Perpetual decentralized exchanges recorded $1.049 trillion in 30-day volume as of October 24, crossing the $1 trillion threshold for the first time, data show. On-chain open interest stands at $15.83 billion, down 12% over the same period. The surge followed major liquidations on October 10-11, when a tariff-driven selloff triggered what industry trackers described as the largest liquidation event in crypto history.

Federal Reserve Governor Christopher Waller introduced a payment account proposal on October 21 that would provide stablecoin issuers and crypto firms access to Fed payment systems without full master account rights. The account would enable Fedwire and ACH connectivity while excluding interest payments, overdraft facilities, and emergency lending access. The framework aims to support payments innovation while limiting central bank exposure to digital asset entities.