Core Insights - The stablecoin market is experiencing increased competition, with new entrants like USDG and USDe offering innovative yield-earning opportunities for users, challenging the dominance of established players like Tether and Circle [1][4][10] - Tether and Circle currently control over 80% of the global stablecoin market by market capitalization, but their combined market share has declined from 88% to approximately 82% as of October 2025, indicating a shift in market dynamics [4][10] - Regulatory changes, particularly in the EU and the US, are creating challenges for Tether and Circle, with new compliance requirements potentially impacting their ability to offer yield to users [11][13][15] Market Dynamics - Large centralized exchanges such as Coinbase and Binance play a crucial role in the success of stablecoins like USDC and USDT, acting as essential on- and off-ramps for global demand [2] - The rise of decentralized finance (DeFi) applications has driven stablecoin usage, with significant demand for cross-border payments and access to stable currencies in volatile economies [3] Recent Developments - Hyperliquid has launched its own compliant stablecoin, USDH, following significant trading volume growth, indicating that major players are seeking to capture market share from Tether and Circle [5][6] - USDe has gained traction on Binance, with its market capitalization increasing from $6 billion to over $14 billion in 2025, showcasing the competitive landscape [7][10] Regulatory Challenges - The EU's MiCA regulation has classified stablecoins as e-money tokens, restricting their ability to pay yields, which could diminish their attractiveness to users [11][12] - Tether has launched USA₮ to comply with US regulations while maintaining its non-compliant USDT, reflecting a strategic pivot in response to regulatory pressures [14][15] Future Outlook - The stablecoin market is evolving into a more fragmented and competitive environment, with traditional financial institutions and fintech companies planning to enter the space, potentially reshaping the competitive landscape [16][17] - The definition of a "dominant" stablecoin may shift, emphasizing adaptability and innovation over first-mover advantage as the market matures [18]

@Paxos 🚨 Update: $PAXG Spot trading will open at 7:00 AM on 15 Oct(UTC). Trade responsibly. ...

📢 NewListingOKX will list $PAXG @Paxos!🟢 $PAXG/USDT Spot trading will begin at 7:00 AM on 14 Oct(UTC).More: https://t.co/evfiJCGzFh https://t.co/qkgiBduBUo ...

Core Insights - Major cryptocurrencies like Bitcoin and Ether experienced significant declines, with Bitcoin losing 8.5% and the broader crypto market dropping 12.75% in a $19 billion liquidation event, while gold-backed digital assets remained resilient [1][2]. Cryptocurrency Market Performance - Bitcoin's value decreased by 8.5% in the last 24 hours, while the CoinDesk 20 index indicated a 12.75% drop in the overall crypto market [2]. - Gold-backed tokens such as Paxos' PAXG and Tether's XAUT showed minimal declines, with PAXG down only 0.23% to $3,998 and XAUT up 0.2% to $4,010 [2]. Gold-Backed Digital Assets - Tokens linked to physical gold have provided a refuge for crypto investors, reflecting gold's traditional role in finance, with these tokens increasing over 50% year-to-date amid a historic rally in gold prices [3]. - The price of a troy ounce of gold closed near $4,018, supporting the value of these gold-backed tokens [2]. Market Conditions and Future Outlook - Despite the resilience of gold-backed cryptocurrencies, there are indications that gold may be nearing a point of fatigue, having risen for eight consecutive weeks, which could lead to a potential reversal [4]. - The report suggests caution as gold approaches "overbought" territory, with a typical historical extreme at $4,023 per ounce [5]. - The broader crypto market may face a slow recovery due to liquidity constraints and cautious market maker behavior, indicating a prolonged bottoming process [5][6].

Core Viewpoint - Coinbase is applying for a national trust charter to expand its services and foster institutional adoption of cryptocurrency, aligning with its goal to become a super app for financial services [1][2][3]. Group 1: National Trust Charter Application - Coinbase has joined other cryptocurrency companies in applying for a national trust charter from the Office of the Comptroller of the Currency [1]. - If approved, the charter would allow Coinbase to offer custody, asset management, and related services nationwide under a single license, although it would not permit lending or taking insured deposits [4]. - Currently, Anchorage is the only cryptocurrency company that holds a trust charter, which it received in 2021 [4]. Group 2: Strategic Goals and Vision - Coinbase aims to innovate and expand its product offerings beyond custody, including payments and related services, with regulatory clarity [2]. - CEO Brian Armstrong has expressed a vision for Coinbase to replace traditional banks, positioning it as a primary financial account for users [5][6]. - Armstrong believes that the cryptocurrency industry can provide more efficient financial services than traditional banks, citing high transaction fees as an example of inefficiencies in the current financial system [6][7].

France has urged the European Union to give its top markets regulator, the European Securities and Markets Authority (ESMA), direct authority over major cryptocurrency firms operating across the bloc. Key Takeaways: France wants the EU’s top markets regulator, ESMA, to directly oversee major crypto firms. Bank of France Governor François Villeroy de Galhau called for tighter control over stablecoins. The proposal comes amid EU efforts to centralize supervision and strengthen financial stability. S ...

Retail is back.Bots still dominate volume, but small-value transfers hit record highs, and the ruble stablecoin just became the largest non-USD asset.All that and more in this week’s In The Stables: Ruble Risk and the Return of Retail 👇Alexander (@ahbeaudry):🚨 Stablecoin news moves fast, here’s what you missed this week:1⃣ @Paxos + @AleoHQ launch USAD, a privacy-focused dollar stablecoin for institutions (10/1)2⃣ A7A5 ruble stablecoin surges past $500M as EU preps sanctions (10/7)3⃣ Bots drove 70% of stable ...

Core Insights - Crypto investors are increasingly turning to tokenised gold as its price surpasses $4,000, marking its best year-to-date performance in over 45 years [1] - The total value of tokenised gold in circulation exceeds $3 billion, with a 53% increase in the number of crypto wallets holding tokenised gold since the beginning of the year [1] - The supply of Tether Gold has increased by 52% and Paxos Gold by 50% since January [2] Market Performance - Gold has surged 54% since the start of the year, outperforming Bitcoin's 31% gain, positioning it for its strongest annual performance since 1979 [3] - The rise in gold prices is attributed to concerns over long-term debt sustainability and the erosion of fiat currencies due to excessive money printing and inflation [3] Investment Trends - Investors are gravitating towards gold and Bitcoin as reliable stores of value amid fears of currency debasement, a trend further fueled by Japan's new Prime Minister advocating for increased public spending and tax cuts [4] - The record rise in gold prices is prompting both traditional and crypto investors to reassess the asset, with tokenised gold gaining traction as a modern investment vehicle [5] Tokenised Gold Advantages - Tokenised gold allows holders to engage in decentralized finance applications on blockchains like Ethereum, transforming gold into an active asset for lending, borrowing, and wealth building without reliance on fiat currency [5][6]

Core Viewpoint - The future of finance is shifting towards a decentralized model where users have true control over their assets on-chain, moving away from traditional custodial systems [2][3]. Group 1: Why Everything Will Go On-Chain - The transition to on-chain systems is inevitable as the financial landscape evolves, similar to the shift from closed to open systems in mobile communications [3]. - Traditional finance largely operates on closed systems, while decentralized finance (DeFi) offers an open system characterized by transparency and verifiable rules [4]. Group 2: Characteristics of On-Chain Systems - True on-chain systems must be public and transparent, allow for open development, not rely on any single service provider, and be global in nature [4]. Group 3: Readiness for On-Chain Finance - The infrastructure for on-chain finance is fully prepared, with Layer 1 blockchains capable of processing thousands of transactions per second, and Layer 2 solutions processing tens of thousands [5]. - The evolution of crypto assets, such as Bitcoin becoming "digital gold" and stablecoins proving successful, indicates a maturing market [5]. Group 4: The Future of Self-Custody - Self-custody allows users to "verify first, then trust," contrasting with traditional finance's reliance on intermediaries [6][7]. - Advanced on-chain monitoring technologies enhance security and compliance, enabling better anti-money laundering practices compared to traditional finance [7]. Group 5: OKX's Role in Future Finance - OKX has established itself as a leading exchange with strong liquidity and regulatory licenses across multiple jurisdictions [8]. - The company prioritizes self-custody for user assets and has developed OKX Pay, a compliant self-custody wallet for easy transactions [8]. - OKX is actively collaborating with various industry partners to promote the development of on-chain finance, including sponsorships in sports and partnerships with financial and tech companies [9].

Stablecoin Transaction Volume - Stripe's Global Financial Accounts using USDC reached a total volume of $102 million across Ethereum, Base, and Polygon chains [1] - In September, Stripe generated over $17 million across all chains [1] - Polygon led in September with $51 million (50%) of the total volume [1] - Ethereum accounted for $48 million (47%) of the total volume [1] - Base accounted for $3 million (3%) of the total volume [1] Service and Partnerships - Stripe's Global Financial Accounts enable global fund transactions in stablecoins or fiat currencies across over 100 countries [1] - Stripe's services provide access to dollar transactions and integration with existing payment and disbursement services, emphasizing stability and low fees [2] - Paxos processes payments for Stripe [2]