Molly Abraham, Coinbase’s general counsel, emphasized that the CFTC’s green light completes Coinbase’s end-to-end derivatives platform. She noted the firm is now positioned to expand regulated derivatives offerings using native USDC collateral and 24/7 settlement capabilities.
Coinbase’s leveraged and margin-based derivatives businesses remain unaffected by this order. The firm continues to rely on existing partners, such as Nodal Clear, for its margined products and for anticipated single-stock perpetual futures.
Nodal Clear currently serves as the clearinghouse for Coinbase Derivatives and began supporting 24-hour crypto futures trading in May 2025. Earlier this month, Coinbase submitted filings with the Securities and Exchange Commission to launch perpetual futures on single stocks for U.S. customers.
Broader Trends in Market StructureThe move to centralize clearing, brokerage, and exchange services under one roof aligns with broader shifts in the digital asset industry toward streamlining operations and ensuring tighter compliance with regulatory requirements.
With increasing competition among exchanges and intermediaries, market participants are watching closely to see how advances in direct clearing and native stablecoin collateral influence both liquidity and security within the derivatives market. As transparency and oversight improve, some analysts suggest that fully collateralized solutions could provide a measure of stability lacking in margin-based products.
These structural changes in trading and settlement are also reflected in markets driven by internet trends. In the meme token segment, technical aspects such as price monitoring, asset selection, and timing can turn viral stories into significant financial results. For example, Fomo App recorded a trade in the “Niu Lai” token where a $99 purchase yielded nearly $370,000, illustrating how sharp market observation can influence outcomes. Integrating token discovery, social feeds, investor rankings, and trade alerts, Fomo App enables users to track both price action and investor behavior—a key advantage when navigating rapid meme token cycles.
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Fellow Binancians, Binance Earn presents the October Monthly Leaderboard for all Dual Investment users, with up to 5,888 USDC reward. Promotion Period: 2026-09-29 02:00 (UTC) to 2026-10-30 23:59 (UTC) All Dual Investment users who confirm their participation will be ranked based on their average Dual Investment subscription amount during the Promotion Period. The subscription period must be more than 3 days to be considered qualified for this Promotion. Eligible users ranked amongst the top 100 can receive up to 5,888 USDC in the form of a Dual Investment subscription, as per the table below. Reward Structure: Eligible Users’ Rankings Based on Their Average Dual Investment Subscription Amount During the Promotion Period*Reward per Eligible User (in a Dual Investment Subscription)1st Place5,888 USDC2nd - 3rd Places2,188 USDC4th - 5th Places1,088 USDC6th - 10th Places588 USDC11th - 20th Places288 USDC21st - 40th Places128 USDC41st - 70th Places88 USDC71st - 100th Places68 USDC Notes: Average Dual Investment Subscription Amount (Including All Pairs on Dual Investment and Dual Investment RFQ) = Total Eligible Subscription Amount During the Promotion Period * (Duration / 30 Days) About Dual Investment Dual Investment is a high-yield structured product that allows users to buy or sell cryptocurrency at their desired price and date in the future while earning rewards no matter which direction the market goes. Sell HighBuy Low Target UserUsers who want to potentially earn high rewards on the cryptocurrency holdings; or Users who want to sell the deposit token for a higher price in the future.Users who want to potentially earn high rewards on stablecoin holdings; or Users who want to buy a cryptocurrency for a lower price in the future.Deposit Token Supported BTC, ETH, SOL, BNB, or any of the other 17 tokensUSDT, USDC, BTC, or ETHAPR15% or more 15% or more Terms and Conditions: Users must complete identity verification (KYC) and click the [Join Now] button on the Activity page to participate in the Promotion and be eligible for any rewards.Sub-accounts will not be considered individual participants. Once subscribed to Dual Investment, users cannot cancel the subscription or redeem their assets early.Rewards will be distributed in the form of a Dual Investment subscription with a duration of 14 days for eligible users within 14 days after the Promotion concludes (by 2026-11-14). Binance reserves the right to disqualify any participants that, in its reasonable opinion, are acting fraudulently or not in accordance with any applicable terms and conditions.Binance reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments.Additional promotion terms and conditions can be accessed here.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-09-29 USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.
Coinbase is accused of covering up losses exceeding $1 billion from a hack, with at least a dozen institutions affected.
Crypto hedge fund BlockTower Capital founder and CIO Ari Paul said that Coinbase "lost" roughly $25 million from his firm several years ago, an incident later revealed to be a cover-up for multiple large-scale hacks, with the funds still unrepaid to date. Paul also claimed that at least a dozen affected institutions have been identified, with the total amount concealed exceeding $1 billion, though he cannot disclose more details due to multiple ongoing legal proceedings. In response, Coinbase’s official customer support account has contacted Paul to arrange a private conversation, and the platform has not yet issued any further public response.
14 minutes ago
Instinct and Muse have aligned on the same model: their agents are free to use, with revenue generated from transaction commissions.
Beating AI Express News: Noah Shinn, founder of personal AI agent Instinct, detailed the company’s monetization plans in his first public in-depth interview. Shinn aims for Instinct to eventually remain free long-term, with no subscription fees charged to users. After the agent completes transactions on users’ behalf—such as booking hotels or shopping—Instinct collects a small commission from the merchants receiving the orders. However, this is currently just his goal; Instinct has not yet committed to permanent free access. Shinn also explicitly ruled out advertising. Personal AI agents will grow more familiar with users and increasingly adept at influencing their decisions. If the platform relied on ad revenue, agents might start pushing users to purchase items they had no intention of buying. He prefers Instinct to generate revenue solely from transactions users were already set to complete. The exact commission rate has not been finalized. Shinn cited the platform fees charged by Shopify, Amazon, and Apple as references. Currently, roughly half of Instinct’s transaction volume comes from travel, with some boutique hotels willing to pay commissions of over 30% for orders it drives—though Instinct may not charge that high a rate. Coincidentally, Mark Zuckerberg previously envisioned the same model for Muse: most users would access the service for free, with the agent charging merchants for transactions it facilitated.
14 minutes ago
Meme coin GP’s market cap briefly topped $9 million, surging more than 82.5% in the past 24 hours.
According to GMGN data monitoring, the market capitalization of Solana-based meme coin RuneScape Gold (GP) briefly exceeded $9 million, surging more than 82.5% in 24 hours with a trading volume of $3.6 million. GP is themed after in-game gold from the classic game *RuneScape* and paired with tokenized gold GLDx. Each GP transaction incurs a 3% tax; accumulated fees are periodically converted by StonkFun and distributed proportionally to eligible holders in GLDx form, forming a mechanism of "earning gold price exposure rewards by holding tokens". It is a high-volatility meme asset integrating nostalgic gaming narratives, transaction tax dividends, and tokenized gold concepts. BlockBeats reminds users that most meme coins lack practical use cases, have significant price volatility, and require caution when investing.
14 minutes ago
Bank of America: Bond market volatility is testing the AI bull market, with deleveraging risks heating up.
Bank of America strategist Michael Hartnett’s latest warning flags that sharp volatility in the U.S. Treasury market is emerging as a new pressure source for risk assets. The MOVE index he tracks jumped roughly 35% over two trading days, reflecting heightened volatility in the financing system that uses U.S. Treasuries as core collateral. Hartnett warns that if the Global Financials ETF (ticker: IXG) falls below $125 while the MOVE index remains above 125, the market could enter a broader "risk-off deleveraging" phase. This would subject AI trades to more stringent interest rate tests. For some time, the resilience of tech giants’ earnings and AI-related capital expenditures have supported U.S. stocks, but rising long-term interest rates will simultaneously push up financing costs and valuation discount rates. The 10-year U.S. Treasury yield briefly topped 5.2% last week, hitting its highest level since 2007; a prior Bank of America survey of fund managers also showed that "disorderly upward movement in bond yields" has overtaken the AI bubble as the market’s most feared tail risk. Hartnett’s core view is that rising yields alone do not necessarily end risk appetite; the truly dangerous combination is high yields paired with weak financial stocks. This would mean interest rates have shifted from a signal of economic expansion to a source of tightening liquidity and credit conditions; leveraged funds will be forced to reduce positions, and pressure could then spread from bonds to tech stocks, bank stocks, and other high-valuation assets. For AI bulls, the next key factors to watch are whether bond volatility eases, bank stocks stabilize, and long-term yields show signs of peaking. Bank of America continues to view yields as the primary potential threat to current economic and stock market expansion; once interest rate pressures ease, large-cap tech stocks could regain investor favor.
14 minutes ago
CoinShares: SEC's innovation exemptions will continue to push TradeFi on-chain, but high yields are still weighing on Bitcoin.
In its latest report, CoinShares stated that the U.S. CLARITY Act’s failure to advance in the Senate has cooled short-term expectations for crypto market structure legislation, though integration between traditional finance and on-chain infrastructure persists. The report argues that regulatory setbacks have not halted corporate investment in payments, stablecoin distribution, and tokenized securities, with the market continuing its institutionalization process via practical business collaborations. CoinShares highlighted recent TradeFi-related developments in crypto, including the NYSE and Blockchain.com exploring 24-hour trading channels for tokenized U.S. stocks and ETFs, ICE establishing a two-way data partnership with Blockchain.com, and Circle expanding its five-year collaboration with Binance while securing $100 million in strategic investment to boost USDC distribution. The firm believes these moves, combined with the SEC’s recent innovation exemptions, will further drive the on-chain migration of trading, payment, and clearing infrastructure. Market performance indicates crypto assets have temporarily weathered dual pressures from regulation and interest rates. Per CoinShares’ data, its blockchain stock index rose 1.9% last week, while Bitcoin gained 3.8%. However, the U.S. dollar hit an eight-week high, 10-year U.S. Treasury yields topped 5.2%, and oil prices remain supported by Middle East tensions, leaving the macro environment unfavorable for liquidity-sensitive assets.
14 minutes ago
Coinbase被指掩盖超10亿美元黑客攻击损失，至少十几家机构受影响
Crypto hedge fund BlockTower Capital founder and CIO Ari Paul said that several years ago, Coinbase "lost" roughly $25 million from his firm. It was later revealed that the exchange had covered up multiple large-scale hacks and has yet to return the funds. Paul also added that at least a dozen affected institutions have been identified, with the covered amount exceeding $1 billion. He cannot disclose more details, however, as multiple legal proceedings are still ongoing. In response, Coinbase’s customer support account has contacted via private message, but the platform has not issued a further public statement.
Sandy Kaul at Consensus Miami 2026 (CoinDesk)Summary
The underlying assets will be held off-exchange through regulated custody platform, ByCustody, with the value mirrored within Bybit's trading environment.The shares are issued through the Benji Technology Platform, Franklin Templeton's proprietary blockchain-integrated record keeping and transfer agency infrastructure.Digital asset-friendly financial institution Franklin Templeton is expanding its “off-exchange collateral program" to Bybit, allowing the exchange’s users to use shares in Franklin Templeton’s tokenized money market funds for crypto trading.
The partnership allows investors and wallet holders on the exchange to pledge shares, which represent about $686 million in net assets, as collateral to borrow stablecoins USDT or USDC while earning yield on the underlying assets, according to a press release on Monday.
The key point is that users will not have to move the underlying assets to Bybit. Instead, regulated custody platform ByCustody will hold the underlying assets off-exchange, with the value mirrored in Bybit's trading environment to enable yield generation while unlocking trading liquidity, the release said.
This is not Franklin Templeton's first off-exchange collateral partnership; the firm also offers its tokenized money market funds to customers of Binance and OKX. The work continues the buildout of collateral mirroring in the crypto space and the opportunities that brings, said Sandy Kaul, Head of Digital Assets and Innovation at Franklin Templeton.
“So now I'm able to really look across the top exchanges and be able as an investor to use my collateral more optimally while earning yield on it,” Kaul said in an interview. “That to me is a critical unlock to really allow the ecosystem to grow. It's also a wonderful opportunity for us as an asset manager to be designing products specifically for this wallet-based investing channel.”
The shares are issued through the Benji Technology Platform, Franklin Templeton's proprietary blockchain-integrated record keeping and transfer agency infrastructure. Benji's currently pays a 3.7% annualized yield, based on the latest seven-day rate.
The expansion reflects a broader industry pattern. Several crypto platforms accept tokenized funds as collateral for trades. Crypto.com and Deribit, for example, allow eligible institutional and professional users to use BlackRock’s BUIDL fund to back trades, including derivatives positions.
12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
