The OCC has finalised its US stablecoin rules, and there's an important distinction for $COIN and $CRCL. Stablecoin issuers remain prohibited from paying interest directly to holders. But exchange rewards programmes haven't been subjected to a blanket ban, with arrangements to be assessed case by case. Banks pushed for tighter restrictions, fearing deposits would migrate to higher-yielding stablecoins. The banks wanted USDC rewards shut down. They didn't get the blanket ban they wanted. That's a win for Coinbase's distribution model, even if individual rewards programmes still face regulatory scrutiny.

Almost $52m in semiconductor stock perp positions liquidated in just 10 minutes on Saturday night. According to analysis by Tread(dot)fi, the selling began with a roughly $2m $SNDK position exit on Binance, spreading almost instantly to Hyperliquid where new shorts were opened across multiple chip-related perps. The resulting liquidation cascade hit $SNDK, $MU, $SOXL and other semiconductor contracts while the underlying stock markets were closed. No apparent breaking news catalyst. Just leverage and thin weekend liquidity.