JPMorgan has reduced its earnings forecast for both Circle and Coinbase after it signed a new revenue-sharing deal with Hyperliquid that affected the distribution of income generated by USDC’s reserves. The agreement might affect the overall economics of the stablecoin business for both the companies in the long run, the bank added.
Wall Street is taking a closer look at the revenue-sharing arrangement between stablecoin issuers and distribution platforms. While some analysts remain optimistic about Circle’s long-term position, others believe competition for USDC adoption could reduce profit margins.
JPMorgan Raises Concerns Over Hyperliquid Agreement JPMorgan cited a new deal between Coinbase, Circle, and Hyperliquid that will change the way the reserve currency from USDC on Coinbase is split.
As part of the deal, Coinbase will categorize USDC on Hyperliquid as “on-platform” balances. Coinbase will get those reserves but will give 90% of income back to Hyperliquid rather than divide it among themselves and Circle.
JPMorgan estimates that Hyperliquid has approximately $6 billion in USDC, which is approximately 8% of the total circulating supply.
The bank said that the situation is a “prisoner’s dilemma” because both Coinbase and Circle are looking to drive more volume on USDC while giving up a larger share of the revenue generated by the reserves backing the stablecoin.
Partnership Aims To Expand USDC Adoption On May 14, Circle and Coinbase announced their partnership with Hyperliquid as part of their broader strategy to increase the adoption of USDC.
Hyperliquid has its own Layer-1 blockchain as well as a decentralized exchange that supports spot and perpetual futures. USDC has now emerged as the preferred stablecoin of the platform since June 11.
JPMorgan, however, has a different view about the financial terms that facilitated the deal and thinks that it will impact the future revenue of both Circle and Coinbase.
Wall Street Remains Divided on Circle Not all analysts are being all that bearish on JPMorgan. Mizuho has also become more cautious on Circle, downgrading the stock as concerns grow over the economics of USDC.
Meanwhile, companies such as Bernstein and William Blair have retained their bullish outlook on the company.
JPMorgan also said it still expects USDC-related earnings to grow through 2027, supported by expectations that interest rates will remain higher for longer. The bank now expects a 25 basis point increase in interest rates at the Federal Reserve’s October 2026 meeting.
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JPMorgan has lowered its earnings forecasts for Circle and Coinbase after a new USDC revenue-sharing agreement with Hyperliquid changed how income from the stablecoin’s reserves will be divided.
Summary
JPMorgan cut earnings forecasts for Circle and Coinbase after the Hyperliquid USDC deal. The bank warned new revenue-sharing terms could pressure stablecoin profit margins. Analysts remain divided as higher interest rates may still support USDC earnings growth. According to a JPMorgan research note, the revised agreement could reduce the long-term profitability of the USDC business for both companies, even as they continue pursuing higher adoption of the dollar-backed stablecoin.
JPMorgan Cuts Circle and Coinbase Forecasts Over Hyperliquid Deal
JPMorgan downgraded earnings estimates for Circle and Coinbase, stating their new agreement with Hyperliquid weakens USDC economics. Coinbase will now pay 90% of USDC reserve yields on the platform to Hyperliquid,… pic.twitter.com/tnRhp5uG7M
— Wu Blockchain (@WuBlockchain) July 14, 2026 The bank argued that competition among distribution partners may force issuers to give away a larger share of reserve income to secure market share.
New revenue-sharing terms reduce reserve income Under the arrangement highlighted by JPMorgan, Coinbase will classify USDC held on Hyperliquid as “on-platform” balances. As a result, Coinbase will receive the reserve income generated by those deposits but will return 90% of that revenue to Hyperliquid instead of splitting the proceeds with Circle under the companies’ existing economic arrangement.
JPMorgan estimated that Hyperliquid currently holds about $6 billion worth of USDC, representing roughly 8% of the stablecoin’s circulating supply. Because of the platform’s growing role in the USDC ecosystem, the bank believes the revised economics could have a noticeable effect on future earnings for both Circle and Coinbase.
Describing the competitive dynamic, JPMorgan said both companies face pressure to increase USDC usage even if doing so requires surrendering a larger portion of reserve revenue to distribution partners. The bank characterized the situation as one in which efforts to expand adoption could come at the cost of lower profitability.
The revenue-sharing concerns follow an announcement made on May 14, when Circle and Coinbase revealed a partnership with Hyperliquid to deepen USDC integration across the crypto trading platform. Hyperliquid operates both a Layer-1 blockchain and a decentralized exchange offering spot and perpetual futures markets.
Since June 11, USDC has become Hyperliquid’s preferred stablecoin, strengthening the platform’s importance within Circle’s distribution network. JPMorgan said the commercial terms supporting that expansion, rather than the growth in usage itself, have become the main issue for investors evaluating future earnings.
Wall Street remains divided on Circle’s outlook Elsewhere on Wall Street, analysts have reached different conclusions about Circle’s long-term prospects. Mizuho has also taken a more cautious stance on the company, downgrading the stock as concerns grow over whether expanding USDC adoption will continue to generate attractive economics.
By contrast, Bernstein and William Blair have maintained positive ratings on Circle, indicating they still expect the stablecoin issuer to benefit from continued growth in digital dollar usage despite increasing competition for distribution partnerships.
Even after cutting its earnings estimates, JPMorgan said it continues to forecast growth in USDC-related earnings through 2027. The bank attributed that expectation to its interest-rate outlook, which now includes a 25-basis-point Federal Reserve rate increase at the October 2026 meeting.
Higher rates generally increase the income earned on the cash and Treasury reserves backing USDC, providing an offset to the revenue-sharing concessions outlined in the Hyperliquid agreement.
For investors, the latest debate has shifted attention away from USDC’s circulating supply alone and toward how reserve income is divided among issuers, exchanges, and distribution partners. JPMorgan’s analysis suggests that while adoption can continue rising, the financial value retained by Circle and Coinbase may come under increasing pressure as more platforms negotiate similar commercial terms.
The rapid ascent of decentralized perpetuals exchange Hyperliquid is forcing a reassessment of stablecoin economics, and the latest voice to flag the risk comes from JPMorgan. In a research note covered by the original report, the bank’s analysts argue that Hyperliquid’s deepening integration with Circle and Coinbase creates a prisoner’s dilemma that could erode the profit margins Circle derives from its USDC stablecoin.
The core tension is structural. Hyperliquid now processes billions of dollars in daily notional volume, largely settled in USDC. The exchange’s deal with Circle and Coinbase gave it preferential access to stablecoin liquidity and fiat ramps, but those terms also reshape how revenue from USDC reserves gets shared across the ecosystem. As the venue grows, it captures a larger slice of the stablecoin velocity that issuers typically monetize through interest on Treasury-held reserves.
How Stablecoin Revenue Flows Really Work Most of the crypto market understands that stablecoin issuers like Circle earn from the yield on their reserve assets. Less discussed is how that yield gets distributed behind the scenes. Exchanges, institutional partners, and large on-chain venues that drive USDC demand often receive a share of the interest income—effectively a rebate for custodying, wrapping, or facilitating high-volume usage. This revenue-sharing model is what keeps USDC liquid across centralized and decentralized platforms.
When Hyperliquid locked in its arrangement with Circle and Coinbase, it likely secured economics that reflect its outsized contribution to USDC turnover. The platform routinely handles north of $5 billion in daily perps activity, with USDC functioning as the dominant margin and settlement asset. That volume gives it leverage. But if one venue gets a lopsided deal, other exchanges—both CeFi and DeFi—will inevitably demand similar treatment. JPMorgan’s note frames this as a classic prisoner’s dilemma: every participant has an incentive to extract the best possible terms, but if all of them succeed, Circle’s unit economics deteriorate sharply.
Why Hyperliquid’s Deal Creates a Structural Tension The deal’s effect isn’t just about Hyperliquid. It sets a precedent. Other L1 and L2 perp protocols, order-book DEXs, and even large centralized exchanges that hold significant USDC balances will now point to Hyperliquid’s terms when renegotiating their own revenue-sharing agreements. Circle could face a wave of margin compression that accelerates as on-chain derivatives markets keep eating into traditional exchange volume.
For Coinbase, the calculus is different. The exchange holds an equity stake in Circle and benefits from USDC’s growth in market cap. But it also operates a competing derivatives venue. By co-signing the deal, Coinbase may be accepting a trade-off: sacrifice some interest income on the stablecoin side to ensure Hyperliquid’s flow stays within the Circle orbit rather than migrating to USDT or a new entrant. That’s a defensive move, but it doesn’t make Circle’s earnings picture any brighter. Recent institutional activity, including tokenized Treasury settlements involving JPMorgan itself, shows how competition for yield-bearing stablecoin alternatives is intensifying.
The Long-Term View for USDC and DeFi Circle’s profitability was already under scrutiny. After the Federal Reserve began cutting rates, the interest income from its reserve portfolio shrank, and competition from Tether’s USDT continued to chip away at market share. If the Hyperliquid arrangement leads to a broader re-rating of revenue splits, USDC becomes a thinner-margin business just as it faces regulatory demands that may require higher compliance costs. Stablecoin legislation in the U.S. could add further strain by forcing issuers to hold capital buffers or restrict reserve asset composition.
What remains unclear is whether Circle can restructure its partnerships without losing volume. Hyperliquid’s users are not particularly loyal to one stablecoin; they follow liquidity and low fees. If Circle tried to claw back margins, the perp platform could easily add native support for USDT or a decentralized alternative. That switching risk limits Circle’s negotiating power and suggests the current pressure might be permanent rather than cyclical.
The market hasn’t yet priced in the second-order effects. USDC’s market cap fluctuates with broader crypto sentiment, but the underlying economics of how it generates value are quietly shifting. As DeFi increasingly revolves around high-throughput derivatives venues, stablecoin issuers may be forced to accept a utility-style return rather than the banking-style margins they once enjoyed. Hyperliquid’s rise isn’t just a competitive threat to centralized exchanges—it’s also reshaping the plumbing that funds stablecoin revenue.
Whether this dynamic accelerates depends on how other major venues react. If Binance or Bybit extract similar terms, Circle’s interest income could decline meaningfully even if USDC supply stays flat. That’s the kind of structural squeeze that analysts at JPMorgan are watching, and it places Hyperliquid at the center of a conversation that extends far beyond perps volume numbers.
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Tether has announced a $7 million Series A investment in Pact Labs, a fintech infrastructure provider, as part of a strategic move to advance its USA₮ stablecoin in the US market. Blockchange Ventures and Lasagna also participated in the funding round. The investment aims to make USA₮, a dollar-backed stablecoin dedicated to the United States, more widely available for use in payroll, earned wage access, lending, and daily payment transactions.
Tether’s expansion into US payroll systemsTether seeks to move beyond its traditional role in crypto trading by integrating its stablecoin with mainstream financial services. The company intends to bridge the gap between digital currencies and everyday monetary operations in the US labor market.
The American payroll sector handles more than $11 trillion annually, yet most payment systems operate on outdated batch processing technology. This often requires employees to wait several days before receiving wages they have already earned. Through the partnership, Tether and Pact Labs aim to streamline payroll processing and enable real-time payments using the USA₮ stablecoin.
Tether CEO Paolo Ardoino stated that the demand for dollar-denominated settlement is deeply connected to wage distribution challenges. Ardoino also noted that workers in emerging markets have relied on stablecoins to address payroll delays, and expressed optimism about replicating these solutions in the US.
Tether CEO Paolo Ardoino explained that years of transaction data reveal a growing demand for dollar-backed settlements linked to wages and payroll. He underscored the company’s ambition to bring the benefits of stablecoins to the US workforce.
Pact Labs: infrastructure for blockchain-enabled paymentsPact Labs provides technical infrastructure allowing fintech companies to utilize blockchain-based payment networks without requiring their customers to engage directly with cryptocurrencies. The company indicated it has handled over $2 billion in on-chain loan volume and has originated more than $1 billion in loans and related services to upwards of 500,000 users through seven different fintech partners.
The platform is compatible with blockchain networks such as Aptos and Celo, facilitating digital wallets, instantaneous payments, and blockchain-powered lending operations for financial products.
Mini dictionary: Pact Labs is a US-based fintech infrastructure startup that provides technology for institutions seeking to connect traditional finance with blockchain networks, supporting payment, lending, and other services while abstracting away direct crypto exposure from the end customer.
Tether made a $100 million investment earlier this year in Anchorage Digital Bank, which distributes USA₮ through its platform. The ongoing partnership with Pact Labs further supports Tether’s initiative to secure a stronger foothold in the United States market.
Competitive landscape in the stablecoin sectorCompetition in the US stablecoin market is intensifying. Circle is pushing USDC into institutional settings and PayPal is expanding its PYUSD digital dollar offering. Against this backdrop, Tether is focusing on payroll and everyday business payments to carve out a unique position for USA₮ in the regulated US stablecoin ecosystem.
CompanyProductMain US StrategyTetherUSA₮Payroll and business paymentsCircleUSDCInstitutional expansionPayPalPYUSDConsumer transactionsThe effectiveness of Tether’s approach will depend on the adoption rate of USA₮ by Pact Labs’ existing fintech partners and integration into real-world payments infrastructure. If successful, this move could offer Tether a significant competitive edge as regulations around stablecoins become increasingly important in the US.
This investment positions Tether to compete more directly with rivals like Circle and PayPal, highlighting the evolving role of stablecoins in core financial services beyond the crypto sector.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Japan’s largest card network JCB has signed a memorandum of understanding (MOU) with Circle, with the two parties set to explore using USDC for cross-border payments, merchant settlement, fund management and other services, to drive the adoption of stablecoins in Japan’s daily payment scenarios. JCB has around 140 million users and 40 million merchants globally. The two sides will initially conduct a proof of concept (PoC) centered on JCB’s internal fund transfers, and further research how USDC can boost cross-border payment efficiency, lower remittance costs, and support international tourists in making stablecoin payments at Japanese merchants. This partnership is part of Japan’s stablecoin commercialization process. Earlier, Circle announced it would collaborate with Nomura to develop a USDC-based foreign exchange settlement service; Japanese convenience store chain Lawson also plans to launch a stablecoin payment pilot in August this year.
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Circle and Argentine financial group BIND have struck a deal to open institutional access to USDC through BIND’s digital assets platform, giving corporations and financial intermediaries a regulated on-ramp to dollar-denominated stablecoins in a country where the peso has essentially disintegrated.
The partnership, announced on July 14 during Circle CEO Jeremy Allaire’s visit to Buenos Aires, will channel USDC access through BEN, BIND’s digital assets platform, on a peer-to-peer basis. BIND operates as a registered virtual asset service provider (known locally as a PSAV), which means it’s a licensed financial institution building rails for companies that need dollar exposure but face a currency that has lost 99.8% of its value against the USD since 2009.
What the deal actually looks like BEN will serve as the infrastructure layer connecting eligible Argentine institutions to USDC, covering payments, treasury operations, and broader digital asset transactions, all wrapped in a compliance framework that BIND is keen to emphasize.
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“Through BEN, we seek to provide companies with transparent, secure, and efficient access to digital dollar infrastructure within a framework designed to support regulatory compliance and operational integrity,” said Andrés Meta, a Grupo BIND shareholder.
Circle isn’t treating this as a one-off announcement. The company is hiring a senior director based in Buenos Aires and actively pursuing additional partnerships with local banks and fintech companies. This follows Circle’s existing footprint in Brazil, where it already has a team of eight people, and planned expansions into Mexico and Colombia.
Why Argentina is ground zero for stablecoins The peso recently hit yet another record low against the dollar, extending a collapse that has made the currency almost worthless in relative terms over the past decade and a half. Persistent inflation, capital controls, and a general distrust in the local monetary system have turned Argentina into one of the most active stablecoin markets on the planet.
What’s changing now is the institutional dimension. Retail adoption was already widespread. This partnership is about bringing corporations, financial intermediaries, and treasury departments into the fold through regulated channels. When individuals buy USDC on an exchange, it’s useful but fragmented. When institutions get compliant access through a licensed financial entity like BIND, it opens the door to much larger capital flows, corporate treasury management in digital dollars, and cross-border payment infrastructure that actually scales.
Circle has also been engaging with Argentine regulatory bodies, including the Central Bank and the Ministry of Economy, to ensure the integration of digital assets within the traditional financial system doesn’t run afoul of existing rules. Allaire has expressed optimism about regulatory advancements regarding how banks treat stablecoins in Argentina, suggesting the groundwork is being laid for a more formalized framework.
What this means for the broader market Circle’s simultaneous push into Argentina, Brazil, Mexico, and Colombia suggests the company sees the entire region as a strategic priority for USDC distribution. Tether’s USDT has historically dominated stablecoin usage in Latin America, particularly in peer-to-peer and informal markets. Circle’s strategy of partnering with regulated financial institutions like BIND targets the institutional and corporate segment where compliance requirements make USDC’s regulatory positioning a genuine advantage over less transparent alternatives.
The risk, as always in Argentina, is regulatory whiplash. The country has a long history of economic policy U-turns, capital control changes, and political volatility that can reshape the operating environment overnight. Circle’s engagement with the Central Bank and Ministry of Economy suggests awareness of this risk, but awareness and immunity are very different things.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Binance continues holding deep stablecoin liquidity, yet its reserve mix has shifted noticeably in recent months. USD Coin [USDC] reserves dropped 40.3% from $7.7 billion to $4.6 billion as of writing, reversing most gains recorded during early 2026.
Meanwhile, Tether [USDT] reserves remained steady at $38.5 billion, widening the gap between both assets to nearly $33.9 billion. Such a divergence suggests that users prefer USDT over USDC for exchange balances, rather than signaling broad liquidity contraction.
Source: CryptoQuant More importantly, Binance still controls roughly $53 billion, or 57% of the $93 billion held across exchange stablecoin reserves. Since early 2025, the dominant exchange stablecoin reserves have surged by 61%, adding $35 billion as Binance strengthened its market share.
Source: X That preference strengthens Binance’s overall stablecoin base while concentrating liquidity in one dominant asset. If this trend persists, USDT could further reinforce its role as Binance’s primary settlement and trading stablecoin, while USDC risks losing relative market influence.
Stablecoin supply shifts beyond whale wallets Still, that shift toward USDT has altered the way that stablecoin liquidity is distributed throughout the entire market. Over the last three months, the top 100 USDT wallets have reduced their portion of the total USDT supply by 0.6%.
Additionally, the largest USDC wallets reduce their portion of total USDC supply by 4.7%. Rather than concentrating liquidity among a handful of large holders, stablecoin reserves are spreading across exchanges, institutions, protocols, and retail participants.
Source: Santiment This suggests capital is becoming more broadly available instead of remaining idle in whale wallets. As institutional adoption continues expanding, wider distribution could improve market resilience by reducing reliance on a few dominant holders.
Such a strong liquidity foundation could support healthier, more sustainable crypto market advances.
Can stablecoin liquidity drive the next rally? The attention is now shifting from stablecoin liquidity to stablecoin participation. Rather than remaining just held by a few whale accounts, liquidity is increasingly spreading across a wider range of users.
This creates a better base of liquidity. However, just having broader ownership does not necessarily mean there will be a sustained bull run. Instead, active addresses, new wallet creation, and daily transactions must continue expanding to convert available capital into persistent demand.
Meanwhile, stablecoin supply remains near $312 billion, although risk asset accumulation has yet to fully accelerate. ETF flows and exchange balances also present mixed signals, suggesting much of that liquidity remains sidelined.
Therefore, the next advance in this market depends on investors’ willingness to utilize the available capital rather than how much capital is available.
Final Summary Tether [USDT] continues strengthening its dominance as stablecoin liquidity becomes more broadly distributed. USD Coin [USDC] and USDT now need stronger participation to drive the next market rally.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to monitoring by Onchain Lens, the U.S. government has once again transferred seized cryptocurrency assets. A government wallet previously linked to Alameda Research/FTX has been emptied, with its assets dispersed to eight new addresses. The transferred holdings include: 4,110 AXS (worth approximately $4,100), 5.37 YFI (about $11,400), 1,230 COMP (around $21,100), 311,600 MANA (roughly $21,800), 0.533 WBTC (approximately $34,400), 4,050 NMR (about $39,900), 138,950 RLC (around $40,700), and 209.18 ETH (valued at roughly $391,000). On-chain data confirms the original wallet’s balance is now zero. The prior day, the U.S. government also moved approximately $12.34 million in assets seized from the Bitfinex hack, including 2.9671 million USDT sent to Coinbase Prime, 901,000 USDC transferred to a new wallet, and roughly 5,940 ETH (worth about $11.14 million) sent to Coinbase Prime. It remains unclear if these asset transfers are tied to a sale plan. The on-chain analytics firm will continue tracking future movements of crypto assets seized by the U.S. government.
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On July 14, 2026, $500 million in USDC was minted on the Solana blockchain, indicating a strategic move to enhance liquidity within the network. This issuance was executed in two tranches of $250 million each, underscoring growing confidence in Solana’s capacity to handle large-scale transactions. The additional USDC enhances Solana’s standing as a significant player in the stablecoin market, holding between $7.2 billion and $8.6 billion in circulating USDC. This development aligns with a broader trend of increased institutional interest in Solana as a high-throughput settlement layer, with the network experiencing a record weekly USDC minting volume earlier this year.
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Key Takeaways The issuance of $500 million USDC on Solana suggests increased liquidity and institutional confidence in the network. Solana’s share of the global USDC supply reflects its growing role as a key blockchain for stablecoins. Market pricing appears supportive of Solana’s potential to reach higher price benchmarks by the end of July. What to Watch Market participants will closely monitor Solana’s price movements in response to this liquidity boost, particularly in relation to its potential to hit the $90 mark in July. Key indicators such as the network’s volume and additional stablecoin issuances may provide further insights into Solana’s capacity to leverage this increased liquidity. Potential developments, including regulatory actions or changes in institutional demand, could also affect market sentiment and price trajectories.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 19% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.6% — — View market → August 1 2026 1% — — View market → August 1 2026 0.7% — — View market → August 1 2026 4.2% — — View market → August 1 2026 0.9% — — View market → August 1 2026 9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.7% — — View market → August 1 2026 0.1% — — View market → August 1 2026 38% — — View market →
14 July 2026 | 20:08 JPMorgan has lowered its earnings estimates for Circle and Coinbase, arguing that their revised USDC arrangement with Hyperliquid exposes a structural weakness in the stablecoin’s distribution model.
Key Takeaways JPMorgan said the Hyperliquid agreement creates a “prisoner’s dilemma” in which Circle and Coinbase may sacrifice margins to protect USDC distribution. Hyperliquid holds approximately $5.5 billion to $6 billion in stablecoins, with USDC accounting for nearly 94% of the on-chain supply. The frequently cited $160 million figure came from an earlier Compass Point estimate and represents potential reserve yield redirected to Hyperliquid, not a confirmed net loss. Robinhood Chain has already overtaken Hyperliquid in seven-day spot DEX volume despite launching on July 1, showing how quickly competing platforms can establish their own preferred stablecoin rails. Hyperliquid Gains the Yield Without Issuing USDC Under the revised structure, Coinbase becomes the official USDC treasury deployer on Hyperliquid. Circle remains responsible for the technical infrastructure needed to mint, redeem and move USDC across supported networks.
The arrangement preserves USDC as Hyperliquid’s primary collateral and quote asset across its spot, perpetual and other on-chain markets. It also gives the protocol access to most of the income generated by the underlying reserves.
Hyperliquid’s Aligned Quote Asset framework states that deployers share approximately 90% of cost-adjusted reserve yield generated by their supply with the protocol. Aligned assets receive trading advantages including lower taker fees, improved maker rebates and greater volume contribution toward fee tiers.
The payment is not interest distributed directly to USDC holders. It is protocol-level revenue derived from the cash and short-term government securities backing the stablecoin. Hyperliquid captures much of that income in exchange for making USDC the preferred dollar asset across its markets.
That distinction explains why the agreement can strengthen USDC’s utility while weakening its economics for Circle. The stablecoin gains volume, collateral demand and distribution, but its issuer retains a smaller portion of the reserve income attached to those balances.
Why JPMorgan Sees a Prisoner’s Dilemma JPMorgan described the arrangement as a “prisoner’s dilemma” because Circle and Coinbase both benefit from wider USDC adoption but can compete over which company gives more of the economics to major distributors.
If neither company offers favorable terms, a large platform could support another stablecoin or create its own. If one side accepts a lower margin to secure the platform, the other risks losing distribution unless it participates in the concession.
JPMorgan estimates that Hyperliquid holds around $6 billion in USDC, equal to roughly 8% of the token’s circulating supply. At the time of writing, DefiLlama showed approximately $5.5 billion in stablecoins on Hyperliquid L1, with USDC representing 93.87% of the total.
Coinbase previously treated much of the USDC held outside its platform differently from balances held directly on Coinbase. JPMorgan said that classifying Hyperliquid’s USDC as on-platform allows Coinbase to collect the associated reserve income before transferring 90% of the adjusted amount to Hyperliquid.
The structure may still benefit Coinbase strategically. Acting as treasury deployer strengthens its role in minting, redemption, liquidity management and fiat access around one of the largest pools of on-chain dollars. The trade-off is that securing that position requires Coinbase and Circle to give up most of the reserve yield generated there.
The $160 Million Estimate Needs Qualification The estimate that as much as $160 million in annual revenue could move toward Hyperliquid did not originate in JPMorgan’s July report. Compass Point produced the estimate in May, when Hyperliquid held approximately $5 billion to $5.5 billion in USDC.
The figure represented an estimate of reserve income that could be redirected under the yield-sharing arrangement. It should not be treated as a confirmed reduction of the same size in Circle and Coinbase earnings.
The eventual impact depends on several variables: The average amount of USDC held on Hyperliquid Short-term interest rates and the return on USDC reserves The costs deducted before the 90% share is calculated How the income would otherwise have been divided between Circle and Coinbase Additional revenue Coinbase earns from treasury deployment and related services The concern is still material because reserve income dominates Circle’s financial model. In its first-quarter filing with the Securities and Exchange Commission, Circle reported $652.5 million in reserve income and $405.4 million in distribution and transaction costs.
The Hyperliquid terms add to costs that already consume a substantial portion of the income generated by USDC reserves. JPMorgan consequently sees the agreement as a larger long-term issue for Circle than for Coinbase, which has a broader mix of trading, custody, subscription and infrastructure revenue.
Robinhood Shows How Quickly Distribution Can Shift Hyperliquid is not the only platform gaining leverage over stablecoin providers. Robinhood launched the public mainnet of Robinhood Chain on July 1, only 13 days before the latest DefiLlama comparison.
By July 14, Robinhood Chain had accumulated approximately $161.7 million in DeFi TVL, $327.6 million in stablecoins and $3.9 billion in seven-day spot DEX volume. Hyperliquid L1 recorded approximately $1.31 billion in spot volume over the same period.
Robinhood Chain launched and the numbers are astounding.
We dug into the metrics in this week’s edition of the DefiLlama newsletter.https://t.co/1Hs2HHmxTR pic.twitter.com/FLyJ5XNYgK
— DefiLlama.com (@DefiLlama) July 14, 2026
Robinhood therefore generated nearly three times Hyperliquid’s weekly spot DEX activity despite being less than two weeks old. The comparison is limited to spot trading. Hyperliquid remained substantially larger in its core perpetual-futures market, processing approximately $42.5 billion over seven days compared with $24.5 million on Robinhood Chain.
The quality of Robinhood’s early activity also remains unproven. Its seven-day spot volume was roughly 24 times its TVL, an unusually high turnover rate that may reflect launch activity, short-lived speculation or repeated trading through a relatively small pool of liquidity.
The stablecoin composition is more relevant to JPMorgan’s argument. USDG represented around 68% of Robinhood Chain’s stablecoin supply, while Robinhood Earn uses USDG rather than USDC for its on-chain lending product.
A new distribution platform can therefore build substantial liquidity without making USDC its default dollar asset. That increases the pressure on Circle and Coinbase to offer better economics when negotiating with exchanges, wallets, fintech applications and blockchain operators.
Longer-Term Threat JPMorgan’s argument becomes stronger if USDC distribution continues expanding while Circle’s retained income per dollar in circulation declines. The next Circle and Coinbase earnings reports should show whether distribution costs rise faster than the revenue created by additional USDC balances.
The margin-pressure thesis would gain support if USDC balances on Hyperliquid remain near or above $6 billion, making the yield-sharing concession a recurring cost rather than a temporary arrangement. Disclosures showing reserve income flowing into Hyperliquid’s Assistance Fund or being used for HYPE purchases would make the agreement’s economic effect more visible. Continued growth of USDG on Robinhood Chain, or of other regulated stablecoins on competing platforms, would further increase the value of distribution access. For Circle, the clearest financial warning would be distribution expenses rising faster than reserve income, confirming that wider USDC adoption is being achieved at the cost of lower retained margins.
The agreement does not show that USDC is losing relevance. Hyperliquid’s dependence on the stablecoin confirms its importance as trading collateral and on-chain dollar liquidity. The risk is that USDC becomes more widely used while a growing share of the value it generates is captured by the platforms controlling access to users and trading volume.
The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Noxa's official X account appears to have been hacked; users are advised to stay vigilant against risks.
According to monitoring by Onchain Lens, the official X account of Meme token launch platform Noxa has been reportedly hacked. Community users who interacted with links posted from the account have had their wallets emptied. Users are warned not to connect their wallets, sign any transactions, or engage with any links shared by this account.
Circle Internet Financial and Nomura Holdings have signed a memorandum of understanding to collaborate on digital finance applications in Japan, with a core focus on using USDC for cross-border and in-store payments. The MOU, signed on June 26, 2026, sets the stage for what could become one of the most significant integrations of stablecoin technology into a major economy’s traditional financial plumbing.
Japan’s foreign exchange market handled roughly $440 billion in daily trading volume in 2025.
What the partnership actually looks like Nomura will handle client onboarding, regulatory compliance, and integration with existing banking services. Circle brings its digital asset infrastructure, specifically USDC, which carried a market cap of $73.8 billion at the time of the announcement.
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The tangible product here is a USDC-based corporate payment service scheduled for deployment in Japan as early as 2027. The system would enable yen-to-USDC conversion designed to serve corporate supply chain operations, essentially giving import and export businesses a faster, cheaper rail for moving money across borders.
Traditional cross-border settlements in Japan, like most places, take two to three days. The partnership aims to compress that timeline to minutes using blockchain settlement.
Circle’s Japan playbook has been years in the making Circle has been methodically building its presence in Japan since at least 2023, when it signed a partnership with SBI Holdings. That earlier deal focused on getting USDC authorized under Japanese regulations for distribution through SBI’s platform.
USDC launched on SBI VC Trade on March 26, 2025, making it the first approved foreign-issued stablecoin in Japan. The Nomura partnership represents the next phase: moving beyond exchange availability into actual payment infrastructure. SBI gave Circle the regulatory beachhead. Nomura gives Circle access to the corporate banking world, the clients who actually move billions in cross-border trade finance.
What this means for investors The immediate investment signal here is about USDC demand. If a USDC-based corporate payment system goes live in Japan’s massive trade economy by 2027, that creates structural buying pressure for the stablecoin. Companies converting yen to USDC for settlement purposes would need to hold or transact in USDC at scale, which directly supports Circle’s reserves and revenue model.
Tether has historically dominated stablecoin market share, but its presence in regulated markets like Japan has been limited precisely because of the compliance requirements that Circle has invested heavily in meeting.
The risk side of the ledger isn’t empty, though. Regulatory timelines in Japan can stretch. A 2027 target is ambitious, and any shifts in Japan’s digital asset policy could delay deployment. MOUs are statements of intent, not binding contracts. The real validation comes when Nomura begins onboarding corporate clients and processing live yen-to-USDC conversions.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Circle Internet Group Inc. (NYSE:CRCL) President Heath Tarbert called the company’s newly approved national trust bank a "historic" milestone for the company and the U.S. crypto industry.
The newly launched Circle National Trust Bank will not accept consumer deposits or issue loans.
Instead, it will initially oversee USDC reserves and provide digital asset custody services, with plans to eventually expand custody offerings beyond Circle’s affiliated entities.
Tarbert said the move places Circle under the Office of the Comptroller of the Currency’s regulatory framework, which he described as the “gold standard” for financial regulation.
Circle shares closed 4.8% lower on Monday and are down another 2.3% in premarket trading at the time of writing.
CLARITY Act "More Than Regulation"Tarbert said USDC remains the largest regulated stablecoin, accounting for roughly 70% of regulated dollar stablecoin transaction volume and operating across 34 blockchain networks with about $73 billion in circulation.
He argued that the recently enacted GENIUS Act provides the legal foundation for stablecoins to become a core part of the U.S. financial system, enabling faster, lower-cost payments, treasury management and financial settlement.
Tarbert also urged lawmakers to pass the CLARITY Act, saying legal certainty is essential for banks and financial institutions looking to enter the digital asset sector.
"It’s more than just financial regulation," he said. "It’s an upgrade of the U.S. payment system and allows the U.S. to lead the next generation of the internet, the internet of value."
Image: Shutterstock
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At the quiet edge of Ethereum’s on-chain landscape, a notable shift is unfolding. According to the Santiment update, the top 100 wallets holding Tether (USDT) on Ethereum now control roughly 0.6% less of the available supply than three months ago. Meanwhile, the top 100 USD Coin (USDC) wallets have seen their collective share drop by about 4.7% over the same period. The changes are modest but point to something meaningful: stablecoin liquidity is quietly becoming more distributed.
Rather than a handful of giant addresses hoarding the bulk of the market’s buying power, capital is spreading across exchanges, DeFi protocols, institutions, and everyday participants. That dispersion reduces the market’s dependence on the whims of a few large actors. When stablecoin dry powder sits in more pockets, it can rotate into Bitcoin, Ethereum, or altcoins without waiting for a whale to make the first move. This trend aligns with the broader institutional embrace of stablecoin infrastructure, seen in recent tokenization milestones that rely heavily on on-chain dollar rails.
Why Distribution Often Beats Concentration High whale concentration in stablecoins has historically signaled cautious capital parked on the sidelines, often reluctant to flow into risk assets. The current slow unwinding of that concentration—described by Santiment as a “quietest bullish trend”—suggests a healthier footing. With supply spread among more wallets, the risk of a few actors pulling liquidity suddenly and triggering a cascading sell-off declines. It also points to a broader base of participants comfortable holding stablecoins, potentially preparing to deploy into positions as conviction builds.
Ethereum, still the dominant settlement layer for stablecoins, continues to lead in developer activity, which underscores the staying power of the network where much of this liquidity shift is happening. A distributed stablecoin supply on a high-activity chain creates a structural advantage: more potential buyers are already in position, reducing the friction for sudden market-wide rotations.
What to Watch Next The top-100 snapshot doesn’t capture the complete whale picture, and distribution alone won’t guarantee price moves. The sharper decline in USDC’s top wallets—4.7% versus 0.6% for USDT—may reflect different user bases. USDC’s heavier use in DeFi and institutional settlements could be driving a faster redistribution, while USDT’s broader retail footprint shows more stickiness. If the trend reverses and large holders begin reconsolidating supply, it would undercut the bullish signal. For now, traders should watch whether this quiet on-chain metric begins to align with increased spot volumes and broader participation. Often, market structure shifts like these show up in the data long before they appear in price.
AUTHOR
Brenda is a writer with three years of experience specializing in cryptocurrency, artificial intelligence and emerging technologies. She graduated from the University of Mombasa with a degree in Psychology. She has worked at Cryptopolitan and Blockchain Reporter.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, The Pharos R25 Axil USDC Campaign will be accessible via Binance Wallet DeFi. During the Activity Period, eligible users who subscribe USDC to the Axil Prime 3M USDC Vault, a 3-month lock-up USDC vault, via Binance Wallet DeFi, will share a total of $300,000 in PROS rewards. Binance Wallet DeFi R25 Axil Campaign Details Promotion Details Activity Period: 2026-07-15 00:00:00 to 2026-07-19 15:59:59 (UTC)Total Rewards: $300,000 in PROSReward Release Schedule: Rewards will be distributed on Pharos chain to eligible users’ Binance Wallets within 4 weeks after the Activity Period ends. Binance will use the 7-day average price of PROS before the campaign end date for reward distribution.Participant Eligibility: Participation is open to all Binance Wallet (Keyless) users.For more information, please follow the campaign page and Binance Wallet X account for updates. Reward Structure: Pool TypePoolExpected APYTotal Reward AmountMin. Subscription per UserMax. Vault capFixed-TermR25 Axil Prime 3M USDC Vault(3-month lock up)13%$300,000 in PROS100 USDC70,000,000 USDC Explore More Note: R25 Axil Prime 3M USDC Vault is a fixed 3-month lock-up vault. Users can submit and cancel redemption requests during the withdrawal window (2026-07-20 07:00 ~ 2026-10-16 07:00 UTC). After that, the vault will auto-renew to the next 3-month lock-up cycle.Redemption requests will be processed up to 20 days after the 3-month lock-up period ends. The assets will be automatically returned to your wallet on Pharos Chain once the redemption is complete. No claim action is required.Only users who subscribe through Binance Wallet DeFi R25 Axil Prime 3M USDC Vault are eligible for the campaign rewards. Users who purchase APC3M tokens on the secondary market or deposit through the project’s dApp directly will not be eligible for campaign rewards. How to Participate: Update your Binance App to the latest version and make sure you have backed up your Binance Wallet (Keyless).Bridge PROS (for gas fees) and USDC to Pharos Chain via Binance Wallet Bridge.Log in to your Binance Wallet, go to [DeFi] > [Protocol] > [R25], and visit the Axil Prime 3M USDC vault.Subscribe at least 100 USDC to the R25 Axil Prime 3M USDC vault to share $300,000 in PROS rewards. About Binance Wallet DeFi: Binance Wallet DeFi is an all-in-one on-chain yield product that aggregates DeFi protocols across lending, liquid staking, restaking, loan and liquidity provision. With the DeFi function, users can now earn and borrow on stablecoins, BTC, ETH, BNB, SOL and other popular assets seamlessly with users’ Wallet without switching between external dApps. To learn more, please visit What is Binance Wallet DeFi and How Does it Work. About R25: The on-chain vault infrastructure for the next generation of finance. A platform where diverse strategies meet cutting-edge blockchain technologies, giving everyone access to on-chain yield curated by experts. R25’s WebsiteR25’s X Note: There may be discrepancies between this original content in English and any translated versions. Please refer to the original English version for the most accurate information, in case any discrepancies arise. Thank you for your support! Binance Team 2026-07-14 USDC is an e-money token issued by Circle Internet Financial Europe SAS (https://www.circle.com/). USDC’s whitepaper is available here. You may contact Circle using the following contact information: +33(1)59000130 and [email protected]. Holders of USDC have a legal claim against Circle SAS as the EU issuer of USDC. These holders are entitled to request redemption of their USDC from Circle SAS. Such redemption will be made at any time and at par value. Trade on-the-go with Binance’s crypto trading app (iOS/Android) Find us on TelegramXFacebookInstagram Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice. Disclaimer: The Binance Wallet Services are offered by Binance Barbados Limited, and involve the provision of unregulated, third-party services, which are not supervised by the Financial Services Regulatory Authority of the Abu Dhabi Global Market, or any other regulatory authority. Binance Wallet is not responsible for your access or use of third-party applications (including functionality embedded within the Binance Wallet) and shall have no liability whatsoever in connection with your use of such third-party applications, including, without limitation, any transactions you dispute. You should only invest in products you are familiar with and where you understand the risks. You should carefully consider your investment experience, financial situation, investment objectives and risk tolerance and consult an independent financial adviser prior to making any investment. This material should not be construed as financial advice. Please carefully review the Terms of Use and Risk Warning and always do your own research. Digital asset prices are subject to high market risk and price volatility. The value of your investment may go down or up, and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Past performance is not a reliable predictor of future performance. APR is an estimate of rewards you will earn in cryptocurrency over the selected timeframe. It does not display the actual or predicted returns/yield in any fiat currency. APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. This material should not be construed as financial advice. For more information, see our Terms of Use and Risk Warning.
JCB, Japan's largest bank card issuer with 140 million users worldwide, is partnering with Circle for stablecoin payments. (Rs1421/Wikimedia Commons)Summary
JCB, Japan’s largest card network, has signed an agreement with Circle to explore using USDC stablecoins for cross-border payments and merchant transactions.The partnership will begin with a proof of concept for JCB’s internal fund transfers and aims to improve payment efficiency, cut remittance costs and ease currency exchange burdens for tourists.The initiative comes amid a broader push for stablecoin adoption in Japan, including pilots such as Lawson convenience stores testing yen-denominated stablecoin payments starting in August.Japan’s largest card network JCB has enlisted Circle (CRCL) to explore using stablecoins for cross-border payments and merchant transactions, the companies announced Tuesday.
The two firms have signed a memorandum of understanding (MOU) to explore stablecoin payments for merchants serving international visitors, as Japan’s payment industry accelerates efforts to introduce blockchain payments into everyday use across the country.
JCB, which has 140 million users and 40 million merchants worldwide, and Circle will explore how stablecoins can enhance cross-border treasury operations and payments. Initial efforts will focus on a proof of concept for JCB's internal fund transfers. They will also explore ways to improve payment efficiency, reduce remittance costs and support broader cross-border payments using USDC, the world’s second-largest with a market capitalization of nearly $73 billion.
The companies will also explore in-store stablecoin payments for merchants and international visitors to Japan.
“Stablecoins are gaining attention around the world as a foundation for creating a new ecosystem in cashless societies, given their high level of convenience,” the statement noted.
They highlighted that stablecoins bring a wide range of benefits, including “reducing the burden of currency exchange for inbound tourists, further improving the efficiency of fund settlement, and improving cash flow for merchants.”
Tourists in Japan primarily use bank cards for payments, but there are spending limits, which can be bypassed with stablecoins, according to a report by Nikkei.
The collaboration is part of a growing wave of stablecoin initiatives in Japan following regulatory changes that have opened the market to broader adoption. Circle has said it would partner with Nomura to develop a USDC-based foreign exchange settlement service for Japanese businesses as early as 2027.
Lawson, one of Japan's largest convenience store chains, will accept stablecoins at its stores as part of a pilot that starts in August, according to a separate Nikkei report. The retailer plans to begin trials at its Lawson Takanawa Gateway City store in Tokyo with telecom operator KDDI and digital asset wallet provider Hashport, using KDDI's yen-denominated stablecoin, JPYC, the report said.
Japan’s premier global card network JCB has partnered with leading crypto firm Circle under a memorandum of understanding to explore stablecoin applications across cross-border payments and retail transactions, according to a recent press release.
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The companies will assess the use of Circle’s USDC and payment infrastructure for JCB’s internal fund transfers, while also examining stablecoin payment options for merchants and overseas visitors in Japan.
The agreement expands JCB’s ongoing push into stablecoin payments after launching a separate initiative with Digital Garage and Resona Holdings earlier this year.
Through these collaborations, JCB aims to enhance payment efficiency, reduce cross-border settlement costs, and support the broader adoption of stablecoin payment infrastructure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jeremy Allaire Circle CEO. (The Washington Post / Getty Images) Summary
JPMorgan said a new arrangement with Hyperliquid is a near-term revenue headwind for Circle and Coinbase, with a greater long-term threat to Circle's USDC economics. The bank argued the deal exposes a "prisoner's dilemma," encouraging Circle and Coinbase to compete for USDC distribution at the expense of each other's economics. The Wall Street firm lowered earnings estimates for both firms, citing the Hyperliquid changes alongside weaker crypto trading volumes and asset prices.JPMorgan (JPM) lowered its forecasts for Circle Internet (CRCL) and Coinbase (COIN), saying their revamped agreement with Hyperliquid weakens the economics of Circle's USDC and posed a bigger long-term threat to the stablecoin issuer.
The bank said the deal created a "prisoner's dilemma," incentivizing stablecoin issuer Circle and crypto exchange Coinbase to compete for distribution of the dollar-pegged token at the expense of each other's economics.
Hyperliquid, now one of the largest crypto trading venues, holds about $6 billion of USDC, or roughly 8% of the circulating supply, JPMorgan estimated.
"We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements because it can create 'a prisoner’s dilemma' that drive Coinbase and Circle to compete with each other when promoting USDC distribution," analysts led by Kenneth Worthington said in the Tuesday report.
Hyperliquid is one of crypto's fastest-growing trading venues and the leading decentralized perpetual futures exchange. The platform processed more than $150 billion in trading volume in July alone, while its volume relative to Binance climbed to 11.5%, underscoring its growing share of the derivatives market. USDC balances on Hyperliquid have swelled to roughly $6 billion, making it an increasingly important distribution channel for the stablecoin.
Under the new arrangement, Coinbase will classify USDC on Hyperliquid as "on-platform," collecting the income generated by reserves and paying 90% of it to Hyperliquid. JPMorgan estimated Coinbase previously split nearly all of the revenue evenly with Circle.
The bank cut earnings estimates for both companies, citing the Hyperliquid agreement and weaker crypto markets, though it expects higher interest rates to provide some support for USDC-related revenue over the longer term.
USDC has also lost momentum in recent months. Its circulating supply has fallen to about $73 billion from nearly $80 billion in March, part of a broader $10 billion contraction in the stablecoin market since May as crypto trading activity cooled and new regulated rivals chipped away at the dominance of USDC and Tether's USDT.
Japanese investment bank Mizuho said in a report last week that Circle's final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but investors may be overestimating its significance.
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
JPMorgan has lowered its earnings forecasts for Circle and Coinbase, warning that a new revenue sharing agreement with Hyperliquid is weakening the economics behind USDC.
The bank said the arrangement creates a “prisoner’s dilemma” that encourages Circle and Coinbase to compete for USDC distribution at the expense of their own revenue. JPMorgan described the deal as an immediate earnings headwind for both companies and a larger long term threat to Circle.
Hyperliquid holds roughly $6 billion in USDC, representing about 8% of the stablecoin’s circulating supply, according to estimates from JPMorgan.
Under the revised agreement, Coinbase classifies USDC held on Hyperliquid as an on platform balance. Coinbase collects the income generated by the reserves backing those tokens and passes 90% of it to Hyperliquid. The company previously shared nearly all of that income evenly with Circle, JPMorgan said.
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“We think the change in the Hyperliquid relationship showcases the challenge for Circle and Coinbase partnership agreements,” analysts led by Kenneth Worthington wrote in a Tuesday report.
The agreement was announced in May as part of Hyperliquid’s updated Aligned Quote Asset framework. Coinbase became the treasury deployer for USDC on the network, while Circle remained responsible for minting, redemptions and crosschain transfer infrastructure.
Circle also staked 500,000 HYPE tokens as part of the arrangement. USDC remains the main collateral asset across Hyperliquid’s spot and perpetual futures markets.
Hyperliquid processed more than $150 billion in trading volume during July, while its volume relative to Binance reached 11.5%, according to JPMorgan. The bank said the platform’s growing share of the crypto derivatives market has made it an increasingly important distribution channel for USDC.
Previous estimates from Compass Point suggested the agreement could redirect between $135 million and $160 million in annual reserve income toward Hyperliquid. The firm estimated that the arrangement could reduce the combined annual earnings of Circle and Coinbase by between $60 million and $80 million.
JPMorgan also cited weaker crypto trading volumes and asset prices in cutting its forecasts for both companies. Higher interest rates could provide some support for USDC reserve income over the longer term.
USDC circulation has fallen to approximately $73 billion from nearly $80 billion in March. The broader stablecoin market has contracted by about $10 billion since May as crypto trading activity weakened and competition from regulated stablecoin issuers increased.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
@Circle has signed a memorandum of understanding (MOU) with JCB, Japan's largest card network, to explore using $USDC for cross-border payments and merchant transactions. The announcement, made on July 14, 2026, marks one of the most significant moves yet to bring regulated stablecoin infrastructure into a mainstream Asian payments network.
What the Partnership Covers The deal has two core areas of focus. First, the companies will launch a proof of concept leveraging $USDC to streamline JCB's internal fund transfers, with the broader goal of lowering remittance costs and improving cross-border transaction efficiency. Second, the companies will explore in-store stablecoin payment experiences for merchants and international visitors to Japan, while evaluating technologies that support interoperability and seamless payment experiences across multiple blockchain networks.
JCB, which has 140 million users and 40 million merchants worldwide, and Circle will explore how stablecoins can enhance cross-border treasury operations and payments. The scale of JCB's network means even a limited rollout would represent a material expansion of $USDC's real-world utility.
It is worth noting the current scope of the agreement. The partnership does not immediately mean that consumers will begin using $USDC through JCB cards or payment services. Instead, the initial stage focuses on research, testing, and evaluating possible use cases.
Part of a Broader Push in Japan The JCB deal is not Circle's only move in Japan. Circle has said it would partner with Nomura to develop a $USDC-based foreign exchange settlement service for Japanese businesses as early as 2027. Meanwhile, the initiative comes amid a broader push for stablecoin adoption in Japan, including pilots such as Lawson convenience stores testing yen-denominated stablecoin payments starting in August.
JCB itself has been building toward this moment. In January 2026, the credit card issuer partnered with Digital Garage and Resona Holdings to pilot real-world stablecoin applications within Japanese brick-and-mortar stores. The Circle MOU adds a globally recognised stablecoin issuer to that existing framework, broadening the scope of what JCB can offer merchants and international cardholders.
Under this MOU, JCB and Circle will explore collaboration opportunities that combine Circle's stablecoin payment infrastructure with JCB's global merchant network to advance cross-border payments and develop new payment experiences for merchants and customers.
Sources:
CoinDesk: Circle Signs MOU with Japan's Largest Card Network to Explore Stablecoin Payments
Finextra: JCB Signs Stablecoin MOU with Circle
ACN Newswire: JCB Signs Memorandum of Understanding with Circle (Official Press Release)
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The two largest retail-facing trading platforms in the US are now competing for your idle stablecoins, and they’ve both picked the same DeFi protocol to do it. Coinbase and Robinhood have each built yield products on top of Morpho, the decentralized lending infrastructure that has quietly amassed over $11B in total value locked.
Two platforms, two philosophies Coinbase launched its onchain USDC lending product via Morpho back on September 18, 2025. The yields are variable, meaning they fluctuate with supply and demand in the lending markets, and the platform has advertised rates reaching as high as 10.8%.
On top of the base lending rate, Coinbase participants can earn MORPHO token rewards. These are claimable periodically, with Coinbase One subscribers reportedly getting enhanced access.
Coinbase has also introduced two risk-tiered vault options curated by Steakhouse Financial: “Prime” and “Higher Yield.” The Prime vault carries lower risk and lower returns, while Higher Yield does what the name suggests, with commensurately more exposure.
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Robinhood took a different path entirely. Its “Robinhood Earn” product started rolling out around July 1, 2026, and it targets an estimated 7% APY on USDG, its own stablecoin. Rather than letting rates float, Robinhood is fixing the yield for a year.
The Robinhood vault operates on the Robinhood Chain and is backed by insurance from Lloyd’s of London.
Why Morpho is the quiet winner Neither platform built its own lending protocol from scratch. Both chose Morpho, which functions as permissionless lending infrastructure that lets anyone create isolated lending markets, or “vaults,” with customizable risk parameters.
Neither platform requires lockup periods. Users can deposit and withdraw based on vault liquidity, with interest accruing instantly.
What this means for investors Coinbase’s variable model rewards active participants who understand DeFi mechanics and are comfortable with rate fluctuations. When lending demand is high, you could earn well above 7%. The MORPHO token rewards add upside, but tokens are inherently volatile.
Robinhood’s fixed 7% is designed for people who want to set it and forget it. The Lloyd’s insurance backing adds a layer of confidence that’s unusual in crypto yield products. But fixed rates carry their own risk for the platform: if market rates drop below 7%, Robinhood is subsidizing the difference. If rates spike well above 7%, users miss out on the upside.
Both Coinbase and Robinhood are publicly traded, SEC-reporting companies offering yield products built on decentralized infrastructure. The fact that regulators haven’t blocked these products, at least so far, suggests a growing tolerance for DeFi integrations when wrapped in compliant, insured, consumer-friendly packaging.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Interactive Brokers has introduced stablecoin withdrawals and added nine crypto tokens through zerohash as the brokerage expands its digital asset services.
Eligible clients can now withdraw US dollars from their brokerage accounts through automatic conversion into USDC, PayPal USD or Ripple USD. The stablecoins can then be transferred to supported external wallets.
The service extends the stablecoin deposit feature Interactive Brokers launched in January. That feature allows clients to send stablecoins to a wallet provided through zerohash, where they are converted into dollars and credited to their brokerage accounts.
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The nine tokens added through zerohash are Aave, Aptos, Canton, Lido DAO, Monad, NEAR Protocol, Plasma, PAX Gold and Uniswap. Aave, Uniswap and PAX Gold are also available through Paxos Trust Company.
Interactive Brokers currently lists 20 crypto assets on its platform, including Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Solana, Cardano, XRP, Dogecoin, Avalanche, Chainlink and Sui.
Solana, Cardano, XRP and Dogecoin were added in March 2025. The four assets joined Bitcoin, Ethereum, Litecoin and Bitcoin Cash, which were already available through the brokerage.
“We believe digital assets should be integrated into a client’s broader financial experience, not treated separately,” Interactive Brokers CEO Milan Galik said.
Stablecoin funding and withdrawals are processed around the clock, including weekends and holidays. Clients can use the funds to trade stocks, options, futures, currencies, bonds, funds, crypto assets and prediction contracts across more than 170 global markets.
Crypto commissions range from 0.12% to 0.18% of the trade value, with a minimum charge of $1.75 per order. Interactive Brokers does not charge additional spreads, markups or custody fees.
Eligible clients can also transfer supported crypto assets between their Interactive Brokers accounts and custodial or noncustodial wallets.
Stablecoin deposits and withdrawals are not available to clients of Interactive Brokers U.K. Limited or Interactive Brokers Ireland Limited. The newly added crypto assets are also unavailable to clients of the Irish entity.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
JPMorgan has expressed concerns about the rapid expansion of HyperliquidX, indicating that its growth could undermine the economic model of Circle’s USDC stablecoin. According to a social media report by @DegenerateNews, HyperliquidX’s expanding market presence and significant holdings in USDC are capturing yield revenues typically associated with Circle. Hyperliquid, known for its decentralized perpetual exchange platform, has amassed over $5 billion in USDC and processed significant volumes, suggesting a shift in the stablecoin landscape. This development raises questions about the future competitive dynamics between HyperliquidX and USDC, particularly as Hyperliquid aligns yields with its protocol through mechanisms like HYPE buybacks.
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Key Takeaways JPMorgan’s statement suggests that HyperliquidX’s growth is seen as a threat to Circle’s USDC economic model. HyperliquidX’s substantial USDC holdings and activity indicate a shift in stablecoin yield dynamics. Market pricing suggests a potential increase in confidence in Hyperliquid, with odds for its price reaching $100 by year-end adjusting accordingly. What to Watch Watch for Hyperliquid’s continued expansion and its impact on USDC’s market dominance. Developments such as major partnerships, technological advancements, or changes in institutional investor behavior could influence market perceptions. Observers should watch for any strategic moves by Circle to counter Hyperliquid’s influence on the stablecoin ecosystem. Additionally, fluctuations in the Hyperliquid market price will provide further indications of how these dynamics are evolving.
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Term Structure
Contract Odds Δ since publish Volume 24h December 31 31% — — View market → January 1 2027 5.7% — — View market → January 1 2027 4% — — View market → January 1 2027 66.5% — — View market → January 1 2027 9.2% — — View market → January 1 2027 4.5% — — View market →
Confirmo has rolled out an automated stablecoin-based subscription payment service designed to help businesses simplify recurring billing using wallets, exchanges, and enterprise platforms. The new solution delivers automated, scheduled payments for subscription companies, software-as-a-service providers, and trading platforms across the global digital asset sector.
Enterprise subscription payments with stablecoinsThe platform, named Subscribe, enables enterprises to process recurring transactions in stablecoins without the need for separate blockchain infrastructure or complex new systems. Businesses can maintain their current payment configurations while adding support for automated digital asset payments.
Subscribe initially supports USDC, issued by Circle, and USDG, provided by Paxos, operating on both the Solana and Polygon blockchains. This integration extends recurring payment functionality to users transacting in these two stablecoins across multiple blockchain networks.
Customers can authorize recurring payments via hundreds of digital wallets compatible with WalletConnect, granting broad user access. By including both self-custody wallet options and exchange accounts, the service allows for flexibility in payment methods. Merchants benefit from automated settlements that follow predetermined billing dates, supporting seamless revenue management across global customer bases.
Confirmo has stated that subscription pricing remains denominated in US dollars, which serves to minimize exposure to the volatility common in the cryptocurrency markets. This approach helps businesses plan more predictable revenues and potentially reduce the expense of international transaction processing.
NetworkSupported StablecoinsPayment MethodsSolanaUSDC, USDGSelf-custody wallets, exchange accountsPolygonUSDC, USDGSelf-custody wallets, exchange accountsMerchants can view all scheduled and completed payments directly within the Confirmo dashboard, allowing them to manage both recurring subscriptions and other stablecoin payment activities from a single interface.
Mini dictionary: Confirmo is a fintech company focusing on automated blockchain payment solutions for businesses, offering services to help enterprises integrate digital asset transactions into their standard payment flows.
Development supported by FTMO partnershipConfirmo worked with FTMO, a proprietary trading firm, to design and test the subscription platform before commercial release. By involving FTMO as a design partner, Confirmo adapted Subscribe to address practical requirements of businesses facing operational challenges with cross-border and recurring stablecoin payments.
The service aligns with a wider industry trend to expand the use of stablecoins beyond trading activities toward payment automation, cross-border settlements, and recurring billing solutions.
Anna Kratky Strebl, Group CEO at Confirmo, stated that Subscribe equips merchants with a transparent, efficient approach for managing recurring revenue and offers consumers the convenience of using familiar digital wallets and accounts.
Confirmo emphasized that recurring payments are visible and managed from an integrated dashboard, providing transparency and control over subscription revenues. The company aims to offer reliable payment infrastructure to a growing digital asset user base worldwide.
Recent reports project the global subscription market to reach $1.2 trillion by 2030, underlining increasing demand for flexible and robust billing tools among businesses. The expansion of digital asset ownership further supports the case for blockchain-based solutions in enterprise payment operations.
Through the Subscribe platform, Confirmo intends to make enterprise-grade stablecoin payment automation more accessible, enabling companies to streamline international commerce and adapt to the evolving digital financial landscape.
Confirmo’s latest product demonstrates the company’s focus on delivering scalable, stablecoin-powered payment systems as subscriptions and digital assets gain traction in the wider economy.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Leading cryptocurrencies slid alongside stocks on Monday after President Donald Trump floated full U.S. control over the Strait of Hormuz and a reimbursement fee on all cargo passing through.
Increased Selling PressureBitcoin tumbled below $62,000 as trading volume doubled over the last 24 hours to $37.15 billion.
Ethereum also experienced high volatility, with the second-largest cryptocurrency fluctuating between a low of $1,749.35 and a high of $1,812.94. XRP and Dogecoin extended their losses.
Over $360 million was liquidated from the cryptocurrency market in the last 24 hours, predominantly in bullish long positions, according to Coinglass data
Bitcoin’s open interest, meanwhile, rose 2.24% over the last 24 hours. An increase in open interest combined with a price decrease indicates a short build-up, meaning new traders are actively shorting the asset.
"Extreme Fear" sentiment prevailed in the market, according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
Stocks Stutter On Iran DevelopmentsStocks ended in the red on Monday. The Dow Jones Industrial Average slid 138.37 points, or 0.26%, to close at 52,498.64. The S&P 500 lost 0.79% to end at 7,515.34, while the tech-heavy Nasdaq Composite dipped 1.55% to finish at 25,873.18.
Tensions worsened after Trump reinstated the blockade of Iranian ships passing through the Strait of Hormuz. He also stated that the U.S. is considering taking control of the critical oil shipping point permanently in exchange for a 20% fee on cargo.
Whales Are Scooping Bitcoin?Ali Martinez, a widely followed cryptocurrency analyst and trader, highlighted that Bitcoin’s Accumulation Trend Score—an indicator measuring whether entities are buying or selling BTC—has stayed near 1 since June.
“A reading near 1 suggests that whales—or a large share of the network—are actively accumulating Bitcoin,” the analyst added.
“A healthier distribution of USDT and USDC can make crypto markets more resilient,” Santiment added. “Rather than idle capital waiting for a few whales to act, it’s a sign that stablecoin firepower is becoming more decentralized.”
Photo: KateStock / Shutterstock
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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.
Solana (SOL) is presently trading around $76.33, holding just above a significant short-term support zone defined between $73 and $76. Despite a modest 0.41% gain over the past 24 hours, the overall market direction remains uncertain, drawing close attention from traders and analysts alike.
Key price levels and resistance targetsThe $73–$76 price range is widely recognized by SOL traders as a pivotal battleground. Holding above this band is considered critical to preserving the potential for further upward price momentum. Should SOL fall below $73, analysts warn that the token could face renewed selling pressure and risk a slide toward recent low points.
On the upside, market participants are eyeing $80 as the next challenge for buyers. If SOL manages to break through this level, the path toward $87.20, seen as a major daily resistance point, could open up. A daily close above $87 would represent a notable technical shift and pave the way for further increases.
Technical analyst Jesse Peralta has identified a descending trendline that Solana is currently testing from below. This trendline has limited upward moves for months, and market watchers believe a breakout above it could shift momentum in favor of buyers.
Mini dictionary: Descending trendline, a downward-sloping line connecting falling peaks, often used in technical analysis to identify resistance levels.
Following a breakout confirmed above this trendline, price targets at $90 and then $100 have been cited by analysts as key milestones. However, analysts caution that a lack of confirmation could trigger another downward move, especially if the support at $73 gives way.
Trader Michaël van de Poppe noted the current region is a decisive moment for SOL, stating that defending $73 could initiate a rapid upward move, while a failure might lead the token to revisit its recent lows in the coming weeks.
In addition to these short-term moves, chartist Seth has pointed to signs of a Wyckoff accumulation pattern in SOL’s recent action, suggesting a period of consolidation could be underway after a prolonged distribution phase.
Correction zones and accumulation opportunitiesCrypto Patel has shared a three-week chart showing SOL’s correction from its $240 high and its positioning below notable resistance bands at $95–$100 and $140. According to Patel, if current levels do not hold, long-term accumulation opportunities could emerge in the $30–$52 territory—zones historically associated with low-risk entry points for position traders.
To achieve a substantial recovery, analysts emphasize that SOL must regain and maintain the $95–$100 range. Moving above this region could provide the momentum needed for an eventual attempt at the $140 level.
Price LevelSignificance$73–$76Critical short-term support$80Initial upside target$87.20Major resistance$95–$100Recovery milestone$140Key long-term resistance$30–$52Potential accumulation area Analysts highlight that any sustained move above $95–$100 could signal the end of the correction and start a fresh bullish phase, while a return to $30–$52 would reflect a continued drawdown.
Network developments and transaction activitySolana, an open-source blockchain known for supporting high-performance decentralized applications, continues to attract notable activity on its network. In a recent development, digital assets firm Circle minted 250 million USDC on Solana, reinforcing strong liquidity conditions for the ecosystem.
The substantial USDC issuance points to ongoing adoption and transaction activity, bolstering sentiment among network participants even as the price faces uncertainty. Some market participants have also referenced $150 as a long-term upside goal, while cautioning that progress to this level depends on clearing several intermediate resistance levels: $80, $90, and $100.
On the daily chart, SOL remains supported by an ascending trendline, with a secondary support “cloud” noted in the $74–$77 range, providing additional technical backing for the token at current prices.
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.
JCB has partnered with Circle to test USDC for internal treasury transfers and merchant payments in Japan, extending stablecoin use into cross-border corporate settlement and retail transactions.
Summary
JCB and Circle will test USDC for cross border treasury transfers and merchant payments in Japan. The first pilot will focus on JCB’s internal fund transfers before expanding to retail payment use. The agreement extends Circle’s institutional payments push following its U.S. trust bank approval and expansion across Asia. A July 14 statement from JCB said the Japanese payments company has signed a memorandum of understanding with a Circle affiliate to develop payment services using USD Coin (USDC), Circle’s dollar-backed stablecoin.
The first phase of the partnership will focus on a proof of concept for JCB’s internal cross-border treasury operations. The companies also plan to evaluate stablecoin payments at physical stores for merchants and international visitors travelling in Japan.
Alongside the pilot, the two firms said they will assess other payment services that combine Circle’s stablecoin infrastructure with JCB’s merchant network to support cross-border transactions and new payment options for businesses and consumers.
Coming days after Circle secured a key U.S. banking approval, the agreement adds another institutional payments partnership to the stablecoin issuer’s recent expansion efforts.
Earlier this month, the U.S. Office of the Comptroller of the Currency granted final approval for Circle National Trust, placing the company’s national trust bank under federal supervision. Circle said the institution will initially provide fiduciary digital asset custody services for the company and its affiliates, while future plans could include managing reserves backing USDC, although no timeline has been announced.
Outside the United States, Circle has also continued building relationships with regulated financial institutions. Standard Chartered recently introduced a service through its Dubai International Financial Centre operations that allows eligible institutional clients to mint and redeem USDC directly through the bank’s platform. BNY has also added USDC to its digital asset custody platform, enabling institutional clients to mint and redeem the stablecoin through its infrastructure.
Japan agreement follows Asia expansion The JCB partnership comes as Circle continues pursuing new institutional relationships across Asia.
Later this month, the company will host its invitation-only Current Seoul event, bringing together executives from banks, crypto exchanges, payment companies and technology firms to discuss digital asset regulation, cross-border payments and industry partnerships.
During an April visit to South Korea, Circle co-founder and CEO Jeremy Allaire met executives from KB Kookmin Bank, Shinhan Bank, Hana Bank, Upbit, Bithumb, and several payment companies to discuss potential cooperation through the Circle Payments Network for international payments.
Competition in the stablecoin sector has also intensified in recent weeks. Open USD, a competing dollar-backed stablecoin model, launched with a revenue-sharing structure that distributes reserve income among participating members.
However, several South Korean companies, including Samsung Electronics, Dunamu, Shinhan Financial Group, and K Bank, later told local media they had not formally agreed to join the consortium despite being listed as participants.
According to an official announcement, Binance will delist and halt trading for four spot trading pairs—GLM/BTC, KNC/BTC, ONT/BTC, and XAI/USDC—at 03:00 UTC on July 17. The exchange stated that this adjustment is based on results of its regular reviews, with key factors including trading pair liquidity and trading volume. Corresponding spot trading bot services will also be terminated at the same time; users are required to update or cancel their related strategies in advance to avoid potential losses. Binance emphasized that only the above-mentioned spot trading pairs are being delisted, and the move does not affect trading of the relevant tokens on other spot trading pairs available on Binance.
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Analysis: AI data centers have pushed U.S. electricity prices up by $23 billion, and the costs are likely to continue being borne by residents.
According to a study cited by Fortune, the rapid expansion of AI data centers in the United States has driven a sharp rise in public power costs. PJM Market Monitor, the entity overseeing power grids across 14 U.S. Mid-Atlantic and Midwest states, projects that the additional power demand from data centers will lead to power users bearing roughly $230 billion in extra costs, an impact that will persist through at least the end of 2028. The report notes that while multiple major tech companies have committed to covering the costs of new power infrastructure, since public utility expenses such as transmission lines, substations and grid upgrades are typically shared uniformly by regulators, some costs may still be passed on to residential and general commercial users. The study also points out that some data centers can reduce their power usage during grid peak periods by flexibly adjusting their load, thereby cutting their share of grid costs allocated based on peak load. However, they still consume large volumes of electricity, meaning their actual cost burden may be lower than the strain they exert on the grid. Analysts believe that as AI infrastructure construction continues to accelerate, issues such as power cost allocation mechanisms, data center power pricing and rising residential electricity rates are emerging as key challenges facing U.S. energy regulators.
Key Takeaways Circle secured final OCC clearance to launch First National Digital Currency Bank as a federally chartered trust bank Shares climbed 5% Friday on the regulatory approval but retreated 4.7% to $63.03 by Monday’s close Mizuho maintained its Neutral stance, citing concerns that the charter won’t address fundamental USDC challenges USDC’s circulating supply has contracted approximately $7 billion since March, dropping to roughly $74 billion Baird reduced its CRCL price target from $138 down to $100 while maintaining an Outperform rating Circle Internet Group (CRCL) achieved a significant regulatory milestone last week. However, investor enthusiasm proved short-lived.
The company secured final authorization from the Office of the Comptroller of the Currency to launch First National Digital Currency Bank. Shares surged 5% Friday when the news broke. That optimism evaporated quickly—by Monday’s session, the stock had surrendered nearly the entire rally, closing down 4.7% at $63.03.
Circle Internet Group, CRCL
The weak follow-through signals growing doubt among institutional investors about whether the banking charter addresses the company’s core challenges.
Mizuho maintained its Neutral rating with an $85 price objective, stating bluntly: “While a positive development, we believe the market reaction is likely overly optimistic, as this does not resolve fundamental issues that have been hurting the stock of recent.”
The federal charter grants Circle the authority to operate under direct national banking supervision, concentrating on digital asset custody, reserve operations, and fiduciary activities. That regulatory achievement is clear-cut. The more pressing concern centers on USDC’s underlying performance.
USDC Circulation Contracts Significantly USDC’s total supply in circulation has declined by approximately $7 billion from its March 2026 high to around $74 billion by July. This represents the most substantial monthly decline since 2022, with redemptions consistently exceeding new token creation.
The broader stablecoin sector experienced its steepest monthly contraction in years during June, coinciding with cryptocurrency markets hovering near 2026 lows. While blockchain transaction activity remains robust, the shrinking supply threatens Circle’s revenue from both transactions and reserve interest income.
Mizuho specifically highlighted this trend, noting that USDC’s market capitalization decline since March creates legitimate concerns regarding the stablecoin’s expansion potential.
Emerging Rivals Intensify Market Dynamics The competitive landscape has evolved considerably. Open USD, a recently introduced stablecoin that complies with GENIUS Act requirements, emerged from a consortium exceeding 140 financial services and technology firms, including Mastercard, Stripe, and Coinbase.
Mizuho cautioned this development increases the likelihood that stablecoins become increasingly commoditized products, complicating Circle’s efforts to maintain market dominance despite possessing a national trust bank charter.
“We remain on the sidelines,” the research team concluded.
Baird adopted a more constructive long-term perspective but still lowered its price objective from $138 to $100. The firm retained its Outperform rating, highlighting Circle’s pioneering position as a GENIUS Act-compliant stablecoin provider and expanding stablecoin adoption as positive factors.
Baird anticipates Q2 revenue will fall marginally short of Wall Street projections, though EBITDA should align with consensus expectations. The firm kept its 2027 earnings estimates intact, noting that reduced USDC circulation levels are balanced by elevated reserve interest rates.
Wolfe Research continues to rate the stock Underperform with a $65 price target.
CRCL shares have declined 65% over the trailing twelve months. The stock was last quoted at $63.00 according to recent market data.
Goldman Sachs: Semiconductor industry fundamentals remain supported, while leveraged ETFs amplify volatility in tech stocks.
Goldman Sachs’ latest research report points out that the recent sharp volatility in global tech stocks is mainly driven by liquidity deleveraging triggered by highly leveraged transactions, rather than a deterioration in the semiconductor industry’s fundamentals. The U.S. investment bank noted that newly launched single-stock 2x leveraged ETFs in South Korea have amplified market volatility, with multiple leveraged ETFs tracking Samsung Electronics and SK Hynix once posting single-day declines of over 30% recently. To maintain their leverage ratios, the funds were forced to offload underlying stocks, creating a liquidity stampede feedback loop of "price drops → forced selling → deeper declines." Goldman Sachs estimates that around 62% of recent net selling by South Korean institutional investors comes from the liquidation of these ETFs. Meanwhile, the Leuthold Group pointed out that the U.S. margin balance has risen by roughly 54% over the past 12 months, entering a historically high range. Leveraged funds are heavily concentrated in the AI and semiconductor sectors, making the market structure more fragile. However, Goldman Sachs believes the semiconductor industry has not yet reached its cycle peak. The firm noted that earnings expectations for Samsung Electronics and SK Hynix have not been revised down. Limited expansion of memory chip production capacity means supply tightness is expected to persist until the second half of 2028, and the current pullback is more a position adjustment than a fundamental reversal of the industry.
1 seconds ago
US government transfers nearly $300 million in crypto assets linked to fraud and money laundering cases involving BTC-e, Farace and others.
According to on-chain data platform Arkham’s monitoring, U.S. government-associated wallets transferred approximately $288 million in seized crypto assets to Coinbase Prime on Monday. The sum includes 2,875 BTC (valued at around $178 million) from the seized address linked to Ryan Farace’s "xanaxman" case, and 925.512 BTC (about $57 million) from the closed BTC-e exchange case—both were routed through newly created intermediate addresses before reaching Coinbase Prime. Separately, a wallet tied to the Brian Krewson money laundering case directly sent 30,007 ETH (worth roughly $53.09 million) to the platform. The transfer follows a March 2025 executive order signed by Trump, which mandates that seized Bitcoin for the strategic Bitcoin reserve should not be sold in principle. Notably, the funds’ transfer to Coinbase Prime does not signal a sale, as the platform provides services including custody, financing, and asset management. As of press time, U.S. government-related wallets hold approximately $20.65 billion in crypto assets, comprising 324,552 BTC, 28,394 ETH, and 145.5 million USDT. The latest transfer represents only a small fraction of their total holdings.
1 seconds ago
BlackRock’s on-chain tokenized assets have reached $2.93 billion, with BUIDL accelerating its expansion into multi-chain ecosystems.
BlackRock’s U.S. institutional digital liquidity fund BUIDL has reached an on-chain assets under management (AUM) of approximately $2.93 billion, continuously hitting new all-time highs, reflecting sustained growing demand among institutional investors for tokenized U.S. Treasury products. Currently, BUIDL is deployed across multiple public blockchains including Ethereum, Avalanche, and Solana, with Securitize handling its tokenized issuance and BNY Mellon providing custody services. Data shows Ethereum remains BUIDL’s largest deployed network, holding over $1 billion in locked assets; Avalanche has seen the fastest recent growth, with its asset size doubling in a single week of July to roughly $900 million, while Solana’s on-chain assets exceed $550 million. Reports note that BUIDL primarily invests in U.S. Treasuries, repurchase agreements, and cash equivalents, maintaining a $1 net asset value (NAV) per share and offering an annualized yield of around 3% to 5%. As more DeFi protocols adopt BUIDL as collateral and liquidity assets, its use cases are expanding beyond institutional cash management to on-chain financial infrastructure. Market analysts view BUIDL’s rapid expansion as a key case of convergence between traditional finance (TradFi) and blockchain, driving continued growth in the global tokenized Real World Asset (RWA) market.
1 seconds ago
Institutions: The strong U.S. dollar is suppressing gold prices in the short term, but may further reinforce gold’s status as a long-term reserve asset.
Gold prices have fallen roughly 25% from their year-to-date all-time high, weighed down by elevated interest rates, a strong U.S. dollar, and higher energy prices that have lifted holding costs, leaving the metal under notable short-term pressure. However, multiple market participants argue that this correction has not altered gold’s long-term investment thesis. Paul Wong, a market strategist at Sprott, attributes the recent gold decline to a stronger U.S. dollar, rising expectations of Federal Reserve rate hikes, and concentrated liquidations by quantitative funds. He notes that the current gold price drop has significantly outpaced the actual rise in the dollar and short-term interest rates, indicating that the headwinds from high rates and a strong greenback have been largely priced in. Wong points out that while a stronger dollar tends to weigh on gold in the short term, over the long run, the stronger the U.S. currency, the greater the global incentive to seek alternative reserve assets to the dollar, which in turn boosts gold’s strategic standing as a neutral reserve asset. Against a backdrop of widening global fiscal deficits, central banks’ continued gold purchases, and rising geopolitical fragmentation, gold is gradually evolving from a mere inflation hedge into a currency hedge, reserve asset, and even a potential international financial collateral. He believes that gold and the U.S. dollar could strengthen in tandem over the long term for different reasons: the dollar benefits from its core role in the global financial system, while gold benefits from the trend toward diversification of global reserve assets. However, at the cyclical level, gold prices still tend to maintain an inverse correlation with the U.S. Dollar Index.
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Wall Street is on alert for tonight's CPI "fake cool down"; bond markets have already priced in a July interest rate hike.
The US will release June CPI data at 20:30 Beijing time tonight. Market consensus expects that driven by falling gasoline prices, the overall June CPI may decline by 0.1% to 0.2% month-on-month, with its year-on-year growth rate projected to drop from 4.2% in May to 3.8%. Core CPI is forecast to rise around 0.2% month-on-month, with its year-on-year figure falling to approximately 2.8%. However, multiple Wall Street institutions argue that this inflation slowdown stems more from the pullback in energy prices, and does not mean US inflationary pressures have faded. Housing, auto insurance, travel services, and the pass-through of tariffs on goods prices may still keep core inflation sticky. Meanwhile, the bond market is further pricing in a Federal Reserve rate hike. Interest rate options data shows the implied probability of the Fed raising rates by 25 basis points in July has risen from less than 10% to around 50%, with the two-year US Treasury yield staying above 4.25%. Earlier, Fed Governor Waller stated that if core inflation rises again, a rate hike should be considered in the near term. Institutions generally believe that even if the overall CPI declines due to lower energy prices, the performance of core CPI and its sub-components will remain key to judging whether US inflation has truly peaked and the Fed’s subsequent policy path.
1 seconds ago
Hyperliquid's contracts posted a 24-hour trading volume exceeding that of Bitcoin (BTC), making it the platform's most active asset.
On the Hyperliquid platform, the combined 24-hour trading volume of SK Hynix-related contracts SKHX and SKHY has reached $1.836 billion, surpassing BTC to become the platform’s top active asset by trading volume. Specifically, SKHX posted a 24-hour trading volume of $1.63 billion, with open interest (OI) of $635 million; SKHY recorded a 24-hour trading volume of $206 million, and its open interest stood at $101 million. As of now, SKHY still carries a roughly 26% premium over SKHX.
Circle, the company behind USD Coin (USDC), minted nearly $750 million worth of USDC on the Solana blockchain on July 13, bringing the total USDC issued on Solana in 2026 to approximately $68.26 billion, according to Onchain Lens. This significant activity highlights Solana’s growing role as a major platform for dollar-backed crypto liquidity.
USDC issuance and Solana’s positionUSDC serves a vital function in the digital asset ecosystem, facilitating trade settlement, acting as collateral in lending and derivatives, and powering tokenized real-world asset transactions. Increased minting volumes often signal shifts in capital allocation and investor sentiment across the market.
Onchain Lens reported that the latest batch of tokens was sent to the Solana address 7VHUFJHWu2CuExkJcJrzhQPJ2oygupTWkL2A2For4BmE. The growing trend of USDC issuance on Solana has been evident throughout 2026. For example, in April, Circle minted $3.25 billion of USDC on the network within a single week, executed across thirteen separate tranches of 250 million tokens each.
Circle, a global financial technology firm, is known for issuing stablecoins and providing blockchain-based payment solutions. Solana is a high-performance blockchain recognized for its speed and low-cost transactions, making it a preferred venue for both projects and traders seeking fast settlements.
Mini dictionary: Onchain Lens, a blockchain tracking and analytics platform that monitors major activity and trends in cryptocurrency networks.
Gross issuance, supply, and liquidity flowWhile $68.26 billion represents the total USDC minted on Solana this year, much of this amount does not remain on the network. According to DefiLlama, the current USDC supply on Solana is about $7.3 billion. Industry data shows that across all blockchains, total USDC supply stands near $73.5 billion.
MetricSolanaAll Blockchains2026 Gross USDC Issuance$68.26 billionn/aCurrent USDC Supply$7.3 billion$73.5 billionThis means only 10.7% of the USDC issued on Solana remains on the chain, with the remainder likely redeemed, burned, or moved to other blockchain networks as market participants adjust their strategies. Far from suggesting lost assets, these numbers indicate that liquidity is actively recycled, confirming that Solana operates as an efficient settlement layer for large-scale dollar flow.
Circle has consistently emphasized the importance of measuring USDC issuance alongside redemptions and circulating supply. The company’s transparency reports specifically distinguish between new minting, redemptions, and total supply, suggesting that issuance alone is not a complete indicator of market dynamics.
USDC is a digital dollar backed 100% by highly liquid cash and cash-equivalent assets and is always redeemable 1:1 for US dollars.
— Circle
As the ecosystem continues to evolve, these transparency measures are designed to provide greater clarity for market participants and institutional users.
Key drivers behind Solana’s USDC activitySolana remains a leading hub for digital asset trading activity, which helps explain Circle’s heavy USDC issuance on the network. Earlier this year, USDC accounted for 52% of all stablecoins held on Solana, reaching $14.7 billion in reserves. Major decentralized exchanges on Solana, including Raydium, Jupiter, and Orca, support high transaction volumes that rely on a robust stablecoin reserve for liquidity.
Circle’s expansion into institutional finance further drives USDC issuance on Solana. In June, BNY became the first institutional partner to offer direct custody and minting of USDC. The company also collaborates with global banks such as Standard Chartered, reinforcing its broader mission to integrate traditional finance with blockchain infrastructure.
The USDC reserve is primarily composed of cash and short-term US Treasury instruments, maintaining full backing and allowing users to redeem USDC 1:1 for U.S. dollars. This model has helped USDC retain its position as the world’s second-largest stablecoin by market capitalization, trailing only Tether’s USDT.
Going forward, observers are likely to focus on the speed and frequency with which newly minted USDC either stays on Solana or transitions off the chain. Solana’s prominence is increasingly measured by the scale of dollar volumes moving through its network, rather than any fixed snapshot of circulating supply.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
A leading stablecoin issuer has secured federal approval to launch a dedicated trust bank for digital asset custody services.
Circle Internet Group says it has received final approval from the U.S. Office of the Comptroller of the Currency to establish First National Digital Currency Bank, N.A., operating as Circle National Trust.
The new institution will provide institutional custody for USDC and other digital assets under full federal oversight.
Circle Chairman and CEO Jeremy Allaire says the milestone strengthens Circle’s regulated infrastructure and places the bank under direct OCC supervision.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system.
Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure and unlocks a new phase of adoption, where leading financial institutions can build on public blockchains with clarity and confidence.”
The approval follows a conditional nod in December 2025 after an application submitted in June 2025.
WTI and Brent crude oil both rose more than 6% intraday, as Houthi militants in Yemen attacked a Saudi airport.
According to Bitget market data, both WTI and Brent crude oil prices rose more than 6% intraday. Reports say Yemen’s Houthi forces attacked a Saudi airport.
5 hours ago
The three major U.S. stock indexes fell across the board, with the Nasdaq Composite once dropping more than 1.3% and SanDisk’s stock plummeting over 12%.
According to Bit.com market data, U.S. stock markets continue to slump, with all three major indexes falling. The Nasdaq once dropped over 1.3%, led by tech stocks: SanDisk fell 12.28%, Western Digital and Seagate Technology both dropped more than 6%, Micron fell 5.53%, SK Hynix fell 7.6%, Intel fell over 6%, and SpaceX fell 4.36%. On the news front, Trump said he would immediately reimpose a blockade on Iran and impose a 20% fee on cargo shipments. Later, Federal Reserve Governor Waller stated that if the core inflation data released this week remains high, the Federal Reserve will need to consider raising interest rates in the near term. Waller noted that the recent rise in core inflation is a cause for concern, with tariffs, rising energy prices, and demand for AI investment being the main factors driving up inflation.
5 hours ago
Waller sets tone on Tuesday's CPI: Hot inflation will support near-term interest rate hikes.
Federal Reserve Governor Christopher Waller said Monday that the U.S. Federal Reserve may need to raise interest rates in the near term if future data shows inflation remains well above the 2% target, describing current monetary policy as being at a crossroads. Waller noted that the path forward will be determined by new data such as the CPI report to be released Tuesday, adding that if data trends turn unfavorable, the Fed is currently in a phase where it should not slack off. Waller stated: "At the current policy level, inflation still has a chance to gradually fall back to the 2% target. But I am equally concerned about the opposite scenario: data in the coming weeks will show inflation remaining at high levels or even continuing to rise, which would require tighter monetary policy in the near term." He specifically noted that he is concerned recent inflation reports show price pressures appear to be broadening across the economy, beyond the impacts of last year’s import tariff hikes or recent energy cost increases, which may reflect broader systemic inflation and would require tighter monetary policy. Waller added: "If this week’s core inflation rate comes in hot again, the Federal Open Market Committee (FOMC) will have to consider tightening monetary policy in the near term. It will take months of sustained lower inflation data to confirm that inflation is moving in the right direction." (Jinshi)
5 hours ago
Mizuho: Circle’s Approval by U.S. National Trust Bank Fails to Alter Its Fundamentals, USDC Still Faces Growth and Competitive Pressures
Japanese investment bank Mizuho stated that Circle’s final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the First National Digital Currency Bank is a positive development, but it does not address the firm’s core current challenges. Mizuho maintains a "neutral" rating on Circle, warning that the market’s reaction to this positive news may be overly optimistic. The firm notes that since March this year, USDC’s circulating market capitalization has fallen by roughly $70 billion to around $740 billion, a sign of slowing growth momentum that could weigh on Circle’s transaction revenue and reserve earnings. Additionally, Mizuho highlights that Open USD (OUSD), a stablecoin complying with the GENIUS Act and launched by over 140 financial and tech firms including Mastercard, Stripe, and Coinbase, is intensifying market competition. As more consortium-based stablecoins emerge, the stablecoin sector may become more homogeneous, making it increasingly difficult for Circle to retain its competitive advantage.
5 hours ago
Brent crude oil breaks through $80 per barrel, rising 5.35% on the day.
According to Bitget market data, Brent crude oil has broken through $80 per barrel, rising 5.35% intraday; WTI crude oil is up more than 5.7% on the day, currently trading at $75.45.
5 hours ago
Waller: If the AI bubble bursts or sees a sharp correction, financial conditions will undergo significant changes.
Fed Governor Christopher Waller said that if an AI-related asset bubble bursts or the market experiences a sharp correction, financial conditions will undergo "considerable changes." Waller noted he does not want the Federal Reserve to raise interest rates prematurely to avoid triggering a recession, but also emphasized that the Fed must not repeat the mistake of being slow to respond to inflation in 2021. He believes the current labor market remains stable, and there are "credible reasons" to expect inflation to continue falling without further policy tightening. However, Waller warned that relying solely on market expectations of inflation declining is insufficient to justify the Fed holding pat. If the Fed waits until market confidence fades to act, it may have to raise interest rates more aggressively to catch up with inflation. "We cannot afford to turn a blind eye to inflation until it is completely gone," he said.
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.
WTI and Brent crude oil both rose more than 6% intraday, as Houthi militants in Yemen attacked a Saudi airport.
According to Bitget market data, both WTI and Brent crude oil prices rose more than 6% intraday. Reports say Yemen’s Houthi forces attacked a Saudi airport.
5 hours ago
The three major U.S. stock indexes fell across the board, with the Nasdaq Composite once dropping more than 1.3% and SanDisk’s stock plummeting over 12%.
According to Bit.com market data, U.S. stock markets continue to slump, with all three major indexes falling. The Nasdaq once dropped over 1.3%, led by tech stocks: SanDisk fell 12.28%, Western Digital and Seagate Technology both dropped more than 6%, Micron fell 5.53%, SK Hynix fell 7.6%, Intel fell over 6%, and SpaceX fell 4.36%. On the news front, Trump said he would immediately reimpose a blockade on Iran and impose a 20% fee on cargo shipments. Later, Federal Reserve Governor Waller stated that if the core inflation data released this week remains high, the Federal Reserve will need to consider raising interest rates in the near term. Waller noted that the recent rise in core inflation is a cause for concern, with tariffs, rising energy prices, and demand for AI investment being the main factors driving up inflation.
5 hours ago
Waller sets tone on Tuesday's CPI: Hot inflation will support near-term interest rate hikes.
Federal Reserve Governor Christopher Waller said Monday that the U.S. Federal Reserve may need to raise interest rates in the near term if future data shows inflation remains well above the 2% target, describing current monetary policy as being at a crossroads. Waller noted that the path forward will be determined by new data such as the CPI report to be released Tuesday, adding that if data trends turn unfavorable, the Fed is currently in a phase where it should not slack off. Waller stated: "At the current policy level, inflation still has a chance to gradually fall back to the 2% target. But I am equally concerned about the opposite scenario: data in the coming weeks will show inflation remaining at high levels or even continuing to rise, which would require tighter monetary policy in the near term." He specifically noted that he is concerned recent inflation reports show price pressures appear to be broadening across the economy, beyond the impacts of last year’s import tariff hikes or recent energy cost increases, which may reflect broader systemic inflation and would require tighter monetary policy. Waller added: "If this week’s core inflation rate comes in hot again, the Federal Open Market Committee (FOMC) will have to consider tightening monetary policy in the near term. It will take months of sustained lower inflation data to confirm that inflation is moving in the right direction." (Jinshi)
5 hours ago
Mizuho: Circle’s Approval by U.S. National Trust Bank Fails to Alter Its Fundamentals, USDC Still Faces Growth and Competitive Pressures
Japanese investment bank Mizuho stated that Circle’s final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish the First National Digital Currency Bank is a positive development, but it does not address the firm’s core current challenges. Mizuho maintains a "neutral" rating on Circle, warning that the market’s reaction to this positive news may be overly optimistic. The firm notes that since March this year, USDC’s circulating market capitalization has fallen by roughly $70 billion to around $740 billion, a sign of slowing growth momentum that could weigh on Circle’s transaction revenue and reserve earnings. Additionally, Mizuho highlights that Open USD (OUSD), a stablecoin complying with the GENIUS Act and launched by over 140 financial and tech firms including Mastercard, Stripe, and Coinbase, is intensifying market competition. As more consortium-based stablecoins emerge, the stablecoin sector may become more homogeneous, making it increasingly difficult for Circle to retain its competitive advantage.
5 hours ago
Brent crude oil breaks through $80 per barrel, rising 5.35% on the day.
According to Bitget market data, Brent crude oil has broken through $80 per barrel, rising 5.35% intraday; WTI crude oil is up more than 5.7% on the day, currently trading at $75.45.
5 hours ago
Waller: If the AI bubble bursts or sees a sharp correction, financial conditions will undergo significant changes.
Fed Governor Christopher Waller said that if an AI-related asset bubble bursts or the market experiences a sharp correction, financial conditions will undergo "considerable changes." Waller noted he does not want the Federal Reserve to raise interest rates prematurely to avoid triggering a recession, but also emphasized that the Fed must not repeat the mistake of being slow to respond to inflation in 2021. He believes the current labor market remains stable, and there are "credible reasons" to expect inflation to continue falling without further policy tightening. However, Waller warned that relying solely on market expectations of inflation declining is insufficient to justify the Fed holding pat. If the Fed waits until market confidence fades to act, it may have to raise interest rates more aggressively to catch up with inflation. "We cannot afford to turn a blind eye to inflation until it is completely gone," he said.
Kraken just became the first major US centralized exchange to offer native support for USDC.e deposits and withdrawals on Tempo, the payments-first Layer 1 blockchain that’s been quietly building with some very recognizable backers.
The move, which also includes support for USDT0 on the same network, marks a significant step in connecting traditional exchange infrastructure with a chain specifically designed to make stablecoin transactions feel less like blockchain and more like, well, payments.
What Tempo actually is, and why it matters Tempo is a Layer 1 blockchain developed in collaboration with Paradigm and Stripe. Paradigm is one of crypto’s most influential venture firms, and Stripe is the payments giant that processes transactions for millions of businesses worldwide.
The technical specs reflect that focus. Settlement times on Tempo average roughly 0.5 to 0.6 seconds, with no chain reorganizations. Tempo also features stablecoin-native gas fees, eliminating the need to hold a separate volatile token just to move money around. Tempo also features dedicated processing lanes for payments, creating express lanes for different transaction types rather than forcing everything into a single congested queue.
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The Kraken partnership in context This integration didn’t come out of nowhere. Kraken and Tempo announced their partnership on June 4, 2026, roughly five weeks before the deposit and withdrawal support went live on July 10.
The partnership scope goes well beyond simple asset listings. Kraken is providing Tempo’s ecosystem with a unified suite of institutional services, including liquidity provision, custody solutions, on/off-ramp capabilities, and trade execution.
The target audience tells you everything about the strategic intent. Kraken is positioning these services for fintech firms, neobanks, payment companies, and stablecoin issuers building on Tempo.
There are caveats worth noting. Trading for USDT0 and USDC.e on the Kraken app will depend on sufficient liquidity materializing, and geographic restrictions will apply. Neither Kraken nor Tempo disclosed specific trading volumes or liquidity metrics in their announcements, so the actual market depth remains an open question.
The bigger stablecoin picture The use cases Tempo is targeting — remittances, payroll processing, and embedded finance — represent some of the largest addressable markets in global payments.
What investors should watch For market participants, the most immediate thing to monitor is liquidity development for USDC.e and USDT0 trading pairs on Kraken. Without meaningful depth in the order books, the integration remains more symbolic than functional. The fact that Kraken explicitly conditioned trading availability on liquidity suggests even they’re taking a wait-and-see approach on actual market demand.
Geographic restrictions add another variable. Depending on where you are, access to these assets may be limited, which fragments the potential user base and could slow adoption in key markets.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Jeremy Allaire, Co-Founder, Chairman and CEO. (HK Fintech Week)Summary
Mizuho said Circle's final OCC approval for a national trust bank is a positive step but doesn't address the company's core challenges. The bank pointed to USDC's declining market capitalization since March as a key concern. The report also warned that Open USD, a new consortium-backed stablecoin, could accelerate competition and pressure Circle's business.Circle Internet Group's (CRCL) final approval from the Office of the Comptroller of the Currency to establish First National Digital Currency Bank is a positive milestone, but investors may be overestimating its significance, according to Japanese investment bank Mizuho.
"While a positive development, we believe the market reaction is likely overly optimistic, as this does not resolve fundamental issues that have been hurting the stock of recent," analysts led by Dan Dolev said in the Friday report.
Shares of the stablecoin issuer closed 5% higher on Friday following the news. The stock on Monday has given back most of those gains, trading 4.7% lower at $63.03 at publication time.
Mizuho reiterated its neutral rating, arguing that the regulatory approval does not resolve the fundamental issues weighing on the stock.
Those challenges include a decline in USDC's market capitalization since March 2026, which the bank said raises questions about the stablecoin's growth trajectory.
Circle's USDC stablecoin has faced headwinds in recent months, with its circulating supply falling by roughly $7 billion from its March peak to about $74 billion in July as redemptions outpaced new issuance. The contraction marks the largest monthly decline since 2022 and has raised concerns among analysts that slowing supply growth could weigh on the firm's transaction and reserve-income outlook, even as on-chain usage remains strong
The stablecoin market posted its largest monthly contraction in years in June, signaling an outflow of on-chain liquidity as crypto markets remained stuck near their 2026 lows.
The analysts also highlighted increasing competitive pressure from Open USD, a newly launched, GENIUS Act-compliant dollar-backed stablecoin developed by a consortium of more than 140 financial and technology companies, including Mastercard (MA), Stripe and Coinbase (COIN).
According to Mizuho, the emergence of consortium-backed stablecoins underscores the risk that the sector becomes increasingly commoditized, making it more difficult for Circle to sustain its competitive position despite securing a national trust bank charter.
"We remain on the sidelines," the report added.
Read more: Circle soars after securing U.S. trust bank approval in crypto expansion
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.
