DeFi is entering a new phase.General-purpose chains can’t meet the demands of modern finance: fees fluctuate, liquidity is fragmented, and blockspace is undifferentiated.The market is moving toward specialized chains for specific use cases: stablecoins, exchanges, RWAs... https://t.co/yXdJZBaCcG ...

Core Insights - The payments industry is undergoing transformation driven by five key forces: agentic payments becoming competitive tools, emergence of payments-specific foundational models, necessity of robust fraud management, transaction banking leveraging AI, and fragmentation of stablecoins as they scale [1] Group 1: Agentic Payments - Agentic payments are transitioning from experimental phases to becoming essential competitive assets, with a focus on protocol standardization and multi-rail enablement to reduce friction in transactions [2] - Companies must enhance risk models to recognize agents as active participants, incorporating new signals such as agent reputation and intent authorization [2] Group 2: Payments-Specific Models - A shift is anticipated from general-purpose large language models (LLMs) to industry-specific models tailored for payments, prompting firms to decide between building or partnering for access to these specialized models [3] Group 3: Fraud Management - Fraud management has become a baseline requirement for banks and merchants, necessitating a unified risk stack that includes device, identity, transaction, and agentic signals to cover the entire customer journey [4] - Companies are advised to integrate deepfake detection and real-time scoring to combat emerging fraud tactics [4] Group 4: Transaction Banking and AI - Transaction banking is emerging as a key area for AI application, with firms encouraged to develop an AI adoption heatmap to identify and expand use cases [5][8] Group 5: Stablecoins - The stablecoin ecosystem is expanding with various use cases, but it is also becoming increasingly fragmented, necessitating exploration of alternative solutions like tokenized deposits and central bank digital currencies (CBDCs) [8][12] - Multiple regulated stablecoin issuers are competing, with Ripple's RLUSD surpassing $1 billion in circulation and Circle working on reducing fragmentation in USDC [12] Group 6: Alternative Payment Rails - Alternative payment methods are gaining traction alongside traditional card payments, with both infrastructures coexisting and advancing digital payment solutions [9] Group 7: Future of Payments - The future of payments is expected to be characterized by agent-led, model-driven, and multi-rail systems, with standards like ACP and domain-specific foundational models shaping the landscape [10] Group 8: Innovations and Developments - Companies like Ant International and Stripe are launching innovative solutions such as the Agentic Commerce Protocol and AI-driven payment models to enhance transaction efficiency and security [6][13] - Visa is scaling its generative Large Transaction Model, which has significantly improved fraud detection rates [7]

Beyond Dollar Stablecoins: Three Emerging Categories of Tokenized AssetsEach week in The Snapshot, we share data-driven insights, highlight new listings, and showcase the latest product updates.Read on for the latest edition, authored by @f9s216 👇 https://t.co/Qxt4gcjj4G ...

$10.8b bitcoin shorts accumulated from $108k down. first liquidation wall at $92k holds $2.1b. cross that and the cascade starts. $3.4b more at $95k. $4.8b at $100k. forced buying meets $7.3b in stablecoins that just hit exchanges. shorts are trapped. stablecoins are patient. but once $92k breaks the shorts become the exit liquidity ...

Recently, Ripple dropped a new ad on X and it was confirming that institutional payments, secure asset custody, regulated stable coins, and everything on chain is happening now. We have it's happening. The convergence of crypto and traditional finances accelerating the internet of value.That's a wrap for Ripple Swell 2025. We'll see you next year, New York City. So yeah, listen, when we think about what's been happening here, especially when it comes back to Ripple and these utility based projects and you k ...

Key Points Over the past five years, both Ethereum and Solana have shown the ability to deliver triple-digit returns to investors. Ethereum is the clear market leader in decentralized finance (DeFi), but Solana now ranks second and is growing quickly. Solana's blockchain ecosystem posted nearly $3 billion in revenue over the most recent 12-month period. 10 stocks we like better than Solana › Over the past decade, Ethereum (CRYPTO: ETH) has been one of the top-performing cryptocurrencies in the wo ...

📢 Volatility High? Stay Steady!Our latest guide covers how stablecoins like USDT, USDC, and DAI offer security in bear markets, and how Bybit Earn products can boost your returns with low-risk options. ...

Polygon holds over 50-60% market share of non-USD stablecoins, with global non-USD stablecoins now comprising around 30% of volumes in active cross-border corridors.Polygon Labs partnered with Dubai-based Cypher Capital to expand institutional access to POL across the Middle East.The lightning-fast finality makes Polygon ideal for merchant payments, remittances, and cross-border settlement. ...

Investment Thesis - Multicoin Capital's liquid fund invests in ENA, the native token for Ethena Protocol, a leading synthetic dollar issuer [1] - Ethena is positioned at the intersection of stablecoins, perpification, and tokenization, representing powerful trends in modern finance [2][13] - Ethena generates yield by monetizing the market's demand for leverage via basis trade [1] Ethena's Unique Position - Ethena is the only synthetic dollar with significant distribution and liquidity outside of USDC and USDT [2] - USDe is integrated as a core form of collateral on major centralized exchanges like Binance and Bybit [3] - Ethena exhibits a mild negative correlation with Fed Funds rates; as rates fall, demand for crypto leverage increases [4] Financial Performance - The protocol has generated close to $600 million in revenue, with over $450 million produced in the past twelve months [4] Tokenization and Market Opportunity - Crypto is democratizing access to basis trades through tokenization, traditionally reserved for accredited investors [9] - Ethena is initially tokenizing the basis trade but can diversify its yield sources over time [11] - The global equity market is approximately $100 trillion, about 25 times larger than the crypto market, indicating a substantial opportunity for perpification [5] Risk Management and Team - Ethena's team has demonstrated strong execution and risk management, surviving significant market events without losses [12] - There is a clear path to fee switch activation, which is expected to be viewed favorably by the market [13]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $30.5 million, up from $25.7 million in the prior quarter and $22.8 million year-over-year [9] - Net income for Q3 2025 was $146.7 million, or $0.47 per diluted share, compared to a net loss of $38.8 million in the same period last year [11] - Adjusted EBITDA increased to $166.8 million from $27.8 million in Q2 2025 and a loss of $19.7 million a year ago [11] Business Line Data and Key Metrics Changes - Ethereum staking revenue grew to approximately $2.9 million in Q3 2025, up over 542% year-over-year [9][10] - Digital asset mining revenue was $7.4 million, compared to $6.6 million in the prior quarter and $10.1 million in the same period last year [10] - The company produced 65 Bitcoin in Q3 2025, down from 83 in the prior quarter [5] Market Data and Key Metrics Changes - The company held approximately 122,000 ETH at the end of Q3 2025, with about 100,000 ETH staked, representing roughly 82% of total holdings [9] - By the end of October 2025, ETH holdings increased to over 153,000, with approximately 132,000 actively staked [4] Company Strategy and Development Direction - The company aims to grow its Ethereum holdings and staking activity responsibly, focusing on long-term value creation rather than rapid expansion [3] - The strategy includes disciplined capital allocation and careful risk management, with a focus on staking income as a recurring cash flow source [5][7] - The company emphasizes its unique position in the digital asset space, combining Ethereum exposure with AI infrastructure through its ownership of WhiteFiber [13][14] Management's Comments on Operating Environment and Future Outlook - Management believes Ethereum's role as a foundation for digital assets and decentralized finance will continue to strengthen [7] - The company is confident in its long-term strategy and the value of its assets, including a commitment not to sell WhiteFiber shares in 2026 [14][52] - Management acknowledges the challenges in negotiating large contracts but remains optimistic about future revenue growth from WhiteFiber [60] Other Important Information - The company completed a $150 million convertible notes offering to support continued ETH accumulation [4][12] - General and administrative expenses increased to $33.1 million, primarily due to higher share-based compensation and consulting costs related to the WhiteFiber IPO [11][73] Q&A Session Summary Question: How does the company view Ethereum relative to other blockchain options? - Management believes Ethereum has no downtime and is the best blockchain for security, making it the preferred choice for institutional backing [18][19] Question: Is there a limit on the percentage of ETH that will be staked? - The company can stake 100% of its ETH, currently at about 85% due to external management strategies [20][21] Question: What sets Bit Digital apart from competitors? - The company highlights its successful business history, unique financial engineering capabilities, and deep involvement in Ethereum technology [26][28][30] Question: What are the expectations for staking yields going forward? - Current native staking yield is about 3%, with goals to achieve 4% through external managers [53][55] Question: What challenges has WhiteFiber faced in ramping revenue? - The main challenges are the complexity and time required for negotiating large contracts [58][60]