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Coinbase

Every Crypto Coin Show story tagged Coinbase, newest first, alongside the guides and interviews that give it context.

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Coinbase completes migration of International Exchange to Deribit platform
Exchange News

Coinbase completes migration of International Exchange to Deribit platform

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Exchange NewsCrypto Coin Show News Team·October 2, 2026·4 min read

Coinbase’s migration status page marked the shift of Coinbase International Exchange onto Deribit as complete at 10:02 UTC on Thursday, October 1, 2026, following a scheduled maintenance window. Withdrawals paused at 7:00 AM UTC, with the full platform outage beginning at 9:00 AM UTC. For institutional clients still running strategies through the old venue, the cutover forces new API credentials, a new settlement cycle and a hard stop on historical continuity, all inside a single trading day.

  • Coinbase marked the migration complete at 10:02 UTC on Oct. 1, 2026, inside the one-hour downtime window that began at 9:00 AM UTC.
  • Migrated perpetual positions now settle once daily at 08:00 UTC, replacing International Exchange’s five-minute settlement cycle.
  • Historical trade and order APIs stay accessible for roughly 12 months after migration, after which pre-cutover records disappear.
  • 10:02 UTC time Coinbase marked the Deribit cutover complete
  • 08:00 UTC new daily settlement time versus the old 5-minute cycle
  • 12 mo window historical API access stays live after migration

Deribit, the Netherlands-based crypto options and futures exchange Coinbase has been folding its institutional derivatives business into, is now the firm’s single global venue for that flow. Coinbase International Exchange, the standalone platform institutions previously used for perpetuals and other derivatives, is read-only as of the cutover; no further trades can be placed there. The migration status report shows withdrawals paused at 7:00 AM UTC, two hours ahead of the full platform outage, with both International Exchange and Deribit unreachable during the up-to-one-hour window. Access to the migrated accounts is limited to non-US institutions in selected jurisdictions, per Coinbase.

Maintenance Window Closed Within Its One-Hour Target

The status page lists dozens of affected services, from FIX order and market data APIs to the Direct Access UI and transfers across more than 40 networks including Bitcoin, Ethereum and Solana. Perpetual markets on International Exchange moved in the same cutover.

Coinbase says the consolidation pools derivatives liquidity that had been split across two venues into one order book, the stated rationale for retiring the standalone platform rather than running it alongside Deribit indefinitely.

Open orders on International Exchange were canceled at the halt rather than carried over. Clients who want those positions back have to rebuild the orders manually on Deribit; there was no parallel trading window to bridge the gap, meaning any institution slow to reconnect faced a period with no live exposure management on either platform.

Deribit’s Migration Guide Blocks Old API Keys and IP Allowlists

Deribit’s API migration guide tells institutional clients that International Exchange API keys will not authenticate on Deribit at all. Every account or subaccount trading through an integration needs a newly created Deribit key, and IP allowlists set on the old keys do not carry forward, Deribit’s documentation states.

Instrument names also change under the new system. A contract previously labeled BTC-PERP-INTX becomes a Deribit linear perpetual such as BTC_USDC-PERPETUAL, and clients are told to discover instrument names at runtime through public/get_instruments rather than hard-coding a static map. Deribit’s guide notes that many linear perpetuals price off the Coinbase Index while select pairs with listed Deribit options, including BTC, ETH, SOL, XRP, HYPE, AVAX and TRX, keep Deribit’s own index, meaning marks and funding can read differently from what International Exchange users saw.

Daily Settlement Replaces Five-Minute Cycle, Bermuda Entity Keeps Custody

Migrated perpetual positions now settle once a day at 08:00 UTC rather than the five-minute cycle International Exchange ran, crediting profits or deducting losses from cash balances without closing the underlying positions.

Funding keeps accruing continuously and cash-settles at that same daily mark, with its quoted eight-hour rate functioning as a separate pricing convention rather than a second settlement event.

Trade histories carry a wrinkle institutional risk teams will need to reconcile. Block-trade entries tagged “Migration” recreate positions at the old International Exchange settlement price, and Coinbase describes them as booking artifacts rather than new buying or selling activity.

A gap between that legacy price and Deribit’s mark at reopening can generate immediate unrealized profit or loss on paper, even though no trade actually occurred.

The legal relationship behind execution did not change with the venue. Coinbase Bermuda Limited remains these clients’ broker, custodian and primary counterparty, routing orders into Deribit, according to Coinbase’s institutional guidance, a custody arrangement that sits alongside the broader push by regulators such as the SEC’s proposed crypto custody rule for registered advisers.

Coinbase continues to list its CFTC-regulated Coinbase Derivatives futures separately from the Deribit book. That split tracks the CFTC’s own recordkeeping guidance for crypto derivatives under US oversight.

The CCS read. Folding International Exchange into Deribit trades venue redundancy for liquidity depth, concentrating institutional derivatives flow behind one counterparty, Coinbase Bermuda Limited, with no parallel platform to fail over to. That is a reasonable bet on execution quality, but it raises the stakes on any future Deribit outage or custody dispute. Prime desks that valued having two venues now have one.

Coinbase’s retail FAQ says in-app options access will extend to eligible users in selected non-US jurisdictions starting late October 2026, subject to availability on a market-by-market basis, while US Prime options follow a separate, still-unscheduled timeline. Institutions also have roughly 12 months from the Oct. 1 cutover before historical International Exchange trade and order data through the API window closes for good.

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Crypto Coin Show
Blockchain

Open Standard launches OUSD stablecoin on Solana

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SolanaCrypto Coin Show News Team·September 30, 2026·2 min read

Open Standard’s dollar stablecoin, OUSD, is now live on Solana. Coinbase, Mastercard, Shopify, Stripe and Visa signed on as founding partners with equal stakes and have committed more than $1 billion to seed its liquidity.

  • OUSD mints and burns 1:1 for dollars at no cost, per the release
  • Reserves sit at BlackRock, Lead Bank and BNY with monthly attestations
  • More than 200 companies, including UBS, SBI Holdings and Jeeves, plan to integrate it
  • $1B+ committed by five founding partners to OUSD liquidity
  • $17.4B total Solana stablecoin supply, up 18.8% year over year
  • $0.0013 median Solana transaction fee cited in the release

OUSD is a dollar-pegged stablecoin meant for corporate payments, settlement and treasury balances rather than retail trading. It is issued by Bridge and now lives on Solana as its home network, according to the release from Open Standard.

No Wrapped Version

The release is explicit that OUSD has no wrapped counterpart on Solana. “A dollar of OUSD on Solana is the instrument itself,” the document states, meaning there is no proxy token and no separate liquidity pool to reconcile.

The mint address is ousd2mJsPEckLHcSCDxyKD7NDGARZcfLbDZkKiatYHB, and the token runs on Token-2022, the standard Solana says PayPal, Fiserv and Western Union already use for regulated stablecoins.

Token-2022 And Confidential Transfers

Token-2022 supports extensions such as confidential transfers built into the protocol rather than bolted on through a separate contract. That is the mechanism the release points to when it argues OUSD inherits existing enterprise plumbing rather than building new rails.

The document does not specify which of the 200-plus companies planning to integrate OUSD have signed binding agreements versus expressed intent, nor does it give a total OUSD supply issued at launch.

Five Partners, One Network

Coinbase, Mastercard, Shopify, Stripe and Visa each took an equal initial stake as founding partners. Stripe’s presence is notable given that Bridge, the issuer of OUSD, is the stablecoin infrastructure firm Stripe acquired in 2024, putting one founding partner on both sides of the cap table.

Jamal Raees’ quote in the release attributes Solana’s stablecoin activity this year to more than $5 trillion in volume processed, and cites Western Union, Visa, PayPal and Fiserv as enterprises already running payment products on the network.

“A stablecoin is only as useful as the counterparties it can settle with. That is why every major stablecoin launch is happening on Solana: issuers understand it is where liquidity, neutrality, and ecosystem depth live.”

Jamal Raees, General Manager of Payments, Solana Foundation

What The Fee Number Buys

The release puts Solana’s median transaction fee at roughly $0.0013 and argues that cost structure makes a $3 payout worth sending and per-transaction rebates worth calculating. It names card settlement, foreign exchange and cross-border payments as the volume businesses where per-transaction cost decides what is viable.

That framing is the Foundation’s, attached to a launch it is promoting; the document does not disclose Open Standard’s own fee schedule for institutional redemption, nor any minimum ticket size for direct minting with Bridge.

The CCS read. Native issuance without a wrapped layer removes a genuine credit-memo headache for treasury desks, and Stripe sitting on both the issuer’s parent and the founding-partner list shows how concentrated this stablecoin’s early distribution actually is. Watch whether the other 200 named integrators convert into live settlement volume or stay logos on a press release.

Bridge’s first monthly reserve attestation for OUSD is the next checkpoint to watch.

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CFTC registers Coinbase Clearing as derivatives clearinghouse while stock perpetuals await approval
Exchange News

CFTC registers Coinbase Clearing as derivatives clearinghouse while stock perpetuals await approval

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Editor's ChoiceCrypto Coin Show News Team·September 30, 2026·3 min read

Coinbase has closed the final structural gap in its US derivatives business after the CFTC registered Coinbase Clearing LLC as a derivatives clearing organization, giving the exchange control over trading, listing and clearing for the first time. Yet the product Coinbase has promoted hardest, single-stock perpetual futures, still depends on a rival clearer and remains stuck in regulatory review.

  • The CFTC registered Coinbase Clearing LLC on Sept. 28 (Monday), authorizing it to clear fully collateralized futures, options on futures and swaps.
  • Coinbase’s Single Stock Perpetual Futures Contract, filed Sept. 18 (Friday) with Apple as the representative contract, still showed “Approval Pending” as of Sept. 30.
  • The Apple perpetual names Nodal Clear LLC, not Coinbase’s own clearinghouse, as central counterparty, and trades only from 8 p.m. ET Sunday through 5 p.m. Friday.
  • Sept. 28 date CFTC registered Coinbase Clearing as a DCO
  • Sept. 18 date Coinbase filed its stock-perpetual futures proposal
  • 24/7 settlement Coinbase claims versus stock perp’s five-day window

Coinbase now sits atop all three layers of the regulated US derivatives market. Coinbase Financial Markets operates as a futures commission merchant, Coinbase Derivatives as a designated contract market, and the newly registered Coinbase Clearing as the clearinghouse that settles trades.

Coinbase Clearing Wins Authority Over Fully Collateralized Contracts

The registration, first detailed by CryptoSlate, lets Coinbase Clearing create and settle fully collateralized futures, options on futures and swaps without routing them through an outside clearing partner. That is a structural shift for an exchange that previously depended on third parties for the function that guarantees trades and manages counterparty risk. Coinbase said the new entity gives it end-to-end infrastructure to bring regulated products to market.

The pitch centers on USDC collateral and 24-hour settlement, features Coinbase is building around always-on crypto markets rather than the fixed hours of legacy futures venues. Owning the clearing layer can shorten product-development cycles for contracts that stay within its collateral model, since Coinbase no longer needs a third party’s sign-off to launch.

That advantage matters for institutional desks that already use Coinbase’s credit lines, as it signals deepening reliance on Coinbase-run financial infrastructure beyond spot trading.

Apple Perpetual Filing Still Routes Through Nodal Clear

The clearinghouse approval does not extend to Coinbase’s most closely watched planned product. The CFTC’s product record for Coinbase Derivatives continued to list the Single Stock Perpetual Futures Contract as “Approval Pending” as of Sept. 30, twelve days after Coinbase submitted the proposal.

The Sept. 18 filing proposes cash-settled perpetual futures on individual US equities and ETFs, using Apple stock as the representative contract with no fixed expiration and periodic funding payments to track the underlying share price. That structure mirrors the tokenized-equity products already moving through DeFi. Critically, the Apple contract names Nodal Clear LLC rather than Coinbase Clearing as central counterparty, and its trading window runs 8 p.m. Eastern Sunday through 5 p.m. Friday, a schedule at odds with the round-the-clock settlement Coinbase is marketing for its own clearinghouse.

CFTC Decision on Stock Perpetuals Remains the Open Milestone

Coinbase said it intends to list the stock perpetuals shortly after approval, subject to any additional regulatory requirements, but gave no firm date. Until the CFTC rules, the contracts will launch, if approved, on infrastructure Coinbase does not control, splitting its derivatives business between an owned clearing system and a partner arrangement for its highest-profile equity product.

The CCS read. Owning the clearing layer lets Coinbase keep more of the margin it currently pays to outside clearers on eligible contracts, a quiet revenue lever institutional holders should weigh alongside trading fees. Investors watching Coinbase’s diversification beyond spot volume should treat clearinghouse ownership as the more durable balance-sheet story, with stock perpetuals as a separate, still-unresolved regulatory bet.

The next milestone is procedural rather than technical: whether the CFTC clears the Apple-referenced stock perpetual filing, and whether any approval requires Coinbase to eventually shift clearing from Nodal Clear onto its own newly registered system.

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El Salvador chooses stablecoins over Bitcoin for $9 billion remittance flows
Blockchain

El Salvador chooses stablecoins over Bitcoin for $9 billion remittance flows

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BlockchainCrypto Coin Show News Team·September 29, 2026·4 min read

El Salvador is deploying stablecoins rather than Bitcoin for remittances, signaling a pivot away from the volatile-asset infrastructure the country pioneered in 2021. This matters to institutional investors watching whether blockchain infrastructure can capture emerging-market payment flows, and which asset class will power them.

  • Sivar, a new El Salvador payments app, will settle remittances in stablecoins on Coinbase’s Base network with a flat $2 fee per transfer.
  • El Salvador received $9 billion in remittances in 2025, with 92% originating in the US and 1.6 million people depending on those inflows.
  • MoneyGram and Tether have already launched stablecoin payment products in the country, fragmenting the infrastructure for dollar settlement.
  • $9 billion Annual remittance inflows to El Salvador in 2025
  • $2 Flat Sivar transfer fee per transaction, regardless of amount or corridor size
  • 7,789 BTC El Salvador’s Strategic Bitcoin Reserve as of late September 2025

El Salvador is turning to dollar-backed stablecoins for remittances rather than Bitcoin, according to reporting by CryptoSlate. Sivar, a new national community and payments app developed by Modveon, will settle transfers in stablecoins on Coinbase’s Base network, with US-based users able to fund transfers via debit card and recipients in El Salvador receiving balances through embedded wallets. The app abstracts away blockchain complexity, allowing users unfamiliar with digital assets to send and receive money without directly managing blockchain transactions. More than 25,000 Salvadorans had signed up before launch.

Sivar targets $9 billion remittance corridor with $2 flat fee

The opportunity for stablecoin-based remittances in El Salvador is substantial. About $9 billion flowed into the country through remittances in 2025, with roughly 92% originating in the US, according to Coinbase. An estimated 1.6 million Salvadorans depend on those payments for household income.

Sivar will charge a flat $2 per transfer regardless of size, a pricing model designed to compete in a market where conventional remittance fees can consume a significant portion of smaller payments.

Each user receives a non-custodial wallet while Coinbase provides the onramp, transfer APIs and settlement infrastructure. Recipients can convert their stablecoin balances to cash at more than 1,000 locations across El Salvador.

This structure differs fundamentally from the country’s original Bitcoin push, which required consumers to interact directly with a volatile asset whose dollar value could fluctuate between receipt and spending.

Stablecoins preserve the dollar denomination Salvadorans already use while enabling settlement over blockchain networks, removing friction that complicated Bitcoin adoption as everyday money.

MoneyGram and Tether fragment stablecoin payment infrastructure

Sivar is entering a market already being reshaped by competing stablecoin services. MoneyGram expanded its USDC-based stablecoin balance into El Salvador in April through a partnership with the Stellar Development Foundation, Crossmint and Circle. The service allows customers to receive money into a dollar-denominated digital balance, hold it and later withdraw cash through MoneyGram locations across nearly 500,000 retail outlets in more than 200 countries and territories.

Tether relocated its headquarters to El Salvador in 2025 after securing authorization as both a stablecoin issuer and digital-asset service provider. The company said the move would establish a base to develop products for emerging markets and work with local businesses and government institutions.

Tether has also integrated USDT with Bitcoin’s Lightning Network, attempting to combine dollar-denominated payments with Bitcoin-based settlement infrastructure.

Bitcoin’s role narrowed by IMF concessions on public reserves

El Salvador remains committed to Bitcoin at the policy level but has surrendered the ability to accumulate it with public resources. The country’s Bitcoin Office marked the fifth anniversary of Bitcoin’s adoption this month, highlighting its Strategic Bitcoin Reserve (currently holding about 7,789 BTC), Bitcoin education in public schools and training for 80,000 civil servants.

However, the International Monetary Fund said this month that El Salvador has used no public resources to accumulate Bitcoin since its first program review, with subsequent increases documented as coming from private donations.

Those constraints reflect concessions made under El Salvador’s $1.4 billion IMF program. Legal changes removed Bitcoin’s mandatory legal-tender status, made private-sector acceptance voluntary and required taxes to be paid in US dollars. The government also agreed to wind down its participation in the Chivo wallet, transferring majority ownership and operations to a private operator.

The result leaves El Salvador’s crypto experiment fractured: Bitcoin embedded in reserve strategy, education and national branding but starved of public capital, while stablecoins emerge as the practical rails for moving dollars across borders.

The CCS read. We see institutional players, Coinbase, Stellar, MoneyGram, Tether, building redundant payment rails in a single small market. Each is pricing stablecoins as the default for remittances while Bitcoin’s role shrinks to asset storage. This suggests the $9 billion El Salvador remittance corridor will validate stablecoins for emerging-market payment infrastructure, but the fragmentation across competing platforms raises settlement risk if regulatory enforcement later targets one network.

Watch whether Sivar gains meaningful adoption against MoneyGram’s entrenched retail footprint over the next 12 months, and whether the IMF program’s restrictions on public Bitcoin accumulation will be lifted after the current facility expires or is renewed.

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Coinbase activates stablecoin payment products with Citi for institutional clients
Exchange News

Coinbase activates stablecoin payment products with Citi for institutional clients

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Editor's ChoiceCrypto Coin Show News Team·September 29, 2026·3 min read

Coinbase said on Monday, September 28, 2026 that it has activated two concrete stablecoin payment products with Citi, moving a partnership first announced in October 2025 from concept to live infrastructure. The move gives Citi’s institutional clients a stablecoin acceptance channel through Spring by Citi and gives Coinbase Virtual Account customers an automated fiat-to-stablecoin conversion tool, though neither company has disclosed a client count, transaction volume or named live merchant.

  • Citi’s institutional clients can now accept stablecoin payments through Spring by Citi using Coinbase’s payments infrastructure.
  • Coinbase Virtual Accounts, powered by Citi’s Virtual Account Wallet, automatically convert incoming fiat payments into stablecoins.
  • Neither company has disclosed a client count, payment volume, eligible currencies or a named live merchant using either service.
  • Sept 28 date Coinbase confirmed the two live products, per its blog
  • Oct 2025 when Citi and Coinbase first announced the partnership plan
  • Two distinct payment flows launched, one per direction of fiat-stablecoin conversion

In a post on its blog, Coinbase described the two services as separate, complementary routes between traditional money and stablecoins. One starts with a stablecoin payment arriving through Spring by Citi, which Coinbase’s payments infrastructure now supports for Citi’s institutional clients. The other starts with a conventional currency payment landing in a Coinbase Virtual Account, where Citi’s Virtual Account Wallet automatically converts it into stablecoins.

Coinbase describes the capability as available now, but its announcement does not identify a client that has processed a payment through Spring or disclose how much has been transacted.

Coinbase Confirms Two Live Products After Nearly a Year of Planning

The September 28 announcement gives operational shape to a partnership Citi first outlined in an October 2025 press release, when the bank said it intended to develop institutional digital asset payment capabilities with Coinbase, initially focused on fiat pay-ins and pay-outs for the exchange’s on- and off-ramps and payment orchestration. That statement promised specific initiatives would follow. Eleven months later, Coinbase has named two: stablecoin acceptance through Spring by Citi, and automated fiat conversion through Coinbase Virtual Accounts.

The two routes target different customer bases and begin with different forms of money. Citi’s institutional payment clients gain the option to accept stablecoins without building new infrastructure themselves, while Coinbase’s Virtual Account customers gain an automated pipeline that turns fiat receipts into stablecoins.

Coinbase has not stated whether a single client can use both flows, nor whether either is priced differently from the exchange’s existing payment products.

Missing Volume Data Limits Assessment of Corporate Banking Shift

What changes in practice is narrower than the framing suggests. Before September 28, Citi’s institutional clients had no stated mechanism to accept stablecoins through Spring by Citi at all; now that mechanism exists, but Coinbase’s own post provides no usage metrics to gauge adoption.

Compared with the October 2025 announcement, which described intent and a general focus area, the new post names specific products for the first time. It does not, however, disclose eligible currencies, eligible stablecoins, geographic availability or pricing for either path.

That omission matters for institutional treasuries evaluating whether to route payments through Citi’s rails. Coinbase has separately built out enterprise-facing stablecoin tools, including custom stablecoin issuance and expanded merchant checkout support.

Without volume or client disclosures, though, the Citi integration remains unverified at the scale that would matter to a corporate treasurer choosing a settlement rail today.

Compliance Scrutiny Awaits Any Disclosed Transaction Volume

Stablecoin payment rails built for institutional clients typically draw regulatory attention once volume becomes visible. Neither Citi nor Coinbase has said which stablecoins the new Virtual Account conversions support, leaving open whether sanctions screening and issuer-level controls will differ from Coinbase’s existing consumer products.

Coinbase’s post also does not say when it will publish usage data for either Citi-linked service. That timeline, or the absence of one, will determine how quickly institutional clients can judge the partnership’s actual reach.

The CCS read. We read this as Coinbase converting a partnership announcement into product-line inventory rather than proof of institutional demand. Investors tracking Coinbase’s payments revenue should watch the next earnings call for the first Citi-attributable figures, not this blog post.

Coinbase has not committed to a date for disclosing client counts or transaction volume for either the Spring by Citi acceptance flow or the Virtual Accounts conversion tool, leaving the next earnings report as the earliest likely point where institutional adoption of the Citi partnership becomes measurable.

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Citi backs Coinbase stablecoin paying 3.75% yield weeks after its trade group opposed rewards
Institutional

Citi backs Coinbase stablecoin paying 3.75% yield weeks after its trade group opposed rewards

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Editor's ChoiceCrypto Coin Show News Team·September 28, 2026·3 min read

Citi is now the banking rail behind a Coinbase stablecoin product that pays 3.75% a year in rewards, the exact kind of yield that Citi CEO Jane Fraser’s own trade group asked the Senate to ban weeks earlier. The partnership, unveiled as the Clarity Act’s stablecoin provisions lie dormant after a failed Senate vote, shows how far bank-crypto integration has moved even as the rulebook for it remains unwritten.

  • Eight banking trade groups, including the Financial Services Forum chaired by Citi CEO Jane Fraser, sent a joint letter asking the Senate to ban stablecoin rewards.
  • The Clarity Act failed a Senate procedural vote 49-50 on September 15, 2026, eleven votes short of the 60 needed.
  • Citi and Coinbase’s new corporate checkout and account product, announced September 28, 2026, routes stablecoin payments through Citi while paying depositors 3.75% annually.
  • 49-50 Senate procedural vote tally, 11 short of the 60-vote threshold
  • 3.75% annual reward rate on the Citi-backed Coinbase stablecoin account
  • Sept 15 banking letter sent, 13 days before the Citi-Coinbase deal was announced

Eight U.S. banking trade associations, including the Financial Services Forum, told senators in a joint letter that “when deposits decline, it reduces the availability of credit that supports communities and pathways to upward mobility.” The Financial Services Forum’s chair is Citi CEO Jane Fraser, according to the Forum’s own leadership page.

Thirteen days later, on Monday (September 28, 2026), Citi and Coinbase announced a partnership that does what the letter warned against. Citi now provides the banking behind a Coinbase account product paying 3.75% a year, first reported by BeInCrypto.

Citi Turns Stablecoin Payments Into Ordinary Bank Settlements

Under the arrangement, a customer pays a Citi client in stablecoins, Coinbase catches the payment and converts it to dollars, and Citi settles the funds like any other bank transfer. Coinbase described the setup in a post on X as bringing “instant stablecoin acceptance for institutions” onto “bank-grade, regulated infrastructure.”

The merchant never holds a token. The flow also runs in reverse: Coinbase’s payments customers get a Citi account-style product that converts incoming cash into stablecoins, which sit at Coinbase earning the 3.75% reward.

Citi says the Senate’s failure to pass the Clarity Act changes nothing about its plans. Shahmir Khaliq, Citi’s head of services, told the Wall Street Journal the bank is proceeding within its existing charter.

We are not hampered. We’re continuing to do what we do within the banking license we have, within the regulations we currently have.

Shahmir Khaliq, head of services, Citi

Fraser’s Trade Group Asked Congress to Prohibit the Reward Citi Now Banks

The signers wrote that “when deposits decline, it reduces the availability of credit that supports communities and pathways to upward mobility,” and asked the Senate to close what they called loopholes in the bill’s yield ban before it reached a floor vote.

Days later the bill failed the procedural vote 49-50, eleven votes shy of the 60 needed to advance, with the Journal reporting the rewards fight as a contributing factor. Citi’s own product with Coinbase now pays the 3.75% reward the letter sought to prohibit, a gap between lobbying position and business practice that neither Citi nor the Forum has publicly addressed.

Regulators Have Not Settled the Yield Question the Letter Raised

The joint letter’s core request, a blanket ban on interest-like payments regardless of how stablecoin issuers structure them, never made it into law once the Clarity Act stalled. That leaves the reward-versus-yield distinction to be fought out issuer by issuer.

Neither the letter nor the Citi-Coinbase announcement specifies whether the 3.75% is legally a “reward” tied to transaction activity, the category the trade groups said they would tolerate, or an interest-like payment on balances, the category they wanted banned.

BeInCrypto’s report named no merchants yet using the checkout service and no launch date, and Citi separately confirmed it is extending its private blockchain for corporate cash movement to Japan and the United Arab Emirates as part of the same push.

The CCS read. Citi’s move signals that large banks now see stablecoin infrastructure as revenue, not just a deposit threat, regardless of what their own trade associations tell Congress. For institutional treasurers, the practical test will be whether Citi’s 3.75% product survives a future rewards ban intact, or gets restructured once regulators define the line the ABA letter asked Congress to draw.

The Clarity Act’s stablecoin-yield language remains unresolved in the Senate, and neither Citi nor Coinbase has set a public launch date or named a merchant using the checkout service. Whether Congress revisits a narrower rewards ban, or leaves the Fed’s GENIUS Act rulemaking to settle the question instead, will determine if Citi’s 3.75% product needs to change shape before it scales.

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SEC clarifies staking receipt tokens are not securities when functioning as proof of deposit
Ethereum

SEC clarifies staking receipt tokens are not securities when functioning as proof of deposit

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Editor's ChoiceCrypto Coin Show News Team·September 26, 2026·4 min read

The SEC’s Division of Corporation Finance has clarified that staking receipt tokens are not securities if they function purely as proof of deposited coins, removing a regulatory cloud that has hung over liquid staking platforms since the agency sued Coinbase in 2023. The ruling matters to institutional investors because it opens the door for custodians, funds and platforms to offer staking services without securities registration, but only if they follow strict rules about how the tokens work and how rewards are calculated.

  • Staking receipt tokens are digital tools, not securities, when they serve as pure receipts for underlying digital commodities like Ether.
  • Staking providers cannot lend, pledge, or reuse deposited coins, and tokens cannot alter the rewards or rights attached to staked assets.
  • The SEC dropped its case against Coinbase in February 2025 after staff issued May and August statements reframing protocol and liquid staking as non-securities activities.
  • $30 million Kraken paid in February 2023 to settle SEC charges over its staking service
  • March 17 date the SEC and CFTC jointly named 16 digital commodities, including Ether
  • August 2025 when SEC staff issued liquid staking statement that Commissioner Crenshaw opposed

The SEC’s Division of Corporation Finance published its guidance on Friday in formal FAQs on crypto assets, ending three years of regulatory uncertainty that began when the agency charged Kraken with offering an unregistered securities service. Under the new framework, a staking receipt token qualifies as a digital tool, not a security, if the underlying asset is a digital commodity and the token functions as a pure receipt without changing the rights, obligations, or benefits attached to the staked coin.

Kraken Settlement Forces SEC Reckoning on Staking Classification

In February 2023, Kraken paid $30 million and shut down its U.S. staking service to settle SEC charges alleging it had offered an unregistered securities offering. The exchange had advertised annual returns as high as 21%, framing staking as an investment product with promised payouts.

At the time, then-SEC chair Gary Gensler issued a broad warning: “Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws.”

The aggressive posture continued in June 2023 when the SEC sued Coinbase, calling its staking program an unregistered securities offering, a case the agency dropped in February 2025.

SEC Staff Reversal: Functional Networks and Maintenance Work Are Not Securities Activities

The pivot came in May and August 2025, when SEC staff issued two separate statements reframing both protocol staking and liquid staking as activities that do not constitute securities offerings.

The core shift is this: once a blockchain network becomes functional, work to maintain, improve, upgrade or grow it no longer counts as “essential managerial efforts” under the Howey test, the 1946 Supreme Court standard that determines whether something is an investment contract requiring registration.

That distinction matters because the Howey test asks whether a buyer reasonably expects to profit from the work of others. If the network is already running, the SEC staff now reason, ongoing development and maintenance are not efforts by the issuer that generate profit; they are utilities the network needs to survive.

Staking receipt tokens, under this logic, are digital tools that evidence ownership of deposited coins, like a warehouse receipt for gold, and therefore do not transfer control or ownership to the issuer, do not alter the rewards, and do not represent a promise of return tied to management work.

But one condition must hold: the staking provider cannot lend, pledge, rehypothecate, or reuse the deposited coins for any reason.

Commissioner Crenshaw’s Dissent Flags Real-World Practices That May Not Fit the Model

Not all SEC officials agreed with the August 2025 statement. Commissioner Caroline Crenshaw issued a response titled “Caveat Liquid Staker,” arguing that the staff’s guidance relied on assumptions that may not match how actual staking programs operate in practice.

The FAQs themselves carry no legal force, they are staff guidance, not rules or regulations. That distinction carries weight now that the Clarity Act, a Senate bill that would have split crypto oversight between the SEC and CFTC, failed this month.

Unlike legislation, staff guidance can be withdrawn or reinterpreted by a future SEC administration, leaving platforms dependent on the current staff’s view rather than statutory protection.

Token Buybacks Get Conditional Treatment Based on Network Maturity

The FAQs also address token buyback announcements, in which a project spends its own money repurchasing tokens from the market. On a network that is already functional, announcing a buyback does not itself constitute a promise that turns the token into a security.

On an unfinished or pre-launch network, however, pitching a buyback as a way to earn returns could still qualify as an investment contract because it would rest on promises of future issuer efforts.

This creates a split standard: mature networks get deference for buyback communications; newer projects do not.

The CCS read. We read this as institutional clarification, not a market opening. The SEC has defined the narrow path: staking receipt tokens work only if they remain pure receipts with no control transfer, no reward manipulation, and no coin reuse by the provider. Platforms like Coinbase and Kraken can now resume services, but under tighter operational constraints than they advertised before. Institutions offering staking will need governance and operational discipline to prove compliance; the risk remains that a future SEC could challenge the staff’s assumptions about what “functional” networks can do.

The open question is how liquid staking protocols that currently take custody or earn additional yield through lending or MEV extraction will reposition themselves under these rules. Commissioner Crenshaw’s dissent suggests the SEC staff may face pushback on enforcement priorities, and no deadline has been set for when the Commission will formally ratify, modify, or reject the Division of Corporation Finance’s guidance.

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Aave accepts seven Coinbase tokenized stocks as Base collateral
DeFi

Aave accepts seven Coinbase tokenized stocks as Base collateral

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DeFiCrypto Coin Show News Team·September 25, 2026·3 min read

Aave V4 on Base now accepts seven Coinbase-issued tokenized US stocks as loan collateral, letting eligible non-US users borrow USDC against equity exposure to Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia and Tesla. The launch, detailed in the release, restricts the market to eligible geographies outside the United States and keeps the tokens collateral-only for now.

  • Seven Coinbase Tokenized Stocks, AAPLc, AMZNc, GOOGLc, METAc, MSFTc, NVDAc and TSLAc, can be posted as collateral
  • Chainlink supplies Coinbase’s official price feeds on a 24/5 schedule, Sunday 20:00 ET to Friday 20:00 ET
  • Borrowing the stock tokens themselves and equity-against-equity positions stay disabled at launch
  • 7 tokenized US stocks accepted as Aave collateral
  • 1.0 starting value of the corporate-action multiplier
  • 24/5 Chainlink feed schedule, Sun 20:00 to Fri 20:00 ET

The market lives inside a new “Equities Hub” on Aave V4, which pools all seven tokens into one lending spoke against a single USDC reserve. Each token carries its own collateral factor, though the release does not publish the figures. Users can supply, borrow, repay and withdraw around the clock, except when a reserve is paused for a corporate action.

Alpaca Securities Holds The Shares

Each token is a certificate issued by Coinbase Onchain SPV Ltd. The underlying stock sits with a separate custodian, not with Coinbase or Base.

The underlying shares sit with Alpaca Securities LLC, an SEC-registered broker-dealer, in segregated custody accounts held in the issuer’s name.

Aave, “Coinbase Tokenized Stocks Now Live on Aave V4”

The custodian cannot lend the shares or use them for its own account and holds no lien over them, according to the release. The issuer holds the shares as bare trustee for token holders under a deed of trust, so Aave says holders carry economic exposure to the real equities rather than a synthetic price reference.

Dividends Reinvest Through A Multiplier

Cash distributions do not hit holders’ wallets. Instead they buy additional shares, net of fees and withholding tax, and a multiplier that starts at 1.0 tracks the growing claim per token.

Stock splits move through the same multiplier. The affected Aave reserve pauses during a split until the new multiplier is applied, meaning supply and borrow activity on that specific token halts for the duration of the corporate action, not the whole Equities Hub.

Weekend Prices Freeze, Health Factors Don’t

Chainlink’s tokenized equity feeds publish only from Sunday 20:00 ET to Friday 20:00 ET. Outside that window, including weekends and US market holidays, the feed holds the last published price rather than going dark or estimating.

That means collateral values cannot move on weekends. A position’s health factor can still deteriorate during that window, but only through ongoing interest accrual on the borrowed USDC, not through any stock price change.

What This Frees Up And What It Withholds

Compared with a traditional brokerage account, where equities can only serve as margin during market hours and under separate custody rules, Aave’s Equities Hub turns the same shares into 24/7 DeFi collateral. That is a meaningful expansion of what tokenized equities can do inside a lending protocol.

The release does not disclose initial supply or borrow caps, launch-day collateral factors, a timeline for enabling GHO as a borrowable asset, or which non-US jurisdictions count as “eligible.” Aave says caps will be “revisited through the risk steward process as token supply and venue depth grow,” but gives no schedule or trigger threshold for that review.

The CCS read. Real-equity collateral inside a 24/7 lending pool is a genuine widening of what DeFi can accept, but the frozen weekend price feed quietly shifts risk onto interest accrual rather than eliminating it. Borrowers who lever up before a Friday close carry stock-price risk they cannot see or react to until Sunday evening ET.

Watch the Aave risk steward process for the first cap adjustment on the Equities Hub, and the governance queue for whether GHO becomes borrowable against these tokens or whether Aave lets users borrow AAPLc, AMZNc and the rest, rather than only USDC.

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New York seeks triple damages against Polymarket for allowing underage trading
Legal & Crime

New York seeks triple damages against Polymarket for allowing underage trading

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BlockchainCrypto Coin Show News Team·September 24, 2026·4 min read

New York Attorney General Letitia James and Governor Kathy Hochul sued Polymarket’s US arm on Thursday, accusing the prediction market operator of running unlicensed gambling and letting users as young as 18 trade despite the state’s 21-year betting minimum. The suit is the fourth New York or Baltimore enforcement action against a crypto-linked prediction market platform since April 2026, adding Polymarket to a list that already includes Kalshi, Coinbase and Gemini.

  • New York is asking a court to force Polymarket’s US arm, QCX LLC, to forfeit all illegal gains and pay fines equal to three times that amount.
  • Polymarket US launched in December 2025 and lets users aged 18 to 20 trade, even though New York requires mobile sports bettors to be at least 21.
  • The suit follows James’s July 2026 case against Kalshi, her April 2026 case against Coinbase and Gemini, and Baltimore’s August 13 suit against Kalshi and Polymarket.
  • 3x fines New York is seeking, set at triple Polymarket’s total illegal gains
  • 21 New York’s legal minimum age for mobile betting, versus users as young as 18 on Polymarket
  • $8M James secured from a sweepstakes casino operator in September 2026, the state’s most recent prior gambling settlement

The lawsuit targets QCX LLC, doing business as Polymarket US, which entered the American market in December 2025 promising “sports, followed by markets on everything.” New York’s Office of the Attorney General says that pitch describes an unlicensed gambling business, not a regulated trading platform, because outcomes on Polymarket’s markets are uncertain and outside a bettor’s control, first reported by CryptoPotato.

James Demands Forfeiture Plus Triple Damages From QCX LLC

New York’s case, detailed in the governor’s announcement, argues that Polymarket never obtained a license from the New York State Gaming Commission and never paid the taxes that licensed casinos and mobile sportsbooks owe. That revenue, the state says, funds public schools, youth sports programs and problem gambling treatment. The complaint asks the court to halt Polymarket’s unlicensed operations in New York, order forfeiture of all illegal gains, direct restitution to harmed users, and impose fines set at three times those gains.

The underage access allegation carries its own weight.

Our gambling laws exist to protect New Yorkers, prevent the potential harms of problem gambling, and ensure funding for educational and public benefit programs.

Letitia James, New York Attorney General

Hochul framed the suit as an enforcement priority beyond tax collection. She said Polymarket “knowingly violated state law” and put underage users at particular risk.

Polymarket Is New York’s Fourth Prediction Market Target Since April

The Polymarket suit extends a pattern James began in April 2026, when she sued Coinbase and Gemini over their prediction market products. James sued Kalshi in July 2026 on nearly identical unlicensed-gambling and underage-access grounds, in a case still pending in Manhattan state court.

Baltimore filed its own suit against both Kalshi and Polymarket on August 13, 2026, alleging the companies misled consumers about whether their contracts were legal and properly regulated.

Polymarket Chief Legal Officer Neal Kumar rejected the state’s characterization in a statement reported by the Associated Press, saying the company started in a small New York City apartment and now employs more than 350 people in the city. “We’ll fight for our users,” Kumar said, adding Polymarket intends to stay in New York.

CFTC Preemption Claim Is the Real Fight Ahead

What separates this dispute from a routine gambling case is the jurisdictional argument underneath it. Polymarket and Kalshi both contend that the Commodity Futures Trading Commission, not state gaming regulators, oversees their contracts as federally regulated derivatives, and the CFTC itself has opposed state regulation of the sector.

James’s suit sidesteps that argument entirely by framing Polymarket’s contracts as gambling under New York law rather than as derivatives, the same legal maneuver her office used against Kalshi in July and against Coinbase and Gemini in April.

For institutional players watching event contracts as a distribution channel, the unresolved question is whether state courts can compel platforms to register even where a federal regulator claims exclusive authority.

No court has yet ruled on the CFTC preemption defense in either the Kalshi or Polymarket matters, leaving operators without a clear answer on which regulator’s rules ultimately control mobile prediction markets nationwide.

The CCS read. The stack of parallel suits against Kalshi, Coinbase, Gemini and now Polymarket signals that state attorneys general intend to force the CFTC preemption question into court rather than wait for federal clarity. Until a judge rules on that defense, any platform building on prediction markets, including token issuers exploring similar payment or reward infrastructure, should expect state-by-state licensing exposure regardless of federal registration status.

Polymarket has not indicated whether it will seek dismissal on federal preemption grounds, the same defense Kalshi is currently litigating in its Manhattan case. That unresolved ruling, alongside Baltimore’s separate August 13 suit, will determine whether New York’s approach becomes the template other states use against prediction market operators.

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BlackRock says AI agents could become crypto’s next source of demand
Agentic Finance

BlackRock says AI agents could become crypto’s next source of demand

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AI NewsCrypto Coin Show News Team·September 23, 2026·5 min read

BlackRock’s digital assets research team has published a whitepaper arguing that autonomous AI agents, not traders or treasuries, could be the next structural source of demand for stablecoins and blockchain settlement. The data on actual agent payments today is far thinner than the thesis, and the paper says so itself.

  • BlackRock’s “The Machine-Native Economy,” published in September 2026, frames AI as machine-native intelligence and digital assets as machine-native money.
  • The paper points to Coinbase’s x402 protocol and stablecoins as the payment layer for high-frequency, low-value machine-to-machine transactions, and to tokenized compute as a possible new asset class.
  • Real usage is still small: TRM Labs found that only 0.6% to 7.5% of $52.7 million in x402 settlements it examined likely came from AI agents.
  • $300B+ stablecoin market cap as of September 2026, per RWA.xyz data cited by BlackRock
  • $11T adjusted stablecoin transaction volume in 2025, per Visa/Allium data cited in the paper
  • $1.1T projected combined 2030 cloud revenue for AWS, Azure and Google Cloud

The world’s largest asset manager is making the case that crypto’s next demand wave will come from software rather than people. In “The Machine-Native Economy: How Digital Assets Connect Intelligence, Commerce, and Compute”, BlackRock head of digital assets research Will Su and head of digital assets Robert Mitchnick, writing with iShares colleagues Jay Jacobs and William Helm, argue that agentic AI systems that can act and pay on their own need a kind of money that card networks and bank rails were not built to provide. The paper was first reported by Decrypt.

BlackRock pitches stablecoins as the payment rail agents need

The core argument is about fit. An AI agent that buys a data feed, pays for an API call or rents GPU time may need to make thousands of tiny payments a day, around the clock, with no human approving each one. BlackRock notes that existing rails such as ACH and cards already support heavy automation, but says their onboarding requirements and settlement economics make them a poor match for always-on, very low-value transactions.

Stablecoins are the paper’s answer. BlackRock cites RWA.xyz data showing more than $300 billion in circulating stablecoins in September 2026, and Visa/Allium figures showing $11 trillion in adjusted stablecoin transaction volume in 2025. That volume grew at roughly 80% a year from 2020 to 2025, compared with about 8.5% a year for ACH, according to the paper. BlackRock adds a caveat worth keeping: the adjusted stablecoin figures filter out exchange flows, internal transfers and bot activity, so they are not directly comparable to traditional payment data. ACH still processed about $93 trillion in 2025.

Coinbase’s x402 sits at the center of the machine-payments thesis

The paper leans on x402, the open protocol developed by Coinbase that revives the web’s long-dormant HTTP 402 “Payment Required” status code. With x402, a server can ask for payment inside a normal web request, and a piece of software can pay in stablecoins, usually USDC, and receive the data or service immediately. No account, no card on file, no human in the loop.

BlackRock also points to big tech adoption. Amazon has added stablecoin payments to its AI cloud tooling through Coinbase and Stripe, and Google’s Agent2Agent framework supports cards, stablecoins and real-time bank transfers, with backing from Coinbase and the Ethereum Foundation. The x402 ecosystem has been widening on the crypto side too, with NEAR joining the x402 Foundation this week and Solana and Google launching Pay.sh earlier this year.

For native tokens, the paper is careful. It says activity on permissionless networks could drive demand for blockspace and validator services, but whether any of that value reaches a network’s token depends on its fee, staking and gas-sponsorship design. It names Ethereum and Circle’s Arc, where USDC is the native gas asset, as examples of the two ends of that spectrum.

Tokenized compute could be the bigger long-term market

The paper’s most ambitious section treats compute itself as a future digital asset. Sell-side consensus compiled by Bloomberg puts combined 2030 revenue for AWS, Microsoft’s Intelligent Cloud and Google Cloud at $1.1 trillion, and BlackRock cites Goldman Sachs estimates of more than $5 trillion in cumulative AI capital spending from 2025 to 2030.

“As agents become more capable and persistent, standardized claims on compute capacity could become a significant digital asset use case for financing and programmable settlement.”

BlackRock Digital Assets Research, The Machine-Native Economy

The idea is that agents could source, price and pay for compute directly, settled on-chain against standardized, tokenized claims on capacity. BlackRock flags real obstacles: chips differ by generation, energy costs vary by region, and there is no agreed standard yet for delivering or cash-settling capacity. It suggests commodity market tools such as basis markets and contracts for difference as a template.

On-chain data shows agent payments are still a sliver of activity

The gap between thesis and usage is wide. Blockchain analytics firm TRM Labs examined $52.7 million in x402 settlements in 2026 and estimated that only 0.6% to 7.5% of that traffic likely originated from AI agents. Most x402 volume today is still people and conventional software, not autonomous agents.

BlackRock does not hide this. The paper calls the ecosystem nascent, says agentic payment activity and compute-market liquidity remain limited, and describes machine-native payments as an area worth monitoring rather than a forecast. It also carries the standard disclaimer that it is not investment advice.

peaq brings machine identities onto Solana

The agent economy BlackRock describes is mostly software paying software. peaq is building the physical side of it, and this month it moved that work onto one of crypto’s most used chains. peaq launched its Economics 2.0 model on September 7, and the next day Wormhole Labs’ Sunrise gateway listed PEAQ on Solana as the canonical version of the token, according to Crypto Briefing. peaqOS then went live on Solana on September 16, letting robots and IoT devices activate directly on Solana, receive a verified on-chain identity and bond PEAQ.

Machine peaqID documents and NFTs now live on Solana, while subscription bonds stay on the peaq chain. Each machine builds a Machine Credit Rating from verified on-chain activity, which can later support financing. peaq says its network spans more than 6 million machines across 60-plus applications, with about 3.3 million positioned to bond PEAQ through the Sunrise integration and just over 240,000 activated by early September. Doosan Robotics deployed its first A-Series cobot on the system by September 17. The design is also a live test of the point BlackRock makes about token value: operators lock PEAQ as collateral to activate a machine, so demand for the token is tied to machines actually operating. It builds on peaq’s earlier move to bring World ID to robots.

“We’re still very early in the adoption of stablecoin payments by AI agents.”

Ashton Addison, CEO of Crypto Coin Show

Addison expects that to change quickly. “As the machine economy picks up over the next 12 months, we should see these numbers start growing exponentially,” he said. “With machine IDs moving onto Solana, the machine economy is reaching more mainstream blockchains, and that makes stablecoin payments much easier to adopt.”

The CCS read. The paper does not move markets on its own, but who wrote it matters. When BlackRock’s digital assets team, the same group behind the BUIDL tokenized Treasury fund, puts AI agents next to stablecoins and tokenized assets as a demand driver, it gives institutional allocators a framework for owning crypto that has nothing to do with speculation. The honest read is that this is an early, infrastructure-first story. The rails are being built by Coinbase, Google, Amazon and Stripe, while real agent volume is still measured in single-digit percentages of a $52.7 million sample. The value will likely accrue first to stablecoin issuers and the networks that settle their transfers, and only later, if at all, to tokens whose fee design captures that activity.

Watch the share of x402 and similar settlements that analytics firms can attribute to agents over the next few quarters. If that 0.6% to 7.5% range climbs meaningfully, BlackRock’s thesis moves from framework to measurable demand. Also watch for the first standardized compute contracts or tokenized capacity products from a major cloud or exchange partner.

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