Track market-moving stories before they get noisy

Circle Brings Native USDC to OKX's X Layer@Circle's native $USDC stablecoin and its Cross-Chain Transfer Protocol (CCTP) are now live on @XLayerOfficial, the Ethereum Layer 2 network developed by @OKX. The integration gives X Layer direct access to a fully regulated, dollar-backed stablecoin and removes the need to rely on wrapped or bridged versions of USDC.

According to Circle, CCTP works by burning USDC on the source chain and minting fresh native USDC on the destination chain. There is no wrapped representation, no locked vault, and no third-party bridge custodian involved. The result for users and protocols on X Layer is native USDC that carries the same regulatory standing as USDC on any other supported network.

The launch enables 24/7 regulated settlement for DeFi applications and treasury management across 36 chains, with no exposure to the counterparty risks typically associated with bridged tokens. Circle reported that CCTP had processed $126 billion in cumulative volume as of December 2025, reflecting the protocol's growing role as core cross-chain infrastructure.

Powering the x402 Network and Machine PaymentsBeyond standard DeFi and treasury use cases, the X Layer integration is designed to equip the x402 network, an emerging standard for machine-to-machine and HTTP-native payments. By providing native $USDC liquidity on X Layer, the launch aims to support automated commerce and programmatic payment flows that require a stable, interoperable settlement layer.

The move continues Circle's broader push to expand CCTP across high-performance blockchain ecosystems. CCTP V2, released in March 2025, added Fast Transfers settling in roughly 8 to 20 seconds, programmable post-transfer hooks, and Solana support. The protocol now connects more than 13 mainnet chains, with X Layer representing the latest addition to that network.

Sources:
Circle: Building the Internet Financial System, Product Vision for 2026
CCTP Cross-Chain USDC: Complete Guide 2026

Bullish executives call for passage of the CLARITY Act: The FTX incident has proven that the crypto market requires legal regulation.

Bullish Head of Clearing and Group Risk Randi Abernethy stated that the U.S. Senate’s failure to pass the Digital Asset Market Clarity Act (CLARITY Act) does not mean the digital asset market has stopped developing; instead, it highlights the necessity of establishing a federal regulatory framework. Abernethy pointed out that during the Senate’s deliberation of the CLARITY Act, traditional U.S. financial institutions have continued to accelerate their entry into the on-chain market. JPMorgan Chase has explored tokenized ETF holdings through a production pilot with the Depository Trust & Clearing Corporation (DTCC), and more than 50 institutions—including BlackRock and Goldman Sachs—have also participated in building infrastructure for tokenized stocks and Treasuries. Current regulatory discussions are no longer just about the “crypto industry issue” but concern the future infrastructure of the entire financial system. Citing the 2008 financial crisis as an example, Abernethy noted that financial risks spread along shared infrastructure, meaning even institutions not directly involved in related assets could be impacted. Today, the stablecoin market has exceeded $100 billion, with a large amount of stablecoin reserves invested in U.S. Treasuries. A crisis involving major stablecoins could affect liquidity in traditional financial markets. She added that supporters of the CLARITY Act argue the bill would establish a unified regulatory framework for the digital asset market, including core investor protection mechanisms such as customer asset segregation, conflict of interest management, capital requirements, and disclosure rules. (CoinDesk)

5 minutes ago

Fed Mouthpiece: July Non-Farm Payrolls Signals Hard to Decipher, Inflation Becomes Key Variable for Interest Rate Hikes

Wall Street Journal reporter Nick Timiraos noted that the July jobs report will be a difficult-to-interpret data point for the Federal Reserve. New evidence that the labor market has not reaccelerated could reduce the urgency for a rate hike next month, though this will still depend on better inflation data. A drop in the unemployment rate will continue to keep markets focused on inflation figures. Whether price pressures rise or fall will determine if more officials conclude that, with interest rates held steady, they cannot uphold their inflation target projections. A moderate inflation report will strengthen the case for keeping rates unchanged, as two consecutive months of moderate data are starting to show a trend rather than noise. Strong data, meanwhile, will call forecasts into question again and give officials opposed to rate hikes a chance to secure a fourth vote in favor of a hike.

5 minutes ago

SpaceX surges over 11% intraday, now trading at $127.96

According to market data from BIT (bit.com), SpaceX extended its intraday rally, surging 11.29% to trade at $127.96. Earlier reports noted that Argus Research and Bernstein have recently lifted SpaceX’s price targets, voicing optimistic outlooks for its stock performance.

5 minutes ago

Pump.fun Launches Social Trading Features

Pump.fun announced the rollout of an upgraded social trading feature in its app, aiming to further boost community engagement and trading experience. The update includes: users can create token alerts to send notifications to all followers; zero-fee trading is supported; and seamless cross-chain transactions using USDC are now available.

5 minutes ago

Losses in the U.S. stock market's semiconductor storage sector widened, with SK Hynix leading the declines.

According to market data from BIT (bit.com), despite today's non-farm payrolls data boosting the market, the US stock memory sector still failed to reverse its downward trend. Micron Technology fell 3.5%, SK Hynix dropped 6%, SanDisk declined 5.2%, Western Digital slipped 5.8%, and Seagate Technology plunged 10%.

5 minutes ago

SpaceX gains nearly 8.5% intraday

According to market data from BIT (bit.com), the SpaceX crypto token extended its intraday rally, gaining nearly 8.5%. In earlier reports, Argus Research and Bernstein have recently raised SpaceX's price targets, expressing optimistic outlooks for its performance.

5 minutes ago

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4 hours ago

According to the latest compiled data on current earn products for major centralized crypto exchanges (CEXs), platforms including HTX, Binance, OKX, and Bitget still structure their stablecoin current yields primarily as "high returns for small amounts, tiered reductions for excess sums". Among these, yields for small tiers of USDT and USDC stand out. For USDT: HTX’s 0–200 USDT tier offers an annualized yield of 10%, which drops to 1.95% for amounts exceeding 200 USDT; Bitget’s 0–300 USDT tier is 6.30%, with excess amounts yielding 1.64%; Binance’s 0–200 USDT tier is 4.63%, and excess amounts yield 1.63%; OKX’s USDT tier yields 2.24%. For USDC: HTX’s 0–200 USDC tier has an annualized yield of 8%, falling to 2.75% for amounts over 200 USDC; Bitget’s 0–300 USDC tier is 6.66%, with excess amounts at 1.36%; OKX’s is 2.46%; Binance’s is 1.96%. For other stablecoins: HTX’s USDT VIP tier offers an annualized yield of 6%–9%, applicable for amounts between 50,000 and 100,000 USDT; Bitget’s USDT VIP 0–300,000 tier is 2.68%, with excess amounts yielding 2.36%. USDE’s displayed annualized yields on HTX and Bitget are tiered at 5% and 3% respectively, plus a 1.00% rate for excess sums; HTX’s USDD yields 4.00%; Binance’s U product’s 0–8,000 tier has an annualized yield of 8.57%, dropping to 0.57% for amounts over 8,000. Overall, current high yields for stablecoin current accounts on major CEXs remain concentrated in small amounts, while yields for large sums have generally declined. When comparing related products, users should not only consider the nominal annualized yield, but also pay attention to tier limits, interest calculation rules, supported currencies, and real-time product availability. The above data are platform-displayed yields and do not constitute investment advice.

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Following the release of non-farm payroll data, the U.S. dollar weakened, Bitcoin surged then pulled back, and gold rose.

Following the release of non-farm payroll data, Bitget’s market data shows the US Dollar Index (DXY) dipped nearly 30 points in the short term to 99.67. Spot gold rallied around $40 in the short term, hitting $4,351.43 per ounce. Per HTX’s market data, Bitcoin saw a short-term spike followed by a pullback, currently trading at $65,078.77.

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After the release of non-farm payrolls data, US stock index futures rallied sharply.

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Japan's Finance Minister has reached a consensus with the US Treasury Secretary that neither side will hesitate to intervene when necessary.

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US July employment shrank more than expected, leaving the Federal Reserve with a policy dilemma.

The U.S. unexpectedly shed 23,000 jobs in July, far below the expected gain of 80,000. June’s job growth was also revised down to just 20,000. Despite the weak labor market, the unemployment rate unexpectedly dropped from 4.2% to 4.1%. This disappointing jobs report has reignited concerns about the labor market and could complicate the Federal Reserve’s interest rate decisions, as policymakers need to balance weak employment against persistent inflation.

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US seasonally adjusted non-farm payrolls fell by 23,000 in July, far below expectations.

US seasonally adjusted non-farm payrolls fell by 23,000 in July, against an expectation of 80,000, while the prior figure was revised from 57,000 to 20,000.

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In brief Arc is a blockchain built by USDC issuer Circle for stablecoin-focused applications. It uses USDC for gas, features a built-in FX engine, and enables opt-in privacy. A public mainnet launch is expected on September 16, 2026, plus an ARC token has been announced. Circle, the company behind the USDC stablecoin, has launched a new blockchain platform called Arc. Unlike blockchains like Ethereum or Solana, Arc is a layer-1 network designed specifically to support stablecoin-based applications.

Stablecoins are tokens whose value is tied to fiat currencies such as the dollar. Arc is Circle’s effort to address the infrastructure challenges that limit the adoption of stablecoins at an institutional scale.

"We've helped enterprises and builders use USDC across dozens of networks,” Rachel Mayer, VP of Product Management at Circle, told Decrypt. “The consistent feedback has been: make costs predictable, settlement finality deterministic, and privacy compatible with real-world obligations.”

This article will explain what Arc is, how it works, and what Circle says sets it apart from other blockchain platforms.

Why Circle built ArcWhile a part of the crypto market for years, stablecoins like USDT and USDC have seen growing interest and adoption following the passage of the GENIUS Act, which President Donald Trump signed into law in July 2025.

However, Circle argues that most existing blockchains were not designed to support stablecoins. Common limitations that Circle points to include:

🎢 Fee volatility ⛓️ Probabilistic settlement with risk of chain reorganizations 🕵️ Lack of privacy controls for sensitive commercial transactions 💧 Fragmented liquidity across multiple chains Circle said Arc addresses these challenges by offering instant and irreversible transaction settlement (known as deterministic finality), predictable fees priced in stablecoins, optional privacy features that support regulatory compliance, and built-in connections to other blockchains and traditional financial systems.

Arc's public testnet launched in October 2025. Circle will open Arc's public mainnet on September 16, 2026. The network is currently in private mainnet with more than 100 ecosystem and institutional builders, and Circle CEO Jeremy Allaire said in August 2026 that the testnet had processed more than half a billion transactions across nearly 3 million wallets.

USDC as native gasBy using USDC, a digital currency backed by real-world assets, Circle aims to eliminate the need for volatile tokens to pay transaction fees. The network can also support other stablecoins as gas via a paymaster system.

According to Circle, Arc’s fee model builds on Ethereum’s EIP-1559 architecture but replaces block-level adjustments with a weighted moving average of network demand. This smoothing mechanism keeps fees low and predictable. Fees are denominated in USDC and directed to an on-chain Arc Treasury.

“Arc's fast finality and native gas coupled with Circle's CCTP and Gateway interoperability service-as-a-stablecoin liquidity hub, enable USDC to move across the blockchain ecosystem freely,” Mayer said. “So builders and users can be on the networks that fit their needs while still tapping Arc’s stablecoin-optimized rails.”

This design enables dollar-based, auditable, and stable fee structures, which Circle said are better suited to financial institutions than speculative token models.

Deterministic settlement and consensusArc’s consensus layer is powered by Malachite, a Byzantine Fault Tolerant (BFT) engine based on Tendermint. Validator selection is currently permissioned and based on operational resilience, geographic distribution, and regulatory compliance. Plans include a transition to a “permissioned” Proof-of-Stake mechanism, according to Circle.

In August 2026, Circle named the founding validator cohort that will secure the network from launch. BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa will run validators alongside Circle itself.

To reduce the chance for abuse, the Circle is developing tools like encrypted mempools, batch transaction processing, and multi-proposer consensus, all aimed at ensuring fairer execution in financial applications.

What runs on Arc at launchCircle has named Aave, Morpho and Uniswap among the DeFi protocols expected on Arc from day one, with Binance Wallet, Chainlink, Fireblocks, Kraken, Ledger, MetaMask and Upbit providing access and infrastructure, and Rain, Thunes and Wirex covering payments.

BlackRock is expected to deploy BUIDL, its tokenized money market fund, on Arc. DTCC will enable tokenization of assets held in its custody on the network, though not until the second half of 2027.

The ARC tokenCircle published the Arc white paper in May 2026, outlining the ARC native token’s role as the “coordination mechanism” of the Arc network as it transitions to a proof-of-stake consensus model.

Under this model, a “permissioned” set of validators produces blocks and maintains the network, with rewards from inflation-funded issuance and fee-derived revenue converted into ARC.

With the Arc network designed as an “holistic platform that will expand over time,” ARC’s role will likewise expand as “new capabilities emerge” in each layer of the stack, including applications, developer kits such as agentic SDKs, and protocol services.

ARC stakers may receive “discounted transaction rates” and “preferential access” from ecosystem partners including Circle’s crosschain transfer operations and stablecoin minting.

The initial supply of ARC tokens will be 10 billion, with issuance of new tokens expected to begin at an annual rate of 2–3%. The long-term objective is “inflation neutrality,” according to the white paper, with the exact timeline dependent on network growth.

Of the initial ARC token supply, 60% is allocated to the ecosystem, to fund developer grants, token sales and other participation mechanisms. 25% is allocated Circle, while 15% will go to a long-term reserve, acting as a buffer against “unforeseen conditions.”

The token has also begun to show up in Circle's accounts. Reporting second-quarter results in August 2026, the company roughly doubled its full-year guidance for other revenue to between $310 million and $330 million, from $150 million to $170 million, attributing part of the increase to recognized revenue from the ARC token presale.

Opt-in privacy for institutionsArc includes a modular privacy system designed to balance compliance with confidentiality. The first feature, confidential transfers, shields transaction amounts while keeping addresses visible. Smart contracts interact with a cryptographic backend via precompiles, using Trusted Execution Environments (TEEs) for private computation.

Institutions can selectively disclose data to regulators or auditors via view keys. Over time, Arc plans to support:

Private state and confidential computation Zero-knowledge proofs (ZKPs) Multi-party computation (MPC) Fully homomorphic encryption (FHE) Circle’s tools connect fiat and USDC across Arc and other blockchains: Mint converts fiat to USDC on Arc, CCTP transfers USDC by burning and reminting it across chains, and Gateway offers chain-agnostic USDC balances with built-in liquidity rebalancing for wallets and apps.

"Arc strengthens the broader multichain ecosystem by unlocking new use cases, partners, and institutional liquidity on-chain," Mayer said. "Builders and users can be on the networks that fit their needs while still tapping Arc’s stablecoin-optimized rails."

Positioning in the blockchain ecosystemArc enters a competitive environment that includes public Layer-1 blockchains such as Bitcoin, Ethereum, and Solana, stablecoin-focused chains like Plasma and Frontier, Layer-2 networks such as Arbitrum and Base, and private or semi-public networks operated by payments firms.

Circle’s differentiator is its existing position in the market as the issuer of USDC, one of the largest stablecoins, and the roster of financial institutions it has signed up to operate the network.

In May 2026, Circle announced a $222 million token presale for ARC, with the token achieving a $3 billion fully diluted valuation. The raise was led by VC firm Andreessen Horowitz with a $75 million investment, with other participants including BlackRock and Apollo Funds.

By building a purpose-specific chain for programmable, compliant financial operations, Arc aims to extend the utility of stablecoins beyond payments and into real-time settlement, tokenization, and global capital.

“Regulatory clarity is often a catalyst for institutional adoption,” Mayer said, adding that Arc is designed to be “enterprise-grade.”

Editor's note: This story was originally published on September 20, 2025 and last updated with new details on August 6, 2026.

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Shares of Circle Internet Group (NYSE:CRCL) fell 3% Thursday after two analysts trimmed price targets following mixed second-quarter results.

Here are the key analyst takeaways:

Check out other analyst stock ratings.

H.C. Wainwright: Colonnese said the market underestimates how hard Circle’s competitive position is to replicate, with the network spanning 35 blockchains and 185 countries backed by 55-plus licenses and 150-plus distribution partners. 

The Coinbase distribution deal renewed with no change to terms, which he called evidence the relationship remains durable.

Revenue came in at $701.3 million against the firm’s $713.1 million consensus estimate, with the miss driven by USDC (CRYPTO: USDC) circulation falling 5% quarter-over-quarter to $73.3 billion.

Management raised 2026 Other Revenue guidance to $310 to $330 million, though Colonnese noted $180 million reflects Arc token pre-sale revenue recognition rather than underlying business acceleration.

The $104 target is based on a 32.0x EV/EBITDA multiple on 2027 estimates.

Needham: Todaro said the quarter missed on revenue but beat on earnings, with diluted EPS of $0.18 topping his $0.16 estimate. 

He devoted significant attention to Arc, calling it potentially bigger than USDC itself as a new operating-system layer for on-chain finance. The Arc token pre-sale raised $242 million, with $180 million recognized as near-100% margin revenue in the second half of 2026.

He also highlighted the Circle Payments Network accelerating to roughly $23 billion in annualized payment volume as of July 31, now spanning 175 financial institutions across 58 countries. The $127 target is based on 28.5x discounted 2028 EV/EBITDA.

Both firms cite the September 16 Arc launch as the single most important near-term event and treat the GENIUS Act’s January 2027 effective date as the more important regulatory anchor over the still-pending Clarity Act.

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Circle’s commercial partnership with Coinbase has been extended through 2029 following the activation of an automatic three-year renewal clause, reaffirming one of the crypto market’s central stablecoin collaborations. The confirmation arrived during Circle’s second-quarter 2026 earnings call, where Chief Financial Officer Jeremy Fox-Geen addressed long-term objectives for the company.

Stablecoin partnership enters next phaseSince August 2023, Circle has served as the sole issuer and operator of USD Coin (USDC) after concluding the Centre Consortium with Coinbase. As part of the arrangement, Coinbase holds a minority equity position in Circle and continues to receive a share of income derived from USDC reserves. Executives indicated that the renewed agreement further positions the Coinbase USDC partnership as a central driver in both companies’ stablecoin strategies.

Circle emphasized that the updated deal does not restrict opportunities for future distribution agreements. The company reported having over 150 partners distributing USDC across exchanges, wallets, payment solutions, and various financial applications.

USDC supply reached $73.3 billion in the second quarter, reflecting a 19% jump from the same period in the previous year. Coinbase currently holds about 30% of total circulating USDC, underscoring the exchange’s continued influence, even as Circle broadens its distribution network. In a market shaped by increasing stablecoin adoption, real-time information is crucial for tracking trends. Products like CryptoAppsy, which require no account creation, combine users’ crypto portfolios with live price updates, multi-currency management, and news filtered to specific holdings. Investors can stay ahead by activating instant price alerts and monitoring key macroeconomic data, including Federal Reserve rates and emergent altcoin listings.

Circle highlighted that USDC’s global distribution network now exceeds 150 partners, reflecting both expanding adoption and the flexibility to form future partnerships without limitations from the renewed partnership with Coinbase.

Financial performance and regulatory developmentsCircle’s total revenue and reserve income increased 7% year-over-year to $701 million. However, the company faced constraints on earnings growth due to lower yields, shifting analyst attention toward profitability rather than just circulation statistics.

JPMorgan expressed concerns that as Circle widens its network, especially with integrations like the Hyperliquid ecosystem, margins could narrow as reserve earnings must be divided with additional partners. This trend highlights the challenge Circle faces in scaling distribution while sustaining financial performance.

By prioritizing capital retention over regular dividends, Fox-Geen explained that Circle aims to reinforce its balance sheet and reinvest in core products and infrastructure, preparing for future shifts in the stablecoin sector.

Circle’s decision not to adopt a quarterly dividend policy is part of its approach to enhancing stability and supporting growth. The company recently secured regulatory approval to establish Circle National Trust, intended to strengthen regulated custody services, while the GENIUS Act is set to introduce broad U.S. stablecoin regulations covering custodianship, audits, reserves, and oversight.

The renewal of the Coinbase USDC partnership provides clarity for institutional and retail market participants concerned about stablecoin stability and regulatory transparency. Investors are expected to closely track USDC adoption, profitability, compliance costs, and strategic execution as U.S. stablecoin rules continue to evolve.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

The "Big Short" Michael Burry shorted Oracle at $144.63.

Michael Burry, the real-life inspiration behind *The Big Short*, disclosed his latest holdings: he shorted Oracle at $144.63 and Nebius at $211.77.

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OpenAI: Free users will receive unlimited text chat capabilities, and the company will update its GPT-5.6 Sol model.

OpenAI announced that ChatGPT will update GPT-5.6 Sol for Plus and Pro users, making responses more focused, factually reliable, and cutting unnecessary formatting and details. The model will support both instant answers and deep reasoning, with users able to adjust the level of thinking allocated to each response via a new slider. In internal evaluations of financial, medical, and legal queries, OpenAI found that compared to GPT-5.5 Instant, GPT-5.6 Luna reduced responses with at least one factual error by roughly 62%, while GPT-5.6 Sol saw a 68% drop. GPT-5.6 Luna will become the default model for Free and Go users this week. Starting next week, free users will get unlimited text chats and can handle queries requiring deeper reasoning via a new "Think" button, though they will remain subject to anti-abuse rules; file uploads, image tools, and other features will stay restricted. This update only applies to ChatGPT’s daily conversation experience—GPT-5.6 Sol used in Work and Codex will not be adjusted in this rollout.

3 hours ago

Proposed Iran-Oman Strait Agreement Faces Dual Hurdles: US Sanctions and Insurance Barriers

According to a Reuters report, four industry sources stated that a proposed agreement between Iran and Oman would grant Tehran control over vessels entering the Gulf via the Strait of Hormuz, but the deal faces implementation hurdles due to U.S. sanctions and restrictive insurance provisions governing any payments. Any toll measures would trigger significant compliance risks, as the U.S. has sanctioned Iran’s Persian Gulf Strait Administration, the entity operating the waterway. The U.S. Treasury also bans U.S. individuals and entities from accepting services related to "safe passage" offered by the Iranian government. Industry sources added that any such payment could result in asset freezes. Another complicating factor is a clause introduced by the Lloyd’s Market Association at the end of July for war risk underwriters: under this clause, insurance coverage would be terminated if a vessel pays transit fees, passage charges, or other fees to traverse the Strait of Hormuz. An insurance industry source noted that shipping companies are caught in a dilemma: the Lloyd’s Market Association clause prohibits insurers from providing coverage to shipowners making such payments, while Iran seeks to collect passage fees. (Jinshi)

3 hours ago

Amid Shiba Inu's price rebound, high win-rate buyers have stepped in, with a whale boasting a perfect 5-0 trading record opening a long position worth $4.78 million.

According to TradingBeats (formerly Hyperinsight) monitoring, the whale address 0x9bb — which profited from all 5 prior storage trades and twice transferred approximately $7.537 million back to its spot account — deposited 2.393 million USDC into Hyperliquid last night. Less than a minute after the funds arrived, the address began going long on SNDK, purchasing a total of 3,800.84 contracts within 4 minutes for a transaction value of around $4.783 million, with an average entry price of $1,258.5. As of press time, the whale holds a $4.853 million long position in SNDK with 2x isolated margin, the only position in its account. SNDK is currently trading at $1,276.8, with the position showing an unrealized profit of roughly $69,600, a return of ~2.9%, a liquidation price of $662.1, and no open orders set. Last night, SNDK hit a low of $1,168.3 before rebounding to $1,276.8, a ~9.3% rise from the low, but still down ~10.5% from the previous day’s benchmark price. The whale did not enter at the lowest point, but re-opened its position after the rebound had already started. Since starting trading in late July, this address has only traded storage assets, with all 5 completed directional trades turning profitable: - SNDK long: ~$1.374 million profit; - SKHX long: ~$785,000 profit; - SNDK short: ~$662,000 profit; - MU short: ~$309,000 profit; - SKHY short: ~$184,000 profit. SNDK’s 24-hour trading volume is approximately $936 million, open interest stands at ~$161 million, and its hourly funding rate is about +0.000625%.

3 hours ago

MetaMask officially launches Agent Wallet, supporting AI agents to autonomously execute on-chain transactions.

MetaMask has officially launched Agent Wallet, a self-custody AI agent wallet for traders and developers. Users can connect to agent frameworks including Claude Code, Codex, and OpenClaw, allowing agents to execute on-chain operations within preset rules. Agent Wallet supports Hyperliquid, as well as EVM-compatible chains such as Robinhood Chain and Monad. Agents can also perform ERC-7821 batch swaps and one-off transactions, eliminating the need to hold native on-chain tokens for gas fees, with MetaMask settling network costs from transferred assets. Before executing supported EVM transactions, MetaMask provides transaction simulation, threat scanning, and MEV protection. Eligible transactions that incur losses despite passing security checks are covered by up to $10,000 in monthly transaction protection. MetaMask stated that Agent Wallet’s core is to enable AI agents to execute transactions within permission boundaries set by users, rather than granting them unrestricted wallet access.

3 hours ago

Stripe is in exclusive negotiations to acquire OpenRouter, with the deal valued at approximately $10 billion.

According to a report from The Information, fintech firm Stripe is in exclusive acquisition talks with AI model aggregation platform OpenRouter, with a valuation of approximately $10 billion. Sources familiar with the matter revealed that OpenRouter had previously received acquisition interest from multiple large tech companies, but Stripe has now entered the exclusive negotiation phase. The deal has not yet been finalized, and its specific terms may still change. Founded in 2023, OpenRouter positions itself as an AI infrastructure platform connecting users with multiple large language models, allowing developers to call AI models from providers including OpenAI, Anthropic, and Google via a unified interface, and select different models based on performance, price, and availability. If completed, the transaction will become one of Stripe’s key strategic moves in the AI field in recent years. Stripe has historically focused on payment infrastructure, financial services, and enterprise software, and acquiring OpenRouter may further drive its expansion into the AI developer infrastructure sector.

3 hours ago

KuCoin Pay, the cryptocurrency payment platform operated by KuCoin, has introduced KuCoin Gift Card, a digital solution that enables businesses to distribute USDT and USDC via digital gift cards.

Expanded distribution for businessesThe new KuCoin Gift Card service supports bulk issuance and API integration, aiming to streamline the distribution of digital assets for various business needs. Companies can use the platform for activities such as customer rewards, promotional campaigns, employee incentives, and community engagement.

KuCoin, an international crypto exchange based in Seychelles, stated that the gift card tool allows organizations to distribute stablecoins to customers, partners, employees, and community members. By redeeming gift cards through KuCoin, recipients can quickly receive USDT or USDC into their accounts, making stablecoin distribution less complex for businesses.

The platform has been designed to address operational challenges associated with stablecoin transfers at scale, further enabling companies to use digital assets as part of their usual commercial activity.

Recipient flexibility and ecosystem integrationAfter redeeming their cards, recipients can hold, transfer, or spend the received digital assets within the KuCoin ecosystem. This flexibility aligns with KuCoin’s push to expand practical use cases for digital assets among businesses and users.

Alicia Kao, Managing Director of KuCoin, emphasized the evolving role of crypto payments in everyday economic activity and pointed to the service’s flexibility for businesses. She explained,

“The next phase of crypto adoption will be driven not only by how people trade digital assets, but by how easily they can exchange and use them in everyday economic activity… KuCoin Gift Card transforms crypto distribution into a simple, scalable experience for businesses while connecting every transfer to broader utility across the KuCoin ecosystem. By combining KuCoin Pay’s merchant infrastructure with KuCoin’s broader ecosystem, we are building a more complete value loop across sending, receiving, and using digital assets—making crypto more practical for businesses and more accessible to users.”

KuCoin Pay’s latest development intends to offer firms more effective ways to include digital asset distribution in their customer acquisition strategies, loyalty programs, and workforce rewards. API integration allows for seamless and automated issuance of gift cards, further reducing the time and effort needed by businesses.

Mini dictionary: KuCoin Pay is the proprietary payment and digital asset transfer platform by KuCoin, one of the world’s leading crypto exchanges. KuCoin Gift Card is its latest feature, designed specifically for business distribution of stablecoins.

Growing role of stablecoins in commerceKuCoin suggested that the introduction of KuCoin Gift Card extends KuCoin Pay’s reach as infrastructure for payment and digital asset distribution. The company expects the demand for business-grade stablecoin solutions to grow, especially as USDT and USDC gain wider adoption in global commerce.

With the enhanced ability to distribute stablecoins more efficiently, KuCoin aims to lower barriers for businesses integrating digital assets into their day-to-day operations. The launch addresses both the need for compliance and the operational streamlining required by institutions managing digital assets for a large user base.

FeatureKuCoin Gift CardTraditional Crypto TransferSupported AssetsUSDT, USDCVariousBusiness UseBulk issuance, API integrationManual or single transactionsRedeeming ProcessDigital gift card on KuCoinWallet-to-wallet transferTarget AudienceBusinesses, campaigns, employees, communitiesIndividuals, tradersBy launching this solution, KuCoin’s payment arm takes a further step toward accommodating a broader range of digital asset use cases beyond standard trading.

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 Internet Group said on Aug. 5 that its Coinbase USDC agreement had renewed on existing terms, keeping the stablecoin at the center of the U.S. exchange’s products. 

Summary

Circle renewed its Coinbase USDC agreement on existing terms for three additional years through 2029. USDC circulation reached $73.3 billion, rising 19% from the same quarter last year despite weakness. Circle generated $701 million in quarterly revenue and reserve income, up 7% year over year. Circle rejected quarterly dividends, favoring reinvestment in products, distribution partnerships and strategic opportunities over payouts. Coinbase held 30% of USDC circulation on its platform at the quarter’s end in June. Circle confirmed the renewal during its second quarter 2026 earnings call.The agreement’s initial term began in August 2023. Circle’s collaboration agreement filed with the Securities and Exchange Commission provides for automatic three year renewals when both companies continue meeting their contractual obligations. The latest renewal therefore extends the arrangement into 2029.

Chief Financial Officer Jeremy Fox Geen also said Circle had no plan to introduce quarterly dividends. Management intends to retain capital for products, infrastructure and other strategic opportunities rather than begin regular shareholder payouts.

Circle Renews Coinbase USDC Deal, Rules Out Quarterly Payouts

Circle said it has renewed its partnership with Coinbase on existing terms, preserving USDC’s central role across the exchange’s product ecosystem while continuing to pursue distribution agreements with other… pic.twitter.com/sAKL1twmJ7

— Wu Blockchain (@WuBlockchain) August 6, 2026 Circle and Coinbase preserve their USDC economics Circle and Coinbase established their current commercial arrangement on Aug. 18, 2023, after closing the Centre Consortium structure that had previously governed USDC. Coinbase received a minority ownership interest in Circle, while Circle assumed sole responsibility for issuing and governing USDC.

Under the filed collaboration agreement, Coinbase supports USDC across its products and receives payments linked mainly to income earned from the assets backing the stablecoin. Circle retains an issuer allocation before the remaining income is divided according to where USDC balances are held. Coinbase also receives part of the reserve income generated by USDC held outside either company’s platform.

The arrangement makes Coinbase more than an exchange listing USDC. Circle reported that 30% of USDC circulation was held on Coinbase’s platform at the end of the second quarter. By comparison, Circle held $12.4 billion, or 17% of circulation, within its own platform infrastructure.

USDC circulation reached $73.3 billion at quarter end, up 19% from a year earlier. Circle’s total revenue and reserve income rose 7% to $701 million, although a lower reserve return rate offset part of the benefit from circulation growth.

New partners can still join the USDC network The renewed Coinbase USDC agreement does not prevent Circle from signing other distribution arrangements. Circle said it had more than 150 partners with economic incentives to integrate, distribute and support USDC across exchanges, wallets, payment applications and financial platforms.

Circle and Coinbase have also cooperated on third party agreements. Circle moved about $4.4 billion in USDC to a Coinbase linked address through HyperEVM after Coinbase became Hyperliquid’s USDC treasury deployer. Arkham described it as the largest recorded USDC transfer at the time.

Circle later said approximately 90% of Hyperliquid’s USDC was held within Coinbase’s platform at the end of the quarter, while around 10% remained on Circle’s platform. However, management declined to disclose how the three companies divide the associated reserve income.

In related coverage, JPMorgan warned that the Hyperliquid agreement could pressure Circle and Coinbase’s margins. The bank’s estimates are external forecasts and not figures confirmed by either company.

Circle rejects quarterly dividends to fund growth Fox Geen said Circle wanted to maintain a strong balance sheet that could support investment during different market conditions. He also said retained capital would allow the company to pursue strategic opportunities when they arise.

Circle believes shareholder returns from reinvesting in its platform will be “far greater” than returns from quarterly dividends, according to Fox Geen.

The claim is forward looking and is not a guaranteed return. Product execution, interest rates, regulation, competition and distribution expenses will determine whether the strategy produces the outcome management expects.

The position is consistent with Circle’s latest annual report. The company said it had not declared or paid cash dividends and did not expect to do so in the foreseeable future. Its board may still reconsider the policy based on Circle’s financial condition, capital requirements and other business factors.

For U.S. investors, the decision confirms that Circle continues to present itself as a growth company rather than an income stock. Circle began trading on the New York Stock Exchange in June 2025 after pricing its initial public offering at $31 per share.

U.S. regulation strengthens Circle’s investment case Circle’s capital allocation decision comes as it invests in regulated U.S. infrastructure. In July, the company received final approval from the Office of the Comptroller of the Currency to establish Circle National Trust.

As previously reported, Circle National Trust will initially provide custody services to Circle and its affiliates. Its approved plan may later support institutional custody and management of assets backing USDC, although Circle has not confirmed when those services will begin.

The OCC is also developing rules to implement the GENIUS Act. Its proposed stablecoin framework covers reserves, redemption, custody, capital, audits, supervision and issuer applications. Circle therefore faces continued compliance spending as the federal system moves from legislation toward operating rules.

Meanwhile, distribution remains one of Circle’s largest expenses. The company recorded $330.6 million in Coinbase related distribution costs during the first quarter of 2026, compared with $303.2 million a year earlier. Circle said these expenses could increase as reserve income grows and it adds more distribution partners.

Circle reported $460.6 million in distribution and transaction costs during the fourth quarter against $733.4 million in reserve income. Those figures show why investors monitor not only USDC circulation, but also how much reserve income Circle retains after paying major partners.

What happens next The renewal removes an immediate source of uncertainty surrounding Circle’s most important commercial relationship. Investors will now watch future SEC filings for any additional disclosure about the renewed term, distribution costs or changes to the agreement.

Circle’s dividend policy could also change later, but only through a future board decision. For now, management plans to direct available capital toward USDC distribution, regulated infrastructure, payments and new products rather than quarterly payouts.

Circle Internet Group (NYSE: CRCL) saw its shares jump by 5% during pre-market hours on Wednesday, 5th August. The stock of the USDC stablecoin issuer surged following strong profits beyond analysts’ forecasts, despite falling short on revenue targets. 

The issuer reported 7% annual revenue growth of $701M, but this slightly fell short of analysts’ expectations of $713M. However, it posted adjusted earnings of 18 cents, surpassing analysts’ forecast of 16 cents.

In particular, the firm’s US dollar-backed stablecoin, USDC, saw strong growth. The stablecoin ended Q2 at $73.3B in supply, marking a 19% growth year-over-year (YoY) while USDC on-chain transfer volume increased by 150% to $14.8 trillion. 

Commenting on the results, Circle CEO Jeremy Allaire said,

Our quarterly financial results reflect the current ⁠rate environment and a crypto market that has slowed – both are conditions outside our network. But near-term activity tells a different story.

Circle’s bet on Arc blockchain and tokenization The report also shed light on the firm’s Arc blockchain. Circle said that over 100 institutions and firms, including BlackRock, BNY Mellon, DTCC and Standard Chartered, have been building on the chain designed for tokenized assets, payments, and an agentic economy.  

The chain is expected to debut publicly on 16th September. 

Besides, the firm scored some wins on the licenses front; a federal one from OCC to operate a national trust bank and a state-level one from New York. 

Another positive note that was not captured by the report was its growing moat in Euro-based stablecoins. According to Token Terminal data, the issuer now controls 65% of the Euro-pegged stablecoin market, thanks to its EURC product. 

Only Paris-based Société Générale came in second at 16% market share. 

Source: Token Terminal In terms of supply growth, however, the EURC only increased by 0.11% YoY and had a $455.8M market cap. Most of the supply was concentrated on Ethereum, Solana, and Base. 

The increasing moat in the Eurozone was partly due to Tether bowing out of the market. Tether decided not to apply for a MiCA license, claiming that the rules were risky and designed to protect the upcoming digital Euro. 

Analysts go bullish on Circle stock Here, it’s worth pointing out that Morgan Stanley downgraded the CRCL stock with a bearish price target of $38, implying a 39% downside from the current $63.5. According to the wirehouse, slow USDC supply growth and competition in tokenized money market funds could affect Circle’s revenue. 

Even so, the analysts’ consensus target was $104, hinting at a 64% upside potential. In fact, Bernstein projected that CRCL stock could rally as high as $140.

Source: Market Beat  Final Summary Circle posted $701M in revenue in Q2 2026, slightly missing analysts’ target of $713M. Despite Morgan Stanley’s bearish call, analysts’ consensus projected a 64% upside potential. 

Pre-market US stocks in the storage, optical communications, and semiconductor sectors are all down, with Western Digital falling over 16% and SanDisk dropping more than 11%.

According to market data from BIT (bit.com), U.S. stocks were in pre-market trading on Thursday, with storage stocks, optical communications, and semiconductor stocks all declining. The storage sector led losses: Western Digital (WDC) fell 16.06%, SanDisk (SNDK) dropped 11.09%, SK Hynix (SKHY) decreased 7.01%, Micron Technology fell 5.79%, and Seagate Technology (STX) declined 5.57%. Most semiconductor stocks trended lower: Marvell Technology (MRVL) fell 2.14%, Intel (INTC) dropped 1.89%, and Arm (ARM) decreased 1.85%. All optical communication concept stocks saw declines: Applied Optoelectronics (AAOI) fell 1.66%, Credo (CRDO) dropped 1.45%, and Astera Labs (ALAB) decreased 1.37%.

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Coinbase started rolling out 24/5 trading in nearly 4,000 US stocks for eligible UK users, letting them buy and sell American equities. The crypto exchange begins a phased launch today, with zero-commission trades, fractional shares from as little as £1, and instant funding via GBP or USDC.

Coinbase positions the move as a step toward its “Everything Exchange” vision and claims it is the first crypto-native app to offer U.S. equities in the UK.

Stock Trading Is Now Available on Coinbase for UK Users In an official announcement on August 6, Coinbase revealed the 24/5 stock trading rollout to all users in the UK. Eligible UK customers can buy, sell, and hold US stocks alongside crypto and fiat in the same app.

“We see a future where the divide between how an investor manages traditional investments and digital assets disappears,” said the crypto exchange.

The trading hours extend beyond the normal hours, with zero commission and fractional shares. Users can start trading stocks with as little as £1. However, fractional trading is not available outside of normal US trading hours.

The orders will get routed through Coinbase Capital Markets and cleared and settled by a third party. Users can fund positions directly with GBP and USDC. Moreover, Coinbase One members will earn uncapped rewards on their USDC balances.

Coinbase UK CEO Keith Grose highlighted features such as 4000 US equities including top AI companies. He added that more features are coming soon.

UK users now have one place for stocks + crypto!

Excited for this @coinbase launch with a top offering:
– 24/5 trading hours
– Zero commission
– Start with £1 with fractional shares
– 4,000 US equities including top AI companies
– Trade in GBP or USDC (+ uncapped USDC rewards… https://t.co/yI57EGiBDF

— keith grose 🇬🇧🇺🇸 (@kmgrose) August 6, 2026

The launch comes after Coinbase secured a MiFID investment services license from the Financial Conduct Authority. This enabled UK users to trade derivatives and equities alongside crypto assets.

For investors interested in how digital assets are bridging traditional markets, choosing one of the best exchanges for tokenized stocks can unlock seamless multi-asset trading portfolios.

COIN Stock Price Surges Coinbase stock (COIN) showed modest gains during the premarket trading hours on Thursday. COIN stock closed 0.56% lower at $149.89 on Wednesday, with a high of $153.99.

The stock trading expansion in the UK continues Coinbase’s push to diversify beyond pure crypto trading volume into a multi-asset platform. Coinbase stock price prediction warned about a drop to $139 as JPMorgan CEO Jamie Dimon highlighted market risks amid high leverage.

Meanwhile, Coinbase CEO Brian Armstrong urged Senators to pass the Clarity Act after Senator Josh Hawley publicly announced plans to vote ‘No’ on the current crypto bill version that raised concerns for banks.

“You have to evaluate the proposal on the merits, and see if there is any evidence for such a claim,” Brian Armstrong told Senator Josh Hawley.

13h05 ▪ 5 min read ▪ by Evans S.

Summarize this article with:

Circle generated $701 million in revenue in the second quarter of 2026. This annual growth of 7% is mainly based on the expansion of USDC. The stablecoin circulates more and processes many more transactions, even though falling rates gradually reduce the yield on reserves.

In brief Circle generates $701 million in revenue in the second quarter of 2026. The volume of USDC transactions jumps 151% to $14.8 trillion. The decline in reserve yields remains the main risk for the group. USDC remains the main financial driver of Circle Circle’s business model still largely depends on the assets that guarantee USDC parity. This dependency explains why the company seeks to strengthen its regulatory status with its project for a fiduciary bank dedicated to USDC. In the second quarter, revenues from reserves reached $668 million, over 95% of the total published.

These revenues increased by 5% year-on-year. The rise mainly comes from a 25% increase in the average outstanding USDC, raised to $76.5 billion. At the end of the quarter, 73.3 billion USDC remained in circulation, an annual growth of 19%.

This growth was however slowed by the decrease in reserve yields. It fell to 3.5%, down 66 basis points. Circle therefore earns more thanks to the increase in the number of USDC in circulation, but each dollar placed in its reserves yields less than a year ago.

The crypto company also returned to profitability. The net income from continuing operations reached $48 million, an annual improvement of $530 million. This jump mainly reflects the disappearance of many exceptional expenses linked to the 2025 IPO. Adjusted EBITDA increased more modestly by 8%, to $143 million.

Crypto transactions grow much faster than supply The most spectacular figure does not come directly from revenues. The quarterly volume of USDC transactions jumped 151% to reach $14.8 trillion. Activity is therefore increasing much faster than the quantity of tokens in circulation.

This difference indicates that USDC moves more quickly between wallets, platforms, DeFi applications, and payment infrastructures. The stablecoin no longer serves only to temporarily store funds waiting for a new opportunity in the crypto market. It becomes a tool for settlement, transfer, and treasury management.

The integration of USDC by Standard Chartered illustrates this institutional evolution. Companies can use the stablecoin to move liquidity on blockchains while maintaining traditional banking procedures. Circle thus benefits from new distribution channels without having to build each gateway with traditional finance alone.

During the quarter, Circle created 83 billion USDC and destroyed 87 billion following redemption requests. The number of wallets holding more than $10 increased by 24%, to 7 million. Its market share of dollar-backed stablecoins remains close to 27%, despite a slight decline of 66 basis points.

Circle must now reduce its dependence on rates The results show a stronger company, but still exposed to central bank decisions. When rates fall, Treasury bonds and other safe assets that make up reserves yield less. USDC growth must then offset this pressure to maintain revenues.

Circle is therefore attempting to broaden its model. Its subscription and service revenues grew 41%, but they still represent only $34 million. The group is also preparing the public launch of Arc, its blockchain intended for programmable payments, tokenized assets, and institutional uses.

This diversification could transform Circle into a comprehensive financial infrastructure rather than a simple stablecoin issuer. However, it requires significant investments in products, artificial intelligence, and security. Adjusted operating expenses increased 23% during the quarter.

The paradox remains clear. The stablecoin market is experiencing its worst contraction since the Terra collapse, even as their transactional use continues to accelerate. Circle benefits precisely from this shift. Its future will depend less on the number of USDC held passively than on their actual circulation in the crypto economy. The $701 million for the quarter demonstrate the power of the current model. They also show why Circle must quickly build revenues less sensitive to interest rates.

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Evans S.

Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Dividends on Dinari's dShares now pay out natively in USDC, while 24/7 trading and T+0 settlement remain future capabilities the company says depend on regulatory requirements.

Dinari opened tokenized U.S. stock trading to U.S. investors on Tuesday, saying 724 tokenized U.S. stocks and ETFs — including every company in the S&P 500 — can now be bought with USDC from self-custody wallets by eligible investors in the United States.

The company said it is the first platform to make the 724 tokenized stocks available to both eligible U.S. investors and U.S. businesses, with purchases settled in USDC through a partnership with Circle and broker-dealers able to license Dinari's API-based infrastructure to offer the products to their own customers.

Avalanche said the tokens are live on its C-Chain through the Dinari Trading App. Dinari said it currently supports Ethereum, Avalanche, Arbitrum and Base, and will expand to Sei and Solana. Alongside its own app, the company named Monaco, Eldora, Kredete, Yield.xyz, Liminal, Para, Privy and Axal as launch partners.

Backed by Securities in CustodyThe tokens, branded dShares, are backed by corresponding underlying securities held in qualified custody, according to Dinari. The company said they are designed to preserve the rights and protections of traditional stock ownership, including execution at the national best bid and offer, voting rights, cash dividends, corporate actions and ownership of the backing security.

The U.S. launch adds native USDC dividend support, so holders receive dividend proceeds directly in the stablecoin rather than in cash off-chain.

Access is restricted. Dinari's disclosures state that tokenized securities and dShares are securities subject to U.S. federal securities laws and that its products are available only to eligible investors, subject to eligibility, onboarding and jurisdictional requirements.

Broker-Dealer ApprovalThe launch follows the broker-dealer approval The Defiant reported in June 2025, when Dinari said its U.S. offerings would go live in the following months. FINRA's BrokerCheck lists Dinari Securities, LLC as an active broker-dealer with SEC number 8-71215, no disclosures and a last FINRA approval date of June 20, 2025, at 260 Madison Avenue in New York.

Dinari said continuous 24/7 trading, T+0 settlement, collateralized lending and margin, and automated portfolio management could be supported "over time," subject to applicable regulatory requirements, product development and implementation.

Dinari said dShares already reach investors in more than 85 jurisdictions through fintechs, exchanges, neobanks and web3-native platforms. The company framed the U.S. launch as joining two pools of capital, citing more than $75 trillion in U.S. equity market capitalization and a stablecoin market above $307 billion.

Key Highlights Table of Contents

Key HighlightsStablecoin Expansion Drives Q2 Financial PerformanceArc Network Rollout Strengthens Institutional PositioningPayment Infrastructure and Regulatory Wins Accelerate GrowthGet 3 Free Stock Ebooks Circle’s Q2 revenue increases 7% year-over-year as USDC circulation hits $73.3 billion. Quarterly onchain transaction volume for USDC jumps 151% to reach $14.8 trillion. Arc public mainnet scheduled for September 16 launch with leading financial institutions as validators. Company receives federal and New York trust charters for digital asset custody services. CRCL shares decline 0.41% despite positive quarterly performance and institutional momentum. Circle (CRCL) shares declined 0.41% to close at $62.99 even as the company posted solid second-quarter results driven by USDC expansion and institutional adoption. The stablecoin issuer reported revenue gains, increased network activity, and significant progress in its blockchain infrastructure initiatives. Trading saw early gains evaporate during morning hours before shares stabilized in afternoon trading.

Circle Internet Group, CRCL

Stablecoin Expansion Drives Q2 Financial Performance Circle posted $701 million in combined revenue and reserve income for the second quarter, representing 7% growth versus the prior year period. Reserve income totaled $668 million, supported by a 25% year-over-year increase in average USDC circulation. However, declining reserve return rates tempered what otherwise would have been stronger income expansion.

The quarter closed with USDC circulation standing at $73.3 billion, up 19% from the same period last year. Onchain transaction volume surged dramatically, climbing 151% to $14.8 trillion across all supported blockchain networks. Circle’s meaningful wallet count reached seven million, showing 24% annual growth.

The company swung to a profit of $48 million in net income from continuing operations, compared to a substantial loss in the year-ago quarter. Much of this improvement stemmed from reduced stock-based compensation expenses following Circle’s 2025 public market debut. Adjusted EBITDA grew 8% to $143 million, benefiting from higher reserve income generated by expanding circulation.

Arc Network Rollout Strengthens Institutional Positioning Circle announced that Arc’s public mainnet will go live on September 16, featuring privacy capabilities and programmable finance infrastructure. The platform is designed to facilitate tokenized real-world assets and agent-driven payment solutions. Over 100 institutional participants and ecosystem developers are currently building applications for the network.

Arc’s founding validator group includes prominent names such as BlackRock, DTCC, Galaxy, Mastercard, Visa, ICE, and Standard Chartered. These institutions will play critical roles in network security while developing settlement infrastructure and digital asset solutions. BlackRock has announced intentions to deploy its BUIDL tokenized liquidity fund natively on the Arc network.

DTCC is working to enable tokenized asset support through its securities custody platform. BNY, Standard Chartered, and additional financial institutions are exploring various use cases including custody services, settlement mechanisms, and stablecoin integration. These collaborations position Circle strategically within both traditional finance and emerging blockchain-based capital markets.

Payment Infrastructure and Regulatory Wins Accelerate Growth Circle broadened USDC availability through new partnerships with BNY, JCB, Nium, Grupo Bind, and Standard Chartered. These collaborations focus on custody solutions, cross-border payment rails, local currency conversion, and institutional-grade stablecoin services. Kakao Group has also begun evaluating USDC payment infrastructure for deployment in South Korea.

Circle Payments Network achieved $14.7 billion in annualized transaction volume by the end of the quarter. This represents a 76% sequential increase from the prior quarter, while the number of participating institutions grew 29% to reach 175. The platform also saw significant adoption for agent payments, with USDC settling 99.3% of x402 transaction volume.

On the regulatory front, Circle received approval for Circle National Trust, granting the company a national trust bank charter from federal regulators. New York state regulators simultaneously approved Circle New York Trust as a limited-purpose digital asset company. These dual approvals lay groundwork for expanded custody operations and potential future management of USDC reserve assets.

@circle posted $701 million in total revenue and reserve income for the second quarter of 2026, narrowly missing the average Wall Street consensus of $713.32 million. Despite the shortfall, the underlying $USDC network metrics told a more expansive story.

USDC growth powers ahead $USDC in circulation reached $73.3 billion at quarter end, up 19% year over year, while onchain transaction volume surged 151% to $14.8 trillion. Reserve income of $668 million increased 5% year over year, driven primarily by 25% growth in average $USDC in circulation, partially offset by a 66 basis point decline in the reserve return rate.

Net income from continuing operations came in at $48 million, up $530 million year over year, driven by prior-year IPO stock-based compensation impacts. Adjusted EBITDA of $143 million grew 8% year over year. Despite the earnings miss, Circle shares increased more than 5% in premarket trading.

Arc blockchain heads to public mainnet on September 16 Arc is currently in private mainnet with more than 100 ecosystem and institutional builders and is on track for a public mainnet launch on September 16, 2026. BlackRock, DTCC, Galaxy, Global Payments, ICE, Mastercard, MoneyGram, SBI Group, Standard Chartered, Sumitomo Corporation and Visa will secure the network alongside Circle as founding validators.

The September 16 public mainnet launch will unveil a full product suite that includes privacy capabilities, an agent stack for programmable finance, and support for tokenized real-world assets. BlackRock is expected to deploy BUIDL, its tokenized money market fund, on Arc, while DTCC will enable tokenization of assets it custodies, though not until the second half of 2027.

Circle also launched its Agent Stack in May 2026, currently home to 900+ paid services, with 99.3% of x402 agent-payment volume settling in $USDC. The combination of surging onchain volume, a growing institutional validator base, and the imminent Arc launch gives Circle a broader growth narrative even as its top line faces pressure from the current rate environment.

Sources:
Circle Q2 2026 Official Press Release (Circle.com)
Circle Q2 Revenue Narrowly Misses Wall Street Estimates (CoinTelegraph)
Circle Taps Visa, Mastercard and BlackRock as Arc Validators (Decrypt)

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.

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Circle reported $701 million in second-quarter 2026 total revenue and reserve income, up 7% year over year, while adjusted EBITDA increased 8% to $143 million and net income reached $48 million, the company said Wednesday.

The stablecoin issuer said USDC in circulation exceeded $73 billion at quarter-end, up 19% year-over-year, while USDC onchain transaction volume surged 151% to $14.8 trillion.

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The company said the Circle Payments Network reached $14.7 billion in annualized transaction volume across 175 financial institutions, while its Agent Stack exceeded 900 paid services, with nearly all x402 agent-payment volume settled in USDC.

Circle also outlined major product and institutional milestones. Arc, its new layer 1 blockchain, now has more than 100 builders ahead of its September 16 mainnet launch and will debut with privacy features, AI-powered agent infrastructure, and support for tokenized real-world assets.

The firm announced founding validators including BlackRock, DTCC, Visa, Mastercard, Galaxy, Standard Chartered, ICE, MoneyGram, SBI Group, Sumitomo Corporation, and Global Payments, while confirming that BlackRock’s BUIDL fund and DTCC’s tokenization infrastructure are expected to integrate with the network.

Circle also expanded its USDC adoption through partnerships with BNY, Standard Chartered, Nium, JCB, Grupo Bind, Kakao Group, and Marex during the quarter. Other highlights include regulatory approval to establish Circle National Trust from the US Office of the Comptroller of the Currency and Circle New York Trust from the New York Department of Financial Services.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Circle Releases Q2 2026 Financial Results: USDC Circulation Hits $73.3B, Up 19% YoY; On-Chain Volume Surges 151% Circle announced its Q2 2026 financial results, showing that as of the end of the second quarter, USDC’s circulating supply reached $73.3 billion, a 19% year-over-year (YoY) increase; USDC on-chain transaction volume for the quarter stood at $14.8 trillion, up 151% YoY. The company’s Q2 total revenue and reserve income amounted to $701 million, rising 7% YoY; adjusted EBITDA was $143 million, an 8% YoY growth; net profit from continuing operations reached $48 million, a YoY increase of $530 million. In business developments, Circle announced that the Arc public blockchain will launch its mainnet on September 16, with institutions including BlackRock, DTCC, Galaxy, Mastercard, Visa, and Standard Chartered serving as network validators. BlackRock plans to deploy its BUIDL fund on Arc, while DTCC will support the tokenization of DTC-custodied assets on the network. Additionally, Circle has obtained final approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Circle National Trust, a national trust bank, making it one of the first stablecoin issuers to secure a U.S. federal banking license. It also received approval from the New York State Department of Financial Services (NYDFS) to set up Circle New York Trust. Circle Payments Network (CPN) saw its annualized transaction volume rise to $14.7 billion over the past 30 days, a 76% quarter-over-quarter (QoQ) increase, while the number of connected financial institutions grew to 175, up 29% QoQ.

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MicroStrategy officially announced its ambition: aiming to become the world's most valuable company, with Michael Saylor urging "Think ₿igger"

Strategy has released a video titled "Strategy's Ambition is to be the World's Largest Company In terms of market cap", stating its goal to become the world's largest company by market cap by holding the most capital (BTC), issuing the strongest credit (STRC), and creating the best equity (MSTR). Founder Michael Saylor remarked, "Think ?igger." Strategy plans to issue STRC to support its digital credit business, which will help generate higher-quality MSTR equity. This equity, in turn, will enhance the company’s ability to accumulate more BTC, forming a triple flywheel that continuously increases the number of BTC per share. Its core targets include achieving a 30% BTC annualized rate of return (ARR), selling digital credit equivalent to 10-20% of its BTC reserves annually, and doubling its Bitcoin Per Share (BPS) metric within 7 years through its digital credit operations.

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Strategy has expressed its ambition to become the world's largest company by market capitalization.

Strategy has released a video titled "Strategy's Ambition is to be the World's Largest Company In Terms of Market Cap", outlining its goal to become the world’s largest firm by market capitalization through three core pillars: holding the most capital (Bitcoin, BTC), issuing the strongest credit instrument (STRC), and creating the best equity (MSTR). Founder Michael Saylor emphasized: "Think ?igger." The company plans to issue STRC to back its digital credit business, which will help generate stronger MSTR equity—enhancing Strategy’s ability to accumulate more BTC and ultimately drive a continuous increase in the number of bitcoins per share.

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Coinbase Releases Q2 Solana Validator Performance Report: Its APY outperformed the overall network by 14 basis points, and its block skip rate was only one-quarter of the network average.

Coinbase released its Q2 2026 Solana Validator Performance Report, disclosing key metrics for its Solana staking operations. As of the end of Q2, Coinbase staked a total of 41.63 million SOL across 23 validators in 7 countries, accounting for 9.72% of the network’s total staked SOL. In terms of yield performance, Coinbase’s validators posted an annualized yield of 6.52%, outperforming the network average of 6.38% by roughly 14 basis points. Its reliability metrics were even more impressive: the block skip rate stood at just 0.035%, approximately a quarter of the network average of 0.136%, meaning it missed around 75% fewer blocks than the average validator. Coinbase attributed this strong performance to its use of only Solana Foundation-audited client software and its avoidance of aggressive MEV timing strategies that harm end users. On the infrastructure and security front, Coinbase disclosed several technical details: its client strategy covers four options—Harmonic, Jito, JitoBAM, and Firedancer—all 100% audited by the Solana Foundation; for security, it has deployed a dual-signature protection mechanism and near-zero downtime deployment protocols. Looking ahead, the entire validator cluster has been integrated into the DoubleZero network, with a session uptime of approximately 99.9%, and is prepared for the Alpenglow mainnet upgrade in the second half of the year.

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Coinbase will suspend trading of six trading pairs, including LSETH-ETH and MINA-EUR.

Coinbase has announced it will suspend trading for six non-U.S. dollar trading pairs on August 6. The affected pairs are LSETH-ETH, MINA-EUR, GRT-GBP, MASK-GBP, CHZ-USDT, and CRO-USDT. The platform stated that the suspension only impacts these non-USD denominated trading pairs, adding that eligible Coinbase Advanced Trade users in supported regions can still trade these assets via USD order books.

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Google AI core figure Jeff Dean announces his departure, with Google shares plunging 3% in short-term trading.

Jeff Dean, one of Google’s earliest employees and a core figure who has overseen the company’s AI strategy design for the past 15 years, is leaving to launch an AI startup focused on scientific discovery. Dean joined Google in 1999 as its 30th employee. He will serve as CEO of the new non-profit entity Discovery Loop, which aims to accelerate technological progress by automating complex, multi-step scientific and engineering tasks. Joining Dean in the venture are fellow senior Google staff members Oriol Vinyals, Quoc Le, and Sanjay Ghemawat. The four have together driven major advances in mathematics and protein structure research, and rank among the most highly cited researchers globally. The departure of these talents, including Dean, further fuels Google’s recent trend of AI talent exodus. According to market data from BIT (bit.com), Google’s stock plunged 3% in the short term.

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Is Strategy Expected to Resume BTC Accumulation? STRC Surpasses $94, Surging Approximately 30% From June Lows

According to BIT (bit.com) market data, Strategy’s perpetual preferred stock STRC surged past $94 during U.S. trading hours, jumping roughly 30% from its June low. The recent rally is driven by multiple factors: Strategy’s sale of Bitcoin to pay dividends, its repurchase of $106 million in preferred shares, and its increase in U.S. dollar reserves to $4 billion. Additionally, Strategy has not added to its Bitcoin holdings for six consecutive weeks. Strategy founder Michael Saylor emphasized last week that the company will not issue new STRC shares when the stock trades below $100. To date, the firm has repurchased 288,930 STRC preferred shares for a total of roughly $25 million, at an average price of $86.52 per share. Strategy plans to remain a "regular and disciplined buyer," continuing repurchases when STRC trades below $100. It will increase its buying activity when the stock is far from $100, and reduce repurchase volumes as it approaches that level. Currently, Strategy has approximately $975 million available for preferred share repurchases. Funds for STRC repurchases will not come from its U.S. dollar reserves; instead, they will be raised via sales of MSTR stock and Bitcoin, depending on market conditions, with the goal of stabilizing STRC’s price around $100.

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Circle Delivers Q2 Surprise Despite Revenue Miss: How Should Traders Position?

Analysis

USDC onchain volume surged 151% year-over-year even as supply contracted, validating the metamorphosis thesis from rate-sensitive utility to agentic settlement infrastructure.

$14.8 trillion in onchain transaction volume moved through USDC in the second quarter of 2026. If you are still betting that the stablecoin is losing its utility as the primary settlement layer for the digital economy, you are betting against the plumbing of the internet itself.

Think of USDC like a high-speed digital toll booth. The number of cars parked in the lot—the total supply—might be shrinking, but the number of cars flying through the gates is hitting record speeds. This is the supply-velocity paradox. USDC supply ended the quarter at $73.3 billion, down from $77 billion in Q1. To a traditional analyst, a shrinking balance sheet is a warning light. But look at the Pharos data: while the broader market shed $24 billion in value, USDC velocity hit a record $1.21 trillion in June alone. The asset is evolving from a static store of value into a high-velocity settlement layer.

This shift explains the friction in the earnings report. Circle posted top-line revenue of $701.32 million, missing the $713 million consensus. Yet, the company delivered an EPS beat of $0.18 against a $0.16 estimate. The bottom line is improving because the business is becoming more efficient, even as it faces pressure from the contraction of reserve-heavy balances. The market is essentially paying for a transition from a simple interest-earning vehicle to a transaction-processing engine.

The most compelling evidence for this transition is the emerging agentic economy—essentially, robots paying other robots for services. According to Coinbase’s Q2 earnings deck, over 99% of onchain agentic commerce utilized USDC, with more than 90% of that volume occurring on the Base network. Furthermore, 97% of these transactions leveraged the x402 protocol. With $20 billion in USDC held within Coinbase products—representing over 30% of the total supply—the infrastructure is being aggressively positioned to capture the automated, machine-to-machine commerce that is finally beginning to scale.

Circle is stacking regulatory and infrastructure milestones to build a moat that is increasingly difficult to cross. In July alone, the company secured an OCC federal trust bank charter, a NYDFS trust charter, and bolstered its intellectual property portfolio with approximately 1,000 IBM blockchain patents. CEO Jeremy Allaire is clear on the intent: “The institutions using USDC today, like BlackRock, BNY, and Standard Chartered aren’t piloting, they are expanding.” This institutional commitment, paired with the upcoming September 16th launch of the Arc mainnet, suggests a long-term strategy focused on deep integration into global financial plumbing.

However, the bear case remains vocal and mathematically grounded. Morgan Stanley’s recent downgrade to Underweight, slashing their price target from $106 to $38, highlights the risks inherent in the business model. James Faucette noted that “USDC contraction exposes reserve income sensitivity and points to a lower-margin shift toward transaction revenue.” This sensitivity is real. While management raised guidance for FY other revenue to $310-330 million, it is important to note that this includes the one-time revenue from the $222 million Arc token presale, which may mask underlying volatility in core operations.

The market remains sharply divided. Price targets range from the $38 bear case to the $140 bull case from Bernstein. The Q2 data leans toward the bull thesis, particularly regarding the network’s utility and the rapid adoption of the Agent Stack, which saw over 900 paid services by the end of the quarter. Even ARK Invest signaled confidence with a $6.8 million purchase of Circle shares across three ETFs. The revenue miss serves as a reminder that the transition to a transaction-heavy model is not without friction. Circle is successfully evolving from a simple stablecoin issuer into a foundational layer for the next generation of programmable finance, as discussed two days ago, but the market is still deciding what that evolution is worth.

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The CRCL stock price has slipped in the pre-market session today, erasing much of its gains from the prior session. Notably, the dip in the Circle stock comes despite the USDC issuer reporting net income that has surpassed Wall Street estimates.

However, it’s worth noting that the CRCL stock price rose by around 7% soon after the earnings release before reversing its course. Simultaneously, a renowned Wall Street analyst has reiterated its bearish outlook for Circle stock, which might have further fueled concerns among traders.

Circle Releases Mixed Q2 FY26 Earnings Result The USDC-issuer Circle has reported mixed earnings results for the second quarter of 2026, which have gained notable traction from market participants. However, the CRCL stock has retreated in the pre-market session, following a rally of around 7% in the early pre-market hours.

Meanwhile, Circle reported revenue of $701 million, slightly below the Wall Street expectations of $717 million. However, earnings per share came in at $0.18, beating the consensus estimate of $0.17. Net income also reached $48 million, ahead of expectations of $45.8 million.

However, despite those positive surprises, analysts at Mizuho maintained their “Underperform” rating on the CRCL stock and kept its price target at $45. The brokerage argued that recent operating trends remain concerning.

According to Mizuho’s assessment, USDC in circulation declined sequentially during the second quarter. On-chain transaction volumes also dropped 31% compared to the previous quarter. Margin pressure also remained visible across the broader business.

Adjusted EBITDA margin fell 329 basis points from the previous year. Mizuho believes these trends could overshadow the earnings beat and erase any short-lived optimism that followed the results announcement.

CRCL Stock Price Retreats, What’s Next? The CRCL stock price fell around 3% before the opening bell and traded at $61.90, after soaring to as high as $63.25 in the prior session. Notably, the Circle stock price also recorded a slump of over 20% so far this year, suggesting heightened selling pressure in the market.

Source: Yahoo Finance In addition, the price target from Mizuho also suggests that the CRCL stock price may witness further pullback ahead. However, despite that, the recent guidance from Circle for the full year signals confidence in the future growth of the firm.

For context, the company now expects USDC circulation to grow at a compound annual growth rate of 40%. It also increased its forecast for other revenue to between $310 million and $330 million, up from its earlier outlook of $150 million to $170 million.

Simultaneously, the USDC-issuer has raised its RLDC margin guidance to a range of 41.7% to 43.7%, compared with the previous expectation of 38% to 40%. Adjusted operating expense guidance remained unchanged at $570 million to $585 million.

Besides, Circle was also in the limelight after securing a limited-purpose trust charter from the NYDFS for Circle Internet Trust Company LLC. Announced on July 31, 2026, the approval establishes state-level oversight for USDC issuance.

Meanwhile, with Circle remaining a dominant force in the stablecoin sector, users looking to spend their holdings can explore the best stablecoin debit cards to easily use USDC at retail points of sale.

How Latin Americans are Moving Salaries Through a $31 Billion Stablecoin Corridor