On July 24, Binance added STX to its Monitoring Tag list. The tag places an asset under closer periodic review by Binance's committee. It is not a delisting notice, and it does not restrict spot trading, deposits, or withdrawals.

The Stacks Endowment operates exchange relationships on behalf of the Stacks ecosystem and has been in direct contact with Binance both before and since the tag was applied. This post sets out what led to the tag, what the underlying numbers are, and what the path to resolution looks like.

What led to the tag

Ahead of the SIP-045 network upgrade, the Endowment briefed Binance on the changes involved, including the adjustment to STX issuance that accompanies the activation of Bitcoin Staking. Binance raised questions about that adjustment during those conversations, and the Endowment supplied the full underlying data, including the year-by-year emission schedule and the third-party benchmarking used in the proposal.

The Endowment's understanding is that the tag was applied while parts of that data were still moving through Binance's internal process. Nothing about the substance of the upgrade has changed since the briefing. No part of it affects exchange-held balances, the token contract, or the operational handling of STX deposits and withdrawals, which is the category of change that normally creates real work for an exchange.

The issuance numbers

Annual STX issuance under the current schedule runs at approximately 6.4% for 2026. Following the upgrade, the 2026 figure becomes 7.82%, with 7.85% in 2027. From there the rate declines every year as SIP-031 emissions wind down: 6.31% in 2028, 5.23% in 2029, 3.69% in 2030, and 2.14% from 2031 onward, when only the coinbase reward remains.

SIP-045 restores the coinbase block reward to 1,000 STX per Bitcoin block, the level in place before the scheduled reduction in April 2026. Across the full schedule, STX issuance stays below the five-year median emission rate of the 50 largest networks by market capitalization, 8.17% as measured by Artemis. Total supply remains uncapped.

What happens next, and on what timeline

Binance reviews tagged assets through an internal committee that meets on a recurring schedule. The Endowment's understanding is that STX will be reviewed again when that committee next convenes, which is a matter of weeks away. The data Binance requested has been submitted, and the Endowment continues to work through follow-up questions with the listing team in the meantime.

This is not something that resolves over a weekend. The realistic path runs at least through the next committee cycle, and the Endowment will publish an update once that review has taken place.

The Endowment's assessment of the underlying cause is that it is procedural and does not reflect a problem with the network, its development activity, or its security. The upgrade moves PoX to its fifth version through a consensus change, and the operating record that it produces will be part of what the Endowment puts in front of Binance at the next review. The tag itself is a serious matter and treating it as anything less would be a mistake. Removing it is the Endowment's priority through this period.

Exchange relationships

While we have always had an open line and communications with Binance, the Endowment is deepening its direct engagement with the Binance team through this period, with a named point of contact and a standing line to the listing and risk teams. The same applies to the other venues where STX liquidity sits. Advance briefings on consensus-level changes will continue as they did with SIP-045.

The upgrade this sits alongside

SIP-045 activates Bitcoin Staking on Stacks, the first phase of a self-custodial Bitcoin staking product that lets BTC holders earn Bitcoin-denominated rewards secured by the Stacks network. UTXO Management, the Bitcoin-native asset management subsidiary of Nakamoto Inc. (NASDAQ: NAKA), joins as inaugural staking participant, with Fireblocks providing institutional infrastructure for Bitcoin staking. The Q2 report shows new wallet activation accelerating and the network passing 1.6 million activated wallets, momentum that has held through a difficult market.

Bitcoin Staking is a significant change to how the network works, and the Endowment understands why an exchange would look closely at it. The intention is to work alongside Binance through that review and to keep building the Bitcoin economy on the other side of it.