Core Insights - Tether is set to become the largest shareholder of VCI Global (VCIG) after a $100 million OOB token digital-asset-treasury transaction [1] - Tether has a market capitalization of approximately $180 billion and holds tens of billions in U.S. Treasury bills and cash equivalents [1] - VCIG plans to integrate the OOB token into its $100 million digital-treasury initiative to support future projects in AI, fintech, and blockchain [1]

Circle Internet Financial reported USDC circulation reached $73.7 billion at the end of Q3 2025, marking 108% growth year-over-year, while exploring a native token for its Arc Network blockchain. The company posted net income of $214 million for the three months ending September 30, according to Circle’s Q3 earnings release. Total revenue and reserve income reached $740 million, up 66% from the prior year period, with adjusted EBITDA of $166 million representing a 78% year-over-year increase. Average USD ...

Core Insights - Telcoin has received final charter approval from the Nebraska Department of Banking and Finance to launch Telcoin Digital Asset Bank, enabling it to accept crypto deposits, provide crypto loans, and connect to Federal Reserve payment systems [1] - The bank has launched its stablecoin, eUSD, which is backed by U.S. dollar deposits and short-term treasuries [2] - Telcoin's CEO stated that this charter represents a historic moment for both Telcoin and the U.S. banking system, showcasing the potential for responsible on-chain digital cash issuance [3] Regulatory Framework - The approval of Telcoin Digital Asset Bank and the launch of eUSD coincide with the passage of the Genius Act, which establishes a federal framework for stablecoins and digital assets [4] - Several national banks, including JPMorgan Chase, are also developing stablecoin projects, indicating a growing trend in the banking sector [4] Product Differentiation - eUSD is characterized as a free-flowing payment stablecoin that operates transparently on public rails, contrasting with JPMorgan's depository token, which represents a deposit to the bank [5] - The launch of eUSD is positioned as an upgrade to the technology of money and payments rather than a means to withdraw funds from the banking system [5] Market Positioning - Telcoin Digital Asset Bank aims to assist community banks in offering digital assets, as only the top 5% of banks are expected to manage digital assets in-house [5] - The bank intends to help the remaining 95% of financial institutions connect to blockchain-based finance safely [6] Vision for the Future - Telcoin aims to serve as a model for how compliance and innovation can coexist to enhance banking standards [7] - The company envisions a collaborative approach among local institutions, national regulators, and international innovators to facilitate faster money flow [7]

Financial Data and Key Metrics Changes - USDC in circulation grew 108% year over year to $73.7 billion, reflecting strong market share expansion [8][23] - Total revenue and reserve income increased 66% year on year to $740 million, with adjusted EBITDA growing 78% year on year to $166 million, resulting in a 57% adjusted EBITDA margin [9][25] - Reserve return rate was 4.15%, down 96 basis points year on year due to a decline in SOFR [23] Business Line Data and Key Metrics Changes - Circle Payments Network (CPN) saw over 100 times growth in monthly total payment volume, reaching an annualized transaction volume of $3.4 billion [20][21] - On-chain transaction volume using USDC grew 580% year over year to $9.6 trillion [9][12] - CCTP (Cross-Chain Transfer Protocol) volume increased approximately 640% year over year to $31.3 billion [12][13] Market Data and Key Metrics Changes - Circle's share of the stablecoin market grew to 29%, with stablecoins in circulation increasing 59% year over year [10][11] - USDC's market share in stablecoin transaction volumes expanded to 40% in Q3, reflecting strong competitive positioning [11] Company Strategy and Development Direction - The company aims to build a full-stack Internet financial platform, focusing on blockchain networks, digital assets, and application utilities [5][8] - Circle is exploring the launch of a native token on the ARK network to drive utility, incentives, and governance [10][18] - The company continues to expand its stablecoin network across more chains, with five new chain launches this quarter [10][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth of USDC circulation and the overall stablecoin market, driven by regulatory clarity and technological advancements [43][44] - The company is focused on building partnerships with quality participants to enhance network value and operational capabilities [32][60] - Management does not provide detailed quarterly guidance but has increased full-year guidance for other revenue to $90-100 million [26][28] Other Important Information - The ARK public testnet launched with over 100 major participants from various sectors, indicating strong industry interest [17] - The company has seen significant adoption across various use cases, including payments and capital markets, with partnerships with leading firms [15][19] Q&A Session Summary Question: Insights on CPN pipeline and monetization - Management highlighted the focus on quality participants and operational capabilities for CPN, emphasizing the importance of meaningful flows [30][32] - Monetization will focus on creating value for network participants rather than extracting value directly [34][35] Question: Reaction to Fed's involvement in crypto - Management expressed alignment with the Fed's view, emphasizing Circle's role in the emerging on-chain financial system [40][41] Question: Market share gains and regulatory impact - Management noted that growth in market share is driven by regulatory clarity and advancements in technology, leading to increased adoption by major financial institutions [43][44] Question: Exploration of a native token for ARK - Management discussed the potential benefits of a native token for ARK, focusing on stakeholder incentives and governance [50][51] Question: Demand insights and M&A interest - Management indicated strong demand for direct liquidity and efficient capital movement, with ongoing M&A activity to accelerate growth [66][67]

Core Insights - Franklin Templeton has expanded its Benji Technology Platform to the Canton Network, enhancing its position in the tokenized financial products market [1][2] - The integration allows Franklin Templeton to offer tokenized funds to banks and trading firms on Canton's Global Collateral Network [1] Company Overview - Franklin Templeton is a $1.5 trillion asset manager that has developed the Benji platform for issuing and managing tokenized fund shares [1][2] - The Benji platform supports real-time transfers, compliance enforcement, and settlement in stablecoins or cash equivalents [2] Technology and Infrastructure - The Benji platform was initially deployed on public chains and has now shifted to a permissioned infrastructure designed for institutional privacy and regulatory compliance [3] - Canton Network is described as a "public-permissioned" hybrid blockchain, facilitating institutional coordination and overcoming scaling issues [4][5] Market Activity - Canton Network reportedly processes over $6 trillion in tokenized U.S. Treasury activity and supports $280 billion in daily repo transactions [6] - The network has achieved an average of approximately 807,000 daily transactions [6]

As the interest in blockchain companies has significantly increased rather than investing into #Crypto tokens.The same can be concluded for Quantum Computing, which means that my interest is also getting broader than crypto alone.$BTQ is interesting.They are the first vertically integrated quantum company.Through their acquisition of QPerfect, they can to design, test and deploy proprietary quantum-secure infrastructure.Overall, the chart has seen a hype run in the previous month and has been going down in ...

Financial Data and Key Metrics Changes - Total revenue and reserve income increased by 66% year on year to $740 million in Q3 2025 [10][26] - Adjusted EBITDA grew by 78% year on year to $166 million, with an adjusted EBITDA margin of 57%, reflecting a 737 basis point expansion [10][28] - USDC in circulation reached $73.7 billion, more than doubling year on year [26] Business Line Data and Key Metrics Changes - The amount of USDC in circulation grew 108% year on year, with on-chain transactions using USDC increasing by 580% year on year to $9.6 trillion [9][10] - Circle Payments Network (CPN) saw over 100x growth in monthly total payment volume since its launch, reaching an annualized transaction volume of $3.4 billion [22][23] - Other revenues, primarily from blockchain network partnerships, increased to $29 million, up from less than $1 million in the prior year [27] Market Data and Key Metrics Changes - Circle's market share in stablecoins grew to 29% in Q3, up from 28% in the previous quarter, with stablecoins in circulation growing 59% year on year [12][48] - USDC's share of stablecoin transaction volumes expanded to 40% in Q3, with overall stablecoin transaction volumes growing approximately 130% year on year [12][48] Company Strategy and Development Direction - Circle aims to build a full-stack Internet financial platform, focusing on blockchain networks, digital assets, and application utilities [6][9] - The company is exploring the launch of a native token on the ARC network to drive utility, incentives, and governance [11][20] - Circle continues to expand its stablecoin network and has launched five new chains, bringing the total to 28 supported chains [11][27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing growth of the stablecoin market and Circle's ability to maintain its competitive position despite increasing competition [13][14] - The company anticipates meaningful shifts in global money markets and is managing its business for long-term success [29][31] - Management does not provide detailed quarterly guidance but has increased full-year guidance for other revenue to $90 million to $100 million [30][31] Other Important Information - The reserve return rate for Q3 was 4.15%, down 96 basis points year on year, reflecting a decline in SOFA [26] - Circle's tokenized money market fund, USYC, has grown to approximately $1 billion, making it the second largest TMMF in the world [16][98] Q&A Session Summary Question: Insights on Circle Payments Network (CPN) pipeline and monetization - Management highlighted the focus on quality participants for CPN and emphasized that growth is prioritized over immediate monetization [34][38] - Future monetization opportunities may include small fees benefiting the network's efficiency [39][40] Question: Reaction to Federal Reserve's stance on DeFi and Circle's role - Management expressed alignment with the Fed's view and emphasized Circle's leadership in the emerging on-chain financial system [45][46] Question: Market share gains and regulatory clarity impact - Management noted that growth is driven by regulatory clarity and advancements in technology, leading to increased adoption by major financial institutions [49][50] Question: Exploration of a native token for ARC - Management discussed the potential benefits of a native token for governance and stakeholder incentives within the ARC network [56][58] Question: Other revenue growth and transaction revenue decline - Management explained that subscription revenue growth is driven by blockchain partnerships, while the decline in transaction revenue was due to a spike in the previous quarter related to the USYC product [94][96]

Core Viewpoint - Coinbase is relocating its headquarters from Delaware to Texas, attracted by the state's favorable business environment and regulatory framework [1][5]. Group 1: Company Relocation - Several companies valued over $1 billion have moved their legal bases out of Delaware, a trend referred to as "Dexit" [2]. - Coinbase, with a market capitalization of nearly $82 billion, will be one of the largest companies to make this move [2]. Group 2: Delaware's Legal Environment - Delaware has historically been favored for its predictable court outcomes and respect for corporate governance, but recent legal changes have increased the risk of shareholder lawsuits [3]. - The legal landscape in Delaware has become more stringent, culminating in significant rulings such as the rescinding of Elon Musk's $56 billion pay package from Tesla [4]. Group 3: Texas as a New Business Hub - Texas is actively attracting cryptocurrency firms by offering regulatory clarity and lower operating costs, positioning itself as a growing hub for blockchain development [5].

Core Insights - Tron Inc. reported a net income of $12,174,266 for the third quarter of 2025, a significant improvement from a net loss of $1,128,872 in the same period last year [3] - The company ended the quarter with over $239 million in shareholders' equity, bolstered by a strong asset base including cash, cash equivalents, and investments in TRON tokens (TRX) and Staked TRX tokens (sTRX) [3] - An additional $110 million investment from its largest shareholder was made during the quarter, enhancing the company's balance sheet and long-term growth potential [4] - Management attributed the strong performance to a disciplined cost structure, low cash burn rate, and strategic investments in high-growth digital assets [5] - The CEO emphasized the strength of the company's digital asset strategy and ongoing efforts to drive growth and deliver long-term value for shareholders [6] Financial Performance - The net income for the third quarter of 2025 was $12,174,266, compared to a net loss of $1,128,872 in the same quarter of the previous year [3] - Shareholders' equity reached over $239 million, indicating a robust financial position [3] Strategic Investments - The company expanded its TRX holdings through a $110 million investment from its largest shareholder, which is expected to strengthen its balance sheet [4] - Management's focus on strategic investments in high-growth digital assets is seen as a key driver of the company's strong financial performance [5] Company Overview - Tron Inc. is positioned at the forefront of blockchain innovation, entertainment, and digital asset management, with a commitment to transparency and decentralized finance [6] - The company also designs and manufactures custom merchandise for major theme parks and entertainment venues, leveraging popular entertainment franchises [6]

Morgan Stanley has integrated Corastone, a transaction-processing platform backed by KKR & Co., into its wealth management technology stack, reported Bloomberg. This platform will digitise investor onboarding and automate validation steps that previously relied on manual paperwork. Corastone uses blockchain-based infrastructure to centralise documentation and standardise data exchange between distributors and fund administrators. With the integration, Morgan Stanley aims to speed up subscriptions and re ...