Bitget Hacked, Fed Proposes Stablecoin Rules as Bitcoin Falls After Bond Yields Spike
Summary of top crypto news for September 25, 2026: the key stories are that Bitget was hacked and the US Federal Reserve proposed regulatory rules for stablecoins, while the broader crypto market weakened. Bitcoin reversed course and fell to around 84,300 dollars after the 10-year US Treasury yield surged to a new high, prompting investors to increase their bets that the Fed will raise interest rates in October. As a result, the total crypto market capitalization fell 2.73%. Investors are also watching US jobless claims figures as the next factor.
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Stablecoin Issuers Keep Treasury Yield as GENIUS Act Bans Payouts
The GENIUS Act's Section 4(a)(11), enacted in July 2025, now explicitly bars permitted stablecoin issuers from paying holders any interest or yield tied to holding tokens, locking in a business model built on reserve income the issuers keep entirely. Tether, issuer of USDT, ranks as the 17th-largest holder of US Treasuries globally with approximately $141 billion in direct and indirect Treasury exposure as of Q1 2026, per its BDO Italia attestation, while Morgan Stanley projects stablecoin issuers could collectively hold $1.2 trillion in US Treasuries by 2030. Circle's FY2025 SEC 10-K showed $2.75 billion in total revenue, of which $2.64 billion, or 96%, came from reserve income, yet the company still posted a $70 million net loss as distribution costs reached $1.66 billion, including approximately $1.36 billion to Coinbase and a $152.1 million increase attributable to Binance. Tether, lacking a partner on Coinbase's scale, retains roughly 3.0 to 3.5 cents per dollar annually versus Circle's 0.8 to 1.0 cents, posting $13 billion in net profit in 2024 and $1.04 billion in Q1 2026 with excess reserves of $8.23 billion. In September 2026 Circle sold $100 million in equity to Binance, 1,237,011 Class A shares at $80.84 per share, a 5% discount, alongside a five-year agreement paying Binance a monthly incentive fee on USDC held through Circle's Modular Smart Contract Wallet infrastructure, as the January 18, 2027 enforcement cliff approaches with Tether holding roughly 60% market dominance and Circle at 24%.
Binance Bets $100 Million on Circle Shares, Five-Year Deal to Boost USDC
Binance has bought roughly 1.24 million Class A shares of Circle at $80.84 per share, for a total value of about $100 million, a price roughly 5% below the market level before the deal closed. Binance will be unable to sell or hedge this block of shares for up to two years, but it retains normal shareholder voting rights. The deal is more than an investment: the two sides signed a five-year agreement to drive USDC usage across Binance's global platforms, especially in emerging markets. Binance will help push adoption of USDC, while Circle will handle the underlying infrastructure. Under the agreement, Circle will pay Binance a monthly incentive fee calculated from the volume of USDC held through Circle's wallet infrastructure. USDC is currently the world's second-largest stablecoin, with a market value of about $75 billion, while Binance has a vast global user base, giving Circle a distribution channel and giving Binance both a stake in Circle and revenue from the partnership. It underscores that competition in the stablecoin market is no longer measured by the size of a coin alone, but by which one has the most channels for people to actually use it.
