Coinbase Global stock has climbed more than 2% after the crypto exchange reportedly simplified its account registration process for users in mainland China.

According to a report shared by Wu Blockchain, Coinbase now allows users in mainland China to complete identity verification using a Chinese national identity card and a mainland residential address, replacing the previous requirement that asked users to submit a Chinese passport together with a Hong Kong address. Wu Blockchain reported that Coinbase representatives confirmed the change.

The revised onboarding process has drawn attention because it lowers the barriers for mainland Chinese users who want to create accounts on the platform. Although the update does not indicate that Coinbase has officially re-entered the Chinese market, market participants have interpreted it as a step that could improve the exchange’s accessibility in the region.

China registration changes support investor optimism

Following the reported policy update, Coinbase shares rose more than 2% to trade above $160 during the session. The gain came as the crypto market also recovered after softer-than-expected U.S. inflation data improved investor sentiment toward digital assets.

Meanwhile, the easier registration process has fueled expectations that Coinbase could attract more users outside its core markets if similar onboarding changes continue elsewhere.

While the company has not announced a broader expansion strategy for mainland China, the adjustment comes at a time when crypto exchanges are competing to add new customers across international markets.

The registration update also arrives as digital asset adoption continues to grow globally, increasing competition among major exchanges. Against that backdrop, any reduction in account-opening requirements is being closely watched by investors looking for signs of future user growth.

Leadership changes and competition remain key risks

Despite Tuesday’s rally, Coinbase stock remains under pressure over a longer period. The shares have fallen nearly 38% over the past six months, showing that investors continue to weigh several challenges facing the company.

Adding to those concerns, Coinbase Chief Legal Officer Paul Grewal recently announced that he will leave the company after six years. His departure comes during a period when the exchange is facing increasing competition across both trading services and blockchain infrastructure.

Analysts have also maintained a cautious stance on Coinbase following the recent launch of Robinhood Chain. Market commentators have argued that Robinhood’s blockchain platform could strengthen its position in digital assets and increase competitive pressure on Coinbase if user adoption continues to grow.

Robinhood introduced its Layer-2 blockchain earlier this month and has since reported strong early activity, including rising transaction volumes and growing total value locked, developments that several market observers have cited as evidence of increasing competition in the sector.

Still, Coinbase’s latest onboarding changes have shifted attention back to its international user base. If crypto market conditions continue improving after the latest U.S. consumer price inflation data, investors may watch whether higher trading activity and easier account access can provide additional support for Coinbase’s business and its stock performance, though the company has not linked the registration changes to any future expansion plans.

Bitcoin (BTC) spiked past $64,000 into Tuesday’s Wall Street open as US inflation saw a surprise sudden downturn.

Key points:

• Bitcoin returns to near the top of its local trading range on US inflation data.
• The biggest drop in CPI since April 2020 boosts crypto and risk assets.
• Traders remain in wait-and-see mode over whether local resistance will break.

US CPI ignores Iran pressure with snap drop

Data from TradingView showed BTC/USD gaining more than 2% on the day as the June print of the Consumer Price Index (CPI) came in below expectations.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

At 3.5% versus the anticipated 3.8%, CPI posted its largest monthly decline since April 2020, per data from US Bureau of Labor Statistics (BLS). Energy led the drop despite headwinds from the US-Iran war and the closure of the Strait of Hormuz oil route.

“The index for energy fell 5.7 percent in June after rising 3.9 percent in May, 3.8 percent in April, and 10.9 percent in March,” an official news release stated. 

“The energy index was the largest contributor to the monthly all items decrease, more than offsetting increases in other indexes including those for shelter and food.”

US CPI 12-month % change. Source: BLS

Risk assets reacted positively, with US stocks in the green and crypto showing particular relief.

Market expectations of future Federal Reserve financial policy changes also turned dovish, with the odds of interest-rate hikes dropping sharply. The latest data from CME Group’s FedWatch Tool nonetheless maintained consensus for a 0.25% hike at the Fed’s September meeting.

Fed target rate probabilities (screenshot). Source: CME Group

“This print should help temper what had become an excessively hawkish market tilt to the monetary policy outlook,” economist Mohamed El-Erian wrote in a response on X.

Trader warns of BTC price rejection

Bitcoin traders remained cautious with local resistance above $64,000 still in place.

Related: Bitcoin bear market will bottom when two-month RSI metric hits zero, trader predicts 

In ongoing market analysis, X commentator Exitpump noted short positions getting “squeezed” as a result of the CPI print.

“Sellers haven’t been able to push price lower because of strong passive demand and now seeing shorts closing out slowly forcing price to grind up,” it summarized. 

“Still a range trading environment.”

BTC/USD one-day chart. Source: Exitpump/X

The latest data from CoinGlass put 24-hour crypto short liquidations at just over $220 million.

BTC/USD vs. crypto liquidations (screenshot). Source: CoinGlass

Continuing, trader Killa said that they would eye “signs of exhaustion” should the BTC price take out the local highs.

“There’s still a liquidity pool sitting above 64.8K, but right now we’re testing the weekly open. If we can’t reclaim and hold the weekly open, this is likely just a lower high before we move down to test the $60K region,” an X post read.

The Clarity Act will need to be sold to a large number of Democrats in the coming days, if it’s going to advance from the Senate before Congress’ summer break and the focus on this fall’s midterm elections. Though a new and potentially final draft is set to emerge as soon as Tuesday, it’s still absent a resolution on what may be the last and most important sticking point: a section that bans senior government officials — including the president — from personally engaging in the crypto industry.

That ethics provision remains at the forefront of the debate, and many Democrats have said they can’t vote for a Clarity Act that doesn’t have it. Those vows also came from the Democrats who have been at the negotiating table and voted yes on the bill when it was approved by the Senate Banking Committee.

“If this system does not stop Trump’s corruption of the entire industry, this bill is worthless,” said Murphy, who hasn’t been among Democrats at the negotiating table with Republicans. “If it protects Trump’s dominance over an industry that he will have more control to regulate, in fact, the bill is, in and of itself, a fundamental corruption if it gives Trump’s corruption the protection of law.”

Japan’s largest domestic card and payments network, JCB, has signed a memorandum of understanding with Circle to explore the use of USDC in cross-border payments and merchant transactions. The agreement focuses first on technical trials for internal fund transfers, while also testing whether stablecoin payments can work at retail locations for international visitors.

JCB and Circle said the initial work will include a proof of concept for using USDC for JCB’s internal cross-border movement of funds. They will also evaluate stablecoin checkout options for merchants in Japan and examine technical approaches aimed at enabling interoperability across multiple blockchain networks. The partners did not outline a timeline for any commercial rollout.

Key takeaways

• JCB and Circle will begin with a proof of concept for using USDC for JCB’s internal cross-border fund transfers.
• The memorandum also targets merchant payments in Japan for international visitors, alongside research into blockchain interoperability.
• JCB’s stablecoin push follows an earlier January initiative with Digital Garage and Resona Holdings focused on domestic store payments.
• Stablecoin payment experimentation in Japan is expanding alongside the country’s broader regulatory reforms that began taking shape in 2023.

From internal transfers to merchant payments

The memorandum of understanding is structured around two near-term lines of inquiry. First, JCB and Circle plan to test how USDC could support cross-border settlement for JCB’s own operational needs—initially framed as internal transfers. In practical terms, this kind of trial is aimed at reducing friction in cross-border movement by using a stablecoin designed to maintain a link to the US dollar.

Second, the partners intend to assess whether stablecoins can be used at the point of sale. The emphasis on merchants in Japan—specifically for international visitors—suggests the project is not only about settlement infrastructure, but also about the customer-facing experience and the operational steps required for merchants to accept payments.

Alongside these payment use cases, JCB and Circle said they will evaluate interoperability-related technologies across multiple blockchain networks. That focus matters because stablecoin liquidity and settlement paths can differ depending on the chain and infrastructure used. Interoperability research, if it bears fruit, could lower the cost and complexity of connecting payment flows to different token and network ecosystems.

Building on Japan’s earlier stablecoin experiments

This new Circle partnership builds on momentum that JCB already set earlier this year. In January, JCB launched a separate stablecoin payment test with Digital Garage and Resona Holdings, aimed at trialing stablecoin payments at physical stores in Japan. That earlier initiative was described as an effort to identify technical and operational challenges of enabling stablecoin payments for domestic merchants.

What changes with the Circle memorandum is the scope and framing. While the January work centered on domestic store payment trials and problem discovery, the USDC-focused agreement adds a cross-border dimension and introduces a broader look at interoperability and potential infrastructure applications beyond the first proof of concept.

Importantly, both JCB and Circle stopped short of providing a timeline for commercial deployment. For investors and builders, that signals the project may still be in the validation stage—useful for gauging feasibility, but not yet a commitment to near-term production systems.

Why USDC is a natural candidate for cross-border trials

Circle’s USDC is among the most widely used dollar-backed stablecoins. According to DefiLlama data cited in the original reporting, USDC is the world’s second-largest stablecoin by market capitalization, with a circulating supply of about $73 billion—behind Tether’s USDT at roughly $184 billion.

That market footprint matters for payments pilots because it can support the practical goal of ensuring that stablecoins used for settlement have sufficient liquidity and infrastructure connectivity. While JCB and Circle did not specify which blockchain networks would be involved in the initial cross-border proof of concept, they did indicate they would evaluate technologies for interoperable settlement across networks—an area where USDC’s ecosystem presence may be a key advantage.

Japan’s stablecoin payment push and the regulatory backdrop

The JCB–Circle memorandum arrives as Japan continues to expand stablecoin-related payment experimentation. Earlier this year, reporting indicated that Circle and Nomura were working on a stablecoin-based foreign exchange settlement service for Japanese companies. The concept described in that coverage focused on enabling businesses to convert yen into USDC for cross-border transactions and aiming for near-instant settlement.

Other projects in Japan also point to a broader industry effort to test stablecoin rails across different commercial settings. On Monday, convenience store operator Lawson announced plans to pilot yen-denominated stablecoin payments at a Tokyo location starting in August. Separately, Netstars launched a merchant payment service supporting USDC, USDT, and JPYC, with availability across Solana and Polygon.

Behind these trials is Japan’s legal and policy direction. Japan was among the first major economies to build a stablecoin framework: amendments to the Payment Services Act took effect in 2023, allowing banks, trust companies, and licensed money transfer providers to issue fiat-backed tokens. That regulatory foundation is a key reason pilots can progress from experimental concepts toward implementations that involve regulated participants.

Japan is also moving through wider digital asset reforms. In June, the Lower House passed a bill that would classify crypto assets as financial instruments, a change that could set the stage for additional oversight and market-structure reforms, including bringing more of the sector under stricter rules. While that legislation is not itself a stablecoin payment initiative, it forms part of the same macro trend: regulators seeking clearer definitions and guardrails for token-based finance.

What to watch next

For now, JCB and Circle are positioning their agreement around proofs of concept—internal cross-border fund transfers and merchant acceptance trials—without committing to a launch date. The most important signals to follow are technical: whether interoperability work reduces friction across networks and whether merchant pilots demonstrate operational readiness for real-world payments beyond internal settlement.

Digital asset custodian Anchorage Digital has added native TRX staking for institutional clients, expanding its support for the Tron blockchain as demand for regulated access to staking services grows.

The launch expands Anchorage’s support for Tron after introducing institutional custody for TRX, the network’s native token, earlier this year. Clients can now stake TRX directly from the company’s custody platform or Porto self-custody wallet, allowing them to earn protocol rewards for helping secure the blockchain without moving assets outside their existing custody environment.

Anchorage said the expansion reflects growing institutional interest in the Tron ecosystem, one of the largest networks for USDt (USDT) settlement. According to the company, Tron processed roughly $2 trillion in USDT transfers during the first quarter of 2026 while averaging 10.9 million daily transactions and 3.2 million active addresses. Tether’s transparency data shows nearly $90 billion of USDT currently circulates on the network.

The Tron rollout follows Anchorage’s broader expansion of institutional staking services. In November, the company partnered with Figment to add HYPE staking, extending custody-integrated staking support to the Hyperliquid ecosystem.

Related: Ethereum’s much-hated staking ‘tax’ may already be obsolete

Institutional platforms expand beyond custody

Institutional crypto infrastructure providers have increasingly expanded beyond custody, adding staking capabilities as investors seek regulated ways to earn returns on digital assets.

In October 2025, Coinbase and Figment expanded their institutional staking partnership, allowing Coinbase Prime clients to stake proof-of-stake assets including Solana (SOL), Avalanche (AVAX), Sui (SUI) and Aptos (APT) directly from custody. Four months later, Ripple integrated Figment and Securosys into its institutional custody platform, enabling banks and custodians to offer staking without having to operate their own validator infrastructure.

Asset managers have also sought integrated custody and staking services. In February, BitGo expanded its partnership with 21shares to provide regulated custody and staking for the firm’s US exchange-traded funds and global exchange-traded products through its regulated US and European entities.

Corporate crypto treasuries have joined the trend as well. Bitmine launched its MAVAN staking platform in March, having initially built the validator infrastructure for its own Ether treasury and later opening it to external institutions and custodians.

On Monday, Bitmine said it holds 5.77 million ETH, representing about 4.8% of Ether’s total supply, and has staked 4.92 million ETH through MAVAN.

Top Ethereum treasury companies. Source: CoinGecko

Magazine: Robinhood L2 sparks ETH optimism, Saylor ‘muddies waters.’ Hodler’s Digest, July 5-12, 2026

Tether has expanded its push into the US financial system by leading a $7 million funding round for Pact Labs to bring its USAT stablecoin into a payroll market that processes more than $11 trillion in annual payments.

According to a press release from Tether, the company led Pact Labs’ $7 million Series A funding round alongside Blockchange Ventures and Lasagna. The investment is intended to strengthen Pact Labs’ payroll and payment infrastructure while supporting enterprise adoption of USAT, Tether’s US-focused dollar-backed stablecoin.

Instead of concentrating on crypto trading activity, the partnership centers on integrating stablecoins into everyday wage payments used by businesses across the United States.

Payroll integration brings USAT into enterprise payments

Through the partnership, Pact Labs plans to embed USAT into payroll platforms used by employers, allowing companies to process wages using blockchain-based payment rails rather than conventional banking infrastructure. The company also intends to expand embedded digital wallets and other financial services that operate through blockchain networks.

Tether believes payroll is one of the strongest practical applications for stablecoins because wage payments occur on a predictable schedule and involve large transaction volumes. 

According to Tether CEO Paolo Ardoino, the company’s transaction data has consistently indicated demand for dollar-backed digital assets as a settlement tool for salary payments. While Ardoino pointed to internal payment activity as evidence of that demand, he did not present it as an industry-wide conclusion.

The opportunity is significant because the US payroll system handles more than $11 trillion each year. Despite that scale, much of the infrastructure continues to rely on legacy banking systems and batch settlement cycles.

According to Tether, those processes can delay employee payments by several days, increasing the risk of overdraft fees, short-term borrowing, and other financial pressures for workers waiting to access earned wages.

Using blockchain infrastructure, employers could process payroll continuously instead of being limited by traditional banking hours. Tether says USAT is designed to support around-the-clock settlement, potentially reducing payment delays associated with existing payroll systems.

Global expansion continues as US regulation evolves

The payroll initiative arrives as Tether continues expanding its international footprint. According to recent reports, Bolivia is evaluating the use of Tether’s USDT alongside the US dollar and the boliviano within parts of its national payments framework, adding another potential use case for the company’s stablecoin infrastructure.

The US expansion also follows Tether’s withdrawal from parts of the European market after the implementation of the Markets in Crypto-Assets (MiCA) framework, which introduced new compliance requirements for stablecoin issuers operating within the European Union. As a result, the company has increasingly concentrated on jurisdictions where it sees stronger opportunities for adoption.

Meanwhile, stablecoin regulation has remained a central topic in Washington as lawmakers continue debating the CLARITY Act. Banking industry groups recently warned that the proposed legislation could leave regulatory gaps for stablecoin issuers, adding fresh uncertainty to the policy debate. Those concerns also coincided with weakness in shares of Circle, whose stock declined as investors reacted to questions surrounding the bill.

Against that backdrop, Tether’s latest investment places attention on practical payment infrastructure rather than digital asset trading. By backing payroll technology that serves mainstream businesses, the company is positioning USAT for use in one of the largest recurring payment markets in the United States while policymakers continue shaping the country’s stablecoin regulatory framework.

The UK tax authority has announced plans to change how cryptocurrency lending and liquidity pool arrangements are taxed, moving toward a “no gain, no loss” treatment for certain disposals. The policy is designed to defer capital gains tax until a participant makes what HM Revenue & Customs (HMRC) calls an “economic disposal.”

In a notice released on Monday, HMRC said the approach would apply starting April 6, 2027. The move is aimed at aligning tax outcomes with the underlying economics of crypto lending and decentralized liquidity arrangements, where investors may not realize a profit in the usual sense until they dispose of their crypto exposure.

Key takeaways

• HMRC plans to apply a “no gain, no loss” approach to certain disposals tied to crypto loans and liquidity pools from April 6, 2027.
• The change is intended to defer capital gains tax on digital assets until an “economic disposal,” rather than taxing interim events.
• HMRC expects the update to affect around 700,000 individuals and trustees.
• The policy contrasts with earlier HMRC guidance for crypto lending and liquidity pools issued in 2022 after consultation.
• UK capital gains tax rates for 2025–2026 remain in the 18% to 24% range depending on the taxpayer’s rate band, but the timing of when gains are recognized would shift for covered arrangements.

What HMRC is changing for crypto loans and liquidity pools

HMRC’s announcement focuses on “certain disposals” related to cryptocurrency lending and liquidity pool participation. Under the new approach, HMRC says it will treat covered transactions under UK capital gains rules as “no gain, no loss” for situations including acquisition and disposal of an interest in a lending arrangement in exchange for the same type of asset.

The tax authority also indicated that its treatment would extend to cases involving borrowed assets acquired at market value, as well as arrangements operating under similar conditions using automated market makers.

Why “no gain, no loss” is meant to defer tax

HMRC’s stated rationale is that taxing these activities immediately could produce results that do not reflect when economic benefit is actually realized. The authority said the measure supports fairness in the UK tax system and “aligns the tax treatment more closely with the economics of these arrangements” by recognizing gains and losses “only when the participant makes an economic disposal of the cryptoassets.”

In practical terms, the policy is aimed at reducing instances where taxpayers might face capital gains tax consequences from events that are not, from an investor’s perspective, a final exit from their economic position.

Industry feedback and the move away from older guidance

HMRC described the change as significant and connected it to a broader consultation period that followed the authority’s 2022 guidance on crypto liquidity pools and lending. The notice indicates that the update is expected to affect roughly 700,000 people and trustees.

While the precise boundaries of HMRC’s “certain disposals” will matter to taxpayers planning their activities, HMRC’s direction is clear: it intends to reduce administrative pressure on taxpayers by adopting an approach that better matches how crypto lending and liquidity participation are commonly structured.

Aave founder and CEO Stani Kulechov said in an X post on Monday that “This is the right direction,” adding that industry feedback suggested alternative approaches would create “significant admin burden for the tax payer.”

Tax rates remain, but the timing could change

UK rules for 2025–2026 set capital gains tax rates for crypto at between 18% and 24%, depending on whether the taxpayer falls within the basic-rate or higher-rate band, according to UK income tax rate guidance. HMRC’s announcement does not change these headline rates.

Instead, the key difference is when gains and losses would be recognized for covered lending and liquidity pool transactions. By deferring capital gains tax until an “economic disposal,” HMRC is effectively shifting attention from intermediate events within an arrangement to the point at which the taxpayer’s exposure is actually disposed of.

For investors, traders, and liquidity providers, this can matter as much as the headline tax percentage: timing can affect cashflow, how gains line up with other income, and how accurately tax reporting corresponds to realized outcomes.

Separately: a Solana community leader files to run in UK by-election

While HMRC’s announcement reshapes crypto taxation policy, UK politics is also seeing a crypto-adjacent candidate enter the spotlight. Reform leader Nigel Farage will face challengers in a by-election in Clacton following his resignation last week, after reports tied him to donations connected to the crypto industry.

On Tuesday, Stephen Newnham, described as the leader of the Solana community group Superteam UK, said he will run as an independent candidate against Farage and others. The by-election is scheduled for Aug. 13 and, according to reporting that includes non-traditional candidates, will also include comedian and author Jon Harvey in costume as Count Binface.

Farage’s resignation triggered the by-election, and the political narrative around his campaign includes allegations and reporting about financial contributions. Earlier coverage cited a $6.7 million donation connected to crypto billionaire Christopher Harborne, which Farage described at different times as both a “reward” related to the UK’s exit from the European Union and later as a “gift,” and also referenced other assistance linked to George Cottrell, described in that coverage as a convicted fraudster associated with a crypto casino.

For crypto participants in the UK, the next watch points are how HMRC will define and operationalize “certain disposals” and what it will consider an “economic disposal” in practice. With the new framework set to begin in April 2027, taxpayers and platforms alike should prepare for reporting changes and monitor further guidance that turns today’s principle into day-to-day compliance.