MerlinSwapMP To TRY：Convert MerlinSwap (MP) to Türk Lirası (TRY)

MP/TRY: 1 MP ≈ ₺0.01428 TRY

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MerlinSwap Markets today

MerlinSwap is declining compared to yesterday.

The current price of MP converted to Türk Lirası (TRY) is ₺0.01428. With a circulating supply of 3,150,000,000 MP, the total market capitalization of MP in TRY is ₺1,832,793,991.12. Over the past 24 hours, the price of MP in TRY decreased by ₺-0.00004868, representing a decline of -0.34%. Historically, the all-time high price of MP in TRY was ₺0.3864, while the all-time low price was ₺0.009428.

1MP to TRY Conversion Price Chart

₺0.01428-0.34%
Updated on:
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As of Invalid Date, the exchange rate of 1 MP to TRY was ₺0.01428 TRY, with a change of -0.34% in the past 24 hours (--) to (--),Gate's The MP/TRY price chart page shows the historical change data of 1 MP/TRY over the past day.

Trade MerlinSwap

Currency
Price
24H Change
Action
MerlinSwap logoMP/USDT
Spot
$0.0003522
+0.31%

The real-time trading price of MP/USDT Spot is $0.0003522, with a 24-hour trading change of +0.31%, MP/USDT Spot is $0.0003522 and +0.31%, and MP/USDT Perpetual is $ and --.

MerlinSwap to Türk Lirası Conversion Tables

MP to TRY Conversion Tables

MerlinSwap logoAmount
Converted ToTRY logo
1MP
0.01TRY
2MP
0.02TRY
3MP
0.04TRY
4MP
0.05TRY
5MP
0.07TRY
6MP
0.08TRY
7MP
0.1TRY
8MP
0.11TRY
9MP
0.12TRY
10MP
0.14TRY
10,000MP
142.86TRY
50,000MP
714.33TRY
100,000MP
1,428.66TRY
500,000MP
7,143.34TRY
1,000,000MP
14,286.68TRY

TRY to MP Conversion Tables

TRY logoAmount
Converted ToMerlinSwap logo
1TRY
69.99MP
2TRY
139.99MP
3TRY
209.98MP
4TRY
279.98MP
5TRY
349.97MP
6TRY
419.97MP
7TRY
489.96MP
8TRY
559.96MP
9TRY
629.95MP
10TRY
699.95MP
100TRY
6,999.52MP
500TRY
34,997.63MP
1,000TRY
69,995.26MP
5,000TRY
349,976.32MP
10,000TRY
699,952.64MP

The above MP to TRY and TRY to MP amount conversion tables show the conversion relationship and specific values from 1 to 1,000,000 MP to TRY, and the conversion relationship and specific values from 1 to 10,000 TRY to MP, which is convenient for users to search and view.

Popular 1MerlinSwap Conversions

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The above table illustrates the detailed price conversion relationship between 1 MP and other popular currencies, including but limited to 1 MP = $0 USD, 1 MP = €0 EUR, 1 MP = ₹0.03 INR, 1 MP = Rp5.34 IDR, 1 MP = $0 CAD, 1 MP = £0 GBP, 1 MP = ฿0.01 THB, etc.

Popular Pairs

The above table lists the popular currency conversion pairs, which is convenient for you to find the conversion results of the corresponding currencies, including BTC to TRY, ETH to TRY, USDT to TRY, BNB to TRY, SOL to TRY, etc.

Exchange Rates for Popular Cryptocurrencies

TRYTRY
GT logoGT
0.7492
BTC logoBTC
0.0001035
ETH logoETH
0.002856
XRP logoXRP
3.91
USDT logoUSDT
12.27
BNB logoBNB
0.01528
SOL logoSOL
0.07018
USDC logoUSDC
12.27
SMART logoSMART
1,729.17
STETH logoSTETH
0.002859
DOGE logoDOGE
55.06
TRX logoTRX
35.41
ADA logoADA
15.81
WBTC logoWBTC
0.0001035
LINK logoLINK
0.5746
HYPE logoHYPE
0.2858

The above table provides you with the function of exchanging any amount of Türk Lirası against popular currencies, including TRY to GT, TRY to USDT, TRY to BTC, TRY to ETH, TRY to USBT, TRY to PEPE, TRY to EIGEN, TRY to OG, etc.

How to convert MerlinSwap (MP) to Türk Lirası (TRY)

01

Input your MP amount

Input your MP amount

02

Choose Türk Lirası

Click on the drop-downs to select TRY or the currencies you wish to convert between.

03

That's it

Our currency exchange converter will display the current MerlinSwap price in Türk Lirası or click refresh to get the latest price. Learn how to buy MerlinSwap.

The above steps explain to you how to convert MerlinSwap to TRY in three steps for your convenience.

Frequently Asked Questions (FAQ)

1.What is a MerlinSwap to Türk Lirası (TRY) converter?

2.How often is the exchange rate for MerlinSwap to Türk Lirası updated on this page?

3.What factors affect the MerlinSwap to Türk Lirası exchange rate?

4.Can I convert MerlinSwap to other currencies besides Türk Lirası?

5.Can I convert other cryptocurrencies to Türk Lirası (TRY)?

Learn more about MerlinSwap (MP)

<p>Repost of the original article, "Cobo Stablecoin Weekly NO.19: After the Stablecoin Act Passes, What's the Next Battlefield?"</p> <h3 id="h3-5biC5Zy65qaC6KeI5LiO5aKe6ZW/5Lqu54K5">Market Overview & Growth Highlights</h3><p>The total market capitalization of stablecoins stands at $269.696 billion, representing a week-over-week increase of $2.606 billion. In terms of market structure, USDT maintains a dominant 61.25% share, while USDC ranks second with a market cap of $64.502 billion and a 23.92% share.</p> <h2 id="h2-5Yy65Z2X6ZO+572R57uc5YiG5biD56iz5a6a5biB5biC5YC85YmN5LiJ572R57uc77ya">Top 3 Blockchain Networks by Stablecoin Market Cap:</h2><ol> <li>Ethereum: $135.786 billion</li><li>Tron: $82.995 billion</li><li>Solana: $11.431 billion</li></ol> <h3 id="h3-5ZGo5aKe6ZW/5pyA5b+r55qE572R57ucIFRPUDPvvJo=">Top 3 Fastest-Growing Networks This Week:</h3><ol> <li>Berachain: +96.57% (USDT share 43.15%)</li><li>XRPL: +49.84% (RLUSD share 49.11%)</li><li>Sei: +47.95% (USDC share 85.96%)</li></ol> <p>Source: DefiLlama</p> <h2 id="h2-8J+Or+e+juWbveOAiumTtuihjOS/neWvhuazleOAi+WSjOeos+WumuW4geaUr+S7mOeahOmakOengeimgeaxgg==">🎯 U.S. "Bank Secrecy Act" and Stablecoin Payment Privacy Requirements</h2><p>Following the passage of the U.S. Stablecoin Act, privacy has emerged as the next major focus for regulators and the market.</p> <p>With stablecoin market capitalization surpassing $270 billion and rapidly integrating into mainstream payment systems, full on-chain transparency has begun to expose new challenges. Because every transaction on a public blockchain is permanently visible, companies effectively make their entire financial history, supply chain details, and compensation structures public. While this may only be an annoyance for retail users, it is a hard barrier for enterprises and institutions—which means competitors can track every transaction in real time. If unresolved, this issue could significantly slow stablecoin adoption in business payments and institutional settlements.</p> <p>If privacy is a concern, stablecoin penetration into business payments and institutional settlements will face substantial obstacles. Coinbase Chief Legal Officer Paul Grewal recently stated that for laws like the GENIUS Act to be effective, the Bank Secrecy Act must be upgraded in parallel. The current regulatory model is inefficient and stores sensitive data in centralized repositories—prime targets for hackers—while also falling short on anti-money laundering effectiveness.</p> <p>Grewal emphasized that privacy and security are not mutually exclusive. Technologies like zero-knowledge proofs (ZKP) and decentralized identity (DID) already enable “compliant verification without exposing raw data,” so institutions can access only verification results, not underlying data. This achieves a balance between data minimization and precision regulation. He urged the U.S. Treasury to establish a public-private collaboration framework, prioritize ZKP-ready compliance modules for rapid deployment, focus surveillance on key data points for suspicious transactions, and leverage AI risk models to enhance screening efficiency. These steps would protect privacy without compromising regulatory rigor and eliminate the biggest roadblock to institutional stablecoin adoption—giving the U.S. a lead in digital asset regulation and internationalization.</p> <h2 id="h2-8J+Or+e+juWbveWIqeaBr+emgeS7pOS4i++8jOeos+WumuW4geeahOOAjOWlluWKsee7j+a1juWtpuOAjQ==">🎯 Stablecoin "Reward Economics" under U.S. Interest Payment Ban</h2><p>Regulatory restrictions often drive unexpected innovation. For instance, the GENIUS Act prohibits stablecoin issuers from paying interest to users—a move meant to curb high-risk behavior but that has instead fueled a surge in yield-bearing stablecoins. Since its passage, products like Ethena’s USDe have added billions in supply, using exchange funding rates rather than Treasurys to generate yield and successfully sidestep legal limits.</p> <p>In the current regulatory gray zone, Coinbase and PayPal have rebranded stablecoin earnings as "rewards," avoiding language that restricts such payouts to issuers only. Coinbase shares Circle earnings with users, while PayPal leverages Paxos to ring-fence issuer risk and continues to offer a 4.5% APY. Anchorage and Ethena Labs have even linked stablecoin yields to tokenized assets like BlackRock’s BUIDL, creating institutional-grade compliant yield channels.</p> <p>Paying interest to holders is now central to attracting capital in both mature and emerging markets. Coinbase even built an API for “interest rewards” via its embedded wallet SDK, lowering the technical bar for developers to add APY features. In high-inflation markets like Latin America, Slash’s USDSL offers a 4.5% annual reward, harnessing the dollar’s inflation resistance to rapidly draw in capital. Through increasingly sophisticated and compliant financial engineering, stablecoins are efficiently passing through returns on underlying assets and reshaping the landscape for user relationships and value distribution.</p> <h3 id="h3-8J+Or+mmmea4r+OAiueos+WumuW4geadoeS+i+OAi+eUn+aViOeahOWFs+mUruivjeKAlOKAlOmAj+aYjuS4juWFqOmTvui3r+ebkeeuoQ==">🎯 Key Features of Hong Kong's Stablecoin Ordinance: Transparency & Full-Spectrum Oversight</h3><p>The Hong Kong Stablecoin Ordinance has officially taken effect, sparking significant debate over mandatory KYC, foreign stablecoin rules, and DeFi compatibility. In reality, <a href="https://mp.weixin.qq.com/s?__biz=MzI0ODgzMDE5MA==&amp;mid=2247510734&amp;idx=1&amp;sn=368a5a6ed3d067ba05eacbb4be234dd7&amp;scene=21#wechat_redirect">the rules do not amount to a blanket ban, but instead target stablecoins "issued in Hong Kong" or "denominated in HKD," with a particular focus on RMB-related tokenized assets</a>. Offshore stablecoins like USDT and USDC circulating on secondary markets are not directly affected. Hong Kong’s approach is to control the point of issuance and use high regulatory barriers to focus on high-value use cases such as RMB asset tokenization and offshore RMB stablecoins—effectively building "quasi-sovereign settlement instruments" that differentiate it from the U.S. and EU strategies.</p> <p>The law’s key principles are transparency and full-lifecycle supervision. From issuance and custody to clearing and distribution, strict standards apply at each step and licensing barriers are high. Downstream activities like custody, distribution, and settlement must all be compliant. Banks, payment platforms, and on-chain infrastructure providers are all included under one framework, shifting the ecosystem from "open access" to "permissioned access." In this environment, providers with multi-party computation (MPC) wallet technology, on-chain compliance, and risk controls become core partners for banks and tech giants.</p> <p>Such strict oversight brings new challenges. Issuers must take ultimate compliance responsibility for their downstream ecosystem—including custody, distribution, and clearing partners. All participants must meet both technical and regulatory standards, driving the sector toward greater specialization and opening up opportunities for infrastructure providers. Vendors are needed to deliver multi-signature, MPC, HSM, and wallet solutions to help issuers establish private key security as the bedrock of trust—balancing asset sovereignty with legal traceability and transforming wallets from simple back-end tools into entry points for compliant security architectures.</p> <h2 id="h2-5biC5Zy66YeH55So">Market Adoption</h2><h3 id="h3-8J+MseaRqeagueWkp+mAmu+8mkRlRmkg5ZKM6LWE5Lqn6YCa6K+B5YyW5aKe6ZW/44CM5LuN5Luk5Lq65aSx5pyb44CN">🌱 JPMorgan: DeFi and Asset Tokenization Growth "Still Disappointing"</h3><h3 id="h3-6KaB54K56YCf6KeI">Summary</h3><ul> <li>DeFi total value locked (TVL) hasn’t returned to its 2021 peak. The sector remains dominated by retail and crypto-native firms; traditional institutions are largely absent.</li><li>Globally, tokenized assets total only about $25 billion—a figure analysts call “insignificant.” More than 60 tokenized bonds have been issued, collectively worth $8 billion, with almost zero secondary market trading.</li><li>Major institutional barriers: lack of harmonized cross-border regulation, unclear legal framework for on-chain investments, and insufficient safeguards for smart contract execution and protocol security.</li></ul> <p>Why This Matters</p> <ul> <li>This report exposes the disconnect between DeFi/tokenization hype and real-world adoption. Despite better infrastructure and new KYC-compliant vaults and permissioned lending pools, traditional finance is still on the sidelines. The report notes that traditional systems, driven by fintech, are moving toward faster, lower-cost settlement and payments—challenging blockchain’s necessity and highlighting the need for truly compelling, institutional-grade crypto use cases.</li></ul> <h3 id="h3-8J+MsSBSZW1pdGx5IOWQr+eUqOeos+WumuW4geaKgOacr+S8mOWMlui3qOWig+aUr+S7mOS4muWKoSDvvIzlsIbmjqjlh7rlpJrluIHnp43mlbDlrZfpkrHljIXmnI3liqE=">🌱 Remitly Adopts Stablecoin Tech, Will Launch Multi-Currency Digital Wallet</h3><p>Summary</p> <ul> <li>Remitly plans to launch a multi-currency "Remitly Wallet" this September, allowing users to store both fiat and stablecoins, specifically targeting users in high-inflation or volatile-currency countries.</li><li>Partnering with Stripe’s Bridge, Remitly will offer stablecoin payouts in over 170 countries, extending its current fiat network.</li><li>Remitly has integrated USDC and other stablecoins into its internal operations to enable 24/7 liquidity, reduce pre-funding, and increase capital efficiency.</li></ul> <p>Why This Matters</p> <ul> <li>This marks the mass adoption of stablecoin technology by mainstream cross-border payment providers. Stablecoin integration allows Remitly to provide value protection in high-inflation regions and solve liquidity challenges faced by traditional remittance businesses. This new model will accelerate real-world use of stablecoins, offering more efficient, lower-cost solutions for hundreds of millions who rely on cross-border finance, especially in markets with underdeveloped financial infrastructure.</li></ul> <h3 id="h3-8J+MsSBUZXRoZXIgQ0VP77yaNDAlIOWMuuWdl+mTvuaJi+e7rei0uea6kOiHqiBVU0RUIOi9rOi0pg==">🌱 Tether CEO: 40% of Blockchain Fees Come from USDT Transfers</h3><p>Summary</p> <ul> <li>Tether CEO Paolo Ardoino stated that 40% of all blockchain fees across nine major public chains are for USDT transfers.</li><li>In emerging markets, hundreds of millions use USDT daily to hedge against currency depreciation and inflation, making USDT one of the most active blockchain applications globally.</li><li>Crypto "transactions" typically mean trades, swaps, and arbitrage within exchanges or liquidity pools—these don’t always incur on-chain fees. However, on-chain USDT transfers imply real movement of funds and indicate "genuine usage" rather than speculation.</li></ul> <p>Why This Matters</p> <ul> <li>This demonstrates USDT’s dominant role in the blockchain ecosystem, far surpassing other applications. Paolo predicts future competition will center on gas fee optimization and USDT transfer fees, reflecting stablecoins’ evolution into solutions for real-world financial needs—especially in unstable economies. It also highlights blockchain’s tangible contribution to financial inclusion.</li></ul> <h2 id="h2-5a6P6KeC6LaL5Yq/8J+UrueRnuepl+mTtuihjO+8mkNvaW5iYXNlIFEyIOi0ouaKpeaYvuekuiBDaXJjbGUgVVNEQyDliKnmtqbnjofmraPlnKjokI7nvKk=">Macro Trends 🔮 Mizuho: Coinbase Q2 Earnings Signal Shrinking USDC Margins</h2><p>Summary</p> <ul> <li>Mizuho estimates Circle generated about $625 million in USDC reserve interest in Q2, of which $332.5 million was shared with Coinbase.</li><li>As Binance and other distribution partners join, Circle’s net reserve income margin faces rising structural costs and more pressure.</li><li>With the GENIUS Act passed, JPMorgan and Bank of America are set to launch their own stablecoins, intensifying competition within the dollar stablecoin market.</li></ul> <p>Why This Matters</p> <ul> <li>Despite a strong IPO, Mizuho rates Circle as “underperform” with an $85 target price, arguing that markets underestimate the risks facing USDC. With a broader distribution network, Circle’s profit-sharing model is being eroded, potentially weakening its earnings. Lower interest rates and the entry of traditional banks will challenge USDC’s edge, reshaping the stablecoin market landscape.</li></ul> <h3 id="h3-8J+Urue+jui0ouaUv+mDqOWIm+e6quW9leaJqeWkp+efreacn+WbveWAuuWPkeihjO+8jOeos+WumuW4geaIkOaWsOS5sOWutg==">🔮 U.S. Treasury Expands Short-Term Debt Issuance, Stablecoins Emerge as Key Buyers</h3><p>Summary</p> <ul> <li>The U.S. Treasury will auction $100 billion in four-week bills—a record—up $5 billion from the prior offering, keeping eight- and seventeen-week bills unchanged.</li><li>Short-term bill yields above 4% are attracting fresh capital; short-term Treasury ETFs saw $16.7 billion in Q2 inflows, doubling year-over-year.</li><li>The Treasury Borrowing Advisory Committee noted stablecoin issuance growth as a new demand driver, while the GENIUS Act requires stablecoin issuers to hold Treasurys and other secure assets.</li></ul> <p>Why This Matters</p> <ul> <li>The Trump administration favors short-term financing, with Secretary Besant saying long-term issuance is too costly at current rates. Rising stablecoin demand is now a major variable in the T-bill market, as regulatory rules require stablecoin issuers to hold safe assets, creating new structural bids. At the same time, global central banks are pivoting from dollar assets to gold, with Bank of America forecasting gold could surpass $4,000—reflecting deepening market concerns about U.S. debt sustainability.</li></ul> <h3 id="h3-8J+UruOAikdFTklVUyDms5XmoYjjgIvpgJrov4fku6XmnaXmlLbnm4rlnovnqLPlrprluIHkvpvlupTmv4Dlop4=">🔮 Yield-Bearing Stablecoins Surge After GENIUS Act Enacted</h3><p>Summary</p> <ul> <li>Since the July 18 signing of the GENIUS Act, yield-focused stablecoin Ethena USDe’s supply has jumped 70% to $9.49 billion, making it the third largest stablecoin.</li><li>Sky’s USDS grew 23% to $4.81 billion, now fourth largest. These stablecoins pay yields through staking mechanisms.</li><li>USDe currently yields 10.86% APY; USDS, 4.75%. Considering June U.S. inflation at 2.7%, real yields are 8.16% and 2.05% respectively.</li></ul> <p>Why This Matters</p> <ul> <li>The GENIUS Act’s ban on direct yield to stablecoin holders has spurred a boom in stakable stablecoins. Investors now seek protocol-native yields to sidestep restrictions. The stablecoin market has grown from $205 billion to $268 billion this year, and analysts predict it may near $300 billion by year-end. This demonstrates that even with tighter regulation, demand for high-yield dollar alternatives remains robust, fueling another wave of DeFi innovation and adoption.</li></ul> <h2 id="h2-5paw5ZOB6YCf6YCS8J+RgOWJjeiLueaenOW3peeoi+W4iOaOqOWHuumakOengeS/neaKpOWKoOWvhiBWaXNhIOWNoSBQYXl5">Product Watch 👀 Ex-Apple Engineer Launches Privacy-First Crypto Visa Card, Payy</h2><p>Summary</p> <ul> <li>The Payy Visa card uses zero-knowledge proofs (ZKP) and its own blockchain to enable private stablecoin payments, so transaction amounts are not publicly visible on-chain.</li><li>Developed by Polybase Labs, founded by former Apple iOS engineer Sid Gandhi, it was three years in development, balancing privacy and compliance.</li><li>Payy is designed for everyday users, emphasizing an easy onboarding experience and letting users self-custody and spend stablecoins without needing blockchain expertise.</li></ul> <p>Why This Matters</p> <ul> <li>Payy addresses the two biggest crypto payment barriers: privacy and usability. Legacy blockchain payment solutions expose users’ histories on-chain, but Payy protects privacy while staying compliant. This paves the way for mainstream adoption and offers a practical self-custody stablecoin payment alternative that could compete with traditional banking.</li></ul> <h3 id="h3-8J+RgE1ldGFNYXNrIOaIluS4jiBTdHJpcGUg6K6h5YiS6IGU5ZCI5o6o5Ye656iz5a6a5biBIG1tVVNE">👀MetaMask and Stripe Could Launch mmUSD Stablecoin Together</h3><p>Summary</p> <ul> <li>An accidentally published Aave governance proposal revealed MetaMask is working with Stripe to introduce the mmUSD stablecoin, supported by the M^0 platform.</li><li>The proposal shows mmUSD will be a "core asset" of the MetaMask ecosystem, natively integrated into wallet, trading, buy/sell, and yield features.</li><li>The proposal was quickly deleted, but its authenticity was confirmed by Aave Chan Initiative founder Marc Zeller, who said the leak was premature.</li></ul> <p>Why This Matters</p> <ul> <li>This is yet another major tech player—following PayPal and Robinhood—moving into stablecoins. As one of the top crypto wallets, MetaMask’s partnership with Stripe could fast-track stablecoin integration across Web3 and traditional payments.</li></ul> <h3 id="h3-8J+RgENvaW5iYXNlIOaOqOWHuuW1jOWFpeW8j+mSseWMheW3peWFt+WMhe+8jOeugOWMluW8gOWPkeiAhSBXZWIzIOeUqOaIt+W8leWFpea1geeoiw==">👀Coinbase Launches Embedded Wallet SDK for Easier Web3 Onboarding</h3><p>Summary</p> <ul> <li>Coinbase’s developer platform now offers an Embedded Wallets SDK, making it easy for developers to integrate self-custody wallets into their apps.</li><li>The SDK features include crypto onramps, token swaps, and USDC 4.1% APY—designed to eliminate the UX/self-custody tradeoff.</li><li>Unlike traditional wallets, users can sign in via email, SMS, or OAuth—no browser extension or mnemonic phrase needed—vastly improving onboarding.</li></ul> <p>Why This Matters</p> <ul> <li>This move reflects Coinbase's strategy to fuel mass Web3 adoption by lowering developer barriers. The SDK runs on the same secure system as Coinbase DEX, delivering enterprise security and solving one of crypto’s main pain points: complex user onboarding. It also supports Coinbase's vision of the wallet as a super app, reinforcing its bridge position between crypto and the wider internet.</li></ul> <h3 id="h3-8J+RgCDnvo7lm73mlbDlrZfpk7booYwgU2xhc2gg5o6o5Ye6IFN0cmlwZSBCcmlkZ2Ug5Y+R6KGM55qE56iz5a6a5biB77yM5pSv5oyB6Z2e576O5LyB5Lia6L275p2+5pS25LuYIFVTRCDlkoznqLPlrprluIE=">👀 U.S. Neobank Slash Issues Stablecoin via Stripe Bridge, Helping Non-U.S. Firms Receive & Pay in USD/Stablecoin</h3><p>Summary</p> <ul> <li>San Francisco neobank Slash has launched USDSL, a USD stablecoin issued via Stripe’s Bridge platform.</li><li>USDSL enables global USD payments for businesses without needing a U.S. bank account, reducing settlement time and FX costs.</li><li>This comes as the GENIUS Act sets a clear regulatory framework for U.S. stablecoin issuers.</li></ul> <p>Why This Matters</p> <ul> <li>With the regulatory landscape clarified, fintechs are accelerating stablecoin adoption. Slash’s partnership with Stripe Bridge signals a new era of traditional finance and crypto convergence, promising better cross-border payment efficiency and cost. It shows stablecoins are moving from concept to practice in business payments as the U.S. regulatory environment matures.</li></ul> <h3 id="h3-8J+RgOeJueacl+aZruWFs+iBlOmhueebriBXb3JsZCBMaWJlcnR5IOaOqOWHuiBVU0QxIOeos+WumuW4geW/oOivmuW6puiuoeWIkg==">👀 Trump-Backed World Liberty Launches USD1 Stablecoin Loyalty Program</h3><p>Summary</p> <ul> <li>World Liberty Financial, a Trump-affiliated DeFi project, is rolling out a USD1 points scheme—similar to airline miles—in partnership with exchanges like Gate.</li><li>Users earn points by trading, holding, staking, using USD1 in approved DeFi protocols, or interacting with the WLFI app.</li><li>World Liberty’s USD1 stablecoin, launched in April, claims full backing by short-term U.S. Treasurys, deposits, and other cash equivalents, issued by BitGo Trust Company.</li></ul> <p>Why This Matters</p> <ul> <li>With Trump and three sons involved as ambassadors, this link raises potential conflicts of interest. The loyalty integration reflects a new direction for stablecoins—blending with rewards programs to boost user retention as competition increases, and signaling a tightening relationship between government and crypto.</li></ul> <h3 id="h3-8J+RgOaRqeagueWkp+mAmuaOqOWHuuWfuuS6jiBLaW5leHlzIOWMuuWdl+mTvueahOmTvuS4iuaXpeWGheWbnui0reino+WGs+aWueahiA==">👀 JPMorgan Launches Kinexys Blockchain Repo Solution</h3><p>Summary</p> <ul> <li>JPMorgan, in collaboration with HQLA-X and Ownera, has launched a cross-ledger repo solution using Kinexys blockchain deposit accounts for cash and securities exchange.</li><li>The solution manages the full repo lifecycle, from trade to collateral management and settlement, with minute-level settlement and maturity settings.</li><li>The platform currently handles up to $1 billion in daily transactions and is built for industry expansion across venues, collateral types, and digital cash assets.</li></ul> <p>Why This Matters</p> <ul> <li>JPMorgan is at the forefront of blockchain innovation in banking. Kinexys (formerly Onyx) now anchors the firm’s digital asset strategy and could support deposit tokens, stablecoins, and CBDCs—cutting market fragmentation. As JPMorgan launches stablecoin-like JPMD and partners with Coinbase, this step marks Wall Street’s move from tests to real-world use, setting a new institutional infrastructure benchmark.</li></ul> <h2 id="h2-55uR566h5ZCI6KeE8J+Pm++4j1BheG9zIOWboCBCaW5hbmNlIEJVU0Qg5ZCI5L2c5YWz57O76KKr57q957qm55uR566h5py65p6E572a5qy+IDQ4NTAg5LiH576O5YWD">Regulatory & Compliance 🏛️ Paxos Fined $48.5M by NYDFS over Binance BUSD Partnership</h2><p>Summary</p> <ul> <li>Paxos Trust Company will pay a $26.5 million fine to NYDFS and invest another $22 million in compliance improvements.</li><li>Regulators found that when Paxos issued BUSD with Binance in 2018, it failed to do proper due diligence and had anti-money laundering program gaps.</li><li>Paxos accepted Binance’s claim of “fully restricting U.S. users” without verifying it, leading NYDFS in 2023 to order a halt to BUSD issuance.</li></ul> <p>Why This Matters</p> <ul> <li>The penalty signals heightened regulatory scrutiny on stablecoin issuer partnerships—especially with offshore exchanges. Although Paxos said the issues were fixed over two years ago, this underscores the need for rigorous diligence and strong compliance programs among issuers. Now, with the GENIUS Act and a growing stablecoin market, regulators will only intensify scrutiny—raising legal risks for those partnering with questionable exchanges.</li></ul> <h3 id="h3-8J+Pm++4j+eJueacl+aZruetvue9suihjOaUv+WRveS7pO+8jOWBnOatoumTtuihjOWvueWKoOWvhui0p+W4geS8geS4mueahOOAjOS4jeWFrOW5s+ihjOS4uuOAjQ==">🏛️ Trump Signs Executive Order to End Banks' "Unfair Practices" Against Crypto Firms</h3><p>Summary</p> <ul> <li>President Trump signed an executive order banning federal regulators from imposing additional oversight on banks serving crypto firms on grounds of "reputational risk."</li><li>The order seeks to end "Operation Choke Point 2.0" by stopping banks from denying services based on politics or subjective assessments of high-risk sectors.</li><li>The Fed, OCC, and FDIC pledged not to use "reputational risk" in reviewing bank relationships; Financial Services Chair Hill and Senator Lummis back the measure.</li></ul> <p>Why This Matters</p> <ul> <li>This move eliminates regulators’ subjective lever, forcing banks to base decisions on legal and financial—not reputational—risk. It affirms crypto’s legal status and guarantees equal banking access, reshaping the dynamic between banks and crypto companies as regulatory frameworks evolve and driving deeper integration between traditional finance and digital assets.</li></ul> <p>Capital Moves</p> <p>💰Tether Buys MiCA-Licensed Exchange Bit2Me Stake, Leads $32.7M Funding</p> <p>Summary</p> <ul> <li>Tether has acquired a minority stake in Spain's Bit2Me and led a €30 million ($32.7 million) financing round, expected to close in the coming weeks.</li><li>Bit2Me is the first EU MiCA-licensed Spanish-language exchange, allowing access to all 27 EU member states.</li><li>This funding will support Bit2Me’s expansion in the EU and Latin America (starting with Argentina); the exchange serves 1.2 million users since its 2014 founding.</li></ul> <p>Why This Matters</p> <ul> <li>This is Tether’s strategy to regain European market position as MiCA squeezes out competitors. With exchanges delisting or reducing USDT status in recent years, Tether is leveraging its record profits for strategic investments in licensed exchanges, securing compliant outlets and demonstrating a global expansion approach across regulatory regimes.</li></ul> <h3 id="h3-8J+SsFJpcHBsZSDlsIbmlqXotYQgMiDkur/nvo7lhYPmlLbotK3nqLPlrprluIHmlK/ku5jlubPlj7AgUmFpbA==">💰Ripple to Acquire Stablecoin Payment Platform Rail for $200M</h3><p>Summary</p> <ul> <li>Ripple is acquiring stablecoin payment platform Rail in a $200 million deal, set to close in Q4 2025.</li><li>Rail is projected to process over 10% of stablecoin payments globally in 2025, with the market worth about $36 billion.</li><li>Through this acquisition, Ripple will offer enterprise-grade stablecoin payment services, supporting RLUSD, XRP, and more, and enabling clients to on/off-ramp without holding crypto directly.</li></ul> <p>Why This Matters</p> <ul> <li>This follows Ripple’s $1.25 billion April acquisition of Hidden Road and signals an accelerated push into stablecoins. As Ripple pursues EU MiCA approval and RLUSD secures Dubai regulatory clearance, the company is expanding globally and shifting from cross-border payment specialist to comprehensive financial service provider—reflecting mounting competition for institutional stablecoin solutions.</li></ul> <h3 id="h3-5aOw5piO77ya">Disclaimer:</h3><ol> <li>This article is republished from [<a href="https://mp.weixin.qq.com/s/9eK_y7Hteu4QC2Af4zlPMA">Cobo</a>] with the original title, “Cobo Stablecoin Weekly NO.19: After the Stablecoin Act Passes, What's the Next Battlefield?" All rights reserved by the original author [<em>Cobo</em>]. For any copyright concerns, please contact the <a href="[https://www.gate.com/questionnaire/3967](https://www.gate.com/questionnaire/3967">Gate Learn Team</a> for prompt handling by official procedure.</li><li>Disclaimer: The views and opinions expressed are solely those of the author and do not constitute investment advice.</li><li>Other language versions are translated by the Gate Learn Team. Unless <a href="[http://Gate.com](http://gate.com"><a href="http://gate.io/">Gate</a></a> is expressly mentioned, copying, distribution, or plagiarism of these translations is prohibited.</li></ol>
StableCoin

<p>Repost of the original article, "Cobo Stablecoin Weekly NO.19: After the Stablecoin Act Passes, What's the Next Battlefield?"</p> <h3 id="h3-5biC5Zy65qaC6KeI5LiO5aKe6ZW/5Lqu54K5">Market Overview & Growth Highlights</h3><p>The total market capitalization of stablecoins stands at $269.696 billion, representing a week-over-week increase of $2.606 billion. In terms of market structure, USDT maintains a dominant 61.25% share, while USDC ranks second with a market cap of $64.502 billion and a 23.92% share.</p> <h2 id="h2-5Yy65Z2X6ZO+572R57uc5YiG5biD56iz5a6a5biB5biC5YC85YmN5LiJ572R57uc77ya">Top 3 Blockchain Networks by Stablecoin Market Cap:</h2><ol> <li>Ethereum: $135.786 billion</li><li>Tron: $82.995 billion</li><li>Solana: $11.431 billion</li></ol> <h3 id="h3-5ZGo5aKe6ZW/5pyA5b+r55qE572R57ucIFRPUDPvvJo=">Top 3 Fastest-Growing Networks This Week:</h3><ol> <li>Berachain: +96.57% (USDT share 43.15%)</li><li>XRPL: +49.84% (RLUSD share 49.11%)</li><li>Sei: +47.95% (USDC share 85.96%)</li></ol> <p>Source: DefiLlama</p> <h2 id="h2-8J+Or+e+juWbveOAiumTtuihjOS/neWvhuazleOAi+WSjOeos+WumuW4geaUr+S7mOeahOmakOengeimgeaxgg==">🎯 U.S. "Bank Secrecy Act" and Stablecoin Payment Privacy Requirements</h2><p>Following the passage of the U.S. Stablecoin Act, privacy has emerged as the next major focus for regulators and the market.</p> <p>With stablecoin market capitalization surpassing $270 billion and rapidly integrating into mainstream payment systems, full on-chain transparency has begun to expose new challenges. Because every transaction on a public blockchain is permanently visible, companies effectively make their entire financial history, supply chain details, and compensation structures public. While this may only be an annoyance for retail users, it is a hard barrier for enterprises and institutions—which means competitors can track every transaction in real time. If unresolved, this issue could significantly slow stablecoin adoption in business payments and institutional settlements.</p> <p>If privacy is a concern, stablecoin penetration into business payments and institutional settlements will face substantial obstacles. Coinbase Chief Legal Officer Paul Grewal recently stated that for laws like the GENIUS Act to be effective, the Bank Secrecy Act must be upgraded in parallel. The current regulatory model is inefficient and stores sensitive data in centralized repositories—prime targets for hackers—while also falling short on anti-money laundering effectiveness.</p> <p>Grewal emphasized that privacy and security are not mutually exclusive. Technologies like zero-knowledge proofs (ZKP) and decentralized identity (DID) already enable “compliant verification without exposing raw data,” so institutions can access only verification results, not underlying data. This achieves a balance between data minimization and precision regulation. He urged the U.S. Treasury to establish a public-private collaboration framework, prioritize ZKP-ready compliance modules for rapid deployment, focus surveillance on key data points for suspicious transactions, and leverage AI risk models to enhance screening efficiency. These steps would protect privacy without compromising regulatory rigor and eliminate the biggest roadblock to institutional stablecoin adoption—giving the U.S. a lead in digital asset regulation and internationalization.</p> <h2 id="h2-8J+Or+e+juWbveWIqeaBr+emgeS7pOS4i++8jOeos+WumuW4geeahOOAjOWlluWKsee7j+a1juWtpuOAjQ==">🎯 Stablecoin "Reward Economics" under U.S. Interest Payment Ban</h2><p>Regulatory restrictions often drive unexpected innovation. For instance, the GENIUS Act prohibits stablecoin issuers from paying interest to users—a move meant to curb high-risk behavior but that has instead fueled a surge in yield-bearing stablecoins. Since its passage, products like Ethena’s USDe have added billions in supply, using exchange funding rates rather than Treasurys to generate yield and successfully sidestep legal limits.</p> <p>In the current regulatory gray zone, Coinbase and PayPal have rebranded stablecoin earnings as "rewards," avoiding language that restricts such payouts to issuers only. Coinbase shares Circle earnings with users, while PayPal leverages Paxos to ring-fence issuer risk and continues to offer a 4.5% APY. Anchorage and Ethena Labs have even linked stablecoin yields to tokenized assets like BlackRock’s BUIDL, creating institutional-grade compliant yield channels.</p> <p>Paying interest to holders is now central to attracting capital in both mature and emerging markets. Coinbase even built an API for “interest rewards” via its embedded wallet SDK, lowering the technical bar for developers to add APY features. In high-inflation markets like Latin America, Slash’s USDSL offers a 4.5% annual reward, harnessing the dollar’s inflation resistance to rapidly draw in capital. Through increasingly sophisticated and compliant financial engineering, stablecoins are efficiently passing through returns on underlying assets and reshaping the landscape for user relationships and value distribution.</p> <h3 id="h3-8J+Or+mmmea4r+OAiueos+WumuW4geadoeS+i+OAi+eUn+aViOeahOWFs+mUruivjeKAlOKAlOmAj+aYjuS4juWFqOmTvui3r+ebkeeuoQ==">🎯 Key Features of Hong Kong's Stablecoin Ordinance: Transparency & Full-Spectrum Oversight</h3><p>The Hong Kong Stablecoin Ordinance has officially taken effect, sparking significant debate over mandatory KYC, foreign stablecoin rules, and DeFi compatibility. In reality, <a href="https://mp.weixin.qq.com/s?__biz=MzI0ODgzMDE5MA==&amp;mid=2247510734&amp;idx=1&amp;sn=368a5a6ed3d067ba05eacbb4be234dd7&amp;scene=21#wechat_redirect">the rules do not amount to a blanket ban, but instead target stablecoins "issued in Hong Kong" or "denominated in HKD," with a particular focus on RMB-related tokenized assets</a>. Offshore stablecoins like USDT and USDC circulating on secondary markets are not directly affected. Hong Kong’s approach is to control the point of issuance and use high regulatory barriers to focus on high-value use cases such as RMB asset tokenization and offshore RMB stablecoins—effectively building "quasi-sovereign settlement instruments" that differentiate it from the U.S. and EU strategies.</p> <p>The law’s key principles are transparency and full-lifecycle supervision. From issuance and custody to clearing and distribution, strict standards apply at each step and licensing barriers are high. Downstream activities like custody, distribution, and settlement must all be compliant. Banks, payment platforms, and on-chain infrastructure providers are all included under one framework, shifting the ecosystem from "open access" to "permissioned access." In this environment, providers with multi-party computation (MPC) wallet technology, on-chain compliance, and risk controls become core partners for banks and tech giants.</p> <p>Such strict oversight brings new challenges. Issuers must take ultimate compliance responsibility for their downstream ecosystem—including custody, distribution, and clearing partners. All participants must meet both technical and regulatory standards, driving the sector toward greater specialization and opening up opportunities for infrastructure providers. Vendors are needed to deliver multi-signature, MPC, HSM, and wallet solutions to help issuers establish private key security as the bedrock of trust—balancing asset sovereignty with legal traceability and transforming wallets from simple back-end tools into entry points for compliant security architectures.</p> <h2 id="h2-5biC5Zy66YeH55So">Market Adoption</h2><h3 id="h3-8J+MseaRqeagueWkp+mAmu+8mkRlRmkg5ZKM6LWE5Lqn6YCa6K+B5YyW5aKe6ZW/44CM5LuN5Luk5Lq65aSx5pyb44CN">🌱 JPMorgan: DeFi and Asset Tokenization Growth "Still Disappointing"</h3><h3 id="h3-6KaB54K56YCf6KeI">Summary</h3><ul> <li>DeFi total value locked (TVL) hasn’t returned to its 2021 peak. The sector remains dominated by retail and crypto-native firms; traditional institutions are largely absent.</li><li>Globally, tokenized assets total only about $25 billion—a figure analysts call “insignificant.” More than 60 tokenized bonds have been issued, collectively worth $8 billion, with almost zero secondary market trading.</li><li>Major institutional barriers: lack of harmonized cross-border regulation, unclear legal framework for on-chain investments, and insufficient safeguards for smart contract execution and protocol security.</li></ul> <p>Why This Matters</p> <ul> <li>This report exposes the disconnect between DeFi/tokenization hype and real-world adoption. Despite better infrastructure and new KYC-compliant vaults and permissioned lending pools, traditional finance is still on the sidelines. The report notes that traditional systems, driven by fintech, are moving toward faster, lower-cost settlement and payments—challenging blockchain’s necessity and highlighting the need for truly compelling, institutional-grade crypto use cases.</li></ul> <h3 id="h3-8J+MsSBSZW1pdGx5IOWQr+eUqOeos+WumuW4geaKgOacr+S8mOWMlui3qOWig+aUr+S7mOS4muWKoSDvvIzlsIbmjqjlh7rlpJrluIHnp43mlbDlrZfpkrHljIXmnI3liqE=">🌱 Remitly Adopts Stablecoin Tech, Will Launch Multi-Currency Digital Wallet</h3><p>Summary</p> <ul> <li>Remitly plans to launch a multi-currency "Remitly Wallet" this September, allowing users to store both fiat and stablecoins, specifically targeting users in high-inflation or volatile-currency countries.</li><li>Partnering with Stripe’s Bridge, Remitly will offer stablecoin payouts in over 170 countries, extending its current fiat network.</li><li>Remitly has integrated USDC and other stablecoins into its internal operations to enable 24/7 liquidity, reduce pre-funding, and increase capital efficiency.</li></ul> <p>Why This Matters</p> <ul> <li>This marks the mass adoption of stablecoin technology by mainstream cross-border payment providers. Stablecoin integration allows Remitly to provide value protection in high-inflation regions and solve liquidity challenges faced by traditional remittance businesses. This new model will accelerate real-world use of stablecoins, offering more efficient, lower-cost solutions for hundreds of millions who rely on cross-border finance, especially in markets with underdeveloped financial infrastructure.</li></ul> <h3 id="h3-8J+MsSBUZXRoZXIgQ0VP77yaNDAlIOWMuuWdl+mTvuaJi+e7rei0uea6kOiHqiBVU0RUIOi9rOi0pg==">🌱 Tether CEO: 40% of Blockchain Fees Come from USDT Transfers</h3><p>Summary</p> <ul> <li>Tether CEO Paolo Ardoino stated that 40% of all blockchain fees across nine major public chains are for USDT transfers.</li><li>In emerging markets, hundreds of millions use USDT daily to hedge against currency depreciation and inflation, making USDT one of the most active blockchain applications globally.</li><li>Crypto "transactions" typically mean trades, swaps, and arbitrage within exchanges or liquidity pools—these don’t always incur on-chain fees. However, on-chain USDT transfers imply real movement of funds and indicate "genuine usage" rather than speculation.</li></ul> <p>Why This Matters</p> <ul> <li>This demonstrates USDT’s dominant role in the blockchain ecosystem, far surpassing other applications. Paolo predicts future competition will center on gas fee optimization and USDT transfer fees, reflecting stablecoins’ evolution into solutions for real-world financial needs—especially in unstable economies. It also highlights blockchain’s tangible contribution to financial inclusion.</li></ul> <h2 id="h2-5a6P6KeC6LaL5Yq/8J+UrueRnuepl+mTtuihjO+8mkNvaW5iYXNlIFEyIOi0ouaKpeaYvuekuiBDaXJjbGUgVVNEQyDliKnmtqbnjofmraPlnKjokI7nvKk=">Macro Trends 🔮 Mizuho: Coinbase Q2 Earnings Signal Shrinking USDC Margins</h2><p>Summary</p> <ul> <li>Mizuho estimates Circle generated about $625 million in USDC reserve interest in Q2, of which $332.5 million was shared with Coinbase.</li><li>As Binance and other distribution partners join, Circle’s net reserve income margin faces rising structural costs and more pressure.</li><li>With the GENIUS Act passed, JPMorgan and Bank of America are set to launch their own stablecoins, intensifying competition within the dollar stablecoin market.</li></ul> <p>Why This Matters</p> <ul> <li>Despite a strong IPO, Mizuho rates Circle as “underperform” with an $85 target price, arguing that markets underestimate the risks facing USDC. With a broader distribution network, Circle’s profit-sharing model is being eroded, potentially weakening its earnings. Lower interest rates and the entry of traditional banks will challenge USDC’s edge, reshaping the stablecoin market landscape.</li></ul> <h3 id="h3-8J+Urue+jui0ouaUv+mDqOWIm+e6quW9leaJqeWkp+efreacn+WbveWAuuWPkeihjO+8jOeos+WumuW4geaIkOaWsOS5sOWutg==">🔮 U.S. Treasury Expands Short-Term Debt Issuance, Stablecoins Emerge as Key Buyers</h3><p>Summary</p> <ul> <li>The U.S. Treasury will auction $100 billion in four-week bills—a record—up $5 billion from the prior offering, keeping eight- and seventeen-week bills unchanged.</li><li>Short-term bill yields above 4% are attracting fresh capital; short-term Treasury ETFs saw $16.7 billion in Q2 inflows, doubling year-over-year.</li><li>The Treasury Borrowing Advisory Committee noted stablecoin issuance growth as a new demand driver, while the GENIUS Act requires stablecoin issuers to hold Treasurys and other secure assets.</li></ul> <p>Why This Matters</p> <ul> <li>The Trump administration favors short-term financing, with Secretary Besant saying long-term issuance is too costly at current rates. Rising stablecoin demand is now a major variable in the T-bill market, as regulatory rules require stablecoin issuers to hold safe assets, creating new structural bids. At the same time, global central banks are pivoting from dollar assets to gold, with Bank of America forecasting gold could surpass $4,000—reflecting deepening market concerns about U.S. debt sustainability.</li></ul> <h3 id="h3-8J+UruOAikdFTklVUyDms5XmoYjjgIvpgJrov4fku6XmnaXmlLbnm4rlnovnqLPlrprluIHkvpvlupTmv4Dlop4=">🔮 Yield-Bearing Stablecoins Surge After GENIUS Act Enacted</h3><p>Summary</p> <ul> <li>Since the July 18 signing of the GENIUS Act, yield-focused stablecoin Ethena USDe’s supply has jumped 70% to $9.49 billion, making it the third largest stablecoin.</li><li>Sky’s USDS grew 23% to $4.81 billion, now fourth largest. These stablecoins pay yields through staking mechanisms.</li><li>USDe currently yields 10.86% APY; USDS, 4.75%. Considering June U.S. inflation at 2.7%, real yields are 8.16% and 2.05% respectively.</li></ul> <p>Why This Matters</p> <ul> <li>The GENIUS Act’s ban on direct yield to stablecoin holders has spurred a boom in stakable stablecoins. Investors now seek protocol-native yields to sidestep restrictions. The stablecoin market has grown from $205 billion to $268 billion this year, and analysts predict it may near $300 billion by year-end. This demonstrates that even with tighter regulation, demand for high-yield dollar alternatives remains robust, fueling another wave of DeFi innovation and adoption.</li></ul> <h2 id="h2-5paw5ZOB6YCf6YCS8J+RgOWJjeiLueaenOW3peeoi+W4iOaOqOWHuumakOengeS/neaKpOWKoOWvhiBWaXNhIOWNoSBQYXl5">Product Watch 👀 Ex-Apple Engineer Launches Privacy-First Crypto Visa Card, Payy</h2><p>Summary</p> <ul> <li>The Payy Visa card uses zero-knowledge proofs (ZKP) and its own blockchain to enable private stablecoin payments, so transaction amounts are not publicly visible on-chain.</li><li>Developed by Polybase Labs, founded by former Apple iOS engineer Sid Gandhi, it was three years in development, balancing privacy and compliance.</li><li>Payy is designed for everyday users, emphasizing an easy onboarding experience and letting users self-custody and spend stablecoins without needing blockchain expertise.</li></ul> <p>Why This Matters</p> <ul> <li>Payy addresses the two biggest crypto payment barriers: privacy and usability. Legacy blockchain payment solutions expose users’ histories on-chain, but Payy protects privacy while staying compliant. This paves the way for mainstream adoption and offers a practical self-custody stablecoin payment alternative that could compete with traditional banking.</li></ul> <h3 id="h3-8J+RgE1ldGFNYXNrIOaIluS4jiBTdHJpcGUg6K6h5YiS6IGU5ZCI5o6o5Ye656iz5a6a5biBIG1tVVNE">👀MetaMask and Stripe Could Launch mmUSD Stablecoin Together</h3><p>Summary</p> <ul> <li>An accidentally published Aave governance proposal revealed MetaMask is working with Stripe to introduce the mmUSD stablecoin, supported by the M^0 platform.</li><li>The proposal shows mmUSD will be a "core asset" of the MetaMask ecosystem, natively integrated into wallet, trading, buy/sell, and yield features.</li><li>The proposal was quickly deleted, but its authenticity was confirmed by Aave Chan Initiative founder Marc Zeller, who said the leak was premature.</li></ul> <p>Why This Matters</p> <ul> <li>This is yet another major tech player—following PayPal and Robinhood—moving into stablecoins. As one of the top crypto wallets, MetaMask’s partnership with Stripe could fast-track stablecoin integration across Web3 and traditional payments.</li></ul> <h3 id="h3-8J+RgENvaW5iYXNlIOaOqOWHuuW1jOWFpeW8j+mSseWMheW3peWFt+WMhe+8jOeugOWMluW8gOWPkeiAhSBXZWIzIOeUqOaIt+W8leWFpea1geeoiw==">👀Coinbase Launches Embedded Wallet SDK for Easier Web3 Onboarding</h3><p>Summary</p> <ul> <li>Coinbase’s developer platform now offers an Embedded Wallets SDK, making it easy for developers to integrate self-custody wallets into their apps.</li><li>The SDK features include crypto onramps, token swaps, and USDC 4.1% APY—designed to eliminate the UX/self-custody tradeoff.</li><li>Unlike traditional wallets, users can sign in via email, SMS, or OAuth—no browser extension or mnemonic phrase needed—vastly improving onboarding.</li></ul> <p>Why This Matters</p> <ul> <li>This move reflects Coinbase's strategy to fuel mass Web3 adoption by lowering developer barriers. The SDK runs on the same secure system as Coinbase DEX, delivering enterprise security and solving one of crypto’s main pain points: complex user onboarding. It also supports Coinbase's vision of the wallet as a super app, reinforcing its bridge position between crypto and the wider internet.</li></ul> <h3 id="h3-8J+RgCDnvo7lm73mlbDlrZfpk7booYwgU2xhc2gg5o6o5Ye6IFN0cmlwZSBCcmlkZ2Ug5Y+R6KGM55qE56iz5a6a5biB77yM5pSv5oyB6Z2e576O5LyB5Lia6L275p2+5pS25LuYIFVTRCDlkoznqLPlrprluIE=">👀 U.S. Neobank Slash Issues Stablecoin via Stripe Bridge, Helping Non-U.S. Firms Receive & Pay in USD/Stablecoin</h3><p>Summary</p> <ul> <li>San Francisco neobank Slash has launched USDSL, a USD stablecoin issued via Stripe’s Bridge platform.</li><li>USDSL enables global USD payments for businesses without needing a U.S. bank account, reducing settlement time and FX costs.</li><li>This comes as the GENIUS Act sets a clear regulatory framework for U.S. stablecoin issuers.</li></ul> <p>Why This Matters</p> <ul> <li>With the regulatory landscape clarified, fintechs are accelerating stablecoin adoption. Slash’s partnership with Stripe Bridge signals a new era of traditional finance and crypto convergence, promising better cross-border payment efficiency and cost. It shows stablecoins are moving from concept to practice in business payments as the U.S. regulatory environment matures.</li></ul> <h3 id="h3-8J+RgOeJueacl+aZruWFs+iBlOmhueebriBXb3JsZCBMaWJlcnR5IOaOqOWHuiBVU0QxIOeos+WumuW4geW/oOivmuW6puiuoeWIkg==">👀 Trump-Backed World Liberty Launches USD1 Stablecoin Loyalty Program</h3><p>Summary</p> <ul> <li>World Liberty Financial, a Trump-affiliated DeFi project, is rolling out a USD1 points scheme—similar to airline miles—in partnership with exchanges like Gate.</li><li>Users earn points by trading, holding, staking, using USD1 in approved DeFi protocols, or interacting with the WLFI app.</li><li>World Liberty’s USD1 stablecoin, launched in April, claims full backing by short-term U.S. Treasurys, deposits, and other cash equivalents, issued by BitGo Trust Company.</li></ul> <p>Why This Matters</p> <ul> <li>With Trump and three sons involved as ambassadors, this link raises potential conflicts of interest. The loyalty integration reflects a new direction for stablecoins—blending with rewards programs to boost user retention as competition increases, and signaling a tightening relationship between government and crypto.</li></ul> <h3 id="h3-8J+RgOaRqeagueWkp+mAmuaOqOWHuuWfuuS6jiBLaW5leHlzIOWMuuWdl+mTvueahOmTvuS4iuaXpeWGheWbnui0reino+WGs+aWueahiA==">👀 JPMorgan Launches Kinexys Blockchain Repo Solution</h3><p>Summary</p> <ul> <li>JPMorgan, in collaboration with HQLA-X and Ownera, has launched a cross-ledger repo solution using Kinexys blockchain deposit accounts for cash and securities exchange.</li><li>The solution manages the full repo lifecycle, from trade to collateral management and settlement, with minute-level settlement and maturity settings.</li><li>The platform currently handles up to $1 billion in daily transactions and is built for industry expansion across venues, collateral types, and digital cash assets.</li></ul> <p>Why This Matters</p> <ul> <li>JPMorgan is at the forefront of blockchain innovation in banking. Kinexys (formerly Onyx) now anchors the firm’s digital asset strategy and could support deposit tokens, stablecoins, and CBDCs—cutting market fragmentation. As JPMorgan launches stablecoin-like JPMD and partners with Coinbase, this step marks Wall Street’s move from tests to real-world use, setting a new institutional infrastructure benchmark.</li></ul> <h2 id="h2-55uR566h5ZCI6KeE8J+Pm++4j1BheG9zIOWboCBCaW5hbmNlIEJVU0Qg5ZCI5L2c5YWz57O76KKr57q957qm55uR566h5py65p6E572a5qy+IDQ4NTAg5LiH576O5YWD">Regulatory & Compliance 🏛️ Paxos Fined $48.5M by NYDFS over Binance BUSD Partnership</h2><p>Summary</p> <ul> <li>Paxos Trust Company will pay a $26.5 million fine to NYDFS and invest another $22 million in compliance improvements.</li><li>Regulators found that when Paxos issued BUSD with Binance in 2018, it failed to do proper due diligence and had anti-money laundering program gaps.</li><li>Paxos accepted Binance’s claim of “fully restricting U.S. users” without verifying it, leading NYDFS in 2023 to order a halt to BUSD issuance.</li></ul> <p>Why This Matters</p> <ul> <li>The penalty signals heightened regulatory scrutiny on stablecoin issuer partnerships—especially with offshore exchanges. Although Paxos said the issues were fixed over two years ago, this underscores the need for rigorous diligence and strong compliance programs among issuers. Now, with the GENIUS Act and a growing stablecoin market, regulators will only intensify scrutiny—raising legal risks for those partnering with questionable exchanges.</li></ul> <h3 id="h3-8J+Pm++4j+eJueacl+aZruetvue9suihjOaUv+WRveS7pO+8jOWBnOatoumTtuihjOWvueWKoOWvhui0p+W4geS8geS4mueahOOAjOS4jeWFrOW5s+ihjOS4uuOAjQ==">🏛️ Trump Signs Executive Order to End Banks' "Unfair Practices" Against Crypto Firms</h3><p>Summary</p> <ul> <li>President Trump signed an executive order banning federal regulators from imposing additional oversight on banks serving crypto firms on grounds of "reputational risk."</li><li>The order seeks to end "Operation Choke Point 2.0" by stopping banks from denying services based on politics or subjective assessments of high-risk sectors.</li><li>The Fed, OCC, and FDIC pledged not to use "reputational risk" in reviewing bank relationships; Financial Services Chair Hill and Senator Lummis back the measure.</li></ul> <p>Why This Matters</p> <ul> <li>This move eliminates regulators’ subjective lever, forcing banks to base decisions on legal and financial—not reputational—risk. It affirms crypto’s legal status and guarantees equal banking access, reshaping the dynamic between banks and crypto companies as regulatory frameworks evolve and driving deeper integration between traditional finance and digital assets.</li></ul> <p>Capital Moves</p> <p>💰Tether Buys MiCA-Licensed Exchange Bit2Me Stake, Leads $32.7M Funding</p> <p>Summary</p> <ul> <li>Tether has acquired a minority stake in Spain's Bit2Me and led a €30 million ($32.7 million) financing round, expected to close in the coming weeks.</li><li>Bit2Me is the first EU MiCA-licensed Spanish-language exchange, allowing access to all 27 EU member states.</li><li>This funding will support Bit2Me’s expansion in the EU and Latin America (starting with Argentina); the exchange serves 1.2 million users since its 2014 founding.</li></ul> <p>Why This Matters</p> <ul> <li>This is Tether’s strategy to regain European market position as MiCA squeezes out competitors. With exchanges delisting or reducing USDT status in recent years, Tether is leveraging its record profits for strategic investments in licensed exchanges, securing compliant outlets and demonstrating a global expansion approach across regulatory regimes.</li></ul> <h3 id="h3-8J+SsFJpcHBsZSDlsIbmlqXotYQgMiDkur/nvo7lhYPmlLbotK3nqLPlrprluIHmlK/ku5jlubPlj7AgUmFpbA==">💰Ripple to Acquire Stablecoin Payment Platform Rail for $200M</h3><p>Summary</p> <ul> <li>Ripple is acquiring stablecoin payment platform Rail in a $200 million deal, set to close in Q4 2025.</li><li>Rail is projected to process over 10% of stablecoin payments globally in 2025, with the market worth about $36 billion.</li><li>Through this acquisition, Ripple will offer enterprise-grade stablecoin payment services, supporting RLUSD, XRP, and more, and enabling clients to on/off-ramp without holding crypto directly.</li></ul> <p>Why This Matters</p> <ul> <li>This follows Ripple’s $1.25 billion April acquisition of Hidden Road and signals an accelerated push into stablecoins. As Ripple pursues EU MiCA approval and RLUSD secures Dubai regulatory clearance, the company is expanding globally and shifting from cross-border payment specialist to comprehensive financial service provider—reflecting mounting competition for institutional stablecoin solutions.</li></ul> <h3 id="h3-5aOw5piO77ya">Disclaimer:</h3><ol> <li>This article is republished from [<a href="https://mp.weixin.qq.com/s/9eK_y7Hteu4QC2Af4zlPMA">Cobo</a>] with the original title, “Cobo Stablecoin Weekly NO.19: After the Stablecoin Act Passes, What's the Next Battlefield?" All rights reserved by the original author [<em>Cobo</em>]. For any copyright concerns, please contact the <a href="[https://www.gate.com/questionnaire/3967](https://www.gate.com/questionnaire/3967">Gate Learn Team</a> for prompt handling by official procedure.</li><li>Disclaimer: The views and opinions expressed are solely those of the author and do not constitute investment advice.</li><li>Other language versions are translated by the Gate Learn Team. Unless <a href="[http://Gate.com](http://gate.com"><a href="http://gate.io/">Gate</a></a> is expressly mentioned, copying, distribution, or plagiarism of these translations is prohibited.</li></ol>

<p>After more than a decade of explosive crypto growth, the four-year Bitcoin halving cycle is no longer the driving force behind massive wealth creation. Instead, intermittent liquidity injections from the U.S. stock market, dollar, and Treasuries now shape market cycles, with each phase sparked by distinct catalysts—much like Pendle’s journey from fixed income, LSTs, and BTCFi to newer narratives such as Ethena and Boros.</p> <p>It’s far harder to become “new money” than to manage “old money.”</p> <p>As custodians put it: “We serve the money, wherever it is.”</p> <p>In crypto, real wealth is concentrated in three groups: individual whales (early BTC miners, early ETH investors, DeFi Summer OGs), on-chain institutions (crypto-native VCs, centralized exchanges, public chains, and a few top project teams), and both established and emerging Wall Street giants.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/9ed6c1c583d01f3ccbdb76a46511deac93a9d4fc.png" alt=""><br>Image: Peak Custodian Funding<br>Source: <a href="https://github.com/zuoyeweb3" title="&#64;zuoyeweb3" class="at-link">@zuoyeweb3</a></p> <p>Custody providers have since branched out. After $3 billion in funding in 2021 and the FTX-Celsius, 3AC-Luna-UST crises in 2022, the crypto custody sector’s landscape solidified. For example:</p> <ul> <li>• Copper/Ceffu/Cobo: On-chain project custody</li><li>• Coinbase: ETF custody</li><li>• BNY Mellon: Bank-grade custody</li><li>• Fireblock: Exchange custody</li></ul> <p>Coinbase, in particular, has captured virtually the entire ETF custody market: over 80% of BTC and ETH ETF issuers select Coinbase. For treasury management, MSTR also favors Coinbase for BTC custody.</p> <h2 id="h2-5Li65pWj5oi35Lqk5piT5pe25Luj57uT5p2f77yM5Li65py65p6E55CG6LSi5pe25Luj5Yiw5p2l">The Era of Retail Trading Closes, and Institutional Asset Management Begins</h2><p>How people make money in crypto changes with the times. Under the force of capital scale, those with the most money take the lion’s share of profits. After miners, exchanges, and market makers, custodians are next in line—especially as traditional financial capital flows on-chain. This capital will rarely go straight to public chains or exchanges, instead moving through custodial intermediaries.</p> <p>Ethereum’s daily transaction count has surpassed the peak of DeFi Summer, reaching 1.74 million. Yet this wave isn’t driven by memes or trading; it’s the stablecoin yield loops ignited by Aave and Ethena at the core.</p> <p>Similarly, Aave is working with Plasma to bring stablecoins on-chain for traditional finance. Due to the Genius Act, payment stablecoins can’t pay interest to users, so capital deposited on-chain sits idle and becomes “dead weight” for issuers.</p> <p>Meanwhile, as aggregate CEX trading volumes shrink, bets are shifting to custody, staking, and yield products—new business verticals that banks and TradFi now target. Especially amid expectations of rate cuts, there’s growing interest in channeling liquidity from 401(k) plans and treasury management strategies onto blockchains—a fresh wave of fintech innovation.</p> <p>The exchange cycle is approaching its end; on-chain platforms and IPOs are simultaneously pressuring exchanges. Hyperliquid is signaling a flippening of Binance, and exchanges like Kraken and Bullish are vying for Coinbase’s unique status as a public company.</p> <p>Strategically, all eyes are on post-CEX asset yield. For enormous pools of established wealth, a lower APR is acceptable as long as principal is ultra-safe. Tether built a physical gold vault for its own reserves—on-chain vaults are positioning for similar, lucrative business.</p> <p>In the ETF era, Coinbase’s dominance is difficult to dislodge, but each new cycle gives second- and third-tier operators new openings in the market landscape.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/49c0f9bfe131845f1d8c6209cce74da4678a5f2a.png" alt=""><br>Image: TradFi &amp; DeFi Convergence<br>Source: <a href="https://github.com/zuoyeeb3" title="&#64;zuoyeeb3" class="at-link">@zuoyeeb3</a></p> <p>Compared to the tidal waves of capital in the U.S. dollar, Treasuries, and equities, crypto still feels like collecting water with a bowl—only when the “bathtub” (infrastructure) is big and safe enough will substantial institutional capital flow smoothly into the space.</p> <p>Legacy powerhouses are splitting paths. Anchorage Digital and Galaxy Digital have emerged as two of the most prominent representatives.</p> <ul> <li>• Treasury solutions (DATCO): Galaxy</li><li>• Stablecoins: Anchorage</li><li>• New ETF staking: Anchorage Digital &amp; Galaxy Digital</li></ul> <p>Beyond spot BTC and ETFs, both “Digitals” are now aiming to chip away at Coinbase’s market share. That’s their common starting point.</p> <p>Two broad trends shape the current spot ETF market. One is generalization: after six months of listing as Coinbase derivatives, prominent altcoins and memecoins (beyond BTC and ETH) may be eligible for ETF conversion. The second trend is the approval of staking ETFs, which permit issuers to offer physical redemption and on-chain staking integration.</p> <p>Anchorage Digital, for example, is the exclusive custodian and staking partner for the REX-Osprey Solana Staking ETF—fitting both trends perfectly. If the bull market endures, custody of more ETF products will become a Digital focus area.</p> <p>Anchorage also nailed partnerships for traditional ETFs with 21Shares and BlackRock. Even more notably, it became the custodian for Trump Media Group’s bitcoin treasury—Anchorage’s “north wind” has reached as far as Mar-a-Lago.</p> <h2 id="h2-QW5jaG9yYWdlIOaMgeeJjOmTtuihjOeahOeos+WumuW4geW4g+WxgOS4juWKoOWvhumTgemHkeW6k+S5i+aipg==">Anchorage’s Federal Bank License, Stablecoin Ambitions, and Crypto’s Fort Knox Dream</h2><p>In 2019, Anchorage began collaborating with Visa, and by 2021 had become Visa’s USDC settlement bank.</p> <p>In 2021, Anchorage launched institutional crypto custody, reaching a $3 billion valuation, securing an OCC crypto bank charter, and becoming the U.S. Marshals Service’s digital asset custodian.</p> <p>During the 2022 market crash, Anchorage became Aptos’s preferred custodian; co-founder Diogo Mónica was also an Aptos investor.</p> <p>In Q1 2023, assets on platform rose 80%, but the company laid off 75 people (20% of staff) and called for stablecoin regulation.</p> <p>In 2024, co-founder Diogo Mónica exited core business management, leaving Nathan McCauley fully in charge.</p> <p>In 2025, Anchorage Digital will custody Trump Media’s bitcoin treasury and acquire USDM issuer Mountain Protocol.</p> <p>Anchorage Digital, founded in 2017 by Nathan McCauley and Diogo Mónica, started as a small South Dakota trust but, thanks to a fortunate turn in 2021, became the only crypto bank with an OCC charter in the U.S. to date.</p> <p>Whether in Silicon Valley, on Wall Street, or in Washington, D.C., all exclusive financial services ultimately come down to relationships and influence.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/0edcae8d144bdddd0f94aa619c23aa98be29267b.png" alt=""><br>Image: Anchorage Digital’s Relationship Map<br>Source: <a href="https://github.com/zuoyeweb3" title="&#64;zuoyeweb3" class="at-link">@zuoyeweb3</a></p> <p>Anchorage Digital offers a full suite of services to institutions—trading, derivatives, clearing, staking, and custody—making it a one-stop shop for institutional crypto solutions. Beyond classic custody, Anchorage’s bet is on stablecoins, which sets it apart from Galaxy.</p> <p>This begins our story’s first chapter: The First Mover—timing is everything.</p> <p>In 2021, under a Democrat White House known for stricter crypto oversight, and with SBF still hoping his millions spent on Biden’s campaign would pay off, former Coinbase CLO Brian Brooks was appointed Acting Comptroller of the OCC.</p> <p>Brooks took a crypto-friendly approach, urging banks to serve crypto businesses, launching the REACh roundtable, and promoting fair access for the industry.</p> <p>Anchorage seized the moment, evolving from a local trust to a federally chartered Anchorage Digital Bank.</p> <p>On January 13, 2021, Anchorage Digital Bank received the green light to accept dollar deposits and provide crypto custody.</p> <p>The very next day, January 14, Brooks resigned. By sheer luck, Anchorage remains the only OCC-chartered crypto bank to this day.</p> <p>You’ll find the weight of this license on every Anchorage Digital product page, which helped secure $430 million in Series C and D investments, letting it ride through to the 2025 stablecoin boom.</p> <p>Anchorage’s investors include both crypto VCs such as a16z and Wall Street titans like KKR and BlackRock.</p> <p>For context, BitPay and Paxos also applied for charters but were turned down—Paxos was recently fined $26.5 million by New York’s DFS over BUSD compliance.</p> <p>Anchorage holds both the federal OCC crypto bank charter and New York’s BitLicense—regulatory stature second only to BNY Mellon.</p> <p>Even after Brooks’s departure, Anchorage clashed with the OCC but, with remarkable luck, retained its charter—securing a lifelong strategic advantage.</p> <p>Backed by its license, Anchorage can custody virtually anything, from stablecoin reserves and crypto assets to NFTs. But the 2022 crash brought turbulence, starting with the founders’ own internal strife.</p> <p>Ultimately, Diogo Mónica joined Hanu Ventures as partner while remaining Executive Chair at Anchorage Digital, focusing on recruitment and strategy; Nathan McCauley took over core operations and started targeting BlackRock’s stablecoin business.</p> <p>On the ETF front, Anchorage is now the custodian for 21Shares spot BTC and ETH ETFs, as well as the exclusive custodian and staking partner for REX-Osprey Solana Staking ETF.</p> <p>Outside ETFs, Anchorage Digital also made big moves in stablecoins, partnering with Visa for stablecoin payments and listing “compliant” assets like PayPal’s PYUSD for institutional clients.</p> <p>Remarkably, Tether’s custodian and investor Cantor Fitzgerald has also teamed up with Anchorage, which now provides custodial services for Cantor Fitzgerald’s bitcoin business.</p> <p>Anchorage Digital has thus become the custodian’s custodian for Tether.</p> <p>Despite its regulatory edge, Anchorage didn’t break out until 2025—its $3 billion valuation and $50 billion AUM proved little match for Coinbase’s ETF dominance. Stablecoins have become Anchorage Digital’s core focus.</p> <p>With its federal crypto license, Anchorage Digital Bank NA (its U.S. arm) can accept both USD and stablecoin deposits and provide custody services.</p> <ul> <li>• Off-chain: Anchorage partners with Ethena to scale USDtb issuance in line with Genius Act stablecoin compliance</li><li>• On-chain: Joining forces with Paxos and Kraken to form the USDG Stablecoin Alliance, co-managing the Global Dollar Network</li></ul> <p>Anchorage is also active in treasury strategies. Former BlackRock exec Joseph Chalom joined ETH treasury firm Sharplink Gaming as co-CEO—he was instrumental in shaping BlackRock’s ETF custody partnership with Anchorage.</p> <p>BlackRock’s BUIDL fund is closely tied to Chalom, with Anchorage as custodian. Here’s the recipe:</p> <p>$BUIDL = BlackRock (issuer) = Securitize (tokenization) + Anchorage Digital (custody) + BNY Mellon (cash services)</p> <p>And going deeper, current SEC Chair Paul Atkins owns at least $250,000 in Anchorage Digital shares and is a Securitize shareholder; Securitize also partners with Ethena on Converage.</p> <p>With Galaxy Digital already public, there’s persistent speculation that Anchorage Digital will IPO. As its stablecoin business grows, it’ll need more capital—perhaps this year we’ll see the world’s first crypto bank IPO.</p> <h2 id="h2-R2FsYXh5IERpZ2l0YWwg5Z2Q5LiK6LSi5bqT5pe25Luj55qE6ZOB546L5bqn">Galaxy Digital Ascends to Crypto’s Treasury Throne</h2><p>Compared to Anchorage Digital, Galaxy commands even more market attention. It was Goldman Sachs’s first partner for crypto OTC trades in 2022 and became a go-to venue for large bitcoin exits. Galaxy actively invests in bitcoin mining, venture, and AI infrastructure, and founder Mike Novogratz’s network rivals any in the industry.</p> <p>On July 25, Galaxy helped an early miner sell roughly 80,000 BTC ($9 billion) over time. When word got out, BTC dropped nearly 4%, falling below $115,000.</p> <p>Such massive block trades invite speculation of market manipulation, but as a true institutional investor, Galaxy’s incentives favor stability and scale, not sabotage.</p> <p>Galaxy’s defining trait is timing—it aligns with every cycle. Founder Mike Novogratz, a finance veteran from outside crypto, has always viewed crypto as a way to make money, not a matter of faith.</p> <p>With retail players leaving and institutions entering, Galaxy’s role in the broadening of crypto treasury management is especially noteworthy.</p> <p>Remember ETH treasury firm Sharplink, led by former BlackRock execs?</p> <p>In June 2025, SharpLink bought at least $800 million in ETH OTC from Galaxy. Galaxy is also a backer of SharpLink—“buying from myself” in classic institutional style.</p> <p>Beyond BTC and ETFs, Galaxy also participates in Ethena’s Stablecoinx treasury and the $450 million SUI treasury Mill City Ventures III, Ltd.</p> <p>Galaxy is expanding into new OTC products as well, such as supporting Liquid Collective’s LST LsETH OTC. Liquid Collective’s lsSOL (SOL version) is aimed at institutional investors and backed by Anchorage Digital.</p> <p>Once again, the space is a closed loop—everyone’s in the same club.</p> <p>Both Anchorage Digital and Galaxy Digital are part of the GDN, underscoring the collaborative (rather than purely competitive) dynamic among dominant custodians today.</p> <p>In contrast to Anchorage’s stablecoin push via its banking license, Galaxy’s core expansion is treasury management, especially outside BTC/ETH. New, non-traditional treasuries are on the rise.</p> <p>With the advantage of sheer capital, Galaxy holds $1.8 billion in BTC and has increased its position in Ripple’s XRP by $34.4 million. Coincidentally, Ripple just announced a $200 million acquisition of stablecoin firm Rail, one of Galaxy’s portfolio companies.</p> <p>Again—buying from themselves.</p> <p>Galaxy’s filings suggest the next possible targets for treasury deployment or market making are $HYPE, $SOL, and $XRP. When Ripple’s SEC litigation ended, XRP surged 10%—once again, Galaxy beat retail to the punch.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/537e2129a57a2a54d0b97276c3a7a0bd7e8d038c.png" alt=""><br>Image: Galaxy Digital Portfolio Holdings<br>Source: <a href="https://github.com/zuoyeweb3" title="&#64;zuoyeweb3" class="at-link">@zuoyeweb3</a><br>Data: <a href="https://github.com/SECGov" title="&#64;SECGov" class="at-link">@SECGov</a></p> <p>Galaxy has fully exited UNI and TIA—legacy tokens hold no power in the new age. USDG, HYPE, and XRP are the new leaders. OTC desks always sense the tides shifting first.</p> <p>Historically, OTC desks just passively filled whale orders, with little impact on secondary market prices—a stark contrast to in-house market makers. But treasury strategies could upend this dynamic, potentially merging issuance of tokens, stocks, and bonds, and it’s unclear who will control pricing power in the future.</p> <h2 id="h2-57uT6K+t">Conclusion</h2><p>Custodians are the new intersection of capital flows: off-chain assets seek secure on-chain migration, while on-chain assets require compliant off-ramps. Treasury management strategies give custodians real influence over token prices. Crypto liquidity defines the new power structure; the days of CEXs and market makers leading the charge are waning.</p> <p>BNY Mellon manages over $52 trillion in assets under custody, while the total crypto market cap is under $4 trillion. Dollar stablecoins, crypto ETFs, and treasury platforms together amount to only $520 billion. Crypto custodians still have a long way to grow before they wield Wall Street-level influence.</p> <p>But wherever capital flows, profit follows—the question for every founder is, where is that next intersection?</p> <h3 id="h3-5aOw5piO77ya">Disclaimer:</h3><ol> <li>This article is reprinted from [<a href="https://mp.weixin.qq.com/s/235iFbT1Qv0DWFjL__cS_w">Zuoye Waibo Tree</a>], with copyright belonging to the original author [<em>Zuoye Waibo Tree</em>]. For concerns regarding republication, please contact the <a href="https://www.gate.com/questionnaire/3967">Gate Learn</a> team for prompt resolution per our policies.</li><li>Disclaimer: The views and opinions expressed herein are solely those of the author and do not constitute investment advice.</li><li>Other language versions of this article were translated by the Gate Learn team. Unless specifically attributed to <a href="http://gate.com/">Gate</a>, unauthorized reproduction, distribution, or plagiarism of the translated article is prohibited.</li></ol>
Blockchain

<p>After more than a decade of explosive crypto growth, the four-year Bitcoin halving cycle is no longer the driving force behind massive wealth creation. Instead, intermittent liquidity injections from the U.S. stock market, dollar, and Treasuries now shape market cycles, with each phase sparked by distinct catalysts—much like Pendle’s journey from fixed income, LSTs, and BTCFi to newer narratives such as Ethena and Boros.</p> <p>It’s far harder to become “new money” than to manage “old money.”</p> <p>As custodians put it: “We serve the money, wherever it is.”</p> <p>In crypto, real wealth is concentrated in three groups: individual whales (early BTC miners, early ETH investors, DeFi Summer OGs), on-chain institutions (crypto-native VCs, centralized exchanges, public chains, and a few top project teams), and both established and emerging Wall Street giants.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/9ed6c1c583d01f3ccbdb76a46511deac93a9d4fc.png" alt=""><br>Image: Peak Custodian Funding<br>Source: <a href="https://github.com/zuoyeweb3" title="&#64;zuoyeweb3" class="at-link">@zuoyeweb3</a></p> <p>Custody providers have since branched out. After $3 billion in funding in 2021 and the FTX-Celsius, 3AC-Luna-UST crises in 2022, the crypto custody sector’s landscape solidified. For example:</p> <ul> <li>• Copper/Ceffu/Cobo: On-chain project custody</li><li>• Coinbase: ETF custody</li><li>• BNY Mellon: Bank-grade custody</li><li>• Fireblock: Exchange custody</li></ul> <p>Coinbase, in particular, has captured virtually the entire ETF custody market: over 80% of BTC and ETH ETF issuers select Coinbase. For treasury management, MSTR also favors Coinbase for BTC custody.</p> <h2 id="h2-5Li65pWj5oi35Lqk5piT5pe25Luj57uT5p2f77yM5Li65py65p6E55CG6LSi5pe25Luj5Yiw5p2l">The Era of Retail Trading Closes, and Institutional Asset Management Begins</h2><p>How people make money in crypto changes with the times. Under the force of capital scale, those with the most money take the lion’s share of profits. After miners, exchanges, and market makers, custodians are next in line—especially as traditional financial capital flows on-chain. This capital will rarely go straight to public chains or exchanges, instead moving through custodial intermediaries.</p> <p>Ethereum’s daily transaction count has surpassed the peak of DeFi Summer, reaching 1.74 million. Yet this wave isn’t driven by memes or trading; it’s the stablecoin yield loops ignited by Aave and Ethena at the core.</p> <p>Similarly, Aave is working with Plasma to bring stablecoins on-chain for traditional finance. Due to the Genius Act, payment stablecoins can’t pay interest to users, so capital deposited on-chain sits idle and becomes “dead weight” for issuers.</p> <p>Meanwhile, as aggregate CEX trading volumes shrink, bets are shifting to custody, staking, and yield products—new business verticals that banks and TradFi now target. Especially amid expectations of rate cuts, there’s growing interest in channeling liquidity from 401(k) plans and treasury management strategies onto blockchains—a fresh wave of fintech innovation.</p> <p>The exchange cycle is approaching its end; on-chain platforms and IPOs are simultaneously pressuring exchanges. Hyperliquid is signaling a flippening of Binance, and exchanges like Kraken and Bullish are vying for Coinbase’s unique status as a public company.</p> <p>Strategically, all eyes are on post-CEX asset yield. For enormous pools of established wealth, a lower APR is acceptable as long as principal is ultra-safe. Tether built a physical gold vault for its own reserves—on-chain vaults are positioning for similar, lucrative business.</p> <p>In the ETF era, Coinbase’s dominance is difficult to dislodge, but each new cycle gives second- and third-tier operators new openings in the market landscape.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/49c0f9bfe131845f1d8c6209cce74da4678a5f2a.png" alt=""><br>Image: TradFi &amp; DeFi Convergence<br>Source: <a href="https://github.com/zuoyeeb3" title="&#64;zuoyeeb3" class="at-link">@zuoyeeb3</a></p> <p>Compared to the tidal waves of capital in the U.S. dollar, Treasuries, and equities, crypto still feels like collecting water with a bowl—only when the “bathtub” (infrastructure) is big and safe enough will substantial institutional capital flow smoothly into the space.</p> <p>Legacy powerhouses are splitting paths. Anchorage Digital and Galaxy Digital have emerged as two of the most prominent representatives.</p> <ul> <li>• Treasury solutions (DATCO): Galaxy</li><li>• Stablecoins: Anchorage</li><li>• New ETF staking: Anchorage Digital &amp; Galaxy Digital</li></ul> <p>Beyond spot BTC and ETFs, both “Digitals” are now aiming to chip away at Coinbase’s market share. That’s their common starting point.</p> <p>Two broad trends shape the current spot ETF market. One is generalization: after six months of listing as Coinbase derivatives, prominent altcoins and memecoins (beyond BTC and ETH) may be eligible for ETF conversion. The second trend is the approval of staking ETFs, which permit issuers to offer physical redemption and on-chain staking integration.</p> <p>Anchorage Digital, for example, is the exclusive custodian and staking partner for the REX-Osprey Solana Staking ETF—fitting both trends perfectly. If the bull market endures, custody of more ETF products will become a Digital focus area.</p> <p>Anchorage also nailed partnerships for traditional ETFs with 21Shares and BlackRock. Even more notably, it became the custodian for Trump Media Group’s bitcoin treasury—Anchorage’s “north wind” has reached as far as Mar-a-Lago.</p> <h2 id="h2-QW5jaG9yYWdlIOaMgeeJjOmTtuihjOeahOeos+WumuW4geW4g+WxgOS4juWKoOWvhumTgemHkeW6k+S5i+aipg==">Anchorage’s Federal Bank License, Stablecoin Ambitions, and Crypto’s Fort Knox Dream</h2><p>In 2019, Anchorage began collaborating with Visa, and by 2021 had become Visa’s USDC settlement bank.</p> <p>In 2021, Anchorage launched institutional crypto custody, reaching a $3 billion valuation, securing an OCC crypto bank charter, and becoming the U.S. Marshals Service’s digital asset custodian.</p> <p>During the 2022 market crash, Anchorage became Aptos’s preferred custodian; co-founder Diogo Mónica was also an Aptos investor.</p> <p>In Q1 2023, assets on platform rose 80%, but the company laid off 75 people (20% of staff) and called for stablecoin regulation.</p> <p>In 2024, co-founder Diogo Mónica exited core business management, leaving Nathan McCauley fully in charge.</p> <p>In 2025, Anchorage Digital will custody Trump Media’s bitcoin treasury and acquire USDM issuer Mountain Protocol.</p> <p>Anchorage Digital, founded in 2017 by Nathan McCauley and Diogo Mónica, started as a small South Dakota trust but, thanks to a fortunate turn in 2021, became the only crypto bank with an OCC charter in the U.S. to date.</p> <p>Whether in Silicon Valley, on Wall Street, or in Washington, D.C., all exclusive financial services ultimately come down to relationships and influence.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/0edcae8d144bdddd0f94aa619c23aa98be29267b.png" alt=""><br>Image: Anchorage Digital’s Relationship Map<br>Source: <a href="https://github.com/zuoyeweb3" title="&#64;zuoyeweb3" class="at-link">@zuoyeweb3</a></p> <p>Anchorage Digital offers a full suite of services to institutions—trading, derivatives, clearing, staking, and custody—making it a one-stop shop for institutional crypto solutions. Beyond classic custody, Anchorage’s bet is on stablecoins, which sets it apart from Galaxy.</p> <p>This begins our story’s first chapter: The First Mover—timing is everything.</p> <p>In 2021, under a Democrat White House known for stricter crypto oversight, and with SBF still hoping his millions spent on Biden’s campaign would pay off, former Coinbase CLO Brian Brooks was appointed Acting Comptroller of the OCC.</p> <p>Brooks took a crypto-friendly approach, urging banks to serve crypto businesses, launching the REACh roundtable, and promoting fair access for the industry.</p> <p>Anchorage seized the moment, evolving from a local trust to a federally chartered Anchorage Digital Bank.</p> <p>On January 13, 2021, Anchorage Digital Bank received the green light to accept dollar deposits and provide crypto custody.</p> <p>The very next day, January 14, Brooks resigned. By sheer luck, Anchorage remains the only OCC-chartered crypto bank to this day.</p> <p>You’ll find the weight of this license on every Anchorage Digital product page, which helped secure $430 million in Series C and D investments, letting it ride through to the 2025 stablecoin boom.</p> <p>Anchorage’s investors include both crypto VCs such as a16z and Wall Street titans like KKR and BlackRock.</p> <p>For context, BitPay and Paxos also applied for charters but were turned down—Paxos was recently fined $26.5 million by New York’s DFS over BUSD compliance.</p> <p>Anchorage holds both the federal OCC crypto bank charter and New York’s BitLicense—regulatory stature second only to BNY Mellon.</p> <p>Even after Brooks’s departure, Anchorage clashed with the OCC but, with remarkable luck, retained its charter—securing a lifelong strategic advantage.</p> <p>Backed by its license, Anchorage can custody virtually anything, from stablecoin reserves and crypto assets to NFTs. But the 2022 crash brought turbulence, starting with the founders’ own internal strife.</p> <p>Ultimately, Diogo Mónica joined Hanu Ventures as partner while remaining Executive Chair at Anchorage Digital, focusing on recruitment and strategy; Nathan McCauley took over core operations and started targeting BlackRock’s stablecoin business.</p> <p>On the ETF front, Anchorage is now the custodian for 21Shares spot BTC and ETH ETFs, as well as the exclusive custodian and staking partner for REX-Osprey Solana Staking ETF.</p> <p>Outside ETFs, Anchorage Digital also made big moves in stablecoins, partnering with Visa for stablecoin payments and listing “compliant” assets like PayPal’s PYUSD for institutional clients.</p> <p>Remarkably, Tether’s custodian and investor Cantor Fitzgerald has also teamed up with Anchorage, which now provides custodial services for Cantor Fitzgerald’s bitcoin business.</p> <p>Anchorage Digital has thus become the custodian’s custodian for Tether.</p> <p>Despite its regulatory edge, Anchorage didn’t break out until 2025—its $3 billion valuation and $50 billion AUM proved little match for Coinbase’s ETF dominance. Stablecoins have become Anchorage Digital’s core focus.</p> <p>With its federal crypto license, Anchorage Digital Bank NA (its U.S. arm) can accept both USD and stablecoin deposits and provide custody services.</p> <ul> <li>• Off-chain: Anchorage partners with Ethena to scale USDtb issuance in line with Genius Act stablecoin compliance</li><li>• On-chain: Joining forces with Paxos and Kraken to form the USDG Stablecoin Alliance, co-managing the Global Dollar Network</li></ul> <p>Anchorage is also active in treasury strategies. Former BlackRock exec Joseph Chalom joined ETH treasury firm Sharplink Gaming as co-CEO—he was instrumental in shaping BlackRock’s ETF custody partnership with Anchorage.</p> <p>BlackRock’s BUIDL fund is closely tied to Chalom, with Anchorage as custodian. Here’s the recipe:</p> <p>$BUIDL = BlackRock (issuer) = Securitize (tokenization) + Anchorage Digital (custody) + BNY Mellon (cash services)</p> <p>And going deeper, current SEC Chair Paul Atkins owns at least $250,000 in Anchorage Digital shares and is a Securitize shareholder; Securitize also partners with Ethena on Converage.</p> <p>With Galaxy Digital already public, there’s persistent speculation that Anchorage Digital will IPO. As its stablecoin business grows, it’ll need more capital—perhaps this year we’ll see the world’s first crypto bank IPO.</p> <h2 id="h2-R2FsYXh5IERpZ2l0YWwg5Z2Q5LiK6LSi5bqT5pe25Luj55qE6ZOB546L5bqn">Galaxy Digital Ascends to Crypto’s Treasury Throne</h2><p>Compared to Anchorage Digital, Galaxy commands even more market attention. It was Goldman Sachs’s first partner for crypto OTC trades in 2022 and became a go-to venue for large bitcoin exits. Galaxy actively invests in bitcoin mining, venture, and AI infrastructure, and founder Mike Novogratz’s network rivals any in the industry.</p> <p>On July 25, Galaxy helped an early miner sell roughly 80,000 BTC ($9 billion) over time. When word got out, BTC dropped nearly 4%, falling below $115,000.</p> <p>Such massive block trades invite speculation of market manipulation, but as a true institutional investor, Galaxy’s incentives favor stability and scale, not sabotage.</p> <p>Galaxy’s defining trait is timing—it aligns with every cycle. Founder Mike Novogratz, a finance veteran from outside crypto, has always viewed crypto as a way to make money, not a matter of faith.</p> <p>With retail players leaving and institutions entering, Galaxy’s role in the broadening of crypto treasury management is especially noteworthy.</p> <p>Remember ETH treasury firm Sharplink, led by former BlackRock execs?</p> <p>In June 2025, SharpLink bought at least $800 million in ETH OTC from Galaxy. Galaxy is also a backer of SharpLink—“buying from myself” in classic institutional style.</p> <p>Beyond BTC and ETFs, Galaxy also participates in Ethena’s Stablecoinx treasury and the $450 million SUI treasury Mill City Ventures III, Ltd.</p> <p>Galaxy is expanding into new OTC products as well, such as supporting Liquid Collective’s LST LsETH OTC. Liquid Collective’s lsSOL (SOL version) is aimed at institutional investors and backed by Anchorage Digital.</p> <p>Once again, the space is a closed loop—everyone’s in the same club.</p> <p>Both Anchorage Digital and Galaxy Digital are part of the GDN, underscoring the collaborative (rather than purely competitive) dynamic among dominant custodians today.</p> <p>In contrast to Anchorage’s stablecoin push via its banking license, Galaxy’s core expansion is treasury management, especially outside BTC/ETH. New, non-traditional treasuries are on the rise.</p> <p>With the advantage of sheer capital, Galaxy holds $1.8 billion in BTC and has increased its position in Ripple’s XRP by $34.4 million. Coincidentally, Ripple just announced a $200 million acquisition of stablecoin firm Rail, one of Galaxy’s portfolio companies.</p> <p>Again—buying from themselves.</p> <p>Galaxy’s filings suggest the next possible targets for treasury deployment or market making are $HYPE, $SOL, and $XRP. When Ripple’s SEC litigation ended, XRP surged 10%—once again, Galaxy beat retail to the punch.</p> <p><img src="https://s3.ap-northeast-1.amazonaws.com/gimg.gateimg.com/learn/537e2129a57a2a54d0b97276c3a7a0bd7e8d038c.png" alt=""><br>Image: Galaxy Digital Portfolio Holdings<br>Source: <a href="https://github.com/zuoyeweb3" title="&#64;zuoyeweb3" class="at-link">@zuoyeweb3</a><br>Data: <a href="https://github.com/SECGov" title="&#64;SECGov" class="at-link">@SECGov</a></p> <p>Galaxy has fully exited UNI and TIA—legacy tokens hold no power in the new age. USDG, HYPE, and XRP are the new leaders. OTC desks always sense the tides shifting first.</p> <p>Historically, OTC desks just passively filled whale orders, with little impact on secondary market prices—a stark contrast to in-house market makers. But treasury strategies could upend this dynamic, potentially merging issuance of tokens, stocks, and bonds, and it’s unclear who will control pricing power in the future.</p> <h2 id="h2-57uT6K+t">Conclusion</h2><p>Custodians are the new intersection of capital flows: off-chain assets seek secure on-chain migration, while on-chain assets require compliant off-ramps. Treasury management strategies give custodians real influence over token prices. Crypto liquidity defines the new power structure; the days of CEXs and market makers leading the charge are waning.</p> <p>BNY Mellon manages over $52 trillion in assets under custody, while the total crypto market cap is under $4 trillion. Dollar stablecoins, crypto ETFs, and treasury platforms together amount to only $520 billion. Crypto custodians still have a long way to grow before they wield Wall Street-level influence.</p> <p>But wherever capital flows, profit follows—the question for every founder is, where is that next intersection?</p> <h3 id="h3-5aOw5piO77ya">Disclaimer:</h3><ol> <li>This article is reprinted from [<a href="https://mp.weixin.qq.com/s/235iFbT1Qv0DWFjL__cS_w">Zuoye Waibo Tree</a>], with copyright belonging to the original author [<em>Zuoye Waibo Tree</em>]. For concerns regarding republication, please contact the <a href="https://www.gate.com/questionnaire/3967">Gate Learn</a> team for prompt resolution per our policies.</li><li>Disclaimer: The views and opinions expressed herein are solely those of the author and do not constitute investment advice.</li><li>Other language versions of this article were translated by the Gate Learn team. Unless specifically attributed to <a href="http://gate.com/">Gate</a>, unauthorized reproduction, distribution, or plagiarism of the translated article is prohibited.</li></ol>

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