The working group's final term committed $450,000 in USDC and 72.5 ETH to Ethereum infrastructure projects including Vyper, Argot Collective and Remix Labs before it was wound down.
The ENS DAO Public Goods Working Group has been sunset after four and a half years of funding Ethereum infrastructure, working group lead Simona Pop said on X Thursday morning.
The group's final term committed $450,000 in USDC and 72.5 ETH, worth roughly $123,000 at current prices, across Builder Grants, Strategic Grants and advocacy work, according to Pop and the working group's term 6 report posted to the ENS governance forum. Strategic Grants alone totaled $375,000 USDC in the term, co-funded with the Ethereum Foundation at roughly a 1-to-1.2 ratio.
Recipients included Vyper, the alternate smart-contract language whose deployments secure $2.3 billion in TVL across 23 chains, Argot Collective, the group of 25 former Ethereum Foundation employees now independently maintaining Solidity and Sourcify, and Remix Labs, the team behind the Remix IDE used to deploy more than 12 million contracts.
Pop credited BuidlGuidl founder Austin Griffith with building the rolling, milestone-based platform that let Builder Grants run continuously rather than in seasonal rounds. She framed the closure against ENS's own origin: ENS founder Nick Johnson secured a $1 million grant from the Ethereum Foundation in 2018 to build what became ENS, work that spun out into True Names Ltd.
Pop argued the DAO is walking away from a larger opportunity. ENS holds one of the largest treasuries in crypto and was positioned to become one of the ecosystem's "other heroes," a term Ethereum co-founder Vitalik Buterin has used, she wrote.
The sunset lands amid a broader restructuring of ENS DAO's governance and treasury. The DAO recently opened a temp-check vote on handing treasury and day-to-day authority to the ENS Foundation, following delegate disputes over a separate foundation proposal and a push to dissolve the DAO after Johnson blocked a security council renewal.
No new funding round has been announced to replace the working group's grants pipeline.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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The bank’s new tie-up with Circle lets institutional clients mint and redeem USDC without opening a separate account, launching first in Dubai.
Posted July 2, 2026 at 10:11 pm EST.
Standard Chartered announced it has become the first Global Systemically Important Bank licensed to let institutional clients mint and redeem USDC directly through the bank, without opening a separate account with issuer Circle.
The capability, developed with Circle, gives eligible clients a single onboarding process to convert dollars into USDC and back while staying inside the bank’s existing risk, compliance, and governance framework. It launched first through Standard Chartered’s Dubai International Financial Centre operations, with the bank saying it plans to expand into additional markets subject to regulatory approval.
Roberto Hoornweg, Standard Chartered’s chief executive of corporate and investment banking, said in the announcement that “digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets,” adding that the goal is “enabling broader institutional participation in digital asset markets through the frameworks, controls and regulatory oversight that have long supported confidence in global financial markets.”
The service targets on-chain settlement, treasury, and liquidity management, with payment-related use cases planned for later. Circle’s chief commercial officer, Kash Razzaghi, said in the announcement that “financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets,” and that integrating Circle’s infrastructure into Standard Chartered’s platform gives clients new ways to use USDC “while maintaining the compliance, governance and risk management standards they expect.”
Standard Chartered isn’t the first bank overall to build this kind of bank-led USDC access. Three days earlier, on June 29, BNY expanded its own relationship with Circle, making USDC the first stablecoin on its Digital Asset Custody platform and letting clients store, transfer, mint, and burn the token. Standard Chartered’s claim is narrower and specific to the roughly 30 banks worldwide classified as Global Systemically Important Banks, a designation carrying heightened regulatory scrutiny.
The launch extends a buildout Standard Chartered has been running for more than a year. The bank has helped design Circle’s Payments Network since April 2025 alongside Santander, Deutsche Bank, and Société Générale, and in April received one of Hong Kong’s first two stablecoin issuer licences through Anchorpoint Financial, a joint venture with Animoca Brands and HKT. Circle has similarly rotated through banking partners before to keep USDC’s minting and redemption pipeline running, including after the 2023 collapse of Signature Bank forced it to onboard Cross River Bank on short notice.
USDC currently carries a market cap of about $73 billion.
Related Listen: The Chopping Block: Visa, Mastercard & 140 Firms Take On Circle, Saylor’s Digital Credit Reset & the DAO Reckoning
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Circle just published the official USDC method specification for the Machine Payments Protocol, and Stacks’ USDCx is the first stablecoin built under that framework. The move positions Bitcoin’s leading layer 2 as a hub for standardized machine-to-machine payments, the kind of infrastructure that makes AI agents capable of settling transactions on their own.
What USDCx actually is and how it works USDCx is a stablecoin pegged 1:1 to USDC, fully backed by reserves held in Circle’s xReserve infrastructure. It launched on Stacks mainnet on December 17-18, 2025, with a specific contract ID (SP120SBRBQJ00MCWS7TM5R8WJNTTKD5K0HFRC2CNE.usdcx) that anyone can verify on-chain.
USDCx doesn’t rely on third-party bridges to function. It connects directly with Circle Gateway and CCTP (Cross-Chain Transfer Protocol), which means moving value between chains doesn’t require trusting some random bridge operator with your funds.
The stablecoin maintains its peg near $1 and is actively traded on platforms tracked by CoinGecko. Ethereum bridging was already supported at launch, with plans to expand CCTP network support that kicked off in Q1 2026.
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The machine payments angle The MPP spec is where things get genuinely interesting. The Machine Payments Protocol establishes a standardized way for machines, think AI agents, automated services, and IoT devices, to send and receive payments without human intervention. The MPP spec was published by Circle on June 23, 2026.
USDCx being the first USDC-backed stablecoin under this spec means Stacks is effectively positioning itself as the settlement layer for AI commerce on Bitcoin. Cross-chain machine-to-machine payments on Bitcoin through Stacks are now technically possible.
Ecosystem adoption and DeFi implications Major wallets including Asigna, Fordefi, Leather, and Xverse all adopted USDCx shortly after launch. On the DeFi side, protocols like Zest and Granite integrated the stablecoin, enabling lending, borrowing, and trading with dollar liquidity on Stacks.
For Bitcoin holders specifically, USDCx creates an option that didn’t cleanly exist before: accessing stablecoin functionality without leaving the Bitcoin economy entirely. You can collateralize Bitcoin-backed assets, borrow against them in a dollar-denominated stablecoin, and do it all within an ecosystem that settles on Bitcoin through Stacks’ Proof of Transfer consensus mechanism.
Stacks uses PoX to anchor its security to Bitcoin’s blockchain, and runs Clarity smart contracts, a language designed to be decidable, meaning you can mathematically verify what a contract will do before executing it.
What this means for investors Institutional players care about two things above all else: compliance and security in cross-chain interactions. Circle’s direct involvement through xReserve and CCTP addresses both concerns in ways that third-party wrapped tokens simply cannot. The 1:1 USDC backing, verified through Circle’s own infrastructure rather than an independent bridge, reduces counterparty risk substantially.
Trading volumes and user growth across Stacks DeFi protocols will be the metrics to watch. If USDCx drives meaningful increases in total value locked and daily active users on platforms like Zest and Granite, it validates the thesis that Bitcoin users want native stablecoin liquidity.
The risk worth monitoring is concentration. USDCx’s entire value proposition depends on Circle’s continued support and the stability of the xReserve infrastructure. Any disruption to Circle’s operations, whether regulatory or technical, would cascade directly into USDCx’s functionality.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Standard Chartered has launched a new service that gives eligible institutional clients access to USDC minting and redemption through its own banking platform.
Summary
Standard Chartered now lets eligible institutions access USDC minting and redemption without direct Circle accounts globally. The service starts through DIFC operations and may expand to more markets after approvals. Circle said the partnership supports institutional use cases across settlement, treasury, liquidity management, and payments. The product was developed with Circle, the issuer of USDC. Meanwhile, the bank said the setup lets clients use one onboarding and service experience instead of opening direct accounts with Circle. It connects fiat banking, custody, digital asset infrastructure, and public blockchain networks inside one bank-led offering.
The service starts through Standard Chartered’s DIFC operations in Dubai. The bank plans to expand it into other markets, subject to local approvals and market readiness.
Standard Chartered offers USDC access through one bank platform The Standard Chartered and Circle launch makes the bank the first Global Systemically Important Bank licensed to offer institutional clients integrated USDC minting and redemption access. Circle said clients can use the service without holding direct Circle accounts.
The product targets use cases such as onchain settlement, treasury operations, and liquidity management. It also gives Standard Chartered a path to support payment-related use cases in the future as stablecoin infrastructure becomes part of institutional workflows.
Roberto Hoornweg, Chief Executive Officer for Corporate and Investment Banking at Standard Chartered, said, “Digital assets are becoming an increasingly important component of global financial infrastructure.” He added that clients want the same trust and governance standards that support traditional markets.
Circle links USDC to regulated banking channels Circle Chief Commercial Officer Kash Razzaghi said financial institutions want trusted access to stablecoins and blockchain-based markets. He said integrating Circle’s infrastructure into Standard Chartered’s platform can help institutions use USDC across payments, settlement, and treasury operations.
The launch follows other bank-linked USDC moves. As previously reported, BNY unlocked USDC minting and redemption for clients, allowing them to convert U.S. dollars into USDC and redeem the stablecoin back into dollars from within its platform.
Circle has also been widening its institutional payment network. Crypto.news reported that Circle Payments Network launched for banks, giving banks and fintechs a managed USDC settlement option without requiring them to manage custody systems or blockchain operations directly.
UAE role grows in stablecoin infrastructure Standard Chartered said the launch reinforces the UAE’s role as a hub for regulated digital asset activity. The service begins in DIFC, where many global banks and digital asset firms already serve institutional clients across the Middle East, Africa, and Asia.
The UAE has also moved to build local stablecoin rules and products. Moreover, the UAE unveiled its first central bank-approved stablecoin, creating a locally regulated dollar-backed token that competes with USDC in certain institutional use cases.
Standard Chartered has also expanded digital asset payment rails in the region. Previously, Singapore Gulf Bank tapped Standard Chartered to improve cross-border settlement and multi-currency payment services across Middle East and Asia corridors.
Stablecoin competition keeps rising The bank-led USDC service comes as competition around stablecoin access grows. As crypto.news reported, Circle shares fell 17.5% after Russell Growth removals and the launch of Open USD, a rival stablecoin backed by a large group of partners.
Banks and fintechs are also building more stablecoin infrastructure directly. Checker raised $8 million to help banks and fintechs launch stablecoin products through a single API.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Summer 2026 is already here and we want to know how you're spending it. Whether you're chasing sunsets, stacking sats, or leveling up your trading game, your summer story deserves to be heard. Join our latest community challenge on the Binance Angels X account, fill your 2026 Summer Kit, and share it with the community for a chance to win a share of 300 USDC token vouchers! Activity Period: 2026-07-02 09:00 (UTC) to 2026-07-06 12:00 (UTC) How to Participate: During the Activity Period, complete all of the following steps to be eligible: Follow the Binance Angels X account.Like & retweet the campaign post. Go to this Binance Discord channel and make a post with the following included: Your completed Summer Kit image;A short text explaining your choices; andYour X account username. Reward Structure: The best 12 posts will be selected at Binance’s sole discretion, and eligible winners will share a prize pool of 300 USDC token vouchers equally. The posts will be selected based on creativity, Binance brand relevance, and accuracy as per Binance's discretion. Activity Rules: Each user is allowed to submit a maximum of 1 submission per day in the Binance Discord channel.Copied, NSFW, hateful, or offensive content is not allowed and will not be counted as eligible for this Activity. Terms & Conditions: These terms and conditions (“Promotion Terms”) govern users’ participation in the promotion above (“Promotion”). By participating in this Promotion, users agree to these Promotion Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Promotion Terms, and any other incorporated terms, the provisions of these Promotion Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only users who complete identity verification during the Activity Period can qualify for rewards in the Promotion. The products or features referred to above may not be available in your region. Users are responsible for informing themselves about and observing any restrictions and/or requirements imposed with respect to the access to and use of Binance services in each country from which the services are accessed.Only users in eligible countries are able to participate in this activity. Rewards will be distributed on 2026-07-30 on Binance Rewards Hub. Eligible users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. The validity period for the token voucher is set at 30 days from the day of distribution. Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating or suspending this Promotion, the eligibility terms and criteria, the selection and number of winners, and the timing of any act to be done, and all Participants shall be bound by these amendments. There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-02
TL;DR Standard Chartered has become the first G-SIB to offer institutional clients direct USDC minting and redemption services. The new solution allows eligible clients to access USDC without opening a separate account with Circle. Initially launching through the bank’s DIFC operations, the service supports settlement, treasury, and liquidity management. The partnership underscores growing institutional demand for regulated stablecoin infrastructure despite rising competition in the sector. Standard Chartered, currently at the fore front of the stablecoin adoption campaign, has introduced a new service that enables institutional clients to mint and redeem USDC directly through the bank, marking a significant step in the integration of traditional banking with digital assets.
Developed in partnership with Circle Internet Group, the issuer of USDC, the offering makes Standard Chartered the first Global Systemically Important Bank (G-SIB) to provide institutional access to USDC minting and redemption through a single banking relationship.
Unlike existing arrangements, eligible clients will not need to open separate accounts with Circle. Instead, they can access USDC minting and redemption through Standard Chartered’s institutional platform, allowing them to move between fiat currencies and blockchain-based assets within a unified banking environment.
Circle 🤝 Standard Chartered@StanChart has launched institutional USDC minting and redemption through DIFC, becoming the first G-SIB to offer institutional access to USDC through a regulated banking channel.
A major milestone for institutional stablecoin adoption.… pic.twitter.com/SufjFOqjyk
— Circle (@circle) July 2, 2026
The service will initially be available through the bank’s Dubai International Financial Centre (DIFC) operations, with plans to expand into additional markets as regulatory approvals are secured.
New Service Aims to Bridge Traditional Banking and Digital Assets Standard Chartered said the new capability is designed to simplify how institutions interact with regulated stablecoins by combining banking services, custody, and digital asset infrastructure into a single offering.
The bank expects the solution to support a wide range of institutional activities, including on-chain settlement, treasury operations, and liquidity management, while also laying the foundation for future payment-related use cases. By embedding USDC access into its existing institutional banking platform, Standard Chartered aims to provide clients with the governance, compliance, and risk management standards associated with a global financial institution.
The launch also reflects growing demand among corporations and financial institutions for regulated stablecoin infrastructure capable of supporting cross-border transactions and digital asset operations. Starting in the UAE further reinforces the country’s position as an emerging hub for regulated blockchain and digital asset innovation.
Partnership Highlights Stablecoin Adoption Despite Growing Competition The partnership, just barely a month after another one with CoinMENA, represents another milestone for Circle as it continues expanding the reach of USDC through established financial institutions. Bringing a global systemically important bank into its ecosystem could strengthen USDC’s position among institutional users seeking regulated access to stablecoins.
The announcement also comes just hours after renewed attention on Circle’s competitive position in the stablecoin market. As earlier reported, Circle’s shares recovered modestly after a sharp selloff triggered by the launch of the OpenUSD consortium, an initiative backed by more than 140 organizations, including major financial and technology companies such as Stripe, Coinbase, Visa, Mastercard, and BlackRock.
While some analysts have warned that increasing competition could pressure USDC’s market position over time, Standard Chartered’s decision to integrate USDC into its institutional banking services signals that demand for regulated stablecoin infrastructure continues to grow.
Key HighlightsPre-Market Rally Follows USDC Service AnnouncementMajor Bank Pioneers Institutional Stablecoin InfrastructureInstitutional Appetite Drives CRCL MomentumGet 3 Free Stock Ebooks CRCL shares advance following Standard Chartered’s institutional USDC launch.
Global bank introduces direct USDC creation and redemption services.
Development reinforces Circle’s position in regulated digital currency markets.
Initial deployment begins in DIFC with expansion plans underway.
Partnership expands Circle’s footprint among institutional investors.
Shares of Circle Internet Group (CRCL) climbed 3.81% to reach $64.38 during pre-market hours following Standard Chartered’s introduction of institutional-grade USDC services. This advance came after CRCL closed the prior session at $61.95, representing a 1.09% decline. The development establishes a connection between a leading international financial institution and Circle’s regulated digital dollar platform.
Circle Internet Group, CRCL
Pre-Market Rally Follows USDC Service Announcement Circle Internet Group equity experienced upward momentum ahead of market open after Standard Chartered unveiled its USDC creation and redemption platform. This offering leverages Circle’s existing framework while focusing on corporate and institutional participants. The partnership enhances Circle’s standing within the regulated digital currency ecosystem.
Circle 🤝 Standard Chartered@StanChart has launched institutional USDC minting and redemption through DIFC, becoming the first G-SIB to offer institutional access to USDC through a regulated banking channel.
A major milestone for institutional stablecoin adoption.… pic.twitter.com/SufjFOqjyk
— Circle (@circle) July 2, 2026
This new functionality enables organizations to obtain USDC via Standard Chartered’s established client onboarding and servicing infrastructure. Consequently, institutional participants can bypass the need for direct Circle relationships. This arrangement introduces a banking intermediary between traditional currency systems and distributed ledger settlement mechanisms.
Circle produces USDC through licensed operating entities, maintaining its status as a leading dollar-backed digital currency. Applications include cross-border transactions, financial settlement, corporate treasury operations, and capital management. Banking collaborations of this nature can accelerate mainstream institutional adoption.
Major Bank Pioneers Institutional Stablecoin Infrastructure Standard Chartered achieved a milestone as the inaugural licensed Global Systemically Important Bank offering this type of USDC service architecture. Operations will commence through the bank’s Dubai International Financial Centre presence. This deployment reinforces the United Arab Emirates’ commitment to regulated cryptocurrency infrastructure.
The platform integrates traditional banking capabilities with custody solutions, digital asset technology, and public blockchain networks. Organizations gain unified access for moving between fiat currency and stablecoins. This arrangement enables businesses to coordinate blockchain-based settlement and treasury functions with enhanced oversight.
Standard Chartered intends to broaden this service across additional jurisdictions following regulatory clearance and operational preparation. Bank executives positioned this deployment as an initial step within a comprehensive stablecoin strategy. Such moves reflect increasing appetite for compliant digital asset infrastructure.
Institutional Appetite Drives CRCL Momentum Circle stands to gain from growing corporate and institutional interest in stablecoins and blockchain settlement systems. USDC availability through an established international bank may unlock additional enterprise applications. This integration embeds Circle more firmly within conventional financial architecture.
The announcement arrives as financial institutions and corporations evaluate stablecoins for payment processing and treasury optimization. Organizations seek operational efficiency and transaction transparency while maintaining regulatory compliance and risk management protocols. Standard Chartered’s approach satisfies these requirements through its supervised banking structure.
CRCL’s pre-market appreciation underscored this enhanced institutional positioning. Shares recovered from the previous session’s weakness and early trading pressure. Nevertheless, the fundamental narrative centers on Circle’s deepening integration with regulated banking infrastructure.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Circle’s USDC is well on its way to a massive growth in institutional usage following the launch of a new offering by Standard Chartered.
In a major partnership update, the bank revealed that it will now allow eligible institutional clients to directly mint and redeem the USDC stablecoin.
Standard Chartered Backs USDC For Institutional Clients It marks the first time that a Global Systemically Important Bank (G-SIB) is offering the institutional minting and redemption of USDC under a single onboarding process. Under the Circle-Standard Chartered partnership, clients aren’t required to hold direct accounts with Circle for USDC minting and redemption.
Standard Chartered will initially roll out the USDC offering in its Dubai International Financial Centre (DIFC). Interestingly, this move aims to integrate traditional banking, digital asset infrastructure, and blockchain connectivity on a single platform.
Moreover, Standard Chartered also plans to expand the product into other markets as it gets regulatory approvals.
Circle 🤝 Standard Chartered@StanChart has launched institutional USDC minting and redemption through DIFC, becoming the first G-SIB to offer institutional access to USDC through a regulated banking channel.
A major milestone for institutional stablecoin adoption.… pic.twitter.com/SufjFOqjyk
— Circle (@circle) July 2, 2026
The infrastructure is intended for institutional applications such as on-chain settlement, treasury management and liquidity operations. Further, in later stages, it eyes adding payment applications for Circle’s USDC. After this announcement, the CRCL stock price gained 4.25% to $64.58 in pre-market trading on Thursday.
Institutional investors are seeking trusted digital asset infrastructure, said Roberto Hoornweg, the Chief Executive Officer of Corporate and Investment Banking at Standard Chartered. In the official release, he said, “Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets.”
The collaboration follows Standard Chartered bagging its MiCA license via its Luxembourg branch just days before the EU transition deadline in July.
Boost For USDC In Dubai Region Meanwhile, as Standard Chartered continues to roll out access to the USDC, Circle is also making moves to counter competition from Open USD (OUSD). For context, the rival stablecoin OUSD was introduced by the Open Standard consortium on June 30.
OUSD’s consortium consists of over 140 companies. These include Visa, Mastercard, BlackRock, BNY, Standard Chartered, Google, Shopify, Coinbase, Ripple, and Solana.
However, Circle CEO Jeremy Allaire dismissed concerns related to OUSD. On Wednesday, July 1, he stated that the market share of USDC is based on years of ecosystem building. On X, he wrote, “Stablecoin networks are platform and network effect businesses that are established over a long period of time.”
USDC’s developer ecosystem, its liquidity and regulatory quality in the European Union and Japan were among its competitive advantages, he added.
Other Articles... Meanwhile, the Standard Chartered partnership can boost in the Dubai region. The launch is expected to strengthen USDC’s institutional presence in Dubai. It eyes giving eligible clients in the DIFC direct access to minting and redemption through a global bank.
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It also reinforces Dubai’s position as a leading hub for regulated digital asset activity. Recently, VARA made a milestone by issuing 50th license, hence, continuing to seal Dubai’s status as a global crypto hub.
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Standard Chartered and USDC issuer Circle have developed a system that lets institutional clients mint and redeem the USDC stablecoin through a bank-led onboarding process.
Standard Chartered said Thursday it is the first Global Systemically Important Bank (G-SIB) to offer such services for USDC, bringing stablecoin access into the same risk, compliance and governance frameworks used in traditional banking. Clients will be able to mint and redeem the US dollar-backed stablecoin directly through StanChart's platform instead of opening separate accounts with Circle.
“By embedding USDC access directly within Standard Chartered’s institutional offering, Standard Chartered will bring together banking, custody, and digital asset services within one integrated offering,” the announcement said. The initial rollout will be through the Dubai International Financial Centre (DIFC).
The collaboration comes as stablecoin infrastructure is increasingly integrated into traditional banking systems, as issuers and financial institutions compete to control how digital assets such as USDC are distributed and accessed.
Source: Circle on X.com
The capability supports institutional use cases such as onchain settlement, treasury, and liquidity management, while also providing the infrastructure to support payment-related use cases in the future.
Initial rollout via Dubai International Financial CentreWhile the service is initially rolling out through Standard Chartered’s operations in the DIFC, the bank said it intends to expand the capability to other markets, depending on regulatory approval and demand from clients.
Source: Standard Chartered
Roberto Hoornweg, CEO of corporate and investment banking at StanChart, said the goal is to bring traditional banking standards into crypto markets as demand for regulated infrastructure increases.
“Ultimately, this is about enabling broader institutional participation in digital asset markets through the frameworks, controls and regulatory oversight that have long supported confidence in global financial markets,” he said.
The news came in the wake of Circle CEO Jeremy Allaire's statement defending USDC’s network effects against new stablecoin entrants like Open USD (OUSD), pointing to growing competition over distribution, liquidity and revenue models in the stablecoin market.
“With OUSD, we work closely with many of the founding members, and we expect that those same members will remain large USDC partners and customers,” he said on Wednesday.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Standard Chartered and USDC issuer Circle have developed a system that lets institutional clients mint and redeem the USDC stablecoin through a bank-led onboarding process.
Standard Chartered said Thursday it is the first Global Systemically Important Bank (G-SIB) to offer such services for USDC, bringing stablecoin access into the same risk, compliance and governance frameworks used in traditional banking. Clients will be able to mint and redeem the US dollar-backed stablecoin directly through StanChart's platform instead of opening separate accounts with Circle.
“By embedding USDC access directly within Standard Chartered’s institutional offering, Standard Chartered will bring together banking, custody, and digital asset services within one integrated offering,” the announcement said. The initial rollout will be through the Dubai International Financial Centre (DIFC).
The collaboration comes as stablecoin infrastructure is increasingly integrated into traditional banking systems, as issuers and financial institutions compete to control how digital assets such as USDC are distributed and accessed.
Source: Circle on X.com
The capability supports institutional use cases such as onchain settlement, treasury, and liquidity management, while also providing the infrastructure to support payment-related use cases in the future.
Initial rollout via Dubai International Financial CentreWhile the service is initially rolling out through Standard Chartered’s operations in the DIFC, the bank said it intends to expand the capability to other markets, depending on regulatory approval and demand from clients.
Source: Standard Chartered
Roberto Hoornweg, CEO of corporate and investment banking at StanChart, said the goal is to bring traditional banking standards into crypto markets as demand for regulated infrastructure increases.
“Ultimately, this is about enabling broader institutional participation in digital asset markets through the frameworks, controls and regulatory oversight that have long supported confidence in global financial markets,” he said.
The news came in the wake of Circle CEO Jeremy Allaire's statement defending USDC’s network effects against new stablecoin entrants like Open USD (OUSD), pointing to growing competition over distribution, liquidity and revenue models in the stablecoin market.
“With OUSD, we work closely with many of the founding members, and we expect that those same members will remain large USDC partners and customers,” he said on Wednesday.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
2 July 2026 | 15:20 Standard Chartered has integrated stablecoin access directly into its banking infrastructure through a partnership with Circle, announced on July 2, 2026.
Key Takeaways Standard Chartered launched institutional USDC minting and redemption with Circle. Clients access USDC through the bank, without holding direct Circle accounts. It combines fiat banking, custody, and blockchain settlement in one regulated flow. The rollout starts in the UAE through Standard Chartered’s DIFC operations. What Was Launched The core of the announcement is access. Eligible institutional clients can now mint and redeem USDC through a single onboarding and service experience within Standard Chartered’s existing institutional banking setup. According to Circle, this makes Standard Chartered the first Global Systemically Important Bank (G-SIB) licensed to offer institutional clients access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.
That qualifier matters, other large banks have been moving into USDC custody and settlement, so the distinction here is the specific licensed, bank-led minting-and-redemption model delivered without a direct Circle relationship, not simply “a bank touching USDC first.”
How It Works The capability connects three layers that usually sit apart: fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution. In practice, that lets institutions convert dollars to USDC and back, and use the stablecoin for on-chain work, inside one regulated environment with the bank’s compliance and custody wrapped around it.
The stated use cases are institutional plumbing rather than trading: on-chain settlement, treasury, and liquidity management, while providing the infrastructure to support payment-related use cases in the future. The pitch is that institutions get USDC access delivered through the risk, compliance, and governance standards they already expect from a major international bank.
Circle 🤝 Standard Chartered@StanChart has launched institutional USDC minting and redemption through DIFC, becoming the first G-SIB to offer institutional access to USDC through a regulated banking channel.
A major milestone for institutional stablecoin adoption.… pic.twitter.com/SufjFOqjyk
— Circle (@circle) July 2, 2026
Where It Starts The rollout is geographically staged. It’s initially available to eligible clients through Standard Chartered’s DIFC operations, based in the UAE, which the bank frames as the first phase of a broader global stablecoin proposition. Standard Chartered says it intends to expand the capability into additional markets, subject to regulatory approvals and market readiness. The UAE launch also reinforces the country’s positioning as a hub for regulated digital-asset activity.
Roberto Hoornweg, CEO of Corporate and Investment Banking at Standard Chartered, framed it as extending traditional standards into a new segment:
Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets.
Kash Razzaghi, Chief Commercial Officer at Circle, tied it to institutional demand:
Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets.
The significance is structural, not speculative. USDC is fully backed 1:1 by cash and short-term US Treasuries, minted when fiat is deposited and burned on redemption, so it behaves as a demand-driven digital dollar, not an inflationary asset. What changes here is who controls the on-ramp: a G-SIB is now a direct gateway to minting and redeeming those digital dollars.
That pushes stablecoins further from being trading instruments toward being settlement infrastructure. It deepens USDC’s positioning as regulated, bank-integrated digital cash, applies competitive pressure to other stablecoins, and lays groundwork for tokenized treasury, payment, and liquidity systems running on-chain. It also fits a clear 2026 pattern: major banks, from custody players to G-SIBs, racing to build regulated USDC infrastructure as institutional demand for on-chain dollars grows. This is one of the more concrete steps in stablecoins becoming, in effect, regulated financial plumbing.
This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.
Author
Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.
The custody and settlement plumbing of institutional crypto just got a meaningful upgrade. Standard Chartered has partnered with Circle to let its institutional clients mint and redeem USDC directly through the bank’s existing channels—without the friction of opening and maintaining separate accounts with the stablecoin issuer. The arrangement, detailed in the original report, makes Standard Chartered the first Global Systemically Important Bank (G-SIB) to offer this capability under a single onboarding experience.
The service launches via Standard Chartered’s operations in the Dubai International Financial Centre (DIFC), a jurisdiction that has been building crypto-specific regulatory clarity under the Virtual Assets Regulatory Authority (VARA). The bank intends to bridge fiat banking, digital asset infrastructure, and public blockchains—specifically targeting treasury, on-chain settlement, and liquidity management. In practical terms, a corporate client can now convert fiat into USDC and back through its relationship with Standard Chartered, with the bank handling the issuance and redemption processes behind the scenes.
A Banking Gateway to USDC Liquidity Until now, institutional access to dollar-backed stablecoins typically required a direct relationship with the issuer or a third-party crypto exchange that supported mint and burn flows. For many large financial firms, that setup introduced counterparty concentration risk and operational complexity. By absorbing those functions, Standard Chartered positions itself as a regulated conduit between traditional fiat rails and on-chain capital. The move parallels how prime brokerages aggregate market access for hedge funds, but here the product is a stablecoin rather than a security.
Standard Chartered isn’t just adding a menu item. The bank has been quietly building a digital asset custody and tokenization stack, including through its Zodia Custody venture and partnerships with enterprise blockchain networks. Adding USDC mint/redemption turns its DIFC hub into a multi-rail settlement node, something that could appeal to trade finance desks and cross-border payment operations. The timing also coincides with a broader reassessment of corporate treasury strategies, where stablecoins are increasingly used to net intraday settlement risk across time zones. This appetite has been visible in surging institutional staking demand and funding flows into on-chain yield vehicles.
Implications for Stablecoin Market Structure The partnership subtly shifts the stablecoin power dynamic. Circle’s USDC has long sought to differentiate itself from USDT through regulatory compliance and transparent reserves. By embedding USDC mint/redemption inside a G-SIB, Circle moves the stablecoin closer to mainstream banking infrastructure—potentially eroding the network-effect advantage that Tether enjoys among offshore market makers. Institutions that once hesitated to touch any stablecoin due to perceived regulatory risk may now see a bank-wrapped path.
That said, the arrangement is limited to eligible clients and currently runs through one financial free zone. It is not a universal banking license to issue stablecoins across all markets. Yet the signal is loud: a systemically important bank is comfortable enough with the liability structure and compliance framework to act as a direct on/off-ramp. This comes against the backdrop of a fractious regulatory environment in the U.S., where some major lenders have actively pushed back on crypto legislation even while others explore stablecoin products under clearer foreign frameworks. The DIFC route allows Standard Chartered to test the model with a pragmatic regulator, providing a template other G-SIBs may watch closely.
The stablecoin integration also feeds into the larger real-world asset (RWA) tokenization narrative. When a bank can convert fiat into a regulated stablecoin and then move that token to a settlement blockchain, it effectively creates a high-speed bridge to on-chain treasury instruments and tokenized obligations. With on-chain RWA value crossing $20 billion, the missing piece for many institutional participants has been a seamless fiat-to-stablecoin leg. Standard Chartered is now offering exactly that.
What Remains Uncertain A few unknowns will define how significant this launch becomes. First, the scope of eligible clients has not been disclosed. If it is limited to a small set of DIFC-domiciled corporates, the immediate volume may not move markets. If the bank plans a phased rollout to larger institutional clients across its Asian, African, and Middle Eastern corridors, the flow-through to USDC market capitalization could be material over time.
Second, Standard Chartered’s own risk appetite will be tested. Acting as a mint/redemption gateway means the bank must manage intraday liquidity across fiat and digital rails, handle blockchain transaction monitoring, and maintain reserves that satisfy Circle’s attestation requirements. Any operational misstep could damage confidence in the model. Third, competitors are unlikely to stand still. Other custody banks and payment processors already run stablecoin access programs, though none have the G-SIB label. A rapid response from a European or Asian peer would validate the category—or turn it into a niche experiment confined to a single institution.
For now, the practical outcome is tangible: a regulated, systemically important bank has turned stablecoin access into a relationship product. That is a structural evolution, not just a headline partnership.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
In brief Standard Chartered has become the first Global Systemically Important Bank (G-SIB) to offer institutional clients direct access to mint and redeem USDC. The service, launching first through the bank's Dubai (DIFC) operations, targets uses like on-chain settlement, treasury, and liquidity management, with payment features planned later. The launch is the first phase of a broader global stablecoin strategy, with Standard Chartered planning to expand to other markets pending regulatory approval. Standard Chartered announced Wednesday that it has launched a service allowing institutional clients to mint and redeem USDC, the stablecoin issued by Circle Internet Group, directly through the bank rather than opening separate accounts with the crypto firm.
The bank said the launch makes it the first Global Systemically Important Bank licensed to offer institutional clients integrated access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.
The designation places Standard Chartered, one of roughly 30 banks worldwide deemed critical enough to the global financial system to face heightened regulatory scrutiny, at the forefront of banks moving to fold stablecoins into mainstream institutional finance.
The service, developed with Circle, is designed to let institutions move value across traditional and digital financial ecosystems with greater speed and transparency by connecting fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution. Standard Chartered said the offering is aimed at uses including on-chain settlement, treasury operations and liquidity management, with payment applications planned for later.
“Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets,” said Circle Chief Commercial Officer Kash Razzaghi, in a statement. “By integrating Circle’s regulated stablecoin infrastructure into Standard Chartered’s global banking platform, we are helping institutions access new opportunities to use USDC across payments, settlement and treasury operations while maintaining the compliance, governance, and risk management standards they expect.”
The rollout begins in the bank's Dubai International Financial Center operations, part of what Standard Chartered described as the first phase of a broader global stablecoin strategy it intends to extend to other markets pending regulatory clearance.
The announcement comes as banks worldwide race to build stablecoin infrastructure following a wave of regulatory clarity in major markets—including last year’s GENIUS Act signing in the U.S.—with traditional lenders increasingly positioning themselves as intermediaries between conventional finance and blockchain-based assets.
Circle (CRCL) stock popped soon after markets opened Thursday, rising to a recent price of $67.75—a more than 9% gain on the day, per data from Yahoo Finance.
CRCL shares fell earlier this week following the announcement of Open USD, a rival, upcoming stablecoin with backing from more than 140 major crypto and financial industry firms—including Circle's close ally, Coinbase. Shares remain down about 33% over the last month amid a broader crypto market swoon.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Standard Chartered has become the first Global Systemically Important Bank (G-SIB) to offer institutional clients direct access to mint and redeem USDC. The service, launching first through the bank's Dubai (DIFC) operations, targets uses like on-chain settlement, treasury, and liquidity management, with payment features planned later. The launch is the first phase of a broader global stablecoin strategy, with Standard Chartered planning to expand to other markets pending regulatory approval. Standard Chartered announced Wednesday that it has launched a service allowing institutional clients to mint and redeem USDC, the stablecoin issued by Circle Internet Group, directly through the bank rather than opening separate accounts with the crypto firm.
The bank said the launch makes it the first Global Systemically Important Bank licensed to offer institutional clients integrated access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.
The designation places Standard Chartered, one of roughly 30 banks worldwide deemed critical enough to the global financial system to face heightened regulatory scrutiny, at the forefront of banks moving to fold stablecoins into mainstream institutional finance.
The service, developed with Circle, is designed to let institutions move value across traditional and digital financial ecosystems with greater speed and transparency by connecting fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution. Standard Chartered said the offering is aimed at uses including on-chain settlement, treasury operations and liquidity management, with payment applications planned for later.
“Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets,” said Circle Chief Commercial Officer Kash Razzaghi, in a statement. “By integrating Circle’s regulated stablecoin infrastructure into Standard Chartered’s global banking platform, we are helping institutions access new opportunities to use USDC across payments, settlement and treasury operations while maintaining the compliance, governance, and risk management standards they expect.”
The rollout begins in the bank's Dubai International Financial Center operations, part of what Standard Chartered described as the first phase of a broader global stablecoin strategy it intends to extend to other markets pending regulatory clearance.
The announcement comes as banks worldwide race to build stablecoin infrastructure following a wave of regulatory clarity in major markets—including last year’s GENIUS Act signing in the U.S.—with traditional lenders increasingly positioning themselves as intermediaries between conventional finance and blockchain-based assets.
Circle (CRCL) stock popped soon after markets opened Thursday, rising to a recent price of $67.75—a more than 9% gain on the day, per data from Yahoo Finance.
CRCL shares fell earlier this week following the announcement of Open USD, a rival, upcoming stablecoin with backing from more than 140 major crypto and financial industry firms—including Circle's close ally, Coinbase. Shares remain down about 33% over the last month amid a broader crypto market swoon.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Grass, a Solana-based DePIN protocol monetizing contributor’s unused bandwidth, has once again come under fire from disgruntled farmers.
With Grass opting to distribute nearly $3M to Season 2 participants in $USDC, crypto traders and investors are torn over the role and necessity of the protocol’s native token, $GRASS.
Investors and farmers alike now eagerly await next week’s Tokenholder call, in which Grass is expected to communicate more information about its recent revenue growth.
Grass Farmers Disappointed by Season 2 Rewards The Grass Foundation has unveiled its Stage 2 rewards checker, allowing network contributors to see what they’ve earned in exchange for sharing their unused bandwidth to power Grass’ web-crawling data sales to AI labs.
Estimates suggest that Grass is distributing just under $3M USDC to users, who ran the DePIN protocol’s browser extension on the devices in exchange for points throughout Stage 2, which ran from October 2024 to June 2026.
As is often the case in incentive campaigns with no capital requirement, contributors are seething over their allocations. Thousands of frustrated users expressed their complaints on Grass’ social media accounts, with many threatening to delete and uninstall the application.
This is not the first time that Grass contributors have been left disappointed by reward allocations. Users voiced similar concerns during the $GRASS TGE in 2024, which saw thousands of network contributors slandering the protocol for exploiting users.
Analysts Argue over Role of $GRASS Token Furious farmers aside, yesterday’s Grass Foundation announcement sparked fresh debate between crypto analysts and investors over the role of tokens. Where typically, most DePIN networks distribute rewards in the protocol’s native token, Grass instead chose to reward its contributors in $USDC.
According to Grass co-founder Andrej Radonjic, contributors have been paid out in $USDC because the DePIN protocol has reached profitability. Radonjic asserts this places Grass in “the unusual position of being able to compensate contributors directly from the revenue the network generates.”
While some investors proclaimed that $USDC payouts will reduce sell pressure on $GRASS itself, detractors are arguing that the token now serves no effective purpose.
With $GRASS no longer being used to incentivize network participation, concerns are mounting over the role and utility of the token. Despite having strong revenue figures, which have been independently verified under NDA by Messari and EV3 Ventures, Grass has not announced any means of token value accrual outside $350,000 in buybacks executed in December 2025.
On the side of the fence, advocates claim that Grass is heading into what was previously uncharted territory for the majority of for DePIN protocols.
Contributors Seek Answers in Upcoming Tokenholder Call With the crypto community divided on the role of the $GRASS token, all eyes now turn to the protocol’s upcoming token holder call, scheduled for July 7th. The raging debate over the common dual equity-token has been exacerbated this week, with Venice announcing a $65M Series A round led by Dragonfly. Critics argue that the raise dilutes and devalues the product’s native token, enriching equity holders at the expense of tokenholders.
For $GRASS, supporters and critics alike are eager to learn more about potential $GRASS utility, as well as confirmation of the network’s financials. Estimates based on recent growth and previous quarterly records suggest that Grass could be on track to generate between $50-$100M in annual revenue, which tokenholders are desperately hoping will begin flowing to protocol’s native asset.
Read More on SolanaFloor Solana’s DeFi-native prediction market is finally here
World Launches Solana-Native Prediction Market, Powered by Chainlink
Solana Foundation’s Seraphim Joins The Big Picture [https://www.youtube.com/watch?v=kXSvrv2G8LE&t=4s]
Institutions will be able to combine custody, banking and stablecoin services through a single onboarding process.
Standard Chartered has become the first global systematically important bank (G-SIB) to let institutional clients mint and redeem USDC directly through its banking platform, the lender has said.
The service removes the need for eligible clients to open separate accounts with Circle, the issuer of USDC, giving them a single onboarding process for both traditional banking and stablecoin access.
Standard Chartered Brings USDC Services Into Its Banking Platform The new service, announced on July 2, has been developed in collaboration with Circle and will let institutional clients that qualify to mint and redeem USDC through Standard Chartered’s operations in the Dubai International Financial Center (DIFC). According to the bank, clients will be able to access banking, custody and digital asset services through one integrated platform while using USDC for on-chain settlement and treasury management.
Initially, the offering will be available only through the bank’s DIFC business. However, Standard Chartered said it plans to expand it to more markets once it receives regulatory approvals.
“Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets,” said Roberto Hoornweg, Standard Chartered’s chief of corporate and investment banking.
Furthermore, he noted that the launch is meant to support wider institutional participation in crypto markets through established compliance and risk management standards.
Crypto market watchers viewed the announcement as another sign that the stablecoin infrastructure is moving further into regulated finance, with Spot On Chain’s Hupzy writing on X that placing a G-SIB directly into the USDC minting process will remove a major operational hurdle for institutions that in the past relied on exchanges or over-the-counter desks to get stablecoins. According to the analyst, the arrangement has the potential to increase the use of USDC among institutions, deepening on-chain liquidity in the process.
Stablecoin Competition Growing Standard Chartered’s announcement came just a day after the introduction of OpenUSD, a new stablecoin backed by more than 140 companies, including Visa, Mastercard, Stripe, Coinbase, Ripple, and BlackRock. The project, designed around collaborative governance and revenue sharing, has added another competitor to the race to build institutional stablecoin infrastructure.
You may also like: Can Circle Defend Its Stablecoin Lead Against OpenUSD? Experts Weigh In Ripple’s OpenUSD Move: Payment Infrastructure Push or XRP Value Catalyst? What is OpenUSD (OUSD)? Visa, BlackRock, Coinbase, and 140+ Firms Fuel Buzz Around New Stablecoin The bank has already been expanding its presence in regulated digital assets, including in April this year, when it was among the first groups to get a Hong Kong stablecoin issuer license, allowing it to mint Hong Kong dollar-backed stablecoins for cross-border payments.
On Wednesday, Cathie Wood’s ARK Invest poured in on Circle Internet Group (NYSE: CRCL) in the wake of a heavy pullback in the stablecoin issuer’s stock. The investment firm bought a total of 287,609 CRCL shares together in three of its exchange-traded funds.
Cathie Wood’s ARK Buys The Dip In Circle Stock Cathie Wood’s latest CRCL stock addition is valued at about $17.82 million at the closing price of $61.95 on Wednesday. The biggest buy came from ARK’s ARK Innovation ETF (ARKK) which bought 210,343 shares, according to ARK’s daily trading disclosure.
Moreover, the ARK Fintech Innovation ETF (ARKF) bought 23,420 shares. Meanwhile, the ARK Next Generation Internet ETF (ARKW) added another 53,846 shares.
Circle stock price chart. Source: TradingView The stock price of Circle has fallen precipitously amid a selling spree with 15% losses in just two days. The stock ended at $61.95, down 1.09% on Wednesday. The weakness continued Tuesday’s losses, which saw the stock fall 14.15% to close at $62.63.
In the last month, the CRCL share price has tumbled over 38%. The selling pressure followed Circle’s removal from some big Russell growth indexes on the annual Russell reconstitution June 26. The company was removed from the Russell 1000 Growth Index, Russell 3000 Growth Index and Russell Midcap Growth Index, which resulted in a change to index-tracking funds and other passive investors’ portfolios.
Further, Circle’s USDC is under heat as rival Open USD (OUSD) launched this week. It boasts backing from Wall Street behemoths like BlackRock, Coinbase, Ripple, Mastercard, Visa, and others.
Still, Circle is also trying to defend USDC’s use case with a recent partnership with Standard Chartered. It will allow USDC mining and redemption for institutional clients. With this, the CRCL stock rebounded 4.25% to $64.58 in the premarket trading session on Thursday.
Other Portfolio Adjustments By ARK Invest In conjunction with the Circle purchase, Cathie Wood’s ARK Invest also made a few other portfolio adjustments. ARKK also raised its holdings in Recursion Pharmaceuticals, SoFi Technologies, Snowflake, Bullish and Rocket Lab, and cut down on its stakes in Twist Bioscience, Absci, Veracyte, Alibaba and Roku.
In addition to buying Bullish and selling Alibaba, ARKF also added Alibaba to its holdings and sold shares in Bullish and Alibaba, Roku, and Strata Critical Medical to ARKW.
Recently, Cathie Wood has bet big on crypto stocks like Coinbase, Robinhood, Bullish and Circle stocks with regular purchases. In addition, it has added a significant stake in the SpaceX stock with a $32.5 million buy lately.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
When Melyn McKay worked in South Sudan, there was not a functioning ATM in the entire country. To move humanitarian funds, she would fly to Dubai, withdraw cash from her own bank account, and carry it back across the border in her trousers, hoping no one would stop her at a checkpoint manned by armed soldiers. For 15 years, across South Sudan, Lebanon, and Myanmar, she watched the same pattern repeat. The places where help is often the most needed are the places the global financial system has quietly abandoned.
“We’ve built financial infrastructure the same way the British built railroads,” Melyn said. “They were designed to extract wealth out of the country, not to connect the people inside it.” Growing up in the US, she said, she never had to think about how money worked, because money was designed to work for her. Most of the world does not have that luxury.
Melyn is the founder of Coala Pay, a payment platform built specifically for aid delivery and a member of the Circle Alliance Program. Coala Pay moves institutional funds into high-friction corridors in minutes, using USDC as the settlement rail so that more of every donor dollar reaches the frontlines.
Built by humanitarians for the toughest corridorsCoala Pay’s team is made up of aid-sector natives. Its leadership and program staff average more than 15 years in humanitarian work, have led billions of dollars in donor-funded programming, and built systems that deployed hundreds of millions for institutions including UNICEF and the World Bank.
Melyn started Coala Pay in response to a problem she kept hitting in the field. After the 2021 military coup in Myanmar, she said traditional banking channels became dangerous overnight. According to Melyn, the junta was monitoring transactions to track and control the flow of humanitarian funds. Aid is meant to reach people in need regardless of which government is in power, and through the banks on the ground that was suddenly impossible. Coala Pay was an attempt to solve for this.
And while the junta and the banking crackdown that followed is what sparked the creation of Coala Pay, the platform itself is designed to solve for a broad range of aid-related friction. Aid organizations move money to as many as 130 countries a year, across volatile exchange rates, while working to stay accountable for every dollar of public money. It can be challenging. Melyn pointed to a recent Ebola response, when she said a large UN agency’s transfer to West Africa was routed through an intermediary bank in East Africa. That bank held the money for months, earning interest for themselves while delaying the delivery of lifesaving aid.
One interface, settlement in minutesCoala Pay replaces the fragmented chain of correspondent banks with a single settlement layer. An organization connects its treasury and funds the Coala Pay platform with a standard fiat transfer. Coala Pay works with licensed partners who handle the conversion into USDC, routes the payment through a network of vetted local offramp providers, and settles to recipients in minutes, including in corridors where conventional rails stall for weeks.
Step Stage Who acts What happens 1 Fund Funding aid organization (INGO, UN agency, or NGO) Connects its treasury and sends a standard fiat transfer to a dedicated static IBAN; capital releases only after HQ + country-office multi-signature approval. 2 Convert and route Coala Pay Converts the fiat to USDC and routes it through vetted local offramp providers, replacing the correspondent-bank chain with a single settlement layer. 3 Settle Smart contract → offramp provider → recipient Funds settle onchain to the recipient’s account in minutes; the offramp provider then converts USDC to local currency. FX rates, timestamps, and payouts log onchain.
The design reflects how aid teams actually operate. Multi-signature approvals mirror the real reporting lines of a humanitarian agency, requiring sign-off from both headquarters and country offices before any capital moves. Every step is recorded onchain. Foreign exchange (FX) rates, timestamps, and payout confirmations are captured automatically, so donor reports are generated as the money moves rather than reconstructed from spreadsheets weeks later.
The platform also adds a layer of programmability that traditional rails lack. Using an onchain oracle, Coala Pay can tie disbursements to external data, releasing funds automatically when thresholds like drought or flood levels are met.
“Rather than waiting two weeks for funds to arrive in a community after an earthquake or a flood, we’re able to get those funds on the ground in less than 72 hours,” Melyn said. “In the aid sector, time saved is lives saved.”
Why Coala Pay chose USDC for aid deliveryFor Coala Pay, the choice of which stablecoin to use was a question of trust as much as technology. “We’re not in an industry where ‘move fast and break things’ works,” Melyn said. “We need to come to our clients with something that feels more secure than what they’re currently using, not less.”
In Melyn’s eyes, that ruled out most of the stablecoin market. “I can’t ask a UN agency to take a bet on a small token no one has ever heard of,” Melyn said. “They can’t act like VCs, deciding who is going to be around in the future.”
Working with Circle and USDC, a regulated1 internet-native dollar, gives the treasurers she works with something they can verify rather than something they have to believe in.
“Working with a public company that has been around a long time, that is MiCA compliant, those are the things that help a UN or INGO treasurer get comfortable with a new technology rather than taking a leap of faith,” Melyn said.
Every USDC is backed by cash and cash-equivalent reserves, with monthly attestations from a Big Four accounting firm, and it is the world’s largest regulated stablecoin1. For a treasurer moving public money into a fragile corridor to reach vulnerable populations, that combination of stability, transparency, regulatory standing, and 24/7 settlement is what makes the technology adoptable at all.
What changes on the ground when aid settles fasterIn late 2025, months ahead of the drought season, the Norwegian Refugee Council in Somalia committed $6,270 to each of its three local partners, writing the release conditions into smart contracts that drew on satellite drought data and ran against a wallet NRC controlled directly. Once the thresholds were crossed, each partner’s account was funded in about two minutes — not the minimum eight days for the quickest emergency channel NRC otherwise relies on. The early action reached 2,955 people across three districts with water trucking, hygiene kits, and cash assistance.
In Malawi, Save the Children's SHIFT initiative used Coala Pay to send a $2,000 milestone-based grant straight to a Lilongwe-based, youth-run climate group. That is exactly the kind of small, local organization that conventional grant pipelines turn away: vetting a $1,000 grant can cost more than the grant is worth. Because the funds sat in USDC until the moment of payout, the money reached the group with more of its value intact, even as the Malawian kwacha rapidly lost ground. The grant trained 160 students directly and reached more than 4,000 through peer cascade.
“In aid work, more money on the ground means more people helped,” Melyn said.
And in Kenya, the peacebuilding NGO Search for Common Ground paid 943 young survey respondents across all 47 counties with a 99.7% success rate, the slowest US payment still arriving in under two hours, and its finance team never entering a single transfer by hand.
From last resort to first choiceCoala Pay built its reputation in corridors others shied away from — where conventional rails can stall for weeks and lifesaving money can sit in an intermediary bank earning interest while a community waits. Having proven that USDC can move value into those places in minutes instead of weeks, Melyn now sees the same rail reshaping the parts of aid finance everyone has simply accepted: the monthly FX rates and intermediary spreads that quietly erode every donor dollar long before it reaches the field.
That is the larger shift underway. The settlement layer that made early action possible in a drought — funds released automatically the moment satellite data crossed a threshold — is the same layer that can make ordinary disbursements faster, cheaper, and fully accountable across the as many as 130 countries aid flows to each year. With a regulated1, internet-native dollar as the foundation, programmability becomes the default: money that arrives in minutes, reports itself onchain as it moves, and holds its value relative to local currencies.
“For the first time, I’m coming to agencies I've worked with my whole career and saying, ‘here is a solution that will make your life easier,’” Melyn said. “If we can handle the really hard corridors, imagine how easy we can make the easy ones.”
1 USDC is issued through regulated affiliates of Circle. A list of Circle’s regulatory authorizations can be found here.
Reference to any specific company, product, service, or website of any third party does not constitute an implied or express endorsement, recommendation, favoring or validation by Circle. The content presented is intended for informational purposes only. Reliance upon any content or information presented is at the sole discretion of the audience; Circle shall not be liable for any damage or loss relating to the use of or reliance upon any such content or information presented. The views and opinions expressed herein do not necessarily state or reflect those of Circle.
Binance Stocks, the official stock investment feature of Binance, has officially disseminated first dividend payouts for Broadcom ($AVGO) shares. Binance Stocks has distributed the Broadcom ($AVGO) shares dividends for the qualified users in their funding wallets. As per Binance’s official X announcement, the dividend payments are being issued in the form of $USDC for the users. The selected consumers include those who held $AVGO shares from 22nd of June or before.
Binance Stocks Feature Distributes First Broadcom (AVGO) Dividend Payments to User’s Wallets
AVGO dividends are now in your Funding Wallet ✅
If you were holding shares before 22 June 2026, your dividend should now be available.
→ $0.65 USD dividend per share
→ Distributed in USDC
Thank you for being part of Binance Stocks. 🫡 pic.twitter.com/06WV6E6qq3
— Binance (@binance) July 1, 2026 What Are Stock Dividends? A stock dividend denotes a payment that a company provides to the shareholders in the form of a reward for possessing its shares. Usually, a platform pays these dividends from its reserves of profits and permits investors to get returns without the need to sell their stocks.
Binance Stocks Bridges Investment in Digital Assets and Traditional Equities Binance Stocks’ earliest $AVGO dividend distribution delivers a simplified method to the shareholders to claim stock earnings without the need for conventional brokerage procedure. Consumers meeting the eligibility criteria can leverage dividend funds from funding wallets. In this respect, the platform has credited these wallets with $USDC payments. Broadcom ($AVGO) is a key semiconductor as well as infrastructure software entity. It has attracted investors based on its leading position in top technology sectors, taking into account AI, data infrastructure, and networking.
Dividend payments made by prominent entities such as Broadcom often play the role of an extra advantage for shareholders. They deliver returns beyond likely price appreciation. Additionally, Binance Stocks permits consumers to gain seamless exposure to the chosen conventional market assets. With the integration of stock-related services and digital asset infrastructure, the company attempts to offer a widely accessible investment environment for consumers seeking exposure to crypto markets and traditional equities.
Accelerating Digital Stock Investment Growth Apart from that, for Binance Stocks consumers, the $AVGo dividend payment reflects the practical utility of the stock investment service of the platform. The distribution also indicates the way digital platforms are endeavoring to enable seamless investment operations by merging asset management, payment, and trading services in an inclusive environment. Overall, as the financial network keeps evolving, such integration between the conventional markets and blockchain platforms are anticipated to remain a crucial zone of development.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Eligible institutional clients can access USDC through a single onboarding and service experience, without needing direct Circle accounts
Dubai, United Arab Emirates — July 2, 2026 — Standard Chartered today announced the launch of its capability enabling institutional clients to access USDC minting and redemption, developed in partnership with Circle Internet Group, Inc. (Circle) (NYSE: CRCL), the issuer of USDC1 through its regulated entities.
The launch makes Standard Chartered the first Global Systemically Important Bank (G-SIB) licensed to offer institutional clients access to USDC minting and redemption through a single onboarding and service experience, without requiring clients to hold direct accounts with Circle.
The capability enables institutions to move value across traditional and digital financial ecosystems with greater speed and transparency by connecting fiat banking, digital asset infrastructure and public blockchain networks within a single, bank-led solution. It supports institutional use cases such as on-chain settlement, treasury, and liquidity management, while providing the infrastructure to support payment-related use cases in the future.
By embedding USDC access directly within Standard Chartered’s institutional offering, Standard Chartered will bring together banking, custody, and digital asset services within one integrated offering and that is delivered through the risk management, compliance and governance standards expected of a leading international financial institution.
Initially available to eligible clients through Standard Chartered’s DIFC operations, the capability reinforces the UAE’s position as a leading hub for regulated digital asset activity and represents the first phase of Standard Chartered’s broader global stablecoin proposition. The Bank intends to expand the capability into additional markets, subject to regulatory approvals and market readiness.
The announcement reflects growing demand from financial institutions and corporations for regulated stablecoin infrastructure that can support a range of financial activities, including payments, treasury management, settlement, liquidity management and participation in digital asset markets.
Roberto Hoornweg, Chief Executive Officer, Corporate and Investment Banking, Standard Chartered said: “Digital assets are becoming an increasingly important component of global financial infrastructure, and institutional clients are seeking the same levels of trust and governance that underpin traditional markets. With this launch, we are extending those standards into a rapidly evolving segment of the financial system. Ultimately, this is about enabling broader institutional participation in digital asset markets through the frameworks, controls and regulatory oversight that have long supported confidence in global financial markets.”
Kash Razzaghi, Chief Commercial Officer, Circle, said: “Financial institutions are increasingly looking for trusted ways to access stablecoins and participate in blockchain-enabled financial markets. By integrating Circle’s regulated stablecoin infrastructure into Standard Chartered’s global banking platform, we are helping institutions access new opportunities to use USDC across payments, settlement and treasury operations while maintaining the compliance, governance and risk management standards they expect.”
For further information please contact:
Khaled Abdulla, CFA®
Head of Communications
UAE, Middle East & Pakistan
Corporate and Investment Bank
Standard Chartered
M: +971 55 655 7553
T: +971 4 508 3155
About Standard Chartered
We are a leading international banking group, with a presence in 54 of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, here for good.
Standard Chartered PLC is listed on the London and Hong Kong stock exchanges.
For more stories and expert opinions please visit Insights at sc.com. Follow Standard Chartered on X, LinkedIn, Instagram and Facebook.
About Circle
Circle (NYSE: CRCL) is one of the world’s leading internet financial platform companies, building the foundation of a more open, global economy through programmable blockchain infrastructure, digital assets, and payment applications. Circle’s platform includes the world’s largest stablecoin network anchored by USDC, Circle Payments Network for global money movement, and Arc, an enterprise-grade blockchain designed to become the Economic OS for the internet. Enterprises, financial institutions, and developers use Circle to power trusted, internet-scale financial innovation. Learn more at circle.com.
1 USDC is issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations at circle.com/legal/licenses.
Standard Chartered has rolled out institutional USDC minting and redemption services through the Dubai International Financial Centre, giving its large-scale clients the ability to convert between dollars and stablecoins.
The move extends a relationship with Circle, the issuer of USDC, that has turned Standard Chartered into one of the most crypto-forward legacy banks on the planet. The bank already serves as a reserve bank for USDC’s cash holdings and advises on Circle’s payments network.
From custody license to full-stack stablecoin services Standard Chartered secured a custody license in the DIFC back in September 2024, initially covering just Bitcoin and Ether.
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By January 2026, the bank had expanded to offering USDC custody on permissionless chains. Institutional clients could hold and move USDC on public blockchains like Ethereum rather than being restricted to walled-garden environments.
Zodia Markets, a trading platform linked to Standard Chartered, recorded $4 billion in net USDC minting volume during 2024.
Why DIFC matters for this play Dubai’s financial free zone has become a magnet for crypto-adjacent financial services, and Standard Chartered’s choice of jurisdiction is deliberate. The DIFC operates under its own regulatory framework, separate from the broader UAE, offering a legal and compliance structure that institutional players generally find more comfortable than the patchwork of rules governing crypto in most other jurisdictions.
The stablecoin thesis gets louder Standard Chartered has publicly projected that the total stablecoin market cap could reach $2 trillion by the end of 2028.
Circle has been positioning USDC as the regulated stablecoin of choice for institutions. Having Standard Chartered as both a reserve bank and an active minting and redemption partner strengthens that positioning. It’s one thing for a crypto-native company to claim institutional readiness. It’s another thing entirely when a 170-year-old bank is vouching for you with its own infrastructure.
What this means for investors When institutional investors can mint and redeem USDC through a bank they already have a relationship with, the barriers to entering and exiting crypto positions drop substantially. That matters for hedge funds, family offices, and corporate treasuries that have been interested in digital assets but unwilling to navigate the operational complexity of crypto-native platforms.
If Standard Chartered’s services attract the kind of institutional volume that Zodia Markets’ $4 billion minting figure suggests is possible, the downstream effects on trading conditions could be meaningful.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Aave Launches First Dedicated Hub on V4Aave has gone live with the Global Dollar Hub, its first specialized liquidity market on the V4 protocol. The hub is the first new liquidity market on Aave V4 and is designed for assets correlated to the Global Dollar (USDG) stablecoin on Ethereum.
The hub initially supports PT-USDG-24SEP2026, a principal token from Pendle Finance, as its inaugural collateral asset. Users can borrow USDC, USDT, and USDG, with USDC and USDT held natively in the Global Dollar Hub while USDG is accessed via a cross-hub credit line from Aave's Core Hub.
USDG is a stablecoin issued by Paxos, fully backed and redeemable 1:1 for US dollars. It serves as the foundation for the Global Dollar Network, which includes over 130 enterprise partners such as Kraken, OKX, and Mastercard.
Hub and Spoke Architecture Gets Its First Real-World TestThe launch marks the first practical deployment of the hub and spoke model that Aave introduced when V4 went live. Aave V4 launched on Ethereum mainnet on March 30, 2026. The upgrade introduced a hub-and-spoke design that allows markets to operate independently while sharing liquidity through a unified system, a shift the team says resolves a core limitation that has constrained DeFi lending since its inception.
Previous versions of Aave required developers to choose between expanding into new markets and maintaining shared liquidity, pushing different risk profiles into the same pool or forcing liquidity to split across separate deployments. V4's hub-and-spoke model keeps capital centralized while allowing individual markets, called spokes, to operate with their own collateral rules and risk parameters.
Capital is no longer fragmented across markets on the same chain. Instead, all liquidity flows through Liquidity Hubs, which increases utilization and unlocks better rates for both suppliers and borrowers. Anyone can build a Spoke, and if it adds value, it can tap into the Liquidity Hub as a credit line, letting builders create specialized markets while accessing the biggest liquidity network effects in DeFi.
The launch of the Global Dollar Hub strengthens Aave's position in the stablecoin lending space by integrating with a regulated, enterprise-backed asset like USDG. Whether the hub gains meaningful traction will depend on user adoption and the broader growth of the Global Dollar Network.
Sources:
Aave V4 Adds Global Dollar Hub for USDG Ecosystem – The Crypto Times
Aave V4 Launches on Ethereum Mainnet – The Block
Umbra Privacy has launched a private payroll system on Solana, giving businesses a way to pay employees in $USDC without exposing transaction details on the public blockchain. The product is the latest feature to emerge from the protocol's broader push to make on-chain finance safe for corporate use.
How It Works The payroll system is built on top of Umbra's existing privacy infrastructure. Operating as the first live consumer application deployed on Arcium's Mainnet Alpha, Umbra's environment is engineered on top of Arcium's multi-party computation (MPC) encrypted execution engine and zero-knowledge cryptographic proofs, hiding the identities of the sender and recipient, alongside total transaction values, from public scrutiny by default.
The platform supports multichain funding and offers instant withdrawals to either a crypto wallet or a traditional bank account. The integration introduces native, private fiat onramping and offramping alongside a corporate payroll engine directly inside the Umbra application, enabling users to fund digital asset wallets and accept corporate compensation without exposing their physical identity or bank routing details to public blockchain trackers. This is handled through a partnership with Onramper. "It's about giving people genuine control over their financial lives," said Krutarth Shah, CEO of Umbra. "Integrating Onramper means our users can fund their wallets and receive payroll with the same level of discretion they expect from every other part of the Umbra experience."
Under the newly activated framework, Umbra users can natively purchase digital assets utilizing 24 major fiat currencies without departing the application's secure perimeter. The financial transaction layer relies on Onramper's algorithmic aggregation engine, which dynamically routes each localized payment flow to the most competitive fiat-to-crypto onramp provider worldwide.
Compliance Built In A recurring concern with privacy protocols is regulatory risk. Umbra has addressed this by embedding compliance tooling directly into the product. This structural privacy does not compromise regulatory compliance. Umbra preserves critical enterprise oversight utilities, natively retaining institutional compliance tools such as developer viewing keys and automated transaction risk screening. The payroll product also includes payroll history tracking for internal record-keeping.
Umbra includes a voluntary audit feature allowing transaction history disclosure to regulators. The Solana Foundation's framing of "confidentiality, not anonymity" is deliberate regulatory positioning. Confidentiality around hidden amounts with visible addresses is defensible for business, payroll, and institutional use.
The launch addresses a structural problem that has long made on-chain payroll impractical for businesses. Solana is one of the most transparent blockchains ever built, with every transaction, including sender, recipient, and amount, publicly readable by anyone with a block explorer and a wallet address. DAOs and businesses risk exposing operational data, payroll, or treasury activity on a public ledger. Umbra's payroll feature is designed to close that gap, giving crypto-native companies a viable path to paying staff in digital assets without broadcasting compensation details to competitors or the wider market.
Sources
The Fintech Times: Umbra Integrates Onramper for Private Fiat Ramps and Crypto Payroll
Onramper: Umbra Integration Announcement
Crypto Economy: Umbra Launches Privacy Wallet on Arcium
New York Life Investment Management is tokenizing a high-yield corporate bond strategy for the first time, partnering with Centrifuge on the NYLIM Anemoy fund settled in USDC.
New York Life Investment Management, a $807 billion asset manager, is putting a high-yield corporate bond strategy onchain for the first time. The firm partnered with tokenization platform Centrifuge to launch the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio, ticker HYB.
The partnership, announced Tuesday, marks NYLIM's first tokenized product and one of the first high-yield corporate bond strategies available onchain. Subscriptions and redemptions settle in Circle's USDC, and the underlying portfolio, investment process and risk management stay under NYLIM's control. Centrifuge, whose protocol carries $1.64 billion in TVL per DefiLlama, provides the tokenization rails.
Junk Bonds Go Onchain"Tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed across both public and private markets," said Thomas Sy, head of multi-asset solutions at NYLIM, in the companies' joint release.
HYB is structured as a BVI segregated portfolio, the same wrapper Centrifuge uses across its fund lineup, giving tokenholders direct shareholder recourse to the underlying assets. The offering documents state the product is not being offered or sold to U.S. persons. Centrifuge CEO Bhaji Illuminati told The Block the fund is aimed at stablecoin issuers, DeFi users and DAO treasuries seeking yield beyond Treasury-backed products, with a liquidity arrangement through Grove, part of the Sky ecosystem, meant to support near-instant redemptions.
High-yield corporate bonds, commonly called junk bonds, carry higher credit risk in exchange for higher yields than investment-grade debt. Tokenized real-world assets to date have leaned on Treasuries and private credit; HYB extends that onto sub-investment-grade corporate debt.
Wall Street's Widening ListNYLIM joins Apollo Global Management and Janus Henderson on Centrifuge's roster of traditional asset managers, whose Anemoy-branded funds already span Treasury bills and a AAA-rated CLO portfolio exceeding $700 million in assets. Coinbase separately named Centrifuge its preferred tokenization infrastructure partner and took a stake in the firm.
The deal follows asset managers extending tokenized fixed income beyond government debt, including Baillie Gifford's UK-regulated tokenized bond fund built on Solana and Ethereum with BNY. Centrifuge co-founder Anil Sood said the NYLIM deal "is about moving funds onto infrastructure that is more transparent, more efficient, and more composable."
New York Life Investment Management (NYLIM) has partnered with Centrifuge to launch its first tokenized product, the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. This move marks a significant step towards integrating blockchain technology into traditional finance, allowing institutional access to tokenized fixed-income assets. The new fund, which is settled in USDC, is not available to U.S. investors due to regulatory limitations. The announcement has triggered market discussions, with implications for the perceived value of tokenized asset-related entities.
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Key Takeaways The partnership between New York Life and Centrifuge appears to suggest increased institutional interest in tokenized assets. Market pricing indicates a moderate increase in STRC’s perceived value following the announcement. The launch of the tokenized bond fund is consistent with scenarios where institutional access to blockchain-based financial products expands. What to Watch Observers may find it valuable to monitor further institutional moves towards tokenization, as these could influence market dynamics. Regulatory developments in the U.S. concerning tokenized assets remain a potential catalyst for changes in market sentiment. Key actors such as Michael Saylor and Phong Le may play roles in shaping future discussions around blockchain integration in traditional finance.
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Contract Odds Δ since publish Volume 24h December 31 46% — — View market → September 30 34.5% — — View market →
Circle Internet Group (NYSE:CRCL) on Tuesday crashed 17% after a 140-company coalition launched Open USD, a rival stablecoin designed to split reserve yield with distribution partners instead of keeping it.
Why OUSD Is A Direct Threat To Circle’s Business ModelCircle makes roughly 99% of its revenue from interest earned on USDC (CRYPTO: USDC) reserves.
Coinbase is one of USDC’s biggest distributors and now backs a direct rival that pays them a cut of the revenue Circle currently keeps, giving those partners a financial incentive to push OUSD over USDC going forward.
Circle’s CEO Fired Back, Pointing To USDC’s Dominant Network EffectsCircle CEO Jeremy Allaire responded on X, arguing USDC already controls 80% of all dollar stablecoin transactions on blockchains in Q1 2026, processing nearly $30 trillion, while all other stablecoins combined handled less than 0.5%.
Allaire called the consortium model structurally flawed, saying large groups of companies coordinate poorly and starve the infrastructure they’re supposed to support.
He also argued that giving away all reserve income leaves no capital to reinvest in the network, adding that the Coinbase partnership “remains as strong as ever.”
ARK Invest Bought The Dip, Adding $12.9 Million In Circle Shares MondayARK Invest purchased 169,777 shares of Circle worth roughly $12.9 million Monday, the day before the crash, as part of a broader $43.5 million crypto equity buying spree across ARKK, ARKW, and ARKF.
Bernstein Sees 203% Upside Despite The OUSD ThreatBernstein reaffirmed its outperform rating on Circle Wednesday with a $190 price target, implying 203% upside, arguing OUSD validates stablecoins as a category rather than threatening Circle’s position.
They also pushed back on the Coinbase concern, noting the exchange earns roughly 50% of USDC’s reserve income under its distribution deal with Circle, making a full pivot to OUSD financially self-defeating.
William Blair separately called OUSD “a solution searching for a problem.”
CRCL’s Chart Shows A Pattern Fully Invalidated In One SessionCircle’s 17% drop erased its entire recovery from early 2026, sending the stock back into the $50 to $65 demand zone that launched early 2026 rally.
Tuesday’s 2% bounce comes off deeply oversold levels with the Supertrend at $82.99 and the full bearish EMA stack overhead confirming the structural damage.
Holding the $50 to $65 zone and reclaiming the 20 EMA at $79.21 targets $82.99 then $89.70. Losing $61 opens a path toward $50 with no support in between.
Image: Shutterstock
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Circle CEO Jeremy Allaire has defended USDC’s competitive position following the launch of the Open USD consortium. He argues that stablecoin success depends on long-term network effects rather than fee structures or shared governance models.
In a lengthy post on X, Allaire welcomed Open USD into the stablecoin ecosystem but said Circle’s nearly decade-long investment in liquidity, regulatory approvals, and developer infrastructure has created advantages that would be difficult for new entrants to replicate.
Allaire says stablecoins compete on network effects Responding to questions from investors about Open USD, Allaire said stablecoin networks function more like internet platforms than traditional financial products, with their value increasing as more developers, businesses, and financial institutions integrate them.
He argued that USDC’s ecosystem has grown through thousands of integrations, expanding liquidity and interoperability while reinforcing demand for the stablecoin.
Allaire added that Circle has strengthened those network effects through infrastructure such as Cross-Chain Transfer Protocol [CCTP], Gateway, and other interoperability tools. Also, years of investment in global banking relationships, regulatory licensing, and reserve management.
Citing data from blockchain analytics firm Artemis, he said USDC processed nearly $30 trillion in on-chain transactions during the first quarter of 2026. This accounted for roughly 80% of all dollar-denominated stablecoin transaction volume, while USDT accounted for the remaining 20%.
According to Allaire, all other dollar stablecoins combined accounted for less than 0.5% of transaction activity.
Circle CEO challenges consortium model Much of Allaire’s post addressed Open USD’s core value propositions, including fee-free minting and redemption, shared reserve economics, and consortium governance.
He argued that redemption policies are shaped by broader market realities rather than headline fee structures. He said Circle already shares the majority of its income with distribution partners while retaining sufficient revenue to continue investing in infrastructure.
Allaire was particularly skeptical of large consortium-led governance models. He argues that organizations composed of numerous large companies often struggle to innovate due to competing incentives and slower decision-making.
“We actually tried this in the early days of USDC,” he wrote, adding that Circle found smaller strategic partnerships more effective than broad industry consortia.
The Circle CEO also addressed speculation surrounding Coinbase’s participation in the Open USD initiative. He says the companies’ partnership around USDC “remains as strong as ever”.
He also expresses confidence that many Open USD founding members would continue using USDC alongside the new network.
Despite his criticism of the consortium model, Allaire concluded by welcoming Open USD to the broader stablecoin ecosystem. He reiterated Circle’s commitment to supporting multiple issuers through its expanding infrastructure products.
Final Summary Circle CEO Jeremy Allaire said USDC’s decade-long investment in liquidity, regulation, and developer infrastructure gives it network advantages. In response to Open USD’s launch, Allaire challenged consortium governance and shared-economy models while welcoming the new stablecoin initiative.
Circle Internet Group shares dropped sharply by 17.55% over the past 24 hours, falling to $62 apiece. The USDC issuer now faces a 30-day loss of 40.34%, marking a significant downturn for the company. This decline has come even as Circle continues to make regulatory advances in the European Union, underscoring rising pressure on the firm’s stock.
Index changes heighten selling pressureAs part of the annual Russell index rebalancing that took place on June 26, 2026, Circle was removed from five major growth indexes, including the Russell 1000 Growth, Russell 3000 Growth, and Russell Midcap Growth. This was a routine adjustment, where the index provider updates the portfolio composition based on pre-established rules.
The market impact of this decision is considerable because many funds track these indexes. Index funds and ETFs tend to mirror the compositions and weightings of their target indexes. When a company is delisted from an index, these funds must adjust their holdings in line with the new structure, often prompting immediate selling. As a result, a company’s shares can experience additional supply pressures, independent of its core operations or performance.
Independent analyst Shanaka Anslem Perera attributes Circle’s recent losses not only to new competition but also to the prominent names driving the rival initiative.
This reshuffle may lead to a shrinking base of passive investors. As fewer index-linked funds retain Circle’s shares, the pool of long-term institutional holders is likely to narrow. A decrease in institutional ownership can in turn widen trading spreads and heighten price volatility.
Competitive pressures intensify in core marketsTechnical selling because of index changes has coincided with intensifying competition. The launch of a new stablecoin, Open USD, developed under the Open Standard initiative, has directly targeted Circle’s main area of business. The entry of Open USD signals a tougher competitive environment within the stablecoin space.
Notably, some of Circle’s closest business partners are backing this new project. BlackRock, Coinbase, and custodian bank BNY Mellon have all joined the initiative. BlackRock oversees around 80% of USDC reserves through the Circle Reserve Fund, while Coinbase, a founding partner of USDC, earns roughly $908 million per year from distribution revenue.
Mini glossary: A custodian bank is a financial institution authorized to securely hold and manage assets. In the context of stablecoin reserves, these institutions play a critical role by safeguarding cash and short-term government securities.
The heart of the debate centers on Circle’s revenue model. The company primarily earns income from interest on its $74 billion in cash and short-term U.S. Treasury reserves. In contrast, Open USD’s structure will share a larger portion of interest revenue with distribution partners, rather than retaining most of it with the issuer.
Focus shifts to upcoming Coinbase negotiationsThis new economic arrangement could alter incentives for distribution partners. While Circle’s current model entails revenue sharing or fees, the Open USD structure allows partners to access returns more directly. This shift has the potential to strain Circle’s existing partnership network.
Open USD is set to launch on the Base blockchain, which is owned by Coinbase. With Circle and Coinbase due to renegotiate their agreement in August, Circle now faces the prospect of sitting at the table with a partner that’s backing a direct competitor in the stablecoin market.
Valuation signals are also mixed. CRCL is trading nearly 47% below the consensus target price set by analysts, but review platform Simply Wall St still deems the shares overvalued. Moreover, recent insider selling over the past three months is watched cautiously by investors as a risk indicator.
Despite these challenges, USDC remains liquid, compliant, and in demand as a stablecoin. Circle’s management argues the market is large enough to accommodate several major players. With Open USD expected to debut later this year, investors are closely monitoring both the intensifying competition and the evolution of Circle’s partnership relations.
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.
Circle CEO Jeremy Allaire defended USDC’s competitive position Wednesday after the launch of Open USD sent shares of the stablecoin issuer down 17.5% in the previous session.
We’ve had lots of questions from our investor community looking for thoughts on OUSD, and so I thought I’d share my direct views here for anyone.
Stablecoin networks are platform and network effect businesses that are established over a long period of time, tend towards…
— Jeremy Allaire – jerallaire.arc (@jerallaire) July 1, 2026
Circle closed Tuesday at $62.63 after Open Standard unveiled OUSD, a dollar stablecoin backed by more than 140 companies including Visa, Stripe, Mastercard, BlackRock and Coinbase. Shares recovered about 4% Wednesday morning, trading near $65 at press time.
Open USD is expected to go live later this year. Businesses will be able to mint and redeem the token at no cost and without volume limits. Participating companies will receive the earnings generated by OUSD reserves after a management fee, while governance will sit with an independent company overseen by its partners.
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In response to questions from Circle investors, Allaire argued that stablecoin markets are shaped by liquidity, integrations and network effects developed over long periods rather than by the number of companies supporting a product at launch.
He pointed to USDC’s presence across exchanges, banks, payment companies and decentralized finance platforms, as well as Circle products such as CCTP and Gateway, as infrastructure built over nearly a decade.
Allaire also questioned whether OUSD’s free minting and redemption model could be maintained under real market conditions. He said Circle already uses commercial agreements to reduce costs for large partners without introducing a blanket fee exemption across the network.
The executive was similarly critical of OUSD’s plan to return nearly all reserve earnings to participating businesses. Circle shares most of its income with distribution partners, Allaire said, but retains enough revenue to invest in compliance, liquidity and infrastructure.
Circle generated $653 million in reserve income during the first quarter, while distribution, transaction and other costs reached $407 million. OUSD directly challenges that model by shifting a larger portion of reserve economics toward the companies distributing and using the token.
Allaire also expressed doubts about OUSD’s consortium structure, arguing that large groups of companies often face conflicting incentives, slow decision making and limited product flexibility. Circle initially operated USDC through a consortium but encountered persistent complexity, he said.
The comments addressed Coinbase’s participation in Open Standard. Coinbase remains one of Circle’s most important USDC partners, despite also joining the group backing OUSD. Allaire said the relationship remains strong and that many OUSD participants are expected to continue using Circle’s products and infrastructure.
Allaire cited Artemis data showing that USDC processed nearly $30 trillion in transactions during the first quarter and represented about 80% of dollar stablecoin activity. Circle’s quarterly results separately reported $21.5 trillion in USDC onchain volume and a 63% share based on Visa Onchain Analytics.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Circle CEO Jeremy Allaire (Danny Nelson/CoinDesk)Summary
Circle shares were higher on Wednesday after Tuesday's plunge, but Jefferies warned that rising competition from bank- and fintech-issued stablecoins, including the new Open USD consortium, could pressure USDC’s growth and market share.The Open USD network, backed by more than 140 firms such as Stripe, Coinbase, Visa, Mastercard and BlackRock, aims to share reserve income with participants, potentially making it an attractive alternative for payment providers.Circle CEO Jeremy Allaire and ARK Invest’s Lorenzo Valente questioned whether a large consortium can coordinate effectively and withstand regulatory pressure, arguing that USDC’s existing network effects and regulatory footprint give it an edge over new rivals.Circle (CRCL) shares bounced 5% Wednesday after a 17% plunge, as investors are weighing whether the new Open USD stablecoin consortium backed by Stripe, Mastercard, Coinbase and BlackRock poses a lasting threat to the USDC issuer.
Global brokerage Jefferies isn't convinced the selloff has fully priced in the risks, arguing that Circle faces mounting competitive pressure as banks, payment firms and fintechs increasingly launch their own stablecoins.
"Buy the dip? We wouldn't," the firm's analyst team wrote in a note to clients.
"CRCL headwinds are unlikely to ease," analysts wrote, warning that competition could pressure USDC's supply growth and market share.
The authors argued that Circle, which holds roughly 25% of the $300 billion stablecoin market, is moving into a more competitive phase. While USDC benefited from an early lead after launching in 2018, Jefferies said new entrants now have something Circle lacked in its early years: large built-in distribution networks.
The launch of Open USD, backed by more than 140 companies including Stripe, Coinbase, Visa, Mastercard and BlackRock, points that shift. The consortium plans to share reserve income with participating companies, potentially making the platform more attractive to payment providers and fintechs.
Jefferies analysts also flagged Coinbase's participation as a new risk. Circle derives about 95% of its revenue from interest earned on USDC reserves and relies heavily on Coinbase as its largest distribution partner. The companies' commercial agreement is reportedly up for renewal in August.
While the brokerage doesn't view Coinbase joining Open USD as a sign it's abandoning USDC, it said the exchange could eventually promote competing stablecoins, weighing on USDC's growth.
Network effects vs. new challengersCircle CEO Jeremy Allaire pushed back against the competitive narrative in a lengthy post on X Wednesday, arguing that stablecoins are ultimately network businesses built over years rather than products that can be replicated overnight.
He pointed to USDC's ecosystem of thousands of integrations, deep liquidity across exchanges and decentralized finance protocols and regulatory approvals in markets including Europe and Japan as advantages that would be difficult for newcomers to match.
He also disputed one of Open USD's central selling points: sharing reserve income with partners. Circle already shares the majority of its income with distribution partners, he said, while retaining enough revenue to keep investing in infrastructure.
"Giving away all the income is a recipe for starving an infrastructure," Allaire wrote.
He was also skeptical of the consortium model itself.
"Large groups of large companies coordinate poorly, have misaligned incentives, slow things down and rarely create the space for real durable innovation," he wrote.
Test for the consortium modelThat skepticism is shared by Lorenzo Valente, director of digital asset research at ARK Invest, who noted that crypto has seen several consortium-backed stablecoin initiatives over the years, including Meta's Diem project and Paxos-led Global Dollar Network.
"Every year we get our consortium-style initiative around a stablecoin," Valente wrote in an X post. "While the set of players here is obviously potent, I remain highly skeptical any of these initiatives can hit scale."
He said Open Standard's biggest challenge may be coordinating more than 140 participants with competing interests.
"A consortium of hundreds of rivals has no precedent for working," he said. "The pace of decision-making across competitors is going to be glacial."
Valente likened the model to decentralized autonomous organizations, or DAOs, whose governance structures often struggled to make timely decisions.
"'Owned by everyone' almost always means accountable to no one," he said. "I'd bet on the two operators who can ship unilaterally over a committee that has to ask hundreds of rivals for permission."
He also questioned whether large banks, payment networks and technology companies would remain committed if the project encounters regulatory pressure. Circle and Tether, he noted, have spent years building global regulatory infrastructure and licensing, while a consortium could find it harder to stay aligned if conditions become more challenging.
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Building the Zcash Machine: Tachyon and Quantum Readiness
Building the Zcash Machine: Tachyon and Quantum Readiness
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jun 30, 2026
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Why it matters:
Zcash’s Tachyon upgrade aims to scale shielded payments, improve quantum readiness, and test whether its funding, security, and governance can hold.
Jeremy Allaire argued that stablecoin networks are winner-take-most businesses built over years, two days after the launch of the 140-plus-firm Open USD consortium sent Circle's stock down more than 17% in a single session.
Circle co-founder and CEO Jeremy Allaire published a lengthy rebuttal on X on July 1 to the pitch behind OUSD, the stablecoin launched by the Open Standard consortium, arguing that USDC's advantages in distribution, liquidity and regulatory licensing are not easily replicated.
"We've had lots of questions from our investor community looking for thoughts on OUSD, and so I thought I'd share my direct views here," he wrote, describing stablecoin networks as "platform and network effect businesses that are established over a long period of time" and built on three layers: developer and application integrations, liquidity depth, and regulatory licensing accumulated over years, including USDC's approvals in the European Union and Japan.
Open Standard, the independent company formed to govern Open USD, unveiled the token on June 30. According to Open Standard's announcement, OUSD rests on three design principles: partner businesses can mint and redeem the token without fees or volume caps; partners receive nearly all reserve earnings after a management fee; and the token is governed collectively by a board of partner companies rather than a single issuer.
Reserves are described as maintained at financial institutions in compliance with U.S. regulatory requirements, though specific custodians and attestation practices had not been disclosed as of launch, as The Defiant reported.
Zach Abrams, Open Standard's founding CEO and a co-founder of Bridge, the stablecoin infrastructure company Stripe acquired for $1.1 billion in 2025, said in the announcement: "Existing stablecoins have great strengths, but to use them at scale, businesses need something that's open, low-cost, high-throughput, broadly accessible, and aligned to their interests."
Stripe president of technology and business Will Gaybrick said Open USD will be the default stablecoin for businesses running on Stripe.
The partner list spans more than 140 companies, including payment networks Visa, Mastercard, American Express and Discover; financial institutions BlackRock, BNY and Standard Chartered; technology firms Google and Shopify; and crypto platforms Coinbase, Ripple and Solana, according to Open Standard's site. Circle, Tether and PayPal are not among the backers.
Allaire's Point-by-Point RebuttalAllaire addressed three specific arguments made for OUSD. On fee-free minting and redemption, he said Circle already addresses large-partner economics through contractual arrangements rather than a blanket policy, and questioned whether removing fees entirely is sustainable market-wide.
On revenue sharing, he argued that distributing nearly all reserve income to partners risks starving the infrastructure needed to run a global stablecoin network — "giving away all income is a recipe for starving your infrastructure, systematically underinvesting and ensuring that your platform will remain limited in scope" — noting Circle already shares the majority of its income with distribution partners.
On consortium governance, Allaire pointed to Circle's own history — it co-founded the Centre Consortium with Coinbase before consolidating USDC issuance under Circle alone — and said the track record of similar multi-company products reaching scale "is absolutely dismal," citing coordination problems and slow decision-making among large corporate partners.
On usage, Allaire cited data he attributed to Artemis showing USDC processed roughly $30 trillion in onchain transactions in the first quarter of 2026, about 80% of dollar-stablecoin transaction volume, with USDT accounting for most of the rest and all other stablecoins combined under 0.5%.
On Coinbase specifically — notable because Coinbase is both a USDC revenue-sharing partner and an OUSD backer — Allaire wrote that Circle's "stablecoin partnership with Coinbase remains as strong as ever."
The Coinbase Economics at StakeCircle's own SEC filing spells out why the Coinbase relationship draws scrutiny: Coinbase earns 100% of interest income on USDC held within its own products, and 50% of the residual reserve income on USDC held elsewhere — a split that moves with how much USDC sits on Coinbase's platform, which Circle's filing put at 20% of total supply in 2024. That mechanism traces back to the actual Circle-Coinbase Collaboration Agreement, filed as an exhibit to Coinbase's 10-K, which defines Coinbase's cut through an "Issuer Retention" and "Residual Payment Base" formula and sets an initial three-year term running from the agreement's August 18, 2023 effective date — putting it up for renewal around August 18, 2026, with automatic three-year renewals contingent on Coinbase meeting the product and reseller thresholds in Section 3.2.
Bernstein analysts wrote in a research note that the arrangement accounts for close to 20% of Coinbase's total revenue, flagging Coinbase's participation in the 140-company OUSD consortium as something that "has raised eyebrows" given how much the exchange earns from USDC.
Market ReactionCircle's stock fell more than 17% on June 30 to close at $62.63, its weakest level in four months and down 55% from mid-May. CRCL had priced its IPO at $31 per share in June 2025 and reached an intraday all-time high of $298.99 (closing high of $263.45) on June 23, 2025, before its prolonged decline. As of DefiLlama, USDC's market capitalization stood at $73.9 billion against USDT's $184.9 billion, with total stablecoin market capitalization at $313.2 billion.
Circle reported first-quarter 2026 revenue and reserve income of $694 million, up 20% year-over-year, with reserve income of $653 million making up 94% of total revenue, according to Circle's Q1 2026 results.
Wall Street's initial read was skeptical of the selloff's magnitude. Bernstein reaffirmed an "Outperform" rating and $190 price target, citing Visa onchain data showing USDC processed $5.3 trillion in the first half of 2026 alone. William Blair kept its own Outperform rating, calling OUSD "a solution searching for a problem" and telling clients the selloff was a buying opportunity
Analysts pointed to Paxos's Global Dollar Network (USDG) — a similar consortium-backed, revenue-sharing stablecoin launched in 2024 — which has grown to only about $3 billion in supply, as a precedent for how new entrants have struggled against USDC and USDT.
Allaire closed his thread by saying Circle continues to work with OUSD's founding members as USDC customers and partners, and that Circle welcomes continued competition in the stablecoin market.
Circle CEO Jeremy Allaire (@jerallaire) moved quickly to address investor concerns after shares of Circle Internet Group ($CRCL) fell more than 16% following the announcement of Open USD (OUSD), a new rival stablecoin launched by a consortium called Open Standard.
A formidable line-up, but Allaire is not convinced Open Standard announced OUSD on June 30, 2026, backed by more than 140 companies spanning payments, banking, tech, and crypto, with founding supporters including Visa, Mastercard, Stripe, Coinbase, BlackRock, and Google. The token is governed collectively by a partner board rather than a single issuer, and its pitch to businesses rests on three pillars: free minting and redemption with no volume caps, reserve yield shared across the partner network, and consortium governance.
Responding to what he described as numerous investor questions, Allaire addressed each of those selling points directly and dismissed them in turn. He argued that returning nearly all reserve income to partners risks "starving an infrastructure," and questioned whether unlimited free minting could remain sustainable at scale. His sharpest critique was reserved for the governance model. Allaire called the track record of consortium products "absolutely dismal" at achieving scale or product-market fit, noting that large groups of large companies tend to coordinate poorly and move slowly. He also disclosed that Circle itself tried a consortium model in $USDC's early days and "ran into endless challenges and complexity" even with a small group.
Underpinning his rebuttal is a broader argument: that stablecoins are not commodity products but platform businesses that tend toward winner-take-most outcomes, built on compounding layers of integrations, liquidity, regulatory approvals, and financial infrastructure that take years to replicate.
USDC's numbers remain hard to argue with Allaire pointed to transaction volume as the clearest measure of USDC's moat. According to Artemis Analytics data cited by Circle, $USDC handled nearly $30 trillion in onchain transactions in Q1 2026, accounting for roughly 80% of all dollar stablecoin volume. $USDT took the remainder. Every other stablecoin combined barely registered.
Analysts were divided on the threat. Bernstein reaffirmed its Outperform rating on Circle with a $190 price target, while also acknowledging OUSD could become the "strongest and first new entrant to challenge the duopoly of Circle and Tether," though it flagged that governance, operational architecture, and the revenue-sharing formula remain unresolved. William Blair separately called OUSD "a solution searching for a problem," arguing Circle already offers comparable incentives to partners. ARK Invest research director Lorenzo Valente pointed to a cold-start liquidity problem, a lack of established trading pairs, and governance friction as structural hurdles for the new consortium.
Coinbase's position remains the most closely watched variable. The exchange is Circle's largest $USDC distribution partner and a founding OUSD backer. Notably, Jefferies flagged that Circle derives roughly 95% of its revenue from interest on USDC reserves and that its commercial agreement with Coinbase is reportedly up for renewal in August. Allaire moved to defuse that tension directly, saying the stablecoin partnership with Coinbase "remains as strong as ever." He closed on a deliberately measured note, welcoming OUSD as a new member of the stablecoin community and pointing to Circle's expanding infrastructure stack, including CCTP and its Circle Payments Network, as evidence the company is building for a multi-stablecoin world rather than against one.
OUSD is expected to go live later in 2026 on Solana, Stellar, Base, and Polygon. The core question is whether 140 companies with aligned financial incentives can outmaneuver a decade of entrenched network effects. Allaire is betting they cannot.
Sources:
The Defiant: Circle CEO Rebuts OUSD Pitch, Defends USDC's Network Effects After Stock Slide
CoinDesk: Jefferies Warns Against Buying the Dip in Circle as Open USD Raises Competition Fears
Fortune: Stripe, Visa and over 140 other businesses to launch stablecoin to rival Tether and Circle
Bitcoin Rallied To $82,000 In April Then Reversed HardCrypto entered Q2 with momentum, with Bitcoin and Ethereum (CRYPTO: ETH) both climbing roughly 20% from early April as geopolitical anxiety briefly eased and institutional demand improved.
That recovery didn’t hold. Three forces hit at once: oil prices spiked with Brent crude hitting $126.41, the Fed turned more hawkish, and capital started rotating into AI stocks where earnings momentum stayed intact.
The divergence became clear toward the end of May.
Bitcoin now sits near $60,000, roughly 52% below its all-time high of $126,000 set in late 2025.
All Three Major Demand Channels Weakened At The Same TimeCoin Metrics identified three pillars that normally support Bitcoin’s price, which all cracked in Q2.
Spot Bitcoin ETFs started strong with a single-day inflow peak of $474 million on April 20, then flipped.
Outflows dominated the rest of the quarter with 53 outflow days against just 30 inflow days. June alone accounted for $3.84 billion of the quarter’s total $4.08 billion in net outflows.
MSTR buying pace slowed materially as STRC fell to a record low near $74 and its mNAV compressed toward 1.0, weakening the funding mechanism behind its accumulation.
The stablecoin market contracted by $4.2 billion across Q2, removing a layer of dry powder that supports on-chain activity.
The Market Enters Q3 Deleveraged But ThinnerCombined Bitcoin and Ethereum long liquidations totaled $8.35 billion across Q2, with more than half occurring between May 25 and June 7 as overleveraged longs were flushed out.
Bitcoin open interest fell 32% from its peak to $33.5 billion, while Ethereum open interest dropped 40% to $16.2 billion.
Bitcoin’s orderbook depth declined from nearly $70 million in early May to roughly $35 to $40 million by late June, leaving the market thinner and more sensitive to selling pressure heading into Q3.
Image: Shutterstock
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Crypto exchange balances saw a notable withdrawal wave heading into July 1, with USDC and Bitcoin leading approximately $850 million in net outflows from centralized platforms. The move adds another layer to a market already watching liquidity, ETF flows, and investor positioning closely.
TL;DR Centralized exchanges reportedly saw around $850 million in net withdrawals over 24 hours. USDC led stablecoin outflows with about $503 million leaving exchanges. Bitcoin recorded around $352.7 million in net withdrawals over the same period. Exchange outflows are wallet movements, not direct evidence of spot buying or selling. Exchange flows are useful because they show where traders are moving assets, but they need careful interpretation. A withdrawal does not tell us exactly what the owner plans to do next. It may reflect self-custody, institutional settlement, collateral movement, treasury management, or DeFi deployment.
USDC leads the stablecoin move The largest reported component of the outflow was USDC, with roughly $503 million leaving centralized exchanges. Stablecoin withdrawals can mean several things. Sometimes traders are moving dollars on-chain to use in DeFi. Sometimes market makers are shifting liquidity between venues. Sometimes funds are simply being pulled into custody after a trading period ends.
Because USDC is widely used as a settlement asset, its movement can offer clues about where liquidity may appear next. If stablecoins leave exchanges and move into wallets or protocols, that may support on-chain activity. If they move into custody and stay idle, the signal is more defensive.
Bitcoin withdrawals add a second signal Bitcoin also saw significant reported withdrawals, with around $352.7 million in net outflows during the same 24-hour window. BTC leaving exchanges is often interpreted as a sign of holding conviction because coins moved into self-custody are usually less immediately available for sale.
That reading is useful, but it should not be pushed too far. Large holders can move coins between wallets for operational reasons. Institutions can rebalance custody arrangements. Traders can withdraw funds without making a long-term investment statement. The signal is strongest when exchange outflows persist across several days and align with improving price action.
A market looking for cleaner signals The latest outflow wave comes as Bitcoin and the wider crypto market are searching for direction after a difficult June. Spot ETF flows have weakened, US demand indicators remain mixed, and traders are watching liquidity closely. In that environment, exchange reserve data can help show whether investors are preparing to sell or moving assets away from trading venues.
For now, the takeaway is balanced. USDC and Bitcoin withdrawals suggest capital is moving off centralized exchanges, which can be constructive if it reflects custody confidence or on-chain deployment. But the data does not prove immediate buying pressure. It is one piece of the market puzzle, and it becomes more meaningful if the trend continues through the next several sessions.
For readers, the cleanest takeaway is to separate the raw data from the market interpretation. The figures are useful because they show how capital is moving, but they should still be read alongside price action, liquidity conditions, and the wider risk environment.
This report is based on information from CryptoQuant.
This article was written by the News Desk and edited by Samuel Rae.
2 July 2026 | 00:45 The launch of Open USD, the 140-plus company stablecoin consortium backed by Visa, Mastercard, Stripe, Coinbase, and BlackRock, drew a direct response from the person with a lot to lose.
Key Takeaways Circle CEO Jeremy Allaire publicly argued Open USD won’t dethrone USDC. He cites Artemis data putting USDC at 80% of on-chain dollar stablecoin volume. His sharpest point: consortium products have a “dismal” track record at scale. It’s the incumbent’s rebuttal, not neutral proof, and he has a clear stake. Circle co-founder and CEO Jeremy Allaire, whose company issues USDC, laid out a methodical argument via post on X for why he isn’t worried, which is itself a signal that the launch registered as a genuine competitive event worth answering.
The Market Is Already Asking the Question The timing tracks with the data. Per Santiment’s trending dashboard, the Open USD launch was one of crypto’s top trending stories, sitting alongside whale activity and MiCA licensing, with social volume spiking sharply and sentiment leaning mixed-to-bearish. The dashboard framed the open question plainly: whether another major stablecoin can truly compete with USDC and USDT. Allaire’s post is the incumbent’s direct answer to exactly that question, and the accurate read is that the market hasn’t resolved it, it has simply heard the market leader’s strongest case for why the answer is no.
His Core Argument: Stablecoins Are Winner-Take-Most Allaire’s foundational claim is that stablecoin networks behave like internet platform utilities, tending toward winner-take-most market structures built over long periods. The strength, in his framing, isn’t the token but the number and range of applications integrated to it. Every developer integration compounds network effects, which drives currency demand, which reinforces liquidity, a loop he argues a new entrant can’t simply buy its way into with a big logo list. As he put it, stablecoin networks “tend towards winner-take-most market structures.”
The Market-Share Numbers His hardest weapon is usage data. Citing third-party info from Artemis , Allaire states that in Q1 2026, USDC handled nearly $30 trillion in on-chain transactions, which he frames as “80% of all dollar stablecoin transactions on blockchains,” with USDT handling the remaining 20% and all other dollar stablecoins combined accounting for effectively zero, under half a percent. On the other hand Circle’s report declares USDC onchain transaction volume in Q1’26 of $21.5 trillion grew 263%. His point is that other stablecoins may have circulation, but real usage is minimal because they lack liquidity and network utility. These are his cited figures via Artemis, not independently verified here, and they are the incumbent’s strongest data point precisely because they measure usage rather than announcements.
The Liquidity Moat Allaire extends that into a liquidity argument. He contends USDC is a top-three most liquid digital asset alongside Bitcoin and USDT, with liquidity falling off sharply after those three. The closest competing dollar stablecoins, in his telling, are roughly 10 times smaller, with liquidity concentrated in promotional order books on single exchanges rather than dispersed across dozens of venues the way USDC’s is. It’s a direct counter to Open USD’s implicit pitch that a coalition of large companies can manufacture liquidity: his claim is that liquidity is earned over a decade, not assembled by consortium.
We’ve had lots of questions from our investor community looking for thoughts on OUSD, and so I thought I’d share my direct views here for anyone.
Stablecoin networks are platform and network effect businesses that are established over a long period of time, tend towards…
— Jeremy Allaire – jerallaire.arc (@jerallaire) July 1, 2026
The Consortium Critique This is his sharpest and most pointed argument, and it targets Open USD’s core differentiator directly. Allaire’s claim is that the track record of consortium products achieving scale, product-market fit, or basic agility is, in his words, “absolutely dismal.” Large groups of large companies, he argues, coordinate poorly, carry misaligned incentives, move slowly, and starve the venture out of self-interest. He notes Circle tried a consortium model in USDC’s early days, even with a small group, and hit endless complexity.
From there he makes a prediction: smaller, tighter commercial partnerships with a market leader will outcompete large consortiums, and the same firms lending their logos to Open USD will, in practice, direct their operating units to partner with USDC because that serves their customers best. It’s worth being precise that this is a forecast of how Open USD will struggle, not evidence that it has, but as a structural argument it’s his most persuasive, because it reframes Open USD’s main selling point, broad shared governance, as its main weakness.
His Rebuttals to Open USD’s Selling Points Allaire also pre-empts Open USD’s three headline pitches:
On “free mint and burn”: he argues the payments industry runs on small basis-point fees, and that a stablecoin with strong redemption facilities and no fees simply becomes the off-ramp for its competitors. Circle, he says, handles this through contractual mechanisms instead of blanket fee exemption. On “everybody shares the reserve income”: he counters that giving away all reserve income starves infrastructure investment, and that Circle already shares the majority of its income with distribution partners while retaining enough to keep investing. On shared governance: the consortium critique above. The Diplomatic Close Notably, Allaire doesn’t dismiss Open USD outright. He says Circle’s partnership with Coinbase “remains as strong as ever,” that Circle works closely with many Open USD founding members he expects will stay large USDC partners, and he welcomes Open USD “as a new member of the community.” Welcoming a competitor rather than attacking it is a posture only the market leader can afford, and it’s part of the message: confidence, not alarm.
The Honest Read Allaire’s argument is strong precisely because it leans on the two things Open USD can’t replicate overnight: cited market-share dominance, 80% of on-chain dollar volume by his Artemis figures, and a decade of accumulated liquidity and regulatory licensing, including USDC’s availability across all of Europe and Japan. The consortium critique is his most compelling point because it’s structural rather than defensive.
But it should be read as the incumbent’s perspective, not settled fact. Allaire has an obvious interest in dismissing a competitor backed by Visa, Mastercard, and BlackRock. The Artemis figures are his citation, and the consortium critique, however well-argued, is a prediction about how Open USD fails, not proof that it will. The Santiment data captures the real market uncertainty his confidence is designed to counter. The honest conclusion is that the question, can a new consortium stablecoin challenge USDC, remains open. What Allaire has provided is the clearest version of the market leader’s case for why it can’t.
This article is for informational purposes only and does not constitute financial advice. Consult a professional before making investment decisions.
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.
Tradeweb has announced the successful completion of a transaction involving a tokenized US Treasury bond on blockchain infrastructure. In this transaction, asset manager Franklin Templeton transferred a tokenized Treasury security to Virtu Financial. The counterpart asset was tokenized cash, with settlement taking place on the Canton Network.
Instant settlement achieved on blockchainTradeweb facilitated the formation of the transaction price and execution of orders, while the Canton Network coordinated simultaneous settlement for both the bond and tokenized cash components. According to the participants, the transaction was finalized in real time. The financial terms of the deal were not disclosed.
Tradeweb emphasized that this marks the first instance in the industry where a tokenized US Treasury bond issued on Canton was transacted in real time in exchange for USDCx—a USDC-backed stablecoin.
Several major players took part in the process, including Blockdaemon, Digital Asset, Societe Generale, Franklin Templeton, Tradeweb, and Virtu Financial. Virtu Financial stands out as a global financial firm known for its high-frequency trading and market making activities. The Canton Network is a permissioned blockchain network dedicated to institutional financial applications.
Glossary: Tokenization refers to the creation of a blockchain-based digital representation of a traditional asset. Settlement refers to the final completion of a transaction, with transfer of assets and funds between parties.
Advance comes ahead of DTCC’s tokenization rolloutAccording to the statement, this transaction came ahead of the Depository Trust & Clearing Corporation’s upcoming launch of its Tokenization Services later this year. DTCC aims to enable the tokenization of select stocks, exchange-traded funds (ETFs), and US Treasury securities through the new service. The firm stresses that investor protection and ownership rights will be preserved under the same framework as traditional assets.
Franklin Templeton, too, has recently accelerated its moves into tokenized financial assets. Earlier this year, the asset manager partnered with Binance to let institutional clients use tokenized money market fund shares as trading collateral. Additionally, the company has started work with Ondo Finance to bring tokenized ETFs onto blockchain networks.
Blockchain adoption grows in sovereign debt marketsGovernments are also taking steps to bring sovereign debt instruments onto blockchain systems. Multiple regulatory jurisdictions have launched digital bond pilots to test issuance, settlement, and market infrastructure using digital ledgers.
Hong Kong emerged as a pioneer in 2023 by issuing its first digital green bond. In November 2025, the government completed its third digital green bond issuance, raising 10 billion Hong Kong dollars—approximately $1.3 billion—across four currencies.
Last month, the Hong Kong government announced plans to establish a digital asset platform through the Hong Kong Monetary Authority to support the issuance and settlement of tokenized bonds. The platform is expected to expand to other digital assets and connect with regional tokenization networks. In the UK, the government assigned HSBC Orion to manage the Digital Gilt Instrument pilot, testing blockchain-based issuance, settlement, and secondary market operations for sovereign bonds.
Tokenized Treasury market hits $14.6 billionAccording to data from RWA.xyz, the market for tokenized US Treasury products has reached $14.6 billion. Comprising 84 on-chain products, this segment now stands as the largest in the tokenized real-world assets market.
CategoryValueTokenized US Treasury market$14.6 billionNumber of on-chain products84Hong Kong digital green bond issuance10 billion Hong Kong dollarsUS dollar equivalent of Hong Kong issuance$1.3 billionDisclaimer: 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.
Solana has received another major injection of stablecoin liquidity after Circle reportedly minted an additional $1 billion in USDC on the network around July 1. The move adds to a year that has already seen unusually large gross USDC issuance on Solana, a chain where stablecoins have become central to swaps, leverage, payments, and on-chain trading activity.
TL;DR Circle reportedly minted another $1 billion in USDC on Solana. The mint follows another $1 billion Solana USDC issuance in mid-June. Gross 2026 USDC issuance on Solana is now reported at $64.25 billion. That figure is gross issuance, not current circulating supply. The distinction between issuance and supply is important here. A large mint does not mean all of that USDC remains circulating on Solana forever. Tokens can be burned, redeemed, bridged, or otherwise moved as market demand changes. The $64.25 billion figure refers to cumulative gross issuance during 2026, not the live amount of USDC currently sitting on Solana.
Why Solana wants deep stablecoin liquidity Stablecoins are the base layer for a lot of crypto trading behaviour. On Solana, they are especially important because the network is built around fast, low-cost settlement. Traders use USDC as collateral, as a settlement asset, and as a quick way to move between volatile positions without leaving the chain.
When more USDC is minted onto Solana, it usually points to demand for on-chain dollar liquidity. That demand can come from market makers, DeFi protocols, retail traders, or institutions routing activity through Solana-based venues. It does not automatically mean prices will rise, but it does show that the network remains a live venue for capital movement.
Gross issuance is not the same as circulating supply This is the part worth spelling out because the headline number can be easy to misread. Gross issuance counts how much USDC has been minted onto Solana across a period. Circulating supply reflects what remains after redemptions, burns, and transfers are accounted for.
So the $64.25 billion figure should not be treated as a claim that Solana currently has that exact amount of USDC active on-chain. Instead, it is a signal of throughput. It shows how much dollar liquidity has been created through the network during the year, even if some of that liquidity later moved elsewhere or was redeemed.
A stronger foundation for Solana DeFi For Solana’s DeFi ecosystem, this matters because stablecoin depth affects trading quality. More available USDC can improve routing, reduce friction, support lending markets, and make it easier for larger participants to enter and exit positions. In a market where liquidity often moves quickly between chains, stablecoin depth is one of the clearer signs of where users are actually active.
The latest mint also arrives at a time when Solana remains closely tied to high-velocity trading, meme coin activity, and decentralized exchange volume. That can make liquidity demand volatile. But it also keeps Solana near the center of the market’s most active trading lanes. For now, the fresh USDC mint reinforces the view that Solana is still attracting serious on-chain dollar flow.
This report is based on information from Solscan.
This article was written by the News Desk and edited by Samuel Rae.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Economist Gita Gopinath said on Tuesday that cryptocurrency legislation, including the GENIUS Act, will have limited success reducing illicit finance due to the large number of anonymous stablecoin holdings.
Stablecoins In Self-Custody: A Dark Spot?Gopinath, at a lecture on the occasion of the Annual General Meeting of the Bank for International Settlements, pointed out that stablecoins are primarily held in their most anonymous form, a stark contrast to the preference for less anonymity in traditional money transactions.
The research found that the fewest stablecoins are held on U.S.-based centralised exchanges, including Coinbase Global Inc. (NASDAQ:COIN), considered “least anonymous” and “analogous to bank deposits.”
Holdings in non-U.S. exchanges, such as Binance (CRYPTO: BNB), were placed between self-custody and U.S. exchanges on the anonymity spectrum.
Loopholes In US Stablecoin Act?Gopinath, former Chief Economist at the IMF, stated that the GENIUS Act, which regulates stablecoin issuers and centralized exchanges, does not cover self-custody wallets, peer-to-peer transfers, and offshore issuers and exchanges.
She added that while the European framework, i.e, Markets in Crypto-Assets, is more restrictive, it still excludes a large share of transactions.
“Consequently, GENIUS & MICA regulatory frameworks will likely have only a modest effect in preventing illicit activity,” Gopinath said.
Notably, New York’s leading prosecutors raised concerns earlier this year about the new stablecoin legislation, citing weaker safeguards for fraud victims
Stablecoin Role In Facilitating Illicit VolumeGopinath pointed to the Chainalysis cryptocurrency crime report, showing that stablecoins accounted for 84% of the illicit cryptocurrency transaction volume in 2025.
“Stablecoins are a genuine innovation, but they are held and used in their most anonymous form. The task for policymakers is to manage the resulting trade-off,” the Harvard Professor said during the lecture.
A report by CertiK, a Web3 cybersecurity firm, highlighted the emergence of several major exploit trends in stablecoin infrastructure over the past 18–24 months.
Photo Courtesy: ddRender on Shutterstock.com
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New York Life Investment Management has partnered with Centrifuge to launch its first tokenized fund, bringing a U.S. high-yield corporate bond strategy onchain.
Summary
NYLIM launched its first tokenized offering through Centrifuge, starting with a high-yield bond strategy. The HYB product gives eligible investors onchain access to NYLIM’s fixed-income investment process. Subscriptions and redemptions will settle in USDC while NYLIM keeps portfolio management unchanged. New York Life Investment Management, known as NYLIM, partnered with Centrifuge to launch the NYLIM Anemoy U.S. High Yield Corporate Bond Segregated Portfolio. The product will trade under the ticker HYB and marks NYLIM’s first tokenized offering.
NYLIM has about $807 billion in assets under management, according to the announcement. The asset manager said the launch gives eligible investors access to its high-yield corporate bond strategy through digital infrastructure.
High-yield bond strategy moves onchain The HYB product brings NYLIM’s U.S. High Yield Corporate Bond Strategy to Centrifuge’s platform. The companies said the underlying portfolio, investment process and risk management approach will remain with NYLIM and will not change because of the tokenized structure.
The fund will use Centrifuge’s institutional fund infrastructure. Subscriptions and redemptions will settle in USDC, according to the Centrifuge announcement. The offering is aimed at eligible investors, rather than broad retail access.
New York Life Investment Management (@NYLIManagement), one of the largest active asset managers globally with ~$807B in AUM, has partnered with Centrifuge to bring its fixed income capabilities onchain.
The collaboration begins with $HYB, one of the first high yield bond… pic.twitter.com/oA5qyOpvUj
— Centrifuge (@centrifuge) June 30, 2026 NYLIM sees demand for tokenized access “Tokenization represents a compelling evolution in how investment solutions can be accessed, managed and distributed across both public and private markets,” Thomas Sy, Head of Multi-Asset Solutions at NYLIM, said.
“As investor demand continues to grow around transparency, efficiency and broader market participation, we are exploring opportunities where blockchain-enabled infrastructure can complement our existing platform and deepen the value we deliver to clients,” Sy said.
The launch places NYLIM among large asset managers testing tokenized versions of traditional investment products. The product also expands tokenized credit beyond U.S. Treasuries and money market funds, which have formed a large share of real-world asset activity.
Centrifuge expands RWA fund infrastructure “We’re proud to work with NYLIM and we’re starting with a fund that fills a gap for onchain investors that existing infrastructure cannot address,” Anil Sood, CSO and co-founder of Centrifuge Labs, said.
“But this is bigger than a single product: It is about moving funds onto infrastructure that is more transparent, more efficient, and more composable,” Sood said. He added that NYLIM is a partner for Centrifuge as it works to bring more established funds onchain.
Meanwhile, Centrifuge launched decentralized RWA tokens on Aerodrome in 2025, making tokenized assets tradable and usable as collateral across EVM platforms. That launch included deJAAA, a tokenized version of the Janus Henderson Anemoy AAA CLO Fund.
As reported earlier by crypto.news, Ethena also selected Centrifuge as a tokenization partner in June, alongside a deal with Janus Henderson. The recent NYLIM launch adds another fixed-income strategy to Centrifuge’s growing list of institutional tokenization projects.
Previously, crypto.news reported that tokenized real-world assets had crossed $29 billion by April 2026, while tokenized U.S. Treasuries had reached $13.4 billion. The HYB launch shows how tokenization is moving into corporate credit products as asset managers test blockchain-based distribution and settlement.
Circle shares fell sharply after CRCL was removed from several Russell Growth indexes and a new stablecoin rival entered the market.
Summary
Circle left multiple Russell Growth indexes, raising questions about passive ownership and near-term CRCL liquidity. CRCL fell 17.5% as Open USD introduced fresh competition for USDC’s stablecoin model this week. Allaire defended USDC’s market position, while Tether’s Ardoino welcomed another stablecoin rival entering the field. Simply Wall St reported that Circle Internet Group was removed from multiple Russell Growth benchmarks during the latest annual reconstitution. The changes included the Russell 1000 Growth Index, Russell 3000 Growth Index and Russell Midcap Growth Index.
The report said index-linked funds and institutional mandates that track these benchmarks may adjust their exposure to CRCL. Such changes can affect passive ownership and trading activity around rebalancing dates, especially for stocks with recent market volatility.
CRCL price falls after rebalancing According to Google finance data, CRCL traded at $62.63, down about 17.5%, after touching an intraday low of $62.00. The stock opened at $72.68 before extending losses during the session.
Source: Google finance The latest fall followed a wider 30-day decline. CRCL had dropped 40% over the past month, a move it said may reflect selling pressure tied to index removal.
The Russell changes came during a broader reconstitution of U.S. equity benchmarks. FTSE Russell said its June 2026 process included changes across growth, value and size-based indexes as market leadership shifted.
Open USD adds new USDC rival Circle also faced fresh pressure after the launch of Open Standard, a new stablecoin network backed by more than 140 businesses. Visa, Mastercard and Coinbase were among the companies tied to the initiative, which plans to issue a U.S. dollar-pegged stablecoin called Open USD.
“Existing stablecoins have great strengths, but to use them at scale, businesses need something that’s open, low-cost, high-throughput, broadly accessible, and aligned to their interests,” Open Standard founding CEO Zach Abrams said.
As reported by crypto.news, Open USD will offer free minting and redemption while sharing reserve earnings with ecosystem participants after a management fee. That model differs from Circle’s USDC business, where reserve income remains central to the company’s revenue base.
Circle and Tether chiefs respond “USDC remains the most trusted, widely adopted, institutional-ready stablecoin in the world,” Circle CEO Jeremy Allaire said in a post on X. He said Circle would keep investing across banks, payment companies, capital markets firms and enterprise use cases.
Stablecoins represent one of the largest market opportunities in the world as the internet transforms the infrastructure for storing and moving money. We deeply believe in this, and it’s why we both founded Circle and why we’ve invested to build the largest regulated stablecoin…
— Jeremy Allaire – jerallaire.arc (@jerallaire) June 30, 2026 “Welcome OUSD. Player 2 has entered the game,” Tether CEO Paolo Ardoino said in a post on X. His comment came as Open USD added another large-name rival to a market led by USDT and USDC.
Previously, crypto.news reported that Circle’s NYSE listing under CRCL had turned USDC into one of Wall Street’s most closely watched stablecoin plays. The stock’s latest move shows how index changes and stablecoin competition are now both shaping investor views on Circle.
Key Takeaways Shares of Circle plummeted over 16% following the announcement of Open USD, a stablecoin initiative supported by Stripe, Coinbase, Visa, Mastercard, and BlackRock Open USD differentiates itself by planning to distribute reserve interest earnings among consortium partners instead of retaining profits William Blair analysts described the market reaction as excessive and maintained their Outperform stance on Circle The Paxos Global Dollar, another consortium-based stablecoin, has achieved just $3 billion in circulation compared to USDC’s $73 billion market cap Critical operational details about Open USD—including blockchain deployment and revenue distribution—have yet to be disclosed Shares of Circle experienced a sharp decline exceeding 16% on Tuesday following the public debut of Open Standard, a newly formed consortium introducing the Open USD stablecoin initiative.
Circle Internet Group, CRCL
The coalition boasts more than 140 corporate participants, featuring industry heavyweights such as Stripe, Coinbase, Visa, Mastercard, and BlackRock.
The fundamental value proposition of Open USD is clear-cut. Rather than the stablecoin provider retaining interest income generated from reserve assets, Open Standard intends to share this revenue stream with member organizations.
This model presents a direct challenge to how Circle generates revenue. The company’s profitability relies heavily on capturing interest earned from the assets supporting USDC.
Circle CEO Jeremy Allaire addressed the development via social media, characterizing USDC as “the most trusted, widely adopted, institutional-ready stablecoin in the world.” He emphasized the company’s commitment to continued innovation while acknowledging the competitive landscape.
Tether CEO Paolo Ardoino also joined the conversation, stating: “Welcome OUSD. Player 2 has entered the game.”
Market Analysts View Stock Decline as Excessive Not all market observers interpret the competitive threat as severely as Tuesday’s price action might indicate.
William Blair analysts maintained their Outperform rating on Circle stock and suggested investors view the session’s decline as an attractive entry point.
They characterized competitive worries as “overblown,” highlighting USDC’s approximately $74 billion market capitalization and Circle’s established payment infrastructure network.
The research team also drew parallels to previous payment consortiums such as MCX and Paze, which struggled to achieve meaningful adoption against incumbent platforms.
Owen Lau, managing director at Clear Street, echoed this sentiment. “I think it is an overreaction,” he shared with CoinDesk.
Rob Hadick from venture capital firm Dragonfly acknowledged that the partner roster represents a legitimate competitive concern but cautioned that consortium structures face inherent challenges. “Incentives are broad and often misaligned,” he noted.
Critical Information Still Missing Market analysts also highlighted that Open Standard’s announcement omitted essential operational details.
The consortium failed to specify which blockchain networks will host Open USD, how interest revenue will be allocated among partners, or what governance framework will guide the organization.
Columbia Business School professor Omid Malekan described it as the “logo spray and pray” phase. “Putting your name on a list is easy,” he observed. “Actually changing corporate behavior is hard.”
As a reference point, Paxos introduced its consortium-supported stablecoin in late 2024. It has achieved $3 billion in circulation—significantly trailing USDC’s $73 billion and Tether’s $145 billion.
The announcement also drew attention to Circle’s current partnership agreement with Coinbase, which reportedly faces renewal discussions in August.
Open USD is scheduled to launch in late 2026. Until that time arrives, its actual influence on USDC’s market position remains speculative.
