According to EmberCN’s monitoring, an hour and a half ago, the DeBank address under the username musti_akrep exploited a vulnerability on Perp DEX Ostium to gain 23.75 million USDC, transferred the funds to the Arbitrum blockchain, and immediately converted the USDC into 12,085 ETH at a purchase price of $1,965.
Crypto clearing startup Glacis Labs has closed a $6.8 million seed round. The round was led by Lightspeed Faction, with participation from Franklin Templeton, Coinbase Ventures, A.GAIN (formerly IDC Ventures), Protein Capital, and Techni Ventures, structured as an equity-plus-token warrant deal. The funding will primarily be used to expand its core product, the ZeroDelta platform, and support the growth of its engineering, compliance, and marketing teams. ZeroDelta is a multi-chain clearing platform that facilitates matching, netting, and final settlement of cross-chain digital assets. It currently focuses on serving stablecoins and has processed over $1 billion in cumulative trading volume to date.
24 minutes ago
The United States will issue a $1 Trump gold coin to commemorate the 250th anniversary of its founding.
US Treasury Secretary Scott Bessent announced today that the U.S. Mint will produce a $1 commemorative "gold coin" — gold in appearance but containing no actual gold or precious metals — to mark the 250th anniversary of the founding of the United States. The obverse features a portrait of President Trump in a suit and tie, paired with the inscriptions "LIBERTY," "IN GOD WE TRUST," and the dates 1776-2026; the reverse displays the U.S. Great Seal eagle, marked with "$1" and "250." The coin is expected to be released this fall. The move breaks the longstanding tradition that living presidents typically do not appear on U.S. currency, with Bessent describing it as a "lasting symbol of patriotism" and "a commemoration of the legacy of freedom."
24 minutes ago
Trump: Data centers are a cash cow and one of the largest drivers of future job growth.
Trump posted that data centers are one of the biggest drivers of future job growth. They are large-scale, powerful, and have broad prospects, serving as cash cows for their respective states. However, for political reasons, the Governor of New York State terminated all data center projects under construction or planned in New York. These companies are now flocking to Alabama, Florida, Texas, Arizona, and many other states. The tax revenues and jobs brought by data centers are truly a huge source of wealth! New York State has made a bad decision. All this revenue and other benefits will flow to so-called "red states" (states dominated by the Republican Party) and some "blue states" (states dominated by the Democratic Party). These states not only have lower taxes but also can create record job opportunities. They will bear their own water and electricity costs, and the remaining funds will be returned to state governments and local communities. For the states and communities fortunate enough to secure data centers, these facilities are undoubtedly huge assets. New York State should immediately reverse its policy. We must never allow radical left-wing Democrats to make us lose data centers, artificial intelligence, and all these amazing new technologies, letting them fall into the hands of other countries!
24 minutes ago
Goldman Sachs' View: Storage Market Shows Structural Shifts, Partial Replacement of DRAM by NAND for Cost Reduction Becomes a Practical Trend
Citirni analyst Jukan referenced Goldman Sachs’ monthly conference call remarks on the memory sector, noting clients’ strong resistance to DRAM price hikes approaching 30%, leading to a modest downward revision of third-quarter DRAM price growth expectations. Meanwhile, the outlook for NAND has grown more optimistic: AI-related KV cache offloading demand continues to exceed expectations, paired with an emerging trend of using NAND to replace expensive DRAM, further supporting NAND demand. The analyst holds a positive view on SK Hynix’s second-quarter performance, projecting revenue of approximately 85 trillion won and a gross margin of 63%. Relevant stocks include SK Hynix, Micron, and SanDisk. The commentary also reveals structural shifts in the memory market. Previously, explosive HBM demand from AI servers drove DRAM prices soaring, but once price increases hit the 30% threshold, clients began resisting further hikes, leading to a temporary slowdown in the pace of DRAM price growth. NAND is taking on a new role in AI infrastructure: KV cache is critical in inference scenarios, and using cheaper NAND to partially replace expensive DRAM to reduce costs is becoming a practical trend. This divergence also implies that internal capital rotation within the storage industry chain may continue; investors should exercise greater caution regarding short-term earnings expectations for DRAM-related stocks, while the fundamental improvement in the NAND segment may not yet be fully priced in.
24 minutes ago
Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins
Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.
24 minutes ago
SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.
According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.
Kraken Launches Customized Crypto Vaults, Allowing Users to Earn Yields on Idle Bitcoin, Ethereum (ETH) and Stablecoins
Kraken Institutional has announced a partnership with on-chain yield platform Upshift, allowing qualified institutional clients to earn returns on idle Bitcoin, Ethereum, stablecoins and other crypto assets directly within Kraken’s compliant custody framework. Unlike traditional pooled vaults, Upshift will build dedicated, customized vaults for each client, fully tailored to their investment strategies, risk parameters, liquidity needs and asset portfolios. Assets will be allocated to these non-custodial vaults, then deployed to selected on-chain contracts, with clients’ segregated Kraken custody accounts receiving a receipt token.
2 minutes ago
SpaceX falls below its $135 IPO price for the first time; US-listed space-related stocks decline across the board.
According to market data from BIT (bit.com), during U.S. stock intraday trading, SpaceX (SPCX) fell below its IPO price of $135 for the first time, currently trading at $133.6. U.S. space-related stocks declined across the board: AST SpaceMobile (ASTS) dropped 5.26%, Rocket Lab (RKLB) fell 3.4%, and Redwire (RDW) declined 3.4%.
2 minutes ago
A certain address profited 23.75 million USDC via the Ostium exploit, then exchanged the funds for 12,085 ETH.
According to EmberCN’s monitoring, an hour and a half ago, the DeBank address under the username musti_akrep exploited a vulnerability on Perp DEX Ostium to gain 23.75 million USDC, transferred the funds to the Arbitrum blockchain, and immediately converted the USDC into 12,085 ETH at a purchase price of $1,965.
2 minutes ago
Summer.fi to Gradually Cease Operations Following $6.1 Million Hack Loss
Summer.fi has released an announcement stating that following the July 6 attack on its Lazy Summer protocol, the team assessed there was no viable path to continue operations, so it will gradually wind down its business. The attack directly resulted in approximately $6.1 million in losses, and a significant portion of the team’s own assets were held in the targeted vaults, further depleting the operating capital needed for reconstruction. Per the announcement, the Summer.fi application will remain accessible until August 31, while the future of the Lazy Summer protocol will be determined by the Lazy Summer DAO. The DAO is currently working to restore withdrawal and redemption processes for all vaults, including the two previously impacted ones.
2 minutes ago
Iran: No negotiation plans at present, focusing on defense.
According to Iran's Tasnim News Agency, a spokesperson for Iran's Ministry of Foreign Affairs stated that the country's armed forces have made clear that any aggression against Iranian territory will inevitably be met with an equivalent response. There are currently no plans for negotiations, and Iran is focusing on defense. A memorandum of understanding is a set of mutual commitments; if the other party violates it, Iran will cease fulfilling its obligations, a principle that will be followed moving forward.
2 minutes ago
Aster DEX launches SKHYB "Hold-to-Use" campaign: Hold SKHYB tokens to serve as collateral for perpetual contract trading, with participants sharing a $15,000 prize pool.
Decentralized perpetual contract trading platform Aster DEX has announced the launch of its "Hold & Share" reward program for SKHYB, the SK Hynix token under Binance’s tokenized US stock product line bStocks, with a total prize pool of SKHYB worth $15,000. The program’s core mechanism is "Hold & Trade": after users deposit SKHYB into their Aster perpetual contract accounts and enable multi-asset mode, SKHYB can be used as collateral, with a maximum collateral value of 90% of its market value. This allows users to trade any perpetual contract market without selling their SKHYB holdings. Aster also announced that SKHYB spot trading is now live, enabling users to "hold stocks while trading with stocks". The program runs from 10:00 UTC on July 15 to 10:00 UTC on July 22, spanning 7 days. To participate, users must meet three requirements simultaneously: enable multi-asset mode, hold at least $100 worth of SKHYB in their perpetual contract accounts, and execute at least $1,000 in trades across any perpetual contract market during the program period. Rewards are distributed proportionally based on individual scores, calculated as SKHYB balance multiplied by holding hours (full hours only). The maximum individual reward is capped at 3% of the total prize pool, and rewards below $1 will not be issued.
Mizuho has downgraded Circle Internet Group from Neutral to Underperform and cut its price target from $85 to $50, citing competition from Open USD.
Summary
Mizuho cut Circle’s price target to $50, warning Open USD could further squeeze stablecoin margins. Open USD shares reserve earnings with partners, challenging Circle’s existing distribution economics around USDC globally. Circle also faces margin pressure from Hyperliquid revenue-sharing terms despite recent federal banking approval milestone. The Japanese investment bank said the stablecoin model could pressure the economics behind Circle’s USDC business.
According to a CoinDesk report, analysts led by Dan Dolev said Open USD “could fundamentally alter CRCL’s business model” by changing how reserve income flows to distributors. Circle shares traded at $62.63 when the report was published.
Mizuho cuts Circle’s 2027 earnings outlook Mizuho raised its estimate for Circle’s distribution and transaction expense ratio in 2027 from 64% to 73%. The bank also lowered its adjusted EBITDA forecast from $1.09 billion to $699 million, about 25% below the analyst consensus cited in the report.
The bank said higher interest rates could support reserve income but may not fully offset pressure from changing stablecoin economics. Its concern centers on how much yield Circle can retain after paying distribution partners, including companies that help USDC reach users and financial platforms.
Open USD challenges the existing stablecoin model Open USD was announced on June 30 by Open Standard, with more than 140 companies participating in its ecosystem. Partners include Coinbase, Mastercard, Stripe and BlackRock. The project says businesses will be able to mint and redeem the stablecoin without fees or artificial volume limits.
Under the model, partners receive reserve earnings after a small management fee covers operating costs. That differs from Circle’s structure, where reserve income is generated before revenue-sharing payments to major distribution partners. As previously reported, Open USD’s announcement raised questions over whether Circle’s own partners could support a rival while continuing to distribute USDC.
Coinbase relationship adds another pressure point Mizuho also pointed to Circle’s revenue-sharing relationship with Coinbase. The bank said the agreement is expected to come up for renegotiation in August, and Coinbase’s participation in Open USD could give it more leverage in future talks.
A separate warning came from JPMorgan. As reported by crypto.news, the bank cut earnings forecasts for Circle and Coinbase after a new USDC revenue-sharing arrangement with Hyperliquid. JPMorgan said the deal could reduce reserve income retained by both companies even if USDC usage grows.
Circle continues to expand USDC infrastructure The downgrade comes as Circle expands its regulatory and payments footprint.Circle data showed USDC circulation at about $73 billion as of July 13, down from $77 billion at the end of the first quarter.
Circle also recently received final approval to establish Circle National Trust. The federally regulated entity will initially focus on digital asset custody for Circle and its affiliates, with possible future services for selected institutional clients.
The company is also expanding USDC use in Asia. JCB and Circle announced a pilot covering cross-border treasury transfers and possible merchant payments in Japan. The project will start with JCB’s internal transfers before the companies assess wider retail payment uses.
Mizuho’s downgrade focuses on Circle’s ability to protect margins as stablecoin competition changes how reserve income is shared. Open USD has not proved it can match USDC’s distribution or liquidity, but its partner-led model creates a new pricing benchmark. Circle’s earnings path will depend partly on USDC supply, interest rates and future revenue-sharing agreements.
According to monitoring by Onchain Lens, whale address '0xf29' has deposited 5 million USDC into HyperLiquid, placed a TWAP order to open a CXMT short position with 1x leverage, and the short position is currently being increased.
Relevant content
Warren Buffett: Not investing in Google back then was a mistake, and it is "more likely to be a winner" now.
Warren Buffett just stated that failing to invest in Google back then was a mistake, noting that based on its current performance, the company is now "more likely to be a winner". He also reaffirmed his optimism about Berkshire Hathaway's investment in Apple. Greg Abel is the current "decision-maker", but neither side will take any action that the other does not endorse. According to market data from BIT (bit.com), Google's US-listed stock is down 0.5% in pre-market trading, while Berkshire Hathaway currently holds approximately $310 billion worth of shares in Alphabet, Google's parent company.
2 minutes ago
Trump’s permanent daylight saving time bill passes the US House of Representatives review.
The U.S. House of Representatives passed the Sunshine Protection Act in a bipartisan vote of 308 in favor and 117 against. The bill aims to make daylight saving time permanent, adopting the current March-to-November schedule year-round. This would permanently set the U.S. stock market opening time to 9:30 PM (UTC+8), instead of switching to 10:30 PM (UTC+8) during standard time periods. States may opt out before the bill takes effect. The legislation has now been sent to the Senate for consideration and has not yet passed the upper chamber. Donald Trump publicly supports the bill, noting that the biannual clock adjustments impose huge economic costs, and he will work to push it into law. Some Republicans oppose the measure, arguing that later winter sunrises will harm student safety on their way to school, possibly leading to students commuting in darkness or delayed class start times. Supporters contend that eliminating clock changes can improve sleep, reduce accidents, and boost economic activity.
2 minutes ago
BNB has completed its 36th quarterly token burn, totaling approximately 1.6158 million BNB, valued at around $913.7 million.
BNB Chain completed its 36th quarterly BNB burn today, with a total of 1,615,827.795 BNB destroyed, valued at approximately $931.7 million at the time. The burn was executed via BSC’s on-chain Auto-Burn mechanism, and the transaction hash has been made public. The remaining total BNB supply stands at around 133.17 million. BNB’s ongoing goal of reducing its total supply to 100 million is aimed at boosting its deflationary properties and supporting the growth of the BNB Chain ecosystem.
2 minutes ago
Stable announces the launch of StablePay, a global USDT-based daily payment application.
Stable, a USDT blockchain platform focused on stablecoin payments, has announced the launch of StablePay, a global daily USDT payment application that integrates everyday USDT payment and yield-earning features into a single mobile app, with no delays, no fees, and frictionless transactions.
2 minutes ago
Galaxy Digital's Head of Research: 2026 dormant BTC activation volume is projected to be less than half of last year, with the "large distribution" phase largely complete.
Galaxy Digital Head of Research Alex Thorn stated that between 2024 and 2025, a significant volume of long-dormant Bitcoin (BTC) was reactivated and transferred on-chain, with the activity’s scale second only to 2017. He noted that the "Great Distribution" phase driven by this wave of old BTC reactivation has now largely concluded, and it is projected that the number of BTC reactivated in 2026 will be less than half of the 2025 figure.
2 minutes ago
A prediction market player turned a $10.8 million loss into an $8 million profit in just two weeks.
According to Lookonchain monitoring, a prediction market trader has reversed a massive profit and loss swing in just two weeks. The account had previously accumulated a loss of approximately $10.8 million, but has turned a profit of over $8 million via recent trades. Its notable large wins include: France vs. Spain: $9.9 million in profit; Switzerland vs. Colombia: $3.765 million; Argentina vs. Switzerland: $1.867 million; United States vs. Belgium: $1.759 million.
15 July 2026 | 10:12 Interactive Brokers has added nine cryptocurrencies to its trading platform and enabled clients to move dollar value out of their brokerage accounts through stablecoins, extending a service that previously focused on inbound funding.
According to the company’s July 14 announcement, eligible clients can now convert U.S. dollars held at Interactive Brokers into USDC, PayPal USD (PYUSD) or Ripple USD (RLUSD) and send the tokens to an external wallet. Transfers are processed around the clock, including weekends and holidays.
Nine Tokens Join the Trading Platform AAVE, UNI and PAXG are also available through Paxos Trust Company. PAXG differs from the other additions because each token represents ownership of allocated physical gold held in professional vaults, giving brokerage clients tokenized commodity exposure alongside conventional cryptocurrencies.
The convenience comes with a custody trade-off. Interactive Brokers states that it neither executes nor custodies the digital assets: positions are held with Paxos or Zero Hash and fall outside SIPC protection. SEC staff has noted that non-security crypto assets may not be covered by a specific insolvency framework, leaving recovery dependent on the custodian’s account structure and applicable bankruptcy law. IBKR still receives part of each trading commission as a referral fee while its partners retain the custody exposure.
Stablecoins Become a Two-Way Brokerage Rail Interactive Brokers began allowing clients to fund accounts with stablecoins earlier in 2026. The latest update completes the opposite side of that process: cash can now leave an IBKR account as a supported digital dollar and arrive in a custodial or self-custody wallet.
The change makes stablecoins more than a deposit method. Clients can move capital between blockchain wallets and a brokerage account without waiting for traditional banking hours, then use the converted funds to access stocks, bonds, options, futures and other products available through IBKR.
“We believe digital assets should be integrated into a client’s broader financial experience, not treated separately,” Interactive Brokers CEO Milan Galik said.
Eligible clients can also transfer supported cryptocurrencies directly between external wallets and their IBKR-linked Paxos or Zero Hash accounts instead of selling the assets before moving platforms.
IBKR Is Opening Its Brokerage Ledger to Onchain Liquidity The nine listings expand the trading menu, but bidirectional transfers change the platform’s underlying function. Stablecoin deposits previously allowed clients to move onchain dollars into an IBKR account, where they were converted into cash. The new withdrawal route reverses that flow, allowing brokerage balances to leave as USDC, PYUSD or RLUSD without first passing through a bank wire.
This effectively turns Interactive Brokers into a bridge between traditional securities and external blockchain markets. A client could sell an asset inside the brokerage account, convert the resulting dollars into a stablecoin and transfer that value to a self-custody wallet outside banking hours. The funding rail operates continuously, although the stocks, bonds and other instruments available through IBKR remain subject to their respective market hours.
Interactive Brokers is not taking direct custody risk to provide that connection. Its official disclosures state that Paxos or Zero Hash execute the trades and hold each client’s digital assets in a separate account outside IBKR. The brokerage receives part of the trading commission as a referral fee, giving it a way to monetize crypto access without building its own exchange and custody infrastructure.
External-wallet support also should not be confused with unrestricted transfers. Zero Hash screens wallet addresses against sanctions and internal risk lists before processing movements, and incoming assets linked to high-risk addresses may be placed in quarantine rather than credited immediately. The service therefore combines self-custody access with the compliance controls of a regulated intermediary.
Trading Fees and Regional Restrictions Crypto commissions range from 0.12% to 0.18% of transaction value, depending on monthly volume. Each order carries a $1.75 minimum, capped at 1% of the trade value, with no added spreads or markups. Although IBKR advertises no custody fee, clients maintaining an open Paxos account may incur a $0.15 monthly charge passed through by the broker.
The rollout is not universal. Bidirectional stablecoin funding is unavailable to clients of Interactive Brokers U.K. and Interactive Brokers Ireland, while Irish accounts are also excluded from the newly listed tokens. Availability elsewhere depends on the client’s country of residence and the Interactive Brokers entity serving the account.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Per Specter’s monitoring, an executor wallet of LayerZero is suspected to have been attacked, involving multiple blockchains, with total losses of around $2.1 million. The attacker cross-bridged the stolen assets to Ethereum via Stargate and Relay, and currently holds 955 ETH (valued at approximately $1.78 million) and 322,000 USDC.
Relevant content
Warren Buffett: Not investing in Google back then was a mistake, and it is "more likely to be a winner" now.
Warren Buffett just stated that failing to invest in Google back then was a mistake, noting that based on its current performance, the company is now "more likely to be a winner". He also reaffirmed his optimism about Berkshire Hathaway's investment in Apple. Greg Abel is the current "decision-maker", but neither side will take any action that the other does not endorse. According to market data from BIT (bit.com), Google's US-listed stock is down 0.5% in pre-market trading, while Berkshire Hathaway currently holds approximately $310 billion worth of shares in Alphabet, Google's parent company.
2 minutes ago
Trump’s permanent daylight saving time bill passes the US House of Representatives review.
The U.S. House of Representatives passed the Sunshine Protection Act in a bipartisan vote of 308 in favor and 117 against. The bill aims to make daylight saving time permanent, adopting the current March-to-November schedule year-round. This would permanently set the U.S. stock market opening time to 9:30 PM (UTC+8), instead of switching to 10:30 PM (UTC+8) during standard time periods. States may opt out before the bill takes effect. The legislation has now been sent to the Senate for consideration and has not yet passed the upper chamber. Donald Trump publicly supports the bill, noting that the biannual clock adjustments impose huge economic costs, and he will work to push it into law. Some Republicans oppose the measure, arguing that later winter sunrises will harm student safety on their way to school, possibly leading to students commuting in darkness or delayed class start times. Supporters contend that eliminating clock changes can improve sleep, reduce accidents, and boost economic activity.
2 minutes ago
BNB has completed its 36th quarterly token burn, totaling approximately 1.6158 million BNB, valued at around $913.7 million.
BNB Chain completed its 36th quarterly BNB burn today, with a total of 1,615,827.795 BNB destroyed, valued at approximately $931.7 million at the time. The burn was executed via BSC’s on-chain Auto-Burn mechanism, and the transaction hash has been made public. The remaining total BNB supply stands at around 133.17 million. BNB’s ongoing goal of reducing its total supply to 100 million is aimed at boosting its deflationary properties and supporting the growth of the BNB Chain ecosystem.
2 minutes ago
Stable announces the launch of StablePay, a global USDT-based daily payment application.
Stable, a USDT blockchain platform focused on stablecoin payments, has announced the launch of StablePay, a global daily USDT payment application that integrates everyday USDT payment and yield-earning features into a single mobile app, with no delays, no fees, and frictionless transactions.
2 minutes ago
Galaxy Digital's Head of Research: 2026 dormant BTC activation volume is projected to be less than half of last year, with the "large distribution" phase largely complete.
Galaxy Digital Head of Research Alex Thorn stated that between 2024 and 2025, a significant volume of long-dormant Bitcoin (BTC) was reactivated and transferred on-chain, with the activity’s scale second only to 2017. He noted that the "Great Distribution" phase driven by this wave of old BTC reactivation has now largely concluded, and it is projected that the number of BTC reactivated in 2026 will be less than half of the 2025 figure.
2 minutes ago
A prediction market player turned a $10.8 million loss into an $8 million profit in just two weeks.
According to Lookonchain monitoring, a prediction market trader has reversed a massive profit and loss swing in just two weeks. The account had previously accumulated a loss of approximately $10.8 million, but has turned a profit of over $8 million via recent trades. Its notable large wins include: France vs. Spain: $9.9 million in profit; Switzerland vs. Colombia: $3.765 million; Argentina vs. Switzerland: $1.867 million; United States vs. Belgium: $1.759 million.
TLDR: Mizuho downgraded Circle to Underperform, cutting its price target from $85 to $50. OpenUSD’s revenue-sharing model threatens Circle’s core USDC business economics. Mizuho slashed 2027 adjusted EBITDA forecast to $699 million from $1.09 billion. Circle’s August Coinbase renegotiation looms as a key risk to distribution costs. Mizuho, a major Japanese investment bank, has downgraded Circle from Neutral to Underperform. The bank also slashed its price target on the stablecoin issuer sharply.
Circle’s target price dropped from $85 to just $50 per share. Analysts cited emerging competitive threats that could weigh heavily on future earnings.
Mizuho Cites Growing Threat From Rival Stablecoin Model The downgrade stems largely from concerns over OpenUSD, a newly launched stablecoin. Analysts led by Dan Dolev outlined the threat in a Tuesday research note.
The team warned that OpenUSD “could fundamentally alter CRCL’s business model, which relies on retaining a large portion of the treasury yield to drive revenues.” That assessment forms the basis for Mizuho’s sharply lowered outlook.
OpenUSD was unveiled on June 30 by the Open Standard consortium. This group already counts more than 140 partners across major financial sectors.
Notable backers include Mastercard, Stripe, Coinbase, and BlackRock among others. Their involvement gives OpenUSD substantial credibility and reach within the industry.
Circle’s existing USDC model captures most reserve income before sharing with partners. OpenUSD instead charges a small fee and passes most income along.
This structural difference could force Circle to share more revenue eventually. Distribution partners may push for larger cuts as OpenUSD gains traction.
The timing is notable given Circle’s upcoming negotiation with Coinbase in August. Coinbase remains Circle’s largest and most important distribution partner currently.
Coinbase has already shown support for the OpenUSD initiative publicly. Mizuho’s note suggests this backing could strengthen Coinbase’s position in talks.
Revised Estimates Reflect Deeper Margin Concerns Mizuho adjusted several key financial estimates to reflect these emerging pressures. The bank raised its 2027 distribution and transaction expense ratio forecast.
That figure now sits at 73%, up notably from a prior 64% estimate. Higher costs directly reduce the amount of profit Circle can retain.
Adjusted EBITDA projections fell as a result of these revised assumptions. Mizuho now forecasts $699 million, down from $1.09 billion previously.
This updated figure lands roughly 25% below current Wall Street consensus estimates. Consensus estimates currently sit near $941 million for the same period.
Mizuho noted that higher interest rates alone will not offset the damage. Even improved reserve yields cannot fully counter mounting distribution cost pressures.
Circle shares reacted to the news, slipping about 0.6% in trading. Shares were last seen near $62.63 at the time of publication.
Beyond OpenUSD, Circle faces additional headwinds from other market participants. JPMorgan flagged separate concerns tied to Circle’s partnership with Hyperliquid.
That bank described the arrangement as creating a prisoner’s dilemma dynamic. Together, these reports paint a more cautious picture for Circle’s near-term outlook.
The broader stablecoin sector has also cooled somewhat in recent months. USDC’s circulating supply dropped to roughly $73 billion from March highs.
Total stablecoin market value has shrunk close to $10 billion since May. Softer trading volumes and rising competition both contributed to that decline.
In December 2023, Circle quietly pulled the plug on Heka Funds, a Malta-based trading firm with deep ties to Tether. The reason: suspected market manipulation designed to benefit USDT at USDC’s expense. The full story stayed under wraps until July 14, 2026, when the Financial Times published findings from the subsequent arbitration.
The arbitrator sided with Circle. Heka had sought $49 million in lost profits. It walked away with nothing.
What Heka was actually doing Heka Funds, associated with London’s Abraxas Capital Management, was not some small-time operation. The firm ran large-scale USDC redemptions and arbitrage strategies through Circle’s platform, and by its own account, those strategies had delivered returns exceeding 100% since inception.
Advertisement
Tether was historically one of Heka’s largest clients. That relationship never made it into Heka’s disclosures to Circle.
The arbitrator found that Heka intentionally withheld its connection to Tether, a fact that turned out to be central to the entire dispute. The arbitrator’s finding on non-disclosure was enough to end Heka’s claim.
The stablecoin market context The stablecoin market had grown to approximately $307 billion by the time the arbitration findings became public, with USDC and USDT accounting for the dominant share of that figure.
Tether has not been named as a direct party to the dispute. The connection runs through Heka’s client relationships, not any formal Tether instruction to manipulate Circle’s markets.
What investors and traders should take from this Heka’s entire arbitration claim collapsed not because Circle couldn’t prove manipulation, but because Heka couldn’t prove it was operating in good faith when it hid a material conflict of interest.
Circle’s willingness to fight a $49 million arbitration claim rather than settle signals that it views platform integrity as a non-negotiable. For retail and institutional investors holding USDC, the short version is that Circle won, and the redemption mechanism functioned as intended under stress. The less comfortable version is that a sophisticated firm with ties to the world’s largest stablecoin issuer was running strategies on Circle’s platform that Circle considered manipulative, and nobody found out for nearly three years.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
A prediction market player turned a $10.8 million loss into an $8 million profit in just two weeks.
According to Lookonchain monitoring, a prediction market trader has reversed a massive profit and loss swing in just two weeks. The account had previously accumulated a loss of approximately $10.8 million, but has turned a profit of over $8 million via recent trades. Its notable large wins include: France vs. Spain: $9.9 million in profit; Switzerland vs. Colombia: $3.765 million; Argentina vs. Switzerland: $1.867 million; United States vs. Belgium: $1.759 million.
9 minutes ago
Cross-chain protocol Owlto joins Google Web3 Startup Program, secures exclusive cloud service credits.
According to official announcements, cross-chain protocol Owlto has announced its participation in the Google Web3 Startup Program. Owlto officials stated that through this program, the project will receive Google-provided cloud service credits (Google Credits), along with support in technology, community, and resources to advance its AI-driven cross-chain infrastructure development.
9 minutes ago
The full lineup of WAIC's surrounding events is here! This weekend in Shanghai, head to these spots to enjoy AI and have fun.
Beating releases the "WAIC Complete Peripheral Activities Collection & Food, Drink, and Entertainment Guide", themed "WAIC Amusement Park | Player's Manual", which systematically sorts out key activities inside and outside exhibition halls and urban experiences during WAIC (July 17-20). The guide is structured around sections including "Hidden Side Event Collection", "Urban Supplies", and "Open Coordinates", featuring forums, developer gatherings, startup exchanges, brand receptions, and social events such as the AI Business Summit, Physical AI Camp Demo Day, AI Builders Night, vLLM Meetup Shanghai, WAIC Afterparty, and Cafe Cursor Shanghai. It also recommends nearby restaurants, coffee shops, bars, city walks, and Huangpu River night cruise routes at venues like Expo, Zhangjiang, and West Bund. The guide provides a one-stop route reference for WAIC attendees, helping them efficiently connect with industry resources and unlock a more complete Shanghai AI Week experience. Click the "Original Link" below to view the full guide content.
9 minutes ago
The US military launches a new round of strikes against Iran.
U.S. Central Command stated that at 6 a.m. Eastern Time today (18:00 Beijing time), its forces launched a series of strikes against Iran. The strikes aim to further weaken Iran’s military capabilities used to attack commercial shipping in the Strait of Hormuz. Source: Jinshi
9 minutes ago
PeckShield: Abnormal fund movement in LayerZero Executor wallet is not an attack, user funds are not at risk.
Blockchain security firm PeckShield stated in a post that the previously detected abnormal fund movements in LayerZero's executor wallets are not a security incident, but part of normal operational adjustments. PeckShield confirmed that user funds are currently not at risk.
9 minutes ago
A crypto whale’s short position on the ETH/BTC exchange rate has incurred an unrealized loss of over $3.85 million.
Per on-chain analyst ai_9684xtpa’s monitoring, address 0xf83…96728 currently holds 12,832 ETH in 20x short positions and 366 BTC in 20x long positions, with both positions valued at roughly $24 million each. As ETH has outperformed BTC in this round of rebound, the address’s ETH position has an unrealized loss of around $4.07 million, while its BTC position generates an unrealized profit of approximately $216,000, resulting in an overall unrealized loss of about $3.856 million.
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.
South Korea will establish a strategic investment account to invest in strategic industries.
South Korea has shelved a plan to establish an independent sovereign wealth fund, which was originally modeled after Singapore’s Temasek Holdings and Australia’s Future Fund. Instead, the country will set up a strategic investment account within the Korea Investment Corporation (KIC). South Korea’s Ministry of Finance stated that the account will invest in domestic and overseas sectors critical to national competitiveness and economic security, with investment targets spanning strategic industries such as nuclear energy and aerospace, core areas including finance and infrastructure, as well as overseas supply chains.
5 minutes ago
Circle has again issued an additional 750 million USDC on Solana, bringing its total additional USDC issuance this year to over $69 billion.
According to monitoring by Onchain Lens, Circle has minted an additional 750 million USDC on the Solana network. Data shows that since 2026, Circle has cumulatively minted approximately 69.01 billion USDC on the Solana network.
5 minutes ago
A South Korean investment-focused YouTuber was attacked with a knife by a viewer, allegedly triggered by huge losses from following the YouTuber's stock investment recommendations.
According to a report by The Chosun Ilbo, a stock investment-focused YouTuber in his 40s in Busan, South Korea was repeatedly stabbed with a knife by a man in his 20s. The suspect was a subscriber to the YouTube channel, the report noted. Some local media outlets added that the attack’s motive stemmed from the suspect incurring heavy investment losses after buying stocks recommended by the YouTuber, sparking resentment that led to the assault. The case is currently under further investigation.
5 minutes ago
Bitmine's Ethereum staking revenue reached $45.7 million last quarter, accounting for 98% of its total revenue.
Bitmine Immersion Technologies’ latest 10-Q filing shows that for the quarter ended May 31, the company generated approximately $45.7 million in revenue from Ethereum staking and validation services, accounting for around 98% of its total revenue. In the same period, its self-mining revenue from Bitcoin came to about $624,000, while consulting services revenue was roughly $168,000. Bitmine previously disclosed that it has allocated roughly 85% of its ETH holdings to staking, equivalent to around 4.9 million ETH. Tom Lee, chairman of Bitmine, stated that with the full launch of MAVAN—its institutional-grade Ethereum staking platform—the company expects annualized rewards from its Ethereum staking business to reach approximately $284 million. Additionally, he noted that since its launch on July 1, Robinhood Chain has recorded over $1 billion in on-chain transaction volume, adding that this validates Ethereum’s utility as an underlying settlement network.
5 minutes ago
Analysis: The US and Iran are trapped in a war of attrition in the Strait of Hormuz, with both sides facing time pressure.
As tensions in the Strait of Hormuz continue to escalate, analysts believe the U.S. and Iran are entering a war of attrition centered on time, cost, and political endurance. Reports indicate Trump aims to resolve the conflict before the U.S. midterm elections to avoid further oil price hikes, while Iran is seeking to prolong time without triggering full-scale war by repeatedly threatening shipping in the Strait of Hormuz, in order to wear down the U.S.'s political and military patience. To date, the U.S. has reinstated blockades on Iranian ports and maritime shipping, and has been striking military targets that threaten navigation; Iran, in turn, continues to target Strait of Hormuz shipping lanes with missiles and drones, attempting to disrupt global energy transport. Analysts note that with both sides seeking to avoid full-scale escalation, this standoff is likely to evolve into a prolonged war of attrition.
5 minutes ago
South Korean securities firms discuss raising minimum deposit requirements for chip stock leveraged ETFs.
The Korea Financial Investment Association (KFIA) announced that CEOs of 10 major South Korean asset management firms have discussed investor protection measures for individual stock leveraged ETFs, including raising minimum deposit requirements and staggering rebalancing trading times. Per the association’s statement, attendees agreed it is necessary to lift the minimum deposit threshold for investing in such leveraged products from the current 10 million won (US$6,714). They also emphasized the need to strengthen the market stabilizer function of liquidity providers. Citing data from the Korea Capital Market Institute, the KFIA noted that since the launch of related leveraged ETFs, daily stock trading volume required for rebalancing is estimated at between 700 billion won and 2.1 trillion won.
Japan’s largest domestic payment network, JCB, has entered a memorandum of understanding with Circle to explore the use of USDC for cross-border payments and merchant transactions. The initiative will begin with a joint proof of concept focusing on internal cross-border fund transfers using USDC, as well as testing stablecoin payments at Japanese merchants catering to international visitors.
Stablecoin pilot and interoperabilityThe two companies plan to assess the technology required to support stablecoin transactions on JCB’s networks, including interoperability across multiple blockchain ecosystems. In addition to serving JCB’s internal cross-border needs, the proof of concept will also evaluate the practicalities of enabling stablecoin-based payments at brick-and-mortar merchants in Japan.
JCB and Circle emphasized a goal of developing new applications for stablecoin infrastructure in cross-border payments and merchant services, though specifics regarding commercial rollout remain unannounced.
JCB, established in 1961, is a leading Japanese payment brand widely accepted across Asia, with a large domestic merchant network and a presence in over 190 countries and territories.
Circle, which issues USDC, is a global financial technology firm specializing in digital currency solutions for payments and treasury operations. The company’s stablecoin, USDC, ranks as the world’s second-largest stablecoin, with a circulating supply of approximately $73 billion, according to DefiLlama data. Tether’s USDT leads the market with a circulating supply of about $184 billion.
StablecoinCirculating supplyIssuerUSDT$184 billionTetherUSDC$73 billionCircleExpanding stablecoin payments in JapanThe Circle partnership follows a separate JCB initiative with Digital Garage and Resona Holdings, launched in January, to trial stablecoin payments at physical stores in Japan. That effort is aimed at identifying both technical and operational challenges as stablecoin technology enters daily commerce.
Additionally, Japan’s stablecoin payment pilots have gathered momentum in 2024. In June, Circle and Nomura, the country’s largest investment bank, were reported to be working on a stablecoin-based foreign exchange settlement service. This service would enable Japanese companies to convert yen into USDC for cross-border transactions with near-instant settlement.
Japanese retail and payments firms are also moving forward. On Monday, Lawson announced plans to pilot yen-based stablecoin payments at a Tokyo store starting in August. Meanwhile, payments firm Netstars launched a merchant payment service supporting USDC, USDT, and JPYC, distributed across the Solana and Polygon blockchains.
Mini dictionary: Netstars – A Japanese payments company offering payment gateway and merchant payment solutions, enabling transaction support for both traditional and digital currencies.
Japan’s regulatory and digital asset landscapeJapan has played a pioneering role in stablecoin regulation. The country created a legal framework allowing banks, trust companies, and licensed money transfer providers to issue fiat-backed tokens. Amendments to the Payment Services Act, which took effect in 2023, underpin this framework.
The country continues to advance broader digital asset reforms. In June, Japan’s Lower House passed legislation that classifies crypto assets as financial instruments. This reclassification opens the potential for crypto exchange-traded funds and could bring Japan’s crypto sector in line with stricter market regulations facing traditional financial instruments.
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.
Japan has a reputation for being simultaneously one of the world’s most technologically sophisticated countries and one of the slowest to change how its citizens actually pay for things. JCB, the country’s dominant domestic credit card network, has signed a memorandum of understanding with Circle to explore using USDC across both cross-border treasury operations and merchant payments inside Japan.
This is not a crypto-native startup experimenting at the margins. JCB is the card network that sits behind millions of Japanese consumers and a vast retail merchant base.
What the deal actually covers The MOU lays out two distinct use cases. The first is internal treasury operations. JCB will begin by running a proof-of-concept focused on using USDC for cross-border fund transfers within its own organization. The second use case is more consumer-facing. The two companies plan to test in-store USDC payments at retail locations, targeting both local Japanese shoppers and international visitors.
Advertisement
Circle’s broader stablecoin stack is also on the table. Beyond USDC, the companies will evaluate EURC, Circle’s euro-denominated stablecoin, for potential payment applications in Japan.
Why Japan, and why now USDC became the first global dollar stablecoin to receive regulatory approval for use in Japan from the Financial Services Agency. Japan updated its regulatory framework for stablecoins in 2023, creating a legal pathway for foreign issuers to offer their products in the Japanese market under defined compliance requirements.
Circle moved quickly to meet those requirements, and the FSA’s green light for USDC gave the company a meaningful first-mover advantage among dollar stablecoin issuers in Japan.
The merchant network angle is also significant. JCB’s acceptance footprint across Japan gives Circle a distribution channel that would otherwise take years to build independently. Circle brings the stablecoin infrastructure, JCB brings the merchants and the cardholders.
What this means for stablecoin adoption and investors For Circle, this deal matters beyond the Japan market in isolation. Circle has been building toward an IPO, and every major institutional partnership strengthens the case that USDC is infrastructure-grade. A proof-of-concept with one of Japan’s most established financial brands is exactly the kind of reference customer that institutional investors and public market analysts care about when evaluating a stablecoin issuer’s long-term revenue model.
USDC generates yield for Circle primarily through the US Treasury holdings that back the stablecoin’s reserves. More USDC in circulation means more reserves, means more yield. Every new market where USDC gains regulatory approval and institutional distribution is another lever on that core business model.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
JPMorgan Chase & Co., the largest bank in the world by market capitalization, has sounded the alarm about Coinbase and Circle’s USDC-based revenue in their partnership with Hyperliquid.
USDC alliance expected to slash Coinbase and Circle earningsAccording to the bank’s July 2026 report, the partnership among the three crypto players creates a prisoner’s dilemma. Essentially, Coinbase and Circle are competing for the distribution of the stablecoin to increase their revenue.
“We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements because it can create ‘a prisoner’s dilemma’ that drives Coinbase and Circle to compete with each other when promoting USDC distribution,” analysts led by Kenneth Worthington said in the Tuesday report.
Hyperliquid is currently the largest decentralized exchange, boasting over $150 billion in processed transactions this July. In the same month, the Hyperliquid-Binance volume ratio officially surpassed the 11.89% milestone, following a 47% month-over-month surge in Hyperliquid’s trading volume. At present, Hyperliquid holds about $6 billion in USDC, or about 8% of the stablecoin’s circulating supply.
Two months ago, the trio entered into an agreement in which Coinbase became the official USDC liquidity manager on Hyperliquid. Meanwhile, Circle managed cross-chain infrastructure and minting to reduce third-party risk.
In return, Coinbase would route 90% of the stablecoin yield back to Hyperliquid. The exchange then uses these funds to conduct regular HYPE token buybacks, thereby boosting the token’s value. This arrangement overturned a previous contract in which Coinbase split nearly all of the stablecoin’s revenue evenly with Circle.
More reasons for lower returnsWeaker crypto markets have also cut stablecoin yields, with USDC supply now down to $73 billion from around $80 billion in March. Even more, the crypto industry is continuously incorporating regulated stablecoins, chipping away at Circle’s USDC’s previous dominance.
Japanese investment bank Mizuho notes that while Circle’s approval to open a bank is positive, investors may be overvaluing it.
Whether JPMorgan’s warnings hold any weight remains to be seen once Coinbase and Circle release their Q2 earnings reports on July 30 and August 11, respectively.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
JPMorgan flags a structural shift in USDC economicsJPMorgan has lowered its earnings forecasts for @circle and @coinbase, warning that a new revenue-sharing agreement with Hyperliquid is weakening the economics behind $USDC. Circle and Coinbase announced the partnership with Hyperliquid in May to expand $USDC adoption. Hyperliquid operates as both a Layer-1 blockchain and a decentralized exchange for spot and derivatives trading, and as of June 11, $USDC became the preferred stablecoin on the platform.
Under the new structure, @coinbase classifies any $USDC on Hyperliquid as "on-platform," earning all associated reserve income but paying 90% of the float back to Hyperliquid. Hyperliquid holds roughly $6 billion in $USDC, representing about 8% of the stablecoin's circulating supply, according to JPMorgan estimates. JPMorgan estimated @coinbase previously split nearly all of that revenue evenly with @circle.
@jpmorgan said the arrangement creates a "prisoner's dilemma" that encourages @circle and @coinbase to compete for $USDC distribution at the expense of their own revenue. Even if $USDC becomes more widely used, the profit margins for @coinbase and @circle could still shrink.
Market impact and broader pressure on the stablecoin pairJPMorgan cut its price target for @coinbase from $283 to $196 after saying the new partnership involving $USDC could reduce revenue in the near term. The bank said the full impact of the Hyperliquid relationship will not appear in second-quarter results but will be incorporated in the second half of 2026.
Previous estimates from Compass Point suggested the agreement could redirect between $135 million and $160 million in annual reserve income toward Hyperliquid, with the combined annual earnings of @circle and @coinbase potentially falling by between $60 million and $80 million.
$USDC's circulating supply has fallen to about $73 billion from nearly $80 billion in March, part of a broader $10 billion contraction in the stablecoin market since May as crypto trading activity cooled and new regulated rivals chipped away at the dominance of $USDC and Tether's USDT. Hyperliquid, meanwhile, processed more than $150 billion in trading volume during July, with its volume relative to Binance reaching 11.5%, making it an increasingly important distribution channel for $USDC, according to @jpmorgan.
The broader takeaway is a structural one: as platforms like Hyperliquid grow, the economics of stablecoin distribution are being renegotiated. Growing competition is forcing stablecoin companies to share more reserve income with exchanges and payment platforms. The platforms holding the coins are increasingly the ones capturing the yield.
Sources:
CoinDesk: JPMorgan sees Hyperliquid partnership weighing on Circle, Coinbase
Yahoo Finance: JPMorgan cuts estimates for Circle and Coinbase on Hyperliquid pressure
CryptoNews: JPMorgan warns Hyperliquid's growth threatens Circle's USDC economics
What Did JPMorgan Actually Say?Analysts led by Kenneth Worthington said the Hyperliquid deal created a structural problem for the Circle-Coinbase partnership.
Under the new arrangement, Coinbase classifies USDC held on Hyperliquid as “on-platform,” collects the reserve income, and pays 90% of it directly to Hyperliquid.
Previously, Coinbase split nearly all of that revenue evenly with Circle.
“We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements because it can create a prisoner’s dilemma that drives Coinbase and Circle to compete with each other when promoting USDC distribution,” Worthington wrote.
The problem is structural. Every time Coinbase chases a major distribution partner by offering better revenue terms, it cuts into Circle’s share.
Every time Circle tries to protect its economics, it risks losing distribution. Both sides are now incentivized to undercut each other to secure the next Hyperliquid-scale deal.
Why Does Hyperliquid Make This A Bigger Deal Than It Looks?Hyperliquid has grown into one of crypto’s largest trading venues, processing more than $150 billion in trading volume in July alone.
Its volume relative to Binance climbed to 11.5%, and USDC balances on the platform have swelled to roughly $6 billion, representing about 8% of the entire circulating USDC supply.
That scale makes Hyperliquid an increasingly important distribution channel, which is exactly why Coinbase was willing to offer 90% of reserve yields to secure it.
The more platforms of this size emerge, the more pressure Circle and Coinbase face to keep offering similar terms elsewhere.
How Much Has USDC Already Lost?USDC’s circulating supply has fallen from nearly $80 billion in March to around $73 billion, part of a broader $10 billion contraction in the stablecoin market since May.
Crypto trading activity cooled while new regulated rivals chipped away at both USDC and Tether’s USDT dominance.
JPMorgan cut earnings estimates for both Circle and Coinbase citing the Hyperliquid agreement alongside weaker crypto markets, though the bank noted higher interest rates provide some support for USDC-related revenue over the longer term.
Mizuho said last week that Circle’s approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but warned investors may be overestimating how much it moves the needle on USDC growth given the competitive pressures now in place.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
JPMorgan has reduced its earnings forecast for both Circle and Coinbase after it signed a new revenue-sharing deal with Hyperliquid that affected the distribution of income generated by USDC’s reserves. The agreement might affect the overall economics of the stablecoin business for both the companies in the long run, the bank added.
Wall Street is taking a closer look at the revenue-sharing arrangement between stablecoin issuers and distribution platforms. While some analysts remain optimistic about Circle’s long-term position, others believe competition for USDC adoption could reduce profit margins.
JPMorgan Raises Concerns Over Hyperliquid Agreement JPMorgan cited a new deal between Coinbase, Circle, and Hyperliquid that will change the way the reserve currency from USDC on Coinbase is split.
As part of the deal, Coinbase will categorize USDC on Hyperliquid as “on-platform” balances. Coinbase will get those reserves but will give 90% of income back to Hyperliquid rather than divide it among themselves and Circle.
JPMorgan estimates that Hyperliquid has approximately $6 billion in USDC, which is approximately 8% of the total circulating supply.
The bank said that the situation is a “prisoner’s dilemma” because both Coinbase and Circle are looking to drive more volume on USDC while giving up a larger share of the revenue generated by the reserves backing the stablecoin.
Partnership Aims To Expand USDC Adoption On May 14, Circle and Coinbase announced their partnership with Hyperliquid as part of their broader strategy to increase the adoption of USDC.
Hyperliquid has its own Layer-1 blockchain as well as a decentralized exchange that supports spot and perpetual futures. USDC has now emerged as the preferred stablecoin of the platform since June 11.
JPMorgan, however, has a different view about the financial terms that facilitated the deal and thinks that it will impact the future revenue of both Circle and Coinbase.
Wall Street Remains Divided on Circle Not all analysts are being all that bearish on JPMorgan. Mizuho has also become more cautious on Circle, downgrading the stock as concerns grow over the economics of USDC.
Meanwhile, companies such as Bernstein and William Blair have retained their bullish outlook on the company.
JPMorgan also said it still expects USDC-related earnings to grow through 2027, supported by expectations that interest rates will remain higher for longer. The bank now expects a 25 basis point increase in interest rates at the Federal Reserve’s October 2026 meeting.
If you are looking for the best liquid staking platforms for passive income, get the latest info on our liquid staking page.
JPMorgan has lowered its earnings forecasts for Circle and Coinbase after a new USDC revenue-sharing agreement with Hyperliquid changed how income from the stablecoin’s reserves will be divided.
Summary
JPMorgan cut earnings forecasts for Circle and Coinbase after the Hyperliquid USDC deal. The bank warned new revenue-sharing terms could pressure stablecoin profit margins. Analysts remain divided as higher interest rates may still support USDC earnings growth. According to a JPMorgan research note, the revised agreement could reduce the long-term profitability of the USDC business for both companies, even as they continue pursuing higher adoption of the dollar-backed stablecoin.
JPMorgan Cuts Circle and Coinbase Forecasts Over Hyperliquid Deal
JPMorgan downgraded earnings estimates for Circle and Coinbase, stating their new agreement with Hyperliquid weakens USDC economics. Coinbase will now pay 90% of USDC reserve yields on the platform to Hyperliquid,… pic.twitter.com/tnRhp5uG7M
— Wu Blockchain (@WuBlockchain) July 14, 2026 The bank argued that competition among distribution partners may force issuers to give away a larger share of reserve income to secure market share.
New revenue-sharing terms reduce reserve income Under the arrangement highlighted by JPMorgan, Coinbase will classify USDC held on Hyperliquid as “on-platform” balances. As a result, Coinbase will receive the reserve income generated by those deposits but will return 90% of that revenue to Hyperliquid instead of splitting the proceeds with Circle under the companies’ existing economic arrangement.
JPMorgan estimated that Hyperliquid currently holds about $6 billion worth of USDC, representing roughly 8% of the stablecoin’s circulating supply. Because of the platform’s growing role in the USDC ecosystem, the bank believes the revised economics could have a noticeable effect on future earnings for both Circle and Coinbase.
Describing the competitive dynamic, JPMorgan said both companies face pressure to increase USDC usage even if doing so requires surrendering a larger portion of reserve revenue to distribution partners. The bank characterized the situation as one in which efforts to expand adoption could come at the cost of lower profitability.
The revenue-sharing concerns follow an announcement made on May 14, when Circle and Coinbase revealed a partnership with Hyperliquid to deepen USDC integration across the crypto trading platform. Hyperliquid operates both a Layer-1 blockchain and a decentralized exchange offering spot and perpetual futures markets.
Since June 11, USDC has become Hyperliquid’s preferred stablecoin, strengthening the platform’s importance within Circle’s distribution network. JPMorgan said the commercial terms supporting that expansion, rather than the growth in usage itself, have become the main issue for investors evaluating future earnings.
Wall Street remains divided on Circle’s outlook Elsewhere on Wall Street, analysts have reached different conclusions about Circle’s long-term prospects. Mizuho has also taken a more cautious stance on the company, downgrading the stock as concerns grow over whether expanding USDC adoption will continue to generate attractive economics.
By contrast, Bernstein and William Blair have maintained positive ratings on Circle, indicating they still expect the stablecoin issuer to benefit from continued growth in digital dollar usage despite increasing competition for distribution partnerships.
Even after cutting its earnings estimates, JPMorgan said it continues to forecast growth in USDC-related earnings through 2027. The bank attributed that expectation to its interest-rate outlook, which now includes a 25-basis-point Federal Reserve rate increase at the October 2026 meeting.
Higher rates generally increase the income earned on the cash and Treasury reserves backing USDC, providing an offset to the revenue-sharing concessions outlined in the Hyperliquid agreement.
For investors, the latest debate has shifted attention away from USDC’s circulating supply alone and toward how reserve income is divided among issuers, exchanges, and distribution partners. JPMorgan’s analysis suggests that while adoption can continue rising, the financial value retained by Circle and Coinbase may come under increasing pressure as more platforms negotiate similar commercial terms.
The rapid ascent of decentralized perpetuals exchange Hyperliquid is forcing a reassessment of stablecoin economics, and the latest voice to flag the risk comes from JPMorgan. In a research note covered by the original report, the bank’s analysts argue that Hyperliquid’s deepening integration with Circle and Coinbase creates a prisoner’s dilemma that could erode the profit margins Circle derives from its USDC stablecoin.
The core tension is structural. Hyperliquid now processes billions of dollars in daily notional volume, largely settled in USDC. The exchange’s deal with Circle and Coinbase gave it preferential access to stablecoin liquidity and fiat ramps, but those terms also reshape how revenue from USDC reserves gets shared across the ecosystem. As the venue grows, it captures a larger slice of the stablecoin velocity that issuers typically monetize through interest on Treasury-held reserves.
How Stablecoin Revenue Flows Really Work Most of the crypto market understands that stablecoin issuers like Circle earn from the yield on their reserve assets. Less discussed is how that yield gets distributed behind the scenes. Exchanges, institutional partners, and large on-chain venues that drive USDC demand often receive a share of the interest income—effectively a rebate for custodying, wrapping, or facilitating high-volume usage. This revenue-sharing model is what keeps USDC liquid across centralized and decentralized platforms.
When Hyperliquid locked in its arrangement with Circle and Coinbase, it likely secured economics that reflect its outsized contribution to USDC turnover. The platform routinely handles north of $5 billion in daily perps activity, with USDC functioning as the dominant margin and settlement asset. That volume gives it leverage. But if one venue gets a lopsided deal, other exchanges—both CeFi and DeFi—will inevitably demand similar treatment. JPMorgan’s note frames this as a classic prisoner’s dilemma: every participant has an incentive to extract the best possible terms, but if all of them succeed, Circle’s unit economics deteriorate sharply.
Why Hyperliquid’s Deal Creates a Structural Tension The deal’s effect isn’t just about Hyperliquid. It sets a precedent. Other L1 and L2 perp protocols, order-book DEXs, and even large centralized exchanges that hold significant USDC balances will now point to Hyperliquid’s terms when renegotiating their own revenue-sharing agreements. Circle could face a wave of margin compression that accelerates as on-chain derivatives markets keep eating into traditional exchange volume.
For Coinbase, the calculus is different. The exchange holds an equity stake in Circle and benefits from USDC’s growth in market cap. But it also operates a competing derivatives venue. By co-signing the deal, Coinbase may be accepting a trade-off: sacrifice some interest income on the stablecoin side to ensure Hyperliquid’s flow stays within the Circle orbit rather than migrating to USDT or a new entrant. That’s a defensive move, but it doesn’t make Circle’s earnings picture any brighter. Recent institutional activity, including tokenized Treasury settlements involving JPMorgan itself, shows how competition for yield-bearing stablecoin alternatives is intensifying.
The Long-Term View for USDC and DeFi Circle’s profitability was already under scrutiny. After the Federal Reserve began cutting rates, the interest income from its reserve portfolio shrank, and competition from Tether’s USDT continued to chip away at market share. If the Hyperliquid arrangement leads to a broader re-rating of revenue splits, USDC becomes a thinner-margin business just as it faces regulatory demands that may require higher compliance costs. Stablecoin legislation in the U.S. could add further strain by forcing issuers to hold capital buffers or restrict reserve asset composition.
What remains unclear is whether Circle can restructure its partnerships without losing volume. Hyperliquid’s users are not particularly loyal to one stablecoin; they follow liquidity and low fees. If Circle tried to claw back margins, the perp platform could easily add native support for USDT or a decentralized alternative. That switching risk limits Circle’s negotiating power and suggests the current pressure might be permanent rather than cyclical.
The market hasn’t yet priced in the second-order effects. USDC’s market cap fluctuates with broader crypto sentiment, but the underlying economics of how it generates value are quietly shifting. As DeFi increasingly revolves around high-throughput derivatives venues, stablecoin issuers may be forced to accept a utility-style return rather than the banking-style margins they once enjoyed. Hyperliquid’s rise isn’t just a competitive threat to centralized exchanges—it’s also reshaping the plumbing that funds stablecoin revenue.
Whether this dynamic accelerates depends on how other major venues react. If Binance or Bybit extract similar terms, Circle’s interest income could decline meaningfully even if USDC supply stays flat. That’s the kind of structural squeeze that analysts at JPMorgan are watching, and it places Hyperliquid at the center of a conversation that extends far beyond perps volume numbers.
AUTHOR
Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.
Tether has announced a $7 million Series A investment in Pact Labs, a fintech infrastructure provider, as part of a strategic move to advance its USA₮ stablecoin in the US market. Blockchange Ventures and Lasagna also participated in the funding round. The investment aims to make USA₮, a dollar-backed stablecoin dedicated to the United States, more widely available for use in payroll, earned wage access, lending, and daily payment transactions.
Tether’s expansion into US payroll systemsTether seeks to move beyond its traditional role in crypto trading by integrating its stablecoin with mainstream financial services. The company intends to bridge the gap between digital currencies and everyday monetary operations in the US labor market.
The American payroll sector handles more than $11 trillion annually, yet most payment systems operate on outdated batch processing technology. This often requires employees to wait several days before receiving wages they have already earned. Through the partnership, Tether and Pact Labs aim to streamline payroll processing and enable real-time payments using the USA₮ stablecoin.
Tether CEO Paolo Ardoino stated that the demand for dollar-denominated settlement is deeply connected to wage distribution challenges. Ardoino also noted that workers in emerging markets have relied on stablecoins to address payroll delays, and expressed optimism about replicating these solutions in the US.
Tether CEO Paolo Ardoino explained that years of transaction data reveal a growing demand for dollar-backed settlements linked to wages and payroll. He underscored the company’s ambition to bring the benefits of stablecoins to the US workforce.
Pact Labs: infrastructure for blockchain-enabled paymentsPact Labs provides technical infrastructure allowing fintech companies to utilize blockchain-based payment networks without requiring their customers to engage directly with cryptocurrencies. The company indicated it has handled over $2 billion in on-chain loan volume and has originated more than $1 billion in loans and related services to upwards of 500,000 users through seven different fintech partners.
The platform is compatible with blockchain networks such as Aptos and Celo, facilitating digital wallets, instantaneous payments, and blockchain-powered lending operations for financial products.
Mini dictionary: Pact Labs is a US-based fintech infrastructure startup that provides technology for institutions seeking to connect traditional finance with blockchain networks, supporting payment, lending, and other services while abstracting away direct crypto exposure from the end customer.
Tether made a $100 million investment earlier this year in Anchorage Digital Bank, which distributes USA₮ through its platform. The ongoing partnership with Pact Labs further supports Tether’s initiative to secure a stronger foothold in the United States market.
Competitive landscape in the stablecoin sectorCompetition in the US stablecoin market is intensifying. Circle is pushing USDC into institutional settings and PayPal is expanding its PYUSD digital dollar offering. Against this backdrop, Tether is focusing on payroll and everyday business payments to carve out a unique position for USA₮ in the regulated US stablecoin ecosystem.
CompanyProductMain US StrategyTetherUSA₮Payroll and business paymentsCircleUSDCInstitutional expansionPayPalPYUSDConsumer transactionsThe effectiveness of Tether’s approach will depend on the adoption rate of USA₮ by Pact Labs’ existing fintech partners and integration into real-world payments infrastructure. If successful, this move could offer Tether a significant competitive edge as regulations around stablecoins become increasingly important in the US.
This investment positions Tether to compete more directly with rivals like Circle and PayPal, highlighting the evolving role of stablecoins in core financial services beyond the crypto sector.
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.
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.
Japan’s largest card network JCB has signed a memorandum of understanding (MOU) with Circle, with the two parties set to explore using USDC for cross-border payments, merchant settlement, fund management and other services, to drive the adoption of stablecoins in Japan’s daily payment scenarios. JCB has around 140 million users and 40 million merchants globally. The two sides will initially conduct a proof of concept (PoC) centered on JCB’s internal fund transfers, and further research how USDC can boost cross-border payment efficiency, lower remittance costs, and support international tourists in making stablecoin payments at Japanese merchants. This partnership is part of Japan’s stablecoin commercialization process. Earlier, Circle announced it would collaborate with Nomura to develop a USDC-based foreign exchange settlement service; Japanese convenience store chain Lawson also plans to launch a stablecoin payment pilot in August this year.
Relevant content
Bitmine's Ethereum staking revenue reached $45.7 million last quarter, accounting for 98% of its total revenue.
Bitmine Immersion Technologies’ latest 10-Q filing shows that for the quarter ended May 31, the company generated approximately $45.7 million in revenue from Ethereum staking and validation services, accounting for around 98% of its total revenue. In the same period, its self-mining revenue from Bitcoin came to about $624,000, while consulting services revenue was roughly $168,000. Bitmine previously disclosed that it has allocated roughly 85% of its ETH holdings to staking, equivalent to around 4.9 million ETH. Tom Lee, chairman of Bitmine, stated that with the full launch of MAVAN—its institutional-grade Ethereum staking platform—the company expects annualized rewards from its Ethereum staking business to reach approximately $284 million. Additionally, he noted that since its launch on July 1, Robinhood Chain has recorded over $1 billion in on-chain transaction volume, adding that this validates Ethereum’s utility as an underlying settlement network.
1 minutes ago
Analysis: The US and Iran are trapped in a war of attrition in the Strait of Hormuz, with both sides facing time pressure.
As tensions in the Strait of Hormuz continue to escalate, analysts believe the U.S. and Iran are entering a war of attrition centered on time, cost, and political endurance. Reports indicate Trump aims to resolve the conflict before the U.S. midterm elections to avoid further oil price hikes, while Iran is seeking to prolong time without triggering full-scale war by repeatedly threatening shipping in the Strait of Hormuz, in order to wear down the U.S.'s political and military patience. To date, the U.S. has reinstated blockades on Iranian ports and maritime shipping, and has been striking military targets that threaten navigation; Iran, in turn, continues to target Strait of Hormuz shipping lanes with missiles and drones, attempting to disrupt global energy transport. Analysts note that with both sides seeking to avoid full-scale escalation, this standoff is likely to evolve into a prolonged war of attrition.
1 minutes ago
South Korean securities firms discuss raising minimum deposit requirements for chip stock leveraged ETFs.
The Korea Financial Investment Association (KFIA) announced that CEOs of 10 major South Korean asset management firms have discussed investor protection measures for individual stock leveraged ETFs, including raising minimum deposit requirements and staggering rebalancing trading times. Per the association’s statement, attendees agreed it is necessary to lift the minimum deposit threshold for investing in such leveraged products from the current 10 million won (US$6,714). They also emphasized the need to strengthen the market stabilizer function of liquidity providers. Citing data from the Korea Capital Market Institute, the KFIA noted that since the launch of related leveraged ETFs, daily stock trading volume required for rebalancing is estimated at between 700 billion won and 2.1 trillion won.
1 minutes ago
Hyperliquid’s HIP-3 has completed the code auction for CXMT (Changxin Memory Technologies), with a final transaction price of 500 HYPE.
Hyperliquid HIP-3 has completed the auction of CXMT trading codes, with the final deal closing at 500 HYPE (approximately $32,600). The CXMT code corresponds to Chinese storage chip manufacturer Changxin Memory Technologies, and is expected to be listed on Hyperliquid’s IPOP market ahead of its IPO on July 27.
1 minutes ago
Pump.fun has initiated token unlocks for its team and investors, with the first batch releasing approximately 57.28 billion PUMP tokens.
According to EmberCN’s monitoring, the one-year lock-up period for Pump.fun’s team and investor tokens has ended, officially entering a 3-year linear vesting phase. In the early hours of today, Pump.fun completed its first batch of token unlocks, releasing a total of approximately 57.279 billion PUMP tokens, valued at around $86.49 million at current prices, and distributing them to 121 wallets. Among these, wallet address GsM3...u6ya received approximately 52.039 billion PUMP (valued at ~$78.58 million), while address ESRc...ZM67 obtained around 5.24 billion PUMP (worth ~$7.91 million).
1 minutes ago
Ansem: Meme coins are a core entry point for the crypto industry to continuously attract retail investors, and the next key step is to build long-term value.
Prominent crypto KOL Ansem stated on social media that meme coins continue to be a market favorite because they align more closely with ordinary users’ internet behavior habits. Compared to spending hours daily on social platforms like TikTok, Instagram, and X, most people only spend a few minutes each day using banking apps, making memes and internet culture inherently more engaging for users. Ansem noted that Dogecoin’s success stems precisely from attracting a group of users who would never buy stocks but are willing to purchase meme coins tied to familiar figures and internet culture. Once its asset size grows large enough, it further draws institutional capital into trading, creating a positive feedback loop. He believes many traditional investors underestimate younger generations’ affinity for memes, internet culture, and content, while the crypto industry offers a unique way to bet on these sociocultural trends via tokenization. The key to the industry’s future lies in converting the traffic and attention from retail investors into an ecosystem that generates long-term value, rather than relying solely on meme hype.
According to a Financial Times report, newly unsealed court documents show that stablecoin issuer Circle blocked Tether-backed crypto fund Heka Funds at the end of 2023, suspecting it of manipulating markets via large-scale arbitrage operations and helping Tether expand its market share. The documents note that during the 2023 Silicon Valley Bank (SVB) crisis, USDC briefly broke below its $1 peg. Heka continuously purchased large amounts of discounted USDC and redeemed it for U.S. dollars from Circle. Circle deemed Heka’s redemption volume far exceeded that of other market participants, and suspected the funds ultimately flowed to Tether to help grow USDT’s market size. Arbitration documents also disclose that Tether invested approximately $800 million in Heka, accounting for around 75% of the fund’s assets, and waived stablecoin minting fees. Arbitrators found that Heka failed to truthfully disclose Tether’s backing relationship and knew the information would raise concerns at Circle. In 2024, Heka filed an arbitration claim after its account was blocked, seeking around $49 million in lost profits. In February this year, arbitrators rejected all of Heka’s claims, ruling it had engaged in malicious conduct and ordered it to pay Circle approximately $166,000 in legal and expert fees. Heka denied market manipulation and stated it had never faced regulatory investigations over the matter. Circle declined to comment, while Tether did not respond to media requests for comment.
Relevant content
Bitmine's Ethereum staking revenue reached $45.7 million last quarter, accounting for 98% of its total revenue.
Bitmine Immersion Technologies’ latest 10-Q filing shows that for the quarter ended May 31, the company generated approximately $45.7 million in revenue from Ethereum staking and validation services, accounting for around 98% of its total revenue. In the same period, its self-mining revenue from Bitcoin came to about $624,000, while consulting services revenue was roughly $168,000. Bitmine previously disclosed that it has allocated roughly 85% of its ETH holdings to staking, equivalent to around 4.9 million ETH. Tom Lee, chairman of Bitmine, stated that with the full launch of MAVAN—its institutional-grade Ethereum staking platform—the company expects annualized rewards from its Ethereum staking business to reach approximately $284 million. Additionally, he noted that since its launch on July 1, Robinhood Chain has recorded over $1 billion in on-chain transaction volume, adding that this validates Ethereum’s utility as an underlying settlement network.
1 minutes ago
Analysis: The US and Iran are trapped in a war of attrition in the Strait of Hormuz, with both sides facing time pressure.
As tensions in the Strait of Hormuz continue to escalate, analysts believe the U.S. and Iran are entering a war of attrition centered on time, cost, and political endurance. Reports indicate Trump aims to resolve the conflict before the U.S. midterm elections to avoid further oil price hikes, while Iran is seeking to prolong time without triggering full-scale war by repeatedly threatening shipping in the Strait of Hormuz, in order to wear down the U.S.'s political and military patience. To date, the U.S. has reinstated blockades on Iranian ports and maritime shipping, and has been striking military targets that threaten navigation; Iran, in turn, continues to target Strait of Hormuz shipping lanes with missiles and drones, attempting to disrupt global energy transport. Analysts note that with both sides seeking to avoid full-scale escalation, this standoff is likely to evolve into a prolonged war of attrition.
1 minutes ago
South Korean securities firms discuss raising minimum deposit requirements for chip stock leveraged ETFs.
The Korea Financial Investment Association (KFIA) announced that CEOs of 10 major South Korean asset management firms have discussed investor protection measures for individual stock leveraged ETFs, including raising minimum deposit requirements and staggering rebalancing trading times. Per the association’s statement, attendees agreed it is necessary to lift the minimum deposit threshold for investing in such leveraged products from the current 10 million won (US$6,714). They also emphasized the need to strengthen the market stabilizer function of liquidity providers. Citing data from the Korea Capital Market Institute, the KFIA noted that since the launch of related leveraged ETFs, daily stock trading volume required for rebalancing is estimated at between 700 billion won and 2.1 trillion won.
1 minutes ago
Hyperliquid’s HIP-3 has completed the code auction for CXMT (Changxin Memory Technologies), with a final transaction price of 500 HYPE.
Hyperliquid HIP-3 has completed the auction of CXMT trading codes, with the final deal closing at 500 HYPE (approximately $32,600). The CXMT code corresponds to Chinese storage chip manufacturer Changxin Memory Technologies, and is expected to be listed on Hyperliquid’s IPOP market ahead of its IPO on July 27.
1 minutes ago
Pump.fun has initiated token unlocks for its team and investors, with the first batch releasing approximately 57.28 billion PUMP tokens.
According to EmberCN’s monitoring, the one-year lock-up period for Pump.fun’s team and investor tokens has ended, officially entering a 3-year linear vesting phase. In the early hours of today, Pump.fun completed its first batch of token unlocks, releasing a total of approximately 57.279 billion PUMP tokens, valued at around $86.49 million at current prices, and distributing them to 121 wallets. Among these, wallet address GsM3...u6ya received approximately 52.039 billion PUMP (valued at ~$78.58 million), while address ESRc...ZM67 obtained around 5.24 billion PUMP (worth ~$7.91 million).
1 minutes ago
Ansem: Meme coins are a core entry point for the crypto industry to continuously attract retail investors, and the next key step is to build long-term value.
Prominent crypto KOL Ansem stated on social media that meme coins continue to be a market favorite because they align more closely with ordinary users’ internet behavior habits. Compared to spending hours daily on social platforms like TikTok, Instagram, and X, most people only spend a few minutes each day using banking apps, making memes and internet culture inherently more engaging for users. Ansem noted that Dogecoin’s success stems precisely from attracting a group of users who would never buy stocks but are willing to purchase meme coins tied to familiar figures and internet culture. Once its asset size grows large enough, it further draws institutional capital into trading, creating a positive feedback loop. He believes many traditional investors underestimate younger generations’ affinity for memes, internet culture, and content, while the crypto industry offers a unique way to bet on these sociocultural trends via tokenization. The key to the industry’s future lies in converting the traffic and attention from retail investors into an ecosystem that generates long-term value, rather than relying solely on meme hype.
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.
Circle and Argentine financial group BIND have struck a deal to open institutional access to USDC through BIND’s digital assets platform, giving corporations and financial intermediaries a regulated on-ramp to dollar-denominated stablecoins in a country where the peso has essentially disintegrated.
The partnership, announced on July 14 during Circle CEO Jeremy Allaire’s visit to Buenos Aires, will channel USDC access through BEN, BIND’s digital assets platform, on a peer-to-peer basis. BIND operates as a registered virtual asset service provider (known locally as a PSAV), which means it’s a licensed financial institution building rails for companies that need dollar exposure but face a currency that has lost 99.8% of its value against the USD since 2009.
What the deal actually looks like BEN will serve as the infrastructure layer connecting eligible Argentine institutions to USDC, covering payments, treasury operations, and broader digital asset transactions, all wrapped in a compliance framework that BIND is keen to emphasize.
Advertisement
“Through BEN, we seek to provide companies with transparent, secure, and efficient access to digital dollar infrastructure within a framework designed to support regulatory compliance and operational integrity,” said Andrés Meta, a Grupo BIND shareholder.
Circle isn’t treating this as a one-off announcement. The company is hiring a senior director based in Buenos Aires and actively pursuing additional partnerships with local banks and fintech companies. This follows Circle’s existing footprint in Brazil, where it already has a team of eight people, and planned expansions into Mexico and Colombia.
Why Argentina is ground zero for stablecoins The peso recently hit yet another record low against the dollar, extending a collapse that has made the currency almost worthless in relative terms over the past decade and a half. Persistent inflation, capital controls, and a general distrust in the local monetary system have turned Argentina into one of the most active stablecoin markets on the planet.
What’s changing now is the institutional dimension. Retail adoption was already widespread. This partnership is about bringing corporations, financial intermediaries, and treasury departments into the fold through regulated channels. When individuals buy USDC on an exchange, it’s useful but fragmented. When institutions get compliant access through a licensed financial entity like BIND, it opens the door to much larger capital flows, corporate treasury management in digital dollars, and cross-border payment infrastructure that actually scales.
Circle has also been engaging with Argentine regulatory bodies, including the Central Bank and the Ministry of Economy, to ensure the integration of digital assets within the traditional financial system doesn’t run afoul of existing rules. Allaire has expressed optimism about regulatory advancements regarding how banks treat stablecoins in Argentina, suggesting the groundwork is being laid for a more formalized framework.
What this means for the broader market Circle’s simultaneous push into Argentina, Brazil, Mexico, and Colombia suggests the company sees the entire region as a strategic priority for USDC distribution. Tether’s USDT has historically dominated stablecoin usage in Latin America, particularly in peer-to-peer and informal markets. Circle’s strategy of partnering with regulated financial institutions like BIND targets the institutional and corporate segment where compliance requirements make USDC’s regulatory positioning a genuine advantage over less transparent alternatives.
The risk, as always in Argentina, is regulatory whiplash. The country has a long history of economic policy U-turns, capital control changes, and political volatility that can reshape the operating environment overnight. Circle’s engagement with the Central Bank and Ministry of Economy suggests awareness of this risk, but awareness and immunity are very different things.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Binance continues holding deep stablecoin liquidity, yet its reserve mix has shifted noticeably in recent months. USD Coin [USDC] reserves dropped 40.3% from $7.7 billion to $4.6 billion as of writing, reversing most gains recorded during early 2026.
Meanwhile, Tether [USDT] reserves remained steady at $38.5 billion, widening the gap between both assets to nearly $33.9 billion. Such a divergence suggests that users prefer USDT over USDC for exchange balances, rather than signaling broad liquidity contraction.
Source: CryptoQuant More importantly, Binance still controls roughly $53 billion, or 57% of the $93 billion held across exchange stablecoin reserves. Since early 2025, the dominant exchange stablecoin reserves have surged by 61%, adding $35 billion as Binance strengthened its market share.
Source: X That preference strengthens Binance’s overall stablecoin base while concentrating liquidity in one dominant asset. If this trend persists, USDT could further reinforce its role as Binance’s primary settlement and trading stablecoin, while USDC risks losing relative market influence.
Stablecoin supply shifts beyond whale wallets Still, that shift toward USDT has altered the way that stablecoin liquidity is distributed throughout the entire market. Over the last three months, the top 100 USDT wallets have reduced their portion of the total USDT supply by 0.6%.
Additionally, the largest USDC wallets reduce their portion of total USDC supply by 4.7%. Rather than concentrating liquidity among a handful of large holders, stablecoin reserves are spreading across exchanges, institutions, protocols, and retail participants.
Source: Santiment This suggests capital is becoming more broadly available instead of remaining idle in whale wallets. As institutional adoption continues expanding, wider distribution could improve market resilience by reducing reliance on a few dominant holders.
Such a strong liquidity foundation could support healthier, more sustainable crypto market advances.
Can stablecoin liquidity drive the next rally? The attention is now shifting from stablecoin liquidity to stablecoin participation. Rather than remaining just held by a few whale accounts, liquidity is increasingly spreading across a wider range of users.
This creates a better base of liquidity. However, just having broader ownership does not necessarily mean there will be a sustained bull run. Instead, active addresses, new wallet creation, and daily transactions must continue expanding to convert available capital into persistent demand.
Meanwhile, stablecoin supply remains near $312 billion, although risk asset accumulation has yet to fully accelerate. ETF flows and exchange balances also present mixed signals, suggesting much of that liquidity remains sidelined.
Therefore, the next advance in this market depends on investors’ willingness to utilize the available capital rather than how much capital is available.
Final Summary Tether [USDT] continues strengthening its dominance as stablecoin liquidity becomes more broadly distributed. USD Coin [USDC] and USDT now need stronger participation to drive the next market rally.
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 monitoring by Onchain Lens, the U.S. government has once again transferred seized cryptocurrency assets. A government wallet previously linked to Alameda Research/FTX has been emptied, with its assets dispersed to eight new addresses. The transferred holdings include: 4,110 AXS (worth approximately $4,100), 5.37 YFI (about $11,400), 1,230 COMP (around $21,100), 311,600 MANA (roughly $21,800), 0.533 WBTC (approximately $34,400), 4,050 NMR (about $39,900), 138,950 RLC (around $40,700), and 209.18 ETH (valued at roughly $391,000). On-chain data confirms the original wallet’s balance is now zero. The prior day, the U.S. government also moved approximately $12.34 million in assets seized from the Bitfinex hack, including 2.9671 million USDT sent to Coinbase Prime, 901,000 USDC transferred to a new wallet, and roughly 5,940 ETH (worth about $11.14 million) sent to Coinbase Prime. It remains unclear if these asset transfers are tied to a sale plan. The on-chain analytics firm will continue tracking future movements of crypto assets seized by the U.S. government.
Relevant content
South Korean securities firms discuss raising minimum deposit requirements for chip stock leveraged ETFs.
The Korea Financial Investment Association (KFIA) announced that CEOs of 10 major South Korean asset management firms have discussed investor protection measures for individual stock leveraged ETFs, including raising minimum deposit requirements and staggering rebalancing trading times. Per the association’s statement, attendees agreed it is necessary to lift the minimum deposit threshold for investing in such leveraged products from the current 10 million won (US$6,714). They also emphasized the need to strengthen the market stabilizer function of liquidity providers. Citing data from the Korea Capital Market Institute, the KFIA noted that since the launch of related leveraged ETFs, daily stock trading volume required for rebalancing is estimated at between 700 billion won and 2.1 trillion won.
2 minutes ago
Hyperliquid’s HIP-3 has completed the code auction for CXMT (Changxin Memory Technologies), with a final transaction price of 500 HYPE.
Hyperliquid HIP-3 has completed the auction of CXMT trading codes, with the final deal closing at 500 HYPE (approximately $32,600). The CXMT code corresponds to Chinese storage chip manufacturer Changxin Memory Technologies, and is expected to be listed on Hyperliquid’s IPOP market ahead of its IPO on July 27.
2 minutes ago
Pump.fun has initiated token unlocks for its team and investors, with the first batch releasing approximately 57.28 billion PUMP tokens.
According to EmberCN’s monitoring, the one-year lock-up period for Pump.fun’s team and investor tokens has ended, officially entering a 3-year linear vesting phase. In the early hours of today, Pump.fun completed its first batch of token unlocks, releasing a total of approximately 57.279 billion PUMP tokens, valued at around $86.49 million at current prices, and distributing them to 121 wallets. Among these, wallet address GsM3...u6ya received approximately 52.039 billion PUMP (valued at ~$78.58 million), while address ESRc...ZM67 obtained around 5.24 billion PUMP (worth ~$7.91 million).
2 minutes ago
Ansem: Meme coins are a core entry point for the crypto industry to continuously attract retail investors, and the next key step is to build long-term value.
Prominent crypto KOL Ansem stated on social media that meme coins continue to be a market favorite because they align more closely with ordinary users’ internet behavior habits. Compared to spending hours daily on social platforms like TikTok, Instagram, and X, most people only spend a few minutes each day using banking apps, making memes and internet culture inherently more engaging for users. Ansem noted that Dogecoin’s success stems precisely from attracting a group of users who would never buy stocks but are willing to purchase meme coins tied to familiar figures and internet culture. Once its asset size grows large enough, it further draws institutional capital into trading, creating a positive feedback loop. He believes many traditional investors underestimate younger generations’ affinity for memes, internet culture, and content, while the crypto industry offers a unique way to bet on these sociocultural trends via tokenization. The key to the industry’s future lies in converting the traffic and attention from retail investors into an ecosystem that generates long-term value, rather than relying solely on meme hype.
2 minutes ago
Predict.fun’s World Cup Championship Prediction: France Eliminated, Spain’s Winning Probability Surges to 58%
Spain beat France 2-0 in the semi-final of the 2026 US-Canada-Mexico World Cup, becoming the first team to advance to the final. According to the latest championship prediction data from Predict.fun, as of press time, Spain’s probability of winning the title has risen to 58%, while England stands at 22% and Argentina at 20%. France was previously the top favorite in the prediction market, but their semi-final loss led to early elimination, reducing their championship probability to zero. With the final spot confirmed, Predict.fun has adjusted Spain to the new favorite to lift the trophy, and attention now shifts to the other semi-final between Argentina and England.
2 minutes ago
U.S. CPI cools, boosting risk assets; South Korea's KOSPI rises over 7%, triggering a circuit breaker.
U.S. June CPI came in lower than expected, significantly cooling market expectations for a near-term Federal Reserve interest rate hike, driving gains in global risk assets. South Korea’s KOSPI index surged rapidly after opening on Wednesday, rising by more than 7% at one point during the session, triggering a temporary trading halt (circuit breaker) on the Korea Exchange; the KOSDAQ market also triggered a synchronized pause in program trading. Chip stocks led the market rally. SK Hynix’s ADRs jumped 27% overnight in U.S. trading, driving its South Korean shares up roughly 10% on Wednesday. Market analysts note that since SK Hynix’s ADR listing, price correlation between the U.S. and South Korean stock markets has further strengthened, potentially enabling cross-timezone transmission of market volatility. However, multiple institutions still warn that while the inflation data eased market concerns about a July interest rate hike, escalating tensions in the Middle East, rising oil prices, and inflationary pressures stemming from AI investment may still limit the Federal Reserve’s future policy space.
On July 14, 2026, $500 million in USDC was minted on the Solana blockchain, indicating a strategic move to enhance liquidity within the network. This issuance was executed in two tranches of $250 million each, underscoring growing confidence in Solana’s capacity to handle large-scale transactions. The additional USDC enhances Solana’s standing as a significant player in the stablecoin market, holding between $7.2 billion and $8.6 billion in circulating USDC. This development aligns with a broader trend of increased institutional interest in Solana as a high-throughput settlement layer, with the network experiencing a record weekly USDC minting volume earlier this year.
Advertisement
Key Takeaways The issuance of $500 million USDC on Solana suggests increased liquidity and institutional confidence in the network. Solana’s share of the global USDC supply reflects its growing role as a key blockchain for stablecoins. Market pricing appears supportive of Solana’s potential to reach higher price benchmarks by the end of July. What to Watch Market participants will closely monitor Solana’s price movements in response to this liquidity boost, particularly in relation to its potential to hit the $90 mark in July. Key indicators such as the network’s volume and additional stablecoin issuances may provide further insights into Solana’s capacity to leverage this increased liquidity. Potential developments, including regulatory actions or changes in institutional demand, could also affect market sentiment and price trajectories.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 19% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.6% — — View market → August 1 2026 1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 4.2% — — View market → August 1 2026 0.9% — — View market → August 1 2026 9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 38% — — View market →
14 July 2026 | 20:08 JPMorgan has lowered its earnings estimates for Circle and Coinbase, arguing that their revised USDC arrangement with Hyperliquid exposes a structural weakness in the stablecoin’s distribution model.
Key Takeaways JPMorgan said the Hyperliquid agreement creates a “prisoner’s dilemma” in which Circle and Coinbase may sacrifice margins to protect USDC distribution. Hyperliquid holds approximately $5.5 billion to $6 billion in stablecoins, with USDC accounting for nearly 94% of the on-chain supply. The frequently cited $160 million figure came from an earlier Compass Point estimate and represents potential reserve yield redirected to Hyperliquid, not a confirmed net loss. Robinhood Chain has already overtaken Hyperliquid in seven-day spot DEX volume despite launching on July 1, showing how quickly competing platforms can establish their own preferred stablecoin rails. Hyperliquid Gains the Yield Without Issuing USDC Under the revised structure, Coinbase becomes the official USDC treasury deployer on Hyperliquid. Circle remains responsible for the technical infrastructure needed to mint, redeem and move USDC across supported networks.
The arrangement preserves USDC as Hyperliquid’s primary collateral and quote asset across its spot, perpetual and other on-chain markets. It also gives the protocol access to most of the income generated by the underlying reserves.
Hyperliquid’s Aligned Quote Asset framework states that deployers share approximately 90% of cost-adjusted reserve yield generated by their supply with the protocol. Aligned assets receive trading advantages including lower taker fees, improved maker rebates and greater volume contribution toward fee tiers.
The payment is not interest distributed directly to USDC holders. It is protocol-level revenue derived from the cash and short-term government securities backing the stablecoin. Hyperliquid captures much of that income in exchange for making USDC the preferred dollar asset across its markets.
That distinction explains why the agreement can strengthen USDC’s utility while weakening its economics for Circle. The stablecoin gains volume, collateral demand and distribution, but its issuer retains a smaller portion of the reserve income attached to those balances.
Why JPMorgan Sees a Prisoner’s Dilemma JPMorgan described the arrangement as a “prisoner’s dilemma” because Circle and Coinbase both benefit from wider USDC adoption but can compete over which company gives more of the economics to major distributors.
If neither company offers favorable terms, a large platform could support another stablecoin or create its own. If one side accepts a lower margin to secure the platform, the other risks losing distribution unless it participates in the concession.
JPMorgan estimates that Hyperliquid holds around $6 billion in USDC, equal to roughly 8% of the token’s circulating supply. At the time of writing, DefiLlama showed approximately $5.5 billion in stablecoins on Hyperliquid L1, with USDC representing 93.87% of the total.
Coinbase previously treated much of the USDC held outside its platform differently from balances held directly on Coinbase. JPMorgan said that classifying Hyperliquid’s USDC as on-platform allows Coinbase to collect the associated reserve income before transferring 90% of the adjusted amount to Hyperliquid.
The structure may still benefit Coinbase strategically. Acting as treasury deployer strengthens its role in minting, redemption, liquidity management and fiat access around one of the largest pools of on-chain dollars. The trade-off is that securing that position requires Coinbase and Circle to give up most of the reserve yield generated there.
The $160 Million Estimate Needs Qualification The estimate that as much as $160 million in annual revenue could move toward Hyperliquid did not originate in JPMorgan’s July report. Compass Point produced the estimate in May, when Hyperliquid held approximately $5 billion to $5.5 billion in USDC.
The figure represented an estimate of reserve income that could be redirected under the yield-sharing arrangement. It should not be treated as a confirmed reduction of the same size in Circle and Coinbase earnings.
The eventual impact depends on several variables: The average amount of USDC held on Hyperliquid Short-term interest rates and the return on USDC reserves The costs deducted before the 90% share is calculated How the income would otherwise have been divided between Circle and Coinbase Additional revenue Coinbase earns from treasury deployment and related services The concern is still material because reserve income dominates Circle’s financial model. In its first-quarter filing with the Securities and Exchange Commission, Circle reported $652.5 million in reserve income and $405.4 million in distribution and transaction costs.
The Hyperliquid terms add to costs that already consume a substantial portion of the income generated by USDC reserves. JPMorgan consequently sees the agreement as a larger long-term issue for Circle than for Coinbase, which has a broader mix of trading, custody, subscription and infrastructure revenue.
Robinhood Shows How Quickly Distribution Can Shift Hyperliquid is not the only platform gaining leverage over stablecoin providers. Robinhood launched the public mainnet of Robinhood Chain on July 1, only 13 days before the latest DefiLlama comparison.
By July 14, Robinhood Chain had accumulated approximately $161.7 million in DeFi TVL, $327.6 million in stablecoins and $3.9 billion in seven-day spot DEX volume. Hyperliquid L1 recorded approximately $1.31 billion in spot volume over the same period.
Robinhood Chain launched and the numbers are astounding.
We dug into the metrics in this week’s edition of the DefiLlama newsletter.https://t.co/1Hs2HHmxTR pic.twitter.com/FLyJ5XNYgK
— DefiLlama.com (@DefiLlama) July 14, 2026
Robinhood therefore generated nearly three times Hyperliquid’s weekly spot DEX activity despite being less than two weeks old. The comparison is limited to spot trading. Hyperliquid remained substantially larger in its core perpetual-futures market, processing approximately $42.5 billion over seven days compared with $24.5 million on Robinhood Chain.
The quality of Robinhood’s early activity also remains unproven. Its seven-day spot volume was roughly 24 times its TVL, an unusually high turnover rate that may reflect launch activity, short-lived speculation or repeated trading through a relatively small pool of liquidity.
The stablecoin composition is more relevant to JPMorgan’s argument. USDG represented around 68% of Robinhood Chain’s stablecoin supply, while Robinhood Earn uses USDG rather than USDC for its on-chain lending product.
A new distribution platform can therefore build substantial liquidity without making USDC its default dollar asset. That increases the pressure on Circle and Coinbase to offer better economics when negotiating with exchanges, wallets, fintech applications and blockchain operators.
Longer-Term Threat JPMorgan’s argument becomes stronger if USDC distribution continues expanding while Circle’s retained income per dollar in circulation declines. The next Circle and Coinbase earnings reports should show whether distribution costs rise faster than the revenue created by additional USDC balances.
The margin-pressure thesis would gain support if USDC balances on Hyperliquid remain near or above $6 billion, making the yield-sharing concession a recurring cost rather than a temporary arrangement. Disclosures showing reserve income flowing into Hyperliquid’s Assistance Fund or being used for HYPE purchases would make the agreement’s economic effect more visible. Continued growth of USDG on Robinhood Chain, or of other regulated stablecoins on competing platforms, would further increase the value of distribution access. For Circle, the clearest financial warning would be distribution expenses rising faster than reserve income, confirming that wider USDC adoption is being achieved at the cost of lower retained margins.
The agreement does not show that USDC is losing relevance. Hyperliquid’s dependence on the stablecoin confirms its importance as trading collateral and on-chain dollar liquidity. The risk is that USDC becomes more widely used while a growing share of the value it generates is captured by the platforms controlling access to users and trading volume.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Noxa's official X account appears to have been hacked; users are advised to stay vigilant against risks.
According to monitoring by Onchain Lens, the official X account of Meme token launch platform Noxa has been reportedly hacked. Community users who interacted with links posted from the account have had their wallets emptied. Users are warned not to connect their wallets, sign any transactions, or engage with any links shared by this account.
Circle Internet Financial and Nomura Holdings have signed a memorandum of understanding to collaborate on digital finance applications in Japan, with a core focus on using USDC for cross-border and in-store payments. The MOU, signed on June 26, 2026, sets the stage for what could become one of the most significant integrations of stablecoin technology into a major economy’s traditional financial plumbing.
Japan’s foreign exchange market handled roughly $440 billion in daily trading volume in 2025.
What the partnership actually looks like Nomura will handle client onboarding, regulatory compliance, and integration with existing banking services. Circle brings its digital asset infrastructure, specifically USDC, which carried a market cap of $73.8 billion at the time of the announcement.
Advertisement
The tangible product here is a USDC-based corporate payment service scheduled for deployment in Japan as early as 2027. The system would enable yen-to-USDC conversion designed to serve corporate supply chain operations, essentially giving import and export businesses a faster, cheaper rail for moving money across borders.
Traditional cross-border settlements in Japan, like most places, take two to three days. The partnership aims to compress that timeline to minutes using blockchain settlement.
Circle’s Japan playbook has been years in the making Circle has been methodically building its presence in Japan since at least 2023, when it signed a partnership with SBI Holdings. That earlier deal focused on getting USDC authorized under Japanese regulations for distribution through SBI’s platform.
USDC launched on SBI VC Trade on March 26, 2025, making it the first approved foreign-issued stablecoin in Japan. The Nomura partnership represents the next phase: moving beyond exchange availability into actual payment infrastructure. SBI gave Circle the regulatory beachhead. Nomura gives Circle access to the corporate banking world, the clients who actually move billions in cross-border trade finance.
What this means for investors The immediate investment signal here is about USDC demand. If a USDC-based corporate payment system goes live in Japan’s massive trade economy by 2027, that creates structural buying pressure for the stablecoin. Companies converting yen to USDC for settlement purposes would need to hold or transact in USDC at scale, which directly supports Circle’s reserves and revenue model.
Tether has historically dominated stablecoin market share, but its presence in regulated markets like Japan has been limited precisely because of the compliance requirements that Circle has invested heavily in meeting.
The risk side of the ledger isn’t empty, though. Regulatory timelines in Japan can stretch. A 2027 target is ambitious, and any shifts in Japan’s digital asset policy could delay deployment. MOUs are statements of intent, not binding contracts. The real validation comes when Nomura begins onboarding corporate clients and processing live yen-to-USDC conversions.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Circle Internet Group Inc. (NYSE:CRCL) President Heath Tarbert called the company’s newly approved national trust bank a "historic" milestone for the company and the U.S. crypto industry.
The newly launched Circle National Trust Bank will not accept consumer deposits or issue loans.
Instead, it will initially oversee USDC reserves and provide digital asset custody services, with plans to eventually expand custody offerings beyond Circle’s affiliated entities.
Tarbert said the move places Circle under the Office of the Comptroller of the Currency’s regulatory framework, which he described as the “gold standard” for financial regulation.
Circle shares closed 4.8% lower on Monday and are down another 2.3% in premarket trading at the time of writing.
CLARITY Act "More Than Regulation"Tarbert said USDC remains the largest regulated stablecoin, accounting for roughly 70% of regulated dollar stablecoin transaction volume and operating across 34 blockchain networks with about $73 billion in circulation.
He argued that the recently enacted GENIUS Act provides the legal foundation for stablecoins to become a core part of the U.S. financial system, enabling faster, lower-cost payments, treasury management and financial settlement.
Tarbert also urged lawmakers to pass the CLARITY Act, saying legal certainty is essential for banks and financial institutions looking to enter the digital asset sector.
"It’s more than just financial regulation," he said. "It’s an upgrade of the U.S. payment system and allows the U.S. to lead the next generation of the internet, the internet of value."
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
At the quiet edge of Ethereum’s on-chain landscape, a notable shift is unfolding. According to the Santiment update, the top 100 wallets holding Tether (USDT) on Ethereum now control roughly 0.6% less of the available supply than three months ago. Meanwhile, the top 100 USD Coin (USDC) wallets have seen their collective share drop by about 4.7% over the same period. The changes are modest but point to something meaningful: stablecoin liquidity is quietly becoming more distributed.
Rather than a handful of giant addresses hoarding the bulk of the market’s buying power, capital is spreading across exchanges, DeFi protocols, institutions, and everyday participants. That dispersion reduces the market’s dependence on the whims of a few large actors. When stablecoin dry powder sits in more pockets, it can rotate into Bitcoin, Ethereum, or altcoins without waiting for a whale to make the first move. This trend aligns with the broader institutional embrace of stablecoin infrastructure, seen in recent tokenization milestones that rely heavily on on-chain dollar rails.
Why Distribution Often Beats Concentration High whale concentration in stablecoins has historically signaled cautious capital parked on the sidelines, often reluctant to flow into risk assets. The current slow unwinding of that concentration—described by Santiment as a “quietest bullish trend”—suggests a healthier footing. With supply spread among more wallets, the risk of a few actors pulling liquidity suddenly and triggering a cascading sell-off declines. It also points to a broader base of participants comfortable holding stablecoins, potentially preparing to deploy into positions as conviction builds.
Ethereum, still the dominant settlement layer for stablecoins, continues to lead in developer activity, which underscores the staying power of the network where much of this liquidity shift is happening. A distributed stablecoin supply on a high-activity chain creates a structural advantage: more potential buyers are already in position, reducing the friction for sudden market-wide rotations.
What to Watch Next The top-100 snapshot doesn’t capture the complete whale picture, and distribution alone won’t guarantee price moves. The sharper decline in USDC’s top wallets—4.7% versus 0.6% for USDT—may reflect different user bases. USDC’s heavier use in DeFi and institutional settlements could be driving a faster redistribution, while USDT’s broader retail footprint shows more stickiness. If the trend reverses and large holders begin reconsolidating supply, it would undercut the bullish signal. For now, traders should watch whether this quiet on-chain metric begins to align with increased spot volumes and broader participation. Often, market structure shifts like these show up in the data long before they appear in price.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, The Pharos R25 Axil USDC Campaign will be accessible via Binance Wallet DeFi. During the Activity Period, eligible users who subscribe USDC to the Axil Prime 3M USDC Vault, a 3-month lock-up USDC vault, via Binance Wallet DeFi, will share a total of $300,000 in PROS rewards. Binance Wallet DeFi R25 Axil Campaign Details Promotion Details Activity Period: 2026-07-15 00:00:00 to 2026-07-19 15:59:59 (UTC)Total Rewards: $300,000 in PROSReward Release Schedule: Rewards will be distributed on Pharos chain to eligible users’ Binance Wallets within 4 weeks after the Activity Period ends. Binance will use the 7-day average price of PROS before the campaign end date for reward distribution.Participant Eligibility: Participation is open to all Binance Wallet (Keyless) users.For more information, please follow the campaign page and Binance Wallet X account for updates. Reward Structure: Pool TypePoolExpected APYTotal Reward AmountMin. Subscription per UserMax. Vault capFixed-TermR25 Axil Prime 3M USDC Vault(3-month lock up)13%$300,000 in PROS100 USDC70,000,000 USDC Explore More Note: R25 Axil Prime 3M USDC Vault is a fixed 3-month lock-up vault. Users can submit and cancel redemption requests during the withdrawal window (2026-07-20 07:00 ~ 2026-10-16 07:00 UTC). After that, the vault will auto-renew to the next 3-month lock-up cycle.Redemption requests will be processed up to 20 days after the 3-month lock-up period ends. The assets will be automatically returned to your wallet on Pharos Chain once the redemption is complete. No claim action is required.Only users who subscribe through Binance Wallet DeFi R25 Axil Prime 3M USDC Vault are eligible for the campaign rewards. Users who purchase APC3M tokens on the secondary market or deposit through the project’s dApp directly will not be eligible for campaign rewards. How to Participate: Update your Binance App to the latest version and make sure you have backed up your Binance Wallet (Keyless).Bridge PROS (for gas fees) and USDC to Pharos Chain via Binance Wallet Bridge.Log in to your Binance Wallet, go to [DeFi] > [Protocol] > [R25], and visit the Axil Prime 3M USDC vault.Subscribe at least 100 USDC to the R25 Axil Prime 3M USDC vault to share $300,000 in PROS rewards. About Binance Wallet DeFi: Binance Wallet DeFi is an all-in-one on-chain yield product that aggregates DeFi protocols across lending, liquid staking, restaking, loan and liquidity provision. With the DeFi function, users can now earn and borrow on stablecoins, BTC, ETH, BNB, SOL and other popular assets seamlessly with users’ Wallet without switching between external dApps. To learn more, please visit What is Binance Wallet DeFi and How Does it Work. About R25: The on-chain vault infrastructure for the next generation of finance. A platform where diverse strategies meet cutting-edge blockchain technologies, giving everyone access to on-chain yield curated by experts. R25’s WebsiteR25’s X Note: 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 2026-07-14 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. Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on TelegramXFacebookInstagram Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: The Binance Wallet Services are offered by Binance Barbados Limited, and involve the provision of unregulated, third-party services, which are not supervised by the Financial Services Regulatory Authority of the Abu Dhabi Global Market, or any other regulatory authority. Binance Wallet is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Please carefully review the Terms of Use and Risk Warning and always do your own research. Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.
JCB, Japan's largest bank card issuer with 140 million users worldwide, is partnering with Circle for stablecoin payments. (Rs1421/Wikimedia Commons)Summary
JCB, Japan’s largest card network, has signed an agreement with Circle to explore using USDC stablecoins for cross-border payments and merchant transactions.The partnership will begin with a proof of concept for JCB’s internal fund transfers and aims to improve payment efficiency, cut remittance costs and ease currency exchange burdens for tourists.The initiative comes amid a broader push for stablecoin adoption in Japan, including pilots such as Lawson convenience stores testing yen-denominated stablecoin payments starting in August.Japan’s largest card network JCB has enlisted Circle (CRCL) to explore using stablecoins for cross-border payments and merchant transactions, the companies announced Tuesday.
The two firms have signed a memorandum of understanding (MOU) to explore stablecoin payments for merchants serving international visitors, as Japan’s payment industry accelerates efforts to introduce blockchain payments into everyday use across the country.
JCB, which has 140 million users and 40 million merchants worldwide, and Circle will explore how stablecoins can enhance cross-border treasury operations and payments. Initial efforts will focus on a proof of concept for JCB's internal fund transfers. They will also explore ways to improve payment efficiency, reduce remittance costs and support broader cross-border payments using USDC, the world’s second-largest with a market capitalization of nearly $73 billion.
The companies will also explore in-store stablecoin payments for merchants and international visitors to Japan.
“Stablecoins are gaining attention around the world as a foundation for creating a new ecosystem in cashless societies, given their high level of convenience,” the statement noted.
They highlighted that stablecoins bring a wide range of benefits, including “reducing the burden of currency exchange for inbound tourists, further improving the efficiency of fund settlement, and improving cash flow for merchants.”
Tourists in Japan primarily use bank cards for payments, but there are spending limits, which can be bypassed with stablecoins, according to a report by Nikkei.
The collaboration is part of a growing wave of stablecoin initiatives in Japan following regulatory changes that have opened the market to broader adoption. Circle has said it would partner with Nomura to develop a USDC-based foreign exchange settlement service for Japanese businesses as early as 2027.
Lawson, one of Japan's largest convenience store chains, will accept stablecoins at its stores as part of a pilot that starts in August, according to a separate Nikkei report. The retailer plans to begin trials at its Lawson Takanawa Gateway City store in Tokyo with telecom operator KDDI and digital asset wallet provider Hashport, using KDDI's yen-denominated stablecoin, JPYC, the report said.
Japan’s premier global card network JCB has partnered with leading crypto firm Circle under a memorandum of understanding to explore stablecoin applications across cross-border payments and retail transactions, according to a recent press release.
Advertisement
The companies will assess the use of Circle’s USDC and payment infrastructure for JCB’s internal fund transfers, while also examining stablecoin payment options for merchants and overseas visitors in Japan.
The agreement expands JCB’s ongoing push into stablecoin payments after launching a separate initiative with Digital Garage and Resona Holdings earlier this year.
Through these collaborations, JCB aims to enhance payment efficiency, reduce cross-border settlement costs, and support the broader adoption of stablecoin payment infrastructure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jeremy Allaire Circle CEO. (The Washington Post / Getty Images) Summary
JPMorgan said a new arrangement with Hyperliquid is a near-term revenue headwind for Circle and Coinbase, with a greater long-term threat to Circle's USDC economics. The bank argued the deal exposes a "prisoner's dilemma," encouraging Circle and Coinbase to compete for USDC distribution at the expense of each other's economics. The Wall Street firm lowered earnings estimates for both firms, citing the Hyperliquid changes alongside weaker crypto trading volumes and asset prices.JPMorgan (JPM) lowered its forecasts for Circle Internet (CRCL) and Coinbase (COIN), saying their revamped agreement with Hyperliquid weakens the economics of Circle's USDC and posed a bigger long-term threat to the stablecoin issuer.
The bank said the deal created a "prisoner's dilemma," incentivizing stablecoin issuer Circle and crypto exchange Coinbase to compete for distribution of the dollar-pegged token at the expense of each other's economics.
Hyperliquid, now one of the largest crypto trading venues, holds about $6 billion of USDC, or roughly 8% of the circulating supply, JPMorgan estimated.
"We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements because it can create 'a prisoner’s dilemma' that drive Coinbase and Circle to compete with each other when promoting USDC distribution," analysts led by Kenneth Worthington said in the Tuesday report.
Hyperliquid is one of crypto's fastest-growing trading venues and the leading decentralized perpetual futures exchange. The platform processed more than $150 billion in trading volume in July alone, while its volume relative to Binance climbed to 11.5%, underscoring its growing share of the derivatives market. USDC balances on Hyperliquid have swelled to roughly $6 billion, making it an increasingly important distribution channel for the stablecoin.
Under the new arrangement, Coinbase will classify USDC on Hyperliquid as "on-platform," collecting the income generated by reserves and paying 90% of it to Hyperliquid. JPMorgan estimated Coinbase previously split nearly all of the revenue evenly with Circle.
The bank cut earnings estimates for both companies, citing the Hyperliquid agreement and weaker crypto markets, though it expects higher interest rates to provide some support for USDC-related revenue over the longer term.
USDC has also lost momentum in recent months. Its circulating supply has fallen to about $73 billion from nearly $80 billion in March, part of a broader $10 billion contraction in the stablecoin market since May as crypto trading activity cooled and new regulated rivals chipped away at the dominance of USDC and Tether's USDT.
Japanese investment bank Mizuho said in a report last week that Circle's final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but investors may be overestimating its significance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
JPMorgan has lowered its earnings forecasts for Circle and Coinbase, warning that a new revenue sharing agreement with Hyperliquid is weakening the economics behind USDC.
The bank said the arrangement creates a “prisoner’s dilemma” that encourages Circle and Coinbase to compete for USDC distribution at the expense of their own revenue. JPMorgan described the deal as an immediate earnings headwind for both companies and a larger long term threat to Circle.
Hyperliquid holds roughly $6 billion in USDC, representing about 8% of the stablecoin’s circulating supply, according to estimates from JPMorgan.
Under the revised agreement, Coinbase classifies USDC held on Hyperliquid as an on platform balance. Coinbase collects the income generated by the reserves backing those tokens and passes 90% of it to Hyperliquid. The company previously shared nearly all of that income evenly with Circle, JPMorgan said.
Advertisement
“We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements,” analysts led by Kenneth Worthington wrote in a Tuesday report.
The agreement was announced in May as part of Hyperliquid’s updated Aligned Quote Asset framework. Coinbase became the treasury deployer for USDC on the network, while Circle remained responsible for minting, redemptions and crosschain transfer infrastructure.
Circle also staked 500,000 HYPE tokens as part of the arrangement. USDC remains the main collateral asset across Hyperliquid’s spot and perpetual futures markets.
Hyperliquid processed more than $150 billion in trading volume during July, while its volume relative to Binance reached 11.5%, according to JPMorgan. The bank said the platform’s growing share of the crypto derivatives market has made it an increasingly important distribution channel for USDC.
Previous estimates from Compass Point suggested the agreement could redirect between $135 million and $160 million in annual reserve income toward Hyperliquid. The firm estimated that the arrangement could reduce the combined annual earnings of Circle and Coinbase by between $60 million and $80 million.
JPMorgan also cited weaker crypto trading volumes and asset prices in cutting its forecasts for both companies. Higher interest rates could provide some support for USDC reserve income over the longer term.
USDC circulation has fallen to approximately $73 billion from nearly $80 billion in March. The broader stablecoin market has contracted by about $10 billion since May as crypto trading activity weakened and competition from regulated stablecoin issuers increased.
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.
@Circle has signed a memorandum of understanding (MOU) with JCB, Japan's largest card network, to explore using $USDC for cross-border payments and merchant transactions. The announcement, made on July 14, 2026, marks one of the most significant moves yet to bring regulated stablecoin infrastructure into a mainstream Asian payments network.
What the Partnership Covers The deal has two core areas of focus. First, the companies will launch a proof of concept leveraging $USDC to streamline JCB's internal fund transfers, with the broader goal of lowering remittance costs and improving cross-border transaction efficiency. Second, the companies will explore in-store stablecoin payment experiences for merchants and international visitors to Japan, while evaluating technologies that support interoperability and seamless payment experiences across multiple blockchain networks.
JCB, which has 140 million users and 40 million merchants worldwide, and Circle will explore how stablecoins can enhance cross-border treasury operations and payments. The scale of JCB's network means even a limited rollout would represent a material expansion of $USDC's real-world utility.
It is worth noting the current scope of the agreement. The partnership does not immediately mean that consumers will begin using $USDC through JCB cards or payment services. Instead, the initial stage focuses on research, testing, and evaluating possible use cases.
Part of a Broader Push in Japan The JCB deal is not Circle's only move in Japan. Circle has said it would partner with Nomura to develop a $USDC-based foreign exchange settlement service for Japanese businesses as early as 2027. Meanwhile, the initiative comes amid a broader push for stablecoin adoption in Japan, including pilots such as Lawson convenience stores testing yen-denominated stablecoin payments starting in August.
JCB itself has been building toward this moment. In January 2026, the credit card issuer partnered with Digital Garage and Resona Holdings to pilot real-world stablecoin applications within Japanese brick-and-mortar stores. The Circle MOU adds a globally recognised stablecoin issuer to that existing framework, broadening the scope of what JCB can offer merchants and international cardholders.
Under this MOU, JCB and Circle will explore collaboration opportunities that combine Circle's stablecoin payment infrastructure with JCB's global merchant network to advance cross-border payments and develop new payment experiences for merchants and customers.
Sources:
CoinDesk: Circle Signs MOU with Japan's Largest Card Network to Explore Stablecoin Payments
Finextra: JCB Signs Stablecoin MOU with Circle
ACN Newswire: JCB Signs Memorandum of Understanding with Circle (Official Press Release)
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 two largest retail-facing trading platforms in the US are now competing for your idle stablecoins, and they’ve both picked the same DeFi protocol to do it. Coinbase and Robinhood have each built yield products on top of Morpho, the decentralized lending infrastructure that has quietly amassed over $11B in total value locked.
Two platforms, two philosophies Coinbase launched its onchain USDC lending product via Morpho back on September 18, 2025. The yields are variable, meaning they fluctuate with supply and demand in the lending markets, and the platform has advertised rates reaching as high as 10.8%.
On top of the base lending rate, Coinbase participants can earn MORPHO token rewards. These are claimable periodically, with Coinbase One subscribers reportedly getting enhanced access.
Coinbase has also introduced two risk-tiered vault options curated by Steakhouse Financial: “Prime” and “Higher Yield.” The Prime vault carries lower risk and lower returns, while Higher Yield does what the name suggests, with commensurately more exposure.
Advertisement
Robinhood took a different path entirely. Its “Robinhood Earn” product started rolling out around July 1, 2026, and it targets an estimated 7% APY on USDG, its own stablecoin. Rather than letting rates float, Robinhood is fixing the yield for a year.
The Robinhood vault operates on the Robinhood Chain and is backed by insurance from Lloyd’s of London.
Why Morpho is the quiet winner Neither platform built its own lending protocol from scratch. Both chose Morpho, which functions as permissionless lending infrastructure that lets anyone create isolated lending markets, or “vaults,” with customizable risk parameters.
Neither platform requires lockup periods. Users can deposit and withdraw based on vault liquidity, with interest accruing instantly.
What this means for investors Coinbase’s variable model rewards active participants who understand DeFi mechanics and are comfortable with rate fluctuations. When lending demand is high, you could earn well above 7%. The MORPHO token rewards add upside, but tokens are inherently volatile.
Robinhood’s fixed 7% is designed for people who want to set it and forget it. The Lloyd’s insurance backing adds a layer of confidence that’s unusual in crypto yield products. But fixed rates carry their own risk for the platform: if market rates drop below 7%, Robinhood is subsidizing the difference. If rates spike well above 7%, users miss out on the upside.
Both Coinbase and Robinhood are publicly traded, SEC-reporting companies offering yield products built on decentralized infrastructure. The fact that regulators haven’t blocked these products, at least so far, suggests a growing tolerance for DeFi integrations when wrapped in compliant, insured, consumer-friendly packaging.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
