As expectations regarding Federal Reserve policy for September shift, the digital asset market is once again in the spotlight.

On Sep. 3, Federal Reserve Governor Christopher Waller stated that if upcoming inflation data continues to show a cooling trend, he would favor maintaining current interest rates at the September meeting; however, he did not rule out further monetary policy tightening should inflation re-accelerate.

This statement alleviated some market concerns regarding immediate further rate hikes. Following the news, global stock markets strengthened, U.S. Treasury yields retreated, and market risk appetite improved. For the digital asset market—where shifts in interest rate expectations often influence capital flows and investor sentiment—attention has turned back to stablecoins and the digital financial infrastructure supporting them.

Unlike BTC, ETH, or XRP, USDC is a stablecoin pegged to the value of the U.S. dollar; its market focus lies not in dramatic price appreciation, but in the continued expansion of payments, trading, settlement, and institutional applications for digital assets.

Recent developments have also emerged within the USDC ecosystem. Circle launched “Circle Arc,” a blockchain centered on USDC that targets institutional payments, settlement, and compliant digital financial applications. The participation of institutions such as BlackRock, DTCC, and Visa in the validator ecosystem further underscores institutional interest in stablecoin infrastructure.

Meanwhile, investors are reconsidering a key question: amidst the volatility of the digital asset market, can long-term USDC holders generate additional returns through digital asset services beyond simply using the coin for trading and asset allocation?

Against this backdrop, an increasing number of USDC holders are shifting their investment strategies toward the EX DeFi cloud mining platform, seeking a more stable path for asset growth.

How will Federal Reserve policy changes affect USDC?

Federal Reserve monetary policy has long been a critical factor influencing global financial markets.

Currently, the Fed must still strike a balance between controlling inflation and sustaining economic growth. Waller’s latest remarks indicate that if future data confirms inflation is cooling, he would support holding rates steady; however, should August inflation data show a significant rebound, he might support a rate hike.

Consequently, investors are now paying closer attention to upcoming inflation and employment data. 

For USDC, changes in policy interest rates do not translate directly into the sharp price surges or drops seen with volatile assets like BTC or ETH. Instead, USDC’s strengths lie in its peg to the US dollar and its expanding utility in payments, trading, and digital asset settlement.

As the regulatory landscape for stablecoins matures and institutional participation in the digital asset market grows, USDC is evolving from a mere medium of exchange into a component of digital payment and financial infrastructure.

Why is EX DeFi attracting attention from USDC users?

For those seeking to generate extra income, traditional digital asset investments come with significant price volatility, while self-managed mining entails costs related to hardware, electricity, and maintenance.

EX DeFi combines a cloud mining model with AI-driven computing power management, offering users a way to participate without the need to purchase or maintain mining rigs themselves.

Key features of EX DeFi

Beginner-friendly:

Even users with no prior experience can get started easily; they can explore platform services immediately after registration and receive $17 in trial funds.

No hardware purchase required:

Users do not need to buy, deploy, or maintain specialized mining hardware, as they can participate in mining services via the cloud.

Security and compliance:

The platform adheres to international security standards—including McAfee®, Cloudflare®, and 2FA verification—and utilizes cold wallet isolation to enhance fund security.

Affiliate rewards program:

Users can earn up to 5% in affiliate rewards by referring friends, creating a source of long-term income.

Support for multiple digital assets:

The platform supports USDC as well as various mainstream digital assets, including XRP, BTC, ETH, USDT, BNB, DOGE, LTC, and SOL.

Green energy commitment:

EX DeFi’s infrastructure runs on 100% green energy and continues to expand its use of clean energy. It leads the digital asset industry toward low-carbon, eco-friendly development, contributing to global sustainability while generating value for users.

About EX DeFi

Founded in 2021 and headquartered in the UK, EX DeFi currently provides high-performance, cost-effective cloud mining solutions to over 2 million users across more than 180 countries and regions worldwide. 

Guided by the development philosophy of being “green, intelligent, open, and sustainable,” EX DeFi leverages innovative cloud mining technology and decentralized finance (DeFi) infrastructure to foster an efficient, low-carbon digital ecosystem, thereby creating long-term value for global users.

Get started with the EX DeFi platform in three simple steps:

Step 1: Register an account

Visit the official EX DeFi platform and create a free account using your email address. Receive $17 in trial funds upon registration.

Step 2: Select a contract

Choose a cloud mining contract that suits your budget and desired duration, then start automated mining with a single click.

Step 3: Start participating

Once the mining contract is activated, the system automatically allocates computing power to the mining pool and settles earnings within 24 hours. You can choose to withdraw your generated earnings or reinvest them for future opportunities.

Popular mining plans:

Investment: $100 | Duration: 2 days | Daily return: $4 | Total profit: $100 + $8

Investment: $500 | Duration: 6 days | Daily return: $6.5 | Total profit: $500 + $39

Investment: $1,000 | Duration: 10 days | Daily return: $13.5 | Total profit: $1,000 + $135

Investment: $5,000 | Duration: 20 days | Daily return: $73.5 | Total profit: $5,000 + $1,470

Investment: $10,000 | Duration: 30 days | Daily return: $161 | Total profit: $10,000 + $4,830

Visit the EX DeFi platform to view details on more investment contracts.

Conclusion

Recent statements from the Federal Reserve indicate that future policy direction will remain heavily dependent on inflation and employment data. If inflation continues to cool, market concerns regarding further monetary policy tightening may subside, thereby improving overall sentiment toward risk assets. 

Meanwhile, USDC is establishing itself as a key piece of in/frastructure in the digital asset market, driven by its stable US dollar peg and its expanding use in payments, settlement, and institutional applications. For users looking to explore yield-generating opportunities in digital assets, EX DeFi Cloud Mining offers an alternative way to earn passive income.

For more details, please visit the official website: https://exdefi.com/

Contact email: [email protected]

Bitcoin price erased an early move above $82,000 on Sept. 4 as stronger-than-expected US employment data lifted Treasury yields and weakened demand for risk assets.

Bitcoin price reverses after testing $82,000

According to data from crypto.news, Bitcoin (BTC) price briefly climbed above $82,000 on Friday before sellers forced the price back below $80,000, reversing the asset’s earlier gains.

BTC reached an intraday peak of about $82,281 before falling toward $79,224. The Binance daily chart showed an open near $81,270, a low of $78,660, and a price around $79,560 at the time of capture, representing a 2.1% decline for the session.

The reversal followed a sharp rally from Bitcoin’s mid-August base near $62,500. That advance carried the asset through $75,000 and into a consolidation range between roughly $76,000 and $82,000.

Friday’s decline did not completely erase the recent breakout structure. Bitcoin remained close to the $78,800–$79,300 area that had previously acted as resistance before the latest push higher.

A daily close below that zone, however, would increase the risk that the breakout was a short-lived move rather than the start of another advance.

Strong US jobs data weighs on Bitcoin

Bitcoin’s retreat coincided with the release of a stronger-than-expected US employment report, which prompted traders to reassess the likely path of Federal Reserve policy.

US nonfarm payrolls increased by 162,000 in August, well above economists’ expectations, while the unemployment rate remained at 4.1%, according to reports.

The report pushed the market-implied probability of a September Fed rate increase to 65% from 55%, Reuters reported. The benchmark 10-year Treasury yield rose to about 4.77%, while the US dollar also strengthened.

Higher yields can create pressure on Bitcoin because they increase the relative appeal of interest-bearing assets. The stronger labor data also challenged expectations that the Fed could leave rates unchanged after recent signs of cooling inflation.

Broader markets showed a limited but defensive response. The S&P 500 edged lower, while investors continued moving money toward cash-like assets amid higher yields and geopolitical uncertainty. Global money-market funds attracted $46.1 billion during the week through Sept. 2.

US equity funds, meanwhile, recorded $11.12 billion in weekly outflows as investors responded to elevated oil prices, rising yields and tensions involving the US and Iran.

Bitcoin technicals place $78,125 support in focus

The daily chart places Bitcoin below the $81,250 Murray Math level, which is marked as a strong pivot and reversal area. Price tested that zone but failed to establish a daily hold above it.

The next visible Murray Math support sits at $78,125, near the breakout-retest area identified by traders. A decisive daily close below $78,125 could expose the psychological $75,000 level, which the chart marks as a major support and resistance pivot.

Below $75,000, the next structural level appears around $71,875. Such a decline would return Bitcoin to the lower portion of its August recovery range, although the charts do not yet confirm a move of that size.

Despite the daily pullback, the Chaikin Money Flow reading remained positive at 0.31. A reading above zero indicates that buying pressure has remained stronger than selling pressure over the indicator’s measurement period, suggesting that the broader rally has not yet lost all of its capital support.

The 4-hour chart presents a more cautious short-term picture. Bitcoin traded near $79,588, above the Bollinger Bands’ middle line at $78,797 but well below the upper band at $82,193.

Holding above the middle band would preserve a neutral-to-bullish structure. Losing it could send BTC toward the lower Bollinger Band near $75,402, although the $78,125 and $76,000–$77,000 areas would provide intermediate support.

4-hour RSI stood at 53.45, down from an earlier overbought reading above 70. The indicator remained slightly above the neutral 50 level, but it had fallen below its moving average near 57.31, reflecting weaker momentum after the failed breakout.

Liquidation map shows targets above $80,000

CoinGlass’ 24-hour liquidation heatmap showed concentrated leveraged positions on both sides of Bitcoin’s price.

The closest overhead liquidity appeared around $80,000–$80,300, while a larger and brighter cluster was visible near $81,700–$81,900. Those areas could become short-term price targets if buyers push Bitcoin back above $80,000.

Liquidity was also concentrated below the market around $78,000, with additional bands between approximately $77,500 and $77,800. A break beneath the current support zone could therefore accelerate volatility as leveraged long positions face liquidation.

The heatmap does not predict which side Bitcoin will reach first. It instead shows areas where forced position closures may increase once the price enters a dense leverage cluster.

Analysts see $79,000 as the deciding level

Crypto trader Wealthmanager said on X that Bitcoin had broken out of a descending structure before moving directly into the $81,000–$82,000 range. The trader identified $78,800–$79,300 as the breakout-retest zone bulls need to defend.

According to the analyst, holding that area would keep another attempt at $82,000 in play. The view aligns with the 4-hour Bollinger middle line near $78,797 and the daily Murray Math level at $78,125.

Fellow analyst Gerla also identified $79,000 as the key point of control after Bitcoin’s rejection at $82,000. Gerla said holding that level would preserve the breakout structure, while losing it could lead to a rapid move into the $76,000–$77,000 value area.

The immediate setup therefore depends on whether Bitcoin can continue closing above the $78,800–$79,300 region. A rebound through $80,300 would bring the $81,250 pivot and the liquidity cluster near $81,800 back into focus. A confirmed loss of $78,125 would instead increase the probability of a retreat toward $76,000–$77,000, followed by $75,000.

A planned dollar stablecoin backed by 21 global financial institutions will begin with regulatory resources, corporate relationships, and international payment connections. Four industry executives told crypto.news, however, that institutional backing will not guarantee adoption unless the token can match the liquidity, accessibility and portability already offered by USDT and USDC.

The consortium committed to forming a new stablecoin company during the second half of 2026, subject to closing conditions. Its members include Bank of America, Citi, Goldman Sachs, Deutsche Bank, UBS, and other financial institutions across North America, Europe, Asia, Africa, and the Middle East.

The unnamed venture intends to launch a US dollar-denominated stablecoin during the first half of 2027. It may later introduce stablecoins tied to other G7 currencies, with a euro-denominated token listed as its first expansion priority.

The consortium has not disclosed the token’s name, supported blockchains, reserve custodian, governance model, or redemption process. Those details could determine whether the product becomes a widely used payment instrument or remains primarily a settlement token within the institutions’ existing networks.

21-bank stablecoin starts with a distribution advantage

Utkarsh Ahuja, founder and managing partner at Moon Pursuit Capital, told crypto.news that the consortium starts with relationships that normally take new financial products years to develop.

The participating institutions already serve corporate treasury departments, process international payments, and operate compliance systems across several jurisdictions. According to Ahuja, those connections could make it easier to introduce the stablecoin into existing corporate workflows, particularly for cross-border settlement.

“The banks start with something that normally takes a financial product years to build: distribution into the companies that actually move very large amounts of money.”

Ahuja cautioned that established relationships do not provide the portability that USDT and USDC have built across exchanges, wallets, blockchains, and market makers. The consortium could bring corporate clients to the token, he said, but convincing those clients to use it outside the participating banks’ network will be more difficult.

Jerald David, CEO of Lynq Network, said the initiative has both offensive and defensive motives. It could open new blockchain payment revenue for the institutions while protecting payment activity and commercial balances from migrating to non-bank stablecoin issuers.

Stablecoin issuers can earn income from the assets held against circulating tokens, including short-term government debt. When deposits move from banks into stablecoins, part of the balance and its associated economics can move with them.

David said a shared token would allow the institutions to enter blockchain payments through a framework over which they retain greater control. However, he warned that scale alone would not make the proposed token more attractive than established alternatives.

USDT and USDC currently benefit from years of integration. A recent crypto.news analysis of stablecoin distribution placed the wider market at approximately $316 billion in mid-2026, with USDT accounting for about $187 billion and USDC representing roughly $75 billion.

Interoperability will decide whether the token circulates

David described issuance as the easier part of the project. Businesses will also need reliable ways to move between the consortium’s stablecoin, existing stablecoins, tokenized deposits and conventional bank accounts.

“Interoperability will be more important than issuance,” David said.

“If capital can enter the token easily but cannot move out or across networks just as efficiently, the consortium risks creating another isolated pool of liquidity.”

Such interoperability would require dependable minting and redemption, custody arrangements, market makers, and settlement infrastructure connecting different forms of digital and conventional money. An institution receiving the new token must be able to redeem it for dollars or exchange it without facing long delays, high spreads, or limited trading depth.

Alvin Kan, chief operating officer of Bitget Wallet, told crypto.news that self-custodial wallets would examine the token’s entire user journey before supporting it. Relevant functions include holding, transferring, swapping, and spending the stablecoin.

Wallet providers would need audited smart contracts, transparent issuance and redemption processes, and consistent technical standards across every supported blockchain, according to Kan. They would also need to know whether tokens are issued natively on each network or transferred through bridges.

Kan said native mint-and-burn systems or coordinated cross-chain issuance would generally be preferable to wrapped assets because they could reduce bridge risks and prevent liquidity from being split among several representations of the same stablecoin.

Wallets could use intent-based routing and liquidity aggregation to shield users from some of that complexity. However, Kan said wallets cannot eliminate fragmentation without cooperation from issuers, banks, and liquidity providers.

“Ultimately, interoperability will matter more than how many bank tokens get issued. The winning infrastructure will make multiple tokens feel like one connected financial system.”

Gas abstraction could remove another obstacle. Users may be less willing to adopt a dollar stablecoin if they must first acquire a separate blockchain token to pay network fees whenever they transfer or spend it.

The same problem applies to identity verification. Kan said reusable credentials or privacy-preserving attestations could allow users to demonstrate that they have completed required checks without repeating the full process for every issuer. Different regulatory requirements would still apply across jurisdictions, meaning one universal identity credential is unlikely to resolve every compliance issue.

Bank backing does not guarantee stablecoin adoption

Waseem Salim, CEO of Valdora, told crypto.news that an established issuer can provide initial trust, but utility determines whether people continue to hold and use a stablecoin.

Société Générale offers an example of the difference between institutional backing and circulation. Its digital asset subsidiary launched USD CoinVertible on Ethereum and Solana in 2025. Despite its connection to a major global bank, official SG-FORGE data showed approximately $12.55 million of the stablecoin in circulation as of Sept. 4.

“A strong name helps, but people won’t adopt a stablecoin just because there’s a bank behind it,” Salim said. “They need a reason to actually use and hold it.”

According to Salim, users will consider whether the token works with their existing wallets and preferred networks, whether sufficient liquidity is available, and how easily they can redeem it. They will also examine what they can do after acquiring it.

Possible advantages include cheaper cross-border settlement, direct integration with corporate bank accounts, and access to tokenized financial products. Those benefits would need to be substantial enough to compete with USDT and USDC integrations and the familiarity of conventional deposits.

Kan similarly described adoption as utility-driven. Institutional reputation could attract users who value regulated redemption and established banking relationships, but the token would need to work across payments, swaps, merchant transactions and local cash-out services.

The last step could prove decisive. A stablecoin may move between blockchains within seconds, but Kan said much of that advantage disappears if recipients face high costs when converting it into reais, rupees or pesos.

The World Bank’s latest remittance pricing data puts the average cost of sending money internationally at 6.36% of the transferred amount. Bank-backed stablecoins could compete in those corridors if they reduce the complete delivered cost, including foreign-exchange spreads, network fees, redemption charges and local payout expenses.

Domestic conditions will also affect adoption. Kan said stablecoins must offer more than fast local transfers in markets already served by systems such as India’s UPI, Brazil’s Pix and SEPA Instant in Europe. Their stronger use cases in those regions may involve international commerce, multi-currency access and digital-asset settlement.

Reserves, redemption and liability will test trust

The consortium’s size creates another question: which entity will ultimately stand behind the token?

David said businesses should not have to determine which of the 21 participating institutions is responsible when a redemption fails. He called for one clearly identified legal issuer, segregated and independently verified reserves, and defined obligations for the issuer, participating institutions, and infrastructure providers.

“Shared distribution is an advantage. Shared liability is not,” David said.

The consortium has said it intends to comply with the US GENIUS Act and the EU’s Markets in Crypto-Assets framework where applicable. The GENIUS Act established requirements covering one-to-one reserves, disclosures, redemption, and permitted issuers, although US regulators were still completing implementation rules during 2026.

Kan said wallets would also require information about freezing powers, transfer restrictions, sanctions enforcement, and how compliance responsibilities are divided among the issuer, wallet, and fiat service providers. Such controls become more complex when tokens circulate across public blockchains and national borders.

Redemption risks could grow if the stablecoin becomes a gateway into tokenized investments. Salim warned that users must understand that yield does not appear merely because an asset is held onchain.

If returns come from business lending, government securities, or market strategies, platforms should identify the underlying source, asset manager, custodian, and counterparties. They should also explain how quickly the assets can be sold and what happens if a borrower defaults.

Salim said those arrangements differ from interest earned on a bank deposit because the legal relationship, custody model, liquidity, and protections may not be the same.

Platforms could also create a mismatch if users expect immediate stablecoin withdrawals while the underlying capital is invested in assets that trade during limited hours or take longer to sell. Salim said providers may need liquid reserves, staggered maturities, redemption windows, or withdrawal queues aligned with the underlying assets.

USDT and USDC may face competition as the market expands

Ahuja expects a bank-issued dollar stablecoin to place more immediate pressure on USDC in institutional markets where Circle and major banks could compete for the same corporate balances.

If companies transfer balances into the new stablecoin, the reserves and income generated from those assets would move with them. However, Ahuja said USDT occupies a different position because much of its demand comes from markets where access to US banking services remains limited or inefficient.

The consortium’s Western banking relationships would not automatically replicate Tether’s reach in those regions. USDT is widely used on exchanges and in markets where people seek access to dollars outside conventional banking channels.

Competition may also enlarge the market rather than redistribute a fixed amount of stablecoin activity. Banks could bring corporate transactions onchain that currently do not use USDT, USDC, or any public blockchain.

Ahuja said Tether and Circle could therefore lose percentage share while their circulation and transaction volumes continue growing. He recommended examining the composition of stablecoin activity rather than relying solely on market-share figures.

The effects could extend beyond the issuers. A market containing bank stablecoins, tokenized deposits, USDT, USDC, and tokens tied to other currencies would increase demand for companies connecting those pools.

Ahuja identified liquidity providers, payment infrastructure, custody services, compliance tools, and blockchain networks as potential beneficiaries. Tokenized-asset platforms could also gain if regulated digital cash allows funds and securities to settle on the same infrastructure.

David said the consortium’s traction should ultimately be measured through active business users, recurring settlement, redemption performance during market stress, and acceptance outside the 21 participating institutions. Large transaction volumes alone could reflect a small group of members moving capital among themselves.

The consortium’s banking relationships could put its token in front of corporate users quickly. The four executives nevertheless agreed that liquidity, interoperability and external acceptance, not the number of institutions behind it, will determine whether the stablecoin becomes a genuine rival to USDT and USDC.

Coinbase has added six tokenized equities, including Amazon, Microsoft, and Tesla, to Base after its first batch generated $227.7 million in decentralized exchange volume within about 30 days.

Base said on Sept. 4 that Amazon (AMZNc), Microsoft (MSFTc), Strategy (MSTRc), SanDisk (SNDKc), SpaceX (SPCXc) and Tesla (TSLAc) are now available onchain, expanding Coinbase’s tokenized stock range weeks after the initial release.

The additions give eligible investors exposure to five publicly traded companies and privately held SpaceX through tokens that can move across supported applications on the Ethereum layer-2 network. Developers can also integrate the assets into trading, lending, and other financial products built for Base.

Coinbase tokenized stocks expand beyond the first four assets

Coinbase started its Base rollout on Aug. 24 with tokens tied to Apple, Alphabet, Meta, and Nvidia. As crypto.news previously reported on the launch, the products use Base’s B20 standard and represent beneficial interests in shares held through regulated custody.

Adding six tickers brings the live lineup to 10. Amazon, Microsoft, SanDisk and Tesla add exposure to major U.S. technology companies, while MSTRc tracks Strategy, the Nasdaq-listed company known for holding Bitcoin on its balance sheet.

SPCXc provides exposure linked to SpaceX, which remains a private company rather than a stock listed on a public U.S. exchange. Coinbase had included SpaceX exposure in an earlier international tokenized-share rollout, alongside Nvidia, Alphabet, and Strategy.

Under the structure described by Coinbase, Coinbase Onchain SPV Ltd. issues a matching B20 token against each underlying share or eligible equity interest. The issuer operates from the Abu Dhabi Global Market and holds the assets separately from Coinbase through a custody arrangement.

Coinbase describes each token as a beneficial claim on the corresponding equity rather than a synthetic instrument that only follows its price. Tokenholders, however, are not directly entered on the underlying company’s shareholder register.

Alpaca Securities acts as the broker and custodian for the public equities. The company is registered with the U.S. Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.

Coinbase says the shares are placed in segregated, bankruptcy-remote custody. The prospectuses for the products provide the specific legal terms, fees, and risks attached to each token.

DEX volume reached nearly $228 million in one month

Token Terminal data placed trading volume for Coinbase-issued stock tokens at $227.7 million across Base decentralized exchanges during the 30 days preceding the latest expansion.

The analytics platform measures trades executed through decentralized venues rather than transfers between blockchain addresses. Daily DEX activity exceeded $33 million at its peak, according to the same dataset.

An earlier Token Terminal update put cumulative volume at $124.8 million, with NVDAc accounting for $71.6 million, or 57% of activity recorded at that point. Volume therefore continued to rise after the first surge surrounding the August launch.

Separate RWA.xyz figures showed that the tokenized-stock sector was already growing before Coinbase added the new products. In late August, monthly transfers climbed 415% to $29.5 billion, while the value of tokenized equities distributed onchain stood near $2.54 billion.

Transfer volume and trading volume measure different activities. Transfers may include collateral movements, automated transactions, or assets moving between applications, while DEX volume records token swaps completed through decentralized exchanges.

RWA.xyz also counted about 1.3 million monthly active addresses and 2.36 million tokenized stockholders at the time. Wallet totals do not necessarily represent separate people because one user can control several addresses, and custodial services may combine assets belonging to multiple customers.

Token holders can trade and use the assets in DeFi

Eligible users can keep Coinbase’s stock tokens in self-custodial wallets and trade them outside regular Nasdaq or New York Stock Exchange hours. Onchain markets can remain open overnight, on weekends, and during U.S. market holidays.

Coinbase also allows the B20 assets to connect with supported decentralized finance applications. Aerodrome supplies decentralized trading liquidity, while Aave, Morpho, and Euler support or plan to support lending and borrowing functions.

Other integrations listed during the first launch included 0x, 1inch, KyberSwap, and CoW Swap. Chainlink provides price information designed to help applications track changes in the value represented by each token.

The setup lets a qualifying holder buy a token through a decentralized exchange and later use it as collateral in a compatible lending market. Access, borrowing limits, and liquidation terms depend on the rules set by each protocol.

Prices may separate from the underlying shares when U.S. markets are closed, particularly if onchain liquidity becomes thin. Coinbase’s prospectus warns that market interruptions, limited liquidity and different trading hours can cause a token to trade above or below the equity it represents.

Corporate actions also work differently from a standard brokerage account. Coinbase says dividends are generally reinvested in additional underlying shares after applicable withholding taxes and fees, with an onchain multiplier adjusting the equity value represented by each token.

The raw number of tokens in a wallet does not change when the multiplier is updated. Coinbase uses the same mechanism to account for stock splits without disrupting positions held inside DeFi applications.

U.S. investors remain excluded from the Base offering

Although most of the underlying companies are based or listed in the United States, Coinbase does not make the B20 securities available to U.S. persons. The products have not been registered under the Securities Act of 1933 or state securities laws.

Coinbase offers them under Regulation S, an SEC exemption for qualifying securities transactions conducted outside the United States. The restriction applies to sales made within the country and transactions carried out for the account or benefit of a U.S. person.

American customers can access conventional stocks and exchange-traded funds through Coinbase Capital Markets, but the regulated brokerage service is separate from the B20 assets on Base. Apex Clearing handles execution, clearing, and custody for the conventional brokerage offering.

Users who obtain a B20 token through an open decentralized market must still pass the issuer’s identity, sanctions, and jurisdiction checks to become verified holders. Unverified holders cannot redeem tokens for the underlying shares, U.S. dollars, or accepted stablecoins, according to the product terms.

Verified redemptions carry a 0.05% fee and may face delays caused by compliance checks, settlement procedures or the sale of the underlying security. The final amount can differ from the value displayed when a redemption request is submitted.

Coinbase’s tokens have also started appearing in third-party investment products. In August, Bitwise introduced three automated portfolios for eligible non-U.S. users, covering the Magnificent Seven plus SpaceX, robotics companies and artificial intelligence businesses.

The Bitwise models use Glider to execute trades and rebalance assets held in a user’s own wallet. Bitwise charges a 0.15% methodology fee, excluding Glider’s platform charges and the trading costs incurred during portfolio adjustments.

The National Sheriffs’ Association (NSA) has reversed course on the Digital Asset Market Clarity (CLARITY) Act, moving from opposition to a neutral stance ahead of a Senate vote expected later this month. In a letter dated Thursday to Senate Majority Leader John Thune and Senate Minority Leader Chuck Schumer, the group said it would “step back” and allow the legislative process to continue in order to produce a clearer regulatory framework for the sector.

The change is notable because the NSA’s earlier criticism focused on provisions that, in its view, could weaken law enforcement’s ability to track cryptocurrency-related transactions—particularly around exemptions for crypto mixers from certain registration obligations. The group says that, after “significant work undertaken by Congress, the Administration, and stakeholders,” it now believes the most constructive path is to remain neutral while the bill advances.

Key takeaways

• The NSA has shifted its position on the CLARITY Act from opposition to “neutral,” citing broader legislative and regulatory progress.
• Its earlier objections centered on potential exemptions for crypto mixers from registration requirements, which the NSA said could hinder tracing and victim recovery.
• The House passed CLARITY in July 2025, but the measure has faced repeated hurdles in the Senate, including concerns raised by multiple stakeholders.
• Senate leadership has moved toward a procedural vote, with Thune filing a motion for a Sept. 15 cloture vote after senators return.
• Even if CLARITY stalls, top U.S. crypto regulators have signaled they may proceed with rulemaking through their agencies.

NSA shifts to neutral as CLARITY heads toward a Senate vote

In the Thursday letter, NSA president Troy Wellman and CEO and executive director Justin Smith said the association’s position is changing because of the “significant work undertaken” by lawmakers and stakeholders to address legal, regulatory, and enforcement issues tied to CLARITY. Rather than re-litigate its concerns at this stage, the NSA argued that the bill should be allowed to move forward through the legislative process to create “a clear, effective, and much needed regulatory framework.”

The NSA’s message suggests the group believes the bill’s drafting has evolved enough to warrant an altered posture, even though the underlying enforcement questions raised earlier have not necessarily disappeared from the broader policy debate.

What drove the NSA’s earlier opposition

Before changing course, the NSA had expressed opposition to parts of the CLARITY Act—specifically amendments it believed would exempt crypto mixers from many registration requirements. In its earlier correspondence to Senate Banking leadership (referenced in the Senate-record letter linked in the input), the NSA argued that such an exemption could “impair law enforcement’s ability to trace transactions and digital assets, and recover victims’ money.”

The association’s concern reflects a longstanding tension in crypto regulation: policymakers have tried to balance compliance and market integrity goals with concerns about privacy and the use of legitimate anonymity-enhancing tools. In the NSA’s view, easing regulatory obligations for mixers could raise practical enforcement challenges for tracing illicit flows.

In July, NSA leadership also underscored the stakes in a video statement—framing CLARITY as a law that, in their view at the time, protected the crypto industry more than the public.

CLARITY’s slow path through Congress

CLARITY was passed by the U.S. House of Representatives in July 2025. After being sent to the Senate, the bill encountered multiple procedural and political obstacles. While the agriculture and banking committees passed versions of the measure in 2026, the bill has continued to face criticism and scrutiny from lawmakers and interest groups.

The input notes that ongoing concerns include elements related to stablecoin rewards, tokenized equities, and perceived conflicts of interest involving President Donald Trump and his family. Those issues illustrate that the debate over CLARITY is not only about enforcement and transparency, but also about how the legislation would structure participation and incentives across crypto and tokenized markets.

With the Senate set to return to session, procedural steps have been underway. Before the Senate broke in August, Thune filed a motion to hold a cloture vote on the bill on Sept. 15 once senators return from state work periods—an effort intended to move the measure forward despite potential delays.

Regulators signal they may act without CLARITY

While the legislative process remains in motion, the regulatory track is also developing. According to earlier coverage referenced in the input, Trump publicly supported CLARITY alongside leaders of the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), among others. In that context, SEC Chair Paul Atkins and CFTC Chair Michael Selig—both nominated by Trump—have signaled that their agencies would address crypto regulation even if Congress fails to pass the market structure bill.

That matters because it reframes what “market clarity” could mean in practice. If CLARITY advances, it could provide a statutory baseline for rules governing crypto market structure. If it stalls, regulators may attempt to fill gaps through agency action—though that approach can produce different outcomes from legislation, including differences in scope, timing, and how courts might ultimately interpret statutory authority.

For market participants, the NSA’s shift to neutrality adds another variable: it suggests that at least one major law-enforcement-adjacent stakeholder does not plan to oppose the bill at the final stretch. Traders, platforms, and compliance teams are therefore likely to watch the next procedural milestones—especially whether the Sept. 15 cloture vote holds—while paying close attention to whether the most contentious provisions, such as those affecting crypto mixers and related registration obligations, remain unchanged or are modified during further Senate consideration.

As the Senate prepares to vote, the key question for investors and builders is whether CLARITY will converge into a version that satisfies both market-structure goals and enforcement practicality. Readers should monitor not only the cloture timetable, but also any last-minute amendments that could alter the specific provisions the NSA and other stakeholders have argued over.

Trezor says the fallout from a data breach linked to its fulfillment processes is wider than it previously estimated. In an updated message posted to X on Friday, the hardware wallet provider reported that an additional 67,000 US customers may have had their full order details exposed after a shipping partner allegedly failed to delete data tied to specific orders.

Trezor emphasized that its own systems were not compromised. Instead, it pointed to third-party handling of order information, warning that the exposed details could still create risk for users—primarily through phishing and social engineering attacks aimed at stealing seed phrases.

Key takeaways

• Trezor reports that the affected group now includes an additional 67,000 US customers, expanding beyond the earlier estimate.
• The company says its hardware wallet systems were not breached, but order data may have remained accessible through a shipping provider.
• Exposed details include names, emails, shipping addresses, and order information—data that can help scammers craft convincing impersonation scams.
• Trezor warns the most serious risk is attackers using phishing to trick users into revealing seed phrases.

What Trezor says was exposed—and who is potentially at risk

According to the update posted by Trezor on X, the expanded estimate is connected to new information from its shipping provider, ShipMonk. Trezor said the breach may endanger users who placed orders between November 2019 and August 2021, a timeframe tied to those orders being potentially associated with accessible records.

In Trezor’s account, the exposed information would include full customer details such as a user’s name and email address, the shipping address used for the order, and order specifics. While that does not, by itself, grant access to a wallet, it can substantially lower the effort required for scammers to appear legitimate.

Trezor also indicated that these users had “full details exposed,” and it placed responsibility on ShipMonk for allegedly not deleting the order data from those records. The company said it had received written assurances from ShipMonk, according to the Friday update.

Why order-data breaches matter for hardware wallets

Hardware wallet security is designed to protect seed phrases and private keys from direct compromise. However, phishing is a different threat model: attackers do not need to break cryptography if they can trick users into voluntarily handing over the recovery information.

Trezor’s warning centers on that impersonation angle. With personal and order information in hand, attackers can send more targeted messages pretending to be Trezor support or other legitimate channels. If users follow the instructions in those messages, attackers could attempt to obtain seed phrases—the core secret that controls access to funds stored on a wallet.

Even if the breach did not expose wallet credentials directly, the disclosed details can make scams more believable, increasing the likelihood that some recipients will engage with fraudulent prompts.

How the estimate evolved over time

The updated number represents a clear change from earlier reporting. In August, Trezor initially estimated that about 14,000 users had their data exposed through ShipMonk, according to earlier coverage from Cointelegraph. Later, in January 2024, Trezor reported that roughly 66,000 users were at risk of phishing attacks if they contacted the company’s support team after December 2021.

By contrast, the new update on Friday frames the exposure in terms of a larger pool of US customers—those who ordered between November 2019 and August 2021—and it describes the data as fully detailed, rather than limited to a narrower set of circumstances.

This progression matters because it shifts the practical risk assessment for users. Instead of viewing the incident as affecting a small group—or as primarily tied to interactions with support—Trezor is now indicating that a much wider set of customers may have had sufficient personal and purchase context to support highly targeted phishing attempts.

Impersonation scams remain a major driver of crypto losses

Phishing and social engineering have repeatedly been shown to succeed without exploiting software vulnerabilities—largely because they rely on human trust and urgency. That dynamic has been reflected in security reporting for the broader crypto sector.

According to Hacken’s reporting cited in earlier Cointelegraph coverage, phishing attacks and social engineering accounted for $306 million of the $482 million lost in the first quarter of the year—making up the majority of industry losses during that period. The figure underscores that even when systems remain secure, compromised or leaked personal data can still fuel harmful scams.

Real-world examples also illustrate how convincing these approaches can be. Earlier coverage from Cointelegraph described a case in which a crypto investor lost nearly $1 million after signing a malicious token-approval phishing transaction on Ethereum.

What users should watch for next

With Trezor warning that attackers may use the exposed order details to impersonate the company, users in the affected period should remain alert for unsolicited messages that reference their purchase, ask for recovery information, or direct them to “support” pages. The immediate uncertainty is how many scam attempts will follow—but the underlying threat model (phishing toward seed phrases) is already clear from Trezor’s own assessment.

U.S. President Donald Trump has renewed his demand for lower interest rates and threatened to halt trade with deficit countries after employers added 162,000 jobs in August.

US jobs growth has exceeded forecasts

The U.S. Bureau of Labor Statistics reported Friday that nonfarm payrolls increased by 162,000 in August, while the unemployment rate remained at 4.1%. Economists polled by Reuters had expected the economy to add about 56,000 jobs.

August’s increase was also well above the average monthly gain of 31,000 recorded during the previous 12 months. The number of unemployed people changed little at 7 million, while the labor force participation rate edged up to 61.6%.

Revisions strengthened the report further. The BLS raised June’s increase from 20,000 to 31,000 and changed July’s estimate from a loss of 23,000 jobs to a gain of 21,000. Combined employment growth for the two months was therefore 55,000 higher than initially reported.

Food services and drinking establishments accounted for 59,000 new positions in August, compared with their 12-month monthly average of 12,000. Local government education added 42,000 jobs, and manufacturing employment rose by 16,000.

Information companies cut 23,000 positions, including losses among computing infrastructure providers, publishers, and broadcasters. Healthcare employment increased by 13,000, but the gain was below its monthly average of 32,000 during the past year.

Hourly earnings climbed 0.3% from July and 3.1% from a year earlier, according to the BLS. The average workweek increased by 0.1 hour to 34.4 hours.

The latest figures reversed part of the weakness seen in the previous employment release. In August, crypto.news reported that payrolls had fallen by an initially estimated 23,000 in July, prompting Bitcoin to rise above $65,000 as traders reduced their expectations for another rate increase.

Trump has tied rate demands to US trade

Following the August report, Trump used a Truth Social post to argue that the strength of the U.S. economy should allow the Federal Reserve to reduce borrowing costs.

“Lower the interest rates because the U.S.A. is a much stronger credit than it was just a short time ago!” Trump wrote.

The president also said the United States should have “the lowest rate of any country in the World, like ‘the old days.’” His demand conflicts with the reaction in interest-rate markets, where the stronger employment figures increased expectations that the Fed could raise rates at its Sept. 15–16 meeting.

Trump then connected monetary policy with his trade agenda, threatening action against countries that sell more goods and services to the United States than they buy from it.

“LOWER THE RATE OR I’LL STOP TRADING WITH COUNTRIES WITH WHICH WE HAVE A DEFICIT,” Trump wrote, according to Reuters.

In another part of the post, Trump argued that high interest rates placed the country at “a very unfair disadvantage.” He also called on Fed officials to “be patriots for a change” and claimed that cheaper borrowing would serve the United States better than tariffs.

The Federal Reserve sets interest rates independently through the Federal Open Market Committee. Its decisions are based on employment and price stability rather than direct instructions from the White House.

Trump’s trade threat did not identify the affected countries, a timetable, or the legal mechanism his administration might use. Reuters reported only that he would stop trading with countries against which the United States runs a deficit if the Fed did not lower rates.

A July tariff announcement covering 60 U.S. trading partners previously sent Bitcoin below $65,000 as Treasury yields rose and leveraged long positions absorbed most of the related crypto liquidations.

Bitcoin has fallen below $80,000

Bitcoin’s first reaction to Friday’s trading session was positive, with the asset reaching an intraday high of about $82,262. Selling accelerated after the payroll release, pulling BTC from around $81,600 to roughly $79,800 within minutes.

The reversal erased more than $2,000 from Bitcoin’s price and returned the asset below the $80,000 threshold. The move followed a sharp August rally during which BTC gained about 25%, and U.S. spot Bitcoin exchange-traded funds received $3.52 billion in net inflows across 16 of 21 trading sessions.

CoinGlass figures cited in the original report showed that approximately $251 million in leveraged crypto positions were liquidated during the four hours surrounding the employment release. Long positions accounted for about $216 million, while short liquidations totaled $35.14 million.

Bret Kenwell, U.S. investment analyst at eToro, told Reuters that investors could interpret the employment figures through a “good news is bad news” lens, which could weigh on stocks and recently recovering crypto assets such as Bitcoin.

Kenwell said the Fed views the labor market as being close to full employment, leaving inflation as its main policy concern. Under that reading, strong hiring reduces the need to support the economy with cheaper credit.

A Sept. 3 Fed policy analysis found that Bitcoin entered the payroll release with rate expectations already posing a risk to its August gains. CME FedWatch had placed the probability of a quarter-point September increase at 66% earlier in the week, while oil prices above $90 and persistent inflation kept pressure on policymakers.

Higher U.S. rates can affect American crypto investors by raising returns on government debt and other interest-bearing assets. Kenwell attributed the connection to competition for capital, with investors able to earn higher yields without taking Bitcoin’s price risk.

Fed rate expectations have risen after payrolls

Fed funds futures priced a 61% probability of an interest-rate increase at the September meeting after the jobs data, up from 52% beforehand, Reuters reported. A separate Reuters market report placed the post-release probability at about 59%.

The stronger figure replaced the 54% probability given in the original report, which appears to have been captured at a different point in the session. Interest-rate probabilities can change throughout the day as traders adjust positions.

U.S. Treasury yields rose after the release, with the policy-sensitive two-year yield gaining five basis points to 4.38%. The 10-year yield moved one basis point higher to 4.776%, while the dollar index added 0.2% and gold fell 1.2%.

Citigroup responded by moving its forecast for the Fed’s next rate cut from late 2026 to June 2027. The bank now expects three quarter-point reductions in June, September, and December 2027 after dropping its earlier forecasts for cuts in October and December 2026 and January 2027.

Federal Reserve Governor Christopher Waller had said one day earlier that the next inflation report would carry considerable weight in his September decision. His comments had helped push the probability of an increase down to 38% on Polymarket, according to earlier Fed coverage.

The BLS will release the August producer price index on Sept. 10 and the consumer price index on Sept. 11. The Federal Open Market Committee will begin its two-day meeting on Sept. 15 and announce its interest-rate decision on Sept. 16.