PYUSD

PayPal USD

Summary The most popular stablecoin type, majority fiat-backed stablecoins, dominates global crypto markets and accounts for more than 85% of the $313 billion supply. Variations in the reserves of majority fiat-backed stablecoins stem from differences in their respective business strategies, regulatory authority, and risk appetite. Nearly all majority fiat-backed stablecoin issuers use qualified custodians for their fiat reserve assets, including Treasuries and cash equivalents. The majority fiat-backed ecosystem depends heavily on regulated and trusted centralized entities, including issuers, custodians, financial institutions, and oracles, with strong performance track records. By Raye Hadi, Research Associate, Digital Assets Introduction In Part One of ARK’s four-part guide to stablecoins, we introduced stablecoins and contextualized their development. I argued that the design of each type of stablecoin includes tradeoffs and consequences for holders. This article - Part II of ARK’s Guide - focuses on “Majority Fiat-Backed Stablecoins” and outlines how companies manage their reserves, including the mechanisms that maintain the stability and durability of their stablecoins: governance and compliance, token access and integration, and yield and incentive distribution. The Majority Fiat-Backed stablecoins covered here are: USDC (USDC-USD) (Circle) USDT (USDT-USD) (Tether) PYUSD (PYUSD-USD) (PayPal US Dollar) The most popular stablecoin type, majority fiat-backed stablecoins, dominates global crypto markets and accounts for more than 85% of the $313 billion supply. 1 Now that Congress has passed the GENIUS Act, majority fiat-backed stablecoins are the only eligible options for issuers intending to offer payment stablecoins in the US. The majority fiat-backed stablecoin market is and has been a duopoly, with industry incumbents - Circle’s USDC and Tether’s USDT - dwarfing all competitors. PayPal’s US Dollar (PYUSD) is one of many new entrants attempting to challenge their dominance. In the remainder of this guide, we analyze the majority fiat-backed stablecoins, USDC, USDT, and PYUSD in terms of our five key criteria: Transparency: Clarity and verifiability of reserves, real-time tracking, and user-led analysis Durability: Peg stability, insurance mechanisms, external dependencies, and ability to preserve value Sovereignty: Censorship and seizure resistance, trust surface, and real ownership Accessibility: Usability, integrations, liquidity, and user experience Incentives: Native mechanisms that either reward holders or otherwise share value with users Transparency Composition of Reserves The reserves of majority fiat-backed stablecoins have similar structures, typically consisting of US-denominated cash and cash equivalents like short-term U.S. Treasury securities. Variations in the reserves of majority fiat-backed stablecoins stem from differences in their respective business strategies, regulatory authority, and risk appetite. The charts below illustrate the reserve compositions of USDC, USDT, and PYUSD. Source: ARK Investment Management, based on data from Tether, data as of December 31, 2025. 2 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Note: *(Lefthand chart): Cash owed is subtracted from Cash held at regulated institutions for accuracy purposes. Snapshot as of December 31, 2025. Source: ARK Investment Management, based on data from Circle, Paxos, and Stablecoin Insider, data as of December 31, 2025. 3 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. While each stablecoin is backed ≥75% by fiat-based assets, the composition of their reserves varies, as each issuer targets a different combination of assets to maintain stability. Aligning with its US-centric operations and recent initial public offering ((IPO)), Circle holds all of its reserves in US-denominated cash and cash equivalents, mostly repo agreements and short-term Treasury bills. Similarly, for the same reason, all PYUSD’s reserves are in USD-denominated cash and cash equivalents - mostly cash and repo agreements. Paxos issues and manages PYUSD, operating under the supervision of the New York Department of Financial Services (NYDFS). In contrast, Tether has been focused on the rest of the world, with ~46% of USDT supply on the Tron blockchain that dominates in Latin America, Africa, and Asia. 4 USDT is the stablecoin most frequently used on Tron by a wide margin. 5 Tether is headquartered and licensed in El Salvador 6 as a Digital Asset Service Provider (DASP) 7 and has more latitude than US/EU counterparts to choose the reserves that will back USDT. As a result, Tether has backed USDT with the following reserves: ~24% in bitcoin, precious metals, secured loans, and other investments, and ~76% across various fiat-backed assets. Reserves backing USAT, its recently launched US-focused stablecoin, are required to comply with the GENIUS Act reserve requirements to be considered an eligible payments stablecoin. The reserve management of majority fiat-backed stablecoins has been centralized, based not only on the issuer’s strategic vision but also on the regulatory environment. Centralization gives the issuer more control and thus flexibility to meet its objectives, which is important in adapting to various regulations. Transparency of Reserves Majority fiat-backed stablecoin providers release audits and other reports to reassure investors about the integrity of their reserves. Typically released quarterly or monthly and endorsed by reputable third parties, the reports offer transparency, adding to issuer credibility, as illustrated on the main websites below. USDT (Tether): Tether - Official Home of Tether USDC (Circle): Transparency & Stability | Circle PYUSD (Paxos): Paxos | PayPal USD (PYUSD) Transparency Reports Note: Links to stablecoin issuer websites are provided for informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Durability Reserves Custodians We list the Reserve Custodians/Managers of each majority fiat-backed stablecoin below. Stablecoin (Issuer) Reserve Custodian(s)/Manager(s) USDT (Tether) Cash & Cash Equivalents : Cantor Fitzgerald, Deltec Bank & Trust, Ansbacher Limited, Capital Union Bank, Far East International Bank, Capital Union, and others Bitcoin : Undisclosed (either stored in non-custodial wallets with private keys held by Tether OR held with a third-party custodian) Precious Metals : Undisclosed Secured Loans : Undisclosed Other Investments : Undisclosed USDC (Circle) Cash & Cash Equivalents : Bank of New York Mellon (BNY), BlackRock PYUSD (Paxos) Repo Agreements + Cash & Cash Equivalents : State Street Bank, BMO Harris Bank, and Trust Customers Bank Source: ARK Investment Management, based on data from Tether, Aave (AAVE-USD), BlackRock (BLK), rwa.xyz, and Circle, data as of December 31, 2025. 8 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Nearly all majority fiat-backed stablecoin issuers use qualified custodians for their fiat reserve assets, including Treasuries and cash equivalents. Tether’s is the exception, with undisclosed custodians and storage methods for bitcoin and other non-fiat assets. In contrast, BlackRock manages most of Circle’s reserves in a specialized government money market fund, 9 and Paxos Trust Company legally holds and manages the PYUSD reserves under its New York State Charter while utilizing qualified institutions for safekeeping and settlement in accordance with NYDFS. 10 Anchorage Digital Bank will issue USAT, and Cantor Fitzgerald will custody and manage its reserves. Because Anchorage is positioned as the sole crypto bank with an Office of the Comptroller of the Currency ((OCC)) license, this framework will remove a layer of counterparty risk and custodian fees to which other issuers are subject. Circle is one of many in the process of applying for a federal bank charter, for which the OCC has granted conditional approval. 11 While stablecoin custody arrangements present minimal risks relative to multi-collateral-backed or synthetic dollar models, their designs vary in durability. Placing all assets in segregated, bankruptcy-remote accounts at qualified institutions, for example, Paxos offers the strongest safety guarantees to token holders, even from its own hypothetical bankruptcy, as it legally isolates the reserves and places stringent limits on reserve lending and/or rehypothecation. That said, custodian-level risks cannot be eliminated. Taking a different tack, Circle holds the majority of USDC reserves in a BlackRock 2a-7 government money market fund, 12 which does not offer the same guarantees as Paxos. While segregating USDC reserves from Circle’s corporate balance sheet, this structure is exposed to risks associated with BlackRock. Custodians of USDT reserves include a variety of banks and asset managers, but those for Tether’s USAT will be required to comply with the GENIUS Act reserve requirements with Anchorage Digital as the issuer. Our research suggests that an event that subjects custodians to counterparty risk is unlikely, as all listed custodians are qualified institutions within highly regulated markets. Nonetheless, investors should understand that edge-case scenarios, while highly unlikely, are possible. Depegging Risk and External Dependencies The peg stability of majority fiat-backed stablecoins hinges on two types of factors: those endogenous to the stablecoin design and those exogenous to issuer control. Endogenous factors involve the sovereign powers acting as the creditors of the reserves backing the stablecoin, specifically their insolvency and inability to service debt, as well as operational risks associated with the issuer and custodian(s) of the stablecoin, such as: The solvency risks of the holding institutions and custodians responsible for managing the reserves. The operational integrity and risk management of the issuer itself. While the risk of these factors is low, the collapse of Silicon Valley Bank (SVB) illustrated the fragility of the ecosystem when reserves are stored within fractional-reserve banks, as discussed in Part 1 of our Stablecoin guide. Even more unlikely is the inability of the US government to service its debts. As for the relationship between the stablecoin issuer and its users, token holders provide the issuer with interest-free capital in exchange for a reliable dollar-denominated onchain asset. As a result, the token holder is trusting the issuer’s operational integrity, including legal safeguards like segregated bankruptcy-remote accounts. That said, exogenous factors also play an important role in peg stability. Factors like liquidity depth and internal pricing can result in exchange-specific shocks during periods of stress, such as the recent liquidation event on October 10, 2025 - now known as “10/10” - when USDC depegged by a few cents on Binance for a very short period. 13 USDe, Ethena’s (ENA-USD) synthetic dollar, was most affected, but USDC faced issues as well. This slight depeg was temporary and specific to local issues that resulted from three factors: Internal order book-based pricing Platform-specific liquidity depth One-off outages/downtime caused by system overload During 10/10, although the real cause of the crash remains unknown, the combination of tariff threats and broader macro factors resulted in a sharp drop in token prices. This drawdown caused extreme levels of stress, as an excessively over-leveraged crypto market fell into a cascade of liquidations. Market-wide infrastructure failures followed, as exchanges like dYdX (DYDX-USD) went offline for eight hours and Lighter experienced a 4.5-hour outage. 14 Hosting the largest share of the perpetual futures 15 market, Binance (BNB-USD) experienced outsized traffic during this period, which resulted in application programming interface ((API)) outages that disrupted mint/redeem mechanisms typically used to retain the peg parity of stablecoins. 16 With no outlet, Binance’s internal liquidity was forced to absorb large amounts of USDC denominated liquidations, pushing USDC slightly off its peg relative to USDT, which, while faced with similar issues, remained resilient due to its deeper liquidity on the platform. 17 This problem was exacerbated by USDC holders on Binance seeking refuge in USDT, adding further sell pressure to USDC. Important to note, USDC did not depeg technically, as this was a platform specific issue, but it did respond to local instability issues. In that sense, peg stability was a function not only of reserve integrity, operational structure, and issuer solvency, but also of market structure, exchange-specific pricing, and real-time liquidity conditions. The majority fiat-backed ecosystem depends heavily on regulated and trusted centralized entities, including issuers, custodians, financial institutions, and oracles, with strong performance track records. This ecosystem has proven more durable and reliable than alternatives like multi-collateral-backed stablecoins or synthetic dollars. Peg Stability and Mint/Redemption Mechanism The mint/redeem mechanism is the process by which stablecoins like USDC, USDT, and PYUSD maintain their $1 price peg. This process enables arbitrage that stabilizes the token’s market price, as whitelisted entities: Redeem when the price is below $1: purchase the discounted token on the open market for $0.99, for example, and redeem it for $1 from the issuer, reducing supply and increasing the price. Mint when the price is above $1: send fiat to the issuer to mint at $1, then sell into the market at $1.01, for example, increasing supply and reducing the price. This arbitrage is the stabilizing force behind the peg, available only to know your customer (KYC)-approved entities to ensure regulatory compliance, guard against money laundering, and control the issuance and redemption of fiat-backed assets. Retail users cannot mint or redeem directly and, instead, must rely on exchanges or fintech platforms for fiat on- and off-ramps. Beyond peg maintenance, mint/redeem functionality also: Expands stablecoin distribution to new chains, supporting their liquidity. Provides regulated fiat access for large institutions, facilitating fiat entry/exit. The table below outlines the mint/redeem differences among USDC, USDT, and PYUSD: Price Stability/Arbitrage Direct Redemption Eligibility (KYC) Direct Retail Fiat On/Off-Ramps? Fees To Mint Fees To Redeem Minimum Mint/Redeem Amount USDC (Circle) ✔️ Whitelisted Institutions (KYC Required) No- Retail On/Off-Ramps Via Third Parties (exchanges, fintech partners) No Issuer Mint Fee (possible bank wire costs) Basic Redemption: 0%, All Standard Redemption: 0.05%, $/€ 2M - $/€ 25M Institutional Redemption: 0.05%, All None USDT (Tether) ✔️ Whitelisted Institutions (KYC Required) No- Retail On/Off-Ramps Via Third Parties (exchanges, fintech partners) No Issuer Mint Fee (possible bank wire costs) >$1,000 USD or 0.1% (fees are subject to change at the discretion of Tether) $100,000 USD PYUSD (Paxos) ✔️ Whitelisted Institutions (KYC Required) No- Retail On/Off-Ramps Via Third Parties (exchanges, fintech partners) No Issuer Mint Fee (possible bank wire costs) No Redemption Fee For Conversion Or Protocol Use Not Disclosed (varies by entity and size) Source: ARK Investment Management, based on data from Tether, Circle, and Paxos, data as of December 31, 2025. 18 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. While all three stablecoins use the same model for peg enforcement, they differ in fee structures, minimum thresholds, and access models. Circle, for example, has a tiered redemption fee system to accommodate the variety of its developer base, whereas Tether charges a flat fee with a minimum redemption, and with a 0% redemption fee, Paxos is trying to drive adoption, liquidity, and platform integrations. Importantly, even though the table above reflects publicly disclosed fee schedules and eligibility criteria, minting and redemption terms are not universally applied across all entities and may differ depending on bilateral agreements, volume tiers, or other negotiated arrangements with approved institutional counterparties. Sovereignty Governance The governance of majority fiat-backed stablecoins is issuer-driven and centralized. Circle (USDC), Tether (USDT), and Paxos/PayPal (PYUSD) control their infrastructure, smart contracts, and all upgrade decisions. This structure enables rapid iteration and regulatory alignment but depends upon the issuer’s integrity and judgment. Compliance Major issuers of fiat-backed stablecoins have satisfied regulators with robust compliance frameworks. As delineated in the GENIUS Act, sections 4(a)(6)(b) and 2(16)((A)), 19 US regulators require each issuer to embed freeze functionality in its stablecoin token contract and enable immediate intervention when required. With subpoenas or sanctions, regulators can mandate freezes or seizures, or burn stablecoin payments. Token transfers are traceable onchain, and parties wishing to interact directly with USDC, USDT, or PYUSD - whether minting, burning, or accessing advanced features - must complete KYC verification. Additionally, the fiat reserves backing these stablecoins, typically cash and short-term U.S. Treasuries, fall under anti-money laundering (AML) requirements and the Bank Secrecy Act. 20 This regulatory oversight limits user privacy and censorship resistance significantly. Interestingly, regulatory positioning is not a strong indicator of how actively a stablecoin issuer undertakes actions to assist US regulatory agencies, as Tether froze ~30x more USDT between 2023 and 2025 than Circle did USDC. 21 Despite USDT’s offshore positioning and Circle’s US-regulated operations, Tether froze ~$3.3 billion worth of assets throughout this period, while Circle froze ~$109 million of assets. 22 The variation stems from a difference in regional operations and approach, as 53% of Tether’s frozen USDT was on the Tron network, and 38% of blacklisted addresses were handled in coordination with US law enforcement. 23 Circle takes a more conservative approach, with a marginal USDC supply on Tron and only freezing USDC under court or regulatory orders. 24 Accessibility Liquidity The scale of a stablecoin plays an important role in its accessibility. As noted earlier, deep or thin liquidity can impact exchange- or ecosystem-specific risk. Based on the blockchain networks that host over $1 billion of a stablecoin’s supply, USDC meets that threshold on the six major networks hosting strong DeFi ecosystems. While more abundant, USDT meets the threshold on five major networks. Most of USDT’s supply is on Ethereum (ETH-USD) and Tron (TRON-USD), Tron highlighting USDT’s dominance in the global south. PYUSD, which has not hit escape velocity, has surpassed the billion-dollar mark only on Ethereum, fluctuating above and below the 1 billion mark on Solana. Source: ARK Investment Management, based on data from Artemis and Nansen Wallet, data as of December 31, 2025. 25 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Note: Data from onchain providers may be over or understated depending on the wallet clustering methodology of the provider. Data marked with “*” refers to data obtained from onchain wallet clustering methods. “CEX” = Centralized Crypto Exchange. “DEX” = Decentralized Crypto Exchange. Source: ARK Investment Management, based on data from OKX, Kraken, Binance, ByBit, Pancakeswap (CAKE-USD), and Uniswap (UNI-USD) as of December 31, 2025. 26 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. Exchange balances indicate the venues on which users are trading tokens and also signal the existence of accessible on/off-ramps, as shown in the “Stablecoin Supply Across Top CEXs and DEXs” table above. USDT dominates the Asian CEXs (Binance, OKX, and ByBit), while USDC dominates on Coinbase (COIN) and Kraken (KRAKEN). PYUSD’s exchange liquidity is nascent, in line with trader demand. Integrations While users can access most stablecoins through the majority of blockchains and exchanges, access to majority fiat-backed stablecoins requires native on-chain integrations to support smart contract networks that provide mint/redeem and other core functionality. New integrations often require networks to onboard stablecoins and pay distribution fees. Listed below are the blockchains with native issuance for each of the stablecoins. Stablecoin (Issuer) Number of Blockchains Blockchains With Native Issuance USDC (Circle) 32 Algorand (ALGO-USD), Aptos (APT-USD), Arbitrum, Avalanche (AVAX-USD), Base, Celo (CELO-USD), Codex, edgeX, Ethereum, Hedera (HBAR-USD), HyperEVM, Ink (INK-USD), Linea, Monad, Morph (MORPH-USD), Near (NEAR-USD), Noble, Optimism (OP-USD), Plume (PLUME-USD), Polkadot (DOT-USD), Polygon (MATIC-USD), Sei (SEI-USD), Solana (SOL-USD), Sonic (SONIC-USD), Starknet, Stellar (XLM-USD), Sui (SUI-USD), Unichain, Worldchain, XDC Network, XRP Ledger, zkSync USDT (Tether) 12 Aptos, Avalanche, Celo, Cosmos, Ethereum, Kaia, Liquid Network, Polkadot, Solana, Tezos (XTZ-USD), TON, Tron PYUSD (Paxos) 4 Ethereum, Solana, Arbitrum, Stellar Note: Integration refers to access to the core developer API set of the issuer natively, on the blockchain. Source: ARK Investment Management, based on data from Tether, Circle and Paxos as of December 31, 2025. 27 For informational purposes only and should not be considered investment advice or a recommendation to buy, sell, or hold any particular security or cryptocurrency. USDC is the most widely available by network integration, but USDT and PYUSD, while less natively integrated, outsource to LayerZero’s OFT (Omnichain Fungible Token) for cross-chain functionality. 28 Incentives Yield and Incentives The most significant source of revenue generated by these majority fiat-backed stablecoins is the yield earned on their Treasury reserves, which, in turn, relies heavily on interest rate projections. Historically, stablecoin issuers have not passed the yield on to token holders because of securities law-related regulations that the GENIUS Act crystallized in Section 4(a). 29 While stablecoin issuers cannot return any of the yield they earn to holders, they can participate in exogenous opportunities to return yield through separate products or partners. The situation is a point of contention in the construction of crypto market structure legislation, however, and it remains to be seen if this feature will persist. Coinbase’s rewards program, which pays users ~3.5% 30 to hold USDC on its platform, is the most notable example. Additionally, users can redeploy their tokens in yield-bearing products through Decentralized Finance ((DEFI)) protocols or CeFi (Centralized Finance) products. Conclusion While they are the least aligned with crypto-native properties like censorship resistance and decentralization, fiat-backed stablecoins are the most durable, liquid, and trusted type of stablecoin. Their centralized architecture and regulatory alignment have legitimized blockchain-based finance beyond the crypto ecosystem, while their liquidity and resilience have contributed to the growth and stability of DeFi. Although the fiat-backed model offers less room for innovation, variations in distribution, custody, and oversight should allow issuers to differentiate their products and carve out distinct niches. With the passage of the GENIUS Act, fiat-backed stablecoins should be positioned for strong growth, especially as major financial and technology companies accelerate their entry into the space. Parts III and IV of our Stablecoin Guide will explore multi-collateral and synthetic-dollar models, alternatives that aim to achieve price stability without compromising as much on decentralization, censorship resistance, and control. Important Information Stablecoins aim to maintain a stable value, but they are not risk-free. Their value and stability depend on the issuer’s reserves, governance, and market conditions. Factors such as reserve mismanagement, regulatory changes, technical vulnerabilities, or loss of market confidence may cause a stablecoin to lose its peg or become illiquid. Users should conduct their own research, understand the underlying mechanisms and risks, and not rely on stablecoins as a guaranteed store of value. Glossary of Terms “DeFi” or decentralized finance is an emerging financial system using blockchain and cryptocurrencies to enable direct transactions between individuals and businesses. “CeFi” or centralized finance refers to financial services and platforms provided by centralized entities, such as banks and exchanges, that manage user accounts and transactions. Fiat currency is a type of government-issued currency, authorized by government regulation to be legal tender. The U.S. dollar is an example of fiat currency. Artemis Analytics. 2025. “Stablecoin Overview.” Tether. 2025. “Relevant Information Document.” See also Tether. 2026. “Transparency.” Circle. 2026. “Transparency & stability.” Paxos. 2026. “PayPal USD Attestations.” Stablecoin Insider. 2025. “Is PYUSD regulated by U.S. financial authorities?” Uquid. 2025. “Uquid. TRON Report.” Elad, B. 2025. “TRON Statistics 2026: Users, DeFi, Stablecoins & More.” CoinLaw. Tether. 2025. “Relevant Information Document.” Tether. 2025. “Tether Licensed in El Salvador, Strengthening Focus on Emerging Markets and Innovation.” Tether. 2025. “Relevant Information Document.” See also Aave. 2023. “[ARFC] PYUSD Reserve Configuration Update & Incentive Campaign.” BlackRock. 2026. “Circle Reserve Fund.” Rwa.xyz. 2026. “Stablecoins.” Circle. 2026. “Is Circle Mint right for your business?” BlackRock. 2026. “Circle Reserve Fund.” Uquid. 2025. “Uquid. TRON Report.” U.S. Office of the Comptroller of the Currency. 2025. “OCC Announces Conditional Approvals for Five National Trust Bank Charter Applications.” BlackRock. 2026. “Circle Reserve Fund.” Aave. 2023. “[ARFC] PYUSD Reserve Configuration Update & Incentive Campaign.” Khei, L.C. and V. Lim. 2026. “What Is October 10th? Crypto's 10/10 Mass Market Liquidation Event.” Coingecko. “Perpetual futures” are a derivatives product that allows a user to take leveraged long or short exposure to an underlying asset without an expiration date. The mechanism uses a periodic funding rate to keep the contract price aligned with the underlying spot price. Haseeb. 2025. “Did Ethena Really Depeg?...” X. Ibid. Tether. 2025. “Relevant Information Document.” Circle. 2026. “Is Circle Mint right for your business?” Circle. 2026. “USDC/ EURC redemption structure.” Paxos. 2026. “PYUSD Overview.” Paxos. 2024. “5 Key Facts About PYUSD.” Paxos. 2025. “FIat USD Deposit & Withdrawal Fees.” Congress.Gov. 2025-2026. “S.1582 - GENIUS Act.” Latham & Watkins LLP. 2025. “The GENIUS Act of 2025: Stablecoin Legislation Adopted in the US.” AMLBot. 2025. “Stablecoin Freezes 2023–2025: A Data-Backed Analysis of USDT vs USDC by AMLBot.” See also Khei, L.C. and V. Lim. 2026. “What Is October 10th? Crypto's 10/10 Mass Market Liquidation Event.” Coingecko. Ibid. Ibid. Ibid. Artemis Analytics. 2025. “Stablecoin Overview.” See also Nansen Wallet. 2026. “What Did Smart Money Trade Today?” OKX. 2026. “OKX Reserve Ratios.” Kraken. 2026. “Proof of Reserves.” Binance. 2026. “Proof of Reserves.” ByBit. 2026. “Proof of Reserves.” Pancakeswap. 2026. “All Tokens.” Uniswap. 2026. “Tokens.” Circle. 2026. “Experience the Power of Multichain USDC.” Circle. 2026. “Transparency & stability.” Paxos. 2026. “PayPal USD Attestations.” Layer Zero. 2026. “OFTs.” Congress.Gov. 2025-2026. “S.1582 - GENIUS Act.” Coinbase. 2025. “Introducing USDC.” Disclosures ARK's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. For a list of all purchases and sales made by ARK for client accounts during the past year that could be considered by the SEC as recommendations, click here . It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the securities in this list. For full disclosures, click here . ©2021-2026, ARK Investment Management LLC (“ARK” ® ”ARK Invest”). All content is original and has been researched and produced by ARK unless otherwise stated. No part of ARK’s original content may be reproduced in any form, or referred to in any other publication, without the express written permission of ARK. The content is for informational and educational purposes only and should not be construed as investment advice or an offer or solicitation in respect to any products or services for any persons who are prohibited from receiving such information under the laws applicable to their place of citizenship, domicile or residence. Certain of the statements contained on this website may be statements of future expectations and other forward-looking statements that are based on ARK's current views and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. All content is subject to change without notice. All statements made regarding companies or securities or other financial information on this site or any sites relating to ARK are strictly beliefs and points of view held by ARK or the third party making such statement and are not endorsements by ARK of any company or security or recommendations by ARK to buy, sell or hold any security. The content presented does not constitute investment advice, should not be used as the basis for any investment decision, and does not purport to provide any legal, tax or accounting advice. Please remember that there are inherent risks involved with investing in the markets, and your investments may be worth more or less than your initial investment upon redemption. There is no guarantee that ARK's objectives will be achieved. Further, there is no assurance that any strategies, methods, sectors, or any investment programs herein were or will prove to be profitable, or that any investment recommendations or decisions we make in the future will be profitable for any investor or client. Professional money management is not suitable for all investors. For full disclosures, please go to our Terms & Conditions page. The Adviser did not pay a fee to be considered for or granted the awards. The Adviser did not pay any fee to the grantor of the awards for the right to promote the Adviser's receipt of the awards nor was the Adviser required to be a member of an organization to be eligible for the awards. For full Award Disclosure please go to our Terms & Conditions page. Past performance is not indicative of future performance. Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

An EY-Parthenon and Coinbase survey of 351 institutional investors shows USDC used or held by 86% of respondents in January 2026, up from 55% in January 2025, while USDT declined from 57% to 68% over the same period. What the Data Shows According to tweet by Coindesk, the survey ...

Key takeaways : SPX6900 price prediction suggests that the coin’s price can reach $0.600947 by the end of 2026. By 2028, SPX may achieve a peak price of $1.27 and an average trading price of $1.17. In 2032, the target price for SPX is between $2.40 and $2.60, with an average price of $2.50. SPX6900 (SPX) functions primarily on the Ethereum network. The token was created as a meme to entertain wider audiences. It has no real connection with stock market, equities, or securities. The meme coin generates interest through spot trading, market speculation, or perpetual and leveraged trading on different decentralized exchanges; the latter is not recommended for non-professionals due to its high risk and highly volatile nature. SPX6900 is traded on different centralized and decentralized cryptocurrency exchanges. The most popular centralized exchange for trading SPX tokens is Bybit, which has the highest trading volume for this meme coin. SPX6900 (SPX) can be stored in various wallets, including Trust Wallet, Bitget Wallet, and hardware wallets like Ledger. It can also be stored on a centralized exchange like KuCoin and another option could be Kraken, providing easy access to the coin. Early users attest to its credibility and remarkable price performance; however, the meme token still holds the interest of many investors with a daily trading volume in millions and a current circulating supply of 930.99 million SPX, which is also its total supply, although its max supply will be 1 billion tokens. Starting as a non-serious venture, the coin established itself as one of the most high-ranking coins of the year 2024. It was initiated as a useless token but ultimately ended up earning profits in the millions. For example, over a month, SPX earned up to a 9000% return following its ascent through September 2024. What’s next for the meme token in 2026 and beyond? Let’s get into the SPX6900 price prediction and technical analysis. Overview Cryptocurrency SPX6900 Token SPX Price $0.303 (-0.97%) Market Cap $282.54M Trading Volume (24-hour) $3.84M Circulating Supply 930.99M SPX All-time High $2.28 (July 28, 2025) All-time Low $0.000002634 (August 16, 2023) 24-hour High $0.3086 24-hour Low $0.2989 SPX6900 price prediction: Technical analysis Metric Value Price Prediction $0.2295 (-25.19%) Price Volatility 5.44% 50-Day SMA $0.3152 200-Day SMA $0.8006 Market Sentiment Bearish Fear & Greed Index 12 (Extreme Fear) Green Days 13/30 (43%) SPX6900 price analysis SPX6900 price analysis confirmed a downtrend, with the price decreasing to $0.303. Cryptocurrency has lost 0.97% of its value. SPX coin has support around $0.282. On March 21, 2026, SPX6900 price analysis revealed a downward trend, as the coin’s price decreased to $0.303. Over the last 24 hours, the altcoin lost 0.97% in value, as bearish momentum took hold today. Today’s correction is on the lower side, as the coin has support near the $0.282 level. SPX6900/USD analysis on the 24-hour timeframe The one-day price chart of the SPX6900 coin confirmed a bearish trend in the market. The SPX/USD price decreased to $0.303 in the past 24 hours after getting resistance from the sellers’ side. The selling activities initiated today may bring further losses, as a new red candlestick on the price chart signifies selling pressure. SPX6900/USD 1-day price chart. Source: TradingView The distance between the Bollinger Bands defines the intensity of volatility. This distance is comparatively less, leading to mild volatility for today. Moreover, the upper limit of the Bollinger Bands indicator, indicating resistance, has shifted to $0.354. The lower limit of the Bollinger Bands indicator, which serves as the support, has shifted to $0.282. The Relative Strength Index (RSI) indicator is trending in the neutral range. The indicator’s value has decreased to index 45. This suggests a continued selling momentum on the SPX6900 price chart, as the score has decreased to the middle neutral range. SPX6900 analysis on the 4-hour chart The four-hour price analysis of the SPX6900 coin also confirmed the presence of bearish pressure at the current price. The SPX/USD value slightly decreased to $0.303 in the past few hours, which hints at the presence of bearish elements in the market. The comparatively low volatility also signifies relatively lower market unpredictability. SPX6900/USD 4-hour price chart. Source: TradingView The Bollinger Bands are converging, leading to low volatility levels. This low volatility signifies relatively lower chances of a reversal or further price depreciation. Moving ahead, the upper Bollinger Band has shifted to $0.321, indicating a resistance level. Conversely, the lower Bollinger Band has moved to $0.294, indicating support. The RSI indicator is trending within the neutral region for now. Its value has decreased to index 40 during the last four hours. If selling activities continue to grow, a further decrease in the RSI level is possible, which might take it below the 36 threshold. SPX6900 technical indicators: Levels and action Daily simple moving average (SMA) Period Value ($) Action SMA 3 0.4328 SELL SMA 5 0.3753 SELL SMA 10 0.3252 SELL SMA 21 0.3232 SELL SMA 50 0.3152 SELL SMA 100 0.4218 SELL SMA 200 0.8006 SELL Daily exponential moving average (EMA) Period Value ($) Action EMA 3 0.3228 SELL EMA 5 0.3440 SELL EMA 10 0.3978 SELL EMA 21 0.4552 SELL EMA 50 0.5418 SELL EMA 100 0.6905 SELL EMA 200 0.8401 SELL What to expect from SPX6900 price analysis? SPX6900 price analysis gives a bearish prediction regarding the ongoing market events, as the coin price has decreased to $0.303 today. If sellers push the price below immediate support zones, we might see the SPX6900 price decrease below the $0.282 level. Is SPX6900 a good investment? Investing in SPX necessitates an evaluation of the SPX market and its emphasis on adaptability. Despite the earlier price spikes and enormous price gains, investors are advised to exercise caution on account of the market volatility of meme coins. Earnings from SPX require long-term investment decisions, whether holding or trading, but in this dynamic market, risk management is primarily achieved through diversification and keeping abreast of developments. Why is SPX down? SPX’s price is trending near $0.303 today. The balance of power is still towards the sellers; moreover, the token’s market sentiment remains negative today. SPX’s nearest support level is at $0.282. Will SPX6900 reach $1? The SPX token may reach $1 in 2028. With the current price action, this outcome seems quite possible, as the token is trending above $0.3, and its market cap will increase by 203% when it reaches this level. Will SPX reach $2? Per SPX price prediction, it has a chance of reaching $2 by 2031 if positive sentiment prevails, which makes SPX tokens a good purchase option. Will SPX reach $5? To reach $5, SPX’s value along with its market cap will have to increase more than fifteen times. Though not impossible, there are chances of reaching near this level after 2032. Does SPX6900 have a good long-term future? Long-term forecasts suggest a gradual increase in the value of SPX over the next two years. Following this period, projections anticipate sustained upward price movement with a potential resurgence in 2029. By 2032, SPX is expected to trade above $2, solidifying its position as a valuable long-term asset. SPX6900 does not only capitalize on mere entertainment but is also driven by the community surrounding it. Recent news/opinions on SPX6900 Some crypto influencers are bullish on SPX6900, including MustStopMurad, ApeToshi Aeon, and Maddox, a best-selling author and blogger known for “The Best Page in the Universe” and technology-related content. Murad shared a post highlighting the community behind SPX6900’s success, and Maddox later shared a video along the same lines. The most recent and bold claim was also made by MustStopMurad, asserting that “a growing number of Bitcoin Maximalists are closeted SPX6900 supporters” and “a massive SPX6900 supply shock is coming.” However, such content should be taken with a pinch of salt. Whatever you do, make sure you watch this. A Massive SPX6900 Supply Shock is Coming. pic.twitter.com/3jbrOSQnDM — Murad 💹🧲 (@MustStopMurad) March 4, 2026 SPX6900 price prediction March 2026 This month, SPX is expected to reach a high of $0.446, with an average price of $0.320 and a minimum trading price of $0.208. SPX6900 price prediction Minimum price Average price Maximum price SPX6900 price prediction March 2026 $0.208 $0.320 $0.446 SPX6900 price prediction 2026 The price of SPX is predicted to reach a minimum value of $0.131 in 2026. Traders can anticipate a maximum value of $0.600947 and an average trading price of $0.500789. SPX6900 price prediction Minimum price Average price Maximum price SPX6900 price prediction 2026 $0.131 $0.500789 $0.600947 SPX6900 price predictions 2027-2032 Year Minimum Price ($) Average Price ($) Maximum Price ($) 2027 0.734491 0.834648 0.934806 2028 1.07 1.17 1.27 2029 1.40 1.50 1.60 2030 1.74 1.84 1.94 2031 2.07 2.17 2.27 2032 2.40 2.50 2.60 SPX6900 price prediction 2027 The year 2027 will experience more bullish momentum. According to the SPX price prediction, it will range between $0.734491 and $0.934806, with an average trading price of $0.834648. SPX6900 price prediction 2028 The SPX price prediction climbs even higher into 2028. According to the projections, the price of SPX will range between $1.07 and $1.27, with an average of $1.17. SPX price prediction 2029 According to our SPX price prediction for 2029, we expect a maximum price of $1.60, a minimum price of $1.40, and an average price of $1.50. This makes it a good decision to swap one’s crypto into SPX6900. SPX price prediction 2030 According to the SPX6900 price prediction for 2030, the price of SPX will range from $1.74 to $1.94, with an average price of $1.84. SPX6900 price prediction 2031 The SPX6900 price prediction for 2031 indicates the price will range between $2.07 and $2.27. The average price of SPX will be $2.17. SPX6900 price prediction 2032 The SPX6900 price forecast for 2032 is a high of $2.60. According to the SPX coin price prediction, it will reach a minimum price of $2.40 and average at $2.50. SPX price prediction 2026-2032. Source: Cryptopolitan SPX6900 market price prediction: Analysts’ SPX price forecast Firm Name 2026 2027 DigitalCoinPrice $0.0836 $0.00122 CoinCodex $0.9713 $0.5298 Cryptopolitan’s SPX6900 price prediction Our forecast shows that SPX will achieve a high price of $0.600947 near the end of 2026. In 2027, SPX will range between $0.734491 and $0.934806. In 2032, the cryptocurrency will range between $2.40 and $2.60, with an average price of $2.50. It is important to consider that the predictions can change at any time and are not investment advice. It is advised to do your own research and conduct detailed due diligence before investing in the volatile crypto market. SPX6900 historic price sentiment SPX6900 price history SPX6900 was launched in August 2023 by its primary creators with an opening price of $0.003 but remained under the radar for over a year. In October 2023, SPX’s value spiked to $0.023 under bullish control, which was a considerable growth trajectory, but still, it remained far from market attention. December of 2023 saw a low price of $0.008, which was quite low as compared to the price in October as per crypto market historical data. SPX6900 saw a stagnating price movement from January to May 2024, only to rise periodically to $0.015. In September 2024, SPX6900 gained an enormous 5600% from September 12 to October 14, reaching $0.913, resulting in a massive market capitalization. The token made higher spikes till November 7, 2024, adding significantly to its market cap; however, the token’s price has deteriorated afterwards. On November 21, SPX6900 stooped to $0.450, losing 50% of its value, which made holders cautious. However, the token regained its lost value and ended the year at $0.856. The meme token entered January 2025 with a price tag of $0.866, but it soon jumped to $1.55 as its circulation and acceptance increased. It corrected strongly in search of support at the start of February, attaining an average price of $0.66, but came down to the 0.46 range in March. In April, the coin was trending near $0.386 on the lower side, while in May, it saw a fabulous recovery, peaking at $1.11 along with some other cryptocurrencies. On June 11, the meme coin attained its all time high of $1.73, and on July 28, it marked another ATH at $2.27. SPX maintained a trading range of $1.06 to $2 in August under complete bullish dominance, proving itself a reliable asset, and was trading at an average price of $1.16 in September. In October 2025, SPX6900 was trending near $1.6, and in November, it fell to $0.78 after losing 50% of its value. In December, the downtrend continued as the token touched $0.63. At the start of January 2026, SPX6900 was trending near $0.648, but in March, it slipped to $0.336, as the current market sentiment is bearish.

PayPal extended its PYUSD stablecoin to 70 markets on 17 March 2026. The token was previously available only to users in the US and UK.

Speaking at the DC Blockchain Summit, Senator Tim Scott said a new proposal on stablecoin yields could be introduced by the end of the week.

PayPal has expanded access to its stablecoin PayPal USD (PYUSD) to 70 markets, allowing users worldwide to send, hold, and receive the token while enabling faster, lower-cost global transactions. PayPal Expands PYUSD Across 70 Markets On Tuesday, payments giant PayPal announced that its USD-pegged stablecoin, PYUSD, will be available to users in 70 markets worldwide following its expansion into 68 new countries this month. The fintech launched the stablecoin in August 2023 after initially pausing development due to scrutiny of PayPal’s issuance partner, Paxos. That same year, PayPal received a subpoena from the US Securities and Exchange Commission (SEC) related to its stablecoin. As crypto regulation gained momentum and financial watchdogs loosened their grip under the Trump Administration, the Commission concluded its 16-month investigation into PYUSD without enforcement action in February 2025. Since then, PYUSD’s total market capitalization has reached $4.1 billion, a fivefold increase over the past year. Previously, only customers in the US and the UK had access to the PYUSD. However, the latest expansion has made PYUSD available to users across multiple global regions, including Asia-Pacific, Europe, Latin America, and North America. This includes Colombia, Costa Rica, the Dominican Republic, the Faroe Islands, Greenland, Guatemala, Honduras, Panama, Peru, Singapore, the United Kingdom, and the United States. Meanwhile, users in the remaining markets will have access to PYUSD in the coming weeks. Users in the newly supported regions will be able to hold, send, and receive the stablecoin directly on their PayPal accounts, enabling faster settlement and lower cost than traditional payment methods. Users will also be eligible to earn rewards on their stablecoin holdings, but rewards won’t be available to users in Singapore or the United Kingdom, the official announcement noted. Existing holders in the United States receive an annual 4% reward. PayPal Eyes ‘More Inclusive, Global Commerce Ecosystem’ The payments giant affirmed that this geographical expansion marks a critical step in its stablecoin push to build “the liquidity, utility, and ubiquity of PYUSD necessary to create a more inclusive, global commerce ecosystem.” While consumers and businesses worldwide are seeking faster, more seamless global transactions , the current system still incurs excessive charges and adheres to outdated timelines, May Zabaneh, Senior Vice President and General Manager of Crypto at PayPal, noted, adding that the company is working to change that. “Enabling PYUSD in users’ accounts across 70 markets gives people faster access to their funds, lower-cost ways to send money across borders, and a more direct path to participating in the global economy, and that is what drives commerce forward for everyone,” she affirmed in the official announcement. “Now you’re really opening up not only access—especially in places where they need it most— but also cross-border transfers and volume, where the pain is felt so high,” Zabaneh also told Fortune . The stablecoin was initially launched on Ethereum and later expanded to other networks, including Tron, Avalanche, Aptos, and Sei, through LayerZero in September. In addition, YouTube added a new payout option last December that allows US creators to receive earnings in PYUSD.

PayPal introduced PYUSD stablecoin access to users in 70 different countries. The expansion aims to improve global payments for consumers and merchants alike. Continue Reading: PayPal Expands PYUSD Stablecoin Access To 70 Global Markets The post PayPal Expands PYUSD Stablecoin Access To 70 Global Markets appeared first on COINTURK NEWS .

A consortium of five US regional banks announced the Cari Network on March 17, a tokenized deposit platform built on ZKsync’s Prividium infrastructure that is designed to deliver the speed and programmability of stablecoin payments while keeping customer funds inside the regulate...