Coinbase has moved its state of incorporation from Delaware to Texas, joining a wave of tech firms dissatisfied with Delaware’s legal environment.

Visa is piloting stablecoin payments to crypto wallets, aiming to help gig workers and digital creators in countries with volatile currencies get paid in U.S. dollar-backed tokens.

Circle posted better-than-expected third-quarter results, driven by a sharp rise in USDC transaction volume, prompting investment bank William Blair to reaffirm its “Outperform” rating on the stock.

Top stories in the Crypto Roundup today:

• Coinbase Moves Incorporation to Texas, Joining Exodus From Delaware Led by Musk
• Visa Pilots Stablecoin Payouts for Gig Workers and Creators Worldwide
• Circle's USDC Growth Fuels Bullish Outlook After Strong Q3 Results
• Binance Tops CoinDesk’s Exchange Rankings, but Market Share Shifts Toward Smaller Venues

Coinbase Moves Incorporation to Texas, Joining Exodus From Delaware Led by Musk

Coinbase has moved its state of incorporation from Delaware to Texas, joining a wave of tech firms dissatisfied with Delaware’s legal environment.

In an op-ed published in the Wall Street Journal, Coinbase Chief Legal Officer Paul Grewal said the decision came in response to “unpredictable outcomes” in Delaware’s courts. He pointed to the state’s once-stable legal system as having shifted in ways that concern corporate leaders.

The move mirrors a path taken by Elon Musk, who reincorporated both Tesla and SpaceX in Texas after a Delaware judge invalidated his $56 billion pay package. Coinbase, along with early investor Andreessen Horowitz, is currently facing a shareholder lawsuit in Delaware tied to its 2021 public listing.

Texas allows companies to restrict shareholder lawsuits against executives, a legal protection that may appeal to Coinbase and others. Dropbox and TripAdvisor have also announced exits from Delaware in recent months.

Visa Pilots Stablecoin Payouts for Gig Workers and Creators Worldwide

Visa is piloting stablecoin payments to crypto wallets, aiming to help gig workers and digital creators in countries with volatile currencies get paid in U.S. dollar-backed tokens.

The pilot uses USDC, a stablecoin issued by Circle, and runs through Visa Direct, the company’s real-time payments service. Businesses will be able to send funds directly to crypto wallets, alongside existing options like bank accounts and debit cards.

In places like Bolivia, where inflation has surged, workers are turning to stablecoins to avoid local currency devaluation. 

The test is part of Visa’s push to expand beyond credit card transactions and tap into growing demand for fast, cross-border payments.

Circle's USDC Growth Fuels Bullish Outlook After Strong Q3 Results

Circle posted better-than-expected third-quarter results, driven by a sharp rise in USDC transaction volume, prompting investment bank William Blair to reaffirm its “Outperform” rating on the stock.

Total payment volume jumped 101x to an annualized $3.4 billion, lifting 2025 transaction revenue guidance to as much as $100 million, up from $85 million. Circle shares fell 3.9% in pre-market trading.

Analyst Andrew Jeffrey called USDC the most likely stablecoin to lead the market, citing its scale and integration across crypto and payments networks.

He also noted progress on Circle’s blockchain projects, including the Arc network, which now has 100 participants ahead of a planned 2026 launch.

Binance Tops CoinDesk’s Exchange Rankings, but Market Share Shifts Toward Smaller Venues

Binance ranked first in CoinDesk’s November 2025 Exchange Benchmark with a score of 93.4, followed by Bitstamp and Coinbase. The report evaluated 81 centralized exchanges on risk, transparency, and regulatory strength.

Despite tougher scoring, 20 exchanges reached Top-Tier status, up from 19 in April. However, their share of global spot trading dropped to 42%, reflecting a shift toward mid-tier platforms.

The U.S. overtook Europe as the top regulatory base, registering 49 exchanges. EU registrations declined sharply, especially in the Netherlands.

Transparency also improved: 49% of exchanges published proof-of-reserves, and 34% released financial audits.

State of the Crypto by Top Tier Exchange Volume

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