Stablecoin cross-border payments priced below interbank foreign exchange rates in every month of the second quarter, according to Borderless.xyz’s Q2 2026 benchmark. 

The report tracked 260 payment corridors across 108 countries and 59 currencies, using 2.96 million rate observations.

The median Parity Gap stood at minus 3.2 basis points for the quarter. One basis point equals 0.01%. The measure compares the delivered stablecoin price with the interbank midpoint. It moved from minus 2 basis points in April to minus 5.9 basis points in June, its lowest reading this year.

Stablecoin FX moves below interbank pricing

A negative Parity Gap means stablecoin delivery reached customers below the rate banks use when trading with each other. Borderless said that result remained rare across cross-border payment systems. Some provider rates include fees inside the exchange rate, so the measure reflects all-in pricing rather than pure FX execution.

The median cost of delivering a $10,000 payment stayed near $27 through Q2. It has remained within 30 cents of that level for five months. The median provider spread also held at 98.8 basis points from March through June after most compression occurred during Q1.

Routing becomes the largest remaining cost lever

Borderless found that provider choice now creates the widest avoidable cost. A business using the median provider instead of the best available route paid 23.3 basis points more. That equals $2,330 for every $1 million moved across 81 corridors.

The cheapest provider changed frequently. On the USDT-to-Brazilian-real corridor, the lead changed 34 times during 88 days, or about every 2.6 days. No provider held first place for half the quarter. The report called this difference the “Routing Tax.”

The network included 377 payout routes across seven blockchains. Borderless counted 82 corridors with at least two steady providers, including 18 with three or more. Those backup routes kept payments moving when a leading quote became less competitive.

Asset and corridor choices change final prices

USDC and USDT differed by only 0.4 basis points across the network, but individual corridors produced much larger gaps. USDC traded at a persistent 99-basis-point discount to USDT in Peru. Chile and Switzerland showed smaller pricing advantages for USDT.

Large payment flows also increased the cost of weak routing. Mexico’s 21.5-basis-point USDT routing gap applied to $67.6 billion in annual remittance inflows. Borderless estimated the same annual leakage as Colombia, where a 122.8-basis-point gap applied to much lower volume.

Regional pricing remains uneven

Africa’s median provider spread widened by 166 basis points to 512.8 during Q2. Malawi recorded the largest repricing. Its typical spread moved from about 296 basis points to 1,975 after a 5.8% change on April 9, with no backup provider available.

Ghana also faced wider pricing, but several providers remained active. The best quote stayed 258 basis points below the median on a day. Borderless cautioned, “None of these numbers is your number,” because each business pays according to its corridors, providers and ticket sizes.

As previously reported, stablecoin payment use has moved beyond crypto trading into business payments, payroll and cross-border settlement. Real-world stablecoin payments doubled to about $400 billion in 2025, with business-to-business transfers making up activity.

Payment companies are also widening stablecoin coverage. dLocal launched stablecoin services across more than 44 markets, while SBI Remit partnered with Fasset on infrastructure spanning over 50 payment corridors. Borderless said businesses can now save more through dynamic routing than by relying on one fixed provider under competitive market conditions.

Coinbase CEO Brian Armstrong said Base’s content coin strategy failed and confirmed that the network changed direction earlier in 2026. 

His comments followed criticism from community members who questioned Base’s support for Zora-based tokens and creator-focused experiments.

Armstrong responded on X to a post that argued the projects failed to create lasting user loyalty and left some traders with losses. 

“They didn’t work and we pivoted early this year. We messed up, time to turn the page,” he wrote.

Armstrong responds to Base content coin criticism

The criticism came from SmileyXBT, which said Base spent more than a year promoting Zora and gave extra attention to projects linked to former Coinbase staff. The post also questioned creator coins tied to public figures and Base team members.

Agree with the first part and your point on content coins. They didn’t work and we pivoted early this year. We messed up, time to turn the page.

I disagree about the AI agents part though. Base has been focused on trading, payments, and agents (in that order). I think all three…

— Brian Armstrong (@brian_armstrong) July 13, 2026

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The critic named tokens linked to investor Balaji Srinivasan and Base founder Jesse Pollak among examples where traders lost money. Armstrong agreed with the criticism of content coins but rejected the claim that Base had shifted most of its attention toward AI agents.

Base shifts resources toward trading infrastructure

Armstrong said Base now focuses on trading, payments and AI agents, in that order. He added that the areas connect because payment services need foreign exchange, while AI agents may use trading and payment tools.

“Most of the resources are going to trading right now,” Armstrong said. He acknowledged that Base’s current direction may not yet appear clearly to outside users.

Base’s official website presents trading, payments and agents as its main solutions. Its 2026 strategy also lists global markets and stablecoin payments among its priorities, alongside support for developers building onchain applications.

Zora push drove rapid token launches

Base promoted content coins through its social app in 2025. The system used Zora contracts to turn posts into tradable tokens, allowing creators to earn fees when users traded their content.

As previously reported, the model helped Base pass Solana in daily token launches during August 2025. More than 1.6 million tokens launched within weeks, while nearly three million traders generated about $470 million in volume.

The activity did not settle whether content coins could produce lasting communities. Reports at the time said much of the activity came from short-term traders seeking quick profits rather than long-term participation.

AI agents remain part of Coinbase’s broader plan

Armstrong said Base had not replaced its community strategy with AI agents. Instead, he described agents as one part of a system built around trading and payments.

Coinbase expanded its agent tools throughout 2026.The company launched Agentic Wallets that allow software agents to hold funds, trade tokens and make payments. It later introduced Coinbase for Agents, which connects AI systems to trading and portfolio tools.

Base also launched Base MCP, a tool that lets users direct supported wallet actions through AI chat systems while retaining transaction approval. The network has promoted x402 as a way for software agents to pay for online services using stablecoins.

Armstrong’s statement marks a public break from content coins as a central growth plan. Base now directs most resources toward trading infrastructure while continuing work on payments and agent-based products.

Patrick Witt, the White House point person on the Digital Asset Market Clarity Act (the “CLARITY Act”), is set to begin a multi-month period of military training after stepping away from his White House role at the end of July. According to Crypto In America, Witt will complete his work on July 24 before reporting for legal officer training with the Georgia Army National Guard.

Witt’s temporary absence comes at a sensitive moment for the proposed legislation, which is widely viewed as needing to clear a narrow window in the US Senate before lawmakers enter the Aug. 8 recess. The coming weeks could test whether the bill’s momentum survives leadership transitions during negotiations in Washington.

Key takeaways

• White House crypto adviser Patrick Witt will take leave after July 24 for Judge Advocate General (JAG) training with the Georgia Army National Guard.
• The CLARITY Act’s Senate timing is still considered tight, with a key cutoff tied to the Aug. 8 recess.
• Witt has helped broker negotiations between crypto and banking stakeholders on elements of market structure, including stablecoin yield and ethics-related provisions.
• In Witt’s absence, Harry Jung, deputy director of the President’s Council of Advisors for Digital Assets, is expected to assume Witt’s responsibilities, while Witt plans to remain involved remotely.

Military training planned after July 24

Crypto In America reported that Witt will pause his duties at the end of July for several months of training. The outlet said Witt will return to the Guard in a role that would qualify him to serve as a legal officer within the National Guard.

In comments reported by Crypto In America, Cody Carbone, CEO of Digital Chamber, indicated Witt had informed stakeholders in advance that he would be taking military leave later in the month. Carbone said Witt had been “forthcoming and honest with every stakeholder” about the timing, according to the report.

Why the leave matters for the CLARITY Act push

The CLARITY Act is designed to establish what supporters describe as the first comprehensive US regulatory framework for the crypto market. As described in the report, the bill faces a narrow path through the Senate, with many observers treating the Aug. 8 recess as a practical deadline.

That matters because the bill’s progress depends not only on formal committee and floor scheduling, but also on sustained negotiation with multiple parties—particularly around specific market-structure questions that lawmakers are trying to balance between competing interests.

Witt has been described as a central participant in those discussions. The report states he has helped drive negotiations between crypto and banking representatives on components of the broader market-structure effort, including issues connected to stablecoin yield and disputes related to ethics provisions.

In practical terms, that means Witt’s temporary absence could alter the rhythm of day-to-day engagement with stakeholders at a time when timing is already compressed. Even if the political process continues, changes in availability can affect how quickly contentious topics are worked through and how consistently lawmakers receive unified messaging from the administration’s side.

Who takes over while Witt is away

Crypto In America reported that in Witt’s absence, Harry Jung—deputy director of the President’s Council of Advisors for Digital Assets—is expected to take on Witt’s responsibilities. The same report also said Witt intends to remain involved in the process even during his military training.

Witt’s plan to stay engaged, even if temporarily stepping back from full-time White House work, is likely intended to prevent institutional knowledge from walking out the door at the most operationally demanding moment for the bill. However, the exact extent of that involvement during training was not detailed in the report, leaving open questions about what tasks and negotiations he can realistically handle while away.

Cointelegraph also reported reaching out to the White House and to Patrick Witt for comment, though no additional statements were included in the excerpt provided.

Negotiations have already spanned banking and crypto interests

The role described for Witt points to a negotiation process that has extended beyond purely internal legislative drafting. According to the report, Witt has been instrumental in bridging conversations between crypto industry stakeholders and banking representatives around sensitive policy choices.

Two issues highlighted in the report—stablecoin yield and ethics provisions—underscore why the CLARITY Act’s talks have been difficult. Stablecoin economics and how yield is addressed can significantly affect product design and compliance approaches, while ethics provisions can shape disclosure requirements and perceived boundaries for participation by different actors.

When a bill depends on reconciling that kind of detail, continuity in the coordinating role becomes more than a staffing issue. It becomes a factor in whether stakeholders trust that their concerns are being tracked accurately through late-stage negotiations.

With Witt away for training and Jung expected to step in operationally, investors and builders watching the legislation will likely focus on whether the administration’s negotiation posture stays consistent and whether the final text remains aligned with the compromises already discussed.

What to watch next

As the Senate approaches the Aug. 8 recess, the main question is whether the CLARITY Act can keep momentum through late-stage legislative maneuvering while Witt is on leave—particularly on the complex market-structure points he helped negotiate, such as stablecoin yield and ethics-related provisions.

Binance.US has set a goal of reclaiming 20% of the U.S. crypto trading market after two years of regulatory setbacks. 

Chief executive Stephen Gregory said the exchange has restarted its growth strategy and plans to rebuild customers, trading activity and liquidity.

Gregory described the period as a two-year “hibernation” linked to regulatory pressure around the Binance brand. He said Binance.US remains a separate U.S.-only business with its own governance, although it shares a brand name and beneficial owner with Binance.com.

Binance.US sets a 20% market share target

In an interview published by CoinDesk, Gregory said Binance.US once controlled about 20% of the U.S. exchange market. The company wants to return to that level by attracting retail traders and improving prices through stronger order-book liquidity.

Binance US Plots Comeback With 20% U.S. Market Share Target

Binance US CEO Stephen Gregory said the company is restarting growth after a two-year regulatory setback and plans to reclaim about 20% of the U.S. crypto trading market. Binance US, the U.S. affiliate operating under… pic.twitter.com/IogW3KSez0

— Wu Blockchain (@WuBlockchain) July 14, 2026

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The target places Binance.US in closer competition with Coinbase and Kraken, which expanded their positions while the platform dealt with legal pressure and reduced services. Gregory said the exchange contacted its largest customers directly to ask what would bring them back.

Lower trading fees lead the liquidity push

Binance.US has made low fees a central part of its comeback plan. The exchange introduced 0% maker fees and taker fees of 0.02% or less across more than 250 spot trading pairs in April. Select pairs offer a 0.01% taker fee.

Gregory called the platform “essentially almost a no-fee exchange.” He said incentives and lower costs could encourage more orders, narrow spreads and improve trading conditions. As previously reported, Binance.US cut spot fees in April as it sought to challenge Coinbase and Kraken on price.

Derivatives and prediction markets remain on the roadmap

The exchange also plans to move beyond spot crypto trading. Gregory said Binance.US may seek licenses for derivatives, perpetual futures and prediction markets as U.S. agencies expand oversight of digital asset products.

Those products are not yet available through the platform, and their launch depends on regulatory approval. Binance.US lists spot trading, conversion, over-the-counter services and staking among its main products. The company also operates under state and federal registration requirements, with some services restricted by location.

Gregory said a broader product range could create new revenue sources as trading fees fall. He also identified custody as a possible source of income. The company has kept a lean workforce while rebuilding its offering.

Regulatory changes support the rebuilding effort

Stephen Gregory became Binance.US CEO on March 9, replacing Norman Reed, who stayed as an adviser.The company selected the compliance executive as it moved from stabilizing operations toward renewed growth.

Moreover, the regulatory backdrop has changed since the platform lost access to some banking services in 2023. Binance.US restored U.S. dollar deposits and withdrawals for most supported states in February 2025. The SEC later dismissed its civil lawsuit against Binance, Binance.US and founder Changpeng Zhao in May 2025.

The exchange still faces the task of rebuilding market depth and customer trust. Its official support pages show that some U.S. states remain unsupported or offer crypto-only services because approvals differ by location.

Gregory said Binance.US wants to bring more liquidity linked to the Binance brand to U.S. customers. “The best customer protection is competition,” he said. The 20% target depends on whether lower fees, new licenses and additional products can restore trading activity.

Patrick Witt, the White House’s pointman on the Digital Asset Market Clarity Act, is taking a leave of absence at the end of July for several months of military training, Crypto In America reported.

Witt, who has served as the executive director of the President’s Council of Advisors for Digital Assets since August, is expected to wrap up his work on July 24 before reporting for Judge Advocate General (JAG) training with the Georgia Army National Guard. The training will qualify him to serve as a legal officer in the Guard, the report wrote.

“Patrick has always been forthcoming and honest with every stakeholder that he was taking military leave later this month,” said Cody Carbone, CEO of Digital Chamber, on Tuesday. 

The move comes as the CLARITY Act, which would create the first comprehensive US regulatory framework for the crypto market, faces a narrow window to pass the Senate before lawmakers begin the Aug. 8 recess, which many see as a critical deadline for the bill. 

Source: Patrick Witt

Cointelegraph reached out to the White House and Patrick Witt for comment. 

Related: CLARITY Act gains second law enforcement endorsement before Senate push

Witt has been instrumental in advancing negotiations between the crypto and banking industry representatives over certain aspects of the crypto market structure bill, including stablecoin yield and disputes over ethics provisions. 

In Witt’s absence, the President’s Council of Advisors for Digital Assets’ deputy director, Harry Jung, is expected to take on his responsibilities, though Witt intends to remain involved in the process during his military training, according to sources who spoke with Crypto In America.

Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

The U.S. government transferred nearly $297 million in seized Bitcoin and Ether to Coinbase Prime on Monday, according to blockchain data. 

The move renewed questions about how federal agencies plan to handle crypto covered by President Donald Trump’s reserve policy.

The transfers included about 3,940 BTC worth roughly $244 million and around 30,000 ETH valued near $53 million at the time. Arkham’s government wallet tracker recorded the movements, although changing market prices can alter their dollar value.

Seized Bitcoin and Ether reach Coinbase Prime

Galaxy Research head Alex Thorn linked the Bitcoin to seizures involving Ryan Farace, known online as “Xanaxman,” and the closed BTC-e exchange.

“These coin movements were comprised of coins seized from Ryan Farace and defunct crypto exchange BTC-e,” Thorn said.

these coin movements were comprised of coins seized from ryan farace (“xanaxman”) and defunct crypto exchange btc-e

— Alex Thorn (@intangiblecoins) July 13, 2026

The Ether came from wallets tied to Brian Krewson, an Oracle employee connected to a federal case involving crypto storage and money laundering. The transfers brought assets from several enforcement cases into an institutional platform used by government agencies and large investors.

Transfer does not confirm a government sale

A deposit to Coinbase Prime can allow trading, but it does not prove that officials plan to sell the assets. Coinbase Prime provides custody, execution, financing and staking services. Federal agencies may use the platform to consolidate wallets or move assets into managed custody.

The U.S. Marshals Service selected Coinbase Prime in 2024 to safeguard and trade certain forfeited digital assets. Government wallets have since sent funds to the platform several times. As reported by crypto.news, authorities moved nearly $984,000 in FTX and Alameda-linked crypto in June, with about $768,000 reaching Coinbase Prime.

Trump reserve order limits Bitcoin sales

Trump’s March 2025 executive order created a Strategic Bitcoin Reserve and a separate stockpile for other digital assets. The order says Bitcoin placed in the reserve “shall not be sold” and must remain a U.S. reserve asset.

The order also allows some exceptions under existing law. Agencies may return assets to verified victims, use them for law enforcement work or follow a court order. Ether and other non-Bitcoin holdings fall under the separate digital asset stockpile, where the Treasury can set stewardship plans within its legal authority.

Reserve structure remains unsettled

The latest movement comes while federal agencies still debate who should manage the Bitcoin reserve.Treasury and Commerce have discussed control of seized BTC while officials review custody, legal authority and the need for new legislation.

Government-linked wallets still hold about $20.5 billion in crypto, based on current tracker estimates. Bitcoin accounts for most of the total, with roughly 325,000 BTC. The wallets also hold Ether, Tether, wrapped Bitcoin and other seized assets, although public trackers may not identify every federal address.

The recorded balance can change quickly because crypto prices move throughout the day. It can also change when courts order restitution, agencies transfer custody, or investigators identify new wallets. Public dashboards therefore provide estimates rather than a complete official federal accounting.

The Monday transfers ranked among the largest government-linked moves to Coinbase Prime in 2026. In April,a federal wallet sent 2.438 BTC from a separate criminal case to the platform.

On-chain records show where funds moved, but they do not reveal the government’s final instructions to Coinbase Prime. A confirmed sale would require further wallet activity, trading records or an official statement. Until then, the transaction remains a custody or asset-management move rather than proof of liquidation.

A solo bitcoin miner recently hit the jackpot in a lottery-like stroke of luck, turning a modest investment into an outsized gain.

The miner equipped with a small, hobbyist-grade device called a Bitaxe recently struck Bitcoin block number 957,382 and walked away with 3.1382 BTC, worth roughly $200,000.

The miner was running the rig for just eight hours through the Public Pool service. His average hash rate? A measly 995 GH/s, or about 1 terahash per second.

This marks the second time a single Bitaxe has solo-mined a block on Public Pool.

Data tracking handle Public Pool posted the win on X.

What is a Bitaxe?

It’s an open-source, credit-card-sized ASIC miner powered by the same Bitmain BM1370 chip found in massive industrial Antminer S21 machines. The Bitaxe Gamma version pumps out 1 to 1.3 TH/s while using just 15-21 watts of power. You can buy one for $60 to $150.

Think of it as the mining equivalent of winning the lottery with a scratch-off ticket from a gas station.

Solo mining is having a moment

This isn’t the first time a solo miner has made big gains on a small investment.

The Digital Asset Market Clarity Act has secured support from a second law enforcement organization before a Senate push. 

The Federal Law Enforcement Officers Association said it supports H.R. 3633 but wants lawmakers to revise several provisions before passage.

In a July 10 statement, FLEOA said the bill “represents meaningful progress” toward balancing digital asset development with public safety. The group represents more than 34,000 active and retired federal officers across over 65 agencies.

FLEOA backs the bill but seeks DeFi changes

FLEOA asked the Senate Banking Committee to make accountability clearer in decentralized finance, or DeFi. It also wants language that prevents companies from avoiding regulation by presenting controlled services as decentralized. The association urged senators to replace the bill’s “specific intent” test with an existing knowledge standard.

The group also asked Congress to state clearly that the legislation does not reduce current federal investigative powers or block lawful court processes. FLEOA said agencies must retain authority covering criminal cases, anti-money laundering rules, sanctions and counterterrorism financing. National President Mathew Silverman said officers need tools to investigate complex financial crimes.

Endorsement adds to a divided law enforcement debate

The support follows the National Organization of Black Law Enforcement Executives’ endorsement earlier in July. As previously reported, NOBLE became the first major law enforcement group to publicly back the bill.

Ji Kim, CEO of the Crypto Council for Innovation, said FLEOA’s position showed the measure was strong on consumer protection and law enforcement.

Significant. @FLEOAORG expressing support for CLARITY and confirming what many of us know–this bill is strong on consumer protection and law enforcement. The time is now to pass CLARITY to ensure the U.S. has these strong guardrails in place. https://t.co/DOBfOKjz0X

— Ji Kim (@_jikim) July 13, 2026

Other organizations have raised concerns about Section 604. The provision would protect some software developers and non-custodial service providers from being treated as money transmitters when they do not control customer funds. As reported by crypto.news, four law enforcement groups warned that broad protections could make some crypto crime investigations harder.

In addition, the Department of Justice later challenged parts of those claims.The agency viewed some warnings about lost enforcement powers as inaccurate. The Major County Sheriffs of America also moved from opposition to a neutral position after further talks over Section 604.

Senate faces a narrowing August window

The Senate’s published 2026 schedule places its August state work period from Aug. 10 through Sept. 11. That leaves Aug. 7 as the final scheduled session day before the break. As of July 14, the Senate’s public floor schedule did not list a vote on the CLARITY Act.

President Donald Trump urged the Senate to pass the measure on July 13, linking the appeal to the late Senator Lindsey Graham.The request came as negotiators worked to complete a merged draft before recess.

Senator Cynthia Lummis said on July 8, “This is likely our last chance to get real legislation for digital assets on the books before 2030.” She warned that other countries could set the rules if Congress fails to act.

This is likely our last chance to get real legislation for digital assets on the books before 2030. If we fail to pass the Clarity Act, we are ensuring another country will write the rules for digital assets and we spend the next decade catching up.

— Senator Cynthia Lummis (@SenLummis) July 8, 2026

Senate staff still need to align Banking and Agriculture Committee language before a final floor vote. The bill also needs bipartisan support to clear the Senate’s 60-vote threshold.

FLEOA’s endorsement gives supporters another law enforcement voice during negotiations. Its requested revisions show that questions over DeFi accountability, developer protections and investigative authority remain active before the scheduled summer break.