Key takeaways

• Pi Network trades around $0.0900 on Wednesday, maintaining mild upside momentum above the critical $0.0853 support.
• The broader cryptocurrency market is retreating as investors take profits following last week’s double-digit gains.
• A break above $0.1022 could open the path toward $0.1204.

Pi Network is showing modest upside movement on Wednesday, with PI trading around $0.0900 and remaining above an important technical support level.

However, the broader cryptocurrency market’s recovery is losing momentum as investors lock in profits following last week’s sharp gains. PI’s technical indicators also remain mixed, reflecting a lack of decisive buying pressure.

Profit-taking slows the crypto market rally

The broader cryptocurrency market is edging lower this week after several major assets recorded double-digit gains during the previous week.

CoinGlass data shows that approximately $373 million in leveraged positions was liquidated over the past 24 hours. Long positions accounted for $310 million of that total, indicating that the latest pullback caught bullish traders off guard.

The elevated long liquidations suggest renewed selling pressure as investors reduce risk and take profits from the recent rally.

Despite the pullback, overall market sentiment remains strongly positive. CoinMarketCap’s Crypto Fear and Greed Index stood at 80 on Wednesday, placing the market firmly within the “extreme greed” zone.

The reading indicates that bullish sentiment persists even as traders assess whether the current decline is a temporary correction or the beginning of a broader reversal.

Pi Network holds above the $0.0853 support

Pi Network trades near $0.0900 at the time of writing, maintaining a neutral short-term outlook.

The token remains above the 23.6% Fibonacci retracement level at $0.0853. This level is calculated from PI’s decline between the $0.1341 high and the $0.0703 swing low.

As long as PI holds above $0.0853, buyers may retain an opportunity to extend the recovery. However, the token needs stronger momentum to overcome the resistance levels above its current price.

The 50% Fibonacci retracement level at $0.1022 represents the next major barrier for Pi Network.

This level rejected PI’s recovery attempt in mid-July, reinforcing its importance as a potential supply zone. A decisive daily close above $0.1022 could strengthen the bullish outlook and extend the advance toward the 78.6% Fibonacci retracement at $0.1204.

Such a breakout would also move PI above the psychologically important $0.1000 threshold, potentially attracting additional buying interest.

Pi Network’s momentum indicators show signs of stabilization but do not yet confirm a strong bullish trend.

The Moving Average Convergence Divergence indicator remains marginally above its signal line on the daily chart. This position points to a slight bullish bias, although the narrow separation between the lines reflects weak momentum.

Meanwhile, the Relative Strength Index stands near 51. The neutral reading suggests that buyers and sellers remain relatively balanced, leaving PI vulnerable to broader market movements.

The $0.0853 Fibonacci level remains the immediate support to monitor. A confirmed daily close below this level could invalidate PI’s near-term recovery outlook and increase selling pressure. In that scenario, the token could revisit the $0.0703 swing low.

Conversely, continued consolidation above $0.0853 would preserve the possibility of another attempt to break the $0.1022 resistance.

The US dollar has resumed its decline following a corrective recovery, as the support behind the currency proved insufficient to sustain the rebound. Selling pressure increased as long-term US Treasury yields fell amid reports that the US Treasury was prepared to expand its bond-buyback operations. Larger buybacks support the government bond market and can contribute to lower yields, reducing the dollar’s interest-rate advantage and limiting its recovery.

At the same time, geopolitical tensions surrounding Iran continue to support demand for the US dollar as a safe-haven asset. So far, however, this factor has not been strong enough to generate a sustained appreciation in the currency.

Today, markets will focus on a fresh batch of US economic data. Revised second-quarter GDP figures, the core Personal Consumption Expenditures (PCE) price index, personal income and spending data, and durable goods orders are all due to be released.

According to forecasts, US GDP growth could be revised down from 2.1% to 1.5%, while the core PCE price index is expected to show annual growth of 3.3% and a monthly increase of 0.2%. A combination of slower economic growth and persistent inflationary pressure could complicate the Federal Reserve’s policy decisions, leaving policymakers to balance the risk of economic weakness against the need to keep inflation under control.

Markets will also be watching comments from Federal Reserve officials for clues about how policymakers are assessing current inflation risks and signs of an economic slowdown.

USD/CHF

USD/CHF fell back towards 0.8000 after recovering to 0.8045 last week, forming a dark cloud cover pattern in the process.

If dollar weakness continues, the pair could break below 0.7980 and move towards the recent low around 0.7950. The bearish scenario would be invalidated if the price establishes itself firmly above 0.8045.

Key events for USD/CHF:

• today at 11:00 (GMT+3): Swiss ZEW Economic Expectations;
• today at 15:30 (GMT+3): US core Personal Consumption Expenditures (PCE) price index;
• today at 15:30 (GMT+3): US GDP.

USD/CAD

USD/CAD has also resumed its decline following an unsuccessful attempt to extend the recent recovery. Technical analysis points to a potential move towards the 1.3740–1.3780 area, with a dark cloud cover pattern having formed on the daily chart.

A renewed corrective recovery could develop if the pair establishes itself firmly above 1.3870.

Key events for USD/CAD:

• today at 15:30 (GMT+3): Canadian wholesale sales;
• today at 17:30 (GMT+3): US crude oil inventories;
• today at 18:45 (GMT+3): speech by Thomas Barkin, a member of the Federal Open Market Committee (FOMC).

The dollar’s recovery is losing momentum as Treasury yields decline, although geopolitical tensions continue to provide some support for the US currency as a safe-haven asset.

The next moves in USD/CAD and USD/CHF will depend heavily on today’s US economic data and the market’s reaction to fresh signals from the Federal Reserve. Weaker-than-expected figures could increase pressure on the dollar and support further declines in both pairs, while stronger data could restore some demand for the US currency and trigger another corrective recovery.

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Standard Chartered Bank (Hong Kong) has become the first authorized bank to distribute HKDAP, a regulated Hong Kong dollar-backed stablecoin issued by Anchorpoint Financial. The bank said it is now working with eligible institutional clients and partners as part of a phased rollout, with early use cases focused on tokenized fund settlements, treasury operations and cross-border payments.

Standard Chartered’s announcement comes less than a couple of weeks after Anchorpoint began offering beta access to HKDAP via HashKey Group and OSL. The expansion into a traditional banking distribution channel marks a notable step for firms looking to use stablecoins within regulated financial workflows rather than solely through crypto-native venues.

Key takeaways

• Standard Chartered Bank (Hong Kong) is the first authorized distributor of HKDAP, extending the stablecoin’s reach into conventional banking distribution.
• HKDAP distribution is rolling out in phases, starting with institutional clients and partner-led pilots tied to settlement, treasury, and payments.
• The bank plans HKDAP-linked subscriptions and settlements for tokenized money market funds in the fourth quarter.
• Anchorpoint’s broader licensing and oversight framework is tied to Hong Kong’s Stablecoins Ordinance, including reserve backing, redemption, governance, and AML requirements.

Bank distribution moves from sandbox to mainstream channels

In its announcement, Standard Chartered Bank (Hong Kong) said it is engaging eligible institutional clients and partners on practical applications for HKDAP. According to the bank, the initial focus areas include tokenized fund settlements, treasury operations, and cross-border payments, which generally require reliability, clear operating procedures, and strong compliance controls.

The move also expands HKDAP’s distribution footprint beyond the beta access routes already provided through HashKey Group and OSL. Standard Chartered characterized the rollout as phased, and it added that it expects to introduce new commercial applications over the coming months.

For market participants, the key shift is where stablecoin access is landing. While stablecoins often circulate via exchanges, OTC desks, and other crypto infrastructure, a bank-authorized distribution channel can simplify onboarding for institutions that prefer established compliance and settlement pathways.

Planned use cases: tokenized money markets and internal settlement

Standard Chartered outlined several specific near- and mid-term applications for HKDAP. The bank said it intends to offer HKDAP-based subscriptions and settlements for tokenized money market funds with both international and local asset managers in the fourth quarter. In addition, it plans to use the stablecoin for intragroup settlements across its banking network in the near term.

The bank’s near-term intragroup settlement plan matters because it targets a high-frequency, process-driven environment where operational efficiency and reconciliation are central. Stablecoins, when paired with regulated licensing and redemption mechanisms, can reduce friction in value transfer and settlement timing—at least in theory and in early pilots—though outcomes will depend on how counterparties and internal systems integrate.

Standard Chartered also positioned the distribution as a way for eligible clients to access HKDAP through a regulated banking channel, tying stablecoin usage to payments, settlement and treasury management activities.

Anchorpoint’s licensing trajectory under Hong Kong’s stablecoin framework

HKDAP is issued by Anchorpoint Financial, an entity created as a joint venture involving Standard Chartered’s Hong Kong arm, telecommunications company HKT, and Web3 investment company Animoca Brands. Standard Chartered is the largest shareholder, and Anchorpoint operates as a subsidiary of the bank.

Earlier in the process, the partners announced plans for an HKD-backed stablecoin in February 2025, after participating in the Hong Kong Monetary Authority’s (HKMA) stablecoin issuer sandbox that began in July 2024. By August 2025, they formally established Anchorpoint Financial and moved toward obtaining an issuer license.

Hong Kong’s regulatory groundwork is anchored in the Stablecoins Ordinance, which took effect on Aug. 1, 2025. Before that date, the HKMA issued supervisory guidelines and published a public register of licensed issuers—elements designed to create transparency around who can legally operate within the framework.

On April 10, the HKMA granted what were described as the first stablecoin issuer licenses, including to Anchorpoint and HSBC’s Hong Kong banking arm. The licensing process is governed by requirements aimed at reserve backing, redemption, governance, and Anti-Money Laundering (AML) controls.

Against this backdrop, Standard Chartered’s role now shifts from participation in a licensing regime to actively distributing a regulated stablecoin. In other words, the story is no longer only about whether issuers can meet regulatory standards—it’s also about whether established financial institutions can deploy stablecoin rails for real financial products.

Regulated stablecoins vs. the risk of impersonation

Hong Kong’s push for regulated stablecoins has also been accompanied by public warnings about counterfeit or unauthorized assets. Earlier coverage from Cointelegraph noted that Hong Kong warned of fake stablecoins impersonating HSBC and Anchorpoint. That serves as a reminder that even as regulation improves legitimacy, end-users and institutions still need clear verification steps when evaluating stablecoin products and counterparties.

With Standard Chartered now distributing HKDAP through a conventional banking channel, the primary value for institutional users may be reduced uncertainty around compliance status and operational legitimacy—assuming integration and custody arrangements remain tightly aligned with the licensed framework.

Investors and market participants will likely watch how quickly HKDAP moves from institutional pilots into broader tokenized fund workflows, and whether the planned Q4 subscriptions and settlements for tokenized money market funds come to fruition as described. The next signal to monitor is the pace and scope of additional “commercial applications” Standard Chartered expects to introduce, since that will indicate how much regulatory-ready demand exists beyond initial settlement and treasury use cases.

Russia’s MTS, Rostelecom and MegaFon have prepared to accept digital ruble payments from Sept. 1 as Russia begins the first mandatory stage of its nationwide central bank digital currency rollout.

Vedomosti reported that the three major telecommunications operators are preparing their payment systems for the launch, with MTS offering digital ruble transactions across services connected to MTS Pay while Rostelecom and MegaFon work on their own integrations.

MTS plans to make the payment option available without restricting it to particular products or services. Customers will initially be able to use digital rubles through the My MTS mobile app and the company’s online store, while other services using the MTS Pay payment module can also support the option.

For customers, the process will work much like Russia’s Faster Payments System. A user with a digital ruble account can select the digital ruble at checkout, choose a participating bank and approve the transaction through the bank’s interface, according to MTS.

The digital ruble account itself is held on the Bank of Russia’s platform, with commercial banks providing customers access through their apps. The central bank issues the CBDC and operates the underlying platform, while one digital ruble remains equal in value to one conventional ruble.

Rostelecom will begin digital ruble payments on its website

Rostelecom is completing technical work with what it described to Vedomosti as one of Russia’s largest banks, although the telecommunications company did not identify the lender.

At launch, customers will be able to use digital rubles for one-time payments made through Rostelecom’s official website. The operator plans to add the payment option to customer accounts later, extending the service beyond the first web-based implementation.

Regular payments and automatic account top-ups will take longer. Rostelecom said the functions will be introduced as the Bank of Russia’s digital ruble platform becomes technically capable of processing them.

MegaFon is also preparing to add the digital ruble as another payment option for its customers. VimpelCom, which operates under the Beeline brand, declined to comment on its plans, according to the report.

The telecom launches put some of Russia’s largest recurring-payment businesses among the first major companies moving onto the CBDC infrastructure. MTS alone plans to use its existing MTS Pay integration instead of building a separate payment route for each product, allowing the digital ruble option to work wherever the module has already been installed.

Digital ruble rollout puts large merchants on Sept. 1 deadline

The telecom preparations come days before a legal deadline that will require part of Russia’s largest retail and service sector to support digital ruble payments.

Under Bank of Russia rules, merchants with revenue above 120 million rubles in the previous calendar year must provide the payment option by Sept. 1 if they met the required banking conditions at the start of 2026, including having an electronic payment acceptance agreement with a bank recognized as significant in Russia’s payment-services market.

The requirement will expand in stages. From Sept. 1, 2027, businesses with annual revenue above 30 million rubles that meet the applicable banking requirements will come under the rollout. Another stage will follow in September 2028 for other merchants with revenue of at least 20 million rubles, while certain smaller outlets and locations without internet access are exempt.

As crypto.news previously reported on July 3, the first stage also requires Russia’s largest banks to provide customers access to digital ruble services from Sept. 1. Bank of Russia Governor Elvira Nabiullina said preparations for the scheduled rollout were ready at the time.

Russia has classified the digital ruble as a third form of its national currency alongside cash and existing non-cash rubles. Individuals will not be required to open a digital ruble account, and the Bank of Russia says accounts cannot be created automatically without the customer choosing to do so.

Access will be provided through participating banking apps. Russia’s 12 systemically important banks include major lenders such as Sberbank, VTB, T-Bank and Alfa-Bank, with customers expected to gain access to the CBDC platform through their existing banking interfaces.

Russia’s two largest online marketplaces have also prepared for the September launch. Wildberries and Ozon said they plan to begin supporting digital ruble payments from Sept. 1, adding some of the country’s largest e-commerce platforms to the first stage of commercial adoption.

Ozon has said it will initially accept the digital ruble in a testing mode alongside existing payment methods before expanding access to its customer base. Wildberries has said its implementation is being carried out in line with central bank requirements and current regulations.

Digital ruble payments will remain free for consumers

For individuals, transferring digital rubles to another person or paying a company carries no platform fee under the Bank of Russia’s tariff structure.

Businesses are also receiving a temporary fee exemption. The Bank of Russia has set a zero tariff for applicable business transactions through the end of 2026, while a 0.3% charge of up to 1,500 rubles per customer-to-business transfer is scheduled to apply from Jan. 1, 2027 for most commercial payments.

Customers can fund a digital ruble account by transferring regular non-cash rubles from their bank account. The Bank of Russia has set a limit of 300,000 rubles per month on the amount an individual can move from personal bank accounts into the digital ruble account.

The restriction applies to account funding, not to the total amount a user may ultimately hold after receiving digital rubles from other people or organizations, according to the central bank. Digital rubles can also be transferred back to a conventional bank account before being withdrawn as cash.

The payment rollout follows several years of testing. Russia began piloting the digital ruble with a limited group of banks and users in August 2023, gradually adding participants and transaction types before moving toward the 2026 commercial rollout.

Implementation has required substantial changes inside the banking sector. In October 2024, banks raised concerns that connecting to the CBDC platform could cost smaller institutions between 120 million and more than 200 million rubles because banks would need to update core systems, compliance software and other technology.

The phased timetable gives smaller financial institutions additional time to make those changes, while the largest banks enter first. The Bank of Russia has said universal-license banks will follow in September 2027, with banks holding basic licenses entering the system during the next stage in September 2028.

Russia is rolling out digital ruble alongside new crypto rules

The Sept. 1 CBDC expansion is arriving as Russia also changes the legal framework governing private cryptocurrencies, although the two systems remain legally separate.

On July 6, Sberbank disclosed plans to introduce a cryptocurrency wallet and digital asset depository after Russia’s new digital asset rules take effect. The lender also considered providing customers access to foreign crypto exchanges subject to final regulatory conditions.

Later in July, the Bank of Russia outlined operating rules for regulated cryptocurrency exchanges, digital asset depositories and digital currency accounts. The proposed regime includes registration requirements and capital rules for depositories while preserving restrictions on retail investor access.

Private cryptocurrencies and stablecoins remain prohibited as ordinary domestic payment instruments under Russia’s crypto framework, while approved uses can include regulated investment activity and certain cross-border transactions. The digital ruble, by comparison, is issued directly by the Bank of Russia and is being introduced as legal national currency for domestic payments.

From Sept. 1, merchants covered by the first-stage rules can begin accepting the CBDC by opening a digital ruble account through a participating credit institution and configuring their payment equipment. The Bank of Russia says payments can use a universal QR code, with funds credited to a merchant’s digital ruble account in real time.