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Mastercard is moving forward with its stablecoin strategy by initiating a new pilot with Borderless.xyz, focusing on standardized compliance solutions for cross-border stablecoin payments. Mastercard Crypto Credential, the company’s verification and governance framework, will provide assurance signals for participating firms on Borderless.xyz’s network. These signals are designed to streamline approval, compliance, and risk processes without changing how funds move between operators.

Borderless.xyz network and pilot partnersBorderless.xyz, a global payment network operator, links wallet infrastructure with over 15 licensed stablecoin providers in more than 100 countries. Its application programming interface allows businesses to connect with local payment and liquidity partners, reducing the need for market-specific integrations.

As part of the pilot, established firms Infinia, Walapay, and Koywe will participate as operators. Mastercard will not handle or settle funds during the test. Instead, the company will focus on delivering governance and standardized verification through Mastercard Crypto Credential.

The project’s primary goal is to address a key obstacle in cross-border stablecoin payments: efficiently managing compliance requirements across multiple providers and jurisdictions. The pilot will test a single-audit compliance model, allowing one verified operator to pass trusted assurance information to others while adhering to each participant’s legal and policy obligations.

Borderless.xyz describes this structure as similar to correspondent banking, where originating institutions complete mandatory checks before transactions proceed. The test will examine if stablecoin payment networks can adopt a similar trust model, using shared verification to cut down on repeated counterparty reviews.

Borderless.xyz co-founder and CEO Kevin Lehtiniitty has compared the approach to correspondent banking, where originating institutions handle essential compliance checks that allow transactions to move efficiently through the system. The pilot will evaluate whether this single-audit trust model is effective across a network of stablecoin operators.

Mastercard and Borderless.xyz first formed a connection through the Mastercard Start Path startup program, and Borderless.xyz has since joined Mastercard’s Crypto Partner Program. This initiative spans more than 85 participants, including crypto companies, banks, payment providers, and infrastructure firms, expanding opportunities to test enterprise use cases such as remittances, payouts, and global business payments.

Mini dictionary: Borderless.xyz – A payment orchestration network enabling cross-border stablecoin transactions and liquidity services for global businesses, connecting regulated partners across various jurisdictions through a single API.

Expansion of Mastercard’s stablecoin infrastructureThe Mastercard Crypto Credential framework has already supported activities such as blockchain transaction verification, wallet compatibility, use of aliases, and compliance with the Travel Rule for crypto transfers. The partner program creates a broad testing environment, involving organizations like Circle, Ripple, PayPal, Binance, Fireblocks, Solana, Polygon, and others.

In June, Mastercard broadened its stablecoin settlement services to include regulated assets such as Circle’s USDC, Paxos’s PYUSD, Ripple’s RLUSD, and other major stablecoins. These services support processing on networks including Ethereum, Solana, Polygon, Base, Arbitrum, XRPL, Canton, and Tempo, offering intraday, weekend, and holiday settlement options to support liquidity management for issuers and acquirers.

ServiceDetailsSettlement AssetsUSDC, PYUSD, RLUSD, other regulated stablecoinsSupported NetworksEthereum, Solana, Polygon, Base, Arbitrum, XRPL, Canton, TempoSettlement TimingIntraday, weekend, and holiday processingMastercard further strengthened its infrastructure with the acquisition of BVNK, a business-to-business payments platform, for up to $1.8 billion. BVNK enables clients to hold, convert, and manage value between fiat currencies and blockchain networks, supporting treasury and business payment operations alongside stablecoin settlement and payouts.

The company also received a New York BitLicense in May for Mastercard Transaction Services U.S., reinforcing its compliance with regulatory requirements around cybersecurity, financial integrity, consumer protection, and operational resilience in digital asset activities.

Looking ahead for compliance and onboardingInfinia, Walapay, and Koywe will lead the initial network-scale test of the single-audit compliance approach. Their participation aims to demonstrate if standardized assurance signals can simplify onboarding, giving each operator the flexibility to make independent compliance decisions while reducing unnecessary friction.

The results from this pilot are expected to reveal whether shared compliance signals can streamline onboarding processes and enhance trust among cross-border stablecoin providers, all without changing their independent oversight responsibilities.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

In brief Eleven institutions will run validators alongside Circle when Arc's public mainnet opens on September 16. Total revenue and reserve income reached $701 million, with net income of $48 million against a $482 million loss a year earlier. Last month, Circle won final approval from the U.S. Office of the Comptroller of the Currency for a national trust bank. Circle will open the public mainnet of its Arc blockchain on September 16, and named a founding validator cohort drawn almost entirely from traditional finance alongside second-quarter results on Wednesday.

BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa will secure the network alongside Circle. BlackRock is expected to deploy BUIDL, its tokenized money market fund, on Arc, while DTCC will enable tokenization of assets it custodies, though not until the second half of 2027.

Circle Q2: Continued growth and profitability, growing USDC utility, liquidity, and partnerships.

OCC National Trust Bank secured. Arc mainnet launches Sept 16, with major firms joining Arc. CPN seeing rapid qtr growth.

The internet financial system is arriving.… pic.twitter.com/m7K4oG8FMx

— Jeremy Allaire - jerallaire.arc (@jerallaire) August 5, 2026

Arc is in private mainnet with more than 100 builders, and Allaire told analysts its testnet has processed more than half a billion transactions across nearly 3 million wallets. Speaking on the company’s Q2 earnings call, the Circle CEO called the line-up "a cohort of network validators no other network can match." Aave, Morpho and Uniswap are among day-one DeFi protocols, with Binance Wallet, Kraken, Ledger and MetaMask providing access. Gas is paid in Circle's stablecoin USDC.

Circle’s quarterTotal revenue and reserve income came to $701 million, up 7% year-over-year and slightly ahead of the previous quarter, though still below the $770 million Circle booked in the final quarter of 2025. Reserve income of $668 million grew 5%, with the reserve return rate down 66 basis points to 3.5%.

Net income of $48 million compares with a $482 million loss a year earlier, when IPO stock compensation dominated the quarter. Adjusted EBITDA reached $143 million, up 8%.

USDC in circulation closed the quarter at $73.3 billion, up 19%, and on-chain transaction volume hit $14.8 trillion, up 151%. Circle's share of the fiat-backed stablecoin market slipped to 27%.

Speaking on the earnings call, Allaire said "digital asset markets themselves have continued to see significant weakness." He also disclosed that Circle's distribution agreement with Coinbase has "renewed on its existing terms," leaving unchanged the arrangement behind the $410 million in distribution and transaction costs Circle booked in the quarter.

Charters and guidanceLast month, Circle received final approval from the OCC to establish Circle National Trust, making it one of the first stablecoin issuers to hold a federal bank charter, and a separate limited purpose trust charter from New York regulators. The federal charter authorizes regulated digital asset custody and opens the door to Circle managing the USDC reserve itself. Allaire said on the call that the infrastructure bank “ becomes a way to project Circle's infrastructure into global markets for payments, for capital markets, and for use of digital dollars in corporations all around the world.”

The Circle Payments Network reached $14.7 billion in annualized transaction volume, up 76% quarter-over-quarter, with 175 financial institutions enrolled. Allaire said that figure had reached $23 billion by July 31.

Circle roughly doubled its full-year guidance for other revenue, to between $310 million and $330 million from $150 million to $170 million. The company attributes the increase in part to recognized revenue from the ARC token presale.

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Analysis: Over 60% of the top 100 tokens by market cap have become "dead" within five years, and the mortality rate is projected to reach 84.7% in 10 years.

CryptoRank released a report analyzing 1,539 tokens that once ranked in the top 100 of the cryptocurrency market by capitalization, finding that 71.9% of them have been classified as "operationally dead". The study defines a "dead" token as one that has been delisted from major trading platforms and recorded daily trading volumes below $10,000 for over 90 consecutive days. Data indicates that roughly 62% of top 100 tokens become inactive within five years, with their mortality rate projected to hit 84.7% after a decade, while the median lifespan of such tokens is just 2 years and 4 months.

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Analysis: USDT's market cap decline has reached an historically extreme level, and BTC's rebound is facing liquidity contraction pressure.

CryptoQuant analyst Moreno noted in a post that USDT liquidity is experiencing one of the most severe contraction phases in its history. The 60-day change in USDT’s market capitalization has fallen by approximately $40 billion, approaching its most negative level on record. Meanwhile, the liquidity contraction is accelerating: USDT supply has shrunk by around $870 million over the past 11 days, signaling this is not merely a lagged effect from prior redemptions. Stablecoins serve as the crypto market’s most direct source of available liquidity. Sustained USDT expansion typically coincides with stronger Bitcoin (BTC) price performance, while prolonged contraction phases often align with weak demand, market pullbacks, and declining risk appetite. That said, the correlation between USDT flows and BTC prices does not confirm a direct causal relationship—both may be jointly driven by risk aversion, with redemption pressure and spot sell-offs occurring simultaneously. The current BTC decline is not an isolated event; it is unfolding against the backdrop of shrinking liquidity from one of the crypto market’s primary sources, which also explains why recent market rebounds have failed to sustain. To improve the market environment, we need to see USDT’s 60-day market cap change stabilize, a slowdown in daily supply contraction, and a return to an expansion phase.

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SK Hynix subsidiary Solidigm is preparing for an initial public offering, targeting a valuation of 50 trillion South Korean won.

According to South Korean media reports, Solidigm, a subsidiary of SK Hynix, is preparing for a pre-IPO funding round ahead of a potential Nasdaq listing. The company targets a valuation of 50 trillion won in this round. Headquartered in the U.S., Solidigm was established in 2021 to house Intel’s NAND flash and SSD business, which SK Hynix agreed to acquire for approximately 10 trillion won in 2020.

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Bernstein raises AMD's target price from $600 to $650

Bernstein raises AMD (AMD.O) price target from $600 to $650. (Jinshi)

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Western Union launches Stablecard, its stablecoin credit card.

Western Union has announced a partnership with Rain to launch Stablecard, a product integrating a digital wallet and a Visa-backed credit card, enabling users to hold, transfer, and spend the USDPT stablecoin. USDPT is issued on the Solana network by Anchorage Digital Bank, pegged 1:1 to the U.S. dollar and fully backed by reserve assets. Stablecard’s initial rollout covers 37 markets, where users can directly receive Western Union transfers to their USDPT wallets, make purchases at Visa-accepting merchants and ATMs, and add the card to Apple Pay and Google Pay. Western Union plans to expand the service to over 60 markets by the end of this year.

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Polymarket traders bet on SanDisk’s earnings exceeding expectations, and simultaneously opened 10x leveraged long positions in SNDK.

According to monitoring by TradingBeats (formerly Hyperinsight), Polymarket trader "TruongMyLan" invested $53.35 at midday today, buying the "Yes" outcome for "Will SNDK’s current quarter earnings beat expectations?" at an average price of 94 cents. At the time, the market had nearly reached a consensus on this: the "Yes" odds had held at around 95% for the hour before the trade, and did not change significantly after the transaction. On-chain control relationships show that "TruongMyLan" maps to a Hyperliquid address starting with 0x1c4. Approximately 4 hours and 11 minutes ahead of the forecasted bet, the trader executed 18 consecutive buy orders, building a long SNDK position of 122.5 contracts at an average price of $1,428.7, with a total transaction volume of around $175,100. As of press time, this address holds a 10x fully leveraged long SNDK position worth approximately $177,600, with margin used of around $17,800—accounting for 46.5% of the account’s equity. The position has an unrealized profit of roughly $2,560, a return of ~14.6%, and a liquidation price of $1,079.6. After opening the position, the trader immediately set a full-position stop-loss at $1,286.4. In the afternoon, they placed 100 sell orders in the $1,559–$1,653 range, planning to sell 121.4 contracts—almost the entire position—with no additional buy orders placed below this range. Over the past 30 days, this trader has completed 4 SNDK trades, notching 3 wins and 1 loss, for a cumulative profit of approximately $26,600. Polymarket has a total of 61 earnings-related predictions in its history. - HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain information.

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Samsung Wallet will support native stablecoins after the Galaxy Unpacked announcement, but the issuer, chain, and custody model remain undisclosed. The $408 million Dunamu investment and a pending South Korean digital asset law reveal the infrastructure play behind the headline.

Summary

Samsung announced native stablecoin support for Samsung Wallet at Galaxy Unpacked on July 22, 2026, with a USDC mockup displayed on stage, though no partnership with Circle has been confirmed. Three Samsung affiliates paid $408 million for a combined 4% stake in Dunamu, the operator of South Korea’s largest crypto exchange Upbit, purchasing 1.39 million shares from Kakao linked entities. Samsung SDS identified stablecoin infrastructure as its first collaboration priority with Dunamu during its second quarter 2026 earnings call on July 30. Samsung Wallet has nearly 19 million users in South Korea and operates across 61 countries, with 241 million Galaxy phones shipped in 2025. Neither the stablecoin issuer, blockchain network, custody model, launch date, nor eligible markets have been confirmed by Samsung. Samsung has spent seven years building a crypto footprint inside Galaxy phones. The blockchain keystore arrived with the Galaxy S10 in 2019, offering a hardware isolated vault for private keys. Ledger integration followed the same year. Coinbase came aboard in July 2025, giving 75 million United States Galaxy owners a direct path into crypto purchasing through Samsung Pay. By October 2025, Samsung Wallet users could access the Coinbase One membership program, with its zero trading fees and boosted staking rewards, without leaving the Samsung interface.

None of those steps changed how most people pay for groceries. A crypto wallet buried three menus deep inside a phone settings screen does not compete with a tap to pay terminal. Samsung appears to understand this distinction. At Galaxy Unpacked 2026 on July 22, product manager Lee Dinham said the company would embrace “new forms of digital value, including stablecoins” and described Samsung Wallet as “the foundation for an interconnected financial ecosystem across Galaxy devices and services.” The on stage mockup showed a USDC balance with send, receive, and add funds buttons.

The audience saw a direction, not a product. Samsung disclosed no issuer, no blockchain, no custody arrangement, no launch window, and no list of eligible countries. That gap between announcement and specification is where the real story lives, because Samsung is not simply adding another feature to a phone. It is assembling infrastructure, regulatory positioning, and distribution into a single strategy that could reshape how stablecoins reach ordinary consumers, or could stall at the mockup stage if the missing pieces do not come together.

What the Unpacked announcement actually said Lee Dinham’s remarks at Galaxy Unpacked covered two sentences of substance. Samsung Wallet would support stablecoins. Samsung intended to become “one of the first major mobile brands to bring native stablecoins to a smartphone, enabling fast and trusted digital value transfers.”

The demo showed a wallet interface labeled USDC with three action buttons. Samsung did not confirm a partnership with Circle, the issuer of USDC, and did not respond to press inquiries about the demo before publication of multiple news reports. Cointelegraph, CryptoSlate, and CoinDesk each noted that Samsung had not answered their requests for comment on partner, chain, or timeline details.

Samsung promoted the figure of 800 million smartphones that would carry stablecoin features by default. That number is the company’s target for devices with Galaxy AI by end of 2026 and does not represent Samsung Wallet users, stablecoin eligible devices, or phones that will actually receive the feature at launch. The company’s own figures show nearly 19 million Samsung Wallet users in South Korea alone, but Samsung did not disclose global active wallet numbers or existing crypto user counts.

Alongside the stablecoin announcement, Samsung introduced the Galaxy Card, its first United States credit card, issued by Barclays on the Visa network. The card offers 5% cash rewards on Samsung direct purchases, 3% on Samsung Wallet purchases, 2% on streaming services, and 1% on everything else, with a $200 welcome bonus and no annual fee. The Galaxy Card and the stablecoin roadmap are separate products, but they share the same strategic objective: making Samsung Wallet the single financial hub for Galaxy owners.

JUST IN: Samsung Wallet to add native stablecoin support

A mockup at Galaxy Unpacked featured USDC though no launch date or chain has been confirmed pic.twitter.com/Rp2iiuTsqC

— crypto.news (@cryptodotnews) July 25, 2026 Samsung Wallet already carries crypto, and that context matters The stablecoin announcement did not arrive in isolation. Samsung has been layering crypto services into its mobile ecosystem since 2019, and each layer narrows the gap between blockchain assets and the tap to pay experience that consumers actually use.

The Samsung Blockchain Keystore launched with the Galaxy S10, using the Knox security platform to store private keys in a hardware isolated environment. The wallet supported Bitcoin, Ethereum, and Tron, with ERC and TRC token compatibility. In 2019, Samsung added support for Ledger Nano S and Nano X hardware wallets, allowing users to connect external cold storage directly to a Galaxy device.

These were enthusiast features. They did not integrate with Samsung Pay or the broader wallet experience. The Coinbase partnership in 2025 changed the integration model. Samsung Pay became a funding method inside the Coinbase app for users in the United States and Canada. By October 2025, Samsung Wallet offered direct Coinbase access to Galaxy users, including a promotional three month Coinbase One subscription and trading credits for first time crypto purchasers.

The progression matters because each step moved crypto closer to the interface that Samsung controls. It also taught Samsung what works and what does not in consumer crypto distribution. The 2019 keystore was a standalone feature. The 2025 Coinbase integration brought crypto into the Wallet app. The 2026 stablecoin plan, if executed as shown, would make a digital dollar balance native to the same interface where users store credit cards, boarding passes, and loyalty programs.

The $408 million Dunamu stake is the infrastructure half While the Unpacked stage showed a consumer interface, a parallel investment reveals Samsung’s infrastructure ambitions.

In May 2026, Samsung Securities, Samsung SDS, and Samsung Card agreed to acquire a combined 4% stake in Dunamu, the operator of Upbit, South Korea’s largest cryptocurrency exchange, for 612.8 billion won, approximately $408 million. Samsung Securities purchased a 2% stake, while Samsung SDS and Samsung Card each acquired 1%. The shares came from Kakao linked entities, with the transaction set to close on June 19.

Each affiliate brought a distinct strategic interest to the deal. Samsung Securities plans to work with Dunamu on tokenized securities issuance, distribution, and digital asset services. This builds on earlier infrastructure work: Samsung SDS had already been selected to build South Korea’s tokenized securities system, giving the company direct experience with the blockchain rails that tokenized assets and stablecoins share. Samsung Card is exploring opportunities in digital payments, particularly around a potential won pegged stablecoin, and intends to integrate its payment network with Dunamu’s ecosystem through Samsung’s Monimo financial platform. Samsung SDS plans to combine its artificial intelligence, cloud, and cybersecurity capabilities with Dunamu’s blockchain operating expertise.

Joseph Goh, director and head of Asia Pacific at crypto investment banking firm Areta, told CoinDesk that “the wallet announcement secured distribution; SDS and Dunamu will secure the infrastructure beneath it.” He described the Dunamu investment as “the more telling half” of Samsung’s strategy, arguing that Samsung aims to build the infrastructure itself rather than rely on third party providers.

The Dunamu deal followed Hana Bank’s agreement in May to buy a 6.55% stake in the same company for approximately $670 million. The concentration of Korean financial institutions investing in Dunamu reflects a broader pattern: established firms are positioning themselves before South Korea’s digital asset regulatory framework takes final shape.

Samsung SDS names stablecoins as the first collaboration priority The clearest statement of intent came not from Galaxy Unpacked but from a corporate earnings call five days later.

On July 30, Samsung SDS president Lee Joon hee told analysts during the company’s second quarter earnings conference call that the Dunamu investment was made “to enter the digital asset infrastructure business rather than as a financial investment.” He said Samsung SDS had been discussing stablecoin infrastructure, AI powered next generation payments, and virtual asset financial system integration with Dunamu.

These comments, reported by crypto.news on July 31, marked the first time a Samsung executive publicly identified stablecoins as the specific focus of the Dunamu partnership. The earnings call also revealed that Samsung SDS reported 17% cloud revenue growth and a 75% increase in external cloud business during the second quarter, with plans to expand AI infrastructure from 110 megawatts to more than 800 megawatts by 2031.

Samsung SDS is the Samsung Group’s information technology services arm, not a consumer electronics division. Its involvement signals that Samsung views stablecoin infrastructure as an enterprise technology opportunity, not merely a phone feature. The company’s existing capabilities in cloud computing, AI, and cybersecurity could support backend systems for stablecoin issuance, custody, or settlement, though no specific product or architecture has been disclosed.

Separately, Samsung has been selective about external stablecoin ventures. Earlier in July, Samsung distanced itself from the OUSD stablecoin consortium proposed by Open Standard after being listed as one of more than 140 founding partners. A Samsung official told South Korean newspaper Chosun that the company had not held official consultations with Open Standard and did not know what role it was expected to play. Dunamu, Shinhan Bank, and K Bank also said they were still reviewing the proposal.

The regulatory window Samsung is trying to enter Samsung’s timing is deliberate. Both the United States and South Korea are implementing or drafting stablecoin frameworks, creating a regulatory environment where early positioning carries strategic value.

In the United States, President Trump signed the GENIUS Act into law on July 18, 2025, after the Senate passed it 68 to 30 and the House approved it 308 to 122. The law created the first federal regulatory framework for payment stablecoin issuers, with a staged effective date giving existing issuers two years to become compliant. By July 2028, non compliant stablecoins can no longer be offered to United States users.

The GENIUS Act provides regulatory clarity that Samsung needs before offering stablecoin balances to American Galaxy owners. A Samsung Wallet stablecoin feature in the United States would need to work with a GENIUS Act compliant issuer, a licensed custodian, and a blockchain settlement layer that meets the law’s requirements for reserve transparency and redemption rights. The law requires payment stablecoin issuers to maintain one to one reserves in high quality liquid assets such as United States Treasury securities, insured deposits, or central bank reserves. Issuers must also publish monthly attestations of reserve composition audited by a registered accounting firm. For Samsung, these requirements mean the choice of issuer directly constrains the product design. A compliant issuer brings a clear redemption pathway and regulatory standing. A non compliant issuer would leave Samsung exposed to enforcement risk in its largest single country market.

JUST IN: Stablecoin issuers have two years to become compliant under GENIUS Act

July 2028 marks the deadline when non compliant stablecoins can no longer be offered to U.S. users pic.twitter.com/PsPyra0yXp

— crypto.news (@cryptodotnews) July 20, 2026 In South Korea, the Financial Services Commission is preparing the Digital Asset Basic Act, a comprehensive framework that would bring 10 separate crypto and stablecoin bills under one legislative umbrella. The draft, unveiled in April 2026, requires stablecoin issuers to obtain authorization, maintain 100% or greater reserves in high quality assets such as bank deposits or government bonds, and ensure full redemption rights for holders. Stablecoins used in cross border or foreign exchange transactions would be classified as “means of payment” under the Foreign Exchange Transactions Act.

Passage has stalled in the National Assembly over a central dispute: who should be authorized to issue Korean won pegged stablecoins. The Bank of Korea has pushed for a rule limiting issuance to bank led consortiums holding at least 51% ownership. Implementation is targeted for late 2026 or 2027.

The Bank for International Settlements has separately described how stablecoin assets deployed across different blockchains may not move seamlessly between them, resulting in fragmented liquidity and reliance on bridges that introduce operational risk. A Samsung implementation on one network would place that network on the default route offered through Wallet. A multichain design could expose more routes while introducing the cross network interoperability problem into the consumer experience. Samsung has disclosed neither a network selection nor a transfer architecture.

Goh of Areta described Samsung’s positioning as intentional. He believes Samsung aims “to be positioned in both dollar and won stablecoins while Korea’s framework is still being discussed.”

What Samsung gains that Apple and Google do not have The competitive landscape offers Samsung a window, but the window is narrower than the headline suggests.

Neither Apple Pay nor Google Wallet offers native stablecoin support. Both route crypto transactions through third party partners. Apple has shown no public interest in integrating stablecoin balances into Apple Wallet, and Google Pay’s crypto features remain limited to select partner integrations.

Samsung’s advantage is specific: it controls the wallet interface, the hardware security layer through Knox, and now holds an equity position in major crypto infrastructure through Dunamu. No other smartphone manufacturer combines consumer distribution, hardware security, and exchange level infrastructure investment in a single corporate ecosystem. Google has partnered with Coinbase and BitPay for limited crypto card functionality in Google Wallet, but those integrations stop at the card layer and do not extend to native token balances. Apple has taken no public steps toward stablecoin integration and has historically maintained strict control over financial features within Apple Wallet, limiting third party crypto access to standalone apps.

The scale numbers, however, require careful reading. Industry projections put Apple Pay at 71.6 million United States proximity payment users in 2026 and Google Pay at 42.6 million, compared to 15 million for Samsung Pay. Samsung ships more phones globally, with 241 million units in 2025 according to IDC data, but its mobile payments market share in the United States remains smaller than Apple’s.

Yat Siu, executive chairman of Animoca Brands, described Samsung’s move as “a feature set rather than an attempt to build a super app.” The integration could give Samsung an advantage over Apple and Google in serving crypto users, he said, but applications and merchants will need to make stablecoins useful for everyday spending. Samsung is an investor in Animoca Brands.

Robby Yung, CEO of Investments at Animoca Brands, agreed that the move is positive for crypto adoption but was “not sure that this puts Samsung at an advantage over crypto native platforms.”

The case against Samsung as a stablecoin distributor The bull case for Samsung’s stablecoin play rests on distribution: 800 million phones, 61 countries, a wallet already storing cards and credentials. The bear case rests on execution and on Samsung’s history with crypto features that never reached mainstream usage.

Samsung Blockchain Keystore launched in 2019. Seven years later, Samsung has not disclosed how many Galaxy owners have ever opened it. The company has not published active crypto user counts for Samsung Wallet. The Coinbase integration announced in October 2025 targeted 75 million United States Galaxy owners, but Samsung has not said how many of those owners actually activated crypto features. The gap between “available on” and “used by” is typically enormous in preinstalled mobile features.

The 800 million figure is a device target for Galaxy AI, not a stablecoin user projection. Samsung has nearly 19 million Wallet users in South Korea but has not provided a global number. If stablecoin support launches in only a subset of the 61 countries where Samsung Wallet operates, the addressable market could be substantially smaller than the headline implies.

The Coinbase precedent is instructive. Samsung announced the partnership targeting 75 million United States Galaxy owners in October 2025. Eight months later, Samsung has not disclosed activation rates, transaction volumes, or the share of those 75 million owners who engaged with any crypto feature. If past performance is any guide, default availability and actual adoption are separated by an order of magnitude.

There are also structural questions. If Samsung’s stablecoin feature works through a partner held account, the distribution benefit sits with the partner, not with Samsung. If the feature requires multiple steps to activate or fund, adoption will follow the same pattern as previous crypto features: available to many, used by few. If Samsung selects a single issuer for default placement, it risks regulatory complications in markets where that issuer is not licensed.

Ben Nadareski, CEO and co founder of Solstice, acknowledged the potential but framed the challenge precisely. The broader picture, he said, is “distribution catching up to liquidity.” For years, crypto had deep trading venues and weak paths into daily spending. Samsung Wallet points the other direction, but the path from a mockup at a product launch to a functioning stablecoin payment at a checkout terminal involves decisions Samsung has not yet made public.

The strongest counterargument to the Samsung stablecoin thesis is that the company announced a direction without a product. Every critical design choice, including which issuer backs the balance, which chain settles the transaction, who holds custody, and which markets receive the feature first, remains undisclosed. Until those decisions are public, the announcement describes potential, not capability.

What to watch Samsung names an issuer or custody partner. The choice of stablecoin and custodian will determine whether Samsung controls the user relationship or hands it to a third party. A Circle or Tether selection would signal dollar denominated ambitions. A won pegged issuer would signal a Korea first strategy.

South Korea’s Digital Asset Basic Act reaches a floor vote. The stalled legislation determines whether Samsung Card and Dunamu can issue or distribute a won pegged stablecoin. If the Bank of Korea’s 51% bank ownership rule survives, Samsung would need a banking partner to participate.

Samsung discloses global Wallet user counts or crypto activation rates. The gap between phones shipped and wallets activated is the single most important metric for evaluating the distribution thesis. Without it, the 800 million figure remains a ceiling, not a forecast.

Samsung Wallet stablecoin feature enters a public beta or limited launch in any market. A beta in South Korea, the United States, or another regulated market would confirm that the product has moved from mockup to implementation. The absence of a timeline makes this the clearest indicator of execution pace.

Apple or Google announces competing stablecoin integration. If a rival smartphone ecosystem moves first, Samsung’s window advantage narrows. If neither moves, Samsung’s early positioning holds more strategic value.

What stablecoins will Samsung Wallet support? Samsung has not confirmed which stablecoins will be supported. The Galaxy Unpacked demo showed a USDC interface, but the company has not announced a partnership with Circle or any other issuer. The final selection could include dollar pegged, euro pegged, or won pegged tokens depending on regulatory approvals and partnership agreements.

When will Samsung Wallet stablecoin support launch? Samsung has not disclosed a launch date. The feature was announced as part of the company’s 2026 roadmap at Galaxy Unpacked on July 22, but no beta date, rollout schedule, or market launch order has been provided.

Which blockchain will Samsung Wallet use for stablecoins? The blockchain network has not been confirmed. Samsung’s choice of chain will determine settlement speed, transaction costs, and interoperability with other wallets and exchanges. A single chain selection would place that network on Samsung’s default route, while a multichain approach would add complexity.

How does Samsung’s Dunamu investment relate to the stablecoin wallet? Samsung Securities, Samsung SDS, and Samsung Card acquired a combined 4% stake in Dunamu, operator of South Korea’s largest exchange Upbit, for $408 million. Samsung SDS has publicly identified stablecoin infrastructure as the first collaboration priority, indicating that the investment supports the backend systems needed for Samsung Wallet’s stablecoin features.

Will Samsung Wallet stablecoin features work with Samsung Pay at retail terminals? Samsung has not confirmed point of sale functionality. If the feature allows users to top up a stablecoin balance and tap to pay at NFC terminals that accept Samsung Pay, it would represent a meaningful advance over existing crypto payment solutions. However, this functionality has not been demonstrated or announced.

How does the GENIUS Act affect Samsung’s stablecoin plans in the United States? The GENIUS Act, signed into law in July 2025, created the first federal regulatory framework for payment stablecoin issuers. Samsung would need to work with a GENIUS Act compliant issuer and custodian to offer stablecoin balances to United States Galaxy owners. The law gives existing issuers until July 2028 to become compliant.

Does Samsung plan to issue its own stablecoin? Samsung has not announced plans to issue a stablecoin. The company’s announcements focus on supporting existing stablecoins within Samsung Wallet and building infrastructure through its Samsung SDS partnership with Dunamu. Samsung Card has expressed interest in won pegged stablecoin opportunities, but this refers to distribution and payments, not issuance.

Is Samsung Wallet a safe place to hold stablecoins? Samsung has not disclosed the custody model for stablecoin balances in Samsung Wallet. The safety of any stablecoin holding depends on the custody arrangement, the issuer’s reserve backing, and the regulatory framework governing both. Samsung’s Knox security platform provides hardware level key isolation for existing crypto features, but the stablecoin feature’s security architecture has not been detailed. This is educational analysis, not investment advice.

This article is for informational purposes only and should not be considered financial or investment advice. The views expressed are those of the sources cited and do not necessarily reflect those of crypto.news. Readers should conduct their own research before making any financial decisions. Published August 5, 2026.

US Crypto Regulations : Read the full US Regulation Hub for the latest on SEC enforcement, IRS crypto tax rules, and pending legislation.

PANews August 4 news, according to Fortune magazine, tokenized securities company Dinari, headquartered in California, USA, announced a partnership with stablecoin issuer Circle to provide U.S. investors with blockchain-based tokenized stock trading services, and plans to bring all S&P 500 index constituents onto the blockchain.

Dinari stated that its platform represents underlying stocks through “dShares,” where each token corresponds to real securities held in custody by regulated institutions. Investors can buy and sell stocks using USDC via self-custody wallets, with support for instant settlement, cross-platform asset transfers, and other features.

The company said the model aims to connect the roughly $300 billion stablecoin market with the more than $60 trillion U.S. stock market. The Dinari platform is currently live in 85 jurisdictions and supports over 6,000 tokenized assets.

Dinari co-founder and CEO Gabriel Otte said that in the future, stock tokens themselves could become the trusted ledger of stock ownership. With the tokenized asset market growing rapidly, bringing traditional securities onto the blockchain is becoming a key area of exploration for financial institutions.

Sei Network Prepares to Launch Tokenized U.S. Equity Trading@SeiNetwork is gearing up to integrate @DinariGlobal, a move that would bring the first self-custodial U.S. equity portfolio to the high-speed Layer 1 blockchain. The upcoming launch is set to give investors access to 724 tokenized stocks, including every company in the S&P 500, settled directly in @Circle's $USDC.

Dinari's dShares platform enables tokenized U.S. stocks and ETFs that preserve the rights and protections of traditional securities, including guaranteed redemption at the National Best Bid and Offer, cash dividends, and automated corporate actions. As an SEC-registered transfer agent, Dinari has built infrastructure that enables broker-dealers, exchanges, fintechs, and other regulated financial institutions to issue, custody, trade, and service tokenized securities within the existing regulatory framework.

The integration bridges what proponents describe as the $75 trillion U.S. stock market with Sei's high-performance infrastructure. Sei offers sub-400ms finality, a parallelized EVM, and a modular architecture that supports continuous optimization. That speed makes T+0 settlement and 24/7 liquidity operationally viable for both domestic and international participants, something traditional equity markets, which close on weekends and settle on a T+1 cycle, have long been unable to offer.

A Broader Push to Put U.S. Equities OnchainThe Sei integration is part of a broader expansion by Dinari across multiple blockchain environments. Bitcoin.com announced a partnership with Dinari in May 2026 to offer tokenized U.S. equities to its ecosystem, giving users of the Bitcoin.com Wallet access to over 300 tokenized U.S. equities and ETFs. Dinari and tZERO also joined forces to create a turnkey platform for tokenized U.S. equities for broker-dealers, packaging issuance, trading, custody, settlement, and shareholder servicing into one regulated framework.

On August 4, 2026, Dinari announced the expansion of its U.S. operations to financial institutions via its broker-dealer subsidiary Dinari Securities LLC, allowing broker-dealers, banks, fintechs, and wealth platforms to offer tokenized securities products and services to both retail and institutional customers.

The regulatory backdrop is also shifting in Dinari's favor. Dinari recently joined the Blockchain Association, the leading trade association representing the digital asset industry in Washington, D.C., to contribute its expertise as policymakers continue shaping the future of tokenized securities. The Sei Network integration, once live, would represent one of the most direct on-ramps yet for crypto-native investors seeking exposure to mainstream U.S. equities without leaving self-custody.

Sources:
Dinari Joins Blockchain Association to Advance Tokenized Securities Policy - Chainwire
Dinari and tZERO Join Forces on Tokenized U.S. Equities Platform - CoinDesk
Bitcoin.com Partners with Dinari to Bring Tokenized U.S. Equities to a Global Audience - GlobeNewswire

THE BLOCK: Dinari launches tokenized S&P 500 stocks for US self-custody wallets using USDC

Dinari has opened access for qualified American investors to trade tokenized shares representing the full S&P 500 index. The new offering enables investors to buy and sell US equities through its blockchain-based dShares system, using the stablecoin USDC for settlement. Each digital token equals one share of the underlying security, which is held by a regulated custodian to ensure compliance and asset backing.

S&P 500 access through blockchain networksDinari’s platform now supports trading in 724 tokenized equities that cover all companies within the S&P 500. Trades can be executed directly from self-custody cryptocurrency wallets, allowing users to bypass traditional brokerage channels.

Transactions take place across several established blockchain networks, including Ethereum, Arbitrum, Base, and Avalanche. The company noted that support for additional networks such as Solana and Sei is planned for future updates.

The service allows investors to use USDC as the primary funding source. This configuration connects the efficiency of cryptocurrency transactions with regulated exposure to traditional equity markets, according to Dinari.

Holders of these blockchain-based dShares retain typical shareholder rights, including the receipt of dividends, voting privileges, and access to corporate actions. Distributions and benefits are managed through USDC payments, while ownership details are tracked via on-chain records for transparency and security.

Stablecoin infrastructure and regulatory safeguardsThroughout the trading process, USDC is used for deposits, settlements, and dividend payouts, with technical support provided by Circle and wallet infrastructure partners such as Privy, Para, and Monaco.

The platform’s use of blockchain technology enables faster and more flexible settlement compared to traditional market clearing systems. Token holders are able to transfer their securities between supported networks, provided they meet regulatory and eligibility requirements.

Dinari operates as a registered broker-dealer and SEC-registered transfer agent, holding memberships with FINRA and SIPC, allowing it to distribute tokenized equities legally within the US.

Offering a seamless experience, the platform bridges differences between legacy financial infrastructure and digital assets, making it easier for qualified US investors to access the S&P 500 through modern technology.

A similar approach to integrating traditional and digital assets is seen with platforms like 1stepSwap, which transfers real-world assets such as major US stocks and commodities onto the blockchain. This allows users to access shares and commodities directly from their wallets, always at the most competitive rates, eliminating the need for intermediaries and streamlining portfolio diversification.

Market growth and international landscapeThe expansion into S&P 500 tokenization comes as global interest in blockchain-based equity products rises. According to research by a16z crypto, tokenized equity markets reached approximately $1.7 billion in value by late June, reflecting about 600% growth as more platforms replicated traditional shares in digital form.

Internationally, companies such as Robinhood and Payward offer similar tokenized stock products, but these are not available for US customers. Ondo Finance has outlined plans to launch compliant offerings involving public stocks and ETFs; however, this service has yet to become active in the domestic US market.

Dinari currently operates across 85 countries with more than 6,000 tradable tokenized instruments. Its proprietary network brings together issuers, custodians, trading platforms, and transfer agents in a regulated environment. The latest S&P 500 inclusion allows Dinari to extend this framework directly to US investors seeking blockchain-based equity exposure.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

@DinariGlobal has opened its tokenized equities platform to eligible American investors and businesses for the first time, listing 724 US-listed stocks including every company in the S&P 500. Investors can buy and sell the tokenized shares using Circle's $USDC stablecoin through self-custody wallets. The firm says this marks the first time US persons can access tokenized US-listed stocks directly from their own wallets.

The launch also extends to financial institutions via Dinari's broker-dealer subsidiary, Dinari Securities LLC, allowing broker-dealers, banks, fintechs and wealth platforms to offer tokenized securities products to both retail and institutional customers through a single technology integration. Dinari operates as a registered broker-dealer and SEC-registered transfer agent, holding memberships with FINRA and SIPC.

How dShares Work Dinari's tokenized shares, known as dShares, are backed one-for-one by underlying stocks held in qualified custody. The structure is designed to provide NBBO execution, voting rights, dividends, corporate actions and ownership rights connected to the backing security, with dividends paid in $USDC. The offering runs through Dinari's regulated broker-dealer and transfer agent infrastructure, with partners including Circle, Stripe-owned Privy, Para and Monaco.

The stock tokens are available across Ethereum, Arbitrum, Base and Avalanche, with support for Solana and Sei coming soon. Dinari's dShares are already distributed in more than 85 jurisdictions, with this launch extending the offering to eligible US investors and businesses for the first time.

A Crowded but Growing Market Dinari describes itself as a bridge between the $300 billion stablecoin market and the more than $60 trillion US equities market. The launch comes at a competitive moment for tokenized equities. Robinhood and Payward, Kraken's parent company, operate tokenized stock services outside the US through offshore structures, while Ondo Finance recently unveiled an SEC-compliant framework tied to BlackRock's iShares Core S&P 500 ETF and Micron stock, though it is not yet available to US investors.

According to a recent report by venture firm a16z crypto, the market capitalisation of tokenized stocks grew approximately 600% to roughly $1.7 billion by the end of June. Citigroup has projected that the tokenized securities market could grow to $5.5 trillion by 2030.

Sources:
PR Newswire: Dinari launches 724 tokenized stocks available to both US investors and businesses
CoinDesk: Dinari brings tokenized U.S. stocks to American investors
Fortune: Dinari partners with Circle to offer tokenized stocks to U.S. investors

Six of 11 Stablecoins Rated Adequate or AboveS&P Global Ratings (@SPGlobalRatings) has released an update to its Stablecoin Stability Assessment (SSA) framework, finding that six of the 11 stablecoins covered by its assessments now have an adequate or above ability to maintain their peg to fiat currency. The agency cited progress among issuers as a key factor, with stronger asset quality and good risk management practices driving the improvement.

S&P's SSAs use a five-level scale: 1 (very strong), 2 (strong), 3 (adequate), 4 (constrained), and 5 (weak). The assessments consider factors including asset quality, governance frameworks, regulatory compliance, redeemability, liquidity, and track record. Leading the pack, $EURC and $USDC both carry a score of 2 (strong), as does $USDG, which received its first assessment in February 2026, and $USDP, which was also rated 2 (strong).

$USDT Holds the Weakest Score Despite Dominating the MarketThe contrast at the bottom of the rankings is notable. S&P Global Ratings gave $USDT the weakest possible assessment: 5 (weak) on its 1 to 5 scale. $TUSD and Ethena's $USDe share that bottom tier. S&P noted that "significant differences remain across stablecoins which can increase the risk of de-pegging."

That low rating sits in sharp contrast to $USDT's dominance in the broader market. Tether's $USDT is the largest stablecoin at roughly $187 billion in circulating supply, accounting for about 59% of the total stablecoin market. Over the past three quarters, S&P revised two of its 11 SSAs to a weaker level, while the other nine remained unchanged.

The update underscores a growing divide in how institutional-grade analysis views stablecoin quality versus raw market adoption. While regulated, transparent issuers such as Circle and Paxos score well on S&P's framework, the market's most widely used token continues to attract the agency's lowest rating, a tension that regulators and institutional investors are likely to scrutinize more closely as the stablecoin sector matures.

Sources:
S&P Global Ratings press release: More than half of Stablecoin Stability Assessments are adequate or above (PR Newswire, August 4, 2026)
S&P Global Ratings: Stablecoin Stability Assessments overview
Stablecoin market cap data, June 2026 (Transak)

Arbitrum has expanded its presence in tokenized-asset derivatives with the integration of USDC collateral on Ondo Perps, a platform specializing in perpetual futures linked to real-world assets. The collaboration enables traders to deposit USDC directly via Arbitrum, further connecting the network with an RWA-focused derivatives application that has processed close to $5 billion in trading volume and holds $60 million in open interest.

Direct USDC Collateral Access on Ondo PerpsOndo Perps announced the launch of USDC collateral deposits through Arbitrum, making it possible for users to fund positions on perpetual futures markets without intermediaries. This integration streamlines the process for traders, who can transfer USDC directly from the Arbitrum network into the platform’s derivatives ecosystem.

With friction often arising from fragmented stablecoin pathways, the new feature reduces the steps required to access trading and collateralize positions. By minimizing barriers, Arbitrum aims to boost the efficiency of its stablecoin ecosystem and support applications centered on tokenized real-world assets.

1stepSwap provides a practical solution for bridging traditional finance and crypto, aligning with these developments in onchain collateral management. The platform makes it possible to access shares of leading U.S. companies and commodities such as gold and silver by transferring real-world assets directly onto the blockchain. Through one’s wallet, users can buy and sell the world’s largest stocks in seconds, automatically receiving the most favorable market prices and diversifying their portfolios—without complicated procedures or the need for third-party intermediaries.

Growth Highlights for Ondo PerpsThe Arbitrum network cited data showing that Ondo Perps has facilitated nearly $5 billion in transaction volume, with open interest currently around $60 million. These figures point to a growing user base and increased market activity, combining to demonstrate the strong appeal of RWA-linked derivatives within the ecosystem.

Volume represents the overall value of trades executed over a particular time frame, while open interest shows the total value of outstanding derivatives contracts. Taken together, these metrics provide insight into the depth and liquidity of the Ondo Perps market, offering an indicator of broader interest in tokenized asset derivatives.

Ondo Perps specializes in perpetual futures tied to equities, ETFs, and commodities, creating new leverage opportunities linked to tokenized real-world assets and supporting round-the-clock trading in leading stocks and commodities.

Ondo Finance has steadily expanded its tokenized-stock infrastructure to include U.S. securities, while USDY—its tokenized dollar-denominated product—is already available within the Arbitrum environment. These moves further deepen the intersection of traditional and decentralized financial services on the network.

Broader Implications for Arbitrum and RWA IntegrationThe Ondo Perps integration is expected to drive greater application activity and help solidify Arbitrum’s role as infrastructure for next-generation programmable finance. By making the flow of stablecoin collateral more efficient, Arbitrum enables more robust interaction with tokenized asset markets.

In supporting the direct use of USDC for derivatives collateral, Arbitrum provides traders with increased flexibility and a streamlined experience, opening new avenues for market participation beyond native cryptocurrency assets. The network’s recent advancements have included support for agentic payment and settlement, contributing to its growing focus on tokenized financial instruments.

These developments suggest that Arbitrum is positioning itself as a core layer for the evolving world of onchain financial products, with expanded access to real-world assets and deeper integration of traditional and decentralized systems.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

@OndoFinance has selected @Arbitrum as the settlement layer for $USDC deposits on its @OndoPerps platform, allowing traders to fund equity-linked perpetual futures positions directly from the Arbitrum network without bridging to a separate chain first.

Expanding Access at a Critical Moment The integration arrives as Ondo Perps is posting some of the strongest early-stage growth numbers in the on-chain derivatives space. Ondo Perps, launched in early July, surpassed $300 million in daily volume by late July with nearly $6 billion in cumulative trading volume. Open interest on the platform stands at more than $75 million. The milestone came less than one month after Ondo Perps went live on July 7, making it one of the fastest-growing platforms focused on real-world asset perpetual futures.

By adding Arbitrum as a supported deposit network, the protocol lowers the friction for a large pool of potential users. Arbitrum is a Layer-2 network designed to make Ethereum transactions faster and cheaper using Optimistic Rollups, which reduces congestion on the Ethereum network, lowering fees and speeding up execution times. As of early 2025, more than $3.5 billion of USDC was in circulation on Arbitrum, giving the integration an immediately sizeable addressable base of capital.

What Ondo Perps Offers Traders Ondo Perps is a platform where global non-US users can trade perpetual futures on leading U.S. stocks and ETFs 24/7 with leverage. The platform accepts tokenized real-world assets as collateral alongside stablecoins, meaning traders who already hold tokenized equities can post them directly as margin rather than sourcing a separate pool of stablecoins. The platform offers up to 25x leverage on tokenized stock collateral, with CEX-equivalent execution speeds.

Perpetual trading for tokenized equities and commodities including AAPL, AMZN, MSFT, NFLX, NVDA, TSLA, QQQ, gold, and silver is available on the platform. Spot holdings and perp positions are managed on the same platform, allowing traders to hedge without moving capital across multiple venues.

The Arbitrum integration extends a broader multichain strategy at Ondo. Polygon, Mantle, Arbitrum, and BNB Chain are among the networks Ondo has used as part of a multichain deployment strategy to distribute tokenized products and reach different liquidity environments. Adding native $USDC settlement on Arbitrum for Ondo Perps deepens that relationship and positions the protocol to capture derivatives volume from one of Ethereum's most active Layer-2 ecosystems.

Sources:
Ondo Finance: Introducing Ondo Perps
TheStreet Crypto: Ondo Perps breaks past $300M in 24-hour volume
USDC.com: How to Get USDC on Arbitrum

Fintech

4 August 2026 | 07:53 Kamino announced a new product called Kamino Institutional Yield, designed to connect capital held on Solana with credit markets outside crypto.

Key Takeaways Commodity Yield targets approximately 7% to 8% and opened with a $25 million deposit cap. Depositors receive kicUSDC, representing their share of the vault and its accrued yield. Withdrawals depend partly on loans being repaid, so immediate access is not guaranteed at every size. The higher target return comes with offchain legal, operational and counterparty risks. For users already moving USDC between DeFi lending markets in search of better returns, a target yield of 7% to 8% will immediately stand out.

Kamino’s new Commodity Yield vault offers that return by financing short-term commodity trades rather than lending against crypto collateral. Users keep an onchain position through Solana, but the money ultimately depends on commodity traders, banks, escrow agents, insurers and legal agreements operating outside the network.

That is the central trade-off. Depositors gain access to a form of institutional credit that is normally difficult for individuals to reach, while giving up some of the liquidity and transparency associated with automated onchain lending.

Kamino describes the product as institutional-grade credit brought onto Solana through its new Kamino Institutional Yield platform.

Say hello to institutional-grade credit on Solana via @kamino https://t.co/jRD0vNVbtj

— Solana (@solana) August 3, 2026

What Happens After You Deposit USDC Users deposit USDC into the Commodity Yield vault and receive kicUSDC. That token represents their proportional interest in the strategy and reflects the yield generated by its underlying loans.

Kamino says the capital is deployed through a fund structure regulated by the Cayman Islands Monetary Authority, or CIMA. The fund then finances short-duration commodity transactions.

Solana handles the deposit, vault accounting and ownership token. The borrowers, goods, escrow balances, insurance and repayment agreements remain offchain.

This means owning kicUSDC is different from lending USDC through a conventional DeFi money market. Depositors are exposed to the performance of a managed credit portfolio rather than a visible pool of crypto-backed loans controlled mainly by smart contracts.

How a Commodity Trade Produces the Yield Kamino explains the process through an example involving a copper trader.

The trader agrees to buy copper from a wholesaler for $9 million and sell it to an end buyer for $10 million. The supplier wants payment before shipping, while the buyer pays only after receiving and inspecting the copper.

The trader needs temporary financing to bridge that gap.

Capital from the Kamino vault is provided through a special-purpose vehicle and fund structure. The money is placed in a segregated escrow account that the wholesaler can verify before releasing the shipment.

The copper is insured while in transit. Once it arrives and passes inspection, the escrow account pays the supplier. The end buyer later pays the amount agreed in the sales contract, allowing the trader to repay the financing with interest.

The interest paid by the trader becomes revenue for the vault and contributes to the return received by kicUSDC holders.

The transaction begins with an identified supplier, buyer and commercial margin. Even so, shipment delays, disputed goods, fraud, borrower failure or problems enforcing contracts can still interrupt repayment.

What Withdrawals May Look Like in Practice Kamino says withdrawals can be completed immediately while the vault has enough available USDC in its liquidity buffer.

When redemption requests exceed that buffer, depositors may need to wait for outstanding loans to mature. The underlying money cannot always be returned instantly because part of it may still be financing goods that have not completed their commercial journey.

Someone withdrawing a small amount during normal conditions may receive USDC quickly. A larger request, or many users withdrawing at once, could create a queue until borrowers repay their loans.

Before depositing, users should check whether Kamino discloses:

The size of the vault’s liquid USDC buffer. The average duration of outstanding loans. How queued withdrawals are processed. Whether redemptions can be paused or delayed. Any fees charged when entering or leaving the vault. This product is therefore unsuitable for money that may be needed immediately. A 7% to 8% target becomes less attractive if the depositor cannot tolerate waiting for repayment during stressed conditions.

Collateral Helps, but Recovery Can Still Take Time Kamino says the loans are supported by physical commodities and/or cash held in 1:1 escrow accounts with tier-one banks.

Cash escrow can offer relatively direct protection because funds have already been placed with a bank. Physical collateral is more complicated. Goods may need to be located, inspected, legally seized and sold before lenders recover their money.

The value of a commodity can also change while a dispute is being resolved. Insurance may cover damage or loss during shipping without covering fraud, contractual disputes or every form of borrower failure.

“Fully collateralized” therefore describes the assets intended to support the loan. It does not promise instant or complete recovery in every default scenario.

The Main Risks Are Not Visible on Solana Blockchain records can show USDC entering the vault, kicUSDC being issued and tokens moving between wallets. They cannot verify whether a shipment exists, whether the goods meet the agreed quality or whether an invoice is genuine.

Repayment may depend on:

Commodity traders and corporate borrowers. Suppliers and end buyers. Escrow agents and commercial banks. Shipping companies, inspectors and insurers. Fund managers, administrators and legal entities. The Solana contracts could work exactly as designed while an offchain problem still delays or reduces the amount returned to the vault.

Jurisdiction adds another layer. The fund structure is based in the Cayman Islands, while borrowers, banks, goods and commercial counterparties may operate elsewhere. A dispute could involve several legal systems and take longer to resolve than an automated crypto liquidation.

Kamino says the vault will provide continuous portfolio transparency. For depositors, the useful details will be loan maturities, borrower concentration, collateral location, repayment status, overdue balances and completed recoveries, not simply the total value deposited.

How It Differs From a DeFi Lending Pool Kamino Institutional Yield vs. Standard DeFi Money Markets Comparison Standard DeFi Lending Kamino Commodity Yield Source of Return Interest paid by users borrowing crypto assets. Interest paid on short-term commodity-finance loans. Borrowers Usually pseudonymous wallets using onchain collateral. Identified businesses participating in commodity trades. Collateral Digital assets held in smart contracts. Physical commodities and/or cash escrow, according to Kamino. Transparency Loans and collateral are generally visible onchain. Deposits are visible onchain, while loan performance relies partly on external reporting. Default Handling Smart contracts can automatically liquidate collateral. Recovery may require escrow release, insurance or legal enforcement. Withdrawals Depend on available liquidity in the lending pool. Use a liquidity buffer, with larger requests potentially waiting for loan repayments. Who the Vault May Suit Commodity Yield may appeal to users who want USDC exposure to private credit and are comfortable evaluating risks that cannot be checked entirely through blockchain data.

It is more suitable for depositors who:

Can leave their funds invested through the duration of the underlying loans. Accept that withdrawals may sometimes be delayed. Understand that a stablecoin deposit is not the same as a protected cash account. Are comfortable relying on fund managers, banks and legal agreements. Can assess the vault through portfolio reports rather than onchain data alone. It is a weaker fit for anyone treating USDC as emergency cash, requiring guaranteed immediate withdrawals or expecting smart contracts to manage every important risk automatically.

Why the $25 Million Cap Matters Commodity Yield opened with a maximum of $25 million in deposits. That gives Kamino room to test its lending, reporting and redemption processes without taking unlimited capital from the beginning.

The cap also keeps the launch in perspective. It introduces a new type of credit product on Solana, but it does not yet show that commodity finance can operate at significant scale through the network.

The first completed lending cycles will provide more useful information than the headline yield. Investors will be able to see whether borrowers repay on schedule, whether withdrawals work during periods of heavier demand and how close the realized return comes to the 7% to 8% target after fees.

What the Product Adds to Solana Most tokenized real-world-asset products have focused on government debt, money-market funds and the reserves supporting yield-bearing stablecoins. Kamino is bringing a different form of credit onto Solana’s distribution layer.

The blockchain makes it easier to deposit USDC, receive a transferable vault position and track ownership. The fund handles the commercial lending that cannot be completed entirely through smart contracts.

A successful first vault could lead to other private-credit strategies. Its importance will be determined by repayment performance, withdrawal reliability and sustained demand rather than the launch announcement alone.

Kamino is offering DeFi users a higher target return by moving beyond crypto-native lending. The price of that return is exposure to the slower and less transparent world of borrowers, banks, shipments and legal enforcement.

Disclaimer: This article is for informational purposes only and does not constitute financial, legal or investment advice. Yield targets are not guaranteed, and offchain credit structures can involve liquidity, counterparty, operational and legal risks. Methodology: This article uses Kamino’s official launch announcement and explanatory materials for Kamino Institutional Yield and the Commodity Yield vault, together with Solana’s public post about the launch. Product descriptions, target returns and collateral claims are attributed to Kamino. Author

Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.

Lawson has expanded its stablecoin payment pilot to include USDC, USDT and JPYC through a second point-of-sale test at two Tokyo stores, while continuing to evaluate the technology for future retail use.

Summary

Lawson will test POS based stablecoin payments at two Tokyo stores using JPYC, USDC and USDT. The pilot removes the need for dedicated payment terminals by processing wallet barcodes through existing checkout systems. The company will evaluate payment speed, POS integration and store operations before considering wider adoption. A second proof of concept is scheduled for later in August as Lawson continues assessing stablecoin payments in retail. According to an announcement from Lawson, the convenience store operator will conduct two proof-of-concept trials this month to test stablecoin payments directly through its existing point-of-sale (POS) registers without requiring separate payment terminals or QR code displays.

The first trial is scheduled for Aug. 6 at the Lawson Takanawa Gateway City store and will be limited to invited participants using the HashPort Wallet with the yen-backed stablecoin JPYC. A second test will follow on Aug. 17 at the Lawson Gate City Osaki Atrium store, where participants will use MetaMask to pay with USDC, USDT or JPYC.

Lawson said the pilot is designed to verify how its POS system connects with digital wallets, how settlement is processed and how long each payment takes before deciding whether the technology is suitable for wider deployment.

Lawson has added multiple stablecoins to the retail pilot Unlike earlier stablecoin payment setups that required dedicated payment terminals or separate QR codes, the company said customers in the pilot will display a payment barcode from their wallet application, which will be scanned directly by the store’s existing POS register.

The checkout process routes payment information through Canal Payment Services’ multi-code payment gateway PAYTREE, which exchanges settlement data with the user’s wallet provider before confirming the transaction. Lawson said removing the need for separate hardware is a key feature being tested during the pilot.

Besides transaction speed, the company will examine day-to-day store operations, including POS integration and settlement procedures, to determine whether the system can operate smoothly in a retail environment.

The Aug. 17 trial also expands the project beyond the original plan by adding the dollar-backed stablecoins USDC and USDT alongside JPYC while using MetaMask instead of HashPort Wallet.

Stablecoin payments remain under evaluation Although customers participating in the pilot will complete purchases with stablecoins, the trials are restricted to related personnel and are not yet available to the public.

Lawson also said another proof-of-concept test is planned later in August as it continues evaluating whether stablecoin payments can be introduced across its stores.

Earlier reporting by crypto.news noted that the company originally announced only a JPYC payment trial at its Takanawa Gateway City location. At the time, Lawson described the project as Japan’s first attempt to connect stablecoin payments directly with an existing POS system rather than relying on dedicated payment equipment.

The retailer previously said it would review system stability, transaction speed and operational efficiency before making any decision on commercial deployment.

Japan’s stablecoin activity has continued to expand The latest pilot comes as regulated stablecoin projects continue to move into commercial use across Japan.

Earlier this month, crypto.news reported that logistics company AZ-COM Maruwa Holdings plans to adopt JPYC to make payments to about 2,300 business partners, including truck drivers. According to Nikkei, the company expects the fee-free stablecoin to support faster and more frequent payments than conventional bank transfers while considering an investment of more than ¥1 billion in JPYC Inc.

Retail adoption has also started to emerge. Crypto.news previously reported that selected Chibo restaurant locations began accepting JPYC, while several dental clinics in Tokyo and Chiba have announced plans to introduce the stablecoin using HashPort’s payment infrastructure.

Meanwhile, Japan’s financial sector has continued preparing regulated stablecoin services. Major banks including MUFG Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank have said they plan to begin live yen-backed stablecoin transactions during fiscal 2026, following industry efforts to establish common standards for issuance, governance and settlement systems.

Lawson said it will continue studying the use of stablecoins at its stores as it looks for ways to improve payment convenience for customers while assessing the technology through successive pilot programs.

Morgan Stanley slashed its Circle price target from $106 to $38, citing tokenized money market funds, shrinking USDC supply, and a lower-margin revenue future that raises a harder question: whether any single stablecoin issuer can defend its economics.

Summary

Morgan Stanley downgraded Circle to underweight on August 3, cutting its price target from $106 to $38 and reducing USDC supply forecasts by 33% for 2027 and 44% for 2028. The bank said tokenized money market funds from BlackRock and others are replacing stablecoin balances as the preferred vehicle for on-chain dollar exposure, eroding the reserve income model that generates most of Circle’s revenue. JPMorgan separately warned that Circle’s revised agreement with Hyperliquid created a “prisoner’s dilemma” between Circle and Coinbase, where both compete to expand USDC distribution at the expense of profitability. USDC’s circulating supply has fallen from nearly $80 billion in March to roughly $73 billion by August, part of a broader $10 billion contraction in the stablecoin market since May. Open USD, a new stablecoin model with shared governance and reserve economics, could make it more expensive for Circle to maintain distribution incentives, adding another structural competitor to the field. Introduction Circle went public in early 2026 to a thesis that sounded simple: USDC was settlement infrastructure, and the company that issued the second largest stablecoin would collect rent on every dollar that passed through it. The stock surged over 120% from February through March as analysts at William Blair called USDC a “core settlement rail” and projected growing market share against Tether. Six months later, Morgan Stanley has cut the price target by 64%, and the stock has lost roughly 30% year to date.

The downgrade is not just about Circle. It is about the stablecoin business model itself. When reserve income was the dominant revenue line, the economics were straightforward: hold dollars, earn yield, pay almost nothing to depositors. That model worked as long as stablecoins were the only way to park dollars on chain. It works less well when BlackRock offers a tokenized money market fund that pays yield directly, when exchanges demand 90% revenue shares for distribution, and when new stablecoin designs split economics among a broader set of participants.

This piece examines what Morgan Stanley’s downgrade says about USDC’s competitive position, why the reserve income model is breaking down, and what the stablecoin market looks like when the product becomes a commodity.

What Morgan Stanley actually said Analyst James Faucette moved Circle from equal-weight to underweight and set a $38 price target, down from $106. The core argument was a weaker long-term earnings outlook driven by three factors.

First, USDC supply growth is slowing faster than expected. Morgan Stanley reduced its supply forecast by roughly 33% for 2027 and 44% for 2028. The bank expects USDC contraction to continue as reserve income comes under pressure and Circle pivots toward lower-margin transaction revenue. GAAP earnings-per-share estimates came in about 3% below Wall Street consensus for 2027 and 20% below consensus for 2028. The magnitude of the 2028 revision is the more important number: it suggests Morgan Stanley believes the supply decline is not cyclical but structural.

Second, tokenized money market funds are cannibalizing stablecoin balances. BlackRock expanded its tokenized cash platform on August 3 with two new products: a tokenized share class of an existing money market fund (BSTBL) and a new stablecoin reserve vehicle (BRSRV) with daily dividend reinvestment. Both are designed to qualify as eligible reserve assets under the GENIUS Act, directly targeting the capital that would otherwise sit in USDC.

Third, Circle’s push into agentic payments has not gained traction. Morgan Stanley noted that transaction volume in the agentic payments product has fallen to about $41,900 per day, with an average transaction size of roughly 24 cents. Those numbers suggest experimental usage, not commercial adoption. For a company that has positioned itself as a payments infrastructure provider, the gap between the narrative and the metrics is wide.

The downgrade follows a similar move from JPMorgan in July, which cut forecasts for both Circle and Coinbase after analyzing the revised Hyperliquid agreement. Two of Wall Street’s largest banks are now bearish on Circle’s earnings trajectory, a consensus shift that makes the bull case harder to hold.

The Hyperliquid prisoner’s dilemma Morgan Stanley’s downgrade arrived weeks after JPMorgan flagged a separate structural problem. Circle’s revised agreement with Hyperliquid, one of the largest crypto trading venues, changed how revenue flows between Circle and Coinbase.

Hyperliquid is now the leading decentralized perpetual futures exchange, processing more than $150 billion in trading volume in July alone. Its volume relative to Binance climbed to 11.5%, making it an increasingly important distribution channel for USDC. The platform holds about $6 billion of USDC, roughly 8% of circulating supply.

Under the new arrangement, Coinbase classifies USDC on Hyperliquid as “on-platform” and collects the reserve income generated by those balances. Coinbase then pays 90% of that income to Hyperliquid. JPMorgan estimated that Coinbase previously split nearly all of the revenue evenly with Circle under older distribution agreements.

The bank called this a “prisoner’s dilemma.” Both Circle and Coinbase need Hyperliquid’s volume. Hyperliquid knows this. The result is that distribution economics get worse for both companies as large venues extract more favorable terms. For a payments company that once described USDC as dominant in stablecoin trades, the shift is significant: volume alone does not guarantee margin.

The precedent is the more dangerous element. If Hyperliquid can extract a 90% revenue share, other large venues will demand similar or better terms. Every basis point of reserve income redirected to distribution partners is a basis point Circle and Coinbase do not earn. The prisoner’s dilemma is that neither company can refuse without ceding the venue to a competitor.

The Hyperliquid situation also exposed a structural vulnerability in USDC’s DeFi positioning. When a major protocol can credibly threaten to migrate away from USDC, it reveals that Circle’s moat in DeFi is thinner than its market share suggests. Unlike traditional payment networks, where switching costs are measured in years of integration work and regulatory approvals, DeFi protocols can swap their underlying stablecoin with a governance vote and a few smart contract deployments. The portability that makes DeFi innovative also makes every stablecoin position in it inherently fragile.

JUST IN: Circle reports Q1 revenue and reserve income of $694m, USDC circulation at $77B, and $21.5T onchain transaction volume pic.twitter.com/2Z2z35ZfTy

— crypto.news (@cryptodotnews) May 12, 2026 Why tokenized money market funds matter The deeper threat to Circle is not a competing stablecoin. It is a competing product category.

Stablecoins are bearer instruments that represent a claim on reserves. They do not pay yield to holders because doing so would likely classify them as securities under the Howey test. This is why Circle earns money: the company keeps the yield generated by reserves, and holders accept a zero-interest dollar in exchange for on-chain utility.

Tokenized money market funds invert this arrangement. BlackRock’s BUIDL, launched in 2024 with Securitize, has grown to roughly $2.5 billion in assets. It pays yield to holders, trades on chain, and is increasingly used as collateral for borrowing and leveraged trading. The new BSTBL and BRSRV products expand the same model across multiple blockchains. Securitize serves as BRSRV’s transfer agent and tokenization provider, and both funds intend to qualify as eligible reserve assets for permitted stablecoin issuers under the GENIUS Act.

For institutional users, the choice between holding USDC (zero yield, issuer takes all reserve income) and holding BUIDL (yield-bearing, SEC-registered fund) is increasingly obvious. The GENIUS Act’s framework for stablecoin reserves further legitimizes tokenized MMFs by allowing them to serve as eligible reserve assets for permitted stablecoin issuers. BlackRock’s CFO Martin Small stated during the Q2 2026 earnings call that the company manages $60 billion of reserves for Circle, “representing about a quarter of the $300 billion stablecoin market,” and wants to be “the reserve manager of choice.” The implication is clear: BlackRock is positioned on both sides of the table. It manages the reserves that back USDC and simultaneously offers a product that competes with USDC for the same capital.

The tokenized real-world asset market has grown more than 200% over the past year to over $30 billion, according to rwa.xyz. Citi projects tokenized securities could reach $5.5 trillion by 2030. U.S. money market funds alone hold more than $8.4 trillion in assets. If even a fraction of that capital moves on chain through tokenized MMFs, the addressable market for zero-yield stablecoins shrinks proportionally.

The USDC supply problem USDC’s circulating supply has fallen from nearly $80 billion in March to roughly $73 billion by August 2026. This $7 billion contraction happened during a period when the broader crypto market was under stress, but it also reflects structural shifts that predate the downturn.

Tether’s USDT remains dominant in absolute supply, holding more than $140 billion in circulation. But USDC’s advantage was supposed to be regulatory legitimacy: a U.S.-regulated, fully reserved stablecoin that banks and institutions could trust. That advantage still exists, but the gap between regulatory legitimacy and revenue is widening.

The supply decline is not uniform. USDC has been gaining distribution through new chain integrations. Circle brought USDC to the XRP Ledger in June 2025 as part of a broader multi-chain expansion. Coinbase launched a USDC-powered payments product on Shopify in June 2025. But these distribution wins have not translated into net supply growth, suggesting that outflows from existing chains are exceeding inflows on new ones.

Circle’s stock price initially reflected optimism that the company could grow beyond stablecoin issuance into payments, cross-chain infrastructure, and enterprise services. The stock’s 120% rally through early 2026 priced in this expansion narrative. Morgan Stanley’s downgrade reprices that narrative, arguing the base business (reserve income) is weaker than expected and the new businesses (payments, agentic transactions) are not yet contributing meaningful revenue.

Mizuho noted in July that Circle’s final approval from the U.S. Office of the Comptroller of the Currency to create First National Digital Currency Bank was a positive milestone, but warned that investors may be overestimating its significance. The bank charter gives Circle new capabilities, but it does not solve the underlying economics of a product whose moat is eroding.

The geographic dimension of USDC’s supply contraction adds another layer of concern. Circle’s European market share has declined steadily since MiCA implementation, with compliant alternatives capturing share that USDC previously held by default. In emerging markets, where the largest marginal demand for dollar stablecoins exists, USDT’s dominance exceeds 90% in most corridors. Circle’s regulatory-first approach resonates with institutional users in the United States, but the fastest-growing stablecoin markets are precisely the ones where regulatory compliance is least valued by end users.

Open USD and the shared economics model Open USD represents a different competitive vector. Instead of a single issuer controlling reserves and economics, Open USD distributes governance and revenue among a broader set of participants. Morgan Stanley noted that this model could make it more expensive for Circle to maintain USDC distribution incentives, because exchanges and platforms may prefer a stablecoin where they share in the economics from the start.

This is not theoretical competition. The stablecoin market is fragmenting along multiple axes. Deutsche Borse listed USDC and EURC under MiCA in late 2025. Fidelity, State Street, and BlackRock have all launched stablecoin reserve funds under the GENIUS Act framework. The EU is preparing MiCA revisions in response to the GENIUS Act. Each new entrant adds to a landscape where stablecoins compete not just on trust and distribution but on economics.

The shared economics model addresses the incentive problem directly. When an exchange holds $6 billion of a stablecoin and earns nothing from the reserves backing it (as with USDC before Hyperliquid renegotiated), the exchange has every reason to demand better terms or switch to a competitor that offers revenue sharing by default. Open USD builds that sharing into the protocol layer, removing the need for bilateral negotiations.

For Circle, this means the competitive landscape is not just Tether on one side and tokenized MMFs on the other. It is also a new class of stablecoins designed from the ground up to share economics with distribution partners, a model that Circle’s centralized issuance structure was not built to match.

The shared economics model also creates a governance challenge that centralized stablecoins avoid. When reserve income flows to multiple stakeholders, disputes over revenue allocation, protocol upgrades, and risk management become multi-party negotiations rather than unilateral decisions. The DAI experience at MakerDAO demonstrated how complex governance can slow critical risk management actions during market stress. If Open USD faces a similar governance friction during a crisis, the consortium structure that attracts liquidity in good times could become a liability during market turbulence.

The interest rate sensitivity problem Circle’s revenue model has an often overlooked dependency: interest rates. When the Federal Reserve held rates above 5%, USDC reserves generated substantial yield. Every billion dollars of USDC in circulation produced roughly $50 million in annual reserve income at those rates. But as rates decline, reserve income falls proportionally, even if USDC supply stays flat.

This creates a double bind. USDC supply is already contracting. If the Fed cuts rates in 2027 or 2028, as most economists project, Circle’s revenue per dollar of USDC declines at the same time that the number of dollars is shrinking. Morgan Stanley’s 2028 EPS estimates, which are 20% below consensus, likely incorporate some degree of rate sensitivity, though the bank emphasized supply contraction as the primary driver.

The interest rate dynamic also affects the competitive landscape. Tokenized money market funds pass yield through to holders, which means their attractiveness is directly tied to prevailing rates. In a high-rate environment, the gap between a zero-yield stablecoin and a yield-bearing MMF is large. In a low-rate environment, the gap narrows, which could slow the migration from stablecoins to tokenized funds. The question is whether Circle can survive the transition period.

Tether faces the same rate sensitivity on its reserve income, but Tether’s cost structure is dramatically different. Tether operates with a fraction of Circle’s headcount and has no public market disclosure requirements, no preferred stock dividends, and no bank charter to maintain. If reserve yields fall to 3%, Tether’s margins remain healthy. Circle’s margins, burdened by public company costs, may not.

The timing of this rate dependency is particularly concerning for Circle. The company completed its IPO in April 2025 at a moment when short-term rates were near their cycle peak. Public market investors who bought Circle stock at $106 were implicitly pricing in sustained high interest rates. As the Federal Reserve signals a potential 150 to 200 basis point cut over the next 18 months, the revenue base that supported Circle’s IPO valuation is compressing in real time. Unlike Tether, which has no public shareholders to satisfy, Circle must report quarterly earnings that reflect this deterioration.

JUST IN: Chris Dixon says stablecoins now rival major payment networks like Visa with $300 billion issued, calling regulation of the remaining 90% of crypto the next big unlock for builders pic.twitter.com/7nKk4gxtcW

— crypto.news (@cryptodotnews) May 6, 2026 What the OCC bank charter actually enables Circle’s approval from the Office of the Comptroller of the Currency to create First National Digital Currency Bank received considerable attention but limited analysis of what the charter actually enables. A federally chartered bank can do things a non-bank stablecoin issuer cannot: it can hold deposits, extend credit, operate a payments network directly through the Federal Reserve, and offer fiduciary services. For Circle, this is potentially transformative, but only if the company uses the charter to build banking services that generate revenue independent of reserve income.

The most direct application is lending. A bank can take in deposits and lend against them, collecting net interest margin on the spread between the lending rate and the deposit rate. This is the business model that traditional banks have used for a century. If Circle can position USDC balances as de facto bank deposits and lend against them at scale, it creates a revenue line that grows with lending activity rather than shrinking as interest rates fall or USDC supply contracts. The key is whether Circle can attract borrowers who want dollar-denominated loans settled in USDC, a use case that does not yet have a large established market but aligns with the agentic payments narrative the company has been pushing.

The second application is direct Federal Reserve access. Banks can hold reserves at the Federal Reserve and participate in the Fed’s real-time gross settlement system. This would allow Circle to settle USDC transactions at the Fed level rather than through correspondent banking relationships, reducing friction and cost in the settlement process. For a company that has positioned USDC as settlement infrastructure, direct access to the world’s largest settlement system is not a trivial capability.

The OCC charter also changes Circle’s regulatory standing under the GENIUS Act framework. Permitted stablecoin issuers under the GENIUS Act include federally chartered banks, which means Circle’s bank subsidiary could issue USDC under a different regulatory category than its current non-bank structure. This distinction matters for reserve requirements, capital treatment, and the scope of permissible activities.

Mizuho’s caution that investors may be overestimating the charter’s near-term significance is well-founded. Building a functioning bank from a regulatory shell takes time, capital, and operational infrastructure. Regulators require proof of adequate systems, controls, and staffing before a newly chartered bank can operate at scale. But the charter represents optionality that Circle’s competitors do not have. If reserve income continues contracting and Circle can pivot the bank toward lending, custodial services, and direct settlement, the long-term revenue model becomes more durable than current analyst consensus suggests.

What would invalidate the bearish thesis Morgan Stanley’s downgrade rests on three assumptions: that USDC supply continues contracting, that tokenized MMFs take share from stablecoins, and that Circle cannot build a high-margin payments business fast enough to offset the decline.

If any of these assumptions prove wrong, the bear case weakens substantially. A recovery in crypto trading volumes could reverse the USDC supply decline, as happened in late 2024 when DeFi activity surged and USDC supply grew rapidly. If the Clarity Act passes and prohibits yield-bearing stablecoins, Circle’s zero-yield model becomes a regulatory advantage. If agentic payments adoption accelerates from $41,900 per day to meaningful commercial volume, the revenue mix shifts.

The bank charter from the OCC could also become a differentiator over time. A federally chartered bank can offer services that a non-bank stablecoin issuer cannot, including lending, custody, and direct access to the Federal Reserve payments system. If Circle uses the charter to build banking services on top of USDC, the revenue model diversifies beyond reserve income.

The $38 price target is not a floor. It is a forecast that depends on current trends persisting. The stock traded at $42 after the downgrade, meaning the market has not fully priced in Morgan Stanley’s bear case. If any of the assumptions break, the stock could move significantly in either direction.

What to watch USDC circulating supply trajectory. The most direct indicator of Circle’s revenue base. If supply stabilizes above $70 billion, the downgrade may have been too aggressive. If it falls below $65 billion, the earnings revisions get worse.

BlackRock BUIDL and BRSRV adoption. Track total assets in tokenized money market products. If BUIDL grows past $5 billion by year end, the institutional shift away from stablecoins as a yield-free parking vehicle is real. BlackRock’s Cash Management Group oversees nearly $1.073 trillion in cash strategies, giving it vast distribution power.

Hyperliquid USDC balances and competing venue terms. Currently about $6 billion and rising. The revenue share terms set a precedent for other large venues. If Hyperliquid grows to 15% of USDC supply, the distribution economics deteriorate further. Watch for other exchanges renegotiating similar terms.

Clarity Act passage and stablecoin yield provisions. The legislation could reshape stablecoin regulation. A version that allows stablecoin yield would undermine Circle’s argument that its zero-yield structure is a feature. A version that prohibits yield would protect it.

Circle Q3 earnings and guidance. The first earnings report after the downgrade will reveal whether management acknowledges the structural pressures or disputes them. Watch for updated USDC supply guidance, agentic payments metrics, and any changes to the Coinbase revenue-sharing arrangement.

Frequently asked questions Why did Morgan Stanley downgrade Circle? Morgan Stanley cited weaker USDC supply growth, rising competition from tokenized money market funds, and limited traction in Circle’s agentic payments product. The bank cut its price target from $106 to $38 and moved the stock to underweight, with GAAP EPS estimates 20% below consensus for 2028.

What is a tokenized money market fund? A tokenized money market fund is a traditional money market fund whose shares are represented as blockchain tokens. Holders earn yield on their investment while maintaining the ability to transfer shares on chain. BlackRock’s BUIDL, BSTBL, and BRSRV are examples, collectively representing a new asset class that competes directly with stablecoins for on-chain dollar balances.

How does USDC make money for Circle? Circle holds the reserves backing USDC in short-term U.S. Treasuries and cash equivalents. The yield generated by those reserves is Circle’s primary revenue source. USDC holders do not receive yield, which means Circle keeps the spread. This model works best when interest rates are high and USDC supply is growing.

What is the prisoner’s dilemma between Circle and Coinbase? JPMorgan used this term to describe the dynamic where both Circle and Coinbase need to expand USDC distribution through large venues like Hyperliquid, but doing so requires giving up more favorable economics. Coinbase now pays 90% of reserve income on Hyperliquid’s USDC balances back to Hyperliquid, weakening profitability for both companies.

What is Open USD? Open USD is a stablecoin model with shared governance and reserve economics. Instead of a single issuer controlling all revenue, the model distributes economics among participants, making it a potential competitor to Circle’s centralized issuance model. It addresses the incentive misalignment that drove the Hyperliquid renegotiation.

How much USDC is in circulation? USDC circulating supply was approximately $73 billion as of August 2026, down from nearly $80 billion in March 2026. This represents a $7 billion contraction over roughly five months, part of a broader $10 billion decline across the stablecoin market since May.

What is the GENIUS Act? The GENIUS Act is the first comprehensive U.S. federal statute governing payment stablecoins. It defines who may issue stablecoins, what assets must back them, and what issuers must disclose. It also allows tokenized money market funds to serve as eligible reserve assets for stablecoin issuers, directly legitimizing the product class that competes with USDC.

Could Circle recover from this downgrade? Recovery would likely require a reversal in USDC supply trends, successful commercial adoption of its payments products, meaningful use of its OCC bank charter, or regulatory changes that protect the zero-yield stablecoin model. The bear case depends on current structural trends continuing.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. The information presented is based on publicly available reports and data as of August 3, 2026. Always conduct your own research before making investment decisions.

Table of contents

Circle shares fell roughly 6% on Monday after Morgan Stanley downgraded the stablecoin issuer to underweight and slashed its price target to $38—a 64% cut from the previous $106, according to the original report. The move reflects a sharp reassessment of Circle’s earnings power, not just a minor numbers tweak. For a company whose core product revolves around a dollar-pegged digital asset, the bank’s call signals that the stablecoin business model is facing structural headwinds that extend far beyond this quarter’s volumes.

Reserve Yield Pressure Meets Slower Growth The downgrade wasn’t a simple reaction to a bad week in crypto markets. Morgan Stanley pointed to a weaker long-term earnings path for Circle, anchored by three specific factors: decelerating USDC growth, mounting pressure on reserve income, and a shift toward lower-margin transaction revenue. USDC’s market cap sits far below its 2022 peak, and while the stablecoin remains a dominant force in DeFi, that dominance hasn’t translated into explosive expansion recently. The bank now expects the yield Circle earns on its Treasury-heavy reserves to compress further, eroding the high-margin income that previously padded the bottom line.

Transaction fees are growing but offer skinnier margins. Unlike Tether, which has historically relied on massive reserve earnings and less on trading volume, Circle’s path toward profitability depends on being a ubiquitous payment rail. That story has been running for years, and the results remain mixed. The stablecoin market is maturing, and maturity often brings thinner economics, not fatter ones.

New Competitors Are Eating Into Stablecoin Dominance The competitive landscape has shifted, and not just from other stablecoins. Tokenized money market funds, tokenized bank deposits, and projects like Open USD are beginning to chip away at the use cases that stablecoins once owned outright. When a Treasury-backed token from a BlackRock or a Franklin Templeton offers yield directly on-chain, the argument for holding non-yield-bearing USDC in a trading wallet weakens significantly. Recent tokenization milestones, including JPMorgan’s live settlement with Ondo and total on-chain real-world assets crossing $20 billion, signal that institutions are building the rails to bypass traditional stablecoins altogether.

Circle’s bet that USDC would become the settlement layer of the internet is now facing a fragmented reality. In a world where a permissioned fund token can serve the same settlement function while also paying holders a small yield, the zero-yield stablecoin model starts to look dated. Morgan Stanley flagged these tokenized alternatives as a direct threat to Circle’s economics, and the timing matters because the infrastructure is no longer theoretical—it’s already live and settling billions.

Stablecoins in the Regulatory Crosshairs Meanwhile, Washington’s approach to stablecoin legislation remains uncertain, and that ambiguity clouds the outlook for Circle’s public valuation. The political fight is intensifying. Major banks are pushing to reshape a landmark crypto bill only days before a Senate vote, seeking advantages that could rewrite the rules for stablecoin issuers. If regulation tilts in favor of bank-issued tokenized deposits or imposes stringent reserve requirements that undermine Circle’s flexibility, the company’s revenue model could face another unwelcome reset.

Circle has built a reputation as the compliant, transparent issuer—a virtue in a sector often defined by opacity. But compliance alone doesn’t inoculate a company from legislative risk. The very regulatory clarity that Circle has sought for years might arrive and favor exactly the institutions that are already moving into the tokenized deposit space. That isn’t bearish for blockchain-based payments in general, but it is a problem for a standalone stablecoin issuer that isn’t part of a larger banking conglomerate.

What Still Works—and What Remains Ugly It’s not all downside. USDC continues to dominate Ethereum-based DeFi, and Circle’s partnerships with exchanges give it a distribution advantage that new entrants will struggle to replicate overnight. The stablecoin hasn’t suffered from the de-pegging nightmares that have hit smaller algorithmic experiments. But the market’s reaction to Morgan Stanley’s note—a 6% drop that isn’t catastrophic but isn’t a shrug either—suggests investors are increasingly pricing in an environment where Tether and a handful of yield-bearing alternatives squeeze Circle from both ends.

The unanswered question is whether Circle can pivot fast enough in a market that no longer needs a single dominant stablecoin. If USDC becomes one of many settlement tokens rather than the on-chain dollar standard, the equity’s reset to $38 may not reflect the end of the re-rating. It may reflect the start of a repricing across an entire category that looked untouchable a year ago.

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.

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2 min read

Circle CEO Jeremy Allaire (Jemal Countess/Getty Images for TIME)Summary

Morgan Stanley downgraded Circle Internet to underweight and lowered its price target to $38 from $106.The bank cut forecasts for supply of the company’s USDC stablecoin through 2028, citing weaker reserve income and lower-margin revenue.Analysts said growing competition from tokenized cash products and new stablecoin models could pressure Circle's earnings.Morgan Stanley downgraded shares of Circle Internet (CRCL) to underweight from equal-weight on Monday and cut its price target to $38 from $106, citing a weaker long-term earnings outlook.

The stock, which slid 6% following the report, has fallen about 30% year-to-date, reflecting growing investor concern over the outlook for USDC, the company’s dollar-backed stablecoin and its largest source of revenue.

Analyst James Faucette said Morgan Stanley expects slower USDC growth as reserve income comes under pressure and Circle shifts toward lower-margin transaction revenue.

"We downgrade Circle, as USDC contraction exposes reserve income sensitivity and points to a lower-margin shift toward transaction revenue," Faucette wrote in a research note.

The bank reduced its USDC supply forecasts by roughly 33% for 2027 and 44% for 2028, resulting in GAAP earnings-per-share estimates that are about 3% below Wall Street consensus in 2027 and 20% below consensus in 2028.

Morgan Stanley also pointed to rising competition from tokenized money market funds and tokenized deposits, which could reduce both USDC balances and the revenue Circle earns on reserves.

BlackRock, on Monday, expanded its push into tokenized finance with the debut of two blockchain-based money market products designed to serve both traditional investors and the growing stablecoin industry.

The bank was also skeptical about Circle's push into agentic payments, saying transaction volume has fallen to about $41,900 per day, with an implied average transaction size of roughly 24 cents, suggesting limited commercial adoption.

The stablecoin market is becoming more competitive following the introduction of Open USD, a new stablecoin model with shared governance and reserve economics. Morgan Stanley said that structure could make it more expensive for Circle to maintain USDC distribution incentives.

The bearish call follows a downgrade from JPMorgan, which argued that Circle's revised agreement with crypto exchange Hyperliquid weakened USDC's economics. JPMorgan said the arrangement highlighted a growing "prisoner's dilemma" between Circle and Coinbase (COIN), where both companies may increasingly compete to expand USDC distribution at the expense of profitability.

UPDATE (Aug. 3, 14:05 UTC): Removes second word of the company’s name, Internet, from the headline.

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The Evolution of the Crypto CEX Landscape: A Case Study on Binance

The Evolution of the Crypto CEX Landscape: A Case Study on Binance

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Jun 29, 2026

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Why it matters:

Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.

Circle has acquired nearly 1,000 blockchain patents from IBM, giving the USDC issuer what it describes as the largest blockchain patent portfolio in the United States.

Summary

Circle acquired nearly 1,000 issued patents spanning more than 680 patent families. The portfolio covers blockchain, banking, insurance, cloud security, and enterprise infrastructure. Circle has not disclosed the purchase price or explained whether it could enforce the patents against competitors. CRCL initially gained about 2%, but later fell after Morgan Stanley cut its target to $38. Circle takes control of IBM’s blockchain portfolio Circle announced the acquisition on July 27, saying it had purchased core assets from IBM’s blockchain patent portfolio. The transaction covers more than 680 patent families and nearly 1,000 issued patents worldwide.

The intellectual property spans blockchain systems, financial services, banking, insurance, supply-chain verification, enterprise infrastructure, and secure cloud operations. Circle did not disclose the financial terms.

Circle said the portfolio would support USDC, the Circle Payments Network, its Arc blockchain, and tools designed for artificial intelligence agents. The two companies also plan to consider further commercial agreements.

“Intellectual property is critical to advancing our mission and expanding adoption of onchain infrastructure,” Circle General Counsel Sarah Wilson said.

Wilson added that the acquisition would expand Circle’s ability to develop infrastructure for internet-based finance.

Patent deal raises concerns over possible enforcement Circle’s announcement did not state whether the company intends to license the patents, use them defensively, or enforce them against other blockchain businesses.

That lack of detail has prompted questions about how Circle could use its newly acquired intellectual property. In an Aug. 3 commentary, Fortune’s Jeff John Roberts warned that the patents could become legal leverage against competitors or startups.

Roberts argued that Circle could theoretically seek licensing payments, bring infringement cases, or transfer patents to separate entities that pursue enforcement. However, Circle has not announced plans to take any of those actions.

The concerns also stem from IBM’s mixed record in commercial blockchain development. IBM previously backed several enterprise blockchain projects, including supply-chain and trade-finance platforms, but many failed to achieve broad adoption.

A large patent portfolio does not necessarily indicate that the underlying products reached commercial success. Still, issued US patents can give their owner the right to restrict others from using covered inventions, subject to their validity and scope.

Circle has also not announced a public defensive patent pledge comparable to commitments used by some other digital-asset companies. Such pledges generally promise that patents will not be used offensively against developers acting in good faith.

US blockchain firms face new intellectual property risk Circle’s position as the largest US holder of blockchain-related patents could affect companies building stablecoin, payments, interoperability, and enterprise ledger products.

The practical impact will depend on the language of individual patent claims and whether Circle chooses to enforce them. Any infringement dispute would also face review in US courts, where defendants can challenge whether a patent is valid or applies to their technology.

For Circle, the acquisition may provide protection as it expands beyond reserve income from USDC. Arc, Circle Payments Network, cross-chain services, and agent-based payment tools could expose the company to a broader set of technology competitors.

It may also strengthen Circle’s bargaining position in licensing or partnership negotiations. Still, without an enforcement policy, developers and competitors have limited visibility into whether the portfolio will function mainly as a defensive shield or a commercial asset.

CRCL falls despite initial reaction to IBM deal Fortune reported that Circle shares rose about 2% following news of the acquisition. That gain did not hold as separate concerns about the company’s USDC business weighed on CRCL on Aug. 3.

Circle shares fell nearly 5% to around $59 after Morgan Stanley downgraded the stock to underweight and cut its price target from $106 to $38. The bank cited weaker USDC supply forecasts, pressure on reserve income, and a potential shift toward lower-margin transaction revenue.

Morgan Stanley reduced its USDC supply estimates by 33% for 2027 and 44% for 2028. The downgrade was separate from the IBM patent acquisition, although both developments reflect Circle’s attempt to establish revenue sources beyond interest earned on USDC reserves.

Investors will now watch for details on how Circle intends to integrate, license, or enforce the patents. Until the company provides those details, claims that it will use the portfolio against competitors remain speculative.

Sneha Agrawal

With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.

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Source: Binance EN

This is a general announcement. Products and services referred to here may not be available in your region. Fellow Binancians, Binance will perform wallet maintenance for USD Coin (USDC) withdrawals via the SEIEVM network at 2026-08-04 07:00 (UTC). To support the wallet maintenance, withdrawals of USDC via the SEIEVM network will be suspended starting from 2025-08-04 06:55 (UTC), and be resumed when the maintenance is complete. The maintenance will take up to 2 hours. Please Note: The trading of token(s) on the aforementioned networks will not be impacted.Binance will handle all technical requirements involved for all users.Withdrawals for token(s) on the aforementioned network will be reopened once the network is deemed to be stable. No further announcement will be posted.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 2026-08-03 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.

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