Getting paid to borrow money sounds like a financial fever dream. Sats Terminal just made it real on Starknet.
The BTC lending platform announced its integration with Starknet on July 22, enabling users to borrow USDC against their Bitcoin collateral through the Vesu lending protocol at a net APR of approximately -2.04% at a 50% loan-to-value ratio. In English: borrowers walk away with more money than they owe in interest, courtesy of STRK token rewards that more than cover the borrowing costs.
How negative interest actually works Negative APRs aren’t magic. They’re subsidized. Starknet has allocated at least 100 million STRK tokens toward its rewards program, and those incentives are what make the economics work for borrowers.
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Here’s the math on a concrete example. A borrower putting up 1 BTC as collateral can expect to earn roughly $1,997 annually from STRK rewards while paying approximately $1,344 in interest. That nets out to about $653 in the borrower’s pocket, just for taking out a loan.
The maximum loan-to-value ratio through Vesu can stretch up to 86%, though the juiciest negative rates come at the more conservative 50% LTV tier.
The integration runs through Vesu, a lending protocol on Starknet that positions itself as capital-efficient. Sats Terminal acts as the front-end interface, connecting Bitcoin holders to USDC liquidity without requiring them to sell their underlying BTC position. The loans are non-custodial, meaning users maintain control of their assets throughout the process.
Sats Terminal’s growing footprint The platform has onboarded over 100,000 unique wallets since its inception. Its backers include yzilabs, Coinbase Ventures, and Draper VC. Tim Draper himself highlighted the platform back in January 2026.
Co-founder Stanislav Havryliuk and his team have been building toward this kind of cross-chain integration. Moving onto Starknet, a ZK-rollup scaling solution originally designed for Ethereum, represents a bet that Bitcoin-native users want access to DeFi infrastructure beyond the Bitcoin network itself.
What this means for investors Negative rates funded by token rewards only work as long as the reward tokens maintain their value and the incentive programs keep running. STRK rewards that generate $1,997 annually today could generate significantly less if the token price drops or if Starknet decides to redirect those 100 million tokens elsewhere.
The 86% maximum LTV deserves attention from a risk perspective. High LTV ratios in volatile markets can lead to cascading liquidations. Conservative borrowers sticking to the 50% tier have meaningful buffer. Those pushing toward the ceiling are betting that Bitcoin’s price won’t move against them fast enough to trigger a margin call.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Brothers Justin and Michael Blau have launched Drip, a pioneering platform that lets AI agents financially reward content creators without turning the subscription model on its head. It’s a fresh way of valuing digital work: micropayments in USDC, the stablecoin many in crypto feel comfortable with.
The nuts and bolts of Drip Drip is diving headfirst into the niche of financial analysis, leveraging agentic payment systems like x402 and MPP. Everything settles on the reliable shoulders of USDC. If you’re wondering about the blockchain furniture, Base and Tempo are the networks putting up the walls.
While many platforms have flirted with the potential of micropayments, Drip isn’t chasing after Solana’s drip.haus, which was all about collectibles. Instead, it’s zeroing in on content. Now, AI’s not just the artist’s worst-kept secret; it’s a paying customer.
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Drip vs. the traditional subscription model Subscriptions have been the bread and butter for many publications, but they’re not universal. Drip doesn’t want to steal that loaf. Instead, it aims to complement it. By acknowledging the emerging significance of AI in content consumption, it’s positioning micropayments as the digital salvation for creators who want more control.
Think Napster meets The Financial Times, with AI thrown into the mix: it’s pay-per-read, not a set-it-and-forget-it monthly charge. Subscriptions are like gym memberships: you might not go every day, but you keep paying. Drip wants to make casual encounters equally lucrative.
Why investors should take note Here’s why this is more than a tempura shrimp tossed into the ocean of digital content. AI technologies are on the rise, and with them, new ways of monetizing information are essential. Investors eyeing the next big thing might want to turn their binoculars toward Drip. It signals a fundamental shift in how content creators can get paid, with AI playing cupid.
Utilizing USDC for micropayments adds a layer of predictability in a volatile market. Stablecoins are the adult at the crypto party, watching over the asset shenanigans. Add to that the potential for Drip to expand beyond financial analysis, and you have a recipe for a disruptive entrée.
The bigger picture: blockchain and AI monetization Drip’s focus on financial content could fuel demand for fleshed-out, quality material, which investors and AI companies are likely to favor. With headlines filled with stories about AI doing everything from driving cars to creating art, Drip gives creators another reason to engage with this technology.
The more AI engages financially, the more appealing it becomes for other platforms to integrate similar systems. In the big digital square dance, Drip wants to lead. This could attract new startups eager to combine AI and blockchain in fresh, revenue-friendly ways.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Flash Trade, a decentralized perpetual trading platform operating on the Solana network, experienced an exploit resulting in the unauthorized withdrawal of $98,000 in USDC. The incident took place on July 22 at 00:21 SGT and was linked to a validation flaw in the MagicBlock software development kit (SDK) used by the platform.
MagicBlock SDK flaw triggers unauthorized withdrawalThe exploit was traced to a vulnerability within the #[ephemeral] Anchor macro in the MagicBlock SDK, which handles callback processes for integrator smart contracts during undelegation requests. The flaw allowed an attacker to bypass undelegation checks by submitting a fabricated account designed to mimic a genuine user deposit.
Within a single transaction, the attacker’s account was used as the buffer for a sibling undelegation instruction. While the system correctly verified that the buffer was a signer owned by the delegation program, it failed to check that the buffer’s seeds matched the correct program-derived address. This oversight provided an opening for the exploit and resulted in the unauthorized withdrawal.
MagicBlock responded by reviewing other integrations that used the affected macro and notifying impacted projects. A patched version of the SDK, 0.16.2, now addresses the missing validation and is being recommended for immediate adoption by all integrators.
Mini dictionary: MagicBlock is a blockchain infrastructure company specializing in software tools and SDKs that enable fast and secure smart contract integration on Solana and other networks.
On July 22 at 00:21 SGT, Flash experienced an attack that resulted in a 98,000 USDC withdrawal from the platform. Flash’s batching and monitoring systems surfaced the activity immediately, and the team paused deposits and withdrawals within minutes.
According to statements from MagicBlock, the company has already worked with affected ecosystem participants to prevent similar incidents and is encouraging early upgrades to the patched SDK version.
Flash Trade reported that its new monitoring and batching systems flagged the unauthorized withdrawal within minutes, allowing the team to react quickly. All trading, deposits, and withdrawals were immediately paused as a precaution while the incident was investigated in coordination with MagicBlock.
Normal trading functions resumed within a few hours, but deposits and withdrawals remained offline for approximately 24 hours during a reconciliation process aimed at confirming all platform balances and ensuring user fund integrity. The team emphasized that this suspension was intentional to guarantee a full and accurate reconciliation.
Flash Trade and MagicBlock have jointly contributed to a reimbursement fund covering the entire affected amount, ensuring that users bear no losses resulting from the exploit.
Both Flash Trade and MagicBlock affirmed that they would fully cover the unauthorized withdrawals, guaranteeing that no user funds would be lost. The prompt response and full reimbursement have drawn praise from the broader Solana community.
Industry reaction and security recommendationsArmani Ferrante, CEO of Backpack, an established digital asset wallet provider, commented publicly on the incident. Ferrante identified the exploit as an example of system design weaknesses in margin trading platforms, suggesting the need for a structural overhaul. He recommended implementing an isolated, formally verified custody contract combined with a 24-hour withdrawal timelock to provide platforms with more time to halt suspicious transactions in the event of a compromise.
Such mechanisms, Ferrante argued, would help contain damage from attacks affecting oracle systems, wallet compromises, and margin manipulation. He recognized Flash Trade’s rapid response, noting the importance of proactive security measures in reducing potential losses.
MagicBlock, following the incident, has pledged ongoing collaboration with blockchain integrators, auditors, and independent security researchers to improve the resilience of their SDK offerings and support the wider ecosystem in mitigating such vulnerabilities moving forward.
PlatformExploit DateAsset AffectedAmount LostUser Funds Covered?Flash TradeJuly 22, 2026USDC$98,000Yes (fully covered)Wanchain Cardano BridgePrevious monthsNIGHT515 millionN/ADisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Companies can execute USDC and USDT transactions around the clock via Ramp’s platform.
Ramp eliminates the need for standalone wallets in corporate stablecoin payment processes.
Solana network enables Ramp to facilitate rapid international stablecoin settlements.
Ramp extends integrated stablecoin payment capabilities to over 140 nations.
Ramp has unveiled a new corporate payment solution featuring Solana-integrated stablecoin accounts designed for organizations conducting international business. This offering enables companies to store, transfer, and receive USDC and USDT without requiring independent cryptocurrency infrastructure. By embedding stablecoin functionality directly into corporate financial operations, Ramp facilitates continuous cross-border payment processing.
Ramp Embeds Stablecoin Functionality Into Corporate Financial Systems Ramp unveiled Stablecoin Accounts that enable organizations to maintain USDC and USDT holdings directly within its corporate finance platform. These accounts function in parallel with conventional cash reserves through a unified interface and authorization framework. Financial departments can oversee both traditional currency and blockchain-based transfers without altering current operational procedures.
STABLECOINS ARE NOW ON RAMP.
Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.
Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd
— Ramp (@tryramp) July 21, 2026
The solution eliminates requirements for independent cryptocurrency wallets, exchange platforms, or manual reconciliation tasks. Organizations can initiate transactions using stablecoin reserves, Ramp Checking accounts, or connected banking relationships. The platform automatically logs each transaction within integrated accounting systems utilizing established compliance documentation.
This rollout addresses increasing corporate requirements for expedited international payment mechanisms. Throughout the public testing phase, over 150 organizations implemented these accounts spanning various sectors. Participating entities included companies beyond the cryptocurrency industry, demonstrating widespread corporate appetite for stablecoin-powered payment technology.
Solana Network Enables Accelerated International Stablecoin Transactions Ramp constructed this payment capability on infrastructure accommodating stablecoin deposits through seven blockchain protocols, with Solana among them. This blockchain delivers rapid transaction processing and reduced network fees for digital currency movements. Organizations can therefore finalize international settlements independent of conventional banking timeframes.
Businesses can transmit USDC or USDT directly to suppliers and independent contractors across more than 140 nations. They additionally possess the ability to exchange stablecoin payments into traditional currencies within over 40 regional markets. Organizations no longer face delays associated with banking hours when executing international transfers.
The system also permits companies to compensate suppliers using stablecoins without maintaining digital asset holdings. Ramp transforms funds from connected U.S. dollar accounts into USDC or USDT prior to transaction completion. Organizations obtain blockchain payment capabilities while maintaining operations through established banking relationships.
Ramp Broadens Stablecoin Offerings Amid Rising Corporate Implementation Ramp announced that organizations can accumulate rewards reaching 3.25% on qualifying stablecoin holdings maintained within Stablecoin Accounts. The firm characterized these holdings as digital dollar equivalents supported by cash reserves for transaction processing and treasury operations. It framed the accounts as payment mechanisms rather than speculative instruments.
Over 1,000 organizations currently utilize stablecoins via Ramp for compensating suppliers internationally. The company reports that more than 70% of these transaction volumes take place beyond standard banking hours. This activity underscores growing corporate demand for payment infrastructure functioning outside traditional financial operating windows.
This service expansion represents broader sector initiatives to incorporate stablecoins into conventional corporate finance operations. Ramp constructed the platform using infrastructure supplied by Stripe via Bridge and Privy. As stablecoin utilization increases, Ramp seeks to streamline international transaction processing while minimizing operational complexity for financial teams.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
Arbitrum just quietly became one of the most important places to park stablecoins in DeFi. The Ethereum Layer 2 network now hosts between $3.7 billion and $4 billion in stablecoin supply, and Spark Savings has expanded its yield-bearing vaults to capture the vast majority of it.
Spark’s ERC-4626 vaults on Arbitrum now support USDC, USDS, and the recently added USDT0, an omnichain version of Tether. Together, those three stablecoins represent over 90% of Arbitrum’s total stablecoin supply. That means roughly $3 billion or more in stablecoins can now be deposited into yield-generating vaults without users needing to swap tokens or navigate convoluted bridging processes.
What Spark Savings actually does The vaults follow the ERC-4626 standard, which standardizes how deposits, withdrawals, and yield accounting work, making these vaults composable with other protocols. Developers can plug Spark’s vaults into broader DeFi strategies without building custom integrations from scratch.
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Spark initially expanded to Arbitrum in early 2025, supporting USDC and USDS. The addition of USDT0 happened within the last 7-10 days as of mid-July 2026, completing the trifecta of major stablecoins on the network. USDT0 differs from regular USDT in that it’s designed to move natively across multiple chains, eliminating the friction that typically comes with bridging Tether between networks.
The Spark Savings Vaults V2 uses a continuous per-second rate accumulator, meaning there’s no batch processing or epoch-based distribution. Yield grows continuously, and rates are adjusted based on governance decisions.
What this means for investors For stablecoin holders on Arbitrum, three major stablecoins now operate under one vault standard with continuous yield accrual, removing the need to bridge to Ethereum mainnet or search across multiple protocols.
The USDT0 integration is notable because Tether remains the largest stablecoin by market cap globally, and its omnichain variant removes friction around moving USDT between networks without bridge fees or wrapped token complexity.
Concentration risk is the obvious concern. When a single protocol handles yield for over 90% of a network’s stablecoin supply, any smart contract vulnerability or governance misstep could have outsized consequences.
The governance-driven yield adjustment model also introduces uncertainty. Rates are determined by governance votes, which means yield could shift based on political dynamics within the Spark community rather than pure supply and demand.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The cost of the US-Iran war continues to surge, with the United States having invested at least $37.5 billion, and the escalating conflict is weighing on energy markets and global trade.
The U.S.-Iran conflict continues to escalate, with the U.S. carrying out airstrikes against Iran for the 11th consecutive night, driving rising war costs. U.S. Secretary of Defense Hegseth said that so far, the U.S. government has invested at least $37.5 billion in the war against Iran, and if military operations continue, nearly double that amount may be needed in additional funding over the coming months. According to reports, some U.S. officials previously estimated that if costs including repairs to damaged military bases are factored in, the U.S. total war expenditure may have reached $80 billion to $100 billion. Meanwhile, military operations by both sides continue to expand. U.S. Central Command stated that the latest round of airstrikes targeted Iranian aircraft hangars, drone storage facilities, and other sites, aimed at weakening Iran’s ability to threaten shipping in the Strait of Hormuz. Iran, in turn, announced a new round of attacks on U.S. military facilities in Jordan, Bahrain, and Kuwait. The escalating conflict is also roiling global energy markets. Severe disruptions to shipping in the Strait of Hormuz have pushed oil and gas prices higher, while Iran-backed Houthi forces in Yemen have announced a maritime blockade of Saudi Arabia, further raising risks for Red Sea trade routes and prompting multiple vessels to reroute. Analysts note that as the U.S. faces growing domestic pressure from higher fiscal spending, rising energy prices, and new U.S. military casualties, political pressure on the Trump administration to end the conflict is mounting. U.S. Secretary of State Rubio said the U.S. remains committed to a diplomatic solution, but questioned whether Iran is serious about engaging in negotiations.
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WSJ: The U.S. is pushing to establish global trade rules for the AI era, with competition centered on data flows and source code protection.
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Summer Fi attacker transfers most of the stolen funds, leaving approximately $565,000 worth of ETH remaining.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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.
Ramp has expanded its business payments platform with Solana-powered stablecoin accounts, giving companies a way to hold USDC and USDT while sending cross-border payments around the clock from a single financial workflow.
Summary
Ramp has launched Solana powered stablecoin accounts, allowing businesses to hold USDC and USDT while sending cross border payments at any time. Companies can pay vendors in more than 140 countries with stablecoins or settle in over 40 local currencies through Ramp’s existing financial workflows. The launch adds to Solana’s recent enterprise payment partnerships as institutions and businesses expand stablecoin use for treasury management and global settlements. According to an announcement from Ramp, businesses can now open a Stablecoin Account to store USDC or USDT directly within the company’s financial platform and use those balances for international payments without relying on separate crypto exchanges, wallets, or accounting systems.
STABLECOINS ARE NOW ON RAMP.
Your business operates 24/7, but your money only operates Mon-Fri, unavailable on evenings, weekends, & holidays.
Now you can pay vendors faster across borders & move money in USDC or USDT with the approvals & accounting workflows you already use.… pic.twitter.com/3LWphYZRmd
— Ramp (@tryramp) July 21, 2026 The launch also lets companies pay overseas vendors in stablecoins even if they never hold digital assets themselves. Through Ramp Bill Pay, payments can be funded from a U.S. dollar bank account or Ramp Checking before being converted into USDC or USDT and delivered to a recipient’s wallet.
Ramp said the new feature is designed to fit into existing finance operations instead of requiring businesses to adopt a separate crypto workflow. Stablecoin balances appear alongside cash accounts in the same dashboard, follow existing approval policies, and remain connected to the same accounting integrations already used by customers.
Businesses using the Stablecoin Account can also earn rewards of up to 3.25% on eligible stablecoin balances. Ramp described the balances as digital dollars backed by cash reserves and said they are intended for payments and treasury management rather than investment.
Payments move beyond banking hours Cross-border transfers can now be made at any time without waiting for banking cutoffs or wire processing windows, Ramp said. Companies can send USDC or USDT directly to vendor and contractor wallets in more than 140 countries or convert those funds into fiat currencies for payouts across more than 40 local currencies.
The company said more than 1,000 businesses already use stablecoins to pay vendors through its platform. According to Ramp, more than 70% of the payment volume generated by those users takes place outside traditional banking hours, indicating that businesses continue making payments after banks have closed.
Ramp also included comments from Totalis Chief Executive Officer Pravesh Mansharamani, who said the company’s Stablecoin Account has allowed it to keep treasury assets on-chain. He added that his company views programmable, always-available money as a better fit for modern businesses than conventional banking rails.
The announcement follows growing interest among finance companies in using stablecoins for international settlement, treasury management, and business payments as digital dollar infrastructure continues to expand.
Solana continues adding enterprise payment partners The integration adds another enterprise payments use case for Solana, whose ecosystem has increasingly focused on stablecoin settlement instead of only decentralized finance and trading applications.
Recent initiatives by the Solana Foundation have followed a similar direction. Earlier this month, SBI Holdings and the Solana Foundation announced a strategic partnership to establish SBI Solana Global, a venture that plans to build regulated on-chain financial infrastructure in Japan using Solana as its primary blockchain.
According to the companies, the project will support yen-denominated stablecoins, including JPYSC, while also developing tokenized bonds, commercial paper, investment funds, real estate products, and institutional settlement services. The partners also identified cross-border payments and AI-focused payment systems as future business areas, although product launch dates have not yet been disclosed.
Expansion into enterprise finance has also reached South Korea. In April, Shinhan Card announced a partnership with the Solana Foundation to test stablecoin payments on Solana’s testnet through a proof-of-concept that simulates everyday retail transactions between customers and merchants. The company said the pilot is evaluating transaction performance, non-custodial wallet security, and blockchain payment infrastructure while exploring hybrid finance models that combine traditional financial services with decentralized finance technologies.
Solana has also extended its stablecoin payment infrastructure into artificial intelligence services. Earlier this month, the Solana Foundation and Google Cloud introduced Pay.sh, a payment gateway that allows AI agents to purchase API access using stablecoins on Solana. The platform supports per-request payments for Google Cloud services, including Gemini, BigQuery, and Vertex AI, while using Solana wallets instead of conventional subscriptions or API keys.
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.
Ethereum Improvement Proposal (EIP) 8222 is set to adopt a STARK-based cryptographic scheme to enhance on-chain privacy for institutional stakers.
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UK-based crypto treasury firm Satsuma will sell 668 Bitcoin and initiate delisting.
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Trump endorses crypto ethics bill: Prohibits federal officials from issuing cryptocurrencies, with the U.S. Department of Justice serving as the lead enforcement agency.
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According to market data from BIT (bit.com), U.S. space stock Rocket Lab (RKLB) closed up 5.14% and gained over 7% in after-hours trading. The company has secured a $266 million contract from the U.S. Air Force to launch 12 suborbital vehicles, with an optional additional 6 launches. The missions will be conducted in Alaska and are scheduled for completion by the end of 2028. Separately, SpaceX rose more than 3%, ending its 7-day consecutive losing streak, and added another 1.3% in after-hours trading. SpaceX will release its Q2 2026 earnings report and hold a live earnings webcast on August 4, with the market currently focused on Starship’s next test flight.
Cardano is weighing a proposal that could allocate 120 million ADA, valued at approximately $19.2 million, to increase its decentralized finance (DeFi) total value locked (TVL) by $200 million over the next year. While the initiative aims to advance Cardano’s DeFi ecosystem, some analysts caution that financial incentives alone may not address the network’s deeper challenges.
Alpha Growth’s PRIME proposal and phased funding safeguardsCrypto commentator Linda recently explored the PRIME proposal, developed by Alpha Growth, which seeks to enhance liquidity, develop DeFi products, and attract longer-term capital beyond short-lived incentive schemes. Cardano currently holds about $90 million in DeFi TVL and $45 million in stablecoins.
Alpha Growth’s strategy begins with a comprehensive audit covering 20 to 25 DeFi categories. This would be followed by a public gap analysis to identify specific ecosystem weaknesses. Only after these assessments would the actual incentive programs and capital deployment start.
The proposal’s structure includes key safeguards. The transition to the critical third phase, where most funds would be distributed, requires approval from a five-member operating group featuring representatives from Blink Labs, CoinseLion, Midgard Labs, Input Output, and Tweag. If this panel does not agree to proceed, roughly 90 million ADA will remain untouched in the treasury.
Linda highlighted her support for the safeguard: “I personally really, really like that safeguard.”
The preliminary budget allocates $5.6 million to ecosystem grants, $4.3 million for liquidity provider incentives, and $2.4 million for marketing, events, and partnerships. Alpha Growth would receive a $1.7 million fixed management fee, with as much as $4.6 million additionally tied to performance milestones. Remaining funds are designated for audits and compliance expenses.
Budget ItemPlanned AllocationEcosystem grants$5.6 millionLiquidity incentives$4.3 millionMarketing & partnerships$2.4 millionAlpha Growth fixed fee$1.7 millionPerformance-based feeUp to $4.6 millionAudits & complianceRemaining fundsBefore any spending can occur, Cardano governance may need to lift its Net Change Limit—the treasury cap for funding cycles—from 350 million ADA to 500 million ADA. Linda argued that the current ceiling leaves insufficient room to accommodate the proposed initiative.
Mini dictionary: Alpha Growth, a blockchain consulting firm, develops strategies for DeFi project growth and helps optimize liquidity and capital efficiency for emerging crypto ecosystems.
Key adoption barriers and the debate over incentivesAlpha Growth’s analysis points to Cardano’s fragmented and inefficient liquidity as a primary DeFi obstacle. The proposal claims that increasing “organic APR”—returns based on genuine transaction activity rather than external incentives—will help retain capital and users.
Linda, however, expressed skepticism about the effectiveness of such incentives. She noted that despite past campaigns offering high, relatively low-risk yields, Cardano has struggled to achieve broad DeFi adoption. She believes the network needs a unique “killer app” to persuade users to overcome operational hurdles such as new wallets, cross-chain bridges, and unfamiliar DeFi interfaces.
“We don’t just need competitive APRs. We need something that only exists on Cardano”—an application compelling enough to offset onboarding friction, Linda stated.
Additional headwinds include the lack of native USDC stablecoin support; Cardano currently relies on bridged USDCX, which Linda argued may not deliver the trust, liquidity depth, or integrations that users expect. She also cited slower settlement times and less responsive liquidation processes compared to other leading chains.
Alpha Growth’s proposal essentially represents a test case for whether Cardano can cultivate a robust, sustainable DeFi environment. Should efforts fall short of significantly boosting on-chain activity, Linda suggested that Cardano might need to shift focus toward real-world financial infrastructure—a core vision that shaped the project’s initial development.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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.
A recent report indicates that $250 million in USDC liquidity was added to the Solana network. This addition reflects a significant influx of dollar-backed stablecoin resources into the network, consistent with previous large-scale USDC mints on Solana. The increase in liquidity follows a pattern of substantial Circle mints, with notable mints of $1 billion and $3.25 billion occurring earlier this year. These developments are seen as potentially bolstering the Solana ecosystem by providing more liquidity for decentralized finance (DeFi) activities on the network.
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Key Takeaways Markets suggest that the $250 million USDC injection could indicate increased support for the Solana ecosystem. The liquidity boost appears consistent with a trend of large USDC mints on Solana, suggesting potential for enhanced activity. Pricing in related markets appears supportive of scenarios where Solana’s price might see upward pressure due to increased liquidity. What to Watch Market participants may observe whether this liquidity increase leads to heightened activity in Solana-based DeFi platforms. Key actors, such as Solana Labs and Circle, might provide further insights or announcements impacting Solana’s liquidity dynamics. Additionally, watch for any regulatory developments or technological upgrades that could influence Solana’s price trajectory and ecosystem growth.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 9.5% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.4% — — View market → August 1 2026 1.8% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.3% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 17.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
With stablecoin supply above $300 billion and payment use reaching an estimated $390 billion in 2025, more than twice the previous year, competition increasingly centres on distribution, liquidity, reserve income, and access to payment networks.
Open USD has brought these commercial forces together through a consortium of more than 140 participants, including Visa, Mastercard, Stripe, Coinbase, and BlackRock. Participating companies will be able to distribute the asset through exchanges, wallets, merchant products, and payment services while receiving a share of reserve earnings.
The model places Open USD against established issuers and smaller competitors seeking partnerships with the same financial companies.
BeInCrypto spoke with Louisa Bai, Head of Stablecoins at Mysten Labs, Marc Boiron, CEO of Polygon Labs, and Kevin Cui, Executive Director and Chief Executive Officer of OSL Group, about stablecoin competition, regional use cases, currency demand, and blockchain settlement.
Open USD Links Distribution With Reserve Income Open USD gives participating companies a financial incentive to support adoption through their own products. Reserve earnings can be returned to consortium members, linking token distribution to commercial revenue.
“OUSD is primarily built to share stablecoin reserves across its partners, including Visa, Stripe, Coinbase, Mastercard, and leading blockchains such as Sui,” said Louisa Bai, Head of Stablecoins at Mysten Labs. “Its partner network and revenue-sharing model could increase competition in a market with deeply entrenched incumbents.”
USDT and USDC retain an advantage built through liquidity, trading pairs, exchange listings, and widespread use across crypto markets.
“Their moat comes from liquidity depth and years of exchange listings,” Bai said. “Mid-sized issuers face the greatest pressure because they lack the liquidity of USDT and USDC and the partner economics offered by OUSD.”
Open USD also depends on cooperation between companies with different commercial priorities. Decisions covering reserves, governance, supported networks, and distribution will require agreement across banks, payment companies, exchanges, and crypto firms.
Its progress will depend on whether shared reserve income produces sustained adoption across participating products.
Visa just announced the launch of the Visa Stablecoin Platform for financial institutions.
The new enterprise system initially supports Open USD and includes a Wallet-as-a-Service offering.
It is currently rolling out for beta testing with select clients. pic.twitter.com/OiKijT8n3l
— BeInCrypto (@beincrypto) July 16, 2026 Different Stablecoins Will Serve Different Products Stablecoin control will remain divided between issuers, payment companies, exchanges, applications, and blockchains.
Issuers manage reserves and redemption, while payment companies control merchant access and customer distribution. Exchanges provide liquidity, and blockchains determine transaction speed, fees, and settlement capacity.
“Different stablecoin assets aimed at different use cases will coexist, together with different forms of control,” Bai said.
PYUSD remains closely connected to PayPal and its consumer products, while Open USD may develop around business payments and merchant settlement. Exchange-backed coins can focus on trading, while bank-supported assets can serve treasury management and institutional transfers.
This division allows stablecoins to develop around specific commercial environments rather than a single dominant operating model.
Regional Demand Splits Between Dollar Access and Local Settlement Stablecoin adoption follows currency stability, remittance costs, regulation, and access to banking. Latin America currently provides some of the strongest examples of stablecoins functioning as everyday money across savings and cross-border payments, according to Marc Boiron, CEO of Polygon Labs.
“Latin America, and it’s not close,” Boiron said. “When a currency loses value overnight and sending money home costs 6% and takes three days, a digital dollar is a household decision.”
Boiron pointed to the Mexico-US and Brazil-US corridors as major sources of current volume. He described the Gulf as an early regulatory leader, Japan as a careful builder of bank-connected products, and the US as a market gaining more room for regulated issuance and payments.
Emerging markets such as Argentina, Brazil, and Pakistan use dollar stablecoins as protection from inflation and currency depreciation.
In Nigeria, Paga plans to use Sui-based stablecoin payments to support international transfers for freelancers and businesses paying overseas suppliers.
Local-currency coins serve a different economic need. Markets with trusted currencies and regulators seeking domestic settlement onchain have stronger incentives to develop assets denominated in yen, dirhams, euros, or other local units.
“A stablecoin inherits the reputation of the currency behind it,” Boiron said.
He expects dollar coins to lead in markets where people seek protection from inflation, while local-currency stablecoins can develop in places such as Japan and the Gulf, where domestic currencies retain public trust.
Business adoption depends on liquidity and reliable fiat conversion, while distribution and licensing determine how easily merchants and exchanges can support a new asset. Boiron said businesses need coins already present in the wallets and payment services they use, backed by issuers acceptable to banks and auditors.
“It comes down to liquidity, distribution, and whether there is a licensed issuer standing behind it,” he said.
Europe follows MiCA rules covering issuance, authorization, reserves, and distribution. Exchanges have restricted several assets, including USDT, while providers adjusted their offerings to European requirements.
The resulting market divides between dollar access in weaker-currency economies and local settlement in regions where domestic units retain trust.
MiCA regulation is now fully in effect across all 27 EU member states. 🇪🇺
The grace period for unauthorized crypto providers is over.
Now, a single license allows companies to operate continent-wide, setting the stage for a major structural shift. pic.twitter.com/6b0Kg4edjE
— BeInCrypto (@beincrypto) July 1, 2026 Dollar Stablecoins Will Retain Their Lead Dollar coins still dominate supply and liquidity, while local-currency assets are developing around domestic settlement and regional trade.
“Non-dollar stablecoins remain concentrated in foreign-exchange trading within DeFi,” Bai said. “Locally denominated assets such as JPYC will continue to develop, while USD is likely to remain dominant in the near term.”
Meanwhile, Cui expects local-currency stablecoins to grow alongside dollar coins as companies adopt them for domestic payments and regional trade.
“Local-currency stablecoins are developing a durable role alongside dollar coins by reducing FX exposure and allowing businesses operating in euros, reais, or yen to retain their own unit of account,” said Kevin Cui, Executive Director and Chief Executive Officer of OSL Group.
Local coins may gain adoption where companies earn and spend in the same currency, while dollar coins continue serving international settlement and savings demand.
Blockchains Provide the Settlement Base Blockchains determine how efficiently stablecoins move between users, companies, and financial applications.
Boiron offered a complementary view of the chain’s role, arguing blockchains create more value by supporting widely used assets across many products than by issuing coins tied to one ecosystem.
“The most valuable stablecoin is the one everyone else already accepts,” Boiron said.
Chains therefore compete through transaction performance, developer tools, and support for several major stablecoins.
“Sui’s role in stablecoin growth is settlement, with fast execution built for the transaction volumes mass adoption requires,” Bai said. “Stablecoins need fast finality, capacity for large user numbers, stable fees, and strong user experience.”
Sui introduced gasless stablecoin transfers in May 2026, allowing users to send supported assets without holding SUI separately for transaction fees. Confidential transfers entered public beta in June, allowing issuers to conceal balances and transaction values while preserving access for compliance and auditing.
Sui also recorded more than six million transactions per second during a July public experiment using programmable tunnels. These offchain payment and state channels process activity away from the main network before settling final results on Sui.
Such features can support payroll, merchant payments, treasury transfers, and institutional settlement.
Open USD shows how stablecoin competition is expanding beyond issuance. Reserve income, distribution partnerships, payment access, and blockchain performance will influence which assets gain adoption.
Dollar coins will retain their advantage in global markets, while local assets develop around domestic payments and regional commerce. The strongest providers will combine reliable reserves with liquidity, distribution, and efficient settlement.
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.
NVIDIA: Major Clients Have Begun Testing Vera Rubin Devices
According to Bloomberg, NVIDIA has announced that its key clients have started testing its Vera Rubin devices. The chipmaker added that its new Vera processor outperforms AMD’s Turin, and that the chips are being delivered on schedule for use in AI data centers.
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Liang Wenfeng’s Huanfang and Jiuzhang secure the largest share in Changxin Technology’s private placement new share offering, with 113 private equity firms receiving allocations.
The preliminary offline placement results for Changxin Technology show that a total of 2,459 products under 113 private equity firms secured offline placements in the company, with a total of 161 million shares allocated, amounting to 1.436 billion yuan. The announcement notes that offline institutional investors are divided into Category A (public funds, social security funds, pension funds, enterprise annuities, bank wealth management products, insurance companies, QFIIs) and Category B (private equity firms, broker-dealer proprietary trading, trusts, financial companies, etc.). Category A investors, dominated by public funds, received 1.978 billion shares, accounting for 91% of the total offline issuance; while Category B investors, led by private equity firms, secured 196 million shares, making up only 9% of the total offline issuance. Among the private equity placement list, the top ten by number of placement objects are all leading quantitative private equity firms. Shanghai Yanfu has a total of 282 placement objects allocated, ranking first among private equity firms; Century Front, Jiukun Investment, Shanghai Chengqi, and Huanfang Quant have 209, 194, 167, and 153 placement objects respectively; Lingjun Investment, Shanghai Jinde, and Minghong Investment also have over 100 allocated products each, at 107, 105, and 100 respectively. Notably, Liang Wenfeng, founder of DeepSeek and a prominent private equity figure, took the largest share among private equity placements. Public information shows that the actual controllers of two leading 100-billion-yuan private equity firms, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management, are both Liang Wenfeng. This means that through his two private equity firms, Liang Wenfeng has a total of 194 private equity products allocated, with a total of 20.2497 million shares secured, amounting to approximately 175 million yuan. (The Paper)
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Pump.fun launches BOOST mode, aiming to re-inject permanently locked liquidity into the token market.
Meme coin launch platform pump.fun has announced the launch of its new BOOST mode, set as the default launch mechanism for all new Pump.fun tokens moving forward. The feature is designed to address the long-standing "dead liquidity" problem during token migrations, using a buyback and burn mechanism to re-inject liquidity that was previously permanently locked back into the token market. Pump.fun noted that over $100 million in liquidity is permanently lost annually during token migrations, with these funds no longer available to support market liquidity. Historically, roughly 20% of liquidity remains stuck in liquidity pools (LPs) for every token that completes migration — even after all traders sell their positions, some funds stay locked in the pools permanently. BOOST mode will leverage this trapped liquidity to re-inject into the market via an automatic buyback mechanism within 5 minutes of each token migration completion. Specifically, BOOST will execute buybacks using a post-migration time-weighted average price (TWAP) and automatically burn the purchased tokens. For SOL trading pairs, 17.6 SOL will be injected, while USDC trading pairs will receive $2,516 in funds. The mechanism requires no manual activation from users: all new Pump.fun tokens that complete migration after 10:23 AM Eastern Time (ET) on July 21 will automatically enable the BOOST configuration. Tokens migrated prior to this date or issued via the Mayhem platform do not include the feature. The upgrade aims to improve trading experiences and enhance the long-term utilization efficiency of liquidity within the ecosystem.
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GRAM surges past $1.5, gaining over 9% in 10 minutes.
According to HTX market data, GRAM has broken through $1.5, currently trading at $1.555, up over 9% in 10 minutes. Earlier reports stated that Telegram’s founder said the team is building native non-custodial Gram wallets into every Telegram application.
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.
NVIDIA: Major Clients Have Begun Testing Vera Rubin Devices
According to Bloomberg, NVIDIA has announced that its key clients have started testing its Vera Rubin devices. The chipmaker added that its new Vera processor outperforms AMD’s Turin, and that the chips are being delivered on schedule for use in AI data centers.
7 minutes ago
Iran's Revolutionary Guard hits U.S. military radar in Kuwait.
According to Iran's Press TV, Iran's Revolutionary Guard hit a U.S. military radar at Kuwait's Al Jaber Base.
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Liang Wenfeng’s Huanfang and Jiuzhang secure the largest share in Changxin Technology’s private placement new share offering, with 113 private equity firms receiving allocations.
The preliminary offline placement results for Changxin Technology show that a total of 2,459 products under 113 private equity firms secured offline placements in the company, with a total of 161 million shares allocated, amounting to 1.436 billion yuan. The announcement notes that offline institutional investors are divided into Category A (public funds, social security funds, pension funds, enterprise annuities, bank wealth management products, insurance companies, QFIIs) and Category B (private equity firms, broker-dealer proprietary trading, trusts, financial companies, etc.). Category A investors, dominated by public funds, received 1.978 billion shares, accounting for 91% of the total offline issuance; while Category B investors, led by private equity firms, secured 196 million shares, making up only 9% of the total offline issuance. Among the private equity placement list, the top ten by number of placement objects are all leading quantitative private equity firms. Shanghai Yanfu has a total of 282 placement objects allocated, ranking first among private equity firms; Century Front, Jiukun Investment, Shanghai Chengqi, and Huanfang Quant have 209, 194, 167, and 153 placement objects respectively; Lingjun Investment, Shanghai Jinde, and Minghong Investment also have over 100 allocated products each, at 107, 105, and 100 respectively. Notably, Liang Wenfeng, founder of DeepSeek and a prominent private equity figure, took the largest share among private equity placements. Public information shows that the actual controllers of two leading 100-billion-yuan private equity firms, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management, are both Liang Wenfeng. This means that through his two private equity firms, Liang Wenfeng has a total of 194 private equity products allocated, with a total of 20.2497 million shares secured, amounting to approximately 175 million yuan. (The Paper)
7 minutes ago
Pump.fun launches BOOST mode, aiming to re-inject permanently locked liquidity into the token market.
Meme coin launch platform pump.fun has announced the launch of its new BOOST mode, set as the default launch mechanism for all new Pump.fun tokens moving forward. The feature is designed to address the long-standing "dead liquidity" problem during token migrations, using a buyback and burn mechanism to re-inject liquidity that was previously permanently locked back into the token market. Pump.fun noted that over $100 million in liquidity is permanently lost annually during token migrations, with these funds no longer available to support market liquidity. Historically, roughly 20% of liquidity remains stuck in liquidity pools (LPs) for every token that completes migration — even after all traders sell their positions, some funds stay locked in the pools permanently. BOOST mode will leverage this trapped liquidity to re-inject into the market via an automatic buyback mechanism within 5 minutes of each token migration completion. Specifically, BOOST will execute buybacks using a post-migration time-weighted average price (TWAP) and automatically burn the purchased tokens. For SOL trading pairs, 17.6 SOL will be injected, while USDC trading pairs will receive $2,516 in funds. The mechanism requires no manual activation from users: all new Pump.fun tokens that complete migration after 10:23 AM Eastern Time (ET) on July 21 will automatically enable the BOOST configuration. Tokens migrated prior to this date or issued via the Mayhem platform do not include the feature. The upgrade aims to improve trading experiences and enhance the long-term utilization efficiency of liquidity within the ecosystem.
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Telegram Founder: Will Integrate a Native Non-Custodial Gram Wallet for All Users
Telegram founder Pavel Durov announced in his personal channel that instant, zero-fee cryptocurrency transactions for its more than 1 billion users are set to become a reality. The platform is adding a native, non-custodial Gram wallet to every Telegram application.
7 minutes ago
GRAM surges past $1.5, gaining over 9% in 10 minutes.
According to HTX market data, GRAM has broken through $1.5, currently trading at $1.555, up over 9% in 10 minutes. Earlier reports stated that Telegram’s founder said the team is building native non-custodial Gram wallets into every Telegram application.
This is a general announcement and marketing communication. Products and services referred to here may not be available in your region. Disclaimer: This is not available for users in the EEA. Fellow Binancians, Binance is thrilled to launch a Aerodrome (AERO) Trading Tournament where eligible users will have a chance to share a total prize pool of 400,000 USDC in token vouchers! In addition, Binance is introducing an “Sprint Reward” for a limited period – the more you trade, the higher your extra rewards! Promotion Period: 2026-07-21 10:00 (UTC) to 2026-07-28 10:00 (UTC) Join Now Eligibility: All verified new, regular users and all Binance VIP users can participate.Liquidity providers in the Binance Spot Liquidity Provider Program and Binance Brokers are not eligible to participate. Eligible Trading Pair(s) Trading pair(s): AERO/USDT, AERO/USDC How to Participate: Click the [Join Now] button on the landing page to register.Total Trading Volume reaches at least 500 USD equivalent in any of the aforementioned eligible pair(s) on Binance Spot during the Promotion Period. Users who do not meet this threshold will not qualify for any reward under this Trading Volume Tournament. Main Reward Structure: Statistical Period: 2026-07-21 10:00 (UTC) to 2026-07-28 10:00 (UTC)Rankings Based on the Cumulative Trading VolumeReward per Eligible Participant (in USDC Token Vouchers)1st Place12,000 USDC2nd Place10,000 USDC3rd Place8,000 USDC4th Place6,000 USDC5th Place4,000 USDC6th - 20th PlacesAn equal split of 40,000 USDC21st - 50th PlacesAn equal split of 40,000 USDC51st - 200th PlacesAn equal split of 64,000 USDC201st - 1,000th PlacesAn equal split of 56,000 USDCAll Remaining Eligible ParticipantsAn equal split of 80,000 USDC, capped at 5 USDC per user Sprint Reward Structure: Binance is introducing a “Sprint Reward”. For a limited period, users will receive extra rewards based on their ranking by cumulative trading volume. The more one trades during the respective Statistical Periods, the higher the extra rewards can be. Please note that users can earn from both the "Sprint Reward" and the "Main Reward" pools at the same time. Rankings Based on the Cumulative Trading VolumeRound 1 Statistical Period: 2026-07-21 10:00 (UTC) to 2026-07-23 10:00 (UTC)Round 2 Statistical Period: 2026-07-23 10:01 (UTC) to 2026-07-25 10:00 (UTC)Reward per Eligible Participant (in USDC Token Vouchers)1st Place12,000 USDC12,000 USDC2nd Place10,000 USDC10,000 USDC3rd Place8,000 USDC8,000 USDC4th Place6,000 USDC6,000 USDC5th Place4,000 USDC4,000 USDC Promotion Rules: Trading volume of any zero-fee trading pairs is excluded from the final trading volume calculation.Transaction or gas fees will be excluded from the final trading volume calculation for the tournament.All eligible buy and sell orders will be counted towards the cumulative total trading volume.Token vouchers will be distributed to winners by 2026-08-11, and will expire within 21 days after distribution. Users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub.The Spot Trading Volume leaderboard is updated at least once every 24 hours. The Main Reward leaderboard and Sprint Reward leaderboard will be displayed on the separate Sub-Spot landing page respectively. Data sync times vary daily but will always be completed by the end of the day.Only users who have met the minimum qualifying trading volume threshold will be displayed on the leaderboard along with their trading volume. Don’t miss out on this opportunity and share in the rewards now! To view more promotions for new listings on Binance, stay tuned to this page for the latest updates and exclusive opportunities. Guides & Related Materials: How to Spot Trade (App / Web) Terms & Conditions: These terms and conditions (“Activity Terms”) govern users’ participation in the activity above (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice; all of which are incorporated by reference into these terms and conditions. In the case of any inconsistency or conflict between these Activity Terms, and any other incorporated terms, the provisions of these Activity Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Notice.Only verified users who complete the aforementioned criteria for the tournament by the end of the Promotion Period may receive rewards.This Trading Volume Tournament is available to verified new, regular and VIP users enabled for Binance Spot Trading, subject to product (and where relevant, deposit methods’) availability in users’ regions, and may be restricted in certain jurisdictions or regions, or to certain users, due to legal and regulatory requirements.Reward Distribution:All token voucher rewards will be distributed to eligible, winning users by 2026-08-11.Users will be able to login and redeem their token voucher rewards via Profile > Rewards Hub. All token voucher rewards will expire within 21 days after distribution. Winning users should claim their vouchers before the expiration date, and no replacement reward will be provided. Learn how to redeem a Binance voucher.Please note that the actual value of rewards received by a user is subject to change due to market fluctuation.Token voucher rewards are subject to additional terms and conditions.Rewards are not negotiable nor transferable.Once the available rewards have been allocated to users, no further rewards will be provided notwithstanding that an eligible user may have completed the missions.A user’s trading volume in this Trading Volume Tournament will be calculated after the user has opted-in and will be based on the trading volume (i) in their master and sub-accounts, and (ii) on all Spot products, including Spot Trading, Spot Copy Trading and Trading Bots. API trades are allowed. Binance’s calculation of a user’s trading volume is final.Binance reserves the right to disqualify a user’s reward eligibility if the account is involved in any dishonest behavior (e.g., wash trading, illegally bulk account registrations/logins, self dealing, or market manipulation). Binance further reserves the right to disqualify any participants who tamper with Binance program code, or interfere with the operation of Binance program code with other software. Rewards that have already been disqualified will not be returned to the prize pool.Binance reserves the right at any time in its sole and absolute discretion to determine and/or amend or vary these terms and conditions without prior notice, including but not limited to canceling, extending, terminating, or suspending these activities, the eligibility terms and criteria, the selection and number of reward recipients, and the timing of any act to be done, and all participants shall be bound by these amendments.The commencement and operation of the campaign (including the commencement of the Promotion Period) are subject to the successful listing of the relevant token on Binance Spot. If the listing is postponed or cancelled for any reason, the campaign (including the Promotion Period and reward distribution) may be delayed, amended or withdrawn at Binance’s discretion. Binance will not be liable for any loss or inconvenience caused by such changes.There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-21 Disclaimer: USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value.
DeFi lending has operated like a savings account from the 1970s for years. Variable rates, constant uncertainty, and the vague promise that things will probably work out. Morpho Midnight is betting that borrowers and lenders are tired of “probably.”
The protocol has officially launched fixed-rate, fixed-term credit markets, offering something that traditional finance takes for granted but that DeFi has struggled to nail down: predictability. The entire system is designed around a single variable, collateral price, which is either the most elegant simplification in DeFi lending or the most ambitious. Possibly both.
How Morpho Midnight actually works The protocol operates through isolated markets, meaning each lending pair exists in its own silo. This is a deliberate architectural choice to prevent the liquidity fragmentation that has plagued earlier attempts at fixed-rate DeFi lending.
The initial market is a cbBTC/USDC pair on Base, Coinbase’s Layer 2 network. Multiple maturity dates will be available from the start, giving users flexibility on how long they want to lock in their terms.
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The protocol uses what Morpho describes as an intent-based lending approach. Rather than dumping liquidity into a pool and hoping the algorithm treats you fairly, participants express specific terms they want: fixed rate, fixed duration, known collateral requirements. The protocol matches those intents without the intermediary complexity that typically eats into returns.
Morpho Midnight is non-custodial, meaning users retain control of their assets throughout the process. The smart contracts handle the matching and settlement, but no central party holds the keys.
The Morpho ecosystem backdrop Morpho has built one of the larger lending infrastructures in DeFi, with Morpho Blue’s total value locked reportedly sitting between $7B and $10B in 2026. Total deposits across the broader Morpho protocol have exceeded $11B.
The whitepaper and codebase for Midnight were released in May 2026, and a beta phase kicked off earlier in the year. The public mainnet launch was targeted for mid-July 2026. Security has been a central focus throughout development, with the team running multiple audits and formal verification processes before going live.
CEO Paul Frambot has positioned Midnight as complementary to Morpho’s existing variable-rate products rather than a replacement.
The roadmap includes phased rollouts of additional features. Vault adapters, which would allow more complex integrations with existing DeFi infrastructure, are planned for future updates. Cross-chain functionality is also on the horizon, which would extend Midnight beyond Base to other networks. Auto-rolling, a feature that would automatically renew positions at maturity, is another planned addition.
What this means for investors Morpho’s approach of isolated markets with a single-variable design reduces the system to collateral price as the only moving piece, removing several layers of risk. Banks and hedge funds understand collateral. They understand fixed terms. They do not understand algorithmic rate curves that shift based on utilization ratios and governance token emissions.
The launch on Base is strategically interesting. Coinbase’s L2 has been gaining institutional attention, and launching a fixed-rate product there signals that Morpho is targeting users who value the Coinbase ecosystem’s compliance and accessibility features. The cbBTC collateral choice reinforces that, as it’s Coinbase’s wrapped Bitcoin product.
The isolated market design helps prevent contagion between pairs, but it also means each market needs to bootstrap its own liquidity independently. If Morpho Midnight can attract even a fraction of the $11B already sitting in Morpho’s broader ecosystem, it will immediately become the largest fixed-rate lending protocol in DeFi.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
NVIDIA: Major Clients Have Begun Testing Vera Rubin Devices
According to Bloomberg, NVIDIA has announced that its key clients have started testing its Vera Rubin devices. The chipmaker added that its new Vera processor outperforms AMD’s Turin, and that the chips are being delivered on schedule for use in AI data centers.
7 minutes ago
Iran's Revolutionary Guard hits U.S. military radar in Kuwait.
According to Iran's Press TV, Iran's Revolutionary Guard hit a U.S. military radar at Kuwait's Al Jaber Base.
7 minutes ago
Liang Wenfeng’s Huanfang and Jiuzhang secure the largest share in Changxin Technology’s private placement new share offering, with 113 private equity firms receiving allocations.
The preliminary offline placement results for Changxin Technology show that a total of 2,459 products under 113 private equity firms secured offline placements in the company, with a total of 161 million shares allocated, amounting to 1.436 billion yuan. The announcement notes that offline institutional investors are divided into Category A (public funds, social security funds, pension funds, enterprise annuities, bank wealth management products, insurance companies, QFIIs) and Category B (private equity firms, broker-dealer proprietary trading, trusts, financial companies, etc.). Category A investors, dominated by public funds, received 1.978 billion shares, accounting for 91% of the total offline issuance; while Category B investors, led by private equity firms, secured 196 million shares, making up only 9% of the total offline issuance. Among the private equity placement list, the top ten by number of placement objects are all leading quantitative private equity firms. Shanghai Yanfu has a total of 282 placement objects allocated, ranking first among private equity firms; Century Front, Jiukun Investment, Shanghai Chengqi, and Huanfang Quant have 209, 194, 167, and 153 placement objects respectively; Lingjun Investment, Shanghai Jinde, and Minghong Investment also have over 100 allocated products each, at 107, 105, and 100 respectively. Notably, Liang Wenfeng, founder of DeepSeek and a prominent private equity figure, took the largest share among private equity placements. Public information shows that the actual controllers of two leading 100-billion-yuan private equity firms, Ningbo Huanfang Quant and Zhejiang Jiuzhang Asset Management, are both Liang Wenfeng. This means that through his two private equity firms, Liang Wenfeng has a total of 194 private equity products allocated, with a total of 20.2497 million shares secured, amounting to approximately 175 million yuan. (The Paper)
7 minutes ago
Telegram Founder: Will Integrate a Native Non-Custodial Gram Wallet for All Users
Telegram founder Pavel Durov announced in his personal channel that instant, zero-fee cryptocurrency transactions for its more than 1 billion users are set to become a reality. The platform is adding a native, non-custodial Gram wallet to every Telegram application.
7 minutes ago
GRAM surges past $1.5, gaining over 9% in 10 minutes.
According to HTX market data, GRAM has broken through $1.5, currently trading at $1.555, up over 9% in 10 minutes. Earlier reports stated that Telegram’s founder said the team is building native non-custodial Gram wallets into every Telegram application.
7 minutes ago
Crypto bank Augustus completes $180 million financing round, led by Tiger Global.
Augustus, a startup building a federally chartered clearing bank, announced it has raised $180 million to expand its U.S. dollar payment infrastructure amid stablecoins reshaping the global financial system. The funding round values Augustus at $1 billion. Tiger Global Management led the round, with participation from investors including Hummingbird Ventures, QED Investors, and founders of Nubank, Ramp, Circle, and Deel. The financing comes as banks, fintech firms, and crypto companies race to upgrade cross-border payment infrastructure. While much market focus has centered on stablecoin issuers, Augustus is targeting a less-discussed but critical segment of the financial system: the correspondent banking network. Augustus CEO Ferdinand Dabitz said in an interview: "We believe the distribution of financial services has hit a bottleneck at the clearing bank level." He pointed out that traditional clearing systems are "slow, not available around the clock, take two days to settle, and are closed on weekends."
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.
According to Bitget market data, the Nikkei 225 index continued to rise in late trading, gaining 3% intraday and currently trading at 66079.56 points.
5 minutes ago
ZHIPU has rebounded 31% from its recent low, with new short positions opened against the trend losing nearly 40% of their principal.
According to Hyperinsight monitoring, ZHIPU on Hyperliquid saw a sharp rebound today to $149.52, with a 31.1% gain from its intraday low to high. As of press time, ZHIPU trades at $146.71. Background: Zhipu (ZHIPU) completed a placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released its 2.8-trillion-parameter open-source model Kimi K3, which intensified market concerns over China’s large language model competitive landscape, leading to a sustained slump. The stock price halved after the H-share offering, and today it has recouped a portion of those losses. During this rebound, an address starting with 0x52e6 took a contrarian short position early today, with all orders opened at the midpoint of the rally. The address initiated shorts when the stock rose ~12% from its low, adding to positions from $127.5 to $143.2. The position then saw continued gains before noon, leaving only ~$17 of buffer to its liquidation price. It currently holds ZHIPU short positions with 5x isolated margin, worth ~$198,700, with a liquidation price of ~$163.83. The position has an unrealized loss of ~$14,100, a return of ~-38.1%, and has nearly lost 40% of its initial margin. Monitoring shows that, aside from this largest loss-making position, there are 7 new ZHIPU positions exceeding $50,000 opened in the last 2-3 hours during today’s rebound—all short positions, totaling ~$953,200 in value, all currently underwater with a combined unrealized loss of ~$70,800. In contrast, among long positions exceeding $100,000, the average cost is ~$149.66, only ~2% above the current price. Currently, only the largest long position near $159.41 faces real liquidation pressure; the cost lines of the other four long positions have already been reclaimed by the current price.
5 minutes ago
Spot silver's intraday gain has expanded to 3%
According to Bitget's market data, spot silver's intraday gain has widened to 3%, now trading at $58.1 per ounce.
5 minutes ago
Cloud computing startup Fluidstack secures $830 million in Series A funding at a $7.5 billion valuation.
According to official sources, cloud computing startup Fluidstack closed an $830 million Series A funding round in January this year, valuing the company at $7.5 billion. The round was led by Situational Awareness, with participation from multiple prominent investment firms. The company primarily provides infrastructure for leading AI labs, aiming to accelerate the deployment of ultra-large-scale computing power and support the rollout of hundreds of gigawatt-level computing resources.
5 minutes ago
UK Parliament Launches Investigation Into Banking Services for Crypto Industry
The UK Parliament’s cross-party Digital Assets Group has launched an investigation into banking services for the local crypto industry. The probe will focus on assessing the difficulties crypto firms face when opening and maintaining bank accounts, as well as the restrictions banks impose on crypto asset-related transactions.
5 minutes ago
Hong Kong-listed Zhipu’s shares surged over 30% in afternoon trading, as the company put into operation a 1GW domestic computing power center and completed the acquisition of Zhongke Jiahe.
According to Bitget market data, Hong Kong-listed Zhipu (02513.HK) surged over 30% in the afternoon session. On the news front, the company announced the launch of a 1GW domestic computing power center and concurrently completed the acquisition of Zhongke Jiahe.
According to Bitget market data, the Nikkei 225 index continued to rise in late trading, gaining 3% intraday and currently trading at 66079.56 points.
5 minutes ago
ZHIPU has rebounded 31% from its recent low, with new short positions opened against the trend losing nearly 40% of their principal.
According to Hyperinsight monitoring, ZHIPU on Hyperliquid saw a sharp rebound today to $149.52, with a 31.1% gain from its intraday low to high. As of press time, ZHIPU trades at $146.71. Background: Zhipu (ZHIPU) completed a placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released its 2.8-trillion-parameter open-source model Kimi K3, which intensified market concerns over China’s large language model competitive landscape, leading to a sustained slump. The stock price halved after the H-share offering, and today it has recouped a portion of those losses. During this rebound, an address starting with 0x52e6 took a contrarian short position early today, with all orders opened at the midpoint of the rally. The address initiated shorts when the stock rose ~12% from its low, adding to positions from $127.5 to $143.2. The position then saw continued gains before noon, leaving only ~$17 of buffer to its liquidation price. It currently holds ZHIPU short positions with 5x isolated margin, worth ~$198,700, with a liquidation price of ~$163.83. The position has an unrealized loss of ~$14,100, a return of ~-38.1%, and has nearly lost 40% of its initial margin. Monitoring shows that, aside from this largest loss-making position, there are 7 new ZHIPU positions exceeding $50,000 opened in the last 2-3 hours during today’s rebound—all short positions, totaling ~$953,200 in value, all currently underwater with a combined unrealized loss of ~$70,800. In contrast, among long positions exceeding $100,000, the average cost is ~$149.66, only ~2% above the current price. Currently, only the largest long position near $159.41 faces real liquidation pressure; the cost lines of the other four long positions have already been reclaimed by the current price.
5 minutes ago
Spot silver's intraday gain has expanded to 3%
According to Bitget's market data, spot silver's intraday gain has widened to 3%, now trading at $58.1 per ounce.
5 minutes ago
Cloud computing startup Fluidstack secures $830 million in Series A funding at a $7.5 billion valuation.
According to official sources, cloud computing startup Fluidstack closed an $830 million Series A funding round in January this year, valuing the company at $7.5 billion. The round was led by Situational Awareness, with participation from multiple prominent investment firms. The company primarily provides infrastructure for leading AI labs, aiming to accelerate the deployment of ultra-large-scale computing power and support the rollout of hundreds of gigawatt-level computing resources.
5 minutes ago
UK Parliament Launches Investigation Into Banking Services for Crypto Industry
The UK Parliament’s cross-party Digital Assets Group has launched an investigation into banking services for the local crypto industry. The probe will focus on assessing the difficulties crypto firms face when opening and maintaining bank accounts, as well as the restrictions banks impose on crypto asset-related transactions.
5 minutes ago
Hong Kong-listed Zhipu’s shares surged over 30% in afternoon trading, as the company put into operation a 1GW domestic computing power center and completed the acquisition of Zhongke Jiahe.
According to Bitget market data, Hong Kong-listed Zhipu (02513.HK) surged over 30% in the afternoon session. On the news front, the company announced the launch of a 1GW domestic computing power center and concurrently completed the acquisition of Zhongke Jiahe.
According to Bitget market data, the Nikkei 225 index continued to rise in late trading, gaining 3% intraday and currently trading at 66079.56 points.
5 minutes ago
ZHIPU has rebounded 31% from its recent low, with new short positions opened against the trend losing nearly 40% of their principal.
According to Hyperinsight monitoring, ZHIPU on Hyperliquid saw a sharp rebound today to $149.52, with a 31.1% gain from its intraday low to high. As of press time, ZHIPU trades at $146.71. Background: Zhipu (ZHIPU) completed a placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released its 2.8-trillion-parameter open-source model Kimi K3, which intensified market concerns over China’s large language model competitive landscape, leading to a sustained slump. The stock price halved after the H-share offering, and today it has recouped a portion of those losses. During this rebound, an address starting with 0x52e6 took a contrarian short position early today, with all orders opened at the midpoint of the rally. The address initiated shorts when the stock rose ~12% from its low, adding to positions from $127.5 to $143.2. The position then saw continued gains before noon, leaving only ~$17 of buffer to its liquidation price. It currently holds ZHIPU short positions with 5x isolated margin, worth ~$198,700, with a liquidation price of ~$163.83. The position has an unrealized loss of ~$14,100, a return of ~-38.1%, and has nearly lost 40% of its initial margin. Monitoring shows that, aside from this largest loss-making position, there are 7 new ZHIPU positions exceeding $50,000 opened in the last 2-3 hours during today’s rebound—all short positions, totaling ~$953,200 in value, all currently underwater with a combined unrealized loss of ~$70,800. In contrast, among long positions exceeding $100,000, the average cost is ~$149.66, only ~2% above the current price. Currently, only the largest long position near $159.41 faces real liquidation pressure; the cost lines of the other four long positions have already been reclaimed by the current price.
5 minutes ago
Spot silver's intraday gain has expanded to 3%
According to Bitget's market data, spot silver's intraday gain has widened to 3%, now trading at $58.1 per ounce.
5 minutes ago
Cloud computing startup Fluidstack secures $830 million in Series A funding at a $7.5 billion valuation.
According to official sources, cloud computing startup Fluidstack closed an $830 million Series A funding round in January this year, valuing the company at $7.5 billion. The round was led by Situational Awareness, with participation from multiple prominent investment firms. The company primarily provides infrastructure for leading AI labs, aiming to accelerate the deployment of ultra-large-scale computing power and support the rollout of hundreds of gigawatt-level computing resources.
5 minutes ago
UK Parliament Launches Investigation Into Banking Services for Crypto Industry
The UK Parliament’s cross-party Digital Assets Group has launched an investigation into banking services for the local crypto industry. The probe will focus on assessing the difficulties crypto firms face when opening and maintaining bank accounts, as well as the restrictions banks impose on crypto asset-related transactions.
5 minutes ago
Hong Kong-listed Zhipu’s shares surged over 30% in afternoon trading, as the company put into operation a 1GW domestic computing power center and completed the acquisition of Zhongke Jiahe.
According to Bitget market data, Hong Kong-listed Zhipu (02513.HK) surged over 30% in the afternoon session. On the news front, the company announced the launch of a 1GW domestic computing power center and concurrently completed the acquisition of Zhongke Jiahe.
According to Bitget market data, the Nikkei 225 index continued to rise in late trading, gaining 3% intraday and currently trading at 66079.56 points.
5 minutes ago
ZHIPU has rebounded 31% from its recent low, with new short positions opened against the trend losing nearly 40% of their principal.
According to Hyperinsight monitoring, ZHIPU on Hyperliquid saw a sharp rebound today to $149.52, with a 31.1% gain from its intraday low to high. As of press time, ZHIPU trades at $146.71. Background: Zhipu (ZHIPU) completed a placement of 19.78 million new H shares on July 13. On July 17, Moonshot AI released its 2.8-trillion-parameter open-source model Kimi K3, which intensified market concerns over China’s large language model competitive landscape, leading to a sustained slump. The stock price halved after the H-share offering, and today it has recouped a portion of those losses. During this rebound, an address starting with 0x52e6 took a contrarian short position early today, with all orders opened at the midpoint of the rally. The address initiated shorts when the stock rose ~12% from its low, adding to positions from $127.5 to $143.2. The position then saw continued gains before noon, leaving only ~$17 of buffer to its liquidation price. It currently holds ZHIPU short positions with 5x isolated margin, worth ~$198,700, with a liquidation price of ~$163.83. The position has an unrealized loss of ~$14,100, a return of ~-38.1%, and has nearly lost 40% of its initial margin. Monitoring shows that, aside from this largest loss-making position, there are 7 new ZHIPU positions exceeding $50,000 opened in the last 2-3 hours during today’s rebound—all short positions, totaling ~$953,200 in value, all currently underwater with a combined unrealized loss of ~$70,800. In contrast, among long positions exceeding $100,000, the average cost is ~$149.66, only ~2% above the current price. Currently, only the largest long position near $159.41 faces real liquidation pressure; the cost lines of the other four long positions have already been reclaimed by the current price.
5 minutes ago
Spot silver's intraday gain has expanded to 3%
According to Bitget's market data, spot silver's intraday gain has widened to 3%, now trading at $58.1 per ounce.
5 minutes ago
Cloud computing startup Fluidstack secures $830 million in Series A funding at a $7.5 billion valuation.
According to official sources, cloud computing startup Fluidstack closed an $830 million Series A funding round in January this year, valuing the company at $7.5 billion. The round was led by Situational Awareness, with participation from multiple prominent investment firms. The company primarily provides infrastructure for leading AI labs, aiming to accelerate the deployment of ultra-large-scale computing power and support the rollout of hundreds of gigawatt-level computing resources.
5 minutes ago
UK Parliament Launches Investigation Into Banking Services for Crypto Industry
The UK Parliament’s cross-party Digital Assets Group has launched an investigation into banking services for the local crypto industry. The probe will focus on assessing the difficulties crypto firms face when opening and maintaining bank accounts, as well as the restrictions banks impose on crypto asset-related transactions.
5 minutes ago
Hong Kong-listed Zhipu’s shares surged over 30% in afternoon trading, as the company put into operation a 1GW domestic computing power center and completed the acquisition of Zhongke Jiahe.
According to Bitget market data, Hong Kong-listed Zhipu (02513.HK) surged over 30% in the afternoon session. On the news front, the company announced the launch of a 1GW domestic computing power center and concurrently completed the acquisition of Zhongke Jiahe.
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.
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 a notable liquidity event, $500 million in USDC was minted on the Solana blockchain, as reported by @martypartymusic. This issuance, completed in two tranches of $250 million each, significantly boosts the dollar liquidity available on Solana. With Solana currently holding between $7.74 billion and $10 billion in circulating USDC, this new influx represents a substantial addition to its existing stablecoin supply. The move is perceived to align with increased institutional demand for Solana as a favored platform for decentralized finance (DeFi) and other financial applications.
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The issuance of such a large amount of USDC on Solana may indicate potential shifts in market dynamics. As a result, there is speculation around its impact on Solana’s price, particularly in relation to the ongoing market question of whether Solana will hit $90 within July. Despite the substantial liquidity input, the source tier of the information could affect the degree of market movement.
Key Takeaways The recent issuance of $500 million USDC on Solana appears to suggest growing institutional interest in the platform. Market pricing suggests that the increased liquidity could be supportive of a positive price movement for Solana, yet source credibility may temper immediate impacts. Current market odds for Solana reaching $90 in July have seen some fluctuations, with a recent increase to 9% from 6% just 24 hours ago. What to Watch Observers will be closely monitoring Solana’s price movements in the coming days to see if the increased liquidity translates into upward momentum. Key indicators include any substantial changes in volume or new institutional announcements that reinforce Solana’s role in DeFi. Additionally, developments related to the broader financial environment, such as regulatory changes or macroeconomic shifts, could also influence market sentiment and Solana’s price trajectory.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 9% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.5% — — View market → August 1 2026 1.9% — — View market → August 1 2026 0.4% — — View market → August 1 2026 2.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 21.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
Coinbase is rolling out perpetual futures contracts for Circle Internet Group (CRCL), Robinhood Markets (HOOD), and MicroStrategy (MSTR), with trading set to go live on or after 9:00 am UTC on July 21, 2026.
What’s actually launching The new contracts will be available to eligible non-US customers, consistent with Coinbase’s existing approach to its stock perpetual futures product. Traders can access up to 10x leverage on single-stock contracts, meaning a $1,000 position can control $10,000 worth of exposure.
All three contracts are cash-settled in USDC, Circle’s dollar-pegged stablecoin. That detail is worth noting given that CRCL, Circle’s own stock ticker, is one of the assets being listed. Coinbase is essentially letting traders speculate on the issuer of the settlement currency using the settlement currency itself.
The 24/7 trading window is a meaningful differentiator from traditional equity markets. When a major Bitcoin move happens at 2 am on a Sunday, holders of MSTR perpetuals can react immediately rather than waiting for Monday’s opening bell.
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Why these three stocks matter MicroStrategy, under Michael Saylor’s leadership, has become the largest corporate holder of Bitcoin, essentially transforming itself into a leveraged Bitcoin proxy.
Robinhood has steadily built out its crypto business, becoming one of the primary on-ramps for retail traders entering the digital asset space. The company’s revenue is increasingly tied to crypto trading volumes.
Circle Internet Group, the company behind USDC, went public and represents a pure-play bet on stablecoin adoption. CRCL saw a 5.5% gain in a single trading session amid Bitcoin’s strength earlier in 2026.
Coinbase’s bigger derivatives play This launch builds on groundwork Coinbase laid in March 2026, when it first introduced stock perpetual futures for non-US users. Adding CRCL, HOOD, and MSTR is the next step in that rollout.
The timing aligns with a period of significant momentum for crypto-linked equities. Bitcoin surpassed $80,000 earlier in 2026, with companies like MicroStrategy and Circle seeing their stock prices respond accordingly.
What this means for traders and investors In traditional equity markets, standard margin accounts typically offer 2x leverage, with portfolio margin sometimes stretching to 4x or more for qualified investors. At 10x, these perpetuals sit closer to the leverage profiles found on crypto-native platforms.
One risk to watch: the correlation between these stocks and Bitcoin can break down during periods of company-specific stress. A regulatory action against Circle, a Robinhood earnings miss, or a change in MicroStrategy’s Bitcoin strategy could decouple these assets from broader crypto trends, catching leveraged traders off guard.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Crypto has been rescued by the US government exactly once, and the rescue was aimed at something else. The mechanism was an obscure override in banking law, and understanding how it worked in March 2023, and why it may never work that way again, is the closest thing to reading crypto’s actual safety net
Summary
The systemic risk exception is an override in US banking law: normally the FDIC must resolve failed banks at the least cost to its insurance fund, but with extraordinary sign-offs it may spend more to prevent broader financial instability. Invoking it requires a two-thirds vote of the FDIC board, a two-thirds vote of the Federal Reserve board, and the Treasury secretary’s determination in consultation with the president, one of the highest procedural bars in financial regulation. In March 2023 it was invoked for Silicon Valley Bank, making all depositors whole including the uninsured, at a cost to the insurance fund of roughly $16 billion to $17 billion, recovered through special assessments on banks. Circle held $3.3 billion of USDC reserves at SVB; the coin fell to roughly 87 cents over the weekend and recovered when the depositor guarantee landed. Crypto’s only bailout was a side effect of a banking rescue. The channel is narrowing by design: issuers moved reserves away from bank deposits, and watchdogs now warn that a future exception covering a bank heavy with stablecoin reserves could cost more than SVB did, which is exactly why regulators want the exposure shrunk. For one weekend in March 2023, the second-largest stablecoin in the world traded like a distressed bond. USDC, marketed as a dollar in digital form, touched roughly 87 cents, because $3.3 billion of the reserves behind it were trapped inside a bank that had just failed. By Monday morning the peg was back, and the crypto industry drew a comforting conclusion: when things get bad enough, the government steps in. The conclusion is half right and dangerously incomplete. The government did step in, through a mechanism called the systemic risk exception, and it was not stepping in for crypto. Understanding what that mechanism is, the extraordinary process it requires, what it actually did that weekend, and why the same rescue is being engineered out of repeatability, is the closest thing available to an honest map of crypto’s safety net. This guide is that map.
The rule the exception overrides The systemic risk exception only makes sense against the rule it breaks, and the rule is a scar from an earlier crisis.
After the savings-and-loan disaster of the 1980s drained the deposit insurance system, Congress passed the FDIC Improvement Act of 1991, and at its center sat a discipline called least-cost resolution. When a bank fails, the FDIC must choose the resolution path that costs its Deposit Insurance Fund the least. In practice that usually means insured depositors are paid in full, up to the statutory limit, and uninsured depositors, everyone above the limit, stand in line as creditors of the receivership, recovering whatever the failed bank’s assets eventually yield. The rule exists to make large depositors police their banks: if money above the insurance cap is genuinely at risk, sophisticated customers have reasons to watch where they keep it, and banks that take wild risks lose big deposits before they blow up.
Congress knew the discipline could occasionally be catastrophic, a failure large enough or connected enough that letting uninsured depositors take losses would spread panic to healthy banks. So it built one exit: the systemic risk exception, permitting the FDIC to abandon least-cost and protect broader classes of creditors, including all uninsured depositors, when the cheap path would have serious adverse effects on economic conditions or financial stability.
Then it made the exit door heavy. Invoking the exception requires a written recommendation by two-thirds of the FDIC’s board, a matching two-thirds of the Federal Reserve’s board of governors, and a determination by the Treasury secretary made in consultation with the president, with after-the-fact accountability including review of the determination. Three institutions, supermajorities in two, and the White House in the loop: American financial law contains few switches harder to flip, which is the point. The exception is designed to be used the way it reads, exceptionally.
March 2023: the weekend it flipped Silicon Valley Bank failed on Friday, March 10, 2023, in the fastest large-bank run in American history, tens of billions of withdrawal demands in a day, driven at smartphone speed by a depositor base of startups and funds that all read the same warnings at the same time. The failure’s signature problem was concentration above the cap: the overwhelming majority of SVB’s deposits were uninsured, held by companies that used the bank for payroll and treasury. Under least-cost resolution, those depositors faced haircuts of unknown size and timing, and by Saturday the question consuming regulators was not SVB but Monday: whether uninsured depositors at every similar bank would conclude their money was unsafe and run next.
Among those uninsured depositors was Circle, with $3.3 billion of USDC’s reserves, roughly 8% of the total, on deposit at SVB. The disclosure landed Friday night, and the stablecoin market did the arithmetic instantly: if the SVB money took, say, a 20% haircut, the coin was worth visibly less than a dollar. USDC broke, trading down to roughly 87 cents, redemption queues formed, and the depeg transmitted through DeFi, where USDC served as core collateral and as backing for other stablecoins, turning one bank’s failure into a system-wide crypto stress test in under 48 hours. For readers new to the mechanics, crypto.news has also explained the anatomy of the USDC break.
On Sunday evening, the switch flipped. The FDIC and Federal Reserve boards voted, the Treasury secretary determined, and the government announced that all SVB depositors, insured and uninsured alike, would have full access to their money Monday morning, with the identical treatment applied to the simultaneously failed Signature Bank. The Fed added the Fed authority this is often confused with, a new broad lending facility so other banks could borrow against securities at face value rather than fire-selling them. Crucially, the announcement drew a line: depositors were protected, while shareholders and certain bondholders of the failed banks were wiped out, this was a depositor guarantee, not a rescue of the banks as firms. The cost to the Deposit Insurance Fund from protecting uninsured depositors, later tallied around $16 billion to $17 billion, was recovered the way the statute prescribes, through special assessments levied on the banking industry.
USDC’s peg was restored by Monday. Circle’s $3.3 billion was simply there again, whole, because Circle was a depositor and every depositor had been made whole.
Reading the rescue correctly Everything important about this episode lives in the details the celebratory version skips.
The decision-makers were not looking at crypto. The systemic risk determination was about the American regional banking system: the fear that uninsured depositors at dozens of healthy-enough banks would run on Monday, converting one failure into a cascade. USDC’s exposure appeared in the weekend’s inputs mainly as evidence of how far SVB’s depositor base reached, not as an object of policy. The stablecoin was rescued the way a car parked next to a burning building is saved by the fire department: thoroughly, and incidentally.
The mechanism could not have reached crypto directly even if regulators had wanted it to. The exception overrides least-cost resolution of a failed insured bank; it has no application to a failing stablecoin issuer, which is not a bank, holds no insured deposits, and sits entirely outside the FDIC’s resolution machinery. Had the causality run the other way, Circle failing with SVB healthy, there was no switch to flip. The one rescue in crypto’s history worked only because the point of failure happened to be inside the traditional perimeter.
And the episode cut both ways for the industry’s reputation. It proved the deepest link between how reserves connect coins to banks and banking, and it showed regulators exactly what that link costs: a coin’s stability had become an unpriced pass-through of a bank’s uninsured-deposit risk, and the public backstop had absorbed it by accident. Nobody in Washington filed that under precedent to repeat. They filed it under exposure to close.
A note on scale completes the picture, because the exception’s economics are part of why its future use is contested. The Deposit Insurance Fund that absorbed the roughly $16 billion to $17 billion cost is not taxpayer money in the direct sense; it is funded by assessments on insured banks, and the special assessment that recouped the SVB and Signature costs was levied, by design, disproportionately on the largest banks. That structure is why the banking industry itself is a stakeholder in how the exception gets used: every invocation is a bill sent to banks that did nothing wrong, which is both the system’s discipline, the industry insures itself, and the source of its political friction. Now scale the stablecoin version. The sector’s reserves exceed $300 billion, and even a fraction of a major issuer’s backing sitting as deposits at one failing bank could produce an uninsured-depositor guarantee dwarfing 2023’s, with the cost assessed on banks to protect, in economic substance, the customers of a non-bank competitor that pays no assessments at all. That asymmetry, banks funding the accidental backstop of an industry built to disintermediate them, is the sharpest version of the Better Markets warning, and it explains the otherwise puzzling alliance of bank lobbies and consumer watchdogs pressing regulators to keep stablecoin reserves out of bank deposits. The exception’s door is heavy, and the parties who pay when it opens are now watching what stands outside it.
The weekend, hour by hour The compressed timeline of March 10 to 13, 2023 is worth walking in sequence, because the mechanics of how a bank failure became a stablecoin crisis and back again are clearest at ground level, and because the sequence is the template for reading any future episode.
Friday, March 10. California regulators closed Silicon Valley Bank mid-morning and appointed the FDIC receiver, the standard Friday choreography of American bank failure, except at unprecedented speed and size for the era. The default path was least-cost resolution: insured depositors whole within days, uninsured depositors, the vast majority at SVB, issued receivership certificates for the excess, of uncertain value and timing. Through the afternoon, the exposure disclosures began. Circle’s landed that evening: $3.3 billion of USDC reserves at the failed bank.
Saturday. The stablecoin market traded the disclosure. USDC broke decisively below its peg, reaching roughly 87 cents, and the mechanics of the depeg mattered as much as its size: redemptions through Circle were constrained by the banking system being closed for the weekend, so price discovery happened entirely on secondary markets, in an information vacuum, with holders unable to distinguish a weekend liquidity discount from a genuine solvency haircut. The stress propagated through DeFi, where USDC collateralized lending markets and backed other stablecoins, notably DAI, which depegged in sympathy. A crypto-native observer watching only crypto saw a stablecoin crisis; the actual variable was a receivership in Santa Clara.
Sunday, March 12. The systemic machinery engaged, aimed at Monday’s banking open, not at crypto. The FDIC and Federal Reserve boards delivered their supermajority recommendations, the Treasury secretary made the determination in consultation with the president, and the announcement guaranteed all depositors of SVB and Signature Bank, with shareholders and certain debtholders wiped out. Simultaneously the Fed unveiled its new broad lending facility for banks, term funding against securities at par, the modern 13(3)-era answer to fire sales. Circle communicated that its exposure would be recovered in full and that the peg would restore when banking rails reopened.
Monday, March 13. Depositors had access. Circle’s $3.3 billion was whole, redemptions resumed through functioning banks, and USDC returned to parity within the day. Total elapsed time from failure to restoration: roughly 65 hours, most of them a weekend.
Read as a template, the sequence teaches four things. Stablecoin depegs driven by reserve exposure trade on disclosure and rumor while the actual determinants, receivership outcomes, official decisions, move on institutional time, so weekend prices are sentiment, not settlement. The transmission runs through whatever fraction of reserves sits at the failed institution, which is why the single most predictive number in any repeat is the issuer’s disclosed bank-deposit concentration. The rescue decision, when it came, was made by banking regulators weighing banking contagion, with crypto’s fate a dependent variable, and any future episode should be read the same way: watch what the FDIC and Fed fear for banks, not what they say about crypto. And the entire arc, break to restoration, required the failure to sit inside the insured perimeter, which is the fact every subsequent reform has been quietly working to make irrelevant.
Why the accident is being engineered out Three developments since March 2023 have narrowed the accidental-bailout channel, and each is worth registering because together they answer the question every holder actually cares about: would it work that way again?
Reserves moved. The proximate lesson issuers drew was that concentrated uninsured bank deposits are the weak joint, and reserve portfolios restructured accordingly, toward Treasury bills, government money market funds, and custody arrangements, with bank deposits reduced to operational cash. The GENIUS Act hardened the direction into law with full-reserve requirements in high-quality liquid assets. The less reserve money sits as uninsured deposits, the less a bank failure can transmit into a peg, and the less a future depositor guarantee would have any stablecoin to save.
The watchdogs did the arithmetic. Better Markets and others have warned that a future systemic risk exception covering a bank holding a major issuer’s reserves could cost the insurance fund more than SVB’s roughly $17 billion, socializing a stablecoin’s back end across assessed banks at a scale the 2023 episode only sketched. That warning is the political immune response to the accident: the argument now on the table is precisely that stablecoin reserve exposure should not be allowed to grow into something the exception would one day be pressured to cover.
And the doctrine hardened. The Fed chair who owned crypto just ruled out saving it, while the FDIC has separately confirmed that stablecoin holders have no deposit insurance of their own, no pass-through, no coverage, a creditor’s claim on the issuer and nothing more. Crypto.news has also examined why holders had no direct protection. The official architecture being built instead, GENIUS’s holder-priority rule and reserve requirements, is a resolution regime: machinery for letting an issuer fail in an orderly way, which is the exact opposite of machinery for rescuing one. The unfinished state of that rulebook, after regulators missed July’s statutory deadline, is the honest asterisk on the whole structure.
The synthesis is clean enough to carry. The systemic risk exception remains on the books, as heavy-doored as ever, and it protects one thing: depositors of failed insured banks, when three institutions and the White House agree that letting them take losses would endanger the system. Stablecoins touched that protection once, through a $3.3 billion accident of account location, and the years since have been a coordinated project, by issuers, by Congress, by regulators, to make sure the next stablecoin crisis is resolved inside crypto’s own machinery rather than caught in banking’s net. Whether that machinery is finished when the test comes is the open question of 2026, and it is the right one to watch, because the fire department has now said clearly which building it covers.
Frequently asked questions What is the systemic risk exception in one sentence? It is the override in US banking law that lets the FDIC abandon its normal obligation to resolve a failed bank at the least cost to the insurance fund, and instead protect broader groups such as all uninsured depositors, when the cheap path would threaten financial stability.
Who has to approve it? Three parties, at one of the highest bars in financial regulation: at least two-thirds of the FDIC’s board, at least two-thirds of the Federal Reserve’s board of governors, and the Treasury secretary, who makes the determination in consultation with the president. The multi-institution supermajority design exists to keep the exception truly exceptional.
What happened with Silicon Valley Bank in 2023? SVB failed on March 10, 2023 after the fastest major bank run in US history, with the vast majority of its deposits above the insurance limit. Fearing Monday runs on similar banks, regulators invoked the exception on Sunday and guaranteed all depositors, insured and uninsured, at SVB and Signature Bank, while wiping out shareholders. The uninsured-depositor protection cost the insurance fund roughly $16 billion to $17 billion, recovered via special assessments on banks.
How did that rescue USDC? Circle held $3.3 billion of USDC’s reserves, about 8%, as deposits at SVB. When the failure was disclosed, USDC fell to roughly 87 cents as markets priced a possible haircut on that exposure. The depositor guarantee made Circle whole along with every other depositor, and the peg recovered by Monday. USDC was saved as a depositor of a rescued bank, not as a stablecoin.
Could the exception be used to rescue a stablecoin issuer directly? No. The mechanism applies to the resolution of failed insured banks, and a stablecoin issuer is not a bank and holds no insured deposits. If an issuer failed while its reserve banks stayed healthy, the exception would have nothing to attach to. The 2023 episode worked only because the point of failure sat inside the traditional banking perimeter.
Why might it not work the same way next time? Because the channel is being closed from three directions. Issuers moved reserves out of uninsured bank deposits into Treasury bills, government money funds, and custody, so a bank failure transmits less into any peg. Watchdogs such as Better Markets warn that covering a reserve-heavy bank could cost more than SVB did, building political resistance. And regulators, including the Fed chair this month, have explicitly disclaimed crypto rescues while constructing a resolution regime instead.
What protects stablecoin holders now, if not this? Under the GENIUS Act: full reserves in high-quality liquid assets and a priority rule paying stablecoin holders ahead of other creditors in an issuer’s failure, a strong first claim on the reserve pool. Holders have no deposit insurance and no pass-through coverage, as the FDIC has confirmed. The implementing rules for the new regime remain unfinished after agencies missed the July 2026 statutory deadline, which is the main open risk in the structure.
What should someone watch to judge the safety net today? Three things. Reserve disclosures, specifically how much of an issuer’s backing still sits as bank deposits versus Treasuries and government funds. The GENIUS rulemaking’s completion, since holder priority is only as fast and certain as the redemption and resolution mechanics behind it. And official rhetoric under stress: whether the next mid-sized crypto failure is actually allowed to fail, which is the only true test of the no-rescue doctrine. This is educational information, not financial advice.
Disclaimer: This article is for information and educational purposes only and does not constitute financial, investment, or legal advice. It describes past official actions and current law, neither of which guarantees any future action, and regulatory details remain subject to change. Always do your own research. Information is accurate as of July 20, 2026.
According to monitoring by Onchain Lens, a Hyperliquid whale carried out new on-chain operations today after earning over $1 million in profits, staking 115,000 HYPE (worth roughly $7.2 million). The address currently holds: 115,000 staked HYPE, 100,000 HYPE in available balance, and $1.1 million in USDC. For today’s trades, the whale closed two short positions: a $3.5 million short on $MU, netting $439,100 in profit; and a $2.42 million short on $SKHX, generating $581,900 in gains. The address still holds a large cumulative asset size, with the market closely monitoring its subsequent trading moves.
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The Solana blockchain has seen a significant increase in liquidity with the addition of $250 million in USD Coin (USDC), according to a report from @martypartymusic on social media. This influx of USDC, which is the native SPL-token version issued by Circle, represents a substantial injection of dollar-denominated capital into Solana’s decentralized finance (DeFi) and exchange ecosystems. The development aligns with Circle’s recent strategy of aggressively minting USDC on Solana, following a series of billion-dollar issuances in mid-2026. Solana is increasingly recognized as a hub for high-velocity exchanges of on-chain perpetuals and memecoins, with platforms like Jupiter and Raydium benefiting from this liquidity expansion.
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Key Takeaways The reported $250 million increase in USDC liquidity on Solana appears consistent with Circle’s broader minting strategy on the blockchain. Market pricing suggests this liquidity surge could enhance Solana’s attractiveness as a DeFi platform, potentially increasing activity and interest in SOL. Despite the potential positive impacts, the information originates from a social media account, suggesting a need for cautious interpretation of its implications. What to Watch Market participants will be keenly observing whether this liquidity boost will translate into increased activity on Solana’s DeFi platforms. Key indicators include any shifts in Solana’s price dynamics, particularly in the context of ongoing predictions about its price movements in July. Developments such as major upgrades or announcements from Solana Labs could further influence market perception and activity. Additionally, any new issuances or strategic moves by Circle on Solana will be closely monitored for their potential impact on the ecosystem.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 8% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.5% — — View market → August 1 2026 1.7% — — View market → August 1 2026 0.5% — — View market → August 1 2026 2.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 24.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →
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A Two-Year Window for the World's Largest StablecoinTether's $USDT, the world's largest stablecoin by circulation, is facing a shrinking window to secure its position on U.S. crypto platforms. The GENIUS Act, formally known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act, was signed into law one year ago. The law included a three-year grace period for compliance, and two years now remain, after which U.S. crypto platforms will not be able to offer stablecoins whose issuers have not met all the regulatory requirements.
The law demands that stablecoin issuers serving U.S. individuals must be permitted entities holding 1:1 reserves in U.S. dollars or equivalent liquid assets, publish monthly reserve disclosures, and comply with the Bank Secrecy Act, including full anti-money laundering and know-your-customer requirements.
Tether's most recent disclosures suggest that a meaningful share of USDT's reserves remains in assets that may not meet the law's expected standards, including precious metals, lending exposure, and bitcoin holdings. The central question is whether the largest issuer in the market can adapt its main product to a U.S. framework built around cash, Treasury bills, and formal regulatory oversight.
There is also a legal grey area around timing. Some lawyers assume that Tether gets until July 18, 2028 to comply, but others have suggested that foreign issuers would have to comply the moment the GENIUS Act officially goes live, which is likely six months from now in January. The one-year mark was also supposed to see federal financial regulators finishing their stablecoin rules, but none have done so yet, leaving some compliance uncertainty.
Circle Moves First, Tether Hedges With a New TokenDespite assurances last year from CEO Paolo Ardoino that the stablecoin giant would achieve U.S. compliance for USDT, the company has not yet revealed a sharp turn toward the demands of the GENIUS Act. Instead, Tether has taken a different approach for the domestic market. On January 27, 2026, Tether launched USA₮, a new stablecoin designed specifically to comply with the GENIUS Act's requirements, issued through Anchorage Digital Bank, a federally chartered crypto bank. USDT continues circulating globally for the international market, while USA₮ targets the U.S. market with full compliance. For USDT itself to remain accessible in the U.S., Tether would need to qualify as a compliant foreign issuer, a path that requires a reciprocity determination from the U.S. Treasury. As of mid-2026, that determination remains pending.
Rival Circle has taken the opposite approach. Circle proactively aligned its reserves, custody, and disclosure practices ahead of the law, which requires 1:1 backing by liquid assets and monthly reserve reports. The GENIUS Act validated Circle's architecture as the regulatory standard, meaning other stablecoins now have to retrofit themselves to match what USDC was already doing.
For Tether, the next two years are a compliance test. The company can restructure USDT to meet foreign-issuer standards, rely more heavily on USAT for the U.S. market, or risk seeing regulated platforms shift liquidity elsewhere.
Sources
CoinDesk: Tether's USDT hits 2-year countdown threatening its position on U.S. crypto platforms
Crypto Briefing: Tether faces US ban by 2028 if it fails to comply with GENIUS Act
Finance Feeds: USDT's US Problem: Tether Faces the GENIUS Act Clock
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Allbridge, a decentralized cross-chain bridge, suffered a $1.65 million exploit that forced the suspension of Allbridge Core. This is after the attacker secured a $1.12 million USD Coin [USDC] flash loan and later manipulated the USDC/USDT pool ratio.
That distortion let the attacker withdraw liquidity at favorable exchange rates before moving the stolen assets from Solana [SOL] to Ethereum [ETH]. Later on, the protocol quickly halted Allbridge Core and urged liquidity providers to withdraw funds from affected pools.
Source: X Those measures aimed to limit further losses while developers investigated the cause of the breach. Instead of exploiting cross-chain transfers, the attacker targeted the bridge’s liquidity pricing mechanism.
This attack demonstrated that flash-loan-type exploits can still affect DeFi applications with robust security features.
Additionally, it highlighted the need for improved pricing resilience and protection of liquidity in cross-chain environments as they continue to grow and become increasingly attractive destinations for large amounts of capital.
Flash loan triggered the liquidity drain The exploit unfolded after the attacker secured a $1.12 million USDC flash loan from Kamino. This enabled them to manipulate the Allbridge stable coin pool without risking their own capital.
Using the borrowed funds, the hacker then did repeated USDC to Tether [USDT] swaps. As a result, this caused distortion in the price of the stablecoin pool.
Source: X As the imbalance widened, each swap increased the value available for withdrawal under the manipulated exchange ratio. The attacker capitalized on that window by extracting 948,927.53 USDT.
The transaction trail then recorded a $2.24 million USDC movement through the Allbridge bridge, illustrating how the manipulated liquidity quickly translated into one of the protocol’s largest single transfers before the funds moved beyond Solana.
Allbridge Core’s TVL remained relatively stable near $21.61 million before the exploit disrupted liquidity conditions. However, the protocol’s suspension quickly accelerated withdrawals as liquidity providers responded to the heightened risk.
Source: DeFiLlama That pressure pushed TVL sharply down to $12.78 million, marking one of its steepest single declines. The drop reflected more than lost funds because users also reduced capital exposure during the uncertainty.
Consequently, recovery now depends on restoring confidence through stronger security measures, transparent updates, and renewed liquidity participation. Sustained TVL growth will ultimately signal whether users trust the protocol again.
Final Summary Allbridge’s $1.65 million exploit exposed how flash-loan attacks can manipulate bridge liquidity and pricing mechanisms. Allbridge’s recovery now hinges on restoring TVL, strengthening security, and rebuilding user confidence.
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1 minutes ago
Goldman Sachs warns that inflationary pressures are spreading across the US, with Fed Chair Walsh facing mounting pressure to raise interest rates.
Goldman Sachs’ latest research report shows that U.S. inflationary pressure is spreading from a narrow set of sectors to a broader range of areas. While current inflation levels have not yet hit their 2022 peak, the expanding scope of price increases is posing greater challenges to the Federal Reserve’s policy efforts. Goldman Sachs economist Jessica Rindels analyzed the extent of inflation spread using the six-month annualized change rate of the Personal Consumption Expenditures (PCE) price index, a key metric closely watched by the Fed. The data shows that, compared to the average inflation level between 1990 and 2019, the pressure index for inflation categories exceeding 3% has reached around 6, while it stood at 10 during the 2022 inflation peak. The report points out that sectors such as audio-visual equipment, financial services, healthcare, and transportation have become key drivers of current price increases. Meanwhile, housing rent inflation, which carries a significant weight in the PCE index, is projected to fall below 3% in the fourth quarter of this year, potentially serving as a key factor easing inflationary pressure. Goldman Sachs’ analysis aligns with recent concerns from new Fed Chair Kevin Warsh about the "broadening of inflation". Warsh stated that preventing price hikes from spreading to more sectors of the economy is a key task for the Federal Reserve. However, unlike former Chair Jerome Powell’s relatively clear policy communication style, Warsh has so far refused to provide specific interest rate path guidance. Jeremy Schwartz, senior U.S. economist at Nomura Securities, noted that the Fed is reducing forward guidance to the market, and this policy uncertainty has heightened concerns on Wall Street. Meanwhile, hawkish voices within the Fed are growing. Dallas Fed President Lorie Logan has expressed support for moderate interest rate hikes, arguing that the current economic resilience is inconsistent with inflation risks.
1 minutes ago
Iranian sources: Mediators have proposed a 10-day pause on strikes to seek ways to restore the temporary agreement between Iran and the United States.
Senior Iranian sources said the mediator has proposed a 10-day pause in strikes to find ways to revive the interim agreement between Iran and the U.S. (Jinshi)
1 minutes ago
OKX's World Cup prediction campaign has concluded, with the X Layer ecosystem recording over 136 million total transactions in the past 30 days.
According to official data, OKX’s World Cup prediction campaign officially concluded on July 19 alongside the final match, drawing a total of 433,590 participants, with a prize pool of approximately $4.2 million and covering 104 matches. As of July 20, the total number of transactions in OKX’s X Layer ecosystem over the past 30 days reached 136,048,079, with on-chain latency and block settlement frequency both under 100 milliseconds. It is reported that OKX’s World Cup prediction campaign launched on June 3, and was the first self-operated application of Exchange OS, the trading infrastructure built by OKX based on X Layer. Leveraging match prediction as its use case, the campaign further demonstrates X Layer’s capabilities in high-frequency interaction, low-latency settlement, and on-chain trading infrastructure.
1 minutes ago
Hacken: Crypto institutions no longer rely solely on audits; security assessments are shifting to continuous monitoring and operational resilience.
Blockchain security firm Hacken has released a report stating that crypto institutions are re-evaluating project security standards, as traditional smart contract audits and operational histories are no longer sufficient as trust benchmarks. Investors are now focusing on continuous monitoring, signature permission management, and incident response capabilities. According to Hacken’s Q2 2026 Security & Compliance Report, among the 1,427 projects it tracks, only 9% have deployed third-party continuous monitoring mechanisms, and just 4% have all three elements: monitoring, bug bounty programs, and security audits. The report shows that of the approximately $764 million in crypto asset losses recorded in Q2 2026, 88.3% came from private key leaks, signature permission issues, and infrastructure security problems, rather than smart contract vulnerabilities. Hacken noted that institutional investors are increasingly adding assessments of signer changes, collateral support, third-party dependencies, incident response capabilities, and audit scope and timeliness to their due diligence processes. The report points out that the 14 projects attacked in Q2 had all undergone audits before, but most losses stemmed from areas outside the coverage of traditional audits, including signature devices, cross-chain bridge validation nodes, backend infrastructure, administrator keys, and old contracts still in operation. Hacken stated that as institutional capital enters the crypto market, projects lacking continuous security proof may face higher risk premiums, fewer investment opportunities, and greater difficulty obtaining insurance and partner support. Federico Bagiotti, Head of Risk Management at Abraxas Capital, said that whether a project’s security level matches its funding scale has become a key criterion for institutional investment, surpassing project potential.
1 minutes ago
The total accounts on #Tron has surpassed 394M. Active accounts reached 4,646,026, up 4.64% in the past 24 hours.
The total accounts on #Tron has surpassed 394M. Active accounts reached 4,646,026, up 4.64% in the past 24 hours.
SemiAnalysis: Kimi K3 Ranks Third Globally, Could Reveal Hidden Profit Margins of OpenAI and Anthropic
SemiAnalysis analysts Jordan Nanos and Max Kan recently analyzed Kimi K3, the model developed by Chinese AI startup Moonshot AI, concluding that it outperforms Google Gemini in comprehensive benchmark tests. This not only reflects the narrowing gap between Chinese and U.S. AI models but also offers new insights into the business models of closed-source AI firms like Anthropic and OpenAI. According to SemiAnalysis’s overall assessment, Kimi K3 currently ranks third globally, trailing only Fable 5 and GPT-5.6, and surpassing Google Gemini. The analysts noted that while this result does not signal major issues for Google’s AI business, Kimi K3’s publicly disclosed parameter count, performance, and pricing provide a reference for external estimates of the economic value of closed-source models. Kimi K3 has 2.8 trillion parameters, far exceeding most open-source models. Jordan Nanos stated that a model of this size cannot be deployed on a single NVIDIA B200 GPU, requiring higher-spec hardware such as GB300, B300-class systems, or AMD MI355X. Based on this, he speculated that Anthropic and OpenAI’s flagship closed-source models likely operate at a similar parameter scale, rather than holding an order-of-magnitude advantage. In terms of business models, Kimi K3’s launch price is close to Anthropic’s Sonnet series: input pricing is approximately $3 per million tokens, and output pricing is around $15 per million tokens, a roughly threefold increase over the previous Kimi generation. Max Kan argued that if Moonshot AI is not operating at a long-term loss, then Anthropic and OpenAI charging higher prices for models of comparable size suggests their API business may have high profit margins. “Selling API tokens could be more profitable than SaaS,” he said. However, the two analysts emphasized that these judgments are not based on the AI companies’ public financial data, but rather on reverse inference drawn from Kimi K3’s parameters, pricing, and performance.
1 minutes ago
Goldman Sachs warns that inflationary pressures are spreading across the US, with Fed Chair Walsh facing mounting pressure to raise interest rates.
Goldman Sachs’ latest research report shows that U.S. inflationary pressure is spreading from a narrow set of sectors to a broader range of areas. While current inflation levels have not yet hit their 2022 peak, the expanding scope of price increases is posing greater challenges to the Federal Reserve’s policy efforts. Goldman Sachs economist Jessica Rindels analyzed the extent of inflation spread using the six-month annualized change rate of the Personal Consumption Expenditures (PCE) price index, a key metric closely watched by the Fed. The data shows that, compared to the average inflation level between 1990 and 2019, the pressure index for inflation categories exceeding 3% has reached around 6, while it stood at 10 during the 2022 inflation peak. The report points out that sectors such as audio-visual equipment, financial services, healthcare, and transportation have become key drivers of current price increases. Meanwhile, housing rent inflation, which carries a significant weight in the PCE index, is projected to fall below 3% in the fourth quarter of this year, potentially serving as a key factor easing inflationary pressure. Goldman Sachs’ analysis aligns with recent concerns from new Fed Chair Kevin Warsh about the "broadening of inflation". Warsh stated that preventing price hikes from spreading to more sectors of the economy is a key task for the Federal Reserve. However, unlike former Chair Jerome Powell’s relatively clear policy communication style, Warsh has so far refused to provide specific interest rate path guidance. Jeremy Schwartz, senior U.S. economist at Nomura Securities, noted that the Fed is reducing forward guidance to the market, and this policy uncertainty has heightened concerns on Wall Street. Meanwhile, hawkish voices within the Fed are growing. Dallas Fed President Lorie Logan has expressed support for moderate interest rate hikes, arguing that the current economic resilience is inconsistent with inflation risks.
1 minutes ago
Iranian sources: Mediators have proposed a 10-day pause on strikes to seek ways to restore the temporary agreement between Iran and the United States.
Senior Iranian sources said the mediator has proposed a 10-day pause in strikes to find ways to revive the interim agreement between Iran and the U.S. (Jinshi)
1 minutes ago
OKX's World Cup prediction campaign has concluded, with the X Layer ecosystem recording over 136 million total transactions in the past 30 days.
According to official data, OKX’s World Cup prediction campaign officially concluded on July 19 alongside the final match, drawing a total of 433,590 participants, with a prize pool of approximately $4.2 million and covering 104 matches. As of July 20, the total number of transactions in OKX’s X Layer ecosystem over the past 30 days reached 136,048,079, with on-chain latency and block settlement frequency both under 100 milliseconds. It is reported that OKX’s World Cup prediction campaign launched on June 3, and was the first self-operated application of Exchange OS, the trading infrastructure built by OKX based on X Layer. Leveraging match prediction as its use case, the campaign further demonstrates X Layer’s capabilities in high-frequency interaction, low-latency settlement, and on-chain trading infrastructure.
1 minutes ago
Hacken: Crypto institutions no longer rely solely on audits; security assessments are shifting to continuous monitoring and operational resilience.
Blockchain security firm Hacken has released a report stating that crypto institutions are re-evaluating project security standards, as traditional smart contract audits and operational histories are no longer sufficient as trust benchmarks. Investors are now focusing on continuous monitoring, signature permission management, and incident response capabilities. According to Hacken’s Q2 2026 Security & Compliance Report, among the 1,427 projects it tracks, only 9% have deployed third-party continuous monitoring mechanisms, and just 4% have all three elements: monitoring, bug bounty programs, and security audits. The report shows that of the approximately $764 million in crypto asset losses recorded in Q2 2026, 88.3% came from private key leaks, signature permission issues, and infrastructure security problems, rather than smart contract vulnerabilities. Hacken noted that institutional investors are increasingly adding assessments of signer changes, collateral support, third-party dependencies, incident response capabilities, and audit scope and timeliness to their due diligence processes. The report points out that the 14 projects attacked in Q2 had all undergone audits before, but most losses stemmed from areas outside the coverage of traditional audits, including signature devices, cross-chain bridge validation nodes, backend infrastructure, administrator keys, and old contracts still in operation. Hacken stated that as institutional capital enters the crypto market, projects lacking continuous security proof may face higher risk premiums, fewer investment opportunities, and greater difficulty obtaining insurance and partner support. Federico Bagiotti, Head of Risk Management at Abraxas Capital, said that whether a project’s security level matches its funding scale has become a key criterion for institutional investment, surpassing project potential.
1 minutes ago
The total accounts on #Tron has surpassed 394M. Active accounts reached 4,646,026, up 4.64% in the past 24 hours.
The total accounts on #Tron has surpassed 394M. Active accounts reached 4,646,026, up 4.64% in the past 24 hours.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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The non-USDC/USDT stablecoin supply on the Solana blockchain has reached a significant milestone, hitting an all-time high of $4.81 billion. This growth is primarily driven by the increased adoption of USD1 and USDG, which are linked to World Liberty Financial and Global Dollar respectively. These stablecoins are contributing to a notable diversification in Solana’s stablecoin market, previously dominated by USDC and USDT. The surge in supply suggests an accelerated shift towards alternative stablecoins within the ecosystem, reflecting broader trends in both retail and institutional demand for diversified, yield-bearing assets.
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Key Takeaways The non-USDC/USDT stablecoin supply on Solana appears to have reached a record high, driven by USD1 and USDG. This increase suggests enhanced market diversification, consistent with broader adoption of alternative stablecoins on Solana. The current stablecoin supply level indicates a significant portion of Solana’s total stablecoin market, suggesting rising interest in protocol-specific stablecoins. What to Watch Markets will be observing whether this trend continues, potentially affecting Solana’s liquidity and broader market confidence. Key indicators include any further increases in stablecoin supply and their impact on Solana’s price dynamics, particularly in the context of reaching the $90 price target in July. Developments in related markets, such as institutional adoption or regulatory changes, could also influence future movements. Watch for any announcements from Solana Labs, regulatory bodies, or major financial institutions that could affect the stablecoin landscape on the platform.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 5% — — View market → August 1 2026 0.3% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.5% — — View market → August 1 2026 1.5% — — View market → August 1 2026 0.9% — — View market → August 1 2026 3.8% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.8% — — View market → August 1 2026 0.1% — — View market → August 1 2026 36% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market →
