Bitcoin’s correlation with gold is at its highest in six years as investors increasingly look for ways to hedge against currency debasement.
That’s according to a new report from Bitwise, which this week pointed out that the precious metal and leading cryptocurrency are trading in lockstep because the U.S. government has “materially intervened in the macro picture.”
Bitcoin started surging last month, after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The coin had its best run in three years and third best August ever.
JUST IN: Bitcoin's correlation with gold hit a six-year high, according to Bitwise 👀
"The last time it was this high was 2020, after the Covid stimulus." 🚀 pic.twitter.com/fHtQUlR9Ol
— Bitcoin Magazine (@BitcoinMagazine) September 3, 2026 “The last time the bitcoin-gold correlation was that high was in 2020, following the rounds of fiscal and monetary stimulus during the Covid crisis,” Bitwise’s European Head of Research, André Dragosch, wrote.
He added that bitcoin’s correlation with the stock market dropped to a one-year low, “implying some kind of decoupling between hard assets and the stock market.”
Bitcoin has been pushed as “digital gold” for years but has sometimes traded with tech stocks as a “risk-on” asset.
But the so-called debasement trade — when investors buy an asset as a way to hedge against a currency losing value — was a much-talked about investment strategy last year and appears to be back.
The reason is down to the government intervening in markets, Dragosch argued. When the Treasury said it would try to rein in long-term borrowing costs, the dollar’s value slid and sent investors flooding back to gold — and bitcoin.
The Treasury the same week also said the U.S. public debt exceeded $40 trillion for the first time. Excessive debt also undermines confidence in the dollar.
“Investors are no longer asking whether to hedge currency debasement with gold or bitcoin. They’re simply hedging with both,” the report added.
“Bitcoin spent its first fifteen years being priced as a risk asset. If this correlation trend with gold holds, the next fifteen may look very different.”
The leading cryptocurrency again rallied this week, and was recently trading for close to $81,438 after jumping nearly 6% over a 24-hour period.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Hyperscale Data has shut down Bitcoin mining operations at its Michigan data center to make way for major artificial intelligence (AI) customers, signaling a strategic shift in its core business. The decision follows a new cloud computing agreement that could generate more than $1.2 billion for the company over the next 20 years, provided the client exercises all extension options.
AI contract details and expansion plansThe AI agreement, announced Wednesday, covers the use of 20 megawatts of capacity by a California-based client specializing in cloud computing for artificial intelligence applications. The initial term lasts 10 years, with two optional five-year extensions that could bring the deal’s total value to more than $1.2 billion.
Hyperscale Data stated that the client can increase capacity by an additional 32 megawatts within the first two years. If this expansion option is exercised and both five-year extensions are taken, the total revenue from the contract could exceed $3 billion.
CEO William Horne described the immediate shutdown as a move to redirect the facility’s power, infrastructure, and resources toward preparing for the incoming AI operations.
The immediate shutdown of the Bitcoin mining operations allows our team to focus the Facility’s power, infrastructure and resources in preparing the Facility for its usage by our Customer.
Horne further expressed confidence that shareholders could benefit as the company’s available contracted power capacity comes to match the valuations of comparable data center firms.
Hyperscale Data plans to sell its Bitcoin mining servers, expecting additional gains from these sales. The company has not yet disclosed when AI operations at the Michigan site will commence.
Mini dictionary: Hyperscale Data is a U.S.-based data center firm providing large-scale IT infrastructure for clients in sectors such as cryptocurrency mining and AI computational services.
Industry shifts and competitive landscapeThe transition by Hyperscale Data reflects a wider trend in the digital infrastructure sector, as more Bitcoin miners reposition their facilities to meet rising demand from the AI industry.
VanEck head of digital asset research Matthew Sigel observed in March that mining companies could gain significant value by repurposing infrastructure for AI workloads, calling it a potential “gold mine” opportunity.
However, recent industry results illustrate the challenges involved. IREN, another player converting mining facilities for AI purposes, reported in its last quarterly update that revenue from cloud AI services overtook its Bitcoin mining business for the first time. Despite this milestone, the company wrote down $450.4 million in asset values, mostly due to the retirement of its mining equipment.
CompanyAI Cloud Revenue Surpassing MiningAsset Write-downIRENYes (latest quarter)$450.4 millionHyperscale DataAI deal secured, revenue transition ongoingExpectation of server sale profits, no announced write-downMarket analysts have noted these shifts reflect changing economics in the digital infrastructure space, as higher-margin opportunities in AI may outpace traditional cryptocurrency mining.
As the expansion of the Facility to support AI computing infrastructure progresses, it is my belief that our stockholders will be rewarded as the Company’s market capitalization, which currently trades at a significant discount to other data center companies, begins to normalize in comparison to its available contracted power capacity.
BlackRock’s iShares Bitcoin Trust (IBIT) surged nearly 6% on the day, fueled by roughly $300 million in daily net inflows.
The numbers behind the dominance On August 27, the fund pulled in $277.6 million in net inflows, a figure that actually exceeded the entire US spot Bitcoin ETF category’s net inflow of $242 million for that same day. That math only works because competing funds experienced outflows, meaning IBIT was not just winning the race but lapping the field while other runners stumbled backward.
Advertisement
The pattern repeated on September 2, when IBIT attracted $115.4 million. That came a day after the broader category posted a $236.5 million outflow, making the rebound even more notable. The category’s total for September 2 landed at $101.1 million in net inflows, with IBIT doing more than all the heavy lifting.
August as a whole was a strong month across the board, with total category inflows reaching approximately $3.5 billion. IBIT captured somewhere between 70% and 90% of total flows during peak periods.
The fund’s assets under management now sit at an estimated $60 billion, with cumulative net inflows since its January 2024 launch exceeding $63 billion. The entire US spot Bitcoin ETF category’s AUM has approached $97 billion to $100 billion, meaning IBIT alone accounts for roughly 60% of the whole pie.
Why BlackRock keeps winning BlackRock manages over $10 trillion across its platform. Competitors like Fidelity’s FBTC and Ark 21Shares’ ARKB have attracted meaningful flows of their own, but neither has come close to challenging IBIT’s dominance on a sustained basis.
What this means for Bitcoin and crypto markets Bitcoin’s price has been hovering in the mid-to-high $70,000s during this period, and the sustained ETF inflows provide a structural demand floor that did not exist in prior market cycles. Before January 2024, institutional investors who wanted Bitcoin exposure had to navigate custody solutions, futures contracts, or trust vehicles trading at persistent premiums or discounts to net asset value.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
ProCap Financial just sold 50 Bitcoin to buy back more than 2% of its outstanding shares at roughly a 40% discount to net asset value. The company now holds approximately 5,305 BTC, making it one of the larger publicly traded Bitcoin treasury firms on the Nasdaq.
When a company’s stock trades at a 40% discount to the value of the assets backing it, every dollar spent on buybacks effectively acquires $1.67 worth of Bitcoin exposure. For remaining shareholders, each share now represents a bigger slice of the company’s Bitcoin pile.
The buyback playbook This isn’t ProCap’s first time running this particular play. Back on June 1, 2026, the company sold roughly 52 BTC to fund a repurchase of 2 million shares, that time at an even steeper discount of approximately 50% to NAV.
Advertisement
The pattern is deliberate. ProCap has a board-approved share repurchase program, authorized in December 2025, with a budget of up to $100 million. The company has been executing buybacks at discounts ranging from 25% to 35% throughout 2026, with this latest round and the June transaction representing the more aggressive end of that spectrum.
After the latest transaction, ProCap’s shares outstanding sit at 86,764,282, with a NAV per share of roughly $3.71 as of the market close on September 2, 2026. The company’s Bitcoin holdings have fluctuated between approximately 5,000 and 5,457 BTC during 2026.
How ProCap got here ProCap Financial, trading under the ticker BRR on the Nasdaq, went public in 2025 through a SPAC merger. The company raised more than $750 million to establish its Bitcoin treasury, including $516.5 million in preferred equity and $235 million in convertible instruments. The target was to build a treasury of up to $1 billion in Bitcoin holdings.
The firm was founded by Anthony Pompliano. Beyond its Bitcoin treasury strategy, ProCap operates an AI-based financial platform called Silvia.
What the discount arbitrage means for investors Every time the company executes one of these trades, it slightly reduces its total Bitcoin holdings but increases the Bitcoin backing per remaining share. The $100 million repurchase authorization gives ProCap significant runway to continue this strategy.
The risk is that ProCap is selling Bitcoin to fund these buybacks. The 50 BTC sold in this latest transaction represents less than 1% of the total treasury. The company’s holdings have already dipped from a 2026 peak near 5,457 BTC down to the current 5,305.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin may be rallying but that doesn’t mean the bear market is over. Not yet, anyway.
A new report from asset manager Fidelity said that while bitcoin was behaving like it did in previous cycles, it could still hit a bottom in November.
Bitcoin started rallying in mid-August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The asset’s price recently stood at close to $81,639, up nearly 30% over a 30-day period.
Some have since argued that bitcoin is out of its bear market. The coin touched a record high in October last year, hitting $126,080.
“Given bitcoin’s recent performance, the bottom could already have occurred in July,” Chris Kuiper, Vice President of Research at Fidelity Digital Assets, wrote.
“It could also drop again to make another new low in November or later,” he continued, adding that bitcoin cycles have historically not been precisely four years long, so they “aren’t reliable for timing the market.”
Throughout most of June and July, bitcoin’s volatility was particularly muted, and the coin traded below $65,000.
But that all changed in August after the Treasury Department’s announcement, which has since brought the so-called debasement trade back in the picture again.
To get an idea of where bitcoin moves next, Kuiper argued that investors should pay attention to what happens with the crypto Clarity Act. Proponents argue it could provide “greater regulatory certainty and support continued innovation in the U.S. digital asset ecosystem,” he wrote.
President Donald Trump in August urged lawmakers to get the long-awaited crypto market structure bill over the line, helping spur bitcoin’s run. The president called the draft “very, very powerful” after meeting with crypto industry bigwigs at the White House.
The digital asset industry has long called for clear rules on how regulators should treat bitcoin, stablecoins and other cryptocurrencies.
Lawmakers will vote on the bill this month.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Someone had a very bad hour. On September 3, roughly $58.2 million in crypto short positions were wiped out in a single 60-minute window, with Bitcoin accounting for $47.5 million of the carnage. For traders betting against the market with leverage, the price move was the financial equivalent of a rug pull, except the rug was their own margin.
Short liquidations happen when a trader’s leveraged bet against an asset hits its breaking point. The price rises far enough that the exchange force-closes the position to prevent further losses. That forced buying then pushes the price up even more, catching the next layer of shorts in a cascading squeeze.
What triggered the squeeze The $47.5 million in Bitcoin short liquidations represented about 82% of the total crypto liquidations in that hour. That concentration tells you this was primarily a Bitcoin-driven event, not a broad altcoin rally dragging everything with it.
Platforms like CoinGlass, which aggregate real-time liquidation data across major exchanges, have become essential tools for tracking these events. They provide a near-instant view of how much leverage is being destroyed and where.
Advertisement
This latest squeeze didn’t happen in a vacuum. Since September 1, approximately $82 million in short positions have been liquidated across crypto markets, primarily hitting Bitcoin and Ethereum positions.
A pattern of pain for shorts The August 19-20 event was the real headline-grabber: over $2.7 billion in short positions were liquidated across exchanges within a 24-hour span. Binance alone saw roughly $518 million in liquidations, while Hyperliquid absorbed about $513 million.
The total 24-hour liquidation figure during that mid-August event exceeded $3 billion when counting both longs and shorts. During that squeeze, Bitcoin surged from around $64,100 to over $72,000, catching many bearish traders off-guard.
Today’s $58.2 million event is far smaller in absolute terms, but the velocity matters. Wiping out that much in a single hour suggests a sudden, sharp price movement rather than a gradual grind higher.
Why leverage keeps burning traders The crypto derivatives market has grown enormously, and with that growth comes a larger pool of leveraged positions vulnerable to exactly this kind of event. High leverage, sometimes 50x or 100x on certain platforms, means even modest price moves can trigger liquidations.
Consider a trader using 20x leverage on a Bitcoin short. A 5% price increase wipes out their entire position. At 50x leverage, it only takes a 2% move.
The irony is that liquidations themselves become fuel for more liquidations. Each forced buyback pushes the price higher, which triggers the next set of margin calls. It’s a feedback loop that can amplify moves well beyond what organic buying alone would produce.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bitcoin logo (public domain, Grayliptrot) via Wikimedia Commons
The global cryptocurrency market cap has surged by $135 billion in the last 24 hours, according to a report by @WatcherGuru. This increase brings the total market cap to between $2.7 trillion and $2.82 trillion. Key cryptocurrencies such as Bitcoin, Ethereum, and Solana have shown price rises, with Bitcoin nearing $81,000 and Ethereum close to $2,500. This broad market uptick suggests a general positive sentiment within the crypto space, potentially impacting various crypto assets, including Hyperliquid.
Advertisement
The significant market cap increase reflects a market-wide movement rather than an isolated event, with Bitcoin appearing to lead the charge. This development comes amid a backdrop of high volumes and increased interest in digital assets, raising the stakes for outcomes related to Hyperliquid’s price predictions for 2026. The current market environment suggests that participants may view the conditions as supportive of further gains.
Key Takeaways The addition of $135 billion to the crypto market cap appears supportive of a positive market sentiment. Bitcoin’s rise to near $81,000 is a key indicator of the overall market movement. Current market pricing suggests participants are considering the potential for further asset appreciation. What to Watch Market participants will likely monitor how this market-wide increase influences specific assets like Hyperliquid. The pricing for Hyperliquid reaching $100 by December 31, 2026, currently stands at 59% YES, suggesting cautious optimism. Future developments in institutional interest or major partnerships could further impact these odds. Watch for announcements from key players such as Binance or major financial publications that could shift market dynamics.
Get live prediction-market analysis, powered by Vera. Sign up for Vera.
Term Structure
Contract Odds Δ since publish Volume 24h December 31 59% — — View market → January 1 2027 4% — — View market → January 1 2027 2.6% — — View market → January 1 2027 4.9% — — View market → January 1 2027 2.8% — — View market → January 1 2027 86% — — View market → January 1 2027 12.5% — — View market → January 1 2027 5.5% — — View market →
Most blockchains broadcast every transaction detail to every node on the network. Litecoin's MimbleWimble Extension Blocks, known as MWEB, offer an alternative: a separate, opt-in block space where amounts are hidden from everyone except the parties involved.
How MWEB Works MWEB fuses two ideas that were originally floated for Bitcoin: MimbleWimble privacy and extension blocks. , where amounts are concealed. They can peg back out to the transparent main chain at any time.
Crucially, the cryptographic accounting still proves that nobody created coins from nothing while the amounts were hidden. Over 500,000 $LTC native coins have moved through that private layer and remained there, according to @BSCNews.
The Exploit, the Recovery, and the Fix The privacy layer faced its most serious test in early 2026.
An April attempt to exploit the same flaw triggered further disruption.
Japan-listed Remixpoint Inc. recently sold its Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL) and XRP (CRYPTO: XRP) holdings and booked a tidy $742,000 in doing so.
Yet, the company’s Dogecoin (CRYPTO: DOGE) sales is the most noteworthy — and not for the right reasons.
The company booked a $21,000 loss on its DOGE trade, making Dogecoin the only losing altcoin, while ETH, SOL and XRP delivered profits between $72,000 and $379,000.
The Japanese firm said it exited its positions after reviewing market conditions and their risk-return profiles, CoinDesk reported on Thursday.
Remixpoint will now focus exclusively on Bitcoin, holding roughly 1,506 BTC worth more than $115 million at Thursday’s prices.
Trending
The DOGE exit is notable given its established presence in Japan, where it has traded on registered crypto exchanges since 2022.
Is A Reversal Brewing?Despite Remixpoint’s exit, crypto analyst Ali Martinez says Dogecoin’s correction could be nearing an end.
The Tom DeMark Sequential indicator has flashed a daily buy signal, with the chart printing a bullish reversal pattern that can indicate fading selling pressure.
Whale interest in increasing as large holders accumulated more than 400 million DOGE over five days, reinforcing an important on-chain support zone around $0.0813.
Around 35 billion DOGE previously changed hands around that level.
The analyst sees the bullish structure remaining intact if DOGE holds support, with $0.1552 and $0.1774 emerging as potential upside targets.
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Cover image via depositphotos.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
A sharp price gap has emerged in the U.S. stock market: spot XRP ETFs are rising twice as fast as the token itself. While the token is posting an intraday gain of 7%–8%, shares of some regulated funds are surging by 16%–17%.
CryptoQuant analyst "Xaif_Crypto" was the first to draw attention to the anomaly. According to his post, all seven spot XRP ETFs in the U.S. entered the green during the trading session, recording an interim trading volume of $19.7 million.
Heatmap of U.S. spot XRP ETFs trading green intraday on September 3, 2026, Source: TradingViewOn spot exchanges, XRP was trading around $1.44 at the time, up 7.04% over the past 24 hours, confirming a breakout from its local descending channel and a rebound from the August low of $1.00.
HOT Stories
You Might Also Like
However, the performance of instruments listed on the NYSE and Nasdaq diverged. Major funds from Bitwise (XRP: +8.47%) and Franklin Templeton (XRPZ: +8.36%) are moving in line with the spot market. At the same time, products with lower net assets have broken sharply away from it: Grayscale shares (XXRP) are up 17.10%, XRPT has gained 16.78%, and UXRP has risen 17.01%.
This divergence, which created an unusual imbalance, is likely linked to a local supply-and-demand distortion in U.S. exchange order books. The sharp move in the underlying asset may have triggered a short-term shortage of sellers in less liquid funds.
As a result, market orders began pushing ETF share prices higher, creating a substantial premium to the net asset value of their underlying holdings (NAV) and allowing the funds to outperform the token's daily advance by around 100%.
Paradox of the day: funds rise while investors withdraw moneyWhile order books move into premium territory, data from SoSoValue reveals the other side of the picture: this surge in prices is taking place without any inflow of new capital. The sector even closed the previous session in negative territory, recording net outflows of $7.20 million. The entire amount came from profit-taking by large investors and was concentrated in a single fund, Bitwise. All other issuers recorded zero flows.
Daily total net inflow and asset tracking chart for spot XRP ETFs, Source: SoSoValueIn other words, this is not an influx of fresh capital but an aggressive internal repricing of ETF shares against a total daily trading volume of $27.22 million.
You Might Also Like
U.S. XRP ETFs currently hold $1.42 billion, equivalent to 1.67% of the token's total market capitalization, while cumulative net inflows since their launch have exceeded $1.68 billion.
Against the backdrop of the developing spot-market trend, U.S. exchanges have effectively seized the initiative. A situation in which a derivative financial product begins driving short-term price action faster than the underlying asset itself could become a new reality for the market.
A striking divergence has emerged in the US market as spot XRP exchange-traded funds (ETFs) outpace the underlying XRP token in daily gains. Regulated spot XRP ETFs listed on major US exchanges reported increases of up to 17% during trading, while XRP itself recorded an upward move of approximately 8%.
XRP ETFs post double the token’s gainsCryptoQuant analyst Xaif_Crypto observed the anomaly, noting that all seven US-listed spot XRP ETFs moved into positive territory during the session. Trading volumes for these funds reached an interim total of $19.7 million, highlighting a sharp jump in investor activity.
At that time, XRP was changing hands on spot exchanges at around $1.44, representing a 7.04% increase within 24 hours. This move reflects a breakout from a local downward trend and a recovery from the August low of $1.00.
Funds from major asset managers such as Bitwise (XRP: +8.47%) and Franklin Templeton (XRPZ: +8.36%) generally tracked the token’s performance. However, certain other products exhibited far more pronounced gains. Grayscale’s XXRP surged 17.10%, XRPT advanced 16.78%, and UXRP climbed 17.01%—all significantly outstripping the spot market returns.
Analysts attributed this difference to temporary imbalances in supply and demand, particularly within less liquid ETF products. This created a shortage of sellers during rapid price movements, pushing ETF prices upward at a faster rate than the underlying asset.
As a result, ETF shares began trading at substantial premiums compared to the net asset value (NAV) of their XRP holdings. This led to daily performance that was roughly double that of the token itself.
Mini dictionary: Net Asset Value (NAV) is the total value of an ETF’s assets minus its liabilities, divided by the number of outstanding shares. NAV helps gauge whether ETF shares are trading at a premium or discount relative to the underlying assets.
Instrument1-Day PerformanceExchangeXRP Token+7.04%Spot ExchangesBitwise XRP ETF+8.47%NYSEFranklin Templeton XRPZ+8.36%NYSEGrayscale XXRP+17.10%NasdaqXRPT+16.78%NasdaqUXRP+17.01%NasdaqETF prices surge without new capital inflowDespite the premiums in ETF shares, SoSoValue data showed no significant inflow of fresh capital during the rally. Instead, the sector ended the previous session with net outflows totaling $7.20 million, largely from profit-taking within the Bitwise fund. Other issuers reported no net flows during the same period.
This indicates that recent price action in ETF shares has been driven primarily by active repositioning among existing investors rather than by new investments entering the market. Daily trading volumes for all US-listed XRP ETFs stood at $27.22 million.
US XRP ETFs collectively hold $1.42 billion in assets, representing 1.67% of the token’s total market capitalization. Since inception, net inflows into these ETFs have surpassed $1.68 billion.
Trading volumes for US-listed XRP ETFs reached $19.7 million, while some funds outperformed the token’s daily gain by approximately 100% as ETF premiums expanded sharply.
Spot exchanges follow ETFs’ lead in short-term price actionThis episode highlights a rare situation in which ETF products help drive short-term price movements more aggressively than the underlying spot token. Observers noted that US exchanges have played a central role in this dynamic, seizing initiative from traditional spot markets.
Market participants and analysts are watching closely to see whether this short-term disconnect between ETF and spot token performance will persist or revert as liquidity conditions and order book depth change.
The Bank for International Settlements (BIS), the coordinating institution for central banks globally, has officially confirmed it is leveraging the XRP Ledger (XRPL) to power a pilot designed to boost the integrity of official statistical data.
New blockchain data verification pilotA newly published working paper from the BIS Monetary and Economic Department details how the group built and tested a proof-of-concept system using XRPL as its blockchain infrastructure. The report, titled “Verifiable Official Statistics: A Blockchain-Based Approach,” outlines a method for anchoring statistical datasets to a public blockchain in a cryptographically secure manner.
Crypto researcher SMQKE publicly shared the report, emphasizing that XRP was mentioned 101 times throughout the paper. The document, released in September 2026, makes clear the BIS relied specifically on XRPL due to its minimal fees, rapid consensus finality, and accessible developer tools.
This pilot details a system where official statistics in SDMx format are processed through cryptographic hashing, creating a unique fingerprint that is then recorded on the XRP Ledger for tamper-proof verification.
Technical operations and infrastructure choiceBIS engineers describe their process as “anchoring,” wherein every dataset is linked to an on-chain record. According to the paper, anchoring a single dataset costs roughly $0.000003 in transaction fees and achieves confirmation within one or two seconds under test conditions. The entire process, from publication to on-chain recording, takes three to five seconds.
The institution credits XRPL’s cost-efficiency and reliable transaction throughput as critical factors behind its selection for the pilot. Anchoring guarantees that published data cannot be surreptitiously modified, providing traceable and transparent evidence of authenticity.
FeatureXRPL MetricAverage transaction fee$0.000003Data verification time per dataset1–2 secondsPublication latency3–5 secondsPotential impact on XRP adoptionThe BIS, often regarded as the “central bank for central banks,” is responsible for oversight and innovation in financial systems for over 60 member banks worldwide. Previously, XRP has appeared in prominent institutional documents, but this pilot marks a rare occasion of direct integration.
The working paper highlights several future use cases based on this blockchain foundation, including real-time data verification for artificial intelligence applications, regulatory reporting automation, and connectivity to tokenized finance products like inflation-linked bonds and derivatives. The BIS outlined that verified SDMx datasets could serve as programmable inputs, allowing digital assets to automatically adjust conditions based on changing economic indicators.
Each scenario would require continued XRPL activity, inferring that wider institutional use could increase the utility and transaction volume of XRP on a global scale.
Mini dictionary: BIS (Bank for International Settlements) – An international financial institution comprised of central banks, aiming to support monetary and financial stability worldwide.
Institutional testing and transparencyThe report stressed that the XRPL-based pilot is not just theoretical. BIS developers built, implemented, and measured the real-world performance of their on-chain anchoring mechanism, releasing both their findings and the open-source code for public review. This transparency is notable within institutional circles, where pilot projects commonly remain unpublished or inaccessible for external evaluation.
The BIS’s pilot demonstrates how public blockchain infrastructure and verifiable record-keeping can work alongside global financial data systems, creating opportunities for programmable finance and trusted statistics.
Market participants responded with enthusiasm, viewing the BIS’s move as validation of XRPL’s capabilities and utility beyond crypto-native ecosystems. Observers stated that such institutional adoption may lay groundwork for future applications in core financial infrastructure.
Bitcoin (CRYPTO: BTC) is up 5% to $81,000 on Thursday, blowing through the levels where analysts flagged a bearish Bart Simpson pattern one day earlier.
What the Pattern Was Supposed to DoAs Benzinga reported Wednesday, analysts flagged a classic three-phase Bart Simpson setup forming across Bitcoin and XRP after August’s sharp rally.
Bitcoin had spiked from $64,420 to nearly $80,700, then stalled in a flat range, with the final phase supposed to be a sharp snap back lower.
XRP traced the same shape, climbing from $1 to $1.52 before drifting to $1.32.
Quantum Economics founder Mati Greenspan said a true completion required a 20% pullback, while New Market Trading CEO Frank Hepworth projected Bitcoin falling to $70,000 or even $58,000 if selling accelerated.
What Actually HappenedFed Governor Christopher Waller told a Reuters NEXT interview Thursday that he is willing to support holding rates steady at the Sep. 15 meeting if inflation continues to cool.
Trending
The 10-year Treasury yield dropped to 4.75% from 4.82% the prior day, removing one of the key headwinds that had been pressuring risk assets all week.
Bitcoin responded immediately, pushing towards $82,000 and clearing resistance that had capped the rally all week.
Meanwhile, XRP (CRYPTO: XRP) broke out of the descending triangle that compressed price for two weeks, confirming a trend reversal.
Both assets now show RSI readings above 72, pointing to genuine momentum rather than a low-volume bounce.
What Crypto Twitter Made of ItThe reaction on X was swift. One user replied to a chart post asking why Bitcoin was above $80,000 with: “I don’t know, my favorite influencer showed me a Bart Simpson pattern yesterday.”
Another noted that while the broader timeline was filled with bullish calls, only one analyst had posted the Bart Simpson setup, and the market promptly moved the other way.
Key Levels to Watch for BTC and XRPBitcoin: $82,207 — resistance above, close through this opens a bigger move $76,983 — first support on any pullback XRP: $1.50 — next resistance level to clear $1.38 — support on any dip, key level to hold Read Next
XRP, the digital asset developed by Ripple Labs, has entered a consolidation phase following a rapid surge in mid-August. The current market structure, highlighted by a narrowing falling wedge pattern, suggests a potential for renewed upward momentum in the near term, according to technical analysts.
Analyst points to tightening patternCrypto commentator and chart analyst XRP Update recently shared a technical view on social media, noting that XRP has been moving within a falling wedge formation on the 4-hour timeframe. The price rallied from around $1 to just under $1.70 before entering this consolidating structure. As of press time, XRP is trading at $1.33, positioned near the lower boundary of the wedge.
XRP Update described the market as “tightening around $1.33” and suggested that the asset may be poised for expansion if key resistance levels are reclaimed. In his post, he wrote:
“The setup is tightening around $1.33. If bulls reclaim the channel, $1.60 is the first target, followed by $2.19 as the next resistance.”
This analysis reflects optimism for a bullish breakout provided buyers regain control after the compression phase.
The falling wedge formationThe falling wedge is a technical chart pattern formed when both upper and lower trendlines slope downward and contract toward an apex. In this case, XRP’s upper trendline connects lower highs traced since the initial rally, while the lower trendline links a sequence of higher lows. This convergence typically signals fading selling pressure and mounting support from buyers.
XRP is now trading close to the point where the trendlines converge, increasing the probability of a significant price move in either direction as buyers and sellers reach an equilibrium.
Mini dictionary: Falling wedge, a technical chart pattern marked by converging downward-sloping trendlines. It often suggests a possible bullish reversal if accompanied by rising volume and a breakout above resistance.
After rising more than 50% in just 65 hours and peaking with gains exceeding 70%, XRP’s upward momentum slowed, leading to the development of the current wedge. According to technical principles, a resolution typically occurs once price action reaches the apex of the wedge, leading to either a fresh rally or a downside move, depending on the direction of the breakout.
Price targets and community sentimentXRP Update outlined two important price levels: $1.60 as the first target following a confirmed breakout above the wedge, and $2.19 as a potential next resistance if upward momentum continues. The move to $2.19 would represent a gain of nearly 64% from current prices, while reaching $1.60 implies an advance of about 20%.
Some traders have set even more ambitious targets. A community member noted a speculative price projection of $21.9 for XRP, citing the possibility of a breakout to double-digit territory. However, technical analysts remain focused on the near-term resistance levels outlined on the chart.
Current PriceFirst TargetMain ResistancePotential Community Target$1.33$1.60$2.19$21.9XRP’s current market structureXRP remains inside the falling wedge, with the 4-hour chart showing repeated support near $1.32 to $1.33. Buyers have managed to defend this range multiple times as the pattern compresses. A decisive move above the wedge’s upper trendline and sustained trading within the broader channel would confirm a bullish reversal. Until then, the wedge formation remains active and traders are watching for signs of confirmation.
XRP traders are closely monitoring the falling wedge structure, as a breakout above $1.33 resistance could open the door for further upside toward $1.60 and $2.19, provided bullish momentum persists.
XRP is trading at $1.46, up 9.4% over the past 24 hours, after breaking through a downward trend line it had been stuck under for days. The move took XRP from roughly $1.33 to $1.46, one of its strongest single-day gains recently.
A Key Support Level Was Just Defended
XRP had dropped to a critical support level around $1.36 the day before, a level that needed to hold or risk a deeper fall toward $1.27. XRP held that line, then pushed higher, an important sign that buyers stepped back in.
What Needs to Happen Next
If XRP can close today’s session above the resistance line it just broke, the next real target becomes $1.54. But XRP still hasn’t cleared a bigger obstacle above that, a long-term resistance zone between $1.50 and $1.80 that has capped rallies for months.
Until XRP breaks cleanly above that zone with real follow-through, the bounce could still turn out to be temporary rather than the start of a bigger rally.
Why This Moment Matters
XRP is currently sitting in a tight, undecided zone. If buyers keep control and push above resistance, the path opens toward $1.80 to $2, an area that acted as strong support for most of 2025 before XRP lost it and fell sharply, eventually bottoming near 98 cents.
But if XRP fails to clear resistance and starts drifting sideways for a couple of weeks instead, a retest of that low remains a real possibility, echoing a similar pattern that played out after XRP’s 2022 bottom, when the token rallied, stalled out in a similar zone, and eventually slid back down.
Bottom Line for September 4
XRP has bounced back impressively, but the token hasn’t proven the rally is durable yet. There’s real hope XRP breaks out for good, but if it stalls and drifts sideways over the next couple of weeks instead of pushing higher with strength, that wouldn’t be a reason to panic, it would simply mean XRP needs more time to build a base before its next real move.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.
Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.
A prominent supporter of Jake Claver on X has published a chart analysis comparing XRP’s potential 2026 price action to its historic rally in 2024. According to the post, the patterns appear nearly identical, fueling speculation among XRP investors.
Descending triangle pattern observed againThe fan account highlighted a descending triangle on both the 2024 and 2026 XRP charts. In 2024, XRP registered two clear lows inside a narrowing triangle and pressed against long-term support before staging a dramatic upside move.
During that period, XRP surged from $0.50 to more than $3 within several weeks, representing a gain of over 500%. The 2026 chart appears to be replicating this structure, once again displaying two lows within a descending triangle, both marked with green circles on the shared chart.
The second low for 2026 emerged as XRP dipped below $1 in August. The price then rebounded sharply, rising by more than 50% within just a few days. However, the asset remains within the triangle formation, and the chart indicates that there could be one final test of the lower boundary before another significant breakout, mirroring the previous cycle.
Mini dictionary: Descending triangle, a technical analysis chart pattern defined by a horizontal support line and a downward-sloping resistance line. Traders commonly watch for a breakout from this structure, which can indicate a strong price movement in the direction of the breakout.
In the post, readers were encouraged to “Imagine XRP at $20,” suggesting that 5,000 XRP could be valued at $100,000 if the asset follows the projected path.
Projection and analysis for 2026The chart’s detailed structure points to the importance of the retest. Many analysts previously predicted that XRP would drop below $1 in 2026, which recently occurred before the asset staged a rapid recovery. The analysis suggests that a more substantial move could occur before any decisive breakout.
The projection line on the shared chart targets the $4 range as an initial upside objective. The $20 target, discussed in the account’s post, represents a far more optimistic scenario, and is tied to continued positive developments for the XRP ecosystem.
YearPattern ObservedInitial PricePeak PricePrice Target2024Descending triangle$0.50$3$3+2026 (Projected)Descending triangle$1Not reached$4–$20 The account linked the $20 price target to the scenario in which Ripple, the company behind the asset, prevails in its ongoing initiatives, suggesting holders of 5,000 XRP could benefit from significant gains.
Ripple’s role in the projectionRipple, known for its work in payments technology and blockchain solutions, continues to expand institutional infrastructure and promote XRP’s use cases globally. The community’s enthusiasm for such a steep price rise rests partly on the belief that regulatory outcomes and institutional adoption will foster new highs.
The post described the possibility that with Ripple’s progress, XRP holders could see their holdings surge in value and called XRP “the next big thing,” framing the asset as a potential opportunity for early investors.
Community expectations draw on the price explosion observed in 2024, with many investors monitoring technical signals for a repeat performance.
XRP may be entering a critical phase against Bitcoin as the cryptocurrency market approaches the fourth quarter of 2026. Crypto analyst Egrag Crypto has highlighted historical data indicating that XRP has tended to deliver notably strong performance relative to Bitcoin during key months in the final quarter, despite regular setbacks in October.
XRP’s Seasonal Performance Against BitcoinEgrag Crypto, a market analyst recognized for his chart-based approach to digital assets, presented an evaluation of the historical monthly performance of the XRP/BTC pair. His analysis focuses on XRP’s value in relation to Bitcoin, aiming to inform investors about possible capital flows between these two major cryptocurrencies during different periods of the year.
He reported that, on average, XRP outperformed Bitcoin by 17.0% in September. In contrast, October registered an average decline of 19.6%. November demonstrated a sharp rebound with an average gain of 30.5%, while December saw the strongest relative performance with XRP outperforming Bitcoin by 44.1% on average.
MonthXRP/BTC Average % ChangeSeptember+17.0%October-19.6%November+30.5%December+44.1%The analyst emphasized that the sequence is significant. He described September as a period of “rotation,” October as a “shakeout,” with November and December bringing “expansion” and “acceleration,” respectively. According to Egrag, October stands out as the most challenging month, as XRP underperformed Bitcoin in 11 of the last 13 years during this period.
October has historically brought the sharpest declines for XRP against Bitcoin, but these setbacks have often been followed by strong rebounds in the last quarter months.
Egrag pointed out past years as examples: in 2020, XRP fell 22.4% against Bitcoin in October but gained 93.8% in November. Similarly, in 2024, XRP dropped 24.9% in October and then surged 179.2% in November relative to Bitcoin.
XRP’s 2026 Performance and OutlookExamining data from 2026, Egrag noted that XRP generally underperformed Bitcoin for most of the year. His figures show a decline of 0.5% in January, 1.8% in February, 4.4% in March, and 8.8% in April. XRP rose 1.0% in May but fell 2.0% in June and 4.8% in July. The trend shifted in August, with XRP posting a 4.0% gain against Bitcoin.
This August result is key to Egrag’s current analysis. He questioned whether this positive turn signals the start of a broader move of capital from Bitcoin into XRP.
Mini dictionary: Egrag Crypto is an independent crypto analyst known for his detailed technical analysis and frequent posts on market seasonality and price patterns in leading cryptocurrency pairs.
If XRP/BTC breaks its August high, Q4 could get explosive, with renewed volatility in October and further upside possible in November and December.
Critical Resistance and Historical PerspectiveEgrag indicated that the key technical level is the August high for the XRP/BTC pair. He stated that a breakout above this level could confirm the scenario for an outsized move during the final quarter.
He also warned that while past trends are informative, historical performance does not guarantee future results. Egrag outlined that an October dip would not necessarily derail a bullish outlook for the remainder of the year, provided the pattern of past strong rebounds holds.
He concluded his analysis by stressing the importance of objective data, commenting, “Men lie. Women lie. Charts and numbers don’t lie.”
The Bank for International Settlements (BIS) tested the XRP Ledger as a tool for making official statistics tamper-resistant, using blockchain hashes to verify data origin and integrity.
BIS Working Paper No. 1374, published September 2, anchors cryptographic fingerprints of official datasets directly onto XRPL rather than storing the data itself on-chain.
How the BIS Proof of Concept Actually WorksThe paper addresses a specific gap in SDMX, the standard international organization that is used to exchange official economic and financial statistics. SDMX lacks a native cryptographic mechanism to validate data once it has been redistributed.
Researchers generated a cryptographic fingerprint for each dataset using SHA3-512 hashing, grouped multiple fingerprints into a Merkle tree, and anchored the resulting root value on XRPL.
A signed W3C Verifiable Credential identifies the publisher, allowing users to verify authorship and integrity with a single ledger lookup.
“…Specifically, a particular type of blockchain – the XRP Ledger (XRPL) – has been used as a proof of concept because of its low nominal fees, fast consensus finality, availability of developer resources and technical analysis of the consensus protocol…,” The Bank for International Settlements said.
Only the fingerprints get recorded on-chain. The underlying statistics remain off-chain, preserving confidentiality while allowing one ledger entry to cover thousands of datasets simultaneously.
The prototype showed median publication times of 3 to 5 seconds and verification times of 1 to 2 seconds, according to the paper’s own performance measurements. BIS published the reference implementation as open source through BIS Open Tech.
Properties Preserved Under Each Isolated Compromise. Source: BISWhy the XRP Token Itself Played No PartEvery anchoring transaction in the prototype carried a minimal, fixed value of 10 drops, roughly 0.00001 XRP, solely to satisfy the network’s technical requirement for ledger acceptance. The token functioned only as a transaction cost, not as an asset being tracked, exchanged, or referenced by the system.
The paper’s own architecture makes this explicit. Its cost model treats the XRPL fee as a negligible line item, noting that on-chain costs become economically irrelevant compared to storage and processing once datasets are batched efficiently.
That framing matters. The research paper adds another institutional use case for XRPL as infrastructure, though it does not indicate the BIS has adopted the network for official operations, nor does it engage with XRP as an asset in any capacity.
“Consistent with institutions testing public rails over time. They don’t want a press tour, they just published the test. Once a ledger is good enough for official records, the next phase comes,” Vandell Aljarrah, co-founder of Black Swan Capitalist, said.
Most traders on the XRP Ledger (@XRPLF) never see it happen, but $XRP is quietly stepping into the middle of thousands of trades every day, improving prices that would otherwise come out worse.
How Auto-Bridging Works When two tokens on the XRP Ledger lack a deep direct market between them, the ledger does not simply accept a poor rate. Instead, it routes the trade through $XRP automatically. The protocol triggers this only when the bridged route produces a better outcome, not by default on every trade.
A single order can also take both paths simultaneously. Part of the order fills against the direct book, and the remainder routes through $XRP, with the ledger handling the split automatically.
The same logic applies to cross-currency payments. A dollar-to-peso payment, for example, can pass through $XRP when that corridor offers a cheaper path.
Liquidity Requirements and the AMM Addition Auto-bridging only delivers better prices when the $XRP pairs involved hold sufficient liquidity. Thin XRP order books would erode rather than improve the final rate, so the depth of those markets matters.
The liquidity picture has expanded since 2024.
The practical effect is that $XRP functions as quiet infrastructure inside the ledger, connecting markets that would otherwise struggle to price efficiently against each other, without the user needing to do anything at all.
Ripple CTO emeritus David Schwartz has sharply criticized recent efforts to launch a forked version of Bitcoin, labeling the initiative less a policy dispute than an attack under the guise of reform. Schwartz’s remarks, posted on August 31 in response to community discussions, highlight growing tensions within the Bitcoin ecosystem as competing visions for the network’s future surface.
The debate centers on BIP-110, a controversial proposal originally intended as a user-activated soft fork designed to restrict non-financial data on the Bitcoin blockchain. This approach failed to secure significant support from miners, with the overwhelming majority of hash power continuing to back the existing SHA-256d-based network. Only a handful of blocks were mined by the dissenting group.
After it became clear they could not implement the soft fork, BIP-110 advocates pursued a hard fork. The proposed fork would swap Bitcoin’s SHA-256d hashing algorithm for BLAKE2b, introduce a new block header structure, and establish temporary block size limits. Organizers aimed to launch this chain at block 961,640, effectively repositioning it as an alternative continuation of Bitcoin.
In a key exchange, BIP-110 supporter loogart acknowledged the split by stating the group would “continue Bitcoin elsewhere,” insisting that the move reflected open dialogue rather than an act of aggression. Schwartz, however, questioned the language used, focusing on the assertion that the breakaway faction was seeking to “fix the legacy chain.”
Schwartz argued that redefining Bitcoin’s main chain as “legacy” moves the debate beyond good faith policy disagreements, positioning it as an outright attack rather than a legitimate upgrade.
He further emphasized that introducing terminology which frames the original network as defective undermines the foundational processes by which Bitcoin governance decisions are made.
Technical and Economic Realities of the ForkBy adopting the BLAKE2b proof-of-work algorithm, the would-be fork ensures that current Bitcoin ASIC miners cannot seamlessly join the new chain. This significant technical divergence is intended to distinguish the fork as a new cryptocurrency rather than a straightforward network upgrade adopted by consensus.
As of the planned launch, no major crypto exchanges, wallet providers, or Lightning Network services had confirmed support for the forked chain. SHA-256d Bitcoin retains overwhelming hashrate, liquidity, and institutional backing.
ChainHash AlgorithmExchange SupportLiquidityBitcoin (original)SHA-256dMajor exchangesHighBIP-110 ForkBLAKE2bNone (pre-launch)LowSchwartz’s position echoes past disputes, including the forks that led to Bitcoin Cash and Bitcoin SV. In both instances, splinter groups claimed to preserve Bitcoin’s original vision, but the broader market continued to recognize SHA-256d-based Bitcoin as the legitimate network.
He stressed that initiating a hard fork after losing a soft-fork consensus vote, while labeling the original chain as broken, does not constitute responsible governance. Instead, Schwartz characterized this approach as a refusal to accept established rules and outcomes.
Ripple is a San Francisco-based blockchain company best known for its digital payment protocol and the XRP token. David Schwartz, as CTO emeritus, remains a prominent voice in blockchain debates and Bitcoin’s wider governance discussions.
Mini dictionary: BLAKE2b, a cryptographic hash function, is regarded for its speed and security, but is not compatible with existing Bitcoin mining equipment designed for SHA-256d. Thus, the adoption of BLAKE2b in a Bitcoin fork effectively divides the mining community and reduces the likelihood of continued support from incumbent miners.
Schwartz has clarified that while forking is permissible, branding the main chain as obsolete or broken after losing consensus is a form of refusal to acknowledge democratic process within decentralized networks.
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.
Rollups pushed Ethereum blob usage to an ATH this week, with demand the highest its ever been.
The Ethereum ecosystem's blob usage just reached a new all-time high, with a current 3D moving average of 5.9 blobs per block and a daily average of 6.7, according to data highlighted today by Protocol Guild organizer Trent van Epps.
What's the Scoop?The metric: Blobs are the cheap data slots rollups use to post batches to Ethereum. More blobs per block means L2s are putting more activity through Ethereum’s data layer.The tape: Usage has climbed back after a spring dip and is now above prior peaks from late 2025. The activity we're seeing now is still only about 40-50% of the current 14-blob target, so the network is busy but not full.Capacity path: Blob limits have been raised in steps since Dencun, starting with 3/6, then 6/9 in Pectra, 10/15 in BPO1, and 14/21 in January’s BPO2. For the time being, hits on the current 21 max remain rare.Scaling debate: Core devs have been asking when to lift again toward 21/32, weighing cheaper L2 fees against extra bandwidth load and the next gas-limit jump in Glamsterdam. The catch is that keeping this scaling path moving still depends on client-team funding, which Protocol Guild argues remains thin for a chain of Ethereum's size.
Bankless 2783 posts
It’s time to break up with your bank, and join the movement for a better world.
In brief Spot Ethereum ETFs posted $48.08 million in net outflows Wednesday, ending a 12-day inflow streak that had pulled in $1.62 billion. Spot XRP ETFs recorded $7.2 million in outflows, snapping an 11-session run that brought in roughly $170 million and pushed cumulative inflows to $1.68 billion. Bitcoin ETFs rebounded with $101.15 million in net inflows, a day after posting $236.5 million in outflows, their largest single-day exit since July 31. US spot Ethereum and XRP ETFs broke their winning streaks on Wednesday. Bitcoin funds went the other way, pulling in $101.15 million in fresh money, per SoSoValue and Decrypt data.
ETFs, or exchange-traded funds, are funds that trade like stocks and let investors buy exposure to a cryptocurrency's price through a regular brokerage account instead of holding the coin itself. Crypto ETFs have been extremely popular among investors, and market observers keep a close eye on the money going in and out of these funds as a key indicator of current sentiment.
Bitcoin ETF Net Flows. Image: DecryptEthereum ETFs had logged 12 straight days of net inflows, meaning more money came into the funds than left them every single day for two and a half weeks. That streak gathered $1.62 billion before ending Wednesday with $48.08 million walking out the door.
BlackRock's iShares Ethereum Trust (ETHA) led the exodus with $53.4 million in outflows. Fidelity's FETH lost $26.2 million, and Grayscale's Ethereum Staking ETF (ETHE) shed $23.5 million. BlackRock's staked Ethereum ETF, ETHB—a fund that locks up its Ethereum to earn network rewards and passes some of that yield to shareholders—absorbed part of the damage with $52.9 million in inflows.
Ethereum ETF Net Flows. Image: DecryptXRP told a similar story on a smaller scale. Its 11-session streak had brought in about $170 million, lifting cumulative inflows to $1.68 billion, before Wednesday's $7.2 million outflow. The withdrawal came almost entirely from Bitwise's XRP fund, while the four other XRP products, issued by Franklin, Canary, 21Shares and Grayscale, recorded no flows either way.
Bitcoin moved in the opposite direction. Wednesday's $101.15 million inflow reversed Tuesday's $236.5 million outflow, the category's largest single-day exit since July 31, when BlackRock's IBIT alone accounted for 85% of the damage. This time IBIT led the comeback, pulling in $115.45 million on its own, more than the day's entire net total, while Grayscale's original GBTC fund still lost $56.21 million.
The whiplash caps a volatile stretch. Bitcoin ETFs pulled in $3.52 billion in August, their best month of 2026, a run that included a $606 million single-day haul in mid-August, the biggest since May. Total net assets across the category now sit at $97.22 billion, with cumulative inflows near $54.7 billion since the funds launched in January 2024.
XRP ETF Net Flows. Image: DecryptSeptember has a habit of testing that momentum. Bitcoin has closed the month lower in eight of the past 13 years, a pattern Decrypt has tracked as Red September, and this year's version arrives with the Federal Reserve's rate decision landing September 15 to 16, the first hike debate since the central bank's 2022-2023 tightening cycle
Why the money picked BitcoinWednesday's split wasn't just Ethereum and XRP losing steam. Solana ETFs also posted a $6.13 million outflow the same day, meaning three of the four major crypto ETF categories retreated while only Bitcoin advanced. That's a narrower signal than "crypto is cooling"—it looks more like capital consolidating into Bitcoin specifically rather than spreading across digital assets broadly, a pattern that also showed up during last month's institutional buying spree.
In the most overly simplistic explanation, Bitcoin is the bigger, thus safer asset in the ecosystem.
Myriad: Bitcoin's next price move? Click to make your prediction.Another thing to consider comes with simple market expectation. Ethereum and XRP had each just run their longest inflow streaks in months, 12 and 11 sessions respectively, so a pause to lock in gains was overdue on both. Bitcoin, by contrast, was coming off Tuesday's outflow and had room to bounce.
The rest is macro nerves. Fed Chair Kevin Warsh's hawkish Jackson Hole remarks pushed September rate-hike odds above 60% on the CME's FedWatch tool, and when crypto investors get defensive, Bitcoin is typically the first asset they buy back into and the last one they exit, since it carries the deepest liquidity and the longest institutional track record of any crypto ETF on the market. XRP and Ethereum, both newer and thinner by comparison, tend to see that caution show up as outflows first.
The simplest explanation tends to be the right one.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Spot Ethereum ETFs posted $48.08 million in net outflows Wednesday, ending a 12-day inflow streak that had pulled in $1.62 billion. Spot XRP ETFs recorded $7.2 million in outflows, snapping an 11-session run that brought in roughly $170 million and pushed cumulative inflows to $1.68 billion. Bitcoin ETFs rebounded with $101.15 million in net inflows, a day after posting $236.5 million in outflows, their largest single-day exit since July 31. US spot Ethereum and XRP ETFs broke their winning streaks on Wednesday. Bitcoin funds went the other way, pulling in $101.15 million in fresh money, per SoSoValue and Decrypt data.
ETFs, or exchange-traded funds, are funds that trade like stocks and let investors buy exposure to a cryptocurrency's price through a regular brokerage account instead of holding the coin itself. Crypto ETFs have been extremely popular among investors, and market observers keep a close eye on the money going in and out of these funds as a key indicator of current sentiment.
Bitcoin ETF Net Flows. Image: DecryptEthereum ETFs had logged 12 straight days of net inflows, meaning more money came into the funds than left them every single day for two and a half weeks. That streak gathered $1.62 billion before ending Wednesday with $48.08 million walking out the door.
BlackRock's iShares Ethereum Trust (ETHA) led the exodus with $53.4 million in outflows. Fidelity's FETH lost $26.2 million, and Grayscale's Ethereum Staking ETF (ETHE) shed $23.5 million. BlackRock's staked Ethereum ETF, ETHB—a fund that locks up its Ethereum to earn network rewards and passes some of that yield to shareholders—absorbed part of the damage with $52.9 million in inflows.
Ethereum ETF Net Flows. Image: DecryptXRP told a similar story on a smaller scale. Its 11-session streak had brought in about $170 million, lifting cumulative inflows to $1.68 billion, before Wednesday's $7.2 million outflow. The withdrawal came almost entirely from Bitwise's XRP fund, while the four other XRP products, issued by Franklin, Canary, 21Shares and Grayscale, recorded no flows either way.
Bitcoin moved in the opposite direction. Wednesday's $101.15 million inflow reversed Tuesday's $236.5 million outflow, the category's largest single-day exit since July 31, when BlackRock's IBIT alone accounted for 85% of the damage. This time IBIT led the comeback, pulling in $115.45 million on its own, more than the day's entire net total, while Grayscale's original GBTC fund still lost $56.21 million.
The whiplash caps a volatile stretch. Bitcoin ETFs pulled in $3.52 billion in August, their best month of 2026, a run that included a $606 million single-day haul in mid-August, the biggest since May. Total net assets across the category now sit at $97.22 billion, with cumulative inflows near $54.7 billion since the funds launched in January 2024.
XRP ETF Net Flows. Image: DecryptSeptember has a habit of testing that momentum. Bitcoin has closed the month lower in eight of the past 13 years, a pattern Decrypt has tracked as Red September, and this year's version arrives with the Federal Reserve's rate decision landing September 15 to 16, the first hike debate since the central bank's 2022-2023 tightening cycle
Why the money picked BitcoinWednesday's split wasn't just Ethereum and XRP losing steam. Solana ETFs also posted a $6.13 million outflow the same day, meaning three of the four major crypto ETF categories retreated while only Bitcoin advanced. That's a narrower signal than "crypto is cooling"—it looks more like capital consolidating into Bitcoin specifically rather than spreading across digital assets broadly, a pattern that also showed up during last month's institutional buying spree.
In the most overly simplistic explanation, Bitcoin is the bigger, thus safer asset in the ecosystem.
Myriad: Bitcoin's next price move? Click to make your prediction.Another thing to consider comes with simple market expectation. Ethereum and XRP had each just run their longest inflow streaks in months, 12 and 11 sessions respectively, so a pause to lock in gains was overdue on both. Bitcoin, by contrast, was coming off Tuesday's outflow and had room to bounce.
The rest is macro nerves. Fed Chair Kevin Warsh's hawkish Jackson Hole remarks pushed September rate-hike odds above 60% on the CME's FedWatch tool, and when crypto investors get defensive, Bitcoin is typically the first asset they buy back into and the last one they exit, since it carries the deepest liquidity and the longest institutional track record of any crypto ETF on the market. XRP and Ethereum, both newer and thinner by comparison, tend to see that caution show up as outflows first.
The simplest explanation tends to be the right one.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
Ethereum reclaimed the $2,400 level but faces mounting uncertainties driven by sliding ETF demand and weakening technical momentum, raising concerns over the sustainability of recent gains.
Mixed ETF Flows and Institutional AppetiteETH was trading at $2,405.5 on September 3, rising 1.18% in the past 24 hours, with a daily trading volume of $14.37 billion and a market capitalization near $293.32 billion. Despite this modest rebound, investor sentiment remains cautious after a recent reversal in ETF flows.
Data showed that spot Ethereum ETFs in the US recorded $48 million in outflows on September 2, erasing what had been a streak of 12 consecutive sessions with net inflows totaling $1.62 billion. This shift in flows has caught the attention of both traders and market analysts.
ETF flows have become a critical gauge of institutional involvement in Ethereum. Sustained inflows offer potential support for upward price movement, while persistent outflows can signal waning confidence or profit-taking by large investors.
Significant outflows from ETH spot ETFs have prompted concerns that institutional appetite for Ethereum may be softening, with continued redemptions posing risks to price stability above key support levels.
Key Technical Levels in FocusAnalyst Ted highlighted the crucial importance of the $2,350 threshold, stating that a weekly close below this point would strengthen bearish sentiment and could trigger a further drop toward $2,200, implying a substantial correction from current price levels.
Technically, Ethereum is trading just above the midpoint of its Bollinger Bands at $2,325, which offers temporary support. However, both the Bollinger Bands and other leading indicators suggest a mixed outlook. The upper and lower bands, set at approximately $2,771 and $1,879 respectively, point to elevated price volatility.
The MACD indicator currently stands at 121.6, below its signal line at 136.8, with the histogram at -15.2, suggesting reduced upward momentum and an ongoing risk of further downside pressure.
Bulls must keep prices above $2,350 to preserve the ongoing recovery trend. Should ETH fall below this critical level on a weekly close, the focus will shift to the next key area of support at $2,200. Persistent ETF outflows and weakening technicals make defending these levels even more important.
Broader Shifts in Tokenized AssetsBeyond price and on-chain signals, the broader investment landscape is also undergoing significant changes. While technical indicators such as the RSI and MACD help traders navigate volatile markets, major institutional players are increasingly exploring Web3 platforms. Wall Street participants are moving to protocols like 1stepSwap to hold traditional assets such as US equities, gold, and silver directly within crypto wallets. By tokenizing real-world assets and providing rapid access to competitive pricing, these platforms aim to bypass traditional intermediaries and streamline investment processes.
For Ethereum, the convergence of shifting ETF flows, critical technical support tests, and evolving investment models creates a landscape full of both risk and opportunity.
The interplay between ETF movements and ongoing technical signals continues to drive uncertainty for Ethereum, putting added focus on whether bulls can keep the price above important support zones in the face of bearish momentum.
The crypto market rallied sharply Thursday as easing rate fears, Treasury liquidity measures, and renewed institutional demand strengthened risk appetite.
Bitcoin price surpassed $81,000, Ethereum price regained above $2,490, and XRP price led other major tokens. Reductions in employment indicators and large liquidations were impetus throughout the digital assets in the expansive market growth.
Crypto Market Rallies as Bitcoin, ETH, XRP and Major Altcoins Surge The total cryptocurrency capitalization increased by 5% over 24 hours, with tokens in the broad gains. Bitcoin price climbed nearly 5%, adding $3,200 within four hours before moving above $81,000. The progress wiped five days of losses and stretched the recovery of August.
Bitcoin price gained roughly 25% last month, its best monthly performance since November 2024. Ethereum price rebounded to $2,490, and Solana price rose to over $104 and XRP price rose approximately 10%.
Cardano price increased by 13%, Dogecoin price increased by 10%, and Sui price by over 17%.
Coin360 data Cryptocurrency stocks surged as the mood rose among the digital asset markets. The coordinated returns indicated that investors were flocking back to risky assets.
Cooling US Labor Data and Falling Rate Expectations Boost Risk Assets Thursday’s releases encouraged expectations for easier monetary policy. The first jobless claims were 206,000, which surpassed 205,000 expectation and 203,000 level. ADP also showed 38,000 payroll additions, short of the expected 47,000 and an indicator of employment weakness.
The numbers reduced Treasury yields and undermined the dollar with investors reviewing the Fed policy. The labor softness was against the ISM Services Index that was 55.4. The reading was higher than the 54.3 prediction and ensured further growth of service-sector.
The reports were considered by investors to favor a potential rate cut, which tends to favor risk assets. The next market direction and policy expectation test is the jobs report on Friday.
Bitcoin ETF Inflows and Short Liquidations Accelerate the Market Rally Liquidity improved after the Treasury announced up to $12.5 billion in short-term debt buybacks. Settlement is Friday, although the operation does not represent quantitative easing. Long-term buybacks were considered by investors as they could enhance liquidity in the market.
Spot Bitcoin ETFs recorded $101 million in Wednesday inflows, restoring demand. September began with $236.46 million leaving, followed by another $9.3 million the next session. Spot Ether funds reported an outflow of 48 million and their 12-day streak of positive performance came to a close.
Bitcoin’s advance liquidated over $300 million in shorts, forcing traders to repurchase exposure. The cascade accelerated Bitcoin’s move above $81,000 and lifted the cryptocurrency market.
CLARITY Act Senate Vote Fuels Regulatory Optimism Ahead of September 15 There was optimism with regulatory expectations approaching end of September 15. The CLARITY Act is likely to be voted on in a Senate procedural vote. It would not determine final passage, but only signify that lawmakers take the proposal into account.
SEPTEMBER 15 IS GETTING CLOSER.
The CLARITY Act is now just days away from a key Senate test.
The vote is on whether to move forward with consideration of the bill, not final passage.
If it clears this hurdle, the U.S. gets one step closer to finally having a proper regulatory… pic.twitter.com/e5KVc6xv4N
— That Martini Guy ₿ (@MartiniGuyYT) September 3, 2026
The act of clearing it would bring Congress nearer to a federal cryptocurrency market structure. Proponents feel that regulation would promote investment and decrease uncertainty to the exchanges, issuers and institutions. Nevertheless, the procedural vote is just a part of a legislative process.
This has traders waiting to see whether the measure will get enough Senate support to pass. Important near-term factors include the macroeconomic data, ETF demand, Treasury yields and the jobs report on Friday.
Shares of Strategy Inc. and Coinbase Global Inc. climbed sharply on Thursday, leading gains among crypto-linked stocks as Bitcoin rebounded above the $80,000 mark. Bitcoin advanced nearly 5% in the past 24 hours to reach $80,982.09, sparking renewed investor interest in companies with significant exposure to the digital asset market.
The rally in the crypto sector followed remarks from Federal Reserve Governor Christopher Waller, who indicated support for holding US interest rates steady. His comments suggested a reduced likelihood of additional tightening in monetary policy, lowering Treasury yields and contributing to a weaker US dollar.
Market analysts have suggested that these developments boosted risk appetite and provided a supportive environment for speculative assets, including cryptocurrencies and related stocks.
Federal Reserve Governor Christopher Waller expressed a preference for maintaining interest rates at their current level, which contributed to increased demand for speculative assets as policy concerns eased.
Strategy Inc. gains after resuming Bitcoin purchasesStrategy Inc., a business intelligence and software company formerly known as MicroStrategy, has long maintained close ties to Bitcoin’s price performance through significant holdings on its balance sheet.
Earlier this week, Strategy disclosed that it resumed Bitcoin acquisitions following a two-month pause. On Thursday, the company’s stock surged more than 15% to trade above $142.09, standing approximately 31% higher than its 200-day simple moving average of $107.94.
In addition to its crypto exposure, Strategy announced a new initiative with Google Cloud. The companies have launched the AI Transformation Forum, a series of executive events in seven US cities aimed at helping organizations scale artificial intelligence with trusted data and governance frameworks. Forums are scheduled for New York City, Boston, Washington, D.C., Sunnyvale, Chicago, Dallas, and Atlanta this fall, with plans to address topics such as enterprise data, AI governance, semantic layers, token and compute efficiency, and the transition from pilot projects to full-scale production.
Mini dictionary: Strategy Inc. is a Nasdaq-listed business intelligence and cloud software firm best known for its large institutional Bitcoin holdings, which directly influence its share price in response to movements in the cryptocurrency market.
Coinbase extends rally as derivatives launch in CanadaCoinbase Global Inc., described as the largest crypto trading exchange in the United States, also gained from the surge in digital asset prices. Coinbase shares jumped by more than 10% to trade above $193. The company launched derivative contracts in Canada on September 2, expanding its reach into North American markets.
The move came as major cryptocurrencies posted notable gains. Ethereum rose 4.5% to $2,497.93, while XRP appreciated approximately 9% to $1.45.
Coinbase’s recent launch of derivatives in Canada has enhanced its international presence while the firm benefited from the rebound in Bitcoin, Ethereum, and $XRP.
CompanyStock GainCurrent PriceStrategy Inc.+15%$142.09Coinbase+10%$193Circle Internet Group+15%$102Bitmine Immersion Technologies+13%$26Robinhood Markets+15%$124Galaxy Digital+11%$26The positive momentum spread across a range of crypto-linked stocks. Circle Internet Group shares climbed more than 15% to above $102, while Bitmine Immersion Technologies rose 13% to above $26.
Robinhood Markets advanced more than 15% to over $124 after Morgan Stanley increased its price target from $124 to $150. Galaxy Digital shares gained over 11% to reach $26, following Morgan Stanley’s price target revision from $37 to $48.
These gains came as the digital asset sector recovered from recent declines, with Bitcoin’s move above $80,000 offering a more favorable backdrop for companies involved in cryptocurrency trading, holdings, and associated services.
For Strategy and Coinbase, Thursday’s rally coincided with a stronger crypto market, as investors responded to shifting expectations around US monetary policy and overall financial conditions.
Bitmine Immersion Technologies pulled off something rare in August: a 46.5% stock gain driven by a methodical pivot from Bitcoin mining infrastructure to becoming one of the largest public holders of Ethereum on the planet.
BMNR shares climbed from around $18 to above $26 over the course of the month, driven by a combination of aggressive ETH accumulation, a massive share buyback program, and staking revenues that are starting to look like a legitimate business model rather than a crypto side hustle.
The numbers behind the move By early August, Bitmine’s total asset holdings exceeded $11 billion. By the end of the month, that figure had swelled to approximately $14.9 billion, a nearly 35% increase in a matter of weeks.
Advertisement
The centerpiece of that portfolio: roughly 5.8 million ETH as of early August, representing about 4.8% of Ethereum’s entire circulating supply. The company continued adding tens of thousands of ETH on a weekly basis throughout the month, pushing total holdings even higher.
About 87% of the company’s ETH holdings are actively staked, generating projected annualized revenues between $250 million and $330 million. On the capital return side, Bitmine has repurchased more than 19 million shares since July 1, 2026, as part of a $4 billion buyback program. Chairman Tom Lee framed the initiative as a response to the stock trading at a persistent discount to its net asset value.
From mining rigs to Ethereum vaults Bitmine’s origin story is rooted in Bitcoin mining, specifically immersion cooling technology for mining hardware. The pivot to an Ethereum-centric treasury model represents one of the more dramatic corporate transformations in the digital asset space.
Bitmine isn’t the first public company to build a crypto treasury. MicroStrategy famously pioneered the Bitcoin treasury model years ago, accumulating tens of billions of dollars worth of BTC and inspiring a wave of imitators. But Bitmine’s Ethereum-first approach is a meaningful departure from that playbook, reflecting a bet that ETH’s staking yield and role in decentralized finance give it a different value proposition than Bitcoin’s “digital gold” narrative.
What the pivot signals for the broader market The staking revenue angle is particularly notable. A projection of $250 million to $330 million in annualized revenue from staking alone gives traditional finance investors something they can model in a spreadsheet.
By repurchasing shares when the stock trades below net asset value, Bitmine is essentially telling the market: we think our ETH is worth more than you’re giving us credit for.
Weekly gains of up to 26% during August also suggest the stock is attracting momentum-driven traders alongside fundamental investors.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Pi Network price rose 3% to $0.0964 over 24 hours as traders anticipated Protocol 27 and its native DEX.
Bitcoin price jumped 5% above $81,200, while Ethereum crossed $2,500 and XRP gained 10% following the crypto market recovery.
PI’s smaller increase suggests traders remain cautious before the September 15 upgrade. The rollout could test whether Pi’s verified community can support meaningful activity.
Pi Network Protocol 27 Mainnet Upgrade Targets September 15 Pi Network price completed its Protocol 26 mainnet upgrade on August 11, strengthening smart contract security, state management, and cryptographic functions.
The milestone followed nine mandatory upgrades since open mainnet began in February 2025. The network reported 421,000 active nodes after Protocol 26.
Protocol 27 began deployment on Testnet 1 on August 21. Developers are targeting September 15 for its mainnet release.
Pi describes Protocol 27 as the final planned infrastructure upgrade. It should introduce automated market maker pools and smart contract authentication.
🟣🚀 Pi Network is entering an important phase!
Protocol 27 is reportedly targeted for September 15, with DEX and AMM developments on the horizon. 🔥
Will Pi’s ecosystem finally see a major utility breakthrough? 👀
Pioneers, stay focused! 💜⚡#PiNetwork #PiCoreTeam #PiCoin… pic.twitter.com/zFkAEWGAvA
— Brice crypto (@icenetwork23) September 3, 2026
The release also includes RPC server infrastructure supporting applications and decentralized trading.
OpenPay reached mainnet on August 27 and restored cash-in on September 1. App Studio hosts over 7,900 AI-built applications. Pi reports 17.7 million KYC-verified Pioneers.
Pi DEX Launch Could Test Real Demand Across the Ecosystem Pi’s planned exchange will combine an order book with automated market maker liquidity. The model was tested through the SLICE token launch.
Between June 11 and June 28, roughly 242,000 Pioneers committed 15.92 million Test-Pi.
That participation showed interest, although test tokens carry no direct market risk. Mainnet activity will provide a more powerful demand indicator.
The DEX might show that trusted users liquidate, trade assets, and ecosystem tokens. Sustained volume would strengthen Pi’s utility argument.
Weak participation could show that a large registered community does not automatically create an active economy. That distinction remains central to Pi’s outlook.
Since Pi2Day in June, the project has emphasized payments, identity, computing, and artificial intelligence. The DEX represents its biggest commercial test.
Pi Network Price Prediction: Key Levels to Watch Pi Coin price traded near $0.09645 on September 3 after recovering from support around $0.09. It gained 2% during the latest four-hour period.
Pi Network price is now nearing resistance at $0.10, where prior gains failed. There is a broader resistance band between $0.10 and $0.11.
The Relative Strength Index stood at 74.22, which indicated that it was overbought. However, the MACD continued supporting a bullish outlook.
A confirmed break above $0.10 could open a move toward $0.11 as per the detailed Pi coin price analysis. Continued strength may expose the next resistance around $0.12.
Source: TradingView Failure at $0.10 could produce another consolidation phase. Initial support stands near $0.095, matching the latest candle’s lower range.
A sustained drop below $0.095 would return attention to $0.09. The anticipation of Protocol 27 can potentially favor sentiment, yet implementation will determine the future action of PI.
Paxos-issued USDG has launched natively on Mantle, adding the Ethereum layer-2 network to a stablecoin coalition with more than 150 partners.
Summary
USDG can now be minted directly on Mantle and used for DeFi liquidity and institutional settlement. Mantle has joined the Global Dollar Network and can share in rewards generated by USDG activity. USDG had about $3.18 billion in circulation, ranking seventh among stablecoins tracked by DefiLlama. Mantle’s distributed RWA value reached $234.2 million after rising 19% over 30 days. USDG brings native stablecoin issuance to Mantle Global Dollar Network said in its announcement on Sept. 3 that USDG is now available as one of the first stablecoins issued directly on Mantle, allowing the token to enter circulation without relying on a wrapped version created through a third-party bridge.
Built as an Ethereum layer-2 network, Mantle uses Ethereum-compatible infrastructure while processing transactions away from the base chain. Developers can therefore use existing Ethereum tools while benefiting from the network’s lower transaction costs and higher capacity, according to the announcement.
USDG will provide a dollar-linked settlement and liquidity asset for Mantle’s decentralized finance applications and tokenized investment products. Mantle said intended uses range from DeFi transactions to capital allocation by institutions, though access to individual products remains subject to each issuer’s terms and local regulations.
Native issuance also changes the technical path used to place the stablecoin on the network. Instead of holding a token on another blockchain and issuing a bridged representation, Paxos can create and redeem USDG directly on Mantle. Paxos says each token is redeemable one-to-one for U.S. dollars.
USDG is already issued on Ethereum, Solana, Ink, X Layer and Robinhood Chain. In February 2025, crypto.news covered its Solana expansion, which gave institutions access through Kraken and Anchorage Digital and added payment, remittance, and treasury-management use cases.
According to DefiLlama data, USDG had approximately $3.18 billion in market capitalization and ranked as the seventh-largest stablecoin. Global Dollar Network placed circulation closer to $3.5 billion in Thursday’s announcement, a difference that may result from the timing and methods used by the two sources.
Mantle joins USDG’s 150-partner network Alongside the native launch, Mantle has joined the Global Dollar Network, a coalition built around the distribution and use of USDG. The group has more than 150 partners, including Kraken, Robinhood, Paxos, OKX, and Worldpay.
Global Dollar Network uses a reward-sharing structure under which participating companies can receive part of the income generated by assets backing USDG. The amount available to each participant depends on its role, activity and commercial agreement with the network.
For Mantle, partner status adds an economic layer to the stablecoin integration. The network can receive rewards tied to USDG adoption while developers obtain another dollar-linked asset for trading, lending, payments and settlement.
Paxos Digital Singapore issues USDG under the supervision from the Monetary Authority of Singapore. Within the European Union, Paxos Issuance Europe issues the token under the supervision of Finland’s Financial Supervisory Authority and in compliance with the Markets in Crypto-Assets Regulation.
Paxos publishes monthly reserve reports covering the assets backing USDG. The company says the stablecoin is fully backed by reserves and can be redeemed at par, while the Global Dollar Network distributes part of the reserve income to eligible business partners rather than automatically paying it to every token holder.
An earlier European rollout made USDG available through exchanges and custody companies including Kraken, Gate, SwissBorg and Zodia Custody. The MiCA-compliant launch gave Paxos separate regulated issuance arrangements for Singapore and the European Economic Area.
Mantle expands its tokenized asset business Native USDG arrives as Mantle adds tokenized equities, exchange-traded funds, commodities, U.S. Treasuries and asset-backed credit products. The Mantle team placed its RWA total value locked at about $240 million, compared with roughly $22 million a year earlier.
Separate data from RWA.xyz showed $234.2 million in distributed real-world asset value on Mantle as of Wednesday, up 19% over the previous 30 days. The difference between that figure and other estimates can stem from reporting dates and whether a provider measures distributed asset value, DeFi deposits or the full value of tokenized products.
Mantle said its ecosystem contains more than 700 tokenized assets. Recent additions include SPCXx, a product linked to privately held SpaceX, and USPXx, which tracks Franklin Templeton’s U.S. Equity Index ETF. Token terms can differ, meaning a blockchain token may provide direct ownership, an issuer-backed claim or only price exposure to the referenced asset.
More recent Blockworks Research data placed Mantle’s tokenized assets at about $330 million and its stablecoin supply near $550 million, taking the combined total to approximately $880 million. The same dataset counted 985 distinct tokenized products, including stocks, commodities, Treasury-linked assets, funds and yield-bearing stablecoins.
As previously reported in August, USDT0 accounted for about $440 million, or close to 80% of Mantle’s stablecoin supply at the time. USDe followed with $57.93 million, while USDC held $34.15 million and conventional USDT represented $12.96 million.
Adding USDG gives Mantle another regulated dollar product alongside USDT0, Ethena’s USDe, Agora’s AUSD, Circle’s USDC, Aave’s GHO and World Liberty Financial’s USD1. Mantle has said it wants stablecoin liquidity to support active onchain strategies rather than leave tokenized assets unused after issuance.
One such product opened to DeFi users in August after an earlier version distributed through Bybit passed $200 million in assets under management. The non-custodial vault accepts USDC and USDT0 through Fluxion, with CIAN designing the strategy and Grove connecting deposits to yield generated through the Sky ecosystem.
U.S. rules affect access to Mantle’s tokenized products For U.S. users, USDG’s dollar peg does not by itself confirm that every Mantle application, reward program or tokenized asset is legally available in the country. Eligibility depends on the issuer, distributor, product structure, platform terms, and applicable federal and state rules.
The distinction matters for Mantle’s equity-linked products. In a January 2026 statement, the U.S. Securities and Exchange Commission said a tokenized security remains a security when its ownership record is maintained partly or entirely through a crypto network. Moving an instrument onto a blockchain does not remove it from U.S. securities law.
Mantle’s tokenized products linked to SpaceX and Franklin Templeton’s U.S. Equity Index ETF therefore require separate review of their ownership rights and distribution limits. A token that follows an asset’s price may not give its holder shares, voting rights, dividends or a direct claim against the referenced company or fund.
USDG also enters Mantle while U.S. agencies prepare rules under the GENIUS Act, which became law in July 2025. The framework establishes reserve, redemption, disclosure and licensing requirements for approved payment-stablecoin issuers, including a pathway for foreign issuers from jurisdictions that U.S. authorities determine have comparable oversight.
Federal agencies had not completed all implementing rules by the statutory July 2026 deadline. The Office of the Comptroller of the Currency was targeting November for its final rule, while the law was scheduled to take effect on Jan. 18, 2027, or 120 days after regulators completed the required rules.
How the tax worksEvery time $FLOKI changes hands on a decentralised exchange, a small portion of the trade is redirected before it reaches the buyer. The contract address on Ethereum is 0xcf0c122c6b73ff809c693db761e7baebe62b6a2e.
The tax applies only to DEX activity. Trades executed on centralised exchanges are similarly untouched, leaving DEX buys and sells as the sole source of treasury inflows from this mechanism.
A rate cut driven by the DAO, with a path to zeroThe current rate is the result of a landmark governance decision.
@FLOKI has signalled the tax is not a permanent fixture. No timeline has been set.
Until that point, the treasury remains funded by the levy on every DEX swap, with the DAO retaining control over how those funds are allocated and whether the rate changes further.
Sources:
Floki Whitepaper: Operations and Funding
CoinDesk: Floki Inu DAO Passes Proposal to Burn Over $100M Worth of Tokens
Floki Whitepaper: Multi-chain Protocol
Dogecoin (CRYPTO: DOGE) is up Thursday morning as Bitcoin (CRYPTO: BTC) leads a broader crypto rally, continuing a month-long trend of strength across the crypto market. Here’s what investors need to know.
Dogecoin is climbing today. Where is DOGE headed? DOGE Surges Amid Broader Crypto RallyDogecoin outpaced Bitcoin Thursday morning, jumping 6.35% to $0.089, while Bitcoin rose 5% to above $81,000. The move comes as investors assess shifting expectations for Federal Reserve policy and continued developments around U.S. cryptocurrency regulation.
Investors are closely watching Capitol Hill ahead of a key Senate procedural vote on the CLARITY Act scheduled for Sept. 15. This legislative push coincides with the SEC’s proposed “Regulation Crypto Assets” framework, both of which aim to establish formal, clear guidelines separating securities from commodities in the digital asset space.
Broader market sentiment also improved Thursday after Federal Reserve Governor Christopher Waller indicated he could support holding interest rates steady if inflation continues to cool. The comments contributed to lower Treasury yields and supported risk assets.
For Dogecoin, the move appears largely tied to broader crypto-market momentum rather than a major DOGE-specific catalyst. As one of the market’s most actively traded meme coins, Dogecoin frequently amplifies moves in Bitcoin and overall risk appetite.
Read Next
Image: Shutterstock
Market News and Data brought to you by Benzinga APIs
Are Dogecoin [DOGE] traders hitting the brakes? The big hands are still making moves, but the greater market still seems unconvinced.
Effects on Dogecoin price? Here’s what we know.
No pressure to buy? The Taker CVD tells who is dominating activity. Recent data, per Cryptoquant, has shown sellers gaining an edge.
Source: Cryptoquant There used to be better buying interest, with traders actively opening positions. Right now, though, it seems like there’s more sell pressure; buyers are sleeping with one eye open.
The drop is becoming much more evident… Trading intensity has clearly fallen, especially when compared to earlier zones in Cryptoquant’s volume bubble map. The market is moving away from high-activity zones.
Looks like no one wants to be the first to open positions, so no one’s doing anything at all.
Source: Cryptoquant What’s interesting, though, is that the bigger players are here to stay. Average Order Size data showed that bigger orders are still appearing.
Source: Cryptoquant Despite all the mixed signals from futures data, Dogecoin price has managed to hold its recent gains. This was after a big move up in late August.
Source: TradingView Per TradingView data, DOGE climbed up from the $0.07 zone toward the $0.09 area. Following that, there’s only been a consolidation phase.
Buying strength is still present, despite slowing pace post peak levels. This is evident from RSI being above the neutral zone.
Meanwhile, the MACD also proved slowing pace, so we’ll need a wave of buying to help cause another move higher.
AMBCrypto previously reported that Dogecoin entered a rare CVDD undervaluation zone. This is a level that has so far appeared near major turning points. A bottom isn’t obvious, but perhaps long-term buyers should start watching closely.
Final Summary Dogecoin sellers are taking control as trading activity slows down. Price is holding, helped by whales staying active.
Dogecoin (DOGE) price is up by 2.77% today, September 3, to trade at $0.088 at the time of writing. This gain mirrors the uptrend across the broader crypto market after dropping odds of the Fed hiking rates in 2026 increased demand for risk assets. These gains have also pushed Dogecoin out of a falling channel as whales buy more coins.
Whales Scoop 400M DOGE in 5 Days Analyst Ali Charts on X notes that whales have purchased 400 million DOGE within five days. The analyst notes that this accumulation has increased the buying pressure for Dogecoin, and this is supporting the 3% intraday gain seen today.
The analyst also adds that Dogecoin’s price has managed to defend the support at $0.0813 because of this whale buying. He notes that as long as this support price holds, DOGE could surge to as high as $0.177.
The buying activity by whales also comes as TradingView data shows that Dogecoin price closed higher in September for two straight years. If this trend repeats, the meme coin could also rise in September 2026.
Dogecoin Price Chart (Source: TradingView) Still, concerns about inflation and the Fed hiking rates at the September 16-17 meeting might affect the uptrend.
DOGE ETFs Record Highest Outflows in Two Months Despite Whale Buying Data from SoSoValue shows that there were $762,000 outflows from Dogecoin ETFs on September 2. This was the biggest single-day outflow recorded by DOGE ETFs since July 2.
DOGE ETF Flows (Source: SoSoValue) These outflows came from the Grayscale Dogecoin ETF that now holds $7.96 million in net assets.
The ETF outflows show that there is a divergence between institutions and whales because institutions are selling while whale addresses have purchased 400 million DOGE in five days.
Retail traders also seem to be on the buying side because data from Coinglass shows that there were $4.7 million spot inflows for Dogecoin on September 3. These inflows suggest that there is more buying pressure than selling pressure.
Dogecoin Price Forecast Amid Falling Channel Breakout The price of Dogecoin has moved above the resistance of a falling channel on the four-hour chart. DOGE has already closed one candle above the upper resistance of $0.083, with this supporting a bullish long-term Dogecoin forecast.
If Dogecoin price drops to test this support at $0.083 and it holds, the uptrend could continue towards the psychological resistance at $0.10.
However, the RSI reading of 76 suggests that Dogecoin is close to being overbought. These overbought conditions could lead to buyers being exhausted, and Dogecoin price could drop to $0.080.
DOGE Price Chart (Source: TradingView) Still, the AO bars that have turned green suggest that the momentum is still bullish despite buyers being near exhaustion. These bars suggest that the uptrend that commenced after the price moved out of the falling channel could continue.
Bitcoin jumped nearly 5% on Thursday following comments by Fed Governor Christopher Waller that capped rate hike bets.
Notable Statistics:
Coinglass data shows 120,343 traders were liquidated in the past 24 hours for $1.83 billion. SoSoValue data shows net inflows of $101.2 million from spot Bitcoin ETFs on Wednesday. Spot Ethereum ETFs saw net outflows of $513.71 million. In the past 24 hours, top gainers include XRP, Hyperliquid and Pepe. Notable Developments:
Coinbase Adds Elon Musk’s Alumni to Board Amid Canada ExpansionBitcoin Could Hit $90,000 By October Under One Condition, Analyst SaysDOGE Surges 10%, Attempts Reversal as Japanese Fund Exits Position at a LossBitcoin Rallied 25% in August but You May Not Want to Get Too ExcitedTrump’s Crypto Ally Fights to Save His Company After a 99% CrashSeptember Is Bitcoin’s Worst Month but This Time Might Be DifferentBitcoin Dips to $78,000 but $300,000 Remains the Big Target, Investor SaysBitcoin-Gold Correlation Hits 6-Year High: What Is Going On?Trader Notes:
Crypto Patel highlighted Bitcoin’s reclaim of $81,000 puts $83,000 in focus. A strong higher-time frame close above that level could invalidate the bearish lower-high, lower-low structure.
He remains cautious until then, with a break below $60,000 signaling renewed downside risk.
Kevin sees Bitcointwo to three days away from potentially confirming a daily Golden Cross. He added that every such crossover following a bear trend lasting more than 300 days has historically confirmed a cycle bottom.
Image: Shutterstock
Trending
Market News and Data brought to you by Benzinga APIs
Cardano’s Constitutional Committee just got a refresh. The “Update Constitutional Committee 2026” governance action was ratified on-chain, seating four newly elected members and preserving the network’s ability to make critical governance decisions during a period of significant upcoming upgrades.
The vote cleared its two required thresholds with little room to spare. Delegated Representatives (DReps) approved the action at 69.36%, edging past the 67% requirement. Stake Pool Operators (SPOs) came in at 51.18%, barely above the 51% needed. In a system where non-voting stake effectively counts against approval, those margins tell a story about just how contested governance participation remains on Cardano.
What the Constitutional Committee actually does Under the Voltaire era governance model, the CC reviews governance actions to ensure they align with the network’s constitution before they can take effect. Without a functioning committee of sufficient size, the network loses the ability to execute treasury withdrawals, adjust protocol parameters, and approve other foundational changes.
Advertisement
Had this ratification failed, the committee would have shrunk to just three members, essentially creating a governance bottleneck at the worst possible time. The governance action was submitted on-chain on July 31, 2026, and ratification occurred around September 1. The transition becomes effective at the boundary of Epoch 653 to Epoch 654, which lands on September 6, 2026. The four newly elected members, chosen through audited community elections, will serve terms extending to Epoch 799.
Who sits on the new committee The renewed committee includes representatives from several corners of the Cardano ecosystem. Among the newly seated members are Marek Mahut, the Eastern Cardano Council, and Cardano Curia.
Cardano is preparing for two major protocol milestones: the Leios upgrade and the Dijkstra era. Both will require governance actions that pass through the Constitutional Committee’s review process.
Why the margins matter A 69.36% DRep approval rate against a 67% threshold means roughly 2.36 percentage points separated success from failure. On the SPO side, the gap was even thinner at 0.18 percentage points above the minimum.
Cardano’s governance design includes a feature that amplifies this dynamic: stake that doesn’t vote effectively functions as opposition. If a large holder sits out, their abstention drags down the approval percentage. This means governance outcomes depend not just on who votes yes or no, but on overall participation rates.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
ChatGPT outage reports jumped from 5,000 to more than 22,000 in 10 minutes on Thursday morning. Claude, Grok and coding tool Cursor were already broken.
Three rival labs failed inside roughly 90 minutes, and no cloud provider declared a fault. Cardano founder Charles Hoskinson says it looked like a nation state, naming Gemini as the only exception as it uses its own TPUs.
They all use Nvidia chips. Google doesn't
— Charles Hoskinson (@IOHK_Charles) September 3, 2026 How the AI Outage HappenedGrok and Claude users began reporting errors near 9 a.m. Eastern Time (ET). ChatGPT complaints spiked 90 minutes later, Downdetector data showed.
OpenAI was the only lab to confirm anything, logging elevated errors across ChatGPT and Codex, its coding agent.
Anthropic users hit a capacity wall instead.
“Due to unexpected capacity constraints, Claude is unable to respond to your message. Try again soon,” read Claude in-app error message.
xAI declared no incident, yet Grok told users its model was unavailable.
Grok Suffers Datacenter Outage. Source: GrokFollow us on X to get the latest news as it happens
Charles Hoskinson Floats a Nation-State TheoryThe Cardano executive, who also co-founded Ethereum, says it looks like a nation state hit the three AI models at once, citing their reliance on Nvidia.
“It looks like a national state brought down Claude, ChatGPT, and Grok” Hoskinson wrote.
This means he thinks a government, not a hacker or a technical glitch, deliberately knocked the three chatbots offline.
Google logged no Gemini incident, yet users filed hundreds of reports and it flagged a fault serving new API keys. A shared chip supplier is not a shared failure path. Nvidia hardware in different buildings does not fail together.
The damage was uneven, with Claude and Grok peaking near 1,500 reports each while ChatGPT cleared 35,000.
No lab has reported an attack, but OpenAI listed 19 affected components and Anthropic blamed its Opus models.
The incident has turned it into a case for decentralized AI, one plugging Midnight, the privacy sidechain from Hoskinson’s Cardano ecosystem.
Why wouldn't they?
This is also why decentralized AI systems are needed
coughcoughMIDNIGHTcoughcough
— Wendy O (@CryptoWendyO) September 3, 2026 Attention turned to one building in Memphis. SpaceX merged with xAI in February, then rented Anthropic the full Colossus 1 compute capacity, built for Grok.
Outage Alert: Both Grok and Claude Code are experiencing service disruptions simultaneously….
Given Anthropic’s compute lease at SpacexAI's Memphis Colossus cluster, a single datacenter/power issue at Colossus could be taking down both major AI systems at once
we might be… pic.twitter.com/NzMTbeITTY
— Astro Polo (@astropol0) September 3, 2026 Anthropic draws over 300 megawatts across 220,000 Nvidia chips there, just under half of xAI’s roughly 500,000-GPU fleet.
Two of Thursday’s casualties sit on the same racks. However, neither firm has linked that to the failures.
“Grok, Claude, and ChatGPT all utilize significant portions of Colossus 1 in Memphis. That is the likely source of the outage… The question is whether it was accidental or sabotage,” one user posed.
A Cloudflare outage hit crypto platforms last November, with two AWS failures knocking services offline weeks earlier.
Anthropic went dark alone in a similar outage in March.
Concentration stays cheap until everything stops at once.
The outage comes as multiple AI models debut within days of each other.
Mam wrażenie ze AI trochę wychodzi spod kontroli. W ciagu 6 tygodni Google wydalo 3 modele…
Gemini 3.6 Flash – 21 lipca 2026
Gemini 3.7 Flash – 13 sierpnia 2026
Gemini 3.8 Flash – 2 września 2026
W 2030 bedziemy miec Gemini cos w stylu Gemini 4.69 Flash
Cardano (ADA) has shown signs of a potential market rebound as technical momentum improves and network utilization expands. Recent price trends and adoption milestones have drawn renewed attention from traders assessing ADA’s prospects for a sustained recovery.
Technical setup signals buyer interestADA is currently trading at $0.1993, with 24-hour trading volume reaching $308.75 million and total market capitalization standing at $7.32 billion. The price has risen 1.99% over the past day, indicating a possible shift in market sentiment.
Technical analyst Alith Charts pointed to a bullish setup after the Tom DeMark Sequential indicator on ADA’s daily chart flashed a fresh buy signal. This indicator, which is designed to spot potential trend reversals, previously signaled at key low points for ADA—June 25, July 15, and August 18—followed by price rallies of 44.5%, 11.5%, and 50.9%, respectively.
According to Alith Charts, although the indicator suggests that selling momentum is weakening and ADA might see further recovery, additional confirmation from price action and resistance level tests will be necessary before a genuine reversal can be confirmed.
Traders will closely monitor volume trends, structural price changes, and upcoming resistance thresholds as they evaluate the chances for a sustained upward move. However, ongoing network adoption and participation from enterprise users may provide further momentum for ADA.
Cardano supports large-scale supply chain tracingThe Cardano Foundation revealed that the blockchain is being used as the proof layer for Blockforce’s supply chain traceability solution, with more than 500,000 records already anchored on the Cardano network.
This deployment highlights a specific enterprise use case, where sensitive business information is protected via Hyperledger Fabric, while proofs confirming data integrity are posted on Cardano. This model allows private data to remain confidential but also enables independent verification of its existence and accuracy.
Mini dictionary: Hyperledger Fabric, an open-source permissioned blockchain framework intended for enterprise use, enables organizations to securely share and validate sensitive data while keeping most information private from the public blockchain.
Collaboration among Cardano and Blockforce engineers has reportedly reduced the cost of anchoring an individual data record by 92%. This development enhances scalability and supports wider adoption in enterprise supply chain management.
MetricLatest ValueCurrent ADA Price$0.199324h Trading Volume$308.75 millionMarket Capitalization$7.32 billionRecords Anchored via Blockforce500,000+Cost Reduction per Data Anchor92%Outlook and adoption momentumCardano’s short-term price trajectory will largely depend on whether buyer momentum can be maintained above new support levels. Traders continue to cite factors such as volume, breakout structures, and further adoption as key variables in ADA’s recovery potential.
Additional enterprise use cases like supply chain traceability could further support Cardano’s network narrative. However, failure to sustain positive price action may prolong ongoing market pressure.
The current set of developments will remain closely watched by both technical analysts and long-term investors seeking confirmation of a sustained market reversal.
Cardano [ADA] was in a retracement phase after making a new high at $0.258 on the 22nd of August. Recently, AMBCrypto covered the importance of the $0.21 support zone.
Despite a slump in DEX activity, the altcoin has maintained its overall bullish price bias. The price dip below $0.21 reached a low of $0.189 on Sunday, the 30th of August, but swing traders and investors need not panic over this drawdown.
Instead, it could be a buying opportunity. Here’s why.
Cardano buy signals on the daily timeframe In a post on X, popular crypto analyst Ali Martinez observed that the TD Sequential had fired a buy signal for Cardano on the daily timeframe.
Source: Ali Charts on X The previous three times the indicator gave a buy signal on this timeframe, a sizable price rally followed. Hence, it was a signal worth paying attention to.
Source: ADA/USDT on TradingView The swing structure on this timeframe was also bullish. ADA has set new swing highs over the past two month, while maintaining the series of higher lows. In other words, it has been trending higher.
The OBV has made higher lows since July, but has not been able to match the May highs yet. The CMF was above +0.05 to signal strong buying pressure.
The price was retesting the $0.20 support zone. This same area had served as resistance in July and again in the first week of August. Therefore, there is a good chance of a bullish price reaction from this zone.
Source: ADA/USDT on TradingView Like the 1-day timeframe, the 4-hour chart’s swing structure was also bullish. The $0.20 higher timeframe S/R area had confluence with the 78.6% Fibonacci retracement level at $0.19.
The OBV was relatively flat, but the CMF showed strong capital inflows. Sustained demand is necessary to keep the uptrend going.
Investors and swing traders can expect a bullish price reaction in the coming days, targeting the $0.238 local high and the $0.258 extension level. A breakdown below $0.171, unlikely at the time of writing, would mark a bearish structure shift.
Final Summary Cardano saw a steep retracement from the $0.258 local highs but has managed to defend its longer-term bullish outlook. The altcoin needs to see sustained demand to keep its uptrend going. Defending the $0.20 support zone was a good start.
Two Thai businessmen are suing Tether in Manhattan federal court over 42,417,785.62 USDT blacklisted across 10 Ethereum addresses. Onchain records show all 10 were frozen in a single two-and-a-half-minute batch on Oct. 30, 2025, and the seizure warrant the complaint cites is dated Feb. 19, 2026.
Two Thai businessmen have sued Tether over 42,417,785.62 USDT the stablecoin issuer blacklisted across 10 Ethereum addresses, according to a complaint filed in the Southern District of New York on Aug. 31 and re-filed the following day. Onchain records show the addresses were frozen on Oct. 30, 2025. The seizure warrant the complaint cites is dated Feb. 19, 2026.
Tether's terms of service describe the right to buy and redeem tokens as "a contractual right personal to you," and reserve the right to freeze tokens "as required by applicable Law or where Tether, in its sole discretion, determines it is prudent to do so." Plaintiffs Nutthawat Rukthammachalern and Natthawat Kasamvilas say they bought their USDT on the secondary market and have no contract with Tether at all.
Ten Addresses, Two And A Half MinutesQueries against the USDT contract return true for all 10 addresses named in the complaint. Historical state puts the flip for every one of them on Oct. 30, 2025, between 23:00:35 and 23:03:11 UTC — a single batch inside two and a half minutes. Their combined balance at that block was 42,417,785.617689 USDT, which matches the figure in the complaint to the cent. The largest single address, attributed to Kasamvilas, holds 26.1 million USDT.
The two functions the complaint describes are in the verified contract source. The first, addBlackList, blocks outbound transfers while leaving the address able to receive; the 10 addresses have taken in about 101 USDT since the freeze. The second, destroyBlackFunds, zeroes a blacklisted balance and decrements total supply.
The complaint pleads five counts: declaratory judgment on the scope of federal seizure process, conversion, trespass to chattels, unjust enrichment in the alternative, and further declaratory and injunctive relief. It names four defendants — Tether Holdings, Tether International, Tether Operations and Tether Investments, all S.A. de C.V. entities following the group's 2025 move to El Salvador. Judge Lewis J. Liman has the case. Summonses issued to all four on Sept. 1. Tether has not yet appeared.
What The Warrant Does Not CoverThe complaint alleges, on information and belief, that Tether acted on an "informal request by the U.S. government, acting through the HSI Agent" before any warrant existed, and that a warrant followed on Feb. 19, 2026 — more than three months later. It also alleges Tether emailed Kasamvilas on Nov. 2, 2025, pointing him to a Homeland Security Investigations agent and saying "We do not have further information at this time," without disclosing that Tether had frozen the funds itself.
Plaintiffs filed a Rule 41(g) motion for return of property in the Eastern District of North Carolina on July 31, case 5:26-mc-00026, before Chief Judge Richard E. Myers II. The government was granted an extension to respond on Aug. 21 and the motion is undecided. The complaint states that no civil forfeiture complaint has been filed against these addresses.
Four Billion Frozen So FarTether said in April that its cooperation with law enforcement has frozen more than $4.4 billion in assets, including over $2.1 billion tied to U.S. authorities, across 2,300 cases and 340 agencies in 65 countries. The Defiant covered that disclosure when it was published. In a 2022 post on Tornado Cash, Tether described its trigger as a request rather than a court order: "When Tether receives an applicable/legitimate request from a verified law enforcement agent to freeze a privately held wallet, the Company complies."
Tether called the suit "a baseless attempt to interfere with Tether's important work with global law enforcement, including the Department of Justice, to prevent the unlawful use of USDT" in a statement given to reporters on Sept. 2. The company has published nothing about the case on its own newsroom.
USDT traded at $0.9996 with a market capitalization of $183.3 billion at 7:32 a.m. ET Thursday, the third-largest crypto asset, according to CoinGecko. The 42.4 million USDT at issue is roughly 0.02% of that supply.
Tether reported $1.3 billion in Q2 net operating profit in its latest BDO attestation statement, while excess reserves rose to $5.2 billion above full USDT backing.
The figures keep Tether at the center of the stablecoin market’s profitability and reserve debate. USDT remains the largest dollar stablecoin in crypto, and Tether’s reserve earnings have become one of the most closely watched financial stories in the sector.
The main driver is familiar: interest income from large holdings of U.S. Treasury assets.
But the details still need careful wording. Net operating profit is not the same as total reserves, and excess reserves are not the same thing as circulating supply.
For more details, visit the official Tether platform.
TL;DR Tether reported $1.3 billion in Q2 net operating profit. Its latest attestation showed $5.2 billion in excess reserves. The figures are separate from total USDT circulating supply and full reserve backing. Why Tether Is So Profitable Tether’s business benefits from scale.
When users hold USDT, Tether holds reserve assets backing those tokens. A large portion of those reserves is held in short-term U.S. Treasury instruments and similar cash-equivalent assets. In a higher-rate environment, those holdings can generate substantial income.
That is why stablecoin issuers have become major financial businesses.
They may issue digital dollars, but their economics can look like a huge cash-management operation. The larger the token supply, the larger the reserve portfolio, and the more interest income can be generated when yields are favorable.
Tether’s $1.3 billion quarterly profit reflects that model.
Excess Reserves Add A Cushion The reported $5.2 billion in excess reserves is also important.
Stablecoin users want to know not only that tokens are fully backed, but that the issuer has a cushion above liabilities. Excess reserves can help absorb shocks, operational costs, or asset fluctuations.
That does not remove every risk.
Reserve composition, banking access, liquidity, legal structure, transparency, and redemption mechanics still matter. But a larger reserve cushion can strengthen market confidence.
For USDT, that confidence is critical because the token is deeply embedded in global crypto trading.
USDT’s Market Role Is Huge USDT is used across exchanges, DeFi, payments, emerging-market dollar access, trading pairs, and liquidity venues.
That means Tether’s financial health matters beyond Tether itself. If confidence in USDT weakens, the impact can spread through crypto markets quickly. If confidence remains strong, USDT continues to serve as one of the industry’s main settlement assets.
That is why every attestation receives attention.
It is not just an accounting update. It is a health check for one of crypto’s biggest liquidity layers.
Attestations Are Still Point-In-Time The market should keep the limits in mind.
An attestation is a snapshot. It is not a live, second-by-second view of reserves. It does not eliminate every question around asset composition or risk. It also does not give the same kind of continuous visibility as an on-chain reserve dashboard.
But regular attestations still improve transparency compared with no disclosure at all.
They give users and institutions data to assess reserve backing, profit, and excess cushion at the reporting date.
The Stablecoin Race Is Getting Bigger Tether’s profit also shows why stablecoins have become strategically important.
Banks, fintechs, payment firms, and crypto companies all want a role in digital dollar settlement. Regulation is tightening, competition is growing, and reserve economics are attractive.
Tether already has scale.
The question is how it holds that lead as regulated stablecoin frameworks, tokenized deposits, and bank-linked digital money products develop.
For now, the latest attestation shows a highly profitable issuer with a large reserve cushion and a stablecoin that remains central to crypto liquidity.
This article draws on Tether’s Q2 2026 BDO attestation materials.
This article was written by the News Desk and edited by Samuel Rae.
PANews reported on September 3, according to The Block, that stablecoin payment infrastructure startup Diameter Pay completed a $10 million Series A funding round. The round was co-led by CMT Digital and Lightspeed Faction, with participation from SixThirty Ventures, Stellar Development Foundation, Tech Council Ventures, Onigiri Capital, and BitRock Capital.
This is Diameter Pay's first funding round, and the startup was bootstrapped before the Series A, founder and CEO David Lighton told The Block. The round was structured as equity and closed in a single tranche, Lighton said, noting that the fundraising process began in April and closed in July. Lighton declined to comment on post-money valuation. Other investors in the round included SixThirty Ventures, Stellar Development Foundation, Tech Council Ventures, Onigiri Capital and BitRock Capital. Founded in 2023, Diameter Pay provides payment infrastructure for banks, fintechs, and digital asset exchanges. Its platform gives clients access to U.S. dollar virtual accounts, domestic and international payments, stablecoin on- and off-ramps, and compliance controls through U.S. banking partners. Lighton said these virtual accounts let foreign fintechs offer U.S. dollar accounts to their own customers, while Diameter Pay handles the compliance and payment controls behind the scenes. The accounts can also be connected to stablecoin infrastructure, he added.
Expanding access to the US dollar
Diameter Pay said the U.S. dollar remains the foundation of global trade and payments, but accessing it has become increasingly difficult in many parts of the world. Correspondent banks have pulled back from entire markets amid rising sanctions and anti-money laundering risk, the startup said, adding that the result is a global financial system in which legitimate businesses can be excluded alongside the bad actors those safeguards are designed to stop.
Diameter Pay said it has processed more than $10 billion in payment volume this year-to-date. Its clients include "some of the largest privately owned fintech companies in the world and various banks across multiple financial hubs including Switzerland, Singapore, and others," Lighton said, without naming specific clients. Sponsor banking partners include Portage Bank and SSB Bank, with a third sponsor bank that is a public company but has not been disclosed, Lighton said. More banks are being onboarded, he added. "When a sponsor bank partners with us, they are allowing us to use their access to the USD clearing infrastructure, and in exchange, they get fee revenue and low-cost deposits," Lighton said.
Diameter Pay is registered as a money services business and as a money transmitter in New Jersey, Lighton said. The startup makes money by charging payment fees and selling directly to financial institutions that bring their customers onto the platform, he added. Diameter Pay has more than 10,000 end users live, according to Lighton. Diameter Pay started payment processing in 2024 for foreign banks. Lighton said the idea was inspired by his time working for the World Bank in Haiti after the earthquake, where he focused on remittances and the development impact of cross-border payments.
Diameter Pay said it will use the funding to expand its banking and payment capabilities, deepen its stablecoin and foreign exchange infrastructure, and keep investing in technology and compliance tools for cross-border dollar movement.
As part of the Series A round, CMT Digital took a board seat, while Lightspeed Faction and SixThirty Ventures took observer seats, Lighton said. He added that Robert Pozen, former president of Fidelity Investments, is a senior advisor to the board.
Diameter Pay has a team of 20 people, with its core team in the U.S. and additional teams in Argentina, Poland, and Nigeria. The startup is hiring a chief technology officer and chief commercial officer.
Chainlink has partnered with Bottomline, a B2B payments technology provider, to bring secure cross-chain payment capabilities to Bottomline’s banking customers. The collaboration pairs Chainlink’s blockchain interoperability infrastructure with a legacy payments firm that processes hundreds of billions of dollars in annual volume.
Bottomline provides SaaS-based solutions for payments automation, financial messaging, fraud prevention, and treasury management. Its customer base spans roughly 1,200 financial institutions and 10,000 businesses globally. Those clients rely on Bottomline’s infrastructure to move money across networks like Paymode, and the firm has built deep expertise around compliance frameworks including Swift and ISO 20022 standards.
Advertisement
Chainlink has been courting the traditional finance sector, positioning itself as the connective tissue between blockchains and legacy systems. The most prominent example is Project Pangea, an initiative involving over 50 banking institutions across Europe and South Korea. That project targets T+0 settlement for foreign exchange transactions. The banks participating in Pangea collectively manage more than $10 trillion in assets under management.
Chainlink’s Cross-Chain Interoperability Protocol, known as CCIP, allows different blockchains and traditional systems to communicate with each other, which is critical for any financial institution that wants to use blockchain without being locked into a single chain.
Cross-border transactions between countries still routinely take days to settle. Fees can eat up 5% or more of a transfer’s value. The correspondent banking system that underpins most international payments involves multiple intermediaries, each adding cost and latency.
Bottomline’s emphasis on automation and compliance, particularly its alignment with ISO 20022 messaging standards, also matters. ISO 20022 is becoming the global standard for financial messaging.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Bridging Traditional Finance and Blockchain RailsBottomline, one of the world's leading providers of SWIFT services, has partnered with @Chainlink to bring on-chain settlement capabilities to its network of more than 600 financial institutions. The collaboration integrates two core Chainlink technologies: the Cross-Chain Interoperability Protocol (CCIP) and the Chainlink Runtime Environment (CRE), creating a direct bridge between traditional payment infrastructure and both public and private blockchain networks.
Under the arrangement, member banks will be able to use ISO 20022 messaging, the international standard for financial data exchange, to settle tokenized value through a single unified gateway. , making it a natural fit for a technology partnership aimed at preserving familiar banking workflows while adding blockchain settlement capabilities on the back end.
Chainlink's Growing Institutional Footprint
The Bottomline deal fits within a broader push by Chainlink to embed itself in the infrastructure of global finance.
For Bottomline's bank clients, the practical implication is meaningful. Rather than rebuilding core payment infrastructure, institutions can route existing SWIFT messages through Chainlink's protocol to trigger on-chain settlement.
The deal adds to a growing list of institutions adopting Chainlink's cross-chain stack as the tokenized asset market matures. , and infrastructure that connects legacy finance to on-chain settlement is becoming a competitive priority for payment networks of Bottomline's scale.
Sources
Chainlink partners with Bottomline to enhance cross-border payments, Crypto Briefing
Chainlink's Work With Swift, Euroclear, and Major Banking and Capital Markets Institutions, Chainlink Blog
What Is Chainlink CCIP? Cross-Chain Protocol Explained, CoinGecko
The Wyoming Stable Token Commission adopted Chainlink Proof of Reserve for the Frontier Stable Token on Sept. 2. FRNT's total supply is 967,948 tokens, about 0.2% of the 508.7 million the Commission projected to the state legislature as its base case.
The Wyoming Stable Token Commission adopted Chainlink Proof of Reserve as the exclusive onchain verification layer for the Frontier Stable Token on Sept. 2, publishing reserve and supply balances examined by The Network Firm to a feed readable onchain.
There is not much to verify. FRNT total supply is 967,947.92 tokens at $0.99884, according to CoinGecko, against the 508.7 million tokens the Commission gave state lawmakers as its base-case projection in a December budget-session factbook, alongside a base case of $19.1 million in gross reserve revenue for fiscal 2027. Outstanding supply is about 0.2% of that projection. Twenty-four-hour volume was $160, all of it on Kraken.
Secure Mint Is Not LiveThe release separates two products, and only one of them has shipped. Proof of Reserve is adopted now. Proof of Reserve Secure Mint, the component that programmatically blocks minting unless verified reserves cover total supply, is described as something the Commission is "in the process of adopting." The Commission already publishes daily attestations on its website, so the change is where the data is delivered rather than how often.
"By adopting Chainlink Proof of Reserve as Wyoming's exclusive onchain asset verification infrastructure, we're providing transparent, verifiable confirmation that the Frontier Stable Token is fully backed by high-quality reserve assets," said Anthony Apollo, executive director of the Wyoming Stable Token Commission. "This strengthens trust in FRNT while establishing the highest standard for transparency in public-sector digital assets."
Johann Eid, chief business officer at Chainlink Labs, said the adoption "proves how governments can leverage the Chainlink platform to bring trusted, fully-verifiable onchain financial infrastructure into production at scale."
Two Weeks After LayerZeroThis is the Commission's second Chainlink award in a month. On Aug. 18 it said it had fully migrated away from LayerZero to Chainlink CCIP under a multi-year contract. Apollo said then: "The Commission proactively conducted a security review and identified concerns regarding LayerZero's disclosure practices and operational security. Following the review, the Commission decided to adopt Chainlink CCIP as it is the only cross-chain infrastructure that met our stringent security and reliability requirements across the board."
FRNT runs on Arbitrum, Avalanche, Base, Ethereum, Hedera, Optimism, Polygon and Solana, according to that August release. Onchain queries put 95,052.25 FRNT on Ethereum and 394,400.94 on Solana.
First, With A CaveatWyoming calls FRNT the first fiat-backed, fully reserved stable token issued by a public entity in the United States, and no competing state issuance exists. The Commission is a sovereign entity within state government, created in March 2023 under the Wyoming Stable Token Act. The token reached mainnet in August 2025, issued first in October 2025, and opened to public purchase on Jan. 7, though the Sept. 2 release compresses that to a January 2026 launch.
LINK traded at $11.28 at 7:32 a.m. ET Thursday, up 2.7% on the day, down 5.7% over the week and up 37% over 30 days, with a market capitalization of $8.43 billion and a rank of 16, according to CoinGecko.
Chainlink Feeds Go Live on Tempo@tempo announced on Thursday that @chainlink Data Feeds are now available to developers building on its payments-focused blockchain. The integration lets teams pull live price data directly into their applications to value collateral, compare foreign exchange rates, and set risk controls, all without running their own oracle infrastructure.
One of its more distinctive design choices is the absence of a native gas token. Validation on the chain remains permissioned.
A Payments Chain Built for Institutional Scale
For Tempo developers, the addition removes a meaningful technical barrier: teams can access battle-tested price data without building or maintaining oracle infrastructure of their own.
Whether that translates into sustained usage will depend on developer adoption as Tempo's ecosystem matures.
Sources
Chainlink expands services across Ink and Tempo, Crypto Briefing
Stripe-led Tempo blockchain goes live, CoinDesk
Tempo: The Blockchain Designed for Payments, Paradigm
Ansem on Shifting Mindsets Between Bull and Bear Markets: To Capture Maximum Profits in a Bull Market, You Have to Relearn to 'Dream'
Crypto trader Ansem says the hardest part of transitioning from a bear market to a bull market is that the strategies that helped you survive and profit in a bear market will end up losing you money in a bull market. If you’re still making money from short-term, high-frequency trading right now, that demonstrates strong trading skills. But to capture the largest gains of a bull market, you need to re-learn to "dream"—meaning daring to hold spot assets and embrace long-term positions. Ansem’s advice for those already profitable is to allocate a portion of their positions to long-term holdings, while using the remaining capital to continue short-term trading as usual. Meanwhile, Ansem once again posted to call for buying ZEC, stating that purchasing ZEC at $948 is equivalent to buying Bitcoin at $948. Per HTX market data, ZEC is currently trading at $948, with a 24-hour increase of over 16%.
5 hours ago
28x surge in a single day! Apple-linked meme coin ICOIN crosses $5.5 million in market cap
According to GMGN market data, Robinhood Chain’s crypto-stock meme token ICOIN has hit a market cap of over $5.5 million, reaching a recent high and approaching its all-time peak of $5.8 million. The token has rallied more than 28 times in 24 hours, with a trading volume of $8.9 million. ICOIN is paired with tokenized U.S. stock Apple (AAPL). BlockBeats Note: Crypto-stock meme (Stock Meme) is an emerging concept merging traditional meme coins with tokenized U.S. stocks. Unlike standard meme coins paired with USDT or ETH, these tokens form trading pairs directly with on-chain U.S. stock tokens (e.g., NVDA, TSLA, AAPL). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging real stocks’ popularity and narratives. A portion of transaction fees often flows back to the community treasury to accumulate corresponding U.S. stock tokens, creating a dual-driven framework of "sentiment speculation + real asset anchoring". Price volatility is significant; investors should exercise caution.
5 hours ago
Robinhood-linked meme token NUDES hits a new all-time high as its market cap tops $23 million.
According to GMGN data, the stock-meme project NUDES on Robinhood Chain has hit a new all-time high with a market cap exceeding $23 million, surging over 113% in 24 hours and logging a trading volume of $13.9 million. NUDES is paired with tokenized US stock Snap, trading under the ticker SNAP. BlockBeats Note: Stock Meme is an emerging concept that combines traditional meme coins with tokenized US stocks: instead of pairing meme coins with USDT or ETH, they are matched directly with on-chain US stock tokens (such as NVDA, TSLA, AAPL, etc.). This model retains meme coins’ high volatility and community-driven speculative traits while leveraging the popularity and narrative of real stocks. A portion of transaction fees often flows back to the community treasury to accumulate corresponding US stock tokens, forming a dual-driven model of "sentiment speculation + real asset anchoring". Prices are highly volatile; investors should exercise caution.
5 hours ago
Trader Loracle’s unrealized losses on short positions in CASHCAT and PONS have expanded to $2.4 million.
According to TradingBeats’ monitoring, trader Loracle has opened 3x leveraged short positions on CASHCAT and PONS, with a combined short position value of roughly $13 million. As CASHCAT’s market cap breaks through $300 million to a new all-time high, and PONS nears its own $600 million peak, the trader’s unrealized loss has climbed to approximately $2.4 million. The CASHCAT short position is valued at around $6.6 million, with an average entry price of $0.23, leading to an unrealized loss of about $1.1 million. The PONS short position is worth roughly $6.3 million, with an average entry price of $0.47, and an unrealized loss of approximately $1.3 million. On-chain perpetual contract and address analysis tool TradingBeats is now live, supporting real-time access to Hyperliquid data, with in-depth analysis covering everything from address tracing to whale operations, all available at a glance.
5 hours ago
Jiang Zhuoer recapped his trading operations: He bought 4,000 ETH at the $2,380 bottom, but closed his position too early, missing out on potential profits.
Jiang Zhuoer, founder of BTC.TOP (莱比特矿池), shared his recent trading operations, announcing he will no longer trade ETH perpetual contracts, citing excessive candlestick wicks that disrupt his trading mindset. For instance, he bought 4,000 ETH at $2,380 last night in a bottom-fishing move, originally setting a take-profit order at $2,493. However, a sharp candlestick wick pushed ETH down to $2,367 this morning, prompting him to decide to close his position once ETH rebounded to $2,403. ETH indeed rallied to his $2,493 take-profit target tonight. Crucially, BTC’s candlestick did not have such a wick. Going forward, he plans to use WBETH as margin, trade BTC perpetual contracts without leverage (maxing out at a full position), and hold all funds in ETH spot when not actively trading.
5 hours ago
Oman Rejects Iran's Proposal to Impose Fees on the Strait of Hormuz
According to a New York Post report, Oman has quietly rejected Iran’s proposal to charge commercial vessels fees in the Strait of Hormuz. A regional official with knowledge of the matter stated that Oman refused to agree to collecting environmental and security fees, even if they were voluntary. Iran’s Revolutionary Guard Corps’ earlier claim that the two sides had reached an agreement is untrue. A U.S. official noted that the terms of Iran’s proposed revenue-sharing agreement had not even been finalized by Tehran. Earlier, after Iranian Foreign Minister Hossein Amir-Abdollahian and Omani Foreign Minister Badr bin Hamad Al Busaidi held talks in Tehran, Revolutionary Guard Corps spokesperson Hossein said the two countries had reached an agreement on the division of waters in the Strait of Hormuz and revenue sharing.
