“Morning Minute” is a daily newsletter written by Tyler Warner. The analysis and opinions contained within represent solely the author's views and do not necessarily reflect the stance of Decrypt. You may also follow their daily news program “FOMO HOUR”, which covers all major news stories and market trends.

GM!

Today's Top News:

• As oil prices and yields decline, mainstream crypto assets rebound by 1% to 2%; Bitcoin trades at $84,400.
• Citi collaborates with Coinbase to enable stablecoin payments for Citi's corporate customers
• Strategy purchased $147 million worth of Bitcoin and fully covered the Bitcoin sold at previous lower levels.
• NEAR Intents indicates that it rejected $50 million in funds related to the hacker attack from Bitget.
• Coinbase Announces a new lottery product; the market speculates that CARDS will rise by 25% due to integration expectations.

🏦 Citibank and Coinbase have made stablecoins “invisible”

Large companies that use Citibank services can now allow their customers to make payments using stablecoins. The companies themselves will not hold any tokens, will not open cryptocurrency accounts, and will not see the wallet addresses. Coinbase will convert the stablecoins into US dollars in the background, and Citibank will deposit the money into the accounts just as it would with any other payment.

This is the entire product, and the key lies precisely in what it “lacks.” Enterprises do not need to learn anything about the encryption aspect.

This model can also operate in reverse. Companies that have built their business around Coinbase can now offer accounts similar to bank accounts, which are supported by Citibank's banking software. Inflowing US dollars will be automatically converted into stablecoins.

Citi customers receive US dollars after receiving payments in stablecoins; Coinbase customers receive US dollars after receiving payments in stablecoins. No matter which bank you use, the funds will arrive in the form you are accustomed to, and the conversion process takes place out of your sight.

This is how this technology can truly win the market: by keeping it in the background. No one will buy coins, and no one will download wallets. Enterprises simply add a payment option, and in the underlying infrastructure, stablecoins are transferred within seconds, while wire transfers may take up to two days. Coinbase indicates that there are over 150 million people around the world holding stablecoins, and this represents a way to receive payments from these people without having to integrate them into one's own system. Soon, this number will reach billions...

🌎 Macroeconomics, Cryptography, and Markets

• The overall price of mainstream encrypted assets rose by 1% to 3%; Bitcoin increased by 2%, reaching $84,400; Ethereum rose by 3%, reaching $2,730; Solana rose by 1%, reaching $120; HYPE fell by 1%, reaching $88.70; ZEC fell by 8%, reaching $1,450.
• The top-performing altcoins in terms of increase include CRV (+20%), AAVE (+16%), ETHFI (+11%), and LINK (+9%).
• Crude oil falls 4% to $92; gold remains flat at $4,185
• Stock index futures rose slightly, with the Dow Jones futures up 0.15% and the Nasdaq futures up 0.3%.
• Goldman Sachs opened its $100 billion Treasury fund to crypto companies through the Lynq settlement network, but it did not tokenize it.
• NEAR Intents indicated that they rejected transfers exceeding $50 million related to the Bitget hacking incident. Approximately $503,000 was frozen during the transaction, and they also gave up 10% of the commission from the Bitget reward recovery.
• Chainlink launches CCIP 2.0, allowing companies to add their own security checks for cross-chain transfers; five months ago, a competitor's solution lost $292 million due to relying on only one checker.
• A report led by Richard Blumenthal states that Senate Democrats refer to Tether as an "important financial lifeline" for Iran, and found that 84% of the 846 sanctioned wallets use USDT; Tether indicates that nearly $550 million in Iran-related tokens have been assisted in being frozen this year.
• The Torsten Slok from Apollo warns that AI agents may automatically transfer household cash from low-interest demand deposit accounts to higher-yielding alternative products, thereby withdrawing money from bank deposits.

Enterprise funds and ETF

• On Monday, Bitcoin had a net inflow of $31 million; Ethereum had a net inflow of $17 million; Solana ETF had a net inflow of $8 million.
• Strategy purchased 1,665 bitcoins at an average price of $85,681 each, for a total amount of $142.7 million, bringing its holdings to a record 847,666 BTC. This also fully recouped all the bitcoins sold this summer; in addition, the company spent $151.7 million to repurchase STRC.
• Strive increased its holdings by 1,107 Bitcoin, costing $94.5 million, bringing its total holdings to over 27,000, reaching 27,462 Bitcoin, with a value of approximately $2.3 billion.
• Bitmine purchased 17,362 ETH, amounting to approximately $47 million, bringing its holdings to 4.9% of the total Ethereum supply.

Meme Currency Tracking

• Meme The overall market is on the rise; DOGE Up 3%, SHIB Up 3%, PEPE Up 2%, PENGU Up 3%, TRUMP Up 2%, SPX Down 1%, BONK Up 6%
• Before today's RH Summit, most of the leading stocks on the Robinhood chain fell; Pons fell by 1% to $364 million; AI fell by 7% to $208 million; Cashcat fell by 8% to $175 million; BUN rose by 65%, and Shroom rose by 26%, leading the gains.
• The top-performing tokens in terms of increase in value are led by Parasite (24 times), Sapijiju (20 times), and Hooked (20 times); Ansem has fallen by 7% to $160 million, while Cards has risen by 23%.

💰 Tokens, Airdrops, and Protocol Tracking

• Coinbase Announces the Launch of a New Lottery Product in Its App
• Pump.fun earned $13.64 million in fees last week, a 25% increase from the previous week, making it the second-highest week since June; on Saturday, it set a single-day trading volume record of $846 million.
• On Monday, Pump once again led in on-chain protocol revenue, with earnings of $2.53 million, followed by Hyperliquid with $1.92 million and Collector Crypt with $609,000.

🚚 What happened to NFT?

• NFT The leading index weakened slightly; Punks reported 33.69, ETH, flat; BAYC fell 1%, reporting 6.2 ETH; Pudgy fell 2%, reporting 3.2 ETH.
• Identity MD rises by 23%, Credits rises by 10%, leading the gains.