Crypto Market Update: Citi Partners with Coinbase on Stablecoins

Bitcoin price update

Bitcoin (BTC) was priced at US$83,383.85, trading 1.7 percent lower over the past 24 hours.

Bitcoin pulled back on Monday as rising bond yields and oil prices weighed on risk assets, after US President Donald Trump rejected Iran’s latest peace proposal.

Despite the choppier trading, institutional demand has held up.

US spot Bitcoin exchange-traded funds (ETFs) recorded seven straight days of net inflows through September 25; however, daily inflows have shrunk each session since peaking on September 21.

That steadiness fits the longer view in a new report from Bitwise. Based on interviews with 15 large institutions earlier this year, it found that none of them reduced their crypto holdings during the steep downturn from late 2025 to spring 2026, and several added to their positions.

In an email, Simon-Peter Massabni, head of business development at XS.com, said Bitcoin will likely stay elevated but won’t make a clean run higher while yields are this high.

Bitcoin price chart

Ether and altcoin price update

• Ethereum (ETH) was priced at US$2,673.51, trading 0.9 percent lower over the last 24 hours.

• XRP (XRP) was priced at US$1.48, down 3.3 percent over the past 24 hours.

• Solana (SOL) was trading at US$118.36, trading four percent lower over the past 24 hours.

Today's crypto news to know

Read on for a round-up of the biggest crypto market news:

• Citigroup, Coinbase partner on corporate stablecoin payments
• Bitget begins phased withdrawal restorations following hack
• Wallet in Telegram rebrands as all-in-one crypto app Walt
• Ethena, Binance partner to back USDe stablecoin
• Goldman's fund now available to buy through Lynq

Citigroup, Coinbase partner on corporate stablecoin payments

Citigroup (NYSE:C) is partnering with Coinbase Global (NASDAQ:COIN) to allow its institutional clients to accept stablecoin payments from retail customers, a Wall Street Journal exclusive states.

Coinbase will supply the underlying blockchain technology and payment rails that automatically convert stablecoins into fiat currency before Citigroup settles the transactions as the bank of record.

The partnership builds on an initial October 2025 collaboration between the two financial firms that streamlined fiat pay-ins and pay-outs across global networks. Merchants can hold incoming funds at Coinbase in bank-account-like vehicles that earn an annual interest-like reward rate of 3.75 percent.

The move expands an October 2025 collaboration through which the two firms joined forces to streamline fiat pay ins and payouts for Coinbase's on/off ramps.

Citigroup concurrently expanded its proprietary Citi Token Services network to Japan and the United Arab Emirates, bringing its live blockchain infrastructure footprint to seven global jurisdictions.

Bitget begins phased withdrawal restorations following hack

Cryptocurrency exchange Bitget began restoring user withdrawal services on Monday following a major security breach that compromised US$387.5 million in digital assets. The exchange suspended all withdrawal activity on September 24 after detecting unauthorized transfers from "some of our hot wallets."

Bitget CEO Gracy Chen confirmed that emergency protocols contained the breach and that the exchange's US$464 million User Protection Fund will fully cover all lost assets. The exchange initiated its phased rollout with Bitcoin network withdrawals at 08:00 UTC on September 28, with Ethereum following on September 29 and Tether on September 30.

Bitget expects to fully restore all remaining assets, fiat services, and peer-to-peer trading operations by October 2.

The phased rollout allows Bitget to resume withdrawal services in an orderly manner following the incident. The same approach applies consistently across users without preference," the company outlined in a statement.

Wallet in Telegram rebrands as all-in-one crypto app Walt

Wallet in Telegram has rebranded to Walt, reflecting its growth from a token wallet into an all-in-one crypto platform.

The rebrand coincides with Telegram’s launch of its native Gram wallet, designed for everyday transactions, Stars, Gifts and mini-apps. To meet demand from users seeking advanced crypto tools, Walt now provides access to over 300 digital assets across four chains, 200 popular trading assets and over 100 tokenized real-world assets (RWAs).

According to a press release, future updates will introduce crypto cards for everyday spending and artificial intelligence tools for market analysis, portfolio risk assessment and trade execution.

Ethena, Binance partner to back USDe stablecoin

Ethena announced a partnership with Binance to expand the delta-neutral basis trade backing its USDe stablecoin into tokenized equity markets.

The strategic expansion will allow Ethena to execute basis trades across tokenized stocks and equity perpetual futures, expanding its underlying target market from US$2.5 trillion in crypto assets to over US$150 trillion in RWAs.

Binance will provide both tokenized spot stock collateral through bStocks and USDT-denominated equity perpetual contracts on a single trading venue. The exchange offers eligible delta-neutral accounts like Ethena lower priority under its auto-deleveraging system, reducing liquidation risks during periods of market volatility.

Ethena will activate its protocol fee switch to direct a portion of system revenue toward ENA token buybacks once USDe achieves a US$7.5 billion 14 day average supply.

Goldman's fund now available to buy through Lynq

Goldman Sachs (NYSE:GS) is making its roughly US$100 billion treasury fund (FTIXX) available to institutional digital asset firms through Lynq, a settlement network optimized for the crypto industry.

Unlike recent tokenization initiatives from other major Wall Street players such as BlackRock’s BUIDL or Franklin Templeton’s BENJI, Goldman Sachs is opting to keep FTIXX as a traditional, non-tokenized money market fund, using Lynq, which runs on a private, permissioned Avalanche Layer 1 blockchain network, serving as a new distribution pathway to bring institutional investment into its established, traditional fund structure.

All transactional trades are handled by tZERO Securities, broker-dealer registered with the US Securities and Exchange Commission. Access is currently restricted to US clients with a pre-existing relationship with tZERO Securities and who pass rigorous onboarding eligibility and compliance checks.

The distribution channel targets institutional digital-asset market makers, OTC desks and trading firms. “There’s a convergence now that you’re seeing between traditional market participants and digital asset market participants as well,” Lynq CEO Jerald David said in an interview with CoinDesk TV.