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Coinbase Chief Cryptographer Yehuda Lindell stated on the MARA Foundation TV program that the exchange is designing a custody system capable of adapting to any post-quantum signature scheme that Bitcoin may adopt in the future. It is currently unclear which post-quantum signature scheme Bitcoin will use in practical applications. Lindell believes it is unlikely that a single signature scheme will be universally adopted, so preparations must be made for different outcomes across various blockchains.Coinbase is custodian for approximately $250 billion in assets for institutions such as BlackRock. Traditional Multi-Party Computation (MPC) relies on key sharding, but many post-quantum signature schemes may be "not friendly to MPC"; for example, hash-based signatures lack the arithmetic structure required for traditional cryptographic key splitting. Although cryptographers like Dan Boneh are researching relevant solutions, this research is still in a highly experimental phase, and it remains uncertain whether a viable MPC-like solution for hash signatures can be developed.To this end, Coinbase is exploring a backup architecture centered around programmable Hardware Security Modules (HSM), where private keys will be encrypted with post-quantum cryptography and assembled only within physically secure HSMs. Lindell stated that while the completion timeline is uncertain, once finished, "I will be able to say, I can support any scheme," without worrying about a blockchain adopting a signature scheme that it cannot support.

According to official disclosures from Coinbase, it has collaborated with Microsoft and several institutions to combat the AI-driven cybercrime platform EvilTokens. This platform offers "phishing as a service" through Telegram bots, utilizing AI to analyze trust relationships and payment permissions in compromised email accounts, and bypassing multi-factor authentication through Microsoft's device code login process.The Coinbase global intelligence team tracked that between October 2025 and June 2026, EvilTokens generated approximately $1.1 million in revenue through four Tron addresses, involving over 1,000 deposits from more than 700 different addresses. The related evidence supported Microsoft's civil lawsuit, ultimately leading to the seizure of 50 websites and the deactivation of over 175 associated domain names. The Metropolitan Police Service of the United Kingdom arrested the relevant operators and seized digital devices on September 11. Coinbase stated that this incident did not result in the leakage of Coinbase accounts or credentials, but some customers were manipulated into transferring cryptocurrency to the scammers' addresses through phishing emails.

According to The Block, Coinbase announced the launch of fixed-rate Bitcoin collateralized loans through Morpho Midnight, allowing users to borrow USDC and determine the interest rate and repayment date at the time of borrowing. This new option is alongside Coinbase's existing floating-rate loans (based on Morpho Blue), which have outstanding loans exceeding $1.4 billion, corresponding to collateral of approximately $3 billion.Morpho launched Midnight on Base in July, introducing fixed rates and clear loan terms for on-chain lending. A Morpho spokesperson stated that Coinbase is the first mainstream consumer platform to offer Midnight loans on a large scale; since Midnight's launch, deposits have reached approximately $30 million. The outstanding loans for Morpho Blue across all integrations amount to $5.2 billion, with deposits reaching $16 billion.A Coinbase spokesperson did not disclose specific interest rates, stating that rates are determined by the supply and demand of both parties on the on-chain order book. Currently, Coinbase offers loans that mature at the end of the month or the end of the following month, and borrowers must repay before the due date; otherwise, lenders have the right to liquidate their collateral. Jacob Frantz, Coinbase's head of revenue and investment products, stated that Coinbase Borrow allows users to obtain liquidity without selling assets, and fixed-rate borrowing gives users greater choice in credit management. Morpho indicated that Midnight could also be used in the future to build structured credit products and loans collateralized by tokenized real-world assets, with more integrations in progress.

The Binance Futures platform will launch the MOONSHOTUSDT U-based Pre-IPO perpetual contract on September 22 at 16:30, with a maximum leverage of up to 20 times. This contract supports 24/7 trading and is settled in USDT.

The prediction market platform Trueo announced that it will migrate back to the Ethereum mainnet from Base. The platform launched on Base in March 2025 as an experimental sandbox. Trueo stated that its final form is a widely adopted, widely integrated, fully permissionless, fundamentally immutable, and highly trustworthy platform, which is best suited for Ethereum, and will launch the next generation of oracles.The migration will proceed seamlessly, with operations uninterrupted. Users should not create new markets on Base that expire after January 31, 2027; related markets can be deployed once the Ethereum instance is online. Existing markets will remain accessible, TRUE tokens can be migrated with no deadline, and future staking and liquidity rewards will take place on Ethereum.

Bitcoin News posted on the X platform stating that Spaces has launched "Trust Anchor," allowing applications to directly verify human-readable identities based on Bitcoin without relying on centralized servers.Users can obtain a single Trust ID and scan or paste it into Spaces-compatible applications to verify identity identifiers like alice@bitcoin based on the locally verified Spaces protocol status. The Trust ID is generated from the Bitcoin block header chain and the accumulated status of Spaces; the Veritas application on macOS can generate this ID without the need to run a full Bitcoin node, and users can also connect their own nodes or generate the same Trust ID through the Spaces client.This solution aims to use Bitcoin as the foundation for a decentralized certificate authority, enabling applications to authenticate identities without trusting company servers.

According to official news, Coinbase announced that eligible users can now apply to purchase shares of the smart ring manufacturer Oura at the offering price, and they can receive allocations before the stock begins public trading.

Base person in charge Jesse Pollak posted a call for "Venice," which may have influenced VVV to surge briefly, breaking through 32 dollars, currently reported at 32.53 dollars, with a 24-hour increase of 18.64%.

Mustafa Suleyman, head of AI at Microsoft, stated in a CNN program that concerns about China's progress in the AI field should not be used as a reason to oppose setting safeguards for this rapidly developing technology. He said, "I believe we should not use China as a shield to avoid advancing our own AI safety work."This statement contrasts with President Trump's call for essentially unrestricted development of AI. The Microsoft AI team released a declaration last Tuesday, aiming to ensure that humanity always maintains control over the AI systems developed by the company. Suleyman pointed out that regulation should not be seen as a bad thing, but rather as a means to establish common norms and standards to enhance safety; regulation does not necessarily slow us down. The report was published on September 21, Beijing time, according to Bloomberg.

According to Coinglass data, the Coinbase Bitcoin premium index has turned negative again, currently reported at -0.0198% (yesterday it was 0.0013%), and the buying sentiment in the U.S. market has once again fallen into a slump.The Coinbase Bitcoin premium index is used to measure the difference between the Bitcoin price on Coinbase (a mainstream trading platform in the U.S.) and the global market average price. This index is an important indicator for observing the flow of funds in the U.S. market, the enthusiasm of institutional investors, and changes in market sentiment. A positive premium indicates that the Coinbase price is higher than the global average price, which usually means: strong buying in the U.S. market, active entry of institutional or compliant funds, ample dollar liquidity, and optimistic investment sentiment. A negative premium indicates that the Coinbase price is lower than the global average price, which typically reflects: significant selling pressure in the U.S. market, a decline in investors' risk appetite, an increase in market risk aversion, or capital outflow.

According to CoinDesk, the U.S. SEC has launched a five-year innovation exemption that provides a pathway for eligible tokenized U.S. stocks to be traded through automated market makers (AMM) on public blockchains. Analysts from Goldman Sachs and Citizens believe that Coinbase, Robinhood, and Circle could become early beneficiaries of this policy.The new framework requires tokens to retain shareholder rights such as dividends and voting rights while imposing limits on the number of stocks and trading volume that trading platforms can offer. Goldman Sachs stated that Coinbase's existing tokenized stock products already possess several of the required features, and its institutional custody business and Coinbase Tokenize may also benefit.However, Coinbase's current trading platform uses a centralized limit order book, and to operate a trading venue directly under the exemption, it will still need to build AMM infrastructure or route trades to decentralized trading platforms on Base.Currently, the stock tokens offered by Robinhood for markets outside the U.S. are derivatives that only provide price exposure and do not possess the complete shareholder rights required by the framework, thus requiring further adjustments to the product. Robinhood has previously stated plans to add 1:1 redemption and voting rights features for stocks.Analysts also believe that an increase in on-chain securities trading may drive demand for tokenized cash, benefiting Circle indirectly, with USDC potentially being used for settlement and collateral in on-chain markets.

The third-party AI inference infrastructure company, Silicon Flow, announced the completion of Phase II of its B+ round and C round financing. The company transforms computing power and models into directly callable Token services. By 2026, the cumulative equity financing amount has approached 2.9 billion yuan, and the amounts for these two rounds have not been disclosed.Based on the Token annual throughput in 2025, Silicon Flow ranks fourth among all Token suppliers in China, with a market share of 1.5%. The top three, Volcano Engine, Alibaba Cloud, and Baidu Smart Cloud, account for 42.7%, 32.5%, and 11.8% respectively, totaling about 87%. This round of investors includes the China Internet Investment Fund, Guoxin Fund, China Mobile Chain Long Fund, China Orient Asset International, as well as YaoTu Capital, Shengyi Capital, and Cathay Venture Capital continuing to invest.Silicon Flow's revenue in 2025 is projected to be 55.33 million yuan, with a net loss of 345 million yuan, and an overall gross margin of -24%. The company submitted its application to the Hong Kong Stock Exchange at the end of June and is currently applying for a main board listing under the 18C chapter "Uncommercialized Companies" rules. Beijing has just released the first provincial-level token economy special policy in the country, clearly proposing to build a "world-class token factory," and has listed inference engines, model and chip adaptation, and heterogeneous computing power as key directions.

DeepSeek supplements the API peak and valley billing rules. During weekends with adjusted work hours and China's statutory holidays, the entire day is charged at off-peak rates. Although September 20 is a workday due to the National Day holiday adjustment, the API still applies the off-peak price.DeepSeek implemented peak and valley pricing starting August 17, with off-peak prices set at half of peak prices. Less than a week later, all Saturdays and Sundays were changed to off-peak prices. This further clarifies the billing criteria for adjusted workdays and statutory holidays.Taking deepseek-flash as an example, for every million tokens of cache misses, the off-peak rate is 1 yuan, and the peak rate is 2 yuan; the output rates are 4 yuan and 8 yuan respectively. Another adjusted workday for the National Day holiday on October 10 is a Saturday, which will also be calculated at the off-peak price.

The prediction market Kalshi has submitted proposed rule changes to the U.S. Securities and Exchange Commission and filed for approval with the CFTC to launch perpetual futures contracts anchored to individual U.S. stocks. This proposal echoes the application submitted by Coinbase on the same day, as both companies aim to introduce popular perpetual futures products from the crypto market into the traditional stock market.According to the proposal, the relevant contracts will not have a preset expiration date and will maintain price consistency with the underlying stocks through periodic funding payments between long and short positions. Kalshi stated that these contracts will be treated as securities futures products and will be cleared through its CFTC-registered clearinghouse, Kalshi Klear. Previously, Kalshi has offered perpetual futures anchored to Bitcoin, Ethereum, Solana, and XRP in the U.S., with its Bitcoin perpetual contract receiving CFTC approval in May of this year.The competition for U.S. stock individual perpetual futures is expanding. Kraken's parent company Payward has also submitted an application through its Bitnomial Exchange, planning to initially offer perpetual futures anchored to 10 U.S. stocks, including Tesla, Nvidia, Apple, Microsoft, and Amazon, and is committed to achieving trading five days a week, 24 hours a day. These applications were submitted after the CLARITY Act failed to advance in the Senate on September 15, with SEC Chairman Paul Atkins stating that regardless of legislation, the agency will act decisively within its existing statutory authority to provide regulatory certainty for investors and entrepreneurs.

Coinbase co-founder and CEO Brian Armstrong stated that The Wall Street Journal is writing a report blaming the failure of the CLARITY Act on Coinbase and himself. He mentioned that the newspaper has repeatedly taken an adversarial stance towards CLARITY in related reports and echoed the views of banking lobby groups.Armstrong stated that in January of this year, he opposed a draft that was about to be submitted for committee vote due to significant issues in areas such as DeFi, tokenization, CFTC authority, and stablecoin rewards, which could harm the crypto industry, and that support was scattered and difficult to pass. Afterward, multiple parties modified the draft, and about four months later, the version submitted to the committee had addressed the aforementioned four issues. He expressed that the final draft submitted to the Senate is good and he strongly supports it, and will continue to advocate for clear rules that treat crypto fairly.

According to the official announcement, Bitget has launched the U-based STONK perpetual contract, supporting up to 10 times leverage, and the contract trading Bot will be opened simultaneously.

According to Arkham monitoring, the Zcash whale address t1Lyq transferred approximately $362.56 million worth of ZEC last night, with $15 million deposited into Coinbase, marking the first recharge to the trading platform by this address in 10 months.Ten months ago, this batch of ZEC was worth approximately $163.88 million. Arkham stated that the whale has realized a paper profit of about $361 million from holding ZEC since 2025.

According to The Defiant, the decentralized lending protocol Morpho announced that the lending market for Coinbase's tokenized stocks has launched on Base. Holders can use five types of stock tokens as collateral to borrow USDC at floating or fixed rates. Since August, Coinbase has been issuing these stock tokens to users outside the United States, allowing users to store them in self-custody wallets, enabling collateralized lending to obtain dollar liquidity without selling their positions.Data shows that borrowers have pledged stock tokens worth $104,400, borrowing $54,700, with a total supply of approximately $60,300 across five markets. All five markets are curated by Steakhouse Financial, with its two Steakhouse High Yield USDC vaults providing 98.9% of the funding in the largest market. The markets cover five tokens: Apple, Alphabet, Nvidia, Meta, and SpaceX, with the liquidation loan-to-value ratio (LLTV) for the Apple, Nvidia, Meta, and SpaceX markets at 62.5%, and 77% for the Alphabet market.Currently, all borrowing occurs in the floating rate market, and there are no outstanding positions in the fixed rate layer Midnight's 95 markets. The utilization rates for the Apple, Alphabet, and Nvidia markets reach 90%, with borrowing rates at 5.62%; the Meta market has a utilization rate of 97%, with borrowing rates rising to 17.52%. Morpho's total deposits on Base amount to $4.03 billion, with total chain deposits reaching $10.42 billion.

According to the official announcement, the Binance Futures platform will launch the USDBRLUSDT USDT-denominated perpetual contract on September 21 at 22:00, with a maximum leverage of up to 100 times.