Decrypt’s Morning Minute, a daily newsletter written by Tyler Warner, reported that big companies that bank with Citi can now let their customers pay in stablecoins. The client company never holds a token, never opens a crypto account, and never sees a wallet address: Coinbase turns the stablecoins into dollars behind the scenes, and Citi deposits the money like any other payment. The analysis and opinions in the newsletter are Warner’s own and do not necessarily reflect those of Decrypt.

According to the newsletter, the product is defined by what is missing from it — there is no crypto part for the business to learn.

The arrangement works in both directions. Companies building on Coinbase can open accounts that behave like bank accounts, powered by Citi’s banking software, and dollars that come in are automatically converted into stablecoins. Citi’s customers get paid in stablecoins and receive dollars, while Coinbase’s customers get paid in dollars and receive stablecoins. Whichever side a company banks on, the money arrives in the form it already uses, and the conversion happens where it cannot be seen.

This is how the technology actually wins, the newsletter argued: behind the scenes. Nobody buys a coin, and nobody downloads a wallet. A company adds a payment option, and somewhere in the plumbing a stablecoin moves in seconds instead of a wire taking two days. Coinbase says more than 150 million people worldwide hold stablecoins, and the service is a way to accept money from all of them without joining their world. Warner suggested that number will soon be in the billions.

Macro and Markets

Crypto majors were green, up 1–3%: BTC rose 2% to $84.4k, ETH gained 3% to $2,730, SOL added 1% to $, HYPE slipped 1% to $88.70, and ZEC fell 8% to $1,450. Top altcoin movers included CRV (+20%), AAVE (+16%), ETHFI (+11%) and LINK (+9%).

Oil fell 4% to $92 and gold was flat at $4,185. Stock futures were slightly green, with the Dow up 0.15% and the Nasdaq up 0.3%.

Institutional and Policy News

• Goldman Sachs made its $100 billion Treasury fund available to crypto firms through the Lynq settlement network, without turning it into a token.
• NEAR Intents said it turned away more than $50 million in transfers tied to the Bitget hack, froze about $503,000 mid-swap, and waived its 10% cut of Bitget’s recovery bounty.
• Chainlink launched CCIP 2.0, letting companies add their own security checks to transfers between blockchains, five months after a rival’s setup lost $292 million because it relied on one checker.
• Senate Democrats called Tether a “significant financial lifeline” for Iran in a report led by Richard Blumenthal, finding that 84% of 846 sanctioned wallets used USDT; Tether says it helped freeze nearly $550 million in Iran-linked tokens this year.
• Apollo’s Torsten Slok warned that AI agents could drain bank deposits by automatically moving household cash out of low-interest checking accounts into better-paying alternatives.

Corporate Treasuries and ETFs

The Bitcoin ETFs saw $31 million in net inflows on Monday; the ETH ETFs saw $17 million in inflows and Solana had $8 million.

Strategy bought 1,665 Bitcoin for $142.7 million at an average of $85,681, reaching a record 847,666 BTC and fully replacing everything it sold this summer; it also spent $151.7 million buying back STRC.

Strive added 1,107 Bitcoin for $94.5 million, pushing holdings past 27,000 coins to 27,462, worth about $2.3 billion.

Bitmine bought 17,362 ETH for about $47 million, taking its stake to 4.9% of all Ethereum.

Token, Airdrop and Protocol Tracker

Coinbase teased a new gacha product coming soon to its app; CARDS jumped 25% on speculation of an integration.

Pump.fun earned $13.64 million in fees last week, up 25% and its second-biggest week since June, with Saturday setting a single-day volume record of $846 million. Pump also led onchain protocols in revenue again on Monday with $2.53 million, followed by Hyperliquid at $1.92 million and Collector Crypt at $609,000.

Meme Coin Tracker

Meme leaders were green: DOGE +3%, SHIB +3%, PEPE +2%, PENGU +3%, TRUMP +2%, SPX -1%, BONK +6%.

Robinhood chain leaders were mostly red ahead of the RH Summit: Pons fell 1% to $364 million, AI dropped 7% to $208 million and Cashcat slid 8% to $175 million, while BUN +65% and Shroom +26% led the top movers. Solana’s top movers were led by Parasite +24x, Sapijiju +20x and Hooked +20x; Ansem fell 7% to $160 million and Cards rose 23%.

NFTs

NFT leaders were slightly red: Punks were flat at 33.69 ETH, BAYC fell 1% to 6.2 ETH and Pudgy slipped 2% to 3.2 ETH. Identity MD (+23%) and Credits (+10%) led top movers.

Source: Decrypt