TLDR:

• The CFTC approved the first perpetual futures contract on a US regulated venue on May 29, 2025.
• Perpetual futures use a funding rate mechanism to keep contract prices aligned with the spot market.
• Regulated platforms Kalshi and Polymarket stand to benefit from the CFTC’s new regulatory framework.
• The approval marks a step toward DeFi platforms like Hyperliquid gaining access to US-based users.

The CFTC perpetual futures approval on May 29 marks a turning point for US derivatives markets. For the first time, a perpetual futures contract has received regulatory clearance on a domestic venue.

The move follows crypto’s growing influence on traditional finance, after stablecoins and tokenized assets led the way. It also opens a path for decentralized platforms like Hyperliquid to eventually reach American users.

Crypto Exports Another Innovation to Traditional Finance

The digital assets industry has steadily introduced new financial instruments to mainstream markets. Stablecoins were the first major export, offering dollar-pegged utility across global payment rails.

Tokenized assets followed, bringing real-world value onto blockchain infrastructure. Now, perpetual futures complete a third wave of crypto-native innovation entering regulated finance.

Grayscale noted the progression in a post on X, pointing to the CFTC approval as a continuation of that trend. The firm described it as another step in DeFi platforms reaching US users over time.

This framing places the CFTC decision within a broader structural shift, not just a regulatory footnote. Traditional finance is increasingly drawing from a crypto playbook built over the last decade.

The approval also benefits regulated US platforms operating in prediction and derivatives markets. Kalshi and Polymarket stand to gain from clearer regulatory footing under this framework.

Additionally, the CFTC provided guidance allowing Coinbase Financial Markets to offer access through a Foreign Futures framework. That guidance further broadens the scope of who can participate under US oversight.

The timing of this approval aligns with a more open regulatory environment in Washington. Regulators have shifted toward engagement rather than enforcement in recent months.

As a result, market participants are now better positioned to structure compliant perpetual futures products. That shift creates room for more instruments to move from crypto-native venues into mainstream trading infrastructure.

How Perpetual Futures Work and Why They Matter

Unlike traditional futures, perpetual futures carry no expiration date and require no physical delivery. That structure makes them more flexible for traders seeking continuous exposure to an asset or price index.

They function similarly to total return swaps in traditional finance. The key difference is the funding rate mechanism that keeps contract prices anchored to the spot market.

The funding rate involves periodic payments exchanged between long and short position holders. When the futures price rises above spot, longs pay shorts to discourage further premium.

When it falls below, shorts pay longs to close the discount gap. The larger the price divergence, the bigger the payment in either direction.

This mechanism creates a built-in correction system without requiring contract settlement. It keeps market prices honest while allowing open-ended exposure for participants.

Traders can hold positions indefinitely, adjusting based on funding costs rather than expiry calendars. That flexibility has made perp futures the dominant derivative product across crypto markets globally.

The CFTC’s move now brings that structure into a compliant US framework for the first time. It sets a precedent for how crypto-native instruments can be adapted for regulated domestic venues.

Over time, it may also ease the path for DeFi-native platforms to extend services to US-based users. The approval is a structural development with long-term reach across both crypto and traditional finance markets.

The U.S. Treasury Department blacklisted several Iranian crypto exchanges, including its largest platform Nobitex, on Tuesday as part of its ongoing campaign against the Iranian government.

The Treasury’s Office of Foreign Asset Control announced that Nobitex, Wallex, Bitpin and Ramzinex, as well as some of these exchanges’ executives, were being added to its global Specially Designated Nationals list, barring any U.S. entities or businesses and people who use the U.S. dollar financial system from providing any financial services with the platforms.

The announcement came just days after Treasury Secretary Scott Bessent announced that his department had seized around $1 billion in crypto from Iranian exchanges and wallets since the beginning of the war against Iran.

“While Iran’s economy is in free fall, the regime has chosen to co-opt digital asset technologies for its own corrupt agenda, including evading sanctions and transferring wealth out of the country. Iran’s current economic chaos is proof that President Trump’s maximum pressure campaign has been a success,” Bessent said in a statement on Tuesday.

The announcement linked Tuesday’s action to Nobitex’s alleged association with “Iran’s terrorist activities, sanctions evasion efforts and Islamic Revolutionary Guard Corps (IRGC)-linked transactions,” which included ransomware payments.

Nobitex also helped move assets out of Iran after the U.S. began bombing it earlier this year, the press release said.

The Treasury Department said the sanctions actions were part of its broader campaign against Iran.

“Additionally, Treasury recently warned of the sanctions risk associated with complying with Iranian demands for passage through the Strait of Hormuz, such as “toll” payments, including payments made via fiat currency, digital assets, offsets, informal swaps, or other in-kind payments such as nominally charitable donations, and providing sensitive vessel information,” the press release said.

Read more: U.S. says it seized about $1 billion in Iranian crypto as pressure campaign expands

TLDR

• The U.S. Treasury sanctioned Nobitex, which it described as Iran’s largest digital asset exchange.
• According to the Treasury, Nobitex handled more than half of Iranian digital asset inflows in 2025.
• OFAC alleged that Nobitex supported sanctions evasion, stablecoin transfers, and IRGC-linked crypto transactions.
• Treasury also designated Amir Hossein Rad and other Nobitex leaders in the sanctions action.
• The action forms part of the Economic Fury campaign targeting Iran-linked financial and digital asset networks.

The U.S. Treasury moved against Iran’s largest digital asset exchange, Nobitex, in a new sanctions action on Tuesday. The action targets alleged terror finance, sanctions evasion, and regime-linked crypto flows.

Treasury Targets Nobitex and Iranian Crypto Exchanges

According to the Department of the Treasury, OFAC designated Nobitex under counterterrorism and Iran financial-sector authorities. The release also named three other Iranian digital asset exchanges in the action. Treasury described Nobitex as Iran’s largest digital asset exchange. It also alleged that the platform handled more than half of Iranian digital asset inflows in 2025.

According to the release, Nobitex supported payments tied to Iran’s sanctioned activities and IRGC-linked transactions. Treasury also linked some activity to wallets associated with IRGC-affiliated ransomware actors.

The department also designated Amir Hossein Rad, Nobitex’s chairman, co-founder, and former chief executive. Treasury stated that other Nobitex leaders and officials also faced sanctions. Treasury Secretary Scott Bessent connected the action to the Trump administration’s Iran policy. “Treasury will continue to follow the money,” Bessent stated in the release.

OFAC Alleges Stablecoin Use and Sanctions Evasion

According to the Treasury, Nobitex helped the Central Bank of Iran access hundreds of millions of dollars in stablecoins. The department alleged those funds supported efforts tied to the falling value of the Iranian rial. The release also claimed that Nobitex helped regime insiders reach international digital asset exchanges. Treasury framed that activity as part of sanctions evasion across several jurisdictions.

According to OFAC, Nobitex acted as a vehicle for sanctions evasion through its earlier Central Bank links. The department also alleged that the platform contributed to repression inside Iran. Treasury claimed the exchange enabled the Iranian government to conduct warrantless surveillance of civilians.

Additionally, the release stated that two Nobitex co-founders had close links to Khamenei’s family. The department cited Executive Order 13224, as amended, in its Nobitex designation. It also cited Executive Order 13902, which covers Iran’s financial sector.

Economic Fury Expands Pressure on Iran

The sanctions form part of the Economic Fury and maximum pressure policy. The department stated that the campaign targets Iran’s ability to generate, move, and repatriate funds. Treasury reported that its actions have blocked access to tens of billions of dollars for Iran-linked networks. It also referenced actions that froze nearly half a billion dollars in regime-linked cryptocurrency.

The release stated that Treasury has targeted shadow banking networks, oil channels, military supply networks, and proxy groups. It also warned foreign companies against supporting illicit Iranian commerce. The administration now targets both traditional sanctions evasion and digital asset exploitation. The department also raised the possibility of secondary sanctions on foreign financial institutions.

Treasury also warned about payments tied to passage through the Strait of Hormuz. It listed fiat currency, digital assets, offsets, swaps, and in-kind payments among possible sanctions risks. On May 27, the Treasury designated Iran’s so-called Persian Gulf Strait Authority. The department described it as an IRGC-linked scheme tied to shipping through the Strait of Hormuz.

The release also stated that Nobitex played a role after U.S. combat operations in Iran began. Treasury alleged that the platform helped protect and move assets despite internet blackouts. According to OFAC, the action targets persons who materially assisted or supported the IRGC. The department also stated that Nobitex operated in Iran’s financial sector.

Movement, the Move-based blockchain network that has expanded into stablecoin payments and financial infrastructure, said it has gained access to licensed payment rails across the US, Canada and the EU, a move aimed at strengthening its cross-border payment offerings in emerging markets.

In a Tuesday announcement, Movement said it plans to use the payment infrastructure to connect traditional banking systems with stablecoin settlement networks, targeting cross-border transfers and treasury services in regions where payment costs remain high and financial access is limited.

Movement did not identify the partners or regulated entities that would enable its payment rail access. Still, the company said the infrastructure will enhance its ability to move funds between traditional payment networks and blockchain systems, with a focus on stablecoin-based settlement rather than fully crypto-native transfers.

The announcement also highlighted a token buyback tied to the company’s shift toward payments infrastructure. The Movement Network Foundation said it repurchased roughly 19% of tokens previously allocated to investors, representing about 4.2% of the token’s total supply.

MOVE token’s market capitalization has fallen from a peak of around $2.5 billion to around $54 million currently. Source: CoinMarketCap

Related: US lawmakers move to protect blockchain devs from prosecution

Stablecoins become a key growth area for blockchain networks

Movement’s pivot reflects a broader trend across the blockchain industry, where networks originally touted as smart-contract platforms are increasingly emphasizing stablecoin payments and financial infrastructure.

Solana, which initially gained traction through decentralized finance and consumer applications, has in recent months highlighted stablecoin payments and remittances as adoption grows. Polygon, an Ethereum layer-2 network, has also expanded its focus beyond scaling to support stablecoin settlement and payment-related initiatives.

Aptos, another blockchain built on the Move programming language, has similarly promoted payments, consumer finance and stablecoin use cases as part of its broader growth strategy.

The shift comes as stablecoins remain one of the digital asset industry’s fastest-growing sectors, particularly following the passage of the US GENIUS Act last year, which established a federal framework for payment stablecoins.

The total value of all stablecoins has eclipsed $320 billion. Source: DefiLlama

The growing focus on payments infrastructure also comes amid softer conditions across broader crypto markets. Global crypto transaction volume declined 11% year over year in the first quarter, according to TRM Labs, reflecting weaker market activity and cooling investor demand.

Related: Crypto Biz: Crypto infrastructure spending rises as ETF appetite cools

Crypto exchange Coinbase has invested in ProShares’ stablecoin-focused money market fund, betting that demand for stablecoin reserve-management products will grow as the recently enacted GENIUS Act formalizes the types of assets that can back US dollar-pegged tokens.

Coinbase (COIN) announced Tuesday that it made an undisclosed investment in the ProShares GENIUS Money Market ETF (IQMM), which is designed to hold assets that qualify as reserves for payment stablecoins under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

The GENIUS Act requires stablecoin issuers to back their tokens with highly liquid assets, including cash, bank deposits and short-term US Treasury securities. IQMM was created to provide exposure to those types of reserve assets through a publicly traded fund structure.

Source: ProShares

Launched in February, IQMM invests exclusively in short-term US Treasury securities and cash-equivalent instruments with maturities of 93 days or less. According to ProShares, it’s one of the first exchange-traded funds tailored specifically for stablecoin reserve management.

Coinbase said the investment aligns with its growing stablecoin business and cash-management operations. As one of the primary infrastructure providers for Circle’s USDC (USDC), Coinbase has an interest in expanding the pool of regulated, liquid investment vehicles for managing stablecoin reserves.

Related: Movement expands stablecoin payments push with access to US, Canada, EU rails

CLARITY Act hangs in the balance as stablecoin yield debate intensifies

The passage of the GENIUS Act in June 2025 marked a major milestone in US stablecoin regulation, but lawmakers are still debating broader reforms to crypto market structure.

At the center of that effort is the Digital Asset Market Clarity (CLARITY) Act, which would establish rules governing digital asset markets and define the roles of federal regulators. The legislation gained momentum after lawmakers incorporated new stablecoin yield provisions, setting the stage for a broader debate over whether issuers should be allowed to pay interest on stablecoin holdings.

The bill advanced through the Senate Banking Committee last month, setting the stage for a full Senate floor vote. However, progress has been uneven, with some Democrats pushing for stronger ethics and conflict-of-interest provisions tied to digital assets.

In May, White House crypto adviser Patrick Witt said administration officials were targeting the period around the July 4 Independence Day holiday to advance crypto market-structure legislation. However, it remains unclear whether lawmakers can meet that timeline amid ongoing disagreements.

Coinbase’s chief policy officer, Faryar Shirzad, called the CLARITY Act the “biggest financial regulatory bill” since Dodd-Frank. Source: Fox Business

Much of the disagreement comes from the banking industry, which continues to voice strong opposition to the bill. Last week, JPMorgan CEO Jamie Dimon said banks would fight the legislation in its current form, arguing that allowing crypto firms to offer yield on stablecoin balances could create an uneven competitive landscape between banks and digital asset companies.

Related: Fed’s Barr backs stablecoin clarity but warns of run risks

Latest developments: Stellar Development Foundation CEO Denelle Dixon joined CoinDesk’s Public Keys and said DTCC’s selection of Stellar validates years of infrastructure built for institutional use.

• DTCC recently chose Stellar as the first public blockchain connected to its upcoming tokenized securities settlement platform, Dixon said.
• Stellar surpassed $1 billion in tokenized real-world assets in December and has since grown to roughly $3 billion in about five months, according to Dixon.
• Dixon described the partnership as “the moment Stellar was built for” after more than a decade of focusing on compliance and institutional requirements.

What this means: Regulatory progress is helping institutions move from experimentation to deployment.

• Dixon said the GENIUS Act gave financial institutions confidence that the U.S. government intends to support the industry through a clearer regulatory framework.
• She noted that firms such as Franklin Templeton were already building tokenized products before recent legislation, citing the firm’s money market fund on Stellar.
• While she said passage of the Clarity Act would benefit the industry, Dixon argued that tokenization adoption is unlikely to be derailed if the bill stalls.

Closer look: Stellar is positioning its technology stack around compliance, privacy and scalability for large financial institutions.

• Dixon said Stellar has maintained 99.99.99% uptime and processes billions of transactions each quarter.
• She emphasized that compliance tools were built into the network’s architecture, reducing the need for custom smart contracts to issue assets.
• Stellar is also developing privacy features using a composable model that allows institutions to tailor controls to specific assets and use cases.

Reading between the lines: Massive transaction volumes remain a key test for blockchain-based financial infrastructure.

• DTCC processed $4.7 quadrillion in securities transactions last year, highlighting the scale traditional market infrastructure already supports.
• Dixon acknowledged that tokenized settlement volumes will ramp up gradually rather than reaching peak scale immediately.
• She said maintaining reliability and avoiding network outages are critical requirements for institutional adoption.

Broader view: Dixon expects tokenized assets to be distributed across multiple public blockchains rather than concentrated on a single network.

• She rejected the idea that one blockchain will dominate all institutional tokenization activity.
• Instead, Dixon said a handful of networks will likely capture most real-world asset issuance based on their technical strengths.
• She argued that open public blockchains will ultimately outperform closed alternatives because they evolve rapidly through global developer participation.