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first_img Fomo and Robinhood Wallet credit card purchases of Memecoin suspected of circumventing card organization crypto regulations

The Block's investigation shows that on the social trading app Fomo and Robinhood's self-custody wallet Robinhood Wallet, users can directly purchase Memecoin using credit cards via Apple Pay or Google Pay without completing a separate KYC identity verification. Transactions can also accumulate points or cash back rewards as normal credit card rewards. The media tested the purchase of WIF, and transactions on the Visa and Mastercard networks were classified under merchant category code MCC 5815 (digital goods media), rather than the cryptocurrency asset categories MCC 6012 or 6051 as stipulated by card organization rules, which typically come with crypto tags and do not earn rewards.These transactions are supported by the Token Checkout product from the crypto infrastructure company Crossmint. Crossmint insists that this classification is appropriate, citing the joint guidance released by the SEC and CFTC in March of this year, which views certain Memecoins like WIF as "digital collectibles." However, Chase stated that the Visa transaction was not marked as a cryptocurrency purchase and that the classification was incorrect, and they have initiated a case review with Visa; the New York Attorney General's office also stated that it is reviewing the matter. Vanderbilt University law professor Yesha Yadav and other payment experts believe that the SEC's position and card organization rules represent "two completely different systems."

first_img Ethena launches Ethena Pay based on Avalanche, offering up to 6% yield and 10% cashback

According to The Block, Ethena Labs announced the launch of the beta version of its self-custody payment application Ethena Pay on Avalanche, covering 48 countries.The application integrates Ethena's synthetic dollar USDe, allowing users to earn rewards on their account balance, including up to 6% annual yield and up to 10% cash back when using designated merchants.The founder of Ethena stated that this is the first bank-like application to integrate the issuer's own stablecoin products with banking applications. Users can hold USDe, receive fiat currency through international bank accounts or directly deposit in cryptocurrency, and can also send funds to others and settle in the recipient's local currency.The application supports "instant" global transfers, with free transfers for USD, EUR, and other currencies, while other bank transfers incur certain fees. The application offers three membership tiers: standard users can enjoy a 5% annual yield, and by depositing 2000 USD in USDe or inviting 10 users, they can upgrade to VIP status, enjoying a 6% yield; depositing 10,000 USD or inviting 50 people allows for further upgrades. Cash back is paid in AVAX.The beta version of Ethena Pay is now available on iOS and Android, initially covering countries such as Brazil, Mexico, South Africa, the Philippines, Singapore, the UAE, and Australia, with the US, EU, Canada, and South Korea to follow. Currently, the circulating supply of USDe is approximately 4 billion USD.

hot_img In the first half of the year, cryptocurrency TradFi transactions exceeded $1.3 trillion, with the exchange landscape shifting from a unipolar concentration to a multipolar distribution

According to a research report published by RootData Research, the total trading volume of mainstream cryptocurrency exchanges in the TradFi sector surpassed $1.3 trillion in the first half of 2026, nearly a tenfold increase compared to the entire year of 2025, with TradFi derivatives accounting for over 98%, becoming the core engine driving the explosive growth of the sector.The exchange landscape is shifting from "unipolar concentration" to multipolar competition. Binance, while maintaining a leading position in the TradFi sector with a cumulative share of 68.3%, saw its monthly trading volume share decline from 78.8% at the beginning of the year to 58.2% in August. Meanwhile, second-tier exchanges such as OKX, Gate, and Hyperliquid are rapidly expanding, with market shares of 18.2%, 10.7%, and 9.9% respectively in August.In the core submarket of stock derivatives, entering August, Binance still dominated with an average daily trading volume of $14.927 billion; OKX established an advantage in trading costs with the industry's lowest spread of 0.0091%, achieving a comprehensive score tied for second with Gate. Gate has recently shown independent growth, recording four consecutive months of triple-digit month-on-month growth from May to August, and in mid-August, its ±2% weighted depth ranked first in the industry for 11 consecutive trading days. The competitive logic of the TradFi sector may be shifting from a battle for traffic to a competition across comprehensive dimensions such as position size, market depth, trading costs, and variety coverage.
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