Digital asset market update — 10 September 2026
Reporting the 24 hours to 06:00 Europe/London · 291 words · Prepared by 01 Capital
Tether is expanding its presence in private credit, launching a $400 million fund with Fasanara and seeking up to $3 billion from institutional investors. The initiative will leverage Tether's stablecoin payment infrastructure and Fasanara's global fintech lending network to source lending opportunities (CoinDesk, The Block). Concurrently, PayPal is expanding its stablecoin infrastructure with a custom token issuance platform, PYUSDx, developed with M0 and MoonPay (CoinDesk). This initiative follows U.S. Bank's successful cross-border payment test of its USBDC stablecoin for treasury payments, liquidity management, and collateral (CoinDesk).
In regulatory and market structure developments, the Hyperliquid Policy Center has backed the CFTC in its dispute over perpetual futures, urging a court to dismiss CME Group's lawsuit, which it accuses of stifling innovation (The Block). Separately, crypto industry groups are escalating their legal fight against Illinois, asking a court to block a controversial crypto tax (The Block, CoinDesk). India's Financial Intelligence Unit (FIU-IND) has flagged 15 crypto platforms for non-compliance with anti-money laundering (AML) regulations, seeking takedowns of their apps and URLs (The Block, CoinDesk). Germany is also considering taxing Bitcoin like stocks, though existing holdings may retain the current tax-free treatment after a 12-month holding period (CoinDesk).
Consensys announced plans to split MetaMask into its own firm, with the existing entity rebranding as MetaMask under Joe Lubin as chairman and CEO. The separation is expected to be completed by the end of 2026 (CoinDesk, The Block). Meanwhile, a security incident impacting Trezor customers involved a third-party breach that led to phishing emails from a legitimate domain, following a previous breach at shipping provider ShipMonk (The Block).
Institutional participants will likely monitor the progress of Tether's private credit fund and PayPal's stablecoin issuance platform as key indicators of evolving capital allocation within digital assets.
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01 Capital is a research and intelligence firm specialising in the structures, behaviours and economics unique to digital assets. We provide valuation intelligence, tokenisation, transaction support and strategic and board advisory to institutions, asset managers, corporate treasuries and advisers.
Sources
- CoinDesk — Tether pushes into private credit with $400 million fund with Fasanara
- The Block — Tether, Fasanara launch $400 million fund for stablecoin-enabled private credit
- CoinDesk — PayPal expands stablecoin rails with custom token issuance platform
- CoinDesk — U.S. Bank takes next step towards launching its stablecoin with cross-border payment test
- The Block — Hyperliquid Policy Center backs CFTC in fight over perpetual futures, asks court to drop CME’s case
- The Block — Crypto industry groups escalate fight against Illinois, asking court to block controversial crypto tax
- CoinDesk — Crypto lobbying orgs ask court to suspend Illinois tax as legal case continues
- The Block — India seeks takedowns of 15 crypto platforms over AML compliance
- CoinDesk — India’s financial intelligence unit flags 15 crypto platforms for AML lapses
- CoinDesk — Germany moves to tax bitcoin like stocks as new draft bill targets tax-free gains
- CoinDesk — Consensys to split MetaMask into its own firm while staying silent on IPO
- The Block — Consensys splits MetaMask from institutional and Ethereum infrastructure businesses
- The Block — Trezor says third-party security breach led to phishing emails from legitimate domain
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This market update is provided for information only. It is not investment, legal or regulatory advice. 01 Capital is not authorised or regulated by the Financial Conduct Authority.