FED cuts interest rates. Visa to start supporting stablecoins

Hey fam! 

The past week brought more challenges than gains for crypto, as prices dipped and optimism waned. Despite that, a few defining events still captured attention:

quick weekly news

FOMC cuts interest rates, but the move was already ‘priced in’

Let’s kick off this digest with a major macro update: the Federal Reserve has cut interest rates by 25 basis points, lowering the target range to 3.75-4%. The move marks the second rate reduction in 2025 and was largely anticipated by markets, with analysts saying it was already “fully priced in.” Despite the cut, the Fed remains divided on whether another reduction will follow in December, leaving traders uncertain about the policy outlook heading into year-end.

Following the announcement, Bitcoin briefly dipped by 2.4% to around $108,000 before stabilizing near $110,000.

ETF data echoed the cautious sentiment, as spot Bitcoin ETFs recorded $470M in outflows on the day of the announcement, led by FBTC (-$164M), ARKB (-$143M), and IBIT (-$88M). Despite the pullback, cumulative inflows remain strong at $61B, with total AUM standing at $149B, which is about 6.75% of Bitcoin’s market cap.
Source: Farside

Overall, while the rate cut provides a near-term tailwind, investors are watching closely for the Fed’s December decision and potential macro headwinds such as U.S.–China trade tensions. The next few weeks could determine whether Bitcoin’s rally extends into year-end or pauses amid renewed uncertainty.

Visa to support stablecoins on four blockchains

Stablecoin adoption continues to grow, as Visa is doubling down on its crypto expansion, announcing plans to support four new stablecoins across four different blockchains. The move reflects the payments giant’s growing commitment to integrating blockchain-based assets into its global payment infrastructure and offering banks new tools to interact with digital currencies.

CEO Ryan McInerney revealed during Visa’s Q4 earnings call that the firm will “add support for four stablecoins running on four unique blockchains,” covering two fiat currencies that can be converted into over 25 traditional currencies worldwide. While he did not specify which assets will be added, Visa currently supports $USDC, $EURC, $PYUSD, and $USDG on Ethereum, Solana, Stellar, and Avalanche, and is now looking to expand further.

The company reported that stablecoin-linked card spending increased fourfold year-over-year in Q4, with monthly volumes exceeding a $2.5B annualized run rate. Since 2020, Visa has facilitated over $140B in crypto and stablecoin flows, underscoring the growing demand for blockchain-based settlement options.

Visa’s next step is to bring these tools to the banking sector. Through its tokenized asset platform, the firm will allow financial institutions to mint and burn stablecoins, enabling faster, cheaper cross-border transfers. “We are starting to enable banks to mint and burn their own stablecoins,” McInerney told investors on the company’s fourth-quarter and year-end earnings call on Tuesday, adding that more features and integrations are coming as Visa aims to bridge traditional finance with the digital asset economy.

CZ is weighing a lawsuit against a US senator over a money laundering claim

Former Binance CEO Changpeng “CZ” Zhao is reportedly preparing to take legal action against U.S. Senator Elizabeth Warren after she accused him of money laundering and bribery in connection with his recent presidential pardon by Donald Trump. The move comes amid growing scrutiny from Congress over Trump’s decision to pardon CZ, who had served a four-month prison sentence in 2024 for violations related to Binance’s anti–money laundering controls.

According to The New York Post, Zhao’s attorney, Teresa Goody Guillén of Baker & Hostetler, said CZ will pursue a libel lawsuit unless Warren retracts her statements made on X on October 23. In her post, Warren claimed Zhao had “pleaded guilty to a criminal money laundering charge” and “financed President Trump’s stablecoin,” calling the situation “corruption.” Zhao refuted the claims, saying there were “no money laundering charges” and that Warren “can’t get her facts right.”

Guillén emphasized that CZ “will not remain silent while a United States Senator misuses the office to publish defamatory statements that impugn his reputation,” demanding an immediate retraction both on X and within Senate records. This isn’t the first time Zhao has confronted media allegations through legal means, as he previously sued Bloomberg Businessweek for defamation in 2022, a case that ended with an apology and a charitable settlement.

Polymarket eyes November for US relaunch

Prediction market platform Polymarket is reportedly preparing to relaunch in the United States as soon as November, marking its official return to the domestic market after years of regulatory restrictions. According to Bloomberg, the relaunch will initially focus on sports-related markets, with limited trading access for U.S. residents.

The move follows a September no-action letter from the U.S. Commodity Futures Trading Commission (CFTC) to a crypto derivatives exchange acquired by Polymarket, a decision that effectively cleared the way for the platform’s U.S. comeback. CEO Shayne Coplan confirmed earlier that the approval “set the stage to go live in the USA.”

Reports suggest Polymarket’s potential valuation could soar to $10B after reopening, up from its previous $1B valuation following a $200M funding round in June. A waitlist is already live on Polymarket’s website, signaling that trading will “soon be available for U.S. traders.”

The timing coincides with renewed U.S. interest in prediction markets, as Trump Media and Technology Group, co-founded by President Donald Trump, also announced plans to integrate similar markets on Truth Social in partnership with Crypto.com. Meanwhile, Kalshi’s successful legal challenge against the CFTC’s restrictions on political contracts may have indirectly paved the way for Polymarket’s regulatory return. 

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