While much of DeFi has been busy watching its TVL shrink, Morpho has been doing the opposite. The decentralized lending protocol now holds approximately $2.8 billion in USDC deposits, making it the single largest venue for USDC lending in decentralized finance.
How Morpho became DeFi’s stablecoin magnet Morpho’s architecture sets it apart from traditional pooled lending protocols. Unlike systems where everyone’s deposits sit in one big liquidity pot with uniform risk parameters, Morpho uses a modular, curator-managed vault system. Curators, most notably Steakhouse Financial, manage vaults with tailored strategies that optimize yield while adjusting risk exposure. Steakhouse Financial’s curated vaults handle significant portions of the platform’s USDC deposits, including hundreds of millions on Base.
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Morpho previously raised $175 million at a $2 billion valuation from investors including a16z and Paradigm. The protocol operates on both Ethereum and Base.
Strategic partnerships fueling capital inflows Morpho secured a major distribution channel when Coinbase introduced USDC lending powered by Morpho’s vault technology in September 2025. That partnership put Morpho’s infrastructure in front of Coinbase’s user base, funneling capital from retail and institutional users alike.
In June 2026, Morpho teamed up with Zama and Steakhouse Financial to launch the first confidential DeFi yield vaults. These allow users to make encrypted USDC deposits while still earning on-chain yield, a product designed for institutional investors who want DeFi returns without having their positions visible to anyone with a block explorer.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Japanese investment bank Mizuho reaffirmed its neutral stance on Circle Internet Group after the US Office of the Comptroller of the Currency granted final approval for Circle’s First National Digital Currency Bank. While the regulatory approval marks a significant step for Circle, Mizuho indicated that the move does not resolve key challenges facing the stablecoin issuer.
USDC faces declining market capitalizationMizuho analysts, led by Dan Dolev, highlighted Circle’s continuing struggle with the shrinking circulation of its USDC stablecoin. According to the team, USDC’s circulating supply dropped by approximately $7 billion from its March peak, settling near $74 billion in July, as redemptions outpaced new issuance. This marks the largest monthly contraction since 2022, reflecting broader market conditions and reduced demand for dollar-backed tokens.
The decline contributed to a limited rise in Circle’s share price. After gaining 5% on Friday amid news of the OCC approval, shares retreated 4.7% to $63.03 by Monday, erasing most of the initial gains. Mizuho maintained its neutral rating, noting that Circle’s core issues, such as stablecoin market dynamics and competitive risks, remain unresolved despite the regulatory breakthrough.
While Mizuho’s analysts acknowledged the OCC approval as a positive development, they questioned whether the market’s optimism accurately reflects underlying business challenges, particularly the stagnant growth trajectory of USDC amid market headwinds.
The wider stablecoin market also experienced its steepest monthly contraction in years during June, with overall on-chain liquidity falling as cryptocurrency prices hovered near 2026 lows.
Competition from consortium-backed stablecoinsCircle now faces intensified competition from new entrants, notably Open USD—a recently launched, GENIUS Act-compliant stablecoin backed by a consortium of over 140 financial technology companies. Major firms such as Mastercard, Stripe, and Coinbase have joined this initiative, which Mizuho believes could exert additional pressure on Circle’s market position.
The emergence of Open USD demonstrates industry efforts to create more secure, compliant, and widely accepted stablecoins. Mizuho suggested that as consortium-based stablecoins proliferate, the sector could become increasingly commoditized, making differentiation more difficult for individual issuers like Circle.
Mini dictionary: GENIUS Act, short for Guidelines for Ensuring the Neutral and Inclusive Use of Stablecoins, is a legislative framework in the US aimed at establishing standards for stablecoin issuance and oversight to ensure security, transparency, and regulatory compliance.
The entry of Open USD signals a more competitive environment for stablecoin issuers. Mizuho argued that Circle’s recently secured national trust bank charter may not be sufficient to maintain its competitive edge as the stablecoin landscape evolves.
StablecoinBackersKey FeaturesCirculating Supply
(July 2026)USDCCircleFully backed, transparent, long-time market presence~$74 billionOpen USDConsortium (Mastercard, Stripe, Coinbase, etc.)GENIUS Act-compliant, consortium-governedN/A (recently launched)Industry outlook and ongoing challengesCircle Internet Group, founded in 2013, is known primarily for its USDC stablecoin, which has become one of the top dollar-backed tokens in the industry. However, the recent competitive dynamics and ongoing market contraction point to growing challenges for standalone stablecoin providers.
Mizuho concluded that while regulatory progress is notable, investors should recognize the persistent risks posed by slowing growth, increased competition, and broader market volatility.
Mizuho’s report indicated that the stablecoin sector may be entering a transition phase, with new regulatory standards and product innovations shaping future competition and sustainability.
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.
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.
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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
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.
The supply of non-USDC/USDT stablecoins on the Solana network has experienced a remarkable increase, growing approximately 15 times since January 2025, according to data from @tokenterminal. This escalation has brought the supply to $3.8 billion by mid-2026, although initial reports suggested a higher figure. The growth in alternative stablecoin supply reflects increased capital inflows and places Solana as a significant player in the stablecoin market, ranking third globally after Ethereum and TRON. The surge in stablecoin supply appears consistent with a broader trend of liquidity growth and network adoption.
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In response to these developments, market participants seem to be evaluating the potential impact on Solana’s native token, SOL. The current market pricing suggests a cautious outlook, with a 12.5% probability of SOL reaching $90 by the end of July 2026. The increase in non-USDC/USDT stablecoin supply may indicate growing liquidity and potential demand for SOL, influencing its price dynamics in the coming weeks.
Key Takeaways The non-USDC/USDT stablecoin supply on Solana appears to have grown significantly, suggesting increased network liquidity. Market pricing implies limited expectations for SOL to reach $90 by the end of July, with a 12.5% likelihood. The expansion in stablecoin supply may indicate enhanced capital inflows and adoption of the Solana network. What to Watch Watch for any further developments in Solana’s stablecoin ecosystem, as continued growth could influence SOL’s market dynamics. Key indicators include potential regulatory changes, technological upgrades, and shifts in broader market sentiment. Additionally, any announcements regarding new partnerships or projects on the Solana network could provide further insights into its growth trajectory and impact on SOL’s pricing.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 12.5% — — View market → August 1 2026 0.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 2.2% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.9% — — View market → August 1 2026 4% — — View market → August 1 2026 0.7% — — View market → August 1 2026 15% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 60% — — View market →
A single manipulated price feed let an attacker turn 250 SAUCE tokens worth a few dollars into $9.05 million in borrowed USDC and wrapped HBAR in eight seconds.
Bonzo Lend, a lending protocol on the Hedera network, lost approximately $9.05 million after an attacker exploited a verification flaw in a third-party Supra oracle contract on July 11.
The attacker deposited 250 SAUCE tokens worth a few dollars as collateral, then submitted a manipulated price update that inflated the token's HBAR-denominated value, according to a preliminary incident report Bonzo published. The account subsequently borrowed 6.63 million USDC and 34.52 million wrapped HBAR, worth roughly $9.05 million at the report's reference HBAR price.
Fake Price, Fast ExitA second wallet borrowed roughly $1 million more while the abnormal price persisted, then contacted Bonzo through Discord, identified itself as a white-hat responder and said it would return the funds. That put total abnormal borrowing at about $10.06 million before the return.
Bonzo's own X account said the lend protocol had been temporarily paused while its team investigated volatile markets, and later confirmed it remains paused pending recovery work. Supra Labs, whose oracle contract processed the bad price, published its own incident report attributing the failure to a degenerate BLS signature and zero-valued public key that its Hedera verifier wrongly accepted for a single SAUCE/wHBAR feed, while saying its core aggregation and other feeds were unaffected.
Ecosystem FalloutHedera's total value locked fell nearly 40% in 24 hours after the exploit, and Bonzo's own TVL plunged 77% in the same window. DefiLlama now shows Bonzo's TVL at $3.06 million.
A security researcher's technical writeup said more than $5.25 million of the stolen funds was bridged to Ethereum via LayerZero and swapped into ETH within hours.
Solana (SOL) is currently trading near $76.33 following a modest rebound of 0.41% over the past 24 hours, as the cryptocurrency hovers near a critical support range. The $73 to $76 zone continues to play a decisive role in the ongoing market dynamics, with traders closely monitoring its ability to hold this level for any signs of further bullish momentum.
Key support levels and trendlines in focusThe $73 to $76 region serves as a short-term support base for Solana. If the price drops below $73, downside risk could increase, especially if broader market weakness accelerates. For bulls, maintaining support above this level is essential to prevent a reversal in sentiment.
Technical analysts are also paying attention to a long-term downtrend line that has capped price rallies for several months. Crypto trader Jesse Peralta observed that SOL is now testing this resistance, and a confirmed breakout could shift the near-term trend in the asset’s favor.
Jesse Peralta highlights that Solana is closely pressing against its multi-month downtrend resistance, and a breakout above this structure could quickly shift the technical outlook in favor of buyers, targeting $90 and $100 as the next hurdles.
However, if the breakout attempt fails and price reverses below support, the recovery could lose steam. That keeps the $73 to $76 range as the linchpin for Solana’s next move.
Wyckoff accumulation and on-chain activity support bullish caseAnalysts have identified signs of a Wyckoff accumulation pattern in Solana’s recent price action. An independent trader, Seth, shared a chart suggesting SOL may have completed a prolonged selling phase, formed a support base, and is now attempting a sustained recovery.
Mini dictionary: Wyckoff accumulation, a phase in the Wyckoff method describing how large players gradually build positions after a downtrend, often resulting in sideways price action before a new upward trend begins.
Seth’s analysis indicates that SOL could be transitioning from a base-building phase to a potential breakout period, provided the current support range holds and buying interest continues to increase.
This potential setup often leads to extended sideways movement before a pronounced breakout. The successful defense of the support range is seen as critical for a continuation towards $90 and, if confirmed, $100.
On-chain activity is also adding to the optimistic outlook. Circle recently minted 250 million USDC on Solana, which has drawn additional attention to the network and suggested robust liquidity conditions.
Mini dictionary: Circle, a financial technology company, operates the popular stablecoin USDC, which is widely used for crypto trading and payments across multiple blockchains such as Ethereum and Solana.
Substantial USDC transactions on Solana are often interpreted as a sign of healthy network activity. While not a guarantee of an immediate price rally in SOL, stronger liquidity is viewed as supporting conditions for further upside if technical signals align.
Price targets: $90, $100, and $150Market participants have started looking towards higher resistance areas if the recovery builds momentum. Crypto trader Crypto Patel identifies $80 as the first level SOL must reclaim, followed by $90 and $100 as subsequent targets. He noted that Solana’s current position near a high-reward accumulation zone could pave the way for a move toward $150 if strength continues above these intermediate resistances.
However, traders remain cautious, emphasizing that $150 is not immediately within reach. The sequence of reclaiming $80, breaching $90, and securing a position above $100 is required before larger upside targets come into play.
LevelStatusSignificance$73 – $76SupportCritical for short-term bullish momentum$80Minor resistanceFirst step for a bullish breakout$90Major resistanceKey test for trend continuation$100TargetPotential turning point for broader rally$150Extended targetAspiration if prior resistances are clearedFor now, keeping price above support and reclaiming the $80 level are seen as crucial for confirming a change in direction. Traders are likely to remain vigilant until a definitive move materializes.
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.
The stablecoin market experienced a sharp contraction in June, with the total supply dropping by $7.7 billion to nearly $312 billion. This marked the largest single-month decline since the collapse of TerraUSD in May 2022, erasing more than $10 billion from the record highs reached the previous month.
Stablecoin Leaders Drive OutflowsAccording to data from DeFiLlama, the combined stablecoin supply hovered at approximately $312.23 billion at the end of June. Tether’s USDT, which remains the world’s leading stablecoin by market capitalization, accounted for $184.15 billion of the total. Circle’s USDC, the second-largest, held a supply of about $73.41 billion.
In June, the circulating supply of USDT fell from roughly $190 billion in May, resulting in a decrease of about $6 billion. USDC experienced a similar shift, dropping by approximately $7 billion since its March peak of $80 billion. These two tokens continued to account for the vast majority of global stablecoin liquidity.
The combined declines in USDT and USDC made up the majority of the contraction in the stablecoin market. While smaller regulated issuers reported growth during this period, their increases were not enough to counteract the drawdowns in the two largest stablecoins.
Paul Howard, a senior director at trading firm Wincent, described this reduction as a “small retreat,” emphasizing that the industry is still viewed as a long-term growth space. He also pointed out that the market’s current shrinkage remains well below the 26% contraction seen in 2022.
The events of 2022, including the collapse of the Terra protocol and insolvency filings from major crypto lenders and FTX, had triggered a much more severe market drawdown. In contrast, the recent decline did not lead to stablecoins breaking their dollar pegs or create a wider crisis in digital asset markets.
Market Impact and Shifting Investment TrendsStablecoins serve as primary settlement and quoting assets across both centralized and decentralized exchanges, underpinning much of the crypto trading ecosystem. Analysts have suggested that declining stablecoin supply may reflect greater redemption of tokens for bank dollars or an outflow of capital from the crypto industry.
Reduced supply can also decrease the purchasing power available for dollar-denominated assets such as Bitcoin and Ether. This, in turn, may negatively affect market liquidity during periods of selling pressure. Despite this, market observers note that the fall did not disrupt stablecoin pegs or create short-term instability among major tokens.
Trading activity for crypto investment products in the United States mirrored these outflows, as US-listed Bitcoin exchange-traded funds saw redemptions totaling more than $4 billion in June, marking their weakest monthly performance since launch.
Conversely, the market for tokenized real-world assets diverged from the general crypto trend. Blockchain-based tokenized assets recorded on-chain valuation exceeding $30 billion in 2026, spurred mainly by tokenized US Treasury products, investment funds, and private credit products.
CoinDesk Research reported that trading volumes in tokenized equities surged 145% in June, reaching a record $3.86 billion. This spike highlighted ongoing demand for blockchain-based financial products, even as traditional crypto liquidity remained subdued.
Mini dictionary: Tokenized real-world assets are digital representations of traditional financial instruments—such as bonds, equities, or real estate—issued and transacted on blockchain networks for greater accessibility and transparency.
StablecoinMay SupplyJune SupplyChangeUSDT$190 billion$184.15 billion– $6 billionUSDC$80 billion (March)$73.41 billion– $7 billionTotal stablecoinsRecord high (May 2026)$312.23 billion– $7.7 billion (June)Regulatory Landscape and OutlookRegulation of the stablecoin market is evolving alongside these shifts. The United States introduced the GENIUS Act, placing oversight of payment stablecoins at the federal level and introducing new standards related to customer identification, sanctions, and reserve requirements.
Despite the slowdown, both USDT and USDC maintained their dollar pegs, and stablecoin transaction volumes and underlying supply metrics held relatively steady compared with more volatile periods in the past.
Further reductions in stablecoin supply could signal additional liquidity leaving crypto markets in coming months. By contrast, a rebound would suggest the market is consolidating after a rapid expansion earlier in 2026. Market participants are closely watching upcoming data to determine whether capital is exiting crypto altogether or shifting among different issuers and blockchain-based products.
The current reduction, while the largest since 2022, has not resulted in a crisis or widespread loss of stablecoin pegs, suggesting relative stability even amid investor outflows.
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.
Japanese convenience-store operator Lawson plans to test yen-denominated stablecoin payments at a Tokyo location in August, examining whether stablecoin payments can work inside a standard convenience store checkout flow.
On Monday, blockchain company HashPort said it had signed an agreement with Lawson and telecom group KDDI to conduct the trial at the Lawson Takanawa Gateway City store. Participants will use HashPort's non-custodial wallet, while the store will process payments through the company's point-of-sale system without needing to open or manage crypto wallets.
The pilot aims to explore how stablecoin payments can be integrated into Japan’s existing retail infrastructure while shielding merchants from much of the operational complexity associated with accepting digital assets.
The companies plan to assess integration requirements, checkout operations, payment processing times and wallet usability before considering broader applications.
Netstars launches multi-stablecoin merchant serviceSeparately, Japanese payments company Netstars launched Stablecoin Pay on Monday, opening applications from merchants seeking to accept multiple stablecoins as payment options.
The service initially supports USDC, USDT and the yen-denominated JPYC through the Solana and Polygon networks, with MetaMask as the supported wallet. Netstars set the merchant payment fee at 0.98% and said it plans to add more wallets and blockchains.
With the service, merchants can use existing payment terminals in most cases and handle product pricing, sales records and settlement in yen, even when customers pay with dollar-denominated stablecoins. Netstars said this removes the need to hold crypto or manage exchange rates.
The commercial launch follows Netstars trials involving USDC payments at Tokyo’s Haneda Airport from January to February and at a trading-card store in Himeji from April.
The move from limited pilots to a merchant-facing service comes as Japanese companies build more consumer-facing products around the country’s regulated stablecoin market. On June 1, 2023, Japan introduced a dedicated framework for stablecoins when amendments to the Payment Services Act and related laws took effect.
The rules created regulatory categories for fiat-linked stablecoins and require businesses acting as intermediaries to register with the Financial Services Agency.
The framework was followed by regulatory approval for USDC distribution in March 2025 and by JPYC’s registration as a fund transfer service provider that August, before the stablecoin was launched in October.
Magazine: Has Bitcoin bottomed for this cycle? Analysts say 'not yet'
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US pre-market news roundup: Intel plans to invest €5 billion to expand its Irish factory; storage and semiconductor equipment sectors fall across the board in pre-market trading.
Key pre-market news for U.S. stocks is as follows: 1. JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, and Goldman Sachs will kick off Q2 earnings reports on Tuesday, while Morgan Stanley will release its results on Wednesday. Markets expect U.S. large banks’ investment banking and trading revenues to surge, driven by SpaceX’s IPO, rising M&A activity, and market volatility sparked by the Iran situation; 2. Trump claimed Iran always breaks agreements, so the U.S. will strike hard at Iran, take control of the strait, and likely dominate it in the future; 3. SK Hynix’s U.S. ADR trades at a 23.4% premium to its South Korean shares; 4. Semiconductor equipment and storage sectors fell across the board pre-market, with KLAC down 3.7%, SanDisk and Western Digital both dropping over 5%; 5. Spot gold and silver fell broadly, with gold down 1.32% and silver down 2.23%; 6. Crude oil markets fell broadly, with U.S. crude up 3.35% and Brent crude up 3.53%; 7. Strategy did not add to its Bitcoin holdings last week, selling 4.82 million units to raise $467 million; 8. Bitmine added 27,801 ETH to its holdings last week, bringing its total staked ETH to 4.917 million, with an estimated annual staking income of $242 million.
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South Korean stock market faces a margin trading crisis, with forced liquidations totaling 344.2 billion won in July.
According to data from the Korea Financial Investment Association, the recent sharp decline in South Korea's stock market has triggered accelerated deleveraging of margin trading positions. The total forced liquidation volume in July has reached 344.2 billion won, with the single-day forced liquidation amount on July 9 hitting 142.2 billion won. As forced liquidation data lags by two trading days, the clearing pressure from the nearly 9% plunge in the KOSPI on July 13 has not yet been fully reflected, and the market expects subsequent liquidation volumes to rise further. On July 13, South Korea's KOSPI index closed down 8.95%, triggering the Sidecar (seller order suspension mechanism) and Level 1 Circuit Breaker during intraday trading. The semiconductor sector plummeted, with SK Hynix falling 15.37%—its largest single-day drop in history—and Samsung Electronics down 10.7%. Meanwhile, South Korean retail investors' margin sizes, margin loan balances, and investor deposits have all continued to decline, with the market trapped in a deleveraging cycle of "stock price drop—forced liquidation—further decline".
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Trump and Iran deliver tough, tit-for-tat statements, with both sides refusing to back down on the Strait of Hormuz issue.
US President Donald Trump and an advisor to Iran’s Supreme Leader have successively made tough remarks on the Strait of Hormuz. Trump stated that the US will become the "guardian" and "guardian angel" of the Strait of Hormuz, claiming that the US has guarded the strait for free in the past and will recover its operational costs and compensate for the risks it has taken to maintain the strait’s security in the future. He also said that the US will control the Strait of Hormuz and "is very likely to dominate the strait" in the future, adding that every time Iran deploys drones, the US will strike back fiercely. In addition, Trump revealed that the US and Iran held 11-hour talks yesterday. The advisor to Iran’s Supreme Leader responded that no Iranian believes Iran should give up the Strait of Hormuz. Iran defends the Strait of Hormuz to avoid being forced to pay "ransom" for the passage of its own ships in the future. He emphasized that the strategic, security and economic status of the Strait of Hormuz is irreplaceable, and Iran will never back down on the issue of the Strait of Hormuz.
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HSK Chain launches Phase 3 of its HSK Staking campaign, upgrading the ecosystem's long-term incentive mechanism.
According to official announcements, HSK Chain’s Phase 3 staking campaign officially launched on July 13. This phase sets a maximum total staking cap and adopts a diversified incentive model, with participants eligible for corresponding expected ecosystem incentives per on-chain rules. Additionally, users who took part in previous staking phases and consistently supported ecosystem development will receive extra ecosystem subsidies based on their historical locked contributions, comprehensively enhancing on-chain participation benefits. It is understood that this staking campaign, while rewarding HSK holders and past participants, will further drive the long-term steady growth of the HSK Chain ecosystem. As on-chain developers, high-quality projects, and institutional-grade assets continue to onboard, this upgrade to the long-term incentive mechanism will serve as a core initiative for the ecosystem’s long-term development.
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BBC investigation finds Instagram still hosts ads for child sexual abuse content, Meta’s AI moderation mechanism faces renewed scrutiny
Despite Meta’s ongoing heavy investment in AI infrastructure, a new BBC investigation has found that Instagram is still serving users in India with advertisements containing child sexual abuse material (CSAM), and some of these ads are still deemed by the platform’s moderation system as “not violating community guidelines” even after being reported. The report states that a test account created by the BBC received around 30 CSAM-related ads within a week, without any prior searches for such content, and these ads directed users to Telegram channels to purchase the illegal material. The Indian government has ordered Meta to remove the relevant ads and explain within seven days why its moderation mechanism failed. The report notes that Meta’s 2025 ad revenue reached $201 billion, accounting for approximately 97% of its total revenue, while its AI infrastructure investment in the same period hit $72.2 billion. The company plans to raise its capital expenditure to between $125 billion and $145 billion in 2026. The article points out that Meta’s current controversies stem more from platform governance and commercial incentives rather than a lack of AI technical capabilities.
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Institutions: The crypto market continued deleveraging in Q2, with spot trading volume hitting its lowest level since Q3 2023.
According to FalconX’s latest market analysis, the crypto market sustained its deleveraging trend in the second quarter of 2026. Spot trading volume on major platforms fell to $1.6 trillion, down 25% quarter-over-quarter and 42% year-over-year, hitting its lowest level since the third quarter of 2023. Futures trading volume dropped to $9 trillion, a 12% quarter-over-quarter and 31% year-over-year decline. The report shows that by the end of Q2, the total open interest (OI) of futures across the market fell to $53.2 billion, a sharp pullback from the peak of $122.2 billion in October 2025, while trading turnover ratio decreased to 1.6x, reflecting a shift in the market from high-frequency speculation to long-term holding. On the capital flow front, Bitcoin spot ETFs recorded a net outflow of $4.9 billion in Q2, expanding the year-to-date cumulative net outflow to $5.4 billion. Total stablecoin supply shrank by $7.4 billion to $313.8 billion, marking the first contraction in recent quarters. FalconX notes that the current market deleveraging process is largely complete, with open interest stabilizing and trading volume showing signs of recovery in June. Looking ahead to the third quarter, the progress of the U.S. CLARITY Act legislation and ETF capital flows will be key catalysts shaping market trends.
Japanese convenience store chain Lawson will begin a pilot program in August to test the use of yen-denominated stablecoins for payments at its Tokyo Takanawa Gateway City branch. The initiative will examine whether stablecoin transactions can be seamlessly integrated into typical convenience store checkout processes.
Lawson partners with HashPort and KDDI for pilotHashPort, a blockchain development company based in Japan, announced on Monday that it has entered into an agreement with Lawson and telecommunications giant KDDI to launch this pilot project. The collaboration aims to evaluate how stablecoin payments could be adopted within the country’s established retail infrastructure.
During the trial, customers will utilize HashPort’s non-custodial wallet to make payments. Meanwhile, Lawson will process these stablecoin transactions using its existing point-of-sale systems, removing the necessity for merchants or staff to operate or maintain crypto wallets directly.
This test environment is designed to shield store operators from many of the technological and operational complexities that are typically involved with digital asset acceptance in a retail context.
The partners intend to assess areas such as integration with current retail systems, payment processing speed, day-to-day checkout operations, and the overall usability of digital wallets before examining the potential for expansion to other locations or wider adoption.
Mini dictionary: HashPort is a Japanese blockchain company specializing in digital asset infrastructure and non-custodial wallet solutions for businesses and consumers in the country’s rapidly evolving crypto market.
Lawson’s partnership with HashPort and KDDI centers on making stablecoin payments accessible inside everyday retail settings, focusing on operational simplicity for merchants while using familiar checkout systems.
Netstars unveils Stablecoin Pay service for merchantsSeparately, Japanese payment service provider Netstars has announced the commercial launch of Stablecoin Pay, a new application allowing merchants to accept multiple stablecoins as payment options. The service, which became available on Monday, initially supports USDC, USDT, and the yen-backed JPYC cryptocurrencies across the Solana and Polygon blockchain networks. Users can complete transactions by connecting to the service via the MetaMask wallet.
Netstars confirmed that merchants can use their existing payment terminals in most scenarios, with product pricing, sales records, and settlements all managed in yen regardless of whether customers pay in yen-pegged or US dollar-pegged stablecoins such as USDC or USDT. The service sets the merchant transaction fee at 0.98% and plans to broaden access by incorporating additional wallets and supported blockchains in the future.
FeatureLawson PilotNetstars Stablecoin PayLocationsTakanawa Gateway City (Tokyo)Open to merchants nationwideSupported StablecoinsYen-denominated only (pilot)USDC, USDT, JPYCWallet SolutionHashPort non-custodial walletMetaMaskBlockchain NetworksNot disclosedSolana, PolygonMerchant FeeNot disclosed0.98%Netstars previously piloted stablecoin payments with USDC at Tokyo’s Haneda Airport from January to February and at a trading-card store in Himeji in April. The shift from limited pilot tests to the launch of a full commercial service demonstrates the growing trend among Japanese companies to offer consumers new options for using digital assets in daily transactions.
Regulatory landscape and recent developmentsJapan has been advancing its regulatory stance on stablecoins over the past year. On June 1, 2023, the country implemented amendments to the Payment Services Act and related regulations, introducing a dedicated legal framework for stablecoins. This legislation created specific categories for fiat-linked digital currencies and mandated that firms operating as intermediaries register with the Financial Services Agency (FSA), Japan’s primary financial regulator.
Following these reforms, Japan’s authorities approved the distribution of USDC in March 2025 and registered JPYC as a fund transfer service provider in August 2025, paving the way for the launch of the JPYC stablecoin in October of the same year.
Japanese regulators have taken steps to clarify rules around stablecoins and digital assets, promoting a regulated market that supports the growth of consumer-facing crypto payment solutions.
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.
In a significant development for the cryptocurrency sector, Circle has received final approval from the Office of the Comptroller of the Currency (OCC) to establish a national trust bank, named Circle National Trust. This move positions Circle to bring its USDC stablecoin under federal oversight, potentially enhancing institutional confidence in digital currencies. Meanwhile, Senate Democrats have called for hearings on former President Donald Trump’s substantial cryptocurrency earnings amid national security concerns. Additionally, a new law temporarily bans the Federal Reserve from issuing a central bank digital currency (CBDC), although private stablecoins remain unaffected. Lastly, a bug in Ethereum’s gossipsub protocol, discovered by AI agents, has been patched to prevent validator disruptions.
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Key Takeaways Circle’s approval to open a national trust bank appears to enhance market confidence, possibly impacting Bitcoin demand positively. The temporary ban on a Fed-issued CBDC, while leaving private stablecoins unaffected, suggests a complex regulatory landscape for digital currencies. The Ethereum bug patch indicates proactive measures in the blockchain space to ensure network stability and security. What to Watch Markets will likely monitor the impact of Circle’s new federal status on institutional interest in cryptocurrencies, which could influence Bitcoin’s market dynamics. Attention will also be on regulatory developments, particularly any changes in the stance of U.S. lawmakers towards digital currencies. The resolution of the Ethereum bug demonstrates the importance of ongoing technical vigilance, suggesting that further discoveries or patches could continue to affect sentiment within the crypto space.
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Term Structure
Contract Odds Δ since publish Volume 24h July 13 2026 99.9% — — View market → July 13 2026 99.2% — — View market → July 13 2026 93.2% — — View market → July 13 2026 0.1% — — View market → July 13 2026 0.1% — — View market → July 13 2026 0.1% — — View market → July 13 2026 6.6% — — View market → July 13 2026 0.1% — — View market → July 13 2026 99.9% — — View market → July 13 2026 99.9% — — View market →
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Stablecoin listings can look routine until you pay attention to the chain. Kraken adding USDT0 and USDC.e support on Arbitrum is really a story about where exchange infrastructure is moving: toward cheaper, faster settlement rails that users actually want to touch.
That is important because stablecoins are no longer just exchange quote assets. They are becoming the payment, collateral, and transfer layer for much of crypto.
For more details, visit the official Kraken platform.
TL;DR Kraken listed USDT0 and USDC.e stablecoin support tied to Arbitrum.The listings expand the exchange’s stablecoin options beyond mainnet-only flows.For users, cheaper deposit and transfer routes remain a practical reason to care about Layer-2 support. Why Arbitrum Support Matters Ethereum mainnet remains important, but transaction costs still shape user behaviour. Arbitrum gives exchanges a way to offer stablecoin access without forcing every user through the most expensive settlement environment.
For traders, that can mean lower friction around deposits, withdrawals, and movement between venues. For exchanges, it helps keep users inside their ecosystem instead of sending them to competing platforms with better network support.
Stablecoin Competition Is Infrastructure Competition The fight over stablecoin support is increasingly a fight over infrastructure. Users care about which tokens are accepted, but they also care about which networks make those tokens cheap and fast to move.
Kraken’s listing adds to that trend. The more venues support Layer-2 stablecoins, the more normal it becomes to treat L2s as production rails rather than optional side routes.
Why The Detail Matters Now The practical takeaway is that Kraken stories now have to be read through both market structure and product execution. A headline can create attention, but the more durable signal is whether the underlying source points to real activity, a real filing, a real integration, or a measurable change in how users and institutions behave.
That is why this development is worth separating from ordinary market noise. It gives readers a specific point to track over the next few sessions rather than a vague reason to be bullish or bearish. If follow-up data confirms the direction, the story can build. If not, it still gives the market a clearer snapshot of where attention is concentrating today.
The Market Read The cleaner way to read this story is not to force it into a simple bullish or bearish box. For Kraken readers, the useful part is the change in context. A new filing, integration, market signal, or regulatory step can alter how traders think about the next few sessions even when it does not instantly change price.
That is especially true after the last few volatile weeks, when crypto has been dealing with a mix of ETF flows, legal updates, exchange listings, protocol upgrades, and shifting liquidity. The market is no longer reacting to one dominant theme. It is weighing several smaller signals at once, and that makes source-backed developments more important than ordinary chatter.
Why Readers Should Keep This On The Radar For NewsBTC readers, the important question is what this changes from here. If follow-up data, filings, governance updates, or wallet movement confirm the direction, the story can develop into a larger market theme. If the next update is weak, delayed, or contradicted by new data, the market may quickly move on.
That is why the scope matters. This article is not treating the development as a guaranteed price trigger. It is treating it as a fresh signal inside a market that is trying to sort durable activity from short-term noise. The distinction is important because crypto narratives can move faster than the facts behind them.
The next thing to watch is whether this becomes part of a wider pattern. In some cases that means more institutional flows. In others it means stronger developer adoption, cleaner regulatory access, deeper exchange liquidity, or a clearer technical roadmap. Either way, the story is strongest if it is followed by measurable execution rather than another round of speculative headlines.
This article is based on information from Kraken.
This article was written by the News Desk and edited by Samuel Rae.
Intel will invest 5 billion euros to expand its factory in Ireland.
Intel (INTC.O) will invest 50 billion euros (approximately $57 billion) to expand its factory in Ireland, aiming to recapture its leading position in manufacturing amid the artificial intelligence boom. In a statement, Intel said the investment will boost production capacity at its Leixlip campus outside Dublin, as part of the company’s plan to increase output of data center processors. The expansion will enhance manufacturing capabilities for products including its flagship Xeon server processors, while advancing research and development activities. Intel Executive Vice President Naga Chandrasekaran noted in a statement that the move is also part of the company’s plan to improve delivery capacity for its foundry business. Intel’s foundry arm, which manufactures chips for other tech companies, is a core component of its revitalization strategy, designed to strengthen its competitiveness against rivals such as TSMC.
8 minutes ago
Trump: The United States may take charge of managing the Strait of Hormuz in the future.
US President Trump posted that he may "operate" the Strait of Hormuz in the future, stating that if the US takes the lead in managing the Strait of Hormuz, the US will receive compensation. "We will become the guardians of the Strait of Hormuz."
8 minutes ago
US media: Trump's so-called "standing retaliation order against Iran" cannot take effect automatically after his death.
According to the Associated Press, in response to recent remarks by former U.S. President Donald Trump that he has ordered the U.S. military to launch large-scale strikes on Iran if he is assassinated by Tehran, there is no so-called "dead man’s switch" mechanism in U.S. law that automatically triggers military retaliation upon the president’s death. Under the 25th Amendment to the U.S. Constitution and the Presidential Succession Act, if the president dies, Vice President JD Vance will immediately assume the presidency and the role of commander-in-chief, with military command authority transferring simultaneously. The successor president will independently decide whether to execute, modify, or cancel the relevant orders of the predecessor. Experts note that while the U.S. has established government continuity and nuclear contingency plans, it has never allowed the military to automatically launch retaliatory actions based on preset orders after the president’s death.
8 minutes ago
Bitmine increased its holdings of 27,801 ETH last week, pushing its total staked amount to 4.917 million ETH, with projected annual staking revenue of $242 million.
Bitmine announced it purchased an additional 27,801 ETH over the past week, and will maintain its steady accumulation pace that has been in place since 2026. The company expects to achieve its so-called "Alchemy of 5%" target this year. As of July 12, Bitmine holds a total of 5.77 million ETH, of which 4.917 million ETH (accounting for 85% of its holdings) has been staked. At an ETH price of $1,820, the total value of its ETH holdings is approximately $9 billion. Based on an annual staking yield of 2.70%, the company’s annual staking revenue is around $242 million; if all its ETH is staked, annual staking rewards would reach $284 million. Additionally, Bitmine said it launched MAVAN (Made in American Validator Network), an institutional-grade Ethereum staking platform, this year, which will be opened to institutional investors, custodian institutions, and ecosystem partners. Bitmine also noted that it is currently the world’s largest ETH reserve institution, and ranks second globally in terms of crypto asset reserve size, trailing only Strategy, which holds 843,775 BTC. The company further stated that the GENIUS Act and the U.S. SEC’s Project Crypto will drive transformation in digital asset financial infrastructure, an impact comparable to that of the end of the 1971 Bretton Woods system on Wall Street’s modernization.
8 minutes ago
Hyundai Motor completes enterprise-level USDT cross-border settlement pilot, with cross-border fund transfers finished in just 7 minutes.
Tether announced that Hyundai Motor America and Hyundai Motor Mexico have completed an enterprise cross-border settlement proof of concept (POC) on the Avalanche network via Axiym, marking Tether’s first enterprise cross-border fund settlement pilot. During the pilot, Hyundai Motor America converted $20,000 into USDT, transferred the funds cross-border to Hyundai Motor Mexico, which then converted the amount back to USD. The entire cross-border transfer and verification process took an average of just 7 minutes, a notable acceleration compared to traditional bank cross-border remittances, which typically take 3 to 4 hours or longer. Tether noted that the pilot demonstrates stablecoins’ application potential in enterprise cross-border payments, fund management, and global fund allocation. In the next phase, the project will explore additional cross-border payment channels and local currency settlement scenarios, further evaluating stablecoins’ use in enterprise treasury management.
8 minutes ago
Trump: I am taking over the Strait of Hormuz, Iran got nothing at all.
US President Donald Trump said, “We are taking over the Strait of Hormuz. Iran has nothing right now. Iran is not getting anything.”
Circle, the issuer of USD Coin (USDC), has minted $250 million worth of USDC on the Solana blockchain, as reported by social media account @Crypto_Crib_. This significant injection of liquidity adds over 10% to the existing USDC supply on Solana in a single transaction. This development is part of a broader trend where nearly $1 billion of USDC has been introduced to the Solana network over the past week, indicating a potential increase in institutional demand for stable assets on the platform. The move underscores Solana’s growing role as a settlement layer for stablecoin transactions, with USDC now comprising a substantial portion of Solana’s total stablecoin market.
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Key Takeaways Circle’s minting of $250 million USDC on Solana suggests increased liquidity and institutional interest in the network. The new USDC supply on Solana reflects a 10% increase, consistent with a positive outlook for the platform’s role in stablecoin transactions. Market pricing appears to be supportive of scenarios where Solana’s liquidity boost could impact its price positively. What to Watch Observers may focus on how this liquidity boost impacts Solana’s market price, particularly in the context of the platform’s overall growth and adoption. Market participants are currently evaluating whether Solana will reach $90 by the end of July, with active discussions about the implications of new liquidity. Future developments, such as additional USDC inflows or strategic partnerships, could further influence market sentiment and pricing scenarios related to Solana’s performance.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 20% — — View market → August 1 2026 0.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.5% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.8% — — View market → August 1 2026 4.5% — — View market → August 1 2026 0.7% — — View market → August 1 2026 11.5% — — 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 46% — — View market →
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Major crypto exchange OKX has sent out a notice to users of USDC on the Solana blockchain, announcing a temporary suspension of deposit and withdrawal services due to scheduled wallet maintenance.
OKX said the temporary pause is due to wallet maintenance and will take place in the next 24 hours, on July 14.
— OKX中文 (@okxchinese) July 13, 2026 Due to wallet maintenance, OKX said it will suspend USDC deposit and withdrawal services on the Solana network on July 14 at 14:30 (UTC+8), and resume them after the maintenance is completed.
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The exchange added that trading services will continue to operate normally as trading of related tokens will not be affected. Users are, however, urged to refrain from performing USDC deposits or withdrawals during the wallet maintenance period to avoid potential fund losses.
USDC on Solana is native to the Solana blockchain and can be swapped across chains. Circle has just issued an additional 250 million USDC on the Solana network.
Solana newsIn a recent milestone, Solana has crossed epoch 1,000, marking the finalization of 432,000 slots on Solana and highlighting over 5.5 years of Solana.
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1,000 epochs also marked 120.5 billion total non-vote transactions, $4.3 trillion traded on Solana DEXes, $193.5 trillion in stablecoins transferred on Solana rails, 2 years and 154 days of 100% availability, multiple unicorns building on Solana, 78,000 unique developers, and over 7.4 million commits on Git repos.
As reported by Wu Blockchain, Japanese financial giant SBI Holdings and the Solana Foundation have announced a strategic partnership to develop Japan-originated onchain financial markets.
As part of the initiative, the Solana Foundation will join SBI R3 Japan, which is set to be renamed SBI Solana Global, alongside SBI and Sumitomo Mitsui Financial Group (SMFG), one of Japan's three megabanks.
The partnership will focus on JPY stablecoins, tokenized real-world assets (RWAs) including bonds, funds, and real estate, cross-border payment infrastructure, and institutional onchain financial services. SBI said the initiative aims to connect Japan's regulated financial markets with global blockchain liquidity and position Japan as a hub for onchain finance in Asia.
OKX will temporarily suspend USDC deposits and withdrawals on the Solana network on July 14 while it completes scheduled wallet maintenance.
Summary
OKX will pause Solana USDC deposits and withdrawals while keeping related trading services fully operational. The suspension begins July 14 at 14:30 UTC+8 and resumes after maintenance without separate announcement. Solana remains a major USDC settlement network despite this short exchange-level maintenance window for users. The pause will begin at 14:30 UTC+8, equal to 06:30 UTC and 09:30 East Africa Time. OKX published the notice on July 13 and did not provide a fixed completion time. The exchange said it will restore the two services after the work ends.
The change applies only to deposits and withdrawals of USDC through Solana. OKX said users who already hold the token in their accounts do not need to take action. Trading for related assets will continue during the maintenance period. Other supported USDC networks were not included in the notice, so the announcement does not describe a platform-wide USDC suspension.
— OKX中文 (@okxchinese) July 13, 2026 OKX also advised traders to consider risks in margin and derivatives markets and add margin early where needed. That guidance matters for users who move USDC through Solana to fund positions. The notice does not promise that deposit networks will remain available in every region, so customers should rely on the options shown in their accounts.
Users should avoid transfers during the pause OKX asked customers not to send or withdraw Solana-based USDC after the maintenance window opens. The exchange warned that transfers made during the pause could create a risk of lost funds. Users should check the selected network before confirming any transaction, because USDC exists on several blockchains and each network uses a different deposit route.
Users should allow time for blockchain confirmations before the cutoff, since a transfer initiated earlier may arrive after the suspension begins.
The company described the work only as “wallet maintenance.” It did not report a hack, a Solana network outage, or a problem with USDC. OKX also said “trading will not be affected,” although that statement covers exchange trading rather than external transfers. The exchange did not explain whether pending transactions submitted before the cutoff could face delays.
Solana remains a major USDC settlement network USDC on Solana is a native version of Circle’s dollar-backed stablecoin rather than a wrapped token issued by another bridge provider. Circle lists Solana among the networks where it directly issues USDC. Its cross-chain tools can also burn native USDC on one supported network and mint the same amount on another, without using wrapped copies or outside liquidity pools.
As crypto.news reported earlier in 2026, Circle minted more than $10.5 billion in USDC on Solana within roughly one month. The same coverage cited about $650 billion in Solana stablecoin settlement volume during February. Those figures show the network’s large role in dollar-denominated transfers, but they do not indicate that OKX’s maintenance pause resulted from higher usage.
Exchange notice does not signal a Solana shutdown Solana has also attracted more payment and financial infrastructure. As previously reported, the Solana Foundation launched an institutional developer platform with Mastercard, Western Union and Worldpay as early users. The tools cover stablecoin issuance, payments and trading services. That expansion increases the need for exchanges and custodians to maintain reliable wallet systems as transaction routes grow.
The OKX notice remains an exchange-level service update, not a suspension of USDC on the Solana blockchain. Users can still trade supported assets inside OKX, but they should avoid Solana USDC deposits and withdrawals until the exchange restores access.
OKX said it may resume the services without another announcement, making the platform’s deposit page and status tools the main places to check before sending funds.
Circle has minted an additional $250 million of USDC on the Solana blockchain, according to a report by @martypartymusic. This issuance is part of a broader trend in 2026, where USDC minting on Solana has reached approximately $64.25 billion to $64.78 billion. The increased issuance suggests sustained demand for dollar liquidity on Solana, reinforcing its competitive position as a key settlement layer for stablecoin transactions and decentralized finance (DeFi) activities. Market participants appear to interpret this development as supportive of Solana’s price prospects, with the additional liquidity potentially influencing Solana’s ability to reach higher price targets in July.
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Key Takeaways The $250 million USDC issuance on Solana appears to suggest continued demand for stablecoin liquidity in the network. Markets seem to view the increased liquidity as consistent with a positive outlook for Solana’s price, possibly affecting its potential to reach $90 in July. The cumulative USDC issuance on Solana for 2026 highlights its growing role in stablecoin and DeFi ecosystems. What to Watch Observers are monitoring the impact of increased USDC liquidity on Solana’s price trajectory, particularly in relation to its potential to reach the $90 mark in July. Key indicators include market responses to liquidity changes and any significant price movements. Additionally, developments in the broader crypto market and macroeconomic factors could influence Solana’s price dynamics, affecting the likelihood of reaching set targets.
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Term Structure
Contract Odds Δ since publish Volume 24h August 1 2026 20% — — View market → August 1 2026 0.5% — — View market → August 1 2026 0.1% — — View market → August 1 2026 2.4% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.8% — — View market → August 1 2026 4% — — View market → August 1 2026 0.8% — — View market → August 1 2026 13% — — View market → August 1 2026 0.1% — — View market → August 1 2026 1.8% — — View market → August 1 2026 0.1% — — View market → August 1 2026 48% — — View market →
The stablecoin market has lost about $10 billion since reaching a record high in May 2026. Total supply fell by $7.7 billion during June to about $312 billion, marking the largest monthly decline in dollar terms since the TerraUSD collapse in May 2022. The decrease equaled roughly 2.4% for June and about 3% from the May peak.
Summary
Stablecoin supply lost $10 billion since May as USDT and USDC redemptions reduced crypto liquidity. June recorded the largest monthly dollar decline since Terra, but the market contracted only 3%. Transaction volumes remained strong while tokenized assets expanded, showing blockchain finance activity continued despite redemptions. Current DefiLlama data places the market near $312.23 billion. The dashboard shows Tether’s USDT at about $184.15 billion and Circle’s USDC at roughly $73.41 billion. USDT still controls close to 59% of the market, leaving the sector heavily dependent on its two largest dollar-backed tokens.
USDT and USDC lead the supply reduction USDT fell from about $190 billion in May, cutting roughly $6 billion from its circulating value. USDC declined from a March peak near $80 billion, losing almost $7 billion over four months. Together, those changes account for most of the retreat, although smaller regulated issuers continued expanding during the same period.
Paul Howard, senior director at trading firm Wincent, described the decline as “a relatively small pullback in what we believe is a long-term growth market.” The current drawdown remains far below the 26% stablecoin contraction recorded across the 2022 bear market. That earlier decline followed the Terra failure, lender collapses, and the failure of FTX.
Stablecoin Market Loses $10B Since May in Biggest Retreat Since the Terra Crash
According to CoinDesk, stablecoin market capitalization has fallen by roughly $10 billion from its May peak, including a $7.7 billion drop in June—the largest monthly decline in dollar terms since… pic.twitter.com/RafAPoaerJ
— Wu Blockchain (@WuBlockchain) July 12, 2026 Lower supply points to thinner crypto liquidity Traders use stablecoins as settlement assets and quote currencies across exchanges and decentralized markets. A falling supply can show that users redeemed tokens for bank dollars or moved capital outside crypto. It can also reduce the amount of dollar-linked buying power available for Bitcoin, Ether, and other digital assets.
The reduction arrived during a weak month for crypto investment products.Crypto.news reported that U.S. spot Bitcoin exchange-traded funds lost more than $4 billion in June, their worst monthly outflow since launch. The parallel declines show that institutional fund demand and on-chain dollar liquidity both weakened as digital asset prices remained under pressure.
Activity did not fall at the same pace as supply. The adjusted stablecoin transaction volume reached a record $1.78 trillion in June. USDC processed about $1.21 trillion, while USDT handled $573 billion. USDT still recorded more individual transfers, showing that fewer tokens can continue supporting heavy payment and trading activity.
Tokenized assets grow while stablecoins retreat Tokenized real-world assets moved in the opposite direction. However, their on-chain value crossed $30 billion during 2026, led by tokenized Treasury products, funds, and private credit. CoinDesk Research also recorded a 145% rise in tokenized equity volume during June to a record $3.86 billion.
Regulation and new issuers continue reshaping the stablecoin market. The U.S. GENIUS Act created a federal framework for payment stablecoins, while regulators are drafting customer identification, sanctions, and reserve rules. Crypto.news has also tracked new reserve products from Fidelity and State Street designed for regulated issuers.
The latest supply figures point to a pause in market expansion rather than a Terra-style collapse. USDT and USDC remain near their dollar pegs, transaction activity remains high, and the total market retains most of its recent growth. Further monthly contractions would provide clearer evidence that crypto liquidity is leaving the system rather than moving between issuers or on-chain products.
Investors will now watch July issuance, redemption data, exchange volumes, and ETF flows for signs that demand is returning or weakening further.
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.
PANews, July 12 news, according to CoinDesk report, the stablecoin market in June saw its largest pullback in recent years, with total market cap shrinking by $7.7 billion that month, the biggest single-month decline since the Terra-Luna collapse in May 2022. Since the peak in May, the stablecoin market has cumulatively shrunk by about $10 billion, with a total market cap decline of about 3%. Among them, two major stablecoin issuers were the main drivers of this pullback. The market cap of USDT issued by Tether fell from about $190 billion in May to $184 billion, a decrease of about $6 billion; USDC issued by Circle retreated from a peak of nearly $80 billion in March 2026 to about $73 billion, a contraction of about $7 billion.
However, compared with the cumulative decline of over 26% in the stablecoin market during the crypto winter of 2022, the magnitude of this round of adjustment is still relatively mild. Data shows that from March 2022 to September 2023, the total market cap of major stablecoins fell from about $166 billion to $122 billion, during which the TerraUSD crash, FTX bankruptcy, and failures of multiple crypto lending institutions severely hit market liquidity.
Despite overall market pressure, the competitive landscape of the stablecoin industry is changing. As regulatory developments like the U.S. GENIUS Act drive the expansion of stablecoins into payment and settlement scenarios, more issuers are entering the fray. The circulation of USDG, issued by Paxos and supported by institutions such as Robinhood, has exceeded $3.2 billion, while the circulation of USDGO launched by Anchorage Digital and Hong Kong's OSL Group has nearly doubled to $900 million.
Wall Street institutions remain optimistic about the long-term prospects of stablecoins. Citi previously estimated that the global stablecoin market size would reach $1.9 trillion under a base-case scenario and $4 trillion under an optimistic scenario by 2030; Standard Chartered Bank predicts that the stablecoin market size will grow to $2 trillion by 2028. Analysts point out that stablecoin supply growth has historically been one of the important drivers of a crypto bull market, while the current overall supply contraction means reduced new on-chain liquidity. Without support from new capital demand, the difficulty for crypto assets to sustain their rise may increase.
The U.S.-Iran standoff in the Strait of Hormuz is approaching a dangerous tipping point, with military conflicts escalating anew.
US officials stated that the U.S. military conducted multiple strikes on missile and air defense systems at several sites around the Strait of Hormuz, as well as small vessels belonging to the Iranian Revolutionary Guard Corps (IRGC) an hour ago. Officials from Iran’s Qeshm Island confirmed that local time on Sunday afternoon, the enemy launched 10 to 11 missiles at Qeshm Island; all targeted military facilities, and no casualties were reported in the attack. Earlier, Iran announced it had launched an attack on a U.S. missile base in Kuwait. The ATACMS missile system facility at the U.S. military base in Kuwait was struck, with smoke rising at the scene. Meanwhile, Lebanon’s National News Agency (NNA) reported that Israeli artillery carried out additional shelling in southern Lebanon. Two Israeli shells hit Kafr Tibtin town in Nabatieh District, southern Lebanon. The agency added that the attack originated from Israeli military positions in the occupied border area. In addition, Israel also shelled the town of Zawtar al-Sharqiya near Meifadoun.
1 hours ago
Iran launches an attack on the U.S. missile base in Kuwait.
According to Iran's Mehr News Agency, Iran launched an attack on a US missile base in Kuwait. The ATACMS missile system facility at the US military base in Kuwait was struck, with smoke rising at the scene. Iran's president also noted: "We are engaged in a complex economic war, and successfully overcoming this phase requires the active participation of citizens." Israeli Prime Minister Benjamin Netanyahu stated: "Trump hopes to reach an agreement with Iran, particularly on the nuclear issue, but if Iran fails to abide by its commitments, he will not hesitate to use military force."
1 hours ago
A whale has collateralized 1.56 million kHYPE on the HyperlendX platform, borrowing 1.06 million WHYPE.
According to OnchainLens monitoring, a crypto whale deposited approximately $107.21 million in assets on the HyperlendX platform and borrowed around $70.94 million using this deposit as collateral. The address currently holds 1.56 million kHYPE as collateral, has borrowed 1.06 million WHYPE, with a health factor of 1.31, indicating relatively prudent operations. Additionally, the whale has staked 12,305 HPL.
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During the World Cup, high-frequency sports prediction whale swisstony emerged, with its account notching up over 139,000 predictions and generating nearly $20 million in profits.
Data from prediction market platform Predict.fun shows that top high-frequency sports trader swisstony emerged during the 2026 FIFA World Cup (co-hosted by the U.S., Canada, and Mexico). Since entering the market in July 2025, the whale has generated total profits of $18.648 million, with a single largest profit of $1.2 million, having made a total of 139,304 predictions, and its profit curve has been steadily rising. Its World Cup prediction record is impressive: it excels in contrarian trades when popular odds are overvalued, amassing huge profits through high-frequency, small-margin trades. While average per-trade gains are modest, its stable win rate leads to strong cumulative returns. In June, the whale earned around $9.5 million by contrarian betting on popular teams including England, Spain, and Belgium, briefly becoming the platform’s 5th highest-earning user. Currently, swisstony is focusing on the France vs Spain match on July 14 (local time), placing heavy positions across multiple sub-markets for the game. Its core strategy remains making large volumes of "No" predictions—especially for low-probability exact scores—paired with some handicap and over/under bets. The whale consistently ranks at the top of prediction market monthly profit leaderboards, with a single-day profit exceeding $2 million. Analysts believe swisstony likely uses automated tools or real-time data to assist its trading.
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Data: 48% of Nasdaq 100 constituent stocks have corrected over 20% from their respective peaks, while 64% still trade above their 200-day moving average.
In the Nasdaq 100, 48% of constituent stocks have corrected at least 20% from their respective peaks. This proportion has doubled over the past 12 months, but remains lower than the 60% level recorded before the market bottomed at the end of March, and is still short of the extreme 80% hit during the 2022 bear market. Meanwhile, 64% of constituents are still trading above their 200-day moving average, near the year's highest level — a figure that stood at just 38% before the market bottomed on March 30. The rally in the U.S. stock index is increasingly relying on a small number of stocks for support.
1 hours ago
Analysis: BTC reclaiming the $70,700 level is the primary signal of a trend reversal, with some long-term investors accumulating at lower levels.
Analyst Darkfost points out that Bitcoin trading below the Short-Term Holder (STH) cost base is a hallmark of every bear market cycle. BTC has remained below this level for over nine months. The STH cost base currently stands at $70,700 and has consistently acted as a resistance level. In May, Bitcoin attempted to test the nearby level of roughly $82,000, only to pull back immediately. Since then, the STH cost base has dropped significantly, signaling that some investors have accumulated positions at lower prices, lowering their average holding cost. However, the price has yet to effectively hold above this key level. The analysis notes that a sustained recovery above the STH cost base will mark the first positive signal. Bitcoin is currently trading in a range of $59,000 to $64,000, a notable distance from the $70,700 resistance level. If BTC can later break through and hold above this level effectively, it will mean the entire short-term holder cohort has exited unrealized losses, and market sentiment could shift from bearish defense to structural recovery. Conversely, if resistance persists, the STH cost base will continue to decline, potentially extending the bear market bottoming cycle.
TL;DR Stablecoin market capitalization fell by about $10 billion from its May peak, with June recording the biggest monthly dollar decline since the 2022 Terra crash. USDT’s supply dropped from around $190 billion to $184 billion, while USDC declined to approximately $73 billion, leading the overall contraction. Despite the headline decline, the stablecoin market shrank by only about 3%, indicating that most of the sector’s recent growth remains intact. Even as stablecoin supply declined, tokenized real-world assets reached new highs. The stablecoin market has recorded its largest monthly contraction since the collapse of TerraUSD in 2022, with total market capitalization falling by roughly $10 billion from its May peak.
While the decline has raised concerns about liquidity across the digital asset market, analysts note that the overall contraction remains relatively modest at around 3%, suggesting the sector continues to retain most of the gains accumulated over the past year.
The retreat comes as crypto markets navigate weaker investor sentiment, persistent ETF outflows, and heightened macroeconomic uncertainty that has weighed on demand for digital assets.
Tether’s USDT, the world’s largest stablecoin, accounted for much of the decline, with its circulating supply falling from roughly $190 billion to $184 billion. USDC also contracted, dropping to around $73 billion during the same period. Together, the two dominant dollar-backed stablecoins represent the overwhelming majority of on-chain liquidity used across centralized and decentralized crypto markets.
Stablecoin Data | Source: X Although the market lost billions of dollars in capitalization, the overall decline represented only a small percentage of the sector’s total value, highlighting that stablecoin adoption remains significantly higher than it was before the recent expansion cycle.
Stablecoin Market Liquidity Concerns Return to The Spotlight Stablecoins are widely viewed as the primary source of liquidity within the cryptocurrency ecosystem because they are commonly used to enter and exit positions without converting back into traditional fiat currencies.
A shrinking stablecoin supply is often interpreted as a sign that capital is leaving digital asset markets or remaining on the sidelines. The combined supply of USDT and USDC had been falling since early May, reflecting weaker on-chain liquidity during a period marked by declining crypto prices and softer institutional inflows.
The reduction also coincided with several weeks of net outflows from U.S. spot Bitcoin exchange-traded funds, reinforcing concerns that investor demand cooled during June.
Despite the decline in supply, trading activity remained relatively resilient. Stablecoin trading volume on centralized exchanges rose 10.8% in June to approximately $981 billion, marking the first monthly increase in five months. The increase suggests that stablecoins continue to play a central role in crypto trading even as total circulating supply contracts.
Tokenized Assets Continue Expanding While stablecoins experienced their sharpest pullback in years, tokenized real-world assets continued moving in the opposite direction.
Recent data found that the total market capitalization of tokenized assets climbed to a record $30.1 billion in June, driven by continued growth in tokenized U.S. Treasuries and public equities. Tokenized Treasury products alone expanded to approximately $17 billion, while tokenized equity trading volumes surged to fresh highs during the month.
The contrasting trends suggest that although short-term liquidity has weakened, institutional interest in blockchain-based financial infrastructure continues to grow.
The broader stablecoin sector is also benefiting from increasing regulatory clarity. Recent developments include new licensing approvals for major issuers and expanding institutional support for dollar-backed digital assets.
Circle, the issuer of USDC, recently received approval to operate as a federally regulated trust bank in the United States, allowing it to directly oversee reserves backing its stablecoin as it now dominates over USDT. The move reflects growing integration between traditional finance and digital asset infrastructure despite the recent market slowdown.
Market participants will now be watching whether stablecoin issuance resumes in the coming months. A return to supply growth would likely signal renewed capital entering the crypto ecosystem, while continued contraction could point to a more cautious investment environment during the second half of the year.
The stablecoin sector has experienced its largest single-month decline since the collapse of TerraUSD in 2022, with total market capitalization falling by approximately $10 billion from its peak in May. Although this represents the steepest monthly drop in over two years, the contraction only accounts for about 3% of the sector’s total value, indicating that much of the gains from recent growth remain in place.
Leading stablecoins drive contractionTether (USDT), the most widely used stablecoin globally, saw its circulating supply fall from nearly $190 billion to $184 billion in recent weeks. Circle’s USD Coin (USDC) also contributed to the sector’s decline, with its total supply sliding to around $73 billion over the same period. As the two largest dollar-backed stablecoins, USDT and USDC together dominate on-chain liquidity for both centralized and decentralized exchanges.
Despite the significant dollar reduction, stablecoins’ total market capitalization remains well above levels seen prior to the recent expansion phase, signaling continued adoption across the cryptocurrency ecosystem.
StablecoinMay SupplyCurrent SupplyDollar ChangeUSDT$190 billion$184 billion– $6 billionUSDC~$74 billion~$73 billion– $1 billionMarket analysts have noted that recent stablecoin outflows are coinciding with reduced risk appetite in digital assets, persistent outflows from spot Bitcoin ETFs, and macroeconomic uncertainty affecting broader investor participation in cryptocurrencies.
Liquidity and trading activityStablecoins, serving as the main source of liquidity in the crypto market, are widely used for moving capital in and out of digital asset positions without the need to convert back into traditional fiat currencies. A declining stablecoin supply is often interpreted as capital exiting crypto markets or waiting on the sidelines, and recent numbers align with this sentiment.
Data shows that the combined supply of USDT and USDC had been falling since early May, mirroring slower trading activity and softer institutional inflows into the sector. This reduction overlapped with a multi-week stretch of net outflows from US spot Bitcoin ETFs, further reflecting wariness among investors in June.
Despite these factors, trading volumes for stablecoins on centralized exchanges rose 10.8% to nearly $981 billion in June. This marked the first monthly growth in five months, underlining stablecoins’ enduring role at the heart of daily crypto trading activity.
Growth in tokenized real-world assetsIn contrast to the stablecoin supply contraction, tokenized real-world assets have continued to expand. The total market cap of these assets reached a record $30.1 billion in June, fueled by the ongoing growth of tokenized US Treasuries and public equities. Tokenized Treasury products alone grew to about $17 billion, as equity trading volumes rose to new heights.
Mini dictionary: Tokenized real-world assets, also called RWAs, are traditional financial assets such as government bonds, real estate, or public equities that are converted into digital tokens and traded on a blockchain. This allows investors to access, trade, and settle these assets with greater efficiency and transparency.
These opposite trends highlight continued institutional interest in blockchain-based financial infrastructure, even as short-term liquidity for stablecoins wanes.
Regulatory clarity and sector outlookRegulatory progress has also offered a boost to the stablecoin market. Major issuers have recently gained new licenses and expanded institutional backing for their dollar-pegged digital assets.
Circle, the company behind USDC, received regulatory approval to operate as a federally regulated trust bank in the United States. This move enables the firm to directly manage reserves backing USDC and signals deeper integration between the digital asset industry and traditional finance systems.
With these shifts, market observers are closely watching whether stablecoin issuance will rebound in the second half of the year. Renewed supply growth could indicate a return of capital to the crypto ecosystem, while further declines may point to continued caution among investors.
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.
Circle, the company behind the USDC stablecoin, paid Coinbase $908 million in distribution costs and revenue sharing during 2024. That figure represents roughly 54% of Circle’s total revenue for the year, making Coinbase less of a distribution partner and more of a landlord collecting majority rent.
The arrangement, formalized through a Collaboration Agreement that took effect on August 18, 2023, is approaching its first major renewal window in August 2026.
The economics of a lopsided partnership Coinbase earns 100% of the reserve interest generated on USDC held directly on its platform. For USDC held anywhere else in the world, Coinbase still collects 50% of that interest income.
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For Coinbase, stablecoin-related revenue is projected to reach approximately $1.35 billion in 2025. USDC-related activities accounted for roughly 13.8% of Coinbase’s total revenue in 2024, a figure large enough that any disruption to the partnership would show up clearly in quarterly earnings.
How we got here The current arrangement replaced a previous structure called the Centre Consortium, a joint venture that both companies operated together. When they restructured in August 2023, Circle took sole governance and issuance control of USDC.
As part of that restructuring, Coinbase also took an equity stake in Circle. The Collaboration Agreement runs on an initial three-year term through August 2026, with automatic three-year renewals that depend on performance metrics.
Coinbase’s wandering eye In June 2026, Coinbase endorsed Open USD, a rival stablecoin project. The market reaction was swift: Circle’s stock price dropped more than 17%.
What this means for investors The August 2026 renewal window is the most important date on the calendar for anyone with exposure to either company or to USDC itself. A renegotiation that shifts more revenue toward Circle would hurt Coinbase’s stablecoin income, while a deal that maintains the current structure keeps Circle’s margins under pressure.
For Coinbase investors, the $1.35 billion in projected stablecoin revenue for 2025 represents a substantial revenue stream. Stablecoin demand tends to persist even during bear markets, since traders use stablecoins to park capital, making this revenue line more resilient than Coinbase’s trading fee income.
If Coinbase actively promotes rival stablecoins on its platform, the 50% revenue share on off-platform USDC becomes less valuable as total USDC circulation potentially shrinks. Circle would then face the worst of both worlds: paying high distribution costs on a shrinking asset base.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Kraken is rebuilding its app around agentic trading, a move the crypto exchange believes could redefine competition among digital asset platforms.
The technology uses AI agents to monitor markets, identify opportunities and provide portfolio guidance based on user goals and risk preferences, Kraken told CNBC, according to a Friday report.
AI Agents Guide Trades, Users Keep Final SayKamo Asatryan, Kraken’s chief data officer, said AI could help everyday investors access capabilities traditionally used by professional traders. "AI is going to help everyday people respond to market conditions the way our most active traders respond," Asatryan said. "We see even in down markets that our pro traders are highly active, they engage with the platform, they continue to trade."
Asatryan described the goal as making Kraken feel like talking to a “well-informed best friend” who understands a user’s goals and can guide them without requiring them to become expert traders themselves.
According to the report, Kraken’s redesigned app will use AI to understand users’ financial goals, risk tolerance and preferences before generating portfolio suggestions. The platform will offer AI-generated insights, portfolio updates, and recommendations, but customers will need to approve trades before they are executed.
Industry Rivals Deepen Their AI PushIn June, Coinbase also advanced the broader AI investing trend by introducing an AI investment advisor that analyzes portfolios and account history to provide personalized guidance and suggest potential investment ideas.
Kraken’s Parent Company Expands on Multiple FrontsKraken’s AI push comes as parent company Payward raises capital at a $20 billion valuation while expanding beyond crypto trading into payments, derivatives and stablecoin infrastructure, as it moves toward a planned IPO.
Kraken’s expansion also comes amid broader regulatory developments for the company, including an arbitration dispute with former auditor Mazars USA that resulted in a $22 million award in Kraken’s favor.
Founded in 2011, Kraken has historically served institutions, trading firms, professional traders and active leverage traders.
Benzinga’s Take: The developments show how crypto exchanges are expanding their use of AI beyond traditional trading services, as companies explore tools aimed at improving user engagement and financial decision-making.
Photo Courtesy: Shutterstock
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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JPMorgan Chase is testing an AI investment agent that can autonomously adjust stock and bond allocations.
JPMorgan Chase is testing AI agents that can autonomously adjust the proportion of stock and bond investments to dynamically rebalance portfolios based on changes in market conditions. Test results show that in a 20-year historical backtest, the best-performing AI model delivered an annualized return 0.7 percentage points higher than the traditional "60/40" stock-bond portfolio, while also boasting lower volatility. All 8 AI agents tested by JPMorgan achieved higher risk-adjusted returns. However, the bank noted that the results are still based on simulated tests and do not represent actual investment performance. JPMorgan also warned that large-scale adoption of AI could lead to convergence of trading strategies, increase crowded trades, and amplify market volatility under stressed conditions.
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Yangtze Memory Technologies announced its IPO advisory team, comprising a total of 31 members from CITIC Securities and China Securities Co., Ltd.
The China Securities Regulatory Commission (CSRC) official website updated the first-phase progress report on Changjiang Storage’s IPO counseling work on July 10. A total of 31 personnel from two securities firms, CITIC Securities and China Securities Construction Investment, form the counseling team. The current counseling period runs from May 19 to June 30, 2026, with work carried out via multiple methods including on-site due diligence, centralized training sessions, and targeted issue communications. The next phase of counseling will focus on two areas: First, for issues identified during the process, coordinate timely discussions between intermediaries and the company, develop standardization plans, and urge the counseled entity to fully implement rectification requirements. The working group will also continue to push the company to improve its corporate governance and internal control systems, enhancing its standardized operation level. Second, urge the company to thoroughly understand laws, regulations and rules related to issuance, listing and standardized operation, and clarify its responsibilities and obligations in areas such as information disclosure and fulfillment of commitments. (Jinshi)
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Analyst: Bitcoin may be entering the final stage of a bear market, projected to rise to $250,000 over the next two to three years.
Real Vision’s chief crypto analyst Jamie Coutts has stated that Bitcoin may be entering the late stages of its current bear market. While the bear market is not yet over, downward momentum has begun to weaken. The current BTC price is roughly 50% lower than its all-time high of $126,100 set in October 2025. Coutts described the current trend as a “typical bear market,” pointing out that Bitcoin’s volatility has fallen by around 50% compared to the previous cycle, suggesting this downturn may not be as severe as prior bear markets. However, he cautioned that all current trend indicators remain clearly bearish, and markets do not mechanically replicate historical cycles. He noted that longer-term momentum indicators are starting to show bullish divergence, signaling that negative momentum is decelerating—but this does not mean Bitcoin has technically exited the bear market. Beyond tightening global liquidity, deteriorating on-chain demand was a key factor driving Bitcoin’s earlier decline. On long-term price projections, Coutts is cautious about Bitcoin reaching $1 million by 2030; instead, he forecasts BTC will rise to $200,000–$250,000 over the next two to three years. He also warned that the Bitcoin community needs to address the potential threat of quantum computing more definitively by 2027, as major protocol upgrades could take approximately five years to complete.
1 seconds ago
The probability that Bitcoin will rise to $70,000 this year has climbed to 79%.
Prediction market platform Polymarket now puts the probability of Bitcoin rising to $70,000 this year at 79%, up from 54% as of June 26. Additionally, the odds of Bitcoin hitting $80,000 stand at 32%, while the probability of it reaching $90,000 is 19%.
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An alleged insider address of LAB has transferred $9.15 million worth of tokens to Aster again.
According to on-chain analyst Ai Yi (@ai_9684xtpa), a suspected insider address of LAB has transferred 10.5 million LAB tokens to Aster again. Calculated at the $0.872 price at the time of transfer, the move is worth roughly $9.15 million. This marks the address’s second transfer of LAB in the same fashion in about 22 hours. Over the past 24 hours, the address has moved a total of LAB worth approximately $18.69 million to Aster. Earlier, after the address completed the transfer last night, LAB’s price once plummeted sharply.
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US-listed ETFs' assets under management climbed to $15.6 trillion, notching a new all-time high.
The Kobeissi Letter noted that the assets under management (AUM) of U.S.-listed ETFs have climbed to a record $15.6 trillion, doubling over the past 30 months. Year-to-date, investors have allocated more than $1 trillion to U.S.-listed ETFs, nearly double the year-to-date record set in 2025. At the current pace, full-year inflows are on track to top $2 trillion for the first time, roughly 33% higher than last year’s all-time high. In June alone, U.S. ETFs pulled in around $193 billion in inflows, marking the second-highest monthly inflow on record. Demand has been concentrated in U.S. large-cap, semiconductor, AI, and South Korea-focused ETFs, with the U.S. ETF market’s growth accelerating.
South Korean automaker Hyundai is doubling down on stablecoins for internal transfers between its subsidiaries.
During its testing stage, the automaker saw faster transfers between U.S and Mexico subsidiaries. Instead of the typical 4 hours or more for traditional interbank transfer methods, the firm said it took about 7 minutes to transfer Tether’s USDT between its two offices.
Commenting on the test, Hyundai hailed stablecoin transfers as offering “overwhelming speed and superior stability” to conventional methods. The pilot involved Hyundai Motors Group-owned credit card firm Hyundai Card, Avalanche, Tether and payment integrator Axiym.
Source: Hyundai For his part, Paolo Ardoino, Tether CEO, billed the move as an impressive “real world adoption of USDT.” Bo Hines, CEO of Tether U.S., scored the Hyundai move as “what the future of finance looks like.”
At the end of July, the automaker will conduct a similar test with Circle’s USDC and Visa for EU transfers.
For Hyundai, this was a foundation for utilizing and scaling stablecoins for remittances between overseas subsidiaries. But its credit card division plans to go beyond internal transfers. The firm noted,
Going forward, we will explore and continuously expand various businesses utilizing stablecoins, including international remittance and payment infrastructure.
This signals growing enterprise stablecoin adoption.
Stablecoin adoption wars: USDT vs. USDC Stablecoins have graduated from a crypto experiment to a tool that addresses real global pain points: US dollar accessibility and cheaper, faster cross-border transfers.
Although Euro-based stablecoins have also seen significant growth, they still have a smaller market share compared to US Dollar-based alternatives.
But the USD-based segment has become increasingly competitive. The recent activation of the MiCA regime saw USDC gain significant ground over Tether’s USDT.
In fact, USDC currently accounts for 63% of annual stablecoin transaction volume (about $6T out of the total $9T). That was more than double Tether’s USDT volume of $3.3T (36%).
Source: Visa Worth pointing out that this was the first time USDC has led in annual stablecoin transfer volume. Whether the MiCA will allow USDC to maintain its dominance by the end of the year remains to be seen.
Final Summary Hyundai plans to scale internal stablecoin transfers using USDC and USDT USDC dominates 2026 stablecoin transfer volume at 63%, underscoring significant usage
TL;DRThe fastest practical way to move USDC to Polygon is a route that settles in native USDC through Circle's CCTP, so what lands is the real Circle-issued token, not a wrapped placeholder.
Across routes USDC through CCTP automatically when that's the optimal path. No extra steps from you.
CCTP burns USDC on the source chain and mints native USDC on Polygon after Circle's attestation. No pooled liquidity to drain, and free at the protocol level.
Polygon (chain ID 137) is a supported destination on Across, and you can send USDC to Polygon from any supported chain.
Across has run billions in volume with a clean security record since 2021.
Bridge USDC to Polygon
Moving USDC to Polygon has a fast answer and a slow answer. The difference is what token shows up at the other end. Send it through a route that settles in native USDC and the Circle-issued token lands on Polygon ready to use in Aave, QuickSwap, or a Polymarket position. Send it through a route that wraps and you receive an IOU. Some chains and apps treat that as a second-class asset you then have to unwrap or swap.
Across takes the first path. When you bridge USDC to Polygon, Across routes the transfer through Circle's Cross-Chain Transfer Protocol whenever that's the optimal path, and native USDC is what arrives.
Native USDC Settles Through CCTP, Not a Wrapped IOUCCTP works by burning and minting. Your USDC is burned on the source chain, Circle issues an attestation that the burn happened, and an equivalent amount of native USDC is minted on Polygon. What you receive is canonical USDC issued by Circle, the same contract every major Polygon app already trusts. No pooled balance sits in a bridge contract waiting to be exploited, and the mechanism is free at the protocol level.
That matters more than it sounds. A wrapped bridge token is a claim against a pool. Drain the pool and the claim is worth nothing, and you find out at the worst possible moment. Native USDC carries no such dependency. It is the asset itself, minted fresh on the destination.
You don't pick the rail. The Swap API selects the optimal settlement pathway for the size and route you're moving, and for USDC into Polygon that's frequently CCTP. CCTP V2 Fast Transfer can mint ahead of source-chain finality for a small fee, which is how a large USDC transfer lands without the usual finality wait.
Bridging USDC to Polygon Takes Three StepsThe route is short because the protocol does the routing for you.
Open the Across bridge and connect your wallet on the chain your USDC is on today, whether that's Ethereum, Arbitrum, Base, Optimism, or another supported origin.
Select USDC as the token, set Polygon (chain ID 137) as the destination, and enter the amount. Across quotes the fee and the expected settlement path before you sign.
Approve and confirm. Across handles the rest, fronting funds on Polygon and reconciling in the background, so native USDC arrives in seconds rather than minutes.
You'll want a small amount of POL, the native gas token of Polygon, to transact once your USDC arrives. Bridging the USDC itself doesn't require holding POL first.
The USDC Lands in Seconds Because Across Runs on IntentsYou declare the outcome you want, native USDC on Polygon. A relayer advances the funds on the destination almost immediately, then gets reimbursed through a background settlement secured by UMA's Optimistic Oracle. On mainnet that produces fills in about two seconds. The CCTP burn-and-mint and the relayer fill work together. You get destination liquidity fast, and the canonical-USDC accounting settles underneath.
Across is built by Risk Labs, the foundation behind UMA, and is deployed across 20+ chains. It has processed billions in volume since 2021 with no protocol-level exploit.
USDC Is the Asset Polygon Runs OnUSDC is the dominant stablecoin on Polygon, and that's the practical reason native settlement matters here. The apps you're bridging into are denominated in and quote against native USDC: Aave, QuickSwap, Uniswap, Polymarket. Land wrapped and you add a conversion step before you can do anything. Land native and you're already in the asset the destination expects.
Polygon also connects to AggLayer, its cross-chain settlement layer, so native USDC on Polygon isn't a dead end. It's a starting position.
Move USDC to Polygon through Across and the token that shows up isn't a placeholder you have to translate. It's the same USDC the chain already runs on, minted on arrival, usable the second it lands.
PANews reported on July 11, citing Cointelegraph, that the Hedera-based lending protocol Bonzo Finance suffered an oracle attack, losing approximately $9 million. The attacker used collateral after the SAUCE token price was abnormally inflated to borrow assets far exceeding their actual value from the protocol.
Bonzo’s preliminary incident report shows that the attacker deposited only 250 SAUCE (worth just a few dollars), then submitted a price update that artificially inflated the token’s price by about 12 orders of magnitude. Subsequently, the address borrowed $6.63 million in USDC and 34.5 million wrapped HBAR (wHBAR) from the lending pool. It is reported that the incident originated from a vulnerability in the on-chain oracle validator of the oracle service provider Supra, which erroneously accepted a SAUCE price data with a zeroed-out signature. Supra has confirmed the issue and completed a fix. Bonzo emphasized that this attack did not stem from any vulnerability in Bonzo’s smart contracts or the underlying Hedera network.
Data shows that the second quarter of 2026 has become the quarter with the most attacks in crypto history, with a total of 83 security incidents resulting in cumulative losses of about $755 million. Among them, cross-chain bridge attacks caused approximately $351 million in losses, while admin key leaks and fake token price manipulation accounted for 37% of the quarterly losses.
Affected by ongoing security incidents, the DeFi sector’s total value locked (TVL) has fallen from around $115 billion in January this year to over $70 billion in June, a cumulative decline of 39%. CryptoRank data shows that the industry has experienced 121 security incidents so far this year, with cumulative losses of about $942 million. Persistent security issues may further weaken user confidence and accelerate capital outflows.
It is worth noting that in February this year, the Stellar-based lending protocol YieldBlox also experienced a similar incident. The attacker stole around $10 million in assets from its lending pool by manipulating the USTRY collateral price path.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
1 minutes ago
The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
1 minutes ago
Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
1 minutes ago
A crypto whale shorted Ethereum (ETH) with 25x leverage, holding a position worth $12.43 million.
According to Onchain Lens monitoring, a whale deposited approximately $500,000 into Hyperliquid to open a short position of 6,914 ETH (valued at $12.43 million) with 25x leverage. The entry price was $1,790.36, liquidation price stands at $1,825.58. The position currently has an unrealized loss of around $50,700, with only a 1.55% gap to liquidation.
1 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
1 minutes ago
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Per GMGN market data, CASHCAT, a meme coin on Robinhood Chain, briefly hit an all-time high in market capitalization, currently trading at $200 million with an intraday increase of over 20%. Meme coins are highly volatile, so investors should exercise caution regarding associated risks.
1 minutes ago
The White House confirms Trump has 'emptied' the U.S. Election Assistance Commission.
The White House confirmed on the 10th that U.S. President Donald Trump has removed two incumbent members of the U.S. Election Assistance Commission from their posts. In a statement sent to media on the same day, the White House said the president "reserves the right to remove relevant personnel who may not be fully committed to safeguarding U.S. election security and ensuring every legal vote is counted." The statement did not give a specific reason for Trump's move. However, U.S. media reported that the Election Assistance Commission had rejected an executive order signed by Trump, which required voters to provide proof of U.S. citizenship on the national voter registration form. (Xinhua News Agency)
1 minutes ago
Hyperliquid launches CASHCAT futures trading, supporting up to 3x leverage.
Hyperliquid announces the launch of contract trading for the meme coin CASHCAT on Robinhood Chain, with support for up to 3x leverage.
1 minutes ago
A crypto whale shorted Ethereum (ETH) with 25x leverage, holding a position worth $12.43 million.
According to Onchain Lens monitoring, a whale deposited approximately $500,000 into Hyperliquid to open a short position of 6,914 ETH (valued at $12.43 million) with 25x leverage. The entry price was $1,790.36, liquidation price stands at $1,825.58. The position currently has an unrealized loss of around $50,700, with only a 1.55% gap to liquidation.
1 minutes ago
A trader has earned more than $1 million in profits on CASHCAT, achieving a staggering return of up to 1183 times.
According to Lookonchain monitoring, a trader has reaped over $1 million in profits from CASHCAT. The trader spent 0.49 ETH (valued at $838) to purchase 15.04 million CASHCAT tokens, then sold them for 580 ETH (worth $1.04 million), generating a profit of over $1 million (a 1183x return). Had the trader held the tokens until now, the profit would have reached $2.9 million.
1 minutes ago
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
A crypto whale bought the dip, acquiring 14,007 ETH valued at approximately $25.18 million.
According to monitoring by OnchainLens, a whale purchased 14,007 ETH at an average price of $1,798, with a total value of approximately $25.1 million.
8 minutes ago
A crypto whale has unstaked 440.822 Bitcoin from Core DAO, valued at approximately $28.27 million.
According to monitoring by Onchain Lens, a crypto whale unlocked 440.822 BTC from Core DAO, valued at approximately $28.27 million, and transferred the funds to a new wallet within one hour.
8 minutes ago
Yesterday, Bitcoin spot ETFs recorded a net inflow of $90.4 million, while Ethereum spot ETFs saw a net inflow of $18.4 million.
According to data from FarsideUK, Bitcoin spot ETFs posted a total net inflow of $90.4 million on July 10, with BlackRock’s IBIT seeing a net inflow of $86.8 million and VanEck’s HODL bringing in $3.6 million. Ethereum spot ETFs recorded a total net inflow of $18.4 million, of which BlackRock’s ETHA had a net inflow of $16.2 million and Fidelity’s FETH had a net inflow of $2.2 million.
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Total stablecoin supply has decreased by approximately $13.9 billion in recent months, while USDT on the Tron blockchain has hit a new high against the trend.
According to EmberCN’s monitoring, the combined circulation of the two leading stablecoins, USDT and USDC, has declined by roughly $13.9 billion amid the crypto market’s overall slump in recent months. Specifically, USDT’s circulation fell by around $7.4 billion, while USDC’s dropped approximately $6.5 billion. Still, stablecoin adoption in real-world economic scenarios remains on the rise. In the first half of this year, stablecoin real economic transaction volume (ATV) hit $8.82 trillion, nearly matching last year’s full-year all-time high of $10.8 trillion, with USDT accounting for more than half of that total. Against the backdrop of the overall contraction in stablecoin circulation, USDT’s supply on the Tron blockchain has climbed to a record high of $90.3 billion, adding some $2 billion in the past month. This indicates that the reduced stablecoin supply is primarily from the DeFi-dominated Ethereum ecosystem, while Tron continues to see steady demand growth for real use cases including cross-border transfers and payment settlements.
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Trump issues a fresh warning: If Iran attempts to assassinate him, thousands of missiles will be launched at Iran.
US President Trump: 1,000 missiles have been locked on and targeted at Iran. If the Iranian government dares to act on its threats to assassinate or attempt to assassinate the current US president—threats it has made in multiple locations around the world—thousands more missiles are on standby. I have issued orders: the US military is prepared, resolute in its will, and fully capable, and will completely destroy the entire territory of Iran within one year (extendable). (Jinshi)
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Bubblemaps now supports Robinhood Chain, adding new holder distribution and whale tracking features.
According to an official announcement, on-chain data visualization and analytics platform Bubblemaps has announced support for the Robinhood Chain, which is currently in the testing phase. Users can track the distribution of token holders in real time, identify whale addresses, and reveal relationships between wallets. Additionally, users can retrieve historical data for any token, view the evolution of its holding structure, and identify hidden wallet clusters and fund flow patterns.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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Crypto giant Circle is rebuffing efforts to help scam victims, law enforcement officials say.
According to a report by the International Consortium of Investigative Journalists (ICIJ), the issuer of the USDC stablecoin is allegedly declining to cooperate in assisting scam victims recover their funds. The ICIJ report says some unnamed law enforcement officials are raising alarms due to instances of Circle refusing to freeze or recover assets suspected to have been proceeds of scams.
In a county in southeastern Wisconsin, state prosecutors recently filed a criminal complaint against Circle, alleging that the stablecoin issuer refused to comply with a warrant ordering it to recover a scam victim’s stolen assets. Circle in response argued that the complaint should be dismissed while reportedly branding it meritless.
Milwaukee County’s police detective Scott Simons says he’s witnessed over a dozen instances around the US where Circle either refused a request from law enforcement to freeze victim funds or where a court order intended to force Circle to freeze victim funds failed because it was received too late.
Additionally, New York prosecutors have also claimed in a letter to Congress that Circle failed to honor court orders seeking to reimburse victims, according to the report. The letter says,
“Circle’s motive for not assisting law enforcement becomes crystal clear: it is financially preferable to only freeze cryptocurrency deemed to have been stolen, but not return the underlying asset to law enforcement or any fraud victim, because Circle can continue to collect the interest through investment of the underlying funds.”
TLDRFederal Charter Places Trust Bank Under OCC OversightCustody Services Will Begin With Affiliated OperationsCrypto Firms Continue Seeking Federal Banking StatusGet 3 Free Stock Ebooks Circle received final OCC approval to establish Circle National Trust. The bank will provide fiduciary digital asset custody services. It cannot accept consumer deposits or issue traditional loans. The trust bank may later serve selected regulated institutions. The charter could support future USDC reserve management under OCC oversight. Circle has received final OCC approval to establish a federally regulated national trust bank in the United States. The decision expands Circle’s regulated infrastructure as crypto companies seek federal charters and custody permissions. The new bank will provide fiduciary digital asset custody but cannot accept consumer deposits or issue commercial loans.
Federal Charter Places Trust Bank Under OCC Oversight The institution will operate as Circle National Trust and remain subject to direct federal supervision. National trust banks can provide custody and fiduciary services under federal rules, but they differ from commercial banks. They cannot offer standard deposit accounts, extend consumer credit, or conduct traditional lending activities.
Circle applied for the charter in June 2025 and received conditional approval six months later. Final authorization allows the company to complete preparations before the trust bank begins approved operations. The OCC will oversee governance, risk controls, compliance systems, and other requirements under the approved business plan.
Circle CEO Jeremy Allaire described the approval as a major step for blockchain infrastructure within the financial system. “Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle’s infrastructure,” Allaire said. The statement linked the charter to stronger federal supervision of digital asset custody and related services.
Custody Services Will Begin With Affiliated Operations Circle National Trust will initially provide fiduciary custody services for the company and its affiliated businesses. The approved plan also permits later services for a limited number of regulated institutional customers. Potential customers include banks and other financial institutions that require federally supervised digital asset custody.
The charter also creates a route for Circle to manage reserves supporting USDC under OCC oversight. However, the company said reserve management remains a future capability rather than an immediate banking service. The trust bank will follow its approved plan as it develops additional functions and compliance systems.
The company issues USDC, the second-largest dollar-pegged stablecoin by reported circulation. USDC has about $73.2 billion in circulation, while Tether’s USDT holds roughly $184.1 billion. The bank approval could support custody and reserve operations tied to the issuer’s regulated infrastructure.
Crypto Firms Continue Seeking Federal Banking Status Several crypto companies have pursued federal charters, trust licenses, and custody approvals during the industry’s regulatory expansion. Kraken has sought federal permissions, while Crypto.com secured an OCC license for regulated crypto custody in February. These applications reflect a broader shift toward federal supervision for digital asset services.
BitGo, Ripple, Paxos, and Fidelity Digital Assets received similar conditional OCC approvals in December. Those approvals allow the firms to continue meeting requirements before launching federally supervised trust operations. The company now joins that group with final approval for its national trust bank.
The approval gives the company a federally supervised entity for custody and possible future reserve management. The bank will open under OCC oversight and operate within the limits of its approved business plan. Circle has therefore completed a key regulatory step in its broader U.S. crypto expansion.
Key Highlights Circle Internet Group (CRCL) rallied up to 15% during Friday’s premarket session following regulatory approval from the OCC to launch a national trust bank The newly approved entity will function as Circle National Trust, offering digital asset custody services under federal banking supervision ARK Invest, led by Cathie Wood, accumulated approximately 218,000 CRCL shares just one day prior to the regulatory announcement This regulatory milestone reinforces the operational framework for USDC, Circle’s primary stablecoin product Coinbase (COIN), USDC’s co-issuer with Circle, climbed 4.6% to reach $165.80 following the news Circle Internet Group (CRCL) shares skyrocketed as much as 15% during Friday’s premarket session after receiving authorization from the U.S. Office of the Comptroller of the Currency to launch a federally chartered trust bank focused on digital assets.
Circle Internet Group, CRCL
Shares advanced to $72.34 before regular trading commenced, rebounding from Thursday’s 1.7% loss.
The newly chartered institution will be known as Circle National Trust and will do business as First National Digital Currency Bank, N.A. It will function under the direct regulatory authority of the OCC, which serves as the principal federal supervisor for nationally chartered banks.
Circle has received final OCC approval to establish First National Digital Currency Bank, N.A., a national trust bank operating as Circle National Trust.
A major U.S. regulatory milestone that strengthens USDC infrastructure through federally regulated custody, with reserve… pic.twitter.com/GtThvFV5aW
— Circle (@circle) July 10, 2026
Circle submitted its regulatory application to the OCC on June 30, 2025. The company secured preliminary approval in December 2025 before obtaining final authorization this Friday.
Circle National Trust will begin operations by providing digital asset custody solutions for Circle and its related entities. The OCC’s sanctioned business model permits the bank to subsequently extend its services to a select group of institutional clients, encompassing banks and authorized derivatives entities.
Chief Executive Officer Jeremy Allaire stated that federal supervision “establishes a new benchmark for transparency, governance, and scalability” for Circle’s operational framework and creates opportunities for financial institutions to leverage public blockchain networks with enhanced regulatory confidence.
This authorization directly bolsters USDC, Circle’s dollar-backed stablecoin, by placing its custody operations under federal banking supervision for the first time in its history.
ARK Invest’s Strategic Timing Cathie Wood’s ARK Invest acquired 217,896 CRCL shares distributed across three investment vehicles — the ARK Innovation ETF (ARKK), the ARK Next Generation Internet ETF (ARKW), and the ARK Blockchain & Fintech Innovation ETF — merely 24 hours before the regulatory announcement became public.
CRCL currently represents 3.1%, 3%, and 4.3% of the holdings in each respective fund.
ARKK advanced 1.71% while ARKW appreciated 2.52% during Friday’s trading session.
Broader Cryptocurrency Market Response Coinbase (COIN), which partnered with Circle to launch USDC, appreciated 4.6% to close at $165.80 on Friday.
Bitcoin advanced 2.6% across a 24-hour period to trade at $64,385, while Ethereum increased 3%.
USDC maintains its standing as the dominant stablecoin originating from the United States. While stablecoins were initially utilized primarily for cryptocurrency trading, their adoption has expanded to include cross-border remittances and inflation protection in countries experiencing currency instability.
Circle has actively promoted the concept that stablecoins will become integral to mainstream payment systems. Recent statements from Circle leadership have highlighted emerging applications in transactions conducted by AI-powered autonomous agents.
The OCC’s authorization represents another significant milestone in Circle’s strategy to integrate with the federal banking infrastructure, providing its custody operations with the regulatory legitimacy that institutional market participants have consistently demanded.
Circle secured final OCC approval to establish a federally regulated national trust bank in the U.S. CRCL shares climbed nearly 12% as investors reacted to Circle’s latest federal regulatory milestone. The bank can provide digital asset custody and may later oversee reserve assets supporting USDC circulation. USDC generated 94% of Circle’s first-quarter revenue through reserve income tied to its circulation. Circle Internet Group has secured final approval from the U.S. Office of the Comptroller of the Currency to establish a federally regulated national trust bank. The decision marks the company’s regulatory milestone since its 2025 public listing and triggered a rise in its shares.
CRCL stock traded near $70.42 in premarket trading, gaining about 11.84% after the announcement. The move reflected investor attention on the company’s role in regulated digital asset infrastructure and the importance of USDC to its earnings.
Federal Charter Expands Circle’s Institutional Custody Reach The new institution will be incorporated as First National Digital Currency Bank, N.A., while operating under the name Circle National Trust. It will sit under OCC supervision once operations begin.
Circle has received final OCC approval to establish First National Digital Currency Bank, N.A., a national trust bank operating as Circle National Trust.
A major U.S. regulatory milestone that strengthens USDC infrastructure through federally regulated custody, with reserve… pic.twitter.com/GtThvFV5aW
— Circle (@circle) July 10, 2026
The business plan allows the institution to provide fiduciary digital asset custody services. Initially, those services will support the company and its affiliates.
Over time, the bank may serve institutional clients, including banks, financial institutions, and regulated derivatives organizations. Any expansion will depend on market demand and the approved operating framework.
The charter also creates a path for oversight of the infrastructure supporting USDC. Reserve management appears as a capability rather than an immediate service.
That distinction means the institution could eventually oversee assets backing USDC within a federal regulatory structure. However, the approval does not indicate that reserve management will begin immediately.
Chief Executive Jeremy Allaire said federal oversight would strengthen transparency, governance, and operational scale. He also said the structure could increase institutional confidence in public blockchain-based financial services.
The approval completes a process that began with an application filed on June 30, 2025. The regulator granted conditional approval in December after reviewing custody, collateral trustee, and reserve-management plans.
Circle was among five digital asset companies receiving conditional National Trust Bank approvals that month. The group reflected broader efforts to place crypto custody and payment infrastructure under federal supervision.
USDC Reserve Income Explains the Market Reaction The charter does not turn the institution into a conventional commercial bank. National trust banks generally focus on custody and fiduciary services rather than retail deposits or lending.
Most institutions in this category also lack Federal Deposit Insurance Corporation coverage. Therefore, the business model remains centered on regulated asset safekeeping and trust-related functions.
The market response also reflected the central role of USDC in Circle’s financial performance. The company reported $77 billion in circulation at the end of the first quarter of 2026.
During that quarter, reserve income rose 17% from a year earlier to $653 million. SEC filings showed that reserve income produced 94% of total revenue.
Those figures demonstrate how closely the company’s earnings remain linked to USDC circulation and interest generated by reserve assets. USDC circulation stood near $73 billion on July 6.
Placing custody, and potentially reserve management, under direct federal supervision could reduce uncertainty around infrastructure supporting tens of billions of dollars in tokenized value.
The charter, nevertheless, does not guarantee immediate revenue growth. Instead, it gives the company a federally supervised platform for institutional custody, regulated settlement, and closer integration with the U.S. financial system.
Circle, the issuer of USDC, one of the largest stablecoins in the cryptocurrency market, has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national custodial bank.
Accordingly, Circle announced that it has received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a federal deposit bank called Circle National Trust.
This development follows the conditional approval the company received approximately seven months ago. It is seen as a significant step strengthening Circle’s position in the US financial system.
Circle announced that the bank’s name is “First National Digital Currency Bank, N.A.- Circle National Trust Bank” and that it will operate under the name “Circle National Trust”.
Circle states that this approval brings USDC custody operations under federal regulation. The national custodian bank to be established under this approval will initially only provide custody services to Circle’s affiliates. This will allow Circle to manage the security and operational processes of its digital assets more effectively within its own organization.
Circle also added that the bank aims to take over the management of US dollar reserves backing the USDC stablecoin in the future.
Circle Co-Founder and CEO Jeremy Allaire said, “The OCC’s approval to establish Circle National Trust represents a decisive step toward bringing blockchain technology and digital assets to the heart of the U.S. financial system. Federal oversight of our trust bank sets a new standard for transparency, governance, and scalability for Circle’s infrastructure and paves the way for a new phase of adoption where leading financial institutions can operate on public blockchains with clarity and confidence.”
As you may recall, Circle submitted its application to the OCC last June and received conditional approval in December.
Ripple has received conditional approval from the US Office of the Comptroller of the Currency (OCC) for Ripple National Trust Bank, but has not yet received final approval.
*This is not investment advice.
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What The OCC Approval Actually UnlocksThe charter places Circle National Trust under direct federal oversight by the OCC, the same primary regulator that oversees national banks.
At launch, the bank offers fiduciary digital asset custody services for Circle and its affiliates.
Depending on demand, it may eventually extend custody to a limited number of institutional customers, focusing on banks and other regulated financial institutions.
USDC Reserve management was the original goal of Circle’s June 2025 application, but that capability comes later rather than at launch.
Once it moves under federal oversight, it would bring Circle’s reserve operations into the same regulatory framework as traditional national banks, adding another layer of transparency to the $73.2 billion stablecoin.
“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,” said Circle CEO Jeremy Allaire.
The charter does not permit Circle to accept cash deposits or make loans, but it does allow the firm to hold customer assets under strict fiduciary standards.
Circle Joins A Growing Queue Of Crypto Firms Winning Federal ChartersCircle filed its application in June 2025 and received conditional approval in December alongside Ripple (CRYPTO: XRP), BitGo, Fidelity Digital Assets, and Paxos.
BitGo received full OCC approval in December, and Anchorage Digital Bank had been the only crypto firm with a national trust charter before that, granted back in 2021.
However, Senator Elizabeth Warren (D-Mass.) pushed back on the OCC’s approach, arguing that some companies receiving national trust charters do not qualify under the National Bank Act.
ARK Invest Bought $13.7M In CRCL The Day Before The AnnouncementCathie Wood’s ARK Invest purchased $13.7 million worth of Circle shares on Thursday, the session before Friday’s announcement.
At the same time, the firm sold $9.8 million worth of Robinhood (NASDAQ:HOOD) shares.
CRCL’s Chart Shows Improving Momentum But Heavy Overhead SupplyCRCL sits 3% below its 20-day SMA at $72.92 and roughly 24% to 26% below the 50-day, 100-day, and 200-day SMAs all clustered in the low-to-mid $90s.
A death cross formed in June when the 50-day SMA crossed below the 200-day, keeping the longer-term trend heavy.
Key resistance sits at $77 before the stock gets anywhere close to reclaiming its moving averages.
Support at $65 marks the recent zone where buyers stepped in after July’s weakness.
Image: Shutterstock
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Circle just handed AI developers a gift bag: open-source starter kits that plug USDC payments directly into the AI frameworks where most agents are actually being built. The kits, now live on GitHub, target LangChain and the Claude Agent SDK, two of the most widely adopted platforms for building autonomous AI agents.
What Circle actually shipped The open-sourced Agent Stack starter kits provide ready-to-use code that connects AI agents to Circle’s infrastructure. That means developers can give their agents wallets, let them send and receive USDC, and interact with onchain services, all without building payment plumbing from scratch.
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The kits build on Circle’s broader Agent Stack, which launched on May 11, 2026. That initial release introduced several foundational components, including command-line interface utilities for developers, permissioned agent wallets with built-in access controls, and gas-free nanopayments that allow USDC transfers as small as $0.000001.
The starter kits also support x402-compatible transactions. The x402 protocol is essentially the HTTP 402 “Payment Required” status code brought to life: a machine-readable way for services to demand payment before granting access. When an AI agent hits an x402-enabled endpoint, it can autonomously decide to pay, receive the service, and move on.
Circle’s Agent Marketplace adds another layer. It functions as a discovery hub where AI agents can find and transact with other agents or services.
Why open source matters here The choice to target LangChain and the Claude Agent SDK is also telling. LangChain has become something of an industry standard for building LLM-powered applications, and Anthropic’s Claude SDK is rapidly gaining ground among enterprise developers who prioritize safety and controllability.
The bigger financial picture Circle raised $222 million through a presale of its ARC token, which valued the Arc network at $3 billion.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The stablecoin issuer received a charter for First National Digital Currency Bank, allowing it to custody digital assets and, eventually, hold USDC reserves under direct federal supervision. Shares rose more than 10%.
Circle Internet Group (NYSE: CRCL) said on July 10 that it received final approval from the U.S. Office of the Comptroller of the Currency to establish a national trust bank, a step that brings the infrastructure behind USDC under direct federal banking supervision.
The new entity, chartered as First National Digital Currency Bank, N.A. and operating under the name Circle National Trust, will provide custody services for digital assets. According to the business plan approved by the OCC, the bank is also designed to eventually manage the reserves backing USDC, the second-largest stablecoin by market capitalization.
"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," Circle Co-Founder, Chairman and CEO Jeremy Allaire said in a statement. "Federal oversight of our trust bank sets a new standard for transparency, governance, and scale for Circle's infrastructure."
The trust bank charter arrives as more traditional financial institutions integrate USDC. BNY, the world's largest custodian bank, recently added USDC to its institutional digital asset custody platform.
In his post, Allaire framed the approval as part of building "a new fundamental money layer for the internet" spanning use cases from AI agents transacting with one another to wholesale transfers between large financial institutions. "We are thrilled to be the first of a new cohort of firms establishing this kind of banking infrastructure," he wrote.
What the Charter AllowsUpon opening, Circle National Trust will offer fiduciary digital asset custody services for Circle and its affiliates, according to the press release. The OCC-approved business plan states that, "depending on demand, FNDCB may eventually offer its digital asset custody service to a limited number of institutional customers directly, focusing on banks and other financial institutions, such as regulated derivatives organizations."
The charter is also structured to enable future management of the USDC reserve. Circle described reserve management as a "planned" future capability rather than a service available at launch. The cash and short-term U.S. Treasuries backing USDC are currently held with third-party banking partners; the charter would allow Circle to bring those reserves under its own federally regulated custody over time.
The approval places Circle National Trust under direct oversight by the OCC, the primary regulator for national banks and national trust banks.
A Multi-Year Regulatory PathCircle submitted its application to the OCC on June 30, 2025, and received conditional approval in December 2025, according to the company. The Defiant reported on the initial filing when Circle applied for the trust bank license last year.
The charter follows the passage of the GENIUS Act, the federal stablecoin law that establishes a framework for payment stablecoin issuers. The OCC issued a notice of proposed rulemaking to implement the statute in February 2026, and the law's requirements take effect on Jan. 18, 2027. In his post on X, Allaire wrote that as the GENIUS Act "approaches full implementation in early 2027," Circle is positioned "to bring critical components of USDC's operation and reserves into this structure."
Circle is not the only crypto firm pursuing a national trust charter. The OCC has issued conditional approvals to Ripple, Coinbase, Paxos, BitGo, Fidelity and Crypto.com, among others. The GENIUS Act has yet to take full effect, and The Defiant has reported that some firms have described themselves as "regulated" or "compliant" under a law that is not yet operative.
Market ReactionCRCL shares climbed in early trading on July 10 following the announcement, according to market data for the stock on the New York Stock Exchange.
USDC had a circulating supply of roughly $73 billion as of July 9, according to CoinGecko, ranking it the fifth-largest cryptocurrency by market capitalization and the second-largest stablecoin behind Tether's USDT. The token traded at $0.9999, in line with its dollar peg.
Circle has built out its regulated footprint over the past decade. It received a BitLicense from the New York Department of Financial Services in 2015, became the first global stablecoin issuer to comply with the European Union's Markets in Crypto-Assets framework in 2024, and secured a license from Abu Dhabi Global Market's Financial Services Regulatory Authority in 2025. The company also holds licenses in the U.K., Singapore and Bermuda.
