Connect with us

Crypto

FedNow readies cross-border support for U.S. banks

Published

on

What is Section 13(3)? Fed emergency lending explained

FedNow has moved closer to supporting cross-border payments as Federal Reserve Financial Services prepares early institutions to test enhanced messages for the U.S. leg of international transactions.

Summary

  • FedNow will support cross-border use cases while settling only the U.S. domestic payment leg directly.
  • Early adopters will test enhanced ISO 20022 messages before wider participant access becomes available nationwide.
  • Regulation J changes remain proposed, with cross-border functionality still contingent on Federal Reserve approval processes.
  • Payall is among early adopters testing FedNow cross-border support for financial institutions serving global customers.
  • FedNow settled nearly $275 billion across about five million payments during the second quarter alone.

Federal Reserve Financial Services announced the next phase on Sept. 23, saying participating financial institutions will be able to combine FedNow domestic settlement with established correspondent-banking arrangements that move the international portion of a payment.

The planned capability does not turn FedNow into an end-to-end global settlement network. FedNow would settle the U.S. portion between participating domestic institutions, while banks or other approved intermediaries would continue handling the overseas leg through the cross-border arrangements selected by each participant.

Advertisement

Advertisement

FedNow cross-border payments will keep a domestic settlement leg

The Federal Reserve has been preparing the legal structure for this model since April, when the Board proposed amendments to Regulation J allowing FedNow participants to use intermediaries other than Federal Reserve Banks in a funds transfer. Current rules have effectively limited FedNow to domestic transactions because only two U.S. banks, apart from a Reserve Bank, can participate in a transfer chain.

Under the proposal, a financial institution could use a correspondent bank or another permitted intermediary for the international portion and FedNow for the U.S. portion. The Federal Reserve said in its rulemaking that the model could support private-sector cross-border payment services without having the central bank operate the foreign leg itself.

FedNow currently operates 24 hours a day, seven days a week, including Federal Reserve holidays. Federal Reserve Financial Services states that each service business day runs continuously except for its technical cycle-date rollover process.

The Federal Reserve’s August review of U.S. cross-border payment work said FedNow had remained domestic since its July 2023 launch, while demand from banks for international use had increased as instant payments expanded. The same review noted that Fedwire migrated to ISO 20022 in July 2025, creating more common messaging across international payment chains.

Advertisement

Early adopters will test enhanced ISO 20022 messages

Federal Reserve Financial Services said a group of early adopters will test new FedNow message formats designed to carry information needed when the underlying payment involves a sender or recipient outside the U.S.

Payall Payment Systems is one of the named participants. President and CEO Gary Palmer said the company’s integration is intended to provide financial institutions with faster and more transparent processing for the U.S. portion of international payments while digitizing compliance and transaction-risk checks.

Payall described its role as helping banks “un-nest” payment chains, screen parties and automate risk controls. Those are company claims about its infrastructure and do not establish that every international payment using the future FedNow capability will process faster or at lower cost.

The company’s involvement follows earlier work with FedNow. Payall has previously completed FedNow testing and certification to support participating financial institutions, while its services cover cross-border payment orchestration and compliance systems.

Advertisement

Technical preparation began months before the latest announcement. Federal Reserve Financial Services said in April that enhanced ISO 20022 specifications were available through its MyStandards portal, allowing institutions active in international commerce to begin preparing system changes during 2026.

Once testing progresses, the Federal Reserve says other FedNow participants will be given the opportunity to adopt the enhanced messages. No general launch date has been published.

Regulation J approval remains required before full rollout

The most important unresolved step is regulatory approval. The Federal Reserve Board’s current rulemaking portal still lists docket R-1891 as a “Rulemaking Proposal.” The public comment period closed June 9, but the Board has not posted a final rule replacing the proposal as of Sept. 24.

The Sept. 23 FedNow announcement carries the same limitation. The functionality remains contingent on required amendments to Regulation J and corresponding changes to Operating Circular 8 receiving approval from the relevant Federal Reserve governing bodies.

Advertisement

Operating Circular 8, or OC 8, contains the operating terms for transfers through FedNow. Federal Reserve Financial Services currently lists the April 1, 2026 version as the effective circular, alongside operating procedures that took effect April 28.

Industry feedback on the Regulation J proposal raised compliance questions that the final framework may need to address. The American Bankers Association, for example, recommended clarifying how sanctions, anti-money laundering and fraud checks should work when a FedNow payment forms part of a cross-border chain. The group asked that banks be able to delay or reject payments where required to complete legally mandated screening.

Stripe’s comment on the proposal separately argued that the existing FedNow operating framework contained a residency restriction for certain ultimate customers and said operating-rule changes would be needed alongside the Regulation J amendment for the proposal to achieve its full cross-border purpose.

International payments will still rely on correspondent banks

The Federal Reserve’s design keeps existing correspondent banking infrastructure at the center of the foreign portion of each transaction.

Advertisement

A payment could begin abroad, move through correspondent arrangements and use FedNow once it reaches the U.S. banking system. An outbound transaction could reverse that sequence, with FedNow processing the domestic transfer before an intermediary handles the payment beyond the U.S.

The model resembles structures already used with Fedwire, according to Federal Reserve Financial Services. It does not create direct FedNow access for foreign banks that lack the required U.S. participation structure, nor does it establish a Federal Reserve foreign-exchange service.

Potential uses identified by the Federal Reserve include international payroll, corporate payments, property transactions, insurance disbursements and global treasury activity. The exact speed of the complete international transaction will still depend on the foreign leg, correspondent relationships, compliance reviews and local payment infrastructure.

The distinction is relevant as banks, stablecoin companies and blockchain networks compete to shorten international payment chains. Column connected stablecoin conversion with FedNow, SWIFT and other payment rails, allowing businesses to route different portions of payments through separate settlement systems.

Advertisement

SWIFT began testing a blockchain ledger with 17 global banks for round-the-clock cross-border payments using tokenized commercial-bank deposits. FedNow’s planned model remains based on conventional bank money settled through Federal Reserve accounts for its domestic portion.

FedNow volume has risen sharply before international expansion

FedNow enters the testing phase after rapid growth in domestic payment activity.

Federal Reserve Financial Services reported 4.997 million settled customer payments during the second quarter of 2026, up 83.2% from the first quarter. Their combined value reached $274.66 billion, compared with $271.25 billion during the previous three months.

Average daily volume rose from 30,317 payments in the first quarter to 54,921 in the second. Average payment size fell from $99,414 to $54,957 as transaction counts expanded more quickly than total dollar value.

Advertisement

For all of 2025, FedNow processed 8.41 million payments worth $853.4 billion. That represented 458.9% annual volume growth and more than 2,100% growth in settled value compared with 2024.

The network now spans more than 1,500 participating financial institutions. Federal Reserve Financial Services keeps separate current lists of live institutions, settlement agents and certified service providers, with its participant and provider files most recently updated Sept. 21.

In a separate domestic adoption move, Federal Reserve Financial Services announced a new discount program beginning Jan. 1, 2027, intended to encourage more institutions to activate and increase FedNow sending capabilities.

Cross-border testing is expected to proceed while the Regulation J process remains unfinished. Federal Reserve Financial Services has not published an exact date for general availability and says future progress updates will be provided to participants as testing, rule approval and Operating Circular changes advance.

Advertisement



Source link

Continue Reading
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Crypto

Analysts see 10-year Treasury yield hitting 6%. Bitcoin bulls shouldn’t panic

Published

on

Analysts see 10-year Treasury yield hitting 6%. Bitcoin bulls shouldn't panic

Market action since 2022 backs Thielen’s take. The 10-year yield more than doubled to 3.88% that year as the Fed raised interest rates rapidly, including several 50- and 75-basis-point hikes to fight inflation.

Bitcoin fell 64% that year. Fed tightening and rising yields added to the pain from crypto scams and blowups.

The picture has been different since. From the end of 2023, the 10-year yield has risen 135 basis points to 5.23%, the highest since 2007. Over the same stretch, bitcoin has roughly doubled to $86,000, even after pulling back from its October record above $126,000.

Thielen and others attribute much of the recent rise in yields to fiscal fears and a higher term premium. In plain English, investors want to be paid more to lock up their money in long-term bonds, given the uncertainty over inflation and government borrowing.

Advertisement

Chicago-based Strategic Analytics made a similar point about gold, noting that it has tracked fiscal risk more closely than the Fed’s policy path since 2022.

“Since 2022, gold has increasingly tracked fiscal-risk perceptions – term premium, deficits, debt sustainability – rather than the Fed’s policy path. Gold is not defying real yields. It is pricing fiscal sustainability and currency debasement, which has become the marginal driver,” it said recently in a LinkedIn post.



Source link

Advertisement
Continue Reading

Crypto

China has three new criteria for humanoid robot IPOs. Few, if any, meet them

Published

on

China has three new criteria for humanoid robot IPOs. Few, if any, meet them

Humanoid robots box during the 5th Global Digital Trade Expo on September 25, 2026 in Hangzhou, Zhejiang Province of China.

Vcg | Visual China Group | Getty Images

BEIJING — China’s securities regulator is raising the bar for public listings of humanoid robot startups, according to three sources familiar with the CSRC’s thinking.

It’s a sign of how one of the hottest sectors of the market is cooling, as investors globally assess whether artificial intelligence stocks are in a bubble.

Advertisement

The Chinese regulator wants local “embodied AI” startups seeking to go public to meet three specific criteria, according to the sources, who requested anonymity due to the sensitivity of the situation.

They are:

  • The “window guidance” requires that the humanoid applicants have sustainable revenue and commercial orders.
  • Losses must narrow, with one source saying a three-year forecast is needed.
  • The company must possess core technology such as robotic brain or hands.

Even if a startup only has to meet two of the three criteria, as one source indicated, it’s unclear which, if any, of the companies can do so.

That’s lowered expectations to just a handful, or none, of these startups making it to public markets, the sources said.

At least two dozen humanoid-related embodied AI companies have filed to list in Hong Kong alone, according to two of the sources. Hong Kong in May 2025 started letting tech companies file confidentially for IPOs.

Advertisement

The Hong Kong stock exchange declined to comment. The China Securities Regulatory Commission did not immediately respond to a request for comment. Mainland China companies wanting to list in Hong Kong also need the CSRC’s blessing.

Unitree IPO impact

Scrutiny on China’s growing number of humanoid robot startups and their fast-growing valuations — supported by a mix of government and private sector funds — has grown over the last several weeks.

The industry’s posterchild, Unitree, got a regulatory fast-track to its listing in Shanghai on Aug. 19 as the World Robot Conference kicked off in Beijing.

But in a keynote a day later, founder Wang Xingxing cautioned that commercialization beyond dancing robots remained years away. It accentuated a debate that picked up in subsequent weeks on what humanoids can actually do — and whether industry startups were actually making money.

Advertisement

China now has well over 100 humanoid companies, which fall under the national push for “embodied AI.” The term received Beijing’s support in the last two annual government work reports, although authorities have warned of a bubble in the humanoid robot industry.

Reflecting a rapid surge in interest, investment in the sector hit 47.09 billion yuan ($6.95 billion) in the second quarter, more than double that of the first quarter — and up over six times versus the same period last year, according to industry data provider Xiniu.

Unitree raised about about 6.1 billion yuan ($905 million) in its IPO on Aug. 19 with Shanghai-listed shares skyrocketing more than 460% in their debut to close at 845 yuan.

The stock had nearly halved in price as of Monday, at 459.65 yuan a share.

Advertisement

Hong Kong-listed Ubtech has also tumbled more than 40% so far this year. The company, which went public in December 2023, still reported an operating loss for the first half of this year of 279 million yuan.

The share price decline contrasts with the flood of capital pouring into humanoid robotics companies over the last 12 months or so. The tech, often called “physical AI” in China, has been seen as a way for early-stage investors to benefit from the surge of interest in artificial intelligence models.

However, Rhodium Group analysis this month found that China’s AI companies only make about 10% the revenue of Anthropic and OpenAI. The ratio of valuation to revenue — especially for Chinese AI startups Moonshot and DeepSeek — was far higher than their U.S. rivals, the report said.

While expectations grow for the U.S. AI giants’ IPOs, chipmaker AMD said Monday it is acquiring World Labs for $8.2 billion in a stock deal. The startup, founded by AI pioneer Fei-Fei Li, is building AI models for creating virtual 3D environments frequently used in humanoid robot development.

Advertisement



Source link

Continue Reading

Crypto

A SpaceX Starship Rocket Officially Reached Orbit. Why That’s So Significant

Published

on

A SpaceX Starship Rocket Officially Reached Orbit. Why That's So Significant

The launch this morning was both imperfect and stripped down to its orbital essentials. On the way up, one of the Starship’s six engines failed to burn properly, requiring the other engines to compensate for the missing thrust to get the ship in orbit. 

In addition, the return to Earth was simplified. SpaceX has made itself famous for safely landing the first stage of its Falcon 9 and Starship boosters—with 641 out of 688 Falcon 9 launches featuring this kind of recovery, allowing the boosters to be reused and make flying cheaper. Starship’s first stage, meantime, performs what has become known as a chopstick recovery, with the booster navigating its way back to the launch tower where two giant metal arms pluck it from the sky. For the current mission, the chopstick recovery was done away with to simplify the flight objectives; instead the first stage made a soft, engine-assisted splashdown in the Gulf of Mexico. The Starship spacecraft was planned for a six-orbit, 10-hour mission, with the ship’s engines set to fire around the dinner hour Monday to bring the spacecraft down for a similar gentle, watery landing. 



Source link

Continue Reading

Crypto

Goldman Sachs Explains Why Not to Buy the 5%+ Bonds and Rather Stick to AI

Published

on

30-Year Yield is pushing beyond 5%.

Goldman Sachs’ Anshul Sehgal says bonds yielding 5% or more are not the best trade right now. He still favors AI infrastructure, which he sees as a far more asymmetric bet than the long bond.

Sehgal, a global co-head of Fixed Income, Currencies and Commodities (FICC) at the bank, laid out the view just a few days after the Federal Reserve raised interest rates.

Why Goldman Sachs Is Passing on 5%+ Bonds

On Goldman’s The Markets, Sehgal said the 30-year Treasury, known as the long bond, had hovered around 5% for weeks. He noted that clients want to buy it at 5% or higher, yet he still sees little upside.

The yield has kept climbing since the recording, reaching 5.56% on September 29, a new 52-week high. Sehgal blamed structural pressure for the strain on the long end. Retiring baby boomers are buying fewer long bonds, and heavy long-dated borrowing tied to AI is crowding the market.

Advertisement

Those pressures explain why the selloff can persist even without a fresh inflation shock. Fewer retirees buying long bonds and a steady flow of long-dated borrowing tied to AI both weigh on prices, and neither fades quickly.

Sehgal adds that fear over US debt sustainability makes investors less willing to hold the long end, which feeds on itself.

The takeaway is that a rising yield does not necessarily break his thesis. It may instead show why he sees limited reward in owning the bond, while the risk to his AI trade is that costlier long-term borrowing squeezes the levered companies he favors.

30-Year Yield is pushing beyond 5%.
30-Year Yield is pushing beyond 5%. Image Source: CNBC

AI Compute Is the Asymmetric Trade

An asymmetric trade offers far more potential gain than risk. Sehgal applies that label to compute (AI computing power), data centers, and Neoclouds, which are cloud providers built to rent out that capacity.

“I think the asymmetric expression is being long compute.”

Anshul Sehgal, Goldman

Advertisement

The catch is leverage. Savers collecting higher interest have effectively financed the AI build-out, leaving equities more indebted than a year ago. Sehgal admits these are levered bets. Still, he thinks they can multiply in value, while the wider stock market looks less certain.

Tighter Policy Hits Spenders, Not Capital

Sehgal says the Fed frames its September 16 hike as catch-up after five years above its inflation target. Schwab counts 16 of 19 Fed officials expecting another increase this year. Fed Chair Kevin Warsh also stressed three times that the Fed is easing back some stimulus rather than turning restrictive, Sehgal adds.

He argues that government interest payments flow to capital rather than workers, so higher rates curb household spending, a risk for the broader stock market.

He also rejects the debt-sustainability fears weighing on long bonds.

Advertisement

“For me, that’s a red herring.”

Anshul Sehgal, Goldman

Meanwhile, BlackRock’s Rick Rieder is cutting equities for bonds paying 7% to 8%, though his high-grade bond call still cautions against rushing into the 10-year Treasury.

Sehgal names the Middle East conflict as the top driver of policy and markets in the weeks ahead.

The post Goldman Sachs Explains Why Not to Buy the 5%+ Bonds and Rather Stick to AI appeared first on BeInCrypto.

Advertisement



Source link

Continue Reading

Crypto

BTC, ETH price news: Bitcoin slips to $83,000 as ZEC drops 12% and oil climbs again

Published

on

BTC, ETH price news: Bitcoin slips to $83,000 as ZEC drops 12% and oil climbs again

“Bitcoin has pulled back to $83K, testing the lower boundary of last week’s consolidation range,” Alex Kuptsikevich, chief market analyst at FxPro, said in an email to CoinDesk. “As with the market as a whole, a retest of the $82K region, where peaks were formed in May and early September, is entirely to be expected under current conditions.”

“Looking ahead, a sustained return to prices below $80K would be an important signal that the market is not ready to move higher for some time yet. If, however, this consolidation is soon followed by a new bullish momentum, it could send the leading cryptocurrency well above $90K,” he added.

The pressure is coming from bonds and oil.

Treasuries steadied in Asia after tumbling during U.S. trading, with the 10-year yield up one basis point to 5.25% after reaching its highest level since 2007 on Monday. A higher guaranteed return on government debt raises the bar for holding assets that pay no income, bitcoin among them.

Advertisement

Brent rose more than 1% to nearly $107 a barrel, its second straight gain, as hopes for an imminent diplomatic breakthrough with Iran faded.

Pricier oil feeds into inflation, and traders have been adding to bets that the Fed will raise rates again. MSCI’s All Country World Index fell to its lowest since Sept. 18, and Nasdaq 100 futures slipped 0.3% after Monday’s tech-led selloff on Wall Street.



Source link

Advertisement
Continue Reading

Crypto

Tether is a ‘lifeline’ for Iranian regime, Senate Dems say in new report

Published

on

Tether is a ‘lifeline’ for Iranian regime, Senate Dems say in new report

U.S. dollar-pegged stablecoin Tether is a go-to tool for the Iranian government to bypass sanctions, a new report from a group of Senate Democrats said.

Democrats on the Senate’s Homeland Security and Governmental Affairs Committee’s Permanent Subcommittee on Intelligence published a report Monday laying out the argument that Tether plays a key role in allowing Iran to conduct transactions that skirt international sanctions.

“Iran’s cryptocurrency-based shadow banking network has processed significant volumes of funds and implicates various Iranian interests,” the report said, adding that Tether has “repeatedly failed” to block Iran-connected wallets.

“USDT has become a significant financial lifeline within Iran’s shadow banking network,” the report said.

Advertisement

When Tether does freeze wallets, it sometimes takes weeks, but the company also sometimes responds to requests without actually blacklisting wallets, the report claimed.

“Prior to 2024, Tether did not comprehensively and consistently freeze wallets designated by counter-terrorism agencies and continues to fail to proactively block clearly illicit wallets,” the report said. “This absence of deterrence invited abuse: terrorist organizations such as Hamas shifted from transacting in Bitcoin and a mix of cryptocurrencies to promoting USDT.”



Source link

Advertisement
Continue Reading

Crypto

Grok AI Predicts XRP Could Hit $40 in 2026 With Landmark Event

Published

on

Ripple price prediction: Elon Musk's Grok AI predicts that XRP could reach $40 by 2027 if a wild announcement is made in Q4

Elon Musk’s Grok AI predicts an extremely bullish price for Ripple (XRP) by January 1, 2027, that will blow the minds of even the most dedicated members of the Ripple Army.

If you’re holding a sizeable bag of XRP USD, you may want to sit down before reading this. Grok claims that $25–$40 is achievable by 2027, with a stretch target of $50+ under the assumption of a full-blown crypto bull market returning and being supercharged by an unprecedented institutional catalyst.

Ripple price prediction: Elon Musk's Grok AI predicts that XRP could reach $40 by 2027 if a wild announcement is made in Q4
SOURCE: Grok AI Predicts XRP Price

XRP currently trades near $1.50–$1.52 as of September 28, 2026, down nearly -3% over the past 24 hours and with a daily trading volume of $3.5Bn, up from $3.2Bn the day prior.

This outlook is extreme and leans far beyond standard institutional forecasts. It assumes not only a strong late-2026 bull market driven by liquidity and risk-on conditions, but also a once-in-a-generation catalyst.

What is the Catalyst that Grok AI Predicts Could Spark an XRP Run Toward $40

Advertisement

Major central banks (including the Fed, ECB, Bank of Japan, and PBOC) announcing that the XRP Ledger will serve as a primary settlement layer for cross-border CBDC and tokenized asset flows, combined with large commercial banks being incentivized or required to hold XRP as a liquidity buffer, and revelations of massive sovereign wealth fund accumulation.

Under this highly speculative scenario, forced institutional demand collides with retail FOMO in a classic late-cycle mania, allowing XRP to move from the current ~$1.50 range through previous-cycle highs and into the mid-to-high double digits by early 2027.

This remains pure speculation and entertainment, not a base-case or even high-probability outlook. Crypto markets are extremely volatile, and the catalyst described above would require multiple extraordinary policy and institutional developments.

However, with Ripple’s case against the SEC dropped and its subsequent rise as a highly favored US-based digital asset company under President Trump, anything could be on the table for XRP if the perfect scenario aligns.

Advertisement

Got a Gut Feeling? It Could Pay Out 3.7X on Polymarket

Technical Analysis Supporting the Insane Grok AI XRP Price Prediction

Xrp (XRP)
24h7d30d1yAll time

On the higher timeframes, XRP has already established a constructive recovery base after reclaiming key moving averages from the mid-September lows near $1.25–$1.30. Price is consolidating in the $1.45–$1.55 region after testing highs near $1.63–$1.66.

In a normal bull market, a sustained break above $1.70–$2.00 would open the door to the prior cycle high near $3.65. Under the extreme institutional adoption scenario outlined above, that prior high would likely be cleared with significant force, triggering a series of measured-move and Fibonacci extension targets far beyond historical levels.

Advertisement

Aggressive projections from the multi-year base, combined with the kind of vertical price discovery seen in previous mania phases, could theoretically extend into the $25–$40+ zone if volume and momentum expand dramatically. RSI and momentum indicators would almost certainly reach deeply overbought levels during such a move, which is typical of parabolic advances.

Key nearer-term supports remain in the $1.40–$1.45 and $1.30 zones; holding those would keep the broader recovery structure intact while the market waits for (or prices in) any extraordinary catalysts.

Overall, while the current chart supports continued upside in a standard bull market, only an extreme surge in institutional demand and narrative intensity could justify the kind of multi-thousand-percent extension implied by the $25–$50 targets.

Earn $50 and Enter $300K Prize Draw on EdgeX

Advertisement

Maxi Doge Targets Early Mover Upside as XRP Tests Key Levels

While the Grok AI prediction of a potential 30x run for XRP is exciting, presale plays have a stronger track record of producing such returns. It does explain why attention keeps drifting toward presale-stage plays with smaller denominators.

Maxi Doge ($MAXI) is one of those plays. It is an Ethereum-based meme token built around a 240-lb canine mascot and a “1000x leverage” trading-culture identity. The presale has raised $4.8M at a current price of $0.0002841, with dynamic APY staking live for holders.

Standout features include holder-only trading competitions with leaderboard rewards and a Maxi Fund treasury earmarked for liquidity and partnerships.

Advertisement

The meme-first, gym-bro marketing angle (“never skip leg day, never skip a pump”) is endearing. The accumulation numbers suggest plenty of traders are picking a side.

Get Ahead of Next Meme Coin Launch Here

Discover: The Best Token Presales

The post Grok AI Predicts XRP Could Hit $40 in 2026 With Landmark Event appeared first on Cryptonews.

Advertisement



Source link

Continue Reading

Crypto

Trump Rolls Back Fuel Economy Standards. Will Cars Really Get Cheaper?

Published

on

Trump Rolls Back Fuel Economy Standards. Will Cars Really Get Cheaper?

When it was first proposed in December 2025, the rule was divisive, drawing ire from environmental advocates while garnering praise from auto-industry trade groups. The Administration finalized it last week with a signoff from President Donald Trump.

The President commented on the forthcoming rule Sept. 26, saying the new standards would “take the waste out of building cars in America.”

“That means LOWER PRICES, saving families thousands on a new, beautiful, and safe car,” he wrote on Truth Social.

The claim that the revisions will pass down cost savings to American buyers, however, relies on several factors, including automakers’ pricing decisions, fuel costs, and broader economic conditions.

Advertisement

What changes under Trump’s new fuel economy rule?

Former President Joe Biden’s regulations were put in place in 2024 to reduce car-based greenhouse gas emissions, decrease dependence on fossil fuels, and spur a transition to electric and hybrid vehicles. The Trump Administration has claimed that its revisions are more focused on bolstering the auto industry and making safer, newer cars more accessible. 



Source link

Advertisement
Continue Reading

Crypto

The restaking gold rush is over, and top protocols are barely making a profit

Published

on

Restaking earns almost nothing (CoinDesk/Oliver Knight)

EigenLayer held $19.7 billion at its peak and liquid restaking tokens grew more than 1,000% in the first six weeks of 2024. But the services buying security never paid enough to cover both the base staking yield and a premium on top, so the second yield restaking promised never materialized.

On Sept. 8, DefiLlama’s restaking category held $10.02 billion and generated $99,977 in fees over the prior week. The liquid staking category, on $51.87 billion, generated $27.35 million. Per dollar secured, ordinary staking earns roughly 53 times more.

Restaking earns almost nothing (CoinDesk/Oliver Knight)

Two developments then removed what was left of the incentive to restake. Points programs subsidizing deposits wound down through 2025, and slashing went live in April 2025. Slashing is the penalty that confiscates part of an operator’s staked ETH when it misbehaves, by going offline or signing conflicting messages, for example. So restaking suddenly carried a real, priced downside where before the risk had been theoretical. There was no extra yield to compensate.

Set ether.fi aside and the rest of the sector is small. Renzo, Kelp, Swell, Puffer Finance and Bedrock, the five largest remaining liquid restaking tokens, made $953,350 in combined gross profit in the second quarter of 2026. Three quarters earlier the same five made $2.18 million. Puffer, which raised $23 million, recorded $21,590 for the quarter. Swell recorded $22,370.

What is left of liquid restaking, excludiing ether.fi (CoinDesk/Oliver Knight)

The income statements also show which part of these businesses was ever profitable, and it was not the restaking. On Kelp’s books, EIGEN token rewards appear at $460,600 in gross revenue and $460,600 in cost of revenue: they arrive and pass straight to depositors, leaving nothing with the protocol. Puffer and Swell book staking rewards the same way. Whatever profit these companies made came from the orinary staking fees charged underneath the restaking layer.



Source link

Advertisement
Continue Reading

Crypto

Goldman Sachs brings $100 billion Treasury fund into crypto’s institutional plumbing

Published

on

Goldman Sachs brings $100 billion Treasury fund into crypto’s institutional plumbing

“There’s a convergence now that you’re seeing between traditional market participants and digital asset market participants as well,” Lynq CEO Jerald David said in an interview with CoinDesk TV.

For firms using Lynq, FTIXX gives them somewhere to put cash between trades rather than leaving it sitting around. They can earn yield on the money and pull it out when they need it again.

That was a product Lynq’s clients had been asking for, David said. The network works with firms including B2C2, Wintermute, Galaxy ·, FalconX, Crypto.com and Fireblocks, whose businesses can require moving large amounts of money between trades. They wanted another option for putting that cash to work in the meantime.

“We needed to demonstrate that there was client demand,” David said. “Our clients were looking for a treasury asset on the platform that may have had a different yield profile than the other instrument that’s on there right now.”

Advertisement

Getting FTIXX onto the network required some work. Lynq had to modify its technology, restrict access to U.S. clients and integrate with Mosaic, he said. Customers also need a relationship with tZERO Securities and must meet the required onboarding and eligibility checks.

Lynq itself runs on a private, permissioned Avalanche (AVAX) Layer 1 blockchain. Its network has more than 30 institutional digital-asset firms onboarded and more than $89 million in assets, according to the company.



Source link

Advertisement
Continue Reading

Trending

Copyright © 2025