Cross-border payments startup Mural has closed a $15 million Series A funding round, led by Tether.
Cross-border payments startup Mural, founded in 2022 by former Palantir engineers Sinclair Toffa and Chris Fernandes, has announced the completion of a $15 million Series A funding round led by Tether, with participation from North Island Ventures. Following this financing, Mural’s total funding stands at $28 million, while its specific valuation remains undisclosed.
Mural provides enterprises with a unified payment management platform that supports managing U.S. dollars, local currencies, and stablecoins in a single account, helping payroll providers, software companies, and fintech firms integrate banks, payment service providers, and cross-border settlement channels. The company plans to use the proceeds from this round to further develop its platform.
Tether CEO Paolo Ardoino stated that the investment also targets the financial service needs of AI agents. As AI agents gradually participate in financial activities, they require payment systems that operate 24/7 and cover global markets.
According to an Alvarez & Marsal report, stablecoin payments totaled approximately $400 billion in the first eight months of 2026. Chainalysis data shows that between July 2025 and June 2026, stablecoin cross-border fund flows reached $220 billion, a nearly 78% year-on-year increase.
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Irish drug dealer Clifton Collins moves 500 BTC ($41.52M) after 10 years, from lost key stash
The 6,000 $BTC that Irish drug dealer #CliftonCollins reportedly lost the keys to are moving again!
A wallet belonging to #CliftonCollins deposited 500 $BTC ($41.52M) into #CoinbasePrime after more than 10 years of inactivity.
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US and Iran initially endorse Pakistan-brokered proposal, WTI and Brent crude futures dip in short-term trading
According to Israel's Channel 12, a proposal presented by Pakistan's Army Chief to senior Iranian officials today has received US approval, with Iran also giving preliminary assent. The proposal partially addresses Iran's demand for the return of frozen funds, specifying that interest generated from Iran's $6 billion in frozen assets held in Qatari banks will be transferred to Iran. Possibly driven by this news, US and Brent crude oil futures dipped around $0.8 in the short term, now standing at $97.51 per barrel and $105.76 per barrel respectively. On the news front, reports note that the US and Iran have preliminarily endorsed the Pakistan-brokered proposal.
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Dormant wallets tied to one of 2026’s largest crypto hacks have once again become active. Blockchain analytics firms Onchain Lens and Lookonchain have detected large-scale Ethereum withdrawals originating from wallets associated with the Drift Protocol exploit, according to data from Arkham Intelligence.
Renewed laundering activity through Tornado CashAfter a two-month pause, attackers resumed operations, transferring substantial volumes of stolen ETH to Tornado Cash, a privacy-focused mixing service. Blockchain data shows the movement of funds in deliberate tranches, a strategy aimed at minimizing price disruptions and obscuring final destinations.
An address flagged by analysts as “Drift Exploiter 5” sent 13,400 ETH—valued at around $32 million—to Tornado Cash within a single day. Independent analytics providers, including MistTrack, estimate that the sum of ETH moved across all connected wallets during the same period reached as high as 25,700 ETH, or about $61.5 million.
The attackers are known to divide funds into batches of 100 ETH before processing them through Tornado Cash. This method severs transaction trails and complicates efforts by investigators to track the stolen assets on public ledgers.
This is the group’s second large-scale laundering effort. In July, they moved approximately $44 million via Tornado Cash using a similar approach. Despite these transactions, the majority of the stolen funds remain untouched. According to current blockchain analyses, between 82,000 and 94,000 ETH—worth up to $224 million—are still held in addresses linked to the exploiters.
Mini dictionary: Tornado Cash, a decentralized cryptocurrency mixer, is designed to improve transaction privacy on Ethereum by pooling user deposits and allowing withdrawals from a different address, breaking the on-chain link between sender and recipient. It has been widely used for both legitimate privacy purposes and for laundering stolen crypto assets.
PeriodETH LaunderedUSD EquivalentJuly 2026~22,000 ETH$44 millionOctober 2026Up to 25,700 ETH$61.5 millionRemaining82,000 – 94,000 ETHUp to $224 millionDrift Protocol hack: A landmark DeFi breachThe Ethereum being laundered today stems from the April 1, 2026 attack on Drift Protocol, a decentralized derivatives platform built on Solana. In just 12 minutes, the protocol suffered losses of $285 million, setting a new precedent in DeFi security incidents.
According to post-mortem analyses, the hackers exploited hidden vulnerabilities in popular software tools, Cursor and VSCode, to infiltrate devices belonging to members of Drift’s Security Council. By acquiring privileged admin keys, the attackers gained control over core platform functions. The breach culminated in the deployment of a counterfeit CarbonVote token, which served as fake collateral, enabling the extraction of real liquidity from the protocol.
Drift Protocol’s security review highlights that the exploit showcased a “rare level of planning and technical sophistication,” combining multiple attack vectors and several layers of deception.
For Drift’s investors, seeing the stolen Ethereum reappear in mixers effectively signals the loss of any realistic chance of recovery. In August, authorities managed to freeze only $9.2 million, with the majority of assets now circulating in the open market under different identities.
Recovery efforts and investor compensationDrift Protocol has initiated a compensation plan for affected users, funded through its native DFX tokens. Tether provided initial support for the buyback fund, but current coverage stands at only about 1 percent of total user losses.
The development team has pledged to channel future platform revenues into replenishing the compensation fund, aiming to gradually close the recovery gap as stolen funds seep back into market circulation.
Platform representatives emphasize their ongoing commitment: “We are working to rebuild user trust and restore losses, but the scale of the attack presents complex challenges.”
Ethereum risks slipping toward $2,300 as significant capital continues to exit US spot ETH exchange-traded funds ahead of the Federal Reserve’s upcoming policy announcement. Even as Bitcoin ETFs see renewed investor demand, Ethereum funds experienced another week of net withdrawals, highlighting a notable divergence in institutional sentiment toward the two major cryptocurrencies.
Ethereum ETF outflows accelerate, Bitcoin attracts inflowsBased on recent figures from Farside Investors, Ethereum funds recorded $103.3 million in net outflows on October 19, led by $95.4 million withdrawn from BlackRock’s ETHA product. This marks the fourth consecutive session of negative flows for Ethereum ETFs, with cumulative redemptions totaling roughly $362.8 million from October 14 to 19.
Over the prior week, ETH funds also saw $320.1 million in outflows between October 12 and 16. Additional withdrawals from Fidelity’s FETH and Grayscale’s ETHE, at $6 million and $1.9 million respectively, contributed to the total losses.
While ETH funds saw mounting redemptions, Bitcoin ETFs benefited from robust inflows during the same period, collecting $526.7 million on October 19 alone. This resulted in a striking divergence of over $630 million between the two asset classes, as institutional investors continued to favor Bitcoin amid shifting market conditions.
The latest selloff previously pushed Ethereum below the key $2,500 level. Rising US bond yields and widespread liquidations have also weighed on crypto valuations, constraining ETH’s recent price recovery.
Ethereum ETFs have registered back-to-back outflows, whereas Bitcoin products have attracted renewed inflows, underlining a clear shift in institutional preference.
Bitmine accumulates more ETH, approaching 5% supply markDespite the negative trend in Ethereum ETFs, Bitmine Immersion Technologies has intensified its accumulation. In an update filed with the SEC on October 19, the company confirmed acquiring an additional 12,535 ETH, taking its total holdings to 6,041,481 tokens. Bitmine now controls about 4.9% of Ethereum’s circulating supply, with most of its tokens already staked.
However, the value of Bitmine’s assets dropped from $16.2 billion to $15.1 billion in a single week as overall market prices declined, underscoring how falling valuations can offset the impact of ongoing purchases. The company has signaled that its 5% supply target is near, which could affect the pace of future accumulation, though it has not specified when buying might pause.
Bitmine’s rapid accumulation has made it the largest publicly traded ETH treasury holder, but its progress toward a 5% supply share adds uncertainty about whether this buying trend will continue.
Technical outlook and trader strategies amid Fed uncertaintyFor traders monitoring ETH’s short-term direction, the $2,350–$2,370 range remains a critical technical zone. A solid move below this level could open the door to further downside, potentially bringing $2,300 into focus if ETF outflows persist and financial conditions tighten as the Federal Reserve prepares for its October 28 decision.
If Ethereum can recover and close above $2,500, analysts identify $2,600 as a likely next resistance, with $2,700 possible if positive momentum returns. However, these are conditional scenarios, not guaranteed targets, given the ongoing macroeconomic pressures.
Volatility in the broader market continues to be shaped by central bank policies, persistent inflation risk, and high Treasury yields, which complicate efforts by ETH to mount a sustainable recovery.
In a market where a single Fed decision or a sudden altcoin listing can change everything in seconds, switching between apps for charts, news, and portfolio management leaves traders at a disadvantage. As a result, more investors are consolidating their tools. Smart traders now turn to privacy-first solutions like CryptoAppsy to get live charts, tailored price alerts, news for specific coins, and crucial macro data combined on one screen—without even needing an account.
Germany’s Sparkassen savings banks have launched a new feature that lets users at select institutions trade five leading cryptocurrencies without the hassle of a new brokerage account.
Summary
Germany’s Sparkassen savings banks began offering cryptocurrency trading through their existing banking app on October 19, 2026.
The service supports Bitcoin, Ethereum, XRP, Solana and Polygon, with a reported €0.99 order fee plus trading spreads.
DekaBank provides trading and custody, while participating savings banks decide individually when to introduce the service.
More than 230 institutions have reportedly expressed interest, with 30 to 40 additional banks expected to join each month.
Customers retain exposure to cryptocurrency losses, and the assets do not qualify for Germany’s statutory bank deposit insurance.
According to DekaBank’s official product information, the service, called “Krypto, powered by Deka,” allows eligible customers to trade Bitcoin, Ethereum, XRP, Solana and Polygon directly within the Sparkasse app. The service launched on October 19, 2026, at select Sparkassen savings banks, with more institutions expected to join in phases.
Customers can access the service through the app’s investment section and open a dedicated cryptocurrency account with DekaBank. Trading is available to adult customers who make their own investment decisions, while the savings banks will not provide cryptocurrency investment advice.
The rollout follows an earlier decision by the German Savings Banks and Giro Association to permit its member institutions to offer cryptocurrency services. Each savings bank can decide independently whether and when to introduce trading for its customers.
Sparkassen begins cryptocurrency trading with five tokens
The new service allows Sparkassen customers to purchase and sell five digital assets through a familiar banking interface.
Bitcoin and Ethereum are included alongside XRP, Solana and Polygon’s POL token. DekaBank’s product page identifies the assets individually and explains the main blockchain networks associated with each cryptocurrency.
JUST IN: Germany’s Sparkassen bring spot crypto trading to 42M depositors
The savings bank network is enabling customers to buy, sell and hold $XRP, $BTC, $ETH, and $SOL directly, under BaFin oversight and the EU’s MiCA framework. pic.twitter.com/tOdJrhJkH7
— crypto.news (@cryptodotnews) October 19, 2026
Customers do not need to open a conventional securities brokerage account to begin trading. They must, however, open a separate cryptocurrency account with DekaBank inside the Sparkasse app before placing their first order.
The service operates through the investment section of the banking application, where users can view their cryptocurrency account and initiate purchases or sales. DekaBank provides a binding quoted price for a limited period, allowing customers to review the transaction before proceeding.
Unlike stock markets with fixed trading sessions, cryptocurrency markets operate throughout the week. DekaBank says its service can generally support trading outside ordinary exchange hours, provided the underlying systems remain available.
The bank warns that technical problems, maintenance periods and unusual market conditions can interrupt trading. Customers might therefore be unable to complete transactions at their preferred time or price.
The launch follows a change in the savings-bank group’s approach to cryptocurrency products. German savings banks previously avoided retail cryptocurrency trading because of concerns about market volatility and investor protection.
In June 2025, crypto.news reported Sparkassen’s earlier decision to prepare cryptocurrency services for retail customers through DekaBank. The October 2026 launch puts that decision into operation at the first participating institutions.
DekaBank charges €0.99 per order plus trading spreads
The reported order charge is €0.99 per transaction, but the fixed fee does not represent every possible cost of trading.
DekaBank provides customers with quoted purchase and sale prices, which can include a spread between the buying and selling rates. The effective cost of a transaction therefore depends on both the fixed order fee and the quoted price available when the customer trades.
For a hypothetical €50 purchase, the €0.99 fixed order charge alone represents 1.98% of the order amount. On a €500 transaction, the same charge represents 0.198%, before accounting for the trading spread.
The difference illustrates how the fixed fee can have a larger percentage impact on smaller purchases. The calculations use only the reported €0.99 charge and do not estimate the separate spread, which can change between transactions.
DekaBank says it offers a binding price for a limited period before each trade. Customers can review that quote inside the app, although a price that is available at one moment may no longer be available after the quoted period expires.
The service is intended for self-directed investors, and Sparkassen advisers will not recommend individual cryptocurrency purchases through the product. Customers must therefore decide which assets to buy, how much to invest and when to sell.
The bank’s risk information warns that cryptocurrency prices can change substantially within a short period. Market conditions may cause investors to lose their entire investment, including when transactions take place through a regulated banking institution.
Sparkassen’s traditional savings accounts, securities services and financial advice will remain separate from this cryptocurrency offering. The banks have said they do not intend to promote the new product aggressively during the initial rollout.
DekaBank handles crypto custody with transfer restrictions
Customers purchasing cryptocurrencies through the Sparkassen app will not control the private keys securing those assets.
DekaBank’s product documentation states that the institution holds the keys on customers’ behalf through a jointly managed omnibus wallet. An omnibus arrangement holds assets for multiple customers within a shared custody structure while the provider maintains the corresponding account records.
The bank says its cryptocurrency custody arrangements are centralized, with external infrastructure support involving Boerse Stuttgart Digital. Customers can view their positions through the Sparkasse app while DekaBank provides the custody service.
The arrangement differs from a self-custody wallet, where an investor independently manages the private keys needed to transfer digital assets. Sparkassen customers rely on the bank’s custody arrangements and its rules governing permitted transfers.
According to DekaBank’s documentation, cryptocurrency withdrawals are allowed only to wallet addresses belonging to certain approved crypto-asset service providers. Transfer to other wallet addresses are not included, thus customers are not able to liberally withdraw assets to any personal wallet address they choose.
The limitation is a crucial aspect of the new service. While buying a cryptocurrency using the app does give you some flexibility in transferring, it is not as flexible as that of a site that allows you to transfer as you please.
DekaBank is registered as a crypto-asset service provider under the European regulations and acts in accordance with the German financial regulations. The European Union’s Markets in Crypto-Assets Regulation (MiCAR) introduces new regulations for companies that offer services in the crypto-asset sector, including those that act as custodians and traders.
Regulatory oversight will not change the losses that can be suffered from fluctuations in the price of cryptocurrencies. DekaBank expressly disclaims that cryptocurrencies are covered by the statutory deposit insurance that applies to certain deposits in banks.
The institution detects risks related to the technology, market changes, and attacks on the blockchain infrastructure. While professional custody may limit some of the functions of customers, the assets are not in any way comparable to insured savings deposits.
Sparkassen plans to add 30 to 40 banks each month
The October 19 launch covers only a small part of the Sparkassen network.
Initial reporting identified five participating savings banks, including Frankfurter Sparkasse, Taunus Sparkasse, Sparkasse Karlsruhe, Sparkasse Rottal-Inn and Niederrheinische Sparkasse RheinLippe. More than 230 savings banks have reportedly expressed interest in offering the cryptocurrency product.
The network plans to add approximately 30 to 40 institutions each month as technical preparations and individual decisions are completed. Most institutions intending to participate are expected to introduce the service by the first half of 2027.
Participation is not compulsory. Customers whose savings bank has not yet activated the product may need to wait for their own institution to introduce it before they can open a Deka cryptocurrency account through the app.
Based on a reported network total of 339 savings banks, the five initial participants represent approximately 1.5% of institutions. The calculation measures institutional availability at launch, not the percentage of customers with access or the number who have completed cryptocurrency transactions.
Likewise, expressions of interest from more than 230 banks do not mean all those institutions currently offer the service. Their eventual participation will depend on individual rollout decisions and implementation schedules.
Germany’s savings banks are entering a market where traditional financial institutions have begun introducing regulated cryptocurrency services. The Sparkassen product provides trading access through an existing retail banking channel while relying on DekaBank for the specialized operational functions.
Germany ranks 13th in global cryptocurrency adoption
Germany placed 13th in Chainalysis’ 2026 Global Crypto Adoption Index, which examined cryptocurrency activity across 117 countries.
According to the blockchain analytics firm’s 2026 research, Germany ranked 12th for total cryptocurrency flows, fifth for balances, 15th for domestic peer-to-peer activity and 15th for cross-border flows. Its overall position reflects a combination of the four measures.
Top 20 countries by grassroots adoption, source: Chainalysis
The index covers activity between July 1, 2025 and June 30, 2026, predating the Sparkassen cryptocurrency launch. It therefore provides historical market context without measuring the impact of the new banking service.
Chainalysis uses transaction data, estimates of service activity and measures adjusted for economic conditions to compare national markets. The ranking does not represent the percentage of German residents who own cryptocurrency.
DekaBank’s published information separately addresses how cryptocurrency gains may be taxed in Germany. It identifies a €1,000 annual exemption threshold for applicable private disposal transactions under the rules described on its website.
The threshold is not a general tax-free allowance automatically available to every cryptocurrency transaction. Tax treatment can depend on holding periods, the type of transaction and an individual’s circumstances.
The bank advises customers that cryptocurrency tax requirements may change as laws and administrative interpretations develop. Its support service is available Monday through Thursday from 8 a.m. to 6 p.m. and Friday until 5 p.m., according to the customer information.
Germany's Sparkassen savings banks have launched crypto spot trading in their banking app via DekaBank, covering Bitcoin, Ethereum, XRP, Solana and Polygon at €0.99 per order.
Germany's Sparkassen savings banks began offering crypto spot trading in their banking app on October 19, rolling the service out in phases through DekaBank. The service supports $BTC, $ETH, $XRP, $SOL and $POL.
The offering is called "Krypto – powered by Deka". According to Coinpaprika, the German Savings Banks Association (DSGV) confirmed the start to the news agency dpa, and only customers of banks that have already switched the service on can use it.
How the Sparkassen crypto service worksDekaBank is the securities house of the Sparkassen. E-Fundresearch reports that each order costs €0.99 and a securities account is not required. Trading and custody run centrally through Deka's wallet, and the service is based on a MiCAR licence DekaBank received from BaFin in 2025.
Spreads are an extra cost. Block-Builders notes that Deka does not state the size of the spread in its product materials, which makes total costs hard to compare with other providers.
Customers do not hold their own keys. Bitcoin.com's German edition reports that DekaBank holds the coins in cooperation with Börse Stuttgart, and withdrawals are possible only to wallets at certain approved crypto service providers.
Phased rollout and risk warningsThere is no single nationwide start date. Golem reports that, according to the DSGV, 30 to 40 more savings banks are due to join each month, and the association aims to have a large share of interested institutions connected in the first half of 2027. DSGV board member Joachim Schmalzl said each Sparkasse decides for itself when to start.
The product is aimed at self-directed customers. Golem adds that the DSGV does not plan advice or broad active promotion of the service. Regional outlet Stadt Bremerhaven reports that the app explicitly warns of extreme price swings and the possible loss of the entire investment.
The launch gives customers of Germany's public savings banks a regulated route into major cryptocurrencies inside an app they already use, though with custody and withdrawal limits that differ from self-custody or a standalone exchange.
Sources:
Golem: Sparkassen starten KryptohandelE-Fundresearch: DekaBank startet Kryptohandel für Sparkassen-KundenCoinpaprika: Sparkassen start crypto trading in app
Real World Assets (RWA) platform tx has launched USTX, a U.S. dollar stablecoin, for use on its wallet and upcoming tokenized stock trading marketplace. Users can mint USTX using USDC or redeem USTX back to USDC, with support for deposits from 8 blockchains including Ethereum, Solana, and Base. USTX is issued, its reserves managed, and minting and redemption services provided by fintech platform Brale. tx co-founder and chief legal officer Ashley Ebersole stated that USTX is not a USDC-backed wrapped token nor a synthetic representation of USDC, but instead features an independent 1:1 reserve structure. According to tx, each USTX is backed by $1 worth of assets including cash, bank deposits, government money market funds, and short-term U.S. Treasuries. tx added that eligible USTX users can earn rewards via its wallet incentive program. However, the U.S. GENIUS Act prohibits stablecoin issuers from paying interest or returns to users solely for holding, using, or retaining payment stablecoins. Ebersole said tx’s overall incentive program was designed under legal guidance to ensure compliance with relevant regulatory requirements.
SharpLink (Nasdaq: SBET) has confirmed its first major onchain deployment, $200 million with Ether.fi and $200 million with Lido Finance, with Anchorage Digital serving as custodian for both positions.
The Nasdaq-listed Ethereum treasury firm shared the news via its official X account on October 19, 2026, describing the move as putting its ETH “to work every day.”
The SharpLink ETH deployment marks a shift from passive accumulation to active, yield-generating onchain strategy, a benchmark the company says others in institutional finance can now follow.
From Treasury Build to Active Yield: Inside the $400M Onchain Strategy SharpLink’s treasury thesis has been consistent since the company pivoted to an Ethereum-first model. Accumulate ETH. Make it productive. Compound yields. Increase ETH per share.
The $400 million SharpLink ETH deployment is the clearest execution of that thesis yet.
Anyone can own $ETH. We know how to put it to work.
Over the last year, Sharplink has done roughly $500M worth of deals to put ETH to work across the ecosystem.
These include staking deployments, a dedicated onchain yield fund, and investments for the teams leading Ethereum’s… pic.twitter.com/Ecjuz7n6wn
— Sharplink (@Sharplink) October 19, 2026
The Lido allocation fulfils a plan announced in August 2026. Under that arrangement, SharpLink stakes $200 million and receives wstETH, a liquid token that earns staking rewards while remaining deployable in DeFi, custodied by Anchorage.
CEO Joseph Chalom described the move then as “an exciting expansion in making our ETH even more productive.”
Lido holds roughly $16.5 billion in staked ETH, with wstETH integrated across more than 100 protocols. That scale, and the infrastructure around it, made Lido the natural partner for institutional-grade staking.
The Ether.fi allocation extends a separate line of work involving liquid restaking and weETH instruments.
Both positions sit inside a public-company balance sheet with Big 4 audit oversight, a structure SharpLink has consistently highlighted as the institutional standard.
This latest move builds on a longer capital deployment effort. In early August, SharpLink committed $100 million of its staked ETH to the Galaxy SharpLink Onchain Yield Fund, a $125 million vehicle Galaxy manages to pursue onchain yield strategies and emerging protocol investments.
Mike Novogratz, CEO of Galaxy, said the launch reflects institutional investors moving “from passive ownership toward active participation in blockchain-based markets.”
SharpLink now reports institutional ownership of approximately 60%, up roughly 12 percentage points, with Fidelity, BlackRock, Morgan Stanley, and Vanguard among its holders.
The depth of that institutional base reflects confidence in a treasury model built around productive ETH, not passive holding.
Liquid Staking Leaders and a Widening Institutional Playbook Lido and Ether.fi occupy different but complementary roles in Ethereum’s staking infrastructure.
Lido remains the dominant liquid staking platform by total value locked. Ether.fi leads in liquid restaking, giving depositors exposure to both base staking yield and additional reward layers.
Splitting the $400 million evenly across both protocols gives SharpLink diversified exposure to Ethereum’s productive layer.
Lido has also been expanding its footprint. The protocol launched ETH staking across four Layer-2 networks, Arbitrum, Base, Linea, and Optimism, using Chainlink CCIP, a move that deepens the liquidity reach of wstETH well beyond Ethereum mainnet. SharpLink’s deployment lands as that expansion gains traction.
Meanwhile, efforts to give retail investors direct stETH exposure through regulated products have stalled.
VanEck withdrew its proposed Lido staked Ethereum ETF registration with the SEC, leaving institutional deployments like SharpLink’s as the more accessible path for large allocators today.
SharpLink is not alone among listed companies treating ETH as a productive asset. BitMine has been a consistent buyer and staker, with its ETH accumulation continuing even as BMNR stock faced pressure.
The peer comparison underscores a broader shift: treasury firms are increasingly benchmarked not just on how much ETH they hold, but on how much yield that ETH generates.
On the traditional finance side, banks are also deepening their Ethereum commitments, JPMorgan recently expanded its JPM Coin deposit token to the Ethereum network, a further signal of the institutional drift toward productive on-chain infrastructure.
For SBET equity holders, the metric that matters most now is ETH-per-share compounding. The SharpLink ETH deployment is live. The protocols are running.
The question is how quickly the realized yields, and any further deployment tranches, show up in disclosed performance metrics. Watch for SharpLink’s next quarterly update and any X posts from the company on early yield data.
A wallet group linked to the $285 million Drift Protocol exploit has resumed moving stolen cryptocurrency, with blockchain analysts reporting that approximately $61.56 million in Ethereum was deposited into Tornado Cash on October 20.
Summary
Lookonchain reported that the Drift exploiter deposited 25,700 ETH, worth approximately $61.56 million, into Tornado Cash on October 20. Earlier monitoring by Onchain Lens identified at least 13,400 ETH, worth around $32 million, moving to the mixer. The transfers follow an April 1 attack that Chainalysis estimated caused $285 million in losses. Drift said a subsequent forensic investigation attributed the attack to a North Korea-linked group. The protocol opened DFX recovery-token claims and redemptions for affected users on October 1. According to blockchain monitoring account Lookonchain, the suspected exploiter transferred 25,700 ETH into the privacy-focused mixing service over a two-hour period, ending roughly two months of reported inactivity. The tracker estimated that the wallets still controlled 81,864 ETH worth approximately $195 million.
An earlier Onchain Lens update identified at least 13,400 ETH, valued at roughly $32 million, flowing into Tornado Cash. Its accompanying wallet snapshot showed approximately $224.59 million in remaining assets.
Meanwhile, the two trackers reported different amounts as the transfers unfolded. The latest wallet balances have yet to be independently verified through Arkham.
Drift exploiter resumes Tornado Cash transfers The reported activity represents another stage in the movement of assets taken from Drift, a Solana-based decentralized derivatives platform.
Tornado Cash pools cryptocurrency deposits and allows funds to be withdrawn through separate addresses, making direct transaction tracing more difficult. Sending ETH to the service does not establish whether the funds were converted into cash, sold on an exchange or recovered by another party.
A separate monitoring account reported that one wallet deposited 19,600 ETH, worth approximately $46.81 million, through 196 transactions on October 20. That figure falls between the two social-media observations but has not been reconciled against a complete transaction-level record.
The Drift Protocol exploiter deposited 19,600 ETH (~$46.81M) into Tornado Cash in 196 transactions on October 20, 2026, moving funds held for roughly 202 days, according to the our Tornado monitoring system.
On April 1, the Solana perpetuals platform suffered an estimated $285M… https://t.co/OEjYr8uRzQ pic.twitter.com/sXaSkLDsRe
— Salus (@salus_sec) October 20, 2026 The same account identified a wallet ending in 57c1 that had reportedly held stolen assets since April. It estimated the address retained 6,114.15 ETH, valued near $14.6 million, after its first outgoing transactions.
These wallet-specific figures cannot establish the exploiter’s total remaining assets because investigators track several addresses and the balances change as transfers occur.
April Drift exploit followed months of social engineering The original attack took place on April 1, when attackers obtained administrative control of Drift through transaction approvals from members of its Security Council.
In an April 9 investigation, Chainalysis estimated losses at $285 million, representing more than half the protocol’s total value locked.
The attackers reportedly spent months posing as representatives of a trading firm and building relationships with Drift contributors. They exploited Solana’s durable nonce feature, which permits pre-signed transactions to remain valid until execution.
After obtaining sufficient multisignature approvals, the attackers took control of administrative permissions and approved a fake token called CarbonVote Token, or CVT, as collateral.
According to Chainalysis, the attackers manufactured trading activity around CVT to create an artificial price history. They then used the token as collateral to withdraw genuine assets, including stablecoins and cryptocurrencies.
Subsequently, Drift published a more detailed asset breakdown totaling approximately $295.7 million in stolen tokens. The figure differs from the initial forensic estimate because the reports use different valuations and accounting scopes.
Investigators traced portions of the proceeds moving between Solana and Ethereum, where the attacker accumulated ETH before the latest reported mixing activity.
Investigators linked the attack to North Korean operators Security researchers have connected the Drift theft to a suspected North Korean hacking operation.
In an April 7 assessment, blockchain analytics company Elliptic identified transaction patterns and laundering techniques consistent with earlier North Korea-linked attacks.
Drift later reported that an investigation by cybersecurity firm Mandiant had attributed the incident to UNC6862, a North Korean threat group.
The platform had previously linked the attack to the operators behind Radiant Capital’s October 2024 exploit. Radiant suffered losses estimated at approximately $50 million in that incident.
The case was part of a series of major DeFi thefts in April. As crypto.news previously reported, April exploit losses exceeded $600 million during the month’s first 18 days, including separate attacks on Drift and KelpDAO.
Drift recovery claims opened in October While investigators continued tracing the stolen cryptocurrency, Drift established a program to compensate affected users.
On October 1, the project opened claims and redemptions for DFX recovery tokens. Its announcement stated that each verified USDT of loss entitled an affected user to one DFX token.
The protocol fixed the total token supply at approximately 299.5 million and said its recovery pool contained around 3.1 million USDT at launch.
Users can redeem DFX against available pool funds, trade the tokens or retain them while additional funds accumulate. The redemption amount depends on the pool balance and outstanding token supply, so holding a DFX token does not guarantee immediate repayment at face value.
The project said proceeds from its relaunched trading platform, Velocity, would contribute to the recovery pool. Tether has separately committed up to $127.5 million in support, while other partners have committed up to $20 million.
Drift’s October announcement states that funds recovered through enforcement action, freezing or other recovery efforts will be added to the pool. DFX claims remain open until January 1, 2028.
Postquant Labs has unveiled the Quip Virtual Machine (QVM), a programming layer that operates seamlessly across both quantum and classical hardware. QVM is now live on the Aglais testnet, providing free compute credits to new users and introducing a flexible gas-based pricing model inspired by Ethereum.
Unified language for quantum platformsMajor technology firms such as IBM, AWS, and Microsoft have historically maintained separate technology stacks in the quantum computing landscape. IBM utilizes Qiskit, while Microsoft operates Cirq, originally developed by Google. Until now, there has been no common programming language or uniform cost structure to connect these disparate systems.
QVM addresses this fragmentation by introducing a single constraint-based language designed to support quantum annealers, gate-based quantum processors, and classical computing infrastructure. Developers can compile their programs into instructions with predetermined costs and deploy them on the Quip Network, where quantum computers process the tasks and classical systems verify the results.
This approach allows programmers to monetize their work whenever others use their public deployments, providing a new incentive for quantum software development. Colton Dillion, Postquant Labs’ CEO and cofounder, explained the motivation behind QVM:
Quantum computing remains divided by proprietary instruction sets and assemblers, limiting accessibility for those outside the industry. QVM seeks to simplify this space with an approach modeled after Ethereum’s Virtual Machine.
Cost calculation and settlement layerQVM calculates fees based on three main factors: the amount of qubit space used, the runtime, and the level of entanglement required. The company reports that users receive price quotes in advance, a level of transparency not common among current providers. Typically, IBM Quantum’s pricing applies only to its own hardware, and Microsoft’s Azure Quantum has a minimum spend of about $1,000 before users can run their first circuit.
QVM’s cost structure is most akin to AWS Braket’s model, where pricing is determined per transaction. Richard Carback, CTO and co-founder of Postquant Labs, described this pay-as-you-go framework as crucial for making quantum computing commercially feasible and efficient.
Alongside QVM, Postquant Labs has introduced its initial quantum smart contracts and a quantum-resistant settlement solution named QuipSwap. These features are designed to support secure payments in a post-quantum environment, complementing the technical advances of the QVM.
Performance tests and academic evaluationThe Quip Virtual Machine underwent live trials during the Quantum.Tech event, where it facilitated 1,930 direct portfolio optimization contests between quantum and classical solvers. Around 100 attendees contributed test problems. When results differed by more than 0.5%, the quantum solver achieved a median winning margin of 2.56%. Both solvers typically delivered answers in 0.1 to 0.3 seconds, and performance was assessed based on accuracy and speed.
Several academic institutions, including Monash University, the University of Notre Dame, and Purdue University, are currently evaluating QVM. SiC Systems, meanwhile, is applying QVM in their industrial optimization projects. Dr. Terrence Mak of Monash observed that students often devote an entire semester to mastering a quantum paradigm, while QVM could dramatically reduce the learning curve. Dr. Soheil Mansouri, SiC Systems’ co-founder and chief science officer, emphasized the system’s utility in rapidly testing combinatorial solutions for manufacturing.
Postquant’s ecosystem and the wider quantum landscapePostquant Labs previously launched its quantum-classical testnet for the Quip Network in April 2026 in collaboration with D-Wave Quantum, enrolling over 13,000 global participants. The rollout of QVM and QuipSwap expands this ecosystem, advancing efforts toward more accessible and commercial quantum computing.
The company’s leadership also contributed to the founding of the Quantum Alliance, an open standards organization focused on post-quantum blockchain security, officially launched on October 15. As concerns about the vulnerability of crypto signatures to quantum threats grow, Ethereum’s Vitalik Buterin recently warned that developments in AI-driven mathematics could undermine current post-quantum cryptographic schemes within two years.
As technical advances like QVM democratize access to emerging technologies and reshape settlement layers, observers in both academic and financial spheres have highlighted the increasing importance of tracking both prices and investor activity—especially in rapidly evolving sectors. In the meme token market, an internet trend can transform into millions of dollars of interest within days. Data from Fomo App revealed a standout trade involving the token “Niu Lai,” where an initial $99 investment became approximately $370,000. Monitoring token timing and selection is critical in this highly volatile space. Fomo App integrates token discovery, social feeds, investor rankings, and trade notifications into a single platform to enable users to efficiently track meme tokens and investor activity.
The quantum threat to established crypto signatures remains a notable challenge, prompting action from both industry leaders and researchers focused on strengthening post-quantum blockchain resilience.
Ethereum is up $50.00 today or 2.13% to $2398.24 --Largest percentage increase since Sept. 21, 2026, when it gained 5.70% --Up three of the past five days --Down 10.55% month-to-date --Down 19.46% year-to-date --Down 51.60% from its all-time intraday high of $4955.23 on Aug. 24, 2025 --Down 39.98% from 52 weeks ago (Oct. 20, 2025), when it traded at $3996.00 --Down 43.60% from its 52-week intraday high of $4251.85 on Oct. 27, 2025 --Up 55.91% from its 52-week intraday low of $1506.13 on June 6, 2026 --Traded as high as $2443.70 --Up 4.07% at today's intraday high; Largest intraday % increase since Sept. 21, 2026, when it was up as much as 6.48% Note: The Ethereum price is a 5 p.m.
ET snapshot from Kraken Data compiled by Dow Jones Market Data (END) Dow Jones Newswires 10-19-26 1722ET Copyright (c) 2026 Dow Jones & Company, Inc.
Kinexys, JPMorgan’s blockchain platform, has brought its bank deposit token to the Ethereum (ETH) mainnet for institutional clients.
Oli Harris, global head of Kinexys, announced the expansion of JPM Coin (JPMD) on LinkedIn on Monday morning.
“More institutions are moving on chain and we want our clients to have USD deposit liquidity wherever they’re operating. A lot of that activity is on Ethereum, so it was the natural place to go next.”
JPM Coin is a bank-issued digital representation of a commercial bank deposit held in JPMorgan accounts. The funds backing the token never leave the banking giant’s regulated infrastructure.
The mainnet expansion follows JPM Coin’s launch on Base, an Ethereum layer-2 blockchain built within the crypto exchange Coinbase, late last year.
In December, the banking giant also launched MONY, a tokenized money market fund powered by Ethereum. The fund targets qualified investors, offering U.S. dollar yields, and it invests solely in U.S. Treasury securities and repurchase agreements backed by them. JPMorgan launched a second tokenized money market fund, JLTXX, on Ethereum in May.
In August, JPMorgan noted that more than $4 trillion in payments had been processed on Kinexys since the platform’s inception, with an average of $7 billion transacted on a daily basis.
Ethereum traders are buying insurance, and they are paying a premium for it.
On October 19, 2026, ETH options markets showed a clear downside skew. Short-dated puts traded at a meaningful premium to calls, which signals that traders are more worried about a drop than excited about a rally.
ETH has slipped roughly 8% over the past month while Bitcoin quietly held its ground, gaining 1.5% over the same stretch.
What the options market is saying Data from Block Scholes showed seven-day ETH puts trading at an implied volatility premium of up to 8 percentage points over calls.
The 1-week 25-delta skew for ETH stood at +7.4 vol points, sitting at the 11th percentile. The 25-delta skew compares the price of puts and calls that are similarly far from the current price. A positive reading means puts are richer, so traders are leaning defensive.
ETH’s 7-day implied volatility climbed nearly 10 points, a sign that tension is building in the near-term contracts.
Further out on the curve, the tone softens but does not flip. The 30-day 25-delta skew came in at +3.1 vol points. Puts are still favored on a monthly view, just with less urgency than in the one-week window.
A tale of two assets Bitcoin has held a range between $80,000 and $84,000. ETH, by contrast, has been referenced around $2,400 in spot trading.
Both assets have seen their put-call skews widen since early October. A decline in AI and tech equities has weighed on sentiment, and that caution has spilled into crypto. ETH has taken the bigger hit, while Bitcoin has mostly shrugged.
Calls still dominate open interest Despite the defensive skew, ETH options open interest remains heavily tilted toward calls. Calls make up approximately 63% of open interest, with puts at roughly 37%. Total open interest for ETH options was approximately $6.09 billion.
The call wall sits at $2,600, while the put wall rests at $2,300. With spot near $2,400, ETH is trading between those two markers, closer to the put side than the call side.
What this means for traders For anyone using options to hedge, the cost of that hedge has gone up. Buying short-dated puts now means paying a premium compared with a few weeks ago. Selling puts, on the other hand, pays more, though it comes with the obvious risk of being on the hook if prices fall.
The $2,300 put wall is the level many traders will likely have circled. A move toward that zone would test whether the defensive positioning was prescient or simply expensive peace of mind.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Ethereum is scheduled to activate the Glamsterdam upgrade on the Hoodi testnet on October 26, as reported by WuBlockchain. This upgrade will increase the testnet’s gas limit to 200 million. The Glamsterdam protocol upgrade, previously implemented on the Sepolia testnet, involves updates to gas pricing for state-creation and state-access, along with broader execution and block-accounting changes. While the testnet change is confirmed, no mainnet activation date has been announced.
Key Takeaways
The announcement of the Glamsterdam upgrade on the Hoodi testnet is consistent with support for improved network efficiency and scalability.
Market pricing suggests a moderate impact on Ethereum’s price, as the upgrade is still confined to a testnet environment.
The absence of a mainnet activation timeline may indicate that market participants are waiting for further developments before adjusting their price expectations.
What to Watch
Market participants will closely monitor the Hoodi testnet for any technical issues or bugs that could affect the upgrade’s success. Confirmation of a mainnet activation date for Glamsterdam could lead to increased activity and potentially higher price expectations for Ethereum. Additionally, any public statements from the Ethereum Foundation regarding roadmap acceleration could influence market sentiment.
Ethereum developers have scheduled the Glamsterdam upgrade for the Hoodi testnet on October 26 at 17:42:48 UTC, with Hoodi's gas limit set to rise to 200 million.
Ethereum (@ethereum) developers have scheduled the Glamsterdam upgrade for the Hoodi testnet on October 26. Activation is set for 17:42:48 UTC, and the test will raise Hoodi's gas limit to 200 million.
Glamsterdam includes changes to block production, transaction processing and gas accounting. The upgrade already activated on the Sepolia testnet on October 6. No mainnet date has been set.
What the Hoodi test involvesThe Ethereum Foundation announced the Hoodi schedule on October 16, according to reports by PANews and The Currency Analytics. PANews said Hoodi's block gas limit will rise to 200 million at activation, and that node operators need to update their execution layer and consensus layer clients before the fork.
Glamsterdam's two headline changes are enshrined proposer-builder separation (ePBS) and block-level access lists. CoinMarketCap Academy described the upgrade as bringing ePBS, block-level access lists and new gas pricing to Ethereum's base layer. ePBS is set out in EIP-7732 and moves the relationship between block proposers and builders into the consensus protocol. Block-level access lists, defined in EIP-7928, let clients read state and validate transactions in parallel.
The 200 million gas figure applies to the test network only. Crypto outlet CryptBull noted that a 200-million gas limit on a test network is an engineering milestone, not a promise that mainnet capacity will quadruple. Mainnet users have no action to take for now.
What comes next for $ETHSepolia went first, and Hoodi gives developers a second public environment to check client behavior and the new gas rules. CoinDesk reported that the next test will evaluate block production, state access and gas changes together, after which client teams will decide on a mainnet date. The Ethereum Foundation has cautioned that a testnet activation does not confirm a mainnet timeline.
Application developers should also test their contracts against the revised gas pricing, according to TechFlow's summary of the Foundation's Sepolia announcement.
Sources:
PANews: Glamsterdam set to activate on Hoodi testnet
CoinMarketCap Academy: Glamsterdam goes live on Sepolia
The Currency Analytics: Hoodi 200 million gas test
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to monitoring by Farside Investors, U.S. spot Bitcoin ETFs posted a net inflow of $526.7 million yesterday: IBIT recorded a net inflow of $665.2 million, while FBTC saw a net outflow of $83.6 million. For Ethereum ETFs, net outflows totaled $103.3 million, with ETHA logging a net outflow of $95.4 million.
A crypto whale liquidated $46 million in long positions in Tesla and semiconductor stocks, shifting instead to a large position in Google.
According to TradingBeats monitoring, a whale liquidated its long positions in Tesla, the DRAM Index, and the 3x semiconductor bull ETF SOXL last night, totaling roughly $46.317 million. The same account then established a long position in Google (GOOGL) worth approximately $44.393 million, marking a clear shift in holdings toward Google. The average entry price for this Google position is about $345.865, with an unrealized loss of around $188,000 and a liquidation price of $331.03; it also holds a long position in Amazon worth roughly $1.223 million.
10 minutes ago
OKX will list US TradFi perpetual contracts for RUM, CRML, CVNA, MP, and TWST
OKX announced that it will launch U.S. dollar-denominated (U) U.S. TradFi perpetual contracts today, with underlying assets covering RUM, CRML, CVNA, MP, and TWST. The launch times (UTC+8) are 17:00, 17:15, 17:30, 17:45, and 18:00 respectively. The corresponding U.S. stock underlyings for these contracts are Rumble, Critical Metals, Carvana, MP Materials, and Twist Bioscience.
10 minutes ago
$ZEC whale with $15M portfolio accumulates 3.69M $MASK tokens worth $151K in 3 days
A $ZEC whale is buying $MASK (Nullmask)!
This whale holds over $15M in assets, including 10,241 $ZEC ($11.69M).
Over the past 3 days, he has been accumulating $MASK, buying a total of 3.69M $MASK ($151K).
10 minutes ago
JPMorgan predicts Bitcoin will be the highest-return asset over the next decade, outperforming U.S. stocks and gold.
JPMorgan Asset Management released its "2027 Long-Term Capital Market Assumptions" report on October 19, including Bitcoin in its long-term return forecast for the first time. The report projects Bitcoin’s compound annual return over the next 10 to 15 years will reach 10%, outperforming 7.5% for U.S. large-cap stocks, 5.5% for gold, and 8.2% for U.S. real estate investment trusts (REITs). It also estimates Bitcoin’s arithmetic average annual return at 20.9% and annualized volatility at 55%. Matt Hougan, chief investment officer of Bitwise, noted that JPMorgan has ranked Bitcoin as the top-performing asset expected over the next decade, a move that signals a shift in traditional financial institutions’ attitude toward crypto assets.
10 minutes ago
After Anthropic disrupted IBM, OpenAI also posted a near-perfect score in COBOL migration.
Beating AI Express: In February this year, after Anthropic demonstrated Claude Code’s capability to modernize legacy COBOL systems, IBM’s stock price plummeted 13.2% in a single day. Eight months later, OpenAI released its latest results for the GPT-6 series on legacy programming languages, with a maximum success rate of 97.9% in COBOL code migration tests.
COBOL, created in the 1950s, remains widely used in banking transactions, ATMs, and insurance systems. Many programs have operated for decades, their original developers long departed, and some business rules exist only within the code itself. Rewriting these into modern languages requires not just making the code run, but also ensuring fully consistent calculation results. For instance, COBOL’s fixed-point arithmetic discards excess decimal places unless explicitly ordered to round; a new program using rounding instead could lead to financial account errors.
OpenAI specifically tested AI’s ability to convert COBOL programs to languages including C++, Java, Python, and Rust, requiring byte-for-byte identical output between the old and new programs. GPT-6.1 Sol achieved an 86.6% success rate at low inference settings, compared to just 5.4% for the previous GPT-5.6 Sol, with an estimated API cost reduction of 39%. Success rates climbed further to 97.9% when increasing inference settings.
OpenAI also open-sourced MultiLangBench, which tasked AI with building SQLite-compatible database engines from scratch in 20 different programming languages. GPT-6 Astra posted an average test pass rate of 87.4%, versus 26.8% for GPT-5.6 Sol. Between the two models, their scores on COBOL were 72.1% and 10.9% respectively – COBOL ranks as the most challenging of the 20 tested languages.
10 minutes ago
Investors ramp up AI-related credit default swap trades to hedge against industry debt risks.
Investors are rushing to buy credit default swaps (CDS) to shield their portfolios from a potential AI boom bust. The financial instrument, which rose to prominence during the global financial crisis, has seen its trading volume surge sharply. Firms are on a borrowing spree to fund trillions of dollars in AI infrastructure spending, driving demand for these "insurance-like" derivatives that pay out if the underlying entity defaults on its debt. According to Morgan Stanley research, weekly average trading volume of CDS linked to bonds issued by Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom and Nvidia topped $9 billion in September, compared to less than $2 billion in July. Institutional data shows that year-to-date trading volume of U.S. corporate CDS indexes has already surpassed last year’s full-year total. (Financial Times)
PANews, October 20 - According to SoSoValue data, the crypto market sectors saw an overall slight pullback, with the DePIN sector continuing its pullback, falling another 1.09% in 24 hours, and Filecoin (FIL) dropping 2.58%. The AI sector remained relatively resilient, rising 0.83% in 24 hours, with Quack AI (Q) up 15.51% and Worldcoin (WLD) up 9.27%. Meanwhile, the Layer2 sector rose 0.46%, with Arbitrum (ARB) up 5.12%.
In addition, Bitcoin (BTC) fell 0.97%, dropping back above $81,000; Ethereum (ETH) fell 1.08%, breaking below $2,400.
In other sectors, the CeFi sector rose 0.21% in 24 hours, with Bitget Token (BGB) up 1.06%; the Meme sector rose 0.01%, with Pons (PONS) up 5.22%; the DeFi sector fell 0.12%, but Bedrock Token (BR) surged 47.68%; the Layer1 sector fell 0.26%, with NEAR Protocol (NEAR) down 3.71%; the PayFi sector fell 0.83%, with Telcoin (TEL) down 3.67%.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Tron has established a clear lead in blockchain network revenue over the most recent 30-day period, generating more than $23 million and ranking first among all tracked chains. On-chain data compiled by DefiLlama and highlighted by the analytics account Lookonchain show Tron recording approximately $23.41 million in revenue.
This figure places the network well ahead of Ethereum at roughly $6.34 million, Solana at about $3.4 million, and Base at around $2.78 million over the same window.
The ranking covers daily, weekly, and monthly timeframes, with Tron holding the top position across each.
On a 24-hour basis, the network has continued to produce hundreds of thousands of dollars in fees, consistent with its longer-term average.
These numbers reflect chain-level activity rather than application-level protocol earnings, focusing on fees collected or burned at the base layer.
Tron’s revenue strength stems largely from its central role in stablecoin transfers, particularly Tether’s USDT.
The network hosts tens of billions of dollars in stablecoin supply and processes millions of daily transactions tied to payments, remittances, and settlement in emerging markets.
High transaction throughput combined with relatively predictable fee structures generates steady income even when speculative activity on other chains fluctuates.
DefiLlama data indicate Tron’s stablecoin market capitalization stands near $95 billion, with USDT dominating the supply, underscoring the practical utility driving fee volume.
By comparison, Ethereum’s revenue remains tied more closely to a broader mix of decentralized finance activity, NFT trading, and gas consumption that can vary with market conditions.
Tron ranks No. 1 among all chains in 24-hour, 7-day, and 30-day revenue, far ahead of other chains.
Its monthly revenue reached $23.41M.https://t.co/28rZKzvLEx pic.twitter.com/rM6JuEmmnM
— Lookonchain (@lookonchain) October 19, 2026
Solana captures significant volume from high-frequency trading and meme-token activity, yet its reported chain revenue has lagged Tron’s in the latest period.
Base, as a Layer-2 network optimized for low-cost consumer applications, generates fees primarily through its sequencer and related activity, but the absolute totals remain smaller than Tron’s base-layer figures.
Industry observers note that Tron’s model benefits from consistent real-world payment demand rather than relying solely on cyclical DeFi or speculative surges.
Earlier quarterly reports from the Tron ecosystem have documented multi-trillion-dollar stablecoin settlement volumes and tens of millions of active addresses, providing context for why fee generation remains elevated.
While average transaction fees on Tron have moderated somewhat following prior adjustments, overall activity has sustained the revenue lead.This performance highlights a divergence between market narratives and on-chain economic output.
Networks often associated with high total value locked or developer activity do not always translate that presence into the highest fee retention.
Tron’s position as the leading revenue generator for the period illustrates how specialized use cases—particularly stablecoin settlement—can produce durable cash flows.
Market participants tracking protocol economics continue to monitor whether this lead persists as competing chains expand their own payment and settlement capabilities. Data sources remain transparent and publicly available for independent verification, allowing observers to track ongoing shifts in fee rankings as market conditions evolve.
Tron recorded $23.41 million in chain revenue over the past 30 days, according to DefiLlama’s data. That exceeded Ethereum’s $6.34 million and Solana’s $3.40 million combined.
The figures show Tron leading in revenue generated. It has also seen a lot of stablecoin presence, while TRX’s price chart showed a market performance that was dull.
Tron’s lead extends beyond the monthly figure Ethereum and Solana together had about $9.74 million over the same period, with Tron having about 2.4 times that amount.
The difference also could also be seen in its seven-day and 24-hour data. Its seven-day revenue is $5.8 million, and its 24-hour figure is $554,976, which is more than both these other networks.
Source: DefiLlama But the ranking alone does not show that Tron’s revenue increased. It shows how much the network generated during those periods, but not its performance in the month before.
The $23.41 million is not all the earnings on Tron; the fees are shown as transaction fees paid by users.
USDT dominates Tron’s stablecoin supply Tron’s dashboard showed about $95 billion in stablecoins, with USDT making up 97.76% of that total.
But the amount that is outstanding is different from the amount transferred, and it does not identify how much revenue came from payments, trading, or other uses.
TRX’s rebound loses momentum near $0.335 TRX traded around $0.3313 at the time of this writing, down 0.42%.
It had bounced from roughly $0.327, but that recovery thinned out before reaching the $0.34 price level. Recent trading suggested buyers have not been able to establish a sustained upward move.
Source: TradingView The $0.327–$0.328 price area remained the nearest level where buyers had previously stepped in. A recovery above $0.335–$0.337 would mean that the rebound was gaining traction.
Final Summary Tron’s $23.41 million in 30-day chain revenue was more than Ethereum and Solana’s combined total. TRX traded near the $0.3313 price level as its recent rebound slowed.
September 2026 was the month Zoomex turned its TradFi expansion into a full trading calendar. After crossing the 50-contract milestone for Stock Perpetuals at the end of August, the platform spent September widening the lineup, adding ETF-linked perpetuals to its TradFi Zone, relaunching Zero-Fee TradFi, and opening the Zoomex World Trading Championship 2026 (ZWTC 2026) with a prize pool of up to 5 million USDT.
The backdrop was far less calm. The U.S. Senate failed to advance the CLARITY Act, the Federal Reserve raised rates for the first time since 2023, and Bitcoin still closed the month higher. Beneath that noise, Zoomex’s verifiable reserves stayed multi-chain, stablecoin-anchored and openly trackable, which is exactly what Transparent by Design is meant to deliver. This report reviews Zoomex’s on-chain reserves, chain and token composition, and platform metrics as tracked through DefiLlama, CoinMarketCap and CoinGecko, alongside the product developments that shaped the month.
Zoomex Overview Founded in 2021, Zoomex is a global cryptocurrency trading platform focused on Derivatives, serving over 3 million users across 35+ countries and regions and offering 700+ trading pairs. Its philosophy of easy-to-use, transparent balances and fair access to earnings shapes everything from its trading interface to the way it publishes proof of reserves. Zoomex has completed security audits conducted by Hacken and holds multiple regulatory registrations, including U.S. and Canada MSB, U.S. NFA, and Australia AUSTRAC.
September’s product story was the continued build-out of the TradFi Zone.
On September 1, Zoomex confirmed that its Stock Perpetuals lineup had grown past 50 contracts across four asset categories, timed with a Zero-Fee TradFi event that ran from August 28 to September 4. On September 8, the platform announced a further expansion covering more than 30 US and global equities across four categories, all margined and settled in USDT and trading around the clock. Two days later, Zoomex put the spotlight on TSLA and NVDA exposure through its rule-based derivatives offering, reinforcing Fair Access & Rule-Based Execution for every trader.
On September 18, ahead of the Federal Reserve decision, Zoomex highlighted its ETF-linked perpetuals, SPYUSDT, QQQUSDT, IWMUSDT, XLFUSDT, XLKUSDT and TQQQUSDT, available through the TradFi Stock Perpetuals section. The same day, it relaunched Zero-Fee TradFi, running from September 11 to October 11, 2026, which rebates 100% of actual trading fees on eligible stock contracts, commodity contracts and stock tokens, capped at 100 USDT per account.
On the competition side, Zoomex launched ZWTC 2026 on September 10 with a prize pool of up to 5 million USDT, its largest to date. The Squad Competition, with up to 2.5 million USDT in prizes and three separate leaderboards, opened on September 21 and runs until October 11 at 10:00 UTC. Alongside it, Zoomex Predict World continued to feature its established Long-Term event contracts, giving traders a longer-horizon complement to the 5 Minute, 15 Minute and 4 Hour markets. Together, these launches reflect a Refined Brand & Trading Experience built around one account and one rule set for crypto, equities, ETFs and commodities.
Exchange trade volume Zoomex’s exchange trade volume ranged from about $125M to $680M in September, with the month’s defining move arriving in its final third, according to CoinGecko. September volume ranged from roughly $125M to $680M, with the month’s low on September 13 and its peak on September 22. For scale, that peak sits at about two thirds of the $1.02B high recorded in August.
Source: Coingecko On the pair side, BTC/USDT strengthened its lead at 53.5% of volume, up from 43.4% in August, followed by ETH/USDT at 13.7% and USDC/USDT at 11.6%. ETH has therefore overtaken USDC/USDT for second place. SOL/USDT contributes 3.9%, HYPE/USDT and XRP/USDT 1.6% each, and ENA/USDT 1.5%, while a tail of other pairs accounts for 12.6%. As in previous months, 100% of volume settles in USDT by CoinGecko’s currency breakdown, underscoring its role as Zoomex’s near exclusive quote and settlement currency.
On-chain reserves Zoomex’s total on-chain assets stayed inside a narrow $34M to $38M band for the whole month, extending the durable step-up that began in August. DefiLlama’s CEX Transparency tracker shows reserves opening near $36M, easing to a monthly low of about $33.8M around September 10, rebuilding to roughly $36.5M by September 15, and reaching the month’s peak of about $38M around September 20. A pullback to roughly $35M followed by September 25, before assets climbed again to about $37M at month end. The live reading on October 13 stood at $34.9M.
Source: Defillama The contrast with the mid-year pattern is clear: there were no sharp spikes that unwound within days, and the base held. As always, this figure reflects verifiable cold and hot wallet holdings tracked by DefiLlama and sits alongside, not in place of, Zoomex’s separately maintained $50 million insurance fund.
Assets by chain Ethereum remains Zoomex’s largest chain by a wide margin, holding roughly $15.7M at month end versus about $16.5M on September 1, with a low near $15.1M around September 24. That is close to 42% of tracked assets. XRPL stays second at about $6.9M, after dipping to roughly $6.1M in mid-September and peaking near $7.4M on September 23. Tron fell from about $3.5M to around $2.0M by September 22, then jumped to roughly $4.0M by September 30, the largest late-month move among the major chains. Mantle rose from about $1.7M to $2.1M, Solana roughly doubled from about $1.0M to $2.0M, BSC slid from about $2.2M to $1.5M, while Base (about $1.45M) and Arbitrum (about $1.3M) stayed flat.
Source: Defillama The most unusual line is Bitcoin. Its balance sat near $0.8M until September 14, jumped to about $2.75M on September 15, climbed to roughly $3.3M by September 22, then fell back to about $1.6M on September 23 and $1.1M on September 24, ending the month near $0.95M. That round trip points to a temporary custody or settlement movement rather than a lasting reallocation, and it lines up with the BTC inflow and outflow bars in the flow data below. Zoomex’s reserves remain distributed across 14 networks, the same multi-chain footprint maintained throughout 2026, with OP Mainnet, Polygon, Vaulta, Doge and Sonic each holding under $0.5M.
Token balances Read in raw units rather than USD value, PEPE again dominates by count, but its trajectory reversed from August. The balance held near 8.7 billion units through mid-September, then stepped down to roughly 7.7 billion around September 17 and about 7.1 billion by September 20, a decline of close to 19%. Meme coin balances on an exchange typically mirror user activity rather than treasury decisions, so this looks like client withdrawals more than a deliberate reallocation. BONK stayed flat at roughly 2.5 billion units.
Source: Defillama TBY’s block-shaped presence continues to be the more interesting signal. It appeared at around 5.3 billion units in five separate windows, September 1 to 7, 10 to 11, 19 to 20, 24 to 25 and 29 to 30, and was absent in between. That on and off pattern is more consistent with temporary custody, a settlement cycle or a recurring product flow than with a held position.
USD inflows Source: Defillama Outside those windows, daily activity stayed shallow and mixed. Net flow across the month was slightly negative, yet total assets ended higher, which means price moves rather than deposits explain the stable balance sheet. The framing from August holds: movement was event-driven and concentrated in a handful of identifiable days, not the product of steady retail flow.
Inflows by token The token split shows what drove each of those days. The September 15 spike was almost entirely Bitcoin, at roughly $2.0M gross, and the September 23 outflow was the mirror image, with about $1.85M of BTC leaving, partly offset by roughly $0.4M of TRON inflow. That confirms the temporary Bitcoin build seen in the chain data.
Source: Defillama Stablecoins drove the rest. USDT left on September 1 (about $0.9M), September 19 (about $1.35M) and September 22 (about $1.6M), then returned on September 29, when roughly $1.65M of USDT arrived together with smaller USDC and TBY inflows. WETH was the one asset with clear accumulation, with inflows of about $0.85M on September 19 and $0.4M on September 20. XAUT recorded a small inflow of about $0.3M on September 2.
Token values (USD) Viewed by asset value, September was a rotation story. USDT started the month near $11.3M, held between $9.5M and $10.5M through September 18, then fell to about $8.6M on September 19, $6.9M on September 22 and a low near $6.6M on September 24, before rebounding to about $9.1M on September 30. At the same time, WETH stepped up from roughly $4.3M to around $6.1M between September 19 and 22 and held that level, which matches the inflow bars above. In other words, part of the stablecoin drawdown reappeared as ether exposure.
Source: Defillama XAUT slipped from about $5.35M to roughly $5.0M, a decline of around 7% that is largely a price effect, since gold retreated through September after its August high. Mantle’s MNT rose from about $1.5M to $2.0M, while ETH (about $1.6M), USDT0 (about $1.0M to $1.2M) and AAVE stayed broadly stable. The purple Bitcoin line shows the temporary spike to about $3.3M on September 22 and the return to under $1M afterwards.
Token breakdown The composition snapshot reads as liquidity first with measured diversification. USDT leads at 32.55%, followed by WETH (16.12%), XAUT (13.42%) and BTC (10.03%), which together account for roughly 72% of holdings. The rest is spread across MNT (4.55%), ETH (4.12%), USDT0 (3.48%), USDC (3.19%), AAVE (3.08%), TRON (1.71%) and an Others bucket of 7.73%.
Source: Defillama Several comparisons with August stand out. USDT rose from 27.96% to 32.55% and WETH from 12.45% to 16.12%, while XAUT eased from 14.94% to 13.42%. BTC jumped from 2.16% to 10.03%, which is consistent with the temporary Bitcoin build between September 15 and 22 rather than a strategic shift. Counting USDT, USDT0 and USDC, stablecoins make up about 39% of the portfolio, and ether exposure across WETH and ETH is about 20%.
Individual stablecoins USDT makes up almost all of Zoomex’s tracked stablecoin balance. USDT opened September near $10.4M and closed around $9.1M, with a mid-month trough near $6.6M. USDC edged down from about $0.9M to $0.75M.
Source: Defillama Total stablecoins Combined stablecoin holdings fell from about $11.5M on September 1 to a low of roughly $7.3M on September 24, a drop of around 36%, before recovering to about $9.9M on September 30. Net, stablecoins ended the month roughly 14% below where they started. Because total assets stayed in the $34M to $38M band, stablecoins slipped from about 32% of tracked assets at the start of the month to roughly a fifth at the trough, which reflects a shift in composition rather than a shrinking balance sheet. The late month rebound, which coincides with the $1.65M USDT inflow on September 29, suggests the rebuild was already underway as September closed.
Source: Defillama Platform community and user metrics Zoomex ended September 2026 with over 3 million registered users across more than 35 countries and regions. The platform’s Telegram community has grown from 76,277 members to 82,319, reflecting active engagement among Zoomex’s core retail trading base.
Zoomex’s daily active trader count consistently exceeds 1 million users according to independent review data, TradersUnion. The platform regularly adds new assets based on market demand combined with rigorous vetting, as of this report, Zoomex lists 486–495 cryptocurrencies and operates across 518–575 trading pairs depending on the market segment (spot or derivatives), a figure that has grown steadily through 2026.
ZoomexFounded in 2021, Zoomex is a global crypto exchange serving 3M+ users with 600+ trading pairs. Guided by the values of "Simple, User-Friendly, and Fast," Zoomex leverages a high-performance engine to ensure a fair, just, and transparent trading environment where every transaction is fully traceable and unbiased. With MSB (U.S./Canada), NFA, and AUSTRAC licenses and audits by Hacken, Zoomex provides institutional-grade security. Partnered with TGR Haas F1 Team and Emiliano Martínez, the platform mirrors elite precision and consistency, delivering a secure, low-barrier, and compliant ecosystem for traders worldwide.
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Disclaimer
This third-party press release is published substantially as received and does not reflect BeInCrypto's editorial views. BeInCrypto has not independently verified its claims or assessed the suitability, legality or appropriateness of any referenced asset, product or service; publication is not an endorsement. The content is general information, not investment research, financial, investment, legal or tax advice, a personal recommendation, offer or solicitation. Verify all information and seek professional advice where appropriate before acting. Crypto-assets may result in total loss.
The bank’s dollar deposit token, which debuted on Base last year, is aimed at large crypto firms and financial institutions, a JPMorgan blockchain executive told Bloomberg.
JPMorgan brings its JPM Coin deposit token to Ethereum
Original Photo by Precious Madubuike on Unsplash
Posted October 19, 2026 at 11:15 am ET.
JPMorgan is launching JPM Coin, its dollar deposit token, on Ethereum and will offer it to the bank’s institutional clients there, the bank said in a statement on Monday, Bloomberg reported.
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Why Ethereum
Ethereum’s liquidity, and the fact that the bank’s clients are already on it, decided the pick, said Emma Landriault, global head of Kinexys Labs at JPMorgan’s blockchain unit Kinexys.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault was quoted by Bloomberg as saying in an interview. “It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions.”
Who It’s For
Landriault reportedly told Bloomberg that JPM Coin is aimed at two groups. One is big crypto firms that pay onchain. The other is financial institutions active in tokenized assets, which can use the token as onchain cash to close out those trades or post it as collateral against them.
The token represents U.S. dollar deposits at JPMorgan. It debuted last year on Base, a blockchain affiliated with Coinbase. Clients can use it to move dollars in seconds at any hour, any day, where a transfer can otherwise take several days and runs only within business hours.
A Public Chain for a Private-Network Bank
Tokenization, the practice of representing funds, bonds, stocks and similar assets on a blockchain, is not new for banks, which have been trying it for over a decade. A large share of those trials ran on permissioned systems where banks control access. JPM Coin’s move to Ethereum puts it on a public chain, though holding it remains restricted.
JPMorgan already operates its own private blockchain, the Kinexys Blockchain Deposit Account network, where corporate clients transfer dollars, euros, pounds and several other currencies. According to JPMorgan, daily volume on that network tops $7 billion; Bloomberg reported that the bank’s payments arm as a whole handles around $12 trillion in daily payments.
Companies outside banking are also issuing digital dollars. Last month, Open Standard launched Open USD (OUSD), a dollar stablecoin backed by Visa, Mastercard, Stripe and others, on Ethereum, Solana, Base and Tempo.
Related Listen: ‘Trust Me, Bro’: Why Canton Is No More Private Than JPMorgan Is Private
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
JPMorgan Chase’s tokenized US dollar deposit, JPM Coin, is going live on Ethereum after first launching on Base, the Coinbase-backed layer 2 network, nearly a year ago.
The expansion challenges the idea that banks must use private blockchains to meet compliance requirements, according to Edwin Mata, CEO and co-founder of Brickken.
Commenting on the move, he said compliance depends on how blockchain technology is implemented and that public networks could give banks greater opportunities to integrate with lending platforms, collateral management systems and other financial services.
“I expect this will encourage more institutions to explore tokenization as a way to improve liquidity, expand access to financial services and make capital circulate more efficiently,” Mata said in a Monday note.
“The great winner here is actually the small banks. Major institutions like JPMorgan have spent years investing in research, development and testing, but that work has helped make tokenisation technology far more accessible and affordable for everyone else. We’re seeing implementation costs fall significantly, with some providers even offering models that reduce upfront fees, allowing smaller institutions to experiment without the enormous investment that was once required,” the CEO stated.
Mata said stablecoins have played a role in pushing banks to innovate, but he expects the benefits of tokenization to spread across the financial sector, including smaller banks and businesses. Brickken’s experience, he added, shows that access to this infrastructure is no longer limited to the largest institutions.
Issued through Kinexys, JPMorgan’s blockchain unit, JPM Coin represents a US dollar deposit held at the bank and is redeemable at a one-to-one rate.
The stablecoin-like token allows clients to transfer funds outside standard banking hours, settle trades and tokenized-asset transactions, post collateral and use programmable payment functions through smart-contract-enabled blockchain infrastructure.
JPMorgan has evaluated launching a standalone public stablecoin but has not committed to issuing one, with the bank citing customer demand and regulatory developments as factors in any future decision.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
Ethereum Price rose 1.16% to $2,407.30 over 24 hours, holding above $2,390 as the broader crypto market advanced. The total cryptocurrency market capitalisation rose 1.2% to $2.74 trillion, with Bitcoin price trading at $81,917.
JPMorgan has launched JPM Coin on Ethereum as part of a move to offer tokenized dollar deposits to institutional investors
On October 19, Tom Lee’s BitMine announced 12,535 ETH in weekly purchases, worth approximately $30.3 million. The company is getting closer to its 5% target share of the Ethereum supply.
Now focus shifts to the Federal Reserve’s interest rate decision, which could create market volatility.
JPM Coin Goes Live on Ethereum, Enabling 24/7 Institutional Transfers
JPM Coin has been expanded to Ethereum mainnet by JPMorgan Chase, offering more block-chain payment options for its institutional clients. The deposit token is a dollar pegged token and can be transferred and settled nearly instantly, 24 hours a day.
JPM Coin is managed by Kinexys and it went live on Base in 2025 and later on Ethereum’s mainnet. The product is still only offered to approved institutions, unlike the stablecoins that can be traded on public markets.
Wall Street Is Bringing Bank Deposits to Ethereum
JPMorgan Chase is expanding JPM Coin to Ethereum mainnet, bringing its bank-backed digital dollar to institutional clients
Why this matters for $ETH:
• Real financial infrastructure: JPM Coin represents actual bank deposits, enabling near-instant, 24/7 transfers and settlements
• Ethereum adoption: Bringing JPM Coin to Ethereum extends the network’s role in traditional financial infrastructure and institutional settlement
• Institutional demand: More financial institutions using Ethereum could strengthen its position as a settlement layer for tokenized assets and digital money
JPM Coin first launched on Base in 2025. It operates through JPMorgan’s Kinexys platform and is permissioned, not a publicly traded or decentralized stablecoin
Ethereum’s opportunity goes beyond DeFi. If major banks increasingly use ETH infrastructure to move money and settle transactions, the network could become a critical bridge between traditional finance and onchain markets
— Ethereum Daily (@ETH_Daily) October 19, 2026
Beyond decentralized finance, the launch may boost Ethereum’s standing in the institutional payments and tokenized asset settlement space. It is a reflection of the attempt of linking the traditional banking system with blockchain markets by means of regulated digital currency.
Can Ethereum Price Reclaim $2,500 as Bearish Momentum Eases?
The ETH price surged to $2,780, with recent candles showing consolidation following a prolonged decline.
The momentum indicators indicate a potential early stabilization while the four-hour chart suggests sellers are still in control. Repeated rebounds have struggled to recover earlier trading levels, leaving ETH below the marked $2,500 resistance.
Source: TradingView
The relative strength index (RSI) was at 46, which is slightly higher than its average of 44.28.
The MACD line was at −13.04, which was above the signal line that was at −15.29, and the histogram was at +2.25. The combination indicates that bearish pressure is decreasing, but neither line has crossed the zero line.
An Ethereum long-term prediction of a 4-hour close above $2,400 may further solidify the recovery and move $2,500 into view. If the resistance is cleared, then this could pave the way toward the previous trading area around $2600.
On the downside, $2,330 is the marked support level after multiple tests in October. Failing to hold that floor may allow the psychological $2,300 level to come into play.
Ethereum ETF Investors Withdraw $69.68 Million Through BlackRock’s ETHA
Ethereum exchange-traded funds (ETFs) had net outflows of $69.68 million on October 16, SoSoValue data shows. The ETHA fund of BlackRock reported the majority of the outflows, with other listed funds seeing no net daily flows.
Source: Sosovalue data
Their total trading value was $645.81 million, combined net assets valued at $14.95 billion. The cumulative net inflows summed to $12.94 billion, and assets accounted for 5.07% of the market cap for Ethereum.
For most of the past decade, the world’s largest bank treated public blockchains the way a cautious driver treats a busy highway: something to be watched from a distance, never entered. That posture changed again on Monday, October 19, 2026, when JPMorgan Chase said it is bringing JPM Coin, its dollar deposit token, onto Ethereum mainnet. The move puts the bank’s on-chain cash rail on the same public network where its tokenized money-market funds already live.
JPM Coin, which carries the ticker JPMD, is a deposit token rather than a stablecoin. JPMorgan describes it as commercial bank money in tokenized form: each token is a claim on U.S. dollar deposits held at the bank, issued only to approved institutional clients and never offered to retail users. The token first went live on Base, Coinbase’s Ethereum Layer 2 network, in November 2025 after a pilot that began in June. Ethereum mainnet is its next stop.
The Quiet End of a Decade-Long Hesitation
The bank whose chief executive once dismissed bitcoin as a fraud has been walking this path in measured stages. Its blockchain unit, rebranded from Onyx to Kinexys in November 2024, now says it has processed more than $4 trillion in cumulative transactions and moves an average of roughly $7 billion a day. The rebrand mattered less than the direction of travel: a permissioned private network first, then Base, now Ethereum’s mainnet, with a phased Canton Network integration still to come.
JPM Coin itself is not new. JPMorgan first announced the token in 2019 as a way to move money between institutional accounts in near real time, and for years it ran inside the bank’s own private network, away from the public eye. The decision to take that token onto a public Layer 1, rather than keep it walled off behind bank rails, is the part that took six years, and it is the part that tells you the market’s center of gravity has shifted.
The choice of Ethereum was not subtle. Kinexys said the network’s “established depth of onchain liquidity and tokenized assets” made it a natural next public blockchain. That is a bank speaking the language of a market: it is going where the liquidity and the tokenized collateral already sit, rather than asking institutions to come to a private rail and wait.
What JPM Coin Is, and What It Is Not
The distinction between a deposit token and a stablecoin is the whole story. A stablecoin such as USDC or USDT is issued by a non-bank issuer and backed by reserve assets. JPM Coin is a direct liability of JPMorgan Chase as a federally chartered bank, subject to banking regulation and existing deposit frameworks. It cannot be traded on public exchanges, and it is not available to retail users. A token can run on a public blockchain while remaining restricted in who may hold it.
“Tokenized financial infrastructure is no longer theoretical. It’s already restructuring liquidity, settlement, and digital asset workflows,” Emma Landriault, global head of Kinexys Labs, said in JPMorgan’s Monday statement. She told Bloomberg the bank expects crypto-native companies to use JPMD for blockchain payments, while financial institutions would use it to settle trades and post collateral against tokenized assets.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault added. “It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions.”
The Cash Leg Finally Meets the Securities
Here is the gap this move closes. J.P. Morgan Asset Management has already tokenized money-market funds on Ethereum, including the My OnChain Net Yield Fund, but the cash used to settle those tokenized interests could previously move only on Base. Now the deposit token and the securities can settle on the same mainnet, removing a settlement hop that made little sense once the funds themselves lived on Ethereum.
Matthew Dawson, co-founder of Ethereum Institutional, made the point directly. “We’re delighted to see J.P. Morgan Payments bring JPM Coin to Ethereum,” he said. “It builds on a clear trajectory: JPM Coin is already live on Base, J.P. Morgan Asset Management has tokenized money market funds on Ethereum, and the Kinexys platform itself is built on Ethereum Virtual Machine technology.”
Ethereum remains the largest blockchain by the value of assets locked in its applications, roughly $50 billion per DefiLlama, and that is the infrastructure JPMorgan is now plugging its cash rail into. The bank’s payments division handles about $12 trillion a day overall, which puts the $7 billion daily Kinexys figure in proportion: it is a sliver of JPMorgan’s total flow, but it is the sliver that now runs on public-chain rails.
The Arithmetic of a $7 Billion-a-Day Rail
At an average of $7 billion a day, Kinexys would move roughly $2.55 trillion a year. That number matters because it shows how quickly the platform’s throughput has scaled against its $4 trillion cumulative total. The two figures can only coexist if most of that volume arrived recently, which is the pattern of an institution accelerating rather than coasting.
That acceleration is the context for JPMorgan’s broader crypto build-out, which has run from bitcoin ETF holdings to a full institutional tokenization push. It also sits inside a wider Wall Street movement that has turned tokenization from a pilot program into balance-sheet plumbing, the kind of shift covered in our look at DTCC’s tokenization service.
What Monday Did Not Settle
JPMorgan has not said how many clients will use JPMD on mainnet at launch, nor how much of the token will be issued through the new deployment. The Ethereum expansion is separate from the Canton Network plan announced in January with Digital Asset, which remains a phased integration without a completed launch date. And JPMD stays permissioned: the network is public, but the token is not.
For all the symbolism, the announcement changes nothing for retail users, who still cannot hold or trade JPMD, and it does not turn JPMorgan into a crypto-native bank overnight. What it does is place the bank’s cash rail and its tokenized securities on a single public settlement layer, a technical step with consequences measured in settlement risk rather than in price action.
The next observable signals are the first named clients transacting on Ethereum mainnet, any disclosure of JPMD issuance on the network, and whether the Canton rollout follows. None of that is guaranteed by Monday’s announcement. What is no longer in question is the direction: the largest U.S. bank has decided its cash rail belongs on the same public network as the tokenized assets it settles, and the rest of Wall Street is watching to see how fast the plumbing actually moves.
Polygon added Besu as a supported CDK configuration on October 19, 2026, giving banks and other institutions a documented deployment path for private chains connected to Agglayer. Polygon says the configuration is ready for production on Ethereum mainnet, with testnet and devnet setups available for evaluation.
The release pairs the standard Besu client and QBFT consensus with Agglayer’s bridge infrastructure. An institution or consortium runs the validators and decides which accounts can transact. Transaction data stays inside that private infrastructure. The bridge connection is included from genesis, instead of being added after the network starts operating.
Polygon’s public documentation sets out the limits of the bridge’s security. The pessimistic proof limits what a connected chain can withdraw from the shared bridge. Internal transactions still depend on the chain’s own validators, and their data is not posted to Ethereum.
What the bridge proves
The CDK Besu overview describes a sovereign-mode deployment using the AggchainECDSAMultisig consensus contract. It supports settlement on Sepolia or Ethereum mainnet and includes an optional consortium configuration. The runbook creates a new chain with both the bridge and Global Exit Root contracts already in its genesis.
The proof checks that a chain cannot withdraw more than it deposited. Polygon presents that accounting limit as protection for other connected chains when a member chain fails or is compromised. A compromised chain can still lose its own deposits. The documentation explicitly says the pessimistic proof does not prove the chain’s internal state transitions.
That leaves execution under the private ledger’s controls. Besu validators maintain the chain’s state, while account permissioning determines who can use it. Polygon points institutions that require every state transition to be proven toward its CDK configuration on op-reth, which supports full zero-knowledge execution proofs. The Besu path uses pessimistic proofs only.
Settlement continues after the chain produces a block. Agglayer requests a pessimistic proof generated on the Succinct Prover Network. Once that proof is verified, the certificate settles on Ethereum. The bridge service then picks up the settled transfer and the asset is claimed on the destination chain. A local block and a completed cross-chain claim are separate stages of this process.
A dedicated RPC node serves the connection so the validators can stay off the public network. Polygon’s deployment instructions direct aggkit, the bridge service and users to that node. Operators must include their hostnames in its host allowlist. The public documentation covers the machinery that handles settlement and the network access configuration operators need to run it.
Consortium approvals remain explicit
The consortium option separates block production from certificate approval. Each member operates its own QBFT validator and retains its validator key. Changes to membership go through a validator vote. Polygon recommends four or more validators for testnet and mainnet; a single-validator devnet stops if that validator fails.
Certificate approval uses a separate signer set. The AggchainECDSAMultisig contract requires M of N registered signers to approve each certificate. One member runs the proposing aggsender. Other members run aggsender validators that check the certificate against their own view of the chain before approving it. This consortium authorization process applies alongside the bridge’s proof requirements.
The order of addresses in the signer list also determines whether certificates can be sent. The first address in the consensus contract’s signer list must be the aggsender address. Otherwise, the aggsender refuses to send certificates. Operators must satisfy that requirement as well as the shared approval threshold.
Account permissioning must also cover the services that keep the connection working. When an operator enables an account allowlist, the instructions require adding the aggoracle and ClaimTxManager addresses before starting aggkit and the bridge service. Every validator and RPC node must use the same allowlist. The institution must configure its user admission policy at the infrastructure level, beyond front-end access.
Deployment has compatibility and key requirements
The documentation calls for aggkit 0.9 or later. Earlier versions recompute block hashes in a way that never matches a QBFT block hash, preventing aggkit from building a certificate. The prerequisites runbook explains that the mismatch causes the bridge syncer to drop blocks carrying bridge events.
Finality settings need a Besu-specific configuration too. QBFT finalizes each block when it is produced, but Besu does not serve the safe and finalized block tags used in other execution setups. The instructions require every aggkit block-finality setting to use LatestBlock. These are deployment requirements published with the release, not findings from an independent test of a running chain.
The prerequisites also distinguish devnet examples from production key handling. Although example commands pass private keys directly on the command line, the runbook instructs testnet and mainnet operators to use a keystore or hardware wallet instead. It warns against putting private keys in shared terminals or committing environment files that contain them.
Polygon singles out the deployer, admin and Aggchain manager keys as especially sensitive, calling compromise of any of them unrecoverable. Validator node keys also authorize block signing. The deployment guide assigns responsibility for custody of these keys to the operator, alongside the protection provided by the bridge proof.
The software uses the standard Besu client. Polygon says operators have no proprietary client to adopt, no fork to maintain and no revenue share owed on network activity. Its rollup-creation instructions begin with the Agglayer integration process, which produces the combined.json artifact required for the later genesis steps.
Existing Besu networks follow a different route. The documentation directs chains with their own history to Agglayer Outpost and says that path is outside this new-chain runbook. Polygon asks existing operators to contact its team about connecting their networks; the published CDK Besu procedure covers starting a new one.
In brief
JPMorgan launched JPM Coin on Ethereum for institutional clients, which can redeem the token for dollars at any time; it first launched on Coinbase's Base network in November 2025.
The bank expects crypto firms to use the token for payments and financial institutions to use it to settle trades and post collateral, with only vetted counterparties allowed to hold it.
Kinexys has handled over $4 trillion in transactions and about $7 billion a day, versus roughly $12 trillion a day across JPMorgan's payments business.
JPMorgan Chase is putting JPM Coin on Ethereum, which gives its biggest clients a way to move dollars in seconds on a Sunday night as easily as on a Tuesday morning.
A normal wire between banks only moves during business hours and can take days to land, which is why JPMorgan started experimenting with blockchain technology. The idea is using JPM Coin to cut that wait to seconds.
Myriad: Where does Ethereum go next? Click to make your prediction.The token is a deposit token, so each unit stands for a dollar already sitting in a JPMorgan account, and the bank's site says clients can redeem it for dollars at any time with no lock-up. A stablecoin, by contrast, is a token pegged to the dollar by a private company that holds the reserves somewhere else.
Only vetted, approved counterparties can hold JPM Coin, so this is not a coin anyone can buy on an exchange.
JPMorgan first put the token on Base, a cheaper and faster network built on top of Ethereum and incubated by Coinbase, in November 2025. That followed months of testing with Mastercard and Coinbase, and holders can now move the token between the two networks.
In January, the bank also said it would bring JPM Coin to Canton Network, a privacy-focused blockchain built for financial markets. It has also issued two tokenized money-market funds on Ethereum, in December 2025 and May 2026, which are funds holding short-term debt that are represented as tokens.
Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain unit, pointed to the money and tokenized assets (traditional investments such as shares, debt and funds, issued as blockchain tokens) already circulating on Ethereum, where about $50 billion sits in applications, according to DefiLlama.
Crypto firms are expected to use the token for payments, while financial institutions can use it to pay for trades in tokenized assets or to post collateral, meaning a guarantee against a deal.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault told Bloomberg. Matthew Dawson, co-founder of Ethereum Institutional, called the move “a clear signal that institutional finance is moving onto public, verifiable infrastructure.”
The bank is also fighting for the same customers as stablecoin issuers. A consortium of more than 100 companies including Visa, Stripe, and Mastercard launched its own dollar stablecoin last month, while Kinexys co-head Naveen Mallela has said deposit tokens are “a compelling alternative” to stablecoins because they “can be yield-bearing,” meaning they can pay interest.
Kinexys, the unit behind the token, has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day, against roughly $12 trillion a day across JPMorgan's wider payments business.
JPMorgan, Citigroup and other large banks plan to launch a shared 24/7 tokenized deposit network as early as the first half of 2027.
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In brief
JPMorgan launched JPM Coin on Ethereum for institutional clients, which can redeem the token for dollars at any time; it first launched on Coinbase's Base network in November 2025.
The bank expects crypto firms to use the token for payments and financial institutions to use it to settle trades and post collateral, with only vetted counterparties allowed to hold it.
Kinexys has handled over $4 trillion in transactions and about $7 billion a day, versus roughly $12 trillion a day across JPMorgan's payments business.
JPMorgan Chase is putting JPM Coin on Ethereum, which gives its biggest clients a way to move dollars in seconds on a Sunday night as easily as on a Tuesday morning.
A normal wire between banks only moves during business hours and can take days to land, which is why JPMorgan started experimenting with blockchain technology. The idea is using JPM Coin to cut that wait to seconds.
Myriad: Where does Ethereum go next? Click to make your prediction.The token is a deposit token, so each unit stands for a dollar already sitting in a JPMorgan account, and the bank's site says clients can redeem it for dollars at any time with no lock-up. A stablecoin, by contrast, is a token pegged to the dollar by a private company that holds the reserves somewhere else.
Only vetted, approved counterparties can hold JPM Coin, so this is not a coin anyone can buy on an exchange.
JPMorgan first put the token on Base, a cheaper and faster network built on top of Ethereum and incubated by Coinbase, in November 2025. That followed months of testing with Mastercard and Coinbase, and holders can now move the token between the two networks.
In January, the bank also said it would bring JPM Coin to Canton Network, a privacy-focused blockchain built for financial markets. It has also issued two tokenized money-market funds on Ethereum, in December 2025 and May 2026, which are funds holding short-term debt that are represented as tokens.
Emma Landriault, global head of Kinexys Labs at JPMorgan's blockchain unit, pointed to the money and tokenized assets (traditional investments such as shares, debt and funds, issued as blockchain tokens) already circulating on Ethereum, where about $50 billion sits in applications, according to DefiLlama.
Crypto firms are expected to use the token for payments, while financial institutions can use it to pay for trades in tokenized assets or to post collateral, meaning a guarantee against a deal.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” Landriault told Bloomberg. Matthew Dawson, co-founder of Ethereum Institutional, called the move “a clear signal that institutional finance is moving onto public, verifiable infrastructure.”
The bank is also fighting for the same customers as stablecoin issuers. A consortium of more than 100 companies including Visa, Stripe, and Mastercard launched its own dollar stablecoin last month, while Kinexys co-head Naveen Mallela has said deposit tokens are “a compelling alternative” to stablecoins because they “can be yield-bearing,” meaning they can pay interest.
Kinexys, the unit behind the token, has handled more than $4 trillion in cumulative transactions and averages about $7 billion a day, against roughly $12 trillion a day across JPMorgan's wider payments business.
JPMorgan, Citigroup and other large banks plan to launch a shared 24/7 tokenized deposit network as early as the first half of 2027.
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Tom Lee sees crypto’s recent weakness as part of a broader selloff in AI stocks and Asian markets, as investors pull back from risk.
BitMine Immersion Technologies (BMNR) said on Monday its crypto, cash, and equity holdings were worth $15.1 billion on October 18, down from $16.2 billion a week earlier.
Most of that total is Ethereum (ETH). BitMine marked its Ether at $2,365 per token, using Coinbase prices, against $2,544 in the prior update. That is its lowest weekly mark since the update for August 16, according to its SEC filings.
The company bought 12,535 ETH over the week, taking its treasury to 6,041,481 tokens. That equals 4.9% of the 122.1 million ETH in supply, short of BitMine’s 5% goal. The buy nearly matched the 12,532 ETH BitMine added in the week to October 11.
Cash and marketable securities fell to $582 million, the fourth weekly drop in a row from $714 million on September 20. BitMine’s release gives no reason for the cash decline.
Lee Cites AI Stock Selloff Chairman Tom Lee warned in a post on X on October 13 that a slump in South Korean equities could hit crypto. He said in Monday’s release that investors’ appetite for risk has shrunk over the past few weeks. He tied that to concerns over AI funding and AI model safety. Lee also cited the escalating US-Iran war, anxiety ahead of the US midterm elections and rising bond yields worldwide.
Lee said those worries set off a selloff in AI stocks, including chip and memory makers. That selloff then spread to South Korea and Taiwan, whose stock markets those companies dominate, he said.
“Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets,” Lee stated.
He noted that past price drops that came while fundamentals held up have offered attractive risk and reward. He said he expects the same this time, citing crypto’s exposure to modernizing financial rails and to agentic AI.
You may also like: OpenAI Says Research Model Raided Developer Wallet on Ethereum Testnet Starknet Considers Becoming an L1 to Reach Quantum Resistance by 2027 BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done Legal Note Drops The Finished-Buying Line Lee said in an October 7 video message that BitMine needed about 100,000 more ETH. BitMine’s next weekly release then added a line to its note on forward-looking statements, and that line cited a management statement that BitMine is largely finished buying ETH.
Monday’s note drops that statement. Its wording on buying matches the updates through the week to October 4, which cited continued weekly ETH acquisitions, without any explanation.
The same note lists Lee’s staking projections. He put annual staking revenue at $309 million on the 5,067,309 ETH BitMine has staked. That staked count has not moved in any weekly update since August 9. Fully staked, he said, the treasury would earn $369 million at a 2.58% seven-day yield.
Ethereum’s [ETH] network activity seems to be returning, with active addresses spiking sharply over the last 24 hours.
At the same time, the percentage of the total supply in profit rose to 63%, affirming the network’s current bullish sentiment, as most holders are choosing to hold rather than to short.
What is more intriguing is that both developments come at a key confluencing zone between an ascending trendline and 200-EMA support at $2.33K. The network’s price action is already positively reacting to the demand zone, as the token is now trading at $2,429.
Could the positive sentiment initiate an ETH recovery and push it above the current consolidation range?
Network activity signals a renewed engagement
According to the most recent network activity data, Ethereum’s number of active addresses spiked by 89K to 389K over the past 24 hours. The substantial increase suggests that on-chain participation is picking up.
For investors, if the rise persists, it could indicate stronger demand for network transactions and applications. However, active addresses do not necessarily represent unique users or direct buying of ETH.
It is also worth noting that these datasets can also rise during periods of increased transfers, trading, or speculative activity.
Source: Santiment
More ETH supply returns to profits
The percentage of ETH supply in profit has climbed to 63%, suggesting that a larger share of circulating tokens is trading above its acquisition price.
According to the recent profitability data, on-chain volume in profits hit $1.70 million on the 18th of October, a significant figure to keep the bullish momentum going. This improvement may support sentiment by reducing the proportion of holders facing unrealized losses.
Source: Santiment
Going hand in hand with the surging network activity and profitability, Ethereum’s Funding Rate has also hit a new weekly high at 0.007. This suggests that investors are anticipating further bullish gains.
This could be attributed to Buterin’s push for AI security, which has seen more big institutions flocking to the network.
Source: CryptoQuant
Can ETH Defend the $2,330 Support?
The zone of confluence at the $2,330 zone will be key to the token price action in the short run. With the token now reclaiming the 200-day support, bulls are more likely to extend their dominance.
If buyers defend this support, ETH could attempt to recover from its current consolidation range and probably target $2.8K. A decisive breakout above that boundary would strengthen the recovery case.
However, a sustained move below $2,330 would weaken the setup and expose ETH to further downside. All in all, as it stands, the rising network activity and improved holder profitability offer encouraging signals.
Source: TradingView
Final Summary
Ethereum active addresses sharply spike, signaling renewed network participation as ETH tests a key technical support zone.
The significant surge in the transaction in profit and network funding rates points to further gains.
JPMorgan has expanded JPM Coin to Ethereum, with its product documentation now listing the network alongside Base. At Ethereum block 26,228,359, the contract linked by the bank was deployed and returned the name and symbol $JPMD, with a reported total supply of 0.00 tokens.
The bank describes JPM Coin as a dollar-denominated deposit token for institutional payments, collateral posting and settlement. Access remains restricted to vetted, approved counterparties. Ethereum is a public network, but JPMorgan controls participation in its token through the bank’s compliance and risk-management framework.
The contract the bank identifies
The issuance FAQ links directly to the Ethereum contract at 0xb2906cCED1b2c8330480414CeFA1eb52bDBd73A3. It also links the separate Base deployment and warns that tokens with the same or similar names at other addresses are not affiliated with JPMorgan. Clients can check the asset against the address in the bank’s own documentation.
Our pinned-block RPC reading returned two decimals and a false paused flag. The reported supply is a snapshot of that Ethereum contract at the specified block.
JPMorgan classifies the product as a bank-issued deposit token, not a stablecoin. Its FAQ says dollar deposits in JPMorgan bank accounts back the token and funds remain inside the firm’s regulated banking infrastructure. According to the bank, the product carries the credit risk profile of commercial bank money and uses a blockchain record for payments and settlement.
Funding and redemption through bank accounts
Clients fund JPM Coin through a Blockchain Deposit Account, or BDA. The documented sequence starts with depositing dollars into that account, then converting them into deposit tokens. The BDA documentation expressly allows clients to mint JPM Coin directly from the account. JPMorgan says the funds stay within its banking infrastructure throughout that process.
Redemption runs in the other direction: JPM Coin converts back into dollars in the client’s BDA. The product page says redemption is available at any time, without a lock-up period. JPMorgan describes payment, settlement and reconciliation as a single on-chain action on a shared ledger. The bank says reconciliation happens automatically and settlement takes place in near real time.
The route between the blockchain account and a traditional bank account has a scheduled interruption. The disclosures specify a three-hour downtime from 3 to 6 p.m. EST every Saturday for moving funds between traditional Demand Deposit Accounts on legacy systems and BDAs. Network transfers operate 24/7/365, according to the documentation. The bank says an enhancement to the traditional-account interface is under development.
BDAs can initiate payments to or from traditional Demand Deposit Accounts either inside or outside JPMorgan’s network. The bank documents this account-level connection as part of its funding infrastructure. Clients redeem the token into their BDA; the Saturday interruption applies to the separate movement of funds between that account and legacy accounts.
The BDA supports deposits in eight currencies: U.S. dollars, Hong Kong dollars, Singapore dollars, Chinese renminbi, Japanese yen, Australian dollars, euros and British pounds. JPM Coin’s product page specifies availability in U.S. dollars only, while the broader account supports deposits in all eight currencies.
Integration and permitted uses
The BDA integrates through an API, SWIFT or a user interface. JPMorgan gives indicative onboarding times of as little as two to three weeks for user-interface access and two to three months for full API connectivity. Those estimates appear in the BDA FAQ. JPM Coin’s own FAQ says implementation timing depends on the client’s infrastructure, operational requirements and regulatory environment.
The bank says it configures JPM Coin integration with each client’s team through the BDA framework, connecting existing treasury and payment infrastructure to on-chain activity. Its account documentation lists encryption, access controls, ongoing monitoring and KYC/AML checks among the controls applied to accounts and transactions. The token FAQ separately promises near-real-time visibility into token activity, transaction status and settlement confirmation on the shared ledger.
Named institutional uses include cross-border payments, intraday liquidity transfers and posting collateral for securities transactions. JPMorgan also describes programmable payment execution: predefined instructions can trigger conditional releases, scheduled transfers or rule-based payments. Its examples include conditional payments and automated transfers linked to settlement, allowing a treasury team to automate those movements instead of initiating each one manually.
The BDA page treats advanced programmability as an optional enhancement to the core account, alongside on-chain foreign exchange. Its linked Advanced Programmable Payments documentation describes a configurable rules engine that uses near-real-time data, external feeds and operational events. Clients set the conditions for moving money; receipt of an incoming payment is one documented trigger. The service also consolidates payment events and resulting actions into an auditable history that teams can review. These capabilities are part of the account’s optional services.
The commercial terms remain subject to bank approval. The product disclosure says potential benefits are illustrative and outcomes are not guaranteed. Offerings remain subject to internal review, due diligence and required regulatory approvals. JPMorgan Chase Bank or its affiliates ultimately determine whether a client can use the service. Availability can differ by geography.
The page also distinguishes deposit-insurance status by where deposits are held. It identifies JPMorgan Chase Bank as an FDIC member but says deposits held in non-U.S. branches are not FDIC insured, and neither are non-deposit products. The documentation makes no universal insurance promise to participants using the public-chain token.
JPMorgan also reserves the right to withdraw its offering at any time. The disclosure says the webpage is not a commitment to extend or arrange credit, or to provide other products or services.
The public pages do not specify a JPM Coin fee schedule or a fixed onboarding deadline for all clients. They also give no completion date for the enhancement intended to address the Saturday interruption between legacy accounts and BDAs.
Vitalik says EIP-8288, and not a growing pile of precompiles, should carry Ethereum's cryptography going forward.
Vitalik Buterin made the case Sunday night for Ethereum to quit baking new cryptography into the EVM through precompiles and lean on EIP-8288 instead, writing that precompiles and the EVM are “the wrong place to put most cryptography support into Ethereum.”
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The case against: Precompiles are built-in contracts that make specific cryptographic operations cheap, but every new one requires a hard fork plus an implementation in every client, and the data they check must still be posted onchain as calldata. Vitalik estimated that data budget tops out around 8 MB/s, PeerDAS included.
The alternative: EIP-8288, which Vitalik co-authored with Thomas Coratger and which we covered in September, would have users prove any signature or proof scheme locally inside a STARK, with mempool nodes recursively folding those proofs together until each block carries just one. Under that model, he wrote, “Ethereum can then never add a new precompile again.”
The lattice debate: His posts capped a weekend argument that started Friday, when a16z crypto released Aerie, which aggregated 32,768 lattice-based Falcon-512 signatures on a single laptop in 0.65 seconds. a16z argued the recursive proving that Ethereum’s hash-based plans rely on is “intricate and bug-prone,” while StarkWare’s Eli Ben-Sasson countered that lattices are “ripe for AI to attack.” Under EIP-8288, lattice fans could still use their schemes by wrapping them in a STARK client-side.
Not settled yet: EIP-8288 remains a draft, and the spec still marks its leanSTARK route as “reserved.” The EF’s post-quantum roadmap meanwhile keeps “PQ sig precompiles” on the docket for a later fork it calls J*, so Vitalik’s no-new-precompiles stance isn’t yet reflected in the Foundation’s own plans.
William M. Peaster
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William M. Peaster, Senior Writer, has been with Bankless since January 2021. Immersed in Ethereum since 2017, he covers the onchain frontier with a particular interest in art, games, and other culture apps. He has a background in creative writing and writes fiction in his free time.
The bank's deposit token is now accessible on the public Ethereum network, giving institutional clients a regulated on-chain dollar instrument outside JPMorgan's private rails.
JPMorgan has expanded the reach of its JPM Coin, making the token available to institutional clients on the Ethereum mainnet as of October 19, 2026. The move, reported by CoinDesk, follows the initial launch of the token on the Coinbase-linked layer-2 network Base in November 2025 and marks a shift in how the bank approaches wholesale money movement on public infrastructure.
It is necessary to distinguish JPM Coin from the broader category of retail-facing stablecoins. JPM Coin is a permissioned USD deposit token, functioning as a 1:1 representation of dollar deposits held at JPMorgan. Access is strictly limited to approved institutional counterparties through the bank’s Kinexys platform, formerly Onyx. This structure ensures that the token remains a tool for wholesale settlement rather than a freely circulating asset.
The decision to deploy on Ethereum is driven by the network’s scale. Nearly $50 billion in crypto assets are locked in Ethereum-based applications, per DeFiLlama. By moving onto the mainnet, JPMorgan is positioning its deposit token within an ecosystem that already hosts significant institutional activity and liquidity. This expansion broadens the bank’s blockchain footprint beyond its private Kinexys network, which currently processes more than $7 billion in transactions daily, and the Base layer-2 network.
Emma Landriault, head of Kinexys Labs at JPMorgan, framed the deployment as a strategic necessity for institutional clients. she told CoinDesk. This multi-chain approach suggests that the bank is prioritizing interoperability to meet the diverse technical requirements of its institutional base.
The timing of this expansion is notable given the approaching January 18, 2027, effective date of the GENIUS Act. As regulatory requirements tighten, financial institutions are under pressure to establish verifiable production track records for their digital asset initiatives. JPM Coin on a public mainnet provides a high-visibility environment to demonstrate the operational viability of tokenized deposits under real-world conditions, and it does so while the bank’s broader reserve layer buildout continues to take shape.
JPMorgan is not acting in isolation. The bank is among more than 30 institutions collaborating with Swift to define the governance and features of a blockchain-based ledger. A coalition of major U.S. banks, including Citi, Bank of America, and Wells Fargo, has signaled intentions to develop a shared network for tokenized deposits. Most still operate on private networks. JPMorgan’s willingness to put its deposit token on a public mainnet is the differentiating move here.
The infrastructure for institutional-grade stablecoin and deposit token payments is now being built in the open. With Visa, Mastercard, and now JPMorgan all shipping on production rails during Money20/20 week, the question is no longer whether public blockchains can serve institutional settlement. It is how fast the next enablers come online.
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Stablecoins now total $300.3 billion, spread across 47 blockchains. Ethereum holds 54.1% of that supply, and Tron holds 31.4%, according to figures shared on X.
Those two chains together account for more than 85% of all stablecoin supply. The remaining 45 networks share what is left.
The numbers, and the fine print
The total is a milestone. Stablecoins are crypto tokens built to track a fiat currency, usually the US dollar, and they now form a market worth roughly $300 billion. Research findings put total supply at an estimated $300.3 billion to $302 billion as of early to mid-October 2026.
Ethereum’s exact share depends on who is counting. Across data sources, its slice of supply ranged from 47.7% to 54.2% during the same period.
Stablecoin Beat, measuring as of October 19, 2026, put Ethereum at around 48.4% and Tron at 31.5%. Other readings place Tron at approximately 31.2% to 31.5% as of mid-October.
The quarterly trend is where the story gets sharper. During Q3 2026, Tron added about $5 billion in stablecoin supply. Over the same stretch, Ethereum shed around $4.9 billion.
Supply versus usage
Tron processed approximately 73% of stablecoin transfer volume in Q3 2026, according to the research findings. That figure is well ahead of Ethereum’s share of flows.
The issuer side is even more concentrated than the chain side. Tether’s USDT and Circle’s USDC together make up around 85% of total stablecoin supply as of October 2026.
Further down the table, the fragmentation is real but thin. Chains such as Solana and BNB Chain each capture only low-single-digit percentages of total supply.
What this means
For Ethereum, a roughly $4.9 billion decline in a single quarter is not a crisis for a network holding well over a hundred billion dollars in stablecoins. Still, losing supply while a rival gains a near-identical amount is the kind of trend that compounds if it continues for several quarters.
The data-source spread also matters for anyone citing Ethereum’s dominance. With readings from 47.7% to 54.2%, the safest framing is that Ethereum holds roughly half, and the exact figure depends on methodology.
For Tron, commanding about 73% of transfer volume while holding about 31% of supply means its stablecoins are working much harder per dollar.
Concentration at the issuer level is the other risk to track. With USDT and USDC holding around 85% of supply, any regulatory, operational, or reserve issue at either company would hit the whole market, regardless of which chain the tokens live on.
The metrics to watch next are straightforward. Watch whether Tron’s Q3 supply gains continue into the next quarter, whether Ethereum’s share stabilizes near the top of its reported range or drifts toward the bottom, and whether any third chain breaks out of the low single digits.
Disclosure: This article was edited by Kaye Quema. For more information on how we create and review content, see our Editorial Policy.
The XRP Ledger (XRPL) has recorded $1.9 billion in net real-world asset (RWA) inflows over the past six months, ranking second among tracked blockchain networks.
XRP Ranks Second in RWA Netflows Data from RWA.xyz, a leading provider of RWA analytics data, shows that BNB Chain leads with $2.2 billion in net inflows, followed by XRPL. Solana ranks third with $1.6 billion, while Stellar comes fourth with $1.5 billion.
Meanwhile, Avalanche recorded $637 million in positive net flows, while Base, Monad, and Robinhood attracted $210 million, $200 million, and $199 million, respectively. These figures exclude stablecoin flows and show changes in other tokenized real-world assets.
XRP Ledger has recorded nearly $2 billion in RWA netflows in 6 months The rankings change when stablecoins are included. Notably, TRON takes the top spot with $7.8 billion in six-month net flows, followed by HyperEVM with $5.0 billion and Solana with $2.6 billion. XRPL ranks fourth with $2.5 billion in net inflows under this broader measure.
The increased figure confirms the role of Ripple’s RLUSD stablecoin in the network’s growing tokenized asset market. BNB Chain and Stellar each recorded $1.7 billion in stablecoin-inclusive net inflows, while Robinhood followed with $1.2 billion.
Ethereum Leads All Networks in RWA Outflows Ethereum recorded $2.7 billion in net RWA outflows over the same six-month period, the largest decline among blockchain networks in the dataset that excludes stablecoin flows.
XRPL RWA netflows including stablecoins Plume was the only other network with negative net flows under this measure, recording $223 million in outflows. While most of the tracked networks attracted more capital than they lost, Ethereum and Plume moved in the opposite direction.
Including stablecoins widened Ethereum’s losses. Its net outflows reached $22.3 billion over six months, exceeding the figures recorded by other networks in the analysis. Arbitrum also posted negative net flows, with $3.0 billion in outflows, while Polygon recorded $619 million.
This confirms that substantial net capital left Ethereum’s combined tokenized asset and stablecoin ecosystem during the period. However, the data alone does not show that investors have permanently abandoned Ethereum or confirm that all the capital moved to other blockchains.
XRPL Sees Rapid RWA Growth in 2026 The XRP Ledger reached several important milestones in 2026 as its tokenized asset market expanded. The network started the year with $518 million in distributed RWA value. By the end of the first quarter, the figure had climbed to $2.25 billion, marking a 124% increase from the previous quarter.
Growth continued in May, when XRPL’s tokenized real-world assets surpassed $3.53 billion, setting a new all-time high. The combined value of its RWAs and stablecoins also exceeded $5.37 billion.
XRPL reached $400 million in tokenized value in just 14.9 months, while Ethereum took 36 months to reach the same level. While this shows the faster pace at which XRPL reached its early milestone, it does not guarantee that the network will maintain the same growth rate.
Several asset types have contributed to XRPL’s expansion. Justoken’s JMWH energy tokens account for $2.23 billion of the network’s total tokenized value, making them its largest single contributor.
Tokenized commodities and asset-backed credit have also expanded the range of assets available on the ledger. This has helped broaden XRPL’s RWA market, but the large share held by JMWH means that one asset accounts for a substantial part of the reported total.
Ripple’s RLUSD stablecoin has also grown considerably, rising from $235 million to more than $1 billion during 2026. In February 2026, Ripple announced a partnership with Aviva Investors to bring traditional fund structures onto the XRP Ledger.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
There is an ongoing debate on X about lattice versus hash-based cryptography in blockchain design, with Zcash cofounder Eli Ben Sasson, Ethereum cofounder Vitalik Buterin, and Delphi Labs GC Gabriel Shapiro joining the discussion.
The conversation began with a16z crypto making the case for embracing lattices in a recent X post. In a write-up, a16z crypto explained its rationale; it claims Ethereum's planned hash-only signature aggregation design relies on SNARK recursion, with the coordination overhead, bug surface, and unestablished security that come with this approach.
Engaging with a16z crypto's post, Zcash cofounder Eli Ben Sasson strongly disagreed, noting that lattices have a juicy mathematical structure that is ripe for AI to attack.
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According to a16z crypto, relying solely on hash-based cryptography may appear safer, but in such designs, it can result in more brittle systems. Expanding the conversation further, Delphi Labs GC Gabriel Shapiro shared his take on X: "I think the Ethereum approach remains the best option here for Ethereum," disagreeing with a16z crypto's take.
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Ethereum's Lean consensus roadmap includes fully replacing BLS signatures with hash-based signatures (some variant of Winternitz) and using STARKs to do aggregation. Shapiro suggested utilizing lattice cryptography for accounts and wallets through a precompile if it is proved to be AI-secure, adding that hash-based cryptography allows Ethereum to go full speed.
Vitalik Buterin weighed in on the discussion, agreeing with Shapiro: "we could still ultimately do lattice stuff for accounts and wallets through a precompile if it is proved to be AI-secure."
"The ideal route to support everyone's cryptography is imo through 8288. You make whatever signature you want locally, then STARK it, and then it gets included through the stark aggregator machine. Don't need any calldata onchain. Ethereum can then never add a new precompile again," Buterin added.
@VitalikButerin @lex_node agree this is the right way for Ethereum
— Eli Ben-Sasson | Starknet.io (@EliBenSasson) October 19, 2026
To this, Zcash cofounder Eli Ben Sasson responded, saying, "Agree, this is the right way for Ethereum."
Ethereum prepares quantum resistanceAside from Bitcoin, most large blockchains use proof of stake, which allows validators to vote on each block by signing it. Large validator sets are practical because of signature aggregation. Ethereum utilizes BLS signatures, which have an algebraic structure that allows them to combine tens of thousands of validator signatures per slot into a single group element.
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However, as beneficial as BLS is, it is not post-quantum because no known post-quantum signature schemes aggregate in this manner.
Explaining the quantum resistance roadmap earlier this year, Buterin mentioned the solution to be protocol-layer recursive signatures and proof aggregation. He spoke about adding native account abstraction through EIP-8141, which provides a framework abstraction for transaction validation, execution, and gas payment so that first-class accounts could use any signature algorithm.
Bitcoin started the new week with a recovery, pushing the price above $82,000. However, despite the recovery, uncertainty for BTC persists, while treasury companies continued their purchases this week as well.
Firstly, Strategy, the world’s largest publicly traded Bitcoin holder, also made purchases this week.
According to a statement by Strategy founder Michael Saylor, Strategy purchased an additional 267 Bitcoin. This brings the company’s total Bitcoin holdings to 848,517 BTC. The company also repurchased STRC preferred shares worth $193 million.
Saylor noted that Strategy also holds $5.3 billion in assets, adding that the company’s dollar-denominated assets could cover current preferred stock dividends and interest payments for approximately 3.4 years.
“Strategy purchased 267 BTC and repurchased STRC worth $193 million. As of October 18, 2026, we hold 848,517 BTC and $5.3 billion USD in assets.”
Besides Strategy, Strive also purchased an additional 1,223 Bitcoin last week. Strive CEO Matt Cole announced in a post on his X account that they bought 1,223 BTC last week at an average price of $81,734. With this purchase, Strive’s total Bitcoin holdings increased to 36,818 BTC.
Ethereum Purchases Continue! Bitmine, the world’s largest holder of Ethereum, also announced last week that it purchased an additional 12,535 ETH, bringing its total holdings to 6,041,481 ETH. According to the announcement, this represents 4.9% of the total circulating ETH supply.
The official statement indicated that Bitmine’s total assets, including cryptocurrency, cash, marketable securities, and strategic investment assets, amount to $15.1 billion.
This figure includes 6.04 million ETH, 215 Bitcoin, $582 million in cash and marketable securities, $180 million worth of Beast Industries shares, and $74 million worth of Eightco Holdings shares.
Bitmine Chairman Tom Lee stated, “We believe Bitmine will outperform the crypto bull market we anticipate, given that it strengthened its competitive position last year amidst the crypto winter (bear market). We acquired 12,535 ETH last week. Bitmine’s consistent success in purchasing cryptocurrencies is unparalleled by any publicly traded company in the world. Bitmine has purchased ETH every week since the launch of its ETH Treasury Strategy on June 30, 2025.”
Solana Procurement Announced Too! Last week, Nasdaq-listed company DeFi Development Corp. announced it had purchased an additional 3,983 Solana, bringing its total SOL holdings to 2.59 million. The company also stated that it generated additional SOL and commission revenue by using its SOL holdings for staking and operating its own validator.
This acquisition comes just two days before the rollout of Alpenglow, a significant upgrade to Solana’s consensus protocol. CEO Joseph Onorati stated, “We believe Solana is entering a significant new growth cycle as Alpenglow enhances the network’s capabilities and expands the role of tokenization in global finance. We will also be increasing the annual dividend of our variable-rate Series C perpetual preferred stock, ‘CHAD,’ to 14%. This strengthens our income offering at a time when we believe there could be a major bull market for SOL. Our aim is to make CHAD more attractive to income investors while also expanding our SOL accumulation capacity for common shareholders.”
*This is not investment advice.
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Germany’s Sparkassen savings bank network launched cryptocurrency trading on Monday, allowing customers to buy Bitcoin, Ethereum, XRP, Solana, and Polygon. The service is being rolled out through DekaBank and will be launched slowly in the participating savings banks, albeit with restrictions on transfers to personal wallets.
Sparkassen Launches Five Cryptocurrencies Through Banking App Under certain conditions, the Sparkassen customers of DekaBank can trade five cryptocurrencies directly via the existing banking application. The offering is named “Krypto – powered by Deka,” and it enables trading in BTC, ETH, XRP, SOL, and POL.
The service can be used in the investment part of the Sparkasse app without the need for a separate securities account. Each transaction costs €0.99, although additional costs arise from the difference between buying and selling prices.
The launch comes after a series of initiatives by German banks to bring on-board cryptocurrency trading to existing customer accounts. DekaBank has created the Sparkassen service, and DZ Bank has backed up a separate rollout amongst Germany’s cooperative banks.
DekaBank is custodian of cryptocurrencies on its own wallet infrastructure and participates in trading arrangements with Börse Stuttgart. Users will have the ability to see their cryptocurrency assets in addition to various other monetary products and services in the current application.
DekaBank Restricts Crypto Withdrawals to Approved Providers While it is possible to buy cryptocurrencies at Sparkassen, they cannot be transferred directly to private hardware wallets. DekaBank maintains the private keys, and only specific cryptocurrency service providers are allowed to make transfers.
The agreement involves customers having to trust that DekaBank will keep their digital assets safe and handle their permitted withdrawals. However, the restrictions do not prevent users from selling their cryptocurrencies through the banking application.
The service is aimed at adult customers who make it on their own, and Sparkassen will not give investment advice on cryptocurrencies. DekaBank also cautions investors that the value of digital assets could be volatile with a potential loss of investment.
The custody is part of a broader trend across German financial institutions, including Deutsche Bank’s cryptocurrency custody plans. These services are regulated under EU laws, such as the Markets in Crypto-Assets Regulation.
Sparkassen Plans Wider Crypto Trading Rollout Into 2027 More than 230 Sparkassen institutions have expressed interest in introducing cryptocurrency trading, according to German banking representatives. Each savings bank, however, will determine on its own if and when it will provide the service.
Around 30 to 40 institutions can join monthly, said Joachim Schmalzl, an executive board member of the German Savings Banks Association. The group is targeting the first half of 2027 for the largest number of interested banks to be connected.
The first phase is limited to the participating institutions and not nationwide through Germany’s savings banking network. Before opening a cryptocurrency account, customers should therefore inquire whether their local Sparkasse has switched on the service.
The expansion comes after the banking group’s earlier stance on digital assets. Sparkassen had previously been against the retail trading of cryptocurrencies due to concerns about price volatility and losses by investors.
The group is still pushing traditional securities and savings products as a way to build up long-term wealth, even with the introduction of cryptocurrency trading.
Michaël van de Poppe just set his Ethereum price prediction at $25,000 this cycle, and we checked his numbers. Crypto News: Pepeto Passes $11.2 Million While Ethereum Price Prediction at $25,000. Michaël van de Poppe now puts his Ethereum price prediction at $25,000 for this cycle, with stops at $15,000 and $20,000 along the way,.
DUBAI, United Arab Emirates, Oct. 19, 2026 (GLOBE NEWSWIRE) --
Pepeto has officially announced its presale passing $11.2 million, and no new crypto in this week's crypto news gets more attention. 43,000 holders are in, each stage selling out quicker than the last, and traders calling it the next Shiba Inu of 2026. These buyers watched tiny early SHIB buys on this chain turn into money that bought houses, and they are spotting the same opportunity here again.
Ethereum, the chain Pepeto is built on, adds the second reason. Michaël van de Poppe just set his Ethereum price prediction at $25,000 this cycle, and we checked his numbers. The article breaks down this prediction in detail, and gets into Pepeto to see why it is gaining this viral attention as the next Shiba Inu breakout of the year.
Crypto News: Pepeto Passes $11.2 Million While Ethereum Price Prediction at $25,000
Pepeto announced the milestone during Ethereum’s best news run this year, and it matters because Pepeto lives on Ethereum, and when the chain gets stronger, everything on it rises. Michaël van de Poppe now puts his Ethereum price prediction at $25,000 for this cycle, with stops at $15,000 and $20,000 along the way, (Source: The Coin Republic). Here is why, in simple terms. ETH hit its record near $4,878 in November 2021 and only passed it by a little in August 2025, so it spent close to four years moving sideways, the longest flat stretch of any major crypto. And here is what most people miss: during that quiet phase, whales buy while everyone else gets bored and sells.
The proof is on chain: 1.5 million ETH is waiting to be locked up for staking. Whales are putting coins away for years, not selling them, and institutions keep buying while ETH holds near $2,374. These wallets do not lock up millions of ETH to lose.
But from $2,374, even $25,000 is a 10x, and a coin already worth hundreds of billions in market cap moves slowly, because every double needs oceans of new money. Strong, yes. Fast, no.
Ethereum’s life-changing money went to those who bought it early and cheap, and the meme coins born on it repeated the rule: Shiba Inu launched without a single product and still turned early buyers into millionaires on community power. Every cycle, that early chance lands on one new name.
New Crypto Pepeto Follows Shiba Inu Success, With a Real Platform Underneath
Shiba Inu's story shows why missing this new crypto could turn into a big regret. SHIB started in August 2020 as a pure hype token on Ethereum. It launched with no tools, yet its community alone made it a crypto giant by October 2021, and the people who bought before the crowd made millions in returns. It was all about the timing: every life-changing SHIB story began while the token was cheap, unknown, and not yet on big exchanges.
Put Pepeto next to that story point by point and it matches. Same chain, Ethereum. Same engine, a meme community growing on word of mouth alone, 43,000 holders deep. Same stage, still unlisted and still cheap. Then come the differences, all favoring Pepeto: a zero-fee exchange built, a bridge linking Ethereum with BNB Chain and Solana, an AI scanner screening every token.
One presale analyst, after reviewing hundreds of launches, told a crypto news desk plainly: the first token since Shiba Inu to show viral growth and a working trading platform at the same time. Shiba Inu had only the first of those and still hit a $41 billion market cap.
Conclusion
Pepeto announced its $11.2 million milestone just as everything around it turned positive. A top analyst now backs the $25,000 Ethereum price prediction, and that is big news for every project built on Ethereum, because when Ethereum rises, the money flows into the smaller tokens on its chain, and a small token needs far less money to multiply than a chain already worth hundreds of billions.
That is why every past Ethereum rally lifted its meme coins many times more than ETH itself. Pepeto adds one more reason: Ethereum's biggest problem is that it is busy and expensive to use, and Pepeto fixes exactly that.
The big wallets in this presale are set up for returns as big as Shiba Inu's, and smart money buys on research small traders never see. Getting in early with them is how people win in crypto.
For more information about Pepeto (PEPETO): Website: Official Pepeto Website, where what remains of the current stage is visible.
FAQs
Where does the Ethereum price prediction land this cycle?
Michaël van de Poppe holds the strongest Ethereum price prediction, $25,000 this cycle with steps at $15,000 and $20,000, per The Coin Republic, roughly 10x above today’s $2,374.
Is Pepeto really the next Shiba Inu on Ethereum?
Pepeto shows Shiba Inu's early profile on Ethereum, viral growth before listing, plus the zero-fee exchange, a bridge, and an AI scanner SHIB never built, $11.2 million raised, 43,000 holders.
Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Investing involves risk, including the potential loss of capital. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release.
