Autor Cointelegraph by Nate Kostar

DoubleZero has launched a dedicated market data feed for Hyperliquid, giving professional trading firms access to the decentralized exchange’s full order book over fiber rather than through its public APIs.The feed includes Hyperliquid’s native perpetual futures and markets operated by trade[XYZ], which uses Hyperliquid’s infrastructure to offer perpetual contracts tied to assets including oil, gold and silver. The Hyperliquid feed was developed with validator operators and ecosystem partners including Hyperion DeFi, MAVAN and Kinetiq.DoubleZero said the service delivers a continuous, ordered stream of market data for market makers, quantitative trading firms, and proprietary trading firms that need faster, more consistent order book updates. Previously, firms seeking a complete view of Hyperliquid’s order book had to assemble the data themselves through public API responses or operate their own Hyperliquid nodes. DoubleZero said changes to Hyperliquid’s public APIs have reduced the frequency and depth of updates available through them.DoubleZero operates a global fiber network designed to move data quickly between participants in blockchain networks and other distributed systems. Hyperliquid is the third venue available through its Edge market-data service, following Solana and prediction market Kalshi.Related: Bitwise launches first Lighter ETP amid Hyperliquid rivalryOnchain market infrastructure starts to resemble traditional exchangesHyperliquid’s market data infrastructure is beginning to resemble what traditional electronic exchanges use as professional trading moves onchain, according to Hyperion DeFi CEO Hyunsu Jung.Jung told Cointelegraph that CME, Nasdaq and other major exchanges distribute professional market data over dedicated networks, allowing automated trading firms to receive a consistent stream of ordered data at high speeds.“Hyperliquid data can now be consumed through the same basic model: publish once, distribute simultaneously over dedicated fiber,” he said.However, significant differences remain. Traditional exchanges allow trading firms to place their systems close to the infrastructure that processes trades, while Hyperliquid executes trades onchain. DoubleZero’s service only delivers market data; it does not place or execute trades for firms.“So the convergence is not Hyperliquid becoming CME,” Jung said. “It is onchain markets adopting the market-data infrastructure that professional trading firms already use.”“It does not eliminate latency differences,” Jung said. “A firm in Tokyo will still have a physical advantage over one in New York.”Magazine: Kyle Samani predicts SOL flippening, claims ‘no one’ uses ETH

Sequans Communications has sold its remaining 314 Bitcoin, completing its exit from a Bitcoin treasury strategy that once saw the semiconductor company hold more than 3,200 BTC.On Thursday, the French semiconductor company said the exit follows the redemption of its convertible debt in May and will allow it to refocus on its core cellular internet-of-things (IoT) and software-defined radio businesses. CEO Georges Karam said the company used Bitcoin sales to eliminate its convertible debt and strengthen its balance sheet, leaving Sequans with no cryptocurrency holdings and no outstanding debt beyond government-financed research and development obligations.Sequans launched its Bitcoin treasury strategy in June 2025 after announcing a $384 million sale of equity securities and convertible secured debentures. At the time, Karam called Bitcoin “a premier asset and a compelling long-term investment.”The company began reducing its holdings less than six months later, selling 970 BTC in November to redeem half its convertible debt. By May 2026, Sequans said it was “no longer pursuing” the treasury strategy and would monetize its remaining Bitcoin over time.Related: REX launches 2x leveraged ETF tied to Bitcoin treasury firm StriveBitcoin treasury exits mount in 2026A growing number of digital asset treasury companies have abandoned or scaled back their accumulation strategies in 2026 amid the crypto bear market.In late July, Matthew Sigel, head of digital assets research at VanEck, identified at least nine companies that had fully liquidated or abandoned their Bitcoin and crypto treasury strategies in 2026, alongside several others that had reduced their holdings.Source: Mathew SigelUK-listed Satsuma Technology was among the more drastic reversals. In July 2025, the company raised 100 million British pounds ($135 million) through convertible loan notes to expand its Bitcoin treasury, in what Cointelegraph reported at the time was a UK record for a Bitcoin treasury raise.A year later, shareholders voted overwhelmingly to return substantially all of the company’s capital and cancel its listing. The board subsequently authorized the closure of its trading activities and the sale of its entire 669 BTC position.Other companies to fully liquidate their Bitcoin holdings this year include Bitdeer, Genius Group and Prenetics. MARA Holdings and Empery Digital have also made substantial sales without abandoning their treasury strategies altogether.The companies cited by VanEck’s Sigel exited or reduced their holdings for a range of reasons, including debt repayments, working capital needs, shareholder returns and shifts in business strategy.Magazine: Big Questions: Does Satoshi actually own 1.1 million Bitcoin? 

Stablecoins are increasingly being used to settle payments behind existing card networks, allowing money to move around the clock without changing how consumers pay.But rather than cutting Visa, Mastercard or banks out of the process, the technology is beginning to replace a narrower piece of the payments stack: the traditional banking rails used to settle obligations between participants.That shift was in focus this week when SoFi began settling debit and credit card transactions with Mastercard using its SoFiUSD stablecoin. The bank said it is migrating its entire card program, which it expects to process more than $25 billion in annualized volume, to the system.The shift does not remove intermediaries from the card settlement process, a SoFi spokesperson told Cointelegraph, but provides an alternative blockchain-based settlement rail.For customers, the change largely happens behind the scenes. SoFi cardholders will continue using their debit and credit cards as normal, while moving the process onchain allows the bank to settle transactions faster, according to the spokesperson.Visa is also moving settlement onchain. In April, the company said its stablecoin settlement pilot had reached a $7 billion annualized run rate as it expanded support to nine blockchains, describing blockchain settlement as a “viable complement to traditional settlement rails.”Related: US weighs overseas push for dollar-backed stablecoins: BloombergStablecoins don’t eliminate payment intermediariesFederal Reserve researchers wrote in a March note that stablecoins could change the economics of payments without necessarily eliminating banks.Cointelegraph spoke with payments and investment experts to better understand what moving card settlement onchain actually changes, and what remains largely the same.“I wouldn’t call it disintermediation at this stage,” Martins Benkitis, co-founder and CEO of emerging-markets liquidity provider Gravity Team, told Cointelegraph.“Visa and Mastercard are still there. The banks are still there. The network is still calculating the obligations, managing the transaction and deciding how participants interact with it,” he said.Visa stablecoin settlement model. Source: VisaAs a result, stablecoins could become a larger part of payments without businesses or consumers necessarily interacting with them directly.“If stablecoins become a major part of payments, most businesses probably won’t care that there is a stablecoin somewhere in the process,” Benkitis said. “They’ll care that settlement is available when they need it and that the money arrives.”The economics of faster settlementVarun Datta, venture capitalist and founder of Truth Ventures, agreed that continuous settlement could reduce delays and the amount of capital firms need to keep in different locations for payments, particularly across borders.But those benefits do not necessarily translate into cheaper payments, he said. Conversion, compliance, integration and stablecoin-management costs still need to be considered.“I don’t think speed on a blockchain automatically means a cheaper end-to-end payment,” Datta said. He added that he would want to see evidence of lower total costs and better liquidity management at scale before calling the economic case proven.Related: US stablecoin adoption could surge with bank-like protections: Visa surveyStablecoins still need local liquidityThe economics can become more complicated when stablecoins ultimately need to be converted into local currencies.Benkitis said that while dollar-denominated stablecoins can move between balance sheets within minutes, completing payments in emerging markets can be more complicated. Local currency liquidity can be thinner, fewer banks may handle the flows, and access to the domestic banking system is still required.“The stablecoin gets the value there quickly,” Benkitis said. “You still need the local liquidity to finish the payment.”Magazine: Winners and losers of the SEC’s new tokenized stocks rules

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President Donald Trump disclosed purchasing $50,001 to $100,000 worth of Strategy shares in July, according to a US Office of Government Ethics filing released Tuesday.The filing shows Trump bought $50,001 to $100,000 worth of Strategy shares on July 27, following a smaller $1,001 to $15,000 purchase three days earlier. Strategy is the world’s largest publicly traded corporate Bitcoin holder, with 846,000 BTC, according to BitcoinTreasuries.net data.Trump also disclosed transactions involving several other crypto-linked companies, including a Coinbase stock purchase and sales of Bitcoin miners MARA Holdings and CleanSpark in July. The July 27 Strategy purchase was the largest of the crypto-linked transactions identified in the filing.Top 10 Bitcoin treasury companies. Source: BitcoinTreasuries.NETThe transaction matched Trump’s largest previously disclosed Strategy purchase, a $50,001 to $100,000 buy on Feb. 12, according to BitcoinTreasuries.NET. His accounts have also reported several smaller purchases and sales of Strategy shares this year.The filings do not show how many Strategy shares remain in Trump’s portfolio, as transactions are reported in value ranges rather than as a running share balance.Strategy purchase a small part of broader portfolio activityThe Strategy purchase represented a small portion of Trump’s broader portfolio activity in July. The filing shows sales of $5 million to $25 million each of Microsoft and Amazon stocks on July 20, along with several purchases and sales valued at between $1 million and $5 million.On Tuesday, the White House told CNBC that Trump’s stock and bond portfolio is independently managed by third-party financial institutions, without input from Trump or his family.Strategy shares have rallied nearly 30% over the past five trading days and about 37% over the past month, according to Yahoo Finance data.Strategy (MSTR) stock. Source: Yahoo FinanceDisclosure comes amid crypto policy pushTrump’s Strategy disclosure comes as his administration has pursued a series of policies aimed at supporting the US crypto industry, even as comprehensive market structure legislation remains stalled in Congress.Although the Senate failed to advance the CLARITY Act on Sept. 15, federal regulators have moved ahead using their existing authority. Two days after the failed cloture vote, the Securities and Exchange Commission (SEC) cleared limited onchain trading of tokenized US stocks under a temporary exemption, while the Commodity Futures Trading Commission (CFTC) eased registration requirements for certain software providers offering access to regulated derivatives markets.The CFTC separately sent a broader crypto market rulemaking initiative for White House review on Sept. 17. Dubbed “Regulation Crypto Asset Transactions and Regulation Crypto Asset Markets,” the initiative is still in its preliminary stages and has yet to become a formal proposal.Source: CFTCThe administration’s crypto push has also extended to Bitcoin itself. Last week, the House Financial Services Committee voted 28-21 to advance legislation that would codify Trump’s Strategic Bitcoin Reserve into law and require Bitcoin placed in the reserve to be held for at least 20 years.The US government currently holds an estimated 324,527 BTC, according to Arkham Intelligence data.Magazine: Winners and losers of the SEC’s new tokenized stocks rules