BitcoinKE

Coinbase is partnering with payments infrastructure firm Moov to bring stablecoin payment acceptance, settlement and real-time funding to more than 1,000 community banks and credit unions.

The structure is important.

The bank remains the customer-facing institution, Moov provides the payments connection, and Coinbase supplies the digital-asset layer, including custody through Coinbase’s CDP Custodial Wallets and stablecoin movement through its Payments API.

STABLECOINS | Coinbase Partners with Payments Fintech, Moov, to Enable Stablecoin Payments and Settlement

The move addresses a major obstacle to stablecoin adoption:
Smaller banks may want access to faster, cheaper settlement but lack the technology, compliance systems, and blockchain connectivity needed to build it themselves.

For Coinbase, the strategy is bigger than selling crypto services to banks.
It puts its infrastructure between traditional financial institutions and the growing stablecoin economy, potentially making Coinbase a backend provider for a much larger banking network.
Rather than trying to convince thousands of banks to become crypto companies, Coinbase can become the infrastructure provider that allows them to offer stablecoin services while keeping their existing customer relationships and payment interfaces.
Moov gives Coinbase the distribution it would otherwise have to build bank by bank. Its network already connects more than 1,000 community banks and credit unions to card acquiring, card issuing and real-time payment rails.


The timing also matters.

The partnership comes as U.S. lawmakers debate the CLARITY Act and banks and crypto companies fight over how stablecoins should interact with the traditional deposit system. Community banks have warned that stablecoin products offering rewards could pull deposits away from banks, while crypto companies argue that clearer rules are needed for the sector to expand. The Senate is scheduled for a key procedural vote in September 2026.

REGULATION | Over 200 Crypto Firms Urge U.S Senate to Pass CLARITY Act

That makes Coinbase’s approach notable:
Instead of positioning stablecoins as a replacement for banks, it is positioning itself as the infrastructure banks can use to compete.


The direction and shift is clear – Stablecoins are increasingly becoming a payments infrastructure business rather than simply a crypto asset.


CASE STUDY | This Asian Deal Signals Upcoming Market Demand at Scale for Stablecoin Infrastructure




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Cross-chain protocol, Symbiosis, has recovered about 15 bitcoin following an exploit of its native Bitcoin bridge but liquidity providers affected by the attack are still waiting for details on their losses and compensation.
The bridge remains paused while Symbiosis completes its accounting of the incident. Blockchain security firm, Blockaid, estimated the attackers generated about $336,000 in proceeds, although Symbiosis said the figure should not be treated as the final loss.

The scale of the exploit can be seen in the Blockaid report. The report says:
Signed BridgeV2 receive minted ~2^62 raw syBTC (8 decimals; face value ~46.1B) to a fresh EOA; same beneficiary dumped ~4.39 WBTC on Ethereum Uni V4.

The above figure shows the Symbiosis Bridge system minted raw units of sysBTC, the synthetic representation of Bitcoin, to a wallet on BNB Chain worth trillions in fake Bitcoins.

CASE STUDY | Bitcoin Settlement Network, Liquid, Hit by Over $300 Million Exploit

Symbiosis had offered a 20% bounty for the return of stolen funds with the recovery window ending on September 13 2026. The protocol said it would publish confirmed loss figures and further details once its investigation is complete.
Symbiosis said it was contacting affected liquidity providers directly and developing a compensation framework, with eligibility criteria to be announced later. The protocol has not yet said
who will qualify,
how compensation will be calculated, or
when payments could begin.
The incident highlights the risks facing liquidity providers in cross-chain systems where recovering assets does not necessarily mean affected users will be made whole.


CASE STUDY | The ColdCard Bitcoin Exploit Shows the Destabilizing Impact of ‘The New AI Paradigm,’ Says CEO




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Circle’s planned $400 million acquisition of Singapore-based cross-border payments firm TazaPay will give the USDC issuer access to local payment rails, banking relationships and regulatory infrastructure that could otherwise take years to build.

“This is the latest signal that stablecoins’ next battleground is in emerging markets,” Martins Benkitis, Co-Founder and CEO of global liquidity provider, Gravity Team.

CASE STUDY | Why USDC Issuer, Circle, Acquired this Leading Asian Local Payments Platform

TazaPay operates across more than 100 markets and connects payment companies and financial institutions to more than 60 banking and fintech partners. It processes more than $25 billion in annualized payment volume with about 60% of transactions already involving stablecoins.
Circle said the acquisition would strengthen its Circle Payments Network (CPN) which is designed to facilitate cross-border payments using stablecoins. TazaPay has helped design the network since 2025.
CPN connects financial institutions and settles transactions on-chain but does not hold the local licenses required in many markets. Tazapay can provide regulated services including customer checks, collecting funds and paying recipients.
“After the acquisition, Circle vertically integrates the last-mile operator, which can help support volume growth of CPN,” said a senior financial analyst.

INTRODUCING | The Circle Payments Network Mainnet Is Now Live!

“Stablecoin settlement is becoming core infrastructure for global commerce, but for USDC to be useful everywhere money moves, it has to connect to local money in local currency, on local rails, through banking relationships that take years to build,” said Irfan Ganchi, Senior Vice President of Payments at Circle.
“APAC is where a significant share of the demand is, and Tazapay is based there – so yes, that geography matters.”

The deal would also give Circle local licenses, banking connections, and payout infrastructure across emerging markets where converting stablecoins into local currencies requires relationships with banks and regulated payment providers.
“market by market, relationship by relationship,” Benkitis said, describing how such networks are built.

Circle said TazaPay’s infrastructure would allow it to expand stablecoin payments without having to establish those connections independently in each market.
The acquisition is expected to close in 2027, subject to regulatory approvals including from the Monetary Authority of Singapore.


CASE STUDY | This Asian Deal Signals Upcoming Market Demand at Scale for Stablecoin Infrastructure




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Nigel Farage’s Reform UK has received a combined £72 million ($97 million) from two cryptocurrency billionaires marking the largest political funding boost in the party’s history and one of the biggest in British political history.
BitMEX Co-Founder, Ben Delo, donated £36 million followed a day later by an identical contribution from crypto investor, Christopher Harborne. The two donations make Reform UK the beneficiary of the largest combined political contribution in the UK, according to Reuters.
The money gives Farage’s party a major financial advantage as it prepares for the next general election, expected by 2029. Reform has said the funds will help expand its campaign operation and compete with Britain’s larger established parties.

According to Harborne:
“What do I expect in return for my donations? Nothing. No peerage, no policy change, just a party that is ready ​for government.”

REGULATION | A UK Commissioned Report Recommends Halting Political Crypto Donations Due to Foreign Interference Risks

In response to the donation, Farage said:
“I am honoured and humbled ⁠that Ben ​Delo and Christopher Harborne have shown such confidence in Reform. Both ​men know that we are the only party that can turn the country around and win the next general election. Thanks to their generosity, we are now able to fight ​that election on a level playing field.”

POLITICS | Leading UK Opposition Party Leader Invests in a Bitcoin Treasury Company

Reform has said that, if elected, it would seek to boost crypto adoption by cutting capital gains tax on digital assets and establishing a bitcoin reserve fund at the Bank of England.
The donations also put renewed focus on the growing influence of cryptocurrency wealth in British politics, as lawmakers and campaign groups call for tighter limits on political donations.


REGULATION | After the U.K, Canada Moves to Ban Crypto Donations in Politics




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Indian agricultural warehousing and lending company, Arya.ag, is testing a system to tokenize warehouse receipts for stored grain on a dedicated Avalanche blockchain, linking commodity ownership, warehouse records, insurance and loan information onchain.
Arya.ag stores about $2 billion of agricultural commodities across its warehouse network and supports roughly $1.26 billion in agricultural loans annually, while its lending arm Arya Dhan issues about $230 million in loans a year, according to the companies. The figures represent Arya.ag’s existing business, not assets already moved on-chain.

Turning Stored Grain into Digital Collateral
Electronic warehouse receipts allow farmers and agricultural businesses to use stored commodities as collateral for loans rather than being forced to sell immediately after harvest.
Arya.ag and Ava Labs said their system creates a shared digital record showing how much grain is stored, who owns it, whether it has already been pledged as collateral and how much debt is outstanding.
The model could make commodity-backed lending easier to track and reduce the risk of the same grain being pledged multiple times. But it still depends on accurate verification of the physical commodities behind the digital records.
The initiative comes as India expands efforts to finance agriculture through digital warehouse receipts. In 2024, the government launched a 10 billion-rupee credit-guarantee program to encourage lending against electronic negotiable warehouse receipts, with a focus on small and marginal farmers.

STATISTICS | Tokenized Stock Transfer Volume Jump by Over 400% in August 2026

The system, developed with Finternet, is designed to give banks a shared record of grain ownership, collateral pledges and outstanding debt, potentially making warehouse-backed agricultural lending easier to verify.
The initial rollout remains a test, with the companies yet to disclose how much grain or lending will be covered.


CASE STUDY | ‘The Kenya Government Brings 30 Million+ Academic Credentials On-Chain,’ Announces Avalanche




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Blockstream has refused to pay a ransom or reward to recover the remaining Bitcoin taken from the Liquid Network, standing by its position that the unauthorized removal of assets was theft, not responsible disclosure.
The incident began with the withdrawal of roughly 4,000 BTC, worth about $320 million at the time, from Liquid’s reserves. The attackers claimed to be white-hat hackers and demanded engagement with Blockstream while holding the funds.

CASE STUDY | Bitcoin Settlement Network, Liquid, Hit by Over $300 Million Exploit

About 3,400 BTC was later returned, leaving roughly 598.5 BTC still controlled by the attackers. On-chain messages show the dispute has effectively played out in public, with the Bitcoin blockchain preserving the evidence of the movements.

Blockstream’s refusal matters because paying for the return of stolen assets could create a dangerous incentive:
Compromise a protocol, take the assets, and then negotiate a reward for giving them back.

The company is instead treating the remaining Bitcoin as stolen property and says it will work with law enforcement, exchanges, service providers, and forensic experts to identify those responsible and recover the funds through legal means.

BlockStream said:
Bitcoin is transparent by design and the community is made up of the most sophisticated engineers, cryptographers, and white-hat hackers globally. Transactions do not disappear, and neither does the evidence they leave behind.
We will not pay for the return of stolen property.
We will not abandon our users.
The Bitcoin community will not stop pursuing the funds.

That position is becoming more consequential as crypto protocols increasingly hold institutional-scale assets.

Blockstream is therefore betting that refusing to negotiate is the stronger long-term precedent:
Vulnerabilities can be rewarded, but stolen assets should not become bargaining chips.


CASE STUDY | How This DAO Settlement Sets a Precedent on Future DAO Dispute Resolutions




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Germany is preparing to end one of Europe’s biggest tax advantages for long-term crypto holders, with the Finance Ministry proposing a 25% flat tax on crypto gains from 2028, according to a draft proposal reported by Die Welt.
Under current rules, individuals can generally sell crypto tax-free after holding it for more than 12 months, making Germany an attractive destination for long-term Bitcoin and crypto investors. The proposed regime would apply to crypto assets acquired from Jan. 1, 2027, while assets bought before then could be grandfathered under existing rules.

TAXATION | Australia Explores Crypto Tax Overhaul Following 25% Surge in Investor Participation

If the current rules are revised, Germany expects an additional $2.3 billion in revenue from crypto taxation.
The change would effectively remove Germany’s long-standing tax advantage for patient crypto holders and bring its treatment closer to other major European markets that tax crypto gains regardless of holding period.


REPORT | CARF Leaves Over 80% Taxable Crypto On-Chain Activity Outside Reporting Framework, Says Chainalysis



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Ripple is embedding AI agents into its corporate treasury strategy as it seeks to expand its business beyond crypto trading and payments.
The company is using AI agents to automate treasury functions, including managing liquidity, moving funds, and interacting with financial systems, as part of a broader push built around its roughly $1 billion acquisition of treasury-management platform, GTreasury.

In a press release, Ripple said:
Already in production across its enterprise customer base, GSmart embeds AI directly into the policies, data, and workflows treasury teams use every day. This expansion adds new policy-governed capabilities across forecasting, liquidity, risk, reconciliation, and reporting, helping finance teams make faster, more informed decisions while maintaining the controls and auditability required by enterprise organizations.

Ripple Payments Now Support the Full Payments Lifecycle

GSmart is specifically designed to solve the governance gap of separating financial calculation from AI interpretation.

“Every CFO is under pressure to embrace AI, but they’re equally responsible for ensuring every financial decision is explainable, governed and compliant,” said Renaat Ver Eecke, SVP of Ripple Treasury.
“Rather than asking customers to blindly trust an AI system, GSmart works within each organization’s own treasury policies to surface recommendations transparently, while ensuring humans remain in control of every decision. This isn’t simply AI-native treasury, but rather treasury-native AI.”

AI | Crypto is Built for AI Agents, Not Humans, Says Leading Blockchain Infrastructure Firm

Available capabilities include:
Orchestrated agents across forecasting and planning, liquidity, risk, reconciliation and reporting. Each agent monitors its process, proposes a specific action, cites the policy clause behind it, and waits for approval before anything executes.
Knowledge Studio, which serves as the policy and governance layer for GSmart, allowing treasury teams to define organizational policies and controls that guide how AI capabilities operate. All proposed actions are checked against these controls before being up-leveled to a person.
Analytics Studio featuring Ask GSmart, a unified foundation for treasury analytics and AI-powered reporting, with a conversational assistant that helps treasury teams quickly retrieve answers and insights from their data.

According to Ripple, GSmart is already seeing adoption across its enterprise customer base:
60% of eligible customers have enabled Risk Insights – which surfaces exposure anomalies and policy breaches – and
44% of eligible customers are leveraging Forecast Insights – which compares forecasted and actual cash flows to identify emerging liquidity gaps.


PRESS RELEASE | Ripple Brings Institutional Digital Asset Custody to South Africa in Partnership with One of Africa’s Leading Financial Institutions




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Bitwise has announced its decision to liquidate its Bitwise DogeCoin exchange-traded fund (BWOW) less than a year after launch and after the product attracted only about $688,000 in assets, highlighting the difficulty of sustaining demand for single-asset crypto ETFs beyond Bitcoin and the largest altcoins.
The Bitwise Dogecoin ETF (BWOW), launched in November 2025, will stop trading on NYSE Arca in October 2026 with the fund expected to convert its remaining DogeCoin holdings to cash and distribute the proceeds to shareholders.

Bitwise said it was closing the fund to ‘optimize its product range to meet evolving investor needs.’

CASE STUDY | What the Shut-Down of the Smallest Bitcoin ETF Signals

The company did not cite weak demand as the reason, but BWOW’s roughly $688,000 in net assets as of September 9 2026 points to limited investor uptake.
The closure also underscores the challenge facing the growing number of crypto ETFs targeting individual altcoins and memecoins. DogeCoin was among the first assets beyond Bitcoin and Ether to gain U.S. ETF products but early trading data showed demand was considerably weaker than for some other crypto ETFs. Grayscale’s spot Dogecoin ETF, for example, recorded $1.4 million in trading volume on its debut below an analyst expectation of $12 million.
Bitwise’s decision suggests that regulatory approval alone is not enough to create a viable ETF market for every cryptocurrency. Funds need sufficient
assets,
trading activity, and
investor demand
to justify their operating costs and continued listing.

CASE STUDY | How This Wall Street Bank is Leveraging its Brand, Pricing, Distribution Network for its Bitcoin ETF

The liquidation is expected to be completed within a year of BWOW’s launch making it an early test of which crypto assets can sustain institutional investment products after the initial launch wave fades.


CASE STUDY | Why This Powerful Entrant Withdrew Plans for a Spot Bitcoin ETF




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Circle is buying TazaPay for $400 million in stock because it gives Circle something it cannot get simply by issuing more USDC:
Direct control over the payment infrastructure that moves money between stablecoins and local financial systems.

Circle says Tazapay brings 60+ banking and fintech partners, payout rails in more than 100 markets and more than $25 billion in annualized payment volume. Importantly, about 60% of Tazapay’s transaction volume already involves stablecoins, meaning Circle is acquiring an existing distribution channel rather than trying to create one from scratch.

STABLECOINS | USDC Issuer, Circle, Acquires Singapore Cross-Border Payments Platform, TazaPay

Why Circle Wants TazaPay
1.) Move from stablecoin issuer to payment infrastructure company
Circle’s biggest strategic challenge is that USDC itself is becoming increasingly commoditized. Issuing the dollar token is only one part of the payments chain.
Tazapay gives Circle the on/off-ramp layer connecting USDC to bank accounts, payment providers and local currencies. That means Circle can potentially capture more of the economics surrounding a transaction rather than simply earning from USDC’s circulation and related services.

2.) It Solves the ‘Last Mile’ Problem
Stablecoins are excellent for moving value globally but businesses ultimately need to receive local currency into local bank accounts or payment systems.
Tazapay already has those connections. Its network covers more than 100 payout markets and 60+ banking and fintech partners.

So the acquisition effectively combines:
USDC + Circle Payments Network + local payment rails = an end-to-end cross-border payments network.

That is much more strategically valuable than simply increasing USDC distribution.

USE CASES | PickSpot Joins Peaq to Solve the Last-Mile Delivery Challenge in Africa with a DePIN of Smart Parcel Lockers

3.) Circle is Buying Distribution, Not Just Technology
The most revealing number may be the 60% stablecoin share of Tazapay’s transaction volume.
Circle isn’t buying a traditional payments company and hoping to convert it to stablecoins. It is buying a payments company where stablecoins are already being used at scale.
That substantially lowers the execution risk.

4.) Asia is Strategically Important
Tazapay is based in Singapore and has built infrastructure across Asia and other emerging markets. That gives Circle a stronger foothold in some of the markets where stablecoins can have their greatest practical utility:
cross-border commerce,
treasury transfers,
remittances, and
business payments.
This also fits Circle’s broader strategy of building a global payments network rather than positioning USDC simply as a crypto trading asset.

CASE STUDY | This Asian Deal Signals Upcoming Market Demand at Scale for Stablecoin Infrastructure

The Bigger Strategic Point
I think the most important way to read the $400 million acquisition is that Circle is trying to own the rails around USDC, not just USDC itself.
The stablecoin becomes the settlement layer while Tazapay provides much of the connectivity to the traditional financial system.

That changes Circle’s business proposition from:
“Here is a digital dollar.”
to:
“Here is the infrastructure for moving dollars globally.”

That distinction matters enormously.

It also explains why Circle is willing to pay $400 million for a company that had raised only around $60 million from investors including Peak XV, Circle, Coinbase and Ripple. Circle is effectively paying for
payment volume,
regulatory infrastructure,
banking relationships,
local payout capabilities, and
distribution,
not simply software.

ACQUISITION | Latin American Payments Firm, dLocal, to Acquire Africa’s Crypto Remittance Fintech, AZA Finance (Formerly BitPesa)
The acquisition looks like another step toward Circle becoming a global payments infrastructure company built around stablecoins.
And there is an important flywheel:
More payment rails → more businesses can use USDC → more USDC transaction volume → more liquidity and distribution → stronger Circle Payments Network → more incentive for businesses and financial institutions to connect.

That is probably the real asset Circle is buying.

In short, Circle isn’t paying $400 million just to acquire Tazapay’s payments business. It is buying the distribution and local financial connectivity needed to turn USDC from a widely used digital dollar into the settlement layer underneath global business payments.


CASE STUDY | Why Circulation, Not Velocity, is What Currently Drives Stablecoins Revenue




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MoneyGram has launched a VISA card that allows customers to spend stablecoin balances expanding the money-transfer company’s push into digital assets as traditional remittance firms and fintechs increasingly adopt stablecoin-based payments.

“We’re giving customers more freedom and control to manage their money, all in one place,” said Anthony Soohoo, Chairman and CEO, MoneyGram.
“The MoneyGram Card builds on the power of our global payments network, bringing a stable-dollar balance, everyday spending and cash access into the MoneyGram experience customers already use and trust.”

STABLECOINS | MoneyGram Launches the MGUSD Stablecoin on the Stellar Blockchain

For everyday spending, customers can add the MoneyGram Card to Apple Wallet or Google Wallet to
tap-to-pay,
checkout faster, and
shop online.
To access cash, customers can transfer themselves funds from their MoneyGram balance and pick up local currency at a nearby MoneyGram location.

INTRODUCING | VISA Unveils Enterprise Stablecoin Platform for Minting, Moving, and Managing Stablecoins

Developed in partnership with Rain, the enterprise-grade infrastructure for stablecoin-powered payments, the card gives customers a stable-dollar balance they can hold and use for everyday spending within the MoneyGram ecosystem. The card brings together:
Rain’s card infrastructure,
Crossmint’s wallet capabilities, and
the Stellar network
to provide fast, simple and immediate access to funds.

INTRODUCING | Western Union Launches Stablecoin Remittance Wallet with VISA Card

MoneyGram plans to expand the experience with a physical card option in late 2026, giving customers the ability to withdraw cash at ATMs and make in-person purchases in places where digital cards may not be as widely accepted.

STABLECOINS | ‘If Someone is Sending Money From MoneyGram to MoneyGram, Why Shouldn’t It Be Our Own Coin?’ Asks CEO

As MoneyGram continues to connect its digital and physical network, the MoneyGram Card is another step toward an easier financial experience for consumers worldwide.
MoneyGram serves over 60 million active customers and operates across more than 200 countries and territories, with nearly 500,000 retail locations and a digital network spanning billions of endpoints.


MILESTONE | Stablecoin Settlement Volume Up 15x, Payment Volume Up ~200% YoY, Reveals VISA




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Europe’s top securities regulator has raised concerns about the ability of prediction-market platforms such as Polymarket and Kalshi to offer services to European Union users without the necessary regulatory authorizations.

REGULATION | The European Union Warns Many Prediction Markets Are Off-Limits to Retail Investors

The European Securities and Markets Authority (ESMA) said prediction markets raise investor-protection and market-integrity concerns, including risks linked to insider trading and market manipulation. The regulator said the rapidly growing platforms require continued monitoring.

CASE STUDY | This Platform Sets Insider Trading Precedent on Enforcement Action for Prediction Markets

ESMA has previously warned that event contracts offered by prediction markets could fall under the EU’s rules on binary options if they function as financial instruments. Firms providing investment services involving such products may therefore require authorization under the bloc’s MiFID II framework, while some products could also fall under national gambling rules or, in certain circumstances, the EU’s crypto-asset framework.

“Although available data mainly reflect global market activity and do not permit an assessment of @europeanunion retail participation, prediction markets do not appear to have gained significant traction in the EU compared with the US,” says @ESMAComms.
“This may be explained by… pic.twitter.com/qRUFEOdQh9
— BitKE (@BitcoinKE) September 11, 2026
Polymarket and Kalshi remain largely unauthorized across the EU, although both platforms allow access in some European jurisdictions while restricting users in others. European users can also attempt to bypass geographic restrictions through tools such as virtual private networks.

REGULATION | France Gambling Regulator Labels Polymarket Illegal, Orders Internet Service Providers to Block Access

Polymarket has said it is expanding its presence in Europe and joined Brussels-based trade group Blockchain for Europe, with its chief legal officer saying the company was committed to engaging with EU policymakers.
Kalshi, which has overtaken Polymarket in trading volume, has also said it is in talks with international regulators about expanding overseas.

MARKET ANALYSIS | This Prediction Markets Valuation Hits $40 Billion Leveraging Compliance Over Competitors

The regulatory questions come as prediction markets expand beyond political betting into sports, commodities and financial markets. Kalshi reported more than $400 million in monthly commodity trading volume in August, underscoring the rapid growth of the sector.


CASE STUDY | France’s Polymarket Block isn’t Just About Betting




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Solana hit a record 263,000 new tokens issued in a single day underscoring the continued pace of token creation on the blockchain.
The surge comes as activity on Solana remains elevated.
The network processed a record 216 million non-vote transactions in one day in August 2026, while its
real-world asset value recently surpassed $4 billion across about 350,000 addresses,
according to the Solana Foundation.


Pump.fun is the leading Solana-native protocol with ~$1.8 million generated within 24hrs, briefly overtaking the Fomo trading app.
Overall, Pump.fun accounted for 1/3 of Q1 2026 revenue for Solana, which translates to $124 million out of $342 million total making it the largest revenue generator for the chain.
The latest figure stands in stack comparison to highs set in December 2024 during the Solana memecoin peak cycle when some 40-50,000 daily tokens were issued.


This One Single App Accounted for Over 1/3 of All Application Revenue on Solana Blockchain in Q1 2026




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USDT has grown into a global dollar network used by more than 530 million people giving the stablecoin issuer an unusual role in channeling demand for U.S. government debt.
Tether reported more than 530 million users at the end of 2025 while its latest market data showed the number of on-chain USDT holders alone had reached ~140 million, with more than 100 million additional users estimated to hold USDT through centralized exchanges.

That scale is central to Tether CEO Paolo Ardoino’s argument that USDT is effectively helping distribute U.S. debt ownership across hundreds of millions of users.

MILESTONE | U.S National Debt Surpasses $40 Trillion for First Time

Rather than those users directly buying Treasury bills, they hold USDT while Tether holds the underlying assets supporting the tokens. As of March 31, 2026, Tether reported about $141 billion of direct and indirect exposure to U.S. Treasury bills, while Reuters reported the company held about $117 billion in Treasury bills in its reserves.

The distinction matters.

The users are distributed across the world but the Treasury exposure remains concentrated on Tether’s balance sheet.

STABLECOINS | ‘We Have 400 Million Users in Emerging Markets – We’re Basically Pushing Dollar Hegemony, Selling U.S Debt Outside the U.S,’ Says Tether CEO

USDT holders therefore gain dollar exposure without individually owning Treasury securities while Tether earns income from the assets backing the tokens. The Bank for International Settlements (BIS) has highlighted the broader trend noting that stablecoin issuers’ holdings of Treasury bills have grown to levels comparable with those of large jurisdictions and government money-market funds.

EXPERT OPINION | If Stablecoins Just 5x from Today – Tether ($USDT) and Circle ($USDC) Become the #1 Buyers of U.S. Debt Worldwide

The model turns Tether into an intermediary between global dollar users and the U.S. Treasury market. Hundreds of millions of people create demand for USDT while Tether aggregates the resulting reserve pool into a concentrated Treasury portfolio.
That makes the distribution of the debt’s economic exposure much broader than the ownership of the securities themselves.


OPINION | Why Russia’s Claims About America’s Crypto Reset Plan Actually Make Sense




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Singapore Exchange (SGX) has opened its Bitcoin and Ether perpetual futures contracts to U.S. institutional investors expanding access to regulated crypto derivatives as traditional financial firms increase their participation in digital assets.
The contracts, which trade without an expiry date, were launched by SGX in November 2025 and are designed for institutional, accredited and expert investors. SGX said the products provide exchange-traded clearing, margining and risk-management standards for cryptocurrency derivatives.

The move gives U.S. institutions another venue for trading bitcoin and ether derivatives outside U.S. exchanges while extending SGX’s push to build institutional crypto markets.

“[This is] an important milestone [that] bridges the U.S. TradFi participants trading cyrpto futures with Asian liquidity pools [and] legitimizes crypto derivatives as a regulated asset class,” said KC Lam, Head of Crypto Derivatives at SGX Group.

INTRODUCING | Coinbase Launches First Major Crypto-Native Platform to Offer Direct Native Crypto Futures in Canada

Regulation 48.10 is the framework under which the U.S. Commodity Futures Trading Commission allows a registered Foreign Board of Trade (FBOT), an overseas exchange recognized by the CFTC, to give U.S. participants direct access to its trading system without the exchange needing to separately register as a full U.S.-regulated exchange.
In effect, it allows qualifying foreign platforms to open their existing order books to U.S. institutional traders under CFTC oversight rather than requiring a new, standalone U.S. listing.
The SGX Bitcoin and Ether perpetuals are being used for both macro-driven directional bets and arbitrage strategies, including trades that exploit differences in funding rates and prices across venues. Unlike crypto-native perpetuals, SGX’s contracts have no expiry but use traditional margin calls and top-up collateral rather than automatic liquidations, aiming to reduce forced position closures during sharp market moves.
The products also separate trading and clearing, with clearing members acting as an intermediate risk buffer, similar to traditional futures markets. SGX does not accept stablecoins as collateral, citing the risk that they could lose their peg during periods of market volatility.

EXPLAINER | Understanding Crypto Futures and Where You Can Trade

Since their launch in November 2025, SGX crypto perpetual futures for both Bitcoin and Ether have recorded ~$5.8 billion in cumulative traded volume with Bitcoin accounting for:
66% open interest
83% daily average volume
with the highest single-day volume hitting $145 million in notional value.
SGX said its bitcoin and ether perpetual futures are intended to bring the structure and risk controls of listed derivatives to products that are widely used in crypto markets.

“The next step in our pipeline is launching dated futures and options for Bitcoin and Ethereum.
Developing that heavy-duty infrastructure is the major lift; once in place, adding other major coins may become a straightforward process like adding another contract.
We plan to broaden our offerings but we are taking a disciplined, step-by-step approach,” Lam said.


REALITY CHECK | The Polymarket Derivatives Paradox – 20x Leverage Not for America, OK for the World




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U.S. Bank has completed a live cross-border payment using USBDC, its proprietary U.S. dollar-backed stablecoin, marking a step toward using blockchain infrastructure for institutional money movement.
The transaction moved funds between U.S. Bank entities in North America and Europe through the Stellar blockchain while remaining connected to the bank’s existing finance, risk, compliance, and operations systems.


According to a statement from the bank:
The pilot demonstrated the ability for U.S. Bank to transfer value value on-chain . . . and represents an important milestone in the continued development of U.S. Bank’s digital asset and money movement capabilities.

The pilot tested USBDC’s ability to
mint,
transfer,
redeem,
freeze, and
claw back
the stablecoin.
U.S. Bank said the transaction also validated its internally developed Digital Asset Platform for issuing, managing, and moving tokenized assets across blockchain networks.

“This live pilot demonstrates our ability to accelerate global cash management and money movement capabilities,” said Gunjan Kedia, Chairman and CEO at U.S. Bank.
“We are excited to create value for our clients and harness the power of a new technology within the banking system.”

STABLECOINS | MoneyGram Launches the MGUSD Stablecoin on the Stellar Blockchain

The bank is exploring additional applications including
liquidity management,
collateral mobility, and
cross-border treasury operations.
The move puts a traditional bank-issued stablecoin into a live payments setting rather than limiting the technology to a digital-asset experiment as banks increasingly examine on-chain rails for moving dollars around the global financial system.

“This pilot is another step forward in our broader digital asset strategy,” said Jamie Walker, Head of Digital Assets and Money Movement at U.S. Bank.
“Our focus remains on delivering solutions that solve real client challenges while maintaining the safety, security and reliability that clients expect from U.S. Bank.”


STABLECOINS | Standard Bank Becomes Only African Bank in Global Stablecoin Consortium

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Tether is expanding USDT beyond crypto trading and into private credit, launching a $400 million fund with Fasanara Capital that could grow to $3 billion with additional institutional capital.
The StableFund will target lending to small and medium-sized businesses with Tether sourcing USDT-linked financing opportunities while providing the stablecoin settlement infrastructure connecting digital assets with traditional currencies.
Fasanara will source and underwrite the loans.

According to Tether:
The structure embeds USD₮ into SME and consumer lending flows across fintech platforms operating in more than 60 countries, targeting borrowers that conventional funding channels have historically underserved.

REGULATION | Thailand Proposes Adding ‘Funding Source Providers’ for Crypto Firms

The move gives Tether a potential new role in financial markets by using USDT not just as a dollar-backed asset for trading, but as a funding and settlement rail for global private credit.
With the fund targeting up to $3 billion in outside capital, Tether is positioning its stablecoin infrastructure to capture financing flows between institutional investors, fintech lenders and businesses that have historically struggled to access conventional credit.

“USD₮ was built to be money that works everywhere, across borders, around the clock, without friction.
Through this fund, Tether is playing the role it is best positioned to play, sourcing USD₮-linked financing opportunities and providing the stablecoin infrastructure that enables seamless cross-border lending.
Together with Fasanara, we are turning Tether’s origination network into a direct channel for capital to flow to the businesses and communities that need it most,” said Paolo Ardoino, CEO of Tether.

REGULATION | Leading European Fintech, Revolut, to Delist USDT from August 2026 Over Regulatory and Risk Concerns

According to Francesco Filia, CEO of Fasanara Capital:
‘“We have spent years building the proprietary technology, the origination relationships, and the underwriting discipline to direct institutional capital to borrowers that traditional finance systematically underserves.
Tether brings something unique to that equation: the largest stablecoin network in the world, a crypto-native investor base with significant capital capacity, and USD₮ rails that extend the reach of credit beyond anything conventional funding structures can achieve.
Together [with Tether], we are improving how capital is deployed into real-economy lending markets and enabling more efficient cross-border credit flows.”


REGULATION | Bank of Thailand Preparing Regulatory Crackdown on Transactions Involving USDT




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TRM Labs has doubled its valuation to $2 billion as demand grows for software that uses blockchain intelligence and artificial intelligence to investigate financial crime, fraud and other illicit activity.
The company said on September 9 2026 that it had raised a strategic expansion of its Series C round led by Blockchain Capital just months after its previous Series C financing in February 2026. TRM said its annual recurring revenue has quadrupled over the past three years.
TRM’s platform is used by government agencies, financial institutions and crypto businesses to
investigate transactions,
identify criminal networks, and
track illicit funds
across blockchain networks.
Its tools include
blockchain forensics,
transaction monitoring,
wallet and entity screening, and
due diligence.
The platform is designed to combine blockchain data with other intelligence to help investigators identify links between wallets, entities, and criminal activity.

PRESS RELEASE | TRM Labs and Zepz Join Forces to Support Safer USDC Stablecoin Remittances for Migrant Communities

More than 600 government agencies and private-sector institutions across 75 countries now use TRM’s platform, the company said. Its customers use the technology to investigate digital fraud, scams, cybercrime, child exploitation, money laundering, and sanctions evasion.
The growing use of TRM reflects a broader shift in how financial crime investigations are conducted as criminal activity moves across digital assets, online platforms, and increasingly sophisticated networks.
Traditional investigations can require investigators to piece together large amounts of fragmented information from different systems. TRM says its AI-native investigation tools are designed to process that information at scale allowing investigators to identify patterns and connections that could otherwise be difficult to detect.

AI | Blockchain Analytics Firm, TRM Labs, Deploys AI Agents to Assist in Tracking Illicit Crypto Activity

The company is now positioning that capability as a broader AI investigations market rather than a tool limited to cryptocurrency compliance.
The latest funding will allow TRM to continue developing AI-powered investigation capabilities as the company expands its role across law enforcement, financial institutions, regulators, tax authorities, and crypto businesses.
The $2 billion valuation therefore reflects more than growing demand for blockchain compliance tools. It points to the increasing use of specialized AI and blockchain intelligence as investigative infrastructure for a financial system in which illicit activity is becoming more digital, cross-border, and data-intensive.


REALITY CHECK | TRM Labs vs Chainalysis – Who is Better at Blockchain Forensics?




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ConsenSys Software Inc., the Ethereum software company behind MetaMask, plans to separate its business into two independent companies by the end of 2026, according to a company announcement.
The restructuring will separate MetaMask’s consumer business from Consensys’ Ethereum protocols and institutional blockchain infrastructure operations.
The new ConsenSys will house protocols and infrastructure businesses including Linea, Besu and Teku. It will be led by CEO, Mike Kriak, and President, David Cunningham, and will focus on Ethereum infrastructure and blockchain services for financial institutions, including tokenization and stablecoins.
MetaMask will remain focused on consumer self-custody while expanding its products to include payments, savings, investing, and traditional financial products.

REGULATION | ConsenSys Sued by The United States SEC for Brokering Securities on MetaMask Swaps

Joe Lubin, ConsenSys’ founder, will serve as chairman and CEO of MetaMask and executive chairman of the new ConsenSys.
MetaMask has recorded more than 100 million downloads across about 190 countries and facilitated trillions of dollars in transaction volume, according to the company.
MetaMask launched in 2016 as an Ethereum browser extension for accessing decentralized applications and managing crypto assets. It has since added products including payments, yield and tokenized traditional assets.
The latest announcement comes just 4 months after it was reported that ConsenSys would be holding plans for a crypto IPO due to weak market conditions, according to people familiar with the matter.
The company had reportedly been preparing a confidential filing with backing from investment banks including
JPMorgan, and
Goldman Sachs.

INSIGHTS | Why the Market Has No Appetite for Crypto IPOs




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Jack Dorsey’s payments company, Block, has applied to the U.S. Office of the Comptroller of the Currency (OCC) to establish Builders Bank & Trust, an uninsured national trust bank.
The proposed bank would provide custody and related fiduciary services for digital assets, including bitcoin and stablecoins, under OCC supervision, Block said.
Builders Bank would not accept deposits or issue loans.
Block said the proposed charter would provide a national framework for its custody operations as the business expands.

REALITY CHECK | Jack Dorsey’s Block Sees Over 30% Drop in Bitcoin Profit in Q2 2026 – The Only Segment to Report a Decline

Lee Woolley, Digital Asset Strategy Lead at Block would serve as President and CEO of Builders Bank.
The application remains subject to approval by the OCC.
Block joins other cryptocurrency and financial technology companies seeking national trust bank charters.
Ripple has received conditional approval for a similar charter, while
Circle, and
BitGo
have received final approval.
Kraken parent, Payward, and
crypto infrastructure provider, Zero Hash,
have also submitted applications.

REGULATION | The Office of the Comptroller of the Currency (OCC) Clears National Banks to Act as Intermediaries in Crypto Transactions

In early 2026, Jack Dorsey, the Founder and former CEO of Twitter (now X), and one of Silicon Valley’s most outspoken Bitcoin maximalists, said his company Block would start supporting stablecoins.
Speaking in an interview with WIRED, Dorsey acknowledged that the shift reflects user demand rather than a change in philosophy. For years, he has argued that Bitcoin should serve as the internet’s native monetary protocol.

STABLECOINS | Bitcoin Purist Jack Dorsey’s Firm, Block, Capitulates and Reluctantly Embraces Stablecoins




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