Remittance Company Rolls Out Visa Card Linked to Stablecoin-Backed Balance

A major remittance company is introducing a Visa card that will allow customers to hold dollar-denominated funds and make purchases using a balance backed by stablecoins.

Card Connects Remittances With Stablecoin Payments

The product is designed to combine traditional payment functionality with digital-asset infrastructure. Customers will be able to maintain funds in dollars while spending through a Visa card linked to a stablecoin-backed account balance.

Stablecoins in Everyday Payments

Stablecoins are digital tokens designed to track the value of an underlying asset, typically the U.S. dollar. Their use in payment products has expanded as companies seek faster and potentially more efficient methods for transferring and accessing funds.

The rollout marks another step toward integrating stablecoins into consumer payment and remittance services, although details about availability, supported jurisdictions and fees were not provided.

Coinbase Wins—Appeals Court Orders SEC to Explain Itself

The Third Circuit just forced the Securities and Exchange Commission to stop dodging and start answering Coinbase’s questions about which digital assets the agency actually considers securities. In a single stroke, the ruling hands the crypto exchange a rare procedural win and signals that federal courts may no longer let the SEC hide behind silence when billions in trading volume hang in the balance.

The dispute began last spring when Coinbase petitioned the Commission to write clear rules for digital-asset markets. After months of radio silence, the company sued, arguing the SEC’s refusal amounted to unlawful inaction. The agency countered that it had already laid out its views in enforcement actions and speeches, so no new rulemaking was needed. A three-judge panel disagreed. Writing for the court, Chief Judge Bibas held that the SEC’s enforcement-by-speech approach does not substitute for the formal notice-and-comment process required by the Administrative Procedure Act. The judges ordered the Commission to provide, within a tight timetable, either a definitive statement of its position or a reasoned denial of Coinbase’s petition.

What changes now is leverage. Coinbase can point to a federal appeals court order demanding regulatory clarity, shifting the narrative from “rogue exchange” to “agency dodging accountability.” The SEC loses the luxury of selective enforcement; every speech, complaint, or settlement will now be measured against the court’s demand for a coherent policy. Industry players gain a precedent they can cite when petitioning other agencies or resisting enforcement sweeps.

In plain English, the court told the SEC it cannot keep treating crypto as a regulatory wild west while refusing to draw the map. That forces the agency to decide whether tokens are securities, commodities, or something else—and to say so in language exchanges, investors, and developers can actually follow.

Market participants are already repricing regulatory risk. Ether and several large-cap tokens ticked higher on the news, reflecting bets that clearer rules may blunt the SEC’s enforcement hammer. Yet the ruling also spotlights the agency’s fallback: if it must issue guidance, it could define “investment contract” more broadly, sweeping in staking rewards or certain DeFi yields. Exchanges face a double-edged outcome—protection from arbitrary enforcement, but exposure to whatever taxonomy the SEC eventually adopts.

Traders should watch the Commission’s next filing like a hawk; the first hint of a broad definition will likely spark a sell-the-news reaction, while narrow language could ignite a relief rally across altcoin markets.

Bitcoin Holds Near $78,000 as Trump Floats Proposed $5,000 Dividend

Bitcoin traded in a narrow range between $77,650 and $78,000 early Thursday after President Donald Trump proposed issuing $5,000 dividend payments to American adults if Republicans retain control of Congress in the midterm elections.

Bitcoin Price Remains Range-Bound

The cryptocurrency showed limited movement following Trump’s comments, remaining below the $78,000 level. The muted response suggests the proposal had little immediate impact on bitcoin’s price as traders focused on broader economic factors.

Trump’s plan remains a proposal and would require additional details regarding eligibility, funding and implementation. The comments did not result in a significant change in bitcoin’s short-term trading range.

Markets Await Inflation Data

Bitcoin’s stable performance came ahead of key U.S. inflation data, which could influence expectations for monetary policy and broader risk appetite. Economic indicators, particularly those related to inflation and interest rates, have remained important drivers of cryptocurrency market volatility.

Investors are expected to assess the data for signals about the Federal Reserve’s future policy direction. Changes in interest-rate expectations can affect demand for risk assets, including bitcoin.

Political Proposal Has Limited Immediate Market Effect

Although a $5,000 payment could have broader economic implications if enacted, bitcoin’s initial reaction was subdued. The market instead continued to trade within its recent range as participants awaited further details about the proposal and the upcoming inflation figures.

TRM Labs Doubles Valuation as Crypto Intelligence Demand Surges

Blockchain intelligence firm TRM Labs has reportedly doubled its valuation to $2 billion in a Series C expansion. The company says its annual recurring revenue has quadrupled over the past three years, signaling stronger demand for tools that help investigate crypto activity.

The funding comes as regulators, financial institutions, and law enforcement agencies push deeper into digital-asset markets. TRM Labs is positioning its AI-powered investigations business as critical infrastructure for tracing transactions, identifying illicit activity, and managing compliance risk.

That growth reflects a broader shift in crypto: institutional adoption is creating demand not just for trading platforms, but for surveillance and risk-management systems. TRM’s rising valuation suggests investors see blockchain intelligence as one of the sector’s more durable business models, particularly as enforcement becomes more data-driven.

What This Means for Crypto

Blockchain intelligence firms analyze public transaction data to map wallet activity, flag suspicious behavior, and connect on-chain movements to real-world entities. AI can make those investigations faster, but it does not eliminate the need for human judgment or raise the accuracy of every conclusion automatically.

For traders and long-term investors, the development is a reminder that crypto adoption depends on trust and compliance as much as speculation. Builders may benefit from clearer institutional standards, while privacy-focused users will watch closely to see how expanded surveillance affects financial freedom.

Market Impact and Next Moves

The immediate sentiment is cautiously bullish for crypto infrastructure. A quadrupling of recurring revenue points to real customer demand, but the valuation also raises expectations: TRM will need to keep converting AI interest into reliable, defensible products.

The main risks include overreliance on automated monitoring, privacy concerns, and a potential slowdown in crypto enforcement or institutional spending. The opportunity is broader, with compliance, fraud prevention, and investigative technology becoming increasingly important as digital assets move further into mainstream finance.

TRM’s valuation surge shows that crypto’s next winners may be selling the tools that make the industry trustworthy, not just the tokens that make it exciting.

US Bank Tests Proprietary Stablecoin Across Stellar Network

A US bank has tested its proprietary stablecoin, USBDC, in a cross-border transfer between its North American and European entities. The pilot used the public Stellar blockchain, highlighting how traditional financial institutions are exploring faster settlement without giving up control over their own digital currencies.

The transaction matters because cross-border payments remain expensive, slow, and dependent on multiple intermediaries. By moving USBDC directly between affiliated entities, the bank is testing whether blockchain rails can improve internal liquidity management and international settlement.

The use of Stellar is also significant. The network is built for quick, low-cost transfers, making it a natural testing ground for stablecoins and institutional payment systems. However, this was a controlled pilot—not proof that the bank is ready to replace existing payment infrastructure at scale.

What This Means for Crypto

USBDC appears to be a bank-controlled digital token designed to maintain a stable value, likely against a fiat currency. Unlike open-market cryptocurrencies, a proprietary stablecoin can give the issuing institution tighter control over who uses it, how transfers are processed, and how reserves are managed.

For traders, the development reinforces the broader stablecoin narrative but does not automatically create demand for USBDC or Stellar’s native token. For long-term investors and builders, it shows that blockchain adoption may advance first through private institutional experiments and carefully limited public-network pilots.

Market Impact and Next Moves

The immediate market reaction is likely mixed. The pilot is bullish for blockchain-based settlement and Stellar’s institutional use case, but its limited scope means traders should avoid treating one test as evidence of mass adoption.

The key risks are regulatory approval, reserve transparency, operational security, and whether banks can scale these systems while meeting compliance requirements across jurisdictions. The opportunity lies in the growing competition to modernize cross-border payments, where stablecoins and public blockchains could eventually challenge slower legacy rails.

The real signal is not one bank’s transaction—it is whether controlled pilots become reliable, regulated payment networks used beyond the institution that created them.

Phishing Campaign Targets Crypto Users Through Compromised Email Infrastructure

Trezor, BitBox and CoinTracking warned customers Thursday that attackers had used compromised mailing infrastructure to distribute phishing emails designed to steal sensitive information from cryptocurrency users.

Multiple Crypto Companies Targeted

The incident occurred on Sept. 9 and 10 and appears to have affected more than one company. BitBox said that several bitcoin-related businesses were targeted, allowing the fraudulent messages to appear similar to legitimate security notifications.

The emails reportedly used familiar company names and security-related themes to create a sense of urgency. Recipients who followed links in the messages could have been directed to fraudulent websites designed to capture account credentials or other sensitive information.

Warnings From Wallet and Tracking Services

Trezor, a hardware wallet manufacturer, and CoinTracking, a cryptocurrency portfolio-tracking service, were among the companies that alerted users to the campaign. BitBox also issued a warning after identifying the broader targeting of bitcoin companies.

Compromised mailing systems can make phishing campaigns more convincing because messages may appear to originate from trusted services or arrive through infrastructure associated with legitimate communications.

Users Urged to Verify Security Messages

Cryptocurrency users should avoid clicking links in unexpected security emails and independently visit a company’s official website or application to review account notices. Users should also verify the sender’s domain and treat requests for passwords, private keys or wallet recovery phrases as fraudulent.

Hardware wallet providers do not need a customer’s recovery phrase to provide support. Anyone who has entered sensitive information into a suspicious website should secure affected accounts and contact the relevant service through official channels.

Tether and Fasanara Target $3 Billion Credit Expansion

Tether and Fasanara Capital have launched a $400 million evergreen private credit fund aimed at expanding asset-backed lending through fintech platforms in more than 60 countries. The initiative puts USDT infrastructure at the center of a global credit strategy, linking stablecoin rails with real-world lending demand.

The fund will finance loans backed by assets and distributed through fintech companies, with a long-term target of scaling toward $3 billion. Its evergreen structure suggests capital can remain invested and be redeployed as loans mature, rather than operating on a fixed closing date.

What This Means for Crypto

In plain English, Tether is using the infrastructure surrounding USDT to support lending outside traditional banks. That could give fintech platforms faster access to capital and help borrowers in markets where conventional credit is expensive, slow, or difficult to obtain.

For crypto investors, the move strengthens the case for stablecoins as financial infrastructure rather than simple trading instruments. It also introduces risks: private credit is not instantly liquid, and losses could emerge if borrowers default, asset valuations fall, or fintech partners weaken.

Market Impact and Next Moves

The announcement is broadly bullish for the stablecoin and real-world-assets narratives because it connects crypto liquidity with productive lending across a wide geographic footprint. Still, the $3 billion ambition is a target, not deployed capital, and execution will matter more than the headline figure.

The key opportunity is the potential growth of blockchain-based credit markets, while the main risks are credit quality, transparency, regulation, and dependence on Tether’s USDT ecosystem. Traders may chase the story, but long-term investors should watch actual loan deployment, repayment performance, and disclosures before treating it as a proven success.

The real test is whether USDT can move from the trading desk into the global credit system without importing the risks that traditional lenders already know too well.

Gen Z More Likely to View Event Contracts as Investments Than Sports Bets, BofA Finds

Americans across all generations are more likely to view event contracts as an investment than traditional sports betting, according to new research from Bank of America. Gen Z respondents showed the strongest tendency to classify event-based products as investments rather than wagers.

Event contracts gain investment appeal

Event contracts allow participants to buy or sell positions tied to the outcome of a future event, such as an election, economic release, or sports result. The contracts typically pay a fixed amount if a specified outcome occurs and expire at a defined date.

Bank of America’s research found that respondents in every generation were more likely to describe purchasing event contracts as an investment than placing a conventional sports bet. Gen Z recorded the largest difference between the two categories, highlighting the growing overlap between financial markets, online platforms, and prediction-based products among younger users.

Sports betting returns remain under pressure

The research also indicated that bettors receive less than 75 cents for every dollar wagered through online betting platforms. The figure reflects the unfavorable expected returns associated with sports betting, where platform fees and bookmaker margins reduce the amount returned to participants over time.

Event contracts are structured differently from standard sportsbook bets, but they still involve substantial risk. A participant can lose the amount committed if the selected outcome does not occur, while market prices may also fluctuate before a contract expires.

Growing scrutiny of prediction markets

The findings come as prediction markets and event-based trading platforms attract increased attention. Some platforms use blockchain technology or offer crypto-related payment options, while others operate through conventional financial infrastructure.

The growing popularity of these products has prompted debate over how they should be classified and regulated, particularly when contracts involve sports or other forms of entertainment. Their investment-like presentation may also influence how users assess the risks involved.

Thin Liquidity and Automated Trading Distort Memecoin Launch

The project team said thin liquidity and automated trading activity affected the memecoin’s launch, contributing to unusual price movements and difficult trading conditions.

Early Buyers Reportedly Face Significant Losses

Blockchain analytics firm Nansen reported that some early buyers were holding losses worth six figures following the token’s debut. The data highlights the risks associated with trading newly launched memecoins, which can experience sharp volatility when liquidity is limited.

Singaporean Man Admits Role in $245 Million Cryptocurrency Theft and Laundering Network

A 22-year-old Singaporean citizen has admitted directing a cybercrime operation that stole and laundered more than $245 million in cryptocurrency, according to authorities. The network allegedly combined online impersonation schemes with residential break-ins to gain access to victims’ digital assets.

Impersonation and Home Invasions

Malone Lam admitted leading the cryptocurrency theft enterprise. The operation targeted victims through online impersonation, while associates allegedly carried out physical break-ins at homes to obtain access to cryptocurrency accounts and related security information.

The stolen digital assets were then moved through a series of transactions intended to conceal their origin. Cryptocurrency laundering typically involves transferring funds across multiple wallets, exchanges or blockchain networks in an effort to make tracing more difficult.

Lavish Spending on Stolen Funds

According to the account of the case, proceeds from the operation financed an extravagant lifestyle. The group spent the funds on exotic cars, private jet rentals and nightlife, among other luxury expenses.

The case highlights the growing overlap between online cryptocurrency fraud and traditional criminal activity. While blockchain transactions are publicly recorded, investigators can face challenges when stolen funds are rapidly transferred through multiple accounts and services.

Investigation and Legal Proceedings

Lam’s admission provides authorities with details about the organization behind the theft and laundering operation. The case remains part of an ongoing legal process, and additional proceedings may determine the penalties and status of other individuals connected to the network.

Crypto Traders Put Anthropic’s Implied Valuation at $2.12 Trillion

Anthropic remains a privately held company, but synthetic perpetual contracts traded in crypto markets are giving the artificial intelligence firm an implied valuation of approximately $2.12 trillion.

Synthetic Contracts Track Private Companies

The contracts do not represent ownership in Anthropic or claims on the company’s shares. Instead, they allow traders to speculate on an estimated company valuation through perpetual instruments, creating an informal market-based measure of investor sentiment.

Data cited from DeFiLlama showed Anthropic’s implied valuation rising above that of several major publicly traded companies. The figure reflects the value traders are assigning to the maker of Claude, Anthropic’s artificial intelligence platform, rather than an official financing round or market capitalization.

OpenAI Also Draws Strong Trading Interest

OpenAI, another leading artificial intelligence company that remains privately held, was assigned an implied valuation of approximately $1.58 trillion through similar synthetic perpetual contracts.

The difference between the two figures suggests that traders in these markets were placing a higher notional valuation on Anthropic at the time of the data snapshot. However, prices in synthetic contracts can be influenced by liquidity, leverage and short-term speculation.

Implied Values Are Not Official Company Valuations

Neither figure should be treated as a confirmed corporate valuation. Private-company valuations are typically established through funding rounds, secondary-market transactions or other negotiated deals involving investors and shareholders.

Synthetic perpetual contracts can offer insight into market expectations, but they do not confer equity ownership, voting rights or economic claims on the underlying companies.

Kalshi Wins, CFTC Authority Crumbles

A federal appeals court just refused the CFTC’s emergency bid to block Kalshi’s election contracts, leaving the agency exposed and the prediction-market industry suddenly free to launch. The two-sentence outcome: the D.C. Circuit denied the stay, meaning Kalshi can keep taking bets on congressional control while the CFTC’s appeal drags on, and every other event-contract platform now has precedent to test the same limits.

The fight began when Kalshi asked the CFTC to approve “Congressional Control Contracts” that pay out based on which party wins the House or Senate. The agency said no, arguing that betting on elections is “contrary to the public interest.” Kalshi sued, the district court sided with the exchange, and the CFTC raced to the appeals court for an emergency order to shut the contracts down while the full case proceeds.

Judges on the emergency panel declined to pause the lower-court ruling, letting the contracts trade immediately. Kalshi wins the round; the CFTC loses momentum and precedent. Nothing about the underlying appeal is settled, but the agency can no longer claim that pausing the market is an emergency.

In plain English, the decision means a federal regulator cannot simply declare a new product off-limits without showing imminent harm. The CFTC still has statutory authority over event contracts, yet the bar for using that power just rose sharply. Exchanges now know that courts will treat regulatory blocks as serious interventions, not routine paperwork.

For crypto and DeFi markets the ruling lands like a green light on regulatory arbitrage. If election contracts survive CFTC scrutiny, tokenized versions on decentralized platforms face less classification risk and could attract fresh liquidity. Stablecoin issuers watching the same logic may feel emboldened to list similar products offshore first. Traders see thinner compliance tails and wider event-contract menus, but also the lingering chance that Congress rewrites the rules once elections end.

The precedent is narrow, the appeal ongoing, and enforcement still possible—yet the immediate message is clear: regulators who want to stop new contracts must prove urgency, not just authority.

Court Blocks Envy Blockchain’s Emergency Bid

Texas appeals court refused to fast-track a writ that would have forced a lower judge to rule on Envy Blockchain’s attempt to escape a state-court lawsuit. The decision keeps the company—and its investors—locked in litigation that could define whether blockchain ventures operating inside Texas can shield themselves from local regulators and creditors by claiming they are mere technology providers rather than securities issuers.

The fight began when former partners and creditors sued Envy, NV LandCo 1 LLC, and CEO Stephen Decani in El Paso County, alleging the defendants raised millions by selling unregistered digital-asset interests that functioned like securities. Envy answered with a motion to dismiss, arguing the tokens were utility products, not investments, and that Texas courts lacked jurisdiction. When the trial judge refused to rule quickly, the defendants petitioned the Eighth Court of Appeals for a writ of mandamus—an extraordinary order compelling immediate action. A three-judge panel denied the petition without written opinion, leaving the case on the lower court’s docket.

Because the appellate court stayed silent, the underlying lawsuit now proceeds under ordinary Texas rules of civil procedure. That means full discovery, possible class-action amendments, and the real prospect that evidence of token marketing, profit expectations, and centralized control will be aired in open court. Plaintiffs gain leverage to press state securities-fraud claims; defendants lose the tactical advantage of an expedited jurisdictional escape hatch.

In plain English, the ruling signals that Texas judges are not inclined to short-circuit crypto litigation before the facts are developed. Companies hoping to label themselves “just software” will have to prove it under oath and document, not by emergency writ.

For the broader market, the decision underscores two realities: state regulators and plaintiffs can still reach crypto projects that touch Texas residents, and federal deference arguments will not automatically shield issuers from discovery. Exchanges listing Envy-linked tokens, or similar assets, face added diligence risk; DeFi protocols integrating those tokens could see liquidity pulled if litigation produces adverse factual findings. Traders should price in the chance that Texas courts become a venue of choice for crypto plaintiffs shut out of federal court by the Ripple and Coinbase precedents.

Bottom line: until a written opinion arrives or the case settles, every protocol with Texas users carries an unhedged litigation beta.

CFTC Wins Mandamus, Courts Must Yield

The Seventh Circuit just handed the CFTC a rare procedural victory that could reshape how enforcement actions play out against commodity-linked crypto products. By granting mandamus, the appeals court told a lower judge to stop dragging his feet and transfer a subpoena fight to Washington, D.C.—a move that signals judges have limited power to shield targets once the agency smells fraud.

Kraft and its spun-off snack unit Mondelēz were fighting CFTC subpoenas over alleged manipulation of wheat futures tied to their commercial hedging. The companies persuaded a Chicago judge to keep the fight local, arguing the agency was overreaching. But the appeals court ruled the judge lacked authority to second-guess the CFTC’s choice of venue. The legal question boiled down to whether district courts can stall enforcement proceedings by refusing to transfer them, and the answer came back loud and clear: no.

With the case now headed to federal court in the capital, Kraft and Mondelēz lose their home-field advantage and face a bench more accustomed to deferring to federal regulators. The CFTC gains momentum and a precedent that could speed up future document sweeps against exchanges or token projects accused of market abuse.

In plain terms, the ruling narrows the tactical playbook available to firms under investigation. Targets can no longer count on sympathetic local judges to slow-walk CFTC demands; once the agency files in D.C., the case tends to stay there.

For crypto markets this matters because many DeFi protocols and stablecoin issuers treat their treasury operations like commercial hedging—selling futures, parking collateral, or rebalancing liquidity pools. If those activities draw CFTC scrutiny, operators will have fewer procedural shields and quicker exposure to enforcement theories that treat tokens as commodities subject to anti-manipulation rules. Expect exchanges and protocols to accelerate legal reviews of hedging flows and to price in higher compliance costs.

The decision tightens the vise on anyone hoping geography or delay will blunt regulatory reach.

Crypto Groups Seek to Block Illinois Digital Asset Tax Before 2027 Launch

Two cryptocurrency industry trade groups are urging authorities to halt Illinois’ planned 0.2% digital asset tax, warning that the measure could impose millions of dollars in costs on crypto companies and expose firms to felony charges for compliance errors.

Tax Set to Take Effect in 2027

The tax is scheduled to take effect on Jan. 1, 2027. The groups argue that its implementation could create significant operational and financial burdens for digital asset businesses, including companies that facilitate transactions for Illinois residents.

They are seeking to block enforcement before the launch, saying businesses could face irreversible expenses and customers could suffer financial losses if the tax system is implemented and later challenged.

Industry Raises Compliance Concerns

According to the trade groups, the proposed framework could require crypto companies to track and report digital asset activity in ways that are difficult to apply across decentralized and rapidly changing markets.

The groups also warn that compliance mistakes could carry severe legal consequences, including potential felony charges. They contend that the risk is disproportionate for businesses attempting to interpret and comply with a new tax regime.

Potential Impact on Illinois Crypto Users

The dispute could affect both digital asset companies and Illinois residents who use cryptocurrency platforms. Businesses may seek to pass some of the tax-related costs to customers through higher fees or reduced services, while others could reconsider operating in the state.

The groups are calling for enforcement to be blocked before the Jan. 1, 2027, effective date. The outcome of the challenge could help determine how Illinois applies taxes to digital asset transactions and whether other states pursue similar measures.