The United States is far from making a decision on the potential launch of a Central Bank Digital Currency (CBDC), according to Federal Reserve Vice Chairman Michael Barr, who said the Federal Reserve is still doing “basic research” on the project.

Leading cryptocurrency exchange Binance has said it’s ending support for Polygon on its non-fungible token (NFT) marketplace in a move that’s part of its "ongoing efforts to streamline product offerings on Binance NFT Marketplace."

Fintech firm Ripple has announced that it’s acquiring Fortress Trust, a startup specializing in cryptocurrency infrastructure in a move that paves the way for Ripple to broaden its horizons beyond blockchain-based payments solutions.

Top stories in the Crypto Roundup today:

• Fed Vice Chair: CBDC Decision a ‘Long Way Off’
• Binance NFT Marketplace Drops Polygon Support
• Ripple Acquires Crypto Infrastructure Startup Fortress Trust
• Binance's Dominance Continues to Wane

Fed Vice Chair: CBDC Decision a ‘Long Way Off’

The United States is far from making a decision on the potential launch of a Central Bank Digital Currency (CBDC), according to Federal Reserve Vice Chairman Michael Barr, who said the Federal Reserve is still doing “basic research” on the project.

During remarks delivered at a Philadelphia event, Barr highlighted the Federal Reserve’s position, saying the regulator is still “a long way” from making a decision on the “next steps in terms of payments system development.”

The Federal Reserve is still looking at the “system architecture” and tokenization models” of a potential CBDC and made it clear that even if the research was completed, any substantive action towards the creation of a CBDC would require backing from the executive branch and authorizing legislation from Congress.

The idea of a CBDC and a digital dollar has already faced skepticism from numerous Republican lawmakers. On stablecoins, Barr noted he remains “deeply concerned” about their issuance “without strong federal oversight.”

Per his words, non-federally regulated stablecoins could pose significant financial stability and monetary policy risks if they are to become widespread means of payment and stores of value.

Binance NFT Marketplace Drops Polygon Support

Leading cryptocurrency exchange Binance has said it’s ending support for Polygon on its non-fungible token (NFT) marketplace in a move that’s part of its "ongoing efforts to streamline product offerings on Binance NFT Marketplace."

The move follows a recent post from Binance CEO Changepeng Zhao on the microblogging platform X (formerly Twitter) dispelling rumours of high-level departures from the firm, or that the firm was discontinuing projects.

Zhao did, however, acknowledge the “smooth sunsetting of older products.” Binance’s announcement on its NFT Marketplace details that at 6AMUTC on September 26, users will no longer be able to buy or list Polygon-based NFTs.

The exchange has said users should withdraw their NFTs by the end of the year.

Ripple Acquires Crypto Infrastructure Startup Fortress Trust

Fintech firm Ripple has announced it’s acquiring Fortress Trust, a startup specializing in cryptocurrency infrastructure in a move that paves the way for Ripple to broaden its horizons beyond blockchain-based payments solutions.Ripple did not disclose the deal’s terms. Fortress Trust was founded in 2021 by seasoned entrepreneur Scott Purcell, and aims to help large organizations interact with digital currencies.

This acquisition of Fortress Trust marks Ripple’s second major purchase this year, having previously procured Metaco, a Swiss crypto custody service provider, for $250 million.

Though the exact figures of the Fortress deal remain undisclosed, it’s understood to be less than the Metaco agreement.

Ripple, which was a minority investor in Fortress Trust’s seed funding round, said the deal would support its existing business, “specifically in terms of improving the customer experience within our payments and liquidity solutions.”

Binance's Dominance Continues to Wane

While Binance remains the leading cryptocurrency exchange in terms of spot trading after seeing volumes of $183 billion in August, it has experienced its sixth consecutive month of declining market share, dropping to its lowest level since August 2022, at 38.5%.

This year, Binance, Crypto.com, and BeQuant have seen the most significant declines in market share based on spot trading volume, with reductions of 12.9%, 4.24%, and 2.36%, respectively.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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