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What is a consortium stablecoin？ Open USD model

Tether and Circle built their businesses by keeping the interest on the dollars behind their coins. A new kind of stablecoin, run and owned by a group instead of a single company, shares that money instead. Here is how the consortium model works and why it is spreading.　　Table of ContentsConsortium versus single-issuer stablecoinsThe two defining features: shared governance and shared economicsWhy consortium stablecoins are emerging nowThe leading examplesA cautionary precedent: the Centre ConsortiumWhy the model mattersThe risks of the consortium modelWhere consortium stablecoins fit among stablecoin typesFrequently Asked Questions　　A consortium stablecoin is a digital dollar, or other fiat-pegged token, that is issued and governed collectively by a group of companies rather than controlled by one. The defining idea is shared ownership of both the decisions and the economics: a board drawn from the partner companies sets the rules, and the income earned on the reserves backing the coin is distributed among those partners instead of kept by a single issuer. That structure is a deliberate break from the model that built the stablecoin giants, and it has become one of the most important trends in digital money.　　This explainer covers what makes a stablecoin a consortium stablecoin, why the model is

07-03

Bullish Opens Daily Bitcoin Auction for ETF Pricing

Bullish, the crypto exchange led by former NYSE President Tom Farley, on Wednesday started the Bullish Closing Cross, a daily call auction producing a single closing price for spot Bitcoin ($BTC). The company described it as the first such auction operated by an NYSE-listed digital asset platform.　　How ETFs price bitcoin　　Bitcoin trades 24/7 with no natural close. Spot Bitcoin ETFs, which had about $73bn under management at the end of June, set daily net asset value (NAV) at 16:00 New York time. The largest funds, including BlackRocks IBIT, use the New York variant of the CME CF Bitcoin Reference Rate. It aggregates volume-weighted trade prices over the one-hour window ending at that time, drawing on a small set of vetted spot exchanges including Coinbase, Kraken, Bitstamp and LMAX Digital.　　When someone creates new ETF shares, they deliver bitcoin to the fund; to redeem shares, they withdraw bitcoin. The value of the bitcoin handed over or taken out is set at the funds NAV, the per-share price the fund publishes at the end of each day.　　Someone creating shares does not usually hold bitcoin themselves; instead, they buy it on the open market and hand it over to the fund (or sell it when

07-03

Grayscale Moves $70M in Bitcoin and Ethereum to Coinbase Prime as Part of Routine ETF Operations

Grayscale, the issuer of the spot Bitcoin and Ethereum ETFs, has transferred 814 Bitcoin and 11,421 Ethereum—valued at approximately $70 million—to Coinbase Prime, according to on-chain data from Arkham Intelligence. The transaction, recorded on June 11, 2025, is part of the firms standard operational procedures for managing its spot crypto ETF products.　　Standard Redemption Settlement Process　　The deposits are understood to be linked to the settlement of redemptions tied to daily inflows and outflows from Grayscales spot Bitcoin and Ethereum ETFs. When investors redeem shares of these funds, Grayscale must deliver the underlying cryptocurrency to the authorized participants, who then sell or distribute the assets. Moving assets to Coinbase Prime, a prime brokerage platform, facilitates this process efficiently and securely.　　This activity does not necessarily indicate a change in Grayscale‘s overall holdings or a bearish market signal. Rather, it reflects the normal operational flow of a spot ETF, where the fund’s assets are adjusted daily based on investor demand. Similar transfers have been observed regularly since the launch of Grayscales spot Bitcoin ETF in January 2024 and its Ethereum ETF in July 2024.　　Market Context and Implications　　The $70 million transfer comes amid a period of relative stability in the crypto market, with Bitcoin trading

07-03

500 BTC Linked to Irish Drug Dealer Deposited to Coinbase After Decade of Dormancy

Blockchain analytics firm Onchain Lens reported that 500 Bitcoin, valued at approximately $30.76 million, was deposited into U.S. cryptocurrency exchange Coinbase roughly 40 minutes ago. The funds are linked to Irish drug dealer Clifton Collins and had remained dormant for about 10 years before the transaction.　　Background on the Wallet and Its History　　The wallet associated with Collins still holds 4,500 $BTC, worth an estimated $277.17 million at current market prices. Deposits to centralized exchanges are generally interpreted by market analysts as a precursor to selling, though the exact intent behind this transfer has not been confirmed. Collins, a Dublin native, was convicted for drug trafficking offenses, and the wallets activity has been monitored by blockchain forensic firms for years.　　Implications for the Crypto Market and Law Enforcement　　Large movements of previously dormant Bitcoin often attract attention from both market participants and law enforcement agencies. While the transfer to Coinbase does not necessarily indicate an immediate sale, it raises questions about the disposition of assets tied to criminal convictions. Irish authorities and international agencies may take interest in the transaction, especially given the size of the remaining balance. The case highlights the ongoing challenge of tracing and recovering illicit funds in the cryptocurrency ecosystem,

07-03

Bitcoin surges past $62K as U.S. payroll miss dents Fed rate hike odds

Bitcoin has climbed more than 4% to briefly reclaim $62,000 after a weaker-than-expected U.S. jobs report reduced market expectations for another Federal Reserve rate hike this year.　　According to the U.S. Bureau of Labor Statistics, the U.S. economy added 57,000 nonfarm payrolls in June, well below economists‘ expectations of 115,000. The agency also revised May’s payroll figure lower by 43,000 jobs, ending a three-month stretch in which employment growth had consistently exceeded forecasts.　　Meanwhile, the unemployment rate came in at 4.2%, slightly below the expected 4.3%, suggesting hiring has slowed even as the labor market remains relatively resilient.　　The report sparked a rally across risk assets, with Bitcoin ($BTC) surging from below $60,000 earlier in the week to more than $62,000 on July 2 before stabilizing near $61,655 at the time of writing, according to data from crypto.news. The recovery followed several sessions of weakness driven by fears that the Federal Reserve could tighten policy again after officials projected additional rate increases during last months policy meeting.　　Softer jobs report has shifted Fed expectations　　The latest labor market data immediately changed traders expectations for the remainder of the year. Polymarket data showed the probability of another Federal Reserve rate hike in 2026 dropping to 47%,

07-03

Coinbase helped build USDC – Why is it now backing the stablecoin trying to replace it, Open USD？

The stablecoin market has long rewarded the companies that issue digital dollars. They take in customer cash, hold reserves in short-term government securities, and earn the yield.　　Now, the companies that distribute those tokens want more of the economics.　　That tension is at the center of Open USD (OUSD), a planned stablecoin backed by more than 140 financial, technology, and crypto firms, including Coinbase, Visa, Mastercard, Stripe, BlackRock, and Google.　　The project promises free minting and redemption for businesses, as well as a reserve-income model that sends more value to the platforms driving adoption.　　For Circle, the USD Coin ($USDC) stablecoin issuer, the most important name on that list is Coinbase.　　The exchange helped turn $USDC into one of cryptos most widely used dollar tokens. Coinbase said in its first-quarter report that more than 25% of $USDC in circulation, or about $19 billion on average, was held across its products. It also said Base, its layer-2 network, processed 62% of global on-chain stablecoin transaction volume during the quarter.　　That makes Coinbase‘s support for OUSD more than a symbolic endorsement. It gives Circle’s most important distribution partner a stake in a rival model just as the economics of stablecoin issuance are becoming more contested.　　The cost of distribution　　OUSDs

07-03

Ethereum is splitting into three power centers and ETH treasury firms are paying for two

Ethereum Institutional announced its launch on July 1, folding a year of the Foundations go-to-market work into a group pitching Ethereum to banks and asset managers on tokenization and stablecoins.　　Ethlabs, built by five former senior Ethereum Foundation (EF) researchers, surfaced days earlier with the goal of faster settlement and $ETHs monetary case. Bitmine, Sharplink, and Joe Lubin fund both initiatives.　　The timing lines up with an organizational unraveling within the Foundation itself, as Hsiao-Wei Wang stepped down as EF co-executive director on June 18, joining Tomasz Stańczaks earlier resignation and at least eight senior departures over five months.　　The Foundations own March 2026 mandate already redefined its role: as a steward of self-sovereignty, censorship resistance, open-source code, privacy, and security, with no claim to being Ethereums parent or final authority.　　That leaves room, deliberately or not, for outside groups to take over the commercial half of the work.　　Ethlabs absorbed the technical and asset-value side, focused on infrastructure readiness, $ETH as a monetary instrument, and the arguments that make institutions comfortable holding and building on the chain.　　Ethereum Institutional absorbed the sales side through relationship-building, forums, and the pitch decks that turn interest into deployed capital.　　Both moved outside the EF because the Foundation was never

07-03

FBI director discloses Strategy holdings months after deadline: Report

Kash Patel, director of the Federal Bureau of Investigation (FBI) , reportedly omitted reporting exposure to Bitcoin treasury company Strategy, in violation of federal law.　　According to a Wednesday report from the nonpartisan nonprofit news agency NOTUS, Patel “inadvertently omitted” a Strategy (MSTR) investment worth as much as $250,000. The purchase, which Patel conducted on Nov. 21, 2025, wasnt included in his December 2025 financial disclosures, as required for a government official under the Stop Trading on Congressional Knowledge (STOCK) Act.Source: NOTUS　　Patel filed an amended report on May 26, indicating that the Strategy holdings were “inadvertently omitted” and “no current conflict exists” with the investment. Under the STOCK Act, some government officials and lawmakers must disclose financial transactions exceeding $1,000 no later than 45 days after executing the trade. Strategy, formerly known as MicroStrategy, is a registered US government contractor, raising concerns about conflicts of interest with Patels investments.　　Although signed into law in 2012, the STOCK Act has come under fire from many in Congress who claim that lawmakers and White House officials who violate it do not face severe penalties. First-time violators are only subject to a $200 fine under the law, with additional penalties falling short of the hundreds

07-03انڈسٹری

Russia on track for digital ruble rollout on Sept. 1: Central bank governor

Russias central bank governor, Elvira Nabiullina, confirmed that the country was prepared to roll out its central bank digital currency (CBDC) in two months, following the timeline it laid out last year.　　According to a Thursday report from Russian state media outlet RIA Novosti, Nabiullina said that “everyone is ready” for a Sept. 1 digital ruble launch. The CBDC will launch as a complement to Russias fiat currency, the ruble, and will initially be accepted by financial and credit institutions.　　“We want the digital ruble to be in demand by people and businesses, to be convenient, and, of course, were constantly discussing [...] what functionality to develop,” said Nabiullina in a translated statement.　　Pile of 5000 ruble banknotes next to a keyboard on a white surface, viewed from above. Source: Polina Tankilevitch, Pexels　　The launch of a digital ruble, whose development began in 2021, has already been targeted by preemptive sanctions from European Union authorities, which announced restrictions on the CBDC in April. The European Council said that the sanctions package was in response to Russias “war of aggression against Ukraine,” which it started in February 2022.　　According to the Bank of Russias first deputy governor, Vladimir Chistyukhin, the law allowing the digital ruble will

07-03انڈسٹری

IMF says tokenization could transform settlement and financial stability

The International Monetary Fund (IMF) says tokenization could fundamentally reshape how financial markets operate, marking one of the strongest acknowledgments yet from a global policymaker that blockchain-based infrastructure is moving into the financial mainstream.　　In a blog published Thursday, Tobias Adrian, the IMF‘s financial counselor and director of its Monetary and Capital Markets Department, said tokenization is more than a niche crypto innovation. By bringing assets, settlement and recordkeeping onto a shared ledger, tokenization could compress today’s multi-day settlement process into near-instant transactions.　　Adrian also warned that tokenization shifts risks away from traditional financial intermediaries and toward the underlying infrastructure, including smart contracts, distributed ledgers and service providers. Without common standards and coordinated regulation, tokenized financial markets could become fragmented across incompatible platforms, creating new sources of systemic risk.Source: IMF　　The report comes as financial institutions accelerate efforts to integrate tokenization into traditional markets. The Clearing House, whose owners include JPMorgan Chase, Bank of America, and Barclays, reportedly plans to launch a tokenized deposit network in early 2027 to keep deposits within the regulated banking system while enabling faster, programmable payments.　　The IMF‘s assessment aligns with recent research from PwC, which found that tokenization could address longstanding inefficiencies in traditional finance, including payment settlement

07-03انڈسٹری

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