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CEX

CEXs are platforms managed by centralized organizations that facilitate the trading of cryptocurrencies, offering high liquidity and user-friendly fiat on-ramps. Leaders like Binance, OKX, and Coinbase serve as the primary gateways for institutional and retail entry. In 2026, the industry focus is on Proof of Reserves (PoR), enhanced regulatory compliance, and hybrid models that offer self-custody options. This tag provides updates on exchange security, listings, and global market trends.

4426 Articles
Created: 2026/02/02 18:52
Updated: 2026/02/02 18:52
The stablecoin market is undergoing a transformation following the crash: a massive migration of billions of dollars as funds move away from leverage and embrace real returns.

The stablecoin market is undergoing a transformation following the crash: a massive migration of billions of dollars as funds move away from leverage and embrace real returns.

Author: Frank, PANews The market crash on October 11 not only broke through the price defenses of crypto assets, but also triggered a massive migration of billions of dollars in the stablecoin sector. Data shows that since October, the total market capitalization of stablecoins has shrunk from $308.7 billion to $302.8 billion, with nearly $6 billion leaving the market. In this ebb tide, the leading compliant stablecoin, USDC, was hit hardest, with its supply on the Solana chain experiencing a precipitous drop. Meanwhile, USDe, previously a rising star in stablecoins, also saw a significant decrease in issuance due to the liquidation of revolving loan leverage. However, this is not simply a capital flight, but a brutal competition. When we peel back the layers of the data, we find that this is a shift from "speculation" to "rationality." Capital is flowing from the high-leverage on-chain gaming arena to safe havens with stronger compliance, smoother fiat currency channels, and real RWA returns. The "double whammy" of the Solana ecosystem and USDC In this wave of market capitalization decline, USDC has become the biggest "bleeding point." Data shows that USDC accounted for half of the nearly $6 billion outflow, with its total market capitalization falling from $76.3 billion to $73.5 billion, a decrease of $2.8 billion. The decline in USDC is mainly due to a 18.24% decrease in USDC issuance on the Solana chain over the past month. On October 11, the total amount of USDC issued on the Solana chain was approximately $12.8 billion, but by November 23, it had dropped to $8.7 billion, a reduction of 4.1 billion USDC. During the same period, the total value of funds (TVL) on the Solana chain also decreased from $12.9 billion to $8.79 billion, a drop similar to that of USDC's supply. Top-ranked DeFi protocols on Solana also experienced significant declines in TVL during this phase. From this perspective, after the market crash on October 11th, a large amount of capital on the Solana chain chose to directly redeem stablecoins to mitigate market risk. Taking Pump.fun as an example, according to on-chain analyst Yu Jin, in the past week, the Pump.fun project team transferred 405 million USDC to Kraken. Then, during the same period, 466 million USDC were transferred from Kraken to Circle, which likely represents a withdrawal. This money came from Pump.fun's private sale of PUMPs to institutional investors in June. However, Pump.fun co-founder Sapijiju responded, stating, "This is completely false information; Pump.fun has never cashed out," and that this was simply a fund management operation. Solana wasn't the only one experiencing a liquidity crisis. Hyperliquid, known for its highly leveraged derivatives trading, also saw its stablecoin issuance drop from $6 billion to $4.4 billion, a 25% decrease. This comprehensive contraction directly impacted Circle's performance on the US stock market. Hit by both poor revenue expectations and a sharp decline in USDC supply, Circle's stock price plummeted from a high of $240 to below its IPO price, falling to $71.3. The once-promising "compliant stablecoin unicorn" myth seems to be facing its first crisis since its IPO. USDe Crisis and Sui's Stablecoin Data Gaffe If the decline of USDC is a cyclical deleveraging, then the crisis of USDe exposes the structural vulnerability of algorithmic stablecoins in a bear market. Since October 10th, the supply of USDe has halved from $14.6 billion to $7.38 billion, and its price on Binance briefly de-pegged to $0.65 due to a short-term lack of liquidity. The main reason for this de-pegging was the mass withdrawal of liquidity providers from centralized exchanges during the panic, resulting in extremely thin order books. Meanwhile, although USDe's official redemption mechanism functioned normally, its off-exchange settlement process had a delay of several hours. This delay prevented arbitrageurs from quickly profiting during the brief flash crash, thus failing to pull the discount on the CEX back to the $1 peg, amplifying the de-pegging magnitude. The sharp drop in issuance was actually due to the market crash causing a dramatic fall in funding rates for perpetual contracts, even turning negative. This rendered the "revolving loan" leverage strategy, widely deployed on lending platforms like Aave and Morpho, economically unsustainable. With yields below borrowing costs, traders were forced to deleverage and liquidate positions on a massive scale, leading to a contraction in USDe supply. Afterwards, OKX CEO Star stated on the X platform: "USDe should not be viewed as a stablecoin pegged 1:1 to the US dollar; it is a tokenized hedge fund." Even though Ethena set a record high of $151 million in fees captured in Q3 of this year, it couldn't withstand the loss of market confidence caused by the sharp decline in yields. While USDe yields have now rebounded to above 5%, overall supply and trading volume are both declining. Amidst extreme market anxiety and a thirst for the next growth driver, a data blunder involving the Sui blockchain became an unexpected incident. On November 24th, Artemis data showed that the stablecoin supply on the Sui chain had increased by $2.4 billion. Social media users speculated that this might indicate certain institutions or "smart money" were actively deploying assets on the Sui chain. Even the official Sui team engaged in the discussion, replying with "stablesmaxxing" (stablecoin maxed out). However, PANews' investigation revealed that this may have been a misunderstanding. After careful comparison of multiple data dashboards, USDC is indeed the most issued stablecoin on Sui, with a current market capitalization of approximately $480 million. Other stablecoins on Sui have issuances in the tens of millions of dollars. According to Defillama data, the current total supply of stablecoins in the Sui ecosystem is approximately $653 million. If $2.5 billion were to flow in or be issued in a single day, it would mean that the stablecoin supply on Sui would increase by about four times. On-chain information also shows that the issuance of USDC on Sui is $482 million, with the largest holding address being the Binance exchange, holding approximately 148 million coins. Subsequently, Artemis updated this data, showing that the stablecoin supply on Sui has increased by $117 million in the past seven days. A new direction for risk aversion: embracing returns. After funds are withdrawn from high-risk areas, they do not disappear completely, but flow to safer and more functional assets. During the market downturn, USDT once again proved its dominance as the top stablecoin, with its total market capitalization not only remaining unaffected but also repeatedly breaking new records, reaching $184.7 billion. In contrast to the decline of USDC, other compliant stablecoins have seen significant growth. Since the market crash on October 11, the issuance of PYUSD has bucked the trend, increasing from $2.5 billion to $3.6 billion, a growth of nearly 50%. Among public blockchains, PYUSD's growth is mainly attributed to the growth of the Ethereum mainnet, which has increased by 57% in the past month. Data released by Token Terminal on November 9th shows that PYUSD has become one of the fastest-growing tokenized assets with a market capitalization exceeding $1 billion. Compared to other stablecoins, PYUSD's core advantages likely lie in its convenient fiat currency exchange channels and relatively stable yield. PYUSD previously maintained an APY of over 10% on the Solana blockchain through subsidized yields. Furthermore, PYUSD's compliance is also a key factor considered by many institutional investors. Furthermore, the issuance of USYC, another yield-generating stablecoin issued by Circle, has also increased by 45% in the past month, with a total issuance increase of approximately $500 million. This indicates that during periods of market turmoil, institutional investors are no longer satisfied with holding zero-interest cash or willing to take on the high risks of DeFi, but instead prefer the stable returns of RWA tokens pegged to US Treasury bonds. Data from RWA.xyz also shows that the recent issuance of RWA assets has not been affected by the market downturn and continues to grow steadily. It increased by 10%, from $33 billion on October 11th to $36 billion. A period of market turmoil has served as a litmus test for the stablecoin market. It has not only allowed the market to distinguish which stablecoins are primarily used for high-leverage trading and which are used as investment targets for large institutions, but it also reflects that the crypto market has officially bid farewell to the "wild west" era of solely relying on on-chain leverage to drive growth. Conversely, the counter-trend breakout of PYUSD and the steady growth of RWA assets prove that funds are starting to vote with their feet. In turbulent times, more convenient fiat currency channels, more transparent compliance backing, and real returns based on US Treasury bonds are the core competitive advantages for retaining funds. The outflow of $6 billion may offer us a glimpse into the next phase of the stablecoin war. It's no longer a race to print money, but a contest of scenarios, trust, and the quality of underlying assets. For issuers, the only ticket to the next bull market will be evolving from "fuel" for on-chain speculation to a "bridge" in financial and trade processes.

Author: PANews

2025/11/26

New UAE Law Sparks DeFi And Web3 Regulation Shift

New UAE Law Sparks DeFi And Web3 Regulation Shift

The post New UAE Law Sparks DeFi And Web3 Regulation Shift appeared on BitcoinEthereumNews.com. A new financial law in the United Arab Emirates is set to bring decentralized finance (DeFi) and the broader Web3 industry under regulatory parameters, signaling an important shift for the industry. The UAE’s new central bank law, Federal Decree Law No. 6 of 2025, introduces “one of the most consequential regulatory shifts” for the crypto industry in the region, Irina Heaver, a local crypto lawyer and founder of NeosLegal, told Cointelegraph. “It brings protocols, DeFi platforms, middleware, and even infrastructure providers into scope if they enable activities such as payments, exchange, lending, custody, or investment services,” Heaver said. According to the lawyer, industry projects building or operating in the UAE should treat this as a pivotal regulatory milestone and align their systems before the September 2026 transition deadline. “We’re just code” is no longer a defense Issued in the Official Gazette and legally effective since Sept. 16, 2025, the UAE’s Federal Decree Law No. 6 is a central bank law that regulates financial institutions, insurance business as well as digital asset-related activities. Its key provisions, Article 61 and Article 62, provide a list of activities that require a license from the Central Bank of the UAE (CBUAE), including crypto payments and digital stored value. “Article 62 states that any person who carries on, offers, issues, or facilitates a licensed financial activity ‘through any means, medium, or technology’ falls under the regulatory perimeter of the CBUAE,” Heaver said. An excerpt from the UAE’s Federal Decree Law No. 6. Source: CBUAE In practice, this means DeFi projects can no longer avoid regulation by claiming they are “just code,” the lawyer said, adding that the argument of “decentralization” does not exempt a protocol from compliance. Protocols that support stablecoins, real-world assets (RWA), decentralized exchange (DEX) functions, bridges, or liquidity routing “may require a…

Author: BitcoinEthereumNews

2025/11/26

Ethereum at Key Levels: Breaking $3,000 Could Trigger $794M in CEX Short Liquidations; Dropping Below $2,850 May Cause $426M in CEX Long Liquidations

Ethereum at Key Levels: Breaking $3,000 Could Trigger $794M in CEX Short Liquidations; Dropping Below $2,850 May Cause $426M in CEX Long Liquidations

The post Ethereum at Key Levels: Breaking $3,000 Could Trigger $794M in CEX Short Liquidations; Dropping Below $2,850 May Cause $426M in CEX Long Liquidations appeared on BitcoinEthereumNews.com. COINOTAG, citing Coinglass data, flags potential liquidity pressure around Ethereum price thresholds. If ETH clears $3,000, the aggregate short liquidation on major CEXs could reach roughly $794 million, signaling a liquidity-driven risk of a sharp move. On the flip side, a breach below $2,850 could unleash about $426 million in long liquidation across mainstream exchanges, highlighting asymmetric risk to the downside. COINOTAG notes that the liquidation chart’s bars reflect relative intensity among clusters, not exact contract counts or liquidated value; higher bars indicate a stronger price reaction when such levels are reached, i.e., a potential liquidity cascade. Traders should monitor these thresholds as part of risk-management strategies given the probability of rapid moves around stated levels, reinforcing the need for disciplined position sizing and stop placement. Source: https://en.coinotag.com/breakingnews/ethereum-at-key-levels-breaking-3000-could-trigger-794m-in-cex-short-liquidations-dropping-below-2850-may-cause-426m-in-cex-long-liquidations

Author: BitcoinEthereumNews

2025/11/26

Galaxy Digital Explores Polymarket, Kalshi Partnerships as Liquidity Provider: Report

Galaxy Digital Explores Polymarket, Kalshi Partnerships as Liquidity Provider: Report

The post Galaxy Digital Explores Polymarket, Kalshi Partnerships as Liquidity Provider: Report appeared on BitcoinEthereumNews.com. Galaxy Digital explores market-making partnerships with Polymarket and Kalshi platforms. Novogratz confirms firm testing small-scale liquidity provision on prediction markets. Institutional traders enter prediction space as regulatory barriers decline over time. Galaxy Digital is exploring partnerships with prediction market platforms Polymarket and Kalshi to serve as a liquidity provider, according to a Bloomberg report. The firm’s CEO, Mike Novogratz, confirmed the company is testing market-making operations in the sector. Novogratz told media that Galaxy Digital is currently conducting small-scale experiments with market-making on prediction platforms. He added that the firm plans to eventually provide liquidity across these markets at a larger scale. Galaxy Tests Market-Making Infrastructure The investment management firm would step in to buy and sell prediction contracts, adding market depth similar to its operations on crypto exchanges. This approach could help reduce costs for users by tightening spreads and improving order execution. Prediction markets allow users to trade yes or no contracts, with prices showing the probability of specific outcomes. Polymarket and Kalshi have processed approximately $42.4 billion in combined trading volume across their platforms. Kalshi has surpassed Polymarket in monthly volume since September. The CFTC-regulated platform gained ground after Polymarket was ordered to withdraw from the U.S. market in 2022. However, Polymarket’s acquisition of QCEX earlier this year enabled its return to American users. Institutional Firms Enter Prediction Market Space The lack of arbitrage traders in prediction markets has created price gaps between platforms. Contracts for Kevin Hasset to become Federal Reserve Chair currently trade at $0.35 on Kalshi and $0.14 on Polymarket, according to recent data. Kalshi brought on Susquehanna as its first major institutional market maker in 2024. Bloomberg also reported that Jump Trading began providing liquidity for the platform earlier this month. These firms previously helped establish infrastructure for crypto market liquidity before 2016.…

Author: BitcoinEthereumNews

2025/11/26

Lighter CEO on ‘democratizing finance’ with a zero-fee, ZK perp DEX

Lighter CEO on ‘democratizing finance’ with a zero-fee, ZK perp DEX

CEO Vladimir Novakovski explains the infrastructure powering the perp DEX, and why Lighter opted for a zero-fee structure for retail users.

Author: The Block

2025/11/26

Bitcoin at Risk of Mega Liquidations: $1.097B Short Liquidations If BTC Surges Beyond $89K and $816M Long Liquidations If It Falls Below $85K

Bitcoin at Risk of Mega Liquidations: $1.097B Short Liquidations If BTC Surges Beyond $89K and $816M Long Liquidations If It Falls Below $85K

The post Bitcoin at Risk of Mega Liquidations: $1.097B Short Liquidations If BTC Surges Beyond $89K and $816M Long Liquidations If It Falls Below $85K appeared on BitcoinEthereumNews.com. As reported by COINOTAG News on November 26, based on Coinglass data, a Bitcoin move above $89,000 could push the cumulative short liquidation intensity on mainstream CEXs toward approximately $1.097 billion, while a dip below $85,000 may elevate the cumulative long liquidation measure to about $816 million. The reporting notes that the liquidation chart conveys cluster intensity rather than exact contract counts, helping readers gauge potential liquidity-driven price reactions at specified levels. Note that the visualization ranks liquidation clusters by relative importance; a higher liquidation bar signals a more pronounced market response as price pressure migrates through liquidity pockets. Readers should treat these figures as data-driven risk indicators, not guarantees, and incorporate them into broader risk management and scenario planning for crypto portfolios. Source: https://en.coinotag.com/breakingnews/bitcoin-at-risk-of-mega-liquidations-1-097b-short-liquidations-if-btc-surges-beyond-89k-and-816m-long-liquidations-if-it-falls-below-85k

Author: BitcoinEthereumNews

2025/11/26

Solana ETFs’ Inflow Streak Is Underappreciated: Co-Founder

Solana ETFs’ Inflow Streak Is Underappreciated: Co-Founder

The post Solana ETFs’ Inflow Streak Is Underappreciated: Co-Founder appeared on BitcoinEthereumNews.com. Key Highlights Solana’s co-founder, Raj Gokal, has mentioned the ongoing streak of positive inflows of Solana ETFs, saying that it is “greatly underappreciated” SOL ETFs have witnessed a 20-day streak of positive inflows, which resulted in total net inflows of $568 million Despite impressive inflows, SOL is still facing a downward trend amid the turmoil in the cryptocurrency market Solana’s co-founder, Raj Gokal, has shared a post on X (formerly Twitter), where he stated that “the unbroken streak of daily inflows to the Solana ETF (topped off by a record day of inflows) is greatly under appreciated.” the unbroken streak of daily inflows to the solana etf (topped off by a record day of inflows) is greatly under appreciated. thank you for your attention to this matter https://t.co/8ItbDL85JO — raj 🖤 (@rajgokal) November 25, 2025 Solana ETFs Make Strong Debut Since the launch of the first Solana ETF on October 28, Bitwise’s BSOL, these new ETPs have maintained a positive inflow streak, thanks to their growing institutional demand. Apart from this, the approval of Bitwise’s Solana ETF has sparked a new wave of approval for Solana ETFs. After this, Fidelity, VanEck, and 21Shares have also launched their SOL ETFs after receiving approval from the Securities and Exchange Commission.     From day one, these exchange-traded funds have drawn the attention of investors as they managed to attract new capital for 20 consecutive days through November 25. This constant inflow of money into SOL ETFs resulted in total net inflows of $568 million.  (Source: Farside on X) Among all ETFs, Bitwise’s BSOL ETF has achieved a top spot in the leaderboard after capturing over 89% of all inflows with $483.6 million in assets. Its success largely comes from its industry-low fee of 0.20% and a unique offer of staking rewards that provide investors…

Author: BitcoinEthereumNews

2025/11/26

GHOST’s GhostPay gives it an edge over ZEC and XMR

GHOST’s GhostPay gives it an edge over ZEC and XMR

The post GHOST’s GhostPay gives it an edge over ZEC and XMR appeared on BitcoinEthereumNews.com. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Privacy coins surge to a $19b market as new Solana-based solutions like GhostwareOS shift focus beyond legacy players. Summary GhostwareOS on Solana offers modular privacy tools, including GhostPay, encrypted messaging, and ID obfuscation. It enables anonymous Solana transactions with fees redistributed to GHOST token holders, not a foundation. GHOST competes with Zcash and Monero in 2025 as privacy coins shift to high-performance, modular solutions. In 2025, the privacy niche is no longer a footnote in the market. Reports from CoinGecko and CoinMarketCap put the privacy coin segment at around US$18-19 billion in total market value, with Zcash and Monero still among the biggest names in the category, while newer projects experiment with private payment layers such as GhostPay built on faster base chains. The conversation about the best privacy crypto coins has started to move away from legacy coins and toward solutions built on top of high-performance infrastructure. This is where GhostwareOS (GHOST) on Solana enters the picture with GhostPay, its native anonymous payments layer, sitting alongside modules for encrypted messaging and identity. Instead of being just another standalone privacy coin, the stack is designed as a modular toolkit for messaging, identity, and GhostPay-powered private transactions. GhostwareOS: Privacy stack designed for Solana Instead of launching its own chain, Ghost is a full-stack privacy layer for Solana. This includes GhostOS, Tx ShadowNet, and Darkrelay Messaging, along with ID obfuscation modules that break the link between different wallets and sessions. All of these building blocks are powered by modern cryptography, such as HPKE, zero-knowledge proofs, and MPC, according to technical reviews from partners and aggregators. GhostPay: Anonymous payments GhostPay turns this infrastructure into a very concrete product, a private payments layer…

Author: BitcoinEthereumNews

2025/11/26

Polymarket Wins Amended Order of Designation from CFTC

Polymarket Wins Amended Order of Designation from CFTC

The post Polymarket Wins Amended Order of Designation from CFTC appeared on BitcoinEthereumNews.com. Key Highlights Polymarket has secured an Amended Order of Designation from the U.S. CFTC, which allows it to run a fully regulated trading platform for the first time This approval will now allow Polymarket to onboard U.S. brokerages and their clients, enabling trading through regulated intermediaries To comply with the amended order, the platform has established advanced surveillance, market supervision, and regulatory reporting systems Polymarket, the world’s leading prediction market platform, has received amended approval from the U.S. Commodity Futures Trading Commission (CFTC).  Polymarket announced that the U.S. Commodity Futures Trading Commission (CFTC) has issued it an Amended Order of Designation, allowing the company to operate an intermediated trading platform in the United States under a fully regulated exchange structure. With this approval,… — Wu Blockchain (@WuBlockchain) November 25, 2025 The federal agency has issued a revised order that formally designates Polymarket as a regulated exchange, which permits it to establish a trading platform that U.S. customers can access through authorised financial intermediaries.     What Does the CFTC’s Amended Order of Designation Mean? A “Designated Contract Market” (DCM) is a formal status granted by the CFTC to exchanges that meet its primitive regulatory standards. This status means that it places an exchange under a regulatory watchdog. This kind of supervision is comparable to how the SEC oversees stock exchanges.  The Amended Order of Designation will make some amendments to Polymarket’s existing designation given by the CFTC. Its prior designation was originally obtained through the company’s acquisition of QCX LLC. One of the major updates in this order is that it clearly authorises a new intermediated trading model.  This approval will open the door for Polymarket to onboard U.S.-based brokerages and their clients directly, integrating the platform into the traditional financial ecosystem. Users will eventually be able to place trades through regulated…

Author: BitcoinEthereumNews

2025/11/26

Surviving the Meme Apocalypse: Key Factors Behind Memecoin Longevity — Spotlight on BAMBITZ

Surviving the Meme Apocalypse: Key Factors Behind Memecoin Longevity — Spotlight on BAMBITZ

Surviving the Meme Apocalypse: Key Factors Behind Memecoin Longevity — Spotlight on BAMBITZSurviving the meme coin apocalypse, being amongst the

Author: Medium

2025/11/24

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