[Weekly Crypto] 2026.09.14

1️⃣ Senate Republicans Unveil Revised 630-Page Clarity Act Ahead of First Procedural Vote Senate Republicans led by Sen. Cynthia Lummis released a revised 630-page version of the Clarity Act on September 10, setting up the bill's first procedural vote on September 15. The new draft adds rulemaking requirements for "non-DeFi trading protocols" that would have to register with the CFTC, narrows the DeFi provisions so they apply only to spot and cash digital commodity transactions, and clarifies how credit unions can conduct crypto activities. Republicans say they incorporated more than 114 provisions from Democratic colleagues, while the ethics section — which keeps Justice Department enforcement authority — is largely unchanged. "Unlike rulemaking, legislation gives this industry a lasting solution that shields it from the whiplash of changes in the White House," Lummis said, though the bill still needs Democratic votes to clear the floor. The Block

2️⃣ PayPal Opens PYUSDx, Letting Any Business Issue Its Own PYUSD-Backed Stablecoin PayPal went live in early September with PYUSDx, a developer platform that lets businesses launch custom stablecoins backed by PayPal USD, built with token infrastructure specialist M0 and crypto payments firm MoonPay handling issuance and distribution. First announced in February 2026, the platform launched with tokens from crypto-native issuers Saturn, Concrete and Cap, which together bring over $100 million in processed volume, with USD.AI and Fairblock also joining. "As more financial institutions are getting involved, this creates fragmentation — we abstract away the complexity and create a layer that facilitates integrations," said M0 CEO Luca Prosperi. The move turns PYUSD from a single product into issuance rails other companies build on, giving PayPal a distribution angle against Tether and Circle that it can extend through Venmo. CoinDesk

3️⃣ Circle Buys Singapore's Tazapay for $400 Million to Push USDC into Emerging Markets Circle is acquiring Singapore-based payments company Tazapay for $400 million, buying payout rails across more than 100 markets plus banking and fintech relationships spanning Asia, the Middle East and Latin America. Tazapay holds local licenses and already performs regulated work Circle cannot do on its own in much of the world — customer verification, collecting funds and paying out recipients — which is what lets stablecoin settlement actually touch local currency on local rails. "Stablecoin settlement is becoming core infrastructure for global commerce," said Circle SVP of Payments Irfan Ganchi, who framed the deal as buying banking relationships that take years to build. With USDC at roughly $74 billion in circulation, the purchase targets exactly the emerging markets where USDT has long dominated. CoinDesk

4️⃣ Coinbase and Moov Bring Stablecoin Payments to More Than 1,000 Community Banks Coinbase and payments infrastructure provider Moov announced a partnership on September 10 that will give over 1,000 community banks and credit unions stablecoin payment acceptance, settlement, real-time funding and payouts. The integration embeds Coinbase's Payments API and custodial wallets directly into Moov's existing platform, so participating institutions — Citizens Bank of Edmond among them — can offer merchant acceptance and consumer payments without building crypto infrastructure themselves. "Modern tech should meet local institutions where they are, giving them tools to compete with largest players," said Coinbase head of corporate affairs Ryan VanGrack, while Citizens Bank of Edmond CEO Jill Castilla noted small business customers want lower interchange costs and faster settlement. It continues Coinbase's shift from bank custodian to embedded infrastructure provider, following earlier work with PNC, Citi and JPMorgan. The Block

5️⃣ Solana's Transaction V1 Goes Live, Tripling the Size of a Single Transaction Solana's Transaction V1 format activated on September 15 at roughly 01:00 UTC, raising the maximum data a single transaction can carry from 1,232 bytes to 4,096 bytes. The bigger envelope lets developers pack multiple steps into one all-or-nothing transaction instead of splitting them across several, which matters for multisignature company wallet approvals and zero-knowledge proofs that previously did not fit under the old hard cap. Ethereum has no equivalent protocol-level size limit, relying on a flexible block gas limit instead, so the upgrade narrows a structural gap Solana had carried alongside its speed and cost advantages. Older transaction formats still work, but the Solana Foundation warned that "services that feed blockchain data to wallets, trading apps and analytics platforms must be able to recognize V1 transactions" or see requests fail. CoinDesk