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Crypto & Web3CoinDesk ·

Visa, Mastercard and Ripple join Coinbase's x402 protocol for AI agent payments

Forty companies, including Visa, Mastercard, and Ripple, now govern x402, a payments protocol originally built by Coinbase. The protocol is designed to facilitate machine-to-machine and AI agent payments over the internet. Last month, x402 processed approximately 75 million payments, settling around $24 million in total. The average transaction cost works out to roughly 32 cents per payment. Coinbase developed the protocol before transferring its governance to the broader industry consortium.

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Crypto & Web3CoinDesk ·

Bitcoin Surpasses $64,000 After US Inflation Data Dims Fed Rate-Hike Expectations

Bitcoin climbed above $64,000 following the release of the latest US Consumer Price Index data for June. The inflation report came in cooler than expected, significantly reducing the probability of a Federal Reserve interest rate hike. Market odds of a rate hike dropped sharply from 43% to just 13% in the wake of the data. Analysts are now shifting their attention to the September FOMC meeting for clearer signals on monetary policy direction. The easing rate-hike outlook appears to have boosted investor appetite for risk assets like Bitcoin.

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Crypto & Web3CoinDesk ·

CFTC Blocks Michigan Court Order Requiring Kalshi to Cancel Trades

The U.S. Commodity Futures Trading Commission has intervened to prevent prediction market platform Kalshi from being forced to cancel trades as directed by a Michigan court. The federal regulator, which has oversight authority over Kalshi's trading operations, argued that the state court's order amounted to inappropriate interference with a federally regulated entity. The CFTC characterized Michigan's attempt to compel the trade reversals as an effort to 'bully' the firm. The move highlights a jurisdictional clash between state and federal authority over the regulation of prediction markets.

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Crypto & Web3CoinDesk ·

Senate Democrats Oppose Crypto Market Structure Bill, Calling It Corrupt

A group of U.S. Senate Democrats has publicly come out against the Clarity Act, a bill aimed at establishing a regulatory framework for cryptocurrency markets. The lawmakers have labeled the legislation as 'corrupt,' signaling growing resistance within the party. The bill requires substantial Democratic support to advance through the Senate, making their opposition a significant obstacle. Critics within the party appear concerned about the bill's provisions, though specific objections have not been fully detailed. The development marks an escalating divide among Democrats over how to approach crypto regulation.

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Crypto & Web3CoinDesk ·

Binance shifts focus to payments and financial services beyond trading

Binance is pivoting its growth strategy to encompass payments and broader financial services, moving beyond its core trading business. Shunyet Jan, the exchange's head of spot trading and derivatives, outlined this direction as part of the platform's next expansion phase. The company aims to evolve into a crypto 'super app' offering a wider range of financial tools to users. Stablecoins are playing a central role in reshaping this growth trajectory for the world's largest crypto exchange.

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Crypto & Web3CoinDesk ·

Clarity Act Contains Strong Sanctions Evasion Safeguards, Expert Argues

The Clarity Act, a proposed piece of crypto legislation, is being defended against concerns that it could enable sanctions evasion. Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs, argues that the bill as currently drafted has meaningful power to prevent sanctions evasion at scale. Redbord contends that critics are misreading the legislation's scope and intent. His position challenges a growing narrative that the Clarity Act could create loopholes exploitable by bad actors in the digital asset space.

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Crypto & Web3CoinDesk ·

Mizuho Downgrades Circle, Cuts Price Target to $50 Citing Open USD Threat

Japanese investment bank Mizuho has downgraded Circle to an underperform rating, slashing its price target to $50. The bank flagged Open USD as a significant competitive threat to Circle's business model. Mizuho expressed concern that Open USD's yield pass-through model could erode Circle's margins. This approach would redirect more reserve income to distributors, weakening Circle's financial position.

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Crypto & Web3CoinDesk ·

Potential Wikipedia Blackout Raises Concerns Over AI Crypto Knowledge Gaps

A possible Wikipedia blackout could negatively affect how AI tools like ChatGPT access and interpret cryptocurrency-related information. Wikipedia currently follows crypto coverage guidelines that were established years ago and may no longer reflect the current state of the industry. Since large language models rely heavily on Wikipedia as a training and reference source, outdated or absent content could skew AI understanding of crypto topics. The situation highlights a broader concern about the accuracy and currency of information that AI engines use to respond to user queries about digital assets.

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Crypto & Web3CoinDesk ·

US and UK Chart Joint Roadmap to Harmonize Tokenized Asset Regulations

The United States and United Kingdom have unveiled a joint roadmap aimed at aligning their regulatory frameworks for tokenized financial assets. The initiative targets the world's two largest financial centers, seeking to streamline cross-border rules governing blockchain-based finance. A key goal is reducing regulatory friction that currently complicates the movement and trading of tokenized assets between the two markets. The collaboration also aims to strengthen broader financial ties between Washington and London. Officials hope the coordinated approach will provide clearer guidance for firms operating in both jurisdictions.

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Crypto & Web3CoinDesk ·

JPMorgan warns Hyperliquid-Circle deal threatens USDC revenue model

JPMorgan has flagged concerns over a new deal between Hyperliquid, Circle, and Coinbase, warning it could undermine the economics of the USDC stablecoin. The bank describes the arrangement as a 'prisoner's dilemma,' suggesting the partnership creates competitive pressures that squeeze earnings tied to the dollar-pegged token. USDC, issued by Circle, is one of the largest stablecoins in the crypto market and relies on interest income from reserve assets for revenue. The involvement of Hyperliquid, a decentralized exchange that has seen rapid growth, adds a new layer of competition to the stablecoin landscape. JPMorgan's analysis suggests the deal could have lasting implications for how stablecoin issuers generate and sustain profits.

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Crypto & Web3CoinDesk ·

Ethereum Foundation Spinout EthSystems Aims to Bring Blockchain Privacy to Banks

EthSystems, a new company spun out from the Ethereum Foundation, is targeting banks with blockchain-based privacy technology. The launch comes during a significant period of organizational restructuring at the Ethereum Foundation, described as one of its largest shakeups in years. EthSystems appears to be positioning itself to serve institutional financial clients seeking privacy-focused blockchain solutions. The spinout signals a strategic move to commercialize Ethereum-related technology within the traditional banking sector.

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Crypto & Web3CoinDesk ·

Fidelity's Lai: Tokenized funds best serve balance-sheet needs, not round-the-clock liquidity

Fidelity International executive Giselle Lai has argued that tokenized funds hold their greatest long-term promise in balance-sheet management for large global institutions. Speaking on the topic, Lai pushed back against the widely cited benefit of 24/7 liquidity as the primary driver for tokenization adoption. Her perspective highlights a shift in how major financial firms are evaluating the practical utility of fund tokenization. For pension funds and similarly large institutional players, the ability to manage assets and liabilities more efficiently on a balance sheet is seen as the more meaningful advantage.

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Crypto & Web3CoinDesk ·

Benchmark raises Hut 8 price target to $165 on AI infrastructure pivot

Benchmark analyst Mark Palmer has raised his price target for Bitcoin miner Hut 8 to $165, citing the company's strategic shift toward artificial intelligence infrastructure. The upgrade is driven by Hut 8's Beacon Point project, which Palmer says repositions the firm as an AI infrastructure platform. This pivot is seen as significantly reshaping how the company is valued by investors. Palmer believes the transition gives Hut 8 a long runway for future growth in the AI sector.

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Crypto & Web3CoinDesk ·

ECB selects Deutsche Bank, Revolut among firms for digital euro pilot

The European Central Bank has chosen a group of financial firms, including Deutsche Bank and Revolut, to participate in a digital euro pilot program. The initiative will test a beta version of the digital euro across multiple payment scenarios. These include online, offline, in-store, and e-commerce transactions. The pilot's initial user base will consist of ECB and central bank staff members.

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Crypto & Web3CoinDesk ·

JCB Partners Circle to Pilot USDC Payments Across 40 Million Merchants

Japan's largest card network JCB has announced a partnership with stablecoin issuer Circle to explore the use of USDC in everyday transactions. The collaboration aims to integrate stablecoin payments across JCB's merchant network, which spans 40 million outlets. A key focus of the initiative is enabling faster and more efficient cross-border payments using USDC. The move aligns with Japan's broader push to mainstream stablecoin usage in domestic and international commerce.

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Crypto & Web3CoinDesk ·

BIP-110 Proposal Reignites Bitcoin Debate Over Censorship and Decentralization

A Bitcoin Improvement Proposal known as BIP-110 has stirred significant controversy within the cryptocurrency community. The proposal aimed to restrict the use of Bitcoin's blockchain for storing non-financial data. Rather than achieving consensus, it reignited long-standing debates about censorship and the decentralized nature of the network. The dispute has raised fundamental questions about who holds the authority to shape Bitcoin's future direction.

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Crypto & Web3CoinDesk ·

Prediction Markets Hit $50B Monthly Volume During 2026 FIFA World Cup

Prediction markets surpassed $50 billion in monthly trading volume, coinciding with the opening month of the 2026 FIFA World Cup. This milestone marks a significant surge in activity on these platforms, which allow users to bet on real-world event outcomes. The World Cup appears to have acted as a major catalyst, drawing large volumes of capital into prediction markets. The figure highlights growing competition between prediction platforms and traditional sportsbooks in capturing major sporting event wagers.

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Crypto & Web3CoinDesk ·

Long-Term Bitcoin Holders Offloading Supply to New Buyers Amid Fed Rate Concerns

Seasoned Bitcoin investors are gradually transferring their holdings to a newer wave of buyers in what analysts describe as a generational shift in supply. This redistribution signals growing interest from fresh market participants entering the crypto space. However, the transition is unfolding against a backdrop of potential Federal Reserve interest rate hikes. Higher rates could dampen risk appetite and potentially trigger a broader market sell-off. Analysts warn that a capitulation event, long anticipated by markets, may still be on the horizon if monetary tightening accelerates.

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