Tether International reported net profit exceeding $10 billion for the first nine months of 2025, with total reserves reaching $181.2 billion against $174.4 billion in liabilities. The stablecoin issuer now holds $135 billion in U.S. Treasuries, $12.9 billion in gold, and $9.9 billion in Bitcoin.

Coinbase is in advanced negotiations to acquire BVNK, a London-based stablecoin payment infrastructure provider, in a deal valued at approximately $2 billion. The acquisition would give the U.S. exchange control over merchant payment systems connecting blockchain and traditional finance. Sources familiar with the matter say the transaction could close before the end of 2025, subject to completion of due diligence.

Stablecoin providers account for 60% to 75% of total daily protocol revenue across lending, decentralized exchanges, and blockchain infrastructure. Tether projects $15 billion in revenue for 2025 with a 99% profit margin, according to CEO Paolo Ardoino. Synthetic dollar USDe has risen to become the third-largest stablecoin, while Coinbase offers 3.85% APY on USDC holdings.

Coinbase is in late-stage acquisition talks with London-based stablecoin infrastructure firm BVNK, with the deal valued between $1.5 billion and $2.5 billion, sources familiar with the discussions said. The transaction remains under due diligence and could finalize late this year or early next year. Terms are not yet finalized and the deal could still change or fall apart.

The U.S. Court of Appeals for the Tenth Circuit rejected Custodia Bank's appeal for direct Federal Reserve payment system access on Friday. The three-judge panel upheld the Fed's authority to deny master account applications, ending the Wyoming crypto bank's multi-year legal effort. The ruling affirms the central bank retains broad discretion over which institutions may access its payment infrastructure.

Coinbase is drawing increased attention from long-term investors as major financial institutions integrate its backend infrastructure to offer cryptocurrency services. The company reported third-quarter revenue of $1.87 billion, exceeding analyst expectations of $1.8 billion and driving a 9% rally in COIN stock. Analysts highlight partnerships with J.P. Morgan, Citi, and PNC as evidence that Coinbase is becoming foundational infrastructure for traditional banks entering crypto markets.

Stablecoin issuers account for 60% to 75% of total daily revenue across major crypto protocol categories. Tether's CEO Paolo Ardoino stated the company is projected to generate $15 billion in profit this year with a 99% margin. Rising competition is prompting some issuers to explore new value-sharing models, with platforms like Coinbase offering 3.85% APY on USDC holdings.

Cryptocurrency exchange MEXC released approximately $3.1 million in frozen assets to trader TheWhiteWhaleV2 on October 31. The move followed intense community scrutiny and public questions about the platform's ownership structure. MEXC's Chief Strategy Officer issued an apology acknowledging procedural failures in the months-long account freeze.