PANews reported on August 11 that Web3 developer education platform HackQuest announced the completion of a US$4.1 million Pre-A round of financing, co-led by Animoca Brands and Open Campus. Participants included Gate Ventures, Hash Global, HashKey Capital, Bytetrade Labs, StepN, Outlier Ventures, and several angel investors including Public Works founder Scott Moore, Signum Capital partner YY, Outlier Ventures ecosystem head Riccardo, and Jambo co-founder James.
HackQuest said that this round of financing will be used to accelerate the construction of the developer platform and further expand its influence in the global developer community by acquiring high-quality platforms in the same field.
At present, HackQuest has established official developer ecosystem cooperation with 30 public chains including Solana, Mantle, Xion, Arbitrum, Consensys, Injective, Soniclabs, 0G, Flow, Moca Network, etc., and has also reached official Web3 education cooperation with universities such as Nanyang Technological University, Universiti Teknologi Malaya, University of Malaya, and University of the Philippines.
HackQuest's vision is to become the gateway for global Web3 developers and provide ecological and educational resources for Web3 developers and entrepreneurs.
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.
Axelar has integrated Solana. The integration is now live on mainnet, enabling cross-chain message passing and asset transfers between Solana and Axelar-supported chains, including Ethereum, XRP Ledger, Sui, Stellar, Hedera, and 70+ more ecosystems.
Following recent integrations with Stellar and Hedera, Solana is the next major ecosystem connected to Axelar’s interoperability infrastructure. The integration expands Axelar’s support across different execution environments and gives developers, asset issuers, and protocols a secure and reliable way to connect Solana with the broader multichain world.
What the Integration EnablesSolana is one of the most vibrant blockchain ecosystems in Web3, with a growing application layer across DeFi, payments, tokenization, and consumer use cases. With Solana connected through Axelar, applications can combine Solana’s speed, low transaction costs, and active application ecosystem with Axelar’s interoperability infrastructure. The result is new optionality for applications that want to reach broader liquidity, expand user access across chains, and build multichain products that connect Solana with the wider ecosystems.
Ecosystem Partners Expanding to SolanaThe Solana integration launches with day-one ecosystem use cases that demonstrate how Axelar can help bring assets and applications into the Solana ecosystem.
Stronghold is a payments infrastructure platform that enables access to both legacy and next-generation financial services, with $SHx serving as its native utility token. Through Axelar's integration with Solana, Stronghold can now extend SHx reach to Solana and gain access to a broader ecosystem of users, builders, and liquidity opportunities beyond the Stellar ecosystem.
SaucerSwap is a leading decentralized exchange on Hedera, providing trading and liquidity infrastructure optimized for efficient execution and low fees. With Axelar connecting Solana, SaucerSwap can support assets from Solana and other connected blockchains and bring them into Hedera-based trading and liquidity pools. The integration also opens a new path for $SAUCE to extend beyond its native environment into the Solana ecosystem.
How to Access Solana Through AxelarSolana is now connected to Axelar and can be accessed through:
Axelar’s new bridging interface: Users can move assets to and from Solana directly through Axelar’s interface.Squid: Users and developers can access Solana through Squid, a cross-chain routing and liquidity layer built on Axelar that enables seamless asset transfers across ecosystems.Moreover, developers can now start building cross-chain applications with Solana: Send & receive messages across chains | Interchain Token Transfers | Full documentation
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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!
As XRP stabilizes around $2.70 and the broader crypto market catches its breath, a wave of smaller altcoins is stealing the spotlight, led by a 95.3% surge in Kyber Network Crystal (KNC).
Kyber Network’s explosive rally follows the late-May launch of its crosschain platform, with CEO Victor Tran touting the team’s long-term resilience and development consistency. The altcoin’s breakout underscores a broader trend of niche tokens outperforming in a sideways market, with Altcoin and meme token Kori also seeing triple-digit gains over the past week.
But while some projects cite platform launches and teasers as catalysts, others appear to ride on hype alone—raising questions about sustainability as traders chase momentum.
‘Everyone keeps working hard‘ Kyber Network Crystal, over the last 24 hours, reached $0.6118 from a low of $0.3131. The surge comes months after Kyber Network launched its KyberSwap Crosschain platform in late May.
Tran took to X to address the token’s notable performance. He also posted a screenshot of the surge alongside a message emphasizing the team’s dedication.
KNC 24H price chart from CoinGecko “Nothing changed, everyone keeps working hard as we have been for 8 years. We want to prove OG teams will win in the long run. @KyberNetwork”
This statement appears to position Kyber Network as a veteran project that has weathered multiple market cycles. He also suggested that sustained development and team commitment are finally being recognized by the market.
Second on the top gainers list is Altcoin which has surged 86.8% over the past 24 hours, reaching $0.08106 from $0.03835. The project has also posted a cryptic announcement teasing developments for next week.
ALT 24H price chart from CoinGecko While details remain scarce, such forward-looking statements often drive speculative buying as traders position ahead of potential news.
However, ALT has faced technical issues with price tracking. The project’s X account addressed concerns about incorrect price displays: “Hey coingecko, please correct the price for $ALT on your platform. You’re displaying the price of the wrong ALT token, which is completely unrelated to us and it’s impacting the community.”
Third on the list is Kori, which has climbed 68.5% in the last 24 hours, trading at $0.04098 from $0.02285. The meme coin has shown remarkable longer-term performance, surging over 1,600% in the last 30 days and 485% in the past week.
KORI 24H price chart Despite the price action, there haven’t been any notable developments from the project that would explain such massive gains. The token has been trending on X, which appears to be the primary driver behind its momentum.
The current altcoin surge occurs against a backdrop of market stabilization. XRP (XRP) has cooled down from its recent rally and is now trading in the $2.7 range, while Solana (SOL) maintains its position around $160.
However, traders should approach these high-flying tokens with caution. While KNC has clear catalysts in the form of product launches and team statements, tokens like KORI appear to be driven primarily by social media hype without fundamental backing.
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.
Solana Labs, the company behind the Solana blockchain, has partnered with communications startup Dialect to introduce a new product called Actions and Blinks.
According to a June 25 statement, Access Protocol, alongside other notable blockchain projects like Jupiter, Backpack, Tensor, and Sphere Labs, will integrate Solana Actions and Blinks into their operations.
How Access protocol will utilize Actions and BlinksSolana Actions are Application Programming Interfaces (API) facilitating signable transactions for specified programs, while Blinks leverages these APIs to create user-friendly interfaces.
A spokesperson explained:
“Protocols map transaction links to a specific Solana Action. Blinks are the technology that unfurl the links in an easy-to-use interface via browser extensions.”
This technology allows a shareable link to present an interface for a Solana transaction, enabling users to conduct crypto transactions through any website or application. For instance, a link on social media platform X or a publication site would allow users to complete a crypto transaction without leaving the webpage.
Access Protocol will use Actions and Blinks to enable one-click purchases of staked ACS subscriptions for top crypto media platforms like CryptoSlate and The Block, using Solana's native token, SOL. SOL is the fifth-largest digital asset by market capitalization, trading at $137 as of press time.
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Next week, Access Protocol plans to add 20 more creators to its platform to reach all 160 creators eventually.
Andreas Nicolos, CEO of Access Labs, praised the APIs as transformative for Access Protocol and the wider crypto sector. He stated:
“Solana Actions simplify the user onboarding experience while Blinks expand the total surface area for engagement. The impact of these two products combined cannot be overstated.”
Access Protocol aims to revolutionize digital content monetization with a blockchain-based subscription model. By offering ACS subscriptions in SOL tokens, the platform will further broaden the adoption of its subscription model within the crypto community.
Cube, a hybrid exchange that settles trades on-chain using secure multi-party computation, has listed Access Protocol (ACS), a content monetization platform built on Solana. The listing follows Cube's recent announcement of Isometric (ISO), an intent-based transaction network that aims to enable cross-chain trading without asset bridging.
At the Solana Breakpoint conference, Cube's CEO and co-founder Bartosz Lipinski outlined the vision behind Isometric. “When we started building Cube, we wanted everything to be an intent,” Lipinski stated.
“Everyone will be able to submit intents to the network and verify settlements on multiple chains using the decentralized MPC that we've built.”
He emphasized that the decentralized MPC integration layer allows users to utilize value across layer-one blockchains without diminishing it.
Isometric's platform token, ISO, will power governance, staking, and decentralized custody within the network. Cube has scheduled both the token and mainnet launch for the second quarter of 2025, aiming to streamline cross-chain interactions and enhance blockchain transaction efficiency.
In addition to technological advancements, Cube announced a partnership with the Argentine government this week. The collaboration intends to explore leveraging the Isometric network as a catalyst for Argentina's financial system, signaling a significant step in integrating blockchain technology with national financial infrastructures.
The timing of the ACS listing is notable as it highlights the growing use of content tokenization on the chain. Cube's custom rewards platform, Blocks, engages users through unique packages for listing traders and token holders. Participants in the ACS listing will be eligible for Blocks campaign rewards, potentially increasing user engagement and liquidity for the token.
Access Protocol has been expanding its ecosystem. The protocol is integrating Solana's new “Actions” and “Blinks” features to enhance the user experience by allowing crypto transactions through any website or application using shareable links. This integration will enable one-click purchases of staked ACS subscriptions for top crypto media platforms using Solana's native token, SOL.
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Founded by DeFi investing expert Mika Honkasalo and launched in February 2023, Access Protocol offers a blockchain-based subscription model for content creators and digital media publications. Users can access exclusive content by staking ACS tokens rather than through traditional subscriptions.
Cube's listing of ACS and developments with Isometric reflect a broader trend of innovation in cross-chain solutions and content monetization models within the blockchain industry. The partnership with Argentina emphasizes the growing interest of national governments in leveraging blockchain technology for financial system enhancements.
CryptoSlate Alpha is powered by Access Protocol, which gives exclusive access to enhanced crypto research and insights.
Access Protocol’s ACX token surged after unveiling Creator Coins on Solana, a new monetization model for digital creators.
Summary
Access Protocol launched Creator Coins on Solana, powered by Proof of Audience and Raydium Launchlab. ACX surged over 100% intraday, with volume spiking 10,909%. Creator Coins reward early supporters and provide creators with sustainable revenue models. Creator Coins operate like memecoins but are directly tied to individual creators, offering a tokenized way to align incentives between communities and the talent they follow.
The announcement was made on Aug. 25, 2025, in a post on X and an official press release by Access Protocol (ACX).
Unique Proof of Audience Model Unlike speculative launches with no built-in demand, Access has embedded a Proof of Audience system that sets milestones before any coin can go live. These milestones ensure creators show genuine traction.
They include a minimum number of stakers, pool scores, and staking thresholds. Once those conditions are satisfied, token allocations are given to supporters, and creators receive their share, which is vested over a two-year period.
The goal of this strategy is to balance community benefits with long-term creator income. Tokens are tradeable from day one, while Access has also layered in a Creator Token Incentive Program that sends millions of ACS tokens to creators, stakers, and traders every month.
The launch is supported by Raydium’s (RAY) Launchlab on Solana (SOL), ensuring liquidity and tradability from day one. Creator tokens distribute 10% of the supply to early supporters, while creators receive 20% vested over two years.
Market reaction and ecosystem impact Following the news, ACX price rallied more than 100%, climbing from roughly $0.00108 to a high of $0.00223 before retracing. As of this writing, ACX is still up 16% for the day and has shown comparable gains throughout the week.
Additionally, trading activity increased significantly. In the last 24 hours, the daily volume increased by 10,909% to $95 million, indicating a renewed interest in the Access Protocol ecosystem.
The market’s reaction shows a high level of interest in both ACX and the larger Creator Coin concept. Access is establishing itself as a competitor to subscription-based platforms such as Patreon by linking token utility to creators and their audiences, while also capitalizing on the trading culture that has propelled Solana’s expansion.
Access Protocol, a popular decentralized monetization and subscription platform, has collaborated with ANT.FUN, a Solana-based DEX. The partnership attempts to onboard additional consumers into the robust creator economy via smooth staking-based subscriptions. As Access Protocol’s X announcement points out, the collaboration establishes an integration between its Access Hub and ANT.FUN’s protocol. Hence, this development attempts to streamline the way consumers back creators while generating rewards.
Access Protocol and ANT.FUN Redefine Creator Monetization on Solana with Staking Subscriptions The collaboration between Access Protocol and ANT.FUN is poised to fortify the creator economy on the Solana network. So, the initiative underscores the wider trend of combining creator-centered monetization models and DeFi innovation within the Solana network. With this move, ANT.FUN consumers can directly access the staking subscription framework of Access Protocol. This permits fans to seamlessly stake tokens rather than paying conventional charges to get access to premium content.
Additionally, with this approach, the consumers can generate regular staking rewards along with backing favorite creators, baking content exposure incentive-led and sustainable. At present, the Access Hub hosts over 370 exclusive creators, providing a wide variety of content verticals and premium communities. A crucial element of this partnership is the impending Ant Wallet. The product will feature direct Access Hub access.
At the same time, the integration is anticipated to decrease friction for latest consumers by letting them delve into the broad range of creators. Moreover, they can also stake tokens as well as manage subscriptions via a single interface. Adding to this, the integration of creator economy instruments into the cutting-edge wallet experience fortifies consumer retention and increases engagement across the platforms.
Duo Also Plans NFT Giveaway to Increase Creator Engagement Simultaneously, Access Protocol and ANT.FUN are also hosting a joint community giveaway to boost participation and awareness. The campaign takes into account 5 Forever Subscription NFTs, while each of them accounts for $20M in value. The NFTs provide the users with lifetime creator subscription in addition to the present staking rewards. Ultimately, the collaboration focuses on providing more engagement, more value, and more access for users and creators alike within the DeFi landscape.
AUTHOR
Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.
Strategy, formerly MicroStrategy (MSTR), has announced plans to issue 2.5 million shares of 10% Series A Perpetual Stride Preferred Stock (STRD) to raise funds to expand its Bitcoin holdings and support working capital.
The company aims to raise approximately $250 million from this initial public offering (IPO), based on an initial liquidation preference of $100 per share. Meanwhile, other firms are also advancing Bitcoin treasury initiatives across the globe.
Strategy Plans Major IPO to Raise Funds for Bitcoin Expansion According to Strategy’s official announcement, the offering targets institutional and select non-institutional investors. Holders are eligible for non-cumulative dividends, paid quarterly if declared, at a 10% annual rate.
“Strategy will have the right, at its election, to redeem all, but not less than all, of the STRD Stock, at any time, for cash if the total number of shares of all STRD Stock then outstanding is less than 25% of the total number of shares of STRD Stock originally issued in the offering and in any future offering, taken together,” the statement read.
The offering plan follows Strategy’s latest acquisition of 705 BTC for around $75.1 million yesterday. SaylorTracker data shows that the firm holds 580,955 BTC, valued at over $60 billion.
Strategy’s move comes amid a wave of corporate cryptocurrency adoption. On June 2, Hong Kong-based Reitar Logtech Holdings Limited (RITR), a logistics solutions provider, revealed that it is in advanced negotiations to create a strategic Bitcoin treasury. The initiative aims to purchase up to 15,000 BTC, valued at approximately $1.5 billion.
“Management believes this treasury diversification could provide several strategic benefits including enhanced financial resilience through allocation to a non-correlated digital asset, increased financial flexibility for future strategic acquisitions in logistics technology and automation platforms, and positioning for expansion in high-growth Asian markets where demand for smart logistics infrastructure continues to increase,” the filing read.
Similarly, the Norwegian Block Exchange (NBX) made history as Norway’s first listed company to adopt Bitcoin as a treasury asset. The company has acquired 6 Bitcoin and aims to raise its holdings to 10 BTC by June.
In Russia, Sberbank, the country’s largest bank, launched structured bonds tied to Bitcoin. This product is available to a limited group of qualified investors in the over-the-counter market.
Beyond Bitcoin, other digital assets are also gaining traction. BTCS, a blockchain tech firm, acquired 1,000 ETH, bringing its Ethereum holdings to 13,500 ETH.
“Ethereum remains at the core of our blockchain infrastructure strategy. Our expanding ETH position is not simply a treasury play-it’s a strategic byproduct of our NodeOps and high-growth Builder+ activities. We are focused on building highly scalable, revenue-generating infrastructure,” CEO Charles Allen said.
Meanwhile, Classover, an edtech company, is focusing on building a Solana (SOL) treasury reserve. The company previously bought 6,472 SOL for approximately $1.05 million.
Now, it has entered into an agreement to issue up to $500 million in senior secured convertible notes, with an initial $11 million funding set to close soon. A significant portion of the proceeds, up to 80%, will be allocated to purchasing SOL.
These developments reflect a broader shift among corporations to diversify treasury assets with cryptocurrencies.
The Solana Foundation has unveiled a series of new initiatives aimed at strengthening the security of decentralized finance (DeFi) platforms running on its network. These efforts come in the wake of a recent major cyberattack on the Drift Protocol, attributed to a North Korea-linked group, which resulted in the theft of $270 million. The incidents have highlighted the urgent need for more robust safeguards across the ecosystem.
Comprehensive audits with Stride and SIRNAt the heart of the Foundation’s efforts is the newly launched Stride program, which is managed by Asymmetric Research. Stride will subject DeFi protocols on Solana to assessments across eight core security domains, with the findings to be made publicly available. Alongside Stride, the Foundation has established the Solana Incident Response Network (SIRN)—a members-only group composed of security specialists designed for real-time crisis intervention. Together, these initiatives seek to increase transparency and provide rapid response capabilities across the Solana DeFi landscape.
The necessity for such measures became evident following the Drift attack, which exposed several security shortfalls. However, investigations have clarified that the breach did not directly compromise smart contracts or audited code. Instead, the attackers focused on human vulnerabilities, infiltrating the system through malicious software and social engineering tactics targeting project team members over a six-month period.
For protocols with more than $10 million in total value locked (TVL) that successfully meet the Stride assessment criteria, ongoing operational cybersecurity monitoring will be provided. The level of monitoring and support will be tailored based on the individual risk profiles of each protocol, reflecting both their asset size and security needs.
Formal verification and operational supportIn the case of protocols managing over $100 million in TVL, the Foundation will lend support for formal verification processes. This advanced method systematically checks all potential smart contract operations using mathematical models, with the aim of ensuring code correctness and reliability before deployment. Such rigorous verification provides added confidence in the underlying smart contracts that form the backbone of leading DeFi protocols.
The founding members of the Stride program include not only Asymmetric Research, but also security firms OtterSec, Neodyme, Squads, and ZeroShadow. The SIRN network, meanwhile, is open to participation from any project within the Solana ecosystem. Nevertheless, in terms of resource allocation, priority will be given to protocols with higher value locked to help mitigate the risk to the most critical infrastructure.
Despite the advanced nature of formal verification, experts caution that it would not have detected the recent attack attributed to North Korean hackers. The breach allowed attackers to access administrative privileges via compromised devices belonging to team members, enabling them to authorize malicious transactions. This type of infiltration typically falls outside the scope of traditional monitoring mechanisms.
On another front, SIRN is expected to significantly improve response times to future incidents. Blockchain security researcher ZachXBT emphasized that Circle Internet, the issuer of the USDC stablecoin, faced criticism for waiting over six hours before freezing more than $230 million in stolen assets following the Drift incident, suggesting the need for swifter action during emergencies.
The Solana Foundation highlighted that these new programs are not meant to shift primary security responsibilities away from protocol teams, who remain accountable for their own safeguards. To bolster these efforts, a suite of free security tools has been developed for Solana developers, assisting them in threat detection and conducting attack simulations to stay proactive in a rapidly evolving threat landscape.
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.
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As the United States approaches its presidential election on Tuesday, November 5, 2024, the Bitcoin market is bracing for significant volatility. In the lead-up to the election, Bitcoin surged to a high of $73,620 on Tuesday, likely reflecting investor optimism over a potential victory for former President Donald Trump. However, by Friday, the BTC price experienced a correction, dipping to $68,830 amid a more cautious, risk-off sentiment as the election looms.
How To Trade Bitcoin During US Election Alex Krüger, an Argentine economist and renowned crypto analyst, shared his strategic framework on how to trade Bitcoin during the US election period via his X account. Krüger outlined scenarios based on possible election outcomes, highlighting that a Trump victory could propel Bitcoin to $90,000 by year-end with a 55% probability, while a win for Vice President Kamala Harris might see Bitcoin settle around $65,000 with a 45% probability. He emphasized that timing will matter: “Expect the move to be fast if Trump wins. Markets rarely waits for laggards on binary events not largely front-run.”
Krüger also noted that the current Bitcoin price, which he anticipated to be in the $65k-68k range leading up to election night, had “overshot” in alignment with the probabilities favoring a Trump victory. He pointed out the uncertainty surrounding the election results, primarily hinging on the Pennsylvania vote count, which could delay the announcement of a clear winner.
“It largely depends on the Pennsylvania count, if it is lopsided or not. It could be as early as Tuesday evening EST, or days later if the count is very tight. The sooner we get clarity, the easier it gets,” Krüger stated.
Regarding market sentiment, Krüger expressed a bullish outlook on equities regardless of the election outcome, unless there is an unexpected “Blue sweep” where Democrats secure both the presidency and congressional majorities. He explained that “equities drag Bitcoin around.”
In his personal investment strategy, Krüger revealed that he is positioned with long spots in Bitcoin and Nvidia, and plans to go long on Solana (SOL) if Trump wins. With this, Krüger is likely betting on a spot Solana Exchange Traded Fund (ETF) approval in the United States.
Krüger’s analysis suggests that the market has partially priced in a Trump victory, anticipating that a Trump administration could bolster the Bitcoin price. “Markets have partially priced a Trump victory in. We (the market, in aggregate) expect Trump to drive crypto prices higher due to increased regulatory clarity and implementation of pro-crypto policies,” the analyst wrote.
Additionally, he expects that Trump’s focus on increased government spending would stimulate short-term economic growth, positively impacting equities—a sector closely linked to Bitcoin’s performance.
Conversely, a Harris victory would likely represent a continuation of existing policies, barring a significant Democratic sweep. Krüger concluded: “Based on betting markets and various election forecasting models, Trump’s probabilities are in the 50% to 63% range. Ergo, it’s “safe” to assume a GOP victory is far from being fully priced in. Such a contested setup is common going into elections. That is why I do not expect ‘sell the news’.”
At press time, BTC traded at $70,402.
Bitcoin price, 1-day chart | Source: BTCUSDT on TradingView.com Featured image created with DALL.E, chart from TradingView.com
Solana (SOL), one of the largest cryptos in terms of market capitalization, has turned bullish in the past few hours. On the other hand, the blockchain’s network activity has been declining after increasing dramatically over the past several months. In the meantime, a new DEX is making headlines with its surge in adoption. Ergo, let’s take a closer look at what’s going on with this new DEX, GRVT.
Solana’s dropping network activity As per Artemis, a popular data analytics platform that provides insights into several blockchains’ network activity, Solana was witnessing a decline in its activity. This was evident from the decline in its daily active addresses in the seven-day time span. During the same time, the blockchain’s daily transactions also dipped—signaling less usage. Apart from that, things in the captured value front also didn’t look good as both Solana’s fees and revenue dropped.
GRVT is now in the limelight! While Solana’s network activity was declining, a newcomer, GRVT, has been making news. GRVT is the world’s first regulated DEX that operates as a self-custodial CEX. By using smart contracts to guarantee self-custody, scalability, and security, the company hopes to make it possible for anybody to purchase, sell, trade, and invest in financial items. In only a month since its mainnet alpha launch, the DEX has gained much traction. GRVT’s daily active traders (DAT) are among the highest for a DEX’s first 30 days, with recent numbers crossing 1,000—a major milestone. Additionally, they have onboarded 33,266 KYCed users to date—more than many DEXes achieve in their lifetime.
In 30 days, GRVT traded a total of $1.3 billion. The platform’s daily volume already surpasses many top DEXs in their first month. Hong Yea, co-founder and CEO of GRVT mentioned, “We’ve shipped over 6 new features including configurable leverage, cross-chain bridging, PnL tracking, and more. GRVT improves daily.”
To sum things up! While Solana faces declining activity, GRVT’s explosive growth and innovation highlight its potential to reshape the DEX landscape. With impressive achievements in as little as 30 days, GRVT is drawing interest from the cryptocurrency world. This points to a bright future for decentralized trading that is regulated. Meanwhile, it’s also worth noting that Solana bulls stepped up their game in the last 24 hours by pushing the token’s price up by 5%. At the time of writing, the token is trading at $237 with a market capitalization of over $115 billion.
PANews reported on May 13th that KRWQ, a stablecoin denominated in Korean won, has announced its expansion to the Solana network to support on-chain Korean won liquidity. Created in partnership with IQ and Frax, the team stated that this deployment will make KRWQ a core settlement asset for Korean won liquidity on Solana. KRWQ will support various Korean won-denominated trading applications on Solana, including perpetual futures, on-chain forex markets, arbitrage strategies, cross-margin trading between Korean won and US dollar stablecoins, and institutional and algorithmic trading systems. The team stated that Solana's low-latency execution and deep liquidity were the reasons for choosing this network.
In March of this year, KRWQ was listed on EDX Markets' spot and perpetual contract markets, including the launch of Korean won perpetual futures on EDXM International. The stablecoin, first launched last October, was the first Korean won stablecoin on Base Layer 2.
KRWQ partners with Chainlink to launch automated reserve verification for its Korean Won stablecoin.
PANews reported on June 16 that the South Korean won stablecoin KRWQ announced the integration of Chainlink's Proof of Reserve and Data Stream for automated verification of its offline reserves, improving transparency and compliance preparedness. KRWQ is currently the largest South Korean won stablecoin, issued in partnership with IQ and Frax, pegged 1:1 to the South Korean won, and supports use on chains such as Solana.
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TLDR: KRWQ became the first Korean won stablecoin to adopt automated reserve verification via Chainlink PoR. Chainlink Data Streams now provide real-time visibility into KRWQ’s off-chain reserve backing. The integration targets stronger compliance standards for institutional DeFi participation. KRWQ says transparent reserve monitoring can support wider on-chain liquidity growth. KRWQ has integrated Chainlink Proof of Reserve, becoming the first Korean won-backed stablecoin to use automated reserve verification through Chainlink infrastructure.
The move adds real-time transparency to the reserves supporting the stablecoin and marks another step toward broader participation in decentralized finance. Moreover, the integration aims to support compliance and risk management requirements as the on-chain Korean won market expands.
KRWQ, developed by IQ and Frax, announced the adoption of Chainlink Proof of Reserve to verify the reserves backing its Korean won stablecoin. The project described the integration as a way to provide automated checks on off-chain assets.
According to the announcement, KRWQ now uses a dedicated Chainlink Data Stream to deliver reserve information. The system allows users and applications to monitor whether circulating tokens remain backed by corresponding fiat reserves.
Chainlink stated on social media that KRWQ is the first fully backed Korean won stablecoin to implement its reserve verification technology. The company said the integration improves transparency while supporting regulatory readiness.
The reserve verification process focuses on maintaining visibility into off-chain holdings. Stablecoin issuers increasingly use such tools as regulators and institutions place greater attention on proof of backing.
KRWQ also highlighted its position within the on-chain Korean won foreign exchange market. The project said stronger reserve transparency could support wider use across decentralized finance applications.
Chainlink Infrastructure Targets DeFi Expansion and Compliance The integration arrives as stablecoin projects face increasing scrutiny over reserve management. Transparent verification systems have become a key requirement for many institutional participants entering digital asset markets.
According to information released by KRWQ, reliable reserve monitoring plays a central role in liquidity growth across decentralized finance. The project noted that risk management infrastructure remains important for attracting broader market participation.
Chainlink’s network provides external data services for blockchain applications. Its Proof of Reserve product allows projects to publish reserve information through automated oracle infrastructure rather than relying solely on periodic disclosures.
Chainlink Chief Business Officer Johann Eid said reserve transparency remains critical for stablecoin adoption across on-chain finance. He noted that verifiable backing helps demonstrate the connection between digital assets and real-world reserves.
KRWQ Chief Operating Officer Dave Shin stated that the integration provides developers and users with tamper-resistant reserve verification. He added that transparent backing standards support wider use cases across decentralized finance ecosystems.
The announcement identifies KRWQ as the largest Korean won stablecoin on the Solana network. With automated reserve verification now active, the project is positioning its infrastructure for deeper integration across decentralized finance platforms and institutional-focused digital asset services.
PANews reported on August 21st that Coinbase Assets has added AWE Network (AWE), Dolomite (DOLO), Flock (FLOCK), Solayer (LAYER), and SPX6900 (SPX) to its asset listing roadmap. The official contract addresses for each asset on the Base, Ethereum, and Solana networks were also announced. The platform stated that the launch of trading for these assets is subject to market support and technical requirements, and the specific launch date will be announced separately.
Gold-backed crypto sounds straightforward until you check the redemption rules, custody setup, and issuer terms. In practice, two tokens may track the same ounce of gold while offering very different rights to the holder.
That gap between price exposure and holder rights is drawing more attention in 2026 as tokenized gold trading volume rises and products like Pax Gold (PAXG) and Tether Gold (XAUT) pull in more activity across crypto markets. This guide explains how tokenized gold works, how PAXG and XAUT differ, and what buyers should check before they treat a token like physical bullion.
KEY TAKEAWAYS
➤ Tokenized gold tracks physical bullion, but holder rights, redemption terms, and custody structures can differ sharply between issuers.
➤ Tokenized gold trading volume reached $90.7 billion in Q1 2026, with PAXG and XAUT leading the category’s growth.
➤ Issuer risk, redemption limits, wallet controls, and regional regulations still affect how tokenized gold works in practice.
➤Tokenized gold gives crypto users 24/7 transferability and wallet access, but it does not remove traditional gold-market risks.
In this guide:
What is tokenized gold? How gold-backed crypto works in 2026PAXG vs. XAUT, side by sideDo you own real gold with PAXG and XAUT?Can you redeem PAXG and XAUT for physical gold?Tokenized gold vs. gold ETFs vs physical bullionTokenized gold risks and how to mitigate themHow to buy tokenized gold in 2026Frequently Asked Questions What is tokenized gold? How gold-backed crypto works in 2026 Tokenized gold is a digital token issued on a blockchain that is backed by physical gold stored in audited vaults. Gold has long attracted buyers who want a hard asset outside fiat currencies, but physical settlement, storage, and transfers can be slow or expensive.
This “tokenized” model has brought two markets together that rarely interacted in the past. One is physical gold, which offers a 5,000-year store-of-value record but settles slowly, trades on dealer hours, and is hard to fractionalize. The other is public blockchains, which can settle transactions in seconds, run 24/7, and split assets into tiny units.
A gold-backed token bridges the two by locking real bullion with a custodian and minting transferable claims on it.
What is a troy ounce and London Good Delivery gold?
A troy ounce is the standard unit used in global precious-metals markets and equals about 31.1 grams. “London Good Delivery” refers to large gold bars that meet quality and purity standards accepted by major bullion markets, central banks, and institutional traders.
How tokenization works An issuer such as Paxos or TG Commodities acquires physical gold from refiners or bullion dealers and stores it with a professional custodian. The issuer then creates a matching amount of blockchain-based tokens tied to that gold reserve. Token holders can buy, sell, transfer, or self-custody the assets like other crypto tokens.
When holders redeem tokens through the issuer, the corresponding amount of gold leaves the reserve pool and may be sold, transferred, or delivered physically if redemption minimums are met. Independent attestors or audit firms publish reserve reports on a scheduled basis to verify that the token supply matches the underlying gold holdings.
Why tokenized gold is exploding in 2026 Adoption has accelerated through 2025 and into 2026 as real-world asset (RWA) tokenization moved from pilots to live products. Tokenized gold achieved $90.70 billion in total spot trading volume in Q1 2026, surpassing the $84.64 billion traded throughout 2025, according to CoinGecko’s RWA Report 2026.
Meanwhile, on March 19, 2026, the World Gold Council and Boston Consulting Group proposed a “Gold as a Service” framework designed to standardize custody, reconciliation, compliance, and redemption processes across digital gold products.
Tokenized gold is not a stablecoin. Its price moves with the spot price of gold, so holders gain or lose value as bullion rallies or falls. The “stability” only refers to the 1:1 backing, not a fixed dollar peg.
The combination of rising gold prices, clearer rules in some jurisdictions, and on-chain demand for non-dollar collateral has produced what looks like a structural rather than cyclical lift.
The tokenized gold market includes smaller products such as Kinesis Gold (KAU), Comtech Gold (CGO), VeraOne (VRO), and Matrixdock Gold (XAUM). Even so, market activity and liquidity remain concentrated around Pax Gold (PAXG) and Tether Gold (XAUT), which makes them useful reference points for how large-scale gold-backed tokens currently operate.
Top tokenized gold products by market cap: CoinGecko PAXG vs. XAUT, side by side Pax Gold (PAXG) and Tether Gold (XAUT) together hold roughly nine-tenths of the gold-backed token market. They follow the same backing standard, but their regulator, chain support, audit cadence, redemption process, and US availability are not the same.
AttributePAXGXAUTIssuerPaxos Trust CompanyTG Commodities Limited (Tether)RegulatorOCC, U.S. federal oversight; previously NYDFSCNAD, El SalvadorBacking1 token = 1 troy ounce LBMA Good Delivery1 token = 1 troy ounce LBMA Good DeliveryVault locationBrink’s vaults, LondonSwiss vaults via MKS PAMP and LoomisAuditor and cadenceKPMG LLP, monthlyBDO Italia, quarterly ISAE 3000ChainsEthereum (ERC-20)Ethereum, TRON, Polygon, Solana via LayerZero, BNB ChainIssuance and redemption feeTiered 1% down to 0.125%Flat 0.25%Minimum physical redemption430 tokens for a full bar, 1 gram and up via Alpha Bullion430 tokens for a full bar, no fractional partnerOwnership typeAllocated gold with Paxos bar lookupUndivided gold rights with Tether Gold bar lookupReserve and oracle supportPaxos attestations, allocation lookup, and Chainlink reserve-related infrastructureTether Gold attestations, wallet/bar lookup, and Chainlink XAUT/USD market-data feedsUS retail availabilityListed on Coinbase, Kraken, Gemini, Crypto.comRestricted, not directly available to US retailMarket cap (May 2026)About $2.2 billion per CoinGeckoAbout $2.6 to $2.7 billion per CoinGecko Pax Gold at a glance PAXG launched in September 2019, when Paxos operated under its NYDFS trust-company framework. Paxos later received approval to convert to a national trust charter overseen by the U.S. Office of the Comptroller of the Currency (OCC). Current PAXG terms say PAXG is issued pursuant to specific OCC approval.
Paxos assures that the underlying gold is stored in Brink’s vaults in London, and each PAXG token is linked to a specific serial-numbered gold bar that holders can verify through Paxos’ allocation lookup tool. KPMG took over the monthly attestation in February 2025, replacing WithumSmith+Brown, and the reports are published on the Paxos site.
Tether Gold at a glance XAUT was launched by TG Commodities Limited in January 2020 and is now operated under a license from El Salvador’s National Digital Assets Commission, known by its Spanish initials CNAD.
The bullion is stored in Swiss vaults, with MKS PAMP and Loomis named in TG Commodities’s attestation materials. XAUT launched on Ethereum and TRON before expanding to additional networks through the XAUT0 cross-chain system. Tether later announced Polygon, Solana, and BNB Chain integrations between late 2025 and early 2026.
BDO Italia issues an ISAE 3000 opinion on the reserves on a quarterly basis.
Fees, audits, and oracle data PAXG’s fee structure has changed over time. As of May 2026, Paxos advertises zero on-chain transfer fees and zero storage fees for PAXG, although its terms still reserve the right to impose storage fees in the future with notice. Its terms also govern conversions into USD, unallocated gold, or allocated gold through the Paxos platform.
XAUT says it charges no custodian fee and applies a one-time 25 basis point fee when verified customers purchase or redeem XAU₮ through TG Commodities.
Chainlink has supported reserve-related infrastructure for PAXG, while Chainlink also provides XAUT/USD market-data feeds. A price feed is not the same as a reserve feed. In both cases, users still need to check issuer attestations, custody disclosures, and official lookup tools rather than relying on oracle data alone.
Do you own real gold with PAXG and XAUT? The short answer is that both products describe gold ownership, but the issuer structure, custody chain, legal terms, and redemption process are not the same.
PAXG gives holders ownership rights to allocated London Good Delivery gold held under Paxos custody. XAUT gives holders undivided ownership rights to gold on specified bars, with bar details available through Tether Gold’s lookup system.
The practical question is not only whether gold backs the token, but how each issuer records, verifies, and redeems that claim.
How ownership is recorded PAXG uses an allocated-gold structure. Paxos says each PAXG represents one fine troy ounce of a London Good Delivery gold bar held in professional vaults. Its terms also say that when a holder is not allocated a full bar, the holder owns a pro rata share of that bar based on their PAXG balance. Paxos’ lookup tool lets eligible on-chain holders view bar details tied to their holdings.
XAUT uses a different legal structure. Tether Gold says XAU₮ gives holders undivided ownership rights to gold on specified bars. It also says the allocated gold is identifiable by serial number, purity, and weight through Tether Gold’s lookup system.
So, the cleaner distinction is not “specific bar versus pool.” Both products describe a bar-level link. The real differences come from issuer structure, custodian arrangements, jurisdiction, disclosure cadence, redemption rules, and the legal terms behind each token.
Bankruptcy remoteness and counterparty risk The difference matters most if the issuer fails. Paxos Trust Company is a New York limited-purpose trust company that holds the bullion as a bailee, a structure designed to be bankruptcy remote, meaning the bullion would not be available to general creditors.
TG Commodities is a private Tether subsidiary under El Salvadoran oversight rather than a US trust company, which leaves the holder’s claim subject to El Salvadoran insolvency rules.
As of May 2026, neither structure has faced a major issuer failure or large-scale court test, so the legal outcome in a stress event remains untested.
Insurance and custody disclosures Paxos says each PAXG is backed by one fine troy ounce of gold held in LBMA vaults in London. Its allocation lookup tool lets holders of PAXG in on-chain Ethereum wallets view serial-number and bar information, though the tool does not apply to tokens held through custodial exchanges or wallets. Paxos also publishes monthly PAXG attestation reports.
XAUT’s terms refer to custodian insurance, but the public disclosures do not itemize coverage at the same level of detail. XAUT’s terms refer to custodian insurance, but they also say there is no assurance that the custodian will maintain adequate insurance, or any insurance.
The public terms do not give the same bar-level insurance detail that a cautious buyer may want before they rely on insurance as a risk control. Holders should review the latest issuer terms, reserve reports, and custody disclosures before they treat insurance as meaningful protection.
Allocated ownership is one of the strongest legal protections available in the gold market, but it depends entirely on the custody chain functioning as advertised. Always read the latest attestation rather than relying on marketing language.
Can you redeem PAXG and XAUT for physical gold? Eligible verified holders can redeem both PAXG and XAUT for physical bullion, but the rules are not necessarily retail-friendly in the same way.
PAXG supports direct full-bar redemption through Paxos and smaller physical-gold redemptions through partnered retailers. XAUT redemptions, by contrast, occur through TG Commodities and must be tied to full gold bars.
PAXG redemption Paxos says holders can convert PAXG into USD, unallocated gold, or allocated gold through the Paxos platform, subject to its terms.
Direct allocated-gold redemption requires at least 430 PAXG plus the applicable fee for each London Good Delivery gold bar. Paxos also says customers with smaller holdings can redeem fractional amounts through partnered gold retailers.
Alpha Bullion, a platform tied to Bullion Exchanges and Paxos, says it lets PAXG holders redeem physical gold in sizes from 1 gram to 1 kilogram.
Note that Alpha Bullion requires account verification before order fulfillment. Because product availability, fees, taxes, and delivery terms can change, holders should check Alpha Bullion’s current checkout terms before they treat PAXG as an easy route to small physical-gold delivery.
XAUT redemption XAUT redemption follows a relatively stricter process. Tether Gold says only KYC-verified customers can redeem through the Tether Gold website, and redemptions can occur only for full gold bars. Since those bars usually range from about 385 to 415 fine troy ounces, holders are generally asked to deposit at least 430 XAU₮ to cover a full-bar redemption.
After redemption, the gold can be delivered to the verified customer’s chosen location in Switzerland, with delivery costs payable by the customer. Tether Gold says it does not currently offer delivery outside Switzerland.
Instead of physical delivery, a verified customer may ask Tether Gold to attempt a sale of the gold bar in the Swiss gold market and return the USD proceeds, minus the redemption fee. That sale is subject to available rates and counterparties, and Tether Gold says it has no obligation to repurchase the tokens or gold bars.
How to verify your gold on-chain Both issuers offer on-chain transparency tools. For PAXG, holders enter an Ethereum address into the Paxos lookup page and see the serial numbers of the underlying bars. For XAUT, the Tether site shows the gold attributed to a wallet at a given time.
These tools can help holders check issuer-level allocation data, while Chainlink infrastructure can support market-data or reserve-related checks depending on the token. Users should still treat issuer attestations, custody disclosures, and official lookup tools as the main sources for reserve verification.
That is the redemption side. The next question is how tokenized gold stacks up against the alternatives most investors already know.
Tokenized gold vs. gold ETFs vs physical bullion Tokenized gold is right there in between two long-established options. The table below compares the three on the dimensions that drive most allocation decisions.
AttributeTokenized gold (PAXG, XAUT)Gold ETFs (GLD, IAU, GLDM)Physical bullionCustodyLBMA vault held by issuer custodianLBMA vault held by ETF trusteeSelf-custody or third-party vaultTrading hours24/7/365Stock market hoursDealer hoursAnnual fee0% storage, 0.125% to 1% issuance and redemption0.17% to 0.40% expense ratioDealer spread plus storage and insuranceSettlementSeconds, on-chainT+1Same day at dealerRedemption for physicalYes, with minimumsNo, cash settlement onlyAlready physicalDeFi useCollateral, lending, yieldNoneNoneUS tax treatmentProperty treatment likely, still developingCollectibles 28% per IRS guidanceCollectibles 28% per IRS guidance Fee math at retail scale Headline fees can look simple until you apply them to a real position size. For example, take a $10,000 PAXG buy held for 12 months. If that order falls into Paxos’ 2–25 PAXG fee tier, the 1% entry fee comes to about $100.
Paxos currently advertises zero on-chain transfer fees and zero storage fees for PAXG.
If the position is sold or converted through the Paxos wallet at the same fee tier, the exit fee would add another $100. That puts the direct Paxos round-trip cost at about $200 on a $10,000 position held for one year, before spreads, gas, taxes, exchange fees, or any third-party platform costs.
Cost note: This example assumes direct Paxos wallet creation and sale or conversion at the 1% fee tier. If you buy or sell PAXG through an exchange, your actual cost may come from trading fees, spreads, withdrawal costs, and venue-specific rules instead.
A $10,000 GLD position over the same period pays the 0.40% expense ratio, or about $40, before any broker-specific costs. A $10,000 GLDM position is cheaper still at 0.10%, or roughly $10 for the year.
On direct fees alone, a lower-cost gold ETF such as GLDM can be much cheaper than a direct PAXG round trip at the 1% tier. PAXG’s case becomes stronger only if the holder values features an ETF cannot provide, such as crypto-wallet custody, around-the-clock transfers, DeFi use, or PAXG-specific redemption routes.
Tax treatment In the United States, the Internal Revenue Service classifies physical gold and most gold ETFs as collectibles, which carry a long-term capital gains rate of up to 28% rather than the standard 20%.
As of May 2026, tokenized gold is in a less settled position. Some practitioners argue it should follow the underlying asset and be treated as a collectible, while others apply general property rules for digital assets. UK, EU, and UAE treatments vary and depend on whether the holder uses an exchange domiciled in a regulated venue.
Always confirm with a tax professional before relying on any single framing.
Tokenized gold in DeFi The structural advantage of tokenized gold over an ETF is on-chain usability. PAXG is listed as collateral on the Aave deployment on Ethereum and trades in Curve and Uniswap pools, while XAUT has integrations on TRON-based DeFi venues and emerging yield vaults on platforms such as Falcon Finance.
Yields available in 2026 have ranged from low single digits to mid single digits, depending on the pool and risk tier, with strategies that wrap gold collateral into lending or basis trades.
Tokenized gold risks and how to mitigate them The risks attached to tokenized gold are not the same as the risks attached to physical bullion or to an ETF. Buyers should weigh three categories before committing.
Issuer and depeg risk Both PAXG and XAUT depend on a single issuer to honor redemptions and report reserves. A failure at Paxos or TG Commodities would cap the value of the token at whatever a court determined was the holder’s claim on the bullion.
Token prices can also drift from spot during stress events. PAXG traded at a premium to spot during the February 2025 London bullion shortage as physical delivery times stretched, an episode that reminded the market that on-chain liquidity does not always equal physical liquidity.
Smart contract, sanctions, and wallet freezing PAXG and XAUT contracts both include administrative functions that allow the issuer to freeze tokens in specific wallets. Paxos has used the function to comply with US sanctions enforcement, and Tether has frozen XAUT-related addresses tied to flagged activity. The functions exist for legitimate compliance reasons, but they mean a holder who trips a sanctions flag could lose access to their tokens.
Both tokens can be frozen by the issuer. A buyer who values censorship resistance above gold exposure should consider physical bullion or self-custody alternatives instead.
Regulatory risk Paxos previously operated under NYDFS oversight and is now OCC-regulated as a national trust institution.
XAUT has a narrower U.S. retail access path. Tether Gold says U.S. persons cannot purchase or redeem XAU₮ directly through its issuer platform, which means U.S. users should not assume they can access issuer-level redemption features.
In the European Union, MiCA rules for asset-referenced tokens and e-money tokens became applicable on June 30, 2024, while broader crypto-asset service provider rules followed on Dec. 30, 2024. Paxos says it operates under MiCA compliance through FIN-FSA in the EU, but its current PAXG page also says PAXG is unavailable in the EU.
Put simply, access can depend on the issuer, exchange, user location, and product feature. So, as a buyer, you should check current exchange notices and issuer disclosures before they assume PAXG or XAUT is available in the jurisdiction you are in.
How to buy tokenized gold in 2026 Tokenized gold trades on both centralized exchanges and on-chain venues. Most retail buyers start on a centralized exchange for the smoothest path, then move tokens to self-custody or a DeFi position if they want to use the gold as collateral.
Buying on a centralized exchange PAXG is listed on Coinbase, Kraken, Crypto.com, Binance, and Bitpanda, among others. The standard flow is to fund an account with fiat, place a market or limit order against the PAXG pair, and either keep the tokens on the exchange or withdraw them to a personal wallet.
XAUT is listed on a smaller set of venues, with Bitfinex and several non-US exchanges providing the deepest order books. US residents typically cannot buy XAUT directly through a domestic exchange.
Buying on a DEX On Ethereum, PAXG can be bought on Uniswap and Curve pools using ether or a stablecoin, though gas costs and pool depth should be checked before larger trades.
XAUT liquidity tends to sit in TRON-based and non-EVM venues, which makes the operational steps more involved. Buyers who use a DEX should always verify the token contract address from the issuer’s official site to avoid scam tokens.
Other gold-backed tokens worth knowing PAXG and XAUT dominate the market, but several other gold-backed tokens are worth knowing. Kinesis Gold (KAU) and Kinesis Silver (KAG) pay a share of network fees back to holders, which gives them a yield profile unlike PAXG or XAUT. CACHE Gold (CGT) uses a fractional-gram model with on-chain bar serial assignment.
AurusX (AWG) and Matrixdock XAUM are relatively newer entrants targeting cross-jurisdictional retail demand. Comtech Gold (CGO) markets a Shariah-compliant structure aimed at Middle East and South Asian buyers.
Note that liquidity for these smaller tokens is thinner, so always check the on-chain market depth before committing.
Frequently Asked Questions What is tokenized gold and how does it work? Tokenized gold is a digital token on a blockchain that represents ownership of physical gold held in an audited vault. Each token typically equals one troy ounce of London Good Delivery bullion held by a custodian on behalf of the issuer. Holders can transfer the token like any other crypto asset and, in some cases, redeem it for physical metal when minimums and verification rules are met.
Do you own real gold with PAXG? Yes. PAXG uses an allocated ownership model in which each token is mapped to a portion of a specific London Good Delivery bar identified by serial number. Paxos publishes a lookup tool that lets a wallet holder view the bars assigned to their address. The bullion is held in Brink’s vaults in London and is described by Paxos as legally separate from the company’s general balance sheet.
Can you redeem PAXG for physical gold? Yes, with two paths. A holder with 430 PAXG or more can redeem directly through Paxos for a full London Good Delivery bar, subject to Paxos’ terms. Holders below that threshold can use Alpha Bullion’s partner route for smaller physical-gold redemptions from 1 gram upward, subject to identity verification, product availability, taxes, delivery terms, and any current checkout costs.
Can you redeem XAUT for physical gold? Yes, but only at the full-bar level and only in Switzerland. A holder must accumulate at least 430 XAUT, complete identity verification with TG Commodities, and arrange Swiss delivery or cash settlement at spot. There is no fractional retail partner equivalent to Alpha Bullion, so most XAUT holders treat the token as a price exposure rather than a redemption vehicle.
What is the difference between PAXG and XAUT? The main differences are issuer structure, regulatory profile, chain support, audit cadence, and redemption rules. Paxos previously operated under NYDFS oversight and is now OCC-regulated as a national trust institution. PAXG uses monthly attestations and links holdings to allocated London Good Delivery gold. XAUT is issued through TG Commodities, operates under El Salvador’s CNAD framework, uses quarterly assurance reports, and gives holders undivided gold rights with Tether Gold’s bar lookup system. PAXG is Ethereum-based, while XAUT is available across several networks.
Is tokenized gold safe and what are the main risks? Tokenized gold inherits the price behavior of physical gold and adds three risk categories on top. Issuer risk covers the potential failure of Paxos or TG Commodities, smart contract risk covers code or governance failures, and sanctions risk covers the issuer’s ability to freeze tokens in flagged wallets. Holders mitigate these risks by reading the latest attestations, splitting positions across issuers, and avoiding behavior that could trigger a wallet freeze.
If you’re thinking of launching your own token on Solana, Raydium LaunchLab could be a name to know. The platform promises simple no-code token creation with real DeFi juice. Whether you’re building a meme coin, a serious utility project, or just experimenting, LaunchLab aims to give you the tools (and curves) to make it happen. So, is it as good as it looks from the outside? Here’s what to know in 2026.
KEY TAKEAWAYS
➤ Raydium LaunchLab provides customizable token launches with features like bonding curves, vesting schedules, and integration with Raydium’s AMM.
➤ Unlike platforms such as Pump.fun and Pompom, LaunchLab supports multiple quote tokens (SOL, USDC, USDT, jitoSOL).
➤ LaunchLab enhances the Solana ecosystem by enabling token creation and liquidity integration.
In this guide:
What is LaunchLab?How does LaunchLab work?What are LaunchLab’s key features?Is there a LaunchLab airdrop?How is LaunchLab different from Pump.fun and Pompom?Why LaunchLab matters for SolanaWhat is LaunchLab?Built into the Raydium ecosystem, LaunchLab is a no-code, permissionless token launchpad that lets anyone create and launch a token in minutes.
LAUNCHLAB REWARD POOL IS GROWING 🪂
Throughout the past 2 weeks, we have allocated a total of 400,000 RAY to eligible LaunchLab users
Another 50,000 in RAY rewards is now available, this time with even more token creator rewards 🪂 pic.twitter.com/PdsjZZIG4z
— Raydium (@RaydiumProtocol) April 30, 2025 Think of it as a vending machine for tokens: you plug in your details, pick your bonding curve, set a few parameters, and your token goes live.
Did you know? A bonding curve is a mathematical pricing formula that determines how a token’s price increases as more of it gets bought. With LaunchLab, you can choose curves like linear, exponential, or logarithmic, meaning you control how price and demand interact right from the start.
It’s not just about launching. Once your token hits certain thresholds, LaunchLab connects it to real liquidity via Raydium’s AMM (automated market maker). That means your token can be bought and sold directly on Raydium, just like any major coin, without manual listings or middlemen.
Why was LaunchLab created?Before LaunchLab, launching a token meant losing sleep over smart contracts, begging for AMM listings, and hoping your liquidity pool didn’t get drained by snipers. It was technical, slow, and mostly built for developers, not creators.
Raydium built LaunchLab to change that and give every creator a chance to launch with full control, smart liquidity flows, and pricing curves to match their project’s vibe.
Raydium LaunchLab interface: RaydiumWhether you’re testing an idea or building a movement, Raydium LaunchLab makes it feel native — because that’s what it is.
How does LaunchLab work?So, how does Raydium LaunchLab actually work behind the scenes? The good news is that you don’t need to be a dev. Here’s a quick example of the token creation process.
To create a token on LaunchLab you must:
• Pick a launch mode
• Enter token details
• Hit launch
Step 1: Pick your launch modeYou’ll start by choosing between two modes:
JustSendIt – for folks who want to go live now, with minimal fuss. LaunchLab Mode – for those who want customization: bonding curve shape, token supply, fees, vesting, etc. Token creation method one: LaunchLabStep 2: Enter your token detailsThis is your token’s bio. You name it, assign a symbol, upload a logo if you like, and set the total supply. Then, you decide what % you want to sell to the public.
There’s a minimum raise target (e.g., 30 SOL), and you decide the bonding curve logic.
You can choose from the following bonding curve logics:
Linear: Price rises steadily. Exponential: Starts low, then shoots up — great for rewarding early buyers. Logarithmic: Price climbs fast early, then slows — good for smoothing late entries Note: This curve becomes your token’s pricing engine during the launch window.
Token creation method two: LaunchLabStep 3: Hit launch, and optionally, be firstOnce you hit launch, anyone can start buying tokens along the curve. But LaunchLab gives you a cool option: you can make the first buy yourself. That stops bots and snipers from messing up your initial momentum.
Step 4: Automatic liquidity kick-inOnce the raise hits your predefined goal (let’s say 85 SOL), LaunchLab automatically pushes your token and the collected SOL into a liquidity pool on Raydium’s AMM. It even burns the LP tokens, so the liquidity is locked. You can’t pull it, and neither can anyone else.
Step 5: Earn from trading feesHere’s the kicker. If you enable creator fee share, you earn 10% of all LP trading fees from that pool. You get an NFT (“fee key”) that proves you’re the creator, and yep, that NFT is the key to claiming those earnings.
That’s it. From token creation to price logic and real, functioning liquidity in one smooth workflow.
Additional token creation details: LaunchLabWhat are LaunchLab’s key features?You’ve seen the workflow. Now let’s talk about what makes Raydium LaunchLab not just functional, but also powerful.
These features are designed to help you launch like a pro, even if it’s your first time deploying a token.
Full customization with Bonding curves & capsYou’re not locked into one-size-fits-all logic. LaunchLab lets you shape how your token behaves, starting with your bonding curve (linear, exponential, or logarithmic) and ending with your raise cap. So whether you’re rewarding early buyers or trying to maintain price stability, you get to call the shots.
Built-in liquidity via Raydium’s AMMOnce your raise completes, LaunchLab pushes your token and funds into Raydium’s AMM automatically, something we mentioned earlier while discussing the platform’s modus operandi.
Did you know? Many launch platforms rely on manual liquidity adds or third-party DEX listings. LaunchLab skips that entirely by integrating with Raydium, one of Solana’s top AMMs.
Enable Creator Fee Share, and you earn 10% of all trading fees from your token’s AMM pool. You’ll receive a unique Fee Key NFT, which acts like a revenue pass. As long as it’s in your wallet, you can earn from every trade your community makes.
Support for multiple quote tokensYou’re not limited to SOL. With Raydium LaunchLab, you can set your raise in SOL, USDC, USDT, or jitoSOL, depending on what fits your strategy or audience best.
Did you know? jitoSOL is a liquid staking token built on Solana by Jito Labs. Jito Labs, the team behind jitoSOL, is one of the key players in Solana’s infrastructure scene. The team is known for building tools that optimize staking, validator performance, and MEV (Maximal Extractable Value) solutions — basically helping Solana run faster, fairer, and more efficiently.
Vesting & token unlock optionsIf your project isn’t just a meme (and you’re thinking long-term), LaunchLab has you covered. You can set up vesting schedules, delayed unlocks, and custom distribution plans — all without writing a single line of code.
JustSendIt mode for one-click launchesWant to skip all the custom options? Use JustSendIt Mode, set the basics, and go live in minutes. Perfect for meme coins, experiments, or fast-moving trends.
Is there a LaunchLab airdrop?Be honest; you were hoping for some alpha here, right? So far, there’s no official LaunchLab token, but there have been whispers.
The Raydium team recently dropped a tweet with an airdrop emoji, and the community’s been speculating ever since. So, while there’s nothing confirmed, if you’re interacting with Raydium LaunchLab now, you might be early.
RAY REWARDS FOR TRADERS AND CREATORS 🪂
Traded OR launched a LaunchLab or @bonk_fun token?
Rewards are claimable for eligible participants
More trades AND more tokens launched = better odds 🪂
And yes, another 50,000 $RAY has been added to the prize pool.
Run it back! pic.twitter.com/8dDjYRRyff
— Raydium (@RaydiumProtocol) April 29, 2025 It’s also worth noting that there’s already a referral rewards program tied to LaunchLab launches. Share a project and if someone swaps through your link, you get 0.1% of that volume airdropped directly in SOL. Not a massive bag — but it’s clean, real, and instant. So, no token drop (yet), but definitely a few perks floating around.
How is LaunchLab different from Pump.fun and Pompom?At first glance, all three might look like token launch platforms riding the same meme wave. But dig a little deeper, and it’s clear that Raydium LaunchLab plays a different game. Here is a quick comparison table to validate that notion.
FeatureRaydium LaunchLabPump.funPompomCustomization levelHigh: bonding curves, vesting, multiple token pairsLow: one-click, minimal setupMinima: meme-first, visual-firstLiquidity handlingAuto-migrated to Raydium AMM with LP burnInitially Raydium, now uses PumpSwapNo direct AMM integrationSupported quote tokensSOL, USDC, USDT, jitoSOLSOL onlyMostly SOLPost-launch toolsFee share via NFT, locked liquidityNone (highly experimental)Basic trading, no fee-sharingIdeal forBuilders, long-term projects, serious launchesFast meme coins, viral dropsMeme vibes, visual discovery, and rapid spin-upsWhy LaunchLab matters for SolanaRaydium LaunchLab isn’t just another Solana token launch platform; it’s an infrastructure layer that makes token creation, liquidity, and discovery feel native. By combining deep AMM integration with permissionless tools and bonding curve logic, it helps creators and strengthens Solana’s DeFi flywheel. Whether you’re shipping a meme or a serious project, LaunchLab brings long-term mechanics to what used to be short-term hype.
While it might just be the right time to start exploring it in depth, it’s important to proceed with caution, particularly if you’re looking at investing in LaunchLab-made meme coins. Be wary of scams and fishing links and prioritize safety whenever interacting in such new, decentralized spaces.
The U.S. Fed is expected to cut interest rates on Sept. 17, 2025. Large-scale token unlocks can result in downward pressure on crypto markets. Linear unlocks distribute tokens gradually over a pre-set time; cliff unlocks happen immediately. With certainty that the U.S. Federal Reserve will cut interest rates this week, crypto markets have begun to see bullish inflows ahead of the decision, which is expected on Sept. 17.
However, this market uptick may have some challenges, at least in the short term, as around $800 million worth of token unlocks are set to flood the markets over the next seven days.
This could place significant downward pressure on the market as recipients offload their tokens during the market highs.
Upcoming Linear Unlocks According to Tokenomist, the following altcoins will be gradually releasing tokens onto the market over the coming week.
Leading this week’s linear unlocks is Solana (SOL), which will unlock 502.930 SOL worth $120.7 million, or 0.09% of its circulating supply.
Up next is Worldcoin (WLD) with a linear release of 37.23 million tokens worth $59.93 million.
The Official Trump (TRUMP) token will be releasing 4.89 million worth $41.72 million.
Other notable linear unlocks include:
Dogecoin (DOGE) 96.54 million (0.06% of circ. supply) – $26.68 million. Story (IP) 2.32 million (0.73% of circ. supply) – $22.87 million. Avalanche (AVAX) 699,850 (0.14% of circ. supply) – $19.98. Upcoming Cliff Unlocks As per Tokenomist data, roughly $410.5 million in cliff unlocks are set to take place over the next week.
Narrowly taking the top spot is Fasttoken (FTN), which will unlock 2.08% of its supply and drop 20 million tokens worth $89.6 million on Sept. 18.
Next up is Optimism (OP), which has a large release set for Sept. 21, in which it will drop 116 million OP worth roughly $88.4 million, unlocking 6.89% of its supply.
LayerZero (ZRO) is set to unlock 8.53% of its supply, 25.71 million ZRO worth $49.62 million, on Sept. 25.
Other notable cliff unlocks include:
Velo (VELO) 3 billion (13.63% of circ. supply) – $46.96 million. Arbitrum (ARB) 92.65 million (2.03% of circ. supply) – $46.18 million. Sei (SEI) 55.56 million (1.18% of circ. supply) – $18.42 million. Recommended Secure Partners
Eddie is a gaming and crypto writer at CCN. Covering the often weird and wonderful world of Web3 with an adoring, but skeptical eye.
Prior to CCN, Eddie has spent the past seven years working his way through the crypto, finance, and technology industry. He began with PR and journalism with Bitcoin PR Buzz and BitcoinNews.com, eventually working his way to become a copywriter with a dozen firms, including the likes of Polkadot before returning to journalism in 2023.
Having studied Radio production and journalism at University in the UK, Eddie spent a few years making podcasts and presenting on a local London radio station as he built up his writing chops.
A lifelong skateboarder, Eddie can often be found at the skatepark or touring the streets looking for something new to try. That, or kicking back playing JRPGs on his original PSP.
In the volatile cryptocurrency market, DeFi Development Corp. has made a significant move in capital management. Renowned for its Solana $68 (SOL)-focused treasury model, the company recently announced a substantial expansion of its share buyback program. Previously authorized at $1 million, the buyback authorization has been increased to $100 million by the board of directors. This decision reflects the company’s confidence in its long-term strategy.
According to DeFi Development Corp., the company is authorized by the board to conduct share buybacks depending on market conditions. Following the initial purchase of $10 million, further updates will be provided to the board. The repurchased shares will either be canceled entirely or held in the treasury stock. This flexibility allows the company to implement more effective capital management in response to market fluctuations.
This step not only aims to increase shareholder value but also to support investor confidence in the digital asset sector, marked by uncertainties. The management highlighted that the timing and size of the buybacks could vary with market liquidity, corporate priorities, and overall conditions.
Market Outlook for SolanaDespite these positive steps, Solana’s price remains under short-term pressure. At the time of writing, SOL is trading at $205.50, having lost 2.29% in the past 24 hours and 17% over the last week. However, analysts remain optimistic about the long-term outlook. Market analyst Trader Tardigrade notes that Solana has been forming a massive Wyckoff reaccumulation pattern on the weekly chart, lasting over 640 days, which could potentially lead to a strong breakout.
Technically, the $120-$200 range is seen as support, while the $230-$240 region is considered a critical resistance zone. A weekly close above $240 could potentially open the doors for a move toward $300.
Despite the downturn in Solana’s value, institutional support remains significant. For instance, Binance Labs recently allocated a $50 million investment fund for DeFi projects, which plays a role in restoring confidence amidst market fluctuations. DeFi Development Corp.’s initiative could similarly bolster investors’ long-term perspectives.
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.
PANews reported on September 26th that, according to Blockworks , Genie founder Scott Gray launched the social trading app Share , securing $5 million in funding from investors including Coinbase Ventures , Collab+Currency , and Palm Tree Crypto. Share supports the three major public blockchains: Solana , Base , and Ethereum , providing real-time insights into users' on-chain transactions and allowing them to track wallets, view market trends, and trade tokens. Each wallet automatically generates a Share profile, allowing users to link multiple wallets and Farcaster accounts. Share will compete with similar products like Fomo and the social features of giants like Robinhood and Coinbase.
DeFi Development Corp. has announced a strategic collaboration with Gauntlet. The firm, known for its expertise in vault curation and risk management, will provide DeFi Development Corp. with advanced yield strategies deployed through the Solana-based platform Drift. This move makes DeFi Development Corp. the first public Solana Digital Asset Treasury (DAT) to leverage a curator for complex onchain activity.
The company’s goal is to maximize its $SOL Per Share (SPS), a metric that tracks how much Solana each shareholder effectively holds. By moving beyond traditional staking and into risk-adjusted yield generation, DeFi Development Corp. aims to deliver superior capital efficiency across its treasury.
Leveraging Liquid Staking with $dfdvSOL At the heart of this initiative is $dfdvSOL, a liquid staking token adopted by DeFi Development Corp. in May 2025. This token enables treasury assets to remain liquid while being deployed into yield-generating strategies across Solana’s DeFi ecosystem. Unlike conventional staking, which historically yields about 7% annually, the strategies curated by Gauntlet target returns in the 10 to 20 percent range through hedged liquidity provision.
The strategy involves four key steps. First, users (including DeFi Development Corp.) deposit $dfdvSOL into a Gauntlet-curated Drift vault called dfdvSOL Plus. Second, the vault uses $dfdvSOL as collateral to borrow $USDC through Drift Lend. Third, the borrowed funds are deployed into a basis trade across Drift and Jupiter DEX, and the yield generated is converted back into dfdvSOL. Finally, Gauntlet’s optimization engine actively monitors and adjusts the positions to maintain efficiency and manage risks.
Beyond Staking: Capital Efficiency as a Differentiator “Our mandate is clear: to be the most innovative and effective Solana treasury. This partnership with Gauntlet is a direct execution of that mission. We are not passive holders; we are focused on productive, onchain activity that leverages the full power of the Solana ecosystem. By allocating capital to sophisticated, risk-managed strategies like those curated by Gauntlet on Drift, we are actively working to compound our $SOL holdings and create a durable competitive advantage.” - Joseph Onorati, CEO of DeFi Development Corp.
Gauntlet’s Head of Institutional Partnerships, Rahul Goyal, echoed this view. He remarked, “Gauntlet’s purpose is to make DeFi more efficient for institutions within strict risk parameters. DFDV is a true innovator, and their forward-thinking approach to treasury management is a perfect match for our capabilities.”
Traditional staking has long provided a straightforward but limited means of earning yield. By contrast, DeFi Development Corp.’s integration of Gauntlet strategies reflects a shift toward maximizing capital efficiency. This hands-on treasury management sets the company apart from competing DATs and from alternatives such as Solana ETFs, which typically rely on simple staking or accumulation strategies.
SPS as a Central Metric $SOL Per Share (SPS) remains the key measure of value for DeFi Development Corp. In July, the company projected 261 percent growth in SPS by mid-2026, with a target of one $SOL per share by 2028. At that time, SPS stood at 0.0457. The metric has since risen to 0.0816, representing a 94 percent increase over the past three months.
Interestingly, the company’s compensation framework for executives and the core treasury strategy team directly ties bonus outcomes to growth in $SOL per Share, aiming to align management incentives closely with long-term shareholder value. The first bonus target, set at 0.085 SPS, is already within reach.
What Has DeFi Dev Corp. Been Up To? The Gauntlet partnership builds on a series of significant moves by DeFi Development Corp. In September, the company acquired over 250,000 $SOL, bringing its total treasury to 2.1 million $SOL, valued at approximately $411 million. This ranks the firm as the entity with the third-largest Solana treasury, according to Strategic Solana Reserve data.
The company has also expanded internationally. It launched Britain’s first $SOL DAT through DFDV UK and recently entered the Korean market by partnering with Fragmetic, a Solana restaking protocol, to launch Korea’s first publicly traded $SOL DAT. In addition, DeFi Development Corp. authorized an expansion of its stock repurchase program from $1 million to $100 million earlier this week.
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The U.S. SEC has suspended trading in the QMMM stock following a nearly 1,000% increase in just three weeks. The spike happened after the company announced its Solana treasury allocation in its crypto treasury. The commission’s move suggests that market manipulation may have taken place.
SEC Flags Concerns Over QMMM Rally After Solana Treasury Allocation According to Bloomberg, the SEC has halted trading in the QMMM stock after it rallied by 959% upon the announcement of its pivot into digital assets through a Solana treasury strategy and blockchain-driven analytics.
The company had revealed plans to build a $100 million portfolio targeting Solana, Bitcoin, and Ethereum, while also investing in long-term Web3 infrastructure projects. The news immediately triggered a reaction.
The QMMM shares soared by nearly 1,000%, reaching a high of $207 before retreating to $88 in after-hours trading.
The regulator cited “recommendations on social media by unknown persons” as possible drivers of the surge. This suggests the rally cannot be based solely on the crypto treasury announcement.. This suggests market manipulation could be at play.
QMMM was not alone. The SEC also suspended Smart Digital Group Ltd. for similar reasons. This extends the crackdown on small-cap firms that have leveraged crypto narratives to draw investor attention.
The company’s announcement of a Solana treasury holding was previously hinted at as the main driver behind the rally. By including the Solana treasury allocation alongside Bitcoin and Ethereum, the firm positioned itself among the growing trend of crypto treasury companies diversifying assets.
However, the commission’s move highlights the dangers of overly linking stock prices to speculative crypto treasury announcements, like this Solana treasury allocation announcement. Regulators remain cautious of overstated claims or artificially inflated demand, despite such tactics becoming increasingly popular.
Yahoo Finance reports that QMMM stock was trading at $119.40 before the freeze was implemented.
Source: Yahoo Finance; QMMM Price Daily Chart Wider SEC Scrutiny Amid Market Manipulation Fears The suspension move from the SEC fits into a broader enforcement trend. Both the Trump and Biden administrations have targeted social media-driven touting schemes in digital assets.
More recently, Paul S. Atkins, SEC Chair, announced a Task Force to investigate pump-and-dump activities across crypto markets. This illustrates the agency’s increased attention to detail.
This task force comes amid a backdrop of questionable trading activity in the digital asset space. For example, analysts shared that MYX Finance’s price was manipulated after it surged 270% in just 24 hours.
Similarly, speculation has swirled around a top crypto exchange. Coinbase fell out of XRP’s Top 10 exchanges in terms of reserves. Critics suggested the platform may have reduced exposure to avoid liquidity risks during XRP’s all-time highs.
These events show the regulator’s concern that traded assets and speculative hype could encourage manipulative environments.
In 2025, few narratives have gained as much traction on Solana as real-world assets (RWAs). From stablecoins to liquid staking tokens, the network has consistently proven itself as fertile ground for adoption, liquidity, and innovation. Tokenized equities are now emerging as the latest breakout theme, bringing Wall Street’s most recognizable names onto Solana’s permissionless rails.
Solana stands as the leading blockchain for trading tokenized equities. In the past 30 days, more than 95.6% of total trading volume on DEXs occurred on Solana. Gnosis followed with 1.98% and Ethereum ranked third with 1.83%. The only exception was September 26, when Ethereum’s share briefly climbed above 30% while Solana maintained 67%. On all other days, Solana’s share consistently remained above 89%.
Until recently, xStocks was the sole provider of tokenized stocks on Solana. The launch of Remora Markets in September marked a turning point, shifting tokenized equities from a single-player experiment into a competitive and fast-expanding sector.
Trading Volumes Are Climbing Over the past 30 days, daily trading volume for tokenized equities on Solana has ranged between $570K and $6.1M, with cumulative activity surpassing $70M across DEXs.
While xStocks still drives the majority of this activity, Remora’s entry has added fresh momentum. Trading volumes on the platform surged in mid-September, hitting over $605K on September 16, an impressive milestone for a project in its first month.
Trading patterns also show a weekly rhythm. Despite being available 24/7, volumes dip noticeably on weekends, reflecting traditional market cycles even in a fully digital and permissionless environment.
Tesla Dominates the Flow Among listed equities, Tesla has emerged as the centerpiece of trading activity. Across both platforms, Tesla-linked tokens account for between 29.6% and 83.22% of daily volume.
Remora’s $TSLAr and xStocks’ $TSLAx consistently lead, with traders exploiting price gaps between onchain tokens and the stock market value. On September 18, $TSLAr traded at an average of $299 while Tesla stock closed at $416. Two days later, $TSLAr jumped to $412, creating an arbitrage opportunity of more than 37%.
Similar gaps have appeared in $TSLAx as well. On September 10, the token traded at $295 while Tesla’s stock stood at $347, offering a 29% spread that narrowed when $TSLAx rebounded to $382. These cases show how tokenized equities not only replicate traditional markets but also unlock new trading strategies unique to crypto.
AUM and Adoption In terms of assets under management, tokenized equities on Solana are still at an early stage but expanding quickly. xStocks anchors the space with more than $88M AUM, while Remora has already grown to $3.5M AUM after just one month.
Adoption metrics underline the momentum. More than 1,800 wallets traded on Remora in the past 30 days, completing over 10,000 transactions. Across both platforms, between 600 and 2,300 daily active traders are participating. At peak, xStocks attracted over 2,200 daily traders, while Remora crossed 260 wallets in a single day, signaling rapid grassroots demand.
Why It Matters The rise of tokenized equities on Solana extends the network’s track record of transforming financial primitives into liquid, composable assets. Without KYC or geographic restrictions, users anywhere can trade equities such as Tesla and NVIDIA at any time of day.
This accessibility does more than democratize access. It creates an entirely new layer of DeFi activity, where arbitrage, liquidity pooling, and yield strategies can be applied to real-world equities. The blending of TradFi with DeFi has the potential to become one of Solana’s most impactful innovations.
Looking Ahead With more than $70M in trading volume over the past 30 days, tokenized equities are establishing themselves as a credible market vertical on Solana. Much like stablecoins and liquid staking tokens, which reshaped the ecosystem through competition and innovation, tokenized equities appear poised to follow a similar trajectory.
Disclaimer: Remora Markets and SolanaFloor are owned and operated by Step Finance
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.
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Cross-chain transactions today feel like international travel before budget airlines – expensive, time-consuming, and filled with unexpected complications. You might start with ETH on Ethereum, but moving it to Cosmos for staking or to Solana for trading means dealing with complex bridges, waiting through lengthy confirmations, and accepting security risks along the way.
This fragmentation isn’t just annoying, it’s holding back the entire industry. With over $2 trillion in digital assets now spread across dozens of blockchains, we’re facing a reality where our technological ambitions have outpaced our infrastructure.
The Multi-Chain Future Has a Bridge Problem The crypto ecosystem has evolved beyond single-chain dominance. Ethereum, Solana, Cosmos, Avalanche, and numerous L2s each offer unique capabilities and communities. While solutions like LayerZero and Cosmos IBC have improved connectivity, bridges remain the Achilles heel of cross-chain finance.
Consider the sobering statistics: over $2.5 billion has been stolen through bridge hacks. From Ronin’s $620 million exploit to Wormhole’s $320 million hack, bridges represent the single largest attack vector in crypto today. Why? Because most rely on centralized validators, multisigs, or external oracles that create single points of failure.
Even when bridges work as intended, the user experience is painful. Transfer USDC from Ethereum to Cosmos, and you’re looking at a 16-minute wait, enough time for market opportunities to appear and disappear. Add the liquidity fragmentation that forces users to bridge assets repeatedly, and it’s clear why cross-chain DeFi hasn’t reached its potential.
Rethinking Cross-Chain Transactions From First Principles Agoric approaches this challenge differently, having built for interoperability from day one rather than bolting it on afterward. The platform’s recently launched Orchestration API represents a fundamental shift in how cross-chain applications work.
The key innovation lies in how Agoric handles multi-step blockchain operations. Traditional smart contracts must execute within a single block, like trying to complete a complex process in one breath. Agoric’s contracts can persist across multiple blocks, responding to events and managing sequences of actions automatically.
This seemingly simple technical shift enables powerful real-world capabilities:
1. Security Through IBC, Not Bridges Agoric leverages the Inter-Blockchain Communication protocol (IBC), a thoroughly audited, trust-minimized protocol that’s moved billions in assets without a single security incident. Unlike traditional bridges that rely on centralized validators, IBC establishes direct chain-to-chain communication with security inherited from the underlying chains.
Native’s integration with Agoric’s Orchestration API streamlines Bitcoin transactions in Cosmos, removing the need for manual bridging or wrapping at the user level. Behind the scenes, Agoric Orchestration coordinates the necessary cross-chain workflows, enabling frictionless Bitcoin interactions across Cosmos applications.
2. Automated Cross-Chain Workflows Calypso’s implementation of Agoric’s Orchestration API transformed what was once a six-step staking process into a single click. For users, the complex sequence of bridging, swapping, and staking happens automatically in the background.
Fast USDC, another Agoric implementation, cut cross-chain transfer times from 16 minutes to just 2 minutes, a 90% improvement that makes DeFi opportunities accessible that would otherwise be missed during traditional bridging delays.
3. Developer-Friendly Tooling Agoric’s decision to use JavaScript for smart contracts means that 17 million developers worldwide can build cross-chain applications using a language they already know. This familiar async/await pattern is particularly powerful for orchestrating complex cross-chain operations.
Union’s integration with Agoric demonstrates this approach in action. Their implementation uses zero-knowledge cryptography for trustless bridging between chains, with Agoric handling the complex orchestration of cross-chain messages.
Real-World Applications Transforming Finance These technical capabilities translate to concrete use cases that are changing how users interact with blockchain:
Multi-Chain Lending and Borrowing Elys Network is using Agoric’s Orchestration API to create CEX-like experiences in DeFi. Users can borrow assets on one chain and repay on another without manually bridging. The platform handles LP management and derivatives trading across chains without requiring users to understand the underlying complexity.
Cross-Chain Treasury Management For DAOs managing treasury assets across multiple chains, Agoric enables automatic fund distribution without complex manual operations. Contributors can receive payments in their preferred tokens on their preferred chains through a single orchestrated transaction.
Interchain Gaming and NFTs The gaming industry particularly benefits from cross-chain asset transfers. Rather than relying on wrapped NFTs, games can use Agoric’s Orchestration API to enable smooth NFT transfers across chains, preserving ownership and utility. A sword earned on one chain can be seamlessly used in a game on another.
The Foundation Two key components make these capabilities possible:
BLD: Securing Cross-Chain Operations The BLD token is essential for securing Agoric’s proof-of-stake network, ensuring the reliability of long-running smart contracts and cross-chain transactions.
By staking BLD, validators and delegators help maintain network security and economic stability, which is particularly important for applications that require persistent execution across multiple blocks. This security model makes sure that complex processes, such as cross-chain lending, automated trading, and multi-step DeFi operations, can execute safely and predictably, even over extended timeframes.
IST: Stable Liquidity Across Chains IST (Inter Stable Token) provides a native, overcollateralized stablecoin designed specifically for cross-chain operations. Unlike bridged stablecoins that create security risks, IST offers native stability while enabling seamless movement through IBC.
The Road Ahead The multi-chain future isn’t coming, it’s already here. The question isn’t whether assets will flow between chains, but how securely and efficiently they’ll do so. Agoric’s approach of building for interoperability from the ground up, rather than adding bridges as an afterthought, positions it uniquely in this landscape.
Recent partnerships demonstrate growing ecosystem support, with over 60 builders already exploring applications through the Early Access Program. Implementations like Fast USDC are already processing millions in daily volume, proving the technology works at scale.
For developers and DeFi users looking to participate in this multi-chain ecosystem, Agoric’s documentation provides comprehensive guides to building with the Orchestration API. The future belongs to those who can make blockchain’s borders invisible by delivering on the promise of truly open, connected financial systems that just work.
