To create value for employees and customers, companies implementing AI must be able to access and interpret the scads of internal data needed to fuel it—but much of that data is sequestered in systems and formats that are unreachable to the teams that need it most. Databricks is in the business of unlocking that information, which makes chief information officer Naveen Zutshi something of a locksmith. “We have around 11,000 employees,” he says. “My focus has been: How do I enable all of them to be builders?” 

The answer, he believes, is Genie, an AI agent that employees can use to query company data quickly and easily, then act on it by conducting research, automating tasks, or even building applications. “Genie is essentially an AI co-worker,” says Zutshi, whose work on Genie’s underlying data governance has enriched not only Databricks—“customer zero” for the company’s products, he adds—but also customers like Novo Nordisk, Virgin Atlantic, and Unilever, all of which are using Genie to enable what he calls the “democratization of data and AI.”

21Shares has expanded its European ETP lineup with two physically backed products—one linked to Zcash (ZEC) and another tied to Ether.fi’s ETHFI token. The Zcash launch marks the first exchange-traded product in Europe specifically offering exposure to the privacy-focused coin through regulated market infrastructure.

On Tuesday, the firm listed its physically backed Zcash ETP on Euronext Paris and Amsterdam, enabling investors to obtain ZEC exposure via traditional brokerage accounts without directly holding the cryptocurrency. In parallel, 21Shares introduced a physically backed ETP tracking ETHFI, the governance and utility token of Ether.fi, also trading on Euronext Paris and Amsterdam.

Key takeaways

• 21Shares launched Europe’s first Zcash-linked physically backed ETP on Euronext Paris and Amsterdam.
• A second new product tracks Ether.fi’s ETHFI token, also in physically backed form on the same venues.
• Both ETPs charge a 2.5% annual management fee—significantly higher than many comparable European crypto products focused on bitcoin and ether.
• The expansion follows the U.S. debut of a Grayscale Zcash ETF trading on NYSE Arca under ticker ZCSH, underlining growing institutional reach for ZEC.

Regulated access for Zcash in Europe

ETPs have become a common route for institutional and retail investors to access crypto exposure within traditional market frameworks. By listing a physically backed Zcash ETP, 21Shares is effectively bringing ZEC into that ecosystem on two major Euronext markets: Paris and Amsterdam.

The listing structure is straightforward: rather than using derivatives or synthetic exposure, a physically backed ETP is designed to hold the underlying asset. For investors, that can simplify operational considerations—especially for those who prefer not to self-custody or manage direct exchange and wallet logistics—while still accessing ZEC exposure through a broker.

However, the economics matter. The 2.5% annual management fee is well above the level charged by many bitcoin and ether ETPs in Europe, which could influence investor demand—particularly for those assessing total cost over time rather than only near-term price momentum.

ETHFI ETP broadens the theme beyond privacy coins

Alongside the Zcash product, 21Shares launched an ETP tracking ETHFI, the token associated with Ether.fi, a decentralized finance protocol offering staking and other crypto-based financial services. Like the Zcash offering, the ETHFI ETP is physically backed and trades on Euronext Paris and Amsterdam.

This second listing signals that 21Shares is not only focused on privacy-coin exposure. Instead, it is also adding a product tied to the broader DeFi ecosystem—where token value is often linked to participation in protocol services such as staking, governance, and network activity. For investors, that creates a choice between two different “entry points” into crypto themes: privacy-focused infrastructure on the one hand, and DeFi utility on the other.

As with the Zcash ETP, the 2.5% annual fee also sets a notable baseline. Traders and long-term holders will likely weigh that ongoing cost against expected volatility and the pace at which token fundamentals can change in DeFi markets.

Zcash’s surge renews Bitcoin comparisons

21Shares’ decision to launch the Zcash ETP arrives amid a renewed spotlight on the coin after a strong market run. According to CoinMarketCap data cited in the original reporting, Zcash recently pushed above $1,500 and has gained nearly 1,100% over the past year.

That performance has pulled Zcash back into debates about whether it can operate as more than a niche privacy asset. In particular, renewed attention has returned to the idea of Zcash acting as a potential alternative to bitcoin—an argument that has appeared in past discussions around network effects and long-term survivability.

Grayscale head of research Zach Pandl has previously argued that Zcash could benefit from “second-mover advantages” that might help it overcome bitcoin’s entrenched network effects, according to earlier commentary covered by Cointelegraph. The broader question for investors is whether Zcash can convert price momentum into durable demand from institutional channels—especially as more regulated products become available.

At the same time, the existence of institutional ETP and ETF wrappers does not automatically solve underlying adoption challenges. For privacy-focused networks, sustainability often depends not only on price cycles but also on ecosystem growth, developer activity, liquidity depth, and regulatory treatment across jurisdictions.

Institutional momentum: U.S. ETF and ongoing mining activity

Europe’s new Zcash ETP follows a related development in the U.S. Earlier coverage highlighted the launch of a Grayscale Zcash ETF that trades on NYSE Arca under the ticker ZCSH, described in the original reporting as arriving after U.S. regulatory approval.

Taken together, a U.S. exchange-traded product plus the arrival of a European ETP suggests Zcash is increasingly on the radar of asset managers that focus on regulated access. That shift matters because it can widen the investor base—particularly among participants who may face internal constraints on direct cryptocurrency ownership.

There are also signals of scale within the network’s proof-of-work ecosystem. Fortitude Digital Mining told Cointelegraph that it mined about 28% of all ZEC produced in the first half of 2026, framing its focus on Zcash around its proof-of-work model, capped supply, and privacy features. While such statements do not directly determine price, they can be relevant to how investors think about network participation and the operational depth behind the asset.

For now, investors should treat the product rollout as a step forward in access rather than a guarantee of sustained outperformance. The key variable will be whether higher-cost ETP structures—especially with a 2.5% fee—can attract steady flows as the market digests Zcash’s recent rally.

Looking ahead, readers should watch how trading volumes and inflow dynamics develop for both of the new Euronext listings, and whether Zcash’s institutional exposure continues to broaden after the U.S. ETF addition—alongside any further clarity on long-term catalysts for ZEC that go beyond price momentum.

Meanwhile, GENIUS

However, last year’s crypto legislative success in converting the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act into law is still an ongoing focus of the Treasury and banking regulators assigned to implement it.

Pettit, who had a hand in creating the GENIUS Act as a Senate staffer, said the banking agencies and Treasury are writing GENIUS rules and facing near-term deadlines in the law.

“We’re very cognizant of the different deadlines in front of us,” Pettit said. “I think we’re well on track to make all those deadlines.”

Witt noted that companies are advertising their “GENIUS-compliant stablecoins,” though that status doesn’t yet exist in the absence of final rules.

“But people skating to where the puck is going and trying to set up their policies, their procedures and their structures in order to be GENIUS-compliant is very healthy,” the White House adviser said. Witt said a two-headed stablecoin system will result when GENIUS is in place, between the tokens that comply and those that don’t, and the market will have to decide its preference.

“I would think it’s probably going to reward those that are operating in conformity with the regulatory jurisdiction,” Witt said, adding that the market will expand as asset tokenization catches fire with the arrival of U.S. oversight — as begun last week at the SEC.

Bitcoin has climbed above $86,000 and briefly touched $87,000 as analysts linked the breakout to falling oil prices, lower Treasury yields, a short squeeze and returning U.S. spot ETF demand.

Bitcoin’s $82K breakout forced short sellers to cover

HashKey Group Senior Researcher Tim Sun told crypto.news that short-term ETF flows tend to move with Bitcoin’s price rather than predict its next direction. In his view, the latest inflows show that institutional investors have increased their buying after the rally was already underway.

“Short-term ETF capital flows are primarily coincident indicators rather than leading indicators,” Sun said. “Therefore, massive capital inflows simply reflect an ongoing upward trend, signaling that institutional funds are accelerating their market entry.”

Bitcoin traded above $86,000 on Monday and briefly reached $87,000, according to Gadi Chait, investment manager at Xapo Bank. The move took the asset to a level last seen in late January, though it remained about 31% below the record high of $126,200 reached in October.

The advance followed a sharp recovery from last week’s low near $75,560. Bitcoin first regained $78,000 and $80,000 before clearing the $82,000 resistance area, which had blocked several earlier attempts to move higher.

Breaking that level triggered forced buying among traders who had bet on a decline, Sun said. Short sellers must purchase Bitcoin to close leveraged positions when the price moves against them, adding demand during a fast rally.

Sun said the resulting squeeze increased Bitcoin’s “price elasticity,” allowing each new round of buying to produce a larger move. ETF demand then entered after the breakout, providing what he described as confirmation that an upward trend had formed.

Earlier market coverage found that Bitcoin had already moved past $85,000 as renewed U.S. buying and short covering brought $87,000 and $90,000 into focus. Nansen Senior Research Analyst Nicolai Sondergaard said at the time that the advance appeared to combine renewed ETF demand with a large short squeeze, while some of Hyperliquid’s biggest Bitcoin traders remained net short.

ETF inflows arrived after Bitcoin gained momentum

U.S. spot Bitcoin ETFs recorded $433 million in net inflows on Friday, reversing much of the pressure created by withdrawals earlier in the week. The funds ended the five-session period with a modest net inflow of about $6.1 million.

Fidelity’s FBTC led Friday’s recovery with roughly $310.7 million, while BlackRock’s IBIT took in about $108.4 million. The late-week buying allowed Bitcoin products to finish in positive territory even as U.S. spot crypto exchange-traded products collectively lost about $70.7 million because of withdrawals from Ether funds.

As ETF flow data showed, Ether funds posted approximately $140.6 million in weekly net outflows, while Solana products attracted $60.7 million. Hyperliquid products added another $3.1 million across the week.

Sun said the sequence matters because Bitcoin first responded to improving economic conditions, then cleared resistance and forced bearish positions out of the market. ETF inflows increased only after those price moves had taken place.

Under his interpretation, institutional funds did not create the first leg of the rally. Their return showed that regulated investment products were joining a move that had already gained support from macro conditions and derivatives activity.

Chait also pointed to the change in weekly price structure. Bitcoin closed above its 50-week moving average for the first time in 45 weeks, he said, adding a longer-term technical signal to the breakout through $82,000.

“The tape has read relatively well: spot ETF flows turned positive late last week after heavy mid-week outflows, and Bitcoin closed the week above its 50-week moving average for the first time in 45 weeks,” Chait said.

Lower oil and Treasury yields supported Bitcoin

Easing tensions involving Iran helped crude oil prices fall, according to Sun, while long-term U.S. Treasury yields declined soon afterward. He said the combination reduced concerns that energy costs would keep inflation elevated and force the Federal Reserve to tighten policy more aggressively.

Positive expectations for U.S.-China trade negotiations also reduced the market’s assessment of trade-war risk, Sun added. With investors less concerned about oil-driven inflation and tariffs, demand returned to risk assets and helped Bitcoin challenge its former resistance levels.

The rally came days after the Federal Reserve raised interest rates by 25 basis points, lifting the federal funds target range to 3.75%–4%. All 12 voting members backed the decision, while 16 of 18 officials projected at least one more increase during 2026.

Bitcoin traded near $76,000 around the Fed decision before recovering later in the week. Sun said the negative effect of the rate increase had already passed through the market, allowing traders to focus on lower oil prices, falling yields and the chances of progress in trade talks.

Chait said the rebound was encouraging because it followed two policy setbacks for risk assets. The Senate failed to advance the CLARITY Act on Sep. 15, and the Fed delivered its quarter-point increase one day later.

The Senate motion received 50 votes in favor and 49 against, leaving it 10 votes short of the 60 required to begin debate. The failed procedural vote stalled a bill designed to divide oversight of digital assets between the SEC and CFTC.

U.S. regulators moved ahead after the Senate vote

Two days after the CLARITY vote, the SEC issued a five-year Innovation Exemption for eligible tokenized securities activity. The order allows qualifying venues to trade tokenized U.S. stocks through permissioned automated market makers and liquidity pools, subject to conditions covering shareholder rights, trading limits and market halts.

The CFTC separately sent a proposed crypto market framework to the White House for review. Chait interpreted the two actions as evidence that U.S. regulators intended to continue developing digital-asset rules without waiting for Congress.

A CFTC framework report said the proposal reached the White House Office of Information and Regulatory Affairs after the SEC released its long-awaited exemption on Sep. 17. The review forms part of the federal rulemaking process and does not itself make the CFTC proposal effective.

For American investors, the combination of returning spot ETF demand and agency action provided two separate channels of market support. ETFs offer regulated Bitcoin exposure through U.S.-listed products, while the SEC and CFTC measures concern the rules under which digital-asset and tokenized-security markets may operate.

Chait still identified oil and monetary policy as risks to the advance. Renewed conflict in the Middle East could push crude prices higher again, he said, while another Fed increase could raise Treasury yields and reduce demand for non-yielding assets such as Bitcoin.

Market attention has also turned to the scheduled Sep. 24 meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Chait described the meeting as the next test of whether Bitcoin’s rally can hold as traders assess the direction of U.S.-China trade relations.

Pi Network has cleared a KYC barrier for more than 417,000 users and prepared a wallet fix for another 497,000 accounts that could not claim migrated PI balances.

Pi Network has reopened KYC for 417,000 users

Pi Core Team said in an update that it refined the checks applied to accounts previously flagged as possible duplicates, allowing more than 417,000 Pioneers identified as separate users to continue the Know Your Customer process.

Removing the duplicate-account flag does not mean each affected user has passed KYC. Applicants must still complete any remaining identity checks and satisfy the other conditions listed in the Mainnet Checklist before Pi can move their transferable balances to the live network.

The update addresses one part of a long-running migration problem. A Sep. 9 report on Pi’s Mainnet migration gap found that about 16.6 million of the network’s claimed 60 million engaged Pioneers had completed migration. That represented a conversion rate of 27.6% at the time, with KYC approval, wallet setup, and user confirmation among the required steps.

Using those figures as context, the 417,000 newly eligible applicants represent roughly 2.5% of the previously reported migrated-user count. Their access to Mainnet will still depend on whether they complete all outstanding checks and migration steps.

Pi also reviewed applications from people who completed identity verification through Yoti, a third-party identity service used during an earlier stage of the network’s KYC program. Some of the old applications lacked the liveness information now required by Pi, leaving users unable to progress.

Following the review, affected Yoti applicants can submit a new application through Pi’s native KYC system. Users should check the KYC app for a resubmission option rather than assuming an earlier Yoti approval automatically meets the current requirements.

Indonesian applicants rejected after uploading a KIA, or child identity card, have received a similar route forward. Pi said they can resubmit their details with another accepted identification document.

A gas-fee fix will cover 497,000 Fast-Track wallets

Separate from the KYC cases, approximately 497,000 users received Mainnet wallets through Pi’s Fast-Track migration process but could not claim their migrated tokens.

Pi attributed the failures to a lack of PI in the newly allocated wallets. Although the users had balances waiting to be claimed, their wallets did not contain enough available PI to cover the network gas fee needed to complete the transaction.

The Core Team plans to deploy a technical fix within one week of the announcement. According to the project, the change will restore access for the affected accounts and prevent the same gas-fee problem from blocking future Fast-Track migrations.

Users whose claims previously failed for insufficient gas can also try the claim process again. Pi advised Pioneers to open the wallet or migration interface and check whether their balance is now available rather than creating another wallet or repeating unrelated KYC steps.

KYC approval and balance migration serve different functions within Pi’s system. Identity verification confirms that an account belongs to an eligible person, while migration transfers the user’s approved balance from the mobile application’s internal records to a Mainnet wallet. A user can therefore pass KYC but still face a separate wallet, checklist, or transaction problem.

Earlier reporting on Pi’s first Open Mainnet year identified migration delays as one of the network’s unresolved operating issues after the firewall opened in February 2025. The report also noted that PI reached a post-listing peak of $2.99 before falling toward $0.15 by May 2026.

For users in the United States, the latest update changes access only for accounts affected by Pi’s internal KYC and wallet processes. The announcement did not describe a separate procedure for U.S. Pioneers or announce a change to PI’s availability through American trading platforms.

Pi Network has expanded its identity-check tools

Alongside the account reviews, Pi has added support for liveness checks on older mobile devices. Liveness tests generally require an applicant to use a device camera to show that a real person is completing the verification, rather than relying only on an uploaded image.

Supporting older hardware could help users whose phones could not run the earlier version of the check. The Core Team asked applicants to complete a liveness test whenever the KYC app displays the request, as leaving the step unfinished can keep an application pending.

Pi has also started a pilot program for palm-print authentication. The project has not yet provided full public details on the pilot’s size, eligible regions, or whether palm verification could eventually replace any existing KYC step.

The network has already used a large validator pool to process identity applications. The Sep. 9 report said 1,094,680 human validators had completed more than 526 million verification tasks, although the total number of tasks does not represent the same number of approved users.

As crypto.news previously reported, Pi said in May that more than 18.1 million users had passed its native KYC checks and over 16.7 million Pioneers had migrated to Mainnet. The new duplicate-account review does not add 417,000 completed migrations to either total because each person must finish the remaining verification and checklist requirements first.

Protocol V27 testing has reached Testnet 2

While Pi works through the account issues, the network has advanced Protocol V27 testing from Testnet 1 to Testnet 2.

A September Protocol 27 report said deployment on Testnet 1 began on Aug. 21 after Pi completed Protocol 26. The earlier update linked Protocol V27 to smart-contract authentication, RPC infrastructure, and automated market maker liquidity pools.

Protocol 26 had required approximately 421,000 node operators to update their software by Aug. 11 or lose Mainnet connectivity. Pi described V27 as the final planned upgrade in its current development sequence, though later software patches and maintenance updates could still follow.

The earlier roadmap targeted Sep. 15 for a Mainnet deployment after testing across two test networks. Pi’s latest information instead shows V27 running on Testnet 2, indicating that the testing stage has continued beyond that previously reported target.

During the specified Testnet 2 period, Pi said the network processed about 250 transactions per block without a reported failure.

Coinbase has added fixed-rate USDC loans backed by cbBTC after its variable-rate borrowing service reached more than $1.4 billion in outstanding loans and nearly $3 billion in collateral.

Coinbase fixed-rate loans set costs in advance

Coinbase said the new borrowing option operates through Morpho Midnight, a fixed-rate and fixed-term lending protocol on Base. Customers pledge cbBTC as collateral and receive USDC without selling their bitcoin exposure.

Stellar’s XLM has risen 2.7% to $0.2135 after BVNK added the blockchain to its stablecoin payments platform, opening the network to business payments across more than 130 markets.

BVNK announced the integration, saying customers can now access Stellar through the same API they use for the company’s other payment rails and digital assets.

Businesses can use the connection for cross-border payments, customer and supplier payouts, remittances and corporate treasury transfers. Since BVNK manages the blockchain connection within its platform, customers do not have to create a separate Stellar integration or replace their existing payment infrastructure.

The arrangement adds a network designed for fast and low-cost transfers to BVNK’s set of settlement options. Instead of selecting and maintaining separate connections for each blockchain, a business can route payments through the networks available within BVNK’s platform.

BVNK has opened Stellar across 130-plus markets

BVNK said the Stellar rail is available across more than 130 supported markets. Its platform connects conventional payment systems with stablecoins and other digital assets, allowing companies to move funds using a single technical connection.

According to BVNK, its payment infrastructure recorded $55.6 billion in volume during 2025 and processed 3.6 billion transactions. The company also reported 99.99% uptime and an average settlement time of about five seconds.

Kimberley Mescal Julien, head of partnerships at BVNK, said businesses should not have to operate separate connections for several blockchain networks. She described Stellar as another low-cost channel that customers can use to send money across borders through BVNK’s existing platform.

Adding a blockchain through one API can reduce the technical work required when companies enter another market or support a new asset. BVNK said customers would also be able to access more Stellar-native assets through the same connection if the company expands the offering.

The current announcement does not name any additional assets or provide a timetable for their introduction. Stellar supports the issuance and transfer of tokens on its network, including assets designed to track national currencies.

XLM price has gained alongside higher trading activity

CoinGecko data showed XLM at $0.2135 at the time of writing, representing a 2.7% increase over 24 hours and an 11.2% gain during the past week. The token traded between $0.2062 and $0.2198 during the daily period.

Daily trading volume stood at about $403.3 million, while XLM’s circulating market value reached roughly $7.46 billion. CoinGecko estimated that about 35 billion XLM were in circulation out of a maximum supply of approximately 50 billion tokens.

The token remained about 75.6% below its record price of $0.8756. CoinGecko calculates the quoted XLM price using a volume-weighted average drawn from 113 exchanges and 244 markets.

BVNK’s announcement supplies another commercial use case for the Stellar network, but it does not confirm how much payment volume will pass through the new rail. The company also did not disclose whether customers must hold XLM directly to use Stellar-based transfers.

Network adoption and token demand do not always move together because businesses may settle with stablecoins or other assets issued on a blockchain. A recent XLM assessment published by crypto.news noted that Stellar’s transaction activity does not automatically produce lasting demand for its native token.

The same report cited about $5.5 billion in stablecoin payment volume and more than $2.83 billion in tokenized real-world assets on Stellar as of June. It also noted that the Depository Trust and Clearing Corporation planned to connect its tokenization service to Stellar, with live assets targeted for the first half of 2027.

Mastercard ownership adds scale to BVNK’s payment network

BVNK’s Stellar launch follows Mastercard’s completion of its acquisition of the stablecoin infrastructure company in August. The transaction valued BVNK at up to $1.8 billion and placed its blockchain payment technology within Mastercard’s global operation.

As reported after the acquisition, Mastercard bought BVNK to connect digital assets with traditional payment systems. The companies did not provide a detailed timetable for combining BVNK’s technology, licenses and customer relationships with Mastercard’s existing services.

Mastercard said in its Aug. 3 announcement that the purchase would support transfers between fiat money and digital currencies. The payment company also linked BVNK’s infrastructure with Mastercard Move, which provides money-transfer services across multiple currencies and markets.

BVNK continued operating its platform following the acquisition, and the Stellar connection shows the company adding blockchain rails under its new ownership. Its customers can access the network through the same technical setup they already use rather than waiting for a separate Mastercard product.

Before completing the purchase, Mastercard had worked with BVNK on digital-asset projects. BVNK was among more than 30 companies supporting Mastercard’s Agent Pay for Machines program, which was designed to let automated software conduct high-volume, low-value transactions through cards and stablecoins.

U.S. institutions are testing Stellar-based settlement

For U.S. businesses and XLM holders, the BVNK integration follows a live transaction conducted by U.S. Bank with its proprietary USBDC stablecoin. The bank moved funds between its entities in North America and Europe using Stellar.

The U.S. Bank pilot connected USBDC with the bank’s finance, risk, compliance, and operational systems. U.S. Bank’s Digital Asset Platform handled the token’s issuance, transfer and redemption while also testing freezing and clawback functions.

U.S. Bank described the transaction as a controlled test rather than a public stablecoin launch. It did not disclose the payment amount, transaction hash, settlement time or reserve structure behind USBDC, and the bank did not announce access for customers or outside financial institutions.

The transaction focused on an intercompany transfer between U.S. Bank entities rather than a consumer payment. According to the bank, the trial examined whether a dollar-backed token could support international transfers while remaining connected to established banking controls.

U.S. Bank said it was also studying liquidity management, collateral movement and cross-border treasury operations through its digital-asset platform. The bank did not provide dates for further tests or identify clients and payment corridors that could take part in any later trial.