Mastercard and stablecoin orchestration network Borderless are launching a pilot focused on improving cross-border stablecoin payments using Mastercard’s Crypto Credential standards-based framework.

The initiative, announced in coordination with Cointelegraph, will test whether Mastercard’s approach can generate assurance signals that market participants can plug into their own approval, compliance, and risk workflows—potentially reducing friction where verification responsibilities often become fragmented across counterparties.

Key takeaways

• Mastercard and Borderless will trial how Crypto Credential standards can produce governance and verification signals for cross-border stablecoin payments.
• The pilot is designed to help participants incorporate assurance signals into their internal approval, compliance, and risk processes.
• Borderless frames compliance and trust between parties as the key bottleneck, comparing it to how correspondent banking historically handled assurance.
• Mastercard will not process or settle funds as part of the pilot; the project centers on the credential layer rather than payment execution.

Why “assurance signals” matter for stablecoin payments

Stablecoins can move value quickly, but cross-border usage often runs into a problem that looks less like a technology challenge and more like a governance and compliance workflow issue. According to Borderless CEO and co-founder Kevin Lehtiniitty, the main source of friction is providing the right kind of assurance across a chain of counterparties.

Lehtiniitty compares the situation to correspondent banking, which “solved this decades ago” by making trust upstream and avoiding repeated re-execution of compliance checks at each step with downstream parties. In his view, Mastercard’s Crypto Credential framework aims to apply a similar idea to digital-asset payments: instead of every participant building their own end-to-end verification logic from scratch, the system provides standardized signals that can be interpreted and used across the network.

Mastercard’s Crypto Credential framework, as described in the announcement, relies on common standards and assurance signals intended to add certainty to blockchain-related transactions. In the pilot, the partners will look specifically for governance signals that can lower operational friction in cross-border stablecoin flows.

A pilot focused on governance, not settlement

While the partnership is positioned within the broader stablecoin payments ecosystem, the pilot itself is intentionally narrower. Lehtiniitty told Cointelegraph that Mastercard’s role would be limited to the Crypto Credential governance and verification layer; Mastercard will not process or settle funds as part of this test.

That distinction matters for how investors and builders might interpret the trial. It suggests the project is primarily about interoperability—how credentialed assurance can be communicated and reused—rather than about replacing payment rails or directly competing with settlement providers in the near term.

For Borderless, the value proposition is tied to workflow integration: participants would be able to take the signals produced under Mastercard’s framework and incorporate them into their existing approval, compliance, and risk processes. The pilot therefore aims at practical adoption challenges, not just a theoretical standard.

How Mastercard’s stablecoin push is evolving

The pilot builds on Mastercard’s recent expansion in the stablecoin industry. Cointelegraph previously reported that Mastercard completed its acquisition of stablecoin infrastructure company BVNK on Monday, a deal valued at $1.8 billion.

In June, Mastercard also announced plans to expand settlement capabilities to include intraday, weekend, and holiday card settlement. That proposal included settlement through stablecoins such as Circle’s USDC, Paxos-issued PYUSD, and other dollar-linked tokens, including USDG and USDP, as well as Ripple’s RLUSD and SoFi’s SoFiUSD.

Taken together, the new pilot indicates Mastercard is pursuing a dual-track strategy: expanding where stablecoins can be used in settlement while also working on how trust and verification can be communicated in a way that fits traditional compliance expectations.

Still, the pilot’s scope leaves open some important questions. The partners have emphasized credentialing and governance signals, but they have not indicated how quickly these signals could standardize cross-border approvals across different jurisdictions, nor whether the pilot will extend beyond specific participants or networks. Those details will determine whether the program becomes a scalable template or remains a proof-of-concept.

What to watch next in the pilot

Because Mastercard and Borderless have framed the work around assurance signals that can be incorporated into compliance and risk processes, observers should watch for outcomes that reflect real operational integration—not just technical compatibility. Key areas include how participants interpret the governance signals, whether the framework meaningfully reduces the need for repeated due diligence steps, and what governance standards emerge as most effective in lowering cross-border friction.

Another practical factor is whether the credential layer can maintain consistency across counterparties without requiring each party to recreate verification logic. If the pilot succeeds, it could offer a clearer path for stablecoins to fit into existing payment and compliance infrastructures—where trust models are typically built around accountable intermediaries.

For now, the next step is the pilot’s results: how well the assurance and governance signals translate into reduced friction for cross-border stablecoin payments, and whether the approach can be expanded from a controlled test into a broader standard that participants can adopt with confidence.

When Strategy sold a tiny 32 Bitcoin for the first time since 2022, the market treated it as the top. But a single balance-sheet decision is not necessarily reflecting long-term demand data. The subsequent much larger sale of bitcoin by Strategy was digested more as treasury management than capitulation, interpreting the step as Strategy evolving its long-term treasury strategy from passively HODLing collateral to actively managing it over time. The market initially spent its energy reacting to a press release while the real long-term relevant picture was being written somewhere it was not looking at directly.

Fabian Dori is Chief Investment Officer at Sygnum Bank.

When spot Bitcoin ETFs had their worst month on record for outflows, the coverage read like a wake. Yet at the very same time, long-term holders, the wallets that have held through previous cycles and rarely sell, started buying again, adding into the weakness. The cohort with the best record of timing entries was doing the exact opposite of the institutional money that was selling. The headline audience saw capitulation. The positioning audience saw something closer to opportunity. They were looking at the same market.

Derivatives told the same story earlier in the year. One of the clearest, least ambiguous signals I track is simple: of the 50 largest perpetual futures contracts, how many carry a positive funding rate, the recurring fee traders pay to keep a position open. When that fee is positive, it is the bulls paying to stay long; when it is negative, the bears are paying to stay short. Bitcoin’s funding rate stayed negative for its longest stretch since the aftermath of FTX, yet a meaningful share of those top 50 contracts had quietly flipped positive. Risk appetite was turning up before the price confirmed it. The headline was still “record short streak.” The positioning was already less bearish.

Bitcoin (BTC) has rebounded from Monday’s low of $62,210, retaking $64,000. The flagship cryptocurrency reached an intraday high of $64,497 on Tuesday and is currently trading around $64,122.

A close above $65,000 could open the door to a move towards $66,000 and July’s high of $67,975. However, buyers must overcome immediate resistance between $64,000 and $65,000.

Bitcoin Back Above $64,000

Bitcoin (BTC) started the week with a sharp drop, falling to a low of $62,210 as the Coincard exploit, along with prevailing macroeconomic and geopolitical conditions, pressured an already jittery market. The flagship cryptocurrency recovered from Monday’s low to reach an intraday high of $64,497 on Tuesday, and held above $64,000 during the ongoing session as buyers stepped in. A close above $64,300 could lead to more gains, but macroeconomic and geopolitical uncertainty is weighing down market sentiment.

The RSI currently sits in neutral territory at 51, while the MACD suggests bulls have a slight advantage. Despite BTC’s impressive recovery this week, it remains in a broader consolidation range spanning between $57,000 and $67,000. While a close above $65,000 is bullish in the short term, a break above $67,000 could hand bulls control.

Bitcoin Tests Descending Channel

On the four-hour chart, BTC tested the upper boundary of a descending channel, briefly pushing higher before dropping back towards $64,000. This price action suggests buyers are unsure about a breakout. Meanwhile, analyst Ali Martinez stated that a close above $64,300 on the four-hour chart could clear the way for a move towards $65,500-$66,500.

“If you’re bullish on Bitcoin, watch this. $BTC is testing the upper boundary of a descending channel, making $64,300 the key level to watch. A 4-hour close above $64,300 could confirm the breakout and open the door to a rally toward $65,500 or even $66,500.”

The Awesome Oscillator flashed a bullish signal, climbing past 277 and printing rising green bars. However, Bitcoin must absorb the overhead supply to ensure sustained momentum. An order book analysis revealed large sell orders between $64,000 and $65,000, explaining BTC’s inability to extend its gains beyond the current range.

$62,000 In Focus

The Bitcoin liquidation heatmap revealed a substantial concentration of leveraged positions at $62,000 and could come into focus if BTC loses momentum. The heatmap also shows smaller clusters around $63,000 and between $64,500 and $66,000. In a bullish scenario, BTC stays above $63,496 and breaks above the overhead supply zone. Such a scenario could see BTC push above $67,000 and its broader consolidation range. However, if BTC falls below $63,500, it could bring the liquidation cluster at $62,000 into focus. A break below this level could see BTC slip below $61,000.

US-Iran Talks Progress

BTC’s latest recovery began after Qatar confirmed mediators were working to reopen negotiations between the US and Iran. Majed Al-Ansari, Qatar’s Foreign Ministry spokesperson, stated that Doha aims to restore normalcy in the Strait of Hormuz and was working with other regional countries to mediate between Washington and Tehran.

“What matters to us now is the resumption of negotiations, and to achieve this, a ceasefire and the reopening of the Strait of Hormuz must be guaranteed.”

Diplomatic efforts have eased concerns about supply chain disruptions. The strait is one of the world’s most important oil supply routes. Reopening the strait could ease strain on crude prices and drive demand for risk assets like BTC.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Following last week’s sharp decline, the US dollar has entered a consolidation phase against most major currencies. At the same time, some instruments, including USD/JPY, are showing a moderate recovery as markets await fresh macroeconomic signals. Today’s key event will be the release of the preliminary ADP private-sector employment report. Forecasts suggest that job growth will slow to 68,000 after 98,000 in the previous month. If the data comes in below expectations, pressure on the dollar could increase as markets price in a more dovish Federal Reserve stance. Conversely, a stronger report could support the US currency ahead of the official US labour market data release.

Additional attention will be focused on US services sector activity indicators. Markets expect the preliminary S&P Global Services PMI to improve to 53.6 points, while the ISM Non-Manufacturing Index is forecast to rise to 54.5. Strong readings could partly offset any weakness in the ADP report and confirm the resilience of the largest sector of the US economy. It is worth noting that market participants traditionally view the ADP report only as an early indicator ahead of the official Nonfarm Payrolls release. Although the trends in the two reports do not always align, today’s data could significantly influence short-term expectations regarding the health of the US labour market.

USD/JPY

Last week, following the Federal Reserve meeting, USD/JPY declined sharply, losing more than 500 pips over several trading sessions. At the beginning of the current week, after testing the key support level at 155.30, buyers managed to push the pair back towards 158.00, while forming a “doji” candlestick pattern, which may signal a weakening of the bearish momentum. If the price breaks above yesterday’s high, the corrective move could extend towards 158.70–159.40. Weaker US employment data could trigger a renewed downward move.

Key events for USD/JPY:

• Today at 15:15 (GMT+3): ADP change in US non-farm private employment;
• Today at 16:45 (GMT+3): US Services PMI;
• Tomorrow at 17:00 (GMT+3): US ISM Non-Manufacturing PMI.

USD/CAD

Last week, USD/CAD retested the key support level around 1.4000, forming a “bullish harami” pattern after the rebound. Technical analysis of USD/CAD suggests the potential for further recovery towards 1.4130–1.4170. Weaker US economic data, however, could trigger another test of the 1.4000 level.

Key events for USD/CAD:

• Today at 17:30 (GMT+3): US crude oil inventories;
• Today at 23:05 (GMT+3): speech by Federal Reserve Governor Lisa D. Cook;
• Tomorrow at 16:30 (GMT+3): Canada Services PMI.

The main drivers for the US dollar today will be the preliminary ADP employment figures and US services sector activity data. If the releases confirm the resilience of the US economy, USD/JPY and USD/CAD could continue their recovery following the dollar’s recent correction. Weaker data, on the other hand, could strengthen expectations of a more accommodative Fed policy, adding further pressure on the US currency and allowing sellers to regain control. However, investors are likely to draw more definitive conclusions about the labour market after the official Nonfarm Payrolls report is released later this week.

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Galaxy Digital (GLXY) shares are lower by a bit more than 5% in pre-market action after reporting quarterly results.

Galaxy’s $85 million net loss narrowed from $216 million in the first quarter, while its diluted and adjusted loss narrowed to $0.09 per share from $0.49. Street forecasts had been for a loss of $0.28 per share.

Its digital assets operation generated $66 million in adjusted gross profit, up 34% quarter-on-quarter, despite a 7% decline in trading volume.

Galaxy’s data center business generated revenue for the first time in the quarter as the company completed the initial phase of its Helios campus in West Texas.

The segment generated $20 million in adjusted gross profit and $11 million in adjusted EBITDA, reversing a $900,000 adjusted EBITDA loss in the first quarter. Galaxy delivered 200 megawatts of gross power, representing 133 megawatts of critical IT capacity, to CoreWeave under a 15-year lease.

The firm’s results, however, could have disappointed as they did not include a new data-center customer or lease, though Galaxy said it remains in discussions with prospective tenants for another 830 megawatts of approved capacity at Helios.

The firm filed a proposed class action in the Southern District of New York in April, alleging false advertising, deceptive practices, negligent misrepresentation and unjust enrichment. The complaint claimed the project marketed itself as an “autonomous, AI-run venture fund” even though Walters and other insiders controlled it. It also alleged that holders were diluted during the migration from AI16Z to ELIZAOS.

The rebrand followed objections from venture capital firm Andreessen Horowitz, commonly known as a16z, over the original name.

“Their claim was ridiculous, but we didn’t have the capital to legally fight it,” Walters wrote. He added that he once held tokens worth about $25 million in his wallet and watched their value fall toward zero.

CoinDesk has asked Eliza Labs and Burwick Law about the settlement terms, the status of the federal case and what holders received when the original daos.fun vehicle expired.

How AI Agents were once a darling sector

AI16Z launched on Solana in October 2024 with a pitch built around an AI agent running a venture-style fund and token holders participating as partners. By late December, its daos.fun vehicle held more than $22 million in user-supplied tokens and was due to expire in October 2025.

The category began with Truth Terminal, an account run by New Zealand researcher Andy Ayrey that posted its own strange, quasi-religious material on X, and drew a $50,000 bitcoin donation from a16z founder Marc Andreessen in July 2024. A developer with no connection to it launched GOAT around its obsessions that October, and the token hit $1.2 billion within days.