Coinbase now offers fixed-rate USDC borrowing against bitcoin collateral via Morpho Midnight integration. Users receive predetermined interest rates and repayment schedules at loan origination. This offering complements Coinbase’s current variable-rate lending through Morpho Blue. The platform’s variable-rate lending portfolio has surpassed $1.4 billion in loans secured by approximately $3 billion in collateral. The service combines Coinbase’s user interface, Morpho’s protocol infrastructure, and Base network settlement. Coinbase has introduced fixed-rate loans backed by bitcoin, offering customers an alternative method to access USDC liquidity without liquidating their cryptocurrency holdings. Operating through Morpho Midnight, this service provides borrowers with transparent interest rates and repayment timelines established at loan inception.
This latest feature builds upon Coinbase’s current onchain lending infrastructure, which includes variable-rate borrowing through Morpho Blue. Customers now have the flexibility to select between fixed and variable loan structures based on their credit management preferences.
Morpho Midnight Powers New Fixed-Rate Lending Option Morpho introduced Midnight on the Base network in July, establishing a framework for fixed interest rates and predetermined maturity dates in decentralized lending. Traditional DeFi lending platforms have primarily operated with variable interest rates subject to market fluctuations.
According to Morpho, Coinbase represents the first major consumer-facing platform to integrate Midnight loans at this scale. While market makers also utilize the protocol, Tenor Labs had previously deployed a lending service leveraging Midnight technology.
An onchain order book mechanism determines interest rates through supply and demand dynamics. Coinbase has not revealed the exact rates currently accessible to its borrowing customers.
Borrowers can presently select maturity dates corresponding to either the current month’s end or the subsequent month’s conclusion. Coinbase designates the month’s final Friday as the official end date.
Customers must satisfy their USDC debt obligations prior to the maturity deadline. Failure to repay enables lenders to exercise claims against the bitcoin collateral securing the loan.
Coinbase’s Lending Portfolio Exceeds $1.4 Billion The platform’s existing variable-rate lending service has experienced rapid expansion. Coinbase reports that users maintain over $1.4 billion in active loans supported by approximately $3 billion in collateral assets.
These loans operate through Morpho Blue, the company’s established variable-rate lending infrastructure. According to Morpho, Blue currently facilitates roughly $5.2 billion in outstanding loans alongside approximately $16 billion in deposits across all platform integrations.
Morpho Midnight remains in earlier growth stages, with deposits totaling around $30 million as deployment continues. The Coinbase partnership could significantly expand adoption by connecting the protocol with an extensive retail user base.
The platform architecture divides responsibilities across different components. Coinbase oversees the customer-facing interface, Morpho supplies the lending technology, and Base handles transaction settlement.
Access Liquidity While Maintaining Bitcoin Exposure The primary advantage of this service enables users to obtain liquid capital while preserving their bitcoin market position. Rather than converting bitcoin into fiat currency or stablecoins, customers can leverage their holdings as collateral to borrow USDC.
Jacob Frantz, Coinbase’s yield and investments product lead, emphasized that fixed-rate borrowing provides users with enhanced control over credit management. The fixed structure may attract borrowers who value predictable financing costs over variable rate exposure.
Morpho envisions Midnight’s expansion beyond bitcoin-collateralized lending. The protocol’s future roadmap includes potential support for structured credit instruments and loans backed by tokenized real-world assets.
Additional integrations are in development, though Morpho has not disclosed specific partners or implementation schedules. Currently, Coinbase customers benefit from an expanded onchain borrowing menu as fixed-rate DeFi lending increasingly resembles traditional financial products.
Russia’s Ministry of Finance has warned domestic crypto investors that the government will not compensate them if foreign stablecoin issuers such as USDT or USDC freeze their assets.
The warning comes as nearly 20 million Russians reportedly hold digital assets worth around 3.7 trillion rubles, or about $44 billion, according to Deputy Finance Minister Ivan Chebeskov.
In an interview, Chebeskov said Russian investors should not expect compensation if foreign crypto issuers freeze their assets.
The warning mainly concerns stablecoins such as USDT and USDC. Their issuers can freeze tokens in response to sanctions, court orders or other legal requirements.
Chebeskov said the government would not cover losses resulting from such freezes, including when investors hold the tokens in private wallets.
This means holding stablecoins in a private wallet does not necessarily prevent the issuer from freezing the tokens.
Russia has already seen this risk. In March 2025, Tether froze more than $28 million in USDT linked to Garantex after sanctions were imposed on the exchange.
Russia’s Crypto Market Reaches $44 BillionChebeskov said around 20 million Russians hold cryptocurrencies worth approximately 3.7 trillion rubles, or more than $44 billion.
He also reported daily crypto transaction volumes of around 50 billion rubles, equivalent to nearly $600 million.
The figures highlight the scale of crypto ownership and trading in Russia as authorities introduce a formal regulatory framework for the market.
New Rules Bring Russian Crypto Under RegulationThe warning comes as Russia introduces a new framework for digital assets under Federal Law No. 282-FZ, signed on August 4 and effective from September 1, 2026.
The law establishes rules covering crypto trading, digital asset intermediaries, and investor access.
Under the new system, non-qualified investors face annual purchase limits and must pass a test before buying eligible cryptocurrencies. The Bank of Russia said the annual limit for non-qualified investors is 300,000 rubles through one intermediary.
The framework also includes rules covering foreign digital instruments, including foreign stablecoins. Some provisions related to licensed intermediaries are scheduled to take effect later, including in July 2027.
For Russian crypto investors, the Finance Ministry’s warning adds another risk to holding foreign-issued stablecoins: even when tokens are held in private wallets, issuers may still be able to freeze them under applicable legal or sanctions requirements.
Story Ends Here
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Binance (CRYPTO: BNB) Co-CEO Richard Teng reacted with interest on Tuesday to speculation that Apple Inc. (NASDAQ:AAPL) will add stablecoin support on Apple Pay.
Apple Set to Welcome Stablecoins?“Stablecoins on billions of devices?” Teng posted on X, paired with a wide-eyed emoji.
Curiosity grew after Coin Bureau reported that Apple had posted a job listing seeking “stablecoin expertise” for its Apple Pay team.
Notably, the application, posted on Aug. 26, did not mention stablecoins, cryptocurrency or blockchain infrastructure—an observation echoed by Mike MacCana, a Solana (CRYPTO: SOL) software developer.
The role involves partnering with the Apple Card and Apple Cash teams to shape long-term strategy, identify growth and support business planning across wallets, payments, and commerce opportunities.
Apple didn’t immediately return Benzinga’s request for comment.
Read Next
Apple’s Crypto StanceApple Pay does not natively support stablecoins, including USDC (CRYPTO: USDC), for direct consumer spending. However, you can use stablecoins indirectly through third-party cryptocurrency debit cards and payment networks like Mesh.
Apple’s former CEO Tim Cook said in 2021 that the company doesn’t invest in cryptocurrency because consumers do not buy AAPL stock for cryptocurrency exposure. He, however, admitted to owning cryptocurrency personally.
Billionaire Tim Draper urged Apple to consider Bitcoin (CRYPTO: BTC) exposure, citing Space Exploration Technologies Corp. (NASDAQ:SPCX) $1.6 billion BTC holdings as an example.
Price Action: Apple shares rose 0.03% in after-hours trading, according to Benzinga Pro. The stock closed 0.23% higher at $339.75 during Tuesday’s regular trading session. Year to date, the stock has rallied nearly 25%.
Apple stock maintains a stronger price trend over the short, medium, and long terms, according to Benzinga’s Edge Stock Rankings.
Photo Courtesy: Adrian Tusar on Shutterstock.com
Market News and Data brought to you by Benzinga APIs
Binance has acquired an ownership position in Circle through an equity investment, committing to broader USDC integration. The strategic alliance emphasizes growing USDC usage in developing economies worldwide. Through a private transaction, Binance purchased Class A shares of Circle at a 5% markdown from prevailing market rates. The crypto exchange has committed to a lock-up period of up to two years on the acquired shares. Both Circle and Coinbase stocks have appreciated over 7% in the last 30 days amid rising Bitcoin valuations. Binance has secured an equity stake in Circle, marking a significant deepening of their collaborative efforts surrounding USDC. The world’s largest cryptocurrency exchange will actively promote and integrate the stablecoin throughout its ecosystem, placing special emphasis on penetrating emerging market territories.
Binance invests $100M in @circle. Partnership extended 5 years.
A trusted digital dollar for more people, in more places.
This is a major commitment to regulated stablecoins – and on the infrastructure the next decade of finance gets built on.
Read more →… pic.twitter.com/lURAuKzkcx
— Binance (@binance) September 22, 2026
Circle has committed to delivering the technical backbone necessary for seamless USDC transactions and custody across Binance’s extensive service offerings. Jeremy Allaire, Circle’s Chief Executive Officer, expressed optimism that this collaboration could unlock onchain financial services for hundreds of millions of individuals and enterprises globally.
Strategic Share Acquisition by Binance The investment structure involved a private placement arrangement for Circle’s Class A common shares. Binance secured these shares at a discounted rate—5% below Circle’s trading price immediately prior to transaction completion.
Additionally, Binance accepted transfer restrictions that prevent share disposal for a maximum period of two years. This arrangement aligns Binance’s financial interests directly with Circle’s long-term success trajectory and USDC’s market expansion.
Clear Street analysts characterized this development as favorable for Circle, noting enhanced distribution capabilities and increased visibility among Binance’s massive user community. Industry estimates suggest Binance serves over 300 million registered users across the globe.
The research firm emphasized the strategic significance for emerging economies, where appetite for dollar-denominated digital products remains particularly robust. Enhanced USDC accessibility via Binance could streamline user access to USD-based cryptocurrency offerings.
Clear Street drew comparisons to Coinbase’s dual role as both USDC distributor and Circle stakeholder. The equity position provides Binance with meaningful motivation to champion broader stablecoin adoption across its platform.
Circle’s Strategy for USDC Market Penetration Circle’s business model relies fundamentally on USDC’s expansion and transaction volume. Increased stablecoin circulation can boost the reserve base supporting USDC and potentially enhance revenue generation from those underlying assets.
William Blair analysts reportedly view Bitcoin performance as an important near-term factor influencing Circle’s stock valuation. Their analysis suggests elevated Bitcoin prices can stimulate overall crypto market activity and subsequently drive USDC demand with some delay.
Consequently, Circle’s next significant stock appreciation may correlate closely with stablecoin market capitalization growth. Circle shares have already climbed more than 19% year-to-date in 2026 and over 7% during the previous month.
According to Koyfin data referenced in market reports, Wall Street analysts maintain an average 12-month price target of $104.28 for Circle. Among 29 analysts tracking the company, 14 assign Buy or stronger recommendations, 12 rate it Hold, and three maintain Sell or lower ratings.
Coinbase Diversifies Product Portfolio Coinbase continues advancing its comprehensive “Everything Exchange” vision by diversifying beyond traditional cryptocurrency trading. The platform recently unveiled a feature enabling qualified U.S. retail investors to request IPO share allocations directly within the Coinbase application.
This service debuts with smart-ring manufacturer Oura’s public offering this week. Coinbase indicated that additional IPO opportunities may become available as allocation access expands.
Market analysts have identified recent U.S. regulatory shifts as potentially beneficial for Coinbase’s business outlook. Notable developments include the SEC’s exemption framework for tokenized equity trading and anticipated regulatory clarification following the Senate’s decision not to advance the CLARITY Act.
Coinbase shares have decreased approximately 11% in 2026 thus far but have gained more than 7% over the past month. Koyfin data shows analysts project an average 12-month target price of $203.60, with 21 analysts maintaining Buy or stronger ratings among 35 total coverage analysts.
The new Binance-Circle partnership establishes an additional major distribution pathway for USDC, while Coinbase pursues growth opportunities beyond its core exchange operations. Both companies remain fundamentally connected to the overall expansion of digital assets, stablecoin ecosystems, and blockchain-based financial infrastructure.
Coinbase now offers fixed-rate loans that let users borrow the USDC stablecoin against their bitcoin, with interest rates and repayment dates set at origination.The loans run on Morpho Midnight, a noncustodial lending protocol, and settle on Base, Coinbase’s Ethereum layer 2 network.The product complements Coinbase’s variable-rate lending business, which has more than $1.4 billion in active loans backed by nearly $3 billion in collateral.Nasdaq-listed exchange Coinbase COIN$197.54·Market Closed now allows its users to borrow dollar-pegged stablecoin USDC agains their bitcoin BTC$85,676.41
holdings with no surprises on what they’ll pay in interest.
The exchange has rolled out fixed-rate, bitcoin-backed USDC loans, with the interest rate and repayment date set at the time of borrowing, an alternative to the floating-rate loans Coinbase already offers.
“The move takes onchain borrowing beyond the predominantly variable-rate model, giving users greater certainty over the cost and duration of their borrowing,” according to an announcement on Tuesday.
The fixed-rate offering runs on Morpho Midnight, a decentralized, non-custodial lending protocol for fixed-rate and fixed-term crypto loans launched in July this year. It settles transactions on Coinbase’s Ethereum layer 2 network Base.
It marks a meaningful shift from how Coinbase’s lending has worked until now. It’s existing loans run on the Morpho Blue protocol, where rates change, determined by demand and supply conditions and can climb when borrowing demand spikes. The new fixed-rate option sits alongside this floating one, which has more than $1.4 billion in active loans backed by nearly $3 billion of collateral.
Fixed-rate bitcoin-backed loans aren’t new, with lenders like Ledn and SATL Lending offering them for years. What Coinbase has done stands out because it runs onchain, through a DeFi app and inside a mainstream consumer app.
Morpho’s co-founder and CEO Paul Frambot said that Morpho and Coinbase’s joint products have been immensely successful and now they are focusing on scaling those.
“We’re now building on that foundation and starting to scale: new loan types and use cases, bringing onchain credit one step closer to the scale and diversity of global credit markets,” he said on X.
The bitcoin-backed credit market is currently sized at roughly $16 billion, according to the Bitcoin Digital Credit Report compiled by Apyx and BitcoinTreasuries.net. Per some estimates, it is expected to grow to $130 billion by 2030 as preferred equity structures scale.
There is interest among holders to put their BTC to use. Early this year, Protocol Theory surveyed 1,244 cryptocurrency holders across the U.S. and Australia between February and March 2026 and found that 88% of respondents said they would consider taking out a crypto-backed loan or credit product.
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12345678910The Definitive Stablecoin Landscape Series: Asia Pacific
The Definitive Stablecoin Landscape Series: Asia Pacific
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Sep 15, 2026
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Why it matters:
As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.
Binance has invested $100 million in Circle Internet Group and signed a new five-year commercial agreement to promote USDC, with a focus on emerging markets, Circle announced on Sept. 22.
According to Circle's 8-K filing, the deal was signed and closed on Sept. 17. Binance bought 1,237,011 Class A shares in a private placement at $80.84 each, a 5% discount to CRCL's closing price of $85.09 that day. Binance is barred from selling or hedging the shares until the earlier of two years after closing or its termination of the commercial arrangement.
The filing also sets out the economics running the other way. Circle will pay Binance "a monthly incentive fee representing a percentage of the amount of USDC held" through Circle's wallet service, and Binance has agreed to promote USDC on its platform. Circle said Binance will step up promotion and integration of USDC, particularly in emerging markets, while Circle provides the underlying infrastructure.
"A stable, trusted digital dollar should not be a privilege – it should be available to anyone with a phone," Binance co-CEO Richard Teng said in the release. Circle CEO Jeremy Allaire said the companies see opportunities to use USDC "to expand dollar access, support savings and investment with innovative digital asset products."
The agreement renews an arrangement that dates to late 2024. Circle disclosed in its IPO prospectus that it paid Binance a one-time $60.25 million fee in November 2024, alongside monthly incentives linked to USDC balances on Binance's platform. Payments of this kind weigh heavily on Circle's results. The company reported $701 million in total revenue and reserve income for the second quarter of 2026 against $412 million in distribution, transaction and other costs, most of which went to Coinbase.
Circle shares had already risen ahead of the announcement, climbing from $85.09 on Sept. 17 to close at $94.49 on Sept. 21, according to Stock Analysis data. The stock traded as high as $97.56 on Sept. 22 before closing up 0.11% at $94.59, about 17% above the price Binance paid. USDC's circulating supply stands at roughly $75.3 billion, per CoinGecko.
The announcement landed on the same day Bloomberg reported that U.S. prosecutors are investigating Binance over possible Iran sanctions violations. Neither company's disclosures address that probe. The 8-K says both sides can terminate the commercial agreements early "upon the occurrence of certain specified events," without spelling out what those events are.
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.
In Russia, which continues to regulate Bitcoin and altcoins, new data released regarding the cryptocurrency market reveals that the use of digital assets in the country has reached a significant level.
The latest statement on this matter came from Russian Deputy Finance Minister Ivan Chebeskov.
Crypto Assets in Russia Reach $44 Billion! Speaking to the Russian local news agency TASS, Ivan Chebeskov shared current estimates regarding the size of the cryptocurrency market in the country. According to Chebeskov, approximately 20 million people in Russia use cryptocurrencies, and citizens’ total investments in digital assets and related financial products amount to 3.7 trillion rubles, or approximately $44 billion.
Chebeskov stated that the daily cryptocurrency trading volume is approximately 50 billion rubles, adding that these estimates include not only direct cryptocurrency ownership but also certain financial products whose value is tied to digital assets.
Investors Will Bear the Risk of Stablecoin Freezing! Highlighting the magnitude of these figures, Chebeskov made an important statement regarding the liability for assets related to stablecoins exported abroad.
One of the key points that stood out in Chebeskov’s statements was the foreign-issued stablecoins such as USDT and USDC.
It was stated that if a foreign issuer freezes an investor’s assets for a reason beyond the control of the Russian digital asset custody institution, the resulting losses will not be automatically covered by the Russian institution.
He said that Russian investors should not expect compensation if foreign cryptocurrency issuers freeze their assets. In this case, the loss will be considered at the investor’s risk.
Tax Declaration for International Crypto Transactions! Chebeskov also announced that Russian taxpayers will be required to report certain transactions they conduct outside the country’s regulated crypto infrastructure to the Federal Tax Service. The regulation aims to bring crypto transactions in Russia under closer scrutiny by tax authorities.
*This is not investment advice.
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Global asset manager BlackRock has suggested that artificial intelligence could significantly increase demand for cryptocurrencies, especially stablecoins, while paving the way for new tokenized markets focused on computing resources.
AI and crypto sector convergenceBlackRock, an investment firm overseeing trillions in assets and known for its widely traded crypto-linked ETFs, published new research outlining how artificial intelligence and cryptocurrencies are converging. The two fields initially grew independently, but the integration of autonomous software agents capable of executing financial transactions may soon support digital asset adoption.
The report identified that AI agents, defined as intelligent software operating with minimal human input, are now able to plan and execute complex tasks, interact with external platforms, and perform direct financial operations. Blockchains and crypto networks can play a critical role in enabling these activities by providing programmable and 24/7 accessible money rails.
AI agents can plan and execute tasks, access services, and complete financial transactions, creating new opportunities for programmable forms of money.
BlackRock called digital assets “machine-native money,” highlighting their potential for real-time, borderless transactions and their suitability for integration with software-based agents.
Stablecoins and AI payment protocolsThe firm compared stablecoins to legacy financial rails such as ACH, which allow high levels of automation but fall short in supporting instant, global, and micro-level payments. Stablecoins, which are digital tokens pegged to fiat currencies, can be sent at any time without restrictions due to bank-hours, making them well-suited for AI-driven economies and autonomous software transactions.
BlackRock pointed to Coinbase’s x402 as a standout platform facilitating such interactions. Other emerging systems mentioned in the report include Stripe, the Agentic Commerce Protocol by OpenAI, Google’s Agents Payments Protocol, and Visa’s Trusted Agent Protocol.
Major stablecoins such as USDT and USDC, many of which operate on networks like Ethereum, could particularly benefit from the shift in demand driven by widespread use of AI agents and payment protocols.
Mini dictionary: Coinbase x402, a platform developed by Coinbase to support advanced financial interactions between AI agents and blockchain infrastructure, offering secure and programmable transaction capabilities.
Tokenizing AI computing powerBeyond payments, BlackRock’s research highlighted another frontier: tokenization of computing resources. The surge in demand for AI training and operations has dramatically increased the need for GPUs and data center infrastructure, which face rising costs and scarcity.
BlackRock predicted the emergence of on-chain, standardized contracts that represent claims on future AI-related computing capacity. These digital assets, functioning similarly to commodity futures, would allow the trading and allocation of computing resources directly on blockchains.
New markets for on-chain claims to computing capacity could transform how AI projects access and share infrastructure.
If widely adopted, this innovation might lead to the formation of secondary markets that efficiently distribute computing power to autonomous agents or organizations bidding for future access.
Asset typeCurrent exampleAI-driven future focusStablecoinsUSDT, USDC24/7 micro-payments for AI agentsTokenized computeN/AOn-chain contracts for AI computing resourcesAccording to BlackRock, as AI and crypto markets intersect more deeply, new digital asset classes and payment technologies could transform both industries in the coming years.
Only about 0.8% of Bitcoin's supply works in DeFi, and most wrapped tokens rely on custodians.Zest Protocol has opened a capped mainnet demo that lets BTC back loans without leaving Bitcoin.Each vault holds one user's BTC on Bitcoin, while the demo loan is drawn in USDC on Ethereum.Bitcoin is the largest crypto asset by market value, yet almost all of it sits still. Spark’s research counted 91,332 BTC across Bitcoin layer-2 networks in May 2026, or about 0.46% of the circulating supply. Adding every wrapped token and all Babylon staking lifts the share to only about 0.8%.
Most holders who do put BTC to work wrap it first. A custodian keeps the real coins, and a token such as WBTC stands in for them on Ethereum (ETH). Any loan taken against that token then depends on the custodian and its redemption system staying sound.
WBTC holders were reminded of that dependency in August 2024. BitGo said it would shift custody of WBTC to a joint venture with Justin Sun-linked BiT Global.
Aave’s Ethereum market held about $2.2 billion in supplied WBTC at the time, according to risk manager Chaos Labs. Coinbase went further and delisted WBTC in December 2024. When BiT Global sued over the decision, Coinbase’s court filing cited the risk that control would “fall into the hands of Justin Sun.”
Zest Protocol, which runs a Bitcoin lending market on Stacks, is testing a route that leaves the coins on Bitcoin. On September 23, it launched a capped mainnet demo of its Bitcoin Collateral Vaults. It lets holders borrow against BTC on EVM chains without wrapping it.
Bitcoin is the strongest collateral asset ever created, and the least used.
Bitcoin Collateral Vaults keep BTC on Bitcoin Layer 1 while its value works elsewhere. Building the capital layer for Bitcoin.
— Zest Protocol (@ZestProtocol) September 11, 2026
How a Vault on Bitcoin Backs a Loan on EVM Chains
According to the firm, Bitcoin Collateral Vaults are self-custodial vaults on Bitcoin L1. Bitcoin’s own rules govern how they can be spent, and the design is intended to support BitVM proof verification.
Each vault holds one user’s BTC, and coins from different users are never pooled, according to the documentation. Each vault is a Taproot output with spending paths fixed at the deposit, which limits where the BTC can move.
The loan happens on an EVM chain, which is Ethereum in the demo. On that chain, the Bitcoin vault is represented by a collateral record tied only to it. The borrower uses that record to draw USDC from a connected lending market while the BTC stays in the vault.
Positions can change size after they open. Borrowers can add collateral or withdraw the excess if Bitcoin’s price rises. Liquidations can also be partial, settling a pre-set amount and returning the rest to the vault in BTC. Zest says other vault designs can only release collateral in full.
The design also plans for the destination chain failing. If the chain went offline for good, the depositor could still reclaim eligible BTC after a Bitcoin timelock expires. That recovery needs only the user’s own key and public vault data, with no signature from Zest.
“We’ve spent five years on programmable Bitcoin, first on Stacks and now on Bitcoin itself. Today you can put real BTC in a vault on Bitcoin and borrow against it on mainnet,” said Tycho Onnasch, founder of Zest Protocol.
Each wallet is subject to a collateral cap until external audits are complete, after which Zest plans to launch to production.
Zest’s summary of vault features. Source: Zest Protocol
Guardians Stand Watch Until BitVM Takes Over
Bitcoin enforces the vault’s spending rules, but each settlement still needs a separate check. In the first production phase, independent guardians handle that check, according to Zest.
When an event such as a repayment or liquidation happens on the lending chain, an attestation triggers a settlement that the borrower authorized in advance. Guardians check that settlement, and a quorum of them can reverse an invalid payout during a contest window.
Reversed BTC returns to the vault set out in the rules. The document says no operator can add outcomes, change amounts, or redirect payouts once the vault is set.
Zest plans to shift that role to BitVM, a system for verifying computation on Bitcoin without changing its rules. Under Zest’s planned design, a party claiming a repayment or liquidation posts that claim on Bitcoin.
Challengers then have a set window to dispute it, which forces the claimant to submit a zero-knowledge proof. An invalid proof lets the challenger block the withdrawal. The documentation notes that security depends on the construction Zest selects and an honest challenger acting in time.
Zest points to published BitVM3 benchmarks that put onchain costs under $100. Those figures rest on the benchmarks’ own assumptions, and earlier designs cost thousands.
A Rival Design Puts Zest’s Guardians Under the Spotlight
Zest is one of several teams trying to keep BTC collateral on Bitcoin. Babylon Labs proposed a similar vault system for Aave V4 in May, also built on Taproot outputs. Babylon’s proposal says redemption relies on zero-knowledge proofs and challenges, with no custodian or signer group holding discretionary control over the BTC.
Zest’s first production phase, by contrast, relies on guardians until its own BitVM verification goes live. The company has not disclosed who the guardians are or how many form a quorum. It also has not detailed how long liquidation timelocks or contest windows last.
Both designs face the same practical tests. One commenter on Babylon’s Aave proposal asked how liquidations would hold up during market stress. The same post questioned challenger incentives and how long redemptions on Bitcoin would take. Zest’s vaults will face those questions, too, once the caps lift.
Holders who never trusted a wrapper may want the guardians named before locking up more than a test amount.
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Bitcoin ETFs posted a net inflow of $714.7 million yesterday, marking three consecutive days of massive net inflows, while Ethereum ETFs recorded a net inflow of $162.2 million yesterday.
According to monitoring by Farside Investors, Bitcoin ETFs posted a net inflow of $714.7 million yesterday, marking their third consecutive day of net inflows exceeding $400 million. BlackRock’s IBIT recorded a net inflow of $350 million, while FBTC saw a net inflow of $257.4 million. Ethereum ETFs had a net inflow of $162.2 million yesterday, with ETHA registering a net inflow of $88.1 million and FETH notching $33.6 million in net inflows.
8 minutes ago
Huobi HTX Chief Analyst Cloud: Bitcoin’s rebound has seen spot buying stepping in, with its sustainability hinging on ETF inflows and leverage levels.
Huobi HTX Chief Analyst Cloud noted that Bitcoin bottomed out amid dual pressures of interest rate hikes and stalled legislative clarity, then rebounded rapidly, gaining roughly 16% in a week. On September 21, its intraday price rose to $87,307 (Huobi HTX spot price), marking a new high since January. This rally was driven by three factors: U.S. spot Bitcoin ETFs recorded a single-day net inflow of about $1 billion on September 21, the largest such daily inflow this year; short positions worth around $650 million were liquidated within 24 hours; and falling oil prices cooled inflation expectations. Unlike last week’s rebound dominated by passive covering, this week saw spot buying take the lead. Whether the rally can sustain depends on two points: whether ETF inflows can shift from a one-day pulse to a continuous trend, and whether leverage can remain at a non-overheated level. Currently, the funding rate is around 0.01%, sitting in the neutral range, but Bitcoin’s derivatives open interest has rebounded to over $61 billion. If market sentiment weakens, high leverage will amplify drawdowns. Market sentiment has entered the extreme greed zone, a historical precursor to short-term trend reversals. On the technical front, $87,500 is the immediate resistance level, while the first support zone ranges from $84,000 to $85,000. The trend has conditions to continue, but the phase of peak sentiment also brings the highest short-term volatility risk. Note: The content of this article is not investment advice, nor does it constitute an offer, solicitation, or recommendation for any investment product.
8 minutes ago
Bitunix's simulated trading feature has officially launched on iOS and Android apps.
Bitunix has officially launched a demo trading feature, allowing users to practice USDT-margined perpetual contract trading with 50,000 USDT in virtual funds without exposing them to real capital risks. The feature supports real-time market data, covers multiple order types, leverage settings, and isolated and cross-margin modes, and can be accessed directly after logging in without completing KYC. This launch further lowers the entry barrier for contract trading, marking an important step for Bitunix in continuously improving its product ecosystem and providing a more user-friendly trading environment for global traders.
8 minutes ago
Wall Street traders are boosting hedges to guard against the Federal Reserve raising interest rates by less than expected.
Current interest rate swap pricing shows markets expect the Federal Reserve to deliver three 25-basis-point rate hikes by June next year. Some traders worry actual hikes could be fewer, a scenario dubbed a "shallow rate hike cycle," so they are adding protective positions via Secured Overnight Financing Rate (SOFR)-linked options. Over the past week, demand for put options on March 2027 SOFR contracts has risen sharply, indicating traders are hedging against the risk of a less hawkish Fed. Analysts note that rising oil prices amid Iran-related conflicts and long-term U.S. Treasury yields breaking above 5%—viewed by some as a "tax" on economic growth—may ultimately limit the Fed’s room for rate hikes. If an economic slowdown pairs with easing Middle East tensions, the Fed may end up hiking fewer times than currently priced in by markets.
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Circle Internet Group, Inc. (NYSE:CRCL) shares are on a seesaw on Tuesday while the company expands its strategic partnership with Binance.
The deal combines a new five-year commercial agreement with a $100 million equity investment from Binance.
• Circle Internet Group shares are consolidating. What’s ahead for CRCL stock?
Binance Expands USDC PartnershipBinance will expand the promotion and integration of USDC across its platform, while Circle will support the stablecoin through its Modular Smart Contract Wallet infrastructure.
Circle will also pay Binance a monthly incentive fee tied to USDC held through the service.
The agreement replaces earlier arrangements from November 2024 and August 2025 and may be terminated early under specified circumstances.
Circle co-founder, Chairman and CEO Jeremy Allaire said the partnership could broaden USDC access across emerging markets.
Binance Takes $100 Million Circle StakeBinance bought 1.237 million Circle Class A shares at $80.84 apiece through a private placement, representing a discount to the market price before closing.
The shares are generally subject to a two-year transfer restriction, with customary exceptions. Binance retains voting and other shareholder rights during that period.
Binance co-CEO Richard Teng said, “Our $100 million investment and five-year commitment represent long-duration conviction.”
Circle’s platform includes USDC, Circle Payments Network and its Arc blockchain.
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CRCL Technical Outlook: Uptrend Holds, Momentum CoolsCircle remains above key moving averages, trading 2.9% above its 20-day SMA of $92.12 and 21.7% above its 50-day SMA of $77.91.
However, momentum has cooled. MACD remains below its signal line with a negative histogram, suggesting buying pressure has weakened from the previous upswing.
The 50-day SMA also remains below the 200-day SMA, keeping the longer-term technical setup mixed.
Resistance sits near $103.50, while support is around $86.00, close to the 200-day SMA of $86.01.
Wall Street Stays Mixed On CRCLCircle carries a Hold rating with an average price target of $91.54.
Recent analyst actions include TD Cowen raising its price target to $92 while maintaining a Buy rating on Sept. 17.
Keefe, Bruyette & Woods initiated coverage with a Market Perform rating and a $105 target on Sept. 8, while Wolfe Research raised its target to $65 while maintaining an Underperform rating on Aug. 25.
CRCL ETF ExposureCircle has sizable weights in several ETFs:
Corgi Crypto Infrastructure ETF (NASDAQ:BLCK): 6.16% ARK Innovation ETF (NYSE:ARKK): 5.21% ARK Next Generation Technology ETF (NYSE:ARKW): 4.98% Because Circle represents a meaningful portion of these portfolios, ETF inflows and outflows can contribute to buying or selling pressure in the stock.
CRCL Stock PriceCRCL Price Action: Circle shares were flat at $94.33 at the time of publication on Tuesday, according to Benzinga Pro data.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Circle sells Binance $100M in discounted CRCL shares as the pair expand their USDC deal.
Binance is now a Circle shareholder. The exchange scooped up $100M worth of CRCL stock via private placement, per a Tuesday SEC filing, and inked a fresh 5-year deal to push USDC to its users, with a big focus on emerging markets.
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What’s the Scoop? The stake: Binance got roughly 1.24M Class A shares at $80.84 apiece, a 5% haircut to CRCL's pre-closing price. The sale closed Sept. 17th. Binance is locked in for up to two years, with no selling or hedging allowed, but it can still vote its shares.
Payouts: Circle will pay Binance a monthly fee pegged to a cut of the USDC that users park in wallets running on Circle's Modular Smart Contract Wallet tech. It's the third USDC tie-up between the two since late 2024, superseding both earlier deals, and both companies have escape hatches if certain triggers hit.
Big picture: Paying distributors to hold USDC is standard stablecoin strategy now. Adding equity to the mix gives Binance a stake in Circle's whole stack, Arc included, not just the token. The news lands days after Circle took its Arc L1 live on mainnet, and Binance co-CEO Richard Teng namechecked Arc in announcing the investment.
Coinbase has added fixed-rate USDC loans backed by cbBTC after its variable-rate borrowing service reached more than $1.4 billion in outstanding loans and nearly $3 billion in collateral.
Summary
Coinbase customers can now choose between fixed-rate and variable-rate USDC loans backed by crypto. Fixed-rate loans set the interest rate and maturity when borrowers accept an onchain offer. Borrowers must repay before maturity, or lenders can claim the cbBTC securing the loan. Morpho Midnight runs the fixed-rate markets on Coinbase’s Base network. Coinbase fixed-rate loans set costs in advance Coinbase said the new borrowing option operates through Morpho Midnight, a fixed-rate and fixed-term lending protocol on Base. Customers pledge cbBTC as collateral and receive USDC without selling their bitcoin exposure.
Coinbase manages the customer interface, while Morpho supplies the lending protocol and Base processes the transactions. The product sits beside Coinbase’s existing integration with Morpho Blue, where interest rates change according to market conditions.
Unlike the variable-rate service, each Midnight loan establishes an interest rate and repayment date when the transaction begins. Lenders submit offers through an onchain order book, and borrowers select terms based on the available rates and maturities.
Coinbase currently offers maturities at the end of the current month or the following month. A company spokesperson said “End of Month” refers to the last Friday of the selected month.
Borrowers must return the USDC before the agreed date. If they miss the deadline, the lender can claim the cbBTC posted as collateral under the loan’s terms.
Fixed borrowing costs remove the possibility that an accepted loan’s interest rate will change before maturity. Variable-rate loans through Morpho Blue, by comparison, adjust as the amount of USDC supplied and borrowed changes.
“Coinbase Borrow gives our customers access to liquidity without having to sell their assets, and fixed-rate borrowing gives them even greater choice over how they manage that credit,” Coinbase yield and investments product lead Jacob Frantz said.
Morpho Midnight matches borrowers with lender offers As crypto.news reported during the Midnight launch on Base, Morpho introduced the protocol in July to support fixed-rate loans with set maturities and negotiated terms.
Midnight uses an intent-based peer-to-peer system instead of placing every borrower into a pool with an automatically changing rate. Borrowers and lenders can set conditions that include the interest rate, maturity and counterparty requirements, according to Morpho.
Under the protocol’s offer-based design, lenders do not need to place funds into separate pools while waiting for a borrower. Morpho said their capital can remain in variable-rate markets until a fixed-rate offer is accepted, at which point the required liquidity moves into the matched loan.
Morpho Blue continues to handle Coinbase’s variable-rate product. More than $1.4 billion in loans remain outstanding through that service, secured by about $3 billion in collateral, according to the figures supplied with the announcement.
Across all integrations, Morpho Blue has approximately $5.2 billion in outstanding loans and $16 billion in deposits. Coinbase’s figures represent only the loans accessed through its interface rather than all activity on the protocol.
Midnight holds roughly $30 million in deposits during its initial rollout. Morpho has said the architecture may later support structured credit and lending against tokenized real-world assets, although any additional markets will depend on separate integrations.
Early use of fixed-rate markets has remained limited in some other Morpho deployments. Data from Sep. 18 showed that five Coinbase stock-backed lending markets had attracted $54,652 in USDC borrowing, all of it through variable-rate pools.
The same five stock tokens had 95 Midnight markets with different maturity dates, but none had outstanding fixed-rate loans at the time. Apple, Alphabet, Nvidia and Meta token markets were among the supported products, alongside a token tied to privately held SpaceX.
US borrowers gain another onchain credit structure For eligible U.S. customers, Coinbase’s lending integration provides a way to access USDC while keeping bitcoin posted as collateral. Coinbase first brought the Morpho-powered model to most U.S. states in 2025, with New York excluded from the initial rollout.
When customers borrow against bitcoin, Coinbase converts the pledged asset into cbBTC and transfers it to a Morpho smart contract on Base. Coinbase describes cbBTC as an ERC-20 token backed one-for-one by bitcoin held in its custody.
The new fixed-rate structure changes the repayment conditions attached to that collateral. Existing variable loans have no fixed maturity date and can remain open while the position stays within its required collateral range. Fixed-term borrowers instead face a stated deadline, after which the lender gains the right to claim the collateral.
Collateral risk remains tied to the value of cbBTC. Morpho’s lending system uses loan-to-value limits, and positions can face liquidation if their debt rises past the permitted threshold relative to the collateral’s value. Price declines in bitcoin can therefore affect a borrower even when the interest rate itself remains fixed.
Coinbase has also built the opposite side of its onchain credit service by letting customers lend USDC through Morpho. During September, the exchange expanded USDC lending into Brazil, where eligible customers can deposit the stablecoin into a Steakhouse Financial-curated vault.
The Brazilian lending product uses variable returns generated by demand from Morpho borrowers. Coinbase said the service had attracted nearly $500 million in deposits, with users able to withdraw their USDC and accrued returns without a fixed lock-up period.
Coinbase adds loans beside stocks and IPO access Beyond crypto lending, Coinbase has been adding securities products in selected markets. The exchange recently began providing eligible UK customers with access to almost 4,000 U.S. stocks, including fractional shares and purchases funded with pounds or USDC.
Trading is available 24 hours a day on weekdays during the phased rollout. Coinbase’s stock service gives UK users direct equity ownership, while its tokenized stock products on Base remain restricted to eligible investors outside the United States.
In the U.S., Coinbase has also opened retail IPO access through Coinbase Capital Markets, its Financial Industry Regulatory Authority-registered broker-dealer. The service started with smart-ring maker Oura’s offering and allows eligible customers to request shares before public trading begins.
Customers can submit conditional purchase offers after the expected price range becomes available. Coinbase then allocates the shares it receives from the selling group, meaning an investor may receive a full allocation, a partial allocation, or no shares when demand exceeds supply.
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Binance injects $100 million into Circle with a 5-year agreement focused on expanding USDC coverage across the exchange.
The deal is more than Binance just getting distribution rights. It is now also a shareholder in the company issuing the coin; therefore, it has direct economic interests in Circle in addition to having distribution interests.
Binance makes a longer-term USDC commitment According to Circle’s announcement, Binance purchased the shares through a private sale at a 5% discount to Circle’s market price before the deal closed.
The exchange has agreed not to sell the shares for up to two years, subject to limited exceptions.
Binance will list and support USDC across its products, especially in its emerging markets. The stablecoin will be used in trading, savings, and investment products.
Circle would offer infrastructure to hold and use USDC. Binance would also incentivize adoption via mechanisms such as reduced fees on trading pairs related to USDC.
The companies already worked together. In early 2024, USDC started to become more integrated across all areas of Binance. The exchange also started to use it for their corporate treasury deposits.
Binance’s investment in Circle could further cement that association. If Binance were to increase the utilization of USDC, it stands to profit from both the increased use of USDC on the platform, and also from the added value of the shares it possesses in Circle.
The deal could reduce Circle’s reliance on Coinbase Coinbase remains one of Circle’s most important partners. It earns revenue from USDC held on its platform under a long-running agreement with the stablecoin issuer.
Yet Binance gives Circle another powerful route to users, outside the United States; to grow USDC without being so reliant on Coinbase for distribution.
The deal also lets Binance enhance its stablecoin business without bearing responsibility for issuing or administering its native, dollar-backed asset. This is done by Circle whilst the users are channelled from the vast international clientele of Binance.
Circle chose not to specify the amount its revenue share with Binance might be, in return for promoting the stablecoin across its trading platform.
The company also did not say if its latest deal has balance-based revenue share features, unlike its former deal with Binance. It involved Circle paying the company according to the stablecoin in its wallet accounts monthly, in fees related to the balances.
Neither company has announced how many users they are targeting in the five-year partnership.
Final Summary The deal states that Binance gave Circle $100 million in investment and that Binance can hold the stock for between one and two years. The new deal could allow USDC to be distributed more widely, as well as providing Circle with a major partner in addition to Coinbase.
TLDR Coinbase launched fixed-rate Bitcoin-backed USDC loans through Morpho Midnight on Base. Borrowers can lock both the interest rate and repayment date when taking a loan. Coinbase now offers fixed-rate loans alongside variable-rate borrowing through Morpho Blue. Coinbase said its variable-rate loans exceed $1.4 billion, backed by about $3 billion in collateral. Morpho Midnight holds about $30 million in deposits, while more integrations are planned. Coinbase has added fixed-rate bitcoin-backed loans through Morpho Midnight. Users can borrow USDC while keeping Bitcoin as collateral. Users lock the loan rate and repayment date when they open the position. Coinbase now offers both fixed-rate and variable-rate borrowing inside the same platform. Fixed terms show borrowing costs and maturity before a loan begins.
Its existing variable-rate loans use Morpho Blue. Coinbase said those loans have passed $1.4 billion outstanding, with about $3 billion in collateral. The new option gives borrowers another way to manage repayment costs without selling Bitcoin.
Midnight Sets Rates and Repayment Dates Morpho launched Midnight on Base in July. The protocol brings fixed rates and defined maturity dates to onchain lending. The rollout follows Circle’s Bitcoin-backed USDC lending launch, which also uses Morpho infrastructure for crypto-backed borrowing. A Morpho spokesperson described Coinbase as the first major consumer platform to offer Midnight at scale.
Coinbase currently offers loans that mature at the end of the current month or the next month. Coinbase defines month-end as the final Friday. Borrowers must repay before maturity. If they fail, lenders can claim the posted collateral.
Borrowers Gain Another Loan Structure Coinbase did not disclose the interest rates available through Midnight. A company spokesperson said lenders and borrowers set rates through supply and demand. They place offers on an onchain order book, which determines available terms.
The product arrives as other crypto platforms add collateral-based credit. Hyperliquid’s BTC-backed stablecoin loans launched this month, allowing users to borrow USDC or USDT against Bitcoin or HYPE. That service reported $269 million in borrowing on its first day.
Onchain Credit Market Keeps Expanding Coinbase manages the customer interface, while Morpho runs the lending protocol and Base handles settlement. The launch also follows the Coinbase and Stablecore banking partnership announced last week. That deal brings crypto custody, trading, and payment tools to community banks and credit unions.
Morpho said Midnight has about $30 million in deposits during its rollout. Morpho Blue has $5.2 billion in outstanding loans and $16 billion in deposits across integrations. Morpho also sees possible uses for structured credit and tokenized real-world asset loans. Morpho plans more integrations but has not provided a public timeline. Market makers also use Midnight, while Tenor Labs launched a lending platform on the protocol in July during the early rollout.
William Blair is making a contrarian bet on two of crypto’s biggest public companies. In a research note dated July 15, analysts maintained Outperform ratings on both Coinbase (COIN) and Circle (CRCL) even as they took a hatchet to their near-term financial projections.
The cuts run deep William Blair reduced its 2026 Coinbase revenue estimates by 12% and its 2027 forecasts by 13%. The adjusted EBITDA outlook took an even harder hit, with projections slashed by 34% across both years.
The culprit is declining spot trading volumes, which remain the engine that powers Coinbase’s top line. The firm projects total trading volume on the platform will fall roughly 44% in 2026 to $669 billion, before bouncing back over 32% in 2027.
For context, Coinbase shares are currently sitting about 60% below their peak from July 2025 and 26% beneath their March 2026 highs. William Blair’s analysts see the pullback as having already absorbed the weak trading activity.
Where the optimism comes from The analysts pointed to what they called an “asymmetrical risk/reward” setup for both stocks.
For Coinbase specifically, the firm expects EBITDA to hit its lowest point in the second half of 2026 before rebounding in 2027. That recovery, they argue, won’t be driven solely by a return of retail trading volume. Instead, newer revenue streams, including derivatives trading, prediction markets, and USDC-related activities, are expected to provide a more diversified earnings base.
The USDC growth story Circle’s USDC stablecoin has been quietly gaining ground. Its market share has climbed to approximately 27% as of April 2026, up from about 21% in 2024.
William Blair characterized the Coinbase-Circle relationship over USDC reserves as a “core positive” for both firms. Coinbase distributes USDC across its platform and earns a share of the interest income generated by Circle’s reserve holdings.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Circle Internet Group (NYSE: CRCL) and Binance said on Sept. 22 that the crypto exchange will make a $100 million strategic equity investment in the stablecoin issuer, alongside a new five-year agreement focused on expanding USDC access across emerging markets, according to a joint announcement. The deal extends a multi-year relationship between the world’s largest crypto exchange and the issuer of the largest regulated dollar stablecoin.
How the $100 Million Investment Works Binance made the equity investment through a private placement of Circle Class A common stock at a price reflecting a five percent discount to CRCL’s market price before closing. The exchange has agreed not to transfer the shares for up to two years from the closing date, subject to customary exceptions. The two companies described the arrangement as an expansion of their strategic partnership rather than a one-off capital injection.
A Five-Year Push to Grow USDC The new commercial agreement calls for Binance to accelerate the promotion, awareness, and integration of USDC on its platform, particularly in emerging markets, while Circle provides the infrastructure services that support holding and using the stablecoin. Circle positions USDC as a way to expand dollar access and support savings and investment products. The two companies have previously teamed up to drive global USDC adoption.
What the Executives Said “Circle has earned its place as one of the most credible issuers in the world, spanning USDC, Arc, and the infrastructure reshaping how value moves across borders. Our $100 million investment and five-year commitment represent long-duration conviction,” said Richard Teng, co-CEO of Binance. Jeremy Allaire, Circle’s co-founder and CEO, said the companies “see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products, and reach people and businesses throughout global emerging markets.”
Why the Deal Matters The arrangement pairs Binance, which says it serves more than 300 million users across over 100 countries, with the issuer of USDC, which Circle describes as the world’s largest stablecoin network anchored by its Circle Payments Network and Arc, an enterprise-grade blockchain. It extends Circle’s efforts to widen USDC distribution, which have included native launches on major trading venues. Both companies described the investment as long-term, reinforced by the two-year share lockup and the five-year commercial agreement.
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Blockchain analyst specializing in the regulatory impact of government policies on the crypto industry. Known for his thorough research and clear, engaging writing, Emmanuel provides insightful analysis on the latest trends, market shifts, and emerging crypto innovations. His work aims to educate and inform both novice and experienced readers, offering expert perspectives on the fast-evolving world of digital assets. With a passion for staying ahead of the curve, Ogwu is a trusted voice in the cryptocurrency and blockchain space.
Coinbase has introduced fixed-rate bitcoin-backed loans through Morpho Midnight, giving users the ability to borrow USDC while retaining their Bitcoin as collateral. Borrowers can secure both the interest rate and repayment date at the outset, providing greater predictability and flexibility over their debt obligations. The move adds to Coinbase’s existing offering of variable-rate loans, which are handled through Morpho Blue, and allows customers to choose between stable borrowing costs and fluctuating rates within a unified platform.
Fixed Terms Provide Certainty for BorrowersThe fixed-rate loans on Coinbase specify borrowing costs and maturity dates before a user opens a position. This feature enables customers to better plan their repayment strategies and manage interest expenses. As Coinbase explained, “With fixed-rate loans backed by Bitcoin, customers can lock in both their rate and their repayment dates before borrowing.”
The existing variable-rate loan program has seen notable growth, with more than $1.4 billion outstanding and approximately $3 billion held in collateral. The new fixed-rate product provides an additional financial tool for those who want to maintain bitcoin holdings without being exposed to interest rate volatility or forced to sell their assets for liquidity.
Coinbase enables users to keep their Bitcoin while accessing USDC loans, meeting growing demand for diversified borrowing structures and increased market transparency.
How Morpho Midnight WorksMorpho launched the Midnight protocol on Base in July, targeting onchain lending markets by offering fixed rates and defined maturity dates. Borrowers can now select loans that mature at the end of the current month or the next, with the final Friday of each month designated as the cutoff for repayment. Should a borrower fail to repay on time, lenders are entitled to claim the posted collateral.
Coinbase has not publicly disclosed the specific interest rates available through Morpho Midnight, as these rates are determined by supply and demand on an onchain order book. Lenders and borrowers post offers, and the protocol matches participants based on market conditions.
Wider Trends and Growing Onchain Credit MarketThe launch of fixed-rate lending follows similar moves in the crypto sector, such as Circle’s recent introduction of bitcoin-collateralized USDC loans, also built on Morpho’s infrastructure. In addition, Hyperliquid began offering BTC-backed stablecoin loans this month, seeing $269 million borrowed on the first day of its service.
Coinbase manages the customer interface for these loans, while Morpho operates the underlying lending protocol and Base supports settlement. The development comes on the heels of Coinbase’s recent partnership with Stablecore to bring crypto custody, trading, and payment infrastructure to community banks and credit unions.
Morpho reported that Midnight currently holds about $30 million in deposits as its rollout continues, while Morpho Blue holds $5.2 billion in outstanding loans and $16 billion in total deposits. The company anticipates more integrations for structured credit and tokenized real-world asset loans, although no public timeline has been provided.
As activity increases in sectors like onchain credit and meme tokens, timely data and market monitoring have become more important for crypto participants. In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000—stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.
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.
ZEC Breaks $1,600 as Trader Scores 15x Gain on 50x Long Position
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Aave has switched on USDC deposits from Base inside its mobile app, marking a quiet but meaningful step in the protocol’s push to bring decentralized lending to a phone screen near you. The feature is live now, and it lands on top of a Base market that has already accumulated somewhere between $178 million and $182 million in USDC deposits.
Aave’s V3 market on Base has been running since 2023, quietly processing loans and earning yield for depositors without most retail investors ever noticing. The current utilization rate on that market sits at roughly 89 to 90 percent, which is a finance way of saying almost every dollar deposited is already being borrowed by someone else.
High utilization is a double-edged situation. Lenders love it because it pushes yields up. Borrowers feel it in their cost of capital, with current borrow rates on the V3 market sitting around 4.6%. For depositors, the Aave app is advertising USDC and USDT yields in the 3% to 6.5% range depending on where market conditions land on any given day.
The iOS app entered early access in August 2026. A full public launch is on the calendar for later this year. The early access phase has functioned as a live beta, letting Aave gather real usage data before opening the floodgates to a broader audience.
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Base earns its place in this story for a specific reason: USDC on Base is issued natively by Circle, which means users are working with a first-party asset rather than a bridged version of one. Bridged assets carry smart contract risk from the bridge itself. Native issuance removes that layer entirely, which is a meaningful distinction for anyone who has watched a bridge exploit drain liquidity from a protocol.
The Chainlink layer underneath Cross-chain operations inside the Aave app run on Chainlink’s Cross-Chain Interoperability Protocol, known as CCIP. The integration means users can deposit and transfer across networks without manually routing assets through third-party bridges or managing multiple wallet states.
Automatic compounding of yields is part of the feature set, which removes another manual step that has historically kept casual users from sticking with DeFi products long enough to see meaningful returns.
The broader context: Aave’s scale and Base’s momentum Aave’s cumulative loan volume across all its markets crossed $150 billion as of August 2026, which is a number that deserves a moment of context. That’s more than the annual GDP of a mid-sized European economy, processed entirely through smart contracts with no loan officers, no credit checks, and no business hours.
Base, Coinbase’s Ethereum Layer 2 network, has become one of the more active chains for DeFi activity since its launch. Its integration with Circle’s native USDC issuance gives it a structural advantage for stablecoin-denominated protocols.
The 89 to 90 percent utilization rate on the Base V3 market also suggests that new deposit inflows from the mobile app could be absorbed quickly. High utilization means borrowers are already competing for available liquidity. Fresh capital flowing in from mobile users gets put to work almost immediately, which sustains yields and keeps the flywheel moving.
What the Base USDC feature does, practically speaking, is give the app its most important currency pairing at launch. USDC is the stablecoin most retail users already hold, and Base is the chain most closely associated with Coinbase’s retail-facing products.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Circle Internet Group raised $100 million from Binance through a private placement of more than 1.2 million Class A shares as the companies expanded their partnership around USDC, the company said in a new SEC filing.
The shares were sold at $80.84 each on Sept. 17, with the transaction completed immediately after the new commercial arrangements were signed, Circle disclosed.
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Under the five-year agreement, Circle will pay Binance a monthly incentive fee representing a percentage of the USDC held through Circle’s Modular Smart Contract Wallet infrastructure. Binance will also undertake activities to promote USDC on its platform.
The agreement replaces the companies’ previous arrangements announced in November 2024 and August 2025.
Binance has agreed to a two-year lockup on the shares, with customary exceptions, and retains voting rights during the restriction period.
Circle shares ticked higher in premarket trading on Tuesday, per Yahoo Finance, after ending Monday’s session up about 3% at $94.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Circle has completed a private placement of 1,237,011 Class A shares to Binance at $80.84 per share, raising $100 million in a transaction that closed on September 17. Details of the deal were disclosed in an 8-K filing on Tuesday.
Five-Year USDC Incentive DealAlongside the equity placement, Circle and Binance renewed and expanded their commercial partnership. Under the new five-year deal, Circle will pay Binance a monthly incentive fee, calculated as a percentage of USD Coin (USDC) balances held via Circle’s Modular Smart Contract Wallet infrastructure.
Binance, in return, will promote USDC across its platform. Both parties maintain flexibility, as either can terminate the agreement early if specific conditions are met.
This revised arrangement marks the third iteration of their cooperation within two years, replacing earlier deals from November 2024 and August 2025. The two firms first jointly announced their collaboration during Abu Dhabi Finance Week in December 2024, setting the stage for Binance to offer USDC widely across its products and to hold the stablecoin in its own treasury.
As part of the agreement, Binance is restricted from selling, transferring, pledging, or hedging the newly acquired Circle shares for two years from closing or until certain commercial arrangements are terminated. Exceptions include affiliate transfers, board-approved takeovers, or sales mandated by law. Binance will retain all shareholder rights, including voting privileges, during the lockup period.
The shares were sold at a discount to Circle’s prevailing market price prior to closing, but the filing did not specify the exact margin. On September 17, Circle (CRCL) was trading in the mid-$80 range. By September 21, the stock closed at $94.49, bringing the value of Binance’s stake to approximately $116.9 million—$16.9 million above its purchase price. However, Binance cannot realize these gains during the lockup period. Over the past year, CRCL remains down about 34%, while the S&P 500 rose 16.5% within the same period.
Paying for distribution is how USDC has always reached users. Coinbase, which co-founded the stablecoin, has taken half the interest earned on its reserves. Compass Point analysts began coverage of Circle at neutral in June 2025, citing the firm’s reliance on crypto-native distribution partners.
Circle’s Arc Launch and Industry DevelopmentsThe closing of the deal closely followed Circle’s launch of Arc, a Layer 1 blockchain network supported by founding validators including BlackRock, DTCC, and Visa. USDC serves as the gas token for the Arc network, and Binance is among the exchanges offering access to it.
Circle’s approach to user growth remains focused on paid distribution. With Binance now directly holding equity, it joins Coinbase as a core distribution partner also financially linked to Circle.
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The 8-K filing came just after Bloomberg reported that federal prosecutors are investigating whether Binance violated U.S. sanctions relating to Iran.
Binance paid $100 million for stock priced about 5% below Circle’s Sept. 17 close and is locked up for two years, under a deal that replaces a two-year marketing arrangement with one running five.
Binance becomes a Circle shareholder in $100 million stock sale linked to USDC deal
Original Photo by Vadim Art on Unsplash
Posted September 22, 2026 at 8:46 am EST.
Circle sold 1,237,011 shares of its Class A common stock to Binance for $100 million and agreed to pay the exchange a recurring fee to push USDC for the next five years, according to an 8-K the stablecoin issuer filed with the Securities and Exchange Commission on Tuesday. Both the stock sale and the commercial agreement closed on Sept. 17.
The exchange is now a shareholder in the company whose stablecoin it distributes. Circle said in the 8-K that it will pay Binance “a monthly incentive fee representing a percentage of the amount of USDC held through the Modular Smart Contract Wallet infrastructure service,” while Binance promotes the token on its platform. Either side can exit early on events the filing does not describe.
Binance bought in at $80.84 a share, roughly 5% below Circle’s Sept. 17 closing price of $85.09. The filing described the terms as “reflecting a discount to the market price of the Class A common stock prior to the closing.”
Locked Up for Two Years The stock has climbed since. CRCL finished Monday at $94.49, valuing Binance’s block at about $116.9 million on paper. For two years, or until it ends the commercial deal under certain conditions, Binance cannot sell, pledge or hedge the shares, subject to customary exceptions including affiliate transfers, a board-approved combination and disposals required by law. It keeps its votes.
From Two Years to Five The arrangement wipes out and replaces the deals the two companies struck in November 2024 and in August 2025. Under the 2024 version, detailed in Circle’s IPO prospectus, Binance was the first outside participant in Circle’s stablecoin revenue-sharing structure, collecting $60.25 million upfront plus monthly fees tied to its USDC balances. That marketing deal ran two years. The new one runs five.
The deal comes as USDC’s competition has widened. In June, more than 140 companies including Coinbase, Visa and Stripe lined up behind a rival dollar token, Open USD. USDC’s supply now stands at about $74.6 billion.
Related Listen: Inside the Coldcard Hack That Drained Over $100 Million in Bitcoin: Uneasy Money
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 Internet Group (NYSE: CRCL) shares gained 2.76% in pre-market trading Tuesday after Binance disclosed a $100 million investment in the stablecoin issuer and expanded a commercial agreement covering USDC use across the crypto exchange’s platform.
The move extended Monday’s 2.95% advance in Circle stock, when CRCL closed at $94.49.
The Binance announcement followed the Securities and Exchange Commission’s release of a new framework for certain tokenized U.S. equities. Bernstein analyst Gautam Chhugani named Circle among companies that could benefit from the regulatory changes.
Key Facts:
Binance purchased 1,237,011 Circle Class A shares at $80.84 each. Circle and Binance entered an expanded five-year USDC commercial arrangement. Binance plans to broaden USDC use in savings and investment products and offer incentives including lower fees on some USDC trading pairs. The SEC’s Innovation Exemption creates a conditional pathway for qualifying tokenized U.S. stocks to trade through onchain venues. Binance Buys 1.24 Million Circle Shares and Deepens USDC Partnership Circle said in a Form 8-K filed Tuesday that Binance’s $100 million investment in Circle and the expanded partnership were executed on Sept. 17. Binance bought the shares through an unregistered private placement at $80.84 apiece, a price Circle said reflected a discount to CRCL’s market price prior to closing.
The shares are subject to transfer restrictions generally lasting until the earlier of two years after closing or certain specified termination events under the commercial agreement. Binance retains voting rights during the restricted period.
Separately, Circle agreed to pay Binance a monthly incentive fee calculated as a percentage of USDC held through Circle’s Modular Smart Contract Wallet infrastructure. Binance also agreed to undertake additional activities promoting USDC on its platform.
The new agreement replaces previous arrangements signed in November 2024 and August 2025.
A Binance spokesperson told The Wall Street Journal that the exchange plans to integrate USDC into existing and future digital-asset savings and investment products while using incentives such as lower spot-trading fees on USDC-denominated pairs.
The companies have also expanded their technical integration. Circle launched Arc’s public mainnet on Sept. 16, the same day Binance said it had completed integration of USDC deposits on the Layer-1 blockchain network, which is designed for stablecoin finance and onchain financial applications.
Circle Reports $73.3 Billion of USDC in Circulation Circle reported $73.3 billion of USDC in circulation in the second quarter, up 19% from a year earlier. Reserve income increased 5% to $668 million, while total revenue and reserve income rose 7% to $701 million.
Distribution, transaction, and other costs totaled $412 million in the quarter. Circle has said distribution expenses can increase as it adds partners and approved participants.
Circle’s 10-Q says reserve income is a function of stablecoins in circulation and the reserve return rate, while distribution costs payable to key distributors such as Binance are directly affected by USDC balances on their platforms.
SEC Issues Tokenized Securities Exemption On Sept. 17, the SEC granted temporary, conditional relief allowing qualifying Tokenized Securities Venues to facilitate trading in tokenized National Market System stocks through permissioned automated-market-maker liquidity pools.
The framework requires, among other conditions, that tokenized stocks provide holders the same rights and privileges as the equivalent traditional shares. Issuers must also receive notice and an opportunity to object before an unaffiliated third party makes their stock available.
Smart contracts used by qualifying venues must be public, auditable, and deployed on a public, permissionless distributed ledger.
Bernstein’s Chhugani said the rules bring tokenized equities trading on public blockchains within the existing U.S. securities and exchange regulatory framework. He referenced Ethereum, Solana, and decentralized infrastructure such as Uniswap and named Circle alongside Coinbase, Robinhood, Bullish, and Figure Technology Solutions among companies he views as beneficiaries.
The SEC itself did not designate Ethereum, Solana, or Uniswap by name in its announcement; those references came from Bernstein’s analysis.
Market-data services also show Bernstein maintaining a positive rating on Circle with a $140 price target following the regulatory announcement.
CRCLon Trades Separately From NYSE-Listed Circle Shares Circle Internet Group Tokenized Stock (CRCLon), an Ondo tokenized product tracking economic exposure to CRCL, was trading at $95.66 at 7:46 a.m. ET, down 1.04% over 24 hours, according to CoinMarketCap.
CRCLon is separate from NYSE-listed CRCL. Ondo says its tokenized products provide economic exposure to their underlying assets but are not themselves stocks, ETFs, or ADRs and do not provide holders with rights to hold or receive the underlying assets. The Ondo Stocks platform is not available to U.S.-based clients.
Circle’s filing and the SEC announcement do not state that CRCLon itself has been admitted to trade under the new U.S. Innovation Exemption.
Separately, Reuters reported early Tuesday, citing Bloomberg News, that U.S. federal prosecutors are investigating whether Binance violated sanctions on Iran by failing to prevent certain trading activity on its platform and are examining whether the exchange knowingly allowed the trading. Binance said it has a zero-tolerance approach to sanctions violations and cooperates with law enforcement; the Justice Department declined to comment.
What Comes Next Binance said it plans to expand USDC integration across savings, investment, and trading products.
Future Circle filings and earnings reports will provide updated figures for USDC circulation, reserve income, and distribution-related expenses, while further SEC disclosures will show which venues and tokenized securities operate under the exemption.
SoFi Technologies and Mastercard on Tuesday said stablecoin settlement is now live across SoFi Bank’s debit and credit card program. This brings stablecoin settlement through SoFiUSD to Mastercard’s global payments network. This follows earlier support for stablecoins such as Ripple’s RLUSD and Circle’s USDC.
SoFi Becomes First Bank to Enable Stablecoin Settlement on Mastercard Network According to an official announcement on September 22, SoFi Bank is migrating its entire $25 billion card program to stablecoin settlement using SoFiUSD. It became the first bank to go live with stablecoin settlement on the Mastercard network.
The launch expanded settlement and liquidity management using stablecoins by card issuers, acquirers, and merchants. It also shows how bank-issued stablecoins can operate with existing payment infrastructure, helping bridge traditional financial systems and blockchain-based networks.
“Merchants do not need to hold stablecoins, build new infrastructure or change how they operate. Through SoFi’s Big Business Banking platform, any merchant can receive settlement funds instantly in a SoFi Bank account and withdraw to cash around the clock and at zero cost,” said Anthony Noto, CEO of SoFi.
Mastercard is bringing regulated stablecoin settlement, giving businesses more choice in how money moves. SoFiUSD is fully redeemable 1:1 for U.S. dollars and supported by reserves consisting primarily of cash.
Ripple’s RLUSD Stablecoin Settlement This milestone supports Mastercard’s broader efforts to support stablecoin settlement across its global payments network with a growing ecosystem of banks, fintechs, stablecoin issuers and other partners.
As CoinGape reported earlier, Mastercard added Ripple’s RLUSD stablecoin to its global settlement network. It expanded its support for 24/7 on-chain settlements using regulated stablecoins including Circle’s USDC, Paxos’ PYUSD, USDG, USDP, and SoFiUSD.
Notably, Ripple joined Mastercard’s Crypto Partner Program to advance on-chain payments. Other crypto firms such as Binance, Circle, Gemini, PayPal, and Paxos also joined the program.
Stablecoins have long been used primarily for crypto trading, but banks, payment firms and asset managers are increasingly viewing them as settlement assets. Traditional finance (tradFi) companies want to bring financial instruments on-chain that support instant cross-border transfers outside traditional banking schedules.
Check the best stablecoin settlement platforms for financial institutions to move, receive, convert, custody, mint, redeem and settle value using fiat-backed stablecoins.
Binance is investing $100 million in Circle under a new five-year agreement that could put USDC in front of one of the world’s largest crypto audiences, giving Circle a major distribution boost as it tries to close the gap with Tether outside the U.S.
The deal gives Binance a direct financial interest in Circle’s growth. Binance agreed to purchase $100 million of Circle shares at $80.84 apiece, with the shares subject to a lockup of up to two years under certain conditions. Circle shares rose more than 1% in premarket trading Tuesday, according to CNBC.
Under the commercial agreement, Binance will promote USDC across its platform and increase access to the stablecoin in emerging markets, the two companies said in a news release. Circle will pay Binance a monthly incentive fee tied to USDC balances held on the exchange.
That structure makes this more than a standard exchange listing agreement. Binance benefits financially if USDC gains adoption on its platform, creating a strong incentive to put Circle’s dollar-backed token in front of more users.
“Binance has built one of the largest and most dynamic platforms in the world for using digital currency, creating the internet’s largest financial super app, and becoming the most widely used wallets in the world for dollar stablecoins,” Circle CEO Jeremy Allaire said in a statement. “We see incredible opportunities to leverage USDC to expand dollar access, support savings and investment with innovative digital asset products and reach people and businesses throughout global emerging markets.”
Circle takes its USDC fight overseas The partnership comes as Circle pushes deeper into international markets and builds businesses around USDC rather than relying solely on the economics of issuing the stablecoin.
Circle launched the public mainnet of its Arc blockchain last week, with USDC integrated directly into the network. Binance has since added support for USDC deposits on Arc. Circle has been positioning the blockchain for payments, settlement and financial applications, including transactions involving AI agents.
The company has made other moves to widen its payment network. Earlier this month, Circle agreed to acquire Singapore-based cross-border payments platform Tazapay, a deal that could add more than 60 banking and fintech partners and reach over 100 payout markets.
Still, USDC remains central to Circle’s growth story.
USDC has roughly $75 billion in circulation, compared with about $183 billion for Tether’s USDT, according to CryptoQuant data cited by CNBC. Tether has built a particularly strong presence in international crypto trading, giving USDT an advantage in many markets outside the United States.
Circle has taken a different route, leaning heavily on regulated financial institutions, reserve transparency, and payments infrastructure. USDC is backed by dollar-denominated reserve assets, with Circle publishing information on those reserves and obtaining monthly third-party assurances.
The Binance agreement gives Circle something much harder to build from scratch: distribution.
Binance already serves a huge global crypto audience, including users in markets where dollar-backed stablecoins are commonly used for trading, payments and storing value. Putting USDC deeper into that ecosystem could help Circle reach users who historically defaulted to USDT.
“Circle has earned its place as one of the most credible issuers in the world spanning USDC, Arc and the infrastructure reshaping how value moves across borders,” Binance co-CEO Richard Teng said in a statement.
The larger contest is no longer simply about which stablecoin has the bigger market capitalization. Circle and Tether are competing over which digital dollar becomes embedded across exchanges, wallets, payment systems and financial applications.
With $100 million of its own money now invested in Circle, Binance has picked a much more active role in that race.
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Binance Holdings Ltd. has invested $100 million in Circle Internet Group Inc., as the crypto companies extend an existing partnership.
The world’s largest crypto exchange and the stablecoin giant have struck a new five-year agreement, which will see Circle pay Binance a monthly fee to promote its stablecoin USDC.
The deal sees Circle doubling down on its strategy of working closely with crypto exchange heavyweights to boost usage of USDC, which is the world’s second largest stablecoin with a market value of about $75 billion. The company already works closely with Coinbase Global Inc., paying the US exchange a portion of interest generated from the stablecoins traded on its platform.
Circle first partnered with Binance in 2024, agreeing to pay the exchange a onetime fee of $60.25 million. Binance at that time said it would hold a portion of its treasury in USDC, according to a regulatory filing. In extending the arrangement, Binance will integrate USDC into existing and new savings and investment products, a spokesperson for the exchange said. Binance will also offer incentives such as lower fees on key USDC trading pairs.
“Together, we see incredible opportunities to leverage USDC,” Circle CEO Jeremy Allaire said in a statement.
Binance invested $100 million in Circle at $80.84 a share, a discount to market price. Circle’s stock rose as much as 3.3% to more than $97 during Tuesday morning trading in the US.
Binance, the world’s largest cryptocurrency exchange, has signed a new partnership agreement. Accordingly, Binance acquired $100 million worth of Circle shares through a private placement and signed a 5-year USDC partnership agreement.
According to a filing with the U.S. Securities and Exchange Commission (SEC) and an official statement, Binance acquired a $100 million stake in USDC issuer Circle through a private placement and signed a five-year partnership agreement.
“…The companies signed a new five-year commercial agreement focused on expanding USDC access in emerging markets. Additionally, Binance made a $100 million strategic equity investment in Circle.”
Under the new agreement, Binance will accelerate the promotion, awareness, and integration of USDC on its platform, particularly in emerging markets; while Circle will provide the infrastructure services supporting the holding and use of USDC.
Circle has issued 1.24 million Class A common shares to Binance. According to the announcement, Binance’s equity investment in Circle was realized through a private placement of Class A common shares at a purchase price reflecting a five percent discount to CRCL’s pre-closing market price.
Binance will be unable to sell its shares for up to two years, but will retain voting rights and receive monthly incentive fees from Circle based on the amount of USDC held in Binance wallets.
Jeremy Allaire, Co-Founder and CEO of Circle, said, “Binance has created the internet’s largest financial superapp by building one of the world’s largest and most dynamic platforms for the use of digital currencies, and has become the world’s most widely used wallet for dollar stablecoins. Together, we see incredible opportunities to expand access to the dollar using USDC, support saving and investing with innovative digital asset products, and reach people and businesses in emerging markets globally.”
Binance Co-CEO Richard Teng said, “Circle has solidified its position as one of the world’s most trusted issuers, encompassing USDC, Arc, and the infrastructure reshaping cross-border value transfer. Our $100 million investment and five-year commitment represent a long-term belief. We are helping to build a more inclusive, transparent, and harmonious digital economy. A stable, reliable digital dollar shouldn’t be a privilege; it should be accessible to anyone with a phone. That’s the future this partnership is designed to deliver.”
*This is not investment advice.
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Circle sold Binance 1,237,011 shares at $80.84, a five percent discount to the Sept. 17 close, and agreed to keep paying the exchange a monthly fee tied to USDC balances, an SEC filing shows.
Circle sold Binance 1,237,011 shares at $80.84, a five percent discount to the Sept. 17 close, and agreed to keep paying the exchange a monthly fee tied to USDC balances, an SEC filing shows.
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Binance is deepening its ties with Circle. On Tuesday, the crypto exchange announced a $100 million investment in the issuer of USDC as part of a new five-year pact to broaden the stablecoin’s global reach. Circle will supply the technology, while Binance will use its global user base to expand USDC adoption, particularly in developing markets.
Under the terms of the deal, Binance purchased ordinary shares in Circle, making the exchange a part-owner of the company behind USDC. Binance acquired the shares at a 5% discount and agreed not to sell or transfer them for up to two years. The investment expands on a strategic partnership the two companies first announced in December 2024.
“Together, we see incredible opportunities to leverage USDC to expand dollar access,” said Circle CEO Jeremy Allaire in a statement.
Binance co-CEO Richard Teng said the $100 million investment reflects the exchange’s “long-duration conviction” in Circle.
The deal comes as stablecoins have emerged as one of crypto’s strongest growth stories. Designed to hold a steady value by being linked to the U.S. dollar or another government-issued currency, these tokens have been around for over a decade, but have grown rapidly over the last two years amid a more favorable regulatory climate.
Following the passage in 2025 of the Genius Act, a law that provides a federal framework for stablecoins, the sector’s combined value has climbed above $306 billion, according to data analytics platform DeFiLlama.
Circle is one of the largest regulated stablecoin companies in the United States. Its USDC token has a market capitalization of nearly $76 billion, making it the second-largest stablecoin after Tether’s USDT, which has a market cap of roughly $183 billion, and is used almost entirely in overseas markets.
The growing partnership between Binance and Circle also marks a sharp reversal from a few years ago, when the two firms were locked in a contentious rivalry.
In late 2022, Binance cut off support for USDC trading as it sought to steer users towards its own custom digital dollar, known as Binance USD, or BUSD, which was issued by the regulated financial firm Paxos. The exchange automatically converted customers’ existing USDC balances into BUSD. Circle initially publicly questioned Binance’s decision, though Allaire later downplayed the effects in a social media post.
The rivalry did not last. In February 2023, the New York Department of Financial Services ordered Paxos to stop minting BUSD after raising concerns about the company’s oversight of its relationship with Binance. Paxos later said it would end its partnership with Binance, and the exchange began winding down support for BUSD products. Roughly a year later, Binance and Circle publicly announced their strategic partnership.
Coinbase has added fixed-rate USDC loans backed by cbBTC, giving customers another way to borrow against bitcoin without selling their collateral. The service runs through Morpho Midnight on Base and sets the borrowing rate and maturity when a loan begins.
Coinbase Adds Fixed-Rate Loans Through Morpho Midnight Coinbase launches fixed-rate USDC Loans Backed by cbBTC, giving customers a choice between fixed-rate and variable-rate onchain borrowing. The exchange already provides access to variable-rate borrowing with the Morpho Blue platform, with users holding over $1.4 billion in outstanding loans, and roughly $3 billion worth of collateral.
The new product uses Morpho Midnight, which launched on Base in July. In contrast to variable-rate borrowing, Midnight enables borrowers to negotiate with the lender on the interest rate and the time of repayment. Coinbase is responsible for the customer experience, Morpho for the lending protocol and Base for the transactions.
“Coinbase Borrow gives our customers access to liquidity without having to sell their assets, and fixed-rate borrowing gives them even greater choice over how they manage that credit,” Coinbase yield and investments product lead Jacob Frantz said.
Meanwhile, Coinbase began rolling out 24/7 trading in almost 4,000 U.S. stocks for eligible UK customers, enabling them to trade American stocks. The phased rollout also entails fractional shares, funding via GBP or USDC.
Borrowers Get Defined Rates and Maturity Dates Coinbase currently offers loans that mature either at the end of the current month or the following month. The “End of Month” date refers to the final Friday of that month, a Coinbase spokesperson said.
Borrowers must repay their USDC loans before maturity. Otherwise, lenders can make a claim against the cbBTC collateral securing the loan. The interest rates are based on the supply and demand of lenders and borrowers, who make offers through an onchain order book.
As reported earlier by CoinGape, crypto exchange Coinbase has also launched IPO access for U.S. retail customers, starting with the Oura public listing. The service allows eligible users to request shares at the offer price before open-market trading begins.
Morpho Expands Fixed-Rate Onchain Credit Midnight currently holds about $30 million in deposits as the protocol continues its rollout. In comparison, Morpho Blue has about $5.2 billion in outstanding loans and $16 billion in deposits across all integrations. Those figures cover Morpho’s wider network rather than Coinbase alone.
Furthermore, Morpho stated that Midnight might enable structured credit products and loans secured by real-world assets tokenized. More integrations are also planned, although Morpho has not disclosed the companies involved or a launch schedule.
Coinbase’s integration adds fixed-term borrowing alongside its existing variable-rate product, giving customers two different loan structures through Morpho.
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TLDR Circle launched Digital Asset-Backed Borrowing, letting eligible Circle Mint institutions turn Bitcoin into USDC loans. Morpho is the first lending protocol supported, with Aave expected to join later. The service runs on both Arc and Ethereum, but New York customers are excluded. cirBTC reserves currently exceed the token’s circulating supply, according to Circle’s public data. The Arc lending market for cirBTC carries an 86% liquidation loan-to-value threshold. Circle has launched a new borrowing service for institutional clients who hold Bitcoin. The service lets eligible Circle Mint customers turn their Bitcoin into onchain collateral and borrow USDC without selling the coin.
Circle announced the launch on Sept. 21. It runs on two networks, Arc and Ethereum, and works through Circle’s Mint account system.
The customer keeps exposure to the Bitcoin backing the position. This means they do not have to give up their holdings to get dollar liquidity.
Digital Asset-Backed Borrowing is now available in Circle Mint for eligible Circle Mint LLC customers.
Deposit BTC. Mint cirBTC. Borrow USDC.
Through one coordinated workflow, customers can use BTC-backed cirBTC as collateral through supported third-party lending markets on Arc…
— Circle (@circle) September 21, 2026
How the Borrowing Process Works To use the service, an institution deposits Bitcoin and mints cirBTC, Circle’s wrapped version of the coin. The cirBTC token moves into a customer-controlled Smart Wallet.
From there, the customer posts cirBTC as collateral with a supported lending protocol and borrows USDC. The borrowed USDC then moves automatically into the customer’s Circle Mint balance.
Repayment works the same way in reverse. A customer sends USDC from Mint into the Smart Wallet to repay some or all of the debt, and collateral becomes available again.
Circle does not act as the lender itself. Its legal terms state that lending, collateral management and liquidations happen through third-party protocols and their smart contracts, not through Circle directly.
The service is limited to institutions. Retail users cannot open standard Mint accounts, and Circle has excluded New York customers from this product.
Morpho Market Data and cirBTC Reserves Morpho is the first lending protocol supported under the new service. Circle says Aave is expected to join later, though no date has been set.
On Arc, the Morpho market for USDC loans against cirBTC carries an 86% liquidation loan-to-value threshold. That means a position can be liquidated automatically if collateral value falls too far relative to the loan.
Data checked on Sept. 22 showed $18.86 million borrowed against $157.85 million in available liquidity on that market. Utilization stood at 10.67%.
A day earlier, on Sept. 21, the same market showed $14.13 million borrowed and $162.85 million available, with utilization at 7.98%. The figures show borrowing activity grew in the first day after launch.
Circle’s reserve dashboard showed 948.75 cirBTC outstanding against 951.25 Bitcoin held in reserve. That reserve was valued at roughly $77.19 million.
The underlying Bitcoin is held through Circle’s Bermuda affiliate and kept in custody by Circle National Trust. That trust received a federal charter from the Office of the Comptroller of the Currency in July.
Circle first introduced cirBTC on Ethereum in June. It expanded the token to Arc on Sept. 21, five days after Arc’s public mainnet launch on Sept. 16.
Circle’s institutional USDC services have grown through other partners this year. BNY began offering USDC minting, redemption and custody for institutional clients in June, and Standard Chartered added bank-led USDC access in July.
As of the latest market data, Bitcoin traded at $85,892.30, up 2.25% over the past 24 hours. Ethereum traded at $2,737.96, up 1.47% over the same period.
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Too Long; Didn't Read [TL;DR]
Binance delisted 19 low-liquidity USDC pairs across spot and margin markets while taking a $100 million equity stake in Circle.XRP broke a five-week symmetrical triangle, rising 5.5% weekly and testing resistance at $1.55 to $1.56 after clearing $1.50.Shiba Inu's Bull Combo pattern gained 8.61% since forming but stalled below the 50-week moving average near $0.0000064.On the morning of Tuesday, September 22, the cryptocurrency market found itself near the historic $3 trillion market capitalization level after a massive short squeeze. A powerful impulse pushed Bitcoin toward $87,400, forcing bears to close positions worth $557.79 million.
Shorts absorbed around 70% of the hit, with BTC perpetual contracts ($242.47 million) and ETH perpetual contracts ($100.83 million) accounting for the largest losses as per CoinGlass.
The move was fueled by a record inflow of U.S. capital: according to SoSoValue, spot ETFs took in more than $1.9 billion over 24 hours. With Bitcoin leading the inflows at +$1.36 billion, funds also moved aggressively into altcoins: Solana attracted $257.25 million, Ethereum $223.51 million, and XRP $45.54 million, while the crypto-native Hyperliquid token (HYPE) set a new ATH near $96.
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As Bitcoin stabilized in the mid-$85,000s, the market digested a short-lived USDe squeeze on Binance, which took the token to $0.92, and assessed it as a local liquidity shortage ahead of the exchange's wallet upgrade.
Behind this price pause, structural changes are taking shape. The focus of large players has shifted from external triggers to internal liquidity restructuring and clean technical analysis.
Weekly crypto market overview featuring BTC, XRP, SHIB, and HYPE charts, Source: TradingViewThe next few days will be shaped by three main storylines: a large-scale cleanup of the "dead" USDC pairs on Binance as the exchange takes a stake in Circle, XRP's official breakout from a five-week triangle, with the token finally trading the charts rather than SEC rumors, and a rare technical setup for Shiba Inu (SHIB) stalled at its most intriguing point.
Binance removes "dead" USDC pairs while taking a stake in CircleThe cryptocurrency exchange Binance has announced the next round of cuts to its spot and margin trading books. A total of 19 low-liquidity trading pairs are being delisted. At the same time, it emerged that the exchange had taken a stake in Circle.
According to a fresh filing with the U.S. Securities and Exchange Commission (SEC), Binance purchased 1,237,011 Class A shares of Circle for $100 million. The deal, priced at $80.84 per share, was completed at a discount to the market and comes with a new five-year commercial contract under which Circle will pay the exchange a monthly fee for promoting the stablecoin through modular smart-wallet infrastructure.
Meanwhile, the platform is clearing out illiquid order books. The restriction schedule is as follows:
September 25 at 03:00 UTC: Spot trading in the USDC pairs for 7 tokens will be halted: AIXBT, DOLO, ENJ, HUMA, SXT, TNSR, and TURTLE. The trading bots serving them will also be completely disabled.September 25 at 06:00 UTC: 12 cross-margin and isolated-margin pairs for 7 assets will be removed from the margin market: MANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, and OPN, all paired against USDC. Access to new borrowing for isolated margin will be disabled on September 23 at 06:00 UTC, while the remaining positions will be liquidated automatically by the exchange. You Might Also Like
The delisting affects only the specified trading pairs — the digital assets themselves will remain available on the platform, with trading continuing through pools against USDT, FDUSD, and BTC. Users of margin accounts and trading bots are advised to close their positions manually before the deadline to avoid forced settlement.
XRP finally trades the charts, not SEC rumors. Five-week triangle officially breaks outThe XRP market finally has a clean technical picture. A five-week consolidation on the weekly timeframe ended with a classic bullish breakout — the asset gained 5.5% over the week, briefly touched $1.57, and is now holding firmly in the $1.51–$1.54 range. The legal noise around the SEC, CFTC, and Ripple has finally given way to market geometry.
Against the backdrop of Bitcoin's strength, buyers pushed through the key psychological barrier at $1.50 on higher volume. The price is now aggressively testing the $1.55–$1.56 resistance zone. A weekly candle close above this level will finally turn the triangle's upper boundary into rock-solid support.
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Meanwhile, the information space caught fire. Peter Brandt, head of The Factor Report, posted a global XRP chart with a mathematical long-term target of $5.40. While the community celebrated the victory, Brandt moved quickly to temper the crowd's expectations with a blunt fact: "The fact is I do not own anything but Bitcoin."
Raoul, what I communicate on private channels to members of the Factor Service is different than what I post on X just as what you communicate to GMI clients will be more specific
The fact is I do not own anything but Bitcoin
— The Factor Report (@PeterLBrandt) September 22, 2026 Macro investor Raoul Pal publicly came to Brandt's defense, noting that retail traders have completely forgotten how to think in terms of probabilities and Bayesian outcomes, confusing sound technical analysis with guaranteed profit.
XRP has returned to the top tier of technical trading. Whether the coin can hold above $1.55 will be decided in the coming days. If it does, the global uptrend scenario will be confirmed. A false breakout (fakeout) would send the price back to test $1.40, but it is unlikely to break the market's overall bullish structure at this point.
Why SHIB's rare technical setup stalled at the most interesting pointThe "Bull Combo" technical setup on Shiba Inu's weekly chart by TradingView — a combination of bullish RSI divergence and a decisive reclaim of the 23-week moving average — continues to hold its ground. Contrary to standard skeptical forecasts, the asset has already gained 8.61% since the pattern formed.
Sellers have run out of steam, while a hidden inflow of liquidity helped SHIB not only hold its local bottom at $0.00000547 but also build upward momentum.
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However, this is exactly where the chart stalled: the price ran into sticky resistance at the blue 50-week MA line, around $0.0000064. For this move to continue, buyers need to establish a foothold above this level.
Shiba Inu exchange reserves surge alongside asset price accumulation, Source: CryptoQuantOnly then will the path to the main obstacle open — the 200-week MA at $0.0000122, which has historically turned similar impulses into deep corrections.
Until a breakout occurs, large players are using the lull to accumulate: whales quietly added another 468 million SHIB to their wallets right at the current bottom. The intrigue is simple: either the bulls reclaim the 50-week MA in the coming days, or the entire momentum of the combo will fade into an ordinary temporary rebound.
On September 22, the cryptocurrency market hovered near the $3 trillion capitalization mark after a powerful short squeeze sent Bitcoin surging toward $87,400. Forced liquidations totaled $557.79 million, with shorts absorbing approximately 70% of the losses. Data from CoinGlass pointed to BTC and ETH perpetual contracts taking the brunt, with $242.47 million and $100.83 million in losses respectively.
Massive capital inflows drive market surgeMarket sentiment was buoyed by an unprecedented inflow of U.S. capital: SoSoValue reported that spot ETFs attracted more than $1.9 billion within 24 hours. Bitcoin led with $1.36 billion, while altcoins also saw significant investments—Solana received $257.25 million, Ethereum took in $223.51 million, and XRP gained $45.54 million. Hyperliquid’s HYPE token reached a fresh all-time high near $96.
As Bitcoin stabilized in the mid-$85,000s, Binance users experienced a temporary squeeze in USDe, which dropped to $0.92 before recovering. The event was linked to an anticipated wallet upgrade on the exchange, and analysts assessed it as a temporary liquidity shortage rather than a systemic risk.
With external catalysts fading, major market participants are increasingly focused on internal liquidity and technical analysis. Strategic shifts among institutional and retail traders are expected to define the direction of digital assets in the coming days.
Binance cuts illiquid USDC pairs, invests in CircleBinance, the world’s largest cryptocurrency exchange by trading volume, announced the removal of 19 low-liquidity USDC trading pairs from both spot and margin markets. The delisting forms part of a broader cleanup targeting pairs with thin liquidity.
At the same time, regulatory disclosures show that Binance acquired 1,237,011 Class A shares of Circle for $100 million, at a price of $80.84 per share. This transaction also includes a five-year commercial agreement, under which Circle will pay Binance monthly fees to promote USDC via modular smart-wallet integration.
Trading restrictions will be phased in: spot trading for seven USDC pairs will end on September 25 at 03:00 UTC, while 12 cross-margin and isolated margin pairs will be removed three hours later. The affected tokens include AIXBT, DOLO, ENJ, HUMA, SXT, TNSR, TURTLE, MANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, and OPN. Isolated margin borrowing will be disabled beforehand, and remaining positions will be liquidated by Binance if not closed manually.
The assets themselves remain tradable, with users gaining continued access via USDT, FDUSD, and BTC trading pools. Margin traders and bot users have been urged to close their positions ahead of the deadlines to avoid automatic settlement.
EventDate/Time (UTC)ActionAffected Pairs/AssetsSpot trading haltsSept 25, 03:00DelistingAIXBT/USDC, DOLO/USDC, ENJ/USDC, HUMA/USDC, SXT/USDC, TNSR/USDC, TURTLE/USDCMargin trading terminatesSept 25, 06:00All pairs removedMANTA, BANANA, SSV, NOM, STO, 1MBABYDOGE, OPN (all vs USDC)Mini dictionary: Circle is a US-based financial technology company known for issuing the USDC stablecoin and developing blockchain-driven payments and treasury infrastructure for businesses and institutions.
Binance will delist 19 low-liquidity USDC pairs but trading for the assets will continue via other major pools such as USDT, FDUSD, and BTC. Users are advised to close margin and bot positions before the removal deadlines to avoid forced liquidation.
XRP’s decisive breakout, cleaner technicalsXRP, the token used by fintech company Ripple, broke out of a five-week symmetrical triangle pattern and jumped 5.5% during the week. The asset moved past $1.50, briefly testing resistance at $1.55 to $1.57, and remained steady in the $1.51–$1.54 range. This development reflected a market shift away from legal speculation tied to the SEC and CFTC, and back toward technical trading metrics.
Supported by Bitcoin’s momentum, XRP buyers surpassed a critical psychological threshold. Traders are monitoring the $1.55–$1.56 resistance, with a weekly close above signaling a firm uptrend and converting former resistance into a support level.
Technical analyst Peter Brandt, who leads The Factor Report, shared a chart projecting a long-term target of $5.40 for XRP but clarified that he currently owns only Bitcoin. Macro investor Raoul Pal noted that retail traders should focus on probabilities and solid technical analysis over assumptions of guaranteed profits.
XRP’s weekly close above $1.55 would confirm the bullish breakout scenario, reinforcing the market’s technical structure after weeks of uncertainty.
While a failed breakout could send the price back toward $1.40, the overall trend remains bullish unless a significant reversal takes place.
Shiba Inu struggles at 50-week moving averageShiba Inu (SHIB), a cryptocurrency inspired by the popular meme culture, saw its “Bull Combo” technical setup produce an 8.61% gain since formation. The pattern, which features bullish RSI divergence and a reclaim of the 23-week moving average, has stalled just below the 50-week MA near $0.0000064.
Despite exhausted sellers and renewed liquidity, SHIB could not yet surpass this resistance level. For upward momentum to continue, buyers must establish support above the 50-week MA.
The next technical hurdle is the 200-week moving average at $0.0000122, which has typically marked key reversal points for the token. Until a clear breakout occurs, large holders have accumulated an additional 468 million SHIB at the current bottom, seeking to capitalize if the trend resumes.
Mini dictionary: The Bull Combo technical setup refers to the simultaneous appearance of multiple bullish indicators on a price chart, such as a positive divergence in the Relative Strength Index (RSI) and the reclaiming of an important moving average, which together signal a potential upward trend.
Market watchers are waiting to see if bulls can reclaim the 50-week MA in the coming days, which would open the path to further gains or risk reducing the pattern to a routine rebound.
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.
Brian Armstrong wants you to know that the yield you earn on USDC through Coinbase is not bank interest. It’s a distinction that sounds like semantics until you follow the money, and the lobbying dollars, downstream.
The Coinbase CEO has publicly pushed back against banking industry efforts to restrict stablecoin rewards programs, arguing that what Coinbase offers its users is fundamentally different from a savings account. The rewards, which have ranged from 3.75% to 4.5% depending on user status, are funded by interest earned on short-term US Treasuries through Coinbase’s revenue-sharing arrangement with Circle, the company that issues USDC.
Treasuries, not deposits The mechanics matter here. When users hold USDC on Coinbase, the underlying reserves backing those stablecoins are parked in short-term US government debt. The interest generated on those reserves flows back to Coinbase through its deal with Circle, and Coinbase passes a portion along to users as rewards.
Armstrong has leaned into this distinction as a core part of his argument against regulatory efforts to curtail the practice. His framing positions banks as incumbents using government intervention to protect their deposit base rather than competing on merit.
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The GENIUS Act, which was enacted around July 2025, explicitly prohibits stablecoin issuers from offering yield directly to holders. But it left a carve-out for non-issuers. Coinbase, which distributes USDC but doesn’t issue it, falls squarely into that gap.
The lobbying fight over CLARITY The banking industry hasn’t been subtle about its concerns. Lobbyists have warned that stablecoin rewards programs could trigger trillions of dollars in deposit flight, a scenario where consumers pull money from savings accounts and park it in stablecoins offering better returns with arguably comparable safety profiles, given the Treasury-backed reserves.
Those concerns have found their way into legislative language. The CLARITY Act, a broader crypto market structure bill, became a battleground over provisions related to rewards programs. Banks pushed for language that would effectively neuter programs like Coinbase’s. Crypto-friendly legislators and industry advocates pushed back.
As of September 2026, the CLARITY Act had failed to advance, primarily due to disputes over terms related to rewards. Armstrong has pointed out the irony: the very legislative inertia that banks helped create has actually worked in Coinbase’s favor by preventing new competitors from entering the market under clearer rules.
With USDC reserves amounting to billions, the rewards program has become a significant customer acquisition engine for Coinbase. Users who might otherwise keep dollars in a high-yield savings account are instead converting to USDC and earning comparable or better rates, all while staying within the Coinbase ecosystem where they might also trade, stake, or explore other products.
Why this fight is bigger than one company Armstrong has framed this debate in terms of US competitiveness, arguing that restricting domestic stablecoin rewards would push users toward foreign-issued digital currencies that operate outside the reach of US regulators. He’s positioning Coinbase’s rewards program as aligned with Treasury demand and dollar hegemony, noting that foreign alternatives won’t hold US Treasuries as reserves or contribute to demand for American government debt.
If the CLARITY Act or a similar bill eventually passes with restrictive rewards language, Coinbase would need to restructure or eliminate a program that has become central to its competitive positioning. On the other hand, legislation that codifies the current carve-out for non-issuers would effectively enshrine Coinbase’s advantage.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A dormant Bitcoin address inactive for over 14 years has transferred all 600 BTC, generating an unrealized profit of $51.24 million.
According to on-chain data, a Bitcoin whale dormant for over 14 years has reactivated. When Bitcoin was priced at just $7.58–$8.09, the whale accumulated 600 BTC. At 15:22:20 Beijing time today, the whale transferred all 600 BTC, posting an unrealized profit of $51.24 million.
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Circle has opened a route for institutional bitcoin holders to borrow dollars against their holdings without selling them. The stablecoin issuer launched Digital Asset-Backed Borrowing on Sept. 21, letting eligible Circle Mint customers deposit bitcoin, mint Circle Wrapped Bitcoin (cirBTC), and supply it as collateral to third-party lending markets to borrow USDC, according to Circle’s announcement.
How the borrowing workflow operates The product compresses what Circle describes as a multi-step process into one coordinated flow. A customer deposits bitcoin and mints cirBTC, selects a supported lending market, supplies the wrapped token as collateral through a customer-controlled wallet, and receives borrowed USDC directly in their Circle Mint balance. Repaying the loan releases the collateral.
Circle does not lend the funds or set borrowing terms itself. Rates, collateral requirements, liquidation thresholds and liquidity are set by the selected third-party market, and positions are overcollateralized. Morpho is the first approved lending protocol, with support for additional markets including Aave expected to follow.
cirBTC as institutional-grade collateral Every cirBTC is backed 1:1 by native bitcoin, with reserves independently verifiable onchain and safeguarded through Circle National Trust, a federally chartered trust bank and qualified custodian. The token is issued by Circle International Bermuda Limited, a Class F digital asset business regulated by the Bermuda Monetary Authority. Circle described the wrapped asset as strategically neutral, noting it operates no competing exchange or lending protocol.
Two networks at launch Digital Asset-Backed Borrowing debuted on Arc, the stablecoin-focused Layer 1 Circle launched in September, and on Ethereum. Arc brings cirBTC and USDC into Circle-designed infrastructure with competitive borrowing rates, while Ethereum offers access to deep, established onchain lending markets. New York clients are excluded, and Circle said support may expand to additional networks over time.
A broader push for bitcoin-backed liquidity The rollout extends Circle’s effort to make bitcoin productive as collateral. Circle first launched cirBTC on Ethereum in June with Chainlink-verified proof of reserves, and Arc’s mainnet went live Sept. 16 with BlackRock, DTCC and Visa among its validators. For treasury teams, the product offers a way to keep bitcoin exposure while accessing dollar liquidity through Circle Mint, with borrowed USDC settled directly into the customer’s institutional account.
AUTHOR
Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
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.
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According to on-chain data, a Bitcoin whale dormant for over 14 years has reactivated. When Bitcoin was priced at just $7.58–$8.09, the whale accumulated 600 BTC. At 15:22:20 Beijing time today, the whale transferred all 600 BTC, posting an unrealized profit of $51.24 million.
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