Mastercard is pushing deeper into digital assets with a new global initiative that makes stablecoins usable across its payment network, and a new crypto card in partnership with exchange OKX.

Coinbase Asset Management is launching a new Bitcoin Yield Fund aimed at giving institutional investors a way to earn passive income from their bitcoin holdings, starting May 1.

Tether’s gold-backed stablecoin, Tether Gold (XAUT), has hit a $770 million market cap, with the company reporting its first independent attestation under El Salvador’s financial regulations.

Top stories in the Crypto Roundup today:

• Mastercard Expands Stablecoin Payment System, Launches Crypto Card With OKX
• Coinbase to Launch Bitcoin Yield Fund Targeting Up to 8% Annual Returns for Institutions
• Tether's Gold-Backed XAUT Reaches $770M Market Cap Amid Global Gold Rush

Mastercard Expands Stablecoin Payment System, Launches Crypto Card With OKX

Mastercard is pushing deeper into digital assets with a new global initiative that makes stablecoins usable across its payment network, and a new crypto card in partnership with exchange OKX.

The company said it will allow merchants to settle transactions in stablecoins such as USDC, through collaborations with Circle and Nuvei. Paxos is also involved in supporting other tokens like USDP. 

As part of the expansion, Mastercard will launch the “OKX Card,” a debit product that connects crypto trading and Web3 wallets to everyday spending. The card enables crypto holders to spend their digital assets anywhere Mastercard is accepted, adding a real-world bridge to the ecosystem.

Coinbase to Launch Bitcoin Yield Fund Targeting Up to 8% Annual Returns for Institutions

Coinbase Asset Management is launching a new Bitcoin Yield Fund aimed at giving institutional investors a way to earn passive income from their bitcoin holdings, starting May 1.

The fund, which will open to non-U.S. institutional investors, targets net returns of 4% to 8% annually. Yield will first come from bitcoin basis trading, according to Abu Dhabi-based Aspen Digital, one of the launch partners. The fund may later incorporate strategies involving lending and derivatives.

Basis trading profits from the difference between spot and futures prices, but it carries risks. If bitcoin’s price suddenly spikes, the short futures position can require rapid margin increases to avoid liquidation. 

And as more investors crowd into the trade, spreads shrink, pulling down potential returns. That’s already happening—futures short interest on the Chicago Mercantile Exchange dropped from $14.2 billion in late 2024 to $8.4 billion in recent months.

Tether's Gold-Backed XAUT Reaches $770M Market Cap Amid Global Gold Rush

Tether’s gold-backed stablecoin, Tether Gold (XAUT), has hit a $770 million market cap, with the company reporting its first independent attestation under El Salvador’s financial regulations.

Each XAUT token is backed by one troy ounce of LBMA-certified gold, with a total of more than 7.7 tons locked in a secure vault in Switzerland, Tether said. The company highlighted that strict verification and periodic audits ensure the token's physical backing.

The timing of the announcement taps into a global surge in gold demand. Central banks, especially from BRICS countries, accumulated over 1,000 metric tons of gold last year, according to the World Gold Council. Investors have piled in as well, seeking refuge from economic uncertainty and heightened geopolitical risks.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.