🚨 New OCC Rules Could Mandate 7-Day Wait for Stablecoin Redemptions
The Office of the Comptroller of the Currency (OCC) has proposed a new framework for stablecoin redemptions to ensure market stability. Under section 15.12, the standard deadline for an issuer to convert tokens into bank dollars would be 2 business days.
However, if redemption requests exceed 10% of the total outstanding supply within a 24-hour period, the deadline automatically extends to 7 calendar days. This rule aims to allow issuers like Circle to sell reserves in an orderly way without causing massive price crashes during high-demand or "bank run" scenarios.
While this affects direct redemptions from the issuer, secondary market trading on exchanges can continue. However, liquidity providers might pass these delays or higher fees to users if their own capital is committed while waiting for the issuer to pay out.
#Stablecoins #Regulation #OCC #USDC
The Office of the Comptroller of the Currency (OCC) has proposed a new framework for stablecoin redemptions to ensure market stability. Under section 15.12, the standard deadline for an issuer to convert tokens into bank dollars would be 2 business days.
However, if redemption requests exceed 10% of the total outstanding supply within a 24-hour period, the deadline automatically extends to 7 calendar days. This rule aims to allow issuers like Circle to sell reserves in an orderly way without causing massive price crashes during high-demand or "bank run" scenarios.
While this affects direct redemptions from the issuer, secondary market trading on exchanges can continue. However, liquidity providers might pass these delays or higher fees to users if their own capital is committed while waiting for the issuer to pay out.
#Stablecoins #Regulation #OCC #USDC
💰 Circle Launches Circle Match for Institutional USDC Auctions
Circle has introduced Circle Match, a new service allowing institutional customers to mint and redeem USDC through hourly auctions. This system directly pairs those cashing out of the stablecoin with those looking to mint new tokens.
In this setup, institutions redeeming USDC for dollars pay a fee, which is then passed as a rebate to the institutions minting the tokens. Circle stated it will retain no separate spread on these matched volumes, passing the full fee amount to the minters.
Participants set their own limits: redeemers define a maximum fee they will accept, while minters set a minimum rebate. All matched orders in an auction clear at a single uniform fee. The service is available to eligible Circle Mint customers, aiming to provide more efficient settlement than standard routes.
#Circle #USDC #Stablecoin #CryptoNews
Circle has introduced Circle Match, a new service allowing institutional customers to mint and redeem USDC through hourly auctions. This system directly pairs those cashing out of the stablecoin with those looking to mint new tokens.
In this setup, institutions redeeming USDC for dollars pay a fee, which is then passed as a rebate to the institutions minting the tokens. Circle stated it will retain no separate spread on these matched volumes, passing the full fee amount to the minters.
Participants set their own limits: redeemers define a maximum fee they will accept, while minters set a minimum rebate. All matched orders in an auction clear at a single uniform fee. The service is available to eligible Circle Mint customers, aiming to provide more efficient settlement than standard routes.
#Circle #USDC #Stablecoin #CryptoNews
💰 Coinbase Returns to Profit with $719 Million Q3 Net Income
Coinbase has ended a two-quarter losing streak, reporting a net income of $719 million for the third quarter. While total revenue hit $1.22 billion, the profit was largely driven by $715 million in gains from crypto assets held on the company's own balance sheet.
Transaction revenue reached $590 million, beating analyst expectations despite low market volatility. A major highlight was Prediction Markets, which became one of the fastest-growing products in the exchange's history, reaching $200 million in annualized revenue.
The exchange also saw record growth in its USDC holdings, which hit $22 billion. Subscription and services revenue, led by stablecoins, now accounts for nearly half of the company's net revenue at $570 million.
#Coinbase #CryptoNews #Earnings #USDC
Coinbase has ended a two-quarter losing streak, reporting a net income of $719 million for the third quarter. While total revenue hit $1.22 billion, the profit was largely driven by $715 million in gains from crypto assets held on the company's own balance sheet.
Transaction revenue reached $590 million, beating analyst expectations despite low market volatility. A major highlight was Prediction Markets, which became one of the fastest-growing products in the exchange's history, reaching $200 million in annualized revenue.
The exchange also saw record growth in its USDC holdings, which hit $22 billion. Subscription and services revenue, led by stablecoins, now accounts for nearly half of the company's net revenue at $570 million.
#Coinbase #CryptoNews #Earnings #USDC
⚡ Jupiter Lend USDC Liquidity Recovers to 29 Million
Jupiter Lend's USDC withdrawal liquidity has bounced back to 29 million USDC after hitting near-zero levels yesterday. Bitquery data showed only $88.89 was available for withdrawal on Oct 30, despite $416 million owed to savers.
The latest API data confirms 29 million USDC is now withdrawable against 443 million USDC in total assets. This represents a recovery to roughly 6.6% of the total pool being available for immediate exit.
The protocol uses dynamic ceilings and relies on unlent funds to process withdrawals. When liquidity is low, depositors must wait for borrowers to repay loans or for new deposits to enter the system.
While the recovery is significant, available liquidity remains a fraction of total claims. The Jupiter team notes that sustained access depends on the balance of repayments and new inflows.
#Jupiter #Solana #USDC #DeFi
Jupiter Lend's USDC withdrawal liquidity has bounced back to 29 million USDC after hitting near-zero levels yesterday. Bitquery data showed only $88.89 was available for withdrawal on Oct 30, despite $416 million owed to savers.
The latest API data confirms 29 million USDC is now withdrawable against 443 million USDC in total assets. This represents a recovery to roughly 6.6% of the total pool being available for immediate exit.
The protocol uses dynamic ceilings and relies on unlent funds to process withdrawals. When liquidity is low, depositors must wait for borrowers to repay loans or for new deposits to enter the system.
While the recovery is significant, available liquidity remains a fraction of total claims. The Jupiter team notes that sustained access depends on the balance of repayments and new inflows.
#Jupiter #Solana #USDC #DeFi