CFX Launches GENIUS-Ready Stablecoin MoveUSD on Ethereum and Base with Wormhole
CHICAGO - July 30, 2025 - CFX, a U.S.-regulated fintech company and the issuer of the MOVEUSD stablecoin, today announced the expansion of MUSD to Ethereum and Base with Wormhole NTT, enabling native, multichain U.S. Dollar settlement for global platforms and businesses. Built in alignment with the recently enacted GENIUS Act, MoveUSD is the first GENIUS-ready stablecoin to offer compliant, programmable liquidity across the two largest EVM ecosystems.
MOVEUSD is redeemable 1:1 against U.S. Dollar reserves held at regulated U.S. financial institutions, acting as a settlement instrument between USDC/USDT/USD and operates within CFX's multi-bank settlement network. Through its integration with Wormhole's Native Token Transfers (NTT) standard, MOVEUSD now moves seamlessly across chains using a burn-and-mint model-without wrappers, synthetic assets, or liquidity fragmentation.
'The GENIUS Act has codified what a U.S. stablecoin must be. MOVEUSD is already there,' said Nick 'Chicago', CEO & Co-Founder of CFX. 'Paired with our crypto-enabled banking platform MOVEUSD is now accessible from 180 countries-and built to meet the unique needs of businesses leveraging stablecoins in their operations. Ethereum and Base are a natural extension to our existing Solana offering.'
MOVEUSD is built for the Global Main Street-serving non-U.S. fintechs, digital banks, Web3 platforms, and global businesses excluded from U.S. commercial banking. The stablecoin complements traditional Wall Street-issued RWAs by serving real-world operational needs that are too global, too dynamic, or too underbanked for legacy capital markets. MOVEUSD bridges regulated off-chain infrastructure with programmable onchain liquidity under a unified, scalable network.
Through the MoveUSD stablecoin and platform, CFX provides:
• U.S. commercial accounts and regulatory compliance
• Support for native USDC and USDT settlement
• ACH, Fedwire, and SWIFT transfer capabilities
• U.S. retail cash deposit access across 80,000+ locations
• Access to U.S. Treasury Bills and on-chain private credit programs
'MOVEUSD was designed not just to comply with the GENIUS Act-but to enable what comes next,' added Nick. 'We're building the infrastructure for cross-border treasuries, payments, and global dollar settlement in a programmable, regulatory-aligned way.'
MOVEUSD is now natively deployed on Ethereum and Base using Wormhole's NTT standard, which provides secure, non-wrapped cross-chain token transfers. The Wormhole integration allows CFX to maintain full control of token contracts while enabling multichain liquidity and composability.
Robinson Burkey, Chief Commercial Officer at Wormhole Foundation, commented: 'CFX is helping define what the next generation of stablecoin infrastructure looks like-compliant, bank-integrated, and multichain-native. We're proud to support CFX as they bring GENIUS-ready infrastructure to the ecosystem and expand access to regulated U.S. Dollar rails for builders and platforms around the world.'
MOVEUSD joins other leading stablecoins using Wormhole's NTT standard, including Sky's USDS, Agora's AUSD, and Transfero's BRZ. Wormhole has facilitated over $60 billion in cross-chain transfers and connects to more than 40 blockchain networks.
⸻
About CFX
CFX is a U.S.-regulated financial technology company headquartered in Chicago. It operates the MoveUSD Network and issues MOVEUSD, a GENIUS-ready, fully reserved stablecoin designed to connect compliant U.S. financial infrastructure with global onchain ecosystems. CFX enables crypto-native platforms, fintechs, and enterprises to access digital dollar infrastructure, fiat rails, and programmable settlement tools. Learn more at moveusd.com
About Wormhole
Wormhole is the leading interoperability platform that powers multichain applications and bridges at scale. Wormhole provides developers, institutions, and users seamless connectivity between over 40 leading blockchain networks. The wider Wormhole network is trusted and used by teams like BlackRock, Apollo Global, VanEck, Google Cloud, Circle and Uniswap. To date, the platform has enabled over $60 billion in cross-chain volume, the most of any protocol in the world. Learn more at wormhole.com.
⸻
Media Contact: [email protected][email protected]
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNBC
3 minutes ago
- CNBC
Peter Thiel-backed Bullish seeks up to $4.2 billion valuation in U.S. IPO
Crypto exchange Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing on Monday, launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity. Companies leveraging crypto and related technologies have rallied on friendly policymaking from the Trump administration, such as the recent passage of the GENIUS Act, which provides an initial regulatory framework for stablecoins. Bullish is seeking up to $629.3 million by offering 20.3 million shares priced between $28 and $31 each, marking its second attempt to go public in four years. At the top of its proposed range, the company will list at a more than 52% discount to its $9-billion valuation target in a 2021 blank check merger that it called off in 2022, citing regulatory hurdles. "When an IPO begins marketing, the bankers would rather undershoot on valuation and then price up, rather than overshoot and price down," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Bullish, backed by billionaire Peter Thiel, plans to convert a significant portion of the IPO proceeds to U.S.-dollar-denominated stablecoins with the assistance of one or more issuers of such tokens, it said in the filing. Major stablecoin-issuer Circle Internet CRCL.K had a blowout debut on the NYSE in June and currently trades at more than 400% of its IPO price. Bullish, whose CEO Thomas Farley previously served as president of the New York Stock Exchange, operates a crypto-trading exchange targeting institutions. It also operates crypto news website CoinDesk, which it acquired from Barry Silbert's Digital Currency Group in 2023. Bullish swung to a $349 million loss for the quarter ended March 31, compared with a profit of $105 million a year earlier, reflecting a fall in fair value of its crypto holdings. Meanwhile, largest public crypto exchange Coinbase COIN.O reported a drop in second-quarter adjusted profit on Friday, due to a slowdown in trading, which dragged its shares down nearly 17%, even though the company recorded portfolio gains. Some investors tend to overlook the impact of quarterly swings in crypto prices when evaluating such companies, analysts have said. According to Renaissance Capital's Kennedy, investors will focus on "how efficient (Bullish is) and how profitable it is as a pure exchange, without the impact of quarterly price changes." Bullish aims to list on the NYSE under the symbol "BLSH." J.P. Morgan, Jefferies and Citigroup are the lead underwriters.
Yahoo
31 minutes ago
- Yahoo
Bitcoin Holds Steady As Ethereum, XRP, Dogecoin Lead Altcoin Rally
Cryptocurrency markets are rallying on Monday, led by notable Ethereum Ticker Price Bitcoin (CRYPTO: BTC) $114,668 Ethereum (CRYPTO: ETH) $3,680.47 Solana (CRYPTO: SOL) $165.72 XRP (CRYPTO: XRP) $3.05 Dogecoin (CRYPTO: DOGE) $0.2055 Shiba Inu (CRYPTO: SHIB) $0.00001237 Notable Statistics: IntoTheBlock data shows Bitcoin and Ethereum large transaction decreased by 0.1% and grew 3.97%, respectively. Daily active addresses dropped by 10.4% and increased 3.9%, respectively. Coinglass data shows 85,818 traders were liquidated in the past 24 hours for $234.22 million. The top gainers in the past 24 hours include MemeCore (CRYPTO: M), Mantle (CRYPTO: MNT) and Litecoin (CRYPTO: LTC). Notable Developments: SharpLink Ups Ethereum Bets, Closes In On 500,000 ETH Holdings Bitcoin Mining With Nuclear Energy? French Lawmakers Are Considering It Coinbase CEO Brian Armstrong Defends UK-Ad Ban: 'If You Can't Say It, Then There Must Be A Kernel Of Truth In It' Vandalism Against Satoshi Nakamoto Statue Sparks Protest: You Can Steal Our Symbol, But You Will Never Be Able To Steal Our Souls' How Coinbase, Robinhood, Circle Could Benefit From The SEC's New 'Project Crypto' Trader Notes: Michael van de Poppe notes that while Bitcoin has broken to the upside, it's still struggling at a major resistance level, with no clear trend reversal confirmed Loukas highlights that BTC has retested its May cycle high, potentially marking the peak of this 60-day cycle. While lower lows or retests are common in cycles, he notes they become less predictable in advanced bull markets. His outlook suggests a strong rally toward a late August high, followed by a cycle decline into Crypto explains that Bitcoin's recent dip wasn't surprising and was followed by a strong bounce, though it still hasn't tapped into the key demand zone. He expects continued chop through August, with a move toward the supply zone likely regardless of whether BTC follows a bullish or bearish short-term path. Rekt Capital points out that after completing a full fill of the Daily CME Gap, Bitcoin is now trying to reclaim higher ground. The crucial level to watch is $116,000, which marks the top of the gap and a potential trigger for further upside. Read Next: Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Bitcoin Holds Steady As Ethereum, XRP, Dogecoin Lead Altcoin Rally originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Newsweek
2 hours ago
- Newsweek
The Secret Deals Driving Crypto Markets...and Leeching Into Wall Street
Advocates for ideas and draws conclusions based on the interpretation of facts and data. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Crypto markets have always been volatile. For years, we've blamed speculation, low liquidity and hype cycles for the whiplash pricing of altcoins (crypto tokens outside of the leading digital assets Bitcoin, Ethereum and Solana). But there's an opaque force that exerts just as much influence: private market-making agreements. These deals often determine which tokens thrive and which collapse. And over the years, there have been far more failures than successes. Now, Wall Street firms are accelerating their exposure to crypto, investing in increasingly fringe assets and even adding them to corporate treasuries. Public companies Strategy (MSTR) and Metaplanet (3350.T) have amassed holdings of nearly $73 billion and $2 billion, respectively, and scores of other corporations have followed suit. These companies are stepping into markets governed not by transparent rules or familiar oversight, but by unseen, off-chain contracts. A failure to understand how crypto market-making works will distort valuations, mislead investors and potentially spark a backlash that could ripple across both Web3 and traditional finance. From left: Summer Mersinger, CEO, Blockchain Association; Sarah Reilly, vice president and senior tax counsel, Fidelity Investments, Alison Mangiero, head of staking policy and industry affairs, Crypto Council for Innovation; Jason Somensatto, director of policy,... From left: Summer Mersinger, CEO, Blockchain Association; Sarah Reilly, vice president and senior tax counsel, Fidelity Investments, Alison Mangiero, head of staking policy and industry affairs, Crypto Council for Innovation; Jason Somensatto, director of policy, Coin Center; and Corey Frayer, director of investor protection Consumer Federation of America, at the witness table during a House Ways and Means Oversight Subcommittee hearing on "Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century" on Capitol Hill on July 16, 2025, in Washington. More AP Photo/Rod Lamkey Jr. I've Seen Behind the Market-Making Curtain Most people assume altcoins are volatile because they're illiquid or built on shaky fundamentals. That's partly true. But what's often overlooked is the influence of market makers—the firms responsible for ensuring there's enough liquidity to buy and sell these tokens in the first place. Unlike their Wall Street counterparts, crypto market makers operate with little to no regulatory oversight. Their agreements are not public. There are no standardized disclosures, no audit trails and no governing body to hold them accountable. Over the past decade, I've helped structure and manage market-making relationships at two of the largest global crypto exchanges, AscendEx and Gemini. I've also led FBG Capital, one of the major market-making firms in the space. Today, I run Forgd, a platform that helps token projects track market maker performance and negotiate better terms. Here's what I've seen: Most token founders are builders, not traders. They lack the financial background to assess how these contracts function, or how damaging they can be when incentives are misaligned. The result is often a one-sided deal, disguised as a liquidity solution, that leaves the project exposed and retail investors misled. The most common—and most problematic—structure is known as the "loan + call option" agreement. The Deal That Quietly Derails Crypto Tokens In a "loan + call option" agreement, a project lends its native tokens to a market maker, who agrees to provide liquidity. In return, the market maker receives call options: the right, but not the obligation, to repay those token loans in U.S. dollars, at a set strike price. If the token's price spikes, the market maker cashes in, buying tokens at a steep discount and selling into the rally. But even if the token flounders, the market maker may still profit by selling the borrowed tokens early, withdrawing support, or shorting the asset outright. The project suffers, but the counterparty walks away profitable. If this happened in traditional equity markets, it would be a scandal. Imagine a company IPO'ing on the NYSE, while a private actor had a backroom deal to dump discounted shares—without any disclosure to the public. Equities have protections for this exact reason. The Securities Exchange Act of 1934 outlines clear boundaries designed to prevent manipulation during public offerings: Regulation M governs stabilization activity and passive market making, helping to ensure that prices aren't artificially inflated, while Rule 10b-18 provides a safe harbor for stock buybacks, shielding companies from accusations of market manipulation when repurchasing their own shares. Crypto has no equivalent safeguards. And as more institutional capital enters the space, this lack of structure is becoming a systemic risk. Wall Street Is Next It's no longer just crypto-native funds or retail investors buying these assets. We're now seeing mainstream firms and institutional allocators adding altcoins to their balance sheets, sometimes without full visibility into how these markets actually function. That's dangerous. When token prices are being influenced by off-chain, through asymmetric contracts that no one outside the deal has access to, it undermines the integrity of the asset and misleads downstream investors. A market's fundamentals might appear sound, when in fact they're propped up by short-term gamesmanship and opaque incentives. If left unchecked, this could discredit digital assets at a moment when they're finally being taken seriously. It also opens the door to backlash from regulators and shareholders if firms suffer losses tied to undisclosed risk mechanics they never knew existed. For crypto to mature as a credible, investable asset class, we need to bring these agreements out of the shadows and into the realm of professional accountability. Founders need tools to benchmark proposed deals, simulate different scenarios, and negotiate on informed terms. Regulators, fund managers and institutional allocators should insist on basic transparency before engaging with new assets. At a minimum, every market-making arrangement should include standardized disclosures that outline the structure of the agreement governing liquidity. These disclosures should make clear whether call options are involved, specify the strike prices and loan tenor associated with those options, and describe any hedging policies that may impact token performance. Without this level of transparency, investors and project teams are left to navigate blind, with little understanding of the dynamics shaping token markets. These are table stakes. Without them, we're asking sophisticated firms to operate in the dark, and exposing retail investors to risks they never signed up for. If digital assets are going to sit on the balance sheets of public companies, the rules that govern those assets can't be locked behind NDAs. They need sunlight, structure and scrutiny. Otherwise, we risk importing the worst parts of crypto into the heart of Wall Street—and learning too late that we could have done better. Shane Molidor is the founder and CEO of Forgd, a token advisory and optimization platform that provides seamless access to essential tools for blockchain projects.
