Crypto World
Gold Overtakes US Treasuries as Top Central Bank Reserve Asset Since the 1990s
TLDR:
- Gold now accounts for 24% of global central bank reserves, overtaking US Treasuries at just 21%.
- Gold’s reserve share has nearly tripled since 2015, driven by central bank buying and rising prices.
- The US seizure of Russia’s reserves in 2022 triggered a global shift away from dollar-denominated assets.
- China and BRICS nations have led steady US Treasury sell-offs since 2022, accelerating de-dollarisation.
Gold surpasses US Treasuries in global central bank reserves for the first time since the mid-1990s, with gold now commanding 24% of reserves against Treasuries’ 21%, Bloomberg data confirms.
The shift, years in the making, reflects sustained central bank buying, soaring gold prices, and a deliberate move away from dollar dependency. geopolitical shocks, from the seizure of Russia’s reserves to escalating US tariffs.
All have accelerated a de-dollarisation trend that is now reshaping the foundation of the international monetary system.
Gold Overtakes US Treasuries in Reserve Composition
Gold now accounts for 24% of global central bank reserves, while US government debt sits at 21%, according to Bloomberg data.
This marks a sharp reversal from the final quarter of 2015, when Treasuries made up 33% of reserves and gold just 9%.
Gold’s share has nearly tripled over the last decade, driven by aggressive central bank purchases and a sustained rise in gold prices.
Emerging market central banks have led this accumulation. These institutions have steadily diversified away from dollar-denominated assets, accelerating purchases as part of broader reserve management strategies.
The trend gained momentum from around 2017, when USD reserve growth began to plateau, while gold continued rising in both price and share.
Gold now makes up 24% of global central bank reserves, surpassing US Treasuries at 21% for the first time since the mid-1990s.
The reallocation reflects a growing preference for assets that carry no counterparty risk. Unlike US Treasuries, gold cannot be frozen or devalued through a foreign government’s policy decisions, making it attractive to reserve managers navigating a more uncertain geopolitical environment.
Geopolitical Shocks Deepen the De-Dollarisation Trend
The pace of change accelerated sharply in 2022 when the US seized Russia’s central bank reserves following the conflict in Ukraine. The move alarmed reserve managers globally and prompted many to reassess their exposure to dollar-denominated assets.
China and the leading BRICS nations began selling US Treasury bills in earnest from that year. Selling intensified further in April 2024 after the Trump administration launched the Liberation Day tariff scheme.
Additional pressure came from Operation Epic Fury, which further undermined confidence in the US as a reliable financial partner. These events together have driven a sustained shift in reserve composition.
While the US dollar remains dominant in global trade and finance, central banks are now actively reducing its share in their reserve baskets. Gold is no longer viewed as a supplementary reserve asset.
It has moved to the center of reserve strategy, holding more weight in global central bank portfolios than US government debt for the first time in nearly three decades.
Markets opened Monday to a sell-off that crypto investors had seen coming. The collapse of US-Iran peace talks in Islamabad and a new US naval blockade impacted major asset classes.
The weekend’s failures raised fresh fears over supply disruption and cast doubt on a fragile two-week ceasefire set to expire on April 22.
Crypto’s Sunday Dip Warned What Monday’s Stock Sell-Off Would Confirm
Bitcoin (BTC) dropped from a weekend high near $74,000 to an intraday low of $70,570 yesterday after Vice President JD Vance confirmed that 21 hours of negotiations had ended without a deal. The total crypto market cap fell about 1.8%.
The sell-off deepened after the US Central Command (CENTCOM) announced a blockade of “all maritime traffic entering and exiting Iranian ports on April 13 at 10 a.m. ET.”
BeInCrypto Markets data showed that the total market capitalization has fallen 2.68% over the past 24 hours. At the time of writing, BTC traded at $71,125. Ethereum (ETH) had dropped to $2,204.
Meanwhile, by Monday morning, traditional markets confirmed what crypto had already priced in. The Kobeissi Letter noted that the S&P 500 and Dow Jones each fell roughly 1%, while the Nasdaq 100 slid 1.3%.
“US stock market futures open sharply lower as Iran War peace talks end without a deal,” the post read.
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Gold and silver both declined in early Asian trading hours on Monday. Gold prices fell 0.75% to $4,711 per ounce, retreating rather than rallying despite the geopolitical turmoil. Silver prices dropped more sharply, sliding over 2% to $74.20.
The weakness across precious metals suggests that rising energy costs and the prospect of prolonged inflation are outweighing safe-haven demand, as traders increasingly expect the Federal Reserve to hold rates steady for longer.
Finally, energy markets also reacted sharply, though in the opposite direction. US crude oil jumped over 10% past $105 per barrel. International Brent crude rose 8%. Wholesale gasoline spiked 6%, and heating oil, a proxy for jet fuel, surged 9.3%.
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The pattern is becoming familiar. Throughout the weeks of the US-Iran conflict, crypto has repeatedly flagged geopolitical risk before equity sessions open. With the two-week ceasefire deadline approaching, traders across both markets face continued uncertainty over whether diplomacy can keep pace with escalation.
The post Crypto Saw It Coming: How Sunday’s Dip Foreshadowed Monday’s Market Meltdown appeared first on BeInCrypto.
While the broader market reels from renewed geopolitical concerns, RaveDAO (RAVE) has bucked the trend, hitting a new all-time high.
The token has surged by triple digits over the past 24 hours, continuing the rally that has seen its value surge by over 2,200% in the past week alone.
RaveDAO (RAVE) Bucks Broader Market Downturn
RaveDAO is the utility token of a Web3 entertainment collective. The project blends crypto, music events, and community ownership to onboard users to crypto through NFTs, tokens, and community governance.
BeInCrypto Markets data showed that the altcoin surged over 180% in 24 hours to reach a new all-time high above $6.4, a stark contrast to the broader crypto market’s 2.68% slide. At press time, it pulled back to $5.9.
The rally pushed its market cap beyond $1.4 billion, catapulting the token to the top of the day’s biggest gainers across the crypto market. The 24-hour trading volume of $468 million represented a 145.20% increase from the prior day.
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On-Chain Data Raises Questions About RAVE’s Price Pump
Despite the euphoria, analysts have been raising concerns about the nature of the price pump. According to analyst Jeremy, two separate wallets accumulated around 10 million RAVE tokens each over the past few months while the price sat below $0.50.
Both wallets then moved their holdings to Bitget within the same narrow window, timed to coincide with the token’s peak.
“There is no major announcement during the pump. On-chain activity looks manipulated,” another analyst wrote. “Right as the pump started, 2 wallets dumped 18.58M RAVE tokens into Bitget. Those wallets? Linked to the token’s own deployment address.”
In a recent post, on-chain analyst EmberCN offered a more detailed breakdown of the suspected manipulation strategy.
“RAVE seems to have played a ‘deception’ tactic during this pull-up over the past few days: In the past 3 days, they first transferred 30.58 million RAVE ($42 million) to Bitget, luring funds to short. Then, in the past 2 days, they withdrew 31.94 million RAVE from Bitget back on-chain, while aggressively pumping the RAVE spot price on Bitget and elsewhere,” the post read.
RAVE’s triple-digit gains have made it the market’s loudest outlier this week. Whether the token can hold these gains is now the central question.
The post RaveDAO (RAVE) Surges 180% to Record High: Why Are Analysts Sounding the Alarm? appeared first on BeInCrypto.
Goldman Sachs CEO David Solomon speaks during an interview at the Economic Club of Washington, Oct. 30, 2025.
Kevin Lamarque | Reuters
Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday.
Here’s what Wall Street expects:
- Earnings: $16.49 per share, according to LSEG
- Revenue: $16.97 billion, according to LSEG
- Trading revenue: Fixed income of $4.92 billion, equities of $4.91 billion, per StreetAccount
- Investing banking fees: $2.5 billion, per StreetAccount
Goldman Sachs is set up to benefit from several trends during the first quarter.
Trading desks across Wall Street have been busy at the start of the year as institutional investors set new positions against the churn of AI-led disruption across sectors.
At the same time, the investment banking rebound is expected to continue, with revenue for the industry set to climb by 10% in the quarter, per Dealogic.
For Goldman Sachs, which gets most of its revenue from its trading and investment banking franchise, the main question analysts will have is about the impact of the Iran war that started on Feb. 28.
Disruptive events that impact the price of commodities — like the Iran conflict has — can sometimes force corporate clients to the sidelines, meaning a delay in mergers activity might have started. At the same time, the churn can lead to greater trading revenues thanks to moves in interest rates, bond prices and currencies.
Shares of the bank have climbed about 3% this year.
This story is developing. Please check back for updates.
University of California researchers have discovered that some third-party AI large language model (LLM) routers can pose security vulnerabilities that can lead to crypto theft.
A paper measuring malicious intermediary attacks on the LLM supply chain, published on Thursday by the researchers, revealed four attack vectors, including malicious code injection and extraction of credentials.
“26 LLM routers are secretly injecting malicious tool calls and stealing creds,” said the paper’s co-author, Chaofan Shou, on X.
LLM agents increasingly route requests through third-party API intermediaries or routers that aggregate access to providers like OpenAI, Anthropic and Google. However, these routers terminate Internet TLS (Transport Layer Security) connections and have full plaintext access to every message.
This means that developers using AI coding agents such as Claude Code to work on smart contracts or wallets could be passing private keys, seed phrases and sensitive data through router infrastructure that has not been screened or secured.
ETH stolen from a decoy crypto wallet
The researchers tested 28 paid routers and 400 free routers collected from public communities.
Their findings were startling, with nine routers actively injecting malicious code, two deploying adaptive evasion triggers, 17 accessing researcher-owned Amazon Web Services credentials, and one draining Ether (ETH) from a researcher-owned private key.
Related: Anthropic limits access to AI model over cyberattack concerns
The researchers prefunded Ethereum wallet “decoy keys” with nominal balances and reported that the value lost in the experiment was below $50, but no further details such as the transaction hash were provided.
The authors also ran two “poisoning studies” showing that even benign routers become dangerous once they reuse leaked credentials through weak relays.
Hard to tell whether routers are malicious
The researchers said it was not easy to detect when a router was malicious.
“The boundary between ‘credential handling’ and ‘credential theft’ is invisible to the client because routers already read secrets in plaintext as part of normal forwarding.”
Another unsettling find was what the researchers called “YOLO mode.” This is a setting in many AI agent frameworks where the agent executes commands automatically without asking the user to confirm each one.
Previously legitimate routers can be silently weaponized without the operator even knowing, while free routers may be stealing credentials while offering cheap API access as the lure, the researchers found.
“LLM API routers sit on a critical trust boundary that the ecosystem currently treats as transparent transport.”
The researchers recommended that developers using AI agents to code should bolster client-side defenses, suggesting never letting private keys or seed phrases transit an AI agent session.
The long-term fix is for AI companies to cryptographically sign their responses so the instructions an agent executes can be mathematically verified as coming from the actual model.
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Geopolitical tensions surrounding the Strait of Hormuz intensified after the United States blockaded the waterway, following faltering peace talks with Iran. The move sent a sharp, if brief, reaction through Bitcoin markets: the leading cryptocurrency touched a low near $70,623 before a partial rebound, after the White House confirmed the blockade in a post that attributed the collapse of talks to Iran’s refusal to halt its nuclear program—the issue President Donald Trump framed as the decisive one.
Initial trading showed Bitcoin slipping about 1.9% to roughly $71,686 as the blockade was announced. Market activity accelerated after U.S. futures opened, with oil surging about 9.5% to $105 per barrel within half an hour and Bitcoin sliding further to the low-$70k range. By the time volatility settled into the day, Bitcoin was down about 2.7% on the session, underscoring how geopolitical shocks can ripple across both energy and crypto markets in tandem.
The flare-up adds to six weeks of disruption tied to the dispute over the Hormuz Strait, a channel that handles roughly one-fifth of global oil trade. The backdrop has been a period of elevated volatility in energy markets, framed by the strategic significance of the strait and the broader tension between the U.S. and Iran.
Amid the pace of headlines, a ceasefire was announced on Tuesday, while Iran pressed for war reparations and the unfreezing of blocked Iranian financial assets. Trump’s public framing focused on Iran’s reluctance to end its nuclear program, with the president contending that the nuclear issue remains the central hurdle to any settlement. He described Iran’s use of minelaying and toll demands as “world extortion,” and asserted that the U.S. Navy would block any vessels paying Iran and would destroy the mines. These statements illustrate how geopolitical risk feeds into the narrative around both traditional assets and crypto as investors weigh safety and hedging considerations.
Key takeaways
- Bitcoin briefly breached the $71k mark and dipped to $70,623 as the U.S. blockade of Hormuz was announced, reflecting immediate risk-off trading in a combustible geopolitical moment.
- Oil surged about 9.5% to $105 per barrel within minutes of market open, underscoring the tight coupling between energy risk and macro sentiment in crypto markets.
- The Hormuz dispute, which governs a significant slice of global energy flows, has kept oil volatility elevated and has fed into wider market anxiety about supply and sanctions risk.
- In the broader crypto narrative, Bitcoin has shown resilience despite the escalation, with some upside momentum forming as markets digest the new risk environment.
- Analysts caution that sanction regimes and the potential for crypto-enabled payments to Iran add a layer of regulatory risk that traders and institutions are watching closely.
Crypto markets in a geopolitically charged environment
Beyond the immediate price moves, the episodes around the Strait of Hormuz highlight a recurring theme for crypto markets: digital assets can react quickly to geopolitical shocks, sometimes displaying a degree of decoupling from traditional risk-on/risk-off cycles, but not immune to macro momentum. The price path this week underscores two interconnected dynamics. First, risk assets—including Bitcoin—tend to pull back when headlines point to intensified sanctions, potential military actions, or disruptions to critical trade corridors. Second, once initial panic subsides, Bitcoin and other crypto markets can reframe the narrative around hedging and diversification, particularly as traders reassess the balance of risk across assets with different sensitivities to sanctions and inflation pressures.
Macroeconomic ripples: oil, sanctions, and the regulatory horizon
Oil’s sharp swing in the wake of the Hormuz developments serves as a reminder of how energy markets act as a live barometer for global risk. When crude prices rally on supply concerns, the relative attractiveness of different hedges—whether traditional assets or crypto—gets re-evaluated in short order. The linked tension between sanctions policy and cross-border financial flows adds another layer of complexity for market participants who rely on transparent, compliant channels for settlement. In this environment, analysts have flagged the possibility that crypto-enabled payments to sanctioned regimes could trigger legal and reputational risks for shippers and financial service providers alike, a point underscored by researchers at Chainalysis in related reporting.
Amid these developments, traders are watching how policymakers, energy markets, and crypto rails interact over the coming weeks. If geopolitical friction persists, Bitcoin’s role as a non-sovereign, borderless asset may attract interest as a digital store of value or as a diversification tool within diversified portfolios. Conversely, tighter sanctions and heightened regulatory scrutiny could constrain some crypto activity in cross-border payments, particularly where authorities intensify monitoring of flows tied to geopolitical flashpoints.
Bitcoin’s ongoing resilience in a shifting risk landscape
Since the late February onset of intensified U.S.-Iran tensions, Bitcoin has traded with periods of recovery, rising about 7.4% to around $71,194 from its earlier levels. This trajectory places the crypto asset in a position to potentially outperform broader risk proxies during episodes of geopolitical stress, a pattern investors have observed at various points since the asset’s ascent into the macro narrative of 2020 and beyond. In the period stretching back to October, Bitcoin had previously peaked near $126,080, illustrating the substantial drawdowns and recoveries that have characterized the asset’s long arc of adoption, volatility, and institutional interest. While the current move is modest by historical standards, it contributes to the longer story of Bitcoin as a sometimes contrarian asset that gigabytes of market data have repeatedly tested against macro shocks and policy shifts.
As the situation unfolds, traders should keep an eye on several moving parts: the tempo of any diplomatic developments, the pace of sanctions enforcement, and energy-market volatility, all of which can feed into crypto price dynamics in meaningful ways. Market participants may also reassess risk premia across asset classes, given the potential for sanctions-related restrictions to influence cross-border flows and settlement mechanics in crypto markets.
In the near term, investors and users should watch how policymakers frame any potential ceasefire or de-escalation signals, whether new sanctions measures emerge, and how traders price the evolving risk premium across oil, equities, and digital assets. The interplay between geopolitics, energy supplies, and crypto rails remains a live topic, with clear implications for liquidity, volatility, and risk management in the weeks ahead.
Readers should stay tuned for updates on any settlement progress, changes to sanctions regimes, and further volatility in oil and crypto markets as the geopolitical landscape around the Strait of Hormuz develops.
The European Central Bank has supported the European Commission’s plan to bring the supervision of major crypto companies under the EU’s financial markets regulator.
The ECB said in an opinion published on Friday that it fully supports bringing oversight of systemically important cross-border capital market companies, such as large trading platforms and crypto companies, under the European Securities and Markets Authority (ESMA).
The central bank said the proposals “constitute an ambitious step towards deeper integration of capital markets and financial market supervision within the Union.”
The opinion is nonbinding, but it will still be a major boost to the plan, which is set to be the most significant overhaul of how the EU will regulate crypto companies since the Markets in Crypto-Assets (MiCA) laws started to come into force in mid-2023.
Under MiCA, crypto-asset service providers, or CASPs, are allowed to operate under the supervision of an EU member country’s regulator to serve the entire bloc, with ESMA setting some standards and guidelines.
That has allowed crypto companies to pick favorable jurisdictions to get licensed, with Kraken setting up its EU arm in Ireland, while Coinbase and Bitstamp chose Luxembourg. Bitpanda set up in Austria, while its EU asset management arm chose to be licensed in Germany.
Some countries, including the popular MiCA licensing hub of Malta, have pushed back against the plan, calling it premature, arguing that the MiCA laws for CASPs only came into force in December 2024.
Related: Centralizing crypto: Why Malta’s clash with ESMA is about more than one small state
The ECB said that “transferring authorisation, monitoring and enforcement powers for all CASPs” from national regulators to ESMA would “ensure supervisory convergence, reduce fragmentation and mitigate cross-border risks in crypto-asset markets, thereby supporting financial stability and the integrity of the single market.”
It noted that banks are increasingly linking with crypto companies by offering crypto services to customers or by servicing crypto companies, which it argued could transmit “shocks into the financial system” from crypto.
The ECB added that the trend underscored “the need for a centralised Union supervisory regime for CASPs, capable of addressing the systemic risks posed by CASPs with significant activities, preventing risk migration into the banking system and safeguarding financial stability.”
The central bank said that ESMA would need to be given sufficient funding and staff if it were to take on the responsibility of directly policing crypto companies.
The plan is likely still months away from becoming law, as EU lawmakers and governments will negotiate the proposal before the European Parliament takes further action.
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US President Donald Trump said Iran did not want to compromise its nuclear weapons program, stating it was the only issue that “really mattered.”
Bitcoin fell as low as $70,623 on Sunday after the US announced a blockade of the Strait of Hormuz following failed peace talks with Iran.
The price of Bitcoin (BTC) initially fell 1.9% to $71,686 after US President Donald Trump confirmed the blockade in a post to Truth Social on Sunday, adding that peace talks collapsed because Iran refused to end its nuclear program — the only issue that “really mattered.”
Bitcoin dipped further to $70,623 as the US futures markets opened late on Sunday, with oil shooting up 9.5% to $105 per barrel within half an hour of the market open, with Bitcoin down 2.7% over the day at the time of writing.
The US-Iran dispute over control of the Strait of Hormuz — which handles one-fifth of global oil trade — has caused significant disruption in the financial markets over the past six weeks, particularly in oil markets, which have experienced their highest volatility since Russia invaded Ukraine in early 2022.
In addition to the ceasefire announced on Tuesday, Iran wanted the US to pay for war reparations and to unfreeze blocked Iranian financial assets.
Trump didn’t directly address those requests in the Truth Social post, instead blaming the fallout on Iran’s reluctance to end its nuclear weapons program.
Related: Paying Iran in crypto could put shippers at sanctions risk: Chainalysis
He also labeled Iran’s use of mines on the waterway and demands for tolls as “world extortion,” ordering the US Navy to block any vessels that paid Iran and to destroy the mines.
Bitcoin up since the US-Iran war began
Despite the conflict, Bitcoin has risen about 7.4% to $71,194 since the US-Iran conflict started on Feb. 28, when a US airstrike killed Iran Supreme Leader Ayatollah Ali Khamenei.
Bitcoin has still managed to outperform the S&P 500 and gold since the US-Iran war started, though, clawing back some lost ground from October when Bitcoin hit a high of $126,080.
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Speaking to Cointelegraph, Brahimi noted that 18 months ago most conversations were educational, centered on understanding stablecoins and their risks. Today, firms with board-level approval are preparing to go live. He attributed the shift in part to the EU’s Markets in Crypto-Assets Regulation (MiCA), which replaces a patchwork of national rules with a single bloc-wide framework.
“In the past year and a half, some of Europe’s most stringent financial institutions are converging on a single conclusion: digital assets, including stablecoins, belong inside the existing banking stack, not beside it,” Brahimi said.
Corporate treasury teams are a primary driver of this demand. Initially focused on payments and settlement, firms are now looking to use stablecoins to move funds faster, reduce costs, and operate outside traditional banking hours, Brahimi added.
Related: Bank of France calls for tougher MiCA limits on stablecoin payments
Key takeaways
- MiCA is transforming stablecoin talks into concrete actions, with banks and corporates seeking regulated, on-chain settlement rails rather than ad hoc pilots.
- ClearBank Europe became the first Dutch credit institution to obtain MiCA clearance to operate as a crypto asset service provider, signaling a regulatory green light for regulated custody and related services.
- A consortium including ING, UniCredit, CaixaBank and BBVA is pursuing Qivalis, a MiCA-compliant euro stablecoin designed to enable regulated on-chain payments across Europe.
- European banks are advancing their own euro-stablecoin initiatives, with Societe Generale and Oddo BHF deploying MiCA-compliant offerings for cross-border, on-chain settlement, and cash management.
Retail banks and cross-border rails take shape
In a notable regulatory milestone, ClearBank Europe announced that it had become the first Dutch credit institution to secure MiCA approval to offer crypto asset services. The development underlines how European banks are moving from exploratory dialogues to tangible capabilities that can underpin everyday stablecoin activity.
Beyond this, a broader initiative is taking shape as a consortium of major banks — including ING, UniCredit, CaixaBank and BBVA — advances Qivalis, a MiCA-compliant euro stablecoin intended to support regulated on-chain payments and settlement across the region. The project aims to provide a standardized, compliant rails layer that banks can leverage for cross-border finance and intra-European settlement.
European lenders are also advancing their own stablecoin programs. Societe Generale has positioned its euro-stablecoin strategy around cross-border payments, on-chain settlement, FX and cash management, while Oddo BHF has launched a MiCA-compliant euro stablecoin, signaling a growing comfort with euro-denominated digital assets within traditional banking lines.
Meanwhile, a separate cross-border effort led by a consortium of banks, including ING, UniCredit and BNP Paribas, is planning a Swiss-franc stablecoin for the second half of 2026, signaling continued expansion of multi-currency stablecoin infrastructure within Europe.
Corporate demand shapes the velocity of stablecoins
Paybis, a platform focused on stablecoin trading and fiat on-ramps, has observed rising demand for compatible stablecoins in Europe. Konstantin Vasilenko, Paybis’ co-founder and chief business development officer, noted a marked uptick in stablecoin activity across the EU in late 2025 and early 2026.
Between October 2025 and March 2026, USDC volume on Paybis in the EU rose roughly 109%, and its share of total stablecoin activity increased from about 13% to 32%. Vasilenko highlighted that stablecoin buyer volume in the EU tended to outpace seller volume by roughly five to six times during that period. He also observed that average stablecoin transaction sizes were about 15% to 35% larger than typical BTC or ETH trades, suggesting larger working-capital and settlement use cases rather than mere trading activity.
Forecasts point to a radically higher stablecoin footprint
Industry-wide estimates suggest a rapid expansion in stablecoin activity over the next decade. A Chainalysis report projects that organic growth could push stablecoin transaction volumes to as high as $719 trillion by 2035, up from about $28 trillion in 2025. In a more aggressive scenario, volumes could reach $1.5 quadrillion if stablecoins become a dominant payments infrastructure and wealth transfer accelerates toward crypto-native models.
Will Harborne, CEO of Rhino.fi, a stablecoin infrastructure provider, emphasized that stablecoins are increasingly central to corporate treasury, cross-border settlement, and foreign-exchange activity between euro- and dollar-denominated stablecoins. “I think every business will eventually start accepting and using stablecoins in some form,” he said, adding that early preparation will position companies well as mainstream adoption accelerates.
What this means for the broader market
The regulatory backdrop provided by MiCA is not just a compliance checkbox; it is shaping how financial institutions structure their digital-asset programs. By offering clear, uniform rules, MiCA reduces the friction that previously slowed cross-border stablecoin activity and on-chain settlement for large buyers. The move appears to be aligning traditional finance with the evolving digital-asset ecosystem, turning what began as a technology experiment into a concrete, bank-ready ledger infrastructure.
For investors and builders, the current trajectory suggests uneven but persistent momentum: institutions are coordinating around stablecoins as a core element of treasury operations and payments rails, while the market begins to price in the likelihood of regulated, interoperable euro and Swiss-franc stablecoins becoming commonplace in European settlement flows. The trajectory could be amplified if MiCA-driven infrastructure proves scalable and secure enough to support high-volume, cross-border uses while maintaining compliance with anti-money-laundering and consumer-protection standards.
In the near term, observers will be watching the rollout of Qivalis and related MiCA-compliant euro-stablecoin initiatives for concrete milestones: regulatory approvals, on-chain settlement pilots, and cross-border settlement use cases with real corporate participants. If the European banking sector can translate these initiatives into reliable, cost-saving rails, the region could become a blueprint for stablecoin-enabled finance globally.
Readers should keep an eye on how these regulatory and institutional developments converge with the ongoing evolution of stablecoin market structure, custody solutions, and on-chain infrastructure — especially as more banks begin to treat digital assets as part of the core financial stack rather than a peripheral capability.
Institutional finance has always needed a settlement layer that moves money between organizations. For decades, that layer was correspondent banking: bank-to-bank, one to three days, closed on weekends.
In 2025 alone, stablecoins moved $33 trillion, roughly double Visa’s annual payment volume. JP Morgan settled debt in USDC on Solana. Visa settled $3.5 billion in USDC through US banks.
PayPal launched its own stablecoin across 70 markets. The settlement layer has changed. This piece traces how stablecoin infrastructure replaced it, and who built the rails that institutional finance now depends on.
$10.5 Trillion in One Month, and Institutions are in the Driving Seat
Total stablecoin market cap reached $317.89 billion as of April 2026, up from roughly $125 billion in early 2024.
The GENIUS Act, signed into law in mid-2025, created a federal framework for payment stablecoins, unlocking institutional adoption. The growth since has been vertical.
Dune Analytics data shows stablecoins transferred $10.5 trillion in January 2026 alone. For context, Visa processed $16.7 trillion in total fiat payment volume across its entire fiscal year 2025.
Mastercard processed $10.6 trillion in gross dollar volume over the same period. One month of stablecoin transfers on public blockchains approached what Mastercard’s fiat network moved in an entire year.
The DefiLlama leaderboard from earlier clearly tells the institutional story. PayPal’s PYUSD ranks #7, with a supply of $3.95 billion. BlackRock’s BUIDL is #8 at $2.96 billion.
The Mastercard-partnered USDG is #11 at $1.92 billion. These are not crypto-native tokens. These are stablecoins issued by or connected to the largest names in traditional finance, now ranked alongside USDT and USDC.
USDC moved $8.3 trillion of the January total, nearly five times USDT’s $1.7 trillion despite being 2.7 times smaller in supply. USDT dominates holdings. USDC dominates movement.
That distinction matters because USDC is the stablecoin Visa chose for settlement, JP Morgan used for the Galaxy debt deal, and Stripe’s infrastructure runs on. The institutional settlement layer runs primarily on a single token, minted by Circle.
Meanwhile, PayPal’s PYUSD moved $22.8 billion. Mastercard’s USDG moved $11.7 billion. The TradFi stablecoins are now visible on the volume charts, and every one of them traces back to just two minters.
Two Minter, One Rail, and It Bypasses Banks Entirely
Circle and Paxos are the two minters. Circle mints USDC, the token that moved $8.3 trillion in January. Paxos mints PYUSD for PayPal and USDG for the Global Dollar Network that Mastercard anchors alongside Robinhood, Kraken, and DBS Bank. Between them, every major TradFi stablecoin integration traces back to one of these two entities.
Arkham Intelligence data shows what happens after minting. Paxos has pushed $89.2 billion outward across 5,208 mint-and-burn transactions. The recipients are not banks.
They are Binance ($22 billion), Wintermute ($12.77 billion), Jane Street ($6 billion), Coinbase ($2 billion), and other big names.
These are Wall Street market makers and crypto-native trading desks, not correspondent banking chains.
Circle’s counterparty data shows the same pattern. $6.17 billion in mint and burn activity. Wintermute at $1.64 billion. Coinbase at $2.1 billion combined across multiple deposit addresses.
Coinbase appears as a top counterparty for both minters, the one distributor straddling both sides of the TradFi settlement market.
The Paxos and Circle outflows are dominated by mint and burn operations, the mechanism by which stablecoin issuers create new tokens when clients need them and destroy them on redemption. The scale of the counterparties reveals where institutional settlement sits.
When firms of that size receive billions from Paxos, those funds are freshly minted stablecoins for institutional use, whether to fill a PayPal merchant payout, settle a Mastercard acquirer obligation, or provide liquidity for a Visa banking partner. The stablecoin is created for settlement and redeemed afterward.
That on-demand cycle does not exist in correspondent banking. That is how stablecoin infrastructure became the settlement rail. But where do those stablecoins sit between minting and burning?
Between Minting and Burning, Stablecoin Infrastructure Relies on Crypto Custody
As a result, the stablecoin infrastructure serving institutional finance does not just depend on who mints the tokens. It also depends on where they sit between creation and redemption. USDC is used by millions, making it difficult to attribute specific holdings to institutional settlement.
USDG, however, is different. It exists for one purpose: the Global Dollar Network that Mastercard, Robinhood, Kraken, and DBS Bank anchor. Consequently, every large USDG holder is directly tied to that institutional network.
Arkham data on USDG reveals where institutional stablecoins actually sit. The largest single holder is Fireblocks Custody at $150 million, representing 8.97% of the total supply.
Alongside Fireblocks, OKX holds $519 million across three cold wallets, while Kraken, a named Global Dollar Network partner, holds $128.97 million. Pendle Finance also holds, indicating that USDG is flowing into DeFi yield strategies.
What makes Fireblocks significant is that it also serves as the custody layer banks use for USDC operations, including on Solana, where Visa settles. In other words, one custody provider sits at the intersection of both the Mastercard settlement rail through USDG and the Visa settlement rail through USDC.
The full stablecoin infrastructure path is now visible.
Circle and Paxos mint. Coinbase, Wintermute, and Jane Street distribute. Fireblocks and exchange cold wallets hold. The reach extends beyond card networks.
Arkham’s Paxos entity page confirms that Paxos also processes payments for Mercado Pago, the largest fintech platform in Latin America, meaning the same minting infrastructure serving Mastercard and PayPal also serves emerging market settlement.
At every step between minting and redemption, institutional finance depends on the same concentrated set of crypto stablecoin infrastructure providers.
Four TradFi Strategies, Same Stablecoin Infrastructure Underneath
With the settlement stack mapped, the question becomes how institutional finance is actually connected to it. Each major player chose a different strategy. All of them plugged into the same underlying stablecoin infrastructure.
Visa committed the hardest. As of December 2025, it settled $3.5 billion annualized in USDC on Solana through Cross River Bank and Lead Bank.
It expanded to four stablecoins across four chains: USDC, PYUSD, USDG, and EURC on Solana, Ethereum, Stellar, and Avalanche. Stablecoin-linked cards via Stripe’s Bridge are live in 18 countries, expanding to 100+.
Visa also built its own on-chain analytics dashboard with Allium Labs, tracking $12.9 trillion in adjusted stablecoin volume and treating on-chain data as core business intelligence.
And Solana carried $552 billion in stablecoin transfers in January 2026 alone (top 4), the same chain on which both Visa and PayPal’s PYUSD settle.
Mastercard hedged instead, enabling four stablecoins across its network: USDC, PYUSD, USDG, and FIUSD. It joined the Paxos Global Dollar Network for USDG, the same stablecoin held by Fireblocks Custody at $150 million, as shown earlier.
Stripe acquired the infrastructure directly, buying Bridge for $1.1 billion. Bridge now powers both the Visa stablecoin-linked cards and Stripe’s own stablecoin financial accounts across 101 countries, running on the same USDC that Circle mints.
PayPal built its own stablecoin. PYUSD, minted by Paxos, reached $3.95 billion in supply across 70 markets (per DeFiLlama data).
On Solana, PYUSD circulates at 0.6x daily velocity, four times its Ethereum rate, concentrating on the same chain that Visa chose.
Four strategies. Same stablecoin infrastructure underneath: Circle or Paxos minting, Coinbase distributing, and Fireblocks holding. But everything needs to be linked better.
The Stablecoin Infrastructure Stack That Now Settles Institutional Finance
The evidence across this piece converges into a clear answer. Stablecoin infrastructure became the settlement layer for institutional finance, not because institutions adopted crypto. It became one because a small number of providers built pipes that were faster, cheaper, and available 24/7, and every major institution plugged in rather than building its own.
The stack has four layers, each of which is concentrated.
At the supply layer, Circle and Paxos mint the stablecoins that institutional finance depends on. Circle’s USDC moved $8.3 trillion in a single month. Paxos mints for PayPal, Mastercard, and Mercado Pago through the same entity.
At the distribution layer, Arkham data shows both minters routing stablecoins through the same counterparties: Coinbase and Wintermute. The settlement rail bypasses correspondent banks entirely.
At the custody layer, Fireblocks holds $150 million in USDG as the largest single holder, while also receiving USDC on Solana, straddling both card network settlement rails through a single custody provider.
At the integration layer, Visa settles $3.5 billion annually and monitors stablecoin flows as core business intelligence. Mastercard enabled four stablecoins. Stripe bought Bridge for $1.1 billion. PayPal launched PYUSD across 70 markets. JP Morgan settled debt in USDC on Solana. None built new rails.
This mirrors the pattern from our previous analysis of institutional crypto custody, where seven entities across four layers control where crypto sits.
Here, a similar concentration controls how institutional money moves. Different function, same structural conclusion: institutional finance is scaling on stablecoin infrastructure built by a handful of providers. The rails exist. The question now is whether the next wave of adoption diversifies that dependency or deepens it.
The post Who Really Runs Stablecoin Settlement? A Structural Analysis appeared first on BeInCrypto.
TLDR:
- Binance Gold trading volume surged from $1.5M to $7.6B daily in approximately 90 days.
- Silver trading on Binance peaked at nearly 20% of total daily COMEX trading volume.
- BlackRock and Franklin Templeton have launched tokenized funds on blockchain infrastructure.
- US Oil trades at $760M and Tesla stock at $190M daily on the Binance crypto platform.
Real-world asset tokenization is changing how investors access commodities and equities. Crypto platforms now offer direct exposure to traditional markets, attracting both retail and institutional participants globally.
Real-world asset (RWA) tokenization converts ownership rights of physical assets into blockchain-based digital tokens. These tokens represent fractional ownership and trade on crypto platforms alongside standard cryptocurrencies.
Smart contracts power the process, cutting out intermediaries and reducing settlement times considerably.
Ali Charts recently noted the growing overlap between crypto trading and traditional financial markets. Platforms like Binance now offer direct access to commodities, equities, and digital assets in one place.
This shift is visible in rising trading volumes across multiple asset classes on crypto exchanges.
Binance Volume Data Points to a Measurable Market Shift
Gold trading on Binance climbed from $1.5 million in daily volume to $7.6 billion within approximately 90 days. Silver followed a similar path, reaching $6.4 billion in daily volume at its peak.
That peak represented nearly 20% of total daily COMEX trading volume, a widely recognized commodity benchmark. Beyond precious metals, other traditional assets are recording notable figures on crypto platforms.
Binance’s daily trading volume for US Oil is $760 million, while Tesla stock trades approximately $190 million daily. Products like MicroStrategy stock and crude oil futures are also showing strong activity compared to traditional market equivalents.
Traditional exchanges like COMEX and NYMEX operate within fixed trading hours and involve multiple intermediaries. Crypto exchanges operate around the clock, allowing traders to act on real-time events without delay.
This availability is drawing investors who previously found traditional commodity markets difficult to access.
Institutional Adoption and the Regulatory Path Ahead
As more investors trade real-world assets through crypto platforms, liquidity in these markets continues to build. Investors no longer have to choose between crypto and traditional assets, as both are now accessible on a single platform.
This removes geographic and institutional barriers that once limited broader market participation. Major financial institutions are moving steadily into blockchain-based asset tokenization.
BlackRock and Franklin Templeton have both launched tokenized funds and blockchain investment products. Their involvement adds credibility to the long-term infrastructure supporting RWA tokenization.
Decentralized finance platforms are integrating tokenized assets to build new lending and yield products. Regulatory clarity remains a key factor shaping the pace of adoption globally.
Jurisdictions that balance blockchain innovation with investor protection are positioned to attract sustained industry growth.
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