In Ethereum news today, a wallet can hold stablecoins but still can’t move them because Ethereum charges transaction fees in ETH. Without enough Ethereum to cover the fee, the wallet cannot submit the transaction.

Ethereum developers have scheduled a proposed fix for the 2027 Hegotá upgrade, although the design would not change the fact that the network will continue to charge fees in ETH.

ETH USD is trading just under $2,500, at $2,480, down -0.9% over the past 24 hours, although it is still clinging to modest gains of +0.3% in the past week. Daily trading volume sits at $10.8M, up from $9M yesterday.

Ethereum Developers Find New Path For Smarter Transactions

Ethereum's EIP 8141 authors have found a new way to make transactions more programmable.

The proposal uses programmable contract calls called “frames” for transaction features. These frames could handle validation, gas… pic.twitter.com/NnhSaraVLz

— BSCN (@BSCNews) September 7, 2026

Ethereum News Today: 2027 Upgrade Timeline

Core developers moved EIP-8141, known as Frame Transactions, to Scheduled for Inclusion during their Aug. 27 All Core Developers Execution call. The change gives the proposal a formal place in the planned Hegotá upgrade rather than leaving it only under consideration.

Hegotá is planned for 2027 and follows Glamsterdam, Ethereum’s next network upgrade. Ethereum groups protocol changes into codenamed upgrades, and Frame Transactions is now among the changes planned for Hegotá.

That status does not mean Frames is complete. The specification remains a draft; technical details can still change before deployment, and Frame Transactions cannot be used on Ethereum mainnet today. Implementation and testing work remain part of the path toward Hegotá’s planned deployment.

Why Frame Transactions Matter for Gas Payments

EIP-8141 addresses wallets holding stablecoins or tokens that can’t be transferred without ETH for gas fees. The proposal introduces “Frames,” which separate authorization, fee payment, and execution.

This lets a payments application cover the ETH fee or handle Ethereum payments on the user’s behalf, so the sender and fee payer don’t have to be the same. Validators would still receive fees in Ethereum, but this change allows users to transact without having to acquire ETH directly.

Some wallet systems already support sponsored transactions, and Frames aim to incorporate this functionality into Ethereum’s regular transaction flow. The proposal has ten authors, including Vitalik Buterin, who recently highlighted the updated EIP text.

How EIP-8141 Would Work

In other Ethereum news, the proposal breaks down transactions into separate frames. One frame confirms user authorization, another handles fee payments, and subsequent frames execute the operations.

This allows the account sending funds to differ from the account paying the fees. Actions can be grouped, so if a trade fails, the related approval can be reversed in the same transaction.

Additionally, this approach allows accounts to set their own validation rules, enabling key rotation or different signature schemes without needing a new address.

It also opens the door for accounts to adopt quantum-resistant cryptography, effectively introducing account abstraction elements into Ethereum’s standard transaction framework without necessitating asset migration.

Ethereum News: The Upgrade Does Not Remove ETH From the System

It is important to distinguish between abstracting gas payments for users and removing ETH from Ethereum’s fee system. Ethereum would still be paid in ether under the Frames design. The proposal changes how the fee payer is arranged; it does not eliminate the fee or replace ETH in the network’s existing fee system.

For a sponsored transaction, an application or another account would still need to handle the ETH payment. A user might pay an application in stablecoins, but the application would settle the underlying network fee in Ethereum.

In that sense, the proposal can reduce the need for an individual wallet holder to acquire ETH while preserving ETH-denominated fee payment at the protocol level.

Existing systems can already offer related capabilities through infrastructure such as ERC-4337, UserOperations, bundlers, and paymasters. What EIP-8141 proposes is protocol-level integration of similar programmable transaction features into Ethereum’s normal flow.

The remaining caveat is the proposal’s status. Frames is scheduled for Hegotá but remains a draft, and its technical details may still change before the planned 2027 deployment.

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Trump-linked crypto venture company, World Liberty Financial, is preparing to launch a federally chartered national trust bank after the Office of the Comptroller of the Currency granted preliminary conditional approval earlier this month. An entity linked to Sheikh Tahnoon bin Zayed al Nahyan and co-investors reportedly owns 49% of the holding company, the largest stake in that structure.

The proposed bank is intended to issue, redeem, and safeguard USD1, the dollar-backed stablecoin World Liberty launched last year. The venture links World Liberty’s stablecoin business to a proposed federally chartered trust bank.

The OCC’s action is preliminary and conditional rather than a final banking charter. According to the Journal, the approval concerns World Liberty Financial’s plan to launch a federally chartered national trust bank.

The proposed bank’s stated functions are to issue, redeem, and safeguard USD1. The conditional approval does not amount to a final charter.

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Trump Crypto Bank and The 49% Stake

Sheikh Tahnoon bin Zayed al Nahyan and co-investors are behind an entity that owns the largest stake, 49%, in World Liberty’s banking holding company, according to people familiar with the matter who spoke to the Journal. The Journal previously reported that Tahnoon backed a $500 million investment in World Liberty Financial last year in exchange for a 49% stake in the company.

The reported holding-company stake places an entity linked to Tahnoon and co-investors in the ownership structure of the proposed bank.

Tahnoon serves as the United Arab Emirates’ national security adviser and is the brother of the country’s president. He oversees a business empire valued at more than $1.3 trillion and funded by his personal fortune and state money, according to the Journal.

An Expanded Business Relationship

The new venture marks an expansion of the business relationship between the Trump-backed crypto company and a foreign government official, according to the Journal. World Liberty Financial is pursuing a proposed bank whose holding company ownership includes an entity linked to Tahnoon and co-investors.

The OCC’s preliminary conditional approval and the reported ownership structure are central elements of the proposed venture. The bank’s planned role is tied to USD1’s issuance, redemption, and safeguarding.

The approval remains preliminary and conditional. World Liberty Financial’s proposed bank has not yet received a final charter. For now, the proposed bank’s stated role is to issue, redeem, and safeguard USD1.

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Volante Technologies offers U.S. banks and financial institutions a unified solution for the Federal Reserve’s FedNow Service and The Clearing House’s RTP real-time payments network. Separately, Volante’s cross-border payment materials list Ripple and digital currencies among the services its platform processes.

The available materials describe separate capabilities, while the Federal Reserve’s FedNow participants and service providers page does not mention XRP or Ripple.

Volante says its cloud-native cross-border payments platform processes SWIFT gpi, Ripple, Visa B2B, Mastercard Send, digital currencies, alternative payments, and other services from a single platform. The company also describes connectivity to SWIFT, blockchain networks, major card networks, and alternative payment rails.

This architecture presents multiple payment and messaging options through one provider. Volante’s cross-border materials identify Ripple alongside other rails, while its FedNow announcement describes a separate unified offering for FedNow and TCH RTP.

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Volante’s FedNow Offering Ripple Payment

In an announcement, Volante said it was offering U.S. banks and financial institutions a single unified solution for the FedNow Service and TCH RTP real-time payments. The company said adopters could begin with TCH RTP and add the FedNow Service when the network was ready.

The announcement said Volante had joined the FedNow Pilot Program in early 2021 and was a prospective participant in the Federal Reserve’s FedNow Service Provider Showcase. It described capabilities for real-time and instant payments and said Volante’s FedNow offering would be extensible to wire, ACH, and SWIFT. However, the announcement does not refer to Ripple or XRP.

The Federal Reserve’s FedNow participants and service providers page describes the FedNow Service as instant-payments infrastructure through which participating banks and credit unions can send and receive transactions within seconds on behalf of customers, 24 hours a day, seven days a week.

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Keeping the Distinction Clear

Volante’s materials support two separate points: the company offers a FedNow and TCH RTP solution for U.S. financial institutions, and its cross-border platform processes Ripple among a broader set of payment services. The supplied materials do not describe a shared settlement mechanism between FedNow and Ripple.

A direct statement from FedNow connecting the service to XRP or Ripple would be needed to establish such a link. Based on the materials reviewed, Volante’s FedNow offering and its Ripple-related cross-border capability should be treated as separate parts of the vendor’s platform.

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Kalshi daily crypto perpetual-futures open interest reached a record $17.98 million. The reading puts attention on Kalshi’s CFTC-regulated perpetual futures, which allow traders to take leveraged positions on crypto prices without buying the underlying assets.

Perpetual futures, or perps, are derivative contracts that let traders take a position on an asset’s price without owning the asset itself. A trader can take a long position when expecting a price rise or a short position when expecting a decline. Unlike traditional futures, perpetual futures do not have an expiration date, although positions require sufficient collateral to remain open.

Kalshi’s perpetual-futures guide says the company became the first in U.S. history to offer CFTC-regulated perpetual futures on May 29, 2026. The guide describes crypto perpetual futures as a way to trade price movements in assets, including Bitcoin, Ethereum, Solana, and XRP, without crypto changing hands.

Leverage allows collateral to control a larger position, amplifying both potential gains and potential losses. A price move against a leveraged position can lead to liquidation if losses consume the required collateral. Kalshi’s guide also says its contracts use a funding rate charged every eight hours, a mechanism intended to keep perpetual-futures prices aligned with the underlying spot market.

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Perpetual Futures and Prediction Markets Are Different Products

Kalshi offers both perpetual futures and prediction markets, but the products serve different purposes. A perpetual future is a directional position on the price of an asset with no fixed end date. A prediction-market contract concerns the probability of a specified event and resolves YES or NO on a specified date.

The distinction is important when assessing activity on the platform. The reported $17.98 million figure concerns crypto perpetual-futures open interest, rather than prediction-market activity. It should not be treated as a measure of event-contract trading.

Perpetual futures can be used for either rising or falling price views. They also carry risks that differ from spot crypto purchases: traders do not own the underlying token, face funding costs and may have positions liquidated if market moves exhaust their collateral.

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Kalshi Crypto Perpetual-Futures Offering

As of June 3, 2026, Kalshi’s guide listed 13 CFTC-approved crypto perpetual-futures contracts. The guide listed maximum leverage of 5.9x for Bitcoin, 4.5x for Ethereum, and 2.0x for Shiba Inu, alongside contracts tied to other crypto assets.

Kalshi describes an isolated margin as an arrangement in which the collateral assigned to a specific trade is at risk if that trade is liquidated. Its guide contrasts this with cross margin, where an account balance can back open positions. The same guide says funding payments occur every eight hours.

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These features make the record open-interest report a measure of activity in a product designed for leveraged crypto price exposure under CFTC oversight.

Kalshi’s reported record remains small beside major crypto perpetual-futures venues. Comparing Kalshi with Hyperliquid, which had $11.7 billion in daily open interest across 377 pairs. The comparison underscores the difference in scale between Kalshi’s crypto perpetual-futures activity and a large established market for perpetual contracts.

Kalshi’s guide frames its offering around regulated access to perpetual futures in the United States. Its contracts combine leverage, periodic funding payments, and liquidation risk with CFTC oversight. For traders, that means the product remains distinct from both spot crypto ownership and the platform’s event-based prediction markets.

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Record Open Interest Suggests Traders Are Already Testing Kalshi’s New Crypto Market

Kalshi no longer needs to explain whether U.S. traders want regulated access to crypto perpetuals. The $17.98 million open-interest record is beginning to answer that question for it.

For traders, the appeal is straightforward: take long or short positions on major crypto assets, use leverage where appropriate, and do it through a CFTC-regulated platform without buying the underlying tokens.

That puts Kalshi in an unusual position. The same platform already lets users trade event outcomes, while its perpetual-futures market now adds direct exposure to crypto price moves. One account can express a view on what happens and, separately, where the market goes next.

The market is still far smaller than offshore giants such as Hyperliquid, but record activity suggests traders are starting to explore the regulated alternative.

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Ripple CEO Brad Garlinghouse struck a noticeably softer tone on the company’s IPO prospects at the Wyoming Blockchain Symposium, even as Ripple simultaneously runs a $750 million share buyback that pegs its private-market valuation at $50 billion.

The combination is telling: warmer language on going public, paired with a fresh vote of confidence in staying private, is closer to optionality than a policy shift.

• Buyback: Ripple is repurchasing up to $750 million in shares from investors and employees, with the tender open through the end of April.
• Valuation: The buyback values Ripple at $50 billion, a 25% jump from the $40 billion mark set in November 2025.
• CEO comments: Garlinghouse said Ripple has been happily private for a long time but is now more neutral on the IPO question, per Finbold’s account of his Wyoming remarks.
• No filing: Ripple has not submitted an S-1, announced a listing decision, or given any timetable.

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Why Ripple Keeps Buying Back Instead of Going Public with IPO

The current $750 million tender, first reported by Bloomberg, follows a $1 billion buyback attempt Ripple ran earlier at the $40 billion valuation that saw surprisingly low participation. Employees weren’t eager to sell shares while the crypto market was booming. That calculus has flipped: after a substantial market correction, shareholders now appear more willing to cash out.

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The buyback also lands on top of a year of heavy capital deployment, including the acquisition of Hidden Road as Ripple expands well beyond its original payments footprint. In November 2025, the company raised $500 million from Citadel Securities at that $40 billion valuation. The same capital that gives Ripple room to fund growth without touching public markets.

Ripple itself now sits among the top ten most valuable private companies globally, alongside SpaceX and OpenAI, a bracket that makes an IPO a branding decision rather than a funding necessity.

Ripple President Monica Long has been the company’s most direct voice on the subject, and her position leaves little ambiguity about near-term intent.

“No plans for an IPO.”

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The CEO’s Shift From ‘No’ to ‘Neutral’

Garlinghouse’s Wyoming Blockchain Symposium remarks describe a company that has been happily private for years but is now more open-minded about a listing than it used to be. Ripple has not filed with the SEC, and the years of regulatory uncertainty that once kept public-listing plans firmly on the shelf have only recently cleared enough for the topic to be discussed casually again.

Ripple also remains one of the largest single holders of XRP, with roughly 34 billion tokens sitting in escrow. It’s a position worth tens of billions of dollars that would factor directly into any future public valuation model.

This overlap between Ripple corporate balance sheet and XRP’s circulating supply is exactly why any concrete IPO signal, rather than a rhetorical one, would move markets well beyond the company’s own cap table.

The tender offer runs through the end of April, and participation levels relative to the underwhelming $1 billion attempt at $40 billion will be the first real data point worth watching. A strong take-up alongside continued private funding rounds would support the case that Ripple stays private indefinitely; a stall, paired with any formal filing signal, would be the actual trigger for repricing IPO odds.

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Changpeng Zhao, known as CZ, transferred $965,000 in BNB and BinanceLife tokens to his Giggle Academy education initiative and confirmed he is retiring the public wallet that funded the donation. The address had become one of the most-watched wallets on BNB Chain, and traders were extracting six-figure profits by front-running his token burns before Zhao decided to shut it down.

CZ described the problem as mundane and said that meme coin spam had made the wallet address unusable. Writing on Binance Square, he said he was testing Trust Wallet when unsolicited tokens cluttered the interface to the point he could no longer easily find his own BNB. Every attempt to burn the excess only invited more speculative sends, turning routine housekeeping into a public spectacle, he said he could never fully clean up.

Rather than migrate the balance to a fresh private address, Zhao routed the full amount to Giggle Academy, the free education project he funded after leaving Binance’s leadership. He said he intends to stop using the wallet entirely, effectively turning it into a burn address.

CZ Wallet Turned Into a Trading Signal

The mechanics behind the front-running are simple once mapped out. Because BNB Chain activity is fully visible, any burn Zhao executed reduced the circulating supply in a way that could move the price, and traders watching the address in real time could position ahead of the reaction. Lookonchain’s data shows one operator compounding a small stake into a six-figure exit almost entirely by anticipating those burns.

None of this has moved BNB meaningfully. The token sits around $602, with little to no movement, a mixed backdrop that suggests the market still treats the wallet drama as a niche trading story rather than a price catalyst. Our model carries an A+ rating on BNB with a longer-horizon projection of +34.13% over one year, detailed further on its BNB forecast page.

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What’s Next

Retiring the address resolves the specific front-running loophole that produced those six-figure gains, since copy-traders lose their signal once the wallet goes quiet. But the underlying tension is not solved, as any new address Zhao uses may eventually be identified and watched with the same intensity, and the incentive to find it is now measured in hundreds of thousands of dollars per successful guess.

For now, the last recorded activity on the old wallet is the transfer that funded Giggle Academy, closing out a small but lucrative corner of BNB Chain trading.

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Bitcoin has fallen 21% this year, Ethereum is down 33%, and Solana has dropped 37%, according to Bitwise Chief Investment Officer Matt Hougan’s latest CIO memo. Hyperliquid gained 72% in a single month over the same stretch, a divergence Hougan reads as a preview of what CLARITY Act passage would do to DeFi valuations relative to Bitcoin itself.

The CLARITY Act would draw a formal line between SEC and CFTC jurisdiction over digital assets, replacing years of enforcement-led regulation with a statutory framework. The House passed the bill 294-134 in July 2025, with 78 Democrats crossing the aisle, and Senate Banking Chairman Tim Scott pushed it through committee 15-9 on May 14 after nearly a year of bipartisan negotiation.

The floor is a different problem. Republicans hold 53 Senate seats against a 60-vote threshold, and only two Democrats on the committee backed the bill, leaving DeFi treatment and stablecoin rules as unresolved sticking points before any full vote.

That uncertainty is doing real damage to positioning. Hougan’s memo notes institutional capital is sitting out crypto entirely in favor of AI equities trading at record highs, a lower-friction bet that doesn’t carry the risk of a regulatory setback landing mid-quarter. Crypto ETFs are seeing outflows, and spot volumes sit at multi-year lows, conditions that typically don’t reverse until the policy question is actually resolved one way or the other.

“Crypto can survive CLARITY failing or rally if the bill passes. But it can’t thrive in the in-between,” Hougan said in the memo.

The Tokenization Case for Uniswap, Hyperliquid, and Chainlink

Hougan’s memo treats the rotation into idiosyncratic outperformers as the more interesting signal than the CLARITY Act headline itself. Hyperliquid’s 72% monthly gain and Zcash’s 50% rise didn’t track Bitcoin, Ethereum, or Solana at all, which Hougan attributes to fundamentals.

Separate reporting on Hougan’s comments, via Coinpedia, extends that thesis into a market-size argument for DeFi and infrastructure tokens specifically. Uniswap, Hyperliquid, and oracle network Chainlink currently trade as if they only ever serve crypto’s roughly $2 trillion total market.

If tokenization expands as CLARITY’s backers expect, those same protocols could plausibly start serving the equity market – around $150 trillion – or the bond market, closer to $200 trillion, forcing a repricing of the total addressable market that a compliant Bitcoin ETF simply doesn’t need.

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That’s the distinction worth sitting with: Bitcoin benefits from any signal of continued U.S. support for crypto broadly, but it doesn’t need new legal plumbing to function as a settlement asset. DeFi applications and oracle infrastructure do, since institutional-scale tokenized equities and bonds require the kind of SEC-CFTC clarity that the CLARITY Act is designed to provide. That’s also where the bill’s unresolved DeFi-treatment language matters most, and it’s the same jurisdictional ambiguity delayed SEC-crypto engagement has left hanging over the sector for months.

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What Breaks the Clarity Act Stalemate

If the Senate schedules and passes the CLARITY Act before year-end, Hougan’s framework suggests DeFi and infrastructure tokens re-rate faster than Bitcoin, since their upside is tied directly to a market-size expansion Bitcoin doesn’t require. Products already built around that thesis, including Bitwise’s Hyperliquid ETF and a floated Solana ETF, given how much tokenized equity activity already runs on that chain, would gain an immediate distribution advantage.

If the bill stalls again, expect the SEC and CFTC to keep filling the gap through incremental rulemaking rather than statute, the same pattern traders have watched play out across Ripple’s own regulatory clarity push.

Hougan’s own math implies that scenario keeps institutional capital parked in AI stocks and large-cap crypto range-bound, since, per his memo, no sustainable large-cap rally arrives before Congress actually settles the question. The Senate’s next scheduling decision, not the eventual vote tally, is what traders should be watching.

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