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Gold's Rare Red Day Allows BTC to Advance
Crypto Trends

USDT Issuer Tether to Launch Tokenized Gold Treasury Firm With Antalpha: Report

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Tether, the company behind the USDT stablecoin USDT$1.0005, is working with crypto miner financing firm Antalpha to raise at least $200 million for a new digital asset treasury for tokenized gold, Bloomberg reported Friday, citing sources familiar with the matter.

The planned vehicle would stockpile XAUT$3,892.89, a blockchain-based token backed by physical gold bars under custody in a Swiss vault. XAUT is the largest tokenized gold offering on the market with nearly $1.5 billion market capitalization.

Antalpha is known as a key lender of Chinese crypto mining equipment manufacturer Bitmain, and offers supply chain and margin loans.

The report follows an expanded partnership between Tether and Antalpha, announced on Monday, to launch a dedicated hub for XAUT-backed lending, custody and token redemption services. Antalpha said then it plans to work with partners to open vaults in major financial hubs, allowing users to redeem digital tokens for physical gold.

Tether has expanded beyond issuing its flagship USDT token, the largest stablecoin boasting a $174 billion supply, with investments spanning across bitcoin BTC$111,480.33 mining, payments, energy and artificial intelligence (AI). It was a lead investor, alongside Bitfinex, with which it shares key executives and ownership, and SoftBank, in bitcoin treasury firm XXI Capital that launched earlier this year. Tether also reportedly seeks to raise funds at a $500 billion valuation to fuel its expansion.

Paolo Ardoino, CEO of Tether, has been a vocal proponent of gold as a hard asset, The company held $8.7 billion in the yellow metal on its balance sheet, according to its June attestation.



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Crypto ETF Boom Expected In Q4, Expert Predicts Surge In Issuer Activity

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The remainder of the year is poised to be a pivotal time for crypto ETFs and their issuers, as experts anticipate a significant boom in these investment vehicles. With the US Securities and Exchange Commission (SEC) now adopting a more favorable stance toward crypto assets, the stage is set for a surge in ETF applications. 

Industry insiders are optimistic about the potential for new products that aim to provide exposure to alternative cryptocurrencies like XRP, Dogecoin (DOGE), Solana (SOL), Cardano (ADA), and Hedera (HBAR).

SEC Streamlines Crypto ETF Approval Process

The SEC’s newly updated standards for crypto ETFs, announced just last week, promise to stimulate demand for exchange-traded products linked to these cryptocurrencies. 

Analysts are particularly eager about the anticipated approval of products associated with Solana and XRP, with expectations that these ETFs could make their debut as early as October. 

Steven McClurg, founder of Canary Capital Group, noted a surge in filings with the SEC, stating, “We’ve got about a dozen filings with the SEC now, and more coming. We’re all getting ready for a wave of launches.”

Jonathan Groth, partner at DGIM Law, also pointed that the fourth quarter of the year is shaping up as “boom time” for the crypto ETF market, further adding to the anticipation for the altcoins to join this trend. 

The SEC’s recent vote to adopt new listing standards streamlines the approval process, reducing the time required for new crypto products to launch from up to 270 days to 75 days or less. 

This change eliminates the need for individual regulatory reviews for each application, allowing firms to bring products to market more swiftly. As Teddy Fusaro, president of Bitwise, explained, “These are the rules we had been anticipating.”

Market Readiness In Question

Grayscale has already taken advantage of this, rolling out its Grayscale CoinDesk Crypto 5 ETF less than 48 hours after receiving approval from the SEC to transition from a private to a publicly traded fund. This ETF includes major cryptocurrencies such as Bitcoin and Ethereum, alongside XRP, Solana, and Cardano.

To qualify for the expedited approval process, an ETF must meet at least one of three criteria: the underlying asset must already be traded on a regulated market or have futures contracts regulated by the US Commodity Futures Trading Commission (CFTC) that have been active for at least six months. 

Alternatively, an existing crypto ETF tied to that coin, with at least 40% of its assets invested directly in the cryptocurrency, could also pave the way for approval.

Despite the excitement surrounding these new developments, questions remain about the market’s appetite for a flood of crypto ETFs centered on lesser-known coins. 

Kyle DaCruz, director of digital assets product at asset manager VanEck, highlighted the need for investor education, noting, “There will be a flood of tokens that many folks have never heard of, and instead of years, there will be weeks or months to provide that education.”

The 1-hour chart shows BTC’s price retrace below the key $112,000 support. Source: BTCUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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What Is Arc? The Stablecoin Blockchain From USDC Issuer Circle

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In brief

  • Arc is a blockchain built by USDC issuer Circle for stablecoin-focused applications.
  • It uses USDC for gas, features a built-in FX engine, and enables opt-in privacy.
  • Public testnet is expected later this year, with a mainnet beta planned for 2026.

Circle, the company behind the USDC stablecoin, has launched a new blockchain platform called Arc. Unlike blockchains like Ethereum or Solana, Arc is a Layer-1 network designed specifically to support stablecoin-based applications.

Stablecoins are tokens whose value is tied to fiat currencies such as the dollar. Arc is Circle’s effort to address the infrastructure challenges that limit the adoption of stablecoins at an institutional scale.

“We’ve helped enterprises and builders use USDC across dozens of networks,” Rachel Mayer, VP of Product Management at Circle, told Decrypt. “The consistent feedback has been: make costs predictable, settlement finality deterministic, and privacy compatible with real-world obligations.”

This article will explain what Arc is, how it works, and what Circle says sets it apart from other blockchain platforms.

Why Circle built Arc

While a part of the crypto market for years, stablecoins like USDT and USDC have seen growing interest and adoption following the passage of the GENIUS Act, which President Donald Trump signed into law in July 2025.

However, Circle argues that most existing blockchains were not designed to support stablecoins. Common limitations that Circle points to include:

  • 🎢 Fee volatility
  • ⛓️ Probabilistic settlement with risk of chain reorganizations
  • 🕵️ Lack of privacy controls for sensitive commercial transactions
  •  💧 Fragmented liquidity across multiple chains

Circle said Arc addresses these challenges by offering instant and irreversible transaction settlement (known as deterministic finality), predictable fees priced in stablecoins, optional privacy features that support regulatory compliance, and built-in connections to other blockchains and traditional financial systems.

Arc is being rolled out in three phases:

  • Private testnet began in August 2025
  • Public testnet is expected in Fall 2025
  • Mainnet beta is scheduled for 2026

USDC as native gas

By using USDC, a digital currency backed by real-world assets, Circle aims to eliminate the need for volatile tokens to pay transaction fees. The network can also support other stablecoins as gas via a paymaster system.

According to Circle, Arc’s fee model builds on Ethereum’s EIP-1559 architecture but replaces block-level adjustments with a weighted moving average of network demand. This smoothing mechanism keeps fees low and predictable. Fees are denominated in USDC and directed to an on-chain Arc Treasury.

“Arc’s fast finality and native gas coupled with Circle’s CCTP and Gateway interoperability service-as-a-stablecoin liquidity hub, enable USDC to move across the blockchain ecosystem freely,” Mayer said. “So builders and users can be on the networks that fit their needs while still tapping Arc’s stablecoin-optimized rails.”

This design enables dollar-based, auditable, and stable fee structures, which Circle said are better suited to financial institutions than speculative token models.



Deterministic settlement and consensus

Arc’s consensus layer is powered by Malachite, a Byzantine Fault Tolerant (BFT) engine based on Tendermint. Validator selection is currently permissioned and based on operational resilience, geographic distribution, and regulatory compliance. Plans include a transition to a “permissioned” Proof-of-Stake mechanism, according to Circle.

To reduce the chance for abuse, the Circle is developing tools like encrypted mempools, batch transaction processing, and multi-proposer consensus, all aimed at ensuring fairer execution in financial applications.

Opt-in privacy for institutions

Arc includes a modular privacy system designed to balance compliance with confidentiality. The first feature, confidential transfers, shields transaction amounts while keeping addresses visible. Smart contracts interact with a cryptographic backend via precompiles, using Trusted Execution Environments (TEEs) for private computation.

Institutions can selectively disclose data to regulators or auditors via view keys. Over time, Arc plans to support:

  • Private state and confidential computation
  • Zero-knowledge proofs (ZKPs)
  • Multi-party computation (MPC)
  • Fully homomorphic encryption (FHE)

Circle’s tools connect fiat and USDC across Arc and other blockchains: Mint converts fiat to USDC on Arc, CCTP transfers USDC by burning and reminting it across chains, and Gateway offers chain-agnostic USDC balances with built-in liquidity rebalancing for wallets and apps.

“Arc strengthens the broader multichain ecosystem by unlocking new use cases, partners, and institutional liquidity on-chain,” Mayer said. “Builders and users can be on the networks that fit their needs while still tapping Arc’s stablecoin-optimized rails.”

Positioning in the blockchain ecosystem

Arc enters a competitive environment that includes public Layer-1 blockchains such as Bitcoin, Ethereum, and Solana, stablecoin-focused chains like Plasma and Frontier, Layer-2 networks such as Arbitrum and Base, and private or semi-public networks operated by payments firms.

Circle’s differentiator is its existing position in the market as the issuer of USDC, one of the largest stablecoins.

By building a purpose-specific chain for programmable, compliant financial operations, Arc aims to extend the utility of stablecoins beyond payments and into real-time settlement, tokenization, and global capital.

“Regulatory clarity is often a catalyst for institutional adoption,” Mayer said, adding that Arc is designed to be “enterprise-grade.”

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Crypto Trends

xStocks Issuer Chose Switzerland to Avoid Whitelisting Tokenized Tesla Shares: CEO

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In brief

  • Switzerland allowed Backed to avoid whitelisting xStocks.
  • Tokenized Tesla shares have the largest supply.
  • xStocks have roughly 30,000 unique holders.

Balancing compliance needs against the open and accessible nature of decentralized finance ultimately brought Backed Finance to Switzerland, according to co-founder Adam Levi.

The company was registered in the European nation because it allowed them to issue digital representations of stocks like Tesla and Nvidia, called xStocks, that are freely transferable, as opposed to those constrained by a so-called whitelist, he told Decrypt.

“We were looking into five jurisdictions, and lawyers told me, ‘Yes, you can do it. It will be permissioned with a whitelist,’” Levi recalled. “And I said, ‘No, I’m not interested. I don’t want to build it because I will not use it.”

In crypto, whitelists are typically used to grant individuals approval to participate in a specific event, whether that’s minting an NFT or investing in a cryptocurrency’s debut. Within the context of tokenized equities, one could dictate who’s allowed to hold the digital representations of stock. 



Backed began issuing tokenized stocks under its xStocks brand in June, and as the company competes with similar offerings from retail brokerage Robinhood and tokenization platform Securitize, Levi argued that a permissionless approach is best for adoption.

“Think about a stablecoin being permissioned,” he said. “No one would use that.”

As of Wednesday, xStocks currently had 30,300 total unique holders, according to a Dune dashboard. Tesla’s associated token was the most popular, with 43,000 tokens tied to $18 million in Tesla shares—which serve as its backing.

That distinction is key. Some forms of tokenized stock are “native,” meaning that they carry the same entitlements that investors receive when purchasing stock through traditional means, but xStocks are essentially a wrapper for tokens that are held off-chain.

It’s similar to how most stablecoins function as an IOU for $1, Levi said. They are not issued by a central bank or government, so they are not dollars themselves. And xStocks can be redeemed for actual shares in a company for a fee.

“Were creating wrappers on top of stocks,” he said. “You’re not holding Tesla—that’s important—but you basically have a right to the economic value of Tesla.”

XStocks aren’t available in the U.S., and the tokens are issued under sweeping legislation passed by the Swiss Parliament in 2020. The legal framework is explicitly “innovation-friendly,” according to a fact sheet published by a Swiss government agency in 2023.

Regulators in the U.S. have raised eyebrows in relation to tokenization this year, with SEC Commissioner Hester Peirce saying in July that tokenization doesn’t trump existing securities laws. Companies like OpenAI have also denounced tokens tied to them as unauthorized.

Still, Levi thinks xStocks could see real adoption outside of the country, for similar reasons that have pushed people toward products from stablecoin issuers Circle and Tether.

“People around the world started using stablecoins as a way to run from inflation, and I think the same will [happen] for xStocks,” he said. “Bitcoin is very volatile, but if you want to have something that is safe and growing, the S&P 500 is a very good product.”

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Cameron and Tyler Winklevoss at the White House on July 18, 2025. (Jesse Hamilton/CoinDesk)
Crypto Trends

USDT Issuer Tether Holds Talks to Invest in Gold Mining: FT

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Tether, the issuer of world’s largest stablecoin, USDT, has eyed investing in gold mining, the Financial Times reported on Friday.

The firm has held discussions with mining groups about putting money into the gold supply chain, including refining, trading and royalties, according to the report, which cited people familiar with the talks.

Tether CEO Paolo Ardoino referred to the precious metal as “bitcoin in nature,” in a speech at the Bitcoin 2025 conference in May.

One commodity industry executive referred to Tether as the “weirdest company I have ever dealt with,” according to the report.

Tether already holds $8.7 billion in gold bars in a Zurich vault, according to its financial statements, and in June this year paid $89.2 million for a minority stake in Elemental Altus (ELE), a publicly traded precious-metals investment company.

The company also offers Tether Gold (XAUT), a stablecoin in which each token is equivalent to the value of one troy ounce of physical gold.

Gold rose to an all-time high of over $3,550 per ounce this week, having nearly doubled in price in the last two years. Given its reputation as a haven amid geopolitical tensions, gold remains a natural investment of interest for crypto-native investors, many of whom buy bitcoin and other digital assets for similar reasons.

Tether did not immediately respond to CoinDesk’s request for comment.



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Crypto Trends

ETF Issuer Says XRP Is A Tactical Play For Institutional Investors, Here’s Why

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Institutional confidence in the cryptocurrency market is gaining new momentum, particularly with XRP, which is increasingly becoming a focal point for investors. A recent release by ETF issuer WisdomTree, now circulating across the social media platform X and amplified by crypto commentator SMQKE, is projecting XRP as a “tactical onshore play” for institutional portfolios. 

The endorsement shows the growing sentiment that XRP is no longer just a speculative asset, with many fervent bullish proponents predicting a $1,000 price point in the near future.

XRP As A Tactical Onshore Play

According to ETF issuer WisdomTree, the unique advantage XRP now offers is its fully onshore accessibility through CME-listed futures. This eliminates the reliance on offshore venues that often expose investors to shallow liquidity and weaker regulatory oversight. In essence, the full onshore access of XRP makes it a viable gateway to consistent basis yield harvesting, especially valuable in fast-moving and volatile conditions in the crypto market. 

Basically, recent crypto market dynamics have made it possible that institutional traders can directly access basis trading opportunities in XRP without leaving regulated markets, a development that makes the asset particularly attractive for large-scale portfolio managers. 

However, many XRP proponents would argue that the cryptocurrency is yet to reach its full potential when it comes to being the tactical play for institutional investors. The most important thing right now is the launch of Spot XRP ETFs in the US market. A Spot XRP ETF would mirror the trajectory that Bitcoin followed in early 2024, when Spot ETF approvals by the SEC unleashed billions in inflows into the cryptocurrency.

Interestingly, the SEC has set a final deadline for deciding on several XRP-linked spot ETF applications by mid-October. For instance, the regulator must decide by October 18, 2025, whether to approve Grayscale’s request to convert its XRP Trust into a spot ETF. According to Eric Balchunas, a senior ETF analyst for Bloomberg, the odds of an XRP ETF hitting the US market soon are at 95%.

Bitcoin, Ether, And Solana As Institutional Benchmarks

The release by WisdomTree also looks at how different digital assets occupy particular roles among institutional investors. Bitcoin, through CME-listed futures, is the institutional “gold standard,” with the deepest liquidity and the most reliable structure for basis trading. According to the ETF issuer, Bitcoin CME futures are always trading at an annualized premium to spot, which makes them the cleanest in terms of scalability for yield harvesting. 

On the other hand, Ether is the smart beta to Bitcoin’s benchmark, while Solana was described by WisdomTree as the high-octane yield enhancer. Solana, like XRP, is still in its early stage compared to Bitcoin and Ether among institutional investors, but with the potential for higher returns due to staking rewards boosting its basis trades. However, despite these other crypto heavyweights, WisdomTree proclaimed XRP as the best tactical onshore play.

XRP trading at $2.9 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Getty Images, chart from Tradingview.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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