Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt.

Today's top headlines:

• Crypto majors are flat but rebounding after the FOMC decision; BTC at $64.8k
• SEC says it is ready to make rules for crypto if the Clarity Act fails
• Robinhood posts best quarter ever, with 13 business lines generating $100M+ in revenue
• MoonPay launches new AI product 'PayBox' along with a surprise airdrop
• Binance US plans to enter the prediction market space, applying for DCM status

Robinhood Posts Its Best Quarter Ever

Robinhood reported the strongest quarter in its history on Wednesday. The company posted net revenue of $1.31 billion, up 32% year over year, with diluted earnings per share of $0.62—well above the $0.41 analysts had expected. Net income reached $573 million, a 48% increase, while total platform assets climbed to $369 billion and net deposits set a record near $21.7 billion.

Perhaps the most notable development came from Robinhood's prediction market business. Event contracts generated $156 million in revenue, up more than tenfold from a year earlier. For the first time, that figure surpassed both crypto revenue, at $100 million, and equities revenue, at $129 million. That crossover marks a significant shift for a platform best known for democratizing stock and crypto trading, and it places Robinhood at the front of a prediction-market category that has drawn growing interest from institutional participants—Binance US separately disclosed plans to apply for CFTC designated contract market status to enter the same space.

Crypto revenue moved in the opposite direction, with digital-asset revenue falling 38% from $160 million a year ago as retail trading volumes continued to cool. Options revenue rose 29% to $342 million, and equities revenue jumped 95%, carrying the bulk of growth alongside so-called Trump Account fees, which helped drive a 54% increase in other revenue.

CEO Vlad Tenev framed the company as 13 distinct business lines, each generating over $100 million in annualized revenue, all aligned around the goal of "making everyone an owner."

Robinhood Chain was also discussed on the earnings call. Tenev said the chain has seen "great initial traction," with its decentralized exchanges processing more than $12 billion in volume. He noted that the network became the fastest ever to reach 100 million transactions, with total value locked at approximately $325 million. The launch positions Robinhood alongside a broader push by traditional brokerage and fintech firms toward on-chain settlement infrastructure—a trend underscored the same day by Morgan Stanley executives arguing that stablecoins and tokenization are pushing finance toward 24/7 markets. During the call, Tenev demonstrated browsing the chain on his phone, explicitly displaying CASHCAT, which triggered a rapid 40% surge in the chain's leading memecoin.

HOOD shares sold off on the day and did not recover meaningfully in after-hours trading. The price action appeared more closely tied to the hawkish FOMC outcome than to Robinhood's earnings beat. Looking at the broader picture, the company now has 13 revenue lines each exceeding $100 million, with multiple growth avenues ahead. With Coinbase scheduled to report earnings Thursday and Wall Street already trimming estimates amid a spot-trading slump, Robinhood's diversification beyond crypto trading into prediction markets, options, equities, and on-chain infrastructure offers a contrasting data point for investors tracking how publicly traded crypto-adjacent platforms are navigating a cooler retail trading environment.

Macro, Crypto and Markets

Crypto majors were mostly flat. BTC held at $64.8k, ETH at $1,920, SOL at $74, and HYPE declined 3% to $53.20.

Top altcoin movers included INJ (+4%), NEAR (+4%), and ZEC (+2%).

Oil was flat at $83; Gold rose 1% to $4,080.

Stock futures were green and rebounding following a post-FOMC selloff, with the DOW up 0.3% and the Nasdaq up 1.2%.

The Federal Reserve held rates steady at 3.50–3.75% in a 9-3 vote, with three regional presidents dissenting in favor of a hike—the most dissents since 2016. Warsh's commentary was fairly hawkish, and markets sold off afterward.

Coinbase heads into Thursday's earnings with Wall Street trimming estimates, as a spot-trading slump left Q2 volume near $152 billion, well below the $178 billion expected.

Morgan Stanley executives said the traditional 9-to-5 banking day is dying, arguing that stablecoins and tokenization are pushing finance toward always-on, 24/7 settlement.

SEC Chair Paul Atkins said the agency is "ready, willing, and able" to write crypto market rules itself if the CLARITY Act flounders.

OpenAI's rogue AI hacked four more platforms besides Hugging Face, per a quietly updated incident post, widening a containment failure that has alarmed security researchers.

Crypto scams cost Americans an estimated $80.7 billion in 2025, with crypto accounting for over half of all cybercrime losses, according to a Consumer Federation of America report.

Stablecoin firm Brale said a new protocol removes a major hurdle to scaling custom tokens, making it easier for businesses to issue their own branded stablecoins.

Corporate Treasuries and ETFs

Bitcoin ETFs saw $32 million in net inflows on Wednesday. ETH ETFs recorded $33 million in outflows.

Meme Coin Tracker

Meme coin leaders were mixed: DOGE -1%, SHIB -1%, PEPE flat, PENGU -1%, TRUMP +1%, and BONK -2%, according to CoinMarketCap.

The Robinhood chain was led by HOODRAT (+140%) and StonkBroker (+12%); recent runner Pipedog fell 40%.

Solana leaders included ChooChoo (+15x) and Faucina (+19x); ANSEM was down 5% at a $172 million market cap.

Token, Airdrop and Protocol Tracker

MoonPay launched PayBox, a non-custodial AI payment vault integrated inside Claude and ChatGPT. The assistant can prepare crypto and card payments that users approve with a passkey. MoonPay also announced an airdrop tied to users' AI subscription tiers.

ZCash's Ironwood migration is now 10% complete, up from 3% on its first day.

Pump Fun co-founder Sapijiju argued that PUMP will become more valuable long-term than Hyperliquid's HYPE, claiming Pump Fun's total addressable market is "simply way larger" than the global perps market Hyperliquid operates in, though still "unproven."

Aave is retiring deployments on six low-adoption chains, including Scroll, zkSync, and Aptos, pulling back approximately $98.1 million in deposits to reduce risk.

Binance US plans to apply for CFTC DCM status, which would enable the exchange to enter the prediction market space in the United States.

NFT Market Update

NFT leaders were mixed: CryptoPunks flat at 32.3 ETH, BAYC flat at 8.35 ETH, Pudgy down 4% at 3.91 ETH, and Hypurr's flat at 189 HYPE.

Top movers included StonkBrokers (+25% to 3.84 ETH) and Satari (+9%).

FWA enabled wrapped FWA tokens to enter its pool as the project continues to expand its ERC20 offerings; FWA declined 12% to an $18 million market cap.