Track market-moving stories before they get noisy

Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

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Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

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Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

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US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

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US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

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During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

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A customer scans a QR code to make a cashless payment at the service counter of a food outlet in Singapore, on Wednesday, April 28, 2021.

© 2021 Bloomberg Finance LP

In November 2017, an ex-Lazada payments builder was sitting in front of central-bank regulators across Southeast Asia trying to convince them that a QR code could safely move money. He had moved over to Alipay to lead its push to export the Chinese payments playbook abroad. “I had the experience, frontline experience of going to Southeast Asia, convincing banks, regulators, that you could let your people scan a QR code and money will move safely,” Neo now runs the onchain neobank UR, said on the On The Margin podcast. "It was crazy. I was in boardrooms. I was in front of the regulator. I'm trying to tell them that this little piece of QR contains enough information to switch payments from one account to the other and you could trust it."

Eight and a half years later, that same operator is running the consumer face of UR’s bet that on-chain banking will do to digital fiat what QR did to cash. UR first launched in June 2025 on Mantle Network, a Layer-2 blockchain that began life as BitDAO with backing from Founders Fund and crypto exchange Bybit, as the world’s first fully blockchain-based neobank. The job of explaining what that actually means at the operational layer falls to Neo.

What UR actually isUR sits on a Swiss banking charter 1B license, regulated by FINMA. Every fiat dollar, euro or Swiss franc deposited into a Swiss IBAN issued by UR is mirrored one-to-one as an on-chain tokenized deposit. The bank holds the underlying fiat fully reserved and does not lend or invest it. "It's a fully reserved banking model," Neo said. "We don't lend or invest this fiat that you send into this bank account, and we issue this on-chain representation."

The on-chain mirror is permissioned. Only KYC-verified wallets can receive or move the asset, which is how UR satisfies the Travel Rule on its blockchain rail. FINMA audits the bank quarterly by reading the chain directly. "FINMA audits, regulates the entity. They read the blockchain to see different wallet addresses, how much money is in, as it's moved over the quarter. And that's how they say, okay, you're free to operate in the next quarter," Neo said. UR can issue the same Swiss IBAN to citizens of more than 40 nationalities, with another 100 in the pipeline. Sanctioned-list nationalities are excluded. US citizens are not served. "Large parts of Asia, Latin America, we serve. And this is where most of our partners are asking us about anyway."

The product wraps the bank in an API so that a fintech can call UR to issue a real bank account to a user, on-ramp fiat through SEPA, SWIFT or SIC, mint the on-chain mirror, swap into USDC or another stablecoin, and reverse the flow on off-ramp. The fiat layer and the on-chain layer behave like the same balance.

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Why the career arc mattersNeo's resume reads like a checklist of every Asian payments revolution of the last fifteen years. Lazada was the first job, when Rocket Internet was hiring ex-consultants to bet that Southeast Asia would skip cash-on-delivery for cards and wallets. "We got lucky with the hypothesis on payments, that it would go digital," Neo said. "Back then cash on delivery was the main way people paid on Lazada. We bet that it would be cards and e-wallets and all that." The Lazada push got the company acquired by Alibaba; Neo moved to Alipay to run the QR rollout abroad.

Grab was next. "I came back to Southeast Asia to join Grab who was building out a bank, but early days it was just called a digital wallet," Neo said. "I saw how building this digital wallet impacted lives across Southeast Asia. It brought a lot of the unbanked or underserved people into finance, finally, as simple as giving them digital money, allowing them to transact." Tencent followed, working with portfolio companies including Maya Bank in the Philippines. Then his own checkout startup, four years.

The pattern repeated. "Most of my time was spent moving people from what we call Web 1 money to Web 2 money," Neo said. "Cash to cashless transactions, or digital money. So we've seen how that shift happens, how we get adoption, how that adoption creates or unlocks value in society or in economies, especially underserved ones. And then what's capable after." UR is the next leg, the move from Web 2 money to Web 3 money for the same constituency.

What actually changed the timing is the regulatory clock. "The key thing for me was regulation. Regulation always plays a big part. Once the governments, the regulators take notice and start policing, that's when things get serious. That's when proper companies get built," Neo said. The Swiss FINMA charter is the moment that opens the door for him. Without it, UR would be another orchestration layer dressed up as a bank.

Where the customers come fromUR's clients are not retail at the front. They are fintechs and crypto-native projects that need a regulated account layer they cannot build themselves. The latest live example Neo described is TopNod, a self-custodial wallet focused on tokenized real-world assets that, in Neo's account, "just crossed the 1 million mark, the user count mark recently." The Topknot use case is concrete. A retail customer wants to deploy 10,000 dollars into a money-market fund tokenized on-chain. With a traditional onramp, the conversion fee can swallow most of the year's 4 to 5 percent yield. With a UR-issued segregated bank account on-ramping at one-to-one, the fee shrinks to a wire charge and the yield survives.

The advice Neo gives to founders sounds like the lesson from his Lazada-Alipay-Grab triangle. If a project does not hold balances for long, "you're not a neobank," he said. "Orchestration platforms where you pay to just move money, those fit because your balance doesn't stay." The account layer becomes valuable only when funds sit. "When you do become some kind of account-holding layer where funds or fiat actually sits in, let's say, your bank for long periods of time, maybe because you are building some kind of financial super app or you are building some kind of investment app, then I think it pays to invest in an account or infrastructure provider." That is the segment UR is courting.

The long-tail currency problem, central to the Asia-and-Latin-America thesis, is solved with a hybrid approach. UR uses correspondent banking through partners like Wise and Tunes for exotic corridors, then opens local banking relationships when volume justifies them. "If that becomes the main channel, then we see the data, then maybe we'll go to a bank in that country and start, hey, maybe a local banking relationship makes sense and we'll start to hold currency. The business case totally makes sense."

What this looks like next to ICE-Polymarket and Stripe-BridgeThe institutional thesis Mantle is testing is the same one ICE bet $2 billion on at Polymarket and Stripe paid $1.1 billion to test through Bridge. Each acquisition or partnership is a vote that the next leg of consumer fintech will run on something more programmable than ACH. Where Stripe's Bridge plays the corridor and Polymarket plays the speculation venue, UR plays the account, which is the layer most fintechs assumed they could rent forever from a sponsor bank.

Neo's read is that the rented-bank model is what blockchain dissolves. "It's all these use cases that have been built on the limitations of the old system that persists," he said. "But then now with the maturity of policy and regulation, and also of in general people building in blockchain and the technology itself, this becomes a viable technology where the old world can be rebuilt on. I see it happening with different players in the system. Aave is rebuilding lending in that way. And then now at UR, we're rebuilding the account layer."

Tokenization of Wall Street assets needs an account layer to live in. Mantle is betting that layer is a Swiss IBAN that mirrors itself on a public chain, that the customers are in Asia and Latin America, and that the operator running it should look more like an Alipay graduate than a Wall Street one. The card-and-app version of crypto neobanking has been tried often enough that the bar has moved. As Neo put it, “everyone's taking the easy way out in Web 3, Web 2 world today. Easy USDC stable coins, you issue a card, suddenly you're neobank, and you can spend, and it's very cool. But structurally at its core, nothing's really changing.”

PANews reported on May 15th that, according to a Kelp DAO announcement, the rsETH protocol has fully resumed operation. Deposits and withdrawals on the mainnet and L2 network are now reopened, and rsETH asset backing has also been fully restored. The official statement indicated that the accumulated staking rewards during the suspension period were updated at 22:45 Beijing time (16:45 CET) on May 15th, and related EIGEN rewards are now available for collection. Kelp DAO stated that this restoration effort received assistance from several ecosystem projects, including Aave, Consensys, Mantle, ether.fi, and Lido. Previously, Kelp DAO experienced a security incident involving nearly $300 million, raising concerns about liquidity risks at Aave.

PANews reported on May 18th that Aave founder Stani Kulechov announced on the X platform that the next step of the rsETH technical recovery plan has been completed, and the WETH loan-to-value (LTV) ratio for all affected networks has returned to pre-event levels. Users can now borrow and lend on Aave again using WETH as collateral, including through collateral and debt swaps. According to the Aave announcement, this recovery involves the deployment of networks including Aave V3 Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea.

5 Ways XRP Ledger is Changing the RWA Tokenization Map

S&P Global (SPGI +0.59%), one of the world's largest financial data companies, is often considered an evergreen stock. It provides financial data, credit ratings, and analytics services to 80% of the Fortune 500 companies. It's also raised its dividend annually for 53 consecutive years, making it a Dividend King that has maintained that streak for at least 50 years.

Yet S&P Global isn't completely immune to interest rate swings. Let's see how higher interest rates could create both tailwinds and headwinds for its core businesses.

Image source: Getty Images.

The tailwinds and headwinds Higher interest rates usually throttle economic growth and drive up borrowing costs for corporations. That pressure discourages companies from issuing new debt at higher rates, thereby reducing demand for S&P Global's credit rating services.

However, that market volatility and macroeconomic uncertainty will also fuel more demand for its subscription-based market intelligence and commodity insights services. Its S&P Dow Jones Indices division also generates revenue through asset-linked fees (such as ETFs tracking the S&P 500), and those revenues will generally rise faster in volatile, heavily traded markets.

Higher interest rates could also drive more investors toward private credit and alternative assets. S&P Global has been preparing for that shift by launching new services for pricing and evaluating illiquid private assets, and those newer businesses could thrive in a messier market.

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Will S&P Global weather the storm? S&P Global generates most of its revenue from subscription-based services, but its credit rating services operate at much higher margins. So even though its subscription businesses should thrive regardless of the interest rate swings, its credit rating business -- which drives more of its profit growth -- could suffer a near-term slowdown if interest rates stay elevated.

That pressure, along with concerns about AI-powered competitors challenging its subscription services, caused S&P Global's stock to decline more than 20% year-to-date. However, analysts still expect its EPS to rise 10% in 2026 and 13% in 2027 -- and its stock looks reasonably valued at 20 times forward earnings. Its forward yield of less than 1% won't impress any income investors, but its low payout ratio of 24% gives it plenty of room for future dividend hikes.

Elevated interest rates and AI challenges made S&P Global less appealing this year, but it's still a rock-solid long-term investment. If you plan to hold the stock for at least a few years instead of a few quarters, it's still worth buying today regardless of what the Fed does this year.

Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends S&P Global. The Motley Fool has a disclosure policy.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© mixmotive / iStock Editorial via Getty Images

S&P Global (NYSE:SPGI | SPGI Price Prediction) screens as a multi-decade compounder candidate because it operates a legally protected toll booth on global capital markets that almost every borrower, asset manager, and index fund is structurally required to pay.

Recent price action is ugly: shares are down 23.08% year to date and trade at $400.16. For an investor in their 50s or 60s who has been chasing the wrong themes for a decade, that drawdown represents an entry point for long-horizon investors.

Pillar 1: Durability Backed by Regulation S&P Global is one of the Big Three credit rating agencies designated as an NRSRO by the SEC, a status required for most debt issuance in U.S. capital markets. Whenever a corporation, municipality, or sovereign government wants to issue debt, they are practically forced to pay S&P Global to rate it. The company also owns the S&P 500 and S&P Dow Jones Indices, collecting asset-linked licensing fees from essentially every major ETF and passive fund that tracks them.

The financial signature of that moat is unmistakable. Q1 2026 revenue grew 10.43% to $4.171 billion, GAAP operating margin expanded 620 basis points to 48.0%, and the Indices segment alone ran a 72% GAAP operating margin. Forward P/E sits at 21.

Pillar 2: Income That Compounds Quietly The Q4 2025 release marked the company’s 53rd consecutive year of dividend increases, putting it in Dividend King territory. The quarterly payout has climbed from $0.245 in 2001 to $0.97 today. Management plans to return 100% or more of adjusted free cash flow through dividends and buybacks in 2026, after returning $6.2 billion (113% of adjusted FCF) in 2025. Diluted shares are shrinking by roughly 3% a year.

Pillar 3: Built to Survive Market Cycles Recurring revenue absorbs the shocks. Subscription revenue grew 6% in Q1 2026, asset-linked index fees rose 18%, and surveillance fees on the trillions of dollars of already-rated debt keep flowing whether or not new issuance is hot. CEO Martina Cheung said the company delivered “strong revenue growth and margin expansion in every division” in “an incredibly volatile and challenging operating environment.”

The Scenario Where It Underperforms The Ratings business is cyclical. When credit markets freeze, transaction revenue drops fast, as it did in Q2 2025 when Ratings transaction revenue fell 4% and the segment grew just 1%. In a sustained issuance drought, SPGI will lag faster-growing software peers for several quarters. That does not break the forever thesis. Debt eventually gets refinanced, the NRSRO designation is not going away, and the S&P 500 brand is not displaceable by a competitor. Subscriptions, surveillance fees, and index licensing carry the company through the trough.

For a retirement-focused investor who is tired of watching screens, S&P Global fits the profile of a long-duration compounder rather than a short-term trade.

Table of contents

The race to dominate crypto-native betting platforms is accelerating as the 2026 FIFA World Cup draws closer. Mantle, a blockchain network positioning itself as a bridge between traditional finance and on-chain liquidity, has entered the arena with InsightX—a prediction market it claims is the first built from the ground up with artificial intelligence at its core. The move, detailed in a launch announcement on June 12, underscores how L2 networks are chasing user growth by tying their infrastructure to major cultural events.

Prediction markets have proven to be one of the stickiest use cases in crypto. Platforms like Polymarket attracted billions in volume during the 2024 US election cycle, and sports betting remains a massive offline habit that many in Web3 see as low-hanging fruit for on-chain migration. The World Cup, expected to draw over $100 billion in global wagers across all channels, is a natural target. Mantle’s InsightX aims to differentiate itself by using AI not just for odds-making but for market creation and risk management. The exact mechanics remain vague—the press release does not detail the AI model or data sources—but the framing suggests a product designed to reduce the friction and bias common in human-curated markets.

The Bet on AI as Market Infrastructure Integrating AI into a prediction market goes beyond adding a chatbot. In theory, an AI-native system can continuously synthesize news, sentiment, player stats, and on-chain signals to adjust odds in real time, and even auto-generate event contracts. This could lower the barrier for market proposers and make the platform more responsive. However, the real test will be whether Mantle’s implementation delivers accuracy and user trust. AI models are only as good as their training data, and in high-stakes betting, even a marginal edge in pricing can lead to huge losses for liquidity providers.

This product launch also feeds into a broader narrative of AI infrastructure intersecting with Web3. Across the ecosystem, projects are racing to embed machine learning into everything from decentralized finance to data storage. A recent partnership between UXLINK and Origins Network highlighted the push for scalable AI-driven applications using decentralized computing. Mantle’s move fits that pattern, attempting to deliver a consumer-facing product where AI is the backend differentiator.

The Legal Grey Zone That Can’t Be Ignored Prediction markets operate in a fragile regulatory environment, especially in the United States. The Commodity Futures Trading Commission has repeatedly challenged event contracts, and even successful platforms have faced geofencing requirements or outright bans. The recent legislative battle over a major crypto bill, where banks pushed to kill the measure just days before a Senate vote, shows how quickly the political winds can shift. Mantle has not disclosed whether InsightX will be geo-restricted or how it will handle compliance across jurisdictions.

That silence will worry some potential users. A World Cup prediction market without access to US bettors—or one that launches and then faces enforcement action—would instantly lose the volume that makes these platforms viable. Mantle’s team, which has deep experience in DeFi, likely understands this risk, but the press release steers clear of any mention of licenses, regulatory approvals, or legal strategy. In the absence of clarity, the market’s initial traction may depend more on whether it can operate without interference than on the sophistication of its AI.

Liquidity and Ecosystem Effects Beyond the product itself, InsightX could serve as a liquidity magnet for the Mantle network. Prediction markets require deep order books and a steady stream of bettors and liquidity providers. If the World Cup draws significant activity, it could lift on-chain volume for MNT, the network’s native token, and attract developers to build other applications on Mantle. That is the textbook playbook for an L2: use a flagship dApp to bootstrap a network effect. The risk, however, is that prediction markets are seasonal and event-driven. After the tournament ends, engagement could plummet unless Mantle can extend the use case to politics, entertainment, and niche events.

The broader market for AI-augmented prediction markets is still undefined. No major comparable product exists to benchmark against, so Mantle is essentially building its own category. That carries first-mover advantage but also the burden of educating users and proving that AI-generated markets are more attractive than human-curated ones. Months before the World Cup kicks off, the question is not just whether InsightX works technically, but whether bettors will trust a machine to run their book.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Bitcoin-related stocks have remained under pressure this year as the world's largest cryptocurrency has plummeted 30% to around $60,000, down from all-time highs above $125,000 seen this past October.

Amid the decline, the most closely watched names are Coinbase Global (COIN - Free Report) ) and Strategy (MSTR - Free Report) ), two companies whose fortunes are closely tied to Bitcoin in different ways.

While both stocks have historically moved in tandem with Bitcoin prices, investors should understand how each company is exposed to the cryptocurrency market before deciding whether either stock is worth the risk.

Image Source: TradingView

Why Bitcoin has FallenBitcoin's recent weakness has been driven by a combination of factors, including profit-taking after last year's surge to new highs, uncertainty surrounding interest rate policy, and broader risk-off sentiment in financial markets.

When investors become more cautious, speculative assets such as cryptocurrencies often face increased selling pressure. Additionally, concerns about economic growth and shifts in investor appetite for risk can weigh on digital assets. As Bitcoin declines, companies that derive significant value from cryptocurrency activity frequently see their shares fall as well.

It’s also noteworthy that many avid investors, including billionaire Mark Cuban, have been disappointed in Bitcoin for its inability to act as a safe-haven asset similar to gold. Cuban recently disclosed that he sold most of his Bitcoin holdings because it failed to deliver on its promise as a hedge against economic and geopolitical uncertainty.

Cuban, who previously championed Bitcoin as a better alternative to gold for storing value during fiat currency devaluation, pointed to its underperformance during recent crises. He noted that while gold surged to $5,000 amid Iran war tensions, Bitcoin dropped, directly contradicting the expectation that it would rise when fiat currencies weakened.

Coinbase: A Crypto Exchange Sensitive to Trading ActivityOperating one of the largest cryptocurrency exchanges in the world, Coinbase generates a substantial portion of its revenue from transaction fees. The company's business tends to thrive when cryptocurrency prices are rising and trading volumes are elevated.

When Bitcoin falls, investor enthusiasm often cools, leading to lower trading activity across the crypto market. Reduced trading volumes can translate into weaker transaction revenue for Coinbase, creating pressure on the company's financial results and stock price.

As a result, Coinbase shares have often shown a strong correlation with Bitcoin's performance. Investors aren't simply betting on the cryptocurrency itself; they are also wagering on the health of the broader digital asset ecosystem and the level of trading activity it generates.

Strategy: A Leveraged Bitcoin ProxyStrategy's relationship with Bitcoin is even more direct, transforming itself into the largest corporate holder of Bitcoin after accumulating a massive cryptocurrency treasury over the past several years.

Because the value of Strategy's balance sheet is heavily tied to its Bitcoin holdings, the stock frequently behaves like a leveraged Bitcoin investment. When Bitcoin rises, investors often bid up Strategy shares at an even faster pace, and vice versa when the cryptocurrency falls. When Bitcoin declines, concerns about the value of the company's holdings can lead to outsized losses in the stock.

As of now, Strategy holds 847,363 bitcoins in its reserve, valued at just over $50 billion based on the latest market price.   

Coinbase vs. Strategy: Which Is Riskier?Both stocks carry significant risk at the moment, but for different reasons.

Coinbase offers exposure to the cryptocurrency industry through its exchange platform, giving investors a business with multiple revenue streams that extend beyond simply holding Bitcoin. However, its earnings remain heavily dependent on crypto market activity.

Strategy, on the other hand, is essentially a high-beta Bitcoin vehicle. The company's valuation is deeply connected to the performance of its Bitcoin treasury, making it particularly vulnerable during cryptocurrency downturns.

For investors seeking Bitcoin exposure through equities, Coinbase may offer a somewhat more diversified approach, while Strategy provides a more direct but potentially more volatile bet on the cryptocurrency's price.

Aforementioned, Coinbase and Strategy shares have largely mirrored Bitcoin's 30% year to date decline, though both stocks are still up substantially over the last three years, with gains of more than 140% and 200%, respectively.

Image Source: Zacks Investment Research

Bottom LineBitcoin's recent decline has weighed on both Coinbase and Strategy, highlighting the strong connection between cryptocurrency prices and the performance of Bitcoin-related stocks. While Coinbase's fortunes are tied largely to trading activity and the overall health of the crypto ecosystem, Strategy's value is linked more directly to the price of Bitcoin itself.

Investors considering either stock should recognize that continued weakness in Bitcoin could create additional volatility. At the moment, Coinbase stock currently lands a Zacks Rank #3 (Hold), while Strategy lands a Zacks Rank #5 (Strong Sell).

Mantle, the premier distribution layer connecting traditional finance and on-chain liquidity, today announced the listing of USPXx, xStocks’ tokenized representation of Franklin Templeton’s Franklin U.S. Equity Index ETF (USPX), now available for 24/7 on-chain trading and liquidity provision via Fluxion, Mantle’s native decentralized exchange.

With $1.98 billion in assets under management, USPX tracks the top 85% of the US equity market by market capitalisation, one of traditional finance’s most widely held passive equity vehicles. Its arrival on Mantle opens continuous, around-the-clock access to that exposure, without market hours constraints or intermediaries.

Expanding the Distribution Layer for Tokenized Capital Markets

As one of the first Ethereum Layer 2 networks to bring a tokenized ETF from one of the world’s largest asset managers on-chain, Mantle’s distribution layer now extends beyond individual equities to broad-market index products. USPXx joins a growing lineup of xStocks tokenized equities on Mantle, including the recent listing of SPCXx, xStocks’ tokenized SpaceX equity which went live on Mantle on the same day as the SpaceX IPO.

For investors already allocated to USPX through conventional brokerage accounts and for a global audience without access to US markets, USPXx on Mantle removes the constraints of traditional market infrastructure entirely. Via Fluxion, USPXx is tradeable and available for liquidity provision at any hour, without intermediaries, settlement delays, or geographic restrictions. Underpinning this is xChange, xStocks’ Atomic RFQ, which ensures every transaction is executed at institutional precision regardless of when or where a user trades.

Institutional-Grade Execution via Atomic RFQ and AMM on Fluxion

USPXx is natively minted on Mantle through xStocks and trades exclusively on Fluxion, powered by xChange, xStock’s Atomic RFQ system. Where conventional on-chain trading relies on automated market makers that introduce slippage and pricing deviations, xChange sources every transaction directly from the issuer at live market quotes, enabling users to transact at the real price, not one approximated through a liquidity pool all around the clock.

This sets the standard for institutions as this translates to execution precision that meets the requirements of meaningful capital deployment at scale. While for retail investors, it means access to broad US equity market exposure at fair, verifiable prices, at any hour, globally. Fluxion is the only decentralised exchange on Mantle listing USPXx at launch.

“Franklin Templeton’s USPX represents the mainstream of global equity investing, the kind of exposure that anchors institutional and retail portfolios alike,” said Emily Bao, Key Advisor at Mantle. “Every listing like this closes the distance between where the capital sits today and where it can move tomorrow.”

About Mantle

Mantle positions itself as the premier distribution layer and gateway for institutions and TradFi to connect with on-chain liquidity and access real-world assets, powering how real-world finance flows. With over $4B+ in community-owned assets, Mantle combines credibility, liquidity, and scalability with institutional-grade infrastructure to support large-scale adoption. The ecosystem is anchored by $MNT within Bybit, and built out through core ecosystem projects like mETH, fBTC, MI4 and more. This is complemented by Mantle’s partnerships with leading issuers and protocols such as Ethena USDe, Ondo USDY, and OP-Succinct.

For more information, visit mantle.xyz.

For more social updates, please follow: Mantle Official X & Mantle Community Channel

For media enquiries, please contact: [email protected]

About xStocks

xStocks is the industry benchmark for tokenized equities, bringing publicly listed U.S. stocks and ETFs on-chain through fully collateralized, 1:1-backed tokens. Powered by Payward’s digital asset infrastructure, xStocks places traditional equities on blockchain infrastructure, expanding access to U.S. capital markets with extended availability, global reach, and seamless digital-native settlement.

Designed for interoperability, xStocks move seamlessly between centralized exchanges, self-custodied wallets, and on-chain applications, unlocking new utility across trading, collateralization, and decentralized finance. Since launching in June 2025, xStocks is powering billions of dollars in transaction volume across multiple blockchain ecosystems and anchors a rapidly expanding global network shaping the future of tokenized markets.

For more information, visit https://xstocks.fi.

For Media Contact: Lauren Post [email protected]

 

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Franklin Templeton’s USPX ETF is no longer confined to brokerage accounts and traditional exchanges. Through a new listing on Mantle, the asset manager’s exposure is now accessible as a tokenized representation on an Ethereum layer-2 network, as announced in the original report. The listing, executed via the xStocks platform under the ticker USPXx, marks one of the earliest instances of a major traditional ETF moving on-chain through an Ethereum L2 specifically positioned for institutional distribution.

Mantle has carved out a niche as a network that bridges traditional capital markets and on-chain liquidity, rather than competing as a general-purpose rollup. The decision to host a Franklin Templeton product reinforces that identity. For xStocks, which specializes in tokenized equities and funds, bringing a well-known issuer’s ETF onto Mantle is a proof point that regulated financial products can sit on public blockchain infrastructure without sacrificing compliance or investor familiarity. The move comes at a time when tokenization volumes are accelerating. Just weeks ago, the tokenization of real-world assets crossed $20 billion on-chain, with major institutions settling live transactions against tokenized Treasuries.

Why a Layer-2 Play Matters Ethereum mainnet remains the most secure and decentralized smart contract platform, but gas costs have long made frequent trading or small-position exposure to tokenized funds impractical. Layer-2 rollups like Mantle solve that by compressing transactions and settling batches on Ethereum, driving fees down while retaining the underlying security guarantees. That cost structure makes on-chain ETFs viable for a broader range of users, not just whales. Mantle’s approach is specifically tuned for institutional and distribution-layer use cases: the chain offers native yield on bridged assets and an ecosystem fund designed to bootstrap liquidity for high-quality RWA products.

The USPXx listing demonstrates that ETF issuers are no longer waiting for a perfect regulatory wrapper. Instead, they are working with crypto-native infrastructure to make existing fund exposure tradeable on-chain under existing frameworks. Franklin Templeton is not new to digital assets—the firm runs a spot Bitcoin ETF and has explored tokenized money market funds. Extending that strategy to an equity or blended ETF through an Ethereum L2 signals that institutional comfort with public blockchains is maturing rapidly.

What’s Still Unclear While the listing is a milestone, several uncertainties remain. Liquidity depth for tokenized ETF shares is still thin compared to centralized exchange and brokerage order books. The on-chain version of USPX may trade at a premium or discount to its net asset value if sufficient arbitrageurs do not step in early. Mantle and xStocks will need to demonstrate that market makers can support tight spreads, otherwise the product risks becoming a novelty rather than a liquid alternative.

Regulatory treatment of tokenized funds also sits in a gray zone. The USPXx token likely represents a beneficial ownership claim on the underlying ETF, structured to comply with securities laws in the jurisdictions where it is offered. How regulators view the secondary trading of that token on decentralized venues or through permissionless wallets is still being tested. Recent pushback from banking interests against crypto legislation, as seen in the Senate, underscores that the path for on-chain financial products is not settled.

For Mantle, the timing works in its favor. As TradFi asset managers search for scalable on-chain distribution, networks that can prove low-cost, secure, and institutionally friendly infrastructure are likely to capture early RWA flows. The USPXx listing is not just a product launch—it is a bet that the next wave of ETF distribution will run through Ethereum rollups, not just traditional platforms.

AUTHOR

Max delves deep into the cryptocurrency realm, with a passion for altcoins and NFTs. Convinced of crypto's transformative potential, he envisions a decentralized financial future. Max's background in the financial sector grants him unique insights into global monetary systems. In his leisure, Max embraces the thrill of adventures and is an avid sports enthusiast, finding balance and rejuvenation away from work.

Binance, one of the leading crypto exchanges (CEXs) has dropped big news. Apparently, it is listing Ethena USDe (USDE), a stablecoin that is growing fast in the crypto arena. Trading of the token opens today, September 9, 2025. Spot trading pairs USDE/USDC and USDE/USDT are expected to go live at 12:00 (UTC). So, why are traders closely keeping an eye on this USDe stablecoin listing?

A Smooth Ethena USDe (USDE), Launch With Zero Fees According to Binance’s announcement, Users are allowed to start depositing Ethena USDe (USDE) into their Binance accounts, ahead of the launch. Binance listed USDE without charging a fee, making the launch completely free. Withdrawals are expected to open a day later on September 10, although the leading crypto exchange noted the time may change, as it depends on network conditions.

Binance will list Ethena USDe (USDe).

More information 👉 https://t.co/xUrY0OAhLc pic.twitter.com/otHEZ4yHus

— Binance (@binance) September 9, 2025

What Makes USDe Stablecoin Stand Out USDE is not just a mere stablecoin. It is the largest-backed crypto asset that is not tied directly to any fiat reserves. With a circulating supply of around $12 billion,  it is backed by a mix of delta-hedged cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), and standard stablecoins.

With this model, USDE has managed to rise, becoming the third-largest USD-denominated digital asset in history. Ethena, its parent protocol, now boasts over $14 billion in total value locked (TVL), and has become a central player in top  DeFi platforms and centralized exchanges.

Rewards for Holding USDE on Binance Users holding at least 0.01 USDE are eligible for a rewards program, a strategy Binance is using to encourage adoption. Every day, rewards will be calculated across Futures, Funding, Margin, and Spot accounts and paid out directly. To begin with, all rewards in September will be distributed as a lump sum at the end of the month. Thereafter, payouts will switch to weekly, starting in October.

Why Traders Are Watching Ethena USDe Binance Listing The listing of Ethena USDe (USDE) on Binance is drawing attention for good reasons. Compared to other stablecoins in history, the token has experienced quick growth. By arriving on one of the most trusted exchanges, it gains a massive new audience. For traders and investors, the  USDE listing is not just another token listing, but an opportunity to get hold of one of the most talked-about crypto projects in DeFi right now.

Final Thoughts Will Ethena USDe keep building the momentum? While that question remains open, it is clear that its influence in the stablecoin market is only set to grow, with the backing of Binance.

Frequently Asked Questions (FAQs)

It’s a non-fiat backed stablecoin supported by BTC, ETH, and stablecoins, with over $12B in supply.

Trading opens on September 9, 2025, at 12:00 (UTC) with USDE/USDC and USDE/USDT pairs.

Yes. Holding at least 0.01 USDE earns rewards, with payouts starting September and weekly from October.

Key Takeaways Why is USDe still a risk despite the isolated Binance de-peg? The isolated de-peg triggered a broader contagion and can still happen without proper risk management. 

Will the industry learn from Friday’s flash crash? It was a necessary stress test, sparking discussion among crypto leaders on the way forward. 

OKX founder Star Xu has called for a reassessment of some of the risks that triggered the crypto crash on 10 October.

In a statement, Xu singled out Ethena’s USDe, adding that its de-pegging risk can cause market-wide contagion like the Friday bloodbath. As a result, it should be treated as a ‘tokenized hedge fund,’ not a stablecoin. 

“It’s important to remind the market that USDe should not be viewed as a 1:1 pegged stablecoin — it’s a tokenized hedge fund.”

Although he is an early investor in Ethena, Xu believes that USDe isn’t designed to hold a hard peg to USD. Hence, robust risk controls are needed, or else everything could go bust in minutes.

“Treating USDe as a simple 1:1 stable asset could introduce systemic risks to the entire crypto industry in the future.”

Source: X A painful lesson for leveraged traders Xu’s statement was a response to a report by Ethena founder Guy Young. According to Young, last Friday’s USDe price dislocation was “not a true de-peg,” but an isolated case in Binance. 

USDe is designed to track the U.S dollar. However, it de-pegged and dropped by 35% on the Binance exchange and took a while before regaining the peg. 

The aftermath? Collateral swiftly fell below risk levels, triggering an escalated bloodbath for leveraged traders. It was a painful lesson on thin order books and microstructure. A whopping $19 billion worth of positions were wiped out in minutes – The largest in history, dwarfing the FTX collapse and the Covid events. 

Altcoins dropped by over 90% and access to Binance fluctuated, blocking market makers (MM) from coming to the rescue (bringing liquidity to solve the depeg). 

Haseeb Qureshi, Partner at VC Dragonfly, described the situation better. He equated it to a fire breakout, with MMs as firefighters. 

“It’s like a fire broke out on Binance, but all of the roads were blocked and firefighters couldn’t make their way in. This caused a wildfire to break out on Binance, but pretty much everywhere else.”

On-chain venues like Hyperliquid reacted with ruthless efficiency via auto-deleveraging (ADL). Positions were forcefully closed at punitive rates to ensure the platform is free from debt. 

At the time of writing, Binance had repaid over $280M to victims during the USDe de-peg. Especially traders that had coin margins (Who set USDe, and other coins as collateral).  

That being said, ENA recovered by over 10% like the rest of the market, with key players betting on further recovery. However, the overall market sentiment was still red at press time – A sign of short-term market caution. 

Source: Santiment

Rubio: US and Iran to continue technical consultations at the end of this month

Multiple foreign media outlets reported on the 24th that US Secretary of State Rubio said technical teams from the United States and Iran will hold further talks in Switzerland by the end of June. (Xinhua News Agency)

5 hours ago

Over the past 24 hours, total crypto market liquidations hit $606 million, with more than 130,000 traders liquidated.

According to Coinglass data, the global cryptocurrency market recorded $606 million in liquidations over the past 24 hours, including $542 million in long-position liquidations and $68.22 million in short-position liquidations. A total of 135,785 traders worldwide were liquidated in the same period, with the largest single liquidation order occurring on Binance’s BTCUSDT trading pair, valued at $12.0111 million.

5 hours ago

Bitcoin falls below $60,000

According to HTX market data, Bitcoin has fallen below $60,000, with a 4.3% drop in the past 24 hours.

5 hours ago

US Treasury Secretary: AI boom may boost productivity and help curb inflation.

US Treasury Secretary Bessent told CNBC in an interview that he hopes the Federal Reserve will remain "open-minded" about the inflation pattern after the reversal of Iran-related energy price hikes. Bessent noted that the U.S. could enter an economic environment marked by high GDP growth without a corresponding rise in traditional inflation. He cited that in the 1990s, Alan Greenspan foresaw that office modernization and the internet could drive non-inflationary growth, and allowed the economy to keep expanding. Bessent believes the U.S. has a strong chance of seeing a similar scenario again. When asked whether the Fed still needs to worry about potential inflation and whether interest rate cuts are possible this year or next, Bessent declined to comment. However, he argued that it is necessary to stay open-minded about the price or inflation impacts from the Iran conflict, and monitor inflation performance after those effects subside. Bessent also said an open mind is needed, as the AI boom could boost productivity and deliver disinflationary effects, helping inflation return to the Fed’s target level. He added that he believes Kevin Warsh will choose the optimal path that meets both the Fed’s inflation and growth mandates. Bessent also noted that Warsh previously took a hawkish stance on inflation.

5 hours ago

US stocks' intraday storage sector sees broad declines, with Western Digital and Seagate Technology both falling over 4%.

According to Bitget data, during U.S. stock trading hours, the storage sector saw broad declines: Western Digital (WDC) fell 4.47%, Seagate Technology (STX) dropped 4.17%, SanDisk (SNDK) declined 2.31%, and Micron Technology (MU) edged down 0.96%. Most optical communication concept stocks rose, with Corning (GLW) leading the gains at 9.75%, followed by Ciena (CIEN) up 3.24%, Coherent (COHR) rising 2.93%, Lumentum (LITE) gaining 2.61%, and Nokia (NOK) advancing 1.82%. Additionally, Marvell Technology (MRVL) fell 2.59% and Applied Optoelectronics (AAOI) declined 1.90%.

5 hours ago

During intraday trading in U.S. stocks, crypto-related concept stocks fell broadly, with MSTR dropping more than 7%.

According to Bitget market data, the three major U.S. stock indexes rose broadly: the Dow Jones Industrial Average gained 0.94%, the S&P 500 increased 0.60%, and the Nasdaq rose 0.63%. Crypto-related stocks fell across the board, with declines as follows: Strategy (MSTR) down 7.33%; Circle (CRCL) down 4.35%; Bitmine (BMNR) down 3.97%; Coinbase (COIN) down 3.73%; Robinhood (HOOD) down 3.70%; Gemini (GEMI) down 3.27%; Bullish (BLSH) down 3.25%; Sharplink (SBET) down 3.19%.

5 hours ago

The synthetic stablecoin’s market capitalization has shed over $5 billion in just three and a half weeks.

Ethena Labs’ synthetic dollar-pegged token Ethena USDe (USDE) has lost over $5 billion of its market capitalization since the Oct. 10 market crash, after the asset experienced a major stress test.

Before the “Black Friday” flash crash — which wiped out over $19 billion in leveraged positions across the market, becoming the largest liquidation event in crypto to date — USDE’s market cap stood above $14.6 billion.

Ethen USDe's market cap fell sharply by about $2 billion on Oct. 10-11 as investors rushed to redeem their USDE, exchanging their tokens for the underlying collateral. According to Ethena Labs’ documentation, each USDE redemption burns the returned USDE, which can reduce the overall token supply, and thus the market capitalization.

As Blockworks analysts noted in an Oct. 15 Ethena governance forum post, “approximately $1.9 billion in USDe redemptions were processed between the 10th and the 11th of October.” The analysts added that the large redemption volume was processed quickly, noting Ethena’s mechanism showed “extreme resilience”:

“While it [redemption volume] was for $1.6B in a single day and $1.9B in the two days before and after the crash, it is likely realistic to consider that the bulk of this redemption happened in less than a few hours.”Ethena USDe lost another $3 billion in market cap over the rest of October, reaching about $9.2 billion at press time.

Ethena USDe market cap in October. Source: CoinGeckoThe Binance Flash-Crash The nearly 40% drop in market cap is the sharpest one since Ethena USDe’s launch in late 2023. While it’s hard to say what the exact reasons for the massive redemptions are, the token did come under increased scrutiny after Oct. 10, when its price on crypto's largest centralized exchange (CEX) Binance briefly plunged to about $0.65.

As The Defiant reported earlier, USDE's dramatic price crash below $1 on Binance — which didn’t occur on other platforms — led to a wave of liquidations on the CEX, resulting in widespread criticism of Binance’s pricing oracle setup. Notably, on Curve Finance and other decentralized protocols, USDE’s price stayed close to its $1 peg during the market volatility.

In a blog post on Oct. 12, Binance distanced itself from those accusations, saying instead that the exchange’s core futures and spot matching engines and API trading “remained operational” during the crash.

Sam MacPherson, CEO and co-founder of Phoenix Labs, suggested in an X post on Nov. 2 that part of USDe’s decline could also be linked to excessive leverage, noting that the token had become “over-leveraged at 15 billion.”

“As I said the more organic size for USDe is around 6-7b and so when the market turns it was always going to reflexively drop to the organic size," MacPherson wrote.

The Defiant reached out to Ethena Labs for comment on the shift, but hasn’t heard back by press time.

As The Defiant reported earlier, in late September, USDE deposits on Binance surged to reach $735 million just a day after the CEX began offering 12% APR on USDE via its Binance Earn product.

Wed 07 Jan 2026 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

Stablecoins are proliferating. Almost every week, a new initiative arises in the crypto-sphere. Their promise? Stability backed by the US dollar, but blockchain-style. While the United States multiplies economic fronts, these digital tokens backed by (more or less) solid reserves present themselves as the new guardians of digital financial balance. And what if, behind this explosion of stablecoins, there was a geopolitical asset? Or, to put it more bluntly: are stablecoins a golden parachute for the dollar?

In brief JupUSD is backed 90% by the BUIDL fund via USDtb, and 10% in USDC. Jupiter unifies its crypto products around a native stablecoin usable everywhere on Solana. Ethena Labs orchestrates the JupUSD reserve, with transparent management and traceable on-chain flows. The approach appeals to institutions and traders: a home stablecoin becomes a strategic liquidity lever. JupUSD: the Trojan horse of the dollar in the DeFi universe Jupiter, one of the DeFi locomotives on Solana, has just pulled out JupUSD, a native stablecoin of its ecosystem. The main ingredient of this new recipe? BlackRock’s BUIDL fund, via the USDtb stablecoin. 90% of JupUSD’s reserves are backed by this regulated asset, the rest being in USDC to guarantee immediate liquidity via Meteora.

The JupUSD token was designed as an SPL token, Solana’s native standard, with a clear intention: “to unify the user experience” across all bricks of the Jupiter ecosystem. From perpetuals to market prediction, including mobile and limit orders, everything aligns around the home digital dollar.

Transparency? It materializes through institutional custody ensured by Porto (via Anchorage Digital), with multiple audits before launch. Jupiter emphasizes this point:

JupUSD was designed with a security-centered approach. This implies institutional-level self-custody ensured via Porto by Anchorage Digital. Furthermore, the source code is fully open source, with three independent audits conducted by Offside Labs, Guardian Audits, and Pashov Audit Group before launch.

Ethena Labs: the craftsman of the JupUSD stablecoin mechanisms Behind the facade of JupUSD lies Ethena Labs, a discreet but strategic player. They orchestrate reserve operations, flow management, and asset allocation. Their expertise has already been proven with USDe and USDtb. For JupUSD, Ethena uses distinct and public on-chain addresses, ensuring traceability of operations.

The goal is clear: to create a stable token that is resilient, flexible, and productive. Thanks to Jupiter Lend, users can deposit their JupUSD and receive jlJupUSD, a token offering unique promotional rewards, in addition to classical lending gains. This strategy incentivizes long-term holding and strengthens liquidity.

Ethena doesn’t hide its ambitions:

We believe that JupUSD will demonstrate how protocols, by mastering the economics of their stablecoin integrations, can: 1. make their products more efficient, 2. increase the value redistributed to their ecosystem and their users. 

Crypto and digital dollar: towards a backstage war of stablecoins? The multiplication of so-called “native” stablecoins seems to be turning into a global strategy. MetaMask, Klarna, SoFi, Hyperliquid… all want their own dollar-parity token. Why rely on a USDT or USDC when you can hold the key to your own liquidity?

At Jupiter, the narrative is clear: it is about unifying dollar liquidity across the entire infrastructure. Result: 500 million dollars in USDC will gradually migrate to JupUSD, notably in the Jupiter Perps pool.

And this trend appeals beyond individual traders. Institutions can strike or buy JupUSD at any time via single transactions on Solana, with capacities published in advance.

The current dynamic shows that every DeFi player wants to control their flows, margins, and currency. Decentralization no longer excludes hyper-integration. Perhaps this is the real turning point of the crypto industry: no longer depending on the stablecoin “sacred cows.”

Some key figures and facts 90% of JupUSD reserves are in USDtb, backed by BlackRock’s BUIDL fund; 500 million dollars of USDC are in the process of being converted to JupUSD; JUP, Jupiter’s native token, soared 18% in one week; JupUSD is an SPL token, natively compatible with the entire Solana ecosystem; The global stablecoin market is worth about 308 billion dollars. As the year closes, USD1, the stablecoin supported by Donald Trump, surpasses 3 billion dollars in market capitalization. Another piece in the American digital monetary puzzle. While the world wonders who will dominate the next era of the crypto-dollar, some have already placed their tokens.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

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

Summarize this article with:

On January 6, 2026, Kraken formalized a major partnership with Ethena Labs. The American exchange becomes one of the institutional custodians of assets backed by USDe, the synthetic dollar that rose to be among the three largest stablecoins in the world. This selection, validated by the Ethena Risk Committee (ERC), marks a decisive step in the institutionalization strategy of the DeFi protocol.

Why this partnership is significant USDe is not a classic stablecoin. Unlike USDT or USDC backed by fiat reserves, it is based on a delta-neutral strategy combining long positions on crypto assets (ETH, BTC, stETH) and equivalent short positions on derivatives markets. This complex architecture requires custody infrastructure adapted to intensive operational flows.

Kraken Custody meets these requirements. Operated by Kraken Financial, a special purpose depository institution (SPDI) chartered bank of Wyoming, the service offers cold storage with total asset segregation. Funds held for Ethena are kept one to one, in isolated vaults protected from custodian bankruptcy risk – a crucial requirement for DeFi protocols managing several billion dollars.

Guy Young, founder of Ethena, explained the logic of this choice in the official statement: Kraken’s selection reflects the Risk Committee’s commitment to evolving USDe on infrastructures meeting institutional expectations. The depth of the US regulatory framework, operational controls, and Kraken’s security architecture correspond to the standards defined by the protocol.

A rigorous selection by the Risk Committee The Ethena Risk Committee is an independent body elected by the DAO governance. Its role: to assess and validate every decision likely to affect the protocol’s risk profile. For January 2026, its members notably include Blockworks Advisory, Kairos Research, Llama Risk, and Steakhouse Financial.

To integrate new custodians, the committee applies a 50-criteria evaluation process structured in three areas. Security and custody operations account for 40% of the final score, with a minimum of 8/10. Operational capacity represents 30% (minimum 7/10). Protocol requirements complete the evaluation at 30% (threshold 8/10). Any candidate with a history of customer fund losses or availability under 99.9% is automatically excluded.

Kraken thus joins Copper and Ceffu, Ethena’s historic custodians specialized in off-exchange settlement of derivative positions. Unlike them, Kraken will focus on custody of reserve stablecoins: USDT, USDC, PYUSD, USDtb, and yield-bearing tokens deployed on Aave.

Kraken Custody’s security architecture Kraken’s value proposition is based on multiple layers of protection. The infrastructure combines hardware security modules (HSM) and multi-party computation (MPC) for managing private keys. The internal cybersecurity teams oversee the entire system.

Gurpreet Oberoi, head of Kraken Institutional, highlighted that this partnership demonstrates the exchange’s ability to manage complex institutional workflows while maintaining high standards of security and compliance. Kraken Financial’s regulated structure offers institutional clients an environment comparable to traditional finance standards.

The service currently supports over 200 digital assets and targets a wide range of institutional clients: listed companies, venture capital funds, asset managers, and hedge funds. In 2025, Kraken expanded its geographic coverage to the UK, Australia, and the European Economic Area through obtaining a MiCA license from the Central Bank of Ireland.

Enhanced transparency starting January 2026 The agreement foresees Kraken Custody’s participation in Ethena’s transparency mechanisms. Practically, this translates to monthly signed attestations and weekly Proof of Reserves reports published as of January 2026.

This requirement is part of a broader trend. Since the passage of the GENIUS Act in July 2025 in the United States, stablecoin issuers face increased obligations regarding reserves, audits, and financial integrity. Although USDe is a synthetic dollar and not a fiat-backed stablecoin (thus technically outside the direct scope of the law), Ethena voluntarily adopts these good practices to reassure institutional investors.

The protocol also demonstrated the robustness of its infrastructure during the Bybit hack in February 2025. Approximately 30 million dollars of latent gains were exposed on the exchange at the time of the incident. Thanks to the separation between custody (handled by Copper) and trading, no reserve assets were compromised. Only unsettled P&L required handling, with no impact on users.

Context: USDe facing a turbulent period This infrastructure strengthening comes as USDe goes through a correction phase. After peaking at nearly 15 billion dollars in TVL in October 2025 – making Ethena the fastest protocol in history to reach 10 billion capitalization for a stablecoin – metrics have significantly declined.

In January 2026, TVL dropped back to around 6.5 billion dollars, a 55% decrease over three months. Capital outflows exceeded 8 billion dollars during this period, reflecting an allocation adjustment amid less favorable funding rates and increased competition with other protocols like Sky ex MakerDAO.

USDe’s capitalization remains around 6.47 billion dollars, maintaining its position as the third-largest stablecoin globally behind Tether (USDT) and Circle (USDC). The ENA token shows marked volatility with a price fluctuating around $0.18 to $0.22.

What this means for users For holders of USDe and sUSDe (the staked version generating yield), adding Kraken as custodian brings several concrete guarantees.

Diversification of counterparty risks reduces exposure to a potential default of a single custodian. Kraken Financial’s bankruptcy-remote structure means Ethena’s assets are legally protected from the exchange’s creditors in case of distress.

Frequency of attestations (weekly for Proof of Reserves) allows near real-time monitoring of the adequacy between circulating USDe and reserve assets. This visibility is essential for a synthetic stablecoin whose hedging mechanism relies on derivative instruments.

Finally, Kraken Financial’s American regulatory anchoring can facilitate USDe’s access to certain institutional markets still hesitant about offshore or unregulated custody solutions.

What is Ethena's USDe? USDe is a synthetic dollar built on Ethereum. Unlike traditional stablecoins backed by fiat reserves, it maintains its peg through a delta-neutral strategy combining long crypto asset positions and short derivative contracts.

Why did Ethena choose Kraken Custody? The Ethena Risk Committee selected Kraken after an evaluation based on 50 criteria covering security, operational capabilities, and protocol requirements. Kraken Financial’s regulated structure (Wyoming chartered bank) and its segregated cold storage architecture meet the sought institutional standards.

What are the risks of USDe? The main risks include volatility of funding rates in derivative markets, counterparty risk on exchanges used for hedging, and potential vulnerabilities of smart contracts. Ethena’s reserve fund aims to absorb periods of negative funding.

Is USDe affected by the GENIUS Act? USDe, as a synthetic dollar not backed by fiat reserves, does not fall directly within the scope of the GENIUS Act which targets payment stablecoins. However, Ethena voluntarily adopts transparency practices aligned with these standards.

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Panama City, Panama--(Newsfile Corp. - January 30, 2026) - HTX, a leading global cryptocurrency exchange, today announced the listing of USDe (Ethena USDe), a widely adopted synthetic dollar stable, which further expands the platform's robust stablecoin offerings. USDe/USDT spot trading and USDe/USDT (10X) isolated margin trading is now available to users on HTX.

USDe is a synthetic dollar stablecoin issued by Ethena, designed to provide a decentralized and scalable alternative to traditional flat-backed stablecoins. It maintains its 1:1 peg to the U.S. dollar through a unique mechanism combining ETH staking yields and delta-neutral hedging strategies.

About HTX

Founded in 2013, HTX has evolved from a virtual asset exchange into a comprehensive ecosystem of blockchain businesses that span digital asset trading, financial derivatives, research, investments, incubation, and other businesses.

As a world-leading gateway to Web3, HTX harbors global capabilities that enable it to provide users with safe and reliable services. Adhering to the growth strategy of "Global Expansion, Thriving Ecosystem, Wealth Effect, Security & Compliance," HTX is dedicated to providing quality services and values to virtual asset enthusiasts worldwide.

To learn more about HTX, please visit https://www.htx.com/ or HTX Square. For further inquiries, please contact [email protected].

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/282167

Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.

Thu 05 Feb 2026 ▪ 5 min read ▪ by Mikaia A.

Summarize this article with:

The hemorrhage hasn’t stopped bleeding in the crypto universe. It marks an era where every pause seems to announce a new bleeding. The rebounds are there, yes, but they hardly last more than the flap of a nervous market’s wings. And for a few days now, another ailment gnaws at the beast: ETF withdrawals. These investment vehicles, once seen as the golden bridge to institutional adoption, have become the valves of massive disengagement. Bitcoin staggers, crypto investors lose hope, and liquidations make a comeback through the front door.

In brief Bitcoin ETFs lost $2.9 billion in 12 days, a sign of institutional disfavor. Crypto traders liquidate massively, unable to sustain highly leveraged positions. Binance is blamed after bugs amplified the October 10, 2025 crash. Technical levels alert: critical thresholds broken, retreat target toward $68,000. Crypto ETFs: From Adoption Dream to Stress Machine Long awaited as the Grail, spot Bitcoin ETFs today reveal themselves as a ruthless mirror of institutional sentiment. Since mid-January, cumulative outflows have exceeded $2.9 billion. This phenomenon coincides with a brutal 26% correction in BTC price. The rejection at $98,000, then the slide toward $70,000, ended the beautiful illusion of a solid upward trend.

Asset managers no longer want to wait. After a technical rebound where $561 million briefly flowed into ETFs, the trend reversal was immediate. Fidelity, Ark, Grayscale: all suffered withdrawals amounting to several hundred million within just a few hours.

And the bleeding continues. Even BlackRock, perceived as the “rock” of Wall Street crypto, could not stop the momentum. As James Seyffart (@JSeyff) highlights:

Bitcoin ETF holders are recording their biggest losses since the launch of these funds in January 2024, due to the collapse of bitcoin’s price.

These figures sound like a signal of lasting disconnection. ETFs are no longer trust relays but direct witnesses of a market that withdraws—methodically.

Behind the Liquidations: Excessive Leverage and Lack of Safety Net The October 10, 2025 event is still fresh in everyone’s memory. A black day, when $19 billion went up in smoke, due to an infernal sequence: rumors, technical bugs, macroeconomic panic. Some tried to reduce the cause to a simple “depeg” of USDe on Binance.

A too comfortable explanation for Haseeb Qureshi, partner at Dragonfly, who dismantles this simplistic version in a viral thread:

The price of USDe only diverged on Binance, it did not diverge on other platforms. Yet, the liquidation spiral affected the entire market. So, if USDe’s “depeg” did not spread to the entire market, it cannot explain why each platform experienced massive wipeouts.

The problem lies elsewhere: in poorly calibrated leverage, and a liquidation architecture that prefers to avoid losses rather than ensure stability. Market makers, deprived of real-time data due to API outages, couldn’t rebalance their books. Result: automatic liquidations chained losses one after another.

Without TradFi-type protection (circuit breakers), the crypto market found itself without a parachute.

Bitcoin and Technical Levels: Is the Compass Broken? Bitcoin is looking for a base, a solid foundation. And technical analysts all watch the same number: $68,400. This is the level of the 200-week moving average, a sacred reference for long-cycle traders. But here too, signals are blurred. Since November, BTC has lost its 50w and 100w MAs, two key thresholds. And the specter of a drop to $58,200 resurfaces.

ETFs increase the pressure. Seeing prices drift toward these fragile zones, desks switch to “sell the rip” mode. They liquidate on rebounds rather than buy on pullbacks. Even options confirm this distrust: delta skew rose to 13%, reflecting strong demand for puts and distrust of any immediate rebound.

The mechanism is ruthless: when ETFs become fast-exit tools, they worsen each fall. Entry points become capitulation zones.

Key Landmarks to Understand the Current Spiral $70,539: Bitcoin price at the time of writing; $2.9 billion: cumulative withdrawals of spot BTC ETFs over 12 days; $3.25 billion: recent futures Bitcoin position liquidations; 13%: BTC options skew, indicating strong pessimism; $68,400: 200-week EMA level, last technical bastion. Most cryptocurrencies are currently in the red, and the charts look like a stormy sea. Yet, another crypto asset class is experiencing record growth: stablecoins. These digital tokens, backed by fiat currencies, have just reached a historic trading volume of $10 trillion. As often in storms, the most stable shelters attract the crowds.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

DISCLAIMER

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

PANews reported on June 10 that OSL Global, the global trading platform under the OSL Group, announced the official launch of trading pairs for Ethena USDe (USDe) today. Users can now trade USDe/USD, USDe/USDT, and USDe/USDGO through over-the-counter (OTC) transactions, and deposits and withdrawals on the Ethereum network are now open.

USDe is a decentralized, crypto-native synthetic US dollar asset. Instead of relying on traditional fiat currency or bank deposits for value backing, this asset maintains a 1:1 peg to the US dollar through a "Delta-neutral" mechanism.

Not Dogecoin, 4 Meme Coins To Go Flying 50X In July

Investors in Aon plc (AON - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the July 17, 2026 $290 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for Aon shares, but what is the fundamental picture for the company? Currently, Aon is a Zacks Rank #3 (Hold) in the Insurance – Brokerage industry that ranks in the Bottom 16% of our Zacks Industry Rank. Over the last 60 days, three analysts have increased their earnings estimates for the current quarter, while four have dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $3.41 per share to $3.40  in that period.

Given the way analysts feel about NVIDIA right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

The Trump themed coins sector is witnessing notable fluctuations following Joe Biden’s announcement that he will not contest the 2024 presidential election. Biden has been under pressure from fellow Democrats to reject his nomination and pave the way for another leader to the party’s flag against former President Donald Trump in the elections scheduled for November.

These cryptocurrencies, named Super Trump, Maga, and Doland Trump, are experiencing diverse market dynamics; some are appreciating, while others remain subdued. The trend highlights the increasing influence of U.S. political developments on investment decisions in the crypto space.

1. Trump Themed Coins – Super Trump (STRUMP) Super Trump (STRUMP) introduces an innovative cryptocurrency honoring Donald Trump, the 45th President of the United States. This digital asset aligns with his ideals of minimal government and maximum market liberty. STRUMP’s blockchain manages a significant sum of 2.6 billion tokens, integrating political allegiance with financial technology.

The financial framework of STRUMP allocates portions of transaction fees to a wallet specifically for Donald Trump. Other revenues support liquidity, token burns, and marketing efforts. Moreover, the platform offers staking and farming options, enhancing user involvement.

STRUMP is priced at $0.01547, having risen by 24% following news of Biden dropping out in the 2024 elections. Although it saw a minor decline of 0.60% today, its market cap is valued at $28 million, ranking it #715 on CoinMarketCap. With a remarkable 19% increase over the last month, STRUMP shows a promising trajectory for growth, with a trading volume reaching $4.58 million in the past 24 hours.

STRUMP Price Chart| Source: TradingView The 4-hour technical indicators for the Super Trump show a bullish sentiment in recent trading sessions. The Chaikin Money Flow (CMF) indicator has remained positive, registering a value of 0.37.

The Awesome Oscillator (AO) displayed a value of 0.001824. The AO presents a green bar in the latest session, signaling an increase in market momentum and potentially pointing towards a positive price movement ahead.

2. Maga (MAGA) Maga (MAGA), a cryptocurrency associated with the MAGA movement, is currently valued at $6.85. In the past day, one of the key Trump themed coins has seen a decline of 4%. The cryptocurrency ranks 217th by CoinMarketCap, with a market capitalization of $300 million. Since its introduction, MAGA has surged impressively by 41,405%. 

MAGA price chart In recent weeks, its value has varied significantly, ranging between $8 and $5. A noticeable decrease in price occurred this week. This downturn coincided with a significant event involving an assassination attempt related to Trump and Biden. As the U.S. election draws closer, such politically-themed digital currencies are attracting more attention.

3. Doland Tremp (TREMP) Doland Tremp (TREMP) is another one of the popular Trump Themed Coins hosted on the Solana blockchain. Since its inception, it has captured the attention and the political humor-based community. This coin, humorously echoing a former U.S. president’s name, has soared by 269% following notable political events. 

Recently, Trump Themed recorded a 5% increase on the day. The token hovers at $0.453. The trading volume has surged to $17 million over the last 24 hours. Presently, Doland Tremp stands at the 2579th position on CoinMarketCap, with a market capitalization of $19 million.

TREMP price chart: Source| TradingView The Relative Strength Index (RSI) is currently at 52, indicating that the asset is neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing a slight bearish momentum, with its histogram plotting just below the zero line, suggesting a potential slowdown in bullish activity.

, /PRNewswire/ -- Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC ("KSF") are investigating the proposed sale of National Storage Affiliates Trust (NYSE: NSA) to Public Storage (NYSE: PSA). Under the terms of the proposed transaction, shareholders of National will receive 0.14 of a share of Public Storage common stock or partnership units for each share or unit of National that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nyse-nsa/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

Kahn Swick & Foti, LLC
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

SOURCE Kahn Swick & Foti, LLC

Following the second Donald Trump assassination attempt, the former president reassured his supporters that he was “safe and well.” The FBI responded to the incident at West Palm Beach, Florida, where Trump was enjoying golfing at the Trump International Golf Club. A suspect has already been arrested and is in custody. 

The incident happens just two months after another assassination attempt on Trump’s life during a rally in Pennsylvania. Like the first time, Trump emerged strong, reassuring his supporters that “Nothing will slow me down. I will NEVER SURRENDER! I will always love you for supporting me.” So, how are PolitiFi tokens doing after this?

Second Donald Trump Assassination Impacts Crypto Tokens Following the incident, Trump-based crypto tokens dropped in price. Even after showing strength, the token price remained in the negative, signaling that maybe the assassination attempts are an omen to his presidential bid come November. Can MAGA, TRUMP, and TREMP recover, and when will they recover?

Maga Hat (MAGA) Maga Hat is the second largest Trump-based token by market cap. Trading at $0.00006116, MAGA price took a 7.2% hit in the aftermath of the new Donald Trump assassination attempt, bringing it to a total of 32.5% loss in the last 7 days. 

Nevertheless, the MAGA price chart shows relatively strong support at around $0.046, which has held the price up before. MAGA has a current market cap of $25 million and is only up 73% from its all-time low price. This presents a potential opportunity for investors to jump while it’s around the bottom.

MAGA (TRUMP) MAGA, the largest Trump meme coin, has taken a 12.2% hit. The price is sitting at $2.12 down from an all-time high price of $17.07, almost 87% down. Nevertheless, the earliest investors are still 184X in profit.

 

The TRUMP price chart shows the asset may continue dropping to find support at $1.2 before attempting a bounce. Below that, MAGA could drop to $0.40-$0.70, where there is relatively a stronger resistance-turned-support.

Doland Tremp (TREMP) Doland Tremp, with a small market cap of $12 million, shows promise for recovery. This is the third largest Trump parody coin by market cap, and at the current price of $0.1231, it has dropped only 2.9% over the past 24 hours.

Additionally, the price is hovering around a zone of strong support, tested three times over the last one month. 

Although all of the tokens have fair chances of recovery, TREMP price has the highest chance of recovering sooner. If it bounces from this level, it may find resistance around $0.20 before surging higher to $0.55 and finally $0.8. 

Conclusion Donald Trump assassination has affected crypto prices today mainly because of his recent pro-crypto stance. A win for Trump in the upcoming elections would be a win for the crypto industry. Donald Trump remains unshaken as the planned launch of his new crypto project, World Liberty Financial (WLFI), remains as scheduled.