The discrepancy between technicals and fundamentals isn’t exclusive to L1s anymore.
The stablecoin market is showing a similar trend this year. Technically, Tether’s USDT is down over 2.5% over the past 12 months. And with USDT accounting for more than 50% of the total stablecoin market, its outflows are still a major contributor to the stablecoin market’s almost $8 billion drop from its yearly opening market cap of $315 billion.
However, despite the outflows, stablecoin adoption has continued to gain ground. Notably, South Korea’s government and the Bank of Korea are planning to amend the Foreign Exchange Transactions Act this year to recognize stablecoins as payment instruments, underlining growing regulatory support around stablecoins.
Source: DeFiLlama To understand why this divergence matters, the aforementioned chart could give us a clearer picture.
According to DeFiLlama, OG stablecoins have been recording a continuous outflow of capital over the last 30 days, with Circle-issued USDC recording a total of 4.7% net decrease. On the other hand, newer products, such as RLUSD, BUIDL USD, USDf, and U, have been witnessing inflows. In particular, Falcon USD [USDf] registered a whopping hike of over 42%, pushing its market value above $1 billion.
Notably, this is where South Korea’s move matters. The recognition of stablecoins as a means of payment may stimulate their use and demand. Given that some new stablecoins have already gained popularity, favorable regulations may drive their adoption and popularity to even greater heights. Now, the big question is whether these newer players can turn growing adoption into sustained market growth.
South Korea’s stablecoin push sparks debate over next crypto rally South Korea’s stablecoin move is coming at a critical time.
Capital flows have been shifting, and unlike previous cycles where macro FUD sent investors to safe havens, gold and silver are under pressure. The spot price of gold was below $4,000/oz for the first time since 29th July, while silver was down 54% from its January all-time high and at its lowest since November.
Bitcoin, on the other hand, has been performing reasonably well. In fact, at the time of writing, BTC was up more than 23% from its late July low of $65K, even though it’s still around 36.5% below its $126K peak.
Compared to gold and silver, BTC has been flashing signs of some relative strength too. The catch? The stablecoin market cap has fallen back to its July levels over the same window, and still seemed to be about 5% below its $321 billion peak.
Source: TradingView (STABLE.C) In short, crypto has been holding up despite stablecoin liquidity weakening across the board.
According to AMBCrypto, this is where South Korea’s move becomes important, as it adds to the growing gap between stablecoin adoption and market performance. BTC has exhibited resilience despite a drop in stablecoin market cap, suggesting that “adoption-driven” momentum could be supporting the market even as liquidity takes a hit.
Ultimately, South Korea’s support of stablecoins appears to be part of a broader market shift. Even though liquidity has been under pressure, rising adoption and growing interest in newer players suggests the market is evolving beyond its established leaders.
Combined with Bitcoin’s relative strength, this divergence might highlight how regulatory progress and adoption could shape the next phase of crypto market growth.
Final Summary Stablecoin adoption has been growing despite market outflows, with newer players gaining traction. South Korea’s stablecoin push could boost adoption as Bitcoin shows resilience despite falling liquidity.
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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Bitcoin Treasury Company purchased nearly 136,000 BTC via preferred stock financing, exceeding 0.5% of Bitcoin's maximum supply.
Fidelity data shows that as of October 5, 2025, bitcoin treasury firms including Strategy and Strive have used related preferred stock financing to purchase 135,979 BTC, accounting for over 0.5% of bitcoin’s total maximum supply. The market size of this type of preferred stock is approximately $120 billion.
Analysts note these firms face a balancing act between using perpetual preferred stock financing to buy bitcoin and sustaining dividend payments. Perpetual preferred stock has no fixed maturity date, easing refinancing pressure and attracting income-focused investors reluctant to hold bitcoin directly. However, as issuance scales up, dividend expenses will rise.
Analysts add that sustained financing for bitcoin purchases depends on preferred stock trading at or near par value; if it trades below par, new issuances will become less attractive, and firms may lean toward buybacks.
CoinShares Head of Research James Butterfill points out that Strategy’s latest weekly report shows the firm spent $193 million to repurchase STRC, bought only 267 BTC in the same period, and raised its preferred stock repurchase authorization cap to $30 billion. He says buybacks can reduce future dividend costs, but also compete with current bitcoin purchases for capital.
Bitwise Head of Research Ryan Rasmussen forecasts that ETFs will remain a larger source of bitcoin demand in the long run, while perpetual preferred stock caters to a distinct group of income-focused investors, providing a second stream of demand support.
Butterfill believes preferred stock could amplify market cycles: it supports bitcoin purchases when financing conditions are favorable, but that support weakens when market sentiment deteriorates.
2 hours ago
A crypto whale’s $214 million ETH long positions face liquidation risk, with liquidation prices set at $2256.45 and $2226.53 respectively.
According to Lookonchain’s monitoring, if the market continues to decline, a whale’s long position of 93,184 ETH (valued at approximately $214 million) may face liquidation, with liquidation prices at $2256.45 and $2226.53 respectively.
2 hours ago
Whale's $214M $ETH Long Position at Risk of Liquidation if Market Drops
Don't forget about this massive $ETH bull!
If the market keeps dropping, this whale's 93,184 $ETH ($214M) in long positions could get liquidated.
Liquidation prices: $2,256.45 and $2,226.53.
2 hours ago
Bitcoin fell below $80,000, altcoins saw sharp pullbacks, with Q plunging over 34% and PHA and CT both dropping more than 22%.
According to HTX market data, as Bitcoin pulled back below $80,000, altcoins saw sharp declines. The following tokens recorded notable 24-hour drops: Q is priced at $0.080162, down 34.35%; PHA at $0.0499, down 24.38%; CT at $0.1619, down 22.22%; SOPH at $0.001458, down 17.95%; FARTCOIN at $0.122, down 16.78%; "4" at $0.011367, down 14.99%; WLD at $0.462, down 12.80%; and PONS at $0.2239, down 12.30%.
2 hours ago
Machi Liquidated 5 Times in 1 Hour, Account Down to ~$5K
Machi (@machibigbrother) got liquidated 5 times in just 1 hour!
He now has only ~$5K left in his account.
2 hours ago
Ethereum falls below $2,300
According to HTX market data, Ethereum has fallen below $2,300, with a 4.31% decline in the past 24 hours.
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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Analyst: Bitcoin has seen notable pullbacks in every prior U.S. midterm election cycle, and its key support level of $73,000 requires close attention.
Crypto analyst Ali Charts wrote in a post that as the November 3 US midterm elections approach, investors may overlook the recurring Bitcoin pullbacks seen in previous election cycles. He believes this election could again bring significant volatility, with downside risks worth noting, and his key support level to watch is $73,000. According to his statistics, Bitcoin saw pullbacks of 72%, 65%, 52%, and 27% during the US midterm election cycles in 2010, 2014, 2018, and 2022 respectively. However, he emphasized that correlation does not equal causation; the elections themselves may not be the cause of the drops, and these pullbacks are also influenced by Bitcoin’s overall market cycle, liquidity conditions, and investor sentiment.
Q4 returns show a similar pattern: Bitcoin fell 16.70%, 42.16%, and 14.75% in Q4 of 2014, 2018, and 2022 respectively. The only exception was 2010, when it rose 391%—though Bitcoin was still in its early stages back then. As a result, three of the past four midterm election years saw negative Q4 returns.
Regarding future price action, Ali Charts noted that the $73,000 level is near the average acquisition cost of Bitcoin’s current short-term holders, making it a key area to monitor the positioning of recent investors. He pointed out that in an established bull market, Bitcoin often finds support near the short-term holder average cost after a significant pullback. He believes that if selling pressure accelerates after the November 3 elections, pushing Bitcoin back toward $73,000, this zone will be a critical level to test whether buyers are still willing to uphold the overall bullish trend. If prices rebound sustainably from this area, it will reinforce the bullish thesis. For trading, he will wait for signs of selling pressure drying up and demand reemerging before considering opening long positions.
23 minutes ago
SpaceX’s $40 billion off-balance-sheet debt financing is facing pressure on pricing negotiations amid turmoil in the AI market.
According to Bloomberg, citing people familiar with the matter, SpaceX is negotiating a $40 billion off-balance-sheet debt financing plan, which would use a special purpose vehicle (SPV) to purchase Nvidia chips to support its AI business expansion. The structure is designed to keep the related liabilities off SpaceX’s balance sheet, preserving its investment-grade credit rating. However, recent turmoil in the AI sector has pushed up industry borrowing costs, complicating pricing negotiations. Banks led by Goldman Sachs are discussing the plan with investors led by Apollo; Apollo-backed Atlas SP would manage the entity, with Pimco also considering participation.
Previously, yields on some subordinated debt were discussed in the mid-8% to 9% range, but recent volatility has prompted investors to reevaluate pricing, and the two sides remain in talks. SpaceX’s financial filings this week also revealed that last year, xAI had attempted to raise up to $20 billion in off-balance-sheet debt via a sale-leaseback arrangement with Valor Equity Partners. Auditors classified the deal as a “failed sale-leaseback arrangement”, leading SpaceX to eventually record roughly $13 billion of the sum as its own debt. The proposed structure aims to avoid a repeat of that outcome.
23 minutes ago
South Korean stock market's retail war chest shrank by 36.5%; retail investors continued net buying, but capital replenishment has slowed.
Data from Korea Financial Investment Association shows that as of October 22, investor deposits at South Korean securities firms fell to 88.68 trillion won, a drop of around 51 trillion won from the all-time high of 139.69 trillion won recorded on June 4, representing a 36.5% decline and returning to levels seen at the start of the year. The balance dipped below 90 trillion won on October 21, marking the first such drop in nearly nine months.
Investor deposits refer to funds held in securities firm accounts that have not yet been used to purchase assets such as stocks, and are typically viewed as potential buying power. The decline in the balance can stem from either stock purchases or fund withdrawals, so the full drop cannot be equated to capital exiting the stock market.
Retail investors continue to make net purchases. Between June 4 and October 23, individual investors bought a net 44.17 trillion won in the KOSPI market and 3.15 trillion won in the KOSDAQ market, while net purchases of ETFs over the same period reached 28.25 trillion won. The report notes that unlike the first half of the year, where new capital inflows exceeded stock purchases, the pace of capital replenishment in the second half has lagged behind outflows, leading to the continuous decline in deposit balances.
The KOSPI index closed at 5550.30 points on October 23, having fallen nearly 20% over the past month. A securities industry official said the recent decline is indeed excessive relative to earnings fundamentals, but the AI sector, which previously drove gains, still faces credit risk concerns, making it too early to expect a sustained rebound.
23 minutes ago
Renowned Trader: Bitcoin Should Add Positions Instead of Panicking When It Hits $80,000 'Buy Zone'
Renowned crypto trader Doctor Profit stated in a post that every time Bitcoin hits its "buy zone", it is an opportune moment to add to existing long positions, and he is currently executing this strategy. His accompanying chart labels the area near $80,000 as the "buy zone", emphasizing: "This zone is for buying, not panicking."
23 minutes ago
AI computing power expansion in the Gulf region faces communication risks due to Iran's threats to attack undersea fiber-optic cables.
Two senior Iranian security officials have revealed that Iran has drawn up plans to strike submarine communications cables in the Gulf if the U.S. and Israel launch another attack; one official added that they will also block repairs to extend the communication outage. Officials from Iran’s Islamic Revolutionary Guard Corps (IRGC) had previously threatened to target seven major undersea internet cables beneath the Strait of Hormuz if Iran’s infrastructure is attacked. These threats have introduced new communication risks to cloud computing and AI infrastructure in the Gulf region. Reuters reported that past attacks by Iran hit two Amazon Web Services (AWS) facilities in the United Arab Emirates (UAE) and damaged infrastructure near an AWS facility in Bahrain. Analysts noted that simultaneous damage to multiple cables could disrupt financial transactions, e-commerce, and cloud services, though the actual impact depends on traffic rerouting capabilities and backup line capacity. International bandwidth passing through the Strait of Hormuz accounts for less than 1% of the global total, so the direct impact on global communications may be limited. Microsoft plans to invest over $10 billion in the UAE, Saudi Arabia, Qatar, and Kuwait by 2030, and allocate more than $400 million to improve submarine and terrestrial network connections in the Middle East, to enhance the resilience of its digital infrastructure.
23 minutes ago
This week, U.S. spot Bitcoin ETFs recorded net inflows of $301.2 million, with BlackRock’s IBIT alone attracting $565.7 million in inflows.
According to Farside's monitoring, net inflows into U.S. spot Bitcoin ETFs totaled $301.2 million this week. The breakdown is as follows: BlackRock’s IBIT saw a net inflow of $565.7 million; FBTC recorded a net outflow of $116.6 million; BITB posted a net outflow of $18.5 million; ARKB had a net outflow of $99.6 million; EZBC notched a net inflow of $7.3 million; MSBT saw a net inflow of $6.5 million; GBTC registered a net outflow of $51.8 million; and BTC recorded a net inflow of $8.2 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.
Initia co-founder Zon said that based on current information, the security incident likely originates from a zero-day vulnerability in Initia’s Cosmos SDK-based MoveVM. The flaw allows attackers to mint additional tokens on Initia’s Layer 1 (L1) blockchain, but does not affect the native token INIT. Zon added that before the blockchain was suspended, the attacker had transferred out approximately $2.7 million worth of AUSD, ETH, and USDC by minting extra tokens and conducting cross-chain transfers. The team is still investigating the incident, and subsequent impacts and more details remain to be confirmed.
Arc’s stablecoin supply expanded sharply over the past week, increasing 33.51% to reach approximately $830.34 million, according to DefiLlama data. This surge stands in contrast to a slight contraction in the total global stablecoin supply, which declined by $1.25 billion during the same period to roughly $304.89 billion.
USDC Drives Arc’s GrowthAlmost all of the stablecoin supply on Arc comes from Circle’s USDC, which alone accounts for around $821 million. This figure represents nearly 98.9% of Arc’s total stablecoin float, marking a weekly gain of around 34% for USDC on this network. Small amounts of euro and sterling-pegged tokens are also present, but their contributions remain marginal.
Globally, Tether (USDT) continues to lead with about $182.51 billion in circulation, making up 59.86% of the total stablecoin market. USDC follows as the second-largest player with approximately $72.10 billion. Despite Arc’s robust growth, the overall market trend points to a net decrease in stablecoin supply, reflecting broader shifts in capital allocation and market sentiment.
Arc’s rapid expansion does not signal a broad recovery across all blockchains. Rather, the data show a significant migration of USDC liquidity specifically toward Arc, with other chains not experiencing similar inflows.
Arc’s Role and Technical PositioningArc serves as Circle’s open Layer-1 blockchain, promoted as an enterprise-focused, EVM-compatible network designed for stablecoin settlement. Circle introduced Arc with the intention of providing predictable transaction fees denominated in stablecoins like USDC, rather than volatile native tokens. The network targets institutional and enterprise use, setting itself apart from chains with larger or more generalized user bases.
The recent spike in Arc’s stablecoin balance largely reflects increased USDC activity. This pattern indicates participants are choosing to hold, transfer, or deploy USDC on Arc rather than on competing platforms. The week’s strong inflows do not alter the primary ranking of stablecoin assets between networks: Arc still trails behind blockchains such as Ethereum and Tron, which maintain multi-billion dollar stables reserves.
Liquidity Migration and Market DynamicsThe decline in global stablecoin supply, coupled with Arc’s outsized weekly gain, underlines a localized shift in liquidity rather than a market-wide rally. Factors such as redemption flows, portfolio rebalancing, or quieter inventory reductions may have contributed to the overall market contraction. Meanwhile, Arc’s segment saw an abrupt concentration of USDC, reinforcing the network’s role as a focused stablecoin hub.
Potential explanations for Arc’s stablecoin surge include fresh issuances and bridging of USDC, internal treasury reallocations by Circle, or other non-public capital moves. However, public float tables reveal only the outcome—more USDC now resides on Arc than seven days ago.
Tracking such liquidity movements remains essential for market participants and observers. Following both pricing trends and investor behavior can offer valuable insights for asset allocation and project development strategies.
In light of the increased emphasis on monitoring stablecoin deployment and asset flows, the meme token segment also serves as an example of rapid changes driven by internet trends. In this area, a low-barrier trade can evolve into substantial profit within days. Fomo App data highlight a remarkable case where the “Niu Lai” meme token turned a $99 initial investment into $370,000. For those navigating meme token volatility, observing not just price action but investor timing and token selection is vital. Fomo App consolidates token discovery, trading, social feeds, investor rankings, and trade alerts into one interface, helping users stay updated on both token moves and investor activity.
Arc float is up sharply. USDC dominates that balance. The broader market is slightly smaller than it was a week ago.
The fundamental stability question for pegged tokens remains unchanged. This week, however, attention has focused on which blockchain networks are holding the largest share of circulating stablecoins.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Circle is winding down USDC on Noble, and Cosmos is adopting Injective-issued USDC. Key dates: October 31 burn limits shrink, January 12, 2027 contract pause.
Circle has stopped minting new USDC on Noble, the chain that has issued the stablecoin for the Cosmos ecosystem, and the first deadline for holders arrives next week. Cosmos is shifting to a version of USDC issued on Injective, the chain behind $INJ.
What changes on October 31 and January 12According to Coinpaprika, Circle disabled new USDC minting on Noble on October 13, 2026, and will pause the Noble USDC contract on January 12, 2027. The staged timeline has burn limits shrinking from October 31, and exit routes narrowing after December 1.
The October 31 date matters because it affects the older transfer system. Blockonomi reports that CCTP V1 burn limits on Noble start shrinking on that date and reach zero on a rolling basis as the January deadline approaches. CCTP is Circle's Cross-Chain Transfer Protocol.
The reason is technical. Circle is moving to CCTP V2, and Noble will not receive it, according to Coinpaprika. The change ends USDC's legacy infrastructure on Noble rather than a withdrawal from Cosmos. Noble itself is not shutting down, edgeX notes.
Injective USDC becomes the Cosmos standardCrypto Briefing reports that Cosmos Hub, dYdX and the routing layer Skip:Go have signed on, making Injective USDC the canonical stablecoin standard across chains that previously relied on Noble for issuance.
Holders can swap Noble USDC, now displayed as USDC.n, for Injective-issued USDC, or USDC.inj, through Skip:Go. CryptoSlate reported that migration opened on September 11. The same report put the affected amount at roughly $92 million in USDC. DeFiLlama data cited by edgeX showed about 91.6 million USDC circulating on Noble as of September 11.
Holders who miss the deadlines still have a backstop, but it is narrower. Circle plans to take a snapshot of remaining balances on January 12 and open manual redemption the next day. BitRss, republishing CryptoSlate, said eligibility requires the USDC to be in a wallet controlled by the user and that holders pass Circle's compliance and security checks. USDC left in liquidity pools or smart contracts at the snapshot will not qualify, so protocol-level migration is more urgent than the January date suggests.
Cosmos Labs has urged holders to migrate before October 31 rather than wait for January, Coinpaprika reports.
SourcesCoinpaprika: Circle Pulls USDC From Noble, Forcing Cosmos Onto Injective
CryptoSlate: Circle's Noble shutdown leaves Cosmos racing to move $92 million in USDC
Crypto Briefing: Injective USDC becomes canonical USDC standard across Cosmos
HSBC RedCoin stablecoin starts a phased rollout on October 23, bringing peer-to-peer transfers and merchant payments to PayMe’s 3.3 million users.
PayMe users can activate wallets after updating the app, without opening another account or keeping a minimum balance; full access is expected before the weekend.
HSBC plans to add RedCoin to its Hong Kong mobile banking app by year-end, enabling tokenized money market fund subscriptions starting at HK$100.
Tokenized gold and third-party funds are planned for a later stage, after HSBC received its Hong Kong stablecoin issuer license in April 2026.
HSBC RedCoin stablecoin is rolling out to more than 3.3 million PayMe users in Hong Kong. The phased consumer launch for PayMe begins Friday, October 23. The HKD-backed stablecoin supports peer-to-peer transfers and merchant payments within PayMe during its first phase.
HSBC expects full availability before the weekend, the South China Morning Post reports. Customers can activate a wallet after updating the app, without opening another account or meeting a minimum balance. They can select the wallet for transfers through PayMe. The launch gives HSBC a route to introduce a stablecoin through a payment service many local customers already use.
HSBC RedCoin Stablecoin Begins PayMe Payment Rollout
The HSBC RedCoin stablecoin’s first phase centers on routine payments. PayMe users can send RedCoin to other people and pay merchants through the app. HSBC has not announced other payment functions for this launch. Because the rollout is staged, access will not arrive for every user simultaneously. The bank expects the service to reach full availability before the weekend. The 3.3 million figure describes PayMe’s user base, not confirmed wallet activations.
HSBC Launches HKD-Backed RedCoin Stablecoin for 3.3 Million PayMe Users in Hong Kong
According to the South China Morning Post, HSBC is rolling out its Hong Kong dollar-backed stablecoin, RedCoin, to more than 3.3 million PayMe users starting October 23. The initial phase… pic.twitter.com/dGitKCfD8Y
— Wu Blockchain (@WuBlockchain) October 23, 2026
Wallet setup for the HSBC RedCoin stablecoin uses the existing PayMe experience. Customers need only update the app and select the wallet. They do not need another account or a minimum balance. PayMe head Lawrence Li said transfers would be instant through an interface closely aligned with the current app. This keeps activation within a familiar payment service.
The Hong Kong dollar backing ties RedCoin’s denomination to the local currency. That gives it a payment role distinct from crypto assets whose market prices fluctuate. The launch details do not specify its reserve composition, redemption terms, blockchain network, transaction fees or merchant coverage. Those details may shape how users and businesses assess the new service.
HSBC can offer RedCoin through an app its customers already use for payments. That may make the token easier to try than a service requiring a separate crypto platform. That could ease adoption for PayMe users. Use still depends on customers choosing RedCoin and merchants accepting it. The announcement lists the initial functions. It does not say how many PayMe merchants will support RedCoin at launch.
HSBC RedCoin Stablecoin Set for Investment App Expansion
The HSBC RedCoin stablecoin rollout is planned to extend beyond PayMe payments. HSBC plans to integrate the token into its Hong Kong mobile banking app by year-end. The bank says the app will let users subscribe to tokenized money market funds, starting at HK$100. This would add an investment use alongside transfers and merchant payments.
Tokenized gold and funds offered by third parties are also planned for a later stage. HSBC has not provided launch dates or additional access terms for those products. The proposed HK$100 starting amount establishes a minimum entry point for the money market fund feature. Product availability will depend on HSBC’s rollout and the terms it sets for each offering.
HSBC received its stablecoin issuer license from the Hong Kong Monetary Authority in April 2026. The HSBC RedCoin stablecoin rollout followed that approval. Hong Kong has been seeking to position itself as a hub for digital assets. The license came before the retail launch. RedCoin enters PayMe before HSBC’s planned investment expansion.
The HSBC RedCoin stablecoin’s phased approach links two of HSBC’s services: PayMe and its mobile banking app. PayMe is the first distribution channel; the banking app is intended to carry RedCoin into tokenized funds. The practical test will be whether customers activate wallets, transfer the token and use it for payments. Broader investment access remains a future step, with the initial PayMe rollout beginning October 23.
New integration enables users to move USDC across networks, fund Tria cards and access trading accounts without separate bridging steps.
Tria, the self-custodial finance platform unifying trading, payments and digital asset management, today announced the integration of Arc, Circle’s newly launched Layer 1 blockchain, bringing new spending, trading and cross-chain capabilities to USDC holders.
The integration allows Tria users to send and receive USDC on Arc, convert funds between supported blockchain networks, top up their Tria cards and fund trading accounts directly within the platform. Users can move from holding digital dollars to spending or trading them without navigating separate applications or arranging manual bridge transfers.
Launched on September 16, Arc is Circle’s blockchain infrastructure designed for stablecoin payments, financial markets and real-time settlement. Its integration with Tria extends those capabilities into everyday financial activity, connecting USDC on Arc to practical uses across payments, trading and personal finance.
“Stablecoins become much more powerful when people can actually use them across every part of their financial lives,” said Vijit Katta, CEO of Tria. “Arc is building infrastructure for the next generation of digital money, and Tria is making that infrastructure accessible. Users can now take USDC from Arc straight into their card balance or trading account, or move it across supported networks, without leaving Tria.”
The integration introduces four core capabilities:
USDC transfers: Send, receive and hold USDC on Arc through Tria’s self-custodial wallet.
Cross-chain conversions: Move funds between Arc and other supported networks directly within Tria.
Card funding: Use USDC on Arc to top up a Tria card for everyday purchases.
Trading access: Fund supported trading accounts using USDC on Arc, without arranging a separate bridge transfer.
The integration is available across Tria’s web and mobile platforms. Users can select Arc in their Tria wallet to receive USDC, initiate conversions or fund their card and trading balances. Available routes, processing times and fees vary by transaction.
The launch advances Tria’s broader effort to make digital assets usable across financial applications, allowing users to manage, move, spend and trade their funds through a single self-custodial experience.
To access Arc on Tria, visit app.tria.so.
About Tria
Tria is a leading self-custodial finance platform serving more than 600,000 users, bringing digital asset trading, yield opportunities, payments and everyday spending into one application. Through its integrated wallet, trading infrastructure and payment card, Tria enables users to manage and use digital assets across supported blockchain networks without surrendering control of their funds.
Users can start using Tria: https://link.tria.so/4i5Tmab
Learn more about Tria: https://link.tria.so/4hZbgeK
Injective ($INJ) has grown its native $USDC supply by 43% in 30 days to $16.5M, as it positions itself as the canonical dollar standard for Cosmos and 20+ chains.
@Injective has expanded its native $USDC supply by 43% over the past 30 days, lifting the total on-chain dollar supply on the network to $16.5M. The financial Layer-1 blockchain is positioning itself as the canonical dollar standard across more than 20 chains, including @Cosmos.
The increase comes ahead of a liquidity rotation in which protocols are expected to allocate more than $100M in bridged and native stablecoins to $INJ.
How Injective Became a Dollar HubThe growth follows a series of integrations over the past several months. , giving the chain direct access to the largest regulated stablecoin without wrapped assets. That design avoids reliance on third-party bridges.
Native USDC later went live on mainnet. That figure refers to the broader USDC ecosystem, not the amount currently held on Injective.
The Cosmos link followed in May.
Why Cosmos Liquidity Is ShiftingThe move addresses a long-standing issue in Cosmos.
For $INJ, the potential benefit is indirect. That outcome is not assured, and the current $16.5M supply remains small next to the wider stablecoin market.
Investors will be watching whether the planned stablecoin allocations materialise and whether more Cosmos chains complete the move to Injective USDC.
Sources:
Injective: USDC adopted by Cosmos and dYdX as canonical stablecoin standardBlockchain.News: Circle brings native USDC to Injective with CCTPCrypto Economy: Injective's USDC becomes the stablecoin standard for Cosmos and dYdX
Customers in the Netherlands, Poland, Portugal and Austria can now buy crypto on Paybis through a banking app or a payment reference, with no card details needed. The four methods are the first wave of 13 local payment methods Paybis is adding.
Riga, Latvia October 23, 2026 — Paybis, a global crypto exchange and payment infrastructure provider, today added four local payment methods for buying crypto in Europe. Customers can now pay with iDEAL in the Netherlands, BLIK in Poland, Multibanco in Portugal and EPS in Austria. Cards and bank transfers remain available, but they are no longer the only options.
Four new local payment methods live today: iDEAL, BLIK, Multibanco and EPS.
No card details needed: customers confirm payment in their banking app or pay a Multibanco reference.
More than 90 cryptocurrencies are available, including Bitcoin, Ethereum, Solana and USDC.
First wave of 13 local payment methods; Paybis will support more than 30 ways to pay once all are live.
Local payment methods at national scale
The four methods operate at scale in their home markets. BLIK had 21.6 million active users in Poland at the end of June 2026, according to its operator, Polish Payment Standard. iDEAL processed more than 1.5 billion transactions in 2025 and handled 71% of online purchases in the Netherlands, according to the Dutch Payments Association. The Multibanco network has around 13,000 machines across Portugal, according to SIBS. EPS is offered by more than 11,000 online shops in Austria.
Four methods, four markets
iDEAL Netherlands
Bank selection and confirmation in a banking app
Limit per payment: EUR 50,000
BLIK Poland
Six-digit code from a banking app
Limit per payment: PLN 50,000
Multibanco Portugal
Payment reference, paid at an ATM or in a banking app
Limit per payment: EUR 5,000
EPS Austria
Bank selection and confirmation in online banking
Limit per payment: EUR 10,000
Simple crypto, paid locally
Each method works the way it does for any other online payment in its market. The customer chooses the method at checkout and confirms the payment through their bank, or pays the Multibanco reference. No card details are needed. The crypto goes to the customer’s Paybis Wallet or to any external wallet address. Customers can choose from more than 90 cryptocurrencies, including Bitcoin, Ethereum, Solana and USDC.
“Europe does not pay one way. A customer in Amsterdam reaches for iDEAL, a customer in Warsaw reaches for BLIK, and neither should need a card to buy crypto,” said Innokenty Isers, CEO and Founder of Paybis. “Now customers in the Netherlands, Poland, Portugal and Austria can pay the way they already pay for everything else online. Our philosophy is making crypto easy, and adding local payment methods market by market is how we do that.”
What comes next
iDEAL, BLIK, Multibanco and EPS are the first of 13 local payment methods Paybis is adding. Bancontact, KBC/CBC Bank and Belfius Pay in Belgium and Bancomat Pay in Italy follow in the next wave. Swish, Przelewy24, Vipps and MobilePay come after that. Once all are live, Paybis will support more than 30 ways to pay.
About Paybis
Paybis makes crypto simple for individuals and enterprises. Established in 2014, the company combines a trusted crypto exchange and wallet for buying, selling, swapping and holding over 90 cryptocurrencies, with award-winning crypto-fiat infrastructure. That infrastructure lets businesses transfer capital globally without traditional payment friction.
In 2026, Paybis was recognized as Best Crypto Payment Provider, a testament to its expansive global reach, rapid onboarding protocols, and the deep expertise of the 200 dedicated professionals who drive its operations.
Processing more than $6 billion annually, Paybis is one of the most efficient platforms for acquiring and transacting in digital assets. This commitment to operational excellence is why Paybis maintains one of the highest ratings for crypto companies on Trustpilot, and why 7 million users and hundreds of the world’s fastest-growing enterprises consistently rely on its services.
Circle has launched a new way for big players to move between dollars and USDC. Once an hour, buyers and sellers meet in an auction instead of each dealing with Circle separately.
The service, called Circle Match, went live on October 22, 2026. It runs hourly batch auctions that pair USDC mint orders with redemption orders. Minters whose orders get matched receive a rebate, and redeemers clear at or below Circle’s Express rate.
How the hourly auction works Start with the basics. Minting means handing over US dollars and getting freshly created USDC. Redeeming is the reverse: you return USDC and receive dollars.
The auctions run hourly. Orders are batched, then cleared at a single, uniform clearing fee expressed in basis points. A basis point is one hundredth of a percent, the unit traditional finance uses when pennies matter.
The fee split is where it gets interesting. Matched mint orders receive a full rebate of that clearing fee. Redemption participants pay it, but their cost is capped by Circle’s Express rate.
So minters can get paid for showing up, while redeemers get to name their price, with a guaranteed ceiling. Those selling USDC back to Circle will never pay more than they would through the Express route, and they may pay less.
Throughout the process, USDC stays pegged 1:1 to the US dollar. The auction determines the fee, not the exchange rate.
Prefunding, segregated accounts and the $100 floor Circle Match runs on a prefunded model. Every participant must put assets in place before the auction clears.
On the redemption side, participants reserve USDC from their existing Circle Mint wallets. On the mint side, participants wire US dollars into a segregated Match fiat account.
When the auction settles, those wired deposits become restricted, Match-only USDC. The tokens are earmarked for the matching system rather than floating freely.
Prefunding means no one is promising money they have not yet delivered. That sharply reduces counterparty risk, the danger that the other side of a trade fails to pay up.
It also allows atomic settlement. Both legs of a matched trade complete together, or neither does.
The minimum order size for redemption is $100 USDC. Access is not open to the general public. Only eligible Circle Mint customers can use the service.
Why Circle is building this Circle Mint is the channel institutional customers already use to create and redeem USDC directly with the issuer. Circle Match sits on top of that relationship, reusing existing Mint wallets for redeemers.
That design choice matters. Institutions do not need to open an entirely new pipeline to participate. They plug into infrastructure they already rely on, then choose whether to route orders through the hourly auction.
Participants have the flexibility of setting their fee parameters, which can lead to cost reductions for matched volumes when compared to traditional methods of minting or redeeming USDC.
What this means for USDC and its users For institutional desks, the most immediate effect is cost. Minters that get matched can earn a rebate rather than paying to enter. Redeemers gain price control while keeping the Express rate as a backstop.
The tradeoff is time. An hourly auction is not instant. Firms that need dollars immediately may still prefer the Express route, which the auction treats as its ceiling.
The prefunding requirement means locking up capital before the auction clears. Institutions will weigh the potential rebate or fee savings against keeping that money parked in advance.
Matching works best when mint and redemption demand roughly balance. In a stretch where nearly everyone wants out, there may be few minters to pair with, and redeemers would fall back toward the Express rate.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
A shareholder of Circle Internet Financial, the company that issues the USDC stablecoin, has filed a lawsuit targeting US President Donald Trump, his family’s crypto venture World Liberty Financial, several affiliates, and US Special Envoy to the Middle East Steve Witkoff over a $2 billion transaction involving a foreign entity and cryptocurrency exchange Binance.
Allegations of harm to Circle and the role of World LibertyThe lawsuit, filed Thursday in the US District Court for the District of Columbia by Circle shareholder J. Benjamin Greenberg, accuses Trump, Witkoff, and World Liberty Financial of damaging Circle’s business interests by creating what Greenberg described as a mechanism for foreign governments to move funds using USD1, the stablecoin operated by the Trump family-owned company.
Greenberg stated that this “brazen corruption” left Circle unable to compete effectively in the stablecoin sector against USD1, given the alleged involvement of state-linked capital channeled through World Liberty.
The central focus of the case is an Abu Dhabi entity known as MGX, which maintains close ties to United Arab Emirates royalty. The complaint alleges MGX invested $2 billion into Binance using USD1 in 2025, an action the shareholder claims distorted the competitive landscape for US stablecoin issuers.
Separately, The Wall Street Journal reported in February that an investment fund backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to buy a 49% stake in World Liberty Financial for $500 million, signaling further international entanglements for the Trump-affiliated venture.
World Liberty Financial is a digital asset company co-founded by Trump and his three sons, as well as Zach Witkoff, the son of Steve Witkoff, who is also named in the lawsuit.
Mini dictionary: MGX, an investment vehicle reportedly based in Abu Dhabi, is closely associated with ruling family interests in the United Arab Emirates. The company has made sizable investments in the global cryptocurrency sector, including significant funding into crypto exchanges.
Greenberg claimed, “By accepting hundreds of millions of dollars from a foreign government, the President and his companies have diverted business from Circle.”
Greenberg, who holds 10,000 ordinary shares of Circle, has requested the court declare that Trump violated the US Constitution’s Foreign Emoluments Clause by participating in these crypto transactions. He is also seeking an injunction barring both Trump and Witkoff from engaging in similar activities without Congressional approval.
A Circle spokesperson stated that the company “did not initiate, direct, authorize, or participate in the filing,” and declined to discuss ongoing litigation. Representatives for World Liberty and the White House did not provide comment.
Political implications ahead of the 2026 midterm electionsTrump and his family are connected to multiple cryptocurrency initiatives that, according to the nonprofit group Public Citizen, produced $1.4 billion for them in 2025, while investors faced estimated losses of $4.7 billion. These crypto deals are among several controversial financial undertakings associated with Trump, including reported gifts such as a jet from Qatar’s government.
With the 2026 midterm elections approaching and early voting already underway in numerous states, Democratic candidates are emphasizing Trump’s crypto business activities in their campaigns. Senator Mark Warner released an ad last week focusing on the president’s reported earnings, including “more than $600 million alone from the crypto memecoin.”
A Circle shareholder has filed a federal lawsuit in Washington targeting two major UAE-linked crypto transactions, alleging that these deals violated the US Constitution’s Foreign Emoluments Clause and unfairly benefited President Donald Trump through business ties to World Liberty Financial.
Complaint focuses on UAE-backed crypto dealsJ. Benjamin Greenberg, a former Circle employee and current shareholder, initiated the legal action as a derivative complaint on behalf of Circle, the company that operates USDC, a leading dollar-backed stablecoin. The lawsuit names Donald Trump, World Liberty Financial, US Middle East special envoy Steve Witkoff, and four related limited liability entities as defendants. Greenberg claims that these foreign-backed deals gave World Liberty’s dollar-based stablecoin, USD1, an unfair competitive edge over USDC, to the detriment of Circle and its investors.
Derivative lawsuits allow shareholders to pursue claims that aim to protect the interests of the company rather than seeking personal compensation. In this case, Greenberg alleges that the competitive pressure from USD1, promoted through the challenged deals, caused financial harm to Circle.
Greenberg’s lawsuit highlights two key transactions. The first involves the sale of a 49% stake in World Liberty Financial for $500 million. This acquisition was reportedly backed by a vehicle linked to Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser, just days before Trump’s January 2025 inauguration. The complaint claims these funds represent foreign state money flowing to a business tied to Trump, resulting in potential profits after he took office.
The second transaction centers on a $2 billion investment in Binance, funded by Abu Dhabi’s MGX fund, chaired by Sheikh Tahnoon. According to the complaint, this investment was settled in USD1 stablecoin rather than traditional currency, further bolstering the position of World Liberty’s stablecoin.
Greenberg maintains that both transactions elevated the profile and value of USD1, thereby supporting Trump’s personal and business interests in the crypto sector via World Liberty Financial.
Mini dictionary: World Liberty Financial is a privately held fintech firm known for developing the USD1 stablecoin, a digital asset pegged to the US dollar and intended for global settlement and payments, positioning itself as a competitor to USDC.
TransactionParty InvolvedAmountAsset UsedWorld Liberty Stake SaleSheikh Tahnoon (UAE)$500 million49% equityBinance InvestmentMGX Fund (UAE)$2 billionUSD1 stablecoinAllegations of emoluments breaches and calls for accountabilityThe Foreign Emoluments Clause prohibits federal officials from receiving financial benefits from foreign governments without congressional approval. Greenberg is asking the court to declare that Trump’s profits from the transactions breached this constitutional restriction. The suit requests that Trump be ordered to return any illicit gains and demands full disclosure of any additional foreign crypto payments associated with the companies in question. Greenberg does not specify the total damages sought, as the amount would depend on the court’s evaluation of the case.
Circle clarified that it had no involvement in the lawsuit and did not approve or participate in the action. The company emphasized that Greenberg was acting independently as a shareholder. World Liberty Financial spokesperson David Wachsman disputed the allegations, describing them as unfounded and stating the company planned to respond through the legal process. White House spokeswoman Anna Kelly dismissed the case, arguing it was frivolous and denied that any conflicts of interest occurred. Steve Witkoff, named as US Middle East special envoy and a defendant, did not comment when contacted by reporters.
Greenberg contends that World Liberty’s UAE-backed transactions with USD1 stablecoin not only harmed Circle’s competitive position but also allegedly provided illegal profits and advantages to Trump and his business associates.
Ongoing case and additional investigationsThe legal complaint notes that Trump co-founded World Liberty Financial with his sons before entering office, and later ceased active participation in the company in 2025. Alongside the core allegations, Greenberg’s filing highlights concerns over US policies permitting advanced AI chip exports to the UAE and Trump’s pardon of Binance founder Changpeng Zhao, although the direct relation to the crypto deals remains alleged and unproven.
The case is pending under the name Greenberg v. Trump, 26-cv-03686, at the US District Court for the District of Columbia. No judgment or resolution has yet been reached regarding the claims.
On October 22, 2026, Circle launched Circle Match, an hourly auction that pairs institutional $USDC minting and redemption orders inside Circle Mint. Eligible customers can set a minimum rebate for minting or a maximum fee for redeeming. Matched redemptions fund the rebate paid to matched minters.
Circle describes the previous economics as one-sided: minting earned no direct rebate, while fast redemption to dollars carried a fee. Institutions could redeem through Mint or route activity through an OTC desk or exchange, where spreads and trading fees affected the result. Match pairs that offsetting demand within the issuer’s existing service. Participants need no bilateral onboarding or credit lines with each other.
Only approved Mint customers can participate, and access varies by jurisdiction. Circle’s Mint product page lists exchanges, institutional traders, wallet providers, banks and consumer-app companies as typical users. Individuals cannot open Mint accounts. Applicants undergo background checks, KYC checks and sanctions screening. Holding $USDC alone does not give a customer access to the auctions.
Price priority inside an hourly auction Both sides fund their orders before entering an auction. A customer seeking redemption deposits $USDC. A mint-side participant wires dollars into a separate Match balance, where the funds convert to $USDC on settlement. The interface and API show an indicative fee, available size and time remaining. Participants can use those readings to set their limits against the current auction book.
The order book has a one-minute lock before clearing. Participants can still submit new orders and improve prices during that window, but they cannot cancel orders or make other modifications. Better-priced orders fill before less competitive ones, regardless of submission time. Orders at the clearing fee receive pro-rata allocations. The lock prevents participants from pulling committed liquidity immediately before the auction clears.
Everyone matched in an auction pays or receives the same clearing fee. A redeeming customer pays no more than its specified maximum, and the fee cannot exceed the Express redemption rate. Circle says matched redemptions pay out as fast as Express. The announcement gives the ceiling by reference to Express; it does not publish a numerical rate for Match.
Today, Circle passes the full matched redemption fee to the minting side, subject to product terms, auction rules and disclosed fees or exceptions. The rebate arrives as spendable $USDC in the customer’s normal Mint wallet. Circle says it retains no separate spread on matched volume. The orders present in each auction determine the rebate, and Circle promises no particular outcome.
Unmatched amounts follow the participant’s chosen post-fill action: Fallback, Roll or Cancel. Institutions choose whether to participate in each auction and can fund only the amount they want to match. Self-match prevention blocks an entity from taking both sides. Circle describes settlement of matched $USDC as atomic. Prefunding removes the need for a subsequent transfer between the two participants.
Restricted balances and banking-hour settlement The Circle Mint User Agreement sets out restrictions on capital placed in Match. Mint-side dollar wires become segregated, restricted $USDC reserved for Match. Circle holds that balance separately, and participants cannot withdraw it to external blockchain addresses. It is distinct from the spendable rebate that a customer receives in the ordinary Mint wallet after a match.
A participant exiting Match can request withdrawal of that restricted balance. Circle then redeems it without a fee and wires the corresponding dollars to the bank account on file. The announcement also allows participants to leave the balance available for future auctions. Capital awaiting a match stays in that separate balance, subject to its withdrawal route, and cannot be freely transferred onchain.
Existing Mint weekly deposit and withdrawal limits apply to Match activity. Circle checks the withdrawal limit when a customer submits a redemption request and reduces it to reflect the anticipated dollar payout from a matched fill. A desk needs available withdrawal capacity when it submits an order. The check happens before the auction has completed, not just after a match.
The agreement also qualifies the settlement timetable. Fiat settlement for matched redemptions depends on US banking hours. A delay caused solely by those constraints is not a settlement failure or an Error under the agreement. Treasury teams needing dollars in a bank account by a particular time remain subject to that restriction, even with hourly auctions and atomic $USDC settlement.
Eligibility and redemption rights The agreement defines Match as a netting service that sets the clearing fee and rebate. The underlying redemption right stays intact: one US dollar per $USDC, less applicable fees under the $USDC terms. Participants bid on the cost of connecting mint and redemption flows. The auction sets that cost without establishing a new market price for the stablecoin.
Match requires its own completed onboarding and Circle approval, which the company grants at its discretion. Circle reserves the right to add, modify or remove eligibility criteria. The announcement names Circle Internet Financial, LLC as the provider and subjects the service to Mint terms and conditions. Institutions with existing Mint access still need approval for this particular service.
The linked Mint agreement applies to users outside the European Economic Area. Circle directs EEA users to separate terms of use. To retain access to the services under the agreement, participants must maintain a Mint account and access to the platform.
The announcement also repeats the account’s insurance warning. Circle Mint is not a bank account, and funds lack Federal Deposit Insurance Corporation and Securities Investor Protection Corporation coverage. Prefunding governs the obligations between matching participants. Their funds remain within the Mint service, subject to its stated account protections.
The Match interface discloses the applicable clearing fee and related economics. Actual results depend on the orders submitted, and Circle has not promised a fixed rebate or a successful match in any auction.
ValueChain‘s SoDEX trading and wealth application has integrated Morpho, the on-chain credit network that reported more than $16 billion in deposits as of October 2026. The integration allows SoDEX users to deposit USDC into a Morpho Vault curated by Unified Labs, earning yield generated by borrowing activity across the markets to which the vault allocates. The product is live now at sodex.com/wealth.
The vault’s allocation policy, collateral parameters and risk limits are set by Unified Labs, which describes itself as Asia’s first institutional-grade risk curator focused on the intersection of real-world assets and decentralised finance. Deposits and redemptions are handled within the SoDEX interface, removing the need for a separate wallet connection or a standalone DeFi workflow.
How the product works
The earn product sits inside SoDEX Wealth and is enabled by the ValueChain-Base bridge, which routes stablecoin deposits from ValueChain’s layer-one blockchain onto the Base network where the Morpho Vault operates. Yield accrues from borrowing demand rather than from token emissions, a structural distinction that matters to institutions and advisers assessing sustainability of returns. The release did not disclose an indicative annual percentage yield or detail the specific collateral types the vault currently accepts.
May Wang, co-founder of ValueChain, framed the integration as a diversification of the ecosystem’s opportunity set further along the risk spectrum, consistent with ValueChain’s stated aim of giving self-custodial investors access to a range of on-chain financial products alongside spot and perpetuals trading and AI-powered research.
For Morpho, the deal is primarily a distribution move into Asia-Pacific. Shanshan Shui, APAC go-to-market lead at Morpho, said the integration allows the protocol to reach SoDEX and SoSoValue users inside their existing interface, rather than requiring those users to navigate to Morpho directly.
Market context
The integration illustrates a structural pattern that has accelerated across the DeFi and crypto-adjacent fintech space: protocols such as Morpho, Aave and Compound are increasingly positioned as shared yield infrastructure that product teams embed rather than replicate. Morpho’s publicly listed partners include Coinbase, Robinhood and Société Générale, which signals an appetite among regulated and semi-regulated distribution platforms to access on-chain credit yield without building the underlying credit infrastructure themselves.
From a regulatory standpoint, the product occupies a zone that regulators in multiple jurisdictions are actively examining. In the European Union, the Markets in Crypto-Assets regulation came into full application in 2024 and covers certain stablecoin and crypto-asset service activities, though pure DeFi protocols sit in a grey area pending further Commission guidance. In Singapore, where ValueChain is based, the Monetary Authority of Singapore has indicated that yield-bearing digital-asset products may attract licensing requirements depending on their structure. Neither ValueChain nor Morpho addressed the regulatory framing of the earn product in the release.
Unified Labs’ role as vault curator is the risk-management layer that makes the product viable for a broader audience. Louis Wan, co-founder and chief executive of Unified Labs, said Morpho is becoming the yield layer that fintech platforms integrate rather than rebuild, which captures the infrastructure logic of the arrangement. Whether the vault’s curated parameters are sufficient to satisfy institutional or regulated-platform risk standards will depend on how Unified Labs documents and publishes its collateral and allocation methodology over time.
AI level 1 of 5: written by Darlyn Ho; AI helped with tone, structure or wording; edited and signed off by Mark Walker, Editorial Director. What the levels mean
Circle has expanded its Circle Alliance Program (CAP) with eight new or improved membership benefits and a private Alliance Hub, offering partners closer access to its products, support teams and business network.
Summary
Circle has expanded its Alliance Program with eight new or improved benefits and a private community platform.
The Alliance Hub replaces Discord, giving members access to discussions, resources and dedicated industry groups.
Partners can seek early product access, improved technical support and closer engagement with Circle Ventures.
Circle plans to introduce a partner-focused podcast in early 2027, with guest applications already open.
Circle did not disclose CAP membership figures, participation fees or financial incentives associated with the expansion.
According to Circle’s October 22 announcement, the changes followed feedback from existing members seeking better industry connections, product engagement and opportunities to showcase their businesses. The company introduced the updated program without disclosing its membership size or participation costs.
The Circle Alliance Program is expanding.
CAP now gives members more ways to connect, build, and grow with Circle, including new benefits, expanded product engagement, and the Alliance Hub, a private home for the community.
More ways to build together: https://t.co/7GdySnbNMD
— Circle (@circle) October 22, 2026
One of the main changes is the introduction of Alliance Hub, a members-only platform bringing together community discussions, educational resources and partner activities. Existing members will move from Discord to the new platform, which Circle developed specifically for the program.
The hub provides access to regional and industry-specific groups, allowing companies operating in similar markets to exchange information and identify potential collaborators. Circle said members would have more opportunities to connect with Circle Ventures and its investment network through the revised program.
The announcement did not identify the number of companies already enrolled in CAP or provide a target for future membership. Circle’s public application process remains available to businesses interested in joining its ecosystem.
Moreover, the program originally launched in November 2023 to connect organizations using Circle’s stablecoin and blockchain services. Its existing benefits included networking events, educational sessions, marketing opportunities and access to Circle personnel.
Partners gain early product access and dedicated support
Beyond community networking, Circle is introducing opportunities for members to explore new products and beta releases before they become publicly available. Participating companies can use that access to assess potential integrations and provide feedback during product development.
Members will receive enhanced support, including direct escalation channels and more timely responses when technical questions arise. Circle did not specify guaranteed response times, access requirements or whether every member would receive identical support arrangements.
Another change involves structured product-feedback sessions, giving partners an opportunity to discuss their experiences with Circle’s technology. Strategic updates from company leadership will provide participating businesses with information about products and ecosystem developments.
The revised benefits build on existing product sessions and partner engagement activities. Circle presented the changes as a response to member requests, without announcing new financial incentives or revenue-sharing arrangements.
Circle prepares partner podcast for early 2027
The expanded program introduces additional opportunities for businesses to promote their work through Circle’s communication channels. An upcoming podcast, scheduled for early 2027, will feature stories from companies building with its products.
Applications for podcast appearances have opened, while existing opportunities for member spotlights, joint case studies and speaking engagements remain available. Circle did not announce a launch date, episode schedule or confirmed guest lineup.
Circle Alliance Program representative Adam Dean Wozney welcomed the updated benefits in an October 22 X post. He encouraged interested companies to apply and described the new platform as a way for members to connect with one another and Circle.
I'm excited to reintroduce the Circle Alliance Program!
We've added new member benefits and a thoughtfully designed platform to make it even easier for Alliance members to connect with each other and with Circle.
Applications are open👇https://t.co/1zibRua6YK https://t.co/Cti5labfKf
— α∂αɱ ωσƶɳεყ (@AdamDeanWozney) October 22, 2026
Separately, Kairo announced its CAP membership on October 21, describing the program as a community of companies working on blockchain-based financial services. The announcement did not disclose any commercial agreement or financial commitment between Kairo and Circle.
USDC distribution remains central to Circle’s partner network
Circle’s partner program operates alongside its efforts to distribute USDC through exchanges, wallets, payment companies and financial institutions. In August, crypto.news reported on Circle’s renewed relationship with Coinbase, including arrangements supporting USDC distribution.
Circle separately disclosed more than 150 partners receiving economic incentives to integrate, distribute or support USDC. That figure describes a commercial partner category and should not be treated as the number of CAP members.
The company’s payments operations have developed through separate institutional arrangements. Circle recently reported 175 participating institutions in its Payments Network, a different program serving businesses involved in stablecoin-based payments.
Circle has discussed plans to enter approximately 40 markets, particularly across emerging economies. Those plans concern its international payments business and do not establish the geographic distribution of CAP members.
The company has not said whether competition from rival stablecoins or bank-issued digital tokens influenced the latest CAP changes. Its announcement attributes the revisions to partner feedback and contains no new membership figures, program fees or financial performance targets.
A shareholder for Circle Internet Financial, the company behind the USDC (USDC) stablecoin, filed a lawsuit against US President Donald Trump, his family’s crypto company World Liberty Financial, affiliate entities, and US Special Envoy to the Middle East Steve Witkoff over a $2 billion deal between a foreign government entity and Binance.
In a Thursday filing in the US District Court for the District of Columbia, Circle shareholder J. Benjamin Greenberg alleged that Trump, Witkoff and World Liberty caused harm to Circle by creating a pathway for foreign governments to funnel money using the Trump family crypto company’s USD1 stablecoin. This “brazen corruption,” according to Greenberg, leaves Circle “unable to compete” in the stablecoin market with its USDC.
Central to the Circle shareholder’s allegations is an Abu Dhabi entity, MGX, tied to the United Arab Emirates royalty, which invested $2 billion into cryptocurrency exchange Binance using the USD1 stablecoin in 2025. The Wall Street Journal reported in February that another investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to purchase a 49% stake in World Liberty for $500 million.
“By accepting hundreds of millions of dollars from a foreign government, the President and his companies have diverted business from [Circle],” alleged Greenberg, adding:
“Plaintiff asks this Court to declare the President’s corrupt acts a violation of the Constitution, to enjoin the brazen corruption alleged below, to order an accounting of the billions in payments from foreign states to the President and his businesses, to require the companies holding them to disgorge the emoluments the President accepted through them, and for compensatory and punitive damages.”Greenberg reported holding 10,000 ordinary shares of Circle as part of his reasons for the lawsuit. He petitioned the court to declare that Trump violated the US Constitution’s Foreign Emoluments Clause through the crypto deals and to issue injunctions preventing the president and Witkoff from pursuing similar financial interests without Congress’ consent.
Zach Witkoff, the son of the Witkoff named in the lawsuit, is a World Liberty co-founder. Trump and his three sons are also co-founders of the crypto venture.
A Circle spokesperson told Cointelegraph that the company “did not initiate, direct, authorize, or participate in the filing,” declining to comment on pending litigation. Spokespeople for World Liberty and the White House did not respond to requests for comments on the lawsuit.
Democrats use ’corruption’ messaging as midterm elections approachThe US president and his family are tied to several crypto ventures that Trump reported netted him $1.4 billion in 2025, while also costing investors about $4.7 billion, according to reporting by the nonprofit consumer advocacy organization Public Citizen. The crypto ventures are just a few of many controversial deals Trump faces scrutiny over, including accepting a jet from the government of Qatar.
With less than two weeks until the 2026 midterms and early voting having already started in some US states, Democrats running for reelection are using Trump’s crypto deals as a wedge issue for voters to support candidates in their party. Last week, Senator Mark Warner released a campaign ad highlighting that the president made ”more than $600 million alone from the crypto memecoin.”
Magazine: Richard Heart caught ‘off-guard,’ QDay gets even closer: Hodler’s Digest
Once a treasury team has identified a use case for choosing USDC as a settlement rail, the next question is practical: How do you actually put USDC to work within an existing treasury environment?
Simply put, USDC and the blockchains it runs on are nothing more than an additional rail to add to your already existing infrastructure. Adopting USDC does not mean replacing bank accounts, treasury policies, approval workflows, or accounting systems.
USDC is particularly useful when conventional rails create friction through settlement delays, banking cutoffs, pre-funded cash requirements, or complex cross-border routing. USDC can move onchain 24/7, while fiat remains available through bank accounts and on- and off-ramps at either end of the transaction.
This guide walks through the operating model: how to access USDC, configure controls, connect bank accounts, test transactions, reconcile activity, and put USDC to work in common treasury use cases.
Which treasury use cases can benefit the most from USDC?Before opening an account or moving funds, define the treasury problem you want to solve.
USDC is most useful when it produces a material improvement over the existing rail. The areas where USDC may offer the most benefits include:
Accelerate settlement and put cash to work sooner: USDC settles onchain 24/7, including weekends and holidays, enabling movements outside market hours to help reduce idle balances.Reduce cash buffers and unlock liquidity: Faster movement lowers reliance on pre-funded timing cushions so liquidity is available where and when it’s needed.Streamline cross-border payments with fewer uncertainties: USDC may reduce intermediaries and operating windows by acting as a settlement layer that bridges source and destination fiat rails.1Simplify multi-entity treasury flows with control: Move USDC directly between entity wallets while maintaining familiar approval and reporting processes.In short, start where speed, availability, cash mobility, or routing complexity creates a measurable operational problem.
How to access USDC: Circle Mint vs. exchanges and other platformsEnterprises can access USDC through different operating models. They can work directly with Circle, the issuer of USDC, or through other platforms.
How you access USDC depends on the platform type, since centralized exchanges and fintech payment apps each serve different user needs regarding custody, speed, and cost. On centralized exchanges, users can purchase USDC directly with fiat currency (such as USD via bank transfer or credit card) and rely on the exchange to manage private keys and hold the funds in centralized accounts. Fintech apps and payment processors often integrate USDC behind the scenes with simplified user interfaces, though they typically restrict direct onchain wallet transfers or self-custody options.
Direct access to USDC through Circle MintCircle-issued USDC lets you move digital dollars globally in seconds, 24/7, backed by transparency and institutional trust. If you choose to access USDC through Circle, the product to start with is Circle Mint.
Circle Mint provides eligible institutional customers with infrastructure to mint and redeem USDC, link bank accounts, receive dedicated wallet addresses, and send USDC onchain.
Accessing USDC through exchanges and wallet providersThe process to access USDC via other exchanges typically involves:
Opening an institutional exchange accountLinking fiat bank accountsSourcing USDC through the exchangeUsing exchange-hosted or external walletsRelying on the exchange’s available governance, reporting, and fiat railsTreasury teams may also use a separate wallet provider and source USDC through an exchange or other provider.
The right model depends on the level of direct mint and redemption access, wallet infrastructure, fiat connectivity, controls, and reporting you need.
Setting up USDC for treasury operationsThe foundational setup is familiar to most treasury teams. Work through these four steps in order.
Step 1: Onboard each legal entityComplete the required institutional onboarding and KYC/KYB process for each entity that will hold or transact in USDC.
The resulting setup should provide the entity with the account and wallet infrastructure required to receive, hold, and send USDC.
If multiple legal entities will participate in intercompany flows,set up each entity individually so activity isn’t treated as belonging to a single entity.
Step 2: Establish governance and access controlsBefore moving funds, define who can perform which actions. That can include:
Administrator rolesTransaction initiatorsTransaction approversApproval thresholdsTransaction limitsWallet-management permissionsControls for adding new users or wallet addressesThe objective should be familiar to any treasury organization: preserve segregation of duties and establish clear authorization before value moves.
Circle Mint supports user roles and approval policies; the specific controls available through exchanges or wallet providers may vary.
Step 3: Link your bank accountsConnect the operating bank accounts that will be used to move between fiat and USDC.
With Circle Mint, linked bank accounts can be used to deposit fiat for minting USDC and to receive fiat when USDC is redeemed.
With a separate wallet and exchange model, treasury teams will need to establish the appropriate path between the bank account, exchange, and wallet.
Step 4: Build your wallet address bookA wallet address serves as the destination for an onchain transfer.
Treasury teams should treat approved wallet addresses much like approved bank beneficiaries or payment templates. Relevant destinations might include:
Another entity within the organizationA vendor or counterpartyAnother institutional platformAn external walletBecause wallet addresses are unique identifiers, address verification is an important operational control. The Treasury-authored guidance recommends dual verification of wallet addresses before use.
Testing USDC transactions before you scaleDo not make the first transaction the largest transaction.
Once accounts, bank connections, permissions, and wallet addresses are configured, run a small end-to-end test. A basic test can follow three stages:
Onramp: Send fiat from a linked bank account and receive USDC in the designated wallet.Move onchain: Send a small amount of USDC to the intended destination wallet.Offramp: Redeem USDC into the intended fiat bank account if redemption is part of the use case.This helps validate the full operating chain (including bank instructions, wallet addresses, permissions, network selection, settlement, redemption, and reporting) before material funds are involved.
For any new external wallet address, a small test transaction is a recommended control before processing larger amounts.
USDC reporting and reconciliation for treasury teamsA successful USDC implementation should not create a parallel treasury universe. USDC activity should connect back into the same accounting, reporting, and reconciliation environment used for other financial activity.
Treasury and finance teams should determine:
How transactions will be recordedWhich system serves as the internal source of transaction dataHow wallet transactions map to ERP entriesWhich identifiers will support reconciliationWhat daily or periodic reporting is requiredWhich time zone will govern transaction cutoff and reconciliationCircle Mint can provide standardized transaction reporting, while exchange or blockchain-reporting solutions can provide alternative data sources. Onchain transactions also generate transaction identifiers that can be used to match activity back to internal records.
Because onchain transactions can occur 24/7, treasury teams should also define a consistent time zone for accounting and reconciliation.
How to use USDC for intercompany settlementIntercompany settlement is a natural starting point for organizations that regularly move liquidity between legal entities.
Month-end can be especially challenging. Different banking windows, time zones, settlement timing, and pre-funded balances can create delays and reconciliation overhead.
With USDC, participating entities can maintain their own wallets and, in supported corridors, transfer value directly between them.
Step by step: intercompany settlement with USDCOnboard participating entities: Each legal entity involved in the flow is established with the appropriate account and wallet infrastructure.Compile transaction instructions: Use the existing intercompany process (such as ERP or transfer-pricing reports) to determine source entity, destination entity, and transaction amount.Initiate the transaction: Submit the USDC transfers through the chosen interface or integration.Apply approvals: Approvers review and authorize transactions according to established treasury policy.Settle and reconcile: USDC moves onchain to the destination wallet. Each transaction generates a unique transaction hash that can be used to confirm settlement and map activity back to the corresponding ERP entry.The operating advantage is that the value can move without waiting for conventional banking settlement windows.
Circle’s own treasury team has used this model operationally, settling $68 million across 11 flows and eight entities in 30 minutes.2
Faster settlement can also keep strong controls intact: approval policies, dual authorization, transaction limits, and audit trails can remain part of the process.
How to use USDC for cross-border paymentsCross-border treasury flows often combine several types of friction: multiple banking relationships, correspondent routes, operating hours, currency conversion, and limited visibility into funds while they are in transit.
USDC can be used as a settlement layer between fiat rails at either end of the transaction.
Step by step: a cross-border USDC transferLink the relevant source and destination bank accounts: Establish access to the fiat accounts used at both ends of the transfer and confirm which local rails are available.Convert source fiat to USDC: Send fiat through the relevant rail and mint or otherwise acquire USDC.Transfer USDC: Move USDC onchain to the destination wallet, whether it belongs to another entity in the organization or an external counterparty.Redeem into destination fiat: At the destination, redeem USDC into the required bank account using the available local fiat rail.In this model, USDC acts as a bridge between two fiat systems, so the company doesn’t need to hold it indefinitely.
Using USDC for cross-currency paymentsThe same model can apply when source and destination currencies differ. Instead of relying exclusively on a traditional correspondent path, USDC can serve as an intermediate settlement asset between the source and destination fiat currencies.
Consider a U.S.-to-Hong Kong flow: fiat is used to mint USDC at the source, USDC moves onchain, and the stablecoin is then redeemed through local infrastructure at the destination. The result is a flow designed to compress a conventional multi-day transfer into same-day fiat settlement. Availability of local fiat rails remains an important consideration when designing this type of flow.
Stablecoin treasury controls for onchain settlementUSDC can fit within existing treasury governance, but onchain activity introduces operational characteristics that should be reflected in policy.
Wallet-address controls: Create procedures for validating and approving new wallet addresses. Consider verification by more than one person and use test transactions before sending material amounts.Network selection: Ensure the sending and receiving parties are using compatible supported networks before initiating a transfer.24/7 operations: Determine whether transaction authority is available outside traditional business hours and how after-hours activity should be governed.Transaction finality: Onchain transactions differ from conventional bank payments in how errors may be handled, so treasury procedures should therefore place particular emphasis on validating destination information before execution.Training: Treasury, finance, and other relevant teams should understand how stablecoin transactions differ operationally from traditional fiat transfers before production use begins.How to pilot USDC before expanding across treasuryA USDC implementation can begin small. A practical approach is to start with one well-defined use case or corridor where the existing process creates visible friction.
For an initial rollout:
Choose the use case: Identify a recurring flow where faster settlement, 24/7 availability, or improved liquidity mobility has measurable value.Define the entities and accounts: Determine which legal entities, bank accounts, and wallet addresses participate.Establish governance: Configure users, approvers, limits, and address-management procedures.Test end-to-end: Validate on-ramp, onchain transfer, off-ramp, reporting, and reconciliation with small amounts.Run in production with controlled volume: Begin with a defined transaction size or volume limit.Measure the result: Compare the new flow with the existing process using metrics such as settlement time, cash-buffer requirements, operational effort, and reconciliation performance.Expand selectively: Once the operating model is proven, evaluate additional entities, corridors, or treasury use cases.The goal is to use USDC where it improves the economics or operation of a specific flow, while maintaining the governance expected of an enterprise treasury function.
Your USDC treasury management checklistFor treasury teams, adopting USDC means adding a new settlement capability to familiar financial infrastructure. The core steps:
Identify the use case.Establish the appropriate account and wallet infrastructure.Configure governance and permissions.Link fiat bank accounts.Validate wallet destinations.Run small end-to-end tests.Connect reporting and reconciliation.Move into controlled production.Measure the treasury outcome.Expand where the model proves its value.With the right setup, USDC can give treasury teams another way to move value across entities and jurisdictions: 24/7, onchain, and alongside the banking relationships and controls already in place.
Learn more about USDC.
1 The regulatory treatment of cross-border stablecoin transactions varies by jurisdiction and may be subject to foreign exchange controls, reporting requirements, or licensing obligations in certain markets. Always confirm the applicable framework with qualified local advisors before initiating cross-border stablecoin flows.
2 Circle's Treasury Management Solutions
This guide is provided for general informational and educational purposes only and does not constitute legal, tax, accounting, or financial advice. The regulatory status, accounting treatment, and availability of USDC and related products vary by jurisdiction and are subject to change. Nothing herein confirms that any product or activity described is permitted, licensed, or authorized in any particular market. USDC is not a bank deposit and is not covered by government-backed deposit insurance schemes in any jurisdiction. Consult qualified local legal, accounting, and compliance advisors before making stablecoin adoption decisions.
USDC is issued by regulated affiliates of Circle. See Circle’s list of regulatory authorizations.
Circle Mint and money transmission services are provided by Circle Internet Financial, LLC. Circle Internet Financial, LLC, NMLS # 1201441, is a licensed provider of money transmission services. A full list of Circle’s licenses can be found here.
Circle is not a bank; Circle Mint is not a bank account, and any funds are not insured by the Federal Deposit Insurance Corporation, the Securities Investor Protection Corporation or by any US or foreign government agency, insurance fund, person or entity.
If Bitcoin drops below $80,000, total long position liquidations on major centralized exchanges (CEXs) will hit $692 million.
According to Coinglass data, if Bitcoin falls below $80,000, the total long liquidation intensity on major centralized exchanges (CEXs) will reach $692 million. Conversely, if Bitcoin breaks through $83,000, the total short liquidation intensity on major CEXs will hit $1.025 billion. BlockBeats Note: Liquidation charts do not display the exact number of pending liquidations or the exact value of liquidated contracts. The bars on these charts actually represent the relative importance (intensity) of each liquidation cluster compared to adjacent clusters. Therefore, the liquidation chart shows the degree of impact when the underlying asset’s price reaches a specific level. A higher "liquidation bar" indicates that once the price hits that level, it will trigger a stronger reaction due to liquidity waves.
4 hours ago
Bitcoin falls below $81,000, with a 4.3% drop in the past 24 hours.
According to HTX market data, Bitcoin fell below $81,000, with a 4.3% decline in the past 24 hours.
4 hours ago
Pump.fun launches EVM limit orders, supporting take-profit and stop-loss functions.
Meme coin launch platform Pump.fun announced the launch of its EVM limit order functionality, claiming it is the first social trading application to offer take-profit and stop-loss features. The feature currently covers Robinhood, BNB Chain, Base, HyperEVM, Arc, and Ink, with more chains set to be integrated gradually.
4 hours ago
a16z Frontier has officially confirmed its continued focus on the crypto space, expanding its investment scope to include frontier technology startups.
a16z General Partner Chris Dixon has officially published an announcement renaming a16z crypto to a16z Frontier, expanding its investment scope from crypto startups to a broader set of frontier technology startups—those building new technologies, opening up new markets, and taking years to mature. Dixon emphasized this is a scope expansion, not a pivot; the team will continue investing in crypto and related businesses while advocating for reasonable crypto regulation. Dixon noted that as blockchain gains wider adoption, Wall Street and fintech firms have regularly launched on-chain products, making the "crypto company" label less significant. Companies should be defined by their core business activities, not the technology they employ. His remarks also touch on the ongoing AI wave: beyond using AI to speed up and enhance existing work, focus is on native new use cases emerging from AI, full-stack startups integrating hardware, software and services, and new networks connecting humans and intelligent agents. Dixon believes blockchain will still play a critical role in this space, serving as a fast, low-cost, global, programmable financial infrastructure for the internet. Stablecoins are becoming a standard tool for fintech firms and institutions, and can also support machine-to-machine transactions and the cold start of new networks. He will lead the fund alongside firm founders Marc Andreessen and Ben Horowitz, as well as general partners Eddy Lazzarin and Guy Wuollet. The operating team will continue supporting current and future portfolio companies in areas including regulation, market entry, talent, marketing and technology R&D.
4 hours ago
New York State Department of Financial Services issues alert over PHP vulnerability.
New York State Department of Financial Services (NYDFS) has issued alerts regarding two critical PHP vulnerabilities, urging regulated entities to promptly identify and remediate the vulnerabilities that are already being exploited.
4 hours ago
GMGN Co-founder: The self-developed cross-chain bridge is undergoing a small-scale volume test, and the APP will soon support buying multi-chain tokens with USDC.
GMGN co-founder Haze announced in a post that the project’s self-developed cross-chain bridge is currently undergoing small-scale volume testing, and will uphold its long-standing reputation for fast, secure, and stable transactions. Haze added that users will soon be able to buy any token across multiple blockchains using USDC through the GMGN app.
AEREDIUM, a digital asset infrastructure company, announced two products on October 22 that check what an AI agent may do before it does it. The Chair supervises coding agents. MCP Connector governs agents that make payments and trades. Both run through the company’s new AI platform, and AEREDIUM says they went live on October 13. A policy engine answers every proposed action with one of three outcomes: approved, denied or held for a person.
The launch lands as agents move from drafting text to touching real systems. Coinbase opened payment rails for AI agents to corporate clients in July, and in April the founder of a car-rental software startup said a coding agent deleted his production database and its backups in one nine-second API call, Decrypt reported. OWASP maps prompt injection to six of the ten categories in its Top 10 for Agentic Applications, Help Net Security noted in June. AEREDIUM CEO Albert Dadon frames the problem simply: the challenge “isn’t just making these agents more capable, but making sure they operate within the rules we set.”
How The Chair supervises coding agents
The Chair sits between an AI coding agent and an organization’s development environment, and it checks each tool call before the call runs. AEREDIUM says that covers executing commands, modifying files, merging code and pushing changes. Calls the organization’s rules already cover are approved or denied automatically. Everything else is held. Held requests land in a control panel, where authorized users approve or reject them, and each verdict produces a signed receipt that records what the agent attempted, which policy applied and who authorized it.
The product page adds detail the announcement leaves out. Every command is read twice, the second time by a model that asks twelve questions, among them whether the command reaches the network, installs anything, deletes or starts a machine. Where that second reading can’t rule out an act the policy forbids, the receipt says so. A Claude Code plugin handles integration, and a governed shell covers other agents, including OpenAI’s. Teams build policy by answering a questionnaire, not by writing code. After a 30-day trial, The Chair costs $10 per person a month, or $80 a year.
MCP Connector puts a wallet behind the rules
MCP Connector pairs the same policy engine with a digital asset wallet. Each agent gets its own wallet, its own policy and a designated owner. The owner picks the agent’s role, approves its mandate with a passkey and can halt or delete the agent at any time. Two roles exist today. A Payer can send USDC, USDT, PYUSD and EURC to addresses the owner has approved, but it can’t trade. A Trader can trade on designated exchanges inside its own wallet, but it can’t send funds out. The product page names Curve, Uniswap and PancakeSwap as the venues.
Custody is the central claim. AEREDIUM says the wallet signs with threshold signatures generated inside secure enclaves, so no complete private key is ever created and the company holds no key to the owner’s funds. MCP Connector supports Ethereum, Arbitrum and Base and keeps transaction records for seven years. It’s designed for Claude, and the company says it’s open to OpenAI and other frameworks. Plans start at $49 a month for three agents. Trades carry a 0.05% service fee, and transfers carry none.
Who it is for, and what isn’t proven yet
The Chair targets software teams that use AI coding agents, and MCP Connector targets organizations that let agents handle money. Signed, retained records also give audit and compliance staff something to check. Both tools belong to a wider build-out of agent infrastructure. Binance’s Agent OS, live since August 20, lets outside AI tools read account data and place supported trades with the user’s permission, and XDC Network picked Concordium as the identity verification layer for its agent payments marketplace on October 14.
Plenty is still unproven. The release names no customers, and neither product page cites an outside audit of the signing design. The Chair’s second reading is a model’s judgment, and the page gives no accuracy figures. Held requests also depend on someone answering them. Demand is the bigger unknown. TRM Labs’ September analysis called x402 the most widely used agent payment rail, yet put the share of its screened commerce that appears to be agentic at between 0.6% and 7.5%. And MCP Connector enables just two of the policy engine’s twelve roles so far.
The next signals are concrete: named customers, an independent review of the custody design, and data on how often the engine holds or blocks an agent in live use.
AUTHOR
Entrepreneur and freelance writer based in Nakuru, Kenya. I cover cryptocurrency, the Blockchain technology, and financial topics. It’s my joy to transform the simplest phrases in a way they reach a reader’s heart to help them discover how crypto is disrupting the world as we have known it. I believe in transforming the world, one word at a time.
GMGN co-founder Haze announced in a post that the project’s self-developed cross-chain bridge is currently undergoing small-scale volume testing, and will uphold its long-standing reputation for fast, secure, and stable transactions. Haze added that users will soon be able to buy any token across multiple blockchains using USDC through the GMGN app.
The OCC’s new stablecoin rule leaves Coinbase’s 3.75% USDC rewards open to challenge. Coinbase’s own filings show what losing them would actually cost.
Coinbase pays 3.75% on USDC to Coinbase One members in the US.
Posted October 22, 2026 at 3:40 pm ET.
Under the GENIUS Act, the stablecoin law Congress passed in July 2025, companies that issue stablecoins can’t pay interest to the people who hold them. Some exchanges pay holders anyway.
Coinbase (COIN) pays 3.75% a year to customers who hold USDC, the dollar-pegged stablecoin issued by Circle, as long as they belong to Coinbase One, its paid membership tier. Coinbase pays those rewards itself, and under a revenue-sharing agreement it receives a share of the interest Circle earns on USDC’s reserves.
Whether rewards programs like these violate the GENIUS Act’s ban on interest remains a gray area. Banks say they amount to the same interest paid another way, and have urged the Office of the Comptroller of the Currency (OCC) to tighten its rules on money passed to holders through partners. (Rewards were also a major sticking point in talks over the CLARITY Act, the broader crypto market-structure bill, which failed in September.)
On Oct. 21, the OCC, the federal regulator for nonbank stablecoin issuers, finalized its rule, effective Jan. 18, 2027, and dropped its proposed presumption that such payouts break the ban, choosing to judge each arrangement case by case. In other words, the OCC went the opposite way from the stricter test the banks wanted.
For Coinbase, that means, at least for now, its USDC rewards can continue unabated. The rule gives them no safe harbor, so they remain open to challenge.
For USDC holders, the 3.75% is not guaranteed. If the OCC decides Coinbase’s program is just a loophole to bypass the GENIUS Act’s ban on stablecoin interest, the payouts could be shut down.
For Coinbase shareholders, the question is how much of the company rides on those rewards. Coinbase fought to keep them: in January, CEO Brian Armstrong pulled the company’s support for a Senate draft of the CLARITY Act, objecting to “draft amendments that would kill rewards on stablecoins, allowing banks to ban their competition” and other provisions. Stablecoins brought in $292.1 million in Coinbase’s second quarter, its 10-Q shows, about a quarter of its net revenue. Whether losing the rewards would hurt depends on two things: how much the rewards already cost Coinbase, and how much of its stablecoin revenue comes from USDC that earns no rewards at all.
The agency has kept the ban on issuers paying holders “any form of interest or yield” “solely in connection with the holding, use, or retention” of a stablecoin.
However, the rule also says a payment that reaches stablecoin holders through an intermediary “might be made, at least in part, for other reasons,” which could put it outside the ban.
Coinbase describes its rewards as “a loyalty program funded by Coinbase.” Whether that is enough is now the OCC’s call. The agency wrote that it “declines to presume that rewards programs that predated the GENIUS Act comply with the GENIUS Act,” so Coinbase’s program gets no grandfathering.
On payments more generally, the rule says “payments for bona fide services generally would not be prohibited” when no other facts point the other way, without naming any particular arrangement.
The agency added that as the payment stablecoin market evolves, it expects to gain enough real-world “experience with identifying prohibited transactions” to eventually propose a clearer rule defining its “yield prohibition.”
Rob Nichols, president and CEO of the American Bankers Association, said the result “will preserve the status quo for crypto platforms despite Congress’s clear intent to protect local lending.” Faryar Shirzad, Coinbase’s chief policy officer, posted that in the rule “there’s a lot to like.”
How the Money Moves
Circle (CRCL) earns interest on USDC’s reserves. Under its agreement with Coinbase, described in Circle’s IPO filing, Coinbase receives the reserve income on USDC held in Coinbase products, after a slice Circle keeps, plus half of what remains on most USDC held elsewhere. Circle said it paid about $819 million, or 59 cents of every revenue dollar, to distribution partners and transaction costs in the first half of 2026.
In the rest of the issue, subscribers get:
How much of what Coinbase earns on its customers’ USDC the rewards already eat, and how that changed
What happens to Coinbase’s stablecoin revenue if the rewards end, and how much customer USDC would have to leave for it to hurt
The one scenario that puts all $292 million of Coinbase’s quarterly stablecoin revenue in play, and who holds the leverage
Why Circle’s planned move to a New York trust company leaves open which rulebook judges USDC’s rewards
Bull, base and bear ranges for Coinbase’s stablecoin revenue after rewards, and the dates that decide them
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Extended, a decentralized exchange built around perpetual contracts, has fully moved to Arc. Trading is live, with USDC and cirBTC as the accepted collateral.
How the move went down The migration took place on October 22, 2026, at 13:00 UTC. Extended shifted its settlement infrastructure from Starknet to Arc, carrying approximately $120 million in total value locked (TVL) with it.
Open positions and orders came along intact. Traders did not need to close out and rebuild their books on the other side.
Deposits and withdrawals did pause briefly during the transition. Both have since been restored.
The collateral menu changed, though. On Arc, Extended now accepts native USDC as its main collateral and cirBTC as its Bitcoin collateral asset.
cirBTC is a token issued by Circle and backed 1:1 by Bitcoin.
Two familiar assets did not survive the trip. USDT and wBTC are not supported on Arc.
Users holding more than $1 of USDT or wBTC had to act by October 21, 2026. They could either withdraw or convert into USDC or cirBTC at a 1:1 rate plus a 0.50% premium.
ETH holders got off easier. Their balances converted automatically to wETH during the migration.
What Arc brings to the table Arc is Circle’s EVM-compatible Layer 1 blockchain. The network launched its mainnet on September 16, 2026. Extended’s arrival comes roughly five weeks later.
Arc offers sub-second deterministic finality. Gas fees on Arc are paid in USDC.
The validator lineup includes founding validators such as BlackRock, DTCC, ICE, Visa, and Mastercard.
Extended also gains access to Circle’s Cross-Chain Transfer Protocol (CCTP). CCTP lets USDC move natively between blockchains, rather than relying on wrapped versions issued by third-party bridges.
The Circle partnership and Extended’s track record The migration is described as the first step in a broader partnership between Extended and Circle.
Extended reports more than $200 billion in lifetime trading volume across multiple asset classes, including traditional stocks and digital currencies.
What this means for traders and the perps market For existing Extended users, the immediate changes are practical. Collateral options narrowed to USDC and cirBTC, and anyone still holding USDT or wBTC had to make a decision before the October 21 deadline.
The 0.50% conversion premium sweetened that deal. Exchanges rarely pay users to switch assets, so the incentive suggests Extended wanted the collateral base consolidated quickly and cleanly.
The things to track from here: whether TVL grows beyond the approximately $120 million that made the trip, how cirBTC adoption develops as Bitcoin collateral, and what the next phase of the Extended and Circle partnership actually delivers.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
If Bitcoin drops below $80,000, total long position liquidations on major centralized exchanges (CEXs) will hit $692 million.
According to Coinglass data, if Bitcoin falls below $80,000, the total long liquidation intensity on major centralized exchanges (CEXs) will reach $692 million. Conversely, if Bitcoin breaks through $83,000, the total short liquidation intensity on major CEXs will hit $1.025 billion. BlockBeats Note: Liquidation charts do not display the exact number of pending liquidations or the exact value of liquidated contracts. The bars on these charts actually represent the relative importance (intensity) of each liquidation cluster compared to adjacent clusters. Therefore, the liquidation chart shows the degree of impact when the underlying asset’s price reaches a specific level. A higher "liquidation bar" indicates that once the price hits that level, it will trigger a stronger reaction due to liquidity waves.
4 hours ago
Bitcoin falls below $81,000, with a 4.3% drop in the past 24 hours.
According to HTX market data, Bitcoin fell below $81,000, with a 4.3% decline in the past 24 hours.
4 hours ago
Pump.fun launches EVM limit orders, supporting take-profit and stop-loss functions.
Meme coin launch platform Pump.fun announced the launch of its EVM limit order functionality, claiming it is the first social trading application to offer take-profit and stop-loss features. The feature currently covers Robinhood, BNB Chain, Base, HyperEVM, Arc, and Ink, with more chains set to be integrated gradually.
4 hours ago
a16z Frontier has officially confirmed its continued focus on the crypto space, expanding its investment scope to include frontier technology startups.
a16z General Partner Chris Dixon has officially published an announcement renaming a16z crypto to a16z Frontier, expanding its investment scope from crypto startups to a broader set of frontier technology startups—those building new technologies, opening up new markets, and taking years to mature. Dixon emphasized this is a scope expansion, not a pivot; the team will continue investing in crypto and related businesses while advocating for reasonable crypto regulation. Dixon noted that as blockchain gains wider adoption, Wall Street and fintech firms have regularly launched on-chain products, making the "crypto company" label less significant. Companies should be defined by their core business activities, not the technology they employ. His remarks also touch on the ongoing AI wave: beyond using AI to speed up and enhance existing work, focus is on native new use cases emerging from AI, full-stack startups integrating hardware, software and services, and new networks connecting humans and intelligent agents. Dixon believes blockchain will still play a critical role in this space, serving as a fast, low-cost, global, programmable financial infrastructure for the internet. Stablecoins are becoming a standard tool for fintech firms and institutions, and can also support machine-to-machine transactions and the cold start of new networks. He will lead the fund alongside firm founders Marc Andreessen and Ben Horowitz, as well as general partners Eddy Lazzarin and Guy Wuollet. The operating team will continue supporting current and future portfolio companies in areas including regulation, market entry, talent, marketing and technology R&D.
4 hours ago
New York State Department of Financial Services issues alert over PHP vulnerability.
New York State Department of Financial Services (NYDFS) has issued alerts regarding two critical PHP vulnerabilities, urging regulated entities to promptly identify and remediate the vulnerabilities that are already being exploited.
4 hours ago
GMGN Co-founder: The self-developed cross-chain bridge is undergoing a small-scale volume test, and the APP will soon support buying multi-chain tokens with USDC.
GMGN co-founder Haze announced in a post that the project’s self-developed cross-chain bridge is currently undergoing small-scale volume testing, and will uphold its long-standing reputation for fast, secure, and stable transactions. Haze added that users will soon be able to buy any token across multiple blockchains using USDC through the GMGN app.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Circle CEO Jeremy Allaire waved off questions about Bitcoin (BTC) underperforming this year in a CNBC interview, saying he is focused on non-speculative digital dollars built for a future where AI software moves the money.
The Office of the Comptroller of the Currency (OCC), a federal banking regulator, is finalizing rules for the GENIUS Act, the 2025 law governing dollar-pegged stablecoins. Allaire says that cements his sector’s role, while noting other crypto areas may face questions.
Why Is Circle’s CEO Looking Past Bitcoin’s Price?CNBC’s Seema Mody asked why Bitcoin has lagged this year if crypto is the future.
“I don’t pay much attention specifically to like these sort of specific digital commodities, how they’re trading, etc.”
He described digital dollars as tools for payments, trading, lending and investing rather than speculation. Stablecoins are designed to hold a steady $1 value, so they do not track Bitcoin’s price swings.
He also pointed to growing activity on blockchains such as Arc, which Circle launched in September.
Why Would AI Agents Need Digital Dollars?Allaire’s broader pitch is that AI agents, software that completes tasks on its own, will take on more economic activity. He argues that shift creates demand for digital dollars and machine-built blockchains, the infrastructure Circle builds.
However, he offered no figures for that demand.
Meanwhile, the rules bear directly on Circle, the issuer of USD Coin (USDC), Allaire said.
The OCC’s proposal would require reserves at least equal to outstanding stablecoins and redemption at par within two business days, according to Orrick. The proposal would also bar issuers from paying holders interest.
Allaire says the law is safe from the midterms because it drew bipartisan support. However, 18 Senate Democrats backed it in 2025, while House Democrats split 102 to 110 on final passage.
Meanwhile, Congress’s broader market rules bill, the failed CLARITY Act, never cleared the Senate.
Competition is arriving too, as banks suddenly want stablecoins and 21 institutions have committed to a joint issuer.
Stablecoins now have federal rules and new rivals at once, while broader crypto rules remain unsettled.
Ahmed Barakat is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.
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The US stablecoin market is entering a new regulatory phase, with Circle’s USDC and Tether’s USDT facing different challenges as federal oversight takes shape. Last night, UK time, the Office of the Comptroller of the Currency (OCC) finalized rules implementing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The framework establishes requirements covering reserves, redemptions, risk management, reporting, and regulatory supervision, with an effective date of January 18, 2027.
President Trump fundamentally transformed the future of finance with the signing of the GENIUS Act last year.
Today, U.S. Treasury’s @USOCC took a critical step toward implementing this historic legislation with the release of a final rule that delivers a federal framework for… pic.twitter.com/JXypSNdz6P
— Treasury Department (@USTreasury) October 21, 2026 Circle could benefit from its established US regulatory positioning, while Tether faces questions about how its international stablecoin business will fit into the new framework. The stablecoin market has USDT’s market share at 60.7%, compared with 23.9% for USDC. Together, the tokens represented 84.6% of the market.
Stablecoin Market Cap, DefiLlamaThe figures highlight both Circle’s opportunity and the scale of the challenge. USDC has room to expand, particularly among institutions seeking regulated digital-dollar infrastructure, but winning market share will require continued adoption, liquidity, and integration.
For Tether, the priority is protecting USDT’s established position while adapting to the requirements of an increasingly regulated market. Its international user base remains a significant competitive asset.
Discover: Crypto IPO to Watch This Q4
GENIUS Act on Exchanges and InstitutionsThe effects of the GENIUS Act extend beyond stablecoin issuers. Exchanges, payment providers, and financial institutions must assess which tokens they can support and how their products fit within the new framework.
Stablecoin rewards have emerged as another important battleground. The OCC’s final rule prohibits issuers from directly paying interest or yield to holders simply for holding payment stablecoins, but it does not impose a blanket ban on third-party reward programs. Instead, regulators will assess these arrangements case by case, including whether they circumvent the law’s restrictions.
That approach could shape how exchanges compete for stablecoin deposits. Platforms may retain room to offer qualifying rewards, while issuers and their partners will need to consider how their arrangements are structured.
The GENIUS Act also leaves further implementation work ahead, including separate requirements for anti-money laundering and sanctions compliance. The January 18, 2027, effective date gives affected businesses time to prepare, but regulatory applications and decisions will help determine how the framework operates in practice.
Can USDC Close the Gap With USDT?Circle has an opportunity to turn its regulatory positioning into stronger adoption among US institutions, payment companies and businesses seeking compliant stablecoin infrastructure. Tether, meanwhile, must preserve USDT’s global dominance while navigating the requirements governing access to the American market.
The GENIUS Act could make regulatory compliance a more important competitive factor, particularly for companies building payment and settlement services around dollar-backed tokens. That creates an opening for USDC to gain ground even as USDT retains its international advantages.
The next milestones will be issuer applications, regulatory decisions, and the January 2027 implementation deadline. These developments will help clarify which stablecoins are best positioned to serve American customers.
Bithumb will suspend XPLA deposits and withdrawals at 15:00 today to support network upgrades.
According to Bithumb's announcement, the platform will suspend XPLA token deposits and withdrawals on the XPLA network starting at 15:00 KST (Korea Standard Time) on October 22 to support network upgrades and node server updates. The node server update is scheduled for 19:00 the same day, though the exact time may be adjusted based on network conditions and block generation speed. Deposits and withdrawals will resume once network stability is confirmed, with a specific resumption time to be announced separately. XPLA trading will remain unaffected during this period.
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Anthropic plans to publicly file its IPO documents as early as this Friday, with its current private market valuation standing at $1.957 trillion.
According to three people familiar with the matter, Anthropic plans to publicly file its S-1 investor prospectus as early as this Friday. The company confidentially submitted a draft to the U.S. Securities and Exchange Commission (SEC) in June. Per SEC regulations, companies that file confidentially must disclose relevant materials to the public at least 15 calendar days before the launch of their formal investor roadshow. The public filing will clear key procedural hurdles for a potential November initial public offering (IPO), though the final timing remains dependent on factors such as market conditions. Earlier reports noted some investors are targeting a $1.5 trillion valuation for Anthropic’s upcoming IPO, a 25% decrease from the earlier $2 trillion projection. Separately, data from trading platform Entropy shows Anthropic’s over-the-counter (OTC) contract market capitalization stands at $1.957 trillion.
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Dragonfly Partner: The crypto industry is at the forefront of a global wave of cyberattacks.
Dragonfly Managing Partner Haseeb Qureshi has warned that the global cybersecurity landscape is facing a hacker wave comparable to the COVID-19 pandemic, with the crypto industry being the first to experience this trend. He argues that because on-chain attacks are the most straightforward way for hackers to generate direct profits, security breaches in crypto protocols can serve as an early warning sign of broader internet security risks. While the number of hacker attacks targeting the crypto sector has surged sharply, the annualized total value of stolen funds remains roughly on par with 2025 levels, indicating a decline in the average loss per attack. Qureshi pointed out that attackers are focusing on small DeFi protocols with weak security safeguards and inadequate maintenance, whereas large crypto protocols have begun leveraging AI tools to bolster their defenses. He predicts that this large-scale attack trend will eventually spread to the traditional internet industry.
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Bloomberg: DeepSeek completes second-round financing of 100 billion yuan, with Tencent and CATL as the top investors.
Beating AI Express (Dongcha) reports: Bloomberg’s latest report states that DeepSeek has completed its second round of financing worth 100 billion yuan, with Tencent and CATL being among the largest investors. The round was initially targeted to raise 50 billion yuan, but its fundraising goal was raised twice afterward. Despite the financing scale doubling, DeepSeek’s pre-money valuation remains at around 500 billion yuan. At the end of June this year, DeepSeek just closed its first round of financing of approximately 51 billion yuan, with founder Liang Wenfeng contributing around 20 billion yuan personally. Calculated based on the reported scale of this round, the total financing of the two rounds amounts to roughly 150 billion yuan. In this round, new and existing shareholders will each contribute about half of the total planned investment. CATL will add around 10 billion yuan, while Tencent will also continue to invest approximately 10 billion yuan. New investors include Stone Capital, SMIC Holdings, CPE Source Capital, Legend Capital, and Geely, among others. Perfect World announced on October 22 that two funds managed by entities related to Lisi Capital and Shixiang Capital have completed fundraising, with sizes of 7.52 billion yuan and 3.65 billion yuan respectively. Perfect World has subscribed to a total of 150 million yuan, and Century Huatong has previously disclosed its participation in the investment. Both funds participated in DeepSeek’s current financing round, but the specific investment amounts have not been made public. DeepSeek is also preparing for an IPO on China’s STAR Market, planning to submit its listing application as early as the end of this year and aiming to go public in 2027.
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Hong Kong stocks extend their losing streak, with the Hang Seng Index falling below the 23,000-point threshold. Zhipu AI’s shares plunge over 9%, leading declines in the AI sector.
According to Bitget market data, Hong Kong stocks have extended losses since opening today. The Hang Seng Index fell 2.7% intraday, breaking below the 23,000-point mark; the Hang Seng Tech Index dropped 4.38%, with the artificial intelligence sector slumping—Days Innovations and Zhipu AI both fell more than 9%.
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South Korea's Financial Services Commission Chairman: Virtual asset taxation needs to fully consider multiple factors, and the relevant bill has entered the final negotiation phase.
According to Yonhap News Agency, South Korea's Financial Services Commission Chairman Lee Eoguen told the National Assembly's Administrative Committee during a comprehensive audit that "various factors need to be fully considered" regarding virtual asset taxation set to take effect next year. People Power Party lawmaker Song Eon-seok on the same day questioned whether the tax should be scrapped or delayed, arguing that taxation is being advanced before the nature of digital assets and policy direction are clarified, and that the "Digital Asset Basic Act" should be prioritized for drafting. Lee responded that digital asset-related bills are in the final negotiation stage and will be pushed for discussion as soon as possible. On the taxation front, opinions from all sides are diverse and still being gathered. South Korea's virtual asset tax was introduced in 2020 via an amendment to the Income Tax Act, and has been delayed three times previously. The government is currently proceeding with administrative procedures in line with the January next year implementation schedule, but industry stakeholders and even some ruling party members argue the timing is premature due to unclear standards and insufficient infrastructure.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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.
Lead Bank now lets its fintech partners turn dollars into USDC and pay recipients in 44 countries, but the exchange rate on those payouts is posted only after settlement.
Key Takeaways
Partners convert dollars and USDC around the clock
Local-currency payouts reach 44 countries via stablecoins
Bank-account name checks take up to 21 minutes
Returned payouts convert back at a new rate
Lead introduced the on-ramp, off-ramp and cross-border FX payout products in an October 20 blog post, published while the bank presented them at Money20/20.
What Lead launched and who can use it
Lead Bank is a chartered, FDIC-member bank based in Kansas City, Missouri, that sells banking infrastructure to fintech companies through APIs. Those companies, which Lead calls partners, build accounts, cards and payments for their own users on top of Lead’s charter. The new stablecoin products are available to them, not to individuals opening an account directly.
Lead’s payment documentation splits the launch into three flows, each starting or ending in a dollar account at Lead:
Flow
Money goes in as
Money comes out as
On-ramp
Dollars in a Lead account
USDC sent to a wallet
Off-ramp
USDC received on-chain
Dollars in a Lead account
FX payout
Dollars in a Lead account
Local currency in the recipient’s bank account
The FX payout is the cross-border product. Dollars are converted into a stablecoin, moved on-chain, then paid out through the destination country’s domestic payment system, or rail. The recipient never touches USDC.
Lead has not published which 44 countries the payouts reach. Its developer documentation lists five payout currencies: the Mexican peso, Colombian peso, Brazilian real, euro and British pound. Its product page gives Brazil’s PIX and the European Union’s SEPA system as examples of the local rails used. USDC is the only stablecoin at launch, with others planned, and outgoing payments must be at least $3.
One account instead of three providers
Lead argues that fintechs running international payments usually combine a bank, a crypto exchange and a cross-border payments vendor, keep money prefunded with each and reconcile three sets of records. In its setup, converted dollars land in the account the partner already holds and can move on over FedNow, RTP, ACH or wire, or abroad through the FX payout. Partners can still pick a conventional wire for any given payment.
Lead’s own example: a remittance company sending $5 from the US to Mexico. By wire, the fee can exceed the payment itself, and the usual workaround is keeping money parked in accounts abroad. The bank also pitches the service to payroll providers paying staff overseas who want dollars but struggle to open a US account.
The launch comes as community banks warn that stablecoins could pull deposits away from local lenders. Lead is approaching stablecoins from the other side, building products for the moment money converts and leaves the account. It is not new to the sector: Lead is the issuing bank behind the stablecoin-linked Visa cards built with Stripe-owned Bridge.
The exchange rate comes after the money moves
Lead’s validation and best-practice guide states that the FX payout rate is posted after settlement and cannot be retrieved upfront.
A partner sending $500 to a supplier in Brazil therefore cannot get from Lead’s API, before submitting, the number of reais the supplier will receive. How that figure is shown to the sender is left to each partner.
The same gap affects Lead’s $5-to-Mexico example. The announcement sets that transfer against a wire fee but gives no conversion fee or FX spread, so the two can only be compared once payments have settled.
When a payment has to come back
Lead separates payments that never leave from payments that leave and bounce. A rejection stops the payment before it moves. The listed reasons include a recipient name mismatch, a name check that timed out, a closed account and incorrect account details.
A return carries currency risk. Under Lead’s returns terms, the amount returned may differ from the amount sent because of fees and currency conversion. If the dollars were already converted into local currency, they are converted back at the new spot rate, which can leave the sender with more or less than the original payment.
Refunds of incoming stablecoins work differently. Lead cannot block funds sent on-chain to a partner’s deposit address, so every receipt is automatically converted into dollars. To send money back, the partner creates a new outgoing stablecoin payment, which Lead’s system cannot yet link to the original as a refund.
“Seconds” depends on the account check
Lead says the products run 24/7/365 and that, because the local rails are real-time, payouts can land in seconds. Before that happens, each outgoing payment passes Lead’s prohibited-country check, OFAC sanctions screening and a balance check.
On PIX, SPEI and Bre-B, Lead also confirms that the receiving account is active and that the name on it matches the name submitted. That check runs in the background, with a maximum wait set per rail:
Rail
Country
Max name-check wait
PIX
Brazil
3 minutes
SPEI
Mexico
21 minutes
Bre-B
Colombia
21 minutes
If the check doesn’t finish in time, the payment is rejected and has to be resubmitted, which Lead says will usually succeed once verification completes. If the name doesn’t match, Lead won’t reveal the name on file. Recipients with two surnames, common across Latin America, need both entered in the last-name field, or the match can fail.
Lead’s 24/7 claim applies to the stablecoin products. Once off-ramped dollars are in a Lead account, FedNow and RTP move them instantly, while ACH and wires keep their usual operating hours.
Lead has disclosed the currencies but not the country list, its conversion fees or its FX spread. Until those are public, partners can test the speed claim before their first payment, but they can check the price only after the money has arrived.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP.
Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem.
To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem.
His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
The British Virgin Islands, Road Town, October 2026 — Probly, an on-chain prediction market for sports, politics, crypto, finance, and global events, has concluded its participation as a Gold Sponsor of TOKEN2049 Singapore and co-host of the WHALE3RA Afterparty alongside BloFin, TxFlow, and other ecosystem partners.
Across TOKEN2049 week, Probly connected with traders, builders, infrastructure teams, partners, and Web3 communities around the growing role of prediction markets as a way to express views on real-world events.
The week also gave Probly an opportunity to introduce its approach to prediction markets to a broader crypto-native audience: simple access, broad market coverage, self-custody USDC, peer-to-peer trading, and verifiable on-chain settlement.
From Market Opinions to On-Chain Signals
Prediction markets are increasingly becoming an interface for turning expectations about future events into market signals. For Probly, TOKEN2049 provided an opportunity to bring that idea directly to an audience already accustomed to trading changing market conditions, information, and expectations.
The name Probly comes from “probably,” the word people use when the outcome of an event remains uncertain. It is also inspired by P(A), the mathematical notation used to represent the probability of an event.
Probly currently supports 5,100 events and 47,000 markets across Sports, Geopolitics, Crypto, Finance, Economy, and Politics. The platform also offers 172 active live markets for same-day trading, including high-frequency Crypto “Up or Down” rolling markets across BTC, ETH, SOL, and XRP.
Probly is the first prediction market application developed through TxFlow Improvement Protocol 3 (TIP3). Settlement through TxFlow enables on-chain settlement, automatic USDC payouts, and no manual claim step.
Bringing the Prediction Market Conversation to WHALE3RA
Probly also co-hosted WHALE3RA at MARQUEE Singapore during TOKEN2049 week alongside BloFin, TxFlow, and other ecosystem partners.
The event brought together traders, builders, funds, exchanges, infrastructure teams, and Web3 communities, giving Probly an opportunity to engage directly with many of the audiences shaping the next generation of crypto products.
For Probly, these conversations reinforced an important direction for the product: prediction markets should not be limited to occasional major events. They can become a more active interface for following changing information, forming a view, and trading expectations as events develop.
What Comes Next for Probly
Following TOKEN2049 Singapore, Probly will continue developing its prediction market experience around accessibility, broader event coverage, frequent trading opportunities, and transparent on-chain infrastructure.
The company will also continue working with ecosystem and infrastructure partners as it develops new ways for users to express views on future outcomes through on-chain markets.
TOKEN2049 and WHALE3RA marked another step in bringing Probly’s core idea to a wider audience: uncertainty is everywhere, and markets can make collective expectations around what happens next more visible, transparent, and useful.
Before It Happens.
About Probly
Probly is a prediction market built on TxFlow L1 through TxFlow Improvement Protocol 3 (TIP3). It turns views about future events into continuously updated market signals across sports, crypto, economics, news, culture, weather, and other real-world categories.
Probly combines real-time markets, broad event coverage, fully on-chain settlement, and self-custodied USDC infrastructure. Its mission is to make collective expectations more immediate, transparent, and useful by converting uncertainty into a price.
Important Notice
This announcement is provided for general informational purposes only. It does not constitute an offer, solicitation, recommendation, or invitation to enter into any transaction, event contract, any transaction, event contract, derivative, or other product, derivative, or other product. Nothing in this announcement constitutes investment, financial, legal, or trading advice. References to market information, probability indicators, settlement infrastructure, or product functionality should not be interpreted as a recommendation to participate in any market. References to third-party companies, platforms, and products are provided solely for general industry context. They do not imply affiliation, endorsement, or partnership except where expressly stated.
Probly’s availability, functionality, event coverage, account features, wallet support, and eligibility requirements may vary by jurisdiction. Access is subject to applicable laws, regulations, product rules, geographic restrictions, and eligibility requirements. No person should access or use the application in a jurisdiction where doing so would be prohibited or would require an authorisation that has not been obtained.
The Office of the Comptroller of the Currency (OCC) has finalized new regulations governing the issuance of payment stablecoins in the United States. These rules set standards for reserve backing, redemption processes, audits, reporting, and risk management among authorized issuers.
Regulatory framework and implementation timelineThe OCC released its final rule earlier this week, with the regulation scheduled to take effect on January 18, 2027. The framework follows the enactment of the GENIUS Act in July 2025, which established federal requirements for eligible payment stablecoin issuers and outlined prohibitions for digital asset service providers selling non-compliant stablecoins to US consumers.
These new federal standards apply to subsidiaries of national banks and federal savings associations, non-bank entities authorized by the federal government, state-approved issuers, and eligible foreign issuers. In addition, the rules oversee custody activities conducted by OCC-regulated entities.
The regulatory structure covers crucial operational areas such as reserve asset composition, redemption obligations, audit procedures, mandatory reporting, and secure custody arrangements. OCC officials emphasize that these standards are designed to foster innovation while maintaining strong safeguards for consumers and the financial system.
Scope, eligibility, and application processThe framework provides detailed guidance for how state-qualified issuers can become subject to federal supervision. It also specifies scenarios in which the OCC may revoke an issuer’s approval, ensuring ongoing compliance with regulatory obligations.
Jonathan Gould, Comptroller of the Currency, said the rules establish ground rules for stablecoin innovation and aim to secure adequate reserve backing, streamlined redemption, and robust risk controls for the sector.
By introducing clear expectations for reserve support, redemption, and risk management, the OCC is seeking to “enable innovation in stablecoin payments while upholding confidence in the broader financial system,” commented Comptroller Gould.
The final framework was developed after an extensive public consultation, with feedback collected from crypto firms, community banks, trade groups, academics, and other stakeholders. The regulator originally proposed the framework in February 2026, with a 60-day window for comments.
Applicants already issuing stablecoins may seek waivers if their applications are nearly complete, helping them avoid operational disruptions during the regulatory transition. The OCC will provide additional notification before accepting formal applications, allowing entities time to gather documentation and assess compliance.
GENIUS Act and stablecoin oversightThe GENIUS Act restricts payment stablecoin issuance in the US to eligible issuers and qualified foreign entities. The legislation also blocks digital asset providers from distributing payment stablecoins to Americans unless the stablecoins originate from approved issuers.
This law has created a national framework for managing payment stablecoins, with particular emphasis on reserve guarantees and transparent redemption rights, all designed to protect token holders.
Treasury Secretary Scott Bessent drew parallels between the GENIUS Act and the 1863 National Currency Act, highlighting both as pivotal in shaping future financial infrastructure in their respective eras.
The OCC’s regulations now provide the tools to implement key provisions of the GENIUS Act, making compliance analysis essential for covered entities ahead of the 2027 enforcement date.
FeatureOCC Stablecoin RulesGENIUS ActEffective dateJanuary 18, 2027July 2025 (enacted)ScopeReserve, redemption, audit, reporting, custody, risk managementIssuer eligibility, sales prohibitions, compliance frameworkImplementationOCC-supervised entitiesAll US and qualified foreign issuersExclusions and ongoing oversightThe OCC Stablecoin Rules do not address anti-money laundering or sanctions compliance. These matters fall under separate Treasury Department rulemaking, specifically under FinCEN and the Office of Foreign Assets Control (OFAC).
Issuers now have until January 18, 2027, to develop or update reserve arrangements, redemption processes, risk management programs, custody solutions, and mandatory reporting systems in line with these federal standards.
Overall, the regulations represent a significant federal initiative, offering clarity for payment stablecoin issuers and laying out the preparation steps for their transition to the new regime.
Mini dictionary: Office of the Comptroller of the Currency (OCC), an independent bureau within the US Department of the Treasury, charters, regulates, and supervises all national banks and federal savings associations in the United States.
The first significant-EMT classification splits prudential oversight between the EBA and France's ACPR on a fixed clock, while a non-binding MoU with New York creates the EBA's first transatlantic supervisory corridor for stablecoins. The mechanics matter more than the headline.
The classification of USDC as a significant e-money token (EMT) by the European Banking Authority (EBA) is a shift in supervisory architecture rather than a change in the product itself. On 14 October 2026, the EBA classified USDC as a significant EMT, marking the first time this designation has been applied under the Markets in Crypto-Assets (MiCA) regulation. USDC, issued by Circle Internet Financial Europe SAS in the EU and Circle Internet Financial, LLC in the United States, is the first of 45 EMTs notified under MiCA to receive the significant label. The mechanics of the decision trigger a specific, fixed-clock reassignment of regulatory oversight.
From 12 November 2026, the supervisory burden for USDC splits. The EBA assumes direct responsibility for the issuer’s own funds, reserve of assets, liquidity requirements, and recovery and redemption plans. Previously, these areas fell under the purview of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, which licensed Circle France as an e-money institution. The ACPR, however, retains its authority over governance, qualifying holdings, fit-and-proper assessments of senior managers, outsourcing, and conflicts of interest. The EBA and the ACPR will work closely together to ensure a smooth transition and effective supervisory cooperation, the EBA said. This dual supervision model is subject to annual reassessment, meaning the significant status is a condition, not a permanent title, and can be lost if the token no longer meets the criteria set out in Commission Delegated Regulation (EU) 2024/1506. Notably, the EBA did not disclose which specific indicators triggered this classification.
For distributors and crypto-asset service providers in the European Union, the designation does not impose new, direct regulatory duties. Instead, the impact is indirect. The shift in supervision and the requirement for the issuer to undergo independent audits every six months, per the MiCA framework summary (secondary, publisher-qualified), lower the issuer-side counterparty risk a distributor carries. Distributors will likely experience this as an increase in compliance paperwork and a change in the risk profile of the asset they offer. Additionally, secondary-sourced reports indicate that non-euro EMTs may face a cap for exchange use above a daily average of 1,000,000 transactions or EUR 200,000,000, though this figure remains unverified against the regulation text. None of this depends on a distributor consent or re-authorization. The USDC that trades across Europe on 12 November is the same token as it was on 11 November. What changes is who holds a direct line of sight into the reserves.
The EBA’s ability to oversee this cross-border activity relies on a Memorandum of Understanding (MoU) with the NYDFS, signed formally in April and May 2026 and announced in June. The document establishes a corridor for information exchange, including quarterly data on reserve assets, qualifying holders, group structure, and trading volumes, as well as provisions for coordinated on-site inspections in each other’s jurisdictions, written notification of material infringements, and coordinated crisis responses. There is a notable discrepancy in the timeline worth naming: the MoU was signed by Kaitlin Asrow of the NYDFS on 27 April 2026 and by EBA Chair François-Louis Michaud on 13 May 2026, taking effect at the later of the two dates, yet the public announcement did not occur until 2 June 2026.
Despite the formal nature of the agreement, the MoU stops short of legal force. Article 9 of the document states: “This MoU does not constitute a legally binding and/or legally enforceable agreement.” It does not create rights or obligations for either authority or for third parties, does not modify or supersede any laws or regulations in force, and is not intended to limit or condition the discretion of either regulator in the discharge of their supervisory responsibilities. Furthermore, the text of the MoU does not mention Circle, Circle Internet Financial, or USDC at any point. It is explicitly scoped to the stablecoin-related activities of supervised entities or persons. In practice, it is a supervisory information corridor, not a joint enforcement mechanism, and it is the EBA that now holds the primary European lever over Circle’s reserves.
EBA Chair François-Louis Michaud described the agreement as an “important milestone in strengthening transatlantic cooperation on stablecoin supervision and ensuring that cross-border activities are conducted to the highest standards. It reflects our commitment to building a strong, effective, and globally coordinated supervisory framework for crypto-assets.” NYDFS Acting Superintendent Kaitlin Asrow added: “Effective financial regulation has always depended on strong relationships between regulators, and that principle holds firm in the digital asset space. This MoU reflects the Department’s deep commitment to cross-border supervision and collaboration in order to protect consumers, regulated entities, and markets.”
The economic reality of this designation creates a complicated environment for market participants. USDC now reports into two distinct supervisory systems, increasing the compliance surface for the issuer. Simultaneously, as documented in our recent coverage of France’s proposed swap tax, the same market is seeing legislative moves that treat swaps into MiCA-compliant stablecoins as taxable disposals, while unregulated alternatives such as USDT remain outside the scope of such measures. The compliant competitor faces a widening supervisory and tax surface; the unregulated competitor does not. That is the distribution question this designation quietly sharpens, more than any product change it names.
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