Crypto Currents: Tether adds billions as Visa pilots stablecoins

Global payments infrastructure is moving on-chain as Visa announces a major blockchain initiative, while U.S. regulators are signaling a new era of cooperation on crypto oversight, a move welcomed by the industry. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us 2 PM daily for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio. Also, subscribe to our YouTube channel for the Crypto Fly By weekly recap.

TETHER BOLSTERS BITCOIN RESERVES: Stablecoin issuer Tether transferred 8,888 bitcoin (BTC-USD), worth approximately $1B, into its reserve wallet in the early morning hours on September 30th, according to on-chain data provided by Arkham Intelligence. The move, consistent with the firm’s strategy of allocating profits to bitcoin, raises its total holdings to nearly 109,410 BTC, valued at over $12.4B.

VISA LAUNCHES STABLECOIN PILOT: Payments giant Visa (V) is also deepening its crypto commitment, launching a pilot program that allows businesses to use stablecoins to fund cross-border payments. According to Bloomberg, the initiative uses Circle’s (CRCL) dollar-pegged USDC (USDC-USD) and euro-pegged EURC stablecoins to pre-fund accounts on its Visa Direct platform.

REGULATORS PLEDGE HARMONY: In Washington, top financial regulators are signaling a major shift toward cooperation on crypto oversight. Following a joint roundtable, the SEC and the CFTC pledged to work more closely to reduce regulatory conflict and duplication, according to a statement. SEC Chairman Paul Atkins told reporters that “crypto is job one” and a “top priority” for the agency, according to CoinDesk.

CORPORATE AND MARKET MOVES: Several other publicly traded companies made significant moves at the intersection of traditional finance and digital assets.

• Deutsche Börse Group (DBOEY) signed an agreement with Circle to integrate USDC and EURC stablecoins into its trading, settlement, and custody services for European markets.
• The digital asset arm of Societe Generale, SG-FORGE, deployed its own euro and dollar-pegged stablecoins on decentralized finance protocols Uniswap and Morpho, enabling their use in lending and trading.
• Brokerage firm Benchmark raised its price target on Bakkt (BKKT) to $40 from $13, reiterating a Buy rating and noting the company trades at a significant discount to peers like Coinbase (COIN) and Robinhood (HOOD).
• The SEC halted trading in shares of QMMM Holdings (QMMM) until October 10, citing potential stock manipulation after the company’s shares surged over 2,000% following its announcement of a pivot to a crypto treasury strategy involving bitcoin, ether, and solana (SOL-USD).
• Strategy (MSTR) disclosed it purchased an additional 196 bitcoin for its corporate treasury last week.
• CoinDesk reports that IG Group became the first London-listed company to receive a crypto asset license from the U.K.’s Financial Conduct Authority, allowing it to expand its digital asset services.

H.C. WAINWRIGHT ANALYST INDUSTRY NOTES:

H.C. Wainwright reiterated its ratings and price targets on the following crypto-related stocks:

• Strategy (MSTR): Buy rating and $595 price target. The firm highlighted the company’s purchase of another 196 BTC and sees bitcoin potentially exceeding $150k by November.
• Bitfarms (BITF): Buy rating and $4 price target.
• Bit Digital (BTBT): Buy rating and $7 price target.
• Bitdeer Technologies (BTDR): Buy rating and $19 price target.
• Cango (CANG): Buy rating and $8 price target.
• Cipher Mining (CIFR): Buy rating and $17 price target.
• CleanSpark (CLSK): Buy rating and $25 price target.
• CoreWeave (CRWV): Buy rating and $180 price target.
• BitFuFu (FUFU): Buy rating and $7 price target.
• HIVE Digital (HIVE): Buy rating and $6 price target.
• IREN Limited (IREN): Buy rating and $36 price target.
• MARA Holdings (MARA): Buy rating and $28 price target.
• Riot Platforms (RIOT): Buy rating and $18 price target.

PRICE ACTION: As of this writing, bitcoin (BTC-USD) was trading at approximately $113,171.26, while ether (ETH-USD) was trading near $4,118.45 , according to price data from CoinDesk.