The Daily: Samsung partners with Coinbase to enable crypto funding via Pay, Walmart-backed OnePay to launch BTC and ETH trading, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Friday! October is living up to its bullish reputation so far — bitcoin has posted gains this month in 10 of the past 12 years, and it's already up 9% in the first few days.

In today’s newsletter, Samsung partners with Coinbase to enable crypto funding via Samsung Pay on Galaxy devices. Plus, Walmart-backed OnePay plans to launch BTC and ETH trading and custody services, the stablecoin market cap surpasses $300 billion for the first time, and more.

Meanwhile, bitcoin miners MARA, Cango, CleanSpark, and Riot all release their latest monthly production updates.

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P.S. CryptoIQ is now available to everyone. Take the test for a chance to win $20,000!

Samsung partners with Coinbase to offer crypto purchases through Samsung Pay.

Samsung is expanding its Coinbase partnership to let U.S. Galaxy users fund crypto purchases through Samsung Pay in the Coinbase app.

• The tie-up integrates Samsung Pay with Coinbase, targeting over 75 million Galaxy owners with a global rollout planned in the coming months.
• Galaxy users will also get limited-time access to Coinbase One's Preferred Tier, the crypto exchange's subscription service, which waives select trading fees and boosts staking rewards.
• The integration adds crypto to Samsung Wallet's existing lineup of payments, IDs, car keys, and membership cards.
• Coinbase sees the deal as a key retail distribution boost as it trails rivals like Kraken and Robinhood in growth.
• Coinbase shares are trading up 2.6% on Friday at around $382, having gained 133% over the past year.

Walmart-backed OnePay to launch bitcoin, ether trading and custody services

Walmart-backed fintech platform OnePay plans to add bitcoin and ether trading and custody to its mobile banking app later this year, according to CNBC.

• The rollout, powered by ZeroHash, will reportedly let users convert crypto to cash in-app to spend at Walmart stores or pay down card balances.
• The move follows Walmart's prior exploration of a dollar-backed stablecoin and aligns with the more crypto-friendly U.S. policy environment under the Trump administration.
• If finalized, OnePay's integration would put crypto rails in front of one of America's largest retail user bases during a historically bullish period for the market.

Stablecoin market cap surpasses $300 billion

The total market capitalization of stablecoins broke above $300 billion for the first time on Friday, hitting a new all-time high after jumping 6.5% over the past month, according to DeFiLlama data.

• Tether's USDT continues to dominate the sector with a 58% share that equates to $176.3 billion in market cap.
• Circle's USDC follows at $74 billion, while Ethena's USDe and MakerDAO's DAI trail at $14.8 billion and $5 billion, respectively.
• Third quarter stablecoin growth of 20% outpaced many traditional asset classes, boosted by renewed institutional interest and regulatory clarity from the U.S. GENIUS Act.

Bitcoin ETF inflows surge past $2 billion this week as 'Uptober' momentum builds

U.S. Bitcoin ETFs have pulled in $2.25 billion so far this week, with BlackRock's IBIT leading the charge and topping $1 billion worth of net inflows in just three days.

• IBIT's options open interest recently hit $38 billion, surpassing Deribit's BTC open interest for the first time and capturing nearly half of all bitcoin options exposure globally.
• Meanwhile, BlackRock's ETHA has notched a $485 million inflow streak of its own, pushing the combined U.S. Ethereum ETFs past $1 billion for the week.
• The ETF inflow streaks come amid growing momentum in crypto price action as the "Uptober" narrative gains traction, BRN Head of Research Timothy Misir told The Block.

Crypto innovation has no room for 'silly partisan politics,' Joe Lubin says

Consensys CEO Joe Lubin urged U.S. policymakers to keep crypto innovation bipartisan, warning that "silly partisan politics" risk holding back progress.

• Lubin said Consensys is still "in the mix" to support regulatory advancements for crypto and blockchain technology.
• He also reiterated that Consensys is "actively working" on the long-awaited MetaMask MASK token launch, though no date has been set as yet.

Looking ahead over the next seven days

• The latest U.S. FOMC meeting minutes are scheduled to be released on Wednesday. U.S. jobless claims figures are due on Thursday and nonfarm payrolls on Friday, but a continued U.S. government shutdown could see further delays to data releases.
• ECB President Christine Lagarde and Bank of England Governor Andrew Bailey will speak on Monday. U.S. Federal Reserve Chair Jerome Powell is due to speak on Thursday.
• Ethena, Movement, Axie Infinity, Linea, 1inch, and Optimism are set for token unlocks.
• TOKEN2049 events conclude in Singapore. The North American Blockchain Summit kicks off in Dallas.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

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