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Modular blockchain Cartesi has given its PRT Honeypot app an upgrade – and so has Layer 2 dashboard L2BEAT. Following an overhaul by the Cartesi team, Honeypot now sports new features that make it better equipped to perform the task it was designed for: testing the security of rollups.

The Cartesi team has been working intensively on the latest build of Honeypot, which first debuted two years ago on Ethereum. The app effectively gamifies the important task of testing rollup security, giving projects confidence that the funds their native networks hold are safe from hackers.

Honeypot Gets a Little Sweeter The “PRT” in PRT Honeypot stands for Permissionless Refereed Tournaments, which describes the fraud-proof system the app contains. Essentially, this is a mechanism for ensuring that rollups have resistance to Sybil attacks, which are one of the primary ways in which an attacker might conceivably gain control over a rollup by operating multiple validators.

In any blockchain network, be it a rollup or conventional chain, it’s imperative that validators are distributed in terms of ownership to prevent centralization, maximize fault tolerance, and ensure nefarious actors are unable to unilaterally pull the strings. It’s the primary upgrade the new Honeypot app benefits from and this innovation has helped with the recategorization that L2BEAT has subsequently bestowed.

Cartesi Celebrates App Upgrade In a tweet celebrating L2BEAT’s assignment of a new category to Honeypot, Cartesi described it as a “key milestone toward decentralization and trustless security, in line with L2BEAT’s standards.” They also elaborated on the new features the app supports in a blog post that summarizes how the app works.

As a gamified app for whitehats, Honeypot tasks participants with attempting to hack the app in an attempt to claim the CTSI prize pot. Developers are invited to check out Honeypot’s GitHub repo and see whether they can find a way to exploit it. Cartesi has also invited the wider community to follow the progress and see whether any of the whitehats taking on the challenge are able to crack the code.

Making Rollups More Reliable While Honeypot is presented as a fun challenge – a sort of ongoing hackathon – there is serious intent behind the challenge. Making rollups more secure benefits the entire web3 ecosystem, since these lightweight networks are becoming increasingly relied on to scale L1s such as Ethereum. It’s vital that they are highly secure, since any exploit would impair confidence in the entire rollup framework.

As Cartesi explains, Honeypot is designed to solve the challenge of “verifying state transitions in a permissionless, decentralized way that resists Sybil attacks, without requiring massive resources or trust assumptions.” The PRT component is designed to weed out any validators that are acting dishonestly in an attempt to defraud the network.

With Honeypot now serving as a testbed for rollup security, it means Cartesi can rightfully claim to be doing its bit to enhance industry standards when it comes to network design. For as long as Honeypot remains impregnable, it can be taken as evidence that all Cartesi-based rollups are every bit as robust, while also ensuring dispute resolution can be achieved without compromising decentralization.

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Ethereum Foundation’s Leadership Exodus Claims Its Second Co-Director

A former Ethereum Foundation contributor has raised alarms about a possible shortfall in support for the network’s foundational development efforts, warning that it could materialize within the next three to nine months. Trent Van Epps, who spent five years at the Foundation until April 2026 coordinating core protocol activities and related funding initiatives, outlined these concerns in a detailed essay published on June 18, 2026.

Van Epps described the situation as a “slow-burning funding crisis” rather than an abrupt cliff.

He pointed to two primary pressures: the recent conclusion of a multi-year client support program and ongoing adjustments to the Foundation’s treasury management strategy.

The Client Incentive Program, which had channeled resources to teams maintaining Ethereum’s execution and consensus clients over four years, wrapped up in April 2026 without a designated successor mechanism in place.

At the same time, the Foundation has been reducing its annual spending rate.

A treasury plan announced in 2025 set a glide path toward lowering outflows from roughly 15 percent of assets per year down to a more sustainable 5 percent endowment-style baseline by 2030.

This shift aims to preserve long-term solvency after years of using treasury holdings to bootstrap the broader ecosystem.

Van Epps estimated that maintaining adequate capacity across more than ten client teams, research groups, and coordination roles requires consistent annual funding in the range of $30 million.

He noted that current and near-term sources for this level of support appear increasingly limited, based on conversations across the core development community.

Without steady resources, he warned of risks including the departure of experienced contributors who hold deep institutional knowledge, delays in tackling complex challenges such as scalability improvements and future-proofing measures, and potential impacts on the network’s track record of reliability.

The former contributor situated the warning within the Foundation’s long-standing “subtraction” philosophy.

This approach deliberately seeks to limit organizational growth inside the Foundation itself and instead encourage value creation and responsibility across the wider Ethereum ecosystem.

While intended to promote decentralization and maturity, Van Epps argued that executing this transition effectively requires proactive planning for new stewardship structures.

He referenced comments from Ethereum co-founder Vitalik Buterin, who has noted that the Foundation’s original scope—focused on early-stage software development through major upgrades—was largely completed years ago and was never designed as a permanent central authority.

Van Epps called for renewed discussion around updated social, political, and economic arrangements among stakeholders to support ongoing protocol maintenance through more scalable and neutral funding channels.

The concerns come amid reports of staff transitions at the Ethereum Foundation and broader debates about sustainable resourcing for public goods in the Ethereum ecosystem. Van Epps emphasized that underinvestment in continuity could prove costly to reverse if symptoms appear 12–18 months from now, and he urged collective attention to building durable mechanisms that match the project’s long-term goals and objectives.

Nick Sawinyh on 11 Mar 2026

Stablecoins are blockchain tokens pegged 1:1 to a fiat currency, usually the U.S. dollar. They give you the programmability and speed of crypto without the price swings. That simple combination has turned them into plumbing for DeFi, cross-border payments, remittances, treasury management, and on-chain settlement.

The market crossed $250 billion in total supply by mid-2025 and has continued growing. As of early 2026, total stablecoin market capitalization is above $310 billion according to DefiLlama data. Tether’s USDT sits around $183-187B (roughly 60% of the market), Circle’s USDC around $74-76B. Growth has been driven by regulatory clarity in the U.S. and EU and a wave of institutional adoption.

This article is for anyone considering issuing a stablecoin, evaluating the infrastructure to do so, or trying to map the competitive field. It covers issuance models, regulatory frameworks, technical architecture, service providers, the new “stablechains,” step-by-step launch guidance, and the risks worth planning for.

How stablecoin issuance works Issuing a stablecoin means designing, launching, and operating a token where new units are minted only when equivalent reserves or collateral are locked up. Tokens can be burned (destroyed) when someone redeems. The issuer’s job is keeping that mint-burn cycle trustworthy, transparent, and compliant.

You can either build it yourself with custom smart contracts, banking partnerships, and compliance infrastructure, or use a turnkey platform (often called “Stablecoin-as-a-Service”). Most organizations in 2026 choose the turnkey route, at least to start. But understanding both matters. Even turnkey solutions force architectural decisions that stick with you for years.

Which issuance model fits? Every stablecoin starts with a model decision. Your choice determines capital requirements, regulatory burden, revenue mechanics, and risk profile.

Fiat-backed (custodial / off-chain reserves) The dominant model, accounting for over 90% of the market. Also the one regulators prefer.

Users or institutions deposit fiat (USD cash, Treasuries, repos, money market funds, or insured bank deposits) with the issuer or a qualified custodian. The issuer mints an equivalent number of tokens on-chain. When someone redeems, the tokens get burned and the reserves are released. Reserves sit in segregated, audited accounts.

The economics: issuers earn yield on reserves, primarily from short-term Treasuries. That’s how Circle, Tether, and Paxos make money.

The trade-off is centralization. You depend on banks and custodians, you need licenses, and you’re subject to ongoing audits. But for most businesses, this is the right starting point. USDC, USDT, PayPal’s PYUSD, and newer entrants like KlarnaUSD (issued via Bridge) all use this model.

Crypto-collateralized (on-chain, over-collateralized) Users deposit volatile crypto (typically ETH) into smart contracts at 120-200% collateralization ratios. Price oracles are central to this model. They’re external data feeds (Chainlink is the most widely used) that supply real-time asset prices to on-chain contracts. If oracle data is stale, manipulated, or delayed, liquidations can misfire or fail entirely, potentially threatening the peg. Oracle risk is one of the less-discussed but more dangerous failure modes in crypto-collateralized stablecoins. If the collateral ratio drops below a threshold, automatic liquidation kicks in. Minting and burning happen entirely through smart contracts.

This model is fully transparent and doesn’t need traditional banking relationships. The downside is capital inefficiency: you lock up significantly more value than you mint. Liquidation risk during volatile markets is real. MakerDAO’s DAI is the best-known example. Ethena’s USDe is a newer hybrid.

Revenue comes from stability fees and liquidation penalties rather than reserve yield.

Algorithmic / hybrid Pure algorithmic stablecoins use smart contracts to expand and contract supply through incentive mechanisms, with little or no collateral backing. After the TerraUSD collapse in 2022, this model is largely discredited. Most regulators have banned or restricted it. The EU’s MiCA framework prohibits purely algorithmic stablecoins outright.

Hybrids like FRAX combine partial reserves with algorithmic mechanisms, but adoption remains niche. Unless you have a very specific reason, avoid this model in 2026.

Tokenized deposits / bank-integrated Tokens represent direct claims on insured bank deposits or tokenized reserves on permissioned or public chains. JPMorgan’s JPM Coin (now JPMD) is the primary example. These stablecoins integrate directly with traditional banking rails.

The advantage is deposit insurance and the trust infrastructure of established banks. The downside is ecosystem lock-in and limited multichain reach. This model works best for large financial institutions that already have a banking charter and want to extend their rails onto blockchain.

Regulatory frameworks in 2026 Regulation is simultaneously the biggest barrier and biggest enabler of stablecoin issuance. If you don’t understand the regulatory environment, the rest of this article won’t matter much.

The global picture has converged around a few core requirements: 1:1 reserves in high-quality liquid assets, licensing, redemption rights at par, regular audits, and AML/KYC compliance. Most frameworks also restrict or prohibit yield payments directly to stablecoin holders, keeping the instrument classified as a payment tool rather than a security. But the specifics vary by jurisdiction, and the debate around yield-bearing stablecoins is active (the White House held closed-door meetings on this topic as recently as February 2026).

United States: the GENIUS Act and federal/state oversight The GENIUS Act, passed in 2025, created the first comprehensive federal framework for stablecoin issuance. Only “permitted” issuers can operate: FDIC-insured banks and their subsidiaries, or federally/state-qualified non-bank issuers.

An important structural detail: oversight is split between federal and state regulators depending on issuer type and size. Non-bank issuers with under $10B in circulation can be regulated at the state level under existing money transmitter frameworks. Larger issuers and bank-affiliated issuers fall under federal oversight via banking regulators, with the OCC playing a role for non-bank issuers at the federal level. It’s not a single-regulator model.

Requirements: 1:1 reserves in cash, Treasuries, repos, and insured deposits. Monthly attestations and annual audits for large issuers. Redeemable at par. No interest payments to holders under the current framework. Foreign issuers face restrictions unless their home jurisdiction has equivalence arrangements.

European Union: MiCA The Markets in Crypto-Assets regulation took effect across 2024-2025 and creates two categories: e-money tokens (EMTs, pegged to a single currency) and asset-referenced tokens (ARTs). Issuers must be EU credit institutions or authorized electronic money institutions. Reserves must be held in high-quality liquid assets at EU banks.

Pure algorithmic stablecoins are banned. Redemption at par is mandatory, often without fees. The ECB has oversight authority for systemically important stablecoins. Full authorization is required by July 1, 2026 for all issuers operating in the EU.

Other jurisdictions The UK is building its framework through FCA and Bank of England e-money rules, with caps for systemic stablecoins. Singapore requires a MAS license and full backing. Japan restricts issuance to banks and trust companies. Hong Kong has introduced HKMA licensing for HKD-pegged stablecoins.

The pattern across all of these: convergence on reserves, redemption rights, and licensing. Differences mainly come down to issuer eligibility and acceptable reserve assets. The U.S. favors Treasuries, the EU favors bank deposits.

Technical architecture: what a modern stablecoin stack looks like Whether you build or buy, you need to understand the components.

Core smart contracts Deployed on one or more blockchains (Ethereum, Solana, Algorand, others), these handle minting, burning, and transfer logic. For 2026 compliance, your contracts need role-based access control (minter, burner, pauser, blacklister, clawback roles), pause and freeze functionality for AML and sanctions enforcement, and blacklisting and clawback for court orders.

Most teams start with audited frameworks like OpenZeppelin’s ERC-20Upgradeable combined with Pausable, AccessControl, and UUPS proxy patterns for upgradeability. Some blockchains offer built-in compliance controls at the protocol level. Algorand, for instance, has native freeze and clawback functions that make it attractive for institutional issuers without requiring custom contract logic.

Advanced standards like Tempo’s TIP-20 (on their payments-first L1) add native protocol-level features: built-in mint/burn/transfer restrictions, RBAC, transfer memos for reconciliation, and native yield distribution, all without extra contract complexity.

Issuer backend system A secure, centralized system (typically API-driven) that authorizes minting and burning events. It verifies that fiat deposits arrived before instructing the smart contract to mint, and confirms burn events before releasing fiat for redemption. This is the operational core that ties on-chain activity to off-chain banking.

Custody and reserve layer Fiat and other reserve assets sit in custody accounts at regulated banks or trust companies. Qualified custodians provide regular attestations. Typical reserve composition includes cash, short-term U.S. Treasuries, repos, money market funds, and insured bank deposits. Increasingly, reserves also include tokenized Treasuries from providers like BlackRock, WisdomTree, and Superstate, which generate yield while maintaining liquidity. As a point of reference, Tether’s Q4 2025 attestation reported $141 billion in total U.S. Treasury exposure (direct holdings plus overnight reverse repos), making it one of the largest holders of U.S. sovereign debt globally.

Compliance and identity layer KYC/AML checks and transaction monitoring tools integrate with the issuance and redemption flow. Only verified users can mint or redeem. All on-chain activity gets screened for illicit finance. Blockchain analytics providers like Chainalysis and Blockaid are standard parts of the stack.

Fiat on/off-ramps The bridges between blockchain and traditional finance. Licensed money services businesses like Coinme provide the infrastructure to move funds between bank accounts, cards, and on-chain stablecoins.

Multichain deployment Most stablecoins in 2026 operate across multiple chains. You can deploy natively on each chain, use cross-chain bridges or interoperability protocols (Axelar, LayerZero, Circle’s CCTP), or issue on specialized payment-focused L1s. The choice depends on your target users and use cases.

Security Multiple independent audits are table stakes. Beyond that: timelocks on critical contract functions, multi-sig governance, invariant checks, and HSM or MPC-based key custody. Daily reconciliation between on-chain supply and off-chain reserves is standard practice, along with monthly attestations.

Stablecoin-as-a-Service providers Most businesses in 2026 use a turnkey provider rather than building from scratch.

Paxos The most established player, operating since 2018. Paxos is the issuer behind PayPal’s PYUSD and has partnerships with Interactive Brokers and other large enterprises. They handle regulatory compliance, reserve custody, and minting/redeeming technology across multiple blockchains.

They’ve processed over $180B in activity and focus on enterprise partnerships. Expect enterprise-level pricing to match.

Circle Circle is first and foremost the issuer of USDC, the second-largest stablecoin. They don’t offer white-label issuance of fully custom-branded stablecoins the way Brale or Bridge do. What they do offer is programmable wallets, Circle Mint for institutional USDC access, and the Circle Payments Network (CPN) for connecting financial institutions. If you want to build payment products on top of an existing, highly regulated stablecoin rather than issuing your own, Circle’s stack is the natural choice.

Circle supports 20+ blockchains, offers API-based integration, and charges transaction-based fees. Their cross-chain transfer protocol (CCTP) is a real differentiator for multichain deployments. Circle also went public on the NYSE in 2025, adding another layer of transparency.

Brale A U.S.-regulated issuance platform that lets businesses create and manage their own fiat-backed stablecoins. Brale acts as the legal issuer under its money transmitter licenses, handling custody, reserve management, and compliance while providing APIs for minting and burning across 20+ blockchains.

Good option for organizations that want a custom-branded stablecoin without building the regulatory infrastructure themselves. Revenue-share pricing model.

Bridge (Stripe-acquired) Bridge offers an Open Issuance API to launch and manage a branded stablecoin with minimal code. They handle reserves, liquidity, compliance, and fiat on/off-ramps. Stripe’s acquisition gives Bridge access to an enormous merchant network.

Bridge has received preliminary approval to establish a national trust bank, which would let them offer regulated custody and reserve management under a federal framework.

Coinbase Custom Stablecoins Launched December 18, 2025, this is Coinbase’s “stablecoin-as-a-service” offering. It lets businesses create custom-branded stablecoins backed 1:1 by USDC and other USD-stablecoins, with Coinbase handling issuance, smart contracts, compliance, and custody. First partners include Flipcash, Solflare, and R2. Separately, Coinbase is also powering stablecoin-denominated institutional funding for Klarna via USDC.

Important nuance: at launch, Custom Stablecoins use USDC as the underlying collateral rather than direct fiat reserves. That means Coinbase is acting as an issuance layer on top of Circle’s stablecoin, not as a direct fiat-to-stablecoin issuer like Paxos or Brale. Coinbase has applied for an OCC national trust charter, which could eventually allow it to custody reserves directly.

Frax Finance Known for its hybrid stablecoin model, Frax now offers “GENIUS-compatible” white-label infrastructure. Per project announcements, Sonic Labs used Frax’s framework to launch a USSD stablecoin backed by tokenized Treasuries. Frax provides modular smart contract infrastructure with built-in composability through LayerZero.

The DeFi-native option, designed for teams comfortable with on-chain tooling.

Stably A primary partner for blockchain platforms like Algorand and Stacks. Stably provides a Stablecoin-as-a-Service suite including fiat on/off-ramps, multi-chain issuance, and compliance. They specialize in stablecoins pegged to various fiat currencies beyond the dollar.

M0 M0 is a programmable stablecoin issuance protocol that separates token logic from reserve custody. It lets businesses build “stablecoin extensions,” which are custom-branded tokens with their own compliance rules, yield mechanics, and access controls, all built on a shared liquidity and interoperability layer. M0 raised a $40M Series B and has over $779M in on-chain supply minted. Bridge (Stripe) uses M0’s protocol under the hood for stablecoin issuance, as confirmed when MetaMask launched mUSD. MoonPay’s PYUSDx framework also runs on M0 infrastructure.

Worth watching closely. M0’s approach of decoupling reserve management from token issuance could become the default pattern for application-specific stablecoins.

Other providers worth noting Agora offers regulated stablecoin issuance with a trust-based approach. Bastion takes a similar regulated trust posture. Anchorage Digital is primarily a federally chartered crypto bank providing qualified custody and regulated banking services. It’s not a full stablecoin issuance platform, but it plays a role in the custody and compliance layer that issuers need. Fireblocks provides infrastructure and custody tooling (MPC wallets, workflow automation, settlement) across 100+ chains. It processes roughly 15% of global stablecoin volume and is used by 300+ banks and payment providers, but it’s infrastructure plumbing, not a legal issuer of stablecoins. BitGo offers qualified custody infrastructure. Cobo provides full-suite payment operations, combining MPC custody, payment APIs, and Wallet-as-a-Service across 80+ chains. Tassat focuses on tokenized deposits and real-time settlement for institutional digital asset operations, including its Link platform for real-time collateral and settlement workflows.

The stablechains: purpose-built L1s for stablecoin payments This is probably the most interesting development in stablecoin infrastructure right now. Starting in 2025, a new category of “stablechains” appeared: Layer-1 blockchains built specifically for stablecoin payments and issuance. Instead of deploying on general-purpose chains like Ethereum or Solana, issuers can use infrastructure where stablecoins are first-class citizens rather than an afterthought.

Three projects lead this category: Tempo, Circle Arc, and Tether Plasma. All three are EVM-compatible, target sub-second finality, and aim to make stablecoin transactions competitive with Visa, ACH, and SWIFT. They differ in philosophy, ecosystem, and who they’re designed for.

A word of caution: this category is very early. As of March 2026, only Plasma has a live mainnet with real production volume. Tempo and Arc are on public testnet with mainnet launches expected later in 2026. Performance claims (TPS targets, finality times) are based on testnet data or design targets, not proven production metrics at scale. Partnership announcements reflect stated intentions and early pilots, not necessarily live integrations processing real money. That said, the backers (Stripe, Circle, Tether) have the resources and distribution to make these projects matter, which is why they’re worth tracking closely.

Tempo Incubated by Stripe and Paradigm with over $500M raised. Tempo is a payments-first L1 that takes a deliberately neutral approach. No native token. Gas fees can be paid in any stablecoin through an enshrined AMM that auto-swaps to validators. Issuers aren’t forced into any single stablecoin ecosystem.

Tempo’s native TIP-20 token standard includes built-in mint/burn restrictions, protocol-level compliance (TIP-403 Policies), delegatable RBAC with on-chain audit logs, transfer memos for off-chain reconciliation, and native yield distribution. Design targets include 100,000+ TPS and roughly 0.6-second deterministic finality (no re-orgs), though these are pre-mainnet projections, not production-verified metrics.

Other protocol primitives: a Fee AMM (pay gas in any stablecoin, creating structural demand), a native stablecoin DEX for on-chain liquidity and FX (on roadmap), dedicated payment lanes with guaranteed blockspace, and account abstraction with passkey support.

Per Tempo’s announcement materials, the ecosystem roster includes Stripe, Shopify, Nubank, Klarna, DoorDash, Deel, Revolut, Visa, Anthropic, and Deutsche Bank. These are announced partnerships, not necessarily confirmed live integrations. Klarna’s involvement is separately confirmed through its Coinbase stablecoin funding announcement.

Status: public testnet live, mainnet expected H1 2026.

Best for issuers who want maximum flexibility, multi-stablecoin support, and deep payments integration with minimal vendor lock-in. Contact: [email protected].

Circle Arc Circle’s own L1, announced August 2025. Arc makes USDC the native gas token, creating a fully dollar-denominated chain. It uses Malachite BFT consensus for sub-second finality (around 780ms) and targets over 50,000 TPS.

The defining feature is a built-in FX engine with on-chain RFQ and PvP settlement, which makes it attractive for cross-currency treasury operations. Arc deeply integrates Circle’s stack: CCTP, native mint/burn, Gateway, and on/off-ramps. It also offers opt-in privacy designed for compliance-ready institutional use.

Partners include BlackRock, Visa, Goldman Sachs, Mastercard, HSBC, AWS, Coinbase, and OpenAI.

Status: public testnet with 100+ institutional participants, strong activity since October 2025. Mainnet expected 2026.

Best for institutions already in the USDC ecosystem, or those needing on-chain FX and capital markets infrastructure.

Tether Plasma The only stablechain with a fully live mainnet as of March 2026. Plasma is Tether’s chain, built around USDT with a zero-fee transfer model using a Paymaster contract. Sub-second finality at 1,000+ TPS. Over $373M raised.

Plasma supports 25+ stablecoins but is clearly USDT-centric. Per Tether’s communications, it has attracted significant deposits and become one of the larger USDT networks by balance. It includes a native Bitcoin bridge and optional confidential transactions. The ecosystem spans 100+ DeFi partners (including Aave) per project announcements.

Best for USDT-focused use cases, retail and emerging-market payments, and anyone who wants live production volume today.

How to choose between them The decision comes down to a few questions.

What’s your primary stablecoin? USDT points to Plasma. USDC points to Arc. Multi-stablecoin or custom-branded points to Tempo.

Who are your target users? Retail and emerging-market payments: Plasma. Enterprise and institutional capital markets: Arc. Fintechs, merchants, embedded finance: Tempo.

How much execution risk can you tolerate? Plasma is live but carries heavier regulatory scrutiny as a Tether-affiliated project. Tempo and Arc have strong backers but are pre-mainnet.

Many issuers are hedging by testing or launching on multiple chains simultaneously.

End-to-end launch stacks Several providers bundle token issuance, reserve management, compliance, and payment rails into a single integrated offering.

Polygon’s Open Money Stack bundles blockchain settlement, enterprise-grade wallets, and regulated fiat on/off-ramps (via Coinme) into one API. Transactions settle in under 2 seconds at roughly $0.002 each. Institutions can move money from a bank account into a stablecoin, settle on-chain, and convert back to fiat without juggling multiple vendors.

Cobo combines MPC custody, payment APIs, and Wallet-as-a-Service for high-volume stablecoin operations. It supports 80+ chains and plugs into existing treasury systems.

Brale’s unified platform lets an enterprise launch a stablecoin and have it instantly provisioned with on/off-ramps, pricing, APIs, and reporting, all under Brale’s regulatory umbrella.

Step-by-step: how to issue a stablecoin in 2026 The practical sequence, from concept to production.

1. Define purpose and structure. What is the stablecoin for? Payments, treasury management, loyalty programs, embedded finance? Your answer determines which issuance model, platform, and chain make sense. Fiat-backed is the right choice for most use cases. Pick your platform early since switching later is expensive.

2. Secure banking and reserves. Partner with qualified custodians or banks. Set up segregated 1:1 reserve accounts holding cash, short-term Treasuries, repos, money market funds, or insured deposits. Diversify across custodians where possible. Stress-test your liquidity for redemption spikes. Turnkey providers like Brale or Paxos handle much of this, but you still need visibility into the reserve structure.

3. Develop or integrate the technology. If building custom: write and audit your smart contracts (start with OpenZeppelin frameworks), implement compliance controls (RBAC, pause, freeze, clawback), choose your target chains, and get multiple independent security audits. If using a platform: integrate via API (Bridge, Brale) or deploy using native token standards (TIP-20 on Tempo).

4. Set up issuance and redemption flows. Mint tokens when verified fiat deposits arrive. Burn tokens on redemption and release corresponding reserves. Build continuous reconciliation between on-chain supply and off-chain reserves. Publish monthly attestations.

5. Ensure compliance and transparency. Obtain the necessary licenses (or confirm your turnkey provider holds them). Implement KYC/AML for all mint and redeem operations. Set up transaction monitoring. Publish reserve reports and audit results. Under the GENIUS Act, large issuers need monthly attestations and annual audits. MiCA requires full authorization by mid-2026.

6. Launch and distribute. Deploy on your target chain(s). Get listed on exchanges and DEXs. Provide initial liquidity. Monitor the peg continuously. Integrate into real payment flows: payroll via Deel on Tempo, merchant checkout through Stripe, remittance corridors.

7. Ongoing operations. This is where most of the work lives. Regular audits, risk monitoring, smart contract upgrades, regulatory reporting, and responding to compliance events (sanctions, court orders, suspicious activity). It never stops.

Provider comparison Provider Core capability Target customers Supported chains Complexity / cost Paxos Regulated issuance, custody, proven at scale Large enterprises, fintechs Ethereum, others Medium. High cost (enterprise contracts) Circle USDC issuer, programmable wallets, CPN, high liquidity Startups to enterprises 20+ chains Low. Transaction-based fees Brale Full-stack issuance, acts as legal issuer, multi-chain Startups to enterprises 20+ chains Low. Revenue-share pricing Bridge (Stripe) Open Issuance API, fiat on/off-ramps, Stripe distribution Enterprises, fintechs Multiple chains + Tempo Low. Transaction-based fees M0 Programmable issuance protocol, shared liquidity layer Developers, fintechs, wallets Ethereum, multi-chain Low-medium. Protocol-based Coinbase Custom Stablecoins Stablecoin-as-a-service, USDC-collateralized branded tokens Enterprises, fintechs Base, Ethereum (expanding) Low. Revenue-share Frax White-label modular infrastructure, RWA backing Blockchain networks, protocols EVM-compatible via LayerZero Medium. Variable cost Polygon End-to-end “Open Money Stack” Institutions, payment companies Polygon, multi-chain via Agglayer Low. Volume-based pricing Cobo Enterprise payments, MPC custody, treasury automation High-volume institutions 80+ chains Medium. Institutional pricing Fireblocks Infrastructure/custody tooling, MPC wallets, settlement (not an issuer) Large institutions 100+ chains Medium. Institutional licensing Stablechains comparison Aspect Tempo Circle Arc Tether Plasma Backing Stripe + Paradigm ($500M+) Circle Tether/Bitfinex ($373M+) Status (March 2026) Public testnet, mainnet H1 2026 Public testnet, mainnet 2026 Mainnet live Performance 100k+ TPS target (unverified), ~0.6s finality (design) 50k+ TPS target, ~780ms finality (testnet) 1k+ TPS, sub-second finality (production) Gas model Any stablecoin (no native token) Native USDC USDT-native + Paymaster (zero-fee USDT) Stablecoin focus Issuer-agnostic, multi-stablecoin USDC-centric USDT-centric (25+ supported) Key primitives Stable DEX, payment memos, dedicated lanes, TIP-20 FX engine, opt-in privacy, CCTP integration Zero-fee USDT, Bitcoin bridge, confidential txs Target users Fintechs, merchants, embedded finance Institutions, capital markets Retail, emerging markets, DeFi Real-world examples A few cases that show how this infrastructure comes together in practice. Note: some of these are announced projects or early-stage deployments, not fully scaled production systems. Where possible, I’ve verified against public announcements and press coverage.

MetaMask USD (mUSD) on M0/Bridge. Announced August 2025 by Consensys, MetaMask’s native stablecoin is the first issued by a self-custodial wallet. It uses Bridge for issuance and reserve management with M0’s protocol for the on-chain infrastructure. Planned to launch on Ethereum and Linea, with spending via MetaMask Card at Mastercard merchants.

Klarna’s stablecoin initiatives. Klarna partnered with Coinbase in December 2025 for USDC-denominated institutional funding. Separately, Tempo’s announcement materials list Klarna as an ecosystem partner launching “KlarnaUSD” via Bridge on Tempo, but public documentation of that specific deployment is limited beyond Tempo’s own communications. Worth monitoring but not yet a confirmed live product.

Sonic Labs’ USSD via Frax. Per Frax and Sonic project communications, Sonic used Frax’s white-label infrastructure and backed USSD with tokenized Treasuries. Independent documentation is thin, but it illustrates the modular approach: a blockchain network launching a native stablecoin by composing existing infrastructure rather than building from scratch.

Stablecorp’s QCAD. A Canadian dollar stablecoin that uses VersaBank as federally regulated custodian for reserves through VersaBank’s VersaVault platform. Stablecorp manages issuance and compliance while leaning on established banking infrastructure for credibility.

Stable Sea with BitGo. A B2B infrastructure platform that partners with BitGo for regulated custody and trading. Newer platforms can assemble best-in-class services from existing providers rather than building everything internally.

Risks worth planning for Good infrastructure reduces risk. It doesn’t eliminate it. Here’s what actually goes wrong.

Depegging. Market shocks, collateral liquidation cascades, or loss of confidence can push a stablecoin off its peg. Even fiat-backed stablecoins aren’t immune. USDC briefly lost its peg in March 2023 when Silicon Valley Bank failed with a portion of Circle’s reserves held there.

Custody and banking failures. Your stablecoin is only as safe as your custodian. Diversify where possible and understand the insolvency protections (or lack thereof) for your reserve accounts.

Smart contract bugs. A vulnerability in your minting or burning logic can be catastrophic. Multiple independent audits are the minimum. Timelocks, multi-sig controls, and bug bounty programs add layers of defense.

Regulatory changes. The GENIUS Act and MiCA are still relatively new. Rules will evolve. Non-compliance carries real consequences: fines, loss of license, blocked market access. Build compliance into the product from day one, not as an afterthought.

Sanctions and illicit finance exposure. Stablecoins are tools, and bad actors use them. You need transaction monitoring and the ability to freeze or clawback assets when legally required.

Operational risk. Stablecoin operations run around the clock. Reconciliation errors, oracle failures (for crypto-collateralized models), and infrastructure outages compound quickly.

Algorithmic model risk. If you’re considering an algorithmic or lightly collateralized design, this carries the highest systemic risk. The TerraUSD collapse proved that incentive mechanisms alone can’t maintain a peg under stress.

Best practices for 2026 issuers Automate reconciliation between on-chain supply and off-chain reserves. Manual processes break at scale.

Use bankruptcy-remote structures for reserve accounts. If your company has financial trouble, the reserves should be legally protected for token holders.

Build compliance into the product. Freeze, clawback, and blacklisting capabilities aren’t just regulatory checkboxes. They’re what institutional customers and regulators look for before working with you.

Partner with blockchain analytics providers from day one. Chainalysis, Blockaid, and similar firms provide transaction monitoring that regulators expect.

Publish clear redemption policies. Specify timelines, fees (if any), minimum amounts, and the process for large redemptions. Ambiguity erodes trust.

Start with a USD peg for maximum liquidity and market access. Non-USD pegs have their place, but infrastructure, liquidity, and regulatory clarity are all strongest for dollar stablecoins.

Plan for multichain or dedicated-chain deployment from the start. Retrofitting cross-chain support later is painful.

Consider starting on a turnkey platform or specialized L1 for speed, then evaluate custom infrastructure as you scale.

Where this is heading The infrastructure to launch a compliant stablecoin in 2026 exists. You can go from concept to live product in weeks through turnkey providers and purpose-built L1s. That speed would have been absurd even two years ago.

The decisions you face: which issuance model fits (fiat-backed for almost everyone), which platform or chain to deploy on (determined by your target users and stablecoin preference), and how much infrastructure to own versus rent.

White-label platforms like Bridge, Paxos, Brale, and Coinbase, issuance protocols like M0, or payments-optimized L1s like Tempo, offer the lowest barrier for most businesses. Custom builds still make sense for large institutions that need complete control and have the engineering team to maintain it.

One thing I’d flag: the temptation to over-engineer early is strong, especially for technical teams. The businesses actually getting stablecoins into production in 2026 are the ones that started with a turnkey provider, shipped, and iterated from there. The fundamentals, robust reserves, transparent operations, and clear redemption policies, matter more than the specific technology stack underneath.

Top 1 On-Chain Liquidation: ETH Bull Whale Hit With 4 Consecutive Forced Liquidations, $14.11 Million in Positions Liquidated

According to Hyperinsight monitoring, today’s largest liquidation on the Hyperliquid platform involved a high-leverage Ethereum (ETH) long whale. The address opened a long position yesterday when ETH was trading at roughly $1,661, and immediately incurred losses after entry. Triggered by ETH’s short-term dip below $1,600 in the early hours of today, the whale faced four consecutive liquidations, resulting in the forced closure of a total of 8,734 ETH positions valued at approximately $14.11 million. The address now holds less than $150,000 in remaining funds, with all positions fully cleared. Address: 0x1cb0b187c14a8c0fb36ca0dcbb775dcc7f02b408

2 minutes ago

A certain on-chain address opened long positions in BTC, ETH, and silver, and purchased $10.699 million worth of BTC and ETH spot.

According to on-chain analyst Ai Yi (@ai_9684xtpa)’s monitoring, address 0x960…3f0fc simultaneously went long on both futures and spot positions this early morning, opening long positions of 102.55 BTC, 954.38 ETH, and 8,790 silver units, with total position value around $8.29 million. It also purchased spot BTC and ETH worth approximately $10.699 million. Its current take-profit levels are set at $63,000 for BTC and $1,650 for ETH.

2 minutes ago

A whale that reaped over $23.77 million in profits from the Basic Attention Token (BAT) ICO has reawakened after six years of dormancy, offloading 12,600 ETH in the past two days.

According to monitoring by EmberCN, a whale address that participated in the BAT ICO in 2017 and generated approximately $23.77 million in total profits has started selling ETH recently after six years of inactivity. Over the past two days, the address has sold 12,586 ETH, receiving 20.59 million USDS in exchange, at an average selling price of roughly $1,636. The whale invested 17,789 ETH in the BAT ICO in May 2017, acquiring around 113.8 million BAT. It then sold BAT gradually over approximately two and a half years at an average price of $0.245, netting about $23.77 million in profits, with some of the BAT converted into 27,586 ETH. Since then, the ETH has remained inactive for a long time until it resumed reducing its holdings recently. Currently, the address still holds around 15,000 ETH, valued at approximately $24.29 million.

2 minutes ago

Japanese storage firm Kioxia plans to list American Depositary Receipts (ADRs) in the U.S. in April or May next year.

Market news: Japanese storage chip maker Kioxia plans to list its American Depositary Receipts (ADRs) in the U.S. in April or May next year. (Jinshi)

2 minutes ago

Micron's earnings report lifts SK Hynix's stock price 11%, trader 'yixie' expands their unrealized profit to $1.3 million.

According to Hyperinsight monitoring, Micron’s Q3 financial results exceeded all expectations, driving peer SK Hynix’s stock to rally nearly 11% from its recent low. On the Hyperliquid platform, SKHYNIX is currently trading at $1,821, up 6.2% in the past 24 hours. Prominent trader yixie (X: @yixie10) nearly doubled his principal during this rally; he is now holding a 2x long position of 2,289 SKHYNIX contracts at an average entry price of ~$1,239.9. Fueled by the rally, the position’s unrealized profit has expanded to $1.37 million, a 96% gain. As of press time, the trader boasts an 85% win rate in semiconductor storage stock trades since opening positions this year, with total historical profits of $6.68 million, including $4.25 million from Micron Technology trades. Address: 0xa65ce1d604fa901c13aa29f2126a57d9032e412b – HyperInsight Bot is now live. Add @HyperInsightBot to your Telegram group and set it as an admin (enable message sending permission) to automatically sync on-chain news.

2 minutes ago

STRC drops to near $80, marking another new all-time low.

According to Bitget market data, Strategy’s preferred stock STRC has dropped to a low of $80.26, hitting a new all-time low since its listing. Calculated based on a $100 par value, the current discount has reached 20%.

2 minutes ago

The DeFi mullet — Fintech needs DeFi in the back

Upbit Deposit and Withdrawal Resumption Announced for December

AgentLayer Review: Exploring the Autonomous AI Agent Network

SSV Network Boosts Ethereum Decentralization with Commit-Boost

SSV Network to create ‘based’ apps infrastructure for Ethereum

BeInCrypto community recently had the pleasure of hosting Alon Muroch, SSV Labs Founder and a key contributor to SSV Network, in an insightful AMA session. As SSV celebrates its first year, Alon shared exciting developments, including the groundbreaking SSV2.0 upgrade and the introduction of Based Applications (bApps). Here’s a recap of the session, highlighting the major takeaways.

A Year of Growth and Success SSV Network has experienced rapid adoption, securing over 2 million ETH and establishing 1,200+ globally distributed node operators. Major projects like Lido, ether.fi, and various exchanges are already leveraging the network.

Introducing SSV2.0: A New Era for Ethereum Security With SSV2.0, the focus shifts from traditional staking and restaking to an innovative concept called Based Applications (bApps). These applications allow developers to tap directly into Ethereum’s validator set to secure various out-of-protocol services.

“Essentially, if you build something important like Oracles, Co-processors, AI agents, bridges, data availability, etc., you should get as close to Ethereum’s security as possible. That’s how the SSV2.0 roadmap was created, revolving around ‘Based Applications’, or bApps in short.” — Alon explained the shift

How bApps Revolutionize Security SSV2.0 extends validator participation beyond Ethereum, enabling multi-chain validation across Solana, Cosmos, and even Bitcoin. This approach transforms validators into a new asset class, fostering a more collaborative and secure ecosystem.

Risk Expressive Model (REM): It allows validators to allocate security based on a bApp’s specific needs dynamically. Based Applications Chain: A neutral app chain that enables multiple L1 validators to contribute security. Yield Opportunities: Validators can now opt into securing multiple bApps without slashing risks, creating a win-win model for both stakers and developers. The Economic Shift: SSV Tokenomics in SSV2.0 The upcoming changes in SSV economics introduce three new fee categories—validator operations, bApp security, and gas fees for the Based Applications Chain. This evolution will drive higher demand for the SSV token, making it ultra-sound (deflationary) similar to Ethereum.

“Currently SSV is used for paying fees for running validators on the SSV network. SSV2.0 will introduce two more fee categories (bApps and gas fees for the chain). That’s more than tripling the fees collected. Some of the collected fees (in SSV) will also be burnt.” — Alon elaborated

Bridging Multi-Chain Security SSV2.0 introduces a paradigm shift, allowing blockchain validators to collaborate in securing key infrastructure like oracles and bridges. This unlocks cross-chain security and enhances decentralization across different ecosystems.

“Imagine Solana and Ethereum validators working hand in hand to secure a really big oracle service between the two chains… That’s a type of collaboration that is not possible today. Multi-chain validators in SSV2.0 will usher in a new era of collaboration and a type of security which is greatly missing. Potentially that can even mean that Ethereum validators will secure Solana, and Solana validators will helpe secure Ethereum” — Alon illustrated the vision.

Incentivizing Developers & Ecosystem Growth SSV’s early adoption success stems from strategic incentives and partnerships. The SSV DAO has played a crucial role in onboarding developers, and Alon hinted at major incentive programs coming soon to further accelerate bApp development:

“We have some very big plans that I can’t disclose yet, haha. But I think the SSV DAO did an excellent job in incentivizing devs in the early days of SSV, which brought us to 2M ETH staked. I’m confident we can replicate that.” — Alon added.

Final Thoughts SSV2.0 is set to redefine blockchain security by making decentralized validation more accessible, capital-efficient, and multi-chain. The introduction of bApps, REM, and the Based Applications Chain marks a monumental leap for Ethereum’s security landscape.

“Based applications will profoundly change the restaking market and give rise to the Based Economy, unifying Ethereum and unlocking new sources of yield for validators.” — Alon said.

Stay tuned for further updates, and be sure to explore SSV Network’s website to get involved!

Now is not the time for a restaking revival

No Ethereum or Solana, Only Bitcoin For Twenty One Capital | US Crypto News

Updated Sep 11, 2025, 7:36 a.m. Published Sep 10, 2025, 6:09 p.m.

2 min read

Summary

Ethereum experienced a rare slashing event on Wednesday, with 39 validators penalized, according to blockchain explorer Beaconcha.in.The validators were tied to the SSV Network, a distributed validator technology (DVT) protocol that decentralizes staking infrastructure by splitting validator keys across multiple operators.Despite the scale of the incident, SSV founder Alon Muroch emphasized that the protocol itself was not compromised. Instead, the penalties stemmed from operator-side infrastructure issues involving third-party staking providers using SSV.Ethereum experienced a rare slashing event on Wednesday, with 39 validators penalized, according to blockchain explorer Beaconcha.in.

The validators were tied to the SSV Network, a distributed validator technology (DVT) protocol that decentralizes staking infrastructure by splitting validator keys across multiple operators.

Despite the scale of the incident, SSV founder Alon Muroch emphasized that the protocol itself was not compromised. Instead, the penalties stemmed from operator-side infrastructure issues involving third-party staking providers using SSV.

One cluster of slashed validators was tied to Ankr, a liquid staking provider. According to Muroch, routine maintenance on Ankr’s systems triggered the event. A second slashing involved a validator cluster that had migrated from Allnodes two months earlier. Investigators believe a secondary validator setup caused the duplicate signing that led to penalties.

In total, 39 validators were slashed, making this one of the largest correlated slashing events since Ethereum’s transition to proof-of-stake. Each validator slashed faces an immediate ETH penalty and could face inactivity leaks, compounded losses. One validator, backed by a 2,020 ETH stake, lost around 0.3 ETH, or about $1,300 at today’s prices, in the process.

While slashing is built into Ethereum’s design as a deterrent against malicious or negligent behavior, it remains exceedingly rare. Fewer than 500 validators out of more than 1.2 million active have been slashed since the Beacon Chain went live in 2020. Most incidents, including this one, have been traced to operator issues rather than deliberate attacks.

Mass slashings are particularly notable because correlated misbehavior increases the severity of penalties. Ethereum’s protocol enforces additional inactivity leaks when groups of validators are slashed together, amplifying the financial impact.

For Ethereum’s staking ecosystem, the latest wave underscores a familiar but critical lesson: validator safety hinges as much on infrastructure and operator diligence as on the protocol itself. Even when the underlying software is uncompromised, operational errors can have costly and very public consequences.

Read more: ‘Keep It Simple’: Prevent Your Eth 2.0 From Being Slashed

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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SSV Network DAO today unveiled Compose, a new addition to its ecosystem that aims to stitch together Ethereum’s increasingly busy but fragmented rollup landscape. Built as a “based application” (bApp) that extends the role of Ethereum validators, Compose promises instant, atomic composability across all rollups. It is a capability its backers say will make it feel as if tokens and dApps live on a single, unified layer rather than on separate islands.

The timing could not be more consequential. Ethereum’s rollup-first roadmap has succeeded in driving much higher throughput and much lower transaction costs, but that success has also produced a new problem: a mosaic of ecosystems, Base, Arbitrum, Optimism and others. that don’t always talk to one another cleanly.

Users contend with slow or risky bridges, wrapped assets, lumpy liquidity and long withdrawal windows. Compose addresses that fragmentation in the industry by using validators to coordinate cross-rollup interactions that are synchronous and atomic, so a swap or transfer can complete across rollups without lingering middle steps or trust-heavy bridges.

Alon Muroch, CEO of SSV Labs, framed the launch as more than a feature release: it’s an attempt to preserve the network effects that made Ethereum valuable in the first place. “More rollups mean a more vibrant Ethereum ecosystem. However, realising Ethereum’s rollup-centric roadmap at scale requires preserving sovereignty, decentralisation, and unity across all layers of the ecosystem,” Muroch said, arguing that if each rollup grows in isolation, the broader platform risks fragmentation.

He added that Compose can let validators power cross-rollup coordination and seamless application interactions while keeping each rollup sovereign. Technically, Compose expands the validator’s job beyond simply signing attestations. Validators on SSV’s network will be able to act as publishers, participating in cross-rollup message passing and coordination, and they’ll receive extra rewards for doing so.

The approach builds directly on SSV’s Distributed Validator Technology (DVT), which already fragments validator duties across multiple operators for fault tolerance and decentralization. With Compose, SSV says those same validator networks can orchestrate synchronous, cross-L2 transactions without sacrificing decentralised security guarantees.

Next Step in the Evolution of Rollups If it works as advertised, Compose could upend a multi-billion-dollar industry: bridges. Today’s bridges often rely on optimistic assumptions, long withdrawal delays, or custodial arrangements to move assets between L2s; Compose promises instant, atomic transfers of any token on any dApp, on any rollup, removing many of the reasons users rely on wrapped assets or third-party bridge liquidity.

That shift would change how developers design multi-rollup dApps and could create a more seamless experience for users who expect one-wallet, many-rollups simplicity. The launch is also a scale statement: SSV is already a major player in Ethereum staking infrastructure. The network secures a material slice of the validator set, SSV’s own communications place it at roughly 14% of Ethereum’s validators with about 5 million ETH staked, positioning it to leverage that scale as it turns validators into coordination engines for rollup interoperability.

SSV Network’s DVT has long been adopted by staking protocols, node operators and exchanges; Compose looks to be the next step in that evolution. For now, Compose’s rollout begins digitally with an alpha and awareness campaign; the SSV DAO has signaled the community-driven nature of the effort and the team points readers to the Compose website and X channels for details and updates.

Whether Compose becomes the plumbing that lets Ethereum’s diverse rollups behave like one composable whole will depend on real-world integrations and how quickly developers and validators adopt the publisher model. Still, for an ecosystem wrestling with fragmentation at scale, Compose is an ambitious attempt to make cross-rollup interaction feel native instead of an afterthought.

AUTHOR

Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.

SSV Network Launches Compose to Enhance Ethereum Interoperability

Table of contents

SSV Network has unveiled a new project called Compose Network, pitching it as the “holy grail of Ethereum interoperability” and a layer that will connect rollups rather than compete with them. Announced in a spirited post on X, the team positioned Compose as a continuation of SSV’s infrastructure work, built on its validator stack and meant to enable atomic, instant coordination across Ethereum’s various rollups.

According to SSV’s announcement, Compose is a coordination layer at the execution layer: it lets actions that span multiple rollups execute together, or not at all. The core promise is straightforward but consequential. Deposit to Rollup A, swap on Rollup B, bridge back to Rollup A; all of those steps would settle together, atomically, in a single coordinated flow. No long waits on bridges, no fragmented liquidity across siloed rollups, just instant finality backed by fast zk proofs and secured by Ethereum.

SSV framed Compose not as a pivot but as an “SSV-native initiative.” The team says it builds on the group’s earlier work on distributed validator technology (DVT) and on the notion of “Based Applications” that SSV introduced earlier this year. By extending those ideas, Compose aims to give SSV validators a new role: powering cross-rollup coordination and earning additional incentives for doing so. In SSV’s view, that will create more use cases, increase demand for validators, and strengthen network effects while attracting a growing ecosystem to build on top of the infrastructure.

The company emphasized that SSV Labs and the SSV DAO remain committed to advancing DVT and to the network’s core roadmap, portraying Compose as the next logical step in both SSV’s roadmap and Ethereum’s evolution. “Compose isn’t just about faster transactions,” the post reads, “It’s about restoring the Ethereum experience, where everything works together again. Atomic. Synchronous. Instant. Composable.”

From DVT to interoperability Technically, Compose promises to stitch rollups at the execution layer using a combination of fast zero-knowledge proofs and SSV’s validator security. That architecture is intended to deliver the kind of atomic cross-chain experiences users and developers have long sought: multi-step flows that either complete in full across rollups or fail cleanly, without leaving funds stranded mid-bridge. If Compose delivers on its claims, developers would be able to design multi-rollup applications that behave as if they were deployed on one unified Ethereum, rather than a patchwork of separate environments.

SSV’s announcement also teased a broader play: by enabling synchronous composition across rollups, the project aims to make Ethereum scale horizontally via rollups while preserving a vertically unified user and developer experience. The blog post linked by SSV promises more technical detail and context for teams that want to learn how Compose will work and who will be able to build on it.

To answer questions from the community, SSV invited followers to a community call and pointed readers to its Discord channel. The team also encouraged people to follow Compose Network on X for updates as the project moves from announcement toward implementation. The introduction of Compose comes at a moment when Ethereum’s roadmap increasingly relies on rollups for scaling, and the ecosystem is hungry for better cross-rollup primitives. Bridges have long been a pain point; slow finality, liquidity fragmentation, and complicated user flows have frustrated both builders and end users.

By promising instant, atomic multi-rollup transactions, Compose isn’t trying to be another rival rollup; it’s pitching itself as the glue that actually makes rollups work together. The idea is simple: stitch different rollups into a single, seamless experience so users and builders don’t have to wrestle with slow bridges or fragmented liquidity.

Of course, whether Compose can pull it off comes down to the gritty details, the implementation, how validator rewards are structured, and whether SSV can produce fast, reliable zk proofs at scale. Still, the announcement feels like a bold step: moving interoperability from basic message passing to true atomic execution. If it succeeds, it could change how multi-rollup apps are built and, more importantly, how they feel to use across Ethereum.

AUTHOR

Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.

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Centrifuge, a real-world asset (RWA) solution and a Parachain, has a plan for Polkadot, a smart contracts platform. In a proposal, the RWA platform suggests that the newly created Polkadot Community Foundation allocates $3 million USDC to their T-Bill pool. This pool is held within the Anemoy Liquid Treasury Fund and aims to serve multiple objectives.

Centrifuge Wants Polkadot To Invest $3 Million In T-Bills In their proposal, allocating the $3 million to T-Bill as an investment will benefit the broader ecosystem. Of note, it will help boost the long-term sustainability of the Polkadot Treasury. This is because the T-Bill pool will generate stable yields from real-world assets, thereby further increasing the financial health of the Treasury.

Though the funds will be from the foundation, Centrifuge argues that injecting the $3 million USDC into the T-Bill pool will help increase the network’s total value locked (TVL). Subsequently, this will also expand the Treasury’s assets.

The foundation might consider investing in RWAs, as proposed by Centrifuge, as it could foster the growth of this technology within Polkadot, pushing adoption and growth as a result.

Laying out their proposal, Centrifuge said if the foundation decides to invest, it would align with their previous investment in the Anemoy Liquid Treasury Fund. In turn, this may offer a unique opportunity for Polkadot to diversify and expand its investment basket. It is especially now that tokenization and RWA is picking up momentum.

RWA Picking Up Steam, Will DOT Reverse Losses? BlackRock, one of the top asset managers in the world, is one of the leaders in tokenizing treasury bills. On Ethereum, the manager has launched BUIDL, a platform where institutions can invest in tokenized Treasury bills. As of September 10, BUIDL is the largest tokenized Treasuries provider, managing over $514 million, according to RWA.xyz.

BlackRock BUIDL TVL | Source: RWA.xyz The proposal is so far garnering community support. Roughly a week before the decision, over 53% agreed with this proposal. However, some community members are expressing concerns.

Most of them point to the potential risks and the negative implications of this on the network’s Treasury. One concern is that if this is approved, it could increase DOT spending requests, eventually depleting its reserves.

While the prospect of RWA taking off in Polkadot is bullish, DOT is still under pressure. From the daily chart, DOT is down roughly 65% from March highs. It is also in a descending channel and retesting multi-month support.  

Polkadot price trending downward on the daily chart | Source: DOTUSDT via Binance, TradingView The primary support lies at around $3.5. On the upper end, resistance is at $5. A break above this line will lift sentiment, propelling the coin towards $6.5 in a buy trend continuation formation.

Feature image from Unsplash, chart from TradingView

The Centrifuge token surged to its highest level since January ahead of an upcoming token migration and a sharp rise in assets within its ecosystem.

Centrifuge (CFG) jumped to a high of $0.2850 on Friday, up 180% from its lowest point this year. The surge pushed its market capitalization to over $106 million.

The rally comes ahead of the scheduled migration of the Centrifuge governance token to Ethereum (ETH) on May 20. This marks a major milestone as the network moves toward full Ethereum Virtual Machine compatibility.

The migration is expected to pave the way for the launch of an Ethereum-native Centrifuge Protocol.

The developers hope that the transition from Polkadot (DOT) to Ethereum and Base will improve its governance, broaden exchange and decentralized finance integration, and streamline liquidity. 

As part of the migration, the supply of CFG will increase from the current 560.246 million to 675 million. The additional 115 million tokens will be allocated to the Centrifuge Foundation to fund incentives targeted at decentralized finance users, strategic initiatives, and exchange liquidity. The protocol will maintain its 3% annual inflation rate.

The next chapter for $CFG is here.

Starting May 20, 2025, holders of CFG and wCFG will be able to migrate to the new CFG token, designed to support governance and expansion of the Centrifuge protocol.

The migration window will remain open until November 30, 2025.

More details…

— Centrifuge (@centrifuge) May 12, 2025 The token also rallied as the total value locked in Centrifuge’s ecosystem rose to a record $441 million, up from less than $100,000 in March. Most of this capital is in the Janus Henderson Anemoy Treasury Fund, which invests in short-term U.S. Treasury bills.

Centrifuge price analysis CFG price chart | Source: TradingView On the daily chart, CFG climbed to $0.2735 on Friday as anticipation over the token migration intensified. The level is significant, as it coincides with the lowest swing point from October last year.

The MACD indicator has recently crossed above the zero line, and the Relative Strength Index has entered overbought territory.

Given this setup, the token is likely to continue its climb, potentially reaching resistance around $0.50 ahead of the migration. A pullback may follow the event as investors take profits in a classic “sell the news” scenario.

Ondo Finance continues solidifying its name in the RWA space, with the network’s TVL soaring past the $500 million threshold.

It comes as real-world assets tokenization gains mainstream attention, with crypto-focused companies, global bankers, and asset managers front-running this interest.

ONDO Thrives on Real World Assets Tokenization BuzzOndo Finance’s Total Value Locked (TVL) has exploded 43% since May, moving from $352.67 million on May 1 to $506 million on June 6.

TVL is an important metric used to measure the adoption and success of decentralized finance platforms. The surge in Ondo Finance TVL indicates a significant increase in assets deposited into the protocol. It highlights growing interest, market confidence, increased activity, and the potential for ONDO price increase.

According to CoinGecko, ONDO stands out as the leader in RWA coins, boasting a market capitalization of $2 billion, which represents 21% of the $9.3 billion sector. Other prominent tokens include Pendle (PENDLE), MANTRA (OM), XDC Network (XDC), and Polymesh (POLYX).

Read More: What Are Tokenized Real-World Assets (RWA)? Everything You Need to Know

ONDO TVL. Source: DefiLlamaThe recent surge in TVL can be attributed to the growing interest among crypto-focused companies, global bankers, and asset managers in bringing traditional financial instruments such as bonds, funds, or credit to blockchains. Among them, BlackRock launched its tokenized treasury bond, BUIDL, on the Ethereum network.

Recognizing the fundamental potential of tokenizing securities to transform capital markets, the US Congress is acknowledging TradFi’s integration into the blockchain. In a Wednesday hearing, the US House Financial Services Digital Assets Subcommittee discussed the tokenization of RWAs, highlighting divergent views on the topic.

Read More: What is The Impact of Real World Asset (RWA) Tokenization?

ONDO Price OutlookOndo’s native token is trading with a bullish bias, with immediate support at $1.36, defending the 23% gains made in the last seven days. In the previous 24 hours, the RWA token price is up almost 3% amid ongoing bullish efforts toward further upside. Notably, the next directional bias is contingent on how ONDO bulls play their hand as they contend against the $1.44 roadblock that has held as resistance for six consecutive days.

The Relative Strength Index (RSI) positions at 69, sustaining the higher low points to strong bullish momentum. If the RSI holds above the ascending trendline, the Ondo Finance price could extend a neck higher.

A stable candlestick close above $1.44, where the ONDO price effectively closes above the centerline of the ascending parallel channel, would increase the chances for further upside. This could potentially lead the token to reach a new all-time high of $1.60.

Read more: Real World Asset (RWA) Backed Tokens Explained

ONDO/USDT 1D Chart. Source: TradingViewThe Moving Average Convergence Divergence (MACD) is notable above the signal line (orange band). This indicates that the short-term moving average is above the long-term moving average, which usually suggests a bullish momentum in ONDO’s price.

However, a closer look reveals a dropping RSI and a weak MACD, indicating seller momentum. Therefore, a price correction could happen. If the $1.36 support level breaks, ONDO Finance could drop to test the $1.16 support level, but only a daily candlestick close below $0.98 would invalidate the bullish outlook.

2026.05.21 11:22:52

May 21. On May 20, the U.S. Spot Hyperliquid ETF notched $25.5 million in net inflows—its largest single-day haul since launch. In the days leading up to that date, the ETF had posted net inflows of $4.4 million on Monday and $11 million on Tuesday. Data shows the 21Shares Hyperliquid ETF (THYP), which launched on May 12, brought in $16.7 million in net inflows that same day—up from the $5.3 million it saw the prior day. The Bitwise Hyperliquid ETF (BHYP), launched on May 14, took in $8.8 million, a jump from the $5.7 million it recorded the day before. Over its first seven trading days, the entire category has pulled in a total net inflow of $54 million. Peter Chung, research director at Presto Research, noted that when adjusted for market capitalization, institutional flows into the HYPE ETF have outpaced the speed of inflows into Bitcoin ETFs so far this year. Dominick John, an analyst at Zeus Research, added that these inflows signal investors are capitalizing on entry points tied to the infrastructure narrative, while recognizing the asset’s transparent, usage-driven revenue model. Fueling this momentum, HYPE’s token price surged 17.3% in the past 24 hours to $55.91, with a current market cap of roughly $13.4 billion. The token previously hit an all-time high of around $59.3 in September 2025. Per CoinGecko data, HYPE’s fully diluted valuation briefly reached about $54.7 billion, momentarily surpassing Solana’s $54.2 billion valuation at the time. Tim Sun, a senior researcher at HashKey Group, believes the sustained inflows into the HYPE ETF show the market is forming a new consensus: decentralized trading platforms are starting to be integrated into broader overhauls of financial infrastructure. Jeff Ko, chief analyst at CoinEx, pointed out that HYPE and its related ETFs have structural investment logic distinct from Bitcoin and Ethereum. He explained: Bitcoin acts as a non-yielding store of value; Ethereum centers on staking rewards; HYPE, meanwhile, operates more like equity in a cash-flow-generating trading platform—since the protocol uses most of its fees for open-market token buybacks, giving investors a more familiar valuation framework to work with. On-chain metrics confirm Hyperliquid has become a dominant player in on-chain perpetual contract and derivative trading. So far this week, the network has captured approximately 42% of total blockchain fees, outperforming Tron (22.6%), Solana (10.6%), and Ethereum (8%) in that key metric.

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In the first week of December 2025, Coinbase—the largest US exchange—added five new assets to its listing roadmap. This move signaled a positive shift in recovering demand from US investors.

Additionally, Bithumb listed new altcoins. Although market sentiment remains fearful. However, several indicators show that US investor appetite is improving.

Coinbase and Bithumb Add New AltcoinsIn a new announcement, Coinbase revealed that five new assets have been added to its listing roadmap.

The roadmap is a list of tokens that Coinbase is evaluating for potential future listing. Coinbase emphasized that listing depends on support from market makers and the availability of sufficient technical infrastructure. The exchange will announce the trading schedule later.

Assets added to the roadmap today: Humidifi (WET), zkPass (ZKP), Plume (PLUME), Hyperlane (HYPER), and Jupiter (JUPITER)https://t.co/lyEugQo7Cv

— Coinbase Markets 🛡️ (@CoinbaseMarkets) December 2, 2025 The newly added altcoins include:

Humidifi (WET) – the largest decentralized exchange (DEX) on Solana by volume, handling over $1 billion in daily trading. zkPass (ZKP) on Ethereum (ERC-20), known for zero-knowledge proof technology that enhances data privacy. Plume (PLUME) on Ethereum, an RWAfi (Real World Assets Finance) platform integrating with Circle’s Arc testnet. It aims to connect traditional finance with DeFi. Hyperlane (HYPER) on the Base network, enabling cross-chain communication. Jupiter (JUPITER) on Solana, the leading DEX aggregator in the Solana ecosystem. Among them, Humidifi (WET) and zkPass (ZKP) remain largely unlisted on centralized exchanges. The remaining altcoins showed no significant price reactions after the news.

PLUME, HYPER, JUP Price Performance. Source: TradingViewIn addition, Korean exchange Bithumb announced two new KRW-traded listings: BOB (Build on Bitcoin) and OriginTrail (TRAC).

BOB, TRAC Price Performance. Source: TradingViewBOB is a protocol that combines ZK proofs and BTC staking to create native bridges to Ethereum and Bitcoin (BitVM). OriginTrail is an ecosystem building a trusted knowledge infrastructure for artificial intelligence. After the listing news, BOB gained 24% and TRAC rose more than 13%.

Liquidity Signals Turn Positive AgainThese developments came as the Coinbase Premium Index—an indicator measuring the price difference of Bitcoin between Coinbase and other exchanges, representing US investor demand—turned positive again after remaining negative for a full month.

Bitcoin Coinbase Premium Index. Source: CryptoQuant.The index stayed negative from November, indicating capital outflows from the US. The early-December reversal suggests that sentiment among both institutional and retail investors in the US is improving. This shift may support inflows not only into Bitcoin but also into other cryptocurrencies.

“Coinbase Bitcoin Premium Index just flipped positive again, showing fresh demand… US liquidity returning & the real move begins soon,” investor Money Ape commented.

At the same time, the stablecoin market recorded strong growth, reinforcing confidence in an overall recovery. According to Lookonchain, Tether minted an additional 1 billion USDT on Tron on December 3. This pushed the stablecoin market cap on Tron above $80.2 billion.

As a result, total stablecoin market capitalization began rising again in early December after declining throughout November. It now stands at more than $306.85 billion, according to DefiLlama.

Stablecoins Market Cap. Source: DefiLlamaLeon Waidmann, Head of Research at Onchain Foundation, expects stablecoin market capitalization to reach new all-time highs soon.

Coinbase and Bithumb’s addition of New Altcoins, combined with strengthening US investor demand and surging stablecoin inflows, may trigger an altcoin recovery in December. Some analysts even argue that the Fed ending quantitative tightening (QT) could ignite a multi-year altcoin rally similar to the 2019–2022 period.

Since hitting $6,800 over a week ago, Bitcoin (BTC) has exploded higher, registering massive gains against the U.S. dollar as bulls have made their presence known in this new year. At the recent rally’s peak, the price of the leading cryptocurrency was $8,450, up some 25% from the bottom.

Related Reading: Crypto Tidbits: Elon Musk Pokes Bitcoin Bear, Japanese Giants Delve Into Cryptocurrency Mining, Baidu’s Blockchain Beta Despite this strong surge, a key indicator, the Tom DeMark Sequential (better known as the TD Sequential), recently printed a bearish signal. According to a Telegram alerts channel tracking the time-based indicator, which predicted Bitcoin’s bottom at $3,200 in 2018 and the top at $14,000, the BTC/USD chart just printed a “Sell Quasi 9” on the daily.

Although “Sell 9” candles are often lead to strong reversals, for they show that a trend has exhausted, analysts aren’t too concerned, for there is a flurry of other technical signals suggesting that bulls are decisively in control.

Related Reading: Ethereum’s Price Chart Just Printed This Extremely Bullish Signal Bitcoin Bulls Decisively In Control There are a number of signals suggesting Bitcoin is poised to head higher, no matter what the TD Sequential suggests.

Per previous reports from NewsBTC, a trader going by Storm remarked that according to a  key trend indicator on the four-hour BTC chart, bulls remain in control, adding that he thinks it’s thus worth buying the cryptocurrency between $7,700 to $7,900.

The indicator he mentioned is relevant as it flipped green in the middle of February and didn’t flip over to a bearish reading until September or so, giving those tracking it a chance to bag 300% profits on a Bitcoin trade.

Not to mention, the Lucid Stop and Reversal system recently printed a buy signal on the weekly candle for Bitcoin, which was a signal last seen in March of 2019, and has outperformed BTC by over 1,000% since August 2018, per trader Financial Survivalism.

Historical chart analysis agrees with the positive fundamentals. As noted by analyst Nunya Bizniz, in previous cycles the four months out from Bitcoin’s halvings have always been extremely bullish for the price of BTC. 

This simple historical analysis, which is backed up by the fact that investors attempt to “front-run” the halving by buying Bitcoin beforehand, suggests that the crypto market may soon explode higher ahead of the halving, potentially entering into a parabolic uptrend.

Bitcoin is about 120 days away from the halving.

What was price action like 120 days prior to the first two halvings?

Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4

— Nunya Bizniz (@Pladizow) January 10, 2020

So even if there is understandably some bearish retracement from current prices levels, analysts are still bullish on Bitcoin from a more medium-term perspective.

Related Reading: This Late Night Host Just Exposed Millions to Bitcoin, Again Featured Image from Shutterstock

Aimed at boosting the Ethereum ecosystem in Bulgaria and promoting Sofia as a thriving Web3 hub, ETHSofia is gearing up for its inaugural edition on October 17-19 at Sofia Tech Park.

Carrying out its mission to unify all crypto developers, investors, and enthusiasts alike, the ETHSofia team now presents the first installment of speakers and partners.

The ETHSofia conference will fascinate its over 600 expected attendees with inspiring talks by Zahary Karadjov, BlockSense CEO and ex-Status Nimbus Team Lead, Vesselin Velichkov, a ZK Cryptography Researcher at OpenZeppelin, Andrei Duma, Head of DeFi at LI.FI, Mikael Lazarev, co-founder and CTO of Gearbox, Darren Camas, CEO of IPOR Labs, Diana Tlupova, Head of Compliance at NexeraID, TokenBrice, strategist at The DeFi Collective and advisor at Maverick Protocol, Lion Dapplion, Ethereum consensus core developer at Lighthouse Sigma Prime, and Vyara Savova, Senior Policy Expert with the European Crypto Initiative (EUCi). 

Moreover, several of the most innovative Web3 companies will contribute to the success of the event. Namely, digital assets institution Nexo joins ETHSofia as a top-tier sponsor, along with web3 self-custodial wallet Ambire, fixed-rate lending and borrowing protocol IPOR, and bridge and DEX aggregator LI.FI as well. 

ZK rollup BlockSense will be a platinum sponsor of the ETHSofia hackathon, with DeFi market maker Raven DAO sponsoring too, whereas DoraHacks will offer operations support. Generous bounties for the winning programming contestants are also to be expected, so developers and hackers are invited to promptly apply here.

The ETHSofia team has also presented Philip Matov from Belayer, ex-Consensys and Matter Labs, and Lyuben Belov from Daedalus and LaunchHub, as advisors.

“We got inspired by Vitalik Buterin’s appeal to make Ethereum cypherpunk again, and set up ETHSofia as an attempt to showcase and enhance the next generation of Ethereum innovation. We invite everyone working toward or advocating for privacy, trustlessness, and decentralization to join us and help us deliver a world-class event!”, Vlad Dramaliev said.

The Super Early Bird tickets are set to go on sale very soon, so follow the ETHSofia social media channels on X, LinkedIn, or Telegram, or subscribe to their newsletter to stay in the loop. 

About ETHSofia Conference & HackathonCrafted as the brainchild of devoted blockchain professionals and enthusiasts, ETHSofia is set to welcome a vanguard of thought leaders and builders innovating in ZK proofs, account abstraction, AI, L2s, security, and decentralized infrastructure. The goal? Design a global, scalable free market built on open-source blockchain technology.

ETH price prospects dim as Ethereum DEX volumes drop 34% in a week