Reap’s plans suggest a potential use case for local-currency tokens, enabling companies to move money and manage foreign-echange exposure outside banking hours, rather than merely using stablecoins for crypto trading and dollar settlement.

“Demand for non-USD stablecoins is driven by market demand and Reap’s priorities, especially as clients aim to get a more localized and cost-efficient experience,” Guo said.

Reap holds VPIM licenses in Hong Kong and Mexico, making the peso token a practical first addition. It is also considering Hong Kong dollar, euro, won and yen stablecoins for onchain 24/7 foreign exchange, Guo said, without providing a rollout timetable or naming the prospective issuers.

The company said it is integrating stablecoin settlement into a broader product suite that includes cards, cross-border payouts, treasury tools and compliance and fraud controls. Reap’s card and payments volume rose 33% year over year in the first half of 2026, after revenue and volume tripled in 2025, Guo said.

Visa’s stablecoin work operates at the network level, while Reap handles the regulated card-issuing business, including customer checks, bank relationships and cardholder compliance, Guo said.

Visa does not view blockchain settlement as a replacement for conventional payment systems, according to Stephen Karpin, the company’s Asia-Pacific president.

Crypto’s rebound pushed total market capitalization back toward the $3 trillion mark on Tuesday, led by gains in Bitcoin and a broad lift across major altcoins. At the same time, indicators of leverage in derivatives markets rose, underscoring how quickly risk appetite—and speculative positioning—can change during fast-moving rallies.

Bitcoin traded around $86,000, up roughly 4.5% over 24 hours, according to CoinGecko. Ether (ETH) added about 2.3% to $2,745, XRP rose 5.7% to $1.53, and Solana (SOL) climbed around 3.6% to $117. Among other large-cap names, BNB gained about 1.6%, while Dogecoin (DOGE) was reported as one of the strongest performers, rising roughly 11%.

Key takeaways

• Total crypto market cap hovered just under $3 trillion, up around 4.3% day over day, as majors extended a broad rally.
• Perpetual futures open interest rose to nearly $160 billion, the highest level since late October 2025, signaling renewed leverage.
• Liquidations were skewed by a surge: $920 million in bearish positions were reportedly cleared on Monday, which can fuel volatility.
• US spot Bitcoin ETFs recorded nearly $1 billion in inflows on Monday, the largest single-day tally since October 2025.
• Outside the top market leaders, Akedo’s AKE saw outsized momentum, gaining roughly 170% over seven days before a sharp pullback from its weekly high.

Market cap returns near $3 trillion as majors catch a bid

The rally’s breadth mattered: Bitcoin’s rise wasn’t isolated to the market leader, and instead pulled several high-volume peers higher in tandem. CoinGecko data cited in the report placed total crypto market capitalization just below $3 trillion at the time of writing, reflecting an overall gain of about 4.3% from the prior day.

For traders, the key takeaway isn’t only that prices moved up—it’s that the move showed up across multiple segments of the market. When liquidity and risk appetite broaden, it can reduce the probability that the rally is merely a single-asset rebound, though it does not eliminate the risk of a quick reversal if leverage continues building.

Derivatives leverage climbs; liquidations hint at fast feedback loops

Bloomberg reported that open interest across crypto perpetual futures climbed to nearly $160 billion, its highest reading since late October 2025. Alongside that, the same report said more than $920 million in bearish positions were liquidated on Monday as prices rose.

These two datapoints are important when interpreted together. Higher open interest suggests more capital is tied up in leveraged positions, while large liquidation totals indicate that price moves were strong enough to force accounts to unwind. That combination can create a feedback loop: bullish liquidations can push prices higher in the short term, but when sentiment flips, the same leverage can accelerate downside moves.

Investors watching this phase typically track whether open interest continues to rise in parallel with spot prices—or whether it peaks and begins to cool. The former often signals that the market is still adding risk, while the latter can suggest the move is maturing and becoming more dependent on spot demand rather than leverage mechanics.

Spot Bitcoin ETF inflows add a separate layer of demand

While futures positioning reflects speculative appetite, spot Bitcoin ETFs reflect a more direct form of institutional and retail portfolio activity. Earlier coverage referenced in the piece from Cointelegraph said US spot Bitcoin ETFs drew nearly $1 billion on Monday—described as the largest single-day inflow since October 2025.

That matters because sustained ETF inflows can help anchor rallies, especially when leverage-led moves run into profit-taking. The practical question for market participants is whether ETF demand continues beyond a single day and whether it aligns with changes in derivatives open interest. When spot and leverage move in the same direction, rallies tend to have more staying power; when they diverge, volatility often increases.

High-beta tokens flash early strength—then retrace

Beyond majors, the article highlighted Akedo’s AKE token as one of the week’s biggest movers. It was described as ranked 208th among roughly 8,161 active cryptocurrencies listed on CoinMarketCap, with the token up about 170% over the past seven days, lifting market capitalization to around $1.2 billion at the time of writing.

However, the piece also noted a sharp intrawave reversal: AKE reportedly reached an all-time high of $0.1467 on Sunday before dropping more than 60% from its peak. Traders reportedly exchanged $108.9 million worth of AKE in the past 24 hours, reinforcing that the token’s move was accompanied by heavy turnover.

This kind of path—rapid spike to a new high followed by a steep retrace—often reflects speculative momentum and thinner order-book depth at higher price levels. For traders, the most actionable point is to treat “headline gains” in smaller caps as fragile: price can reverse quickly when crowded positions unwind, especially if broader market leverage cools.

Going forward, readers should watch whether total market cap holds near $3 trillion and whether derivatives open interest continues to climb or starts to flatten after the reported liquidation burst. The next tell will likely be whether ETF inflows persist alongside spot strength—or whether the rally becomes increasingly reliant on leveraged positioning, which tends to raise the odds of a sharper pullback.

Animoca Brands suspended discussions for a proposed reverse merger with Currenc Group Inc. (CURR), which would have seen the digital asset investment company secure a Nasdaq listing.

The two companies decided the proposed timeframe to finalize the transaction didn’t align with their respective goals, Animoca announced on Tuesday.

Talks between Animoca and Currenc kicked off late last year, with plans for the former to own 95% of the merged company.

Hong Kong-based Animoca said it “remains fully committed” to listing on a major public exchange, with co-founder Yat Siu adding it will “continue to pursue optimal routes” to a public listing.

Animoca Brands’ portfolio spans decentralized finance (DeFi), AI, non-fungible tokens (NFTs) and gaming, with advisory services forming an increasing chunk of its revenue stream in recent years.

Currenc shares closed at $3.23 on Monday, 1.25% higher on the day, before dropping 0.93% in after-hours trading.

Bitcoin remains in the hunt for further gains as falling oil prices join a growing list of tailwinds supporting the cryptocurrency.

The largest cryptocurrency recently traded near $86,000 after recovering from Asian-session lows of around $85,000. Prices convincingly broke above the May high on Monday, reinforcing the bullish trend. The CoinDesk 20 Index (CD20) rose 2.2% over 24 hours.

U.S.-listed spot bitcoin ETFs attracted nearly $1 billion in inflows on Monday, their largest single-day haul since October last year.

WTI crude futures fell more than 2% to below $90 a barrel, extending their retreat from a recent high of $106. The decline followed a Kyodo report that Iran was willing to reopen the Strait of Hormuz within seven days if the U.S. eased its blockade.

In other words, the trader appears to be positioning for bitcoin to rise from roughly $85,000 to $95,000 over the next four weeks. That view broadly aligns with bitcoin’s daily chart, which shows little obvious resistance between $85,000 and $98,000.

There are no price levels in that zone where bitcoin previously stalled or consolidated, so, all else being equal, the current momentum could push it toward $98,000 in the near-term (check Today’s Signal).

The butterfly was not the only sign of growing bullish positioning. Traders also increased their demand for upside exposure through call options, pushing short-term risk reversals higher.

“Risk reversals have also been volatile, with front-end RRs flipping aggressively in favour of calls during the move up to $85K, before retracing somewhat this morning,” Laser Digital said in a note shared with CoinDesk.

The options market is also showing a broader preference for volatility across major tokens. On Monday, Coinbase Markets said options were pricing one-standard-deviation swings of 8.9% for XRP, 8.0% for SOL, 6.9% for ether and 5.0% for bitcoin through Sept. 27.

The figures measure expected price swings rather than directional bets, with risk of volatility highest in XRP. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

Crypto companies have contributed $206 million toward the 2026 U.S. election cycle as industry backed political groups continue directing money into congressional races ahead of the November midterms.

Public Citizen said in an Aug. 27 analysis of Federal Election Commission records that cryptocurrency companies represented the largest of three technology related sectors driving corporate political spending this election cycle. Crypto contributions reached $206 million, compared with $76 million from online betting companies and $62 million from Big Tech, AI and data center related businesses.

Corporate contributions across all sectors have reached $646 million so far, according to the consumer advocacy group. The figure is already 40% above the $461 million recorded across the entire 2024 presidential election cycle and more than triple the $184.1 million reported during the 2022 midterms.

Crypto companies, online betting firms and businesses connected with AI and data centers contributed a combined $344 million, accounting for 53% of the corporate contributions disclosed to the FEC in Public Citizen’s analysis.

Crypto PAC Fairshake remains at center of election spending

Fairshake has remained the main political vehicle for crypto companies during the 2026 election cycle, with Public Citizen calculating $83 million in corporate contributions to the super PAC through the second quarter. The group listed total crypto corporate contributions at $206 million over the same period.

Federal Election Commission records currently show Fairshake reported $137.4 million in total receipts between Jan. 1, 2025 and July 31, 2026. The committee recorded $88.7 million in total disbursements over the period, including $65 million transferred to affiliated committees and approximately $13.3 million in independent expenditures. Its cash on hand stood at nearly $113 million at the end of July.

Fairshake works alongside Protect Progress, which has primarily participated in Democratic contests, and Defend American Jobs, which has focused on Republican races.

The network entered the election year with substantially more money available. As crypto.news previously reported, Fairshake had built a $193 million war chest by January, backed by crypto companies and investors including Coinbase and Andreessen Horowitz.

By August, Fairshake affiliates had directed money into races across several states. Protect Progress spent roughly $113,120 supporting Rep. Suzan DelBene, around $105,040 backing Rep. Kim Schrier and approximately $103,020 supporting Rep. Marilyn Strickland in Washington. Defend American Jobs spent close to $506,917 supporting Republican Amanda McKinney.

The network had supported nearly 50 candidates who secured party nominations by the end of the primary season. Fairshake entered the final stage of the election cycle with a reported $122 million available for spending before the Nov. 3 general election.

Fairshake has spent across Democratic and Republican races

Fairshake’s affiliates have intervened in races involving candidates from both major parties, with their spending centered on congressional candidates and digital asset policy.

Protect Progress spent $5 million supporting Democrat Christian Menefee in the Texas 18th Congressional District runoff and another $2.8 million opposing then Rep. Al Green. Menefee defeated Green in the May Democratic primary runoff.

Spending continued into other primaries. Fairshake linked groups deployed more than $8 million across races in Maryland, New York and Utah in June, including expenditures supporting Adrian Boafo and Rep. Ritchie Torres.

Protect Progress later spent nearly $1 million in Michigan’s 13th Congressional District Democratic primary in activity tied to Rep. Shri Thanedar and challenger Donavan McKinney. Fairshake affiliates separately supported candidates in Michigan and Washington during August.

Public Citizen described the crypto sector’s 2026 activity as an extension of its 2024 election strategy, when industry backed groups participated in Democratic and Republican primaries and supported or opposed candidates from either party. The organization characterized Fairshake and similar industry funded committees as groups structured around the interests of their corporate backers.

Crypto companies spread political contributions beyond Fairshake

Fairshake has not received all of the sector’s political money.

Gemini Trust Company contributed $10 million to MAGA Inc., a super PAC aligned with President Donald Trump, according to Public Citizen’s review of second quarter filings. The contribution represented most of the $17 million in new corporate money reported by MAGA Inc. during the period.

FEC filings showed the contribution consisted of two Bitcoin transactions made on June 19 and valued at more than $5 million each. The $10 million Gemini contribution was reported in July.

Jump Crypto Holdings contributed another $4 million to Jump PAC during the second quarter, according to the Public Citizen analysis.

Earlier estimates had already placed crypto near the top of corporate political spending. Public Citizen calculated in June that the industry had contributed $189 million during the 2026 cycle. Its August analysis raised the figure to $206 million after incorporating second quarter disclosures, an increase of $17 million from the earlier estimate.

Fairshake prepares another $30 million election push

Fairshake’s spending is continuing as the general election approaches.

The super PAC has prepared at least $30 million to oppose former Sen. Sherrod Brown in Ohio, which would represent its largest planned expenditure of the 2026 election cycle. Brown is seeking a return to the Senate against Republican Sen. Jon Husted in the state’s November special election.

The $30 million Ohio campaign emerged days after the Senate failed to advance the Digital Asset Market Clarity Act on Sept. 15. A procedural motion to begin debate received 50 votes to 49 but needed 60 votes to advance. Disagreements during negotiations included stablecoin rewards, presidential ethics provisions, protections for decentralized software developers and the division of regulatory authority.

Brown previously chaired the Senate Banking Committee between 2021 and January 2025 and raised concerns during his tenure about consumer risks, illicit finance and money laundering involving digital assets. Fairshake spokesperson Josh Vlasto said in 2025 that the group would continue supporting candidates it considers favorable toward crypto and opposing candidates it views as hostile to the industry.

Ohio was Fairshake’s most expensive target during the 2024 election cycle as well. The network spent more than $40 million supporting Republican Bernie Moreno against Brown, according to reporting cited in the latest coverage. Moreno defeated Brown in November 2024 and later joined the Senate Banking Committee.

Binance bought $100 million of Circle shares as the companies signed a five-year deal that pays the crypto exchange to promote the USDC stablecoin on its platform.

Circle issued Binance 1.24 million Class A shares at $80.84 each in a private placement that closed Sept. 17, according to an SEC filing published Tuesday. The price reflected a discount to Circle’s market value before the sale, the company said.

Binance cannot sell, transfer or hedge the shares for as long as two years, subject to certain exceptions, but retains the right to vote them.

The equity purchase closed alongside an expansion of the companies’ existing USDC partnership. Circle agreed to pay Binance a monthly incentive fee calculated as a percentage of the USDC held through Circle’s Modular Smart Contract Wallet service, while Binance will carry out promotional activities for the stablecoin.