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The liquid staking protocol is tapping Ethena's stablecoin-as-a-service platform to issue a branded dollar token. Ether.fi wants its own dollar. The liquid staking protocol will launch a branded stablecoin built on Ethena’s Whitelabel infrastructure, …

The liquid staking protocol is tapping Ethena's stablecoin-as-a-service platform to issue a branded dollar token. Ether.fi wants its own dollar. The liquid staking protocol will launch a branded stablecoin built on Ethena’s Whitelabel infrastructure, joining a growing list of crypto projects that would rather mint their own digital dollars than rent someone else’s. How the Ethena whitelabel arrangement works Ethena’s Whitelabel Stablecoin-as-a-Service platform lets a protocol issue and manage a dollar-denominated token under its own name. Ethena handles the heavy machinery behind the scenes. That machinery covers issuance, backing management, custody, reserves and liquidity integrations. Ether.fi gets the brand and the user relationship, while Ethena runs the plumbing that keeps the token pegged and redeemable. The arrangement also lets Ether.fi share in the revenue the stablecoin generates. Ether.fi has not yet confirmed the stablecoin’s name, launch timeline or backing mix. The economic features, including how revenue will be split, have also not been disclosed. Advertisement A platform with a track record, sort of Ethena’s Whitelabel platform gained public traction around September 2025. It has already been used to deploy branded stablecoins for other projects. Jupiter launched jupUSD on Solana through the service. MegaETH rolled out USDm the same way. Ethena offers two main backing options. The first is USDe, its synthetic dollar, which currently has a supply of approximately $4.9 billion. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. That figure is well off USDe’s high-water mark. Supply peaked at around $14.8 billion in 2025. The second option is USDtb, a stablecoin Ethena describes as GENIUS-compliant. USDtb is backed by traditional assets such as US dollars and draws on strategic partnerships, including ties with BlackRock for liquidity. Not the first Ether.fi and Ethena collaboration The two protocols have worked together before. In September 2024, they announced a partnership that let users deposit USDe on Ether.fi in exchange for liquid restaking tokens. That earlier deal was about plugging Ethena’s dollar into Ether.fi’s staking products. This new one goes further by putting Ethena’s infrastructure underneath a dollar that carries Ether.fi’s name. The move fits a broader shift at Ether.fi. The protocol built its reputation in liquid staking, but it has been expanding into neobank-style products. What this means for Ether.fi, Ethena and the stablecoin market For Ether.fi, a branded stablecoin is about keeping value inside its own ecosystem. A tailored dollar asset could tie together staking, DeFi activity and its consumer-facing financial services under one roof. For Ethena, every new whitelabel client expands the reach of its backing assets. If Ether.fi’s stablecoin leans on USDe or USDtb, it creates fresh demand for Ethena’s core products at a time when USDe supply sits far below its 2025 peak. Synthetic dollars like USDe have their own mechanics and stress points, which differ from those of fully fiat-backed tokens. How Ether.fi chooses to weight USDe versus USDtb will shape the risk profile its users actually take on. As jupUSD, USDm and now an Ether.fi dollar enter the market, liquidity could end up spread across many similar tokens rather than pooled in a few deep ones. The key details to watch are the token’s name, its backing composition, its launch date and how revenue gets divided between the two protocols.

The 'No Betting on Your Own Race Act' would impose a minimum $10,000 civil penalty on federal candidates who trade on prediction markets tied to their own races. US Rep. Don Davis (D-N.C.) introduced …

The 'No Betting on Your Own Race Act' would impose a minimum $10,000 civil penalty on federal candidates who trade on prediction markets tied to their own races. US Rep. Don Davis (D-N.C.) introduced the “No Betting on Your Own Race Act” on October 5, 2026, targeting a gap in existing ethics rules that has grown more visible as political prediction markets have moved from novelty to mainstream. The bill would prohibit federal candidates and their immediate family members from trading on any prediction market tied to their own elections. Violations would carry a civil penalty of $10,000 per infraction, or three times the net financial gain from the trade, whichever turns out to be larger. What sparked the legislation Davis did not introduce this bill in a vacuum. The direct trigger was a case involving his own Republican opponent, Laurie Buckhout, who settled with prediction market platform Kalshi in August 2026 after trading contracts linked to her own candidacy. Advertisement The Kalshi settlement cost Buckhout approximately $2,600 and came with a three-year suspension from the platform. That penalty, by most standards, is not exactly a deterrent sized to match the seriousness of the offense. The case also illustrated a basic structural problem: the rules that currently exist are voluntary. Kalshi and other prediction market platforms have their own bans on candidates self-trading, but those are platform policies, not law. A platform ban means a settlement and a suspension. A federal law means something with real teeth. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The regulatory landscape prediction markets now inhabit An earlier Senate resolution attempted to address related concerns, but it only covered sitting senators and their staff. Davis’s bill is designed to fill that gap, extending the prohibition to all federal candidates and their families, not just those already holding office. The distinction matters because candidates who are not yet in office are also not yet subject to the same ethics frameworks that govern sitting members of Congress. A challenger running against an incumbent operates in a thinner regulatory environment, which is precisely where the Buckhout situation unfolded. Passage prospects and what the industry is watching Congress’s schedule between now and the November 2026 elections leaves limited room for new legislation to advance, and the “No Betting on Your Own Race Act” does not appear to have the kind of bipartisan momentum that tends to accelerate passage. For prediction market platforms, the bill is largely a formalization of rules they have already adopted voluntarily. Kalshi’s own policies already prohibit candidates from trading on their races, which is why Buckhout’s case ended in a settlement rather than being treated as acceptable conduct.

The $3.3 trillion asset manager keeps building exposure to the Bitcoin-heavy company through more than one of its funds Capital Group’s Growth ETF has bought another 535,304 shares of Strategy Inc., the company formerly …

The $3.3 trillion asset manager keeps building exposure to the Bitcoin-heavy company through more than one of its funds Capital Group’s Growth ETF has bought another 535,304 shares of Strategy Inc., the company formerly known as MicroStrategy. The fund now holds 2.19 million shares in total. Depending on where the stock traded at the time of each filing, that stake is estimated at somewhere between $336 million and $366 million. For a firm overseeing approximately $3.3 trillion, that may sound like pocket change. The details of the buy The purchase came through the Capital Group Growth ETF, which trades under the ticker CGGR. Disclosures place the buying in mid-2026. CGGR is also not the only Capital Group vehicle with an appetite for the stock. In April 2026, another Capital Group fund, ANCFX, added 4.32 million Strategy shares for roughly $747 million. Advertisement That purchase lifted ANCFX’s holding to about 10.33 million shares. The research puts the value of that stake at around $1.78 billion. Why Strategy, and why now Strategy is not a typical software company anymore. It operates as a leveraged vehicle for Bitcoin, holding hundreds of thousands of coins on its balance sheet. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Strategy has financed those purchases primarily by issuing equity and convertible notes. Convertible notes are bonds that can turn into stock later, so investors lend money now with an option to become shareholders down the road. For a traditional fund manager, that structure has an obvious appeal. Buying Strategy shares delivers Bitcoin exposure through a regulated stock exchange. There are no wallets to secure, no private keys to lose and no awkward conversations with compliance about custody providers. As of June 30, 2026, institutional ownership of Strategy stood at about 61.55%. Capital International Investors, part of the broader Capital Group family, ranks among the largest of those institutional holders. What this means for investors and the market Institutional buying of MSTR has historically coincided with positive movement in the stock, according to the research. That history comes with a caveat. Past correlation is not a guarantee, and Strategy’s share price remains heavily dependent on what Bitcoin does next. With institutions owning roughly 61.55% of the company, a meaningful chunk of the shareholder base consists of professional money managers. That can provide stability when sentiment is strong. It can also amplify moves if several large holders decide to trim at once. Because Strategy funds its Bitcoin purchases with equity and convertible debt, its shares can behave like a magnified version of the underlying asset. Funds buying in are effectively accepting that amplification, in both directions. The value range on CGGR’s stake makes that point neatly. The same 2.19 million shares were worth $336 million in one snapshot and $366 million in another.

The financing is an extension of its March round, when Intercontinental Exchange invested $200 million at the same valuation. OKX has secured fresh funding at a $25 billion valuation from Qube Research & Technologies …

The financing is an extension of its March round, when Intercontinental Exchange invested $200 million at the same valuation. OKX has secured fresh funding at a $25 billion valuation from Qube Research & Technologies (QRT), a global quantitative hedge-fund manager, alongside existing investors Circle, Ripple and Standard Chartered’s SC Ventures, the exchange said Tuesday. OKB, OKX’s native token, rose about 6% to $138 on news of the extension, CoinGecko data shows. The round maintains the $25 billion valuation set in March, when NYSE parent company Intercontinental Exchange invested $200 million in the platform. Advertisement “QRT’s investment reflects our confidence in OKX and the long-term growth of digital assets and 24/7 markets,” Thomas Eaton, Quantitative Trading Director at QRT, stated. OKX said the latest capital gives it deeper ties to the infrastructure behind stablecoins, institutional trading, payments and tokenized assets and supports its expansion into real-world asset tokenization and other onchain financial services. The four investors already have commercial relationships with OKX. “For any meaningful institutional engagement in the context of digital assets, we need trustworthy infrastructure from the outset, including and not limited to institutional grade custody. Our partnership with OKX reflects the importance of such infrastructure in enabling the onchain economy,” Alex Manson, CEO of SC Ventures, said. “We didn’t raise capital because we needed it. We chose to bring in strategic partners who share our long-term vision for stablecoins, payments, institutional markets, and the next generation of financial infrastructure,” OKX CEO Star Xu commented on the news. The funding comes as traditional financial firms are increasingly working with crypto platforms on new market infrastructure. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Following ICE’s investment in OKX, the companies developed OKXICE LLC, a joint venture focused on tokenized stock trading. OKXICE said it is seeking approval to offer tokenized stocks representing 63 US public companies, including NVIDIA, Apple and Tesla, under the SEC’s five-year innovation exemption. The exemption allows tokenized stocks to trade in the US if they provide rights equivalent to those of traditional shares. This article has been updated with comments from OKX’s investors.

LeBron James just inked a new deal with Polymarket that dwarfs his contract with the Philadelphia 76ers. But his partnership with the crypto-based prediction market is drawing scrutiny, as many argue that when an …

LeBron James just inked a new deal with Polymarket that dwarfs his contract with the Philadelphia 76ers. But his partnership with the crypto-based prediction market is drawing scrutiny, as many argue that when an NBA superstar of James’ stature enters the spe… LeBron James just inked a new deal with Polymarket that dwarfs his contract with the Philadelphia 76ers. But his partnership with the crypto-based prediction market is drawing scrutiny, as many argue…

Anthropic has announced that it will exclude costs associated with charitable matching from its adjusted operating profit figures. This decision comes amidst concerns over shareholder dilution due to significant stock issuance used to fund …

Anthropic has announced that it will exclude costs associated with charitable matching from its adjusted operating profit figures. This decision comes amidst concerns over shareholder dilution due to significant stock issuance used to fund employee charitable donations. The company reported over $660 million in noncash expenses from these stock grants between October 2025 and March 2026. While this move may present a more favorable profit outlook, the dilution effect remains a concern as Anthropic approaches its initial public offering (IPO). Market participants are closely watching how these financial adjustments could impact Anthropic’s valuation, with its last private financing placing its value at $965 billion, and IPO materials suggesting a potential valuation above $2 trillion. Key Takeaways Anthropic’s decision to exclude charitable matching costs from adjusted operating profit suggests a focus on presenting a stronger financial position. Market pricing implies potential concerns over shareholder dilution due to significant stock issuance for charitable purposes. The impending IPO, with a possible valuation exceeding $2 trillion, remains a focal point for market participants gauging the company’s financial strategy. What to Watch Market participants will be monitoring any further financial disclosures from Anthropic that could affect its IPO valuation. Key developments, such as underwriter guidance or strategic investor moves, could influence market expectations. Additionally, regulatory responses and potential adjustments to the IPO timeline will be critical in shaping market sentiment. The implications of Anthropic’s financial adjustments on its market cap at IPO close will be a significant indicator of investor confidence.

The U.S. crypto regulatory landscape faces uncertainty as experts stress the need for bipartisan legislation to provide stability and protect innovation after the next election. The rejection of the CLARITY Act in the Senate …

The U.S. crypto regulatory landscape faces uncertainty as experts stress the need for bipartisan legislation to provide stability and protect innovation after the next election. The rejection of the CLARITY Act in the Senate has left the future of U.S. crypto regulation dependent on congressional action. Existing agency rules can be reversed by future administrations, which underscores the importance of legislative stability to guide the market. This context has increased focus on the potential impact of regulatory developments on the crypto market, particularly Bitcoin’s future price prospects. Advertisement Recent activity in the Bitcoin futures market suggests that participants are considering the implications of U.S. regulatory stability. The potential for a bipartisan legislative framework could influence market sentiment and price expectations. While the market for Bitcoin reaching $200,000 by the end of 2026 remains low at just 1% YES, the broader context of regulatory developments could alter market dynamics. The market appears to be reacting to both the current regulatory uncertainty and potential future changes. Bitcoin’s price predictions have shown modest movement, with some sub-markets reflecting slight increases in the likelihood of reaching higher price thresholds. This activity may indicate that market participants are weighing the potential for a more stable regulatory environment in the U.S. as a factor in Bitcoin’s future valuation. Key Takeaways The U.S. crypto market’s future stability appears tied to the passage of bipartisan legislation, as current agency rules remain vulnerable to administrative changes. Market activity suggests that participants are factoring in regulatory outcomes as a significant influence on Bitcoin’s future price. Current pricing implies a low probability of Bitcoin reaching $200,000 by the end of 2026, though market sentiment could shift with legislative developments. What to Watch The focus will be on the U.S. Congress and upcoming elections, as these could shape the trajectory of crypto regulation. Watch for any movements toward bipartisan agreement on comprehensive crypto legislation, which would be consistent with increased stability and potentially supportive of higher Bitcoin prices. Additionally, any significant announcements regarding crypto regulation from key government figures or institutions may influence market sentiment and price expectations.

The New York fintech's EDGE Pro platform aims to let institutions pre-authorize capital so margin calls get covered around the clock Prediction markets never close. Banks, despite decades of hints, still do. Edge Markets, …

The New York fintech's EDGE Pro platform aims to let institutions pre-authorize capital so margin calls get covered around the clock Prediction markets never close. Banks, despite decades of hints, still do. Edge Markets, a New York-based fintech founded by Seni Thomas, is building a system to close that gap. The aim is to let institutions automatically cover margin calls on prediction markets, even after traditional banking hours end. A margin call at 2 a.m. on a Sunday does not wait for a wire desk to open on Monday. How EDGE Pro is supposed to work The product is called EDGE Pro. It is designed to let financial institutions and market makers pre-authorize capital deployment to prediction markets such as Kalshi and Polymarket. When a margin call hits, the system is built to route funds automatically to meet it. The stated goal is fewer avoidable liquidations, especially during the hours when banks are offline. The plumbing underneath is a payment rail called EDGE Connect. It integrates with real-time payment networks like FedNow, which allows instant settlement rather than the multi-day shuffle of legacy transfers. Advertisement EDGE Pro also handles post-execution settlement across regulated venues. Under certain conditions, it allows real-time deposits of up to $10 million per day. For institutional participants, real-time funding can reach up to $1 million per day or higher, with no deposit fees. The company says the setup is meant to stay within compliance standards set by the CFTC. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Edge Markets raised $29.2 million in a Series A round on June 8, 2026, with investors including CoinFund. That brings total funding to approximately $46–51 million. The new capital is earmarked for developing EDGE Pro, and the company is expected to roll out its features later in 2026. Thomas framed the problem bluntly. “Clearing houses should not have to tie up hundreds of millions of dollars simply because a margin call happens outside banking hours.” The banking hours problem A margin call is a demand for more collateral when a leveraged position moves against you. If the collateral does not arrive in time, the position can be liquidated, meaning it gets forcibly closed, often at a bad price. The friction gets worse during high-volume stretches, such as the launch of new perpetual contracts. There is also a fragmentation issue. Capital tends to sit siloed across multiple venues, each with its own funding process. EDGE Connect is pitched as a way to link activity across those separate platforms. Partnerships with River Markets, ParlayX and ProphetX are expected to expand its real-time funding reach. What this means for traders, venues and investors Edge Markets is positioning itself as connective tissue between always-on trading and slower regulated finance. Using FedNow while staying inside CFTC compliance standards is an attempt to borrow the speed of one world without the regulatory headaches of the other. Pre-authorized, automated funding means capital can move without a human signing off in the moment, so the quality of the rules and controls matters a great deal. Daily limits also matter. Caps of $1 million or higher for institutions, and up to $10 million under certain conditions, may cover many situations, but large books in a fast market could test them. The features are not expected to arrive until later in 2026. What to watch next: the actual launch date, which venues go live with EDGE Pro first, and whether those funding limits scale as institutional demand grows.

Memecoins paired with tokenized stocks briefly took over Robinhood's new layer-2 network before trading volume evaporated Robinhood built a blockchain to bring Wall Street onchain. Within weeks, traders were using it to pair cat-themed …

Memecoins paired with tokenized stocks briefly took over Robinhood's new layer-2 network before trading volume evaporated Robinhood built a blockchain to bring Wall Street onchain. Within weeks, traders were using it to pair cat-themed memecoins with tokenized shares of real companies. Daily trading volume in memecoin-stock token pairs on Robinhood Chain climbed to $443 million in early September, according to CryptoQuant. Trading activity has since dropped 96%, which tells you how long the party lasted. From zero to $443 million and back again Robinhood Chain went live in July. At launch, volume in memecoin-stock token pairs was essentially nonexistent. By early September, that figure had reached $443 million per day, CryptoQuant data shows. The hybrid pairs briefly outpaced the product Robinhood actually set out to sell. On September 2, memecoin-stock token pairs recorded $217 million in volume. Direct stock token trading came in at $127 million that same day. Advertisement A token called CASHCAT hit a market capitalization of $250 million on August 27. Then the volume disappeared. Activity in these pairs has fallen 96% from its peak. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The decline coincided with reports of coordinated rug-pull activity on the chain. What Robinhood Chain was built to do Robinhood Chain is an Ethereum layer-2 network that runs on the Arbitrum Orbit stack. Mainnet launched on July 1, 2026. The network’s stated purpose is tokenized real-world assets, with stock tokens front and center. These tokens offer 1:1 price exposure to US equities and ETFs. Stock tokens are issued as debt securities and are not available to US persons. The chain also has no native token. Gas fees are paid in ETH. Activity looked strong, but durability is the question Total value locked on the chain has stayed near $1 billion even as trading numbers dropped. During high-fee periods, revenue frequently fell 80% to 97% from its peaks. What this means for Robinhood and the tokenization push On September 2, direct stock token trading reached $127 million, which shows genuine appetite for onchain equity exposure among the non-US users who can access it.

The Solana trading terminal routes orders across several perpetual futures venues and is rolling out a low-fee liquidity product called Armada Imperial, a Solana-based trading terminal for perpetual futures, raised $1.5 million in a …

The Solana trading terminal routes orders across several perpetual futures venues and is rolling out a low-fee liquidity product called Armada Imperial, a Solana-based trading terminal for perpetual futures, raised $1.5 million in a seed round to expand its platform, according to a report from SolanaFloor. The funding picture is murkier than a tidy press release would suggest. Public statements tied to the project have stressed backing from B&J Studios rather than outside venture capital, and no investor list or deal documentation has surfaced to confirm a raise. That matters because figures between $1.5 million and $2 million have circulated around the project. Without paperwork, the round remains a reported number rather than a confirmed one. What Imperial actually does Imperial operates as both a trading terminal and an order router. The router sends orders to venues including Phoenix, FlashTrade, GMTrade, and Jupiter Perps. On top of routing, the platform offers features aimed at active traders. These include advanced order types, detailed profit and loss tracking, and a community points program that rewards trading activity. Armada and the 1 basis point fee The more notable product update is Armada, which Imperial describes as a PropAMM. It is designed to provide low-cost liquidity while keeping every transaction on the Solana blockchain. Advertisement Armada is actively rolling out with taker fees of 1 basis point. A basis point is one hundredth of a percent, so a taker pays 0.01% of the trade’s value. The fully onchain design is also a deliberate choice. Plenty of trading products move parts of their operations off the blockchain to gain speed. Armada keeps the activity on Solana, which preserves transparency for anyone inspecting the flow. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The people behind the terminal Imperial is led by Jordan Prince, who serves as CEO. Prince previously worked at Citadel, the trading firm, and contributed to the Metaplex standard, a widely used framework for digital assets on Solana. Hunter Simmons is the project’s CTO. Simmons previously worked on Teleport, a project that attracted $15 million in funding. As of May 2026, Imperial is backed by B&J Studios, with no confirmed external seed funding on the record. The project has publicly signaled a conscious decision to delay outside fundraising. Why the funding question is worth watching If the reported $1.5 million round is confirmed, it would mark a shift from that stance. If it is not, Imperial continues as a rare example of a Solana perps project growing without a headline raise. Either way, the reported figure is modest by crypto standards. It is a fraction of the $15 million that Simmons’ previous project, Teleport, drew. What this means for Solana perps traders Armada’s 1 basis point taker fee adds pressure. A low-fee liquidity source sitting inside a routing product could pull volume toward Imperial’s own pool if execution holds up. The risk is on the execution side. Low fees only matter if liquidity is deep enough to fill orders without significant slippage, which is the gap between expected and actual price. There is also a structural question for the venues Imperial routes to. A router that also operates its own liquidity has an obvious incentive to favor that liquidity. How Imperial handles that tension will shape whether other venues view it as a partner or a competitor. The things to watch are straightforward. Whether the reported seed round gets confirmed with named investors, how quickly Armada completes its rollout, and whether the points program translates into sustained trading volume rather than a short burst of farming activity.