USD Coin

The Ethereum Foundation launched zkAPI on Thursday, a system that lets users pay for AI models and other pay-per-use APIs without revealing who they are. It was developed together with the Open Anonymity Project and is now live on the Ethereum mainnet. To use it, users deposit tokens such as ETH or USDC into a vault contract on Ethereum, which records the balance as a private note. Client-side software generates a Zero-Knowledge Proof to show that a request is backed by a funded note without revealing which note it is. The zkAPI server verifies this and issues a temporary API key with a capped spending limit, then deducts usage from the private balance when the key expires. A Nullifier serial number is published every time a payment is made to prevent double-spending. The system does not provide network-level privacy, since the gateway may link requests from a static IP address and sessions may be re-linked through prompt content. The GitHub repository notes that the protocol is still experimental. zkAPI puts into practice the ZK API Usage Credits concept, a design by Davide Crapis and Ethereum co-founder Vitalik Buterin published on the Ethereum Research forum on February 11. Crapis leads the foundation's dAI team, which was set up in September 2025, and the team also developed ERC-8004, a standard for AI agent identity that launched on mainnet in January. The blog post announcing zkAPI was written by Vittorio Rivabella of the dAI team.

Coinbase announced on September 28 that it has received approval from the U.S. Commodity Futures Trading Commission to register as a derivatives clearing organization. Its subsidiary, Coinbase Clearing, became the first clearinghouse authorized to use USDC as collateral. Coinbase already holds Coinbase Financial Markets as a futures commission merchant and Coinbase Derivatives as a designated contract market, and with this approval it now has a structure that allows it to handle all three registrations, including clearing, entirely in-house. Coinbase is the first cryptocurrency company to hold all three major CFTC registrations. Coinbase Clearing will support clearing of fully collateralized futures, futures options, and swaps, enabling 24-hour settlement with USDC collateral. Clearing of leveraged products will continue to be handled through external clearing partners. Molly Abraham, Coinbase's head of legal, said, "With this CFTC approval, Coinbase's derivatives foundation is now complete end to end, and we can bring even more regulated products to market with USDC collateral and 24-hour settlement."

Citi and Coinbase are expanding their existing relationship into two connected products that bring bank-grade fiat and stablecoin payments to businesses. Under the first product, Citi will power Coinbase virtual accounts, giving businesses using Coinbase bank-like account details to accept, hold and send ordinary currency, with incoming fiat automatically convertible into stablecoins, namely USDC. Under the second product, Citi's corporate clients will be able to accept stablecoin payments through spring, with Coinbase processing the blockchain payment and converting the stablecoin into fiat while Citi settles the fiat to the merchant, so merchants need not hold stablecoins, manage wallets or handle blockchain infrastructure. Citi provides the regulated banking infrastructure and Coinbase handles the digital assets, and the initiative will launch in the United States first.

Stablecoin issuers' demand for U.S. Treasury securities could nearly double to roughly $400B by the end of 2030 if recent growth trends continue, according to a new economic letter from the Federal Reserve Bank of San Francisco. Over the past five years, stablecoin issuers increased their Treasury holdings by around $200B, offsetting more than 40% of the decline in China's U.S. debt holdings over the same period, and since 2023 they have added short-term Treasury securities faster than Japan, the largest non-U.S. holder of Treasuries. The San Francisco Fed said stablecoin issuers favor short-dated Treasury bills to back their one-to-one dollar pegs with highly liquid assets, an approach formalized by the 2025 GENIUS Act, while China has been trimming longer-term Treasury bonds as part of a broader portfolio diversification effort. Tether and USD Coin remain the dominant market players, making up more than 80% of stablecoin market capitalization as of mid-August 2026, and much of the projected expansion may come from cross-border use cases, with stablecoin usage relative to GDP higher in Africa, the Middle East and Latin America. The report cautioned that substantial uncertainty surrounds these projections, as market growth will depend heavily on global regulatory developments and competition from banks introducing new cross-border payment technologies, and it noted that stablecoin holdings remain a small fraction of the federal government's overall financing needs.

Binance has bought roughly 1.24 million Class A shares of Circle at $80.84 per share, for a total value of about $100 million, a price roughly 5% below the market level before the deal closed. Binance will be unable to sell or hedge this block of shares for up to two years, but it retains normal shareholder voting rights. The deal is more than an investment: the two sides signed a five-year agreement to drive USDC usage across Binance's global platforms, especially in emerging markets. Binance will help push adoption of USDC, while Circle will handle the underlying infrastructure. Under the agreement, Circle will pay Binance a monthly incentive fee calculated from the volume of USDC held through Circle's wallet infrastructure. USDC is currently the world's second-largest stablecoin, with a market value of about $75 billion, while Binance has a vast global user base, giving Circle a distribution channel and giving Binance both a stake in Circle and revenue from the partnership. It underscores that competition in the stablecoin market is no longer measured by the size of a coin alone, but by which one has the most channels for people to actually use it.

A Visa study found that 56% of Americans would use stablecoins for international transfers if they came with bank-level fraud protection and deposit insurance, up from 36% without such safeguards. The finding comes from Visa's Money Travels 2026 report, released Wednesday, which also found that 56% of U.S. respondents had never heard of stablecoins and that many who had wrongly assumed they fluctuate like Bitcoin. Willingness rose to 45% when stablecoins were offered through an existing financial provider, and about six in 10 Americans said they would trust a traditional bank, at 61%, or a global payment network, at 60%, with digital currency services. Outside the United States the trend held as well, with willingness in Latin America more than doubling from 34% to 74% when protections were in place. Morning Consult ran the survey from Feb. 24 to March 2, polling 45,445 people across 20 markets, including 2,192 U.S. adults. Visa also said 36% of U.S. remitters reported encountering a cross-border payment scam and 44% worry about AI deepfakes impersonating family members. Visa's stablecoin settlement volume has reached an annualized rate above $20 billion, up from a $3.5 billion run rate when it began U.S. settlement in USDC on Solana last December, and Visa Direct added stablecoin payouts through Zerohash in August. BlackRock put stablecoins' market cap above $300 billion this month, with more than $11 trillion in adjusted transaction volume last year.

Roundtable, trading on Nasdaq as RTB, announced that its DeFi and AI reporting and payment platform is now live, settling advertising payments in real time with USDC through smart wallets linked to journalists' Coinbase accounts. The platform is integrated with Roundtable's Media Liquidity Pool and combines Coinbase's USDC payment infrastructure with RTB's enterprise Web3 mediaOS and AI-driven smart wallet system, requiring no human intermediary. Roundtable recently announced a ten-year contract to migrate 21 major media brands, hundreds of journalists, and nearly 100 million viewers consuming $100 million in advertising from a Web1 platform with manual fiat payments that can take 90 days or more onto its Web3, AI-driven Media OS and DeFi payment platform. The platform is already live in the U.S. with hundreds of journalists and tracks and clears trillions of AI-monitored bids through dynamic DeFi smart wallets. Following the North American announcement, the integration is being unveiled to the British press this week, led by former UK Prime Minister Liz Truss, who joined Roundtable's Board of Directors on September 18th, with CEO James Heckman offering major media brands the platform at no cost as part of a premium media coalition for European press. RTB's Nasdaq-listed shares began trading on Coinbase as of today's opening.

Zest Protocol launched a capped mainnet demo of its Bitcoin Collateral Vaults on September 23, letting holders borrow against BTC on EVM chains without wrapping it. The self-custodial vaults sit on Bitcoin L1, where Bitcoin's own rules govern spending, and each vault holds one user's BTC with coins never pooled across users. On the EVM side, which is Ethereum in the demo, the vault is represented by a collateral record tied only to it, and the borrower draws USDC from a connected lending market while the BTC stays in the vault. Positions can be resized after opening, liquidations can be partial, and if the destination chain failed permanently a depositor could reclaim eligible BTC after a Bitcoin timelock expires using only their own key and public vault data. Each wallet is subject to a collateral cap until external audits are complete, after which Zest plans to launch to production. In the first production phase, independent guardians check settlements and a quorum can reverse an invalid payout during a contest window, with Zest planning to shift that role to BitVM later; the company has not disclosed who the guardians are or how many form a quorum. Zest founder Tycho Onnasch said the team has spent five years on programmable Bitcoin, first on Stacks and now on Bitcoin itself.

Circle announced on September 21 that it has launched a feature on its institutional service Circle Mint that allows users to borrow USD Coin (USDC) using Bitcoin (BTC) as collateral. The new feature, called Digital Asset-Backed Borrowing (DABB), supports Arc and Ethereum. Customers deposit Bitcoin, issue a one-to-one backed Circle Wrapped Bitcoin (cirBTC), provide it as collateral to third-party lending markets, and receive the borrowed USDC in their Circle Mint balance. Borrowing is overcollateralized, and at launch it supports markets on the third-party lending protocol Morpho, with Circle planning to add more supported lending markets and networks going forward. Borrowing rates, required collateral ratios, liquidation thresholds, and liquidity vary depending on the market used, and collateral may be liquidated if its value declines.

Circle Internet Group has switched on the public mainnet for Arc, a Layer 1 blockchain built for financial markets, real time payments, and AI driven economic activity, with USDC integrated at the protocol level. The rollout arrives with a validator group drawn from large financial institutions, support for USDC, EURC, and tokenized funds, and more than 100 applications and ecosystem partners already connected to Arc's infrastructure. Circle Internet Group last closed at $91.78, while the most followed narrative framework pegs fair value closer to $103.55, implying the stock is 11% undervalued. That fair value estimate uses a discount rate of 8.56% and assumes that by 2029 Circle Internet Group could be earning $723.7 million on revenue of $5.3b, with the stock trading on a P/E of 56.9x on those earnings, against a current analyst price target of $104.28. Estimates behind that single fair value number diverge widely, with 2029 earnings estimates spanning from $356.6 million to $874.2 million and price targets running from $37.00 to $243.00. The stock trades on 51.6x earnings compared with 29.5x for the wider US Software group and a fair ratio of 51.7x.

Coinbase Global reported that its agentic trading stack powered most crypto transaction flows over the past week. Management highlighted Grok as a leading AI agent on the platform, driving a large share of AI agent-driven trading volumes, while developer-built custom interfaces using Coinbase for Agents and the x402 payment protocol accounted for the majority of notional market activity. The company said the shift toward agentic trading moves it closer to a model leaning on higher margin services rather than pure retail volumes, with Grok and custom agents plugging into a payment stack built around USDC, Base and APIs. Coinbase added that heavier machine-driven flows do not remove existing risks around fee pressure, cybersecurity costs or competition from decentralized venues. The key proof point ahead is whether upcoming disclosures break out AI agent related metrics, such as the share of notional trading or fee revenue routed through Coinbase for Agents and x402, in the next couple of quarterly updates and product briefings.

24/7 Wall St. has issued a BUY rating on Coinbase with a 12-month price target of $212.94, implying 23.73% upside from a current price of $172.11, even as the stock sits 47.37% below its 52-week high. The call follows a rough second quarter in which revenue of $1.22 billion fell 18.5% year over year and missed consensus by 5.36%, with GAAP EPS of -$1.36, as total crypto spot trading volume dropped 25% quarter over quarter. The bull case rests on diversification: subscription and services reached 48% of net revenue in Q2, prediction markets already exceed $100 million in annualized revenue, average USDC held on platform hit an all-time high of $20 billion, and Base has processed roughly $32 trillion in trailing 12-month stablecoin transfer volume, with management projecting the stablecoin market will grow tenfold from $300 billion today to $3 trillion by 2030. The bear case is equally blunt: consumer transaction revenue fell 20% year over year and institutional dropped 26%, assets on platform slid to $246 billion from $294 billion, and the FY2026 EPS estimate has collapsed from $0.8953 ninety days ago to -$1.9697 today on 13 downward revisions in the past 30 days. For comparison, Robinhood posted Q2 2026 revenue up 32% year over year to $1.31 billion and carries an $87 billion market cap versus Coinbase's $38 billion, while CME Group reported $1.71 billion in quarterly revenue at a $99 billion market cap. 24/7 Wall St.'s bull scenario points to $361.40, while its bear scenario lands at $186.62, still above the current price.

Deutsche Bank plans to launch a cryptocurrency custody service for institutional clients within this year, covering four digital assets: BTC, ETH, USDC and EURC. The offering is an institutional digital asset custody service, marking a significant step for the German bank into the crypto custody market.

Carolyn Wilkins, an external member of the Bank of England's Financial Policy Committee, said in a speech at Queen's University Belfast on September 15 that the rise of stablecoins could reinforce the global dominance of the US dollar and increase demand for US Treasuries. She noted that dollar-denominated stablecoins facilitate cross-border payments and broaden access to dollar assets outside the United States, saying dollar-denominated coins account for about 98% of the stablecoin market and that the dollar enjoys a substantial first-mover advantage. According to data she cited, Tether's USDT and Circle's USDC held about 150 billion dollars' worth of US short-term government debt as of the end of 2025, having added roughly 33 billion dollars' worth during that year. At the same time, she argued that this relationship is a double-edged sword, warning that once issuance becomes large enough, a wave of redemptions could force issuers to sell short-term government debt, potentially amplifying volatility in a market that is already under stress. In the UK, the Financial Conduct Authority published final rules for stablecoin issuers in June after trials in a regulatory sandbox, and the Bank of England has indicated it will allow systemic issuers to hold up to 70% of their backing assets in UK government debt with less than six months to maturity.

Ripple's RLUSD stablecoin is regulated at the state trust tier through a New York Department of Financial Services limited-purpose trust charter with segregated reserves and monthly independent CPA attestation, while its Office of the Comptroller of the Currency national trust charter, received in December 2025, remains only conditionally approved. That places RLUSD stronger than Tether, which holds no US charter and operates from El Salvador with no US resolution authority, but weaker than Circle's USDC, which received full unconditional OCC approval on July 10, 2026, and added a NYDFS trust charter three weeks later, making it the only dollar stablecoin holding both the state and federal tiers. RLUSD supply has crossed $2 billion, with $810 million on the XRP Ledger against $756 million on Ethereum, and Ripple pairs the coin with BNY Mellon as reserve custodian. A 21-bank consortium stablecoin planned for the first half of 2027 would launch with prudential supervision already attached, giving Ripple a little over a year to convert its conditional charter before the field gets more crowded. Until the OCC lifts the conditions, which typically requires satisfying capital, governance, and operational commitments, RLUSD remains a state-regulated stablecoin with a federal charter in progress.

MoneyGram has launched a stablecoin-backed card that lets users hold a U.S. dollar-denominated balance and spend it anywhere Visa is accepted. The new MoneyGram Card is initially available only in Colombia, with plans to expand to other markets in the coming months. Consumers can sign up through MoneyGram's app and use the card for online and in-store purchases, and can also send money to themselves for cash pickup at MoneyGram locations. The card runs on Visa's global payments network and uses Circle Internet Group's USDC stablecoin, and MoneyGram said it plans to eventually make its own MGUSD token available with the card as well. MoneyGram added that it plans to introduce a physical version of the card later this year that will support withdrawals at ATM bank machines. The launch comes as stablecoin trading volumes surpassed $1.1 billion U.S. in August, according to Payment Scan. MoneyGram is no longer publicly traded, having been acquired by private equity firm Madison Dearborn Partners in 2023 for $1.8 billion U.S.

Circle has agreed to acquire Singapore-based cross-border payments platform Tazapay for approximately $400 million, a deal that expands its global payments infrastructure and strengthens its position in the stablecoin race. Tazapay processes over $25 billion in annualized payment volume, with about 60% already involving stablecoins, and brings more than 60 banking and fintech partners plus local payout capabilities across over 100 markets. The transaction, expected to close in 2027, is subject to regulatory approval from authorities including the Monetary Authority of Singapore. Circle, which issues USDC, aims to use Tazapay's connections to move digital dollars into local bank accounts worldwide, powering ordinary international commerce.

Circle Internet Group President Heath Tarbert warned lawmakers on Wednesday that the United States could lose its financial influence if the next generation of money and capital markets develops on infrastructure governed outside the country. Testifying before the House Financial Services Committee, Tarbert argued that the rise of stablecoins, tokenized assets, and blockchain-based settlement is turning financial infrastructure into software, giving governments a new battleground over where money moves and which laws govern it. He pointed to the dollar's declining share of global foreign-exchange reserves, which fell to 57.13% in the first quarter of 2026 from over 70% in the late 1990s, but argued that stablecoins could reinforce the dollar's position, citing research that roughly 98% of stablecoin value is dollar-denominated. Tarbert urged Congress to fully implement the GENIUS Act, which establishes a federal framework for payment stablecoins and is scheduled to take effect no later than January 2027, and to close potential offshore loopholes so that dollar stablecoin growth occurs through supervised issuers under U.S. rules. Circle is best known for issuing USDC, the second-largest stablecoin by market cap with a circulating supply of 73.7 billion tokens.

Chelsea FC has announced a new partnership with Circle Internet Group, making Circle the principal partner and official jersey front sponsor starting from the 2026/27 season. The Circle and USDC brand logos will appear on the jerseys of the men's, women's, and academy teams. The USDC logo will make its debut on the men's team jerseys during the first home Premier League match of the season against Brighton on Sunday. Chelsea's president, Jason Gannon, stated that this agreement positions the club at the forefront of digitalization in football, while Circle's CEO, Jeremy Allaire, commented that it reflects the belief that money should move seamlessly across borders. This partnership is part of efforts to expand USDC's recognition beyond the traditional cryptocurrency market amid the growing competition for stablecoin adoption, and it is expected to appeal to Chelsea's global fan base.

Coinbase shares rose 5.1% in afternoon trading after the company and Better Mortgage launched a nationwide token-backed mortgage product, allowing borrowers to pledge bitcoin or USDC as collateral for a cash down payment without selling the tokens. The stock later cooled to $190.16, up 4.5%, as bitcoin's rally above $78,000 added momentum. The move also reflects growing regulatory optimism, with Senate Banking Chair Tim Scott saying the Digital Asset Market Clarity Act has a "really good shot" in September, ahead of a Sept. 15 cloture vote. Coinbase remains down 19.6% year-to-date and trades 50.9% below its 52-week high of $387.27.

Coinbase has made its Bitcoin-backed mortgage product generally available, allowing homebuyers to use cryptocurrency as collateral for a down payment without selling their holdings. The product, first announced in March and now available as of August 12th, combines a standard Fannie Mae conforming first mortgage with a separate down payment loan secured by crypto and a second lien on the home, merged into one monthly payment with the same interest rate and amortization period. Borrowers must pledge Bitcoin worth at least 250% of the down payment loan, or 125% if using USDC, meaning a $100,000 down payment requires $250,000 in Bitcoin or $125,000 in USDC. Unlike other crypto-backed loans, there are no margin calls or collateral top-ups, even if Bitcoin's price drops significantly. Coinbase One members receive a 1% closing cost credit capped at $10,000, and the waiting list had projected loan volume of about $260 million before launch.

Cryptocurrency exchange Coincheck announced on August 27 that it has completed registration as an electronic payment instruments trading business under the Payment Services Act. This makes it the second registered business in Japan, following SBI VC Trade. Coincheck plans to handle USDC, a US dollar-pegged stablecoin issued by Circle, with the specific start date for handling yet to be determined. The electronic payment instruments trading business is a system established under the revised Payment Services Act that took effect in June 2023, and this registration is necessary to conduct the intermediary and management of stablecoins as a business.

Crypto card spending has topped $1 billion as stablecoins move into everyday purchases, with tracked card volume more than tripling in a year. USDC and USDT funded over 70% of spending, with USDC at 50.8% and USDT at 20.3%, as users increasingly paid for groceries, rides and subscriptions. More than 10 million purchases were recorded in the last month, and average transaction volume increased from $59 to approximately $86. Stablecoins are now funding traditional Visa and Mastercard networks rather than replacing them, with consumers using familiar card frameworks backed by stablecoins.

Elon Musk's X is in talks to use stablecoins such as Circle Internet's USDC to pay creators, according to a CoinDesk report citing sources familiar with the plan. The idea aligns with the Everything App goal and the X Money payment system under development, while Meta began paying some creator rewards in USDC on Solana and Polygon through Stripe in April and plans to expand to more than 160 countries by the end of this year. On-chain data shows XRP trading is active during banking hours, with the share of transactions on the XRP Ledger between 13:00 and 16:00 UTC jumping from 14% to 23%, according to analysis by Evernorth shared with CoinDesk.

Circle Internet Group outlined its strategy for expanding USDC, payment infrastructure, and its planned Arc blockchain during an earnings-related Q&A session. The company sees USDC's long-term market opportunity reaching trillions of dollars, expanding beyond crypto trading into cross-border payments, capital markets, corporate treasury operations, and AI-agent transactions. Arc's public mainnet is scheduled to launch on September 16 as a stablecoin-native blockchain with transaction fees paid in USDC. Circle reported that EURC circulation has exceeded €400 million and said its Circle Payments Network now has more than 175 financial-institution members. Reserve income is expected to remain a significant revenue driver while payments and infrastructure create additional monetization streams.

Tether's USDT remains the world's dominant stablecoin despite rising competition, according to data from crypto payment firm NOWPayments. Circle Internet Group's USDC stablecoin is gaining momentum, with transactions up 209% year-over-year and transaction volume up 101% in the first half of this year. Tether's USDT transaction activity declined over the same period, though it remains the market leader. NOWPayments said USDT continues to offer the scale and liquidity businesses rely on, while USDC is emerging as a popular alternative. Circle's stock has declined 43% over the last 12 months to trade at $76.53 per share.

JCB will conduct a pilot test of payments using the US dollar-denominated stablecoin USDC at Lawson stores on August 20, Nikkei reported on August 18. The pilot will be limited to selected participants at the Lawson Gate City Osaki Atrium store in Osaki, Tokyo. Users will display JCB's web payment screen on their smartphones, and store staff will scan the barcode with existing POS registers. A key feature is that no dedicated terminals are needed, allowing standard registers to handle stablecoin payments. The test uses USDC issued by Circle. JCB sees potential inbound demand, believing that if foreign visitors to Japan can use stablecoins they hold in their home countries directly in Japan, it would reduce the hassle of currency exchange. Digital Garage, which operates a stablecoin payment infrastructure, is also participating in the pilot and plans to provide its DG Stablecoin Payment Service, launched commercially on August 10, to JCB and others on a priority basis.

Cashi has launched a public beta of its stablecoin spending app and Visa card, allowing users to deposit USDT or USDC and receive a virtual Visa card that can be used wherever Visa is accepted, including online and in-store via Google Pay. The company expects a full launch before the end of the year, with Apple Pay support and physical cards planned. More than 1,100 people joined the waitlist ahead of the beta release. Issuer processing platform Thredd has been selected to power the programme, which is live in Hong Kong with expansion into Mexico planned for late 2026.

Visa is broadening its stablecoin settlement capabilities by partnering with Lightspark and Zerohash to integrate USDC and other stablecoins for settlement and payout solutions across its network. The Lightspark partnership enables USDC settlement on Visa's network via a card program issued by Lead Bank, with stablecoin balances converted to local currency at the point of spend, while Zerohash supports Visa Direct to allow clients to prefund and send payouts in stablecoins across multiple blockchains. The move aims to support programmable payments, faster cross-border transactions, and onchain disbursements, deepening Visa's role in blockchain-based financial infrastructure.

Crypto card spending reached $759 million in July, a roughly 2.5-fold increase from $306 million a year earlier, according to data from a16z crypto and Paymentscan. Nearly nine million purchases were completed during the month, with an average transaction value of approximately $86. Dollar-backed stablecoins dominated, with USDC and USDT together accounting for about 84% of tracked spending. The infrastructure has diversified, with Optimism processing about 29% of volume, while Solana and Base each handled around 19%, and Gnosis's share fell to roughly 2%. The growth highlights stablecoins' expanding role as practical payment instruments, bridging onchain liquidity with existing card rails.

Digital Garage announced on August 10 that it has begun commercial deployment of its stablecoin payment platform, DG Stablecoin Payment Service, or DG SPS. The initial rollout is planned for JCB and its subsidiary DG Financial Technology, known as DGFT. DG SPS connects to existing payment operator systems via API, enabling merchants to accept stablecoin payments, starting with US dollar-denominated USDC on the Base network. The company plans to expand support to the yen-linked stablecoin JPYC, as well as Ethereum and Polygon, and is also moving toward enabling agentic commerce, where AI agents autonomously execute payments.

Coinbase launched 24/5 US stock trading for UK users on August 6, 2026, using USDC as a primary funding and settlement rail for nearly 4,000 US equities. The service, authorized by the UK Financial Conduct Authority in July 2026, routes orders through Coinbase Capital Markets Corporation with execution and custody by Apex Clearing, which provides SIPC protection of up to $500,000 per account. UK Advanced users gain access to TradingView charting tools and can earn up to 3.5% rewards on trade-ready USDC, while Coinbase One subscribers receive uncapped rewards on USDC trading balances. The move positions Coinbase to later introduce tokenized equities backed 1:1 by US stocks with full shareholder rights and dividends.