Treasury Proposes GENIUS Act Stablecoin Rules as November Deadline Looms

Treasury proposes GENIUS Act stablecoin rules ahead of November implementation The proposed regulations cover issuance, offering and sale of payment stablecoins under the GENIUS Act, with rules expected by November. The same Treasury update also confirmed FinCEN has permanently ended beneficial ownership reporting for U.S. companies under the CTA. 12

Ethereum Foundation announces Glamsterdam upgrade with gas repricings for L1 contracts EIP-8037 and EIP-8038 shift costs for state creation and access on Layer 1. Most contracts are unaffected, but a small subset needs updates to avoid degradation. 3

Ethereum draft would retire BLS deposits for post-quantum validator keys A new proposal rebuilds the validator deposit contract to accept variable-length keys and multiple signature schemes. BLS deposits remain enabled initially, with a later protocol decision able to disable them permanently. 4

Revolut launches euro stablecoin as MiCA hands market to Circle The neobank, also picked for the ECB's digital euro pilot, holds EU and UK banking licences and a MiCA authorisation via Cyprus. MiCA's 60% EU bank deposit reserve rule pushed Tether out, leaving Circle's EURC as the main authorised euro token. 5

Venmo rolls out PYUSD support to 67 million US users Eligible users can buy, sell and send PayPal's stablecoin inside the app, one of the largest stablecoin expansions in a mainstream U.S. payments app. PYUSD's market cap has been climbing alongside Paxos-issued USDG. 6

Blockchain Association urges joint SEC-CFTC framework for equity perpetuals The group says equity perps trade only offshore and wants the existing security-futures framework applied, focusing on transparency, surveillance and customer-asset protection. 7

Bitcoin slips below $80K after touching $81,237, still up 28% in August Bitcoin pulled back in lockstep with gold as falling U.S. bond yields, driven by the Treasury's expanded buyback program, reshuffled macro positioning. BTC remains up roughly 28% month-to-date, its best month since November 2024. 8

Solana tokenized RWA market hits $4.2B as crypto momentum returns The milestone reflects growing tokenization activity on Solana amid a broader market rebound. 9

World Liberty CEO says USD1's $4B supply refutes Trump cronyism claims Zach Witkoff told CNBC that over $1 billion trades daily in USD1 and that he has never discussed business with the president. The Trump-linked venture recently won conditional approval for a national trust bank charter. 10

AICPA updates crypto audit guidance for stablecoins and mining revenue The August practice aid adds a chapter on stablecoin issuer accounting and reserve assets, and separately urges the IRS to speed up taxpayer name and address changes. 11