Quick Read

• Cardano’s 30% weekly surge stems from a single test transaction on x402 and a short squeeze, not proven real-world adoption.

• XRP already processed 1.4 million AI-agent payments via x402, holds $1.4 billion in U.S. ETFs, and lost 10 fewer percentage points in 2026.

• Cardano must launch x402 payments on mainnet with real transaction volume soon or risk retracing its entire 30% gain.

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Cardano (CRYPTO:ADA) rose 29.9% in the week ending September 23, 2026, jumping from $0.20 to $0.25. Meanwhile, XRP (CRYPTO:XRP) rose 22% to $1.58. As Cardano makes headlines with this significant jump, many investors are left wondering whether XRP or Cardano is the better buy.

Despite these gains, both cryptocurrencies are still in the red for 2026. Cardano has dropped 23.5%, while XRP has fallen by 13.9%. Therefore, while a positive week is encouraging, it hasn’t turned around their overall performance this year. Now that Cardano has experienced a 30% surge, which coin offers the better investment opportunity: XRP or Cardano, and what factors could influence this decision?

Cardano’s 30% Surge Rests on an AI Payments Test and a Short Squeeze

The primary driver behind Cardano’s impressive rally is its recent development in payment technology. Cardano has joined x402, an open standard that lets software and AI agents make payments for online services with a simple web request. The Cardano Foundation unveiled this news on September 21. This means AI agents can now pay for data requests with ADA or a Cardano stablecoin without an account or API key.

However, Cardano’s payment system has completed only one transaction on its test network, where the coins have no real value. Developers can start using the feature, but AI agents haven’t yet begun making payments with ADA.

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Cardano’s price surge was also fueled by a short squeeze. Many traders who had bet against ADA were forced to buy back their positions as the price rose, adding further upward pressure. This type of forced buying continues until all short positions are covered.

Story Continues

XRP Already Handles the AI Payments That Cardano Is Just Testing

In contrast, the XRP Ledger has been processing AI-agent payments using the x402 standard at scale for some time now. In fact, the ledger has completed over 1.4 million AI-agent transactions, surpassing the 1 million milestone by July.

Cardano is starting from a disadvantage compared to other networks like Base and Solana, where Coinbase, which created x402 in 2025 before transferring it to the Linux Foundation, has reported over 100 million x402 payments.

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Thus, while Cardano’s recent surge is based on a feature it has only tested, XRP already supports that functionality, making it a more established choice right now. For Cardano to sustain its rally, it will need to successfully deploy its payment system on the mainnet soon; any delays could significantly retrace this 30% gain.

XRP Has Lost Less in 2026, and U.S. Funds Hold $1.4 Billion of It

So far in 2026, XRP has lost 13.9%, while Cardano has dropped 23.5%. This means that an investor who chose XRP in January has lost about 10 percentage points less than those who invested in Cardano. Additionally, XRP enjoys strong institutional interest, particularly in the U.S., where spot XRP ETFs have accumulated around $1.71 billion since their launch in November 2025, holding about $1.4 billion of XRP.

XRP’s recent week also benefited from a short squeeze, as exchanges liquidated around $300 million worth of short positions across the market in just one hour on September 21. Before this squeeze, XRP had one of the most crowded short positions among major coins.

While the recent contract launch on the Moscow Exchange on September 22 may seem advantageous for XRP, it’s worth noting that the contract settles in rubles and does not actually purchase or hold XRP itself. The exchange has set its margin at 43%, marking XRP as the riskiest option among the five coins listed.

So Which Is the Better Buy, XRP or Cardano?

Based on the recent data, XRP appears to be the more favorable choice as of September 23. It already processes the AI-agent payments that Cardano is still testing, has had a smaller decline in 2026, and boasts $1.4 billion held by U.S. funds. Despite Cardano’s impressive 30% surge, it is mainly driven by a test transaction and a short squeeze, both of which can be fleeting.

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However, remember that while XRP benefits from institutional backing, its recent surge is also linked to a short squeeze. If Cardano successfully launches its x402 payments on the mainnet and shows real transaction volume before the year ends, it could boost investor confidence. Conversely, if XRP falls below $1.30—its starting point for the week—it could narrow its lead and weaken its investment proposition.

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BNB price has fallen 3.3% to about $761 as Binance has announced that it will start moving crypto balances from Funding Accounts to Spot Accounts on Sep. 29, ahead of a Stocks Account rename in January 2027.

Binance said in its Sep. 23 announcement that the migration will run from Sep. 29 into January 2027, with dates for individual stages to follow. The exchange will rename the Funding Account after the migration period and reserve it for stock and stock-options settlement.

The price decline and announcement occurred on the same day, but the available data does not establish that the account change drove BNB lower. CoinGecko put BNB’s 24-hour trading volume at about $1.34 billion when checked. Despite the daily fall, the token was still up 7.4% over the previous week.

BNB remains a stock settlement asset

From Sep. 29, Funding Accounts will stop accepting on-chain crypto deposits, according to Binance. Customers will instead use Spot Accounts for regular crypto deposits and withdrawals, while the account being renamed will continue to serve eligible stock and options traders during the transition.

BNB is one of six assets Binance says customers will be able to use for stock and stock-options settlement in the future Stocks Account. The others are USD, USDC, USDT, USD1 and U. Its inclusion means BNB remains part of the exchange’s funding choices for those products, even as other crypto balances move to Spot.

For customers who want to move funds sooner, Binance plans to add a One-Click Migration button to the Funding Account. The feature requires the latest version of its iOS or Android app. Customers who take no action will have remaining eligible assets transferred to Spot automatically in batches beginning in January 2027, the exchange said.

Binance says the transfers will leave users’ total asset balances unchanged and preserve historical transaction records under their original Funding Account labels. The company has yet to give an exact date for the January rename.

Stock trading explains the dedicated account

Binance’s securities service gives eligible users outside the United States access to more than 7,000 U.S.-listed stocks and ETFs, including fractional purchases starting at $5. In June, crypto.news covered Binance’s Alpaca arrangement: Nest Trading acts as introducing broker, while Alpaca Securities handles execution, clearing, settlement and custody. Binance also disclosed a minority stake in Alpaca.

Direct stock positions have since been joined by options. On Sep. 1, Binance introduced physically settled options on selected U.S.-listed stocks and ETFs for eligible users. Customers can buy calls and puts under the initial offering, and exercised contracts settle into shares held through Alpaca Securities. The product follows U.S. market hours for most supported contracts.

The U.S. connection is therefore the underlying securities and brokerage infrastructure, rather than a new offer of Binance stock trading to American customers. Binance says access to its securities products depends on a user’s location. The account rename does not itself change the eligibility rules stated for those products.

Binance also offers bStocks, which follow the prices of U.S. shares but are blockchain-based tokens. Its June bStocks launch covered names including Nvidia, Tesla and Circle. Binance said eligible customers could convert supported direct stock positions into bStocks and trade the tokens on its spot market around the clock. Unlike direct shares, the tokens do not grant ownership of the listed companies’ stock.

Under the migration plan, bStocks held in Funding Accounts will move to Spot, while direct stocks and options remain in the account that becomes the Stocks Account. Newly converted bStocks will also go directly to Spot, according to Binance’s account guidance.

USDC keeps a role after Binance’s Circle deal

USDC’s place among the six settlement assets follows an expansion of Binance’s relationship with its issuer, Circle. On Sep. 22, Binance disclosed a $100 million Circle stake and a five-year commercial agreement concerning USDC use across its platform. The equity purchase involved about 1.24 million Circle shares issued through a private placement.

The settlement list also includes USDT, USD1 and U alongside BNB and U.S. dollars. Binance’s earlier stock-service information identified USDC as a main stablecoin funding choice while allowing eligible users to fund purchases with other supported assets. The future Stocks Account keeps those named assets available for securities transactions, while regular crypto activity moves through Spot.

Pay, Convert and P2P routes change from Sep. 29

Several services will begin sending funds to Spot as the migration starts. Binance says assets received through Pay, Card and Gift Card will be credited to Spot Accounts from Sep. 29. Funding can temporarily remain a Binance Pay payment source, but scheduled sends relying only on it will stop when the exchange removes that option; affected users will need to choose another source.

For Convert, existing unfilled limit orders that lock funds in Funding can remain open. Orders settled or expired after Sep. 29 will return assets to Spot, while new limit orders will lock and settle funds there. Binance advises customers with recurring Convert plans to update any Funding Account selection to Spot. API users referencing Funding have also been advised to change that account reference.

P2P advertisers will continue using Funding for listings and related deposits until Binance introduces a dedicated P2P account in December. Advertisers will then need to move assets tied to their listings; Binance says advertisements left unmigrated after January 2027 will close automatically.

Blockchain.com and NYSE Group have signed an agreement to explore giving eligible users access to tokenized U.S. stocks and ETFs through the exchange’s planned 24/7 digital trading venue.

According to Blockchain.com’s Sep. 23 announcement, the companies signed a memorandum of understanding covering distribution of tokenized U.S. exchange-listed shares and exchange-traded funds. Eligible Blockchain.com customers would access the products through a digital alternative trading system, or ATS, that NYSE has yet to launch. The arrangement remains subject to required regulatory approvals.

The companies did not identify the countries where access would be offered or set a launch date. Blockchain.com operates in more than 70 jurisdictions, according to its announcement, but eligibility would depend on the rules governing the products and the markets where they are offered. Its agreement with NYSE outlines a proposed distribution route rather than an available trading service.

Blockchain.com could connect users to NYSE’s planned venue

NYSE first outlined its digital platform in January and said it was still developing onchain settlement infrastructure in August. The exchange plans to support trading at any hour, orders for fractions of a share and settlement using blockchain-based systems. It has also described stablecoin-based funding and orders placed in dollar amounts.

Under the proposed agreement, Blockchain.com would provide a route for its customers to reach the NYSE venue once it is operating and the necessary approvals are in place. NYSE’s January plan calls for a separate digital market that combines its Pillar matching engine with blockchain-based systems used after a trade. The exchange said its design can support multiple networks for settlement and custody.

NYSE also said the venue could handle both tokenized versions of traditionally issued securities and securities issued in tokenized form from the start. Its plan calls for tokenized shareholders to retain conventional dividend and governance rights. Access to the venue would run through qualified broker-dealers under the model described by the exchange.

Blockchain.com Executive Chairman and CEO Peter Smith said a connection to the venue could extend tokenized stock access to users across the company’s international network. NYSE Group President Lynn Martin described Blockchain.com’s customer reach and digital asset operations as a fit for the exchange’s planned platform. Neither executive announced that trading had begun.

US stock tokens bring shareholder rights into focus

For U.S. readers, the proposal concerns shares and ETFs listed on American exchanges, even though the companies have framed Blockchain.com’s customer network as international. A token tied to a U.S. stock does not necessarily carry the same legal rights as the share itself. The product’s structure determines what its holder owns and whether the holder can receive dividends, vote, or claim an interest in the underlying shares.

In September, the U.S. Securities and Exchange Commission set out conditions for tokenized stocks traded by qualifying venues under a five-year exemption. The SEC said eligible tokenized National Market System stocks must preserve the rights attached to the corresponding conventional shares. Products that only track a stock’s price do not qualify under that exemption. The agency’s action provides context for U.S. tokenized stock trading, but Blockchain.com and NYSE have not said that their proposed arrangement has received approval under it.

NYSE has taken another, separate step involving its existing exchange. An April SEC filing on tokenized trading established rules for eligible securities to trade in tokenized form alongside conventional shares during a Depository Trust Company pilot. Coverage of the filing noted that trades under that arrangement continue to settle on the usual next-business-day schedule. NYSE’s proposed 24/7 venue is a different project, designed for immediate settlement and still awaiting regulatory approvals.

Existing Ondo products show a different route to access

Blockchain.com already offers stock-linked tokens in some markets through Ondo Finance. In February, the companies expanded tokenized stock access to eligible users in 30 European Economic Area countries, with more than 200 U.S. stocks and ETFs available through the Blockchain.com DeFi wallet. Blockchain.com said it had previously introduced Ondo products to users in parts of Africa and South America.

According to Blockchain.com, its Ondo-linked tokens track the returns of the underlying assets, including price moves and reinvested dividends after applicable taxes. The structure of an existing Ondo product should therefore be considered separately from NYSE’s plan for a regulated digital venue. Blockchain.com’s Sep. 23 announcement describes a potential connection to that future venue; it does not say that the two sets of products would have identical ownership terms.

Blockchain.com’s geographic expansion has also included a regulatory step in Nigeria. The company announced its admission to the Nigerian Securities and Exchange Commission’s Accelerated Regulatory Incubation Programme, a supervised route for eligible digital asset businesses. Its Sep. 23 agreement with NYSE does not name Nigeria, Europe or any other region as a confirmed market for the proposed service.

ICE and Blockchain.com also plan to exchange market data

Beyond trading access, the memorandum covers distribution of data in both directions. ICE Data Services, part of NYSE parent Intercontinental Exchange, plans to provide Blockchain.com’s crypto market data and analytics to its subscribing clients. Blockchain.com, in turn, plans to add selected ICE and NYSE exchange data feeds to its app.

Blockchain.com said the app integration would give its more than 44 million confirmed accounts access to real-time stock information. The announcement also listed more than 95 million wallets created since the company’s founding; that figure is distinct from its count of confirmed accounts.

Blockchain.com and the New York Stock Exchange have signed a memorandum of understanding to give Blockchain.com users access to tokenized US-listed stocks and exchange-traded funds through NYSE’s planned digital trading platform.

Under the proposed arrangement, Blockchain.com would distribute tokenized US equities and ETFs traded on NYSE’s digital alternative trading system (ATS), subject to regulatory approval. The deal would extend NYSE’s planned tokenized securities offering to Blockchain.com’s global customer base.

The agreement also covers an exchange of market data. NYSE affiliate ICE Data Services plans to distribute Blockchain.com’s crypto market data and analytics to its clients, while Blockchain.com would add certain ICE and NYSE market data feeds to its platform.

Reid Noch, vice president of US equity market structure at TD Securities, told Cointelegraph that NYSE’s planned tokenized ATS appears “primarily like a play for retail flow,” pointing to its planned 24/7 trading and request-for-quote functionality. Because retail trades are already pre-funded, Noch said the shift to instant settlement would require little change to existing retail workflows.

“The bigger differentiator is true weekend trading,” Noch said. “This could be impactful for retail heavy names or around episodic news events, similar to what we saw with tokenized oil PERPs during the start of the Iran conflict that started over the weekend.”

Related: Ondo lets institutions convert stocks directly into tokenized shares

Exchanges race into tokenized stocks

“Crypto venues are becoming multi-asset platforms, and traditional assets are adopting the 24/7, programmable structure crypto pioneered,” Tanay Ved, senior research associate at institutional digital asset technology firm Talos, said in comments shared with Cointelegraph.

That shift is playing out across major exchanges. Kraken offers xStocks and has partnered with Nasdaq on a separate tokenized equity model, while Binance, Coinbase and Robinhood have rolled out their own approaches to bringing equities onchain.

However, Ved said the different approaches involve trade-offs between ownership and accessibility:

The models of tokenization sit across a spectrum, from issuer-native equity to custodial exposure to pure derivatives. Each trades ownership for accessibility. Which model wins out is yet to be seen, as we sit in the early innings of adoption. For exchanges, the opportunity is a more diversified revenue base and for the market, the line between crypto and traditional assets continues to blur.

Meanwhile, the tokenized stock market has been expanding rapidly. Distributed value reached $3.14 billion as of Wednesday, up more than 18% over the past 30 days, while the number of holders climbed nearly 72% to 3.87 million, according to RWA.xyz data.

Tokenized stocks. Source: RWA.xyz

SEC opens path for tokenized stocks

The partnership also comes less than a week after the US Securities and Exchange Commission (SEC) introduced a five-year “Innovation Exemption” for certain tokenized securities venues.

Under the exemption, eligible tokenized securities venues can use permissioned automated market maker liquidity pools to facilitate trading without being treated as exchanges under the Exchange Act. Among the conditions, venues must ensure that tokenized stocks carry the same rights and privileges as equivalent traditional shares.

Those requirements exclude some existing products from the exemption in their current form, including Kraken’s xStocks and Robinhood’s Stock Tokens, which provide exposure to underlying equities but do not give holders the same rights as conventional shareholders. 

However, SEC Commissioner Hester Peirce has said that while the exemption covers one specific model for tokenized securities, it leaves open the possibility of other approaches outside the framework. 

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Cryptocurrency payments company MoonPay is set to acquire private-markets investment platform North Capital to support its tokenization efforts, according to an emailed announcement Wednesday.

Salt Lake City, Utah-based North Capital, whose platform boasts around $9 billion in primary and secondary transaction volume, will become a wholly owned subsidiary of MoonPay after the transaction closes, subject to regulatory approval.

The all-stock deal is worth over $60 million, sources familiar with the matter told CoinDesk.

The acquisition will support MoonPay’s aim of “building the regulatory foundation to support mass adoption of tokenized real-world assets,” according to CEO and founder Ivan Soto-Wright.

“We believe bringing those capabilities into the MoonPay ecosystem can help connect different parts of the financial system through modern, programmable infrastructure,” Soto-Wright added.

North Capital provides the tech infrastructure for tokenizing securities for private securities issuers and fund managers, supporting capital raising, asset management, clearing, custody, and secondary trading.

North Capital’s affiliates hold relevant broker-dealer, trading, transfer and investment advisory registrations with the U.S. Securities and Exchange Commission (SEC).

MoonPay has expanded beyond its core business of crypto payments in recent months, establishing its Trade platform to connect banks and fintechs to tokenized assets, DeFi protocols and stablecoin liquidity.