Circle, the creator of the popular stablecoin USDC, and Fireblocks, a leading provider of digital asset custody and management solutions, are collaborating to advance the adoption of stablecoins in institutional finance. Their joint efforts aim to address major challenges hindering the use of blockchain-based settlements among businesses and financial institutions, particularly in areas like compliance, governance, and international security standards.
Stablecoin transaction volume increases rapidlyRecent figures show that stablecoin activity in global payments has climbed sharply. In 2025, stablecoins recorded $33 trillion in transaction volume, reflecting a 72% year-over-year increase. For the first time in early 2026, stablecoin settlements on a monthly basis outpaced ACH transactions, signaling a significant shift in the financial sector toward blockchain-based payments.
Fireblocks reported that stablecoins have become the predominant digital assets on its platform, making up 69% of all digital asset trades processed. USDC, developed by Circle and pegged to the US dollar, emerged as the most transacted stablecoin within the Fireblocks network this year, overtaking industry giant USDT in popularity among institutional users.
Stablecoins now represent nearly 70% of digital asset trades on Fireblocks, with USDC becoming the top choice for institutional transfers and settlements across multiple blockchains.
Despite the rise in adoption, many companies face operational hurdles when integrating stablecoins into their treasury and payment workflows. Key challenges include managing liquidity, securing funds for gas expenses on various blockchains, performing reconciliations, and complying with regulatory screening processes.
While stablecoins allow payment providers to reduce their reliance on traditional correspondent banking systems, organizations still need to address requirements such as sanctions compliance during cross-border transfers.
Mini dictionary: Fireblocks, a digital asset custody and transfer platform, offers secure infrastructure for businesses and institutions to move, store, and manage digital assets across multiple blockchains.
Circle Gateway offers multi-chain USDC managementAddressing these operational complexities, Circle has launched the Circle Gateway, now integrated with Fireblocks. This solution enables businesses to hold and manage their USDC balances across all supported blockchains in a single virtual wallet, instead of juggling multiple liquidity pools on different networks.
With Gateway, companies consolidate USDC operations, eliminating the need for individual gas fees on destination chains and removing dependencies on external liquidity bridges. This innovation simplifies internal processes and reduces operational risks and costs.
Through the Circle Payments Network (CPN), companies can achieve near-instant settlement of USDC into various fiat currencies, supporting payments in over 50 countries. The network connects banks, payment processors, and virtual asset providers, streamlining global payments and reducing bottlenecks associated with the legacy correspondent banking system.
FeatureTraditional Correspondent BankingCircle Gateway + CPNSettlement SpeedSeveral hours to daysAlmost instantCurrency CoverageLimited, slower onboarding50+ countries supportedLiquidity ComplexityMultiple liquidity poolsSingle virtual walletGas Fee DependencyNot applicableEliminatedSanctions ComplianceIntegrated but slowerFully supportedGrowing demand for enterprise-scale stablecoin solutionsIndustry analysts suggest that the future of stablecoins will focus on expanding scalability and integrating robust security and compliance guardrails. As more enterprises adopt on-chain payment and treasury systems, they are increasingly seeking solutions that combine the speed and transparency of blockchain with the risk controls demanded by the corporate sector.
The current integration between Circle and Fireblocks signals a broader shift: stablecoins are evolving from basic trading tools to critical financial infrastructure. Their ongoing development is expected to further drive adoption among traditional institutions, provided that compliance requirements and operational efficiency continue to improve.
Stablecoins are no longer limited to trading—they are becoming core components of global payment systems and treasury operations for institutions.
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.
SK Group Chairman responds to SK Hynix's stock price plunge: Avoid frequent trading and hold for the long term.
SK Group Chairman and Korea Chamber of Commerce and Industry Chairman Choi Tae-won responded to the sharp plunge in SK Hynix’s stock price, saying that while he cannot predict SK Hynix’s share price movement next month, investors should avoid frequent trading, as long-term holding may be more conducive to preserving assets. Choi believes that as the AI industry develops, demand for memory will continue to expand. He noted that AI is currently like a "4-year-old child," and as it matures into a full-fledged industry, it will inevitably require more memory, with related demand potentially growing exponentially. He also pointed out that SK Hynix’s stock had risen rapidly earlier, leading to a sharp pullback when market expectations shifted, adding that prices that surge too quickly sometimes need adjustments to align with reality. When discussing South Korea’s AI industry strategy, Choi stated that South Korea cannot compete with China on cost nor surpass the U.S. in model quality, so it should build infrastructure, develop applications suited to domestic needs, and explore niche markets, with a long-term shift from exporting memory chips to exporting computing power and "intelligence."
19 minutes ago
Institutions: U.S. corporate executives are offloading stocks at a nearly record pace.
US corporate executives are offloading stocks at the second-fastest pace in over two decades. For some investors, this is a classic warning sign, as it signals that those with the deepest insight into a company’s operations are taking a cautious stance on the current market. Data from EPFR Global Market Intelligence shows that in the first half of 2026, US corporate insiders collectively sold $776 billion worth of stocks, a 20% increase from the same period last year. Over the past 20+ years, only 2021 saw larger sell-offs, when the market was fueled by massive pandemic-era stimulus funds. EPFR analysts including Winston Chua wrote in a report: “Insider trading activity indicates that at current valuation levels, corporate executives have no strong willingness to increase their stock holdings.” Additionally, insider buying activity remains sluggish. In the first half of 2026, insiders purchased just $69 billion worth of company stock, barely above the seven-year low of $67 billion set in the same period last year. (Jin10)
19 minutes ago
US semiconductor, storage, and optical communication stocks extended their pre-market losses, with SanDisk and Applied Materials both falling more than 6%.
According to BIT (bit.com) market data, US semiconductor stocks were broadly lower in pre-market trading. Applied Materials fell 6.10%, Lam Research dropped 5.46%, TSMC declined 4.70%, KLA slipped 4.68%, Arm and Intel both fell 4.52%, AMD dropped 4.42%, Micron Technology fell 4.24%, and Nvidia was down 2.95%. The storage sector led losses: SanDisk fell 6.10%, Western Digital dropped 5.75%, Seagate Technology declined 5.63%, Micron Technology slipped 4.24%, and SK Hynix fell 3.49%. Optical communication concept stocks plunged collectively: Coherent fell 6.26%, Applied Optoelectronics dropped 6.00%, Credo declined 5.76%, Corning slipped 5.51%, Ciena fell 5.17%, and Astera Labs was down 5.08%.
19 minutes ago
The "Big Short" Michael Burry: Now an excellent time to bottom-fish Hong Kong stocks
The Big Short protagonist Michael Burry said today that with the appeal of South Korean and Japanese markets and the SOXX semiconductor sector waning, now is an ideal time to turn to the Hong Kong market to seek undervalued stocks. He believes some low-valued Hong Kong stocks are poised to perform well once capital flows shift away from South Korea, Japan and the semiconductor sector.
19 minutes ago
US stock futures fall, with intensified selling pressure on semiconductor stocks driving investors to shift to other sectors.
U.S. stock index futures fell, with selling pressure on semiconductor stocks intensifying, prompting investors to seek investment opportunities in other market segments. Nasdaq 100 futures dropped more than 2%, while S&P 500 futures fell over 1%. Nvidia (NVDA.O) led losses among the "Magnificent Seven" in pre-market trading, and the Philadelphia Semiconductor Index is nearing a bear market and set to extend Thursday’s declines. However, even though the S&P 500 closed 0.5% lower on Thursday, 369 of its constituent stocks advanced and 132 declined, indicating the market’s overall breadth remains healthy. Barclays strategist Venu Krishna stated, "Enthusiasm for AI capital expenditure is starting to cool, but the semiconductor sector still significantly outperforms the broader market in stock price performance, while software stocks continue to lag. This shows recent market rotation is gradual rather than decisive." (Jinshi)
19 minutes ago
OKX.AI Genesis Hackathon Extended to July 28
Official announcement: The OKX.AI Genesis Hackathon has seen rising developer enthusiasm since its launch. To give builders more time to refine and deploy Agent Service Providers (ASP), the submission deadline has been extended to July 28 at 7:59 (UTC+8). Participants can continue to submit their works via the OKX.AI official website and post project introductions on X. OKX.AI is an economic system built specifically for Agents. The Genesis Hackathon features a total prize pool of $100,000, aiming to encourage developers to build ASP that solve real-world needs and drive the implementation of the Agent economy.
Circle has integrated its Gateway and Circle Payments Network with Fireblocks, giving institutional customers new ways to manage USDC across blockchains and settle cross-border payments.
Summary
Circle and Fireblocks integrate Gateway and CPN, giving institutions USDC settlement across multiple blockchain networks. Fireblocks customers can use unified USDC balances and send local fiat payouts across 50-plus countries. Stablecoins account for 69% of Fireblocks transaction volume, showing growing institutional demand for digital settlement. The services are now available directly through Fireblocks’ existing infrastructure, including its transaction controls, approval systems and audit records.
The integration targets trading firms, neobanks and payments companies that use stablecoins for treasury operations and international settlement. According to Fireblocks, stablecoins accounted for 69% of all digital asset transaction volume on its platform during the second quarter of 2026. The company also said USDC became its leading stablecoin earlier this year.
Circle Gateway allows institutions to maintain one virtual USDC balance across supported networks instead of keeping separate pools on each blockchain. Funds can move to supported chains when required, while incoming USDC can automatically return to the unified balance. Fireblocks said the system also reduces the need to hold separate gas tokens for destination networks.
Circle Payments Network connects USDC with local fiat payouts The second part of the integration brings Circle Payments Network, or CPN, into the Fireblocks Network for Payments. Customers can send USDC and route payments to recipients who receive local fiat currency through supported providers in more than 50 countries. The companies said settlement can take minutes rather than relying on multi-day correspondent banking processes.
Circle 🤝 @FireblocksHQ
Gateway and Circle Payments Network are now accessible through Fireblocks, helping institutions manage USDC operations with the policy controls, approvals, and audit trails they already use.
→ Unified USDC balances across supported chains with Gateway… pic.twitter.com/JPEZoF9Hdd
— Circle (@circle) July 16, 2026 Meanwhile, Fireblocks will apply its existing policy controls to Gateway transfers and CPN payouts. These include transaction approvals, counterparty lists, sanctions screening and Travel Rule processes. The aim is to let institutions use stablecoin payment rails without building a separate control system for each network or payment corridor.
The rollout builds on a partnership Circle and Fireblocks announced in September 2025. At the time, the companies said Fireblocks customers would gain access to Circle products, including Gateway and CPN, as financial institutions increased their use of stablecoins for payments and treasury operations.
As crypto.news previously reported, Circle expanded CPN in April with Managed Payments, a service designed to let banks and fintech companies use USDC-based settlement without directly managing digital assets or blockchain infrastructure. That service handles parts of the stablecoin process while participating institutions continue sending and receiving fiat currency.
Moreover, Circle added Nium to CPN in May, connecting USDC settlement with payout infrastructure spanning more than 190 countries and 100 currencies. The Fireblocks integration now adds another institutional access point to the network.
Fireblocks said stablecoin transaction volume reached $33 trillion across the wider market in 2025, up 72% year over year. With Gateway and CPN now available inside its platform, customers can manage cross-chain USDC liquidity and fiat payouts under the same operating and compliance controls they already use for other digital asset transactions.
Visa has launched an enterprise stablecoin platform that allows banks, fintech companies and payment providers to manage digital dollars through a single system.
Summary
Visa launches an enterprise stablecoin platform with Open USD as its first supported digital asset. Banks and fintechs can mint, store, transfer and redeem stablecoins through one Visa-managed operating system. Open USD’s shared revenue model adds pressure on Circle as competition for institutional stablecoin flows grows. The Visa Stablecoin Platform, or VSP, will initially support Open USD, the stablecoin introduced by Open Standard in June.
The platform gives institutions access to tools for minting, redeeming, storing and transferring Open USD. Visa has also added Wallet-as-a-Service infrastructure, blockchain connectivity and its existing risk and security systems. The company said clients can use the service alongside its traditional payments network rather than replacing their current infrastructure.
Visa Chief Product and Strategy Officer Jack Forestell said “the hard part isn’t the concept, it’s the operational reality” when institutions adopt stablecoins. He said VSP gives clients one place to manage stablecoin operations while using controls and network infrastructure already provided by Visa.
Open USD adds another challenge to Circle’s USDC model The launch gives Open USD a direct route into Visa’s institutional customer base. The token uses a different economic structure from established stablecoins such as Circle’s USDC. Open Standard plans to offer fee-free minting and redemption while sharing most reserve income with participating partners after operating costs.
More than 140 companies backed the Open USD initiative when it was announced on June 30. The group includes Visa, Mastercard, BlackRock, Coinbase and several other companies across finance, technology and crypto. Visa had already reported a stablecoin settlement run rate of about $7 billion as of March 2026.
The new platform arrives as investors continue to assess how Open USD could affect Circle’s business. As crypto.news reported, Circle shares fell after Open USD was announced, as markets reacted to a model that could return more reserve income to companies distributing the stablecoin.
Pressure increased this week when Mizuho downgraded Circle and cut its price target from $85 to $50. As previously reported by crypto.news, the bank said Open USD could put more pressure on Circle’s margins by changing how stablecoin reserve income flows to distribution partners. However, Open USD still needs to build the liquidity, regulatory reach and market adoption that USDC has developed over several years.
Visa’s launch moves Open USD from a consortium-backed stablecoin proposal toward institutional payment infrastructure. Banks and fintechs using VSP can access Open USD through Visa-managed tools while connecting stablecoin operations with existing payment products.
For Circle, the competition is now expanding beyond stablecoin issuance. Open USD has gained distribution partners, while Visa is building the systems institutions can use to manage the token directly. The next test will be whether financial companies adopt those tools at enough scale to challenge USDC’s established position in regulated digital-dollar payments.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Cronos, an EVM-compatible L1 chain, launched $EURC, $USDC, and the Cross-Chain Transfer Protocol (CCTP) of the U.S.-based fintech entity Circle. The rollout denotes a notable landmark for the network as it readies for the Cronos app’s upcoming debut. As Cronos disclosed in its official announcement, it is the earliest blockchain ecosystem to unveil all 3 Circle-backed products at the same time. The respective integration is poised to deliver consumers, institutions, and developers with seamless access to fully compliant stablecoin infrastructure.
Cronos Natively Incorporates $USDC and CCTP to Bolster Infrastructure The launch of $EURC, $USDC, and the CCTP protocol of Circle on the Cronos network highlights a key move. The integration is set to provide institutions, developers, and consumers with streamlined access to compliant stablecoin infrastructure. Additionally, the move focuses on simplifying transfers across chains and supporting a wider range of notable financial apps across the ecosystem.
Simultaneously, the launch is associated with the Cronos app’s development. It is a mobile-first trading entity developed through the Cronos blockchain with notable support from Crypto.com. Specifically, the application is anticipated to permit consumers to efficiently trade their tokenized stocks, prediction market assets, and cryptocurrencies from one account. Additionally, the platform is poised to provide almost 10x buying power, availability in over 183 jurisdictions, and round-the-clock market reach.
Apart from that, native $USDC is set to play the role of a central settlement asset operating in the Cronos app. Following the launch of the platform, consumers will get the capability to deposit their $USDC tokens and use an inclusive balance for the trading of diverse asset classes. Each of the transfers on the platform will witness its settlement in $USDC, marked by redeemability for U.S. dollars on a 1:1 ratio.
Accelerating Worldwide Stablecoin Adoption According to Cronos, a critical element of this development is the inclusion of the Cross-Chain Transfer Protocol (CCTP) of Circle. The protocol allows consumers to shift $USDC between compatible blockchain ecosystems without depending on 3rd-party bridges or wrapped tokens. With this mechanism, consumers will get the ability to transact $USDC from over 20 compatible chains to Cronos. Additionally, $EURC’s integration further broadens the platform’s stablecoin offerings. Overall, with the merger of native $EURC, $USDC, and CCTP integration, Cronos focuses on elevating its position as a prominent blockchain ecosystem for compliant digital asset operations and worldwide financial innovation.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
The "Big Short" Michael Burry: Now an excellent time to bottom-fish Hong Kong stocks
The Big Short protagonist Michael Burry said today that with the appeal of South Korean and Japanese markets and the SOXX semiconductor sector waning, now is an ideal time to turn to the Hong Kong market to seek undervalued stocks. He believes some low-valued Hong Kong stocks are poised to perform well once capital flows shift away from South Korea, Japan and the semiconductor sector.
15 minutes ago
US stock futures fall, with intensified selling pressure on semiconductor stocks driving investors to shift to other sectors.
U.S. stock index futures fell, with selling pressure on semiconductor stocks intensifying, prompting investors to seek investment opportunities in other market segments. Nasdaq 100 futures dropped more than 2%, while S&P 500 futures fell over 1%. Nvidia (NVDA.O) led losses among the "Magnificent Seven" in pre-market trading, and the Philadelphia Semiconductor Index is nearing a bear market and set to extend Thursday’s declines. However, even though the S&P 500 closed 0.5% lower on Thursday, 369 of its constituent stocks advanced and 132 declined, indicating the market’s overall breadth remains healthy. Barclays strategist Venu Krishna stated, "Enthusiasm for AI capital expenditure is starting to cool, but the semiconductor sector still significantly outperforms the broader market in stock price performance, while software stocks continue to lag. This shows recent market rotation is gradual rather than decisive." (Jinshi)
15 minutes ago
OKX.AI Genesis Hackathon Extended to July 28
Official announcement: The OKX.AI Genesis Hackathon has seen rising developer enthusiasm since its launch. To give builders more time to refine and deploy Agent Service Providers (ASP), the submission deadline has been extended to July 28 at 7:59 (UTC+8). Participants can continue to submit their works via the OKX.AI official website and post project introductions on X. OKX.AI is an economic system built specifically for Agents. The Genesis Hackathon features a total prize pool of $100,000, aiming to encourage developers to build ASP that solve real-world needs and drive the implementation of the Agent economy.
15 minutes ago
Binance to list SPCXUSD1 perpetual contract
According to an official announcement, Binance will launch the SPCXUSD1 perpetual contract at 17:00 (GMT+8) on July 20, 2026, with a maximum leverage of 25x.
15 minutes ago
Nasdaq 100 Index futures decline widened to 2%
According to market data from BIT (bit.com), Nasdaq 100 index futures extended their decline to 2%, and S&P 500 index futures fell 1%. (Jinshi Data)
15 minutes ago
A crypto whale has accumulated another 20,000 HYPE tokens, bringing its total HYPE holdings to 220,000 since June 11.
According to on-chain analyst Ai Yi (Twitter handle @ai_9684xtpa), the whale/entity with wallet address 0x008…E295f — which had accumulated a total of 200,000 HYPE tokens in June — has withdrawn 20,000 HYPE tokens from an exchange again after a 4-week interval, worth roughly $1.18 million. Since June 11, this address has withdrawn a total of 220,000 HYPE tokens from exchanges, totaling around $14.85 million, at an average withdrawal price of $67.51, and currently holds an unrealized loss of approximately $1.945 million.
A crypto whale has accumulated another 20,000 HYPE tokens, bringing its total HYPE holdings to 220,000 since June 11.
According to on-chain analyst Ai Yi (Twitter handle @ai_9684xtpa), the whale/entity with wallet address 0x008…E295f — which had accumulated a total of 200,000 HYPE tokens in June — has withdrawn 20,000 HYPE tokens from an exchange again after a 4-week interval, worth roughly $1.18 million. Since June 11, this address has withdrawn a total of 220,000 HYPE tokens from exchanges, totaling around $14.85 million, at an average withdrawal price of $67.51, and currently holds an unrealized loss of approximately $1.945 million.
1 minutes ago
SpaceX extends its downward trend, falling another 4.6% in pre-market trading.
According to market data from BIT (bit.com), SpaceX has extended its downward trend, dropping an additional 4.6% in pre-market trading to a current price of $125, below its $135 IPO price. On the news front, the company's Starship rocket was halted ahead of its launch.
1 minutes ago
Web3’s First Agent Arena Kicks Off: ClawQuest Launches Agent Fire, 126,000 AI Agents to Compete in the Same Arena.
Telegram AI agent game ClawQuest: Agent Mine has launched its first sub-game, Agent Fire, elevating ClawQuest to become the world’s first Web3 Agent Arena. The tank battle mode operates without human intervention: each tank’s battle code is written, optimized, and deployed by players’ AI agents, which fight 24/7. Unlike traditional chain games that use AI as an auxiliary tool, Agent Fire’s agents are the actual players themselves. Users hand over their Tank keys to their preferred AI agents (including OpenClaw, Codex, or any agent framework), issue commands in natural language, and the agents process real-time tank data and battle code, simulate improvements, and roll out new strategies—competing to prove whose tuned AI is superior. According to prior data, ClawQuest’s main game Agent Mine has accumulated 444,751 players since its open beta on May 8, with 125,790 of them having connected their own AI agents. Also launching alongside Agent Fire is CRouter, an AI large language model (LLM) relay station; agents’ token consumption will count toward $CLAW airdrop weighting.
CZ, during an appearance on the Talking Tokens podcast, said many people still regard crypto assets as speculative investments and focus on when to exit, but crypto and blockchain are fundamentally foundational technologies that should not be viewed solely from a short-term price perspective. CZ ranked blockchain alongside the internet and AI as the three foundational technologies he has witnessed, noting that the crypto industry’s current penetration rate is less than 1% by wealth size, leaving ample room for future growth. He also stated that the distinction between traditional finance and crypto finance should not persist going forward. The tokenization of stocks and the adoption of blockchain by banks and financial institutions have demonstrated that the two sectors are converging, eventually forming a single unified financial system.
1 minutes ago
A trader who shorted CASHCAT two days ago has an unrealized profit of $529,000 so far.
According to Lookonchain's monitoring, trader 0xc36a shorted CASHCAT two days ago and currently has an unrealized profit of $529,000.
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Prediction market agent platform insiders.bot kicks off countdown to major update.
Today, the prediction market agent platform insiders.bot has officially started the countdown to its new version update. Previously, insiders.bot just launched its official version of the AI trading agent and the v1.3 signal. According to earlier official announcements, insiders.bot’s v1.3 signal achieved a win rate of over 80%, and the AI trading was used multiple times in live streams to generate high returns.
DeFiTuna, a decentralized finance protocol built on Solana, disclosed that an attacker drained $580,000 from its lending pools on July 16. The exploit left a matching deficit in the platform’s USDC lending pool.
The team says it quickly identified and mitigated the attack vector. Recovery efforts and a deeper investigation into the exploit are underway, though the protocol has not yet detailed how, or whether, affected users will be made whole.
What happened and what we know so far DeFiTuna operates as an automated market maker with native lending features, concentrated liquidity, and support for leveraged positions. Users deposit assets into pools, other users borrow against them, and everyone earns yield based on how much of the pool is being utilized.
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The attacker extracted $580K from those pools, specifically impacting the USDC side of the ledger. That created an immediate deficit, meaning the pool’s liabilities now exceed its assets by that amount.
DeFiTuna confirmed that the exploit pathway has been closed. What remains unclear is the precise mechanism of the exploit. The team hasn’t elaborated publicly, which is understandable during an active investigation.
User reactions on social media centered on two questions: will depositors absorb the loss, and why wasn’t this caught during audits? Both remain unanswered.
DeFiTuna’s background and the trust question DeFiTuna’s feature set combines AMM functionality with lending and leveraged trading. The protocol’s native token, $TUNA, is used for staking and revenue sharing, giving holders a claim on ecosystem fees. The lending pools offer variable APY based on utilization rates.
Back in February 2025, the protocol returned investments it had received from Kelsier Ventures following a scandal involving that firm.
What this means for DeFi investors For DeFiTuna depositors, the immediate concern is whether the USDC pool deficit will be covered. There are a few ways this typically plays out: the protocol can use treasury funds to backstop the loss, socialize the deficit across all depositors, or attempt to recover funds from the attacker.
The team’s next public communication will be critical. Investors will be watching for a detailed post-mortem explaining exactly what went wrong, a concrete plan for addressing the USDC deficit, and evidence that the remaining contracts have been re-audited or formally verified.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Visa has unveiled the Visa Stablecoin Platform, a new service aimed at banks, fintech firms, and payment providers, designed to streamline the issuance, holding, and transfer of stablecoins within Visa’s global payments network.
Comprehensive stablecoin solution for institutionsThe initiative enables financial institutions to manage stablecoin operations without the need to build their own blockchain infrastructure. Instead, the platform offers an integrated system for stablecoin minting, redemption, wallet management, and treasury services, aligning these functions with Visa’s existing payment and settlement workflows.
Visa’s Chief Product and Strategy Officer Jack Forestell described the new platform as a significant step for enterprises interested in stablecoin adoption. He stated, “Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn’t the concept, it’s the operational reality. With the Visa Stablecoin Platform, we’re giving our clients a single place to mint, move, and manage stablecoin operations with the controls, security, and network reach they already expect from Visa.”
With the Visa Stablecoin Platform, we’re giving our clients a single place to mint, move, and manage stablecoin operations with the controls, security, and network reach they already expect from Visa.
The global stablecoin market has reached $304 billion in market capitalization, according to figures from CoinGecko, with most tokens pegged to the US dollar.
Support for Open USD and expansion of stablecoin productsAt its initial launch, the Visa Stablecoin Platform supports Open USD (OUSD), a stablecoin developed by the Open Standard consortium earlier this year. In addition, the service integrates with Visa’s existing stablecoin products, including USDC by Circle and USDG by Paxos.
The platform, which has entered a beta phase with a limited number of customers, allows clients to manage wallets, transfer stablecoins, and integrate new stablecoin workflows into their current treasury and settlement systems. Security features such as transaction approvals and audit trails are also built in.
Mini dictionary: Open Standard consortium, an organization focused on promoting interoperable stablecoin standards and responsible for introducing Open USD (OUSD).
Visa’s ongoing growth in stablecoin marketsVisa’s latest move builds on a series of recent developments in the stablecoin sector. In October, the payments company published research supporting the potential for stablecoins to move part of the $40 trillion global credit market onto blockchain-based platforms. The firm cited $670 billion in stablecoin lending over the past five years as evidence of growing adoption.
In April, Visa broadened its stablecoin settlement capabilities by adding support for additional blockchain networks, including Base, Polygon, Canton, Arc, and Tempo, boosting its total supported blockchains to nine. At that time, Visa reported $7 billion in annualized stablecoin settlements and said it was powering over 130 stablecoin-linked card programs in more than 50 countries.
NetworkSupported by Visa (since April)BaseYesPolygonYesCantonYesArcYesTempoYesVisa, a leader in global payments, continues to expand its digital asset offerings as stablecoins gain traction in both retail and institutional finance.
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.
For decades, posting margin for derivatives trades meant wiring dollars through a system that still operates on banker’s hours. Marex Group, a publicly traded clearing firm on NASDAQ under the ticker MRX, just made that process look a little antiquated.
On July 16, Marex announced that clients can now use USDC, the regulated stablecoin issued by Circle, as initial margin collateral for US derivatives clearing. The integration runs through Coinbase Prime, which handles custody, instant fiat-to-USDC conversion, and the reporting infrastructure that keeps the whole thing compliant. The inaugural transaction was executed by Prime Trading, LLC, a Chicago-based proprietary trading firm that posted USDC as margin, which Marex then converted to cash to facilitate its trading positions.
How it actually works The Marex and Coinbase setup replaces a chunk of that friction with blockchain rails. USDC moves 24/7 at internet speed, meaning collateral can be posted, adjusted, or withdrawn at any hour, not just during US banking windows.
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In practice, a client holds USDC in a Coinbase Prime account. When margin is needed, the stablecoin is transferred into a segregated, CFTC-compliant environment that Marex manages for clearing operations. Coinbase provides bespoke reporting aligned with Marex’s clearing requirements, essentially acting as the bridge between the crypto-native asset and the regulatory framework that governs futures markets.
The regulatory green light In December 2025, the Commodity Futures Trading Commission issued a no-action letter that effectively permitted the use of stablecoins as margin collateral in derivatives clearing. That letter didn’t change the law, but it told clearing firms and their regulators: go ahead, we won’t pursue enforcement action if you do this within the right guardrails.
The fact that USDC was the stablecoin of choice matters too. It’s fully reserved, meaning every token is backed by cash and short-duration US Treasuries held in segregated accounts. That reserve structure is what makes it palatable to regulators and clearinghouses that need to know the collateral is actually worth what it claims to be.
What this means for institutional markets The most immediate benefit is operational. Firms that trade across time zones or in products linked to 24/7 markets can now manage margin without waiting for a wire to settle.
For Coinbase, the partnership extends its institutional infrastructure play beyond pure crypto trading. Acting as the custody and conversion layer for a regulated derivatives clearing workflow positions Coinbase as a bridge between digital assets and traditional financial market infrastructure.
The risk to watch is regulatory durability. No-action letters can be rescinded, and if a stablecoin used as margin were to depeg during a volatile session, the ensuing mess would give regulators plenty of reason to reconsider.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Banks have spent the better part of two years warning that stablecoins would siphon money out of the traditional financial system. Coinbase’s chief policy officer has a different take: the numbers don’t support that story.
Faryar Shirzad pointed to a six-month window in which USDC supply grew by approximately 4.6-5% while total demand deposits in the US banking system climbed by roughly 4.5-5%. Both went up. Neither ate the other’s lunch.
The data behind the argument USDC’s circulating supply has reached approximately $75 billion, making it the second-largest stablecoin by market cap.
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A July 2025 study from Charles River Associates, commissioned by Coinbase, examined whether USDC adoption had measurably harmed community bank deposits. The conclusion: no statistically significant negative effects. Community banks, the institutions most often cited as vulnerable to stablecoin competition, appear to be doing just fine.
Shirzad followed up with a blog post in September 2025 that directly rejected what he called the “deposit erosion myth” propagated by banking industry lobbyists.
Why banks keep pushing the narrative anyway Coinbase has obvious incentives here too. The company earns a revenue share of 100% from USDC held on its platform and 50% from other sources. USDC powers around 90% of Coinbase’s spot trading in USD/USDC pairs.
Coinbase’s broader USDC strategy The company’s USDC yield program has historically offered returns up to 5%. Coinbase has also been building out direct deposit functionality, letting users receive paychecks in USDC.
Coinbase is also partnering with other firms to expand stablecoin use in payments, pushing USDC closer to becoming a practical medium of exchange rather than just a trading intermediary.
What this means for investors For Coinbase shareholders, the USDC economics are worth watching closely. When the company earns a full revenue share on platform-held USDC and half on off-platform holdings, every billion dollars of USDC growth translates directly to the income statement. At $75 billion in circulation, the economics are already substantial.
Tether’s USDT still dominates the global stablecoin market, but USDC has been gaining ground in regulated markets, particularly in the US and Europe.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Why Is Marex Accepting USDC as Margin Collateral? Marex Group has begun accepting Circle’s USDC stablecoin as initial margin collateral for regulated derivatives positions, marking a practical step in the use of tokenized collateral inside established clearing infrastructure.
The service allows eligible Marex clients to use USDC held in segregated custody to support positions cleared through the company’s US futures commission merchant business. Coinbase provides the custody, conversion, and reporting systems supporting the workflow, while Marex remains responsible for the regulated clearing relationship.
The first transaction was completed with proprietary trading firm Prime Trading. Under the arrangement, Prime Trading transferred USDC as initial margin collateral, and Marex then provided cash to fund the client’s derivatives positions.
The structure does not mean USDC is being delivered directly to an exchange as margin. Marex accepts the stablecoin from the client as collateral and uses its value within the clearing workflow, with Coinbase supplying custody and operational reporting designed to meet regulatory and clearinghouse requirements.
How Does The CFTC Relief Shape The Framework? The launch follows a December 8, 2025 no-action letter from staff at the US Commodity Futures Trading Commission that gave registered futures commission merchants limited regulatory relief to accept certain non-security digital assets as customer margin collateral.
The letter covers specified assets, including payment stablecoins, Bitcoin, and Ether, subject to conditions around custody, segregation, valuation, reporting, and risk management. It also allows futures commission merchants to take the value of qualifying digital assets into account for certain regulatory calculations and permits payment stablecoins to be deposited as residual interest under defined circumstances.
The relief is not an unrestricted approval for digital assets to replace cash or US Treasuries across the derivatives market. Firms using the framework must comply with the conditions set out in the letter, including controls over how assets are held, valued, reported, and managed.
For Marex, the result is a controlled route for bringing stablecoin collateral into a regulated clearing operation rather than launching a standalone crypto product. That distinction matters because the service is tied to existing derivatives market plumbing, not a separate digital asset venue.
Investor Takeaway The Marex structure shows how stablecoins may enter institutional markets first through collateral workflows rather than direct exchange margin. The opportunity is operational efficiency, but the model still depends on custody controls, valuation discipline, and regulatory limits.
Why Does Marex’s Clearing Scale Matter? Marex is not a crypto-native firm testing stablecoins at the edge of the market. The London-headquartered company describes itself as one of the world’s largest non-bank futures commission merchants and provides clearing access across major futures and options exchanges, including CME, CBOT, NYMEX, COMEX, ICE, Eurex, Euronext, the London Metal Exchange, and the Singapore Exchange.
Its clearing services cover financial products as well as energy, agricultural commodities, metals, and digital assets. That gives the USDC arrangement a potential route into institutional workflows already used by clients trading across traditional and digital markets.
Marex reported average clearing client balances of $16 billion during the first quarter of 2026, up 33% from $12 billion a year earlier. The company cleared 1.37 billion contracts during the 12 months ended March 31, an 18% increase from the comparable period. Clearing revenue rose 15% to $137.2 million in the first quarter.
Those figures make the initiative more significant than a limited stablecoin pilot. Marex already sits between institutional clients and some of the world’s largest derivatives exchanges, which means the collateral arrangement is being introduced inside a market structure that already handles large clearing balances and regulated risk management.
What Role Does Coinbase Play In The Workflow? Coinbase supplies the operational layer underneath the service. Its role includes New York Department of Financial Services-qualified custody, instant conversion between fiat currency and USDC, and customized reporting designed for Marex and clearinghouse requirements.
The reporting infrastructure is intended to support clearing-grade reconciliation and oversight rather than ordinary crypto wallet activity. Coinbase also provides the on- and off-ramps needed to convert dollars into USDC and back into fiat currency.
The arrangement addresses a timing mismatch between digital asset markets and the banking system. Crypto markets trade continuously, while cash collateral transfers still depend on bank operating hours, cut-off times, and conventional settlement systems.
A client facing a margin requirement outside normal banking hours may have digital assets available but be unable to move cash quickly enough. USDC can be transferred around the clock, giving Marex the ability to receive additional collateral while traditional payment rails are closed.
Investor Takeaway The main value of USDC collateral is timing. For firms trading both crypto and traditional derivatives, the ability to post collateral outside banking hours can improve capital flexibility, but it does not remove settlement, credit, custody, or valuation risk.
How Far Can Stablecoin Collateral Scale? The efficiency gain is not the same as eliminating risk. Marex still has to apply collateral haircuts, monitor the stablecoin’s value, and manage the operational and regulatory risks tied to custody and conversion. USDC is designed to maintain a one-to-one value with the US dollar, but its use introduces risks that differ from holding cash directly at a bank.
Circle issues USDC and says the token is fully backed by cash and short-duration US government obligations. Marex described the asset as a regulated, fully reserved dollar-denominated stablecoin.
Prime Trading served as the first client to test the completed process. Its chief administrative officer, Joe Balcarcel, said blockchain-based collateral could improve capital efficiency and allow trading firms to react to market events outside traditional banking hours.
Marex did not disclose the size of the initial USDC transfer, the derivatives positions it supported, the collateral haircut applied, or which CME-cleared products were funded through the transaction. Those details will matter in determining how broadly the model can scale across the firm’s client base.
The transaction still marks a concrete implementation of the CFTC’s December relief. Rather than using a stablecoin only for crypto settlement, Marex has connected USDC to the margin process of a regulated futures commission merchant, with Coinbase providing custody and conversion and a trading firm using the structure to fund cleared derivatives positions.
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 reportedly added $500 million in USDC liquidity to the Solana blockchain, according to a social media post by @martypartymusic. This development comes as Solana continues to establish itself as a significant player in the stablecoin market, with its network currently hosting between $7.7 billion and $8.6 billion in circulating USDC. The expansion is aligned with the upcoming implementation of the GENIUS Act, which will provide a federal framework for stablecoins starting January 2027. This move suggests ongoing institutional interest in Solana’s high-throughput capabilities for stablecoin transactions amid regulatory advancements.
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Markets appear to be reacting to this liquidity boost, with prediction market data indicating a modest 11% probability that Solana’s price will reach $90 by the end of July 2026. This reflects a cautious yet optimistic sentiment among market participants regarding Solana’s potential price movement in the short term. The increased liquidity could enhance Solana’s ability to facilitate large transactions and improve overall network efficiency, factors that could influence its price trajectory.
Key Takeaways The addition of $500 million in USDC liquidity to Solana suggests potential positive impacts on its network capabilities and market perception. Market pricing currently indicates an 11% probability of Solana reaching $90 by the end of July 2026, suggesting moderate optimism. The GENIUS Act, effective January 2027, could further enhance regulatory clarity and institutional interest in stablecoins on Solana. What to Watch Observers will be monitoring Solana’s price movements closely as the market reacts to the liquidity addition. Key indicators include network throughput and volume, which could influence Solana’s price performance. Additionally, developments related to the GENIUS Act and further regulatory announcements will be significant, as they might provide additional support for stablecoin use on the Solana network. Market participants will also focus on institutional moves and any announcements from key figures like Anatoly Yakovenko and Ray Ozzie.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 11% — — View market → August 1 2026 0.4% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.4% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.9% — — View market → August 1 2026 3.6% — — View market → August 1 2026 0.4% — — View market → August 1 2026 7.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1% — — View market → August 1 2026 0.1% — — View market → August 1 2026 44% — — View market → August 1 2026 0.2% — — View market →
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 US sanctioned four crypto wallets tied to Iran’s Central Bank this week. Within hours, Tether froze $131 million in USDT sitting inside them.
It took one Treasury update and one flip of the Tether kill switch. USDT now doubles as a US sanctions weapon, and the industry is split over how issuers should police their coins.
How the Tether Kill Switch Became a US Sanctions WeaponTreasury Secretary Scott Bessent announced the freeze. The Office of Foreign Assets Control (OFAC) simply added four Tron addresses to its existing Central Bank of Iran designation.
No new sanctions were needed. The bank has been blocked since 2019 over its support for the IRGC-Qods Force and Hezbollah.
“We will continue to aggressively follow the money and deny the Iranian regime access to the proceeds of its illicit revenue schemes,” Bessent said the campaign targets Iran’s abuse of digital assets.
The wallets had taken in more than $165 million in stablecoins, Chainalysis data shows. About $34 million slipped out first. Tether locked the remaining $131 million, nearly 80% of the total.
Here is what the freeze does. The tokens stay visible on-chain, but the addresses cannot spend or send them. It is not a seizure. Iran still holds the wallets. It just cannot use them.
The mechanics are simple and fast. OFAC names the addresses. Tether flips the switch at the token level. No court order is needed. A private offshore company now enforces US foreign policy in hours, through the third-largest crypto asset, worth $184 billion.
Tether helped block $344 million the same way in April. Frozen Central Bank funds now near $475 million. Seized Iranian crypto overall has reached roughly $1 billion.
OFAC also sanctioned Nobitex and other Iranian exchanges in June for facilitating the transfer of the bank’s stablecoins.
The fine print carries a warning, too. OFAC says its published wallet lists are not exhaustive. Any other address the bank controls is already considered blocked property.
That changes the game for Tehran. Washington is dismantling Iran’s $7.7 billion crypto network. Every remaining USDT holding sits one listing away from a freeze.
Why Circle Refuses to Do What Tether DoesTether moves fast. Circle does not. The USDC issuer faces a Wisconsin criminal complaint for defying a court order in a romance scam case. The order required recovering roughly 381,000 stolen USDC for the victim.
Tether says it has frozen about $4.7 billion tied to crime. It has returned $1.1 billion to victims, per ICIJ. Circle only acts under a strict legal process. Policy chief Dante Disparte called that gap a policy problem in an April post.
“Circle is a regulated company that complies with sanctions, law enforcement orders, and court-mandated requirements… Regarding seizure requests, the legal structures that would authorize stablecoin issuers to act faster—while preserving due process and property rights—do not yet fully exist,” a Circle spokesperson told BeInCrypto.
For now, USDT still dominates the $310 billion stablecoin market, with about 59%, DefiLlama data shows.
Tether’s Volume in Total Stablecoin Market Cap. Source: DefiLlamaThe open question is simple. Will sanctioned actors keep using a coin that can be switched off?
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.
Keyrock acquires BlockFills' institutional trading and brokerage business for $3.25 million
Keyrock has completed the acquisition of BlockFills' institutional trading and brokerage business, with the deal covering its trading technology, institutional client relationships, and derivatives trading team. The acquisition will also expand Keyrock's regulatory scope, including an entity registered with the Cayman Islands Monetary Authority and another UK entity seeking authorization from the Financial Conduct Authority (FCA). Keyrock did not disclose the transaction price in its announcement. Per prior court documents and disclosures from company representatives, the total acquisition value is $3.25 million, payable in two installments, with certain arrangements subject to regulatory approval. BlockFills suffered major losses during the February 2026 crypto market crash, after which it filed for Chapter 11 bankruptcy protection in the U.S. Keyrock was ultimately selected as the buyer in the firm's bankruptcy proceedings.
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Serenity: Declines in storage and AI-related crypto assets likely stem from deleveraging and cascading margin liquidations.
Serenity noted that Micron Technology announced today it has signed a long-term memory agreement with Qualcomm, but Micron’s stock price still fell by 5.37% following the announcement. He believes that, with multiple structural agreements continuing to take effect, the current decline does not appear to stem from issues with storage or AI stocks themselves. The related drop is more likely due to the winding down of deleveraging and margin call liquidation chains.
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1inch co-founder Anton Bukov stated he was fired at the end of November 2025 and announced the launch of a new project, Second Tier.
1inch co-founder Anton Bukov published a statement saying he was fired at the end of November 2025. While he remains a co-founder of the decentralized exchange aggregator and holds a 50% stake, he is no longer involved in the company’s operations, product architecture, security design, or related oversight duties. Since co-founding 1inch in May 2019, Bukov led work on protocol architecture, security, and economic model design, and contributed to launching key products including the 1inch Router, 1inch Fusion, cross-chain atomic swaps, and shared liquidity automated market makers (AMMs). Bukov noted that feedback from users and team members over the past year led him to realize he could not stay on the sidelines of the company’s management and operations. He subsequently spent months learning leadership and communication skills and driving internal changes, before being dismissed in late November 2025. He also announced the launch of a new project called Second Tier, with plans to collaborate with like-minded teams to build secure, efficient systems that bridge the gap between economic intent and real-world execution.
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Loss-making small-cap stocks in the Russell 2000 Index have risen 154% since mid-2025, while profitable companies have gained only 34%.
The Kobeissi Letter stated that companies in the Russell 2000 index with negative earnings per share (EPS) have risen a cumulative 154% since mid-2025, while those with positive EPS have only gained 34% over the same period. So far this year, unprofitable companies in the Russell 2000 have climbed 45%, outperforming profitable firms' 18% rise. Driven by this trend, the Russell 2000 has rallied 20% year-to-date, on track to post its best annual performance since 2003. In comparison, the S&P 500 has gained 11% over the same period, while the US tech "Magnificent Seven" has risen just 4%. The top-performing small-cap stocks are mainly tech and infrastructure firms poised to benefit from AI spending. The market is rewarding AI-related exposure, regardless of whether the companies are profitable or not.
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Injective has submitted a transfer agent registration application to the U.S. SEC.
Injective has submitted a transfer agent registration application to the U.S. Securities and Exchange Commission (SEC), a move to bring core traditional financial market functions onto the blockchain. If the application is approved, the Injective network plans to maintain official ownership records for tokenized securities and real-world assets (RWA) directly on-chain.
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Bank of America CEO joins ranks of banking executives warning about risks of Mythos AI
Bank of America CEO Brian Moynihan has joined a host of Wall Street leaders in voicing serious concerns over AI models such as Mythos developed by Anthropic. “This marks a huge shift in workload, and also relates to how quickly these tools can impact system vulnerabilities, as well as how fast we need to respond,” Moynihan said. In recent months, the rapid evolution of AI models has prompted the financial industry and the U.S. government to begin assessing potential threats. Anthropic claims that Mythos, which launched earlier this year, excels at identifying system vulnerabilities. Bank of America is among the Wall Street institutions granted access to Mythos; the bank has used the model to test its own systems and share information with peers. The model is not yet open to the public. Earlier this week, JPMorgan Chase CEO Jamie Dimon warned that widespread public access to the system would be “as dangerous as handing a ballistic missile to an individual.” (Jinshi)
ZachXBT advised users with some experience in crypto to use a smartphone for storing their wallets instead of a hardware wallet. In his opinion, the development of the software ecosystem at Ledger was an example of growing danger for crypto wallets’ security. The new wave of phishing and fraudulent apps increased worries about the safety of crypto wallets. This week, the topic of crypto security became a relevant one because of blockchain researcher ZachXBT’s remarks on the reliability of hardware wallets in relation to self-custody of funds. In fact, his views were in contrast to the current practices and drew attention to the issue of crypto wallets’ protection in general, rather than that of hardware only. ZachXBT recommended using an iPhone instead of a hardware wallet for experienced users.
Source: ZachXBT (Telegram) Security Threats Extend Beyond Hardware Wallets Ledger transitioned from Ledger Live to Ledger Wallet, adding buying, swapping, staking, and yield management features. ZachXBT noted that the most serious accusation was against Ledger. Too many software updates complicate normal activities while posing additional security threats. Critics argue that every new feature expands the attack surface. It poses security threats owing to software vulnerabilities, while making no addition to the security of transactions.
These positions were justified by hacking events in which attacks did not take place on hardware but on its users. The fake Ledger application available in the Apple App Store is claimed to have stolen about $9.5 million from the accounts of its users who have revealed their recovery phrases. Another case of a social engineering attack resulted in the loss of more than $282 million by one cryptocurrency holder while interacting socially during the security procedure of a hardware wallet. Other cases involved losing USDC in an air-gapped Ledger and phishing letters with references to quantum computing breakthroughs.
Dedicated iPhones Join the Discussion about Self-Custody ZachXBT claimed that a factory-reset iPhone specifically for storing cryptocurrencies is very safe due to the use of Secure Enclave, biometrics, and app sandboxing by Apple. Also, anonymous purchase of such a phone does not allow user data to be exposed after previous database breaches at Ledger. Yet, smartphones are online devices that will never be able to compete in terms of isolation from the Internet with traditional cold wallets. The researchers mentioned the existence of phishing crypto apps in the Apple App Store.
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Zama says a lending vault that accepts only confidential USDC has grown into one of the largest USDC vaults on Morpho’s Ethereum deployment, weeks after opening to depositors.
Summary
Zama says confidential USDC deposits reached $23.23 million, ranking eighth among Ethereum Morpho USDC vaults. The vault lets users earn DeFi yield while keeping individual balances and deposit positions encrypted. Morpho’s growing institutional use shows privacy tools are entering established onchain lending infrastructure at scale. According to a July 16 post from Zama, the Steakhouse Confidential Prime USDC vault held $23.23 million at Ethereum block 25,544,806. The company said that placed it eighth by total deposits among Morpho V1 and V2 USDC vaults on Ethereum. The ranking and deposit figure reflect Zama’s stated snapshot and can change as users deposit or withdraw funds.
Confidential USDC moves into established DeFi infrastructure The Steakhouse Confidential Prime USDC vault opened on June 23. Steakhouse Financial curates the strategy, Morpho provides the lending infrastructure, and Zama supplies the confidentiality technology.
Users deposit confidential USDC, or cUSDC, rather than standard USDC. Zama uses Fully Homomorphic Encryption to keep individual balances and transaction amounts encrypted while allowing the assets to interact with applications on Ethereum. Deposits ultimately enter a strategy using Morpho lending markets backed by collateral including cbBTC, WBTC and wstETH.
Zama points to $23.23M TVL as a demand signal Zama described the vault’s growth as evidence that users are willing to place capital into confidential financial infrastructure. The company said “capital is ready to flow through confidential rails,” while acknowledging that an ongoing incentive program has also helped attract deposits.
The vault launched with a 12-week reward program on top of the yield generated by its underlying Morpho strategy. Zama said the native strategy was producing about 4% when the product launched, while additional incentives rewarded early depositors. The company had reported more than $14 million deposited by July 2, before the total reached the $23.23 million figure reported on July 16.
Morpho attracts more institutional-style vault products The confidential vault arrives as Morpho attracts asset managers, wallets and professional curators. Bitwise launched its first onchain vault on Morpho in January, targeting stablecoin lending through a non-custodial structure.
Morpho has also expanded through consumer wallet integrations. As reported by crypto.news, Trezor added access to Steakhouse-curated USDC and USDT vaults in May. Those developments place Zama’s product within an existing lending market rather than requiring users to move liquidity to a separate blockchain.
Confidential finance still faces compliance questions Zama’s confidential USDC system has already faced a test involving the underlying stablecoin. In May, a US court order led Circle to temporarily freeze a Zama contract holding about $12.5 million in USDC. The order was later lifted, and Zama said the funds returned to normal operation.
As previously reported, the episode prompted Zama to accelerate work on compliance and controlled disclosure tools. The company says its system encrypts transaction details rather than making users anonymous and plans tools that can respond to legal and regulatory requirements.
Zama argues that its cross-chain confidentiality model can add privacy where liquidity already exists instead of requiring a new Layer 1 or Layer 2. The $23.23 million vault provides an early test of that approach, although continued deposits after the incentive program ends will offer a clearer measure of lasting demand.
Fireblocks and Circle just made moving USDC across blockchains feel less like navigating a maze and more like sending a text. The two companies announced a strategic collaboration on September 9, integrating Circle Gateway directly into the Fireblocks platform to give institutional users a single, unified USDC balance that works across chains in under 500 milliseconds.
What the integration actually does Circle Gateway, now embedded in Fireblocks, provides customers with real-time, unified balances for USDC and EURC across supported blockchains. No separate chain-specific setups required.
For institutional players, this is more than a convenience upgrade. Pre-positioning capital across multiple chains ties up liquidity that could be deployed elsewhere. Eliminating that requirement frees up working capital and reduces the operational overhead that has kept some traditional finance firms from going deeper into digital assets.
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The integration builds on an earlier April 2025 connection between Fireblocks and Circle’s Payments Network, known as CPN, which established the interoperability backbone that makes this latest move possible.
Circle’s Arc and the institutional play The collaboration goes beyond Gateway. Fireblocks is a Day 1 launch partner for Circle’s Arc, an enterprise-grade Layer-1 blockchain designed specifically for stablecoin finance. Arc is built to handle the compliance and security requirements that banks and asset managers demand before they’ll touch crypto infrastructure.
By combining Fireblocks’ custody and transaction infrastructure, which has secured over $10 trillion in digital asset transactions across more than 120 blockchains, with Circle’s stablecoin ecosystem, the two companies are constructing what amounts to a turnkey institutional stablecoin stack.
Market reaction and what investors should watch The market’s verdict was swift and decisive. Circle’s stock, trading under the ticker CRCL, jumped 17% following the announcement.
In a market where Tether’s USDT has historically dominated by sheer volume, this kind of distribution advantage through institutional infrastructure could meaningfully shift the competitive landscape. USDC doesn’t need to overtake USDT in total supply if it becomes the default stablecoin embedded in every major institutional platform.
The risk side of the equation matters too. Concentration of institutional stablecoin activity within a single integration stack creates dependency. If Fireblocks or Circle experiences technical issues, compliance setbacks, or regulatory changes, institutions using this unified balance system could face disruptions that wouldn’t affect those with diversified stablecoin strategies.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Keyrock acquires BlockFills' institutional trading and brokerage business for $3.25 million
Keyrock has completed the acquisition of BlockFills' institutional trading and brokerage business, with the deal covering its trading technology, institutional client relationships, and derivatives trading team. The acquisition will also expand Keyrock's regulatory scope, including an entity registered with the Cayman Islands Monetary Authority and another UK entity seeking authorization from the Financial Conduct Authority (FCA). Keyrock did not disclose the transaction price in its announcement. Per prior court documents and disclosures from company representatives, the total acquisition value is $3.25 million, payable in two installments, with certain arrangements subject to regulatory approval. BlockFills suffered major losses during the February 2026 crypto market crash, after which it filed for Chapter 11 bankruptcy protection in the U.S. Keyrock was ultimately selected as the buyer in the firm's bankruptcy proceedings.
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Serenity: Declines in storage and AI-related crypto assets likely stem from deleveraging and cascading margin liquidations.
Serenity noted that Micron Technology announced today it has signed a long-term memory agreement with Qualcomm, but Micron’s stock price still fell by 5.37% following the announcement. He believes that, with multiple structural agreements continuing to take effect, the current decline does not appear to stem from issues with storage or AI stocks themselves. The related drop is more likely due to the winding down of deleveraging and margin call liquidation chains.
5 minutes ago
1inch co-founder Anton Bukov stated he was fired at the end of November 2025 and announced the launch of a new project, Second Tier.
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5 minutes ago
Loss-making small-cap stocks in the Russell 2000 Index have risen 154% since mid-2025, while profitable companies have gained only 34%.
The Kobeissi Letter stated that companies in the Russell 2000 index with negative earnings per share (EPS) have risen a cumulative 154% since mid-2025, while those with positive EPS have only gained 34% over the same period. So far this year, unprofitable companies in the Russell 2000 have climbed 45%, outperforming profitable firms' 18% rise. Driven by this trend, the Russell 2000 has rallied 20% year-to-date, on track to post its best annual performance since 2003. In comparison, the S&P 500 has gained 11% over the same period, while the US tech "Magnificent Seven" has risen just 4%. The top-performing small-cap stocks are mainly tech and infrastructure firms poised to benefit from AI spending. The market is rewarding AI-related exposure, regardless of whether the companies are profitable or not.
5 minutes ago
Injective has submitted a transfer agent registration application to the U.S. SEC.
Injective has submitted a transfer agent registration application to the U.S. Securities and Exchange Commission (SEC), a move to bring core traditional financial market functions onto the blockchain. If the application is approved, the Injective network plans to maintain official ownership records for tokenized securities and real-world assets (RWA) directly on-chain.
5 minutes ago
Bank of America CEO joins ranks of banking executives warning about risks of Mythos AI
Bank of America CEO Brian Moynihan has joined a host of Wall Street leaders in voicing serious concerns over AI models such as Mythos developed by Anthropic. “This marks a huge shift in workload, and also relates to how quickly these tools can impact system vulnerabilities, as well as how fast we need to respond,” Moynihan said. In recent months, the rapid evolution of AI models has prompted the financial industry and the U.S. government to begin assessing potential threats. Anthropic claims that Mythos, which launched earlier this year, excels at identifying system vulnerabilities. Bank of America is among the Wall Street institutions granted access to Mythos; the bank has used the model to test its own systems and share information with peers. The model is not yet open to the public. Earlier this week, JPMorgan Chase CEO Jamie Dimon warned that widespread public access to the system would be “as dangerous as handing a ballistic missile to an individual.” (Jinshi)
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.
Keyrock acquires BlockFills' institutional trading and brokerage business for $3.25 million
Keyrock has completed the acquisition of BlockFills' institutional trading and brokerage business, with the deal covering its trading technology, institutional client relationships, and derivatives trading team. The acquisition will also expand Keyrock's regulatory scope, including an entity registered with the Cayman Islands Monetary Authority and another UK entity seeking authorization from the Financial Conduct Authority (FCA). Keyrock did not disclose the transaction price in its announcement. Per prior court documents and disclosures from company representatives, the total acquisition value is $3.25 million, payable in two installments, with certain arrangements subject to regulatory approval. BlockFills suffered major losses during the February 2026 crypto market crash, after which it filed for Chapter 11 bankruptcy protection in the U.S. Keyrock was ultimately selected as the buyer in the firm's bankruptcy proceedings.
5 minutes ago
Serenity: Declines in storage and AI-related crypto assets likely stem from deleveraging and cascading margin liquidations.
Serenity noted that Micron Technology announced today it has signed a long-term memory agreement with Qualcomm, but Micron’s stock price still fell by 5.37% following the announcement. He believes that, with multiple structural agreements continuing to take effect, the current decline does not appear to stem from issues with storage or AI stocks themselves. The related drop is more likely due to the winding down of deleveraging and margin call liquidation chains.
5 minutes ago
1inch co-founder Anton Bukov stated he was fired at the end of November 2025 and announced the launch of a new project, Second Tier.
1inch co-founder Anton Bukov published a statement saying he was fired at the end of November 2025. While he remains a co-founder of the decentralized exchange aggregator and holds a 50% stake, he is no longer involved in the company’s operations, product architecture, security design, or related oversight duties. Since co-founding 1inch in May 2019, Bukov led work on protocol architecture, security, and economic model design, and contributed to launching key products including the 1inch Router, 1inch Fusion, cross-chain atomic swaps, and shared liquidity automated market makers (AMMs). Bukov noted that feedback from users and team members over the past year led him to realize he could not stay on the sidelines of the company’s management and operations. He subsequently spent months learning leadership and communication skills and driving internal changes, before being dismissed in late November 2025. He also announced the launch of a new project called Second Tier, with plans to collaborate with like-minded teams to build secure, efficient systems that bridge the gap between economic intent and real-world execution.
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Loss-making small-cap stocks in the Russell 2000 Index have risen 154% since mid-2025, while profitable companies have gained only 34%.
The Kobeissi Letter stated that companies in the Russell 2000 index with negative earnings per share (EPS) have risen a cumulative 154% since mid-2025, while those with positive EPS have only gained 34% over the same period. So far this year, unprofitable companies in the Russell 2000 have climbed 45%, outperforming profitable firms' 18% rise. Driven by this trend, the Russell 2000 has rallied 20% year-to-date, on track to post its best annual performance since 2003. In comparison, the S&P 500 has gained 11% over the same period, while the US tech "Magnificent Seven" has risen just 4%. The top-performing small-cap stocks are mainly tech and infrastructure firms poised to benefit from AI spending. The market is rewarding AI-related exposure, regardless of whether the companies are profitable or not.
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Injective has submitted a transfer agent registration application to the U.S. SEC.
Injective has submitted a transfer agent registration application to the U.S. Securities and Exchange Commission (SEC), a move to bring core traditional financial market functions onto the blockchain. If the application is approved, the Injective network plans to maintain official ownership records for tokenized securities and real-world assets (RWA) directly on-chain.
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Bank of America CEO joins ranks of banking executives warning about risks of Mythos AI
Bank of America CEO Brian Moynihan has joined a host of Wall Street leaders in voicing serious concerns over AI models such as Mythos developed by Anthropic. “This marks a huge shift in workload, and also relates to how quickly these tools can impact system vulnerabilities, as well as how fast we need to respond,” Moynihan said. In recent months, the rapid evolution of AI models has prompted the financial industry and the U.S. government to begin assessing potential threats. Anthropic claims that Mythos, which launched earlier this year, excels at identifying system vulnerabilities. Bank of America is among the Wall Street institutions granted access to Mythos; the bank has used the model to test its own systems and share information with peers. The model is not yet open to the public. Earlier this week, JPMorgan Chase CEO Jamie Dimon warned that widespread public access to the system would be “as dangerous as handing a ballistic missile to an individual.” (Jinshi)
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.
Stablecoins are poised to become the primary infrastructure for micropayments between artificial intelligence agents, according to recent research by Visa and blockchain intelligence company Artemis. As the integration of AI in digital commerce accelerates, stablecoins have been identified as a cost-effective solution for high-frequency transactions between machines, while traditional card networks are expected to remain central in broader consumer payments.
Stablecoins gain traction in AI-driven paymentsThe joint analysis by Visa and Artemis explores how AI agents—autonomous pieces of software capable of making decisions and executing transactions—are reshaping the digital payment landscape. The research categorizes payments into macro-commerce, such as hotel bookings or subscription services handled by consumers, and micro-commerce, typically defined by ongoing, low-value transactions executed entirely by software.
Stablecoins, which are digital currencies pegged to traditional currencies like the US dollar, excel in the micro-commerce segment. Their blockchain-based architecture allows for low-cost, frictionless value transfers, making them highly suited to the kind of high-volume, small-amount transactions generated by AI-driven services.
Micro-transactions among digital services often occur in the background as applications communicate via APIs or share data and computational resources. Given the prohibitive fee structure of conventional payment rails for such small transfers, stablecoins provide a practical alternative that preserves economic efficiency for business-to-business or machine-to-machine payments.
Mini dictionary: Artemis, a blockchain intelligence company specializing in data analytics and digital asset research, collaborates with major financial institutions to analyze payment technologies and infrastructure.
Visa and Artemis emphasized that stablecoins’ minimal transaction costs make them a compelling choice for recurring software-based payments, setting them apart from fixed-fee card networks.
Dual-rail approach to future payment infrastructureVisa projects that future payment systems will blend both conventional card networks and blockchain-based stablecoin rails, offering a dual-rail approach. In this model, AI agents are expected to intelligently select the most appropriate payment channel for each transaction type: established card networks for consumer-facing macroscale payments, and stablecoins for rapid, automated micro-transactions among machines.
The ongoing integration of stablecoin functionality by traditional financial giants highlights the increasing convergence between legacy payment providers and the digital asset ecosystem. Visa, known globally for its electronic payments processing network, has introduced programs that bridge conventional transaction authorization with blockchain settlement infrastructure. At the same time, crypto-native firms continue to invest in robust security and identity verification systems to meet traditional standards.
The study points to growing collaboration between card networks and blockchain innovators, as legacy institutions expand stablecoin support and invest in interoperable payment applications that can traverse both conventional and decentralized networks.
Payment TypePreferred TechnologyMain AdvantagesConsumer transactionsCard networksWidespread merchant acceptance, established dispute resolutionAI agent micropaymentsStablecoinsLow transaction cost, fast settlement, suitable for automationRegulatory challenges and the future of autonomous paymentsDespite the promise of blockchain infrastructure for AI-driven micropayments, regulatory uncertainty and dispute resolution remain significant hurdles. Current regulations are designed around human oversight and accountability in financial transactions, creating gaps when these processes are managed entirely by software.
Mechanisms like chargebacks and consumer protection protocols, built for low-volume high-value transactions, are not designed to address thousands of continuous, automated transfers. To facilitate the adoption of autonomous commerce, payment facilitators will need to introduce protocols that manage disputes and risks unique to machine-initiated payments.
Visa’s recent initiatives have focused on expanding the adoption of AI-driven and blockchain-based payment workflows. The company has joined industry groups such as the Open Standard consortium, collaborating with organizations like Mastercard and Coinbase to support open stablecoin protocols. This multi-faceted engagement underscores Visa’s commitment to fostering digital asset payments globally, particularly in the realm of automated and micro-scale transactions.
Stablecoins are also gaining ground through expanded partnerships and the rollout of card programs integrated with blockchain settlement, reinforcing forecasts that these digital assets will become the foundation for the next generation of agentic commerce.
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.
Morgan Stanley forecasts that the growth rate of storage prices will peak in Q4 this year.
Morgan Stanley forecasts that the year-on-year growth rate of DRAM contract prices will peak in the fourth quarter of 2026, after which it may decline sharply. It will be difficult to replicate the previous scenario of a four-fold annual increase, and the valuations of storage companies (12-month forward price-to-book ratio) are awaiting revaluation.
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Alpaca closes $135 million funding round led by Peak XV.
Alpaca, an API broker providing stocks, options and cryptocurrencies to developers, announced it has closed a $135 million funding round led by Peak XV, with participation from Elefund, Opera Tech Ventures and Unbound. The new capital will be used to expand its agency-first brokerage infrastructure for tokenized markets and AI-native financial services. Alpaca’s total funding has reached $435 million, including debt financing primarily from Payward, parent company of global digital asset platform Kraken, and BMO.
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US initial jobless claims for the week ended July 11 came in at 208,000, with market expectations standing at 217,000.
US initial jobless claims for the week ending July 11 totaled 208,000, against a market forecast of 217,000, while the prior week's reading was revised from 215,000 to 216,000. (Jinshi)
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DeepSeek Valued at Over 350 Billion Yuan
Kairun Co., Ltd.’s investment progress announcement released on the evening of the 16th unexpectedly revealed the latest market valuation of leading domestic AI enterprise DeepSeek. Calculated based on the announcement data, DeepSeek’s post-money valuation for this financing round has climbed to around 351 billion yuan. A reporter confirmed with sources close to DeepSeek that following the completion of this round, the company has now initiated its second round of financing; however, whether it will pursue a listing on the STAR Market by the end of the year remains undecided.
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Bank of America raises JPMorgan Chase’s price target to $420, noting the stock still has upside potential after its strong earnings report.
According to CNBC, Bank of America reiterated its 'Buy' rating on JPMorgan Chase stock and raised its price target for the firm from $408 to $420, implying roughly 21% upside from Wednesday’s closing price, following JPMorgan’s release of strong second-quarter results. JPMorgan’s adjusted earnings per share (EPS) for the second quarter came in at $6.14, beating Wall Street’s consensus estimate of $5.85; revenue totaled $52.42 billion, also exceeding the forecast of $50.19 billion. Bank of America analyst Ebrahim Poonawala noted that JPMorgan holds advantages in capital markets operations, AI capital expenditure, digital asset adoption, operating leverage, and capital flexibility, with its large-scale investments spanning branches, wealth management, and online banking in the UK and Europe. JPMorgan’s management also stated that the U.S. real economy has shown resilience amid multiple macroeconomic shocks. Bank of America believes that the resilience of consumers and businesses to the high-interest rate environment may continue to support JPMorgan’s performance and stock price. The stock has rallied nearly 8% so far this year.
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Iran secretly ordered the Houthi armed group to blockade the Bab el-Mandeb Strait if the U.S. attacks Iran's power facilities.
According to a Reuters report, three sources disclosed that Iran has asked Yemen’s Houthi movement to prepare to close the Bab el-Mandeb Strait if the U.S. attacks Iran’s power infrastructure, which would pose a new major threat to global energy supplies. The plan has been discussed within Iran’s leadership, and the information has been conveyed to Iran’s Houthi allies. Sources added that the Houthis have recently received Tehran’s request, though they did not provide further details on how the request was communicated, nor confirm whether it was made following U.S. President Donald Trump’s Tuesday threat to strike Iran’s power infrastructure. (Source: Jinshi)
When a major exchange sheds $1.8 billion in a stablecoin, the market usually expects a rival to vacuum up that liquidity. The Q2 2026 USDC outflows from Binance, however, did not land at OKX. Instead, Bybit absorbed the largest share of redirected volumes, growing its USDC balance 45% while the broader market contracted. The data, originally covered by WuBlockchain in the original report, illustrates a regulatory-driven shake-up that is reshaping stablecoin distribution not through simple market share migration, but through product-specific demand.
Binance recorded $1.8 billion in net USDC outflows across the quarter, $1.4 billion of that in June alone, pushing its tracked balance down 19%. The period overlapped with Binance’s failure to secure a MiCA license—a regulatory setback that likely prompted European users and market makers to reduce exposure. Yet the expected winner, OKX, did not benefit. Its own USDC balance fell 9.7% over the same span. Meanwhile, total USDC supply in circulation contracted by 5.5%, equivalent to roughly $4.3 billion in net redemptions, indicating that some outflows simply left the crypto ecosystem rather than moving to competing venues.
Bybit’s Derivatives Engine Drives the Exception Bybit was the only exchange among peers to post meaningful USDC growth. Its balance rose from $450 million to $660 million, a 45% jump. The increase came directly from rising demand for USDC-margined perpetual contracts and options. That product mix differs from the spot and lending flows that dominate Binance and OKX, suggesting that traders seeking leveraged exposure—rather than passive stablecoin holders—drove the movement.
This highlights a structural nuance. USDC is not just a parking token; it serves as margin collateral in derivatives markets. When regulatory clarity wavers on a platform, leveraged traders may shift to venues where they can keep open positions without worrying about asset freezes or licensing gaps. Bybit’s ability to attract those flows underscores the growing importance of derivatives infrastructure in stablecoin competition. The same pattern has been visible in institutional stablecoin settlement trends, where product utility often dictates balance sheet destinations.
Binance Still Dominates Despite the Bleed Even with the exodus, Binance remains the overwhelming custodian of stablecoins among centralized exchanges. It held 62% of the combined stablecoin balances across the eight platforms reviewed, and roughly 80% of all USDC sitting on centralized exchanges. Circle’s distribution payments to Binance may have kept some USDC in corporate treasury wallets, but those amounts did not translate into retained user balances, the data suggests.
The sheer scale of Binance’s stablecoin float acts as a buffer against short-term regulatory blows. The firm can absorb a $1.8 billion USDC outflow while still holding a commanding lead. That gives it time to negotiate with European regulators or pivot its stablecoin strategy without losing meaningful market share overall. Still, the directional signal is hard to ignore: when users and firms reduce stablecoin holdings on the world’s largest exchange, it reflects a reassessment of jurisdictional risk.
What Remains Uncertain Several factors cloud the outlook. First, it is unclear whether the USDC outflows from Binance were primarily from European accounts subject to MiCA, or if broader caution spread among non-European users. Second, the decline in overall USDC supply introduces a contractionary element—if redemptions continue, fewer USDC tokens will be available to shift between platforms, muting the competitive effect. Third, OKX’s simultaneous decline suggests that simply being a “MiCA-compliant” alternative is not enough; derivatives product design matters just as much as licensing.
The coming quarters will test whether Bybit’s USDC gains are sticky or tied to transient market conditions. The exchange has not yet faced the same level of regulatory scrutiny in Europe that Binance encountered, and its derivatives-first approach leaves it exposed to volatility-driven shifts. Meanwhile, Binance could respond by launching new USDC-margined products or expanding its own MiCA licensing efforts to reclaim lost ground. The stablecoin map is being redrawn, but not in the neat, symmetrical way many analysts expected. As regulatory pressure on crypto exchanges intensifies globally, product-specific flows will likely matter more than simple “safe haven” narratives.
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.
According to PeckShield Alert monitoring, the Cascade CLS vault was hacked, leading to the theft of approximately $1.34 million in user USDC funds. The attacker has bridged the stolen assets from Arbitrum to Solana, then re-bridged them to Ethereum via RelayProtocol in the form of DAI.
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HTX DAO completes Q2 token burn, with HTX’s cumulative burn exceeding 100 trillion tokens.
According to an official announcement from HTX DAO, the second-quarter 2026 HTX token burn was completed on July 15. On-chain data shows that a total of 7,474,935,439,560 HTX tokens were burned in this round, worth over $13.6 million. To date, the cumulative amount of HTX burned and donated has reached 117.79 trillion tokens. Burn details: https://tronscan.org/transaction/06b58562732cbff13ce6a3b2a0556f6ffefd158b4cc4313968750923c779810d/overview. In the first half of this year, HTX DAO’s two-quarter combined burn exceeded $32.82 million. Against the backdrop of intensified market liquidity competition this year, HTX has still been able to consistently execute quarterly burns worth tens of millions of dollars, showcasing strong operational resilience and anti-cyclical capabilities.
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Bitget has added 16 US stock tokens (rTokens), including Kroger, Jabil, and other companies.
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TSMC’s Q2 revenue posts year-on-year growth, with its high-performance computing business rising 20% quarter-on-quarter.
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Visa: AI agent payments are accelerating in development, with x402 processing approximately $15 million in on-chain transaction volume.
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Fidelity International plans to resume increasing its gold holdings, stating that its long-term bullish thesis for gold remains unchanged.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bank of America Market Survey: Majority of investors do not believe the AI bull market has peaked, with the rally set to continue in the second half of the year.
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Nubia officially unveils its first AI agent smartphone, the NaviX Ultra.
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Three new wallets withdrew 30,000 ETH from Coinbase Prime, worth approximately $57.66 million.
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Hanmi Semiconductor plans to build a new factory in South Korea.
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A crypto whale withdrew 30,000 ETH and transferred it to three new addresses.
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Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Multicoin Capital managing partner Tushar Jain detailed his valuation logic and investment framework for HYPE during an appearance on the "When Shift Happens" podcast. He noted that HYPE is currently severely undervalued, with a baseline valuation of $319, and recommended a pragmatic position-building strategy to navigate volatility. For bottom-fishing, Jain advised abandoning "perfect timing" in favor of the "one-third split entry method": the first third of the position is bought immediately; the second third is accumulated via dollar-cost averaging over a fixed schedule (e.g., in batches over 1-2 months); the final third is added opportunistically during dips. This approach significantly reduces psychological burden while locking in a favorable average cost for long-term bullish positions. Jain’s $319 baseline valuation is built on four conservative assumptions: 1) Crypto derivatives trading volume maintains a 35% compound annual growth rate over the next two years; 2) DeFi derivatives’ market share rises to 32%; 3) USDC collateral balances grow in line with trading volume; 4) The "fake boom" driven by subsidies from some project teams will vanish as subsidies are phased out, allowing Hyperliquid’s actual market share to rise further. Even under these conservative scenarios, HYPE’s current price has substantial upside, with some optimistic projections putting it above $600. On Hyperliquid’s broader outlook, Jain argued that the protocol is far more than a fast-growing perpetual contract platform, and has the potential to become a core pillar of crypto financial infrastructure.
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.
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4 hours 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.
4 hours 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%.
Newly unsealed court documents reveal that stablecoin issuer Circle barred Malta-based crypto investment fund Heka from its platform in late 2023, igniting renewed debate over a potential ban on Tether. Court filings show Circle took action after identifying suspicious trading activity by Heka during the Silicon Valley Bank (SVB) crisis, a period when USDC temporarily lost its one-dollar peg.
Circle details suspicious redemptions amid SVB turmoilCircle, known for developing the USD Coin (USDC) stablecoin, stated that it noticed large and irregular redemptions of USDC after SVB went bankrupt. At that time, USDC traded below parity, and Heka reportedly redeemed significant amounts of USDC to obtain US dollars. The filings indicate that Heka quickly converted the proceeds into Tether’s USDT, enabling USDT to increase its market share as investors sought alternatives during the USDC uncertainty.
Stablecoins serve as key infrastructure in crypto markets, underpinning decentralized finance (DeFi), international payments, and trading platforms. When leading issuers face operational disruptions or regulatory intervention, liquidity can suffer, investor confidence may weaken, and the broader digital asset ecosystem can experience instability.
Circle attributed Heka’s activity to more than just regular arbitrage, stating that these trades appeared designed to exploit rapid price movements and market volatility during the SVB crisis.
Arbitration ruling supports Circle’s restrictionsLegal documents indicate that prior to the disputed events, Heka had invested $800 million through Circle’s platform. Following the restriction, Heka initiated arbitration, arguing that Circle’s actions interfered with its trading strategy and resulted in a loss of nearly $49 million.
The arbitrator ruled in Circle’s favor, determining that Heka had acted in bad faith. Consequently, the court upheld the platform ban and ordered Heka to pay Circle’s legal fees.
Mini dictionary: Circle is a US-based fintech company that issues USD Coin (USDC), a regulated stablecoin pegged to the US dollar and backed by reserves.
Discussion around a potential Tether ban has intensified after the court justified Circle’s measures as necessary for protecting the stability of USDC and preempting market manipulation.
PlatformStablecoinMarket FocusNotable Event (2023)CircleUSDCRegulatory compliance, institutional adoptionUSDC temporarily depegged during SVB crisisTetherUSDTGlobal market dominanceGained share as investors switched from USDCHeka FundUSDC, USDTCrypto investmentBarred by Circle after high-value USDC redemptionsThe case spotlights the growing need for robust surveillance and compliance mechanisms in the stablecoin sector as regulatory scrutiny increases, particularly in the aftermath of significant market disruptions.
Heightened compliance as stablecoin competition tightensThe newly released court materials offer a rare look at the competitive dynamics between Circle and Tether, the leading stablecoin issuers by market capitalization. While Tether’s USDT dominates trading volumes worldwide, USDC has carved a niche among compliance-focused institutional users. The recent ban against Heka underscores how stablecoin rivalry now includes not just pricing competition but also platform restrictions and liquidity management strategies.
Regulatory experts emphasize that disputes such as this highlight the increasing importance of monitoring and compliance in the stablecoin space. Although Tether itself was not directly implicated in the transactions, growing attention from global regulators is prompting exchanges, investors, and issuers to bolster their market surveillance efforts as standards evolve.
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.
Open USD poses biggest threat yet to Circle's USDC, CoinShares says. (Circle)Summary
CoinShares said Open USD directly challenges Circle by giving partners income generated by reserves backing the stablecoin, undermining USDC's distribution economics.Open USD comprises more than 140 companies, including BlackRock, Coinbase, Mastercard, Stripe and Visa. The stablecoin is expected to debut in the second half of 2026.Despite the threat, CoinShares said USDC’s established liquidity and integrations could prove difficult for any newcomer to replicate.Open USD, a bank-backed group developing a dollar-pegged stablecoin, is the most credible threat yet to Circle Internet's (CRCL) USDC because it targets the economics at the heart of the company’s business, crypto asset manager CoinShares said in a Monday report.
Unlike traditional stablecoin issuers, who keep the income generated by their reserves, Open USD plans to distribute the yield to participating businesses, retaining only a management fee. CoinShares said the model could squeeze Circle's margins while raising the cost of maintaining USDC distribution.
“If successful, Open USD could push stablecoins further into mainstream payments by making the economics and governance more attractive for the businesses actually using them,” wrote analyst Luke Nolan.
Developed by Open Standard, the institutional-focused stablecoin is backed by a consortium of more than 140 companies, including BlackRock (BLK), Coinbase (COIN), Mastercard (MA), Stripe and Visa (V), and is targeting a second-half 2026 launch. Key details, including its reserve structure and fee model, remain undisclosed.
The model also strengthens Coinbase's hand ahead of the Aug. 18 renewal of its revenue-sharing agreement with Circle, under which the exchange receives roughly half of USDC's reserve income, the report said.
USDC's circulating supply has fallen to about $73 billion from nearly $80 billion in March, trimming its share of the roughly $312 billion stablecoin market as competition from newly regulated issuers intensifies.
Circle shares fell more than 17% on the day Open USD was announced, though CoinShares said the decline was likely amplified by technical selling linked to the Russell index reconstitution.
Still, the report argued the market may be overreacting. Open USD has yet to launch, important details remain unresolved and Circle retains a significant advantage through USDC's deep liquidity and years of integrations across exchanges, DeFi and payments.
Open USD is unlikely to pose a major threat to Tether, whose dominance in emerging markets and offshore dollar liquidity gives USDT, the largest stablecoin by far, a different competitive moat, the report added.
For now, investors should watch whether Circle changes its distribution strategy and whether Open USD can convert its high-profile backing into adoption, CoinShares said. Until then, the project remains a credible, but unproven, challenge to USDC.
CoinShares is not alone in noting the challenge posed by Open USD. Japanese investment bank Mizuho downgraded Circle to underperform from neutral and slashed its price target to $50 from $85 in a note to clients on Tuesday, arguing that the new rival’s business model threatens the stablecoin issuer's long-term economics.
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.
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.
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.
4 hours 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."
4 hours 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!
4 hours 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.
4 hours 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.
4 hours 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%.
Circle has secured a court-backed arbitration win after records made public in a Boston federal court detailed why the stablecoin issuer suspended Heka Funds’ USDC minting and redemption services over suspected market manipulation involving Tether.
Summary
Circle has won an arbitration case after an arbitrator ruled it lawfully suspended Heka Funds’ USDC minting and redemption services. Court records said Heka did not disclose Tether’s role as the fund’s main investor and Circle reasonably suspected possible market manipulation. The ruling comes as Circle continues expanding its institutional business with new banking initiatives and partnerships in the United States and South Korea. Court filings submitted by Circle on Tuesday as part of its petition to confirm a February arbitration award said the company concluded the Malta-based arbitrage fund had failed to disclose Tether’s role as its principal investor and reasonably suspected trading activity that could have manipulated the USDC market.
Retired judge Robert L. Dondero, who served as arbitrator, ruled in Circle’s favor on the remaining contract claims, finding the company acted within the rights granted under its agreements with Heka.
Hidden Tether ties became central to the dispute At the center of the case was Heka Funds, managed by London-based Abraxas Capital Management, which opened a Circle account in January 2022 for its Elysium Global Arbitrage Fund.
According to the arbitration record, Heka disclosed only investor Simon Grima during onboarding, while Tether had become the fund’s dominant capital provider. Testimony from Heka founder Fabio Frontini showed Tether’s investment reached about $800 million by the time of arbitration, accounting for roughly 75% of Elysium’s assets.
Dondero concluded the omission was intentional and wrote that the missing disclosure appeared designed to avoid revealing Tether’s involvement in the fund. Circle Chief Business Officer Kash Razzaghi testified that the company would not have approved the account had it known of Tether’s role when the relationship began.
The trading dispute emerged after Silicon Valley Bank’s collapse in March 2023 temporarily pushed USDC below its dollar peg. According to the filings, Heka bought discounted USDC in secondary markets and redeemed the tokens with Circle at face value after many other arbitrage firms had stopped once the spread narrowed.
Internal Circle communications presented during arbitration showed executives disagreed over whether the trades represented legitimate arbitrage. Razzaghi described the activity as “a manufactured arb not a market-driven one,” attributing it to Tether waiving its normal fees, while Circle employee David Norton initially argued the trades appeared commercially rational.
Circle allowed Heka to redeem more than $587 million in USDC over a two-week period while testing whether the trading opportunity depended on Heka’s activity. Court records said Norton later changed his position after asking Heka to pause its trades and observing that the market spread tightened instead of widening. Coinbase also informed Circle it was uncomfortable working with Heka because of the fund’s Tether relationship and fee structure, leading the exchange to place restrictions on the account, according to the filings.
Arbitrator upholds Circle’s contractual rights Court documents showed Circle reduced Heka’s minting and redemption limits to zero in November 2023 before suspending the account on Dec. 1 under Section 9(c) of the parties’ master services agreement after Frontini threatened legal and regulatory action.
Heka’s request to redeem $100 million in February 2024 was rejected, and the master services agreement expired the following month. Testimony presented during arbitration said Tether invested another $500 million in Elysium during the same month before Heka filed its arbitration claim.
Another issue raised during the proceedings involved Frontini’s application for an account with Circle France shortly before the hearing. According to the arbitration award, he did not disclose the ongoing dispute and submitted a board resolution stating Heka maintained an active Circle relationship, later testifying he expected his U.S. application to fail.
Applying Delaware law, Dondero found Circle did not breach either agreement because the user terms allowed the company to adjust transaction limits and suspend services at its discretion. The arbitrator also ruled Circle was not required to prove market manipulation had occurred, only that it had reached a reasonable conclusion that such activity might be taking place.
Although Circle requested about $5.15 million in legal fees and costs, Dondero awarded only $166,643.25 related to expert work after finding Heka continued pursuing a $49 million lost-profits claim that had already been excluded from the case.
A Heka spokesperson told the Financial Times the fund had never engaged in market manipulation and had never been the subject of a regulatory investigation involving such conduct. The spokesperson also said Circle sought to make the arbitration record public to divert attention from its refusal to process USDC redemptions.
The disclosure comes as Circle continues expanding its institutional business globally. The company recently received final approval from the U.S. Office of the Comptroller of the Currency to establish Circle National Trust and is preparing to host its invitation-only Current Seoul event on July 23, where executives from banks, crypto exchanges, and payments companies are expected to discuss future partnerships as Circle pursues wider USDC adoption in South Korea.
Kripto para piyasasının büyümesiyle birlikte stablecoin’ler, dijital finansın en önemli yapı taşlarından biri haline geldi. Bu dönüşümün merkezinde ise dünyanın en büyük ikinci stablecoin’i olan USD Coin (USDC) ve onun arkasındaki şirket Circle yer alıyor. Haziran 2025’te New York Borsası’nda (NYSE) CRCL koduyla halka açılan Circle, artık yalnızca kripto yatırımcılarının değil, geleneksel finans dünyasının da yakından takip ettiği şirketlerden biri konumunda. Peki Circle tam olarak ne yapıyor? USDC nasıl çalışıyor? Circle nasıl gelir elde ediyor? CRCL hissesi neden bu kadar konuşuluyor? İşte Circle hakkında bilmeniz gereken tüm önemli detaylar.
Circle Internet Financial, 2013 yılında Jeremy Allaire ve Sean Neville tarafından Boston’da kurulan bir finansal teknoloji şirketidir. Şirketin temel amacı, blokzincir teknolojisini kullanarak küresel para transferlerini daha hızlı, daha güvenli ve daha düşük maliyetli hale getirmektir. Circle, geleneksel anlamda bir kripto para borsası değildir. Aynı zamanda Bitcoin veya Ethereum gibi kripto paralar üretmez. Şirketin asıl faaliyet alanı, ABD dolarına bire bir sabitlenmiş stablecoin olan USD Coin’i (USDC) ihraç etmek ve bu dijital doların altyapısını yönetmektir. Bugün Circle; ödeme sistemleri, kurumsal blokzincir çözümleri, dijital cüzdan altyapıları ve uluslararası para transferleri gibi birçok alanda faaliyet göstererek dijital finans ekosisteminin en önemli oyuncularından biri haline gelmiştir.
USDC Nedir? USD Coin (USDC), değeri her zaman 1 ABD dolarına eşit olacak şekilde tasarlanmış bir stablecoin’dir. Her dolaşımdaki 1 USDC’nin karşılığında Circle rezervlerinde 1 ABD doları veya yüksek likiditeye sahip kısa vadeli devlet tahvilleri bulunur. Bu sayede USDC, Bitcoin ve Ethereum gibi yüksek volatiliteye sahip kripto paralara kıyasla daha istikrarlı bir değer sunar. Bu yapı sayesinde kullanıcılar;
Kripto piyasasındaki sert fiyat hareketlerinden korunabilir. Uluslararası para transferlerini hızlı ve düşük maliyetle gerçekleştirebilir. Merkeziyetsiz finans (DeFi) uygulamalarında güvenli işlem yapabilir. Dijital ödemelerde dolar kullanmanın avantajlarından yararlanabilir. Kripto borsalarında güvenli bir işlem ve saklama aracı olarak USDC’yi tercih edebilir. Bugün USDC, Ethereum, Solana, Avalanche, Base, Arbitrum, Polygon ve birçok farklı blokzincir ağı üzerinde desteklenmektedir. Çok zincirli yapısı sayesinde kullanıcılar farklı ağlar arasında kolayca işlem gerçekleştirebilirken, geliştiriciler de USDC’yi ödeme sistemleri, merkeziyetsiz uygulamalar (dApp), Web3 projeleri ve kurumsal finans çözümlerine kolaylıkla entegre edebilmektedir. Bu geniş kullanım alanı, USDC’nin küresel dijital ödeme ekosisteminde en yaygın kullanılan stablecoin’lerden biri olmasını sağlamaktadır.
Circle Nasıl Çalışıyor? Circle’ın çalışma modeli, her dolaşımdaki USDC’nin gerçek rezervlerle desteklenmesi prensibine dayanır. Kurumsal bir müşteri veya yetkili kullanıcı Circle üzerinden ABD doları yatırdığında, aynı değerde USDC üretilerek kullanıcının hesabına aktarılır. Kullanıcı USDC’lerini yeniden ABD dolarına çevirmek istediğinde ise ilgili tokenlar dolaşımdan çıkarılır (yakılır) ve karşılığındaki dolar rezervlerden ödenir. Bu mekanizma sayesinde dolaşımdaki USDC miktarı ile rezervlerde tutulan varlıklar her zaman dengede kalır.
Circle’ın çalışma sistemi şu şekilde işler:
Kullanıcı Circle’a ABD doları yatırır. Yatırılan tutar kadar yeni USDC oluşturulur. Oluşturulan USDC kullanıcıya gönderilir. USDC dolara çevrilmek istendiğinde tokenlar yakılır. Karşılığındaki ABD doları rezervlerden kullanıcıya ödenir. Circle, rezervlerini bağımsız denetim kuruluşları tarafından hazırlanan aylık raporlarla doğrulayarak şeffaflığı korur.
Circle Nasıl Para Kazanıyor? Birçok yatırımcı Circle’ın USDC basarak gelir elde ettiğini düşünse de şirketin gelir modeli oldukça farklıdır. Circle’ın gelirlerinin yaklaşık yüzde 98’i rezerv gelirlerinden oluşmaktadır.
USDC karşılığında kasasında tuttuğu milyarlarca dolarlık rezerv;
ABD Hazine tahvilleri Para piyasası fonları Ters repo anlaşmaları Nakit varlıklar gibi düşük riskli yatırım araçlarında değerlendirilmektedir.
ABD faizlerinin yüksek olduğu dönemlerde Circle’ın elde ettiği faiz gelirleri de önemli ölçüde artmaktadır.
Şirket ayrıca;
Kurumsal ödeme çözümleri API hizmetleri Stablecoin altyapıları Dijital ödeme sistemleri gibi ürünlerden de ek gelir sağlamaktadır.
Circle’ın En Büyük Gücü Güven ve Şeffaflık Kripto para sektöründe güven ve şeffaflık, kullanıcıların en fazla önem verdiği konular arasında yer alıyor. Özellikle 2022 yılında Terra Luna ekosisteminin çökmesi ve algoritmik stablecoin’lerin yaşadığı kriz, rezerv destekli stablecoin’lere olan ilgiyi artırdı. Circle ise tam rezerv modeli ve düzenleyici uyumluluğa verdiği önem sayesinde sektörde güvenilirliğini koruyan şirketlerden biri olarak öne çıkıyor.
Circle’ın güven odaklı yaklaşımı şu temel unsurlara dayanıyor:
Her USDC’nin bire bir rezervle desteklendiğini taahhüt ediyor. Rezervlerini bağımsız denetim kuruluşlarının hazırladığı aylık raporlarla doğruluyor. Faaliyet gösterdiği ülkelerde düzenleyici kurumlarla uyum içinde çalışıyor. Rezerv varlıklarını dünyanın önde gelen finans kuruluşlarında muhafaza ediyor. Bu şeffaflık politikası sayesinde USDC, hem bireysel hem de kurumsal yatırımcılar tarafından kripto para piyasasının en güvenilir stablecoin’lerinden biri olarak kabul ediliyor.
Circle’ın Düzenleyici Avantajı Circle’ın en dikkat çeken özelliklerinden biri regülasyonlara verdiği önemdir. Şirket faaliyet gösterdiği birçok bölgede resmi lisanslara sahiptir.
Bunlar arasında;
ABD Avrupa Birliği Birleşik Krallık Singapur Kanada Japonya Birleşik Arap Emirlikleri Bermuda yer almaktadır. Özellikle Dubai Finansal Hizmetler Otoritesi (DFSA) ve Abu Dhabi Global Market (ADGM) tarafından alınan lisanslar Circle’ın küresel büyüme stratejisini destekleyen önemli gelişmeler arasında gösteriliyor.
Circle 2025’te Halka Açıldı Circle için en önemli dönüm noktalarından biri Haziran 2025’te gerçekleşen halka arz oldu. Şirket, New York Borsası’nda (NYSE) CRCL koduyla işlem görmeye başladı. Bu gelişmeyle birlikte yatırımcılar, ilk kez doğrudan stablecoin altyapısına odaklanan halka açık bir şirkete yatırım yapma fırsatı elde etti. Ancak CRCL hissesi satın almak, doğrudan Bitcoin veya kripto para fiyatlarına yatırım yapmak anlamına gelmiyor.
CRCL hissesine yatırım yapanlar dolaylı olarak;
USDC’nin küresel ölçekte büyümesine, Stablecoin kullanımının yaygınlaşmasına, Dijital ödeme sistemlerinin gelişmesine, Blokzincir tabanlı finansal altyapının güçlenmesine, Finansal tokenizasyonun yaygınlaşmasına yatırım yapmış oluyor. Bu yönüyle Circle, kripto para fiyatlarından ziyade dijital finans altyapısının büyümesine odaklanan bir teknoloji ve finans şirketi olarak değerlendiriliyor.
Circle’ın Gelecek Vizyonu Circle yalnızca USDC ihraç eden bir şirket olmanın ötesine geçmeyi hedefliyor.
Şirket;
Circle Payments Network StableFX Arc blokzincir altyapısı Kurumsal API çözümleri Akıllı sözleşme altyapıları Zincirler arası transfer teknolojileri gibi ürünlerle küresel finans altyapısının temel oyuncularından biri olmayı amaçlıyor. CEO Jeremy Allaire, şirketin misyonunu “paranın internet üzerinde özgürce hareket edebildiği açık ve programlanabilir küresel ekonomi oluşturmak” şeklinde tanımlıyor.
Circle (CRCL), stablecoin sektörünün en önemli şirketlerinden biri olarak dijital finansın geleceğinde kritik bir rol üstleniyor. USDC’nin arkasındaki güçlü rezerv yapısı, düzenleyici uyumluluğa verdiği önem ve küresel finans kuruluşlarıyla kurduğu iş birlikleri şirketi rakiplerinden ayırıyor. Halka arz sonrası yatırımcıların ilgisini çeken Circle, stablecoin kullanımının yaygınlaşmasıyla birlikte büyüme potansiyelini korurken, faiz politikaları ve düzenleyici gelişmeler şirketin geleceğini şekillendirecek en önemli faktörler arasında yer alıyor. Dijital ödemelerin ve blokzincir tabanlı finansal hizmetlerin yaygınlaşmasıyla birlikte Circle’ın küresel finans sistemindeki etkisinin önümüzdeki yıllarda daha da artması bekleniyor.
Resmi Bağlantılar Website X (Twitter) Whitepaper Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
Circle just got put on notice. CoinShares published an analysis on July 13 identifying Open USD, the new stablecoin from the Open Standard consortium, as the most credible competitive threat USDC has faced since its inception.
The warning comes less than two weeks after the OUSD announcement sent Circle’s stock into a tailspin, dropping roughly 17.5% to a four-month low near $62.63 on June 30.
The economics that spooked Wall Street Instead of the issuer pocketing the reserve yield, OUSD redirects the majority of that income to partner businesses in the consortium. The companies that distribute and integrate the stablecoin get paid for doing so, rather than watching the issuer collect all the economics.
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The Open Standard consortium includes over 140 companies, with Visa, Mastercard, and BlackRock among the headline names.
What OUSD actually looks like OUSD is scheduled to launch in the second half of 2026, with Solana as its initial blockchain. The stablecoin will offer fee-free minting and redemption at launch.
Reserve composition, custodian arrangements, and long-term fee structures haven’t been publicly disclosed yet.
CoinShares acknowledged that while the threat is real, OUSD faces an enormous lift in replicating the network effects USDC has built over nearly a decade of integrations across DeFi protocols, centralized exchanges, and payment platforms.
The Coinbase variable The revenue-sharing agreement between Coinbase and Circle is up for renewal on August 18, 2026. Coinbase has been a major distribution channel for USDC, and the economics of that arrangement have been a point of ongoing negotiation between the two companies.
What this means for investors Circle’s revenue model depends heavily on reserve interest income. If competitive pressure forces Circle to share more of that yield with distribution partners, whether through an OUSD-like model or simply through renegotiated deals like the Coinbase agreement, margins compress.
CoinShares suggests the short-term impact on USDC itself will be limited, given its deep liquidity, years of protocol integrations, and regulatory track record that a brand-new stablecoin cannot replicate on day one.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Coinbase is pulling the plug on USDC deposits and withdrawals through the Noble network, giving users until August 17, 2026 to sort out their stablecoin logistics.
Noble is a dedicated appchain in the Cosmos ecosystem built specifically for moving digital assets across the broader Cosmos network. It launched native USDC issuance in partnership with Circle back in September 2023, and currently holds roughly $132 million in USDC.
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A broader cleanup, not just a one-off This isn’t an isolated move. Coinbase is also ending support for cbETH, its liquid staking token, on Arbitrum, Optimism, and Polygon on that same August 17, 2026 date.
What this means for Cosmos users Before Noble, getting USDC into Cosmos-based DeFi protocols meant going through bridging processes that added friction, cost, and risk. Noble offered a cleaner path: Circle-issued USDC that could flow natively through the Inter-Blockchain Communication protocol, connecting Cosmos chains without the usual bridge headaches.
Users who currently rely on Coinbase for Noble-based USDC transactions will need to pivot to alternative supported networks. Ethereum, Base, and Solana remain available options for USDC deposits and withdrawals.
The $132 million in USDC currently on Noble won’t vanish overnight. Circle still issues USDC natively on the chain, and other exchanges or on-ramps may continue supporting it.
For investors holding USDC on Noble through Coinbase, the action item is straightforward: migrate before August 2026. That could mean withdrawing to a supported network like Ethereum or Base, or finding an alternative exchange that maintains Noble support.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
