U.S. regulators have proposed requiring certain payment stablecoin issuers to verify customer identities under a new rule issued as part of the GENIUS Act framework.

The Federal Reserve Board said Thursday that it is seeking public comment on a joint proposal that would require covered stablecoin issuers to maintain effective Customer Identification Programs, or CIPs. 

The proposal was issued alongside the Financial Crimes Enforcement Network, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration.

An 117-page notice published by the agencies said the rule would implement provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act, known as the GENIUS Act. The proposal would formally treat permitted payment stablecoin issuers as financial institutions under the Bank Secrecy Act and require them to maintain customer identification procedures.

Comments on the proposal will be accepted for 60 days after publication in the Federal Register.

Rule would apply bank style identity checks to stablecoin issuers

The agencies said permitted payment stablecoin issuers would need to collect and verify customer information before opening an account relationship. Required information would generally include a customer’s name, address, date of birth or formation, and identification number.

The proposal would require issuers to adopt risk-based procedures designed to establish a reasonable belief that they know the true identity of each customer. Regulators said those procedures should take into account an issuer’s size, business model, customer base, account types, and methods used to open accounts.

“This is the next step to ensure that permitted payment stablecoin issuers are fully integrated into Bank Secrecy Act regulations,” NCUA Chairman Kyle Hauptman said, adding that the proposal mirrors existing customer identification requirements used by credit unions and sets standards for identifying and verifying account holders.

“It sets clear standards for identifying and verifying account holders and safeguards the interests of credit unions and their members. By establishing robust customer identification requirements, we are reinforcing our commitment to preventing money laundering and terrorist financing in our financial system.”

The proposal follows earlier NCUA rulemakings related to payment stablecoins. The agency said it issued a proposed rule last month covering operational and risk management standards for licensed payment stablecoin issuers and released a separate proposal in February 2026 governing applications from issuers under its jurisdiction.

Regulators exclude most secondary market transactions

The proposed rule draws a distinction between direct dealings with a stablecoin issuer and transactions that occur elsewhere in the market.

Regulators said customer identification requirements would apply when a user establishes a formal relationship with a permitted payment stablecoin issuer through activities such as issuance, redemption, custody, reserve management, or other authorized services.

The agencies also proposed that simply holding or transferring a payment stablecoin would not create an account relationship with the issuer. The document states that secondary market activity, including transfers between users and transactions conducted through intermediaries, generally would not trigger customer identification obligations for the stablecoin issuer.

The agencies said applying customer identification requirements to every stablecoin transfer could be impractical because issuers often do not have direct relationships with users participating in secondary market transactions.

The proposal arrives days after a bipartisan group of U.S. senators urged the Treasury Department to preserve a role for state regulators under the GENIUS Act. In a June 16 letter to Treasury Secretary Scott Bessent, lawmakers led by Senator Cynthia Lummis asked Treasury to provide clearer guidance on how states can obtain certification for their own stablecoin regulatory frameworks.

The GENIUS Act allows issuers with no more than $10 billion in outstanding stablecoins to operate under certified state regulatory regimes. The customer identification proposal states that its requirements would apply not only to federally supervised issuers but also to stablecoin issuers operating under eligible state frameworks established under the law.

Key Takeaways

• IBM shares declined more than 4% in Thursday’s premarket session following Accenture’s reduced fiscal 2026 revenue outlook
• Accenture revised its annual sales forecast to $71.76B–$72.46B, lowering the previous upper target of $73.16B
• Despite Accenture posting Q3 EPS of $3.80 that surpassed projections, its $18.7B quarterly revenue fell short of the $18.745B analyst forecast
• According to GF Value metrics, IBM trades at approximately 9.9% above fair value at $262.35, carrying a GF Score of 78/100
• IBM’s Q2 financial results are scheduled for release on July 22, with Wall Street projecting $3.00 EPS and $17.85B in revenue

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Shares of International Business Machines experienced a significant decline Thursday morning after Accenture revised downward the upper limit of its fiscal 2026 revenue forecast, creating headwinds across the IT services industry.

International Business Machines Corporation, IBM

IBM’s premarket price stood at $251.01, reflecting a 4.32% decline for the session. The stock had previously closed at $262.35 on June 17, marking a 3.1% drop from the day before.

The downturn wasn’t the result of IBM-specific developments. Rather, market participants reacted to Accenture’s adjusted financial projections.

Accenture tightened its annual revenue forecast to between $71.763 billion and $72.460 billion, reducing the prior high-end estimate of $73.157 billion. Market analysts had anticipated $74.006 billion for the full year.

This type of forecast adjustment typically creates downstream effects among industry competitors — and IBM became a casualty of that sector-wide pressure.

From a profitability standpoint, Accenture exceeded expectations on earnings. The company delivered Q3 diluted EPS of $3.80, surpassing the $3.69 analyst estimate. However, quarterly revenue of $18.700 billion narrowly missed the $18.745 billion consensus figure, and the forward-looking guidance adjustment triggered the sector weakness.

Accenture CEO Julie Sweet highlighted robust artificial intelligence demand, citing 104 client agreements worth $100 million or more year-to-date through Q3, representing 13% growth. The firm also revealed intentions to acquire majority ownership in Dragos while purchasing runZero and NetRise outright, expanding its operational technology cybersecurity capabilities.

IBM’s Q2 Financial Release Approaches on July 22

IBM’s quarterly financial disclosure is set for July 22. Wall Street consensus calls for EPS of $3.00 alongside revenue of $17.85 billion for the second quarter.

During Q1, IBM delivered EPS of $1.91, exceeding the $1.81 projection. Revenue reached $15.92 billion, topping the $15.66 billion consensus estimate. This performance extended IBM’s streak of surpassing EPS forecasts to eight consecutive quarters — a pattern investors will monitor closely in the upcoming report.

Current Valuation Analysis

GuruFocus estimates IBM’s GF Value at $238.63, indicating the stock traded at approximately a 9.9% premium relative to this fair value calculation when priced at $262.35.

IBM’s present P/E ratio of 23.2x registers modestly below its five-year median of 24.4x. The forward-looking P/E stands at 21.1x.

The company’s GF Score of 78/100 indicates above-average positioning versus industry peers, with profitability representing the strongest metric at 8/10. Financial strength registers at 5/10, while momentum scores 4/10 — the latter aligning with Thursday’s negative price action.

Notably, insider transaction records show zero activity over the preceding three-month period.

IBM’s 52-week trading range spans from $212.34 to $332.46, positioning Thursday’s premarket level of $251.01 in the lower portion of that spectrum.

The next significant market-moving event for IBM arrives on July 22.

Bitcoin lending platform Ledn has expanded its services to include Tether Gold (XAUt), allowing investors to hold the tokenized asset and borrow against it in much the same way they can borrow against Bitcoin.

Ledn announced Thursday that clients can use XAUt as collateral for loans instead of selling their holdings for cash. Under the company’s existing lending model, client collateral is held one-to-one and is not rehypothecated, lent out or used to generate yield.

Loans are issued and repaid in Tether’s USDT or USAt stablecoins and can be repaid at any time without scheduled monthly payments. Tether launched USAt in the United States in January as a stablecoin designed to comply with the GENIUS Act.

The launch expands the range of digital assets that can be used as loan collateral, giving investors another way to access liquidity without triggering a taxable sale. While Bitcoin-backed lending has become a common feature of the crypto market, the addition of tokenized gold reflects growing efforts to bring real-world assets into digital asset financial services as gold prices hover near record highs.

The new products are rolling out across most jurisdictions where Ledn operates but are not currently available in Canada or the European Union.

The market capitalization of Tether Gold peaked at around $2.89 billion. Source: CoinMarketCap

Related: Tether makes $150M investment in Gold.com in latest gold play

Tokenized commodities gain traction in RWA market

The announcement comes as commodities play an increasingly prominent role in the tokenization market. According to a recent Token Terminal report, tokenized financial assets have surpassed $43 billion, with commodities accounting for nearly 17% of the market.

Unlike commodity derivatives and futures, tokenized assets such as gold are backed by the underlying asset, giving holders direct ownership while enabling faster transfers and trading on blockchain networks.

Commodities account for a bigger share of the tokenization market.
Source: Token Terminal

Tether Gold benefited from this year’s rally in bullion prices, with the token’s market capitalization expanding as gold climbed to record highs above $5,600 per troy ounce. The precious metal has since pulled back to around $4,300 an ounce but remains up on the year.

Related: Crypto Biz: SpaceX fuels tokenization’s next boom

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Google, for example, has warned organizations to begin preparing for the transition to post-quantum cryptography and has been integrating quantum-safe cryptographic standards into parts of its infrastructure with a 2029 completion target. The U.S. National Institute of Standards and Technology (NIST) has been leading efforts to standardize post-quantum algorithms and has set timelines for the eventual retirement of certain legacy cryptographic systems.

Within crypto, several major ecosystems have elevated quantum preparedness as a strategic priority. The Ethereum Foundation earlier this year announced a dedicated post-quantum security initiative aimed at researching migration paths for blockchain’s vast ecosystem of wallets, applications and validators. Solana developers likewise published proposals exploring how users and the network could transition to quantum-resistant cryptography if the threat becomes more immediate.

The Algorand Foundation noted that blockchain networks need to begin making preparations well before a so-called “Q-Day,” the hypothetical moment when a quantum computer becomes capable of breaking the cryptography currently used to secure digital assets.

The foundation said its roadmap builds on work it began in 2022, extending those efforts to the rest of the protocol, with the goal of achieving what Algorand describes as broad quantum resilience by the end of 2027. The foundation said it expects to reach that milestone before NIST retires certain legacy cryptographic standards and three years ahead of a timeline set by the U.S. National Security Agency for national security systems.

• Solana price sits at around $71 with strong resistance at $75.95.
• Indicators and EMAs show a bearish market trend.
• Weekly gains contrast with weak momentum and extreme fear sentiment.

Solana price continues to trade in a tight range around the low $70s, with the asset struggling to reclaim the $72 level.

At the time of writing, SOL was trading near $71.26, after a mild 24-hour decline of about 0.7%.

Despite a stronger weekly rebound of roughly 10%, the broader market pattern still shows clear resistance overhead and weakening momentum across multiple technical indicators.

Over the past 24 hours, the Solana price has remained trapped between $70.69 and $74.24, without a decisive trend forming.

Technical structure still favours sellers

Looking at the charts, Solana (SOL) remains under pressure from a layered resistance structure formed by major moving averages.

Recent price movements show that SOL has only managed to reclaim the 10-day exponential moving average (EMA), while the 20-day, 50-day, 100-day, and 200-day EMAs are all positioned above the current price level.

This configuration confirms that the broader trend remains bearish, as rallies continue to encounter resistance before reaching higher momentum zones.

The most immediate technical barrier is located at $75.95, a level that must be cleared to signal a potential shift in trend direction.

If this level is broken, projections place the next resistance at $83.32.

On the downside, structural support is clearly defined at $62.40.

A breakdown below $62.40 would expose the Solana price to deeper losses, extending the current corrective phase and potentially triggering accelerated selling pressure.

Notably, the daily Relative Strength Index (RSI) is positioned at 44.38, reflecting a neutral condition and suggesting indecision in short-term price direction.

However, the weekly RSI has dropped to around 33.07, placing it near the oversold territory and signalling that while selling pressure has been persistent over a longer timeframe, we could see some bullish recovery soon.

The overall market sentiment remains weak

Sentiment conditions continue to reflect caution across the broader market.

The Fear and Greed Index is positioned near 15, a level typically associated with extreme fear.

Such an environment often coincides with defensive positioning, reduced risk appetite, and lower conviction in upward price movements.

Derivative market data also supports this cautious outlook, with the funding rates remaining negative in recent sessions, while short positioning has increased relative to long exposure.

In addition, the long-to-short ratio has remained below equilibrium levels, indicating that traders are still leaning toward downside protection rather than sustained bullish positioning.

At the same time, Solana has recorded modest institutional inflows, including small allocations into Solana ETFs totalling just over $1 million.

However, these inflows remain limited in size and have not been sufficient to offset broader bearish positioning in derivatives markets.

Key Highlights

• CoinMENA partners with Standard Chartered for enhanced UAE fiat payment infrastructure

• Partnership improves funding channels, settlement mechanisms, and operational clarity

• Standard Chartered broadens services to licensed UAE digital asset platforms

• CoinMENA strengthens client fund safeguards through enhanced banking infrastructure

• UAE digital asset platforms increasingly compete on regulated fiat access and settlement quality

The UAE’s digital asset sector has secured another significant banking partnership as CoinMENA announced collaboration with Standard Chartered for fiat payment infrastructure. This arrangement enhances local currency accessibility for platform users and verified partners. The development demonstrates how banking relationships increasingly influence competitive dynamics among licensed digital asset platforms.

CoinMENA Enhances Fiat Payment Infrastructure

Through this partnership, CoinMENA will leverage Standard Chartered’s banking systems to facilitate fiat entry and exit points across the UAE. The platform will implement protected client fund accounts alongside virtual account-based payment mechanisms. Consequently, users can expect improved visibility into funding movements and enhanced settlement workflows.

This collaboration provides CoinMENA with more robust banking foundations as digital asset oversight continues developing throughout the region. The arrangement enables accelerated funding processes, improved transaction monitoring, and enhanced clarity for authorized counterparties. Accordingly, this partnership extends beyond simple payment access to deliver comprehensive operational infrastructure.

CoinMENA functions within an ecosystem where fiat connectivity remains critical for crypto platforms. While users engage with digital assets through blockchain networks, exchanges require traditional banking for local currency operations. Consequently, dependable banking partnerships enhance platform credibility, market liquidity, and user satisfaction.

Standard Chartered Expands Support for Licensed Digital Asset Platforms

Standard Chartered’s involvement illustrates how established financial institutions can facilitate regulated digital asset operations without directly operating trading venues. The institution will deliver payment processing and account management infrastructure rather than proprietary cryptocurrency trading platforms. This model enables banks to participate in sector expansion while maintaining distinct operational frameworks.

The UAE has developed among the region’s most dynamic digital asset ecosystems through comprehensive licensing frameworks and regulatory oversight. Authorities have enabled virtual asset service providers, payment processors, stablecoin initiatives, and financial technology operators. Nevertheless, these enterprises require established banking relationships to achieve meaningful scale.

CoinMENA benefits from this evolution because regulated infrastructure now carries equal importance to platform capabilities. Robust fiat connectivity enables exchanges to accommodate retail customers, high-net-worth individuals, and institutional participants. Simultaneously, Standard Chartered reinforces its presence within UAE digital finance infrastructure development.

UAE Digital Finance Landscape Grows More Competitive

The CoinMENA partnership emerges as additional fintech operators advance their UAE market strategies. Revolut recently obtained Stored Value Facilities and Retail Payment Services authorizations from the UAE Central Bank. These regulatory approvals position the company toward potential market entry.

Revolut intends to deliver multi-currency accounts, payment cards, domestic transactions, and cross-border transfers within a unified application. Its market presence could intensify competition across payments and international money movement. However, these licenses do not necessarily indicate authorization for virtual asset trading activities within the UAE.

CoinMENA advances into this competitive environment equipped with strengthened bank-supported infrastructure for fiat operations. The partnership demonstrates how digital asset platforms require robust compliance frameworks, settlement systems, and client fund governance to achieve sustainable growth. Ultimately, UAE digital finance increasingly depends on regulated infrastructure rather than speculative market momentum.

 

France-listed Bitcoin treasury company Capital B’s shareholders approved authorizations allowing the company to raise up to 105 billion euros ($120.4 billion) to fund future Bitcoin purchases.

Over 95% of shareholders approved the establishment of up to 5 billion euros in capital increases, equivalent to as many as 125 billion new shares at the current nominal value, as well as the issuance of up to 100 billion euros in credit instruments, Capital B announced on Wednesday.

The company said the issuance of the new capital instruments will “accelerate its Bitcoin accumulation strategy, focused on increasing the number of Bitcoin per fully diluted share over time.”

During its general meeting on Wednesday, Capital B reported 300.65 million in total shares with voting rights. If fully exercised, issuing 125 billion in new shares would result in existing shareholders being diluted to about 0.24% of the company’s ownership.

Shareholders also approved changing the company’s name from The Blockchain Group to Capital B, aligning its corporate name with the commercial brand adopted in 2025.

Source: Capital B

Capital B shares were little changed following the announcement, according to Yahoo Finance data.

Crypto treasury companies take different approaches

Capital B is Europe’s second-largest Bitcoin treasury company, holding 3,139 BTC, currently valued at $200 million. It ranks behind Germany-based Bitcoin Group SE, which holds 3,604 Bitcoin, currently worth $230 million, Bitcoin Treasuries data shows.

To date, Capital B said it raised about $325 million in capital, following its $17.8 million raise from strategic investors, including Blockstream CEO Adam Back and Paris-based asset manager TOBAM.

Related: Mystery Bitcoin burn destroys 107 BTC worth about $8.5M 

The fundraising initiative contrasts with moves by some treasury companies to reduce or actively manage their Bitcoin exposure.

On May 28, France-based semiconductor company Sequans Communications said it had concluded its previously announced crypto treasury strategy. The company held 658 Bitcoin and said it would “monetize remaining holdings over time,” which led to a share price increase of about 14.5%. 

Magazine: Bitcoin, the ‘canary in the coal mine,’ XRP transaction demand falls 91.5%: Market Moves

Key takeaways

• While momentum indicators suggest downside pressure is easing, ETH remains trapped below multiple key moving averages. 
• Until buyers reclaim resistance levels above $1,800, the broader technical outlook remains cautious, with support around $1,741 likely to play a crucial role in determining the next major move.

ETH Open Interest falls to a multi-week low

Ethereum (ETH) derivatives markets remain subdued following weeks of price weakness, reflecting a cautious stance among leveraged traders.

After ETH fell below the $1,800 level, futures open interest dropped sharply, reaching 13.64 million ETH on Sunday, its lowest level since early May. 

Open interest saw a modest recovery on Monday after Ethereum rebounded above $1,700, but overall participation remains significantly lower than recent highs.

Open interest represents the total value of outstanding futures contracts. Since May 28, Ethereum futures markets have witnessed a decline of roughly 2 million ETH in open interest, highlighting a strong reduction in leveraged exposure and growing risk-off sentiment.

Funding rate data paints a similar picture of caution. Over the past two weeks, Ethereum funding rates have fluctuated between positive and negative territory, signaling a lack of clear conviction from either bulls or bears.

Funding rates are periodic payments exchanged between long and short traders in perpetual futures markets. Positive rates indicate bullish positioning, while negative rates suggest stronger bearish sentiment.

The market’s tone shifted notably after the June 5 correction, which pushed funding rates into negative territory following nearly a month of positive readings.

Although ETH has recovered modestly since then, bullish traders have struggled to regain control.

Spot-market indicators offer little evidence of aggressive accumulation. Ethereum exchange reserves have declined modestly over the past two days, reversing part of the increase recorded last week. 

While falling exchange balances can sometimes indicate accumulation, the move remains too small to signal strong demand.

Ethereum price analysis: ETH trapped below key resistance

Ethereum continues to trade within a bearish short-term structure despite recent stabilization.

On the 4-hour chart, ETH remains below its 20-day EMA near $1,794, the 50-day EMA around $1,955, and the 100-day EMA near $2,108

The clustering of these moving averages above current price levels indicates that upside attempts continue to face significant resistance.

Although the broader trend remains bearish, some technical indicators suggest downside momentum may be easing.

The Relative Strength Index (RSI) has climbed toward the mid-50s, indicating selling pressure is weakening but not yet signaling a bullish reversal.

For Ethereum to build a stronger recovery, bulls must reclaim several important resistance zones.

Immediate resistance at $1,794 could pave the way for an extended rally towards the $1,806 and $1,909 psychological levels.

A sustained move above these levels would significantly improve Ethereum’s outlook.

On the downside, Ethereum faces several important support areas. If the bearish trend persists, immediate support is seen at the $1,524 level, with another demand zone at $1,405. 

If selling pressure intensifies and these levels fail to hold, ETH could decline toward the next significant support area near $1,156.

Key Highlights

• KeyBanc elevated MRVL price target by 48% to $385 while maintaining Overweight rating
• Shares climbed approximately 6.4% to $308.60 during premarket hours Thursday
• The stock has surged 51% throughout June and 263% since the start of the year
• Analysts view optical-networking segment as more sustainable than custom AI chip operations
• Company preparing to utilize TSMC’s advanced 1.4-nanometer A14 technology for future AI processors

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Shares of Marvell Technology (MRVL) experienced a significant rally during Thursday’s premarket session following a substantial price target increase from KeyBanc Capital Markets, driven by enhanced optimism surrounding the company’s optical-networking division.

Marvell Technology, Inc., MRVL

John Vinh, an analyst at KeyBanc, upgraded his price objective to $385 from the previous $260 level, while maintaining his Overweight recommendation. This new target represents a 33% premium over Wednesday’s closing figure of $289.54.

During premarket trading Thursday, MRVL advanced 6.4% to reach $308.60. The semiconductor stock has demonstrated remarkable momentum with a 51% gain in June and an impressive 263% climb year-to-date, based on data from Dow Jones Market Data.

The bullish revision emerged after KeyBanc conducted an investor meeting with Marvell. Following the discussion, Vinh expressed increased confidence in the optical-networking segment, characterizing it as potentially more “durable” compared to Marvell’s customized AI chip operations.

“Networking represents the most durable growth opportunity,” Vinh stated, projecting that the total addressable market for optical networking could expand to approximately $30 billion by the end of the decade.

Marvell produces digital signal processors that power optical transceivers — critical hardware components responsible for transforming electrical signals into optical transmissions, enabling rapid data transfer within AI-focused data centers. As these facilities continue expanding, the demand for such advanced technology accelerates accordingly.

Networking Business Emerges as Primary Focus

While Marvell’s customized AI application-specific integrated circuits (ASICs) have traditionally captured investor attention, Vinh indicated that the optical networking division is poised to become the primary focus moving forward.

However, the AI chip segment remains a significant revenue contributor. Vinh maintains a “clear line of sight” toward achieving $10 billion in AI chip revenue by 2030, supported by strong demand from major cloud providers including AWS and Microsoft.

Marvell has been strategically expanding its networking capabilities through acquisitions. The company recently completed the purchase of Celestial AI for $3.25 billion and acquired XConn for $540 million. Additionally, Nvidia made a $2 billion investment in Marvell as part of a strategic partnership.

Advanced Manufacturing Process Node Adoption

Adding to Thursday’s positive momentum, a Nikkei Asia report revealed that Marvell intends to leverage Taiwan Semiconductor’s forthcoming A14 1.4-nanometer manufacturing process for its next-generation AI processors.

Marvell’s President and Chief Operating Officer, Chris Koopmans, confirmed the company’s commitment to TSMC, stating they will continue the partnership “if Taiwan Semiconductor maintains the absolute best technology in the world.”

Currently, Marvell’s data center segment generates over 75% of the company’s total revenue.

The company’s next quarterly earnings announcement is scheduled for approximately August 27, 2026. Wall Street analysts are forecasting earnings of 87 cents per share, representing growth from 67 cents in the comparable period last year. Revenue expectations stand at $2.70 billion, compared to $2.01 billion in the year-ago quarter.

MRVL currently trades at a price-to-earnings multiple of 99.5, indicating a premium market valuation.

Additional recent analyst activity includes B. Riley Securities elevating its Buy rating target to $345 on June 12, while Barclays raised its Overweight target to $275 on May 29.

As of Thursday premarket, MRVL was trading up 4.89% at $303.70.