HSBC wins Bank of England approval to enter Digital Securities SandboxThe Bank of England approved HSBC Orion to go live in its Digital Securities Sandbox, with the first Digital Gilt Instrument transaction expected in the first quarter of 2027.
HSBC, one of the world’s largest banks, has received approval to operate in the United Kingdom’s Digital Securities Sandbox (DSS), allowing its digital assets platform, HSBC Orion, to support the issuance, servicing and settlement of digital securities.
The bank announced Tuesday that HSBC Orion will operate as a digital securities depository within the DSS, a regulatory environment designed to test new technology for securities markets. HSBC said it is the first company approved by the Bank of England to go live in the sandbox.
HSBC’s platform will support digitally native bond issuance, including the UK’s planned digital sovereign bond — Digital Gilt Instrument (DIGIT) — and corporate bonds. HSBC said HSBC Orion has enabled more than $5 billion in digital bond issuances globally.
HM Treasury said Thursday that the first DIGIT transaction is expected by Q1 2027, adding that HSBC and London Stock Exchange Group also signed a memorandum of understanding to develop connectivity that supports investor access to the pilot issuance.
Launched in 2024, the DSS is operated by the Bank of England and the Financial Conduct Authority to test distributed ledger technology for issuing, trading and settling securities in a live regulatory environment.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
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.
HSBC has secured approval to operate within the United Kingdom’s Digital Securities Sandbox (DSS), enabling its digital assets platform, HSBC Orion, to issue, service, and settle digital securities in a live regulatory framework.
HSBC Orion goes live in regulated testing environmentThe bank announced that HSBC Orion has been authorized as a digital securities depository within the DSS, a regulatory initiative aimed at testing new technologies for securities markets. HSBC stated it is the first company to receive the green light from the Bank of England to participate actively in the sandbox.
Through this approval, HSBC Orion will facilitate the issuance of digitally native bonds, including the planned Digital Gilt Instrument (DIGIT), which represents the UK’s digital version of a sovereign bond, as well as various corporate bonds. The platform has previously enabled over $5 billion in digital bond issuances on a global scale, according to HSBC.
HSBC highlighted its role as the first operator approved in the sandbox, stating that this step will support both government and corporate digital bond issuance.
Mini dictionary: HSBC Orion is HSBC’s proprietary digital assets platform designed to facilitate digital bond issuance, servicing, and settlement using advanced ledger technologies.
HM Treasury stated that the first transaction involving the Digital Gilt Instrument is anticipated by the first quarter of 2027. The treasury also confirmed that HSBC and London Stock Exchange Group have entered a memorandum of understanding to collaborate on infrastructure that improves investor access to these pioneering digital bond offerings.
Platform/InitiativeMain RoleNotable MilestoneHSBC OrionDigital securities depository and bond issuance platform$5 billion in digital bond issuances globallyDSS (UK Digital Securities Sandbox)Regulatory testing for digital securities technologyLaunched in 2024DIGIT (Digital Gilt Instrument)UK digital sovereign bond initiativeFirst transaction expected by Q1 2027Digital Securities Sandbox and regulatory collaborationThe DSS was introduced in 2024 and is jointly operated by the Bank of England and the Financial Conduct Authority. Its objective is to test technologies such as distributed ledger technology (DLT) for the real-time issuing, trading, and settling of securities under direct regulatory oversight.
Mini dictionary: The Digital Securities Sandbox (DSS) is a UK regulatory framework that allows financial institutions to experiment with digital securities technology in a live environment, while remaining under supervision by authorities.
The initiative is designed to position the UK at the forefront of digital finance experimentation, focusing on safeguarding market integrity, investor protection, and financial stability as major institutions deploy new digital products.
Through the DSS, authorities aim to balance innovation in capital markets with appropriate regulatory checks to ensure safe adoption of these emerging technologies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
HSBC just became the first company to get a full green light from the Bank of England to operate a digital assets platform inside the UK’s Digital Securities Sandbox. The approval lets HSBC Orion function as a Digital Securities Depository, handling the issuance, servicing, and settlement of digitally native bonds.
This isn’t a proof of concept or a whitepaper promise. HSBC Orion has already facilitated over $5 billion in digital bond issuances globally, and now it has the regulatory blessing to bring that infrastructure to the UK’s domestic market.
What the approval actually means The Bank of England’s Digital Securities Sandbox is essentially a controlled testing ground. It lets financial firms experiment with distributed ledger technology under flexible regulatory rules that run until January 2029.
HSBC passed what’s called “Gate 2” of the sandbox process. It had already cleared Gate 1 back in July 2025, which was more of a preliminary nod. Gate 2 is the one that matters. It means the platform is now live and can actually process real transactions as a recognized depository.
Advertisement
The platform itself isn’t new. HSBC Orion launched back in February 2023 and has since facilitated landmark digital bond transactions across multiple jurisdictions. What’s new is the UK regulatory stamp.
The digital gilt connection HM Treasury selected HSBC back in February 2026 as the platform provider for something called the Digital Gilt Instrument pilot, or DIGIT. This is essentially the UK government’s experiment with issuing tokenized government bonds.
The DIGIT pilot is expected to launch by the first quarter of 2027. The Orion platform’s new depository status is a prerequisite for making that pilot work.
Tokenized government bonds sound exotic, but the mechanics are straightforward. Instead of bonds being recorded across multiple intermediaries with T+1 or T+2 settlement windows, they live on a shared ledger. Settlement can happen faster, counterparty risk drops, and the whole chain of custody becomes more transparent.
Why this matters beyond HSBC The real significance here isn’t that one bank got an approval. It’s the precedent. Other major banks have been exploring tokenization, but none have secured this specific type of regulatory approval in the UK.
For investors, this approval validates the thesis that institutional adoption of tokenized assets is accelerating. The $5 billion in global digital bond issuances HSBC has already processed gives a sense of the existing demand, and UK regulatory approval should expand that addressable market.
The sandbox runs until January 2029, giving HSBC and any firms that follow roughly two and a half years to prove the model before permanent regulatory frameworks need to be finalized.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Reeves puts a date on DIGITChancellor @RachelReevesMP used her annual Mansion House speech to confirm that Britain will issue the Digital Gilt Instrument, known as DIGIT, by early 2027. The move would make the UK the first of the seven leading industrialised nations to place government debt on a distributed-ledger infrastructure. Reeves added that further issuances are planned if the pilot performs as expected.
DIGIT will be a sterling-denominated government security issued on HSBC's Orion platform and will operate inside the Bank of England and Financial Conduct Authority's Digital Securities Sandbox. The Treasury announced the pilot in 2024 to test whether blockchain infrastructure could reduce settlement times, reconciliation work and operating costs. HSBC was appointed to run the platform in February, having issued over $3.5 billion in digital bonds through its Orion blockchain.
The instrument will sit outside the government's core debt management programme, allowing policymakers to gather real-world operational evidence without disrupting the broader gilt market. DIGIT will be digitally native, meaning it originates directly on a permissioned blockchain rather than as a tokenised replica of a conventional security.
Bailey's collateral move changes the stakesSpeaking at the same event, Bank of England Governor Andrew Bailey said the central bank will work to make DIGIT eligible as collateral in its market operations, a step that could support tokenized repo and allow banks to use the bond in central bank funding transactions. That commitment matters because it would embed blockchain-settled debt directly into the plumbing of sterling wholesale markets, rather than keeping it confined to a standalone pilot.
The Treasury has not disclosed the bond's size, maturity, coupon, investor eligibility or settlement asset. Participation is currently expected to be restricted to approved institutional participants, including banks and gilt-edged market makers operating within the sandbox.
There is also a political asterisk. Reeves framed much of the Mansion House speech as a pitch to the next administration, and there is no guarantee she will still be Chancellor when DIGIT actually ships. Whether her successor maintains the same urgency around the timeline remains to be seen.
Sources:
CoinDesk: UK Plans First G7 Digital Sovereign Bond by Early 2027
Global Government Finance: HM Treasury picks HSBC to provide platform for UK Gov's first blockchain bond issuance
Coindoo: UK Targets Live Tokenized Repo Trial in 2027
The U.K. plans to issue its first digital sovereign bond by early 2027, becoming the first G7 nation to place government debt on a distributed ledger.The gilt will list on HSBC’s Orion platform within the BoE and FCA’s Digital Securities Sandbox to test reduced settlement times and costs.Bank of England Governor Andrew Bailey said the bank plans to make the bond eligible as collateral in market operations, enabling banks to use it in central bank funding transactions.The U.K. plans to issue a digital sovereign bond by early 2027, becoming the first of the seven leading industrialized nations to place government debt on a distributed-ledger infrastructure.
Chancellor Rachel Reeves announced the timeline in her annual Mansion House speech to industry leaders. The government plans further issuance after the initial sale.
The Digital Gilt Instrument, known as DIGIT, will be a sterling-denominated government security issued on HSBC’s Orion platform and will operate inside the Bank of England and Financial Conduct Authority’s Digital Securities Sandbox.
The Treasury announced the pilot in 2024 to test whether blockchain infrastructure could reduce settlement times, reconciliation work and operating costs. HSBC was appointed to run the platform in February, having issued over $3.5 billion in digital bonds through its Orion blockchain.
Speaking at the same event, Bank of England Governor Andrew Bailey said the central bank will work to make DIGIT eligible as collateral in its market operations. That could support tokenized repo and allow banks to use the bond in central bank funding transactions.
The Treasury has not disclosed the bond’s size, maturity, coupon, investor eligibility or settlement asset. The initial sale will sit outside the government’s conventional gilt-financing program.
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.
Apple's stock price hits another intraday record high, and Apple Intelligence has completed its generative AI filing in China for the first time.
According to BIT (bit.com) market data, during Wednesday’s U.S. trading session, Apple’s stock rose nearly 3% to hit a high of $325.4, notching another all-time record. The key driver behind the rally is Apple Intelligence’s successful completion of domestic generative AI filing in China, along with confirmation of its integration with Alibaba’s Qianwen large model. Alibaba’s U.S.-listed shares also gained over 6.6%, while Baidu’s U.S. stock climbed more than 3.3%, as market expectations for integration in China’s AI ecosystem heat up. In related background news, China’s Cyberspace Administration of China (CAC) today released filing details for seven on-device generative AI services for mobile phones, including Apple Intelligence, Huawei’s Xiaoyi large model, OPPO AndesGPT, vivo’s Blue Heart on-device large model, Xiaomi HyperAI, Samsung Galaxy AI, and nubia’s Doubao large model. This marks the first time on-device AI model services for mobile phones have completed official filing; prior filings by tech firms were primarily focused on cloud-based large models. Alibaba’s Qianwen will be integrated into Apple Intelligence to power text and image understanding, content generation, and other services for Chinese users of iOS, iPadOS, macOS, and visionOS, enabling direct access without app switching. Baidu’s AI capabilities will also be integrated into Apple Intelligence, marking Apple’s official launch of localized AI deployment in the Chinese market.
1 minutes ago
Wash: Whether AI will lead to inflation hinges on the Federal Reserve.
Fed Chair Waller said he expects artificial intelligence (AI) to push up observable price levels over the next 12 months, noting that whether AI will drive inflation depends on the Federal Reserve. He believes AI is a long-term job creator and could bring disruptive impacts. On AI’s short-term effects, Waller stated there is no guarantee it will not cause job disruptions, nor can he offer reassurance on employment. "The price spikes triggered by AI are real, and I don’t want to downplay this," he emphasized.
1 minutes ago
Wash: Set to fully divest all assets he acquired prior to his tenure as Federal Reserve Chair, shifting investments to cash equivalents and short-term U.S. Treasuries.
Federal Reserve Chair Waller attended the hearing of the U.S. Senate Committee on Banking, Housing, and Urban Affairs for the Federal Reserve’s Semi-Annual Monetary Policy Report. During the hearing, he stated that he has gone beyond the requirements of the ethics agreement, having sold or is in the process of fully liquidating assets he held prior to taking office as Fed Chair, and has converted his investments into cash equivalents and short-term U.S. Treasury securities.
1 minutes ago
Apple is seeking to acquire an artificial intelligence chip company, as its in-house developed M2 Ultra chip is insufficient to run advanced AI workloads.
According to monitoring by Beating, Apple is seeking to acquire an artificial intelligence chip company. The tech giant’s self-developed M2 Ultra chip has proven insufficient to run advanced AI workloads, forcing it to rely on NVIDIA. The future version of Apple’s AI server chip, codenamed "Baltra", was originally scheduled to ship this year but has been delayed.
1 minutes ago
The storage sector of the US stock market plummeted intraday! SK Hynix ADR fell 10.7%, SanDisk dropped 13.5%
According to market data from BIT (bit.com), the storage sector in the US stock market saw its losses widen during intraday trading, with individual stock performances as follows: SK Hynix ADR (SKHY.O) fell 10.7%; SanDisk (SNDK) dropped 13.5%; Micron Technology (MU) declined 7.6%; Seagate Technology (STX) fell 9%; Western Digital (WDC) dropped 8.5%.
1 minutes ago
The U.S. government transferred 4,815 ETH worth $9.29 million to Coinbase.
According to Arkham’s monitoring, the address holding seized FTX/Alameda funds under U.S. government custody transferred 4,815 ETH to Coinbase, worth $9.29 million, and is likely to sell the assets soon to repay FTX creditors.
The United Kingdom has set an early 2027 target to issue its first digital sovereign bond on distributed-ledger infrastructure, becoming the first G7 country to launch government debt in tokenized form.
Summary
The UK plans to issue its first blockchain based sovereign bond by early 2027 through HSBC’s Orion platform. The Digital Gilt Instrument will operate inside the Bank of England and FCA Digital Securities Sandbox. The move comes as the UK expands cooperation with the US on stablecoins, tokenized assets and cross border financial markets. According to Chancellor Rachel Reeves, who announced the plan during her annual Mansion House speech, the government intends to follow the first issuance with additional digital gilt sales if the pilot progresses as expected.
The Digital Gilt Instrument, or DIGIT, will be a sterling-denominated government bond issued on HSBC’s Orion blockchain platform. It will operate within the Bank of England and Financial Conduct Authority’s Digital Securities Sandbox, a testing environment created for digital securities.
The Treasury introduced the pilot in 2024 to examine whether distributed-ledger technology could shorten settlement times, reduce reconciliation work and lower operating costs across government debt markets. HSBC secured the mandate to operate the platform in February after issuing more than $3.5 billion of digital bonds through Orion.
Speaking at the same event, Bank of England Governor Andrew Bailey said the central bank will work toward making DIGIT eligible as collateral in its market operations. According to Bailey, that step could support tokenized repurchase agreements while allowing banks to use the security in central bank funding transactions.
The Treasury has not disclosed the size, maturity, coupon, investor eligibility, or settlement asset for the bond. Officials said the initial issuance will sit outside the government’s conventional gilt financing program.
Digital bond plans follow tokenization push The planned bond sale comes as the UK expands its work on tokenized financial markets beyond pilot projects.
Earlier this week, the UK and the United States published a joint statement committing to closer cooperation on stablecoin regulation, cross-border payments and tokenized finance through the Transatlantic Taskforce for Markets of the Future.
According to the joint statement, both governments plan to explore how regulated stablecoins issued in one country could access the other market while maintaining separate domestic regulatory frameworks. The two countries also agreed to seek common approaches for tokenized securities settlement and examine whether stablecoins or tokenized money market funds could serve as collateral in clearing markets.
The statement said stablecoins presented as money should maintain at least a one-to-one backing with high-quality liquid assets, while reserve assets should remain separate from issuers’ corporate funds. Officials also said holders should receive timely redemptions and clear legal protections if an issuer fails.
Although the stablecoin agreement does not create automatic market access or mutual recognition, it outlines a framework for regulators to reduce unnecessary barriers to cross-border tokenized financial services while each country completes its own regulatory process.
As traditional finance warms to blockchain, a new report by Ripple highlights growing bank investments in digital assets.
From early-stage funding to quantum-secure tokenization, global banks are reshaping their role in the evolving financial landscape. The shift signals blockchain’s transition from experimental tech to strategic infrastructure.
Banks Are Going Beyond Pilots and ProofsBetween 2020 and 2024, global banks made 345 blockchain-related investments. A new Ripple report reveals how traditional finance is rapidly entering the digital asset space. These deals show that banks see long-term value in blockchain infrastructure and tokenization technologies.
Leading institutions like JP Morgan, Goldman Sachs, and SBI Group emerged as aggressive early-stage investors. Most of their deals focused on seed and Series A funding rounds. This reflects a willingness to back foundational projects aligned with long-term digital finance strategies.
In Brazil, CloudWalk secured over $750 million from Banco Itaú, BTG Pactual, and Banco Safra. The company uses blockchain to streamline domestic payments and has since expanded into the US CloudWalk’s funding represents one of the largest blockchain investments by traditional banks.
Germany-based Solaris raised more than $100 million in 2024 with participation from Japan’s SBI Group. The company has launched Germany’s first regulated digital asset trading venue and a security token platform. SBI later acquired a majority stake in Solaris to expand its European footprint.
Another major deal came from NYDIG’s $1 billion round in 2021, backed by Morgan Stanley and MassMutual. This funding helped expand NYDIG’s institutional bitcoin platform, although the project was phased out in 2024. Still, Morgan Stanley quickly pivoted by offering bitcoin ETFs via BlackRock and Fidelity.
Despite a downturn in 2022 and fallout from the FTX collapse, bank activity rebounded slightly in 2024. While the number of deals declined, total deal value increased year-over-year. This suggests a shift from experimental investments to more strategic, higher-stakes plays.
G-SIBs Show Cautious but Committed ParticipationGlobal Systemically Important Banks (G-SIBs) participated in 106 blockchain deals during the same period. These included 14 mega-rounds and numerous partnerships with crypto firms. G-SIBs largely avoided full acquisitions, opting for agile collaboration models.
Key G-SIB-backed firms include Talos, Fnality, Partior, HQLAx, and TradeWaltz. These startups focus on institutional-grade trading, tokenization, wholesale payments, and supply chain digitization. Their platforms aim to address real-world pain points in global finance.
Fnality builds interbank payment rails using central bank-backed digital cash. Talos connects institutional traders with crypto exchanges and OTC desks. Partior enables real-time, cross-border settlements through a shared blockchain ledger.
Quantum-Safe Tokenization Marks the Next FrontierHSBC stands out for its bold move into quantum-secure blockchain applications. In 2024, it piloted tokenized gold using post-quantum cryptography and quantum random number generation. These technologies aim to protect digital assets from future quantum computing threats.
HSBC launched the Gold Token for retail clients in Hong Kong in March 2024. The token provides fractional ownership of physical gold via a regulated blockchain platform. This marks a major step in bringing tokenized assets to everyday investors.
Such innovations reflect a growing belief that tokenization enhances liquidity, accessibility, and efficiency in financial markets. Fractional ownership models are expanding investment access across demographics. Institutions are positioning themselves to capitalize on this shift.
Top-tier banks are building proprietary digital asset systems like JP Morgan’s Kinexys and HSBC’s Orion. Meanwhile, regional banks are forming partnerships with fintechs or joining shared infrastructure projects. A 2022 survey showed 11% of U.S. community banks plan to offer crypto services.
As competition intensifies, more banks are likely to follow suit. Blockchain is no longer an experimental edge case. It is becoming a core element of modern financial infrastructure.
The KyberSwap attacker has transferred another 2000 ETH to Tornado Cash, with over 80% of the stolen funds now laundered.
According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
1 seconds ago
James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
1 seconds ago
Micron's conference call delivers strong signals: the memory shortage will continue until 2028, and AI long-term contracts are rewriting the industry cycle narrative.
Micron Technology (MU) revealed in its early-morning earnings call that its strategic customer agreements rose from 1 to 16 sequentially, covering roughly 20% of its DRAM shipments and around one-third of its NAND shipments. Of these deals, 14 calculated at minimum contract prices represent a cumulative remaining revenue of approximately $100 billion. CEO Sanjay Mehrotra said these agreements will "fundamentally transform" the company’s business model. The key takeaway for the market is that Micron is being repositioned from a highly cyclical memory stock to an AI infrastructure provider with far greater revenue visibility. During the call, Micron disclosed it expects industry tightness to persist beyond 2027, and even as supply gradually improves in 2028, there is no clear timeline for supply to catch up with demand. Management attributed this gap to the large scale, complexity, and long lead times of new semiconductor fab construction. CFO Mark Murphy noted that DRAM revenue jumped 343% year-over-year to $31.3 billion, while NAND revenue surged 361% YoY to $9.9 billion. DRAM prices rose in the low-60% range, and NAND prices increased in the mid-80% range. He explained that the quarter’s earnings, which handily beat market expectations, were driven more by pricing power and supply-demand imbalances rather than just shipment volume. The company forecasts capital expenditure of roughly $10 billion this quarter, and $27 billion for full fiscal 2026. Fiscal 2027 quarterly capex will exceed the FY2026 fourth quarter level, with more than half allocated to cleanroom construction. However, the CFO also stated that free cash flow for the current quarter is expected to continue rising sharply. Overall, the call’s messaging sent three key signals to the market: persistent memory shortages, customer willingness to sign long-term agreements, and further upside for prices. This drove Micron’s (MU) shares to surge nearly 16% in U.S. post-market trading.
1 seconds ago
A poll shows that a majority of U.S. voters support federal unified regulation of prediction markets.
Two polls commissioned by the Coalition for Prediction Markets show that U.S. Republican and Democratic voters both prefer federal-level unified regulation of prediction markets over state-by-state oversight. Among Republican respondents, 48% support a federal regulatory framework, while only 27% back state-level regulation. For Democratic voters, 45% favor federal regulation, compared to 35% who support state-level rules. Only 8% of respondents believe prediction markets should be banned in the U.S., and a majority of voters support consumer autonomy to choose whether to participate in such markets. The survey also found that people under 35 have the highest acceptance of prediction markets, with more than half of young respondents expressing interest in using or having already used related platforms. Currently, the U.S. Commodity Futures Trading Commission (CFTC) and prediction market platforms including Kalshi and Polymarket are in disputes with multiple state governments over regulatory authority, with the core focus being whether sports event contracts qualify as prediction market products subject to federal regulation.
1 seconds ago
Analysis: Bitcoin miners face profit pressure, with around 20% of mining firms now operating below the break-even point.
Bitcoin miners' revenue continues to decline, with the current 7-day average daily income dropping to around $30 million, a notable pullback from the over $50 million level seen last summer. Meanwhile, on-chain transaction fee revenue has fallen to less than $250,000, accounting for an extremely small share of miners' total income. Data from JPMorgan Chase shows the average production cost is approximately $78,000, and Bitcoin’s price has remained below this level for five consecutive months — the longest such stretch in the current cycle. An estimated 20% of miners are already operating at a loss; some high-cost miners have begun frequently powering their mining rigs on and off in response to price fluctuations, leading to a stronger correlation between network hash rate difficulty and Bitcoin’s price. Additionally, Bitcoin’s mining difficulty was adjusted down by roughly 10% in the second week of June, marking the second pullback of the same magnitude this year. Publicly listed mining companies, meanwhile, are relying more on their balance sheets to sustain operations, selling over 32,000 BTC in the first quarter alone to cover operating costs. Analysts note that against the backdrop of continuously shrinking block subsidies and stagnant fee revenue, a recovery in miners’ profits will primarily depend on a rise in Bitcoin’s price.
1 seconds ago
Japan and South Korea's stock markets opened higher, with South Korea's KOSPI index rising 2.9% and SK Hynix surging 11%.
According to Bitget market data, the Nikkei 225 index opened 1.4% higher at 70114.09. South Korea’s KOSPI index rose 2.9%. South Korean stocks SK Hynix gained 11%, while Samsung Electronics rose 5%.
The KyberSwap attacker has transferred another 2000 ETH to Tornado Cash, with over 80% of the stolen funds now laundered.
According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
1 seconds ago
James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
1 seconds ago
Micron's conference call delivers strong signals: the memory shortage will continue until 2028, and AI long-term contracts are rewriting the industry cycle narrative.
Micron Technology (MU) revealed in its early-morning earnings call that its strategic customer agreements rose from 1 to 16 sequentially, covering roughly 20% of its DRAM shipments and around one-third of its NAND shipments. Of these deals, 14 calculated at minimum contract prices represent a cumulative remaining revenue of approximately $100 billion. CEO Sanjay Mehrotra said these agreements will "fundamentally transform" the company’s business model. The key takeaway for the market is that Micron is being repositioned from a highly cyclical memory stock to an AI infrastructure provider with far greater revenue visibility. During the call, Micron disclosed it expects industry tightness to persist beyond 2027, and even as supply gradually improves in 2028, there is no clear timeline for supply to catch up with demand. Management attributed this gap to the large scale, complexity, and long lead times of new semiconductor fab construction. CFO Mark Murphy noted that DRAM revenue jumped 343% year-over-year to $31.3 billion, while NAND revenue surged 361% YoY to $9.9 billion. DRAM prices rose in the low-60% range, and NAND prices increased in the mid-80% range. He explained that the quarter’s earnings, which handily beat market expectations, were driven more by pricing power and supply-demand imbalances rather than just shipment volume. The company forecasts capital expenditure of roughly $10 billion this quarter, and $27 billion for full fiscal 2026. Fiscal 2027 quarterly capex will exceed the FY2026 fourth quarter level, with more than half allocated to cleanroom construction. However, the CFO also stated that free cash flow for the current quarter is expected to continue rising sharply. Overall, the call’s messaging sent three key signals to the market: persistent memory shortages, customer willingness to sign long-term agreements, and further upside for prices. This drove Micron’s (MU) shares to surge nearly 16% in U.S. post-market trading.
1 seconds ago
A poll shows that a majority of U.S. voters support federal unified regulation of prediction markets.
Two polls commissioned by the Coalition for Prediction Markets show that U.S. Republican and Democratic voters both prefer federal-level unified regulation of prediction markets over state-by-state oversight. Among Republican respondents, 48% support a federal regulatory framework, while only 27% back state-level regulation. For Democratic voters, 45% favor federal regulation, compared to 35% who support state-level rules. Only 8% of respondents believe prediction markets should be banned in the U.S., and a majority of voters support consumer autonomy to choose whether to participate in such markets. The survey also found that people under 35 have the highest acceptance of prediction markets, with more than half of young respondents expressing interest in using or having already used related platforms. Currently, the U.S. Commodity Futures Trading Commission (CFTC) and prediction market platforms including Kalshi and Polymarket are in disputes with multiple state governments over regulatory authority, with the core focus being whether sports event contracts qualify as prediction market products subject to federal regulation.
1 seconds ago
Analysis: Bitcoin miners face profit pressure, with around 20% of mining firms now operating below the break-even point.
Bitcoin miners' revenue continues to decline, with the current 7-day average daily income dropping to around $30 million, a notable pullback from the over $50 million level seen last summer. Meanwhile, on-chain transaction fee revenue has fallen to less than $250,000, accounting for an extremely small share of miners' total income. Data from JPMorgan Chase shows the average production cost is approximately $78,000, and Bitcoin’s price has remained below this level for five consecutive months — the longest such stretch in the current cycle. An estimated 20% of miners are already operating at a loss; some high-cost miners have begun frequently powering their mining rigs on and off in response to price fluctuations, leading to a stronger correlation between network hash rate difficulty and Bitcoin’s price. Additionally, Bitcoin’s mining difficulty was adjusted down by roughly 10% in the second week of June, marking the second pullback of the same magnitude this year. Publicly listed mining companies, meanwhile, are relying more on their balance sheets to sustain operations, selling over 32,000 BTC in the first quarter alone to cover operating costs. Analysts note that against the backdrop of continuously shrinking block subsidies and stagnant fee revenue, a recovery in miners’ profits will primarily depend on a rise in Bitcoin’s price.
1 seconds ago
Japan and South Korea's stock markets opened higher, with South Korea's KOSPI index rising 2.9% and SK Hynix surging 11%.
According to Bitget market data, the Nikkei 225 index opened 1.4% higher at 70114.09. South Korea’s KOSPI index rose 2.9%. South Korean stocks SK Hynix gained 11%, while Samsung Electronics rose 5%.
The KyberSwap attacker has transferred another 2000 ETH to Tornado Cash, with over 80% of the stolen funds now laundered.
According to PeckShield’s monitoring, an address identified as the KyberSwap attacker has once again transferred 2,000 ETH to Tornado Cash. Over the past two years, this attacker has cumulatively transferred and mixed 16,100 ETH via Tornado Cash, equivalent to roughly $40 million at current prices, accounting for over 80% of the $48.8 million lost in the KyberSwap attack in November 2023. Some of the stolen funds have not yet been fully transferred.
1 seconds ago
James Wynn closed out his 40x Bitcoin short position, netting $30,000 in profits, and shifted to opening a 50x S&P 500 short position.
According to monitoring by OnchainLens, James Wynn has liquidated his 40x leveraged Bitcoin (BTC) short position, pocketing roughly $30,000 in profit. He subsequently opened a new 50x leveraged S&P 500 (SP500) short position at a price of 334.42, betting on a future decline in the US stock market.
1 seconds ago
Micron's conference call delivers strong signals: the memory shortage will continue until 2028, and AI long-term contracts are rewriting the industry cycle narrative.
Micron Technology (MU) revealed in its early-morning earnings call that its strategic customer agreements rose from 1 to 16 sequentially, covering roughly 20% of its DRAM shipments and around one-third of its NAND shipments. Of these deals, 14 calculated at minimum contract prices represent a cumulative remaining revenue of approximately $100 billion. CEO Sanjay Mehrotra said these agreements will "fundamentally transform" the company’s business model. The key takeaway for the market is that Micron is being repositioned from a highly cyclical memory stock to an AI infrastructure provider with far greater revenue visibility. During the call, Micron disclosed it expects industry tightness to persist beyond 2027, and even as supply gradually improves in 2028, there is no clear timeline for supply to catch up with demand. Management attributed this gap to the large scale, complexity, and long lead times of new semiconductor fab construction. CFO Mark Murphy noted that DRAM revenue jumped 343% year-over-year to $31.3 billion, while NAND revenue surged 361% YoY to $9.9 billion. DRAM prices rose in the low-60% range, and NAND prices increased in the mid-80% range. He explained that the quarter’s earnings, which handily beat market expectations, were driven more by pricing power and supply-demand imbalances rather than just shipment volume. The company forecasts capital expenditure of roughly $10 billion this quarter, and $27 billion for full fiscal 2026. Fiscal 2027 quarterly capex will exceed the FY2026 fourth quarter level, with more than half allocated to cleanroom construction. However, the CFO also stated that free cash flow for the current quarter is expected to continue rising sharply. Overall, the call’s messaging sent three key signals to the market: persistent memory shortages, customer willingness to sign long-term agreements, and further upside for prices. This drove Micron’s (MU) shares to surge nearly 16% in U.S. post-market trading.
1 seconds ago
A poll shows that a majority of U.S. voters support federal unified regulation of prediction markets.
Two polls commissioned by the Coalition for Prediction Markets show that U.S. Republican and Democratic voters both prefer federal-level unified regulation of prediction markets over state-by-state oversight. Among Republican respondents, 48% support a federal regulatory framework, while only 27% back state-level regulation. For Democratic voters, 45% favor federal regulation, compared to 35% who support state-level rules. Only 8% of respondents believe prediction markets should be banned in the U.S., and a majority of voters support consumer autonomy to choose whether to participate in such markets. The survey also found that people under 35 have the highest acceptance of prediction markets, with more than half of young respondents expressing interest in using or having already used related platforms. Currently, the U.S. Commodity Futures Trading Commission (CFTC) and prediction market platforms including Kalshi and Polymarket are in disputes with multiple state governments over regulatory authority, with the core focus being whether sports event contracts qualify as prediction market products subject to federal regulation.
1 seconds ago
Analysis: Bitcoin miners face profit pressure, with around 20% of mining firms now operating below the break-even point.
Bitcoin miners' revenue continues to decline, with the current 7-day average daily income dropping to around $30 million, a notable pullback from the over $50 million level seen last summer. Meanwhile, on-chain transaction fee revenue has fallen to less than $250,000, accounting for an extremely small share of miners' total income. Data from JPMorgan Chase shows the average production cost is approximately $78,000, and Bitcoin’s price has remained below this level for five consecutive months — the longest such stretch in the current cycle. An estimated 20% of miners are already operating at a loss; some high-cost miners have begun frequently powering their mining rigs on and off in response to price fluctuations, leading to a stronger correlation between network hash rate difficulty and Bitcoin’s price. Additionally, Bitcoin’s mining difficulty was adjusted down by roughly 10% in the second week of June, marking the second pullback of the same magnitude this year. Publicly listed mining companies, meanwhile, are relying more on their balance sheets to sustain operations, selling over 32,000 BTC in the first quarter alone to cover operating costs. Analysts note that against the backdrop of continuously shrinking block subsidies and stagnant fee revenue, a recovery in miners’ profits will primarily depend on a rise in Bitcoin’s price.
1 seconds ago
Japan and South Korea's stock markets opened higher, with South Korea's KOSPI index rising 2.9% and SK Hynix surging 11%.
According to Bitget market data, the Nikkei 225 index opened 1.4% higher at 70114.09. South Korea’s KOSPI index rose 2.9%. South Korean stocks SK Hynix gained 11%, while Samsung Electronics rose 5%.
PANews reported on February 12th, citing Bloomberg, that the UK Treasury has selected HSBC Holdings' blockchain platform, Orion, for a pilot issuance of digital gilt-edged bonds in the country. In a statement on Thursday, HSBC said that issuing bonds based on blockchain technology could speed up settlements, thereby improving the structure of the UK debt capital markets. The UK government plans to issue DIGIT digital gilt-edged bonds in a regulated testing environment managed by the Financial Conduct Authority, and issued a tender for this in October last year.
The UK Treasury has selected HSBC Holdings, Europe’s largest bank by assets, and Ashurst, a prominent international law firm, to lead a pilot program for digital gilt, a move that could make the UK the first G7 country to issue sovereign bonds directly on a blockchain.
The pilot will take place in the Bank of England’s digital sandbox, providing a regulated environment to test tokenized government securities.
Advertisement
Digital gilts are government bonds issued as digital tokens on distributed ledger systems. The project will leverage HSBC’s Orion platform to issue, manage, and settle the pilot bonds, known as DIGIT, while Ashurst will support regulatory and legal aspects.
Orion, introduced in 2023, uses blockchain technology to digitize traditional financial assets and settlement currencies for institutional clients. It provides atomic settlement, connects with global clearing networks, and streamlines institutional trade and back-office processes.
To date, the platform has facilitated more than $3.5 billion in digital bond issuances worldwide, including deals like the European Investment Bank’s GBP-denominated bonds under Luxembourg regulation.
The pilot demonstrates the UK’s intent to integrate blockchain with traditional capital markets, formalize the legal status of digital assets, and demonstrate leadership in financial innovation. It also aims to attract investment, reduce operational costs, and create a framework for future tokenized government securities.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
In the UK, the Treasury has engaged the blockchain solution of HSBC, called Orion, for the testing of the issuance of tokenized sovereign bonds. It also hopes to improve debt market infrastructure, speed up and settlement times. The UK Treasury chose HSBC Holdings’ blockchain-based system to develop and implement a pilot program for issuing digital government bonds labeled “DIGIT.” HSBC Holdings will utilize its own Orion system to control the issuance, management, and settlement of these securities. This program will take place inside the “digital sandbox” environment provided by the regulated environment of the Bank of England. The UK Treasury believes that the outcome of this system will further enhance the structure of the UK’s debt capital markets. This method of issuing bonds can expedite the settlement of any outstanding securities.
As per the report from Financial Times, the UK government released a tender in October to find a blockchain partner for the pilot. The HSBC platform has already facilitated the issuance of $3.5 billion+ in digital bond issues globally. These include the European Investment Bank’s sterling-denominated digital bonds and a large green bond in Hong Kong. Authorities anticipate it will attract investment and aid in ensuring the smooth functioning of the bond market.
Modernising Capital Markets with Distributed Ledger Technology Digital gilts, on the other hand, encompass government debt securities expressed in the form of tokens on a distributed ledger system, similar to blockchain technology. This system is different from traditional bond-holding systems for government bonds issued either on paper or digital platforms. Moreover, the system has the potential to test whether it is possible to cut costs for the users with the enhanced workflow.
According to industry experts, Ethereum’s blockchain technology allows for the execution of smart contracts for issuing tokens. Another system, HSBC, uses its platform called Orion to enable atomic settlement, which means transactions settle at the same time. This system can reduce the risks of settlement. There won’t be any public launch of pilot bonds. There is compliance with regulations due to the Financial Conduct Authority.
The Strategic Introduction of Orion “Digital Bond Issuance is part of the broader U.K. strategy to embrace fintech innovation to become competitive in global capital markets,” experts say. “A proper regulatory environment is seen as key to the mass adoption of digital bonds later on,” according to experts. The pilot is part of the growing “ Tokenized Financial Instruments landscape.”
The UK Treasury’s selection of HSBC’s Orion blockchain platform to assist with the digital gilt pilot represents a significant move towards exploring tokenized sovereign bonds. The move aims to benefit from improved settlement speed, modernized markets, and a framework that could support the development of new digital financial products.
Highlighted Crypto News:
DOJ Fines Paxful $4 Million for Illicit Funds Transfers
I specialize in Web3 and crypto writing, producing clear, research-driven content on blockchain, cryptocurrencies, and market trends.
50 million ADA proposal for the Orion Fund is now live on-chain. Will the community back this bold ecosystem expansion led by Draper Dragon? Get the facts on the April 15 deadline and the fund's growth targets.
Cover image via U.Today 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.
A new, critically important vote has been launched on the Cardano blockchain. The community is being asked to approve the withdrawal of 50 million ADA tokens from the treasury. This is the first tranche within the large-scale Orion Fund initiative, created jointly with venture giant Draper Dragon.
What can be said about the main proposal? First, its goal is to create a shared venture fund worth $80 million to support startups, develop the ecosystem and accelerate projects on Cardano. Second, the voting period runs until April 15 of this year.
A new Cardano Treasury proposal is live and needs your vote.
This Treasury withdrawal of 50M ADA is the first tranche of the Orion Fund, a @DraperDragon venture fund proposal.
The Orion Fund, managed by Draper Dragon, aims to develop, strengthen and expand Cardano's ecosystem…
— Cardano Foundation (@Cardano_CF) March 12, 2026 And finally, unlike ordinary grants, Orion Fund operates as a professional venture fund, so the returns from investment will be directed back into the Cardano Treasury, aiming to make the fund self-sustaining.
Where will 50 million ADA go? The Orion Fund, managed by Draper Dragon, focuses on three key directions:
HOT Stories
Direct investments account for $50 million to support promising projects from the acceleration stage to Series A rounds. Another $11.5 million is allocated for growth capital, marketing, exchange listings, liquidity provision and technical mentorship through its own venture studio.Finally, $6 million is set aside for education and talent, including Hacker House programs and accelerators in Silicon Valley to prepare new founders in real-world assets and institutional DeFi. You Might Also Like
The partnership with Draper Dragon, founded by the legendary Tim Draper, opens Cardano’s access to global institutional networks and asset management expertise.
The fund is expected to help increase the network’s total value locked from current levels of under half a billion dollars to three billion and above. Importantly, Cardano (ADA) is one of the very few major layer-1 networks that has never had TVL above $1 billion.
TLDR: HSBC joins Canton Network’s validator set, planning to prototype regulated financial market use cases under its Digital Assets initiatives. Validators on Canton Network will no longer earn liveness rewards after April 30th, making durable transaction volume the only profitable path. HSBC’s entry brings $3T in assets and 40M customers to Canton Network, giving the blockchain rare institutional-grade transaction flow. Analyst Heslin Kim noted Canton’s compliance-ready model is pulling institutional flows away from general-purpose EVM and SVM blockchains. HSBC has joined the Canton Network validator set, marking a concrete step toward institutional blockchain adoption at scale.
The development could quietly expose more than 40 million customers across 62 countries to distributed ledger infrastructure.
With trillions in annual cross-border flows and over $3 trillion in assets, HSBC carries the operational weight to drive real transaction volume on the network. This move builds on the bank’s existing digital asset strategy.
HSBC Deepens Blockchain Commitment Through Canton Network Integration HSBC has been building toward this position for some time now. The bank launched the HSBC Orion tokenized asset platform and expanded tokenized settlement across both bonds and private assets. Those steps laid the groundwork for broader blockchain participation.
Crypto analyst Heslin Kim observed the development on X, drawing attention to the validator reward change. Kim noted that validators will no longer earn liveness rewards after April 30th.
According to Kim, durable transaction volume becomes the only profitable path for any Canton validator going forward.
🚨 HSBC JOINS CANTON NETWORK VALIDATOR SET🚨
40M clients might start using the world’s largest banking and institutional blockchain rails without ever noticing.@HSBC is deepening its roots in the blockchain industry, from launching the HSBC Orion tokenized asset platform and… pic.twitter.com/SGCjutD4HK
— Heslin Kim (@HeslinKim) March 28, 2026
The Canton Network validator proposal takes HSBC’s commitment a step further. The bank plans to run an HSBC-managed validator node on the Canton Network testnet. HSBC intends to contribute to network resilience and deliver operational feedback throughout the process.
Beyond technical participation, the proposal includes plans to prototype regulated financial market use cases. These prototypes will fall under HSBC’s existing Digital Assets initiatives.
Internal developers will also be onboarded, and potential partner projects will be evaluated across the Canton ecosystem.
Institutional Scale and Validator Economics Position HSBC as a Key Network Actor John O’Neill, Group Head of Digital Assets & Currencies at HSBC, addressed the strategic rationale directly. He stated that driving liquidity in digital asset markets requires ecosystems with strong connectivity and market access. That statement reflects the bank’s broader outlook on digital infrastructure investment.
HSBC’s financial profile makes its validator entry particularly meaningful under the new reward structure. The bank holds a market capitalization above $300 billion and recorded roughly $71 billion in annual revenue for FY 2025. Its balance sheet carries over $3 trillion in total assets.
With over 40 million customers across 62 countries, HSBC can generate consistent and real-world transaction flow on the network.
That scale positions the bank as one of the more consequential validators in the Canton ecosystem. Few institutions globally carry that kind of operational reach.
Kim’s post also noted that Canton’s compliance-ready model is drawing institutional flows away from general-purpose blockchains.
The post added that purpose-built solutions are meeting institutional demand where EVM and SVM networks have fallen short. Kim referenced the Zenith Foundation as a connected participant in this broader shift.
PANews reported on April 7th that, according to the Cardano Foundation website, Cardano and venture capital firm Draper Dragon announced the launch of the Orion Fund (Draper Dragon Ecosystem Fund), with a target size of $80 million. The fund will invest in Cardano native and integrated projects, focusing on Real-World Assets (RWA) and institutional-grade DeFi to enhance Cardano's TVL and on-chain activity. The fund will be managed by Draper Dragon, with the Cardano Foundation providing ecosystem and technical support as the constitutional manager. A portion of the proceeds will be channeled back to the Cardano treasury through the ownerless entity Arouet Holdings. Draper University will serve as an acceleration partner, providing startup acceleration and talent development. The fund will prioritize projects utilizing the UTXO model to bridge Bitcoin liquidity and Cardano functionality, and will enhance transparency and community oversight through public KPI dashboards and quarterly ecosystem roundtables.
Cardano has highlighted its technology, but has lacked a strong institutional infrastructure. The new fund plans to change this by adding venture-capital discipline, connecting with a global investor network, and bringing in a Silicon Valley accelerator.
The Cardano Foundation and Draper Dragon have launched the Draper Dragon Ecosystem Fund, also known as the Orion Fund, with a target of $80 million.
Draper Dragon will manage the fund, and the Cardano Foundation will oversee it, but will not make investment decisions. Meanwhile, Draper University will support the fund by offering founder programs from its Silicon Valley campus.
The fund will invest its capital in stages over six years, and each stage will need separate community approval. The current vote is on the first and smallest stage and will determine whether the larger plan moves forward.
Focus on RWA, Institutional DeFi and more The fund will focus on Real-World Assets and institutional DeFi, which match Cardano’s technical strengths. Cardano uses an extended UTXO model, like Bitcoin, which connects Bitcoin’s liquidity to Cardano’s smart contracts.
The Orion Fund will support projects that use this link, helping builders enable Bitcoin holders to use advanced financial apps while preserving the security of the UTXO model.
The fund will offer a public dashboard with real-time performance data and will hold community roundtables every quarter, following Cardano’s on-chain governance principles. A special-purpose vehicle called Arouet Holdings was established to manage the return of value to the Cardano treasury over time.
The fund differs from Cardano’s grant program in that it focuses on equity. Instead of disbursing funds without return, any investment profits will go back to the Cardano treasury. This makes the fund a long-term investment in Cardano’s financial health.
The fund’s institutional strength comes from Draper Dragon’s role in the Draper venture network, which Tim Draper founded. His portfolio includes early investments in Coinbase, Skype, Baidu, and Hotmail. Draper Dragon has also invested in Ledger, Gemini, EtherFi, Centrifuge, and Coinflow, showing its experience in Web3 infrastructure.
The fund’s goal is to raise Cardano’s TVL to over $3 billion, which would significantly increase the network’s on-chain economic activity. The effect of the Draper network’s institutional reach will be reviewed over the six-year period.
Cardano has introduced the Orion Fund, an $80 million initiative developed in partnership with Draper Dragon, aiming to accelerate the growth of blockchain startups and broaden institutional engagement within its ecosystem. The announcement marks a strategic step for Cardano, one of the world’s most prominent smart contract platforms, designed to facilitate scalable decentralized applications using its unique UTXO model.
Fund structure and strategic prioritiesThe Orion Fund will be managed by Draper Dragon, a global venture capital firm known for backing technology startups, while the Cardano Foundation will serve as constitutional administrator, responsible for technical coordination and ecosystem guidance but not direct investment decisions.
Draper Dragon has a significant profile in the venture capital landscape, with investments spanning over 400 companies, including technology leaders such as Tesla and Coinbase. This partnership harnesses Draper Dragon’s experience alongside Cardano Foundation’s expertise to foster innovation.
Cardano Foundation clarified in a recent release that the fund supports both Cardano-native and integrated projects, allowing independent investment decisions within an aligned strategic framework. The fund specifically targets sectors such as Real-World Assets (RWA) and Institutional DeFi, reflecting Cardano’s ambition to increase total value locked and enhance network utility.
A notable feature is the combination of equity stakes with grant-based financing, enabling the fund to benefit from startups’ long-term trajectories. Startups receive not only capital but also technical and operational support to help scale solutions that align with evolving regulatory landscapes.
The fund’s design includes transparent governance mechanisms, with Arouet Holdings, a dedicated legal entity, managing returns distribution. This approach ensures that proceeds can flow to the Cardano treasury, supporting ongoing ecosystem development.
UTXO model alignment and community involvementThe Orion Fund places strategic emphasis on projects that leverage the shared UTXO accounting model between Cardano and Bitcoin. This provides a robust foundation for building secure and transparent financial products, allowing the fund to bridge Bitcoin liquidity into Cardano’s DeFi and real-world asset initiatives.
By targeting compatibility between networks, the fund encourages the development of cross-chain applications that can attract new users and capital to Cardano. The intention is to connect institutional-grade finance with decentralized blockchain infrastructure as part of a broader trend toward network integration.
Draper University, the Silicon Valley-based entrepreneurship training institution founded by Tim Draper, will lead accelerator programming for Orion Fund participants. Founders will have access to tailored education and mentorship designed to prepare them for the demands of global scaling and regulatory compliance.
Startups seeking funding will be evaluated through a rigorous selection process, including in-depth technical, operational, and compliance reviews. This comprehensive process aims to uphold quality standards within the growing ecosystem.
For transparency, Orion Fund will operate a public dashboard to display core performance indicators in real time. The Cardano Foundation has committed to holding quarterly roundtables to discuss progress and gather community feedback.
Cardano, created by Input Output Global and founded by Charles Hoskinson, is a blockchain platform distinguished by its research-driven approach and layered architecture. Draper Dragon is a venture capital firm with offices in Silicon Valley and Asia, focusing on early-stage investments across blockchain and emerging technologies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
TLDR: Cardano and Draper Dragon launched the $80M Orion Fund to drive institutional adoption and on-chain growth. The fund targets Real-World Assets and Institutional DeFi to expand Cardano’s Total Value Locked. Cardano and Bitcoin’s shared UTXO model creates a bridge for liquidity and smart contract utility. Projects undergo 400+ hours of vetting via Draper University before receiving any fund investment. Cardano and Draper Dragon have announced the Draper Dragon Ecosystem Fund, known as the Orion Fund. The $80M initiative targets Cardano-native and Cardano-integrated companies.
It focuses on expanding on-chain utility and strengthening the broader ecosystem. Draper Dragon will manage the fund, while the Cardano Foundation serves as constitutional administrator.
Draper University joins as the acceleration partner, running programs from its Silicon Valley campus.
Orion Fund Targets Real-World Assets and Institutional DeFi The Orion Fund directs capital toward two high-growth sectors: Real-World Assets (RWA) and Institutional DeFi. These areas align with Cardano’s goal of building sustainable, institutional-grade financial infrastructure. The fund aims to grow Cardano’s Total Value Locked (TVL) and boost on-chain activity over time.
Unlike traditional grant models, the Orion Fund takes an equity-first approach. This structure allows the ecosystem to share in the long-term capital growth of each successful project. Entrepreneurs receive support in building scalable, compliant solutions for global financial markets.
The Cardano Foundation confirmed its role in a formal announcement, stating it is “proud to serve as constitutional administrator, providing essential technical and ecosystem support.”
The Foundation clarified it holds no management role in the fund itself. Instead, it contributes community insight and supports the administrative framework.
Cardano and @DraperDragon today announce the initial phase of the strategic $80M Draper Dragon Ecosystem Fund, the @OrionFund, to drive institutional adoption.
The Cardano Foundation is proud to serve as constitutional administrator, providing essential technical and ecosystem… pic.twitter.com/LKY4YXb3CW
— Cardano Foundation (@Cardano_CF) April 7, 2026
A key part of that framework is Arouet Holdings, an ownerless special-purpose vehicle. This structure is designed to return value generated through Orion back to the Cardano treasury over time. The setup reflects a long-term commitment to ecosystem-wide benefit rather than centralized gain.
UTXO Alignment Between Cardano and Bitcoin Opens New Opportunities One strategic priority of the Orion Fund involves the technical link between Cardano and Bitcoin. Both platforms use the UTXO accounting model, which provides a secure and predictable base for smart contracts. This shared architecture creates a natural bridge between the two networks.
The fund will prioritize projects that connect Bitcoin’s liquidity with Cardano’s advanced functionality. The goal is to attract billions in value and bring millions of new users into the ecosystem. Cardano is positioned as a trusted gateway for Bitcoin holders seeking sophisticated financial tools.
The Orion Fund also draws on the broader Draper network, which has backed over 400 companies globally. That network includes early investments in Tesla, Skype, Baidu, and Coinbase. Founded by Tim Draper, it carries decades of venture capital expertise across multiple technology cycles.
Before receiving investment, projects go through up to 400 hours of technical and operational vetting via Draper University.
This process signals institutional quality to external investors and follow-on capital. The fund also includes a public dashboard for real-time KPIs and quarterly ecosystem roundtables to maintain transparency.
Cardano and venture capital firm Draper Dragon have introduced the Orion Fund, an $80 million investment pool focused on fostering the development of Cardano-native and Cardano-integrated companies. The initiative aims to drive new growth on the Cardano blockchain, prioritizing projects that can expand utility and attract institutional participation in decentralized finance.
Orion Fund to support institutional DeFi and asset tokenizationThe Orion Fund will concentrate on two primary segments: tokenization of real-world assets and institutional DeFi solutions. These sectors are widely recognized as catalysts for the next phase of blockchain-driven financial innovation, offering new ways for traditional capital to leverage decentralized platforms.
Unlike previous Cardano ecosystem grant programs, the Orion Fund follows an equity-based model. By investing in exchange for ownership stakes, the fund aligns its interests with project founders and benefits from the value created as projects scale.
Draper Dragon, which has a decades-long track record in tech venture capital and has supported prominent firms such as Tesla, Skype, and Coinbase, will oversee the fund’s management. Cardano Foundation, established to support the Cardano blockchain and promote standards adoption, will serve as the constitutional administrator. The Foundation emphasized its role in providing technical resources and ecosystem support while holding no involvement in day-to-day fund decisions.
Arouet Holdings, a specifically created and ownerless special-purpose entity, will manage financial flows in the fund’s structure, designed to ensure that the value generated within the Orion Fund ultimately returns to the Cardano ecosystem treasury, rather than to a single stakeholder or corporate entity.
Draper University, the innovation school founded by venture capitalist Tim Draper and known for technology-focused startup programs, will act as the acceleration partner. The university will conduct rigorous vetting and educational support for project teams, helping ensure operational quality before any investment is made.
Focus on Cardano-Bitcoin UTXO compatibility and investor transparencyA key strategic objective of the Orion Fund is harnessing the technical similarities between Cardano and Bitcoin, notably their use of the UTXO ledger model. This compatibility forms the foundation for enhanced smart contract development and enables cross-chain liquidity solutions.
By targeting projects that leverage Bitcoin’s established liquidity and channel it into Cardano’s ecosystem, the fund intends to create bridges for asset flow and unlock new financial products easily accessible to institutional users.
Every Orion-backed project will be evaluated through an intensive selection process administered by Draper University, reportedly involving over 400 hours of technical and business diligence. This aims to ensure that only mature, compliant, and high-impact teams receive funding, addressing a common concern among institutional investors regarding quality and risk.
Transparency and ongoing accountability have been highlighted as priorities, with the fund implementing a public-facing dashboard to display live performance metrics and periodic roundtables to keep the broader ecosystem informed of key developments.
Cardano is a public, proof-of-stake blockchain platform known for its research-driven approach and support for smart contracts. Draper Dragon is an early-stage venture capital firm headquartered in Silicon Valley, traditionally focused on emerging web3, AI, and technology ventures.
Stakeholders involved in the Orion Fund anticipate that its focus will help accelerate institutional entry into Cardano’s decentralized economy, as the fund aims to catalyze long-term ecosystem growth through targeted investments and cross-chain collaboration opportunities.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Cardano founder Charles Hoskinson confirmed a meeting with Draper Dragon, the firm selected to manage a newly approved treasury-backed venture fund seeded with 50 million ADA.
His disclosure follows the approval of the Orion Fund proposal, signaling deeper collaboration between the Cardano ecosystem and blockchain-focused venture capital firms.
Key Points Charles Hoskinson confirmed he recently met with Draper Dragon, which will manage Cardano’s newly approved venture fund. The Cardano community approved the Orion Fund, allocating an initial 50 million ADA to the ecosystem treasury. The fund will support early-stage Cardano-native and integrated startups building on the network. Following his meeting with Draper, Hoskinson described the team as “good people with a good strategy.” Cardano Community Approves Treasury-Backed Venture Fund The Cardano community recently approved the Draper Dragon Orion Fund through its on-chain governance system. The initiative allocates an initial 50 million ADA (about $15 million) from the treasury to seed the fund, with oversight from the Cardano Foundation.
The fund will support early-stage Cardano-native and integrated startups through direct investments, venture studio programs, and accelerator initiatives developed alongside Draper University.
Moreover, it targets a total size of at least $80 million, with future allocations subject to further governance approval.
Hoskinson Backs Draper Dragon Partnership Following the approval, Hoskinson stated that he met with the Draper Dragon team, describing them as “good people” with a “good strategy”. His comments reflect confidence in both the partnership and the fund’s direction.
Furthermore, his endorsement signals a broader shift toward professionally managed investment structures designed to bring capital, networks, and operational expertise into the ecosystem. This approach strengthens Cardano’s ability to compete for high-quality startups and institutional backing.
Met with the Draper Dragon team today. Good people and good strategy https://t.co/73XLZi0YKL
— Charles Hoskinson (@IOHK_Charles) April 9, 2026
Orion Fund Introduces Structured Investment Model Meanwhile, the Orion Fund marks one of Cardano’s first large-scale treasury-backed venture initiatives. Instead of relying solely on grants, it introduces a structured investment model to support projects across infrastructure, decentralized finance (DeFi), payments, and real-world asset (RWA) platforms.
Under this model, Draper Dragon will deploy capital across three key areas. These include direct investments, venture studio programs for product development and scaling, and accelerator programs to onboard new founders.
To ensure transparency, an ownerless special-purpose vehicle, dubbed Arouet Holdings, will represent the treasury’s interests, while the Cardano Foundation will act as the constitutional administrator.
The move highlights the growing importance of venture partnerships as blockchain ecosystems compete on more than technology alone. If successful, the Orion Fund could accelerate Cardano’s growth by improving access to capital, expanding developer pipelines, and connecting startups to global venture networks.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
PANews reported on June 10 that, according to the Korea Economic Daily, Kookmin Bank of Korea successfully issued $100 million in blockchain digital bonds, marking the first such issuance by a Korean bank. The bonds were issued through HSBC's digital asset platform, Orion, and will subsequently be integrated into the clearing and settlement system of the Hong Kong Monetary Authority's Central Depository & Clearing Corporation. Kookmin Bank will also utilize the Hong Kong Monetary Authority's digital bond subsidy scheme to reduce some of the issuance costs. The bank stated that this issuance is part of KB Financial Group's "transformation and expansion" strategy, accelerating its digital financial transformation following the completion of verification of its Korean won stablecoin payment and settlement technology.
HSBC Bank Middle East Limited has launched a live tokenized deposit service in the UAE, adding the UAE dirham to its HSBC Orion blockchain network and giving eligible corporate clients instant, around-the-clock access to cross-border liquidity, a production deployment, not a pilot.
The dirham becomes the sixth fiat currency on Orion, joining the euro, British pound, US dollar, Hong Kong dollar, and Singapore dollar, highlighting the recent strength shown by the UAE’s national currency.
This institutional adoption news dropped as Bitcoin sits fairly flat on the day, up a modest +0.4% in the past 24 hours, although the world’s largest digital asset is struggling to reclaim $63,000 and is currently trading for $62,700.
$BTC is currently in the sideways zone.
Either a full reclaim of $65,000 is needed or a sweep of the $60,500-$61,000 zone.
Given the $62,000 level is holding so far, Bitcoin could move towards the upside target first. pic.twitter.com/nq8OG2LXUf
— Ted (@TedPillows) June 24, 2026
What the HSBC Bank Tokenized Deposit Service Actually Does Tokenized deposits work by representing a conventional bank deposit as a digital token on a permissioned blockchain, meaning the underlying funds stay inside the regulated banking system, but they move with the speed and programmability of crypto rails.
Corporate treasury teams can shift funds instantly between subsidiaries and across borders, 24 hours a day, seven days a week, without waiting for correspondent banking windows to open.
The service is built on Orion, HSBC’s proprietary distributed ledger platform, a private, permissioned network rather than a public chain. Eligible corporate and institutional clients can onboard immediately, subject to UAE regulatory approvals and standard know-your-customer documentation requirements.
Mohamed Al Marzooqi, chief executive officer of HSBC UAE, said the rollout reflects both local regulatory readiness and genuine corporate demand. “The introduction of tokenized deposits to the UAE is a reflection of the maturity of the local regulatory environment when it comes to digital finance and the genuine demand from corporates operating in and through this market for more capable treasury tools,” Al Marzooqi said.
HSBC Launches Tokenised Deposit Service in the UAE https://t.co/0J0fdGwp1r #fintech #middleeast
— Fintech News UAE (@MeFintech) June 23, 2026
Orion’s Track Record in Digital Bonds The UAE launch is the latest step in a multi-year build-out of HSBC’s digital asset infrastructure. Orion powered a $1.3Bn-equivalent multicurrency digital green bond issuance for the Hong Kong government.
It is being described as the largest digital bond of its kind at the time, and facilitated the European Investment Bank’s first bond denominated in British pounds on a blockchain.
The UK government selected Orion as the platform provider for its sovereign Digital Gilt Instrument pilot program in February 2026. Kyle Boag, regional head of global payments solutions for HSBC Middle East, North Africa and Türkiye, said demand for real-time infrastructure continues to accelerate.
“The demand for instant, secure, always-on liquidity solutions is only increasing as businesses seek to compete in a globalized and highly digitalized world,” Boag said.
Why Retail Crypto Readers Should Pay Attention
(SOURCE: CoinGecko)
For traders tracking the real-world assets narrative, this matters. Tokenized deposits issued by a Tier-1 bank on a permissioned network function as a regulated stablecoin alternative for institutional flows, bank-grade credit backing, regulatory oversight, but crypto-like settlement speed.
The RWA market has already surpassed $51Bn, and HSBC’s move into the UAE adds a major institutional pillar to that figure. The UAE’s embrace of on-chain fiat, from HSBC’s dirham tokenization to broader tokenization initiatives across the Gulf, reinforces the region’s positioning as a regulated hub for corporate crypto adoption.
That regulatory maturity is precisely what draws institutional capital, and institutional capital is what gives blockchain-based financial infrastructure long-term durability beyond the hype cycle.
The broader RWA and tokenization trend is also reshaping payment corridors. Ripple’s RLUSD stablecoin is expanding cross-chain into new markets along similar rails, signaling that both bank-issued and protocol-native tokenized fiat are converging on the same institutional use cases.
HSBC bank has signaled plans to extend Orion to additional jurisdictions and to layer programmable payment and treasury automation capabilities atop the deposit infrastructure, suggesting the dirham launch is a waypoint, not a destination, in the broader on-chain cash management buildout.
EXPLORE: Best Crypto Presales With Asymmetric Upside in the Current Market
#Altcoin News Today
Why you can trust 99Bitcoins
10+ Years
Established in 2013, 99Bitcoin’s team members have been crypto experts since Bitcoin’s Early days.
90hr+
Weekly Research
100k+
Monthly readers
50+
Expert contributors
2000+
Crypto Projects Reviewed
Follow 99Bitcoins on your Google News Feed
Get the latest updates, trends, and insights delivered straight to your fingertips. Subscribe now!
Subscribe now
Alex Ioannou
On-Chain Journalist
Alex is a seasoned cryptocurrency trader and market analyst with over seven years of active experience in the digital asset space. Since entering the markets in 2017, Alex has specialized in identifying emerging "meta" trends and high-volatility narratives. Notably, Alex... Read More
Free Bitcoin Crash Course Enjoyed by over 100,000 students. One email a day, 7 days in a row. Short and educational, guaranteed!
The BeInCrypto Institutional 100 Awards 2026 enters its final stage with the Access to Digital Assets pillar narrowed to 16 shortlisted firms across four categories.
This pillar focuses on companies that help institutions enter, evaluate, and manage digital asset exposure. The shortlist includes product issuers, asset managers, global banks, and market data platforms. The winners were announced at Proof of Talk in Paris on June 2, 2026.
The firms below are listed alphabetically within each category. They are not ranked.
Welcome to the BeInCrypto x @ProofOfTalk Institutional 100 Awards, live from the iconic Louvre Palace in Paris.
Tonight we recognize the institutions and leaders shaping the future of digital asset finance across 25 categories.
Thank you for being part of this historic first…
— BeInCrypto (@beincrypto) June 2, 2026 Best Digital Asset Product This category recognizes regulated investment products that give institutions exposure to digital assets. The shortlist covers spot ETFs, multi-asset crypto products, and tokenized funds.
Shortlisted FirmWhy It Made the ShortlistBitwiseBSOL became the largest US spot Solana ETF after its October 2025 NYSE launch. It captured over 80% of the category’s cumulative inflows. BITB also anchors Bitwise’s $15 billion-plus crypto product platform across the US, UK, and Europe.BlackRockIBIT scaled to roughly $67 billion in AUM by early May 2026, making it the institutional benchmark for spot Bitcoin ETF exposure. BUIDL also crossed $3 billion, leading the global tokenized money market fund category.Fidelity InvestmentsFBTC ranks second behind IBIT in the spot Bitcoin ETF cohort, with about $17 billion in AUM. Fidelity also custodies the product in-house through Fidelity Digital Assets, NA, its national trust bank.Franklin TempletonThe BENJI tokenized money market fund suite crossed $1.98 billion in AUM by April 2026. It is now deployed across more than eight public blockchains, giving it the broadest chain coverage among institutional tokenized funds. Fund Manager of the Year This category recognizes firms managing major dedicated investment vehicles in crypto. It covers venture capital, hedge funds, and tokenized strategies.
Shortlisted FirmWhy It Made the Shortlista16z Cryptoa16z closed Crypto Fund V at $2.2 billion in May 2026. The firm remains one of the largest crypto-dedicated venture managers, with portfolio companies including Uniswap, Anchorage Digital, Jito, and Kalshi.Bitwise Asset ManagementBitwise manages more than $15 billion in client assets across 30-plus crypto investment products in the US, UK, and Europe. Its BSOL launch in October 2025 helped reshape the spot Solana ETF market.Pantera CapitalPantera was the first US institutional asset manager dedicated to blockchain. Founded in 2003, it now operates across venture, hedge, and tokenized strategies with more than $5 billion in AUM.ParadigmParadigm raised a $1.5 billion fund in February 2026 to expand into AI and frontier technologies alongside its core crypto thesis. Its portfolio includes Coinbase, Uniswap, Optimism, and Flashbots. Leader in Digital Asset Adoption This category recognizes institutions putting digital assets, tokenized instruments, and blockchain settlement infrastructure into live client service at scale.
Shortlisted FirmWhy It Made the ShortlistBlackRockKinexys by J.P. Morgan brought JPM Coin (now JPMD) to public blockchains. The rollout included Base in 2025 and Canton Network in January 2026, expanding institutional access to bank-issued deposit tokens.FidelityFidelity combines spot crypto ETFs, including FBTC and FETH, with in-house custody through Fidelity Digital Assets, NA. This gives the firm one of the most vertically integrated institutional digital asset stacks in the US.HSBCHSBC Orion has enabled more than $3.5 billion in digitally native bonds globally. The bank also received an HKMA stablecoin issuer licence ahead of a planned HKD stablecoin launch in the second half of 2026.JPMorgan ChaseKinexys by J.P. Morgan brought JPM Coin, now JPMD, to public blockchains. The rollout included Base in 2025 and Canton Network in January 2026, expanding institutional access to bank-issued deposit tokens. Best Market Intelligence & Data Platform This category covers platforms that provide the on-chain, market, and index data institutions use to evaluate and monitor digital asset exposure.
Shortlisted FirmWhy It Made the ShortlistCoin MetricsTalos acquired Coin Metrics in July 2025 for more than $100 million, marking Talos’s largest deal to date. The acquisition integrated Coin Metrics’ on-chain, market, and index data with institutional trading and portfolio management infrastructure.Dune AnalyticsDune hosts more than 200,000 dashboards, 6.5 million queries, and 1.5 million datasets across 100-plus blockchains. In 2026, it launched AI Agents and the dbt Connector for institutional data workflows.GlassnodeGlassnode supports institutional on-chain analysis across more than 1,700 assets and 900 metrics. It also publishes quarterly Charting Crypto reports with Coinbase Institutional and launched a Glassnode MCP server in 2026.KaikoKaiko serves more than 200 enterprise clients globally and joined ISDA in April 2026. Its collaboration with S&P Dow Jones Indices also brought the iBoxx US Treasuries Index on-chain as a tokenized benchmark. About the BeInCrypto Institutional 100 The BeInCrypto Institutional 100 is an annual research program covering 25 categories across six pillars: Capital Markets & Infrastructure, Access to Digital Assets, Tokenization & On-Chain Finance, Enterprise Blockchain, Regulation & Governance, and Retail to Crypto Bridge.
The 2026 evaluation window ran from April 2025 through March 2026.
Shortlists were selected through BeInCrypto’s editorial research methodology and blind scoring by an external panel of institutional digital asset practitioners.
Each category follows one of three scoring tracks, depending on the data profile of the market. Public filings, regulatory registers, audited reports, on-chain data, ETF flow trackers, and nominee disclosure forms were used where available.
Final blended scores are not published. Inclusion on the shortlist reflects the combined outcome of research and judge review.
