Crypto World
Scott Bessent Frontrunner for Trump’s AI Czar: Report

US President Donald Trump previously tapped David Sacks as his AI and crypto czar before Sacks stepped down from the role earlier this year after reaching his service limit as a special government employee.
Crypto World
Binance to rename Funding Account as Stocks Account
Binance has set Sept. 29 as the start of a phased migration that will move non-stock crypto assets from Funding Accounts into Spot Accounts before the Funding Account becomes a dedicated Stocks Account in January 2027.
Summary
- Binance will begin moving non-stock crypto from Funding Accounts to Spot Accounts on September 29.
- Six settlement assets will remain available for stock and stock-options trading through the renamed account.
- Binance will automatically migrate remaining eligible balances in batches beginning January 2027 without manual action.
- P2P advertisers will receive dedicated accounts in December before unmigrated advertisements close after January 2027.
- Direct stock trading on Binance already offers eligible users more than 7,000 U.S. securities globally.
Binance said the migration will continue through January, with individual batches and the exact account-renaming date to be announced later. The Stocks Account will be reserved for U.S. equities, stock options and six settlement assets: USD, USDC, USDT, USD1, U and BNB.
Users do not need to complete the transfer manually. Binance plans to add a One-Click Migration feature for customers who want to move supported balances earlier, while remaining non-stock assets will transfer automatically in batches starting in January. The company says aggregate balances and historical transaction records will remain intact.
Binance Stocks Account will separate equities from crypto
From Sept. 29, the Funding Account will stop accepting on-chain deposits as Binance starts separating stock settlement from its regular cryptocurrency wallet structure. Non-stock crypto deposits and withdrawals will run through Spot Accounts.
The six settlement assets will remain transferable internally between Spot and the future Stocks Account. Binance’s FAQ states that direct on-chain deposits and withdrawals will not be available from the Stocks Account, including for those six assets. A user who wants to withdraw USDT, USDC, BNB or another supported settlement asset must first transfer it internally to Spot.
The account will retain direct U.S. equities and stock options because Binance says securities settlement must occur through a dedicated account. Other crypto assets will be consolidated in Spot, which the exchange says is intended to remove overlap between its current Funding and Spot structures.
A separate distinction applies to bStocks. Binance’s tokenized securities will not remain inside the Stocks Account even though their prices track equities. Existing bStock balances held in Funding Accounts can move through One-Click Migration and will otherwise transfer automatically to Spot beginning in January. Newly converted bStocks will go directly to Spot.
As previously reported, Binance launched tokenized U.S. equities with 24/7 bStocks trading in June. Those products are backed by underlying securities but differ from direct stocks because bStocks are blockchain-based tokens and do not give holders direct shareholder rights.
Sept. 29 changes affect Pay, Convert and Binance Alpha
The migration reaches several services that have historically relied on Funding Accounts.
Beginning Sept. 29, assets received through Binance Pay, Binance Card and Gift Card will be credited to Spot Accounts. Funding balances can temporarily remain payment sources for Pay, but Binance plans to remove Funding before the Stocks Account rename.
Once Funding disappears as a Pay source, recurring send plans funded solely from that account will stop executing. Users relying on those plans will need to select another payment source. Binance has not disclosed the exact date when Funding will stop supporting Pay deductions.
Convert orders receive a similar account change without canceling open trades. Existing limit orders with assets frozen in Funding will stay open, but orders that settle or expire after Sept. 29 will return funds to Spot. New limit orders created from that date will freeze and settle funds solely in Spot.
Recurring Convert orders will settle into Spot or Earn according to the user’s configuration, while failed-order refunds will return to Spot. Binance recommends changing account selections from Funding to Spot where required for existing recurring plans.
For Binance Alpha 2.0, stablecoins used in limit-order purchases and sales will move through Alpha Accounts from Sept. 29. Liquidity-provider rebates for the Alpha limit-order program will be credited there as well. Binance says Alpha users do not need to create a separate account because the Alpha Account already forms part of its account structure.
API users face a technical adjustment. Binance advises integrations that currently reference Funding Accounts to change their account reference to Spot as settlement activity moves away from Funding.
P2P advertisers get a separate account in December
P2P activity will move in stages because advertisers still rely on Funding Accounts for posted advertisements and merchant deposits.
From Sept. 29, normal P2P users who have no advertisement history during the previous three months or do not have merchant status will use Spot as the default source for buy and sell orders after updating the Binance app.
Advertisers will continue using Funding for maker orders, taker orders, advertisements and related deposits until December. Binance then plans to introduce a dedicated P2P Account and guide advertisers through moving assets connected with their listings.
Existing advertisements can remain active during the transition, and Binance says their original update times will be preserved so the migration does not alter ranking information in the P2P marketplace. New advertisers joining after the dedicated P2P Account arrives will be directed into the new structure.
After January 2027, Binance says P2P advertisements that have not moved into the dedicated account will be closed automatically. The exchange warns that P2P activity may be interrupted for app users who fail to update to a version supporting the new account structure.
Stocks Account follows Binance’s equity expansion
The account change comes after Binance spent several months expanding from crypto trading into direct equities and securities-linked products.
On June 1, the exchange launched direct access to more than 7,000 U.S.-listed stocks and ETFs for eligible users. Binance says customers directly own fractional shares held through regulated brokerage infrastructure, with purchases starting from $5. Product access remains subject to regional restrictions.
One month later, Binance reported that users held more than $1 billion in U.S. equities through Direct Stocks and had generated close to $3 billion in cumulative trading volume. Around 73% of users came from emerging markets, according to company data.
In related coverage, Binance’s Direct Stocks product crossed $1 billion in holdings within 30 days after its June launch. The product gives eligible customers direct securities exposure, unlike bStocks or equity-linked perpetual contracts.
Binance expanded the securities lineup on Sept. 1 when it launched physically settled options on selected U.S.-listed stocks and ETFs. Users can buy calls or puts, while the initial version does not permit customers to write options. Exercised contracts settle into the underlying shares.
As crypto.news previously reported, Binance introduced U.S. stock and ETF options for eligible users as part of its TradFi product lineup. Stock options and direct equities will remain in the future Stocks Account, while bStocks stay within Spot after the migration.
Binance later launched an ETF wealth-management offering with 11 U.S.-listed funds. In related coverage, the 11-ETF product focused largely on Treasury and investment-grade bond funds, with actual ETF shares held through brokerage infrastructure.
The Funding Account name will remain visible during the transition and in historical records. Binance says the formal Stocks Account rename will occur sometime in January 2027, but the exact date has not yet been published.
Users with older mobile-app versions will not see the One-Click Migration tool. Binance says their remaining balances will still move automatically once backend migration batches begin, while users wanting to transfer assets earlier should update to the latest iOS or Android application.
Crypto World
Coinbase users can now borrow USDC against bitcoin at a fixed rate
Nasdaq-listed exchange Coinbase now allows its users to borrow dollar-pegged stablecoin USDC agains their bitcoin holdings with no surprises on what they’ll pay in interest.
The exchange has rolled out fixed-rate, bitcoin-backed USDC loans, with the interest rate and repayment date set at the time of borrowing, an alternative to the floating-rate loans Coinbase already offers.
“The move takes onchain borrowing beyond the predominantly variable-rate model, giving users greater certainty over the cost and duration of their borrowing,” according to an announcement on Tuesday.
The fixed-rate offering runs on Morpho Midnight, a decentralized, non-custodial lending protocol for fixed-rate and fixed-term crypto loans launched in July this year. It settles transactions on Coinbase’s Ethereum layer 2 network Base.
It marks a meaningful shift from how Coinbase’s lending has worked until now. It’s existing loans run on the Morpho Blue protocol, where rates change, determined by demand and supply conditions and can climb when borrowing demand spikes. The new fixed-rate option sits alongside this floating one, which has more than $1.4 billion in active loans backed by nearly $3 billion of collateral.
Crypto World
Hyperliquid open interest reaches record $18 billion: What’s driving activity?
Hyperliquid’s open interest has topped $18 billion for the first time, reaching a record as trading activity continues across its crypto and non crypto perpetual markets.
Summary
- Hyperliquid open interest topped $18 billion for the first time, beating the previous record of $16.36 billion reached on Sept. 19.
- Open interest stood above $13 billion at the end of August, putting roughly $5 billion more in outstanding positions on the platform within weeks.
- Bitcoin, Ether and HYPE accounted for roughly $9.33 billion in open interest, while HIP 3 markets continued to draw activity across stocks, commodities and indices.
- HIP 3 markets have brought perpetual contracts tied to assets such as the S&P 500, gold, crude oil and private companies to Hyperliquid.
According to Lookonchain, official Hyperliquid data showed open interest at $18 billion on Sept. 23, above the previous record of $16.36 billion reached on Sept. 19.
The figure represents bilateral open interest, meaning it counts the combined value of long and short positions on the platform. Open interest tracks derivatives positions that remain active and have not yet been closed or settled.
Hyperliquid’s latest reading puts open interest roughly $1.64 billion above the record set four days earlier. The Sept. 19 level had already passed the previous high recorded on Sept. 18, 2025.
Open interest has moved considerably higher over the past few weeks. DefiLlama Research placed the figure at more than $13 billion on Aug. 31, when Hyperliquid was processing roughly $220 billion in perpetual trading volume per month.
The latest $18 billion reading means outstanding positions have grown by close to $5 billion from the level reported at the end of August.
Hyperliquid open interest reaches $18 billion
Hyperliquid has spent the past year building beyond its core cryptocurrency perpetual markets, with stocks, commodities, indices, private companies and event contracts now available through its trading infrastructure.
HIP 3 has played a central role in that expansion since its launch in October 2025. The framework lets third party developers stake HYPE and deploy perpetual markets on Hyperliquid.
Markets launched through HIP 3 now cover assets ranging from U.S. equities and stock indices to gold and crude oil. Private companies, including SpaceX, have been represented through pre IPO perpetual contracts.
By early September, cumulative trading volume across HIP 3 markets had passed $548 billion, according to data cited by Lookonchain.
HIP 3 markets accounted for roughly 30% of Hyperliquid’s total trading volume during the preceding 30 days.
Current market data shows crypto perpetuals still hold some of the largest positions on the platform. HyperIntel data from Sept. 23 put Bitcoin open interest at roughly $4.05 billion, followed by Ether at $3.18 billion and HYPE at $2.10 billion.
Zcash carried around $858.6 million in open interest, while Solana stood at approximately $763.7 million.
Non crypto markets have built sizeable positions as well. An S&P 500 linked perpetual had roughly $418.9 million in open interest, while gold stood near $301.7 million.
HIP 3 markets have become a larger part of Hyperliquid
HIP 3 lets deployers create perpetual markets while using Hyperliquid’s HyperCore infrastructure for trading and margining.
Deployers determine several parts of their markets, including the oracle used to provide prices and parameters such as leverage. HYPE must be staked to deploy a market on mainnet.
Activity through the framework has grown alongside demand for perpetual contracts tied to assets outside the crypto market.
As previously covered by crypto.news, TradeXYZ trading volume reached $202.36 billion during the second quarter, up from $112.93 billion during the previous three months.
Open interest on TradeXYZ stood at $2.96 billion at the end of the quarter, while equity perpetual volume reached $58.9 billion across 55 markets.
Hyperliquid later expanded HIP 3 with permissioned markets on testnet, allowing deployers to limit access through onchain allowlists.
Permissioning remains optional, leaving existing permissionless HIP 3 markets unchanged.
Hyperliquid has moved into event contracts
Hyperliquid has taken a similar approach to prediction markets through HIP 4, which was introduced in May.
HIP 4 added event contracts to the platform, allowing markets based on outcomes instead of the price of an underlying asset.
Third party deployment of HIP 4 markets was opened at the end of August, expanding the framework beyond markets launched directly through Hyperliquid.
The platform has rolled out other trading products during the same period. Native lending lets users borrow USDC and USDT against supported collateral, while recent changes have brought more order types to its perpetual markets.
Hyperliquid launched trailing stops across perpetual markets on Sept. 21. The order type lets traders set a percentage distance from the best price reached after an order is activated.
For long positions, the trigger follows the highest mark price reached after activation. Short positions track the lowest mark price before the order is triggered.
Plans are underway to use HIP 3 for regulated U.S. markets as well.
Payward, Kraken’s parent company, announced this month that Bitnomial would deploy and administer proposed Hyperliquid perpetual markets for eligible U.S. clients, subject to regulatory approval.
Under the planned U.S. structure, Bitnomial Exchange would operate as the HIP 3 deployer, while Bitnomial Clearinghouse would handle clearing and settlement. NinjaTrader Clearing would carry approved customer accounts.
Access would be provided through permissioned HIP 3 markets, with the proposed structure designed to operate under U.S. derivatives rules.
Crypto World
XRP Ledger retries upgrade that lets banks split payment and compliance duties
An XRP Ledger account could soon let another account make payments or approve customers on its behalf without handing over the keys that control everything else.
The feature, called PermissionDelegationV1_1, entered a 14-day activation countdown on Sept. 21 after 29 of the network’s 35 trusted validators backed it. It could go live on Oct. 5 at 11:18 UTC if support remains at or above 80% throughout the period, according to the live amendment dashboard.
At least 28 validators must continue supporting it. Any drop below that level resets the clock.
The upgrade lets an account divide its authority by job. A stablecoin issuer could allow an internet-connected compliance system to approve customer accounts to hold its token while keeping the keys with full control offline.
A separate operations account could receive permission to make payments without gaining the power to change those keys or grant authority to somebody else. Each delegate can receive as many as 10 permissions, which the main account can later change or revoke, according to XRPL documentation.
PermissionDelegationV1_1 is the network’s second attempt at introducing the feature.
Crypto World
Bitcoin ETF Net Inflows Top $1.7B as Assets Reach $111B

US spot Bitcoin ETFs recorded more than $1.7 billion in net inflows over two days as Bitcoin rose above investors’ estimated average cost basis.
Crypto World
Solana Alpenglow testnet: What does the 150ms finality upgrade change?
Solana has moved its Alpenglow consensus upgrade toward public testnet deployment as developers prepare to test a design intended to cut transaction finality from roughly 13 seconds to around 150 milliseconds.
Summary
- Solana’s Alpenglow upgrade is moving to public testnet with a target of cutting transaction finality from roughly 13 seconds to around 150 milliseconds.
- Alpenglow replaces TowerBFT with Votor, allowing validators to reach agreement through one or two direct voting rounds.
- Agave 4.3 is required for the test, while Firedancer and Frankendancer do not yet support Alpenglow.
- Sept. 28 is listed for tentative Agave 4.3 feature activation on mainnet, but it is not a confirmed Alpenglow launch date.
According to github, the testnet stage will let developers test the migration across Solana’s established testing environment before the consensus system can be considered for the main network.
Finality refers to the point when a transaction becomes irreversible under the network’s consensus rules. Exchanges typically wait for finality before crediting deposits, while blockchain bridges use it before releasing assets on another network.
Solana currently relies on TowerBFT for consensus, with validators recording votes onchain and accumulating enough votes across 32 slots before a block reaches finality. Alpenglow replaces that process with a protocol called Votor, which lets validators exchange votes directly.
Under the new design, validators can reach agreement after one or two voting rounds. The change removes the longer sequence of onchain consensus votes required under TowerBFT while leaving transaction execution largely unchanged for applications and users.
Solana Alpenglow moves into public testnet
Alpenglow has already spent more than four months operating on a smaller community cluster created specifically to test the consensus system. Moving the upgrade into Solana’s established public testnet exposes it to a larger group of validators, infrastructure providers and services already connected to the network.
The public testnet uses tokens without monetary value, allowing developers to restart the network, test migration procedures and investigate problems without putting mainnet funds at risk.
Anza first moved Alpenglow into community validator testing in May, describing the upgrade as the largest consensus change in Solana’s history. As crypto.news previously reported, the community cluster allowed validator operators to test the new consensus design before deployment across Solana’s existing test infrastructure.
Votor is designed to reach finality through one of two voting paths depending on validator participation. Earlier specifications indicated that a block could settle after one round when enough stake participates, while a second round provides another route to finality under lower participation.
The expected result is a sharp reduction from Solana’s existing finality time. Anza has estimated median finality at around 150 milliseconds, with earlier simulations putting it as low as 100 milliseconds under favorable conditions.
Developers have not changed how applications execute transactions as part of the upgrade. Wallet users will continue sending transactions through the same interfaces, while the main changes take place in how validators communicate and agree on the permanent state of the blockchain.
Agave 4.3 carries the Alpenglow code
Validators participating in the Alpenglow test need to run Agave 4.3, the latest branch of the main validator software maintained by Anza.
Anza recommended Agave 4.3 for general adoption among mainnet validators on Sept. 21. The rollout had previously moved through controlled stages, first asking operators responsible for 10% of mainnet stake to upgrade before expanding the recommendation to 25%.
Alpenglow development has been tied to Agave releases for months. In August, the 150 millisecond finality target was expected to arrive through Agave 4.3 after the underlying Alpenglow code had already been included for testing in the previous software branch.
The Sept. 28 date listed in Anza’s Agave 4.3 schedule refers to the tentative resumption of mainnet feature activation. Anza states that its release dates are subject to change, while its feature gate tracker still listed the Alpenglow testnet activation as pending early Wednesday.
Sept. 28 therefore does not represent a confirmed date for Alpenglow to begin operating on Solana mainnet.
The distinction comes as several Solana performance upgrades have been moving through separate activation schedules. Transaction finality, slot production and transaction capacity are controlled by different network changes even though each can affect how quickly applications interact with Solana.
Solana has already reduced slot times to 250ms
Solana recently cut its target slot time from 300 milliseconds to 250 milliseconds under SIMD-0525, bringing the network to a target of four slots per second.
The 250 millisecond slot upgrade reduced each validator’s four slot leader window from 1.2 seconds to one second. Network processing limits were adjusted alongside the shorter slots, meaning the change did not raise overall processing capacity by the same proportion.
A final stage under SIMD-0525 targets 200 millisecond slots, which would bring the network to five targeted slots per second. Developers have not set a confirmed mainnet activation date for that stage.
Slot time and finality measure different parts of the network. Slot time determines how frequently Solana can produce new slots, while Alpenglow changes how validators reach agreement that a block is irreversible.
Solana began the current sequence of slot reductions in August, when its target fell to 350 milliseconds from the 400 millisecond setting used since the network launched. SIMD-0525 laid out successive targets of 350, 300, 250 and eventually 200 milliseconds.
Alpenglow follows a separate path through SIMD-0326 and replaces TowerBFT with Votor instead of modifying the duration of individual slots.
Firedancer remains outside the first Alpenglow test
Firedancer and Frankendancer, validator clients developed by Jump Crypto, do not currently support the Alpenglow test, leaving the initial migration dependent on Agave.
Client diversity gives Solana validators different software implementations for participating in the same network. If separate clients are available, a software fault affecting one implementation does not necessarily affect every validator.
Firedancer began producing mainnet blocks earlier this year after years of development by Jump Crypto. The team initially recommended a gradual rollout while security audits continued, with the independently built client intended to reduce reliance on Solana’s existing validator implementations.
Frankendancer serves as a hybrid implementation that combines components from Firedancer with existing Solana software. Neither implementation is listed as supporting the pending SIMD-0326 Alpenglow feature on Anza’s current feature gate tracker.
Agave 4.3 is therefore the supported client for the first public testnet migration. Anza’s tracker lists Alpenglow as a pending testnet activation under SIMD-0326, while support fields for Firedancer and Frankendancer remain marked as unavailable.
Crypto World
Bitpace taps Fireblocks for stablecoin settlements
Bitpace has integrated Fireblocks into its payment infrastructure to support cross-border stablecoin settlements across a platform that handles more than 75 cryptocurrencies and 40 fiat currencies.
Summary
- Bitpace integrated Fireblocks to strengthen cross-border stablecoin settlement, transaction controls, custody, and treasury operations globally.
- Fireblocks says stablecoins represented 69% of digital asset transaction volume across its platform during Q2.
- Bitpace supports settlements in more than 75 cryptocurrencies and 40 fiat currencies for businesses worldwide.
- Fireblocks processes over $200 billion monthly in stablecoin volume across payment providers, fintechs, and banks.
- Bitpace plans to use Fireblocks for higher volumes and expansion into additional jurisdictions next year.
Bitpace said on Sept. 22 that Fireblocks has been connected directly to its core platform, giving corporate customers additional transaction controls, digital-asset security tools and custody infrastructure for international payments.
The companies did not disclose the value of transactions expected to pass through the integration, implementation costs or a list of blockchain networks enabled specifically for Bitpace clients. Bitpace said the infrastructure will be used for stablecoin transfers, multi-currency treasury activity and payment settlement across international markets.
Bitpace integrates Fireblocks into stablecoin settlement
Through the deployment, Bitpace customers can route and settle stablecoin transfers using Fireblocks infrastructure without Bitpace building a separate security and transaction-management layer for each payment flow.
Bitpace CEO Anil Oncu described the integration as providing “speed and security” alongside operational flexibility for its global clients. His comments describe the company’s intended operational benefits; the announcement does not provide independent performance data comparing settlement speeds before and after Fireblocks was deployed.
Fireblocks provides institutional wallet infrastructure, policy controls, transaction approvals and connectivity between digital-asset firms, liquidity providers and payment companies. Its Network product lets participants connect with payment providers, banks, stablecoin issuers and on/off-ramp companies through one infrastructure layer.
Richard Astle, Fireblocks’ vice president and head of network, said “transaction security and network reach” allow payment companies to handle rising transaction volumes. The partnership announcement does not state whether Bitpace will use every Fireblocks product or identify which custody configuration applies to individual customers.
Bitpace’s existing services are focused on businesses rather than retail customers. Its current terms state that its products are provided to wholesale customers, companies and merchants, with services varying by jurisdiction.
Fireblocks brings $200B monthly stablecoin network
The Bitpace integration connects the payments company to infrastructure Fireblocks says processes more than $200 billion in stablecoin volume each month through payment providers, fintech companies and banks. Those figures describe Fireblocks’ entire network and should not be treated as Bitpace transaction volume.
Fireblocks separately reported that stablecoins represented 69% of all digital-asset transaction volume on its platform during the second quarter of 2026. USDC became its largest stablecoin by platform volume earlier this year, according to the company.
Its institutional footprint extends beyond payments companies. Fireblocks says more than 2,500 organizations use its infrastructure globally, including over 100 banks, while its technology supports operations across more than 200 blockchains. The figures come from Fireblocks’ own platform materials.
Several stablecoin projects have joined the network during 2026. As previously reported, Circle integrated USDC Gateway and Circle Payments Network with Fireblocks, allowing institutional customers to manage USDC balances across supported chains and route stablecoin payments toward local fiat payouts. The July rollout placed Circle’s settlement services inside Fireblocks’ existing policy, approval and audit controls.
One day before the Bitpace announcement, Fireblocks disclosed another agreement in Asia. In related coverage, Kakao Pay and KakaoBank agreed to test stablecoin infrastructure with Fireblocks through proof-of-concept programs in South Korea. No commercial stablecoin or production date was announced under that agreement.
Bitpace had expanded stablecoin support before Fireblocks deal
Stablecoin settlement was already part of Bitpace’s payment product before the Fireblocks integration.
In August, Bitpace announced support for Global Dollar, or USDG, adding the stablecoin as another option for international invoice processing and cross-border settlement. The company said the product was intended for merchants, payment providers, brokers and real-estate businesses.
Its current payment platform supports settlement in more than 75 cryptocurrencies and 40 fiat currencies, according to the Sept. 22 release. Supported assets include major cryptocurrencies alongside stablecoins, while settlement availability depends on the customer’s location and Bitpace entity providing the service.
Bitpace has separately built compliance and security systems around the payment operation. In June, the company said it obtained ISO/IEC 27001 certification covering development, maintenance and delivery of its payment-processing services. ISO 27001 sets requirements for information-security management systems, although the certification does not by itself guarantee that a company cannot experience a security incident.
Its Canadian website operator, Q500 Canada Inc., is registered with Canada’s Financial Transactions and Reports Analysis Centre as a money services business, according to Bitpace’s terms. FINTRAC separately states that MSB registration confirms fulfillment of registration requirements and should not be interpreted as regulatory endorsement or licensing by the agency.
Bitpace lists another operating company, Q500 MEA Limited, for certain international services and says its offerings may be unavailable in some jurisdictions. Customers are assigned terms based on the legal entity handling their relationship.
Bitpace plans more jurisdictions and higher transaction capacity
Bitpace plans to use the Fireblocks deployment as it expands payment processing over the coming year.
The company said the new infrastructure is intended to support higher transaction volumes and entry into additional jurisdictions, but it did not name the countries, provide a deployment calendar or give volume targets. Any expansion will therefore depend on future commercial launches and the applicable local requirements.
Fireblocks has been expanding its payment infrastructure at the same time. Its current payments service connects more than 40 providers across over 100 countries and 60 fiat currencies, according to company data. Fireblocks says payment companies can access stablecoin issuers, liquidity firms and local payment rails through one integration.
The company introduced Fireblocks Flow in June for payment service providers and fintechs that want customers to pay from external wallets while merchants settle in selected stablecoins. An August update said companies running Flow in production could accept funds from wallets or exchanges and convert incoming digital assets into the stablecoin they are prepared to hold.
For Bitpace, the Sept. 22 announcement does not introduce a new stablecoin, consumer product or token. It changes the infrastructure supporting the company’s existing business-payment services, with Fireblocks providing part of the security, custody and transaction-management stack used for stablecoin settlement.
Bitpace has not given a date for its first new jurisdiction following the integration. Its published plan covers the coming year and states that payment-processing capacity will be expanded as the company scales its business services.
Crypto World
Russia sets crypto reporting rules as holdings hit $44B
Russia has warned that investors may have to absorb losses when foreign stablecoin issuers freeze assets outside a Russian depository’s control, as officials estimate residents hold 3.7 trillion rubles, or roughly $44 billion, in crypto and related products.
Summary
- Russia estimates roughly 20 million crypto users collectively hold 3.7 trillion rubles in digital assets.
- Daily Russian crypto transactions total about 50 billion rubles, according to Deputy Finance Minister Chebeskov.
- Investors may bear losses when foreign stablecoin issuers freeze assets beyond direct Russian depositories’ control.
- Russian tax residents must report qualifying crypto activity conducted outside domestic regulated infrastructure beginning 2027.
- Nonqualified investors face a 300,000-ruble annual purchase cap through each intermediary after mandatory testing requirements.
TASS reported that Deputy Finance Minister Ivan Chebeskov put Russia’s crypto user base at around 20 million and daily transaction volume at approximately 50 billion rubles during an interview published Sept. 22. He said the holdings estimate includes direct cryptocurrency ownership and some financial products linked to digital assets.
The figures are expert estimates used by the Finance Ministry, not a complete government count of every wallet or transaction. Officials expect the new regulated framework to provide more precise data as activity moves through licensed exchanges, brokers and digital depositories.
Foreign stablecoin freezes can leave investors with losses
Chebeskov said foreign-issued stablecoins create a risk that Russian infrastructure cannot always control.
“The risk of assets being blocked by a foreign issuer does exist,” he said, using USDT and USDC as examples. Under the framework described by the deputy minister, a Russian digital depository remains responsible for failures in its own accounting, custody and transfer duties, including unauthorized disposal of customer assets.
Federal Law No. 282-FZ draws a separate line for actions carried out by foreign entities. Article 20 permits contracts, including exchange rules, to state that market operators, platform operators and clearing organizations are not liable for customer losses caused by foreign-law persons that seize digital assets or restrict transactions.
Chebeskov said a freeze imposed by a foreign issuer for reasons outside the Russian depository’s control would therefore not automatically require the depository to reimburse the customer.
The issue has already appeared in Russia’s crypto market. Tether said in March 2025 that it helped the U.S. Secret Service freeze $23 million in USDT connected to transactions involving sanctioned Russian exchange Garantex. U.S. authorities later said a coordinated enforcement operation froze more than $26 million in cryptocurrency controlled by the exchange.
As previously reported, Tether’s freeze forced Garantex to suspend operations after billions of rubles in USDT became inaccessible. The incident provides a documented example of the issuer-level control Russian officials now want investors to understand before buying foreign stablecoins.
Circle’s terms similarly state that the issuer can block USDC addresses linked to prohibited activity and may freeze tokens when required by a valid government order.
Russia puts its crypto market at 3.7 trillion rubles
Chebeskov said experts estimate about 20 million people in Russia currently use cryptocurrency.
Their combined investment exposure stands near 3.7 trillion rubles, according to the Finance Ministry estimate. The amount covers cryptocurrency held directly alongside certain crypto-linked financial products, meaning it should not be treated as a pure on-chain wallet-balance total.
Daily crypto activity is estimated at roughly 50 billion rubles. Chebeskov said regulators are not setting a fixed target for how much of that activity must migrate into licensed channels by July 2027. Their immediate focus is creating a market where intermediaries, responsibilities and investor protections can be identified.
Russia’s main cryptocurrency law took effect on Sept. 1. The Bank of Russia said both qualified and nonqualified investors may trade crypto through regulated intermediaries under the new framework. Domestic use of cryptocurrency as payment for goods and services remains prohibited.
As previously reported, Russia opened regulated cryptocurrency trading under Federal Law 282-FZ on Sept. 1, bringing exchanges, brokers, custody providers and cross-border settlement activity into a formal supervisory structure.
For nonqualified investors, the law permits purchases of eligible liquid cryptocurrencies after testing, capped at 300,000 rubles per year through each intermediary. Qualified investors must pass testing as well but do not face the same purchase ceiling.
Foreign crypto activity will trigger tax reporting
Russia’s new rules preserve the ability of residents to use cryptocurrency infrastructure outside the domestic regulated system, but reporting requirements are being added.
Amendments to Russia’s currency-control law state that residents can use addresses not administered by Russian digital depositories. Starting May 2, 2027, covered residents must submit reports to tax authorities on crypto operations involving such addresses, subject to procedures set by the government in coordination with the Bank of Russia.
Chebeskov said Russian tax residents will need to disclose qualifying transactions conducted outside the regulated domestic perimeter to the Federal Tax Service. The reporting framework covers transactions using addresses that Russian digital depositories do not administer.
The rule does not ban self-custody. Federal legislation explicitly permits residents to open non-depository-administered addresses without restriction. Reporting obligations apply to relevant transactions and differ for some residents who spend more than 183 days outside Russia.
The Bank of Russia has meanwhile begun publishing the secondary regulations needed to operate the market. It outlined rules covering organized crypto trading, digital accounts and depositories in July, with required depository capital ranging from 50 million to 250 million rubles depending on the services provided.
Independent cryptocurrency exchanges face a lower threshold. The central bank’s current admission rules set minimum own funds at 15 million rubles for organizations exchanging digital currencies.
Market participants receive a transition period running through July 1, 2027, to obtain the required approvals and bring their operations into line with the framework.
Russian stablecoin model remains under discussion
The Finance Ministry and Bank of Russia are separately studying whether Russia should develop a domestic stablecoin structure.
Chebeskov said it is “too early to talk about a specific model or a final bill.” Officials are examining how such an asset might operate, which transactions it could support and whether there is enough demand to justify a separate framework.
Russian policymakers have discussed local stablecoin alternatives before. Following the Garantex freeze in 2025, Finance Ministry official Osman Kabaloev said the episode had prompted officials to consider instruments similar to USDT but potentially linked to other currencies. As crypto.news previously reported, Russia’s Finance Ministry raised the possibility of a domestic stablecoin after the Tether freeze.
The current law already applies Russian crypto-market requirements to foreign stablecoins. The Bank of Russia confirmed that rules governing cryptocurrencies apply to foreign stablecoins as part of the regulated trading regime.
Enforcement provisions are still developing. Article 21 of Federal Law 282-FZ, scheduled to take effect July 1, 2027, requires banks to restrict payments to entities suspected of illegally organizing cryptocurrency circulation outside the authorized framework.
A separate government bill would create criminal liability for unlicensed digital-currency market operations that cause large losses or generate large illicit income. The State Duma has passed the proposal in first reading, but it has not become law. The draft provides prison terms of up to seven years for aggravated cases and proposes a July 1, 2027 effective date if enacted.
Crypto World
McConaughey and Harrelson’s Disjointed ‘Brothers’ Coasts on Charm
What actually works is, not surprisingly, the buddy-comedy stuff—the sillier, the better. Matthew and Woody squished into a rideshare with too many rowdy, young fans? A treat. Woody and Matthew donning ridiculous Sunset Strip rocker disguises, complete with facial prosthetics, to play an acoustic set at a coffee shop? Classic. Showrunner Lee Eisenberg (Stick, The Office), who created Brothers alongside McConaughey, Harrelson, and Schitt’s Creek alum David West Read, understands his leads’ personae, and they’re more than game to laugh at themselves. The series opens by showing us the versions that live in the public imagination; Woody enters smoking a joint and holding a surfboard, while Matthew roams the sun-dappled fields of Texas, sipping whisky in a cowboy hat as he recites an excerpt from his megahit memoir Greenlights in voiceover. He plays the charismatic, image-conscious, golden-boy straight man to Woody’s free-thinking hippie, a guy who doesn’t let fame stop him being as weird as he wants to be.
Crypto World
SlowMist Links Malicious FomoPeek iOS App to $580K Crypto Theft
Security researchers have traced nearly $580,000 in stolen crypto to a malicious iOS application distributed through Apple’s App Store. According to an investigation by blockchain security firm SlowMist, the app—named FomoPeek—contained kernel exploitation capabilities designed to break out of Apple’s sandbox and reach sensitive wallet-related data.
SlowMist says the incident involved multiple attack modules that could elevate privileges and steal data stored by other apps, including items accessible via iOS Keychain mechanisms. The firm also tied onchain activity to a primary hacker address that received 579,984 USDT, with funds later routed across several services and networks.
Key takeaways
- SlowMist links the FomoPeek iOS app to about 579,984 USDT in stolen funds, based on onchain analysis.
- The malicious components were distributed in specific app versions released on Sept. 9 and Sept. 12, and removed in version 1.3 released Sept. 17.
- The exploit framework targeted iOS versions broadly (12.0 to 18.7.2 and 26.0 to 26.1) and included multiple methods for sandbox escape.
- SlowMist’s tracing indicates cross-network movement, followed by consolidation and transfers through intermediaries such as FixedFloat, KuCoin, and cce.cash.
What researchers say the app did
In its threat-intelligence analysis, SlowMist reports that FomoPeek introduced two malicious modules capable of exploiting iOS vulnerabilities. The firm describes how these components could help the app escape Apple’s sandbox environment, then gain elevated privileges to access sensitive data and files associated with other apps.
The report specifically highlights the ability to reach data stored in the Keychain, a common target for attackers looking to obtain credentials, tokens, or other secrets used by mobile applications. Once those privileges are gained, the scope of theft can broaden quickly—especially for users who already have crypto wallet software or related services installed on the same device.
Version timeline and what changed
SlowMist’s investigation provides a narrow window for when the harmful code was present. The firm says the affected FomoPeek versions were released on Sept. 9 and Sept. 12. It then points to a mitigation step: version 1.3**, released on Sept. 17, that removed the malicious components.
The detail matters for users and defenders because it implies the threat was not continuous across the entire app’s lifecycle. Instead, it appears tied to particular builds—meaning that devices running older versions would be at the highest risk, while later versions may have reduced exposure.
SlowMist also states that its work began after it received reports from users who said they experienced crypto theft and confirmed they had installed FomoPeek builds that fell within the affected period. The firm conducted the technical work together with the OKX security team.
Onchain trail: 579,984 USDT and cross-platform routing
To connect the iOS compromise to real-world losses, SlowMist performed onchain analysis. The firm says it identified a primary hacker address associated with the incident that received approximately 579,984 USDT.
SlowMist reports that this address became active on Sept. 15 and that the stolen funds were handled across multiple blockchain networks before being consolidated. From there, the flow continued through additional hops and addresses designed to obscure the trail.
In the report, SlowMist notes that portions of the funds were directed toward services including FixedFloat, KuCoin, and cce.cash. Other funds were dispersed across further addresses that the firm continued to trace.
While onchain movement cannot prove the full mechanics of the compromise by itself, it does provide a measurable link between the suspected attacker infrastructure and the ultimate transfer behavior. It also helps explain why such incidents often become multi-stage: initial theft on-device can be followed by rapid conversion, relocation, and consolidation efforts across chains and counterparties.
Targets, scope, and the exploit framework
SlowMist says the exploit framework used by FomoPeek included eight attack methods and claimed support for a wide range of iOS versions—specifically 12.0 to 18.7.2 and also 26.0 to 26.1.
That breadth is notable because iOS versions are not uniform, and exploit reliability can vary widely depending on device and patch level. A broader claimed range can indicate an attempt at wide applicability, which increases potential impact beyond a single narrow segment of users.
Still, the report’s most practical takeaway for users is not the list of supported versions—it’s the version-specific presence of the malicious code. If the harmful components were truly removed in version 1.3 on Sept. 17, that suggests updated installs could have helped limit damage going forward.
Cointelegraph attempted to request comments from Apple, SlowMist, and OKX, but did not receive responses before publication.
Readers should watch closely for follow-up disclosures from the security community and, most importantly, verify whether they have installed FomoPeek and which app version is currently on their devices. If a user still has any affected build installed, removing the application and updating to a later version would be a sensible immediate step, alongside reviewing wallet activity for any unusual transfers.
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