Citigroup and Coinbase explore stablecoin payments; tZero plans IPO next year

Headline

▌Citigroup and Coinbase Partner to Explore Stablecoin Payment Services for Clients

According to Bloomberg, Citigroup and Coinbase Global have announced a partnership to jointly expand digital asset payment capabilities for the bank's corporate clients. This is the latest example of a Wall Street giant turning to blockchain for innovation, amid years of regulatory warnings about the risks of digital assets. The initial collaboration will focus on exploring ways to streamline the funds conversion process for Citi's institutional clients—including converting cryptocurrencies into fiat currency and the reverse process, including cross-border transactions.

▌Tokenized securities marketplace tZero prepares for IPO in 2026

Alan Konevsky, CEO of tokenized securities marketplace tZero Group Inc., said in an interview that the company plans an initial public offering (IPO) in 2026. Konevsky said the company's investors include Intercontinental Exchange Inc. The company has been in talks with bankers but has not yet finalized its IPO partner. He also said the company is also exploring pre-IPO financing. Konevsky said the company has more than 50 employees but is not yet profitable.

Market

As of press time, according to Coingecko data:

BTC price is $114,115, up or down -0.4% in the past 24 hours;

ETH price is $4,120.16, up or down -1.3% in the past 24 hours;

BNB price is $1,139.05, up or down -0.1% in the past 24 hours;

-1.0%;

DOGE price is $0.2007, with a 24-hour increase or decrease of -2.7%;

XRP price is $2.64, with a 24-hour increase or decrease of -0.5%;

TRX price is $0.2982, with a 24-hour increase or decrease of -0.9%;

The price of WLFI is $0.1479, with a 24-hour fluctuation of -1.1%; the price of HYPE is $46.36, with a 24-hour fluctuation of -2.5%.

Policy

▌Pan Gongsheng, Governor of the Central Bank: We will continue to crack down on the operation and speculation of virtual currencies in China, while closely tracking the development of overseas stablecoins

Pan Gongsheng, Governor of the People's Bank of China, stated at the 2025 Financial Street Forum Annual Meeting today that in recent years, virtual currencies, especially stablecoins, issued by market institutions have continued to emerge, but overall they are still in the early stages of development. International financial organizations, central banks, and other financial regulatory authorities are generally cautious about the development of stablecoins. Ten days ago, at the IMF/World Bank Annual Meetings in Washington, D.C., stablecoins and the potential financial risks they pose were among the most discussed topics by finance ministers and central bank governors. The prevailing view was that stablecoins, as a financial activity, currently fail to effectively meet basic requirements for customer identification and anti-money laundering, amplifying loopholes in global financial regulation, such as money laundering, illegal cross-border fund transfers, and terrorist financing. This creates a strong atmosphere of market speculation, increasing the fragility of the global financial system and impacting the monetary sovereignty of some less-developed economies. Since 2017, the People's Bank of China, in conjunction with relevant departments, has issued a number of policy documents to prevent and address the risks of speculation in domestic virtual currency transactions. These policies remain in effect. Going forward, the People's Bank of China will work with law enforcement agencies to continue cracking down on the operation and speculation of virtual currencies in China to maintain economic and financial order, while also closely monitoring and dynamically evaluating the development of overseas stablecoins. Canada Accelerates Stablecoin Regulation, May Announce New Rules in Federal Budget According to people familiar with the matter, Canada is negotiating stablecoin regulations and may announce a major update in next week's federal budget. These people said government officials have been in intensive discussions with regulators and industry participants for weeks. Canadian Finance Minister Francois-Philippe Champagne is reportedly expected to address the issue in his budget document to be released on November 4. In July of this year, the United States passed the Genius Act, authorizing financial regulators to oversee stablecoin issuers and their reserve management practices, and requiring issuers to comply with regulations to prevent money laundering and sanctions evasion. This new law was welcomed by many in the crypto industry. However, in Canada, due to the lack of relevant legislation, regulators have stated that stablecoins may constitute securities or derivatives. Some experts believe that they should be regulated as payment instruments and subject to strict oversight.

▌China Securities Regulatory Commission: Promoting Listed Companies to Enhance Investor Returns

The China Securities Regulatory Commission issued the "Several Opinions on Strengthening the Protection of Small and Medium-sized Investors in the Capital Market." It mentioned promoting listed companies to enhance investor returns. It strongly advocates for listed companies to use methods such as "cancellation-style repurchases" to reward investors. Multiple measures will be taken to guide listed companies to implement multiple dividends per year while ensuring sustainable development, thereby enhancing the stability, continuity, and predictability of dividends.

Blockchain Applications

▌IBM Launches Digital Asset Haven, a Digital Asset Operations Platform

Technology giant IBM announced the launch of IBM Digital Asset Haven, a comprehensive platform for financial institutions, governments, and enterprises to securely manage and expand their digital asset operations. It allows banks and government agencies to manage their digital asset lifecycles, including custody and settlement, through a single solution. Mt. Gox Delays Repayment Deadline by Another Year, to October 2026. The defunct cryptocurrency exchange Mt. Gox has postponed its repayment deadline by another year, to October 2026. Mt. Gox's restructuring trustee announced Monday that it has "substantially completed" the payment of base, early lump-sum, and interim repayments to all creditors who successfully completed the repayment eligibility process. However, the announcement stated that many creditors have yet to receive payments due to failures to complete the necessary procedures or issues encountered during the process. "In order to repay such restructuring creditors as soon as reasonably practicable, the restructuring trustee, with the permission of the Court, has extended the repayment deadline from October 31, 2025, to October 31, 2026." This latest announcement marks the third extension of the defunct exchange's repayment deadline, which was originally set for October 31, 2023. Coinbase Facilitator has processed over $1 million in cumulative payment transactions on x402. According to x402scan browser data, Coinbase Facilitator has processed over $1 million in cumulative payment transactions on x402, with a cumulative number of transactions exceeding 1 million. The second-largest facilitator, PayAI, has processed over $180,000 in cumulative payment transactions and over 140,000 transactions. CoinShares: Digital asset investment products saw a net inflow of $921 million last week. CoinShares released its latest weekly report, stating that digital asset investment products attracted a net inflow of $921 million last week, thanks to increased investor confidence following lower-than-expected U.S. CPI data. The United States led inflows, reaching $843 million, while Germany also saw strong inflows of $502 million. Switzerland saw an outflow of $359 million, driven by asset transfers rather than selling. Bitcoin led inflows, with a net inflow of $931 million. Ethereum saw a net outflow of $169 million. Inflows into Solana and XRP cooled ahead of the expected launch of US ETFs. Coinbase and Apollo Partner to Launch Stablecoin-Based Credit Products in 2026. Coinbase Asset Management (CBAM), the wholly-owned investment management arm of Coinbase Global, announced a strategic partnership with Apollo (NYSE: APO), a leading asset management company, to jointly launch stablecoin-based credit strategies. This partnership will bridge the three sectors of stablecoins, private lending, and asset tokenization, aiming to unlock high-quality credit opportunities within the rapidly expanding stablecoin ecosystem. Officials stated that CBAM, which focuses on providing digital asset strategies for qualified investors, will collaborate closely with Apollo, a leader in credit underwriting, asset creation, and tokenization solutions. The two parties plan to jointly launch innovative credit investment products in 2026. The world's first Japanese yen stablecoin has officially launched in Japan. Japanese startup JPYC announced the launch of a stablecoin fully convertible with the Japanese yen, backed by domestic savings and Japanese government bonds. Bank of Japan Deputy Governor Ryozo Himino stated last week that stablecoins could become key players in the global payment system, partially replacing the role of bank deposits. JPYC will initially waive transaction fees to expand its reach, generating income through interest earned on holdings of Japanese government bonds. Tomoyuki Shimoda, a scholar at Rikkyo University and a former senior Bank of Japan executive, believes it will take at least two to three years for Japanese yen stablecoins to become widely adopted in Japan. Strategy (MSTR.O) acquired 390 BTC for approximately $43.4 million from October 20 to October 26, at a price of approximately $111,053 per Bitcoin, and achieved a 26.0% BTC return so far in 2025. As of October 26, 2025, Strategy held 640,808 BTC, acquired for approximately $47.44 billion at a price of approximately $74,032 per Bitcoin.

▌BitMine increased its holdings by 77,000 ETH last week, bringing its total holdings to 3.31 million ETH

As of 7:00 PM EST on October 26, BitMine's cryptocurrency holdings included: 3,313,069 ETH (an increase of 77,055 ETH from last week), accounting for 2.8% of the ETH supply, 192 BTC, $88 million in Eightco Holdings (NASDAQ: ORBS) shares, and $305 million in unused cash.

▌American Bitcoin increased its holdings by 1,414 BTC, bringing its total holdings to 3,865.

American Bitcoin, a Nasdaq-listed company focused on building Bitcoin infrastructure, announced an increase of 1,414 BTC, bringing its total strategic reserve holdings to 3,865. It is reported that these bitcoins were obtained through the company's Bitcoin mining and strategic purchases.

▌BlackRock deposited 1,021 BTC and 25,707 ETH into Coinbase Prime

According to Lookonchain monitoring, BlackRock deposited 1,021 Bitcoin (approximately US$118 million) and 25,707 Ethereum (approximately US$107 million) into Coinbase Prime. The "100% Win Rate Whale" continues to increase its BTC and ETH long positions, currently exceeding $430 million, and has placed limit orders. The "100% Win Rate Whale" (address beginning with 0xc2a3) continues to increase its BTC and ETH long positions, with current positions: 2,041.55 BTC (worth $234.88 million) and 47,548.42 ETH (worth $198.27 million). He also placed limit orders to add more BTC longs in the range of $114,206 to $114,527. Bitwise confirms its Solana staking ETF will open tonight under the ticker BSOL. Asset management company Bitwise announced it will launch its Bitwise Solana staking ETF on October 28th (when the US stock market opens on the evening of the 28th, Beijing time) under the ticker BSOL. The ETF will be collateralized through Bitwise Onchain Solutions and powered by Helius. Canary Capital confirms its LTC and HBAR ETFs will open on Nasdaq tonight. Canary Capital announced it will launch the Canary Litecoin ETF and the Canary HBAR ETF on Nasdaq on October 28th (when the US stock market opens on the evening of the 28th, Beijing time). The launch of these ETFs comes after the U.S. Securities and Exchange Commission (SEC) issued guidance a week into the government shutdown clarifying the process for companies seeking to go public. According to a person familiar with the matter, the SEC stated in the guidance that if companies want to go public, they can submit an S-1 registration statement without a so-called delayed amendment. A delayed amendment means the ETF won't take effect for 20 days, giving the SEC time to address comments. The S-1 filing must be final, and any changes made must be recalculated and take effect within 20 days. As part of the process, companies must file Form 8-A, two of which were filed earlier on Monday by Canary Capital. Grayscale Solana Trust ETFs are scheduled to list on October 29th, according to a person familiar with the matter. AgriFORCE Shareholders Approve $300 Million Investment Transaction, Expected to Close on October 30, Becoming an AVAX Treasury Company AgriFORCE Growing Systems (NASDAQ: AGRI) announced that it has received shareholder approval to complete its previously announced transaction, becoming the first publicly traded company focused solely on the Avalanche ecosystem. The transaction, which includes approximately $300 million in private equity investment (PIPE) led by Hivemind Capital and is expected to close before October 30, will be renamed AVAX One and its stock symbol will be changed to reflect its strategic focus on the Avalanche ecosystem. AVAX One plans to hold over $700 million in AVAX tokens through a digital asset treasury strategy, creating an institutional-grade Avalanche access platform. The company will continue to operate its existing AgriFORCE business, focusing on energy-driven digital infrastructure and clean energy technologies. Chijet Motor Company Completes $300 Million Cryptocurrency Private Placement Nasdaq-listed Chijet Motor Company, Inc. (ticker: CJET) today announced the successful completion of a private placement, raising $300 million in cryptocurrency. The offering was open to non-U.S. institutional investors, with each unit consisting of one common share (equivalent to $0.10) and three warrants (exercise price equivalent to $0.12). Metamask has shut down a second-level domain suspected of being used for Metamask token claims, and now automatically redirects to its homepage. Metamask has shut down a second-level domain suspected of being used for Metamask token claims. As of press time, visiting the relevant second-level domain automatically redirects to its official homepage. As previously reported, Metamask registered a second-level domain name suspected to be for claiming Metamask tokens. The page pointed to by this second-level domain name showed that the "password protected" function had been enabled, which is usually used to hide sensitive or temporary content.

▌The probability of Metamask token issuance on PolyMarket increased sharply to 36% in a short period of time

After the news that "Metamask registered a second-level domain name suspected to be for claiming Metamask tokens" spread, the probability of MASK token issuance on PolyMarket increased significantly, rising to 36% in a short period of time, and has now fallen back to 23%. Binance Completes 33rd BNB Burn, Destroying Approximately $1.208 Billion in BNB According to an official announcement, Binance has completed its 33rd BNB burn, destroying a total of 1,441,281.413 BNB, valued at approximately $1.208 billion. The remaining total supply is 137,738,379.26 BNB. Coinbase Adds deBridge (DBR) to its Listing Roadmap According to an official announcement, Coinbase Markets announced today that it has added the deBridge (DBR) token to its listing roadmap. USDC Treasury minted 750 million USDC in three hours. According to Whale Alert, USDC Treasury minted a total of 750 million USDC in three batches over the past three hours. Important Economic Dynamics The Federal Reserve's October rate cut is a foregone conclusion, and traders are starting to bet on a December rate cut. The Federal Reserve will hold its interest rate meeting on October 28-29, and the market generally expects an October rate cut. Polymarket shows a 98% probability of a 25 basis point rate cut. Meanwhile, traders are already betting on a December rate cut, with Polymarket's probability of a 25 basis point cut reaching 90%.

▌Five final candidates for the new Federal Reserve Chairman have been released

U.S. Treasury Secretary Jeffrey Bessant confirmed on Monday that a shortlist of five candidates to succeed Federal Reserve Chairman Jerome Powell has been released, and said Trump is expected to make a decision before the end of the year. Bessant told reporters on Air Force One on Monday that the field of candidates has been narrowed down to current Federal Reserve Board Governors Michael Waller and Steve Bowman, former Federal Reserve Board Governor Steve Warsh, White House National Economic Council Director Richard Hassett, and BlackRock executive Mark Reid. Bessant, who is in charge of interviews for the position, reiterated that he plans to conduct a new round of interviews and hopes to submit an "excellent list of candidates" to Trump after the Thanksgiving holiday. Trump himself also told reporters that he expects to make a decision on his nominee before the end of the year. According to CME's "Fed Watch," there's a 97.3% probability of a 25 basis point rate cut by the Federal Reserve in October, and a 2.7% probability of keeping rates unchanged. The probability of a cumulative 50 basis point rate cut by the Federal Reserve in December is 95.3%. Will Google's Willow quantum chip impact Bitcoin security? Google's Willow chip heralds a new era of quantum performance, enabling complex calculations and significantly impacting various industries, including cryptography. Quantum computing has reached a significant milestone with the launch of Google's 105-qubit Willow chip, based on the company's Sycamore processor. Willow nearly doubles the number of qubits in Sycamore, unlocking the ability to process exponentially more complex calculations. One of Willow's most notable advances is its progress in quantum error correction, a key step towards scalable, fault-tolerant quantum systems. In benchmarks such as random circuit sampling (a test in which quantum computers demonstrate their capabilities by solving complex problems), Willow completed tasks in minutes that would take conventional supercomputers billions of years. Quantum computers using algorithms such as Shor and Grover have the potential to solve complex problems exponentially faster, potentially breaking traditional encryption algorithms. The launch of powerful quantum computers like Willow has raised concerns about their impact on cryptographic security, including the impact of the Willow chip on cryptocurrencies. Bitcoin and many other blockchain systems rely on cryptographic algorithms designed to resist classical attacks. However, quantum computing has raised concerns about its potential impact on cryptographic security. Google's Willow quantum chip does not currently pose a direct threat to Bitcoin's encryption. Cracking Bitcoin's ECDSA or SHA-256 would require at least 1,500-3,000 fault-tolerant logical qubits, far beyond Willow's capabilities. Current quantum systems are not scalable enough to challenge Bitcoin's robust defenses. Bitcoin's layered cryptographic structure, combining ECDSA and SHA-256, ensures resistance to current quantum technology. This technological gap currently ensures the security of Bitcoin's cryptographic protections.