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Selling Bitcoin to access cash is the crypto equivalent of selling your house to pay rent. Circle wants to end that tradeoff for institutional holders. The company launched a Digital Asset-Backed Borrowing feature on its Circle Mint platform, giving eligible institutions a way to unlock USDC liquidity while keeping their BTC position intact.

The feature went live on September 2, 2026, with Morpho as its first integrated lending market, running across both Ethereum and Arc, Circle’s new EVM-compatible Layer 1 blockchain.

How the mechanics actually work The workflow has three steps. An institution deposits BTC into Circle Mint. That BTC gets wrapped into cirBTC, a tokenized version backed 1:1 by BTC held in custody at Circle National Trust. The cirBTC then serves as collateral inside Morpho vaults, and the resulting USDC loan settles directly back into the borrower’s Circle Mint account.

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Repaying the loan releases the collateral, returning cirBTC and eventually the underlying BTC. The whole cycle stays within the Circle Mint interface, so institutions avoid stitching together custody, bridging, and DeFi protocols on their own.

Chainlink’s proof-of-reserves verification underpins the cirBTC backing, giving lenders on the other side of the trade an on-chain confirmation that the collateral is real and accounted for. Interest rates and collateral ratios are determined by Morpho’s market parameters rather than set by Circle, which means they float with supply and demand.

One geographic caveat: the service is not available to clients based in New York.

The day-one numbers from Arc Circle’s Arc mainnet launched publicly around September 16, 2026, and the early demand for cirBTC-backed borrowing was hard to ignore. On Arc’s launch day, Morpho vaults backed by cirBTC drew over $150 million in USDC and EURC deposits.

Why this matters beyond the product itself The choice of Morpho as the launch partner reflects a deliberate bet on permissioned DeFi. Morpho’s vault architecture allows for curated risk parameters, which makes it better suited to institutional compliance requirements than fully open lending pools. Circle has signaled plans to expand to additional protocols, with Aave named as a future integration target.

Arc’s role in this picture is worth watching. By launching cirBTC borrowing simultaneously on Ethereum and its own chain, Circle is not just offering a product. It is seeding demand for activity on Arc itself. A lending market with $150 million in day-one deposits gives developers and other protocols a reason to build on the chain.

For institutional Bitcoin holders specifically, the DABB feature changes the calculus on holding BTC through market cycles. Rather than facing a binary choice between holding and selling, large holders can now borrow against their position to fund operations, meet capital calls, or deploy into other opportunities, without triggering a taxable sale or abandoning their BTC upside.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Stablecoin issuer Circle has launched a Bitcoin-backed borrowing service for institutional clients, allowing eligible Circle Mint customers to use BTC as collateral to borrow USDC through onchain lending markets.

The service, called Digital Asset-Backed Borrowing, lets customers deposit Bitcoin, mint Circle’s wrapped Bitcoin token cirBTC and supply it as collateral to supported third-party lending markets on Arc or Ethereum. Morpho is the first lending protocol supported, with Circle planning to add Aave and other protocols. The rollout coincides with cirBTC going live on Arc on Monday.

According to Circle, borrowed USDC is deposited directly into the customer’s Circle Mint balance, while borrowing rates, collateral requirements and liquidation thresholds are set by the third-party lending market. The borrowing positions are overcollateralized, with collateral supplied through a customer-controlled wallet to third-party DeFi protocols rather than lent directly by Circle. New York clients are excluded.

Circle previously launched cirBTC on Ethereum in June. The token is backed 1:1 by Bitcoin held in custody by Circle National Trust.

Both launches come days after Circle rolled out the Arc mainnet, its layer-1 blockchain targeting stablecoin payments and financial markets. Arc uses USDC as its native gas token and supports tokenized assets including BlackRock’s BUIDL and Circle’s USYC.

Source: Circle

Institutional crypto lending expandsCircle’s launch follows a broader push to give institutional investors access to crypto-backed borrowing while keeping collateral within established custody arrangements.

In February, Anchorage Digital partnered with Kamino to allow institutions to borrow against staked Solana (SOL) held at Anchorage Digital Bank, giving borrowers access to onchain liquidity without moving the collateral out of qualified custody.

Bitcoin-backed models followed in March, when Lombard partnered with Bitwise to develop a system for borrowing against BTC held in custody, with Morpho providing the lending infrastructure. Unlike Circle’s model, which converts deposited BTC into cirBTC for use as collateral, Lombard’s system was designed to keep the underlying Bitcoin in custody without wrapping or bridging it.

BitGo also expanded its institutional lending offering in March, launching a financing platform for borrowing and lending against liquid, staked and locked crypto assets held in custody. Its portfolio-based model allows multiple assets to serve as collateral rather than requiring collateral to be posted for individual loans.

Magazine: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Key Highlights Table of Contents

Shares of Circle climbed approximately 6% on Monday amid a broader crypto market surge and the company’s institutional lending expansion. The stablecoin issuer introduced Digital Asset-Backed Borrowing, enabling qualified institutional clients to obtain USDC loans using Bitcoin collateral while maintaining BTC holdings. Users deposit Bitcoin, create cirBTC tokens, and leverage them as collateral via third-party lending platforms on Arc or Ethereum. Morpho protocol is initially supported, with plans to integrate Aave and additional protocols in the future. Users remain subject to fluctuating interest rates, collateral ratio adjustments, and liquidation risks set by the chosen lending platform. Circle Internet Group (CRCL) shares advanced roughly 6% on Monday as Bitcoin surged past $85,000 and the stablecoin provider unveiled a new institutional borrowing solution. CRCL closed Friday at $91.78 and opened Monday trading at $98.09.

Circle Internet Group, CRCL

The newly introduced offering, dubbed Digital Asset-Backed Borrowing, enables qualified Circle Mint clients to leverage Bitcoin holdings as collateral for USDC loans without liquidating their BTC positions. The functionality is accessible via supported onchain lending venues on both Arc and Ethereum networks.

Clients deposit Bitcoin with Circle and generate Circle Wrapped Bitcoin tokens, known as cirBTC. These tokens can then be deployed as collateral through user-controlled wallets, with borrowed USDC transferred directly into their Circle Mint accounts.

This mechanism provides institutions with dollar-denominated capital access while preserving Bitcoin market exposure. Circle indicates the streamlined workflow aims to minimize the platforms and steps typically involved in crypto-collateralized lending.

Circle Broadens Bitcoin and USDC Functionality Morpho serves as the inaugural third-party lending protocol integrated with the service. Circle has signaled that Aave and other lending infrastructure will be incorporated progressively.

The lending arrangements require overcollateralization rather than traditional credit assessment models. Clients can supplement collateral or repay USDC to retrieve their cirBTC holdings.

Circle does not directly provide the loans or establish borrowing parameters. Interest rate levels, collateral ratios, liquidation triggers, and capital availability are governed by the respective third-party marketplace.

The product debut aligns with cirBTC’s availability on Circle’s Arc blockchain network. Each cirBTC token maintains 1:1 backing by native Bitcoin custody through Circle National Trust, per company statements.

Circle initially rolled out cirBTC on Ethereum earlier this year. The Arc integration provides an additional blockchain environment where institutional participants can utilize Bitcoin collateral within Circle’s expanding stablecoin infrastructure.

Arc recently activated its mainnet and employs USDC as its native gas currency. Circle is strategically positioning the network around stablecoin transactions, asset tokenization, and institutional financial applications.

Cryptocurrency Market Upswing Provides Additional Momentum Monday’s CRCL appreciation was not exclusively attributed to the borrowing product announcement. Bitcoin climbed to approximately $85,000, marking its strongest performance since January, which elevated optimism throughout crypto-related equities.

Circle stands to benefit if the product generates heightened institutional appetite for both USDC and cirBTC. The offering also creates another connection point between Circle Mint users and activities occurring on Arc.

Significant risks persist, however. A substantial Bitcoin price decline could force collateral positions toward liquidation thresholds, while borrowing expenses and collateral demands may shift based on prevailing market dynamics.

Circle is additionally dependent on third-party DeFi infrastructure, meaning participants face exposure to smart-contract vulnerabilities, liquidity constraints, and protocol risks beyond Circle’s direct oversight. New York-based customers are presently ineligible for the service.

From an investor perspective, the service introduces another potential driver of USDC utilization, though Circle has not revealed anticipated borrowing volumes or revenue projections tied to the product. Its financial impact will hinge on institutional client adoption rates.

For Monday’s session, the immediate catalyst combined strengthening cryptocurrency valuations with further expansion of Circle’s institutional offerings. Qualified Circle Mint participants can now establish Bitcoin-collateralized USDC borrowing arrangements through Morpho on Arc or Ethereum networks.

@circle has launched Digital Asset-Backed Borrowing, a new service that lets institutional clients access dollar liquidity against their Bitcoin holdings without having to sell them. The product went live on September 21 for eligible Circle Mint customers on @arc and @ethereum.

How It Works The mechanics are straightforward.

Early Demand and Broader Context

Sources:
CoinGape: Circle Rolls Out Bitcoin-Backed Loans for Institutions
Crypto Times: Circle Launches Bitcoin-Backed cirBTC on Arc for DeFi Use
CoinCentral: Circle (CRCL) Stock Jumps 6% as Bitcoin-Backed USDC Borrowing Launches

The cirBTC market on Arc holds $14.3 million of USDC borrowed against 287 cirBTC, up from $1.37 million on Sept. 17. Galaxy and Keyrock supply nearly all the dollars. Circle issues the wrapper and the wallet; the loan terms sit with Morpho.

The cirBTC market on Arc holds $14.3 million of USDC borrowed against 287 cirBTC, up from $1.37 million on Sept. 17. Galaxy and Keyrock supply nearly all the dollars. Circle issues the wrapper and the wallet; the loan terms sit with Morpho.

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Table of contents

CAYMAN ISLANDS — 21 September 2026 — Morph Payments, the stablecoin payment platform for small and medium-sized merchants, today announced a major expansion, introducing support for Solana and TRON alongside new payment support capabilities designed to make stablecoins easier to use for everyday business transactions. 

Morph Payments has added support for USDC and USDT on Solana and USDT on TRON, expanding the networks businesses can use to receive stablecoin payments. Payers can also now pay directly from a crypto exchange account or any compatible wallet through a standard transfer, without having to connect a wallet to Morph Payments.

The update builds on the launch of Morph Payments in August as a non-custodial platform enabling businesses, freelancers, and globally distributed organizations to accept, send, and manage stablecoin payments. 

Making stablecoin payments easier for everyday business  Stablecoins are increasingly moving beyond trading into everyday financial activities, from paying international suppliers to receiving payments from customers and clients around the world. 

But making stablecoins useful for business requires more than simply enabling an onchain transaction. Businesses need payment infrastructure that works with the way they and their customers already hold, send and manage money. 

Previously, customers paying into a Morph Payments account had to connect their wallets to the platform first. With the latest update, a payer can instead choose a standard transfer, copy the payment address, and send the required amount from any compatible wallet or crypto exchange account. 

For customers who already hold USDC or USDT on an exchange, this removes the need to first transfer their stablecoins into a separate self-custodial wallet simply to make a payment. 

For merchants, it means being able to accept stablecoin payments from a broader range of customers while continuing to track payment activity through the Morph Payments dashboard. 

Renna Ba, Head of Ecosystem at Morph, said: 

“For stablecoin payments to become part of everyday business, we need to stop expecting customers to understand the infrastructure underneath them. If someone already has USDT in an exchange account, making a payment shouldn’t require them to move it into another wallet, connect that wallet, and then start the payment process. 

“Our approach is to meet businesses and their customers where they already are, support the stablecoins and networks they use, make the payment itself simple, and give merchants the tools they need to manage what happens afterwards.” 

Adding Solana and TRON to the platform  The addition of Solana and TRON expands the number of networks available on Morph Payments, allowing businesses using Morph Payments to offer customers greater flexibility over how they pay, rather than requiring them to move their stablecoins onto a particular network before they can transact.

TRON in particular has become one of the world’s most widely used networks for USDT transfers, with strong adoption across emerging markets, including Latin America and Southeast Asia. Its role in facilitating high-volume, relatively low-cost USDT transfers makes it particularly relevant for SMEs receiving payments from customers and business partners across borders. 

The expansion also reflects Morph’s broader view that businesses will increasingly operate across multiple stablecoins and networks, just as businesses today operate across different currencies and banking systems. 

Helping businesses navigate stablecoin payments  Alongside the new payment capabilities, Morph has launched an enhanced Morph Payments Help Center, providing businesses, payers, and other users with a central resource for understanding and using the platform. 

As stablecoin payments reach businesses and customers with different levels of familiarity with digital assets, providing clear, practical guidance is an important part of making the payment experience more accessible. 

The Help Center provides information to help users navigate Morph Payments and its features, complementing the platform’s broader effort to remove unnecessary complexity from sending and receiving stablecoins. 

Further capabilities will be introduced as Morph continues to build Morph Payments into a broader platform for businesses operating in an increasingly multi-stablecoin economy. 

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

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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Blockchain

20 September 2026 | 22:13 Circle’s new facilitator lets AI agents authorize USDC payments without holding separate gas tokens, while Circle handles screening, transaction submission and onchain settlement for sellers.

Key Takeaways Agents sign payments; Circle submits the transfers. Gas remains, but Circle pays it. Circle screens wallets, not purchase intent. The service supports three blockchain networks. Easier integration creates dependence on Circle. The payment begins with a web request, not a checkout Circle announced on September 19 that its Facilitator Service was available for x402 payments settled in USDC across Arc, Base and Polygon PoS.

In practice, the service handles a simple exchange. An AI agent asks an online service for something, a dataset, an API response or a completed task, and the server replies with a price. The agent signs a payment authorization, the USDC moves and the server releases the result.

x402 supplies the language for that exchange. It is an open protocol built around the web’s 402 Payment Required status code. When a server returns that response, it can include the amount, accepted payment method, blockchain and destination address. The buyer then sends back proof that it has authorized the payment.

x402 does not move money by itself. It only standardizes the conversation between buyer and seller. Circle’s new service performs the blockchain work that follows.

How one x402 payment reaches the blockchain 1. Request
The agent asks a seller’s API for a paid resource.

2. Price
The seller returns the cost, network and payment address.

3. Authorization
The buyer’s wallet signs permission to transfer a specific amount of USDC.

4. Settlement
The seller sends that signature to Circle, which checks and submits the transfer.

5. Delivery
After confirmation, the seller receives a transaction hash, a public reference for the payment, and releases the resource.

Gas has been moved out of sight, not eliminated Every blockchain transaction needs a network fee, commonly called gas. On many networks, that fee must be paid with the chain’s native token. A buyer holding USDC may therefore be unable to send it unless the same wallet also contains the correct gas token.

Developers can work around this by operating a relayer: a separate system that submits transactions for users and pays their gas. That normally means protecting another signing key, maintaining a funded gas wallet and monitoring transactions when they fail.

Circle places those jobs behind one hosted service. According to its technical documentation, Circle broadcasts each transfer through its relayer and pays the settlement gas. The buyer authorizes the USDC payment but does not need to maintain a separate balance of the network’s native token. Gas has not disappeared; Circle has taken over the job of funding and submitting the transaction.

The wallet signature is the actual spending permission The transfer uses EIP-3009, a standard that lets a token holder authorize a transfer with an offchain signature. “Offchain” means the wallet signs a message without immediately sending a transaction or paying gas.

That signed message identifies the wallet paying, the recipient, the USDC amount, the period during which the authorization is valid and a unique code known as a nonce. The nonce prevents the same authorization from being used repeatedly.

Circle checks that the signature is valid, that the buyer has enough USDC and that the recipient matches the payment address specified by the seller. It also screens both addresses before submitting the transfer. Circle records the payment before broadcasting it so that retrying the same request does not produce a second charge.

This is where the difference between technical authorization and human permission matters. The signature proves that the buyer’s wallet approved the transfer. It does not prove that an AI agent remained within a budget, bought an appropriate service or followed the instructions of its owner.

A person or application operator still has to decide how much control to give the agent. That could mean using a wallet with a limited balance, programming the wallet to approve only defined actions, restricting recipients or setting a spending ceiling. Circle explicitly says its facilitator does not verify the purpose of a transaction or the scope of an agent’s authority.

Buyer or AI agent Requests the resource and signs an exact USDC payment from its wallet.

Seller Sets the price and destination, requests settlement and releases the paid resource.

Circle Checks the authorization, screens both parties, pays gas and submits the transfer.

Convenience shifts payment operations to Circle Running fewer payment components can reduce mistakes and shorten development time. It also concentrates several functions inside Circle’s service.

A seller using the facilitator depends on Circle to accept the request, complete its screening, keep the relayer funded and submit the transaction. If the hosted service becomes unavailable or refuses one of the addresses, settlement can stop even when the underlying blockchain continues operating.

That is an operational dependency rather than custody. Circle says the service does not hold or control the buyer’s funds. The USDC remains in the buyer’s wallet until the authorization is executed by the token contract—the blockchain program that records USDC transfers.

Circle allows limited keyless testing, but continued production use requires sellers to authenticate through a Circle API key.

The tradeoff in one sentence Developers no longer have to operate a relayer, gas wallet and screening process, but their payment flow now relies on Circle operating those components for them.

Depending on Circle does not remove network-level risk either. Circle warns that payments on Base and Polygon PoS can be affected by a blockchain reorganization—a rare event in which a recently recorded block is replaced. Circle describes Arc settlements as final, while it does not guarantee receipt on Base or Polygon PoS.

Arc is assembling more than a payment layer Removing payment friction matters more when recipients can use the USDC they receive. Arc already hosts Uniswap’s exchange infrastructure, including v2, v3, v4 and UniswapX. That places payment settlement and access to onchain liquidity on the same network.

The two systems are not automatically connected, and their presence does not guarantee agent-driven volume. They do, however, place payment settlement and trading infrastructure within the same Arc ecosystem.

Faster settlement makes spending controls more important Easier settlement raises the value of wallet-level controls. A restricted wallet can make autonomous payments useful; an unrestricted signing key can make an agent’s mistake expensive.

Circle can verify that a signature is valid and deliver the payment to the blockchain. Deciding whether the agent should have signed it remains the responsibility of the application and its owner.

This article is provided for informational purposes only and does not constitute financial, legal or investment advice. Payment-service features, supported networks and settlement conditions may change.

Author

Alexander Zdravkov is a market analyst and crypto journalist with interests in economics, broader financial markets and digital assets. His journey into crypto began more than four years ago, driven by a fascination with the rapid evolution of blockchain technology and the transformative potential of decentralized finance. He began analyzing market cycles and identifying emerging trends before they reach the mainstream. He holds a degree in International Relations - a background that helped shape his broader perspective on global economics, geopolitics, and the interconnected nature of modern financial markets. Whether covering the latest developments in the crypto sector or exploring broader macroeconomic themes, Alexander focuses on giving readers context rather than simply repeating headlines. During his career, he has authored more than 5,000 articles covering cryptocurrencies, traditional finance, and global market developments. His work spans everything from Bitcoin and altcoins to macroeconomic trends influencing risk assets worldwide.

US SEC launches a five-year innovation exemption, paving the way for eligible tokenized US stocks to trade via Automated Market Makers (AMMs) on public blockchains. Analysts from Goldman Sachs and Citizens Group believe Coinbase, Robinhood, and Circle could be early beneficiaries of this policy. The new framework mandates that tokens retain shareholder rights including dividends and voting rights, while imposing limits on the number of stocks and trading volume trading platforms can offer. Goldman Sachs notes that Coinbase’s existing tokenized stock products already meet multiple required criteria, and its institutional custody business and Coinbase Tokenize may also stand to benefit. However, Coinbase’s current trading platform operates on a Central Limit Order Book (CLOB); to run a trading venue directly under the exemption, it still needs to build AMM infrastructure or route trades to decentralized exchanges (DEXs) on Base. Robinhood currently offers stock tokens to non-US markets as derivatives, providing only price exposure without the full shareholder rights required by the framework, so it needs to further adjust its products. Robinhood has previously announced plans to add 1:1 stock redemption and voting rights features. Analysts also argue that the growth of on-chain securities trading may drive demand for tokenized cash, indirectly benefiting Circle, with USDC potentially used for settlement and collateral in on-chain markets.

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20 September 2026 | 20:54 A reported $750 million stablecoin injection into Solana does not match the available transaction data. The verified amount is smaller, and most remained in issuer inventory.

Key takeaways

Circle minted 500 million USDC, not 250 million. Both mints entered the same treasury-labeled account. Most of the account balance increase remained there. The separate 500 million USDT mint remains unverified. Circulating supply did not rise with total issuance. Onchain records confirm 500 million USDC from Circle A September 19 report described a combined $750 million stablecoin injection into Solana, attributing $500 million to Tether and $250 million to Circle. The linked evidence tells a different story.

The underlying transaction coverage said Circle completed two 250 million USDC mints within roughly 40 minutes. Solana’s transaction records confirm both transfers.

Both mints went to the same account. Its balance rose from approximately 533 million USDC before the first transaction to 1.03 billion USDC after the second.

At 12:00 UTC on September 20, the account held about 998 million USDC. Compared with its pre-mint balance, roughly 465 million of the 500 million USDC increase was still in that account. About 35 million had left, although token fungibility means the ledger cannot distinguish newly minted units from USDC already held there.

Creating USDC and distributing it are separate events A mint expands the token supply recorded by the blockchain. It does not prove that a customer bought the tokens, that an exchange received them or that the money reached a decentralized finance application.

The cleaner analogy is inventory in a warehouse. Production has taken place, but retail demand is not established until the inventory moves to customers or distributors.

What the verified transactions show Creation: Circle minted 500 million USDC on Solana. Storage: Most of the account’s balance increase remained in the recipient account. Distribution: Transfers to outside wallets would show that inventory was being released. Use: Exchange deposits, DEX trades or lending deposits would show where that liquidity went. There is another reason not to equate every chain-level mint with fresh money. Circle’s Cross-Chain Transfer Protocol moves USDC by burning it on a source chain and minting the same amount on a destination chain. That process can increase Solana’s USDC supply without increasing the global supply of USDC.

The two September 19 records were direct SPL-token mints into one treasury-labeled account, not completed transfers to identifiable outside customers. Their final economic purpose therefore cannot be established from the mint transactions alone.

The reported Tether amount remains unresolved The same report attributed another 500 million tokens to Tether. However, the report and its underlying coverage did not provide a matching Solana transaction hash, and the available evidence reviewed here does not independently verify that mint.

DefiLlama’s September 19 and September 20 daily snapshots placed total minted USDT supply on Solana near 3.84 billion tokens on both dates. The same dataset estimated about 2.12 billion USDT as circulating and classified roughly 1.72 billion as unreleased.

DefiLlama’s public Solana table uses estimated circulating supply to calculate stablecoin market capitalization. The 3.84 billion figure is total minted USDT supply, including tokens the data provider classifies as unreleased.

The original report described approximately 3.84 billion USDT as circulating. That figure instead matches the Solana token mint’s raw total supply, not DefiLlama’s circulating estimate. None of DefiLlama’s three fields, minted, circulating or unreleased, recorded a net 500 million USDT increase across the two daily snapshots.

This does not rule out an intraday mint followed by a burn. It means the claimed Tether leg needs a transaction hash or an issuer confirmation before it should be counted as part of a $750 million event.

Tether’s own FAQ also explains that tokens created for inventory replenishment can remain in its treasury as “authorized but not issued.” Even a verified Tether mint would therefore require a second step: determining whether the tokens stayed in inventory or were issued to customers.

Supply estimates tell a different story DefiLlama’s USDC data further separates token creation from circulation. The figures below compare its 00:00 UTC snapshots on September 19 and September 20, so the first reading predates the two verified mints and the second follows them.

USDC supply on Solana

Measure

Sep. 19

Sep. 20

Total minted supply

7.38B USDC

8.02B USDC

Estimated circulating supply

7.03B USDC

6.96B USDC

Unreleased supply

354M USDC

1.06B USDC

Total minted USDC increased by approximately 637 million tokens over the daily interval, about 137 million more than the two identified mints. That difference may reflect other supply activity or a data adjustment during the same measurement window.

More important for the “liquidity injection” claim, estimated circulating supply fell by about 73 million USDC while the unreleased category increased by roughly 710 million. Under DefiLlama’s methodology, the net expansion was therefore not counted as customer-facing circulating supply.

These estimates are not a substitute for tracing each wallet transfer, and third-party classifications can change. They do, however, contradict the simple claim that minting automatically placed the full amount into Solana’s active markets.

Could trading activity prove the inflow? Not by itself Higher decentralized-exchange volume after a mint can look like supporting evidence, but volume measures turnover rather than net capital entering a network. The same pool of stablecoins can change hands repeatedly and generate a much larger volume figure.

Solana had already returned to the top of the daily DEX rankings before these mints, even as its daily volume remained below the previous week’s pace. A later rise in trading would therefore need wallet-level evidence before it could be connected to the newly created USDC.

The same caution applies to exchange balances and lending deposits. A rising total can support the distribution thesis, but it does not identify the source unless transfers from the treasury-labeled account can be followed to those venues.

What would change the conclusion Evidence that the tokens entered active markets Large transfers from the recipient account to exchanges, market makers or DeFi protocols A lasting increase in estimated circulating USDC supply on Solana Issuer confirmation that customer issuance, rather than inventory preparation, caused the mints A verifiable Solana transaction for the claimed 500 million USDT mint Destination-wallet activity linking the new supply to trading or lending liquidity Even those signals would not prove that stablecoin issuance caused SOL or other assets to rise. They would establish the narrower and more useful point: whether newly created tokens actually became available for market use.

The next recipient matters more than the mint The verified transactions show that Circle prepared 500 million USDC on Solana. They do not show a $750 million liquidity injection, and the separate 500 million USDT claim lacks the transaction evidence needed to include it.

The conclusion can change if the USDC moves from treasury inventory to outside wallets and estimated circulation rises. Until then, the destination of the tokens, not the size of the mint announcement, is the clearest test of whether new liquidity reached the market.

This article is provided for informational purposes only and does not constitute financial or investment advice. Stablecoin supply figures and wallet classifications can change as issuers move, burn or reclassify tokens.

Author

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

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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42 minutes ago

Michael Saylor, founder of Strategy, stated in a post that the digital asset industry should leverage the next two years to bring financial products to market, rather than focusing on accepting additional restrictions included in the final compromise version of the CLARITY Act. He argues that the sector should lower costs, simplify access, deliver more practical services, and enhance users’ control over their funds, so that more people can directly benefit from financial innovation, thereby building a public base supporting the industry’s growth. The CLARITY Act would restrict service providers from offering returns to users solely for holding payment stablecoins, and also impose limits on certain activity rewards and innovation sandboxes. Saylor notes that maintaining bank liquidity stability and protecting banks from competition are distinct goals; after technology cuts financial service costs, consumers should be able to share those gains. Separately, the SEC, CFTC, and U.S. Treasury have recently advanced developments in tokenized stocks, on-chain finance, stablecoins, and other areas via their existing regulatory authorities. The crypto industry should expand the adoption of digital asset products between 2027 and 2028, and push for temporary regulatory measures to be codified into long-term rules. Saylor cited assets and entities including BTC, STRC, MSTR, Coinbase, and USDC, asserting that digital capital, credit, stocks, trading platforms, and stablecoins can work in synergy. He emphasized that the most effective way to protect digital asset innovation is to enable more users to benefit from it, so that they develop a direct stake in upholding financial innovation and market choice.

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Table of Content

What Does Circle Actually Do?

Circle creates and manages stablecoins, USDC, and EURC. The company claims both stablecoins are redeemable at 1:1 for the corresponding fiat currency. Circle holds reserves in cash and short-term US government bonds (Treasuries) to support this backing. It holds the bulk of USDC reserves via the Circle Reserve Fund, which BlackRock manages 

For transparency and security, Circle’s reserves undergo monthly checks by Deloitte, with public attestations that confirm the strength of the reserves and that they are enough to cover the amount of USDC in circulation.

How We Scored Circle?

Circle is not a crypto exchange or brokerage. So, we customized our review methodology to score it based on what it offers: issuance, redemption, multichain infrastructure, and institutional-grade compliance. 

Overall Score Summary Security, Trust & Compliance 4.22

Execution & Issuance Infrastructure 4.08

Asset & Market Support 4.30

Customer Support & Reliability 3.37

Reputation 3.90

Innovation, AI & Ecosystem 4.33

Quick Verdict

Circle is the company behind the USDC stablecoin, currently the second-largest stablecoin by market cap, according to CoinGecko. Circle is not a crypto exchange. So, it has a different user profile. 

Its main product, Circle Mint, caters to businesses such as fintechs, exchanges, payment processors, and treasury teams. These businesses use Circle to mint and redeem USDC and EURC at scale. Circle’s services extend beyond issuing stablecoins. It also provides infrastructure for stablecoins. 

This infrastructure includes services like CCTP, Circle Wallets, and the Circle Payment Network. Circle is developing its layer 1 blockchain, Arc, which is especially designed for stablecoins. 

Circle achieved a major milestone in 2025 by becoming a public company following its listing on the NYSE in June 2025.  Regulatory compliance and transparency are a strong part of Circle’s pitch. 

However, the company made headlines in 2023 after USDC temporarily lost its $1 peg following Circle’s ties to the failed Silicon Valley Bank in 2023. The situation showed that regulated companies like Circle can face risk from the traditional banking system. 

Pros

Circle has a deep US/EU regulatory footprint. Strong transparency, with monthly third-party attestations Broad multichain USDC availability makes access easy. Offers growing payments/FX infrastructure (CPN, StableFX, Gateway). CONS

Circle’s product is not retail-focused or for low-volume business. The onboarding is a full KYB process and could take longer depending on jurisdiction and specific requirements. How to Open a Circle Mint Account? First, begin by understanding the ideal user profile for Circle Mint. Eligible applicants are businesses like banks and credit unions, payment processors and money transmitters, crypto exchanges, custodians, brokerages and OTC desks, and investment firms such as hedge funds and VC firms. Once you understand and fit the profile, check the requirements of the application process. Part of this process includes submitting key company documents, financial or regulatory licenses, and independent audit evidence.  Overall, the required documents would depend on your business type and your jurisdiction.

Security, Regulation and Track Record

Licensing and regulatory compliance are part of Circle’s pitch. The company operates with an OCC national trust charter, a NYDFS BitLicense, FinCEN MSB registration. It also holds money transmitter licenses across 46 US states. 

Circle’s license also stretches into the EU. The Circle Mint Europe SAS holds an EMI license under MiCA, granted by France’s ACPR in July 2024. Overall, Circle claims to have over 55 licenses across the US, EU, UK, Canada, Bermuda, UAE, Japan, and Singapore. 

Circle faced its biggest test in 2023 when $3.3 billion of its reserves were held at Silicon Valley Bank during its collapse. During that time, USDC briefly lost its dollar peg, which it eventually recovered. Following that incident, Circle has taken a diversified approach.

Final Verdict - Should You Use Circle?

If you’re a fintech, financial institution, or developer that needs a regulated, transparent stablecoin infrastructure provider, Circle stands out. It has licenses across key markets like the UK, US, Singapore, EU, UAE, and Canada. 

It also offers attestations and public company disclosure. Circle has never been hacked, and aside from the 2023 USDC depeg, Circle has had a strong track record.

Did you find this review helpful? How could we improve this review? (optional)

Our Review Methodology At CoinGape, we take our review methodologies seriously. Our recommendations are based on hands-on testing and objective evaluation criteria, with a clear separation between editorial analysis and commercial relationships.

Each platform included in this guide is reviewed using a consistent framework designed to reflect how the platform performs in real-world business use cases.

1. Hands-On Testing We create merchant accounts and process real transactions on every gateway we review. This allows us to evaluate onboarding, checkout experience, settlement flow, and overall usability from a business perspective.

2. Fee Verification All fees are verified directly through official documentation and test transactions. We assess percentage-based fees, fixed charges, conversion costs, and note any hidden or conditional fees where applicable.

3. Security Assessment We evaluate security features, custody models, compliance certifications, and platform track record. This includes reviewing publicly reported incidents, regulatory positioning, and available security controls.

4. Support Testing We contact customer support with real queries to assess response times, clarity, and effectiveness across available channels such as email, live chat, or documentation.

About Author

About Author

Lawrence Mike is a cryptocurrency analyst, writer, and storyteller with over 4 years of experience in blockchain and crypto markets. He has written more than 3,000 articles and scripts, covering news, SEO content, market insights, technical analysis, and alpha-generating strategies. Lawrence has contributed to Altcoin Buzz, Punch Newspapers, and BitcoinWisdom, and collaborated with leading exchanges like Binance and BYDFi. Holding a Master’s in Corporate Communications from Rome Business School, he specializes in breaking down complex crypto topics into clear, actionable insights for readers and traders alike.

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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Zebec Processes $54M in Monthly Payroll as Card Volume Runs at $71M Annualized Pace@Zebec_HQ published its August monthly report showing the platform processed $54 million in payroll during the month, covering 15,800 employees across 269 enterprise clients. Those figures are self-reported by Zebec. Card spending is running at a $71 million annualized pace across 97 countries, based on a rolling four-week figure cited in the report.

Zebec's enterprise payroll product enables companies to pay employees and contractors in stablecoins like $USDC, distributing salaries in real time rather than on traditional payroll cycles. Zebec's August report lists 22 chains supported across its network.

Stellar Client Count Grows, Buyback Tops 504.7M $ZBCNEnterprise $USDC payroll on @StellarOrg has grown to 18 clients, up from 15.

On the token side, Zebec has now bought back more than 504.7 million $ZBCN.

On supply, Zebec describes the token as moving into a deflationary phase from that point, with buybacks funded by operating revenue as the primary supply management mechanism.

Sources:
Zebec Blog: Zebec Launches Enterprise Payroll on Stellar
Zebec Blog: Inside the ZBCN Buyback Program
Zebec Blog: Zebec Network ZBCN Tokenomics

Circle launched its Arc mainnet on September 16, 2026, and the first hard question arrived almost immediately: what happens if someone steals your USDC on this network? The answer, according to Circle’s Chief Product and Technology Officer Nikhil Chandhok, is nothing. The funds are gone.

Chandhok addressed the rollback question directly during an appearance on the Bankless podcast, framing immutability not as an oversight but as the foundational principle that makes public blockchain infrastructure worth trusting in the first place.

No rollbacks, by design Arc distributes its consensus responsibilities across more than 20 validators, which means no single party, including Circle itself, holds the authority to reverse a transaction. That structural choice is deliberate. Giving any entity the power to rewrite history would, as Chandhok put it, undermine the trust essential to blockchain technology.

This is a meaningful stance for Circle to take publicly, because Circle has a complicated track record here. USDC operates under a freeze mechanism: Circle can blacklist addresses at the request of law enforcement, and it has done so. That capability exists at the token layer, not the chain layer, and Chandhok appeared careful to keep the two distinct. Arc the chain does not roll back. USDC the token can still be frozen at Circle’s discretion.

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The distinction matters. A rollback reverses the history of the chain. A freeze targets a specific address without rewriting anything.

What Arc actually is Arc runs on the Malachite consensus engine, which delivers sub-second finality. Transactions settle fast, and they settle permanently. USDC is the native gas and settlement asset, meaning every interaction on the network, from a simple transfer to a complex smart contract execution, is denominated in the stablecoin Circle has been building for over a decade.

Chandhok described Arc as an “economic operating system” built for stablecoin-focused financial applications and AI-driven economic activity. That framing positions Arc less as an Ethereum competitor and more as specialized infrastructure, a high-speed settlement rail designed for a specific class of users rather than a general-purpose smart contract platform.

Privacy is part of the pitch. Arc incorporates trusted execution environments, which allow transaction data to remain confidential even from validators. Chandhok confirmed that neither Circle nor the validators can access the contents of private transactions on the network.

The founding validator set reflects that institutional ambition. BlackRock, Visa, and Mastercard are among the entities participating in the network under an initial Proof-of-Authority model.

The ARC token and what comes next A token called ARC was minted at launch with a total supply of 10 billion. Its eventual purpose is Proof-of-Stake governance, but staking and governance features are not yet live. For now, ARC is a placeholder with a clear roadmap role and no active utility.

The planned transition from Proof-of-Authority to Proof-of-Stake will also change the validator dynamics meaningfully. The current model, anchored by institutional names hand-selected by Circle, is very different from an open staking system where anyone with enough ARC can participate in consensus.

Chandhok’s willingness to state the downside plainly on a public podcast is at least a sign that Circle is not pretending the risk away.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

过去7天USDC流通量约减少3亿枚

Column, the bank-as-infrastructure provider co-founded by Plaid co-founder William Hockey, has wired stablecoin payments directly into its core banking ledger. The integration supports both USDC and USDT across multiple blockchain networks, letting fintech clients move between crypto and traditional payment rails without ever leaving Column’s system.

What Column actually built The integration allows Column’s fintech clients to send, receive, and convert USDC and USDT with immediate fiat conversion and settlement. That settlement runs 24/7/365 on Column’s own ledger. Solana serves as the default blockchain network, with Ethereum and other chains also supported.

Column says the system requires no prefunding, no third-party intermediaries, and no separate liquidity management. The stablecoin infrastructure is already live and processing transactions for a roster of well-known fintech clients including Brex, Ramp, Mercury, Bilt, Slash, and Kapital. According to Column, stablecoin transactions flowing through its system already reach tens of billions of dollars annually.

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The broader product suite Column didn’t stop at stablecoins. Alongside the crypto integration, the company announced three additional products: full-stack card issuing, global banking accounts, and multicurrency accounts.

The card issuing product lets fintechs launch branded debit and credit card programs without needing a separate card processor. Global banking accounts extend Column’s reach beyond US borders, while multicurrency accounts allow clients to hold and transact in multiple currencies from a single integration point.

Hockey described the stablecoin integration as the culmination of a multi-year initiative aimed at letting fintechs innovate through a unified bank integration.

Why this matters for stablecoin adoption Column’s approach collapses the fragmented stablecoin-to-fiat stack into a single integration. For a fintech building on Column’s infrastructure, accepting a USDC payment becomes functionally identical to processing an ACH transfer.

The client list reinforces this point. Brex, Ramp, and Mercury are corporate spend management and banking platforms serving tens of thousands of businesses. When these platforms gain native stablecoin capabilities, the downstream effect is that their business customers gain those capabilities too.

Column’s competitive positioning is worth noting. Column holds its own California bank charter rather than relying on partner banks, giving it more direct control over compliance and operations.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Holders of five Coinbase stock tokens can pledge them for USDC loans on Base.

Lending and borrowing against Coinbase's tokenized stocks is live on Base, Morpho said in a post on X. Holders can pledge the tokens and draw USDC at variable or fixed rates.

The markets make Coinbase's stock tokens collateral. Coinbase began issuing them in August for users outside the United States, who hold them in self-custodial wallets rather than a brokerage account. Pledging them on Morpho lets a holder raise dollars without selling the position.

Borrowers have pledged $104,401 of stock tokens and drawn $54,652 against them, with $60,265 supplied across five markets, Morpho's application programming interface, or API, showed at 9:48 a.m. ET. Steakhouse Financial curates all five, and its two Steakhouse High Yield USDC vaults supply 98.9% of the dollars in the largest of them.

Five Of Ten TickersMarkets exist for Apple (AAPLc), Alphabet (GOOGLc), Nvidia (NVDAc), Meta Platforms (METAc) and SpaceX (SPCXc). Base's stocks page lists ten Coinbase tokens, adding Amazon, Microsoft, Strategy, SanDisk and Tesla. Those five have no Morpho market.

The Apple, Nvidia, Meta and SpaceX markets carry a liquidation loan-to-value, or LLTV, of 62.5%. The Alphabet market is set at 77%.

All five were deployed on Sept. 7. Borrowing stayed under $600 until Sept. 16, when it rose from $503 to $42,105 in about two hours, Morpho's historical data shows. It has grown to $54,652 since.

One Curator Sets TermsSteakhouse Financial's Steakhouse High Yield USDC vault holds $29.9 million and pays 5.18% net. It and its earlier version supply $24,540 of the $24,805 lent into the Apple market. A third vault, Chipworks USDC, supplies $262, and two wallets supply less than $3 between them.

Stock-backed markets and their parameters and compliance controls are deployed and set by curators, Morpho said in a reply to its own post, and the markets are "not available to US persons or persons in other restricted jurisdictions."

The market contracts carry no permissioning of their own. The enter gate and liquidator gate on each fixed-rate market are set to the zero address, Morpho's API shows. The restriction sits with the tokens, which Coinbase issues through Coinbase Onchain SPV Ltd under Abu Dhabi Global Market prospectuses and offers only outside the U.S.

The Fixed Side Is EmptyMorpho's fixed-rate layer, Midnight, has 19 USDC markets against each of the five tokens, 95 in all. Maturities run daily through Sept. 30, then Oct. 30, Nov. 27, Dec. 25 and March 26, 2027, alongside one open-ended market per token. Every one shows zero units outstanding.

All the borrowing so far is in the variable-rate markets. Morpho launched Midnight on Base in July and extended it to Ethereum this month.

Chainlink Sets The PriceEach market reads a Chainlink feed through Morpho's Chainlink V2 oracle adapter. The Apple feed printed $335.49 at 1:42 p.m. UTC Friday, against a DefiLlama price of $337.52 for the token.

A market at 62.5% LLTV liquidates at a 12.67% penalty. No liquidation has been executed in the Apple market since it was deployed. The largest borrower there holds 113.46 AAPLc against a 20,360 USDC loan, a health factor of 1.17.

Rates Run HotThe Apple, Alphabet and Nvidia markets sit at 90% utilization, the target in their interest rate model. Borrowers pay 5.62% and lenders earn 5.06%. The Meta market is at 97%, past the target, where the curve steepens: borrowers pay 17.52% and lenders earn 16.98%.

A Small Collateral PoolThe five tokens have about $11.4 million outstanding on Base, based on their contract total supply and Morpho's price feeds. The $104,401 pledged on Morpho is under 1% of that.

Morpho holds $4.03 billion in deposits on Base and $10.42 billion across chains, DefiLlama shows. Base's stocks page also lists Aave and Euler as places to borrow against the tokens.

MORPHO trades at $2.40, up 11% over 24 hours, with a market capitalization of $1.68 billion, CoinGecko data shows. Bitcoin rose 4.9% and ether 4.3% over the same period.

Stablecoins are drawing increased attention as digital tokens that maintain a value pegged to fiat currencies such as the US dollar and offer around-the-clock global transactions, outside of banking hours. Unlike traditional bank accounts, these digital assets enable users to move value instantly between blockchain wallets, providing advantages for international remittances, onchain trading, and decentralized financial services.

Key differences from traditional bank accountsWhile stablecoins like USDC present themselves as dollar-equivalent digital money, their structure makes them fundamentally different from bank deposits. Circle, the issuer of USDC, maintains that every token is matched by reserves held in cash or short-term government securities. These reserves can theoretically be redeemed by eligible customers for actual dollars.

However, simply holding USDC does not accrue interest, setting it apart from some savings accounts. In addition, the protection afforded to US bank accounts by the Federal Deposit Insurance Corporation (FDIC) does not extend to crypto assets. The FDIC insures up to $250,000 per depositor in specific account types at insured banks but explicitly states that crypto assets are not covered.

Even when stablecoin reserves are stored at an FDIC-insured institution, current and proposed US regulations, such as those outlined in the GENIUS Act, specify that holders of stablecoins would not receive pass-through deposit insurance on those balances.

Mini dictionary: GENIUS Act, a proposed US law setting out requirements and consumer protection measures for stablecoin issuers, including how reserves should be treated and the limitations of deposit insurance for stablecoin holders.

FeatureStablecoin (USDC example)Bank Account (US, FDIC-insured)Value StabilityPegged to USDPegged to USDInsurance ProtectionNo FDIC insuranceUp to $250,000 per depositorInterest on HoldingsNo interestPossibleAvailability24/7, globalLimited to banking hoursTransaction SettlementOnchain, instantClearing and settlement delays possibleBenefits and unique risks of stablecoinsStablecoins bypass some legacy financial rails by allowing holders to transfer value directly via compatible blockchains at any time, making them appealing for those seeking quicker, more flexible payment solutions. But these attributes also come with distinct risks not present in traditional banking. Private key mismanagement can lead to irreversible losses, while user errors such as sending to incorrect wallet addresses remain unrecoverable. Blockchain network fees fluctuate and depend on transaction volume and network congestion.

Stablecoins may also temporarily lose their peg to the US dollar due to market volatility, technical disruptions, or concerns about their underlying reserves. Meanwhile, the risk of issuer default or mismanagement remains a consideration for users.

Banking sector adapts to new payment infrastructureBanks are observing the growing stablecoin ecosystem and have started to explore their own blockchain-based products. Established financial institutions are now developing their own stablecoins and tokenized deposit solutions to remain relevant in the digital payments landscape rather than simply ignore the technological shift.

Coinpaper, an online media outlet covering cryptocurrencies and blockchain technology, has reported on these trends, noting that stablecoins are increasingly viewed as a new type of payment infrastructure capable of replacing certain functions of banks without rendering them obsolete.

Stablecoins do not necessarily aim to replace the banking system but instead target specific roles in payments and settlements that banks have traditionally served. At the same time, insured deposits and access to credit remain within the core domain of regulated banks.

As digital dollars proliferate through both stablecoin issuers and banks, competition appears to be shifting toward which form will ultimately become the primary vehicle for everyday payments and financial activity.

On-chain analyst Ai Yi (@ai_9684xtpa) monitored that a crypto whale first sold UBTC to obtain USDC, then bought 6,972 ETH on-chain at an average price of $2,460.69, with a total value of approximately $17.15 million. All of the aforementioned ETH has now been deposited into Lido.

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Neutrl has opened an early redemption program for NUSD and sNUSD holders on Sept. 17, allowing eligible users to exchange their tokens for USDC after a reserve-liquidity problem halted normal protocol operations in August.

Summary

Neutrl opened NUSD and sNUSD redemptions for USDC through a dedicated portal on September 17. Strata reported an on-chain redemption rate of 0.51 from Neutrl’s newly deployed redemption contract yesterday. Neutrl previously disclosed approximately $27 million in liquid assets while other strategy positions remained illiquid. Redemption window is expected to remain open until November 14, subject to applicable program terms. Neutrl has not confirmed claims that users must sign a liability waiver before redeeming tokens. Neutrl said holders can connect the wallet containing their NUSD or sNUSD, sign an on-chain message to prove wallet ownership and review the applicable redemption details before submitting a request. Completed redemptions pay users in USDC and burn the corresponding NUSD or sNUSD.

The company did not state a recovery percentage in the announcement. Structured-yield protocol Strata subsequently examined the deployed redemption contract and reported a redemptionRate() value of 510000000000000000, equivalent to a 0.51 reference rate.

NUSD redemption contract points to a 0.51 rate Strata identified the redemption contract as 0xB3f07D3392102fC23264a78e2A1A8B6421123828 and said the rate visible on-chain was 0.51. The reading supports claims that holders currently face a payout close to half of NUSD’s original $1 reference value, though Neutrl has not described the program publicly as a 50% recovery.

NUSD and sNUSD holders may now submit redemption requests through the official Neutrl Redemption Portal subject to the applicable terms and conditions.

The Redemption Program provides NUSD and sNUSD holders with a fixed redemption rate based on Neutrl’s previously disclosed…

— Neutrl (@Neutrl) September 17, 2026 A separate report said Strata treated the contract value as the observable redemption reference under the current program. Eligibility, final payout details and availability remain subject to terms set by Neutrl operator Caverna Auctus Inc.

Neutrl’s own announcement states only that the redemption rate is fixed and based on the liquid reserves previously disclosed by the protocol. Users receive the exact applicable details through the portal before submitting their request.

The program is expected to remain open until Nov. 14, 2026. Neutrl describes that date as an expected deadline subject to applicable terms, meaning it has not presented the date as an unconditional guarantee.

One X user separately claimed users can recover “around 50%” and must accept a “liability waiver.” The first part is broadly consistent with the 0.51 contract reading reported by Strata. No public Neutrl statement or indexed copy of its redemption terms reviewed for this report confirmed the claimed liability-waiver requirement.

Neutrl had disclosed $27 million in liquid reserves The redemption program follows a reserve problem first disclosed in August. Neutrl said it discovered an issue involving a position held within its strategy that affected the liquidity of part of its reserves.

After consulting legal advisers, the protocol paused affected smart contracts. Neutrl specifically said the incident was “not the result of a smart contract exploit, hack, or code vulnerability.”

By Aug. 28, the protocol disclosed approximately $27 million of available liquid assets. Other strategy positions remained on its books with associated gains or losses, but Neutrl said they could not be liquidated at that stage.

Management said it could not confirm the timing, total amount or recovery value associated with the illiquid positions. Unwinding the remaining positions was expected to take time, leaving the value of any later recoveries uncertain.

The $27 million figure came after the protocol had reported a much larger reserve base earlier in the year. As earlier reserve suspension coverage reported, Neutrl’s dashboard showed roughly $91 million in assets against about $90 million of NUSD as of June 21 before its detailed reserve display was later placed under recalculation.

A separate June snapshot cited by on-chain researchers put the reserve book even higher at roughly $137 million at an earlier point. That figure predates the August freeze and should not be treated as the protocol’s asset value when redemptions opened.

Burn mechanics reduce supply after redemption Each successful redemption removes the surrendered NUSD or sNUSD from circulation. Neutrl says the tokens are burned after USDC is paid to the holder, preventing redeemed units from remaining outstanding.

The portal requires users to sign a message to verify control of the wallet before they proceed. Neutrl cautioned holders to use only its official redemption URL because recovery programs can attract fake websites and malicious wallet-connection requests.

The company says the new redemption contract underwent review by a third-party security auditor. It has not named the auditor in the Sept. 17 public announcement reviewed for this report or published the audit report through the announcement itself.

Before opening the program, Neutrl said deployment depended on completing a new redemption contract, an independent audit and legal and financial reviews. Its earlier guidance had targeted early September, making the Sept. 17 launch later than the initial schedule.

Structured products built on NUSD are affected as well. Strata said a 0.51 valuation causes its jrNUSD junior tranche to be written down to zero under the Neutrl market structure, while the remaining value flows to the senior srNUSD tranche according to that product’s loss waterfall.

As previous coverage of NUSD supply conditions reported, NUSD circulation had already contracted sharply before the redemption launch, falling from roughly $226 million in February to about $53.6 million in August.

Secondary market prices offer little current signal CoinGecko currently displays approximately 53.39 million NUSD in circulating supply and a reference price near $0.9983. The data provider warns that NUSD had not traded on its tracked exchanges for an extended period, meaning the displayed price represents an old recorded market value rather than an active price at which holders can currently exit.

For that reason, the near-$1 tracker quote should not be compared directly with the 0.51 redemption-contract reading as if both represented equally accessible markets. CoinGecko states that the token no longer has active trading pairs across its tracked venues.

The reserve issue is especially relevant to NUSD’s original structure. Neutrl marketed NUSD as a synthetic dollar backed through liquid stablecoins, OTC-acquired crypto positions and delta-neutral trading strategies instead of a portfolio limited to cash and Treasury securities.

Its April 2025 fundraising release described a strategy built partly around purchasing locked altcoins at discounts and hedging market exposure with perpetual futures. STIX and Accomplice led the $5 million seed round, with Amber Group, SCB Limited, Figment Capital and Nascent among the other investors.

The company said at launch that the structure could maintain liquidity while using positions normally associated with institutional OTC markets. That description was a company claim made before the 2026 reserve issue and does not establish the liquidity now available under the redemption program.

Neutrl has not provided a final valuation for the illiquid strategy positions or said whether later asset recoveries could produce an additional payment to holders who accept the current redemption program. Its current disclaimer says timing, amounts and recovery outcomes are estimates that can change without notice.

With the official launch of Circle’s Arc mainnet, Kite announced it is collaborating with Circle to explore agent-to-agent service transactions built on Arc, covering service discovery, quoting, transaction agreement, delivery acceptance, and USDC payment settlement. According to the introduction, Kite is building a transaction process for buyers and sellers via its Kite Seller Console and Kite Agent Passport, enabling sellers to set service prices, delivery timelines, and acceptance criteria, while buyers can authorize payments within a preset spending cap, with an escrow mechanism linking delivery and settlement. In this setup, Kite handles service agreements and delivery workflows, while Arc provides the payment settlement network. To date, the relevant transaction process has been verified on the Arc testnet, and subsequent integration work is still underway.

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