BOK finds dollar stablecoins can weaken the won, no crisis needed.

Stack

- Dollar tokens make up most of the 170B+ stablecoin market, per public trackers
- BOK models the effect scaling with stablecoin holdings vs monetary base, not shock events
- Won-to-stablecoin retail conversion has risen since exchanges expanded won on-ramps

Story
The default read calls this a stablecoin-risk warning. The BOK paper is a currency-policy paper: ordinary retail dollar-token buying can move an exchange rate with zero drama involved.

Watch
- Watch for a formal cap or reporting rule on retail stablecoin conversion volume
- Watch won stablecoin trading volume for acceleration past historical dollar-deposit substitution rates

Full read: https://stackandstory.com/stories/bok-dollar-stablecoins-weaken-local-currency

Trezor's breach count jumps sevenfold to nearly 79,000 US customers

Stack
- Original breach: 11,742 customers across 7 countries
- New disclosure: 67,000 more US customers exposed
- Data spans 21 months of orders, Nov 2019 to Aug 2021

Story
Trezor's devices and keys were never touched. Its shipping vendor held deleted data for years despite written confirmation it was gone.

Watch
- Watch for a filing naming ShipMonk or a contract penalty disclosure
- Watch for other ShipMonk clients issuing similar breach updates

Full read: https://stackandstory.com/stories/trezor-breach-grows-67000-more-us-users

Tether-backed exchange Orionx shuts down over $7M missing from custody

Stack
- $7M+ in customer assets sat outside Orionx's custody wallets, per its own announcement
- Alleged transfers date to 2018-2021, years before any audit caught them
- One linked wallet allegedly received 4.1M USDT plus 187 ETH and 200K USDC

Story
Tether backed this exchange in June 2025. The alleged shortfall traces back to 2018. A compliance review, not diligence, is what finally found the hole.

Watch
- Watch whether court filings pin down an exact transfer date within 2018-2021
- Watch how much of the $7M actually gets returned to clients

Full read: https://stackandstory.com/stories/orionx-shuts-down-7m-custody-gap

Stablecoin payments hit $390B annualized, just 0.02% of the market they target.

Stack
- Genuine stablecoin payments ran ~$390B annualized in late 2025, per Decrypt
- That's roughly 0.02% of the $208T cross-border payments market
- Single-bank dependency flagged as the sector's most underrated operating risk

Story
Stablecoin tech already works. The 0.02% figure shows the bottleneck is bank relationships, not blockchain speed, and most issuers depend on just one bank to move fiat at both ends.

Watch
- Watch whether stablecoin issuers add a second banking partner
- Watch if the $390B figure grows faster than global cross-border volume

Full read: https://stackandstory.com/stories/stablecoins-bank-bottleneck

600 BTC from 2010 just moved. It's not Satoshi's.

Stack
- 600 BTC (~$48M) dormant since March 2010 moved in one day
- 2 independent trackers both cleared any link to Satoshi Nakamoto
- 1 address moved early, a likely test transaction before the rest followed

Story
Everyone reads a dormant 2010 wallet moving as a Satoshi signal. Two independent trackers checked the block provenance and neither found a link, this reads like an early miner finally touching cold storage.

Watch
- Watch if the coins consolidate into one wallet, confirming a single owner
- Watch for further 2010-2011 mining-era wallets waking in the next 30 days

Full read: https://stackandstory.com/stories/600-btc-2010-dormant-wakes-not-satoshi

Hackers drain $320M from Blockstream's Liquid Network reserve

Stack
- Treasury held over 4,200 BTC before, just 207 BTC after
- 4,019.4 BTC moved out via a single peg-out transaction
- 11-of-15 signers approved it, HSMs fooled by a fake mint

Story
The multisig didn't get bypassed, it got tricked. Eleven honest signers approved a fraudulent withdrawal because the underlying mint looked valid, which means federation security failed at the exact layer it was built to protect.

Watch
- Watch whether attackers negotiate a return via their onchain contact messages
- Watch whether Blockstream discloses and patches the specific consensus bug before reopening bridges

Full read: https://stackandstory.com/stories/liquid-network-federation-loses-4000-btc

Bitcoin ETFs pull $987M in a week, $3.52B for August

Stack
- Spot BTC ETFs took in $987M in one week, per The Block
- August net inflows hit $3.52B, best month since September 2025
- A $731M single-day print came just weeks earlier on Fed bets

Story
The default take says institutional demand is back. The tape says it's rate-sensitive money that showed up when Fed-cut odds moved, which means it can leave the same way.

Watch
- September monthly flows holding near $3B without a fresh Fed catalyst
- Weekly inflows staying positive through any hawkish Fed surprise

Full read: https://stackandstory.com/stories/bitcoin-etfs-987-million-weekly-inflow

Hacken finds Tether's $91B supply guarded by just two signatures.

Stack
- USDT's circulating supply sits near $91 billion, per CoinDesk's report on the Hacken review
- Tether's minting multisig needs only two approvals to authorize new issuance
- USDT supply has roughly tripled since 2022 with no visible change to the key structure

Story
A rating upgrade measures reserves, not key security. Hacken's finding is about the number two: that's how few signatures stand between $91 billion and a breach.

Watch
- Watch for Tether disclosing signer custody details or HSM practices
- Watch for any move to raise the multisig threshold or add signers

Full read: https://stackandstory.com/stories/tether-91-billion-two-key-signature-risk

Visa's stablecoin settlement run rate hits $20B, up 15x in a year

Stack
- Visa's stablecoin settlement run rate tops $20B, up more than 15x year over year
- Payment volume tied to that settlement grew nearly 200% in the same period
- Visa's total annual payments volume runs near $15 trillion for scale

Story
This isn't Visa courting crypto users. It's Visa cutting its own settlement costs by routing bank-to-bank flow through stablecoins instead of correspondent banking.

Watch
- Watch for stablecoin volume showing up in Visa's 10-K as an audited line item
- Watch whether Mastercard reports a matching settlement figure

Full read: https://stackandstory.com/stories/visa-stablecoin-settlement-20-billion-run-rate

Miners are the only crypto stocks losing to bitcoin's own rally.

Stack
- Only Canaan among tracked miners has beaten bitcoin's price this cycle, per The Block
- Exchange and stablecoin equities have outrun both miners and bitcoin over the same stretch

Story
Miners aren't underperforming because they're bad businesses. Their revenue is capped by a fixed, shrinking block reward while exchanges and stablecoin issuers scale with volume.

Watch
- Watch revenue-per-terahash trends across major miners next two quarters
- Watch whether more miners copy Canaan's pivot into hardware and hosting revenue

Full read: https://stackandstory.com/stories/bitcoin-miners-missing-crypto-rally

Block files for a federal bank charter that can't take deposits

Stack
- Block's Builders Bank would take zero deposits and make zero loans, per Cointelegraph
- Circle and BitGo already hold final OCC approval for the same charter type
- Ripple, Payward and Zerohash are all in the same OCC queue as Block

Story
This isn't Block chasing legitimacy alone, it's the fifth firm in a queue the OCC already validated with Circle and BitGo. The real story is how fast that queue is filling.

Watch
- Does the OCC attach conditions to Builders Bank like it did with Ripple
- Which applicant, Payward or Zerohash, clears the OCC first

Full read: https://stackandstory.com/stories/block-trust-bank-charter-bitcoin-stablecoin

BTC ETFs lose $167M, but ETH and SOL funds are back in the green

Stack
- ARKB and GBTC shed $69.9M and $92.7M combined over two days
- ETH ETFs took in $34.7M Wednesday, same day IBIT lost $19.5M
- 2026 net BTC ETF flows are still -$1.07B despite $55B in lifetime inflows

Story
This reads like risk-off but it's rotation. Money left Bitcoin funds and landed in Ether and Solana ETFs the same two days.

Watch
- Do ETH/SOL ETFs stay net positive next week while BTC stays negative?
- Does GBTC's $92.7M two-day loss keep accelerating on its own?

Full read: https://stackandstory.com/stories/bitcoin-etfs-167m-outflow-after-inflow-run

Uniswap's new hook charges stablecoin traders by the risk they carry

Stack
- Static stablecoin pools on Uniswap v3 often ran fees as low as 0.01%
- Uniswap remains the largest DEX by trading volume industry-wide
- Curve's StableSwap has held stablecoin liquidity dominance for years

Story
Flat fees on stablecoin pairs quietly pay arbitrage bots at LPs' expense. Dynamic fees are Uniswap's move to take that spread back and go after Curve's turf.

Watch
- USDC/USDT liquidity migrating from v3 static pools into v4 StablePair pools
- Curve's stablecoin volume or fee revenue dipping after the rollout

Full read: https://stackandstory.com/stories/uniswap-stablepair-hook-lp-fees

Lords force UK Treasury toward a written crypto strategy, Labour resists

Stack
- 194–138: Lords vote margin forcing Treasury's hand on crypto strategy
- 12 months: statutory deadline for Treasury to publish once the bill becomes law
- July: Labour minister told peers a strategy already exists and is "being executed"

Story
This isn't a crypto policy win yet, it's a procedural skirmish. Labour can still strip the amendment in the Commons, and its July line that a strategy "already exists" shows zero shift in position.

Watch
- Watch whether the Commons keeps, amends or kills Amendment 88 when the bill returns
- Watch for any Treasury document clarifying what its current strategy contains

Full read: https://stackandstory.com/stories/uk-lords-mandatory-digital-asset-strategy

Bitcoin ETFs shed $449M in three days, ARK alone lost $164M

Stack
- ARKB's single-day outflow ($164M) was 58% of the entire market's $282.6M loss
- Ether ETFs gave back $29.8M, almost exactly Wednesday's $34.8M inflow
- Cumulative inflows still sit at $55.17B against $97.5B in total assets

Story
This reads like a market cooling off, not turning. One fund, ARKB, drove more than half the outflow, and Ether's flows just round-tripped what came in a day earlier.

Watch
- Watch if ARKB's outflow repeats over the next two sessions
- Watch if cumulative net inflows dip below $54B

Full read: https://stackandstory.com/stories/bitcoin-etf-outflows-449m-three-days

Anchorage adds custody for a stablecoin with $100K locked

Stack
- Frgmnt holds about $100,000 in TVL per DeFiLlama
- sfUSD offered 13.32% APR as of Sept. 4
- Anchorage's platform was valued at $4.2B in February

Story
A $4.2B chartered bank just built custody rails for a protocol worth $100K. This is a distribution bet ahead of Frgmnt's Sept. 15 public launch, not a sign institutional money has already moved.

Watch
- Does TVL grow materially after the Sept. 15 cap lift and public launch
- Does sfUSD's 13.32% APR hold as deposits scale up

Full read: https://stackandstory.com/stories/anchorage-frgmnt-fusd-stablecoin

Ripple's stablecoin chief eyes $13T in corporate cash for RLUSD

Stack
- RLUSD supply sits near $700M against a claimed $13T addressable market
- Tether's cap is near $172B, USDC near $73B, the incumbents RLUSD trails
- Visa's stablecoin settlement already runs at a $20B annualized rate

Story
Ripple is pitching RLUSD against money market funds, not against Tether. The catch: GENIUS Act rules block stablecoins from paying interest directly, so the yield argument that wins treasurers over doesn't exist yet.

Watch
- Watch for nine-figure corporate treasury disclosures naming RLUSD holdings
- Watch whether a compliant yield-bearing wrapper around RLUSD launches

Full read: https://stackandstory.com/stories/rlusd-13-trillion-corporate-treasury

Revolut leaked KYC and BTC data via a fake gov't domain request

Stack
- Attackers spoofed a government domain to pull real KYC records
- Exposed data paired identity info with Bitcoin transaction history
- ZachXBT flagged the incident as possibly targeting high-net-worth users

Story
This isn't a generic data leak. Pairing KYC with wallet history is exactly what you'd need to turn anonymous balances into a target list of real people.

Watch
- Watch whether Revolut discloses a confirmed count of affected accounts
- Watch for unusual onchain movement tied to exposed wallets in coming weeks

Full read: https://stackandstory.com/stories/revolut-kyc-bitcoin-data-fake-govt-domain

Italy's second-biggest bank is shopping for a crypto custody vendor

Stack
- Cecabank, managing €400B+, went live with crypto custody in June via Bit2Me
- UniCredit is one of 37 banks across 15 countries building a euro stablecoin under Qivalis
- BBVA built its own custody stack rather than using a third-party vendor

Story
This isn't a bitcoin bet, it's a licensing race. MiCA gave banks a legal box to check, and five of them are checking it inside the same twelve months.

Watch
- Watch which custody vendor UniCredit signs
- Watch whether retail clients get access or only professional ones

Full read: https://stackandstory.com/stories/unicredit-crypto-custody-italy

TRM says AI agents barely touch the $52.7M moving through x402

Stack
- $52.7M moved across 198.9M x402 settlements, per TRM's review
- Filtering self-payments and anomalies cut that to $25.62M in likely commerce
- Agents accounted for a small share under even that reduced total

Story
The agentic economy pitch says AI agents are already paying their own way. TRM's numbers say almost half the volume is test traffic and the rest is mostly humans.

Watch
- Next TRM cut showing agent-attributed share actually rising
- Integrators disclosing self-payment volume separately from real commerce

Full read: https://stackandstory.com/stories/x402-protocol-ai-agent-spending-research

Circle pays $400M for licenses it can't build itself

Stack
- Circle is paying roughly $400M for Tazapay, a Singapore payments firm
- Tazapay's value sits in emerging-market banking licenses built over years
- USDC growth increasingly hinges on local fiat on/off-ramps in those markets

Story
This isn't a tech buy. Circle is paying $400M for regulatory permission it can't earn any faster any other way.

Watch
- Watch USDC volume growth in Tazapay's licensed markets over 2-3 quarters
- Watch for local regulators confirming license transfer to Circle

Full read: https://stackandstory.com/stories/circle-400m-tazapay-emerging-market-access