WisdomTree and MoonPay have announced a partnership designed to make a tokenized U.S. Treasury money market fund easier for U.S. investors to access. The companies say MoonPay will supply technology that serves as a distribution access point for WisdomTree’s WisdomTree Treasury Money Market Digital Fund (WTGXX), which aims to maintain a $1 share price.

MoonPay also plans to use WTGXX within its stablecoin reserve management stack. The move highlights how regulated cash-like products are increasingly being structured to plug directly into stablecoin operations, rather than remaining siloed as standalone tokenized funds.

Key takeaways

• MoonPay will be used as an access point for WisdomTree’s tokenized Treasury money market fund, WTGXX.
• WisdomTree says the integration is meant to leverage MoonPay’s network of more than 35 million accounts.
• MoonPay intends to include WTGXX as part of its stablecoin reserve management approach.
• RWA.xyz data shows tokenized U.S. Treasury markets at about $15.4 billion, with WTGXX around $1.23 billion.
• WTGXX reportedly recorded $466 million in net flows over the prior 30 days, calculated from token minting and burning.

A tokenized money market fund built around $1 stability

The partnership centers on WTGXX, WisdomTree’s tokenized money market mutual fund. According to the companies’ announcement, the fund is structured to target a stable $1 share price—an important design choice for investors seeking lower-volatility exposure compared with traditional crypto assets.

In this setup, MoonPay’s technology is expected to create the practical on-ramp for investors who want exposure to the tokenized fund. The firms framed the distribution benefit around scale: WisdomTree said the arrangement would give it access to MoonPay’s network of more than 35 million accounts.

For market participants, this matters because the usability gap has often been the limiting factor for tokenized funds. Tokenization alone doesn’t guarantee demand; access, custody workflows, and investor onboarding typically determine whether a product actually attracts capital.

Why MoonPay wants WTGXX in its reserves

MoonPay, which provides infrastructure for moving between fiat and digital assets, plans to use WTGXX as part of its stablecoin reserve management. In the announcement, the companies positioned the fund as a fit for the kinds of high-quality, liquid assets that stablecoin issuers and treasury operators typically seek.

MoonPay said it launched its enterprise stablecoin business in November 2025. The company issues dollar-denominated stablecoins across several blockchains, backed by U.S. dollars and other high-quality liquid assets held in segregated accounts.

This is the first-time, at least in the way described publicly here, that a specific tokenized Treasury money market fund has been tied directly to MoonPay’s reserve stack. If the integration works smoothly, it could help normalize a broader “tokenized cash management” model—where Treasury-like products become operational inputs to stablecoin liquidity and redemption capacity.

How big is WTGXX in the tokenized Treasury market?

RWA.xyz data cited in the announcement suggests the tokenized U.S. Treasury market is roughly $15.4 billion in size. Within that category, WTGXX accounts for about $1.23 billion.

While WTGXX is not the largest tokenized Treasury product on the list by the numbers provided, it is significant enough to matter to both sides of the ecosystem—investors allocating to tokenized money market instruments and operators building stablecoin reserve workflows.

Volume and momentum are also part of the story. The companies said WTGXX recorded net flows of $466 million in the past 30 days. Net flows were calculated as the difference between tokens minted and tokens burned. In the same timeframe, the Ondo U.S. Dollar Yield fund (USDY) was the only other tokenized Treasurys fund mentioned as having positive net flows, at $66 million.

This relative outperformance matters because flows often function as a proxy for perceived usability and demand. If WTGXX continues to attract inflows after the distribution changes, it could strengthen its role as a reserve asset candidate across the stablecoin infrastructure stack.

Potential expansion beyond the first integration

WisdomTree said the collaboration could extend to additional tokenized funds, including in markets outside the United States. The firm also reported that it manages about $176.7 billion in assets, underscoring that it is approaching tokenized Treasurys and cash-like instruments as part of a broader product strategy rather than a one-off experiment.

For investors, the watch item is whether expanded distribution and stablecoin reserve adoption increase real-world liquidity and reduce friction across onboarding and transfers. For builders, the broader implication is that stablecoin reserves may increasingly rely on tokenized, share-priced cash instruments—creating demand for issuance rails and distribution access points similar to the one MoonPay is providing here.

Still, several practical questions remain open. The announcement focuses on the technology and the intended uses, but readers should watch for details on how investors experience the onboarding process, what custody and settlement mechanics are involved for U.S. participants, and whether MoonPay’s reserve integration affects WTGXX’s day-to-day token mint-and-burn dynamics.

Going forward, the clearest signals to track are whether tokenized Treasury market share shifts toward WTGXX after this access partnership, and whether MoonPay’s reserve allocation approach expands to other tokenized cash products as additional markets and funds are considered.

Bitcoin hovered near $76,500 in the hours after Wall Street opened, as a rebound in U.S. equities helped ease pressure on risk assets following the latest Federal Reserve decision. The move came after BTC slipped below $76,000 during the initial reaction to the Fed’s 25-basis-point increase in benchmark rates.

For traders, the key dynamic was less about a new burst of buying and more about stabilization: volatility appeared to cool over the prior 24 hours, liquidity around current levels thickened, and on-chain sentiment signals remained supportive—though not at peak “bullish conditions.”

Key takeaways

• BTC held close to $76,500 after consolidating following a dip below $76,000 tied to a 0.25% Fed rate hike.
• U.S. stocks rebounded, with the Nasdaq Composite up 1.5% and the S&P 500 gaining 0.9%, helping sentiment across high-beta markets.
• TradingView data pointed to cooling BTC volatility and only modest price moves, consistent with range trading.
• CryptoQuant’s Bull Score Index fell to around 60/100—still labeled “bullish,” but below levels associated with stronger momentum.

Range trading returns as equities find a bid

BTC’s near-term behavior looked more controlled than directional. According to TradingView, volatility eased over the last day, while price action largely stayed within the bounds needed to interact with nearby liquidity rather than driving a breakout or breakdown.

CoinGlass data also suggested a typical “two-sided” market: bid and ask liquidity thickened around spot levels, a pattern frequently associated with consolidation. In practical terms, this often means fewer aggressive liquidations and less forced repositioning—conditions that can keep traders from chasing until a catalyst reappears.

That catalyst, in this case, was partly external. U.S. equities turned higher after a policy-driven wobble, with major indexes finishing the day up on the session. The S&P 500 gained 0.9% and the Nasdaq Composite rose 1.5%, giving risk markets a fresh footing.

The Fed decision landed the day before: on Wednesday, it voted to increase benchmark interest rates by 25 basis points to 3.75%–4.0%, its first hike since July 2023. The move ended a long stretch in which the Fed had either cut rates or held them steady across prior meetings.

Earlier coverage from Cointelegraph highlighted the broader cross-market tone, noting that central-bank rates have been rising globally. In that context, the Fed’s shift fits a wider pattern: the European Central Bank delivered a 0.25% hike last week, and the Bank of Japan was expected to follow on Friday.

The Kobeissi Letter argued that assets could still perform well even if rate hikes tighten liquidity conditions, pointing to the Nasdaq’s gains as an example.

On-chain analytics: bullish trend remains, momentum fades

Bitcoin’s recent trajectory has been uneven. The article noted that after a Tuesday selloff—when BTC/USD hit new month-to-date lows—Bitcoin bounced, trading about 0.5% higher at the time of writing.

But the question for investors is whether that rebound is just pausing or actually restarting. CryptoQuant, in its latest weekly research shared with Cointelegraph, framed current conditions as supportive on the longer arc while less favorable for near-term momentum.

CryptoQuant’s head of research, Julio Moreno, said the trend is still bullish, yet macro factors and fading demand are weighing on continuation. He pointed to one of CryptoQuant’s proprietary measures: the Bull Score Index, which gauges whether market conditions fit CryptoQuant’s definition of “bullish” phases.

Moreno noted that the Bull Score Index had fallen from 80 to 60. While 60 sits at the threshold CryptoQuant uses to describe “bullish conditions,” it is also a clear step down from the higher-score environment that typically aligns with stronger momentum. In CryptoQuant’s view, this is why Bitcoin may look like it’s holding the floor without immediately resuming a sustained advance.

In the same report, CryptoQuant summarized the takeaway as “cooling, not turning.” The firm maintained that a Bull Score of 60 keeps the trend bullish, but it highlighted several offsetting pressures: fading U.S. demand, rising inflows into altcoins, and a week of macro risk that includes the delay of the CLARITY Act and the expectation of a Fed hike.

The practical implication is that investors may need to prepare for consolidation rather than assume the prior rebound automatically extends. CryptoQuant also identified levels to watch: $70,000 and the $62,000–$65,000 band as potential support zones.

What traders should watch next in a tightening-liquidity regime

The market is now digesting a key shift: the Fed has moved back into the hiking cycle after a pause period that spanned roughly three years of easing or rate holds. That matters because higher rates can change how capital flows across asset classes—often first through liquidity expectations and then through risk appetite.

Still, the immediate tape showed that equities can quickly swing back, and when that happens Bitcoin tends to respond as part of the broader risk complex. The combination of reduced volatility on the TradingView feed and thickening liquidity near spot suggests there is no urgent technical breakdown at the moment.

For participants, the next layer is monitoring whether the on-chain trend can stabilize despite macro headwinds. CryptoQuant’s Bull Score hovering around its “bullish conditions” cutoff is a reminder that the market’s internal momentum is no longer as strong as during earlier phases.

Looking ahead, the most important signals will likely be whether BTC can reclaim upside momentum without a fresh wave of macro pressure, and whether support zones identified by CryptoQuant hold if consolidation deepens. If liquidity conditions tighten again or equity volatility returns, Bitcoin’s range could widen rather than resolve cleanly.

Readers should watch how the Bull Score Index develops from this threshold area and whether $70,000 and the $62,000–$65,000 support band stay intact as the market continues to weigh central-bank policy expectations.

The U.S. Commodity Futures Trading Commission (CFTC) has taken another step toward accommodating blockchain and crypto apps that simply provide technical access to regulated derivatives venues. In a no-action position issued Thursday, the agency said it would not recommend enforcement against qualifying “passive software” providers—or their personnel—for failing to register as introducing brokers or associated persons, so long as the software meets specific conditions.

The move matters for crypto builders because it creates a clearer path for non-custodial wallets and other software applications to connect users to CFTC-registered firms and exchanges offering products such as perpetual contracts and prediction markets, without automatically pulling the software provider into full broker registration.

Key takeaways

• The CFTC’s Thursday no-action position covers providers of “passive software” that connect users to CFTC-registered derivatives firms and exchanges.
• Qualifying providers would not face enforcement for not registering as introducing brokers or associated persons, if they stay within limits on how they handle user orders.
• The guidance builds on a March no-action letter granted to Phantom Technologies for self-custodial wallet software.
• The regulatory action arrives shortly after the CLARITY Act failed to advance in the Senate, signaling agencies intend to keep moving under existing authority.

A narrower role that reduces registration risk

At the core of the CFTC’s relief is a concept regulators often draw around broker-type activity: where the provider’s software and marketing functions do not cross into exercising discretion over trading decisions. According to the CFTC’s no-action position, the Market Participants Division will not recommend enforcement against providers that qualify under the “passive software” framework for facilitating trading with CFTC-registered entities and exchanges.

To qualify, providers must meet conditions designed to limit their involvement in transactions—especially restrictions related to discretion over users’ orders. The practical effect is to distinguish between software that merely routes users to regulated venues versus software that actively decides, manages, or steers trades on the user’s behalf.

This distinction is particularly relevant for crypto wallets and app-layer products that users interact with directly. If an app can demonstrate that it is not effectively operating like a registered intermediary, it may be able to integrate regulated derivatives access while reducing the compliance burden that typically comes with broker registration.

Extending a precedent set by Phantom

The CFTC’s new stance is not happening in a vacuum. Earlier, the agency granted a similar no-action position in March to Phantom Technologies for its self-custodial crypto wallet software. That letter allowed Phantom, subject to certain conditions, to provide and market software that connects users with registered futures brokers and exchanges without requiring Phantom to register as an introducing broker.

By expanding the relief beyond a single wallet vendor, the CFTC appears to be moving from case-by-case comfort toward a more repeatable standard that other developers can evaluate against. For investors and industry participants, this matters because regulatory certainty is often less about whether the rules can be interpreted, and more about whether firms can plan product roadmaps without waiting for the regulator to address each new integration individually.

The earlier Phantom-related effort also did not remain purely theoretical. The Phantom and Hyperliquid Policy Center later urged the CFTC to modernize how the rules apply to onchain infrastructure—arguing that non-custodial wallet providers should receive clearer protections from introducing broker requirements and that the agency should clarify how existing regulations operate when blockchain developers facilitate access to regulated derivatives venues.

While Tuesday’s details are limited to what the no-action position covers, the direction is clear: regulators are acknowledging that the technical layer of trading—software connectivity—can exist without necessarily replicating the role of a traditional broker.

After CLARITY Act setback, agencies continue

The CFTC’s relief comes two days after the CLARITY Act failed to advance in the U.S. Senate. As reported in earlier coverage of the legislative outcome, a cloture motion received 49 votes, falling short of the 60 needed to proceed to debate.

Following that setback, both CFTC Chair Michael Selig and Securities and Exchange Commission Chair Paul Atkins signaled that their agencies would continue regulatory work using existing authority. In posts on X referenced by the reporting, Selig said the CFTC is “ready to ship its rules,” while Atkins said the SEC would act “with or without legislation” to provide regulatory certainty for digital assets.

Thursday’s developments follow through on that posture. Alongside the CFTC no-action position, the SEC approved a temporary exemption allowing qualifying platforms to facilitate limited onchain trading of tokenized U.S. stocks through permissioned automated market makers and liquidity pools. The pairing of actions—CFTC on derivatives access software, SEC on a narrowly defined pathway for tokenized stock trading—suggests regulators are pursuing targeted certainty even as comprehensive legislation stalls.

Still, the scope of this new no-action relief is not blanket. The CFTC’s conditions and discretion limits are key: “passive” software is not a synonym for “anything goes.” Builders will need to ensure their product behavior aligns with the framework, particularly around what the software does (and does not do) with respect to order handling.

What to watch next for wallet and onchain derivatives access

For developers, the most immediate takeaway is to treat the no-action position as a blueprint for compliance planning. Since the CFTC’s relief hinges on meeting specific conditions—especially those related to discretion—teams integrating regulated derivatives access should document how their software operates, what actions are user-driven, and what guardrails prevent the app from effectively acting like a broker.

For users and market participants, the broader question is how quickly regulated-derivatives access becomes more “app-like.” The CFTC is signaling that non-custodial connectivity to CFTC-registered venues can fit within existing regulatory boundaries when structured appropriately. The open issue is how tightly the framework will be interpreted in edge cases, such as more interactive order workflows, automated strategies, or features that could be viewed as steering trades.

Readers should watch whether additional CFTC communications expand “passive software” guidance to more product categories, and how firms demonstrate compliance with the discretion and order-handling limits as onchain interfaces for regulated derivatives continue to evolve.

The Commodity Futures Trading Commission (CFTC) has expanded regulatory relief for “passive software” providers that connect users to regulated derivatives firms and exchanges.

In a no-action position issued Thursday, the agency’s Market Participants Division said it would not recommend enforcement against qualifying providers or their personnel for failing to register as introducing brokers or associated persons when facilitating trading with CFTC-registered firms and exchanges.

The position could make it easier for crypto wallets and other apps to offer access to regulated derivatives, including perpetual contracts and prediction markets, without becoming CFTC-regulated introducing brokers themselves.

Source: CFTC

To qualify, providers must meet conditions limiting their role in transactions, including restrictions on exercising discretion over users’ orders.

The action extends a similar position granted to Phantom Technologies in March for its self-custodial crypto wallet software. The earlier letter allowed Phantom, subject to certain conditions, to provide and market software connecting users with registered futures brokers and exchanges without registering as an introducing broker.

Phantom and the Hyperliquid Policy Center also pushed for broader protections in July, asking the CFTC to shield non-custodial wallet providers from introducing broker requirements and clarify how existing rules apply to blockchain developers and regulated derivatives firms using onchain infrastructure.

Related: Bernstein expects ‘aggressive’ rulemaking from SEC, CFTC, following CLARITY Act failure

Regulators move quickly after CLARITY Act setback

The move from the US regulator comes two days after the CLARITY Act failed to advance in the Senate, with a cloture motion receiving 49 votes, short of the 60 needed to proceed to debate.

Following the vote, CFTC Chair Michael Selig and Securities and Exchange Commission Chair Paul Atkins signaled Wednesday that their agencies would continue moving forward on crypto regulation under their existing authority.

“The CFTC is locked in and ready to ship its rules for the new frontier of finance,” Selig said in a post on X, while Atkins said the SEC would act “with or without legislation” to provide regulatory certainty for digital assets.

Source: Paul Atkins

On Thursday, the agencies began following through. Alongside the CFTC’s no-action position, the SEC approved a temporary exemption allowing qualifying platforms to facilitate limited onchain trading of tokenized US stocks through permissioned automated market makers and liquidity pools.

Magazine: Is there any chance left to save the CLARITY Act?

A few months later, his daughter, who is now 33, was diagnosed with melanoma in her ear and was asked about her family history of cancer. She joined a study and provided samples to look for markers of cancer, and while she did not carry many common cancer mutations, she did carry T790M. But for now, there are no evidence-based recommendations to follow when it comes to how she should be monitoring her lungs for signs of cancer. “That’s why I’m pushing for how we can screen younger people, knowing that she has a genetic risk, and what low-dose screening she should get,” says McKenna. “If something were to appear, she can catch it at an early stage, perhaps Stage I, and not go through Stage IV, because there are not as many options, and the outlook is not as positive.”

LoPiccolo is conducting a study, called INHERIT, which includes people from across the country with any inherited genetic risk for lung cancer, including the EGFR T790M mutation. Doctors will work with each participant to understand their family history of lung cancer, smoking history, genetic profile, and any environmental exposures that might contribute to lung cancer before coming up with a personalized plan for how often they should be screened with low-dose CT scans to look for cancer. “The goal is to use CT screening to detect lung cancer at the earliest, most curable stage when it can be removed or cured,” says LoPiccolo.

XRP has fallen below the key $1.30 level after losing 7.3% on Tuesday, while Dubai-based crypto investor Royal Kane has ruled out buying the token because of its $81 billion market value.

Royal Kane, a Dubai-based crypto investor, wrote on X that he would not invest in XRP at its present valuation, pointing to the token’s market capitalization as the main reason for his position.

“I would never invest in Ripple at this stage because its market cap is already too large,” Kane said.

Market data included in the source report placed XRP near $1.30, with a market capitalization of about $81.68 billion and 24-hour trading volume of $4.12 billion. The token was also down 29.18% since the start of 2026.

Kane argued that assets with lower valuations may offer more room to benefit from a strong investment story. He cited Solana’s earlier “Ethereum killer” label, the community growth surrounding Pepe, and Zcash’s adoption case as examples of narratives that attracted traders.

Rather than presenting a price target for XRP, he told investors to “find a coin with a compelling narrative for the coming years.”

XRP price has dropped 23% from its recent peak

Selling pressure has erased much of XRP’s latest rebound, pulling its price from a recent high near $1.68 to approximately $1.30. A move between the two levels amounts to a decline of about 23%.

The retreat followed a stronger period for XRP in August, when the token climbed from around $1 to a monthly high near $1.70. According to September escrow data, XRP gained 28.5% in August even after Ripple released 1 billion tokens from escrow on Sep. 1.

Ripple’s scheduled release was valued at about $1.38 billion at the time. The company historically returns much of each monthly allocation to escrow, limiting the amount that can enter circulation.

Institutional demand also supported the August rally. The report found that U.S. spot XRP exchange-traded funds attracted $153.55 million during the month, including $150.28 million over its final two weeks. XRP Ledger payment volume rose 521% in one week, driven by larger transfers rather than an increase in transaction count.

Price action has since reversed as traders have reacted to tighter U.S. monetary policy and another delay in federal crypto legislation. XRP fell 7.3% on Tuesday and traded around $1.31 after the Senate vote, according to figures cited in the source report.

Kane’s criticism focuses on XRP’s $81B valuation

At an estimated $81.68 billion, XRP’s market capitalization remains one of the largest in the digital asset market. Kane views that size as a limit on potential returns because the token would require substantial new capital to produce the percentage gains available to smaller assets.

His comments also included a claim that Ripple has “no products or revenue whatsoever.” Ripple is privately held and does not publish the same quarterly financial statements required from a U.S.-listed public company, leaving investors with less information about its revenue than they would receive from an exchange-listed business.

However, the company publicly operates several products and services. Its businesses include Ripple Payments, the RLUSD stablecoin, and Ripple Prime, the institutional brokerage formed after its acquisition of Hidden Road. Ripple has also announced custody and treasury services for corporate clients.

Kane’s investment thesis therefore separates XRP’s market value from his assessment of Ripple’s commercial operations. XRP is the native asset of the XRP Ledger, while Ripple is a private technology company that holds a substantial quantity of the token and develops services that can use the network.

The distinction matters because buying XRP does not provide equity ownership in Ripple, a claim on the company’s revenue or voting rights over its business. XRP holders instead gain exposure to the market price of the token, which can respond to network activity, liquidity, speculation, regulations, and Ripple-related developments.

Fed rate increase has raised pressure on risk assets

Macroeconomic conditions have added another source of uncertainty for XRP and other cryptocurrencies. On Sep. 16, the Federal Reserve raised its benchmark interest rate by 25 basis points, taking the target range to 3.75% to 4%.

The unanimous decision delivered the first U.S. rate increase since 2023. Projections released by the central bank showed that 12 of 18 officials expected additional increases during the year, according to the source report.

Higher interest rates can increase returns on U.S. government debt and money-market products, giving American investors more yield-bearing alternatives to cryptocurrencies. Digital assets do not provide a fixed return, and tighter financial conditions can reduce demand for speculative investments.

Before the decision, U.S. inflation data had strengthened expectations for a rate increase. As crypto.news previously reported, annual inflation reached 3.4% in August, while consumer prices rose 0.4% from the previous month.

Energy costs rose 2.1% during August, with gasoline prices climbing 3.9%. Core consumer prices, which exclude food and energy, increased 0.3% on the month, exceeding the 0.2% estimate cited in the report.

Prediction-market traders raised the probability of a quarter-point increase to 81% after the inflation release. Although such contracts represent wagers rather than official Fed guidance, their pricing showed that traders had largely prepared for higher borrowing costs before the meeting.

CLARITY Act defeat has left XRP policy questions open

Regulatory pressure increased on Sep. 15 when the U.S. Senate rejected cloture on the Digital Asset Market CLARITY Act. The motion received 49 votes in favor and 50 against, falling 11 votes short of the 60 needed to open formal debate.

The vote carried particular importance for XRP because the legislation would divide oversight responsibilities between the Securities and Exchange Commission and the Commodity Futures Trading Commission. Its treatment of network tokens could affect how XRP and other crypto assets are classified in U.S. markets.

Hours before the vote, Senate Republicans circulated a revised 635-page draft that added language covering ancillary assets. The proposal described an ancillary asset as a network token whose value depends on the managerial or entrepreneurial work of an originator or a related party.

Under the draft’s wording, XRP could have been treated as a digital commodity in secondary-market transactions regardless of the quantity controlled by Ripple. The proposal did not receive enough support to move into debate, leaving the existing legal and regulatory framework in place.

XRP still benefits from the 2023 ruling by U.S. District Judge Analisa Torres, who found that Ripple’s programmatic XRP sales on public exchanges did not constitute securities transactions. The same ruling found that the company’s direct institutional sales violated securities law, creating different treatment based on how the tokens were offered.

Negotiations have not ended despite the failed vote. Seven Senate Democrats have since reopened CLARITY Act talks and said the rejected cloture motion was “not the end” of the legislative effort.

The Senate’s official roll call shows that 49 lawmakers supported advancing the measure while 50 opposed it, meaning any renewed attempt would require at least 11 additional votes to reach the cloture threshold.