Key Crypto Market & Regulatory Developments: October 3 Evening Roundup
The evening brought a wave of significant updates, ranging from major payment adoption metrics to pivotal regulatory decisions. Here’s a breakdown of the essential news.
Visa Reports Massive Surge in Stablecoin-Linked Payments
Payment giant Visa released data indicating explosive growth for card payments tied to stablecoins on its network. The total payment volume has surged by nearly 200% compared to the same period last year.
The corporate segment is a notable driver, accounting for 17% of this transaction volume. This points to growing real-world utility of stablecoins in B2B payments and corporate treasury management, beyond retail use cases.
US Regulatory and Legal Updates
The U.S. Department of Justice has decided against reopening a criminal investigation into former campaign advisor Steve Bannon, closing a period of market speculation about potential legal developments.
In a significant move for derivatives markets, the Commodity Futures Trading Commission (CFTC) has approved Coinbase’s registration as a Derivatives Clearing Organization (DCO). This authorization allows the exchange to self-clear its own futures and swap contracts, expanding its regulated offerings.
Separately, a federal judge granted a preliminary injunction requested by prediction market platform Kalshi and Coinbase against an Illinois state rule, providing temporary regulatory relief for their operations in that jurisdiction.
Global Exchange Trends and Project News
The South Korean cryptocurrency exchange sector faced headwinds in the first half of the year. Combined operating profits for major platforms plummeted by 78%, while average daily trading volume dropped 44%, signaling a notable cooling in market activity.
In project developments, the founder of PONS addressed community concerns about its token buyback mechanism, stating that the repurchase and burn process is now fully automated to ensure transparency and execution.
Market observers also noted that the team behind the TRUMP token associated with a former U.S. president has sold approximately $249 million worth of tokens over the past eight months. Despite these substantial sales, the team reportedly retains a holding valued at around $1.49 billion, making its future actions a point of interest.