Local-currency stablecoin launches have increased demand for 24/7 foreign exchange liquidity as more than 70% of conversions into dollar stablecoins begin in another currency.

Raj Kamal, founder and CEO of payments company TransFi, told crypto.news that issuing euro, sterling, yen, and other local-currency stablecoins would bring more foreign exchange activity directly into payment transactions.

More than 70% of flows from fiat currencies into dollar stablecoins already originate outside the U.S. dollar, according to data cited by Kamal. Each flow requires a currency conversion somewhere in the process, even when the token used for payment is denominated in dollars.

The Bank for International Settlements reported in its 2026 Annual Economic Report that 99.4% of fiat-backed stablecoins by market value were pegged to the dollar. Kamal expects the mix to change as regulated issuers add tokens tied to currencies used by companies for payroll, supplier payments and treasury operations.

“For a corporate treasury, the value will come from being able to move between those currencies at a reliable price, with enough depth to execute larger payments whenever they need to.”

Stablecoin payments require 24/7 FX liquidity

Blockchain settlement can remain available during nights, weekends, and holidays, but Kamal said continuous token transfers do not guarantee continuous access to deep currency markets.

A company may want to move money late on Friday or during Asian trading hours when the underlying currency pair has limited activity. Although the stablecoin payment could still settle, a liquidity provider would have to price and hold the resulting exposure until it could hedge the position efficiently.

For large transactions, Kamal said the process becomes a balance-sheet decision. Market makers must determine how much currency inventory they can carry, how much exposure they will accept outside the most active FX hours, and what fee would compensate them for taking the risk.

Spreads and available transaction sizes could therefore change depending on when a business requests a conversion. According to Kamal, moving a token may take seconds, while securing the pricing and depth normally available during the working week could remain difficult at certain times.

“A payment rail that is always open has limited value if a large conversion becomes materially more expensive at the weekend.”

Corporate treasury teams would focus on execution certainty as well as settlement speed, Kamal added. Companies processing payroll, supplier invoices, or treasury transfers need to know how much currency they can convert and what price they will receive before committing funds.

The existing foreign exchange market provides substantial capacity, with the BIS reporting average daily turnover of $9.6 trillion in April 2025, up 28% from $7.5 trillion in 2022. However, much of its liquidity remains connected to trading sessions, bank balance sheets and separate regional markets, while stablecoin networks operate continuously.

Kamal expects providers serving several currencies and time zones to gain an advantage because they may be able to offset customer flows internally before entering the external FX market. In his view, access to capital and the ability to manage currency inventory will become important competitive factors as stablecoins gain use in cross-border business payments.

Dollar stablecoins may remain key conversion routes

While local-currency tokens could let companies settle in currencies they already use, Kamal expects liquidity to remain concentrated in a limited number of trading pairs during the first stage of adoption.

The dollar may retain an intermediary role even when neither side of a payment uses it as its domestic currency. A transfer between two local-currency stablecoins could still pass through a dollar token if the dollar pair offers deeper liquidity, tighter spreads and better execution.

Dollar dominance is already visible in conventional FX markets. The BIS found that the U.S. dollar appeared on one side of 89% of all foreign exchange trades recorded in April 2025, while the euro and Japanese yen ranked behind it.

Kamal said businesses would judge onchain currencies by the amounts they can convert, the spreads available, and the consistency of execution across markets and time zones. Token supply alone would not establish whether a payment route can support corporate-scale transactions.

The issue has become more relevant as financial institutions add new currencies to blockchain networks. Revolut began rolling out EURR to selected customers in Denmark, Poland and Portugal on Aug. 26. Issued by Stripe-owned Bridge Building, the Ethereum-based token is designed to maintain a value of €1, with availability across other European Economic Area markets planned later in 2026.

In Hong Kong, Standard Chartered became the first bank distributor of Anchorpoint Financial’s regulated HKDAP stablecoin in August. The bank initially offered access to eligible institutional clients and partners, while controlled beta use focused on institutions and professional investors.

According to Standard Chartered, planned uses include treasury management, cross-border trade payments and tokenized fund settlement. The bank also plans to introduce money market fund subscription and settlement services using HKDAP in the fourth quarter of 2026.

More stablecoins could divide liquidity

An increase in bank and local-currency tokens would give companies more settlement choices, but Kamal warned that it could also distribute liquidity across additional issuers, currencies, venues and blockchain networks.

A cross-border payment may begin with a euro token issued by one bank, move to a different blockchain, convert into another currency, and finally enter the recipient’s bank account. Each stage may require a separate market, technical connection, and pool of available funds.

For market makers, supporting numerous tokens would require placing capital across different currencies and venues. Kamal said fragmented transaction volume could make it expensive to hold enough inventory for large conversions without moving market prices.

“I expect liquidity concentration to matter much more than the headline number of stablecoins in circulation,” he said.

Corporate users would probably favor tokens and payment routes that support large transfers at predictable prices, according to Kamal. Such behavior could concentrate activity among a limited group of liquid stablecoins, even if the total number of issuers continues to increase.

Shared issuance could reduce some of the fragmentation. Bank of America, Citi, Goldman Sachs and 18 other institutions committed to create a joint stablecoin company during the second half of 2026, subject to closing conditions.

The group plans to introduce a U.S. dollar stablecoin in the first half of 2027 and may later issue tokens tied to other G7 currencies, starting with the euro. Proposed uses include wholesale, institutional, and retail payments as well as settlement for digital asset transactions.

Several U.S. institutions participating in the project give the liquidity question direct relevance for American companies and banks. The consortium said its planned venture would seek to comply with applicable requirements under the U.S. GENIUS Act and the European Union’s Markets in Crypto-Assets framework before starting operations.

Kamal cited the 21-member project as an early example of institutions pooling distribution and liquidity through shared infrastructure instead of asking markets to support an isolated token for each bank.

Banks need connections after stablecoin issuance

Issuing a token gives a bank an onchain form of its currency, but Kamal said commercial adoption depends on the services available after customers receive it.

A company operating in several countries is unlikely to maintain a different treasury process for every token. Corporate users would need to move between bank-issued stablecoins, tokenized deposits, conventional bank balances and foreign currencies through a connected operation.

Banks will therefore need reliable redemption systems, FX liquidity, links to other financial institutions, and access to multiple blockchain networks, according to Kamal. Settlement arrangements must also allow funds to leave the issuing bank’s customer base and reach counterparties using another form of money.

Stablecoins are not the only bank-backed assets entering blockchain payment systems. In July, Swift launched the first phase of a shared ledger with 17 banks preparing to test cross-border payments using tokenized deposits.

Participants include Citi, Wells Fargo, HSBC, Standard Chartered, BNP Paribas, UBS, and MUFG. Swift said the system would support overnight and weekend transactions while retaining the compliance, credit, risk, and control standards used by banks.

Stablecoins and tokenized deposits carry different legal and balance-sheet structures. Stablecoins represent claims against an issuer and its reserve assets, while tokenized deposits remain claims on the bank holding the underlying account. Kamal expects banks to support one or both forms as digital money systems develop.

Corporate clients would eventually expect the different systems to interact, he said. A treasury team may want to fund a transfer from a conventional deposit, route the payment through tokenized infrastructure, and deliver the recipient’s preferred currency without creating separate liquidity arrangements for every network.

“I think that will influence where banks invest after the first wave of issuance,” Kamal said. “Distribution, liquidity and connectivity become critical once these products move beyond pilots.”

Polish prosecutors investigating cryptocurrency exchange Zondacrypto, have formally charged an individual, identified as Romana Ż., with participating in an organized criminal group and allegedly misappropriating 7.8 million zlotys ($2.1 million) in user funds.

Prosecutors also asked the Katowice-Wschód District Court to place the suspect in pretrial detention, citing concerns that he could flee or interfere with the investigation, according to an official announcement on Monday.

Romana Ż. was detained on Sept. 5 over concerns they might flee and was subsequently questioned by prosecutors. The suspect denied the charges and provided a statement, according to Poland’s National Prosecutor’s Office.

Prosecutors allege Romana Ż. acted with others to misappropriate funds entrusted to the exchange by making unauthorized changes to computer records and interfering with the processing and transmission of exchange data.

The charges come after three others detained on Sept. 2 were charged in the investigation over allegations including money laundering, misappropriation of company assets and participation in an organized criminal group. A Polish court ordered all three held in pretrial detention for up to three months.

As Cointelegraph previously reported, prosecutors estimated losses connected to Zondacrypto at no less than 350 million zlotys. The investigation was also merged in July with a probe into the 2022 disappearance of Sylwester Suszek, the founder of BitBay, which was later renamed Zondacrypto.

Zondacrypto’s Estonian operator, BB Trade Estonia, was declared bankrupt in August, with its first creditors’ meeting scheduled for Sept. 17.

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Polish prosecutors have expanded their criminal case involving crypto exchange Zondacrypto by formally charging an additional suspect, identified as Romana Ż., with allegedly taking part in an organized criminal group and misappropriating user funds.

According to an announcement from Poland’s National Prosecutor’s Office, prosecutors also requested that the Katowice-Wschód District Court order Romana Ż. to be held in pretrial detention, citing concerns that the suspect could flee or obstruct the investigation.

Key takeaways

• Romana Ż. has been formally charged in Poland’s Zondacrypto investigation with participating in an organized criminal group.
• Prosecutors allege the suspect misappropriated 7.8 million zlotys (about $2.1 million) in user funds.
• Prosecutors asked for pretrial detention, arguing the suspect may flee or interfere with the probe.
• The latest charges follow earlier detentions and charges of three other individuals connected to Zondacrypto.
• Earlier reporting and court actions cited far larger loss estimates tied to the exchange and related investigations.

New charges filed in the Zondacrypto case

Prosecutors said Romana Ż. was detained on Sept. 5 due to concerns about flight risk and possible interference with the investigation. After the detention, the suspect was questioned by prosecutors, according to the National Prosecutor’s Office. The suspect denied the allegations and provided a statement.

In their filing, prosecutors accuse Romana Ż. of acting with others to misappropriate funds entrusted to the exchange. The alleged conduct, as described in the prosecutor’s submission, includes unauthorized changes to computer records and interference with the way Zondacrypto processed and transmitted exchange data.

Prosecutors’ motion for detention was submitted to the Katowice-Wschód District Court on Monday, with the announcement pointing to the same stated risks: potential flight and interference with the investigation. The court’s decision on detention was not described in the announcement.

Poland’s National Prosecutor’s Office announcement (linked in the source)

Earlier detentions and the group-wide allegations

The Romana Ż. charges follow a broader escalation earlier in September. The National Prosecutor’s Office reported that three other individuals had been detained on Sept. 2 and subsequently charged. Those allegations included money laundering, misappropriation of company assets, and participation in an organized criminal group.

Polish court records referenced in the source indicate that the court ordered all three suspects held in pretrial detention for up to three months. This is important for investors and users watching the case: it suggests prosecutors are framing the alleged misconduct as systemic rather than isolated, and they are building a timeline intended to support an organized-crime theory.

Poland’s National Prosecutor’s Office announcement (linked in the source)

Loss estimates and the expanding scope of the probe

Earlier coverage from Cointelegraph, linked in the source material, said prosecutors estimated losses connected to Zondacrypto at no less than 350 million zlotys. That figure dwarfs the 7.8 million zlotys attributed to the newly charged suspect, highlighting how individual defendants may be tied to different alleged portions of a larger total.

Cointelegraph also previously reported that the investigation was merged in July with a separate probe into the 2022 disappearance of Sylwester Suszek, the founder of BitBay, later renamed Zondacrypto. The merger matters because it suggests prosecutors are connecting the exchange’s later operations and the alleged handling of user funds to broader events around its leadership and corporate history.

Earlier Cointelegraph coverage (linked in the source)

Bankruptcy proceedings for the Estonian operator

Beyond criminal charges, the case has already spilled into formal insolvency steps. The source notes that Zondacrypto’s Estonian operator, BB Trade Estonia, was declared bankrupt in August. It also states that the first creditors’ meeting is scheduled for Sept. 17.

For creditors and affected users, bankruptcy timelines can be as consequential as criminal proceedings. Criminal cases often determine responsibility and potential recovery routes, while insolvency processes are typically where claims are filed, assets are managed, and distributions may be negotiated or decided.

While the source does not detail whether claimants are expecting crypto-specific asset recovery or fiat distributions, the scheduled creditors’ meeting is likely to influence how quickly affected parties can formalize their requests and learn what portion—if any—may be recoverable.

What to watch next

The immediate next step is the Katowice-Wschód District Court’s decision on the detention request for Romana Ż. Separately, the Sept. 17 creditors’ meeting for BB Trade Estonia will be a key milestone for anyone seeking to understand their prospects for recovery as the criminal investigation continues to build its case against multiple defendants.

Significance of the financial pledges amid fraught geopolitical tensions

Bitcoin has fallen 0.8% to about $79,176 over the past 24 hours as analysts forecast continued trading between $78,000 and $82,000 before the Federal Reserve’s September policy decision.

Bitcoin price remains capped near $82,000

Bitfinex analysts told crypto.news that Bitcoin’s current structure supports “continued consolidation with an upside bias” rather than a confirmed breakout, as ETF demand counters pressure from elevated Treasury yields and expectations of another US interest rate increase.

Bitcoin (BTC) was trading near $79,176 at the time of writing, down 0.8% over 24 hours, according to CoinGecko data. The asset moved between a low of $78,707 and a high of $80,494 during the period, while trading volume increased nearly 30% to about $24.4 billion.

The intraday retreat followed another failed attempt to remain above $80,000. Sellers entered as the price approached $80,500, keeping BTC inside the $77,200–$82,100 range identified by Bitfinex.

Jeff Ko, chief analyst at CoinEx, expects even tighter trading before the Fed announces its next interest-rate decision.

“I expect compression into a tight range, capped around $82,000 with support at $78,000–$79,000, and a directional resolution once the Fed is out of the way,” Ko told the publication.

A move below the lower end of Ko’s range would bring the $77,200 level identified by Bitfinex into focus. On the upside, Bitcoin would need to clear $80,500 before testing the stronger supply area around $82,000.

Earlier technical conditions also showed why that upper zone could remain difficult to cross. On Aug. 27, Bitcoin traded near $79,500 after climbing about 25% from its mid-August range, but daily relative strength index readings had reached overbought territory at 81.14. The 200-day SMA breakout kept the recovery structure intact, while fading short-term momentum and liquidity near $81,000 raised the risk of another pullback.

ETF inflows support Bitcoin price near $79,000

US-listed spot Bitcoin ETFs absorbed $986.9 million in net inflows during the week ending Sep. 4, taking the three-week total to approximately $3.8 billion, according to Ko.

Institutional demand has helped Bitcoin remain near $80,000 even as markets have raised their expectations for another Fed rate increase. Ko, however, said three weeks of positive flows were not enough to confirm a sustained accumulation period.

“The $986.9 million of inflows brought the three-week total to roughly $3.8 billion, which is clearly constructive. But I would still like to see another few weeks of sustained net inflows, particularly if Bitcoin turns boring and trades sideways, before calling this a genuine accumulation phase.”

Ko argued that continued purchases during flat or falling prices would provide stronger evidence of allocation demand than inflows that follow a rapid rally. Bitcoin gained 25% in August, meaning some recent ETF purchases may have been driven by price momentum rather than long-term accumulation.

Data cited in an earlier report showed that US spot Bitcoin ETFs collected $3.52 billion during August, recording positive flows on 16 of 21 trading days. The funds maintained demand while Bitcoin climbed from the low-$60,000 area toward $80,000.

ETF products did not prevent losses earlier in 2026. During the first half of the year, the funds registered a combined $5.29 billion in net outflows as Bitcoin fell from approximately $94,000 to $63,000, according to the previous Fed and ETF analysis.

Bitfinex analysts said stablecoin supply growth has also provided support during the latest recovery. Even with fresh capital entering the market, profitable holders could add selling pressure as BTC moves toward the top of its range.

More than 71% of Bitcoin’s circulating supply is now held at a profit, compared with about 67% when the asset traded above $82,500 during its May consolidation. Bitfinex attributed the difference to summer accumulation, which lowered the short-term holder cost basis to $68,400 at its weakest point.

At similar prices, a larger share of holders can now sell without realizing a loss. Bitfinex said supply in profit is approaching its historical average of 74.7%, with previous moves above that threshold often occurring during transitions from bear to bull markets.

Fed decision and CPI could resolve the range

Interest-rate expectations remain the main external test for Bitcoin ahead of the Sep. 15–16 Federal Open Market Committee meeting. Markets are considering a 25-basis-point increase from the current federal funds target range of 3.50%–3.75%, Ko said.

Federal Reserve Chair Kevin Warsh adopted a hawkish tone during his Jackson Hole speech, after which CME FedWatch probabilities for a September increase climbed to around 66%. The estimate has moved with each subsequent economic release and should not be treated as a Fed commitment.

Stronger August employment figures renewed the case for tighter policy. Nonfarm payrolls increased by 162,000, while the unemployment rate remained at 4.1%, according to figures cited by Bitfinex. Manufacturing activity also expanded, with the Purchasing Managers’ Index reaching 54.6, although elevated input costs continued to raise inflation concerns.

US inflation data will provide the next evidence for policymakers. As previously detailed, the Producer Price Index is scheduled for Sep. 10, followed by the Consumer Price Index on Sep. 11 and the Fed decision on Sep. 16.

“A hot print that pushes yields and the dollar sharply higher would be the cleanest test of Bitcoin’s resilience,” Ko said.

The two-year Treasury yield recently moved above 4.34%, while Ko placed the 10-year yield near 4.8%. Higher yields can reduce demand for assets that do not pay interest by giving investors access to stronger returns from US government debt.

Bitfinex said the important signal would be continued ETF buying while short-term yields remain elevated. Persistent demand under such conditions would indicate that the policy rate no longer acts as Bitcoin’s main constraint, according to the analysts.

Treasury buybacks provide another liquidity test

The US Treasury’s expanded buyback operation on Sep. 9 will give investors another measure of bond-market liquidity before the inflation data and Fed meeting.

Treasury Secretary Scott Bessent announced in August that the maximum size of liquidity-support buybacks for 10-to-20-year and 20-to-30-year nominal coupon securities would increase from $2 billion to at least $4 billion per operation. The higher limits are scheduled to remain in place from Sep. 9 through Nov. 4.

After the announcement, the 30-year Treasury yield dropped from a 19-year high above 5.34% to 5.19%, while the 10-year yield fell to 4.647%. During the same period, Bitcoin climbed 8.2% from $64,100 to $69,500 in less than 12 hours, although Treasury officials did not establish that the buyback change caused the rally.

The move also triggered $1.44 billion in short liquidations across major crypto exchanges, including $1.29 billion within one hour, according to an earlier Treasury buyback report.

For the next breakout attempt, Ko said investors should track ETF flows, spot-market buying near current levels, and Bitcoin’s reaction to Treasury yields. He also wants to see whether futures open interest grows meaningfully alongside any move outside the $78,000–$82,000 range, with CPI due Sep. 11 and the FOMC decision scheduled for Sep. 16.