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Visa is expanding its stablecoin settlement program to U.S. banks, allowing partners to settle transactions using Circle’s USDC on the Solana blockchain.

The FDIC has proposed its first rule under the GENIUS Act, outlining how insured banks can apply to issue stablecoins through subsidiaries.

Crypto wallet firm Exodus is launching a fully reserved, USD-backed stablecoin in partnership with MoonPay, set to go live in early 2026.

Top stories in the Crypto Roundup today:

• Visa Expands USDC Settlement to U.S. Banks After $3.5B Stablecoin Pilot
• FDIC Proposes First U.S. Stablecoin Rule Under GENIUS Act
• Exodus to Launch USD-Backed Stablecoin With MoonPay in 2026
• November Crypto Volumes See Largest Monthly Drop in 18 Months
  

Visa Expands USDC Settlement to U.S. Banks After $3.5B Stablecoin Pilot

Visa is expanding its stablecoin settlement program to U.S. banks, allowing partners to settle transactions using Circle’s USDC on the Solana blockchain.

Cross River Bank and Lead Bank are the first institutions to adopt the system, which aims to provide faster, seven-day-a-week settlement and better liquidity control. The move builds on a global pilot that reached a $3.5 billion run rate, Visa said Tuesday.

Visa also plans to support Circle’s upcoming Arc blockchain and will serve as a validator once it goes live.

FDIC Proposes First U.S. Stablecoin Rule Under GENIUS Act

The FDIC has proposed its first rule under the GENIUS Act, outlining how insured banks can apply to issue stablecoins through subsidiaries.

The plan includes a 120-day review process, an appeals path for rejected applications, and a requirement for banks to submit details on business plans and financials. A 60-day public comment period began Tuesday.

Acting FDIC Chair Travis Hill said the process aims to balance oversight with minimizing red tape. A more detailed rule on capital and risk standards is expected in the coming months.

Exodus to Launch USD-Backed Stablecoin With MoonPay in 2026

Crypto wallet firm Exodus is launching a fully reserved, USD-backed stablecoin in partnership with MoonPay, set to go live in early 2026.

The token will fuel Exodus Pay, a new feature that lets users send and spend digital dollars without relying on centralized exchanges. MoonPay will issue and manage the stablecoin, with infrastructure support from M0.

The move places Exodus alongside other public companies like PayPal and Circle in offering stablecoin products. Rollout will vary based on regulatory approval in different regions.

November Crypto Volumes See Largest Monthly Drop in 18 Months

Trading activity on centralized exchanges retreated to its lowest point since June in November. Combined spot and derivatives volumes experienced their largest month-on-month decline since April 2024, plummeting 24.7% to $7.74T. Spot trading volumes decreased 21.1% to $2.13T, while derivatives volumes fell 26.0% to $5.61T - marking the lowest monthly volume for both markets in five months.

The pullback in activity reflected rising market uncertainty that cooled speculation significantly. Derivatives market share declined for the third consecutive month, falling to 72.5% - its lowest level since February 2025.

Binance continues to be the undisputed leader in the spot sector, commanding a 28.2% market share. The competition for the remaining top spots was incredibly tight in November. MEXC secured second place with 5.22%, followed closely by Bybit (4.97%) and Crypto.com (4.48%). Coinbase rounded out the top five.

Binance also maintained its lead as the largest derivatives exchange, generating $1.98T in volume. This figure represents a 27.4% decrease compared to October. OKX followed with $908B (down 21.8%), and Bybit took third with $732B (down 30.2%). While the major exchanges saw declines, dYdX v4 and Bullish stood out as the best-performing exchanges month-on-month.

State of the Crypto by Top Tier Exchange Volume

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