Markets Rally: BlackRock Goes Risk-On; Polymarket Debuts US App
Polymarket begins U.S. rollout after years-long block, as BlackRock frames stablecoins as infrastructure
Polymarket has started reopening access to U.S. users after blocking them from 2022 to Dec. 2, 2025, a restriction that followed a settlement with the U.S. Commodity Futures Trading Commission (CFTC). The CFTC had accused the company of operating an unregistered derivatives-trading platform.
The move comes as the regulatory environment around crypto and related markets has shifted. Under the second Donald Trump administration, the CFTC has largely dropped lawsuits and investigations involving Polymarket and rival prediction-market operator Kalshi, despite previously raising concerns that “the CFTC cannot remediate damage to election integrity after the fact.”
Polymarket’s U.S. product is not broadly available yet. The company has described the U.S. version as a “beta” and it remains invite-only, even as at least one market on Polymarket’s international app—titled “Will Polymarket U.S. go live in 2025?”—resolved as “yes” while the rollout is still limited.
To support its return, Polymarket has acquired the regulated and licensed derivatives exchange QCEX and has said it received a CFTC green light to reopen to U.S. users “in a regulated way.” The development brings Polymarket closer to traditional market infrastructure than during its earlier growth phase.
Polymarket operates on the Polygon blockchain and uses USDC for deposits and withdrawals. That setup can keep transaction costs low, but it also introduces familiar crypto operational risks. Users must manage wallet connections and transfers carefully, since mistakes such as phishing links or sending funds to the wrong address or network can be irreversible.
Industry-wide, regulatory uncertainty has not disappeared. Kalshi, Polymarket, and other contenders still face broader risks, even as event contracts have received CFTC approval and enforcement intensity has varied across agencies and jurisdictions.
Polymarket’s U.S. return is also landing during a period of mixed sentiment in crypto markets. The platform has become a venue where users can express views on major outcomes—ranging from politics to technology and crypto—by staking money on future events. Some of its crypto-linked markets illustrate how divided expectations remain, including probabilities tied to Bitcoin’s level by the end of 2026.
At the institutional level, activity around BlackRock has underscored how quickly positioning can change. After Bitcoin ended 2025 in negative territory, BlackRock’s spot Bitcoin ETF, IBIT, saw its largest monthly redemption during the period, and on-chain signals suggested the firm was actively managing liquidity in response to outflows.
BlackRock’s stated 2026 outlook, however, emphasizes a more structural view of digital assets. The firm has framed stablecoins in particular as emerging financial infrastructure for payments, settlement, and liquidity—rather than purely speculative instruments—pointing to their growing role in cross-border transfers and treasury flows.
- What happened: Polymarket has begun reopening to U.S. users after a multi-year block tied to a CFTC settlement, supported by its acquisition of QCEX and a regulated relaunch plan.
- Why it matters: A regulated U.S. rollout could expand access to blockchain-based prediction markets, but operational crypto risks and regulatory uncertainty remain.
- Broader context: Institutional sentiment has shown signs of fragility via ETF redemptions, while large players like BlackRock are increasingly positioning stablecoins as financial plumbing.
