Uniswap launched a feature called Aggregator Hooks on October 22 that lets its trading system access funds available on other decentralized exchanges.
The change also increases the trading activity that contributes to UNI burns. Uniswap says swaps routed through these outside sources pay protocol fees, which means their use will lead to the removal of UNI tokens from circulation.
More places to find a trade
When someone exchanges one token for another, the funds needed to complete that trade can sit across different platforms.
This new feature allows Uniswap to check connected outside sources with its own trading pools. Its system compares quotes and builds a route to allow the swap to be completed.
For regular users, the change happens behind the scenes. The web app includes those sources automatically, and the trade settles in one transaction without an additional approval step required from the user, according to the announcement seen from Uniswap.
This expands the options available to its trading system.
How outside trades connect to UNI
The fee connection gives UNI holders another reason to watch the adoption of the feature.
This is because trades using the connected sources pay Uniswap protocol fees that contribute to token burns.
What the launch then does is it adds another activity that can support those burns. But how much it adds will depend on the trading it sees through these new routes.
Uniswap’s post did not provide any figures for additional fees that have been collected or UNI burnt since launch. The effect on supply remains to be seen as usage develops.
A substantial trading business already exists
According to the DefiLlama data reviewed by AMBCrypto, there was about $69.4 billion in trading volume over 30 days. It also recorded around $8.4 million in protocol revenue during that period.
Those figures show the extent of the current Uniswap activity. What they mostly show is trading before the October 22 launch, which means that what the new feature contributes cannot be really calculated yet.
For now, the confirmed development is broader access to trading sources and a fee connection to UNI burns. Subsequent usage and revenue data will help to see how much the expansion adds.
Final Summary
Uniswap now automatically includes outside trading sources across supported networks.
These fees contribute to UNI burns, but the additional impact is not known yet.
Dominic Williams, the founder of DFINITY Foundation (organization behind Internet Computer or ICP), has continued to attack Near Protocol, now claiming it is a copy of ICP’s technology.
Williams: Near Intents are based on ICP proprietary tech Previously, CoinPedia covered how NEAR’s price was rallying despite the protocol being bashed by Williams as “snake oil”. He specifically said it has “misleading marketing” over its privacy rail dubbed Confidential Intents and NEAR AI.
In his latest posts, Williams now alleges Near Intents’ Confidential Key Derivation (CKD) is developed from ICP’s proprietary tech called vetKeys. He adds that the leak likely came from a former ICP employee who was let go for similar misconduct.
Williams has now warned of possible legal implications, and his chances of winning are at a favorable 70%-85%.
Community and developer sentimentSupporters of Near claim Williams’ public outburst is merely an aggressive marketing strategy meant to shift attention from ICP’s price. Trading at $2.70, ICP is now more than 99% below its 2021 launch price.
Even more, they highlight Near’s massive growth in daily active address count and institutional uptake. These achievements, according to advocates, are proof of superior execution rather than speculation.
On the other hand, ICP maximalists point out its higher technical throughput of 2,000 blocks per second, and hundreds of billions of total processed transactions.
They go on to criticize Near for relying on centralized cloud infrastructure such as AWS to handle the client-facing end of its applications, saying this introduces a huge single point of failure.
Where things are at nowUltimately, Near prevails when it comes to market cap, all-time price action, liquidity, and developer adoption. Meanwhile, ICP claims to prevail in terms of long-term utility in decentralized privacy and AI infrastructure.
Story Ends Here
Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.
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DFINITY founder Dominic Williams has published an accusation alleging that NEAR Intents’ chain abstraction feature unauthorizedly uses DFINITY’s threshold ECDSA signature technology, which is exclusively licensed for the Internet Computer. He noted the related work was advanced by an individual who was dismissed by DFINITY in 2021. Citing academic papers and GitHub records, Williams said NEAR has been using the algorithm for roughly two and a half years, and is now attempting to switch to a slower scheme requiring three rounds of signature interactions. He questioned the project’s decentralization and user security. Williams added that the matter involves legal issues and needs resolution, though his article did not disclose any lawsuits filed.
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The investment management arm of Wall Street banking giant JPMorgan Chase has formally launched its money market funds on the Solana blockchain.
Two of them (My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX)) are now accessible to qualified U.S. investors, per an October 22 press release. Investors can access the funds via JPMorgan's Morgan Money.
JPMorgan's launch on Solana follows its initial tokenized fund launch on the Ethereum network, marking further progress on the bank's blockchain-based financial products.
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Morgan Money is JPMorgan's liquidity management solution. Eligible investors can use it to subscribe for or redeem shares of the funds and receive tokens at their blockchain addresses.
It enables institutional investors to manage tokenized investments through one platform, without the need to use various platforms for different blockchains.
JPMorgan continues tokenization effortsMONY and JLTXX cater to different groups of institutional investors.
Launched on Ethereum in December 2025, MONY is a private placement fund that offers eligible investors U.S. dollar yields.
JLTXX is a U.S.-registered government money market fund meant to facilitate stablecoin issuers' reserve management needs under the GENIUS Act.
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Ethereum received its first tokenized JLTXX launch in May 2026, when JPMorgan invested $100 million of its own money into it.
With the two products, JPMorgan is now expanding the availability of its tokenized financial services on various blockchains, including Solana.
Solana grows institutional presenceJPMorgan's tokenized funds launch on Solana is the latest development for the blockchain as it attracts traditional institutions to tokenize real-world assets.
Tokenized money market funds are blockchain-based tokens that represent conventional investment fund ownership. The goal is more efficient asset transfers and record-keeping.
They differ from cryptocurrencies like SOL, as these tokens represent an interest in investment products, not native blockchain currencies.
JPMorgan Asset Management had $4.8 trillion in assets under management as of September 30, 2026, which reflects the financial scale of the institution behind the latest Solana integration.
The company has not shared its capital allocation numbers for either fund on Solana.
Bitcoin (CRYPTO: BTC) fell more than 3% to about $81,000 on Thursday. Former NBA champion Tristan Thompson still says it hits $110,000 by the end of the year, about 35% above where it trades now.
“We get through this midterm elections and it runs back up to 110,” Thompson told Cointelegraph in a recent interview.
He first said “210” by mistake, then corrected himself to $110,000.
Thompson also revealed his biggest cryptocurrency trading wins and losses, highlighting an early investment in Cash Cat when its market capitalization was around $3 million.
However, not every trade was successful.
He described repeatedly buying a creator-backed token as its market capitalization approached $9 million, only to watch its price collapse.
Thompson said liquidity-providing fees on Solana (CRYPTO: SOL) helped offset his losses, leaving him approximately breakeven or down a few hundred dollars.
He warned investors against excessive leverage and risking their entire portfolios on speculative trades.
Why Is Thompson Bullish On Zcash And Solana?Thompson disclosed that he recently took profits on NEAR Protocol (CRYPTO: NEAR) and maintains a leveraged long position in Zcash (CRYPTO: ZEC).
Zcash’s privacy features and potential expansion into payments and neo banking are its major growth opportunities.
He remains optimistic about meme coins, particularly platforms combining speculative tokens with tokenized equities and access to pre-IPO investments.
Can Bitcoin Reach $110,000 By Year-End?Thompson reiterated his long-term bullish outlook on Bitcoin, revealing that he continues accumulating BTC daily.
He compared Bitcoin to digital gold and ‘401K’, encouraging investors to maintain a long-term perspective.
Thompson also disclosed plans to acquire Bitcoin mining facilities and data centers, citing opportunities to benefit from lower electricity costs.
He estimated that mining one Bitcoin in the U.S. could cost approximately $45,000 to $50,000 under favorable conditions.
Image: Shutterstock
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Solana has drawn increased attention from market participants as tokenized stock trading activity recorded on its network continues to expand. Data from xStocks, a platform facilitating on-chain trading of tokenized equities, shows that VIDAx generated twice the trading volume on Solana compared to traditional stock exchanges during the past month. This surge in activity points to broader adoption of blockchain infrastructure for financial products.
VIDAx Trading Activity Surges on SolanaVIDAx, operated by xStocks, serves as a platform allowing investors to access tokenized financial assets on the Solana blockchain. The company reported that over the last 30 days, trading volume for VIDAx on Solana was double that of its volume on traditional exchanges, emphasizing the platform’s global accessibility and expanding reach for tokenized equities.
VIDAx statistics indicated that global access and improved trading volume are driving increased activity in tokenized equities on Solana.
The figures spotlight Solana’s potential to serve as an alternative infrastructure for equity trading. While VIDAx’s performance stands out, these numbers are specific to the platform and do not reflect the activity of the entire tokenized asset sector on Solana or the broader blockchain ecosystem.
Tokenization allows traditional assets, such as stocks, to be represented as blockchain-based digital tokens. These tokens can provide investors with new ways to access and trade equities through decentralized systems, potentially increasing transparency and lowering entry barriers.
Mini dictionary: VIDAx – a trading platform developed by xStocks that enables investors to trade tokenized versions of real-world stocks on blockchain networks such as Solana.
The comparably higher trading volume reflects Solana’s growing footprint in the tokenization space. However, holistic measurements—such as overall user activity, market capitalization, and transaction frequency—are needed to evaluate the full extent of adoption and impact on the SOL token itself.
PlatformTrading Volume (last 30 days)VIDAx on Solana2x traditional exchangesTraditional Stock Exchanges (via VIDAx)1xSOL Price Faces Key Technical ThresholdsFollowing the rise in tokenized stock trading on Solana, attention has shifted to the native token’s price movement. After a significant correction, SOL is trading close to $104. Crypto analyst BitGuru has identified $101 as a critical support, stating that defense of this level will be crucial to avoiding further declines.
If buy-side momentum holds above $101, technical forecasts suggest a potential rebound towards the $112 and $120 price levels. Should SOL breach the $112 threshold, this could signal stronger bullish momentum, while a move above $120 may require further sustained buying interest.
The outcome around the $101 support level is viewed as pivotal; holding this zone could spark a recovery to $112 or $120, but a breakdown may open the way to $96.
A failure to maintain support at $101 could see SOL drop toward $96, signaling persistent selling pressure. The analyst emphasized that these scenarios are conditional and subject to market dynamics, with no guarantees of performance.
Tokenization and Solana’s Ecosystem GrowthThe growing use of tokenization on Solana is expected to attract users seeking new forms of financial access. Support for applications ranging from equity trading to decentralized finance continues to diversify Solana’s ecosystem.
Despite the rise in activity, analysts caution that trading volume alone does not confirm market adoption or assure a sustained increase in SOL’s value. Additional insights into market capitalization, transaction trends, and user engagement are required for more definitive conclusions. Traditional technical indicators such as RSI and MACD were not considered in the latest analysis, and further confirmation will be necessary to gauge the sustainability of any price rally.
VIDAx’s strong performance underscores both the momentum in tokenized stock trading on Solana and the evolving challenges and opportunities within digital asset markets.
On October 22, 2026, J.P. Morgan Asset Management made its $MONY and $JLTXX tokenized money market funds available on Solana to qualified U.S. investors. Clients subscribe and redeem through Morgan Money and receive token balances at their blockchain addresses.
The expansion brings existing funds to another public network. My OnChain Net Yield Fund, or $MONY, is a private placement fund. JPMorgan OnChain Liquidity-Token Money Market Fund, or $JLTXX, is a registered government money market fund with an investment mandate designed to support stablecoin issuers under the GENIUS Act. The funds share a distribution platform and now support the same new chain, but retain their different legal structures.
“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, J.P. Morgan Asset Management’s global head of product, digital and tokenized assets, in the release. “Bringing JLTXX and MONY to Solana gives stablecoin issuers and institutional investors access to the same funds, across the on-chain networks where they operate.”
Addresses and access The announcement identifies the Solana token addresses as EToDtBM2knZ8N1BHyUq2Riq5ngWTcoD3k6qpsgf7CKYY for $MONY and J4cTuCH6frt4AnEmKfMS2k8hsUf7K94PV62sjUJno8Cz for $JLTXX. The issuer published both identifiers. Defiprime attempted to read them through its chain-reading tool, which returned an unsupported-chain error for Solana. Defiprime could not independently verify mint supply, authority settings or balances for this article.
Access remains restricted to qualified U.S. investors. The release says $MONY is intended for investors eligible for private placement funds, generally including qualified purchasers and accredited investors under the relevant U.S. securities laws. Investors still have to complete onboarding, even with the token addresses public. Morgan Money is the stated route for subscriptions and redemptions into both funds.
The existing $JLTXX FAQ sets out the operating sequence. Investors complete anti-money-laundering and know-your-customer onboarding, then place subscription or redemption orders through Morgan Money. Those orders go to the transfer agent. The document also allows investors to interact directly with the fund token to transfer balances to other investors or submit redemption orders.
According to that FAQ, investors can pay by dollar wire or in $USDC through ZeroHash. An investor paying in $USDC must also onboard as a ZeroHash client. Investors need their own blockchain address to use the tokens. The FAQ still describes the Ethereum product. The Solana release confirms availability through Morgan Money but does not separately restate these payment arrangements for the new network.
The same FAQ lists fees of 16 basis points and an initial investment minimum of $1 Mn. These are the terms published in the existing product document; the release does not quote Solana-specific pricing. The October announcement gives no replacement fee schedule or network-specific minimum.
What the fund token represents A $JLTXX token represents one share in the underlying fund. The fund seeks current income while maintaining liquidity and stability of principal, with a target share value of $1.00. Token ownership sits alongside an off-chain shareholder register. According to the FAQ, SS&C is the transfer agent and maintains the official fund shareholder registration records.
The portfolio mandate limits investments to U.S. Treasury securities and repurchase agreements fully collateralized by U.S. Treasury securities. The FAQ says the fund will buy only Treasuries with remaining maturities of 93 days or less, or securities issued with maturities of 93 days or less. These limits apply to the assets behind the fund shares on either network.
The document also says the fund expects to maintain a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Investments are dollar-denominated. J.P. Morgan describes $JLTXX as a government money market fund under SEC Rule 2a-7, with an investment approach intended to satisfy the GENIUS Act’s requirements for eligible stablecoin reserve assets. This is the issuer’s stated investment mandate. The Solana launch announcement includes no separate regulatory approval.
$MONY’s original launch announcement dates its Ethereum debut to December 15, 2025. That document describes a Treasury and fully Treasury-collateralized repo portfolio, daily dividend reinvestment, and subscription and redemption using cash or stablecoins through Morgan Money. It identifies the product as a 506(c) private placement fund. The new release extends chain access to the existing product, with no new underlying investment strategy announced.
The two funds also use different distribution entities. JPMorgan Distribution Services distributes $JLTXX, while J.P. Morgan Institutional Investments is the U.S. placement agent for $MONY. Both are FINRA members. The release directs prospective $JLTXX investors to the prospectus for the fund’s objectives, risks, charges and expenses before investing.
The existing product FAQ identifies Kinexys Digital Assets as the tokenization technology behind $JLTXX. It describes the service as a multichain asset tokenization solution and calls $JLTXX the manager’s second tokenized money market fund.
Fund risk and network risk The Solana announcement warns that investors can lose money in either fund. Both seek to preserve a $1.00 share value, but neither guarantees it. Fund investments are not bank accounts and carry no Federal Deposit Insurance Corporation or other government-agency guarantee. The sponsor has no obligation to reimburse losses or provide support during market stress.
Blockchain use adds operational risks to those of the portfolio. The release names transaction delays and errors, security breaches, regulatory changes, fluctuating fees and network splits that produce alternative blockchains. It also tells investors to safeguard their private keys.
The public release supplies the Solana addresses and access route but no Solana-specific fund balances, mint authority details or cross-network transfer procedure. The linked $JLTXX FAQ still names Ethereum; neither document spells out how an existing Ethereum holder would move a position to Solana.
On October 21, 2026, Solana completed one of the most significant protocol transitions in its history when Anza’s Alpenglow consensus system took over on mainnet-beta.
The switch occurred around 14:00 UTC at slot 459,653,000, retiring the TowerBFT mechanism that had governed the network since its March 2020 launch.
Transaction finality, the point at which a transfer or state change becomes irreversible under the protocol, dropped from approximately 12.8 seconds to a target of 150 milliseconds.
Anza, the core engineering team behind the Agave validator client, designed Alpenglow as a ground-up replacement rather than an incremental patch.
The new system centers on Votor, a voting protocol that moves validator votes entirely off-chain.
Validators exchange BLS-signed messages directly; these aggregate into compact certificates instead of appearing as on-chain transactions.
Two confirmation paths run in parallel.
When at least 80 percent of stake responds, a block can finalize in a single voting round.
When participation reaches only 60 percent, a second round completes finality.
The first path to meet its threshold wins, producing deterministic finality in roughly 100–150 milliseconds under normal conditions.
Proof of History no longer participates in the consensus timing logic; each node relies on local timers and independent detection of unresponsive leaders.
The change also frees substantial blockspace.
Under TowerBFT, vote transactions dominated on-chain traffic.
With those votes removed, capacity previously consumed by consensus messages becomes available for user activity.
Resilience improves as well: the protocol tolerates up to 20 percent adversarial stake plus an additional 20 percent offline stake simultaneously, a higher combined threshold than TowerBFT’s roughly 33 percent adversarial limit.
Anza reported that the upgrade underwent extensive public testing, including red-team exercises, penetration testing, repeated migration rehearsals, and a security competition before the mainnet handoff.
The design itself first appeared in a May 2025 white paper; the interval from publication to production activation was under 18 months.
Anza CEO Brennan Watt described the activation as the largest and most ambitious blockchain upgrade since Ethereum’s Merge, noting the difficulty of safely replacing a live consensus engine without a network restart.
The migration itself was engineered as a brief, reversible window: after an epoch boundary, user transactions paused for a controlled number of slots so that any blocks produced during the handoff could be rolled back if needed.
Once a qualifying TowerBFT block received sufficient stake, validators signed an Alpenglow genesis certificate, transferred control to Votor, and resumed normal processing.
Early reports indicated the handoff completed in hundreds of milliseconds.
For exchanges, payment processors, and institutions, the practical effect is that deposits and settlements can now receive cryptographic finality on a timescale closer to web infrastructure than to traditional settlement windows.
Developers gain a network whose confirmation behavior more closely matches the responsiveness expected by web2 applications, reducing the need for optimistic assumptions or multi-step confirmation logic.
Future work outlined by Anza includes Rotor, a redesigned block-propagation layer intended to improve data distribution efficiency beyond the existing Turbine protocol, along with optimizations for faster leader handovers.
Independent post-activation measurements of achieved finality were still pending at the time of the initial announcements, and Anza has emphasized that realized performance will vary with network conditions.
Nonetheless, the activation marks the first time a major proof-of-stake network has swapped consensus engines on a live mainnet while preserving the existing ledger and state.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
J.P. Morgan Asset Management announced that its tokenized money market funds, the My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX), are now open to eligible U.S. investors on the Solana blockchain. Investors can subscribe to and redeem the funds via the liquidity management platform Morgan Money, and receive their token balances on-chain. MONY is a 506(c) private fund designed to deliver U.S. dollar yields for eligible investors, while JLTXX is a U.S.-registered government money market fund that aims to support stablecoin issuers compliant with the GENIUS Act.
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J.P. Morgan Asset Management has taken its tokenized cash product multi-chain. On October 22, the firm announced that its My OnChain Net Yield Fund (MONY) and JPMorgan OnChain Liquidity–Token Money Market Fund (JLTXX) are now available on the Solana blockchain to qualified U.S. investors. It is the second chain for funds that first went live on Ethereum in December 2025.
The announcement changes neither what the two vehicles invest in nor who can buy them. What it changes is the map: the largest bank in the tokenized-fund business now runs its on-chain cash rails across two public networks instead of one, and it chose the network that has spent October rebuilding its own infrastructure to court exactly this kind of money.
Two funds on two different regulatory tracks MONY and JLTXX share an issuer and, now, a blockchain, but they are not the same instrument, and the difference is the heart of the story.
MONY is a 506(c) private placement fund. It can be offered only to qualified purchasers and accredited investors, and it gives them exposure to U.S. dollar yields through a token. JLTXX is a U.S.-registered government money market fund, and the press release defines its job in one precise clause: it is “designed to invest in a manner to support stablecoin issuers under the GENIUS Act.”
That clause carries real weight. The GENIUS Act is the U.S. stablecoin framework regulators have been finalizing through October, and one of its persistent questions is where the reserves behind dollar tokens actually sit — and in what form. A registered government money market fund built to serve stablecoin issuers is J.P. Morgan’s answer to that question: a regulated, on-chain place to park the cash behind a token, rather than a bank deposit or a treasury account held off-chain.
The bank has been assembling this side of its business in stages. J.P. Morgan expanded its JPM Coin deposit token to Ethereum mainnet earlier this year, and the Solana launch is the same institutional pipeline extended to a second network. The pattern is consistent: start with a private, bank-controlled rail, then push outward to public infrastructure one network at a time.
How an investor actually gets in There is no retail on-ramp here. Access runs through Morgan Money, the firm’s liquidity-management platform, and the flow is deliberately simple: a qualified investor subscribes or redeems and receives token balances at their blockchain address. J.P. Morgan outlines the tokenization of money market funds in its own overview for institutional clients.
The release even publishes the exact Solana token addresses — MONY at EToDtBM2knZ8N1BHyUq2Riq5ngWTcoD3k6qpsgf7CKYY and JLTXX at J4cTuCH6frt4AnEmKfMS2k8hsUf7K94PV62sjUJno8Cz. Publishing those addresses is more than documentation. It means any third party can verify the token supply and watch the flows directly, which is the entire point of running a fund on a public ledger instead of a private database.
There is also a reminder of the risk baked into the same announcement. The release states plainly that the funds seek to preserve value at $1.00 per share but cannot guarantee it, and that an investment is “not a bank account and is not insured or guaranteed by the FDIC or any other government agency.”
Why Solana, and what the network gets The timing is not accidental. Solana has spent October repositioning itself for precisely this kind of institutional money. It cut finality from roughly 12.8 seconds toward a 150-millisecond target with the Alpenglow consensus upgrade, and it has been building settlement tooling for tokenized assets through programs like its DvP atomic settlement initiative. A money market fund lives on fast, cheap, final settlement, and Solana now argues it delivers that better than most of its peers.
“Our clients operate across more than one network, and their liquidity should too,” said Paul Przybylski, Global Head of Product, Digital & Tokenized Assets at J.P. Morgan Asset Management. “Bringing JLTXX and MONY to Solana gives stablecoin issuers and institutional investors access to the same funds, across the on-chain networks where they operate. This launch builds on our position as one of the leaders in tokenized liquidity and underscores our commitment to scaling tokenized cash management through multi-chain channels.”
For Solana, the payoff is reputational as much as technical. The network has spent years winning retail and DeFi volume; landing a global systemically important bank’s money market funds is a different kind of endorsement, one aimed at treasurers and fund administrators rather than traders.
The scale that makes this early, not late The most useful number in the release is the one that does not move: J.P. Morgan Asset Management manages $4.8 trillion, as of September 30, 2026, within a parent company that holds $5.1 trillion in assets and $372 billion in stockholders’ equity. Set that against the size of the market it is joining. Independent trackers put the entire tokenized-fund market near $35 billion and tokenized U.S. Treasuries near $15 billion in mid-October 2026.
Run the arithmetic and the point lands hard. The whole tokenized treasury market — roughly $15 billion — is about 0.3% of what this single asset manager holds in AUM. All tokenized funds together, near $35 billion, are about 0.7%. That gap is not evidence the strategy is failing. It is the reason the strategy exists: the on-chain slice is small because the biggest allocators have only just started moving cash onto it.
The firm’s own words support that reading. The release states that at the time of its December 2025 launch, J.P. Morgan “was the largest global systemically important bank to launch a tokenized money market fund on a public blockchain,” and that the Solana move “broadens access for clients and supports the continued growth of J.P. Morgan Asset Management’s tokenized cash management platform.”
The skeptical reading There is a competing interpretation, and it deserves to be taken seriously. A second chain is cheap to announce and hard to measure: the release gives no figure for assets already on Solana, no expected inflow, and no timeline for further networks. A critic could fairly read this as a capacity signal — infrastructure laid down in advance of demand — rather than proof that stablecoin issuers are actually parking reserves in JLTXX today.
That reading is unfalsifiable from the announcement alone, which is exactly the limitation. The only way to test it is on-chain: whether the published token addresses show real, growing balances over the coming weeks, and whether JLTXX shows up in the reserve compositions of actual stablecoin issuers under the GENIUS Act.
What to watch next The next observable signal is whether other systemically important banks follow. J.P. Morgan claimed the largest-G-SIB title for a tokenized money market fund in December 2025, and a year later it is the first of that group to run the product across two public chains. If a second or third global bank names Solana as a home for tokenized funds, the move becomes a trend rather than one firm’s experiment.
Watch, too, for how JLTXX is actually used. Its stated purpose is to support stablecoin reserves, and adoption will appear in on-chain balances at the published address before it appears in any press release. That is the quieter test of whether the product is being used, not just announced.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Andreessen Horowitz’s crypto fund has a new name. On October 22, 2026, the firm unveiled a16z Frontier, the successor to a16z Crypto, along with a broader mandate to back what it calls “frontier startups.”
Crypto has not been left at the door. The fund says it will keep investing in blockchain projects and keep pushing on regulatory advocacy. It is simply adding more rooms to the house.
The timing comes with a thesis attached. Individuals are adopting AI faster than organizations are, and that gap is fueling a wave of new startups.
What changed, and what didn’t
The rebrand is being led by Chris Dixon, alongside Marc Andreessen, Ben Horowitz, Eddy Lazzarin and Guy Wuollet.
The new focus areas are wide. The fund lists AI, autonomous machines, full-stack companies that build both hardware and software, and new networks connecting humans and AI.
The money is substantial. A16z Frontier raised approximately $2.2 billion in its most recent vehicle. That brings the total to about $10 billion raised across five funds since the strategy began.
For context on the track record, the crypto fund’s past bets include Coinbase, Solana and Uniswap. Those names cover an exchange, a layer-1 blockchain and a decentralized trading protocol.
The AI thesis behind the rename
The core argument in the announcement is about speed. A16z pointed to a widening gap between AI-native startups and traditional incumbents, suggesting that AI could pull the development of frontier technologies forward by decades.
The crypto piece of the thesis fits into this picture rather than sitting beside it. The fund is keeping its commitment to blockchain infrastructure, including the use of stablecoins in communications between machines. That points toward a future of machine networks, where software agents and devices transact with each other directly.
Stablecoins, which are digital tokens pegged to a currency like the dollar, are one candidate for that payment rail. A16z is betting that crypto becomes the plumbing for this machine economy rather than a separate sector.
Why a crypto fund would drop “crypto” from its name
The Frontier label tells founders working in previously unaddressed domains that they are in scope, removing friction for founders building autonomous robots or full-stack hardware companies who might have assumed a16z Crypto was the wrong door.
It also reflects how blurry the line between crypto and conventional tech has become. Stablecoins are increasingly discussed as infrastructure rather than speculation. AI agents are being designed to act on their own.
What this means for founders, crypto and rival investors
For crypto founders, the near-term message is reassuring. The team, the regulatory advocacy and the investment commitment remain in place. A fund with roughly $2.2 billion in fresh capital is still a major source of funding for blockchain projects, especially ones that tie into AI or machine payments.
For the stablecoin sector, the endorsement of machine-to-machine payments as a core use case adds a large, well-known investor to the camp arguing that stablecoins have a role beyond trading and remittances.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
In brief Andreessen Horowitz is renaming a16z Crypto to a16z Frontier, widening the fund's scope to AI and other long-horizon technologies while keeping crypto investing and regulatory advocacy. Chris Dixon argues blockchains have receded into the background of products from Wall Street and fintech firms, so companies should be defined by what they do, not the technology they use. Dixon will lead the fund with Marc Andreessen, Ben Horowitz, Eddy Lazzarin and Guy Wuollet. Andreessen Horowitz, the venture capital firm better known as a16z, is renaming its crypto fund “a16z Frontier” and widening its mandate to AI and other emerging technologies, according to an email shared with its newsletter subscribers on Thursday.
a16z is among the biggest backers of the crypto industry, and when a firm that size drops “crypto” from its name, it shows where it may expect the next wave of cash to go. Chris Dixon, a general partner who runs the crypto team, says the firm’s bets include Coinbase, the blockchain network Solana, and Uniswap, a platform where people swap tokens without a middleman.
Myriad: How low will Tesla stock go? Click to make your prediction.a16z calls the move “an expansion” and says crypto stays: “we will continue to invest in crypto and related ventures and advocate for sensible crypto regulation,” the firm wrote.
The argument is that blockchains—shared digital ledgers that record who owns what without a bank in the middle—have faded into the background of products people already use.
“Wall Street and fintech companies now regularly launch products built on blockchains. Does that make them crypto companies? The label matters less now,” Dixon wrote, adding that it makes more sense to define companies “by what they do rather than by the technologies they use.”
In January, a16z said it had raised more than $15 billion across its funds, and co-founder Ben Horowitz wrote in a firm post that the mission “starts with winning the key architectures of the future—AI and crypto.”
Dixon expects more “native use cases,” which he defines as “brand-new activities you couldn’t do before,” since AI so far has mostly made existing work like coding “faster, better, and cheaper.” Early versions, he says, “will look strange and unserious, like toys and hobbies,” before some grow into mainstream products.
The new label covers startups “building new technologies and creating markets that may take years to develop,” a bet Dixon says goes back more than a decade.
“When I joined a16z in 2013, I made these kinds of long-horizon investments a focus,” Dixon wrote. “The growth of smartphones made cameras, sensors, and chips better and cheaper, enabling new devices like drones, AR/VR headsets, and wearables. That theme led to investments in Oculus and drone startups like Skydio and Zipline.”
The next wave, he says, includes “autonomous machines that can perceive, reason, and act in the physical world” as well as advances in biology and medicine.
He also envisions a post-AGI society referring to artificial general intelligence, a still-theoretical AI that can match or beat humans at nearly all thinking tasks.
Crypto stays in the picture because Dixon sees it giving AI agents, meaning programs that act on their own, a way to pay each other. “Crypto can give new networks native economic capabilities, enable machine-to-machine transactions, and create new ways to bootstrap them,” he wrote.
Dixon made a similar argument in 2022, when crypto’s total market value had fallen about two-thirds from its 2021 peak. “What I look at is not prices,” he said then, pointing to developer and entrepreneur activity as the core metric.
Dixon will lead the new fund alongside a16z founders Marc Andreessen and Ben Horowitz and general partners Eddy Lazzarin and Guy Wuollet. His post gives no size for the renamed fund, so the latest figure on record is the $2.2 billion announced in May.
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Image Credits:Darrell Etherington/TechCrunch In a sign that crypto and blockchain-focused investing has receded in importance, Andreessen Horowitz announced Thursday that it is renaming its digital asset unit from a16z Crypto to a16z Frontier.
The practice, helmed by Chris Dixon, has raised nearly $10 billion across five funds since launching in 2018, backing some of the sector’s biggest wins, including Coinbase. Yet for years, a16z and rival venture firms struggled to push crypto’s utility beyond financial rails, trading applications, and speculative assets.
Under the new name, the team is broadening its mandate to focus on emerging technologies, be it AI, robotics, or “new kinds of networks” connecting humans and machines. Yet, the group isn’t abandoning crypto. Dixon wrote in a blog post that blockchain technology could “give new networks native economic capabilities.”
Alongside Dixon, a16z Frontier’s general partners include Eddy Lazzarin and Guy Wuollet. Meanwhile, Ali Yahya, who joined the crypto strategy as its first investor in 2017, has left the firm, according to The Information.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Trade.xyz announced on social media that the pre-IPO perpetual contract (IPOP) market for JIO is now live. Each JIO unit corresponds to one common share of Jio Platforms Limited, quoted in US dollars. Currently, JIO operates as a pre-IPO market reflecting expected share prices, and is set to convert to a standard XYZ perpetual contract after Jio Platforms’ IPO. Post-IPO, oracles will convert the underlying stock’s rupee price to US dollars at the prevailing USD/Indian rupee exchange rate. Jio Platforms provides digital connectivity and services in India.
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Samsung’s Taylor 1 wafer fab has launched follow-up equipment investment, ramping up efforts to achieve 2-nanometer mass production.
According to a South Korean media report on October 23, Samsung Electronics has launched follow-up equipment investment at its No. 1 wafer fab in Taylor, Texas, completing the final pre-mass production phase of setup. This facility is Samsung’s first wafer foundry mass production line in the U.S., targeting 20,000 wafers per month of 2-nanometer capacity by the second half of next year. Samsung has recently ordered equipment, initially to meet a monthly capacity of around 6,000 wafers, with the equipment arriving gradually. The No. 1 fab broke ground in 2022, with Samsung’s total investment reaching approximately $37 billion. It is scheduled to begin operations by the end of 2026 and start mass production of EUV-based 2-nanometer chips from 2027. Samsung’s 2-nanometer yield has risen from around 60% earlier this year to roughly 80%, meeting mass production requirements. In terms of orders, the fab has secured full 2-nanometer orders before launch, with clients including Tesla’s AI5 and AI6 chips, Broadcom’s communication chips, and Arm’s smart device chips. Samsung and Tesla signed a $16.5 billion long-term supply contract in July 2025, valid through the end of 2033. Expansion plans do not stop here. Samsung plans to break ground on Taylor’s No. 2 fab in early November, which will be 1.5 times the size of the No. 1 facility, targeting mass production of 2-nanometer chips by 2030. Samsung’s total investment in central Texas exceeds $37 billion, and the U.S. CHIPS and Science Act has approved up to $4.745 billion in direct subsidies. The competitive landscape remains to be tested. TrendForce data shows TSMC held a 72.5% global wafer foundry revenue share in the second quarter of this year, while Samsung accounted for 5.9%. The Taylor fab’s capacity ramp and yield stability will determine whether Samsung can convert its order momentum into a market share recovery.
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A SanDisk whale liquidated all positions and exited the market, incurring a $4.58 million loss on its SNDK long positions.
According to TradingBeats' monitoring, a large whale wallet starting with 0x469e liquidated its remaining 5,000 long positions in Sandbox (SNDK) early this morning, with a total closing transaction value of approximately $6.236 million. The final round of liquidation alone incurred a loss of around $2.836 million. The average entry price for this position stood at roughly $1,814.45, while the actual average closing price was about $1,247.20, a roughly 31.3% drop from the cost. Statistics indicate that the whale opened its SNDK long positions on September 23 and fully exited all holdings today, resulting in a total trading loss of approximately $4.583 million.
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Arc Browser has announced its shutdown: Despite boasting millions of weekly active users, it failed to secure a future.
Beating AI Express News: The Arc browser is truly coming to an end. The Browser Company announced it will fully discontinue support for the macOS and Windows versions of Arc on December 22, 2026, and has already closed new user registrations. Starting November 23, the mobile version’s AI features, login functionality, and tab sync will be phased out gradually. The team will now focus entirely on its AI browser Dia. Arc launched in 2022, initially available exclusively to Mac users via invitation. It opened to all users in 2023, and expanded to Windows and mobile platforms in 2024. It reimagined the traditional browser with innovations including a vertical tab bar, dedicated workspaces, automatic tab organization, split-screen browsing, and even direct webpage customization. These designs made it a favorite among tech enthusiasts globally. China’s tech community once closely studied its design and development model, regarding it as a popular alternative to Chrome. The company previously revealed that Arc had over 1 million weekly active users, but its popularity did not translate into broad adoption. Founder Josh Miller acknowledged in 2025 that Arc was too complex for average users, with a steep learning curve, and only 5.52% of daily active users regularly used multiple workspaces. That same year, the team halted new feature development to pivot to Dia. In October 2025, its parent company was acquired by Atlassian for roughly $610 million. Now, the team has decided to end all maintenance for Arc, reasoning that browser security in the AI era requires ongoing investment, so engineering and security resources must be concentrated on Dia. Arc never became the next-generation Chrome, but it opened countless people’s eyes to what browser design could be. The creative concepts it introduced will live on in other browsers. Unfortunately, Arc itself will not get to see that future.
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Vercel targets long-term API keys: labels them "insecure" by the end of the year, set to remove entirely next year.
Beating AI Express: Vercel announced it will phase out long-term static keys from its Marketplace. Starting November 30, third-party services that still rely on long-term keys and do not support Vercel OIDC authentication will be marked as "insecure". By January 2027, non-compliant providers will be delisted, with Vercel’s own APIs and native integrations required to follow the same standards. Long-term keys are non-expiring credentials, often stored in environment variables to enable apps or AI Agents to access services like databases. If leaked, attackers can exploit them indefinitely. Vercel’s OIDC, by contrast, allows programs to obtain short-lived credentials based on their own identity, with restricted access scopes and permissions. After credentials expire, the SDK automatically refreshes them, and caching reduces extra requests, eliminating the need for developers to manually rotate keys repeatedly. Vercel has faced such risks before: in April this year, third-party AI tool Context.ai was hacked, letting attackers breach Vercel’s internal systems and access some customers’ environment variables. The company only announced full remediation on October 16. Vercel also disclosed that past key rotation efforts consumed thousands of engineering hours. The company surveyed over 1,000 SaaS providers and found only 8.4% support the more secure authentication method. Long-term keys are widely used for their simplicity, while short-lived credentials are safer but more complex to configure and may increase network latency. Vercel is mitigating these costs via SDK and automatic caching, and using Marketplace listing eligibility to push providers to adopt more secure authentication practices.
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SpaceX is reportedly in talks to access at least 80,000 U.S. cell towers, advancing its bid to become the fourth national wireless carrier.
According to Reuters citing Bloomberg, SpaceX is in talks with U.S. cellular infrastructure companies to gain access to at least 80,000 cell tower sites nationwide. Insiders said the relevant deal could solidify its path to become the fourth national wireless carrier, challenging AT&T, Verizon, and T-Mobile. The report noted SpaceX is acquiring national low-frequency spectrum and has held negotiations with tower firms including Crown Castle. Data from the Wireless Infrastructure Association shows 80,000 sites are roughly half of the total dedicated cellular towers in the U.S. last year, which stood at around 158,500. Public records show Crown Castle operates about 40,000 towers in the U.S., American Tower has roughly 42,000 U.S. sites, and private firm Vertical Bridge owns around 18,000 towers. When asked at Wednesday’s earnings call whether it was in lease talks with satellite communications players like SpaceX and Amazon, Crown Castle CEO Christian Hillabrant said, "You can consider we are in discussions with all parties," but declined to name specific clients. TD Cowen estimates building a national terrestrial network could cost over $80 billion, requiring years of additional capital investment, with related lease transactions potentially running into billions of dollars. Crown Castle, American Tower, Vertical Bridge, and SpaceX did not immediately respond to Reuters’ request for comment. Separately, SpaceX recently reached an agreement to acquire a portfolio of approximately 800MHz low-frequency spectrum across the U.S. held by Grain Management, pending FCC approval. This week, the FCC also approved SpaceX’s plan to launch around 15,000 second-generation direct-to-phone satellites. CEO Elon Musk said at an earnings call that SpaceX will build a terrestrial network to achieve wide coverage in areas where SpaceX and Starlink are licensed to operate. Following the news, AT&T, Verizon, and T-Mobile saw post-market declines ranging from 4.2% to 5%.
This is the largest suspicious fund movement observed in the past two years. The hacker of Drift Protocol has just made over 520 transfers to the mixer Tornado Cash, injecting more than 122.3 million dollars in Ethereum. While the analytics firm Arkham traces the digital trail of this loot to the letter, the crypto sector’s reaction ranges between shock and resignation.
In brief
Over $122.3 million in ETH was transferred and laundered to Tornado Cash within 48 hours by the hacker of Drift Protocol.
This is the largest deposit made by a hacker on the mixer over the past two years.
The initial attack on Drift Protocol (Solana) involved total damages of $285 million.
Changpeng Zhao (CZ), founder of Binance, responds by reminding of inherent risks in any technology.
$122 Million to Tornado Cash, the Heist of the Century Accelerates
The radars of the on-chain analytics firm Arkham Intelligence turned bright red. The crypto wallet identified as belonging to the hacker of Drift Protocol came out of its inertia to orchestrate a large-scale laundering operation. In just two days (October 20 and 21), the hacker divided his loot into 520 successive transactions to send 122.3 million dollars worth of ethereum to Tornado Cash.
This is simply the biggest deposit made by a cybercriminal on Tornado Cash in two years. By initially converting the stolen tokens from Solana to the Ethereum network, the crypto hacker hopes to definitively obscure the financial trails despite sanctions and international authorities’ surveillance.
Key FigureLaundering Operation IndicatorSource / Status$122.3 millionTotal amount converted into ETH and sent to Tornado CashArkham Intelligence520 transfersNumber of split transactions to mask flowsOn-Chain Data$285 millionTotal estimated damage during the initial Drift Protocol hackDeFi Exploit Registry2 yearsRecord for the largest pirate deposit on Tornado CashArkham HistoryData from Arkham Intelligence.
Arkham’s Hunt Exposes Hackers’ Modus Operandi
Thanks to Arkham’s visual tools, the path of the stolen funds was retraced in real time. Following the exploit on the Drift Protocol smart contracts, the hacker had transferred the majority of his loot to ethereum crypto to store a strategic reserve of over 56,000 ETH. Using Tornado Cash at this scale demonstrates that cybercriminals continue to exploit anonymization tools of decentralized finance (DeFi), despite the strengthening of global surveillance.
This attempt at concealment highlights the ongoing fragility of cross-chain bridges and lending protocols, regularly targeted to siphon off colossal sums within minutes.
Wallet Security: CZ Reminds Technology Limits in Crypto
In light of the scale of this laundering and renewed investor concerns about Web3 protocol vulnerabilities, major figures in the sector have spoken out. Changpeng Zhao (CZ), founder of Binance, reacted pragmatically on X to warn users:
No crypto wallet is 100% safe. No software is bug-free. No technology is 100% secure. There are risks in everything you do, just as there are risks if you do nothing. There will be problems, setbacks, and obstacles to solve. Stay up to date, manage risks, resolve issues.
This reminder makes clear that absolute security remains an illusion in the crypto ecosystem. While the $122 million continue to be shuffled through Tornado Cash’s depths, DeFi developers face increasing pressure to strengthen audits of their infrastructures before the next assault.
The Drift Protocol case and this record laundering of $122 million via Tornado Cash prove that on-chain tracking and hacking engage in a permanent war of attrition in the crypto world. Do you think tracking tools like Arkham will ever succeed in permanently neutralizing laundering?
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Eddy S.
The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
Sui Network’s market capitalization has recently climbed above $4 billion, drawing renewed interest from traders. Investors are now watching the native SUI token with hopes of a return to the $1.05 resistance level, which sits within a crucial supply zone. A rejection at this point would likely see SUI drop below $0.95, with further declines toward the $0.88 support area seen as possible in the short term.
Elliott Wave analysis and market sentimentAnalyst Laurenco outlined that the Sui chart, mapped using Elliott Wave theory, shows critical levels as the token works through late-stage corrective patterns. The Elliott Wave notations (3), (4), and (5) on SUI’s 3-day chart support this view, marking areas where previous price extensions and retracements have occurred.
Immediate support is positioned around $0.95, while $1.05 remains the primary resistance threshold in the near term.
Historical projections from the same analysis framework indicated potential price moves into the $3–4 range, labeled as the (A) wave in earlier posts. Looking further ahead, Laurenco has referenced long-term cycle targets between $12 and $15, derived from fractal and cycle-based analysis. The analyst noted, however, that profit-taking would likely intensify if prices enter the $9–11 bracket.
Laurenco’s assessment of the bear market psychology phase underlines how repeated retracements have triggered skepticism and quick sell-offs among market participants, leading to a challenging environment for bullish momentum.
At press time, SUI trades at $0.9869. Should bullish interest defend recent gains, the token could soon retest resistance at $1.05, signaling possible continuation if buying activity intensifies.
During the last 24 hours, Sui has seen turnover jump 22.07%, with trading activity reaching $897,366,472. This surge in volume signals persistent engagement from traders but does not decisively indicate sustained buying, as high volume can also result from active selling or speculative trades.
Futures data and trading volumesIn derivatives markets, sentiment appears split. Data from major cryptocurrency exchange Binance reveals that bullish positions have outpaced short-sellers, doubling in volume at certain intervals. However, aggregated futures data from analytics platform CoinGlass shows the broader market’s long-to-short ratio has dropped to approximately 0.90, pointing to cautious or even negative sentiment overall.
ExchangeLong to Short RatioSentimentBinance2:1Bullish bias in short termAll exchanges (CoinGlass)0.90:1Generally bearishThese figures suggest that while certain trading platforms reflect optimism, the broader market remains wary. High trading activity and the split between bullish and bearish stances signal that SUI’s short-term direction could hinge on whether the $1.05 resistance breaks or holds.
Sui Network is a layer-1 blockchain platform designed for fast and scalable decentralized applications. Its native token, SUI, facilitates network security, staking, and on-chain transactions.
Mini dictionary: Elliott Wave Theory, a popular technical analysis method, identifies recurring wave patterns and investor psychology cycles in price charts, commonly used to predict potential support, resistance, and reversal levels in financial markets.
While activity on Sui remains high, analysts and traders continue to monitor whether the current momentum will be enough to sustain a breakout above the major resistance point.
Bond yields pulled back last week, with the 10-year Treasury yield down 14.6 basis points. Fidelity’s Jurrien Timmer says a range may be forming, but he blames sticky inflation and fiscal risk for the climb.
Still, the drop followed a hotter Consumer Price Index (CPI) reading, with annual inflation at 3.7% against 3.6% expected. The Federal Reserve (Fed) meets October 27-28, when it will decide whether to raise rates again.
Why Timmer Thinks the Bond Yields Story Is Too NeatTimmer rejects the tidy version of events, he wrote on X. In that version, growth lifted yields and AI capital spending (capex) worries pulled them down.
His explanation is broader.
“in my view the rise in yields this year has been multi-factorial, including sticky structural inflation and mounting fiscal risk.”
Jurrien Timmer, Director of Global Macro at Fidelity Investments, in a post
With bond yields coming off the boil last week, perhaps we are now settling into a range for a bit. While the CPI came in hotter than expected, there is currently little pressure on the Fed to raise rates at the end of October. While the consensus appears to be that yields have… pic.twitter.com/tbfRDnxWfR
— Jurrien Timmer (@TimmerFidelity) October 22, 2026 The 10-year yield briefly touched 5.33% after the October 14 report, XTB Research data shows. Core CPI, which strips out food and energy, rose 2.6% annually against 2.5% expected.
Then yields reversed. The reversal was called it the largest weekly decline in seven months. Investors sought safety in Treasuries during a chip stock sell-off tied to AI spending doubts.
Can Yields Settle While the Pressures Behind Them Stay Put?Markets now see little chance of a hike. CME Group’s FedWatch, which tracks futures pricing, put the odds at 17.2% on Monday, down from 57.6% a month earlier.
10-year Treasury Yield is under 5%. Source: CNBCHowever, officials have not shut the door. New York Fed President John Williams still expects one more rate hike this year.
Bank of America is holding its October hike call too, though economist Aditya Bhave described his conviction as low.
The 10-year breakeven rate, drawn from inflation-protected Treasuries, sat near 2.36% on Monday, Reuters data shows. That implies average inflation of about 2.4% a year for the next decade.
That mix could keep stocks and crypto sensitive to AI spending headlines as well as inflation prints.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
According to a last-minute announcement, cryptocurrency exchange Coinbase will be delisting the Ampleforth Governance Token (FORTH).
No specific reason was given for the delisting decision. According to the official statement, the FORTH token failed Coinbase’s regular scans, which check for compliance with listing standards.
FORTH will be delisted from Coinbase spot markets on November 23, 2026.
*This is not investment advice.
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Saphyre has launched perpetual futures trading on Sei Network, covering stocks, gold, currencies and crypto, with invite-only access and fees of 0.025% to 0.05% per trade.
@saphyre has launched perpetual futures trading on @SeiNetwork, adding a derivatives venue to what is already the chain's busiest exchange. Perpetual futures are contracts that let traders bet on price moves with no expiry date. Saphyre says users can trade stocks, gold, currencies and crypto through the product.
How the Saphyre perps exchange worksTrading fees range from 0.025% to 0.05% per trade, according to the exchange's site. Orders are handled by Monaco's trading engine.
Access is invite-only. Traders who used the public test version before the October 21 cutoff get in immediately and receive one invite code to share. Every $250K in live trading volume unlocks another code, which ties wider access to how actively users trade.
Perpetual contracts have no settlement date, so traders can hold long or short positions without rolling them over. Positions are typically kept in line with the spot price through periodic funding payments between longs and shorts, a mechanism also used in the regulated SEI contract described below.
Saphyre's position on SeiSaphyre is the dominant trading venue on the network. DefiLlama data shows it with $5.97M in daily spot volume and $16.21M in total value locked (TVL). Crypto Briefing reported that Saphyre handled about $276 million of $278 million in monthly DEX volume on Sei, with the network's cumulative DEX volume reaching $15.9 billion. The exchange evolved from DragonSwap, according to the same report.
That concentration cuts both ways. Crypto Briefing noted that when one exchange processes nearly all monthly volume, the network's trading activity depends heavily on that single protocol. Some analysts have also questioned the exact share: DiarioBitcoin cited DefiLlama data putting Saphyre closer to 83% of monthly volume, depending on how the periods are compared. Methodologies differ, so figures vary by tracker and date.
The launch comes as derivatives exposure to $SEI is also expanding elsewhere. OG.com Markets, a CFTC-regulated platform operated by Nadex, listed a USD-settled SEI perpetual futures contract, which ChainCatcher reported was self-certified on October 8. That product is a separate, regulated offering for US investors and is unrelated to Saphyre's onchain exchange.
Perpetual futures are leveraged products and carry significant risk, including rapid liquidation during volatile moves. The invite-only rollout suggests Saphyre is limiting early access while it scales the product.
Sources
Crypto Briefing: Sei network nears $16 billion in all-time DEX volume as Saphyre dominates tradingChainCatcher: SEI perpetual contracts launched on the CFTC regulated OG.com marketDefiLlama: Sei DEX volume rankings
In brief
Read it. Trade it. All on Decrypt. Decrypt is partnering with Jupiter, Solana's leading trading platform, to bring seamless, on-site trading directly to its readers. With Decrypt Money Accounts, users will be able to go from discovering an opportunity to trading it in seconds, without ever leaving Decrypt.
One destination. Virtually every asset. Starting with crypto, Decrypt will expand to the full universe of Solana tokens, tokenized stocks, commodities and real-world assets (RWAs), bringing an ever-growing range of markets into a single experience.
Trading is just the beginning. The partnership will encompass additional Jupiter products including Earn, as Decrypt builds The Information Exchange: a new kind of financial platform where news, real-time intelligence and markets come together—and every piece of information becomes an opportunity to act.
What if you could trade the news the moment you read it?
That's the vision behind The Information Exchange, and Decrypt is taking another major step toward making it a reality.
Decrypt is partnering with Jupiter, Solana's leading trading platform, to bring trading directly into the news and information experience, turning one of crypto's most established media destinations into a place where readers don't just follow the markets, they participate in them.
Through the integration, readers will be able to swap tokens directly from their Decrypt Money Accounts, without switching platforms, connecting external wallets or moving funds between products.
As the integration expands, readers will gain access to the full universe of Solana tokens alongside tokenized stocks, commodities and other real-world assets, all accessible from the same account, on the same platform where they already consume information.
“We've spent eight years building Decrypt into a destination people trust to understand what's happening in crypto and emerging technology. Now we're taking the next step: giving them the ability to act on that information instantly,” said Ilan Hazan, co-founder and COO of Decrypt. “Whether you're reading about Bitcoin, a public company or a commodity, our vision is that you should be able to trade it right there. One account, every market, directly where you consume information.”
Jupiter has established itself as Solana's “everything exchange,” bringing together token swaps, lending, borrowing, perpetual futures and portfolio management within a unified DeFi ecosystem.
The integration will initially support a select group of major cryptocurrencies before expanding to the broader Solana token ecosystem and tokenized real-world assets.
For Decrypt, The Information Exchange represents a fundamental shift in what a media platform can be: a unified destination where media becomes interactive, enabling readers to trade on news, data and financial markets in real-time on a single platform.
“Media and markets are merging. Readers want to learn about an asset and then trade on it in the same moment. We’re thrilled to work with one of the top crypto media outlets to bring the top trading execution straight to their readers, all in one venue. Every app is becoming a financial app, and Jupiter will be the engine under all of them.”
—Kash Dhanda, COO, JupiterBuilding out an information infrastructureEarlier this month, Decrypt Money Accounts launched on Solana, introducing a single self-custodial account designed to power every financial experience across Decrypt.
With a single USD deposit, users will be able to access the platform's growing suite of products, from trading and prediction markets to earning yield and, eventually, perpetual futures.
Jupiter-powered trading is the next piece of that infrastructure.
Additional Jupiter products, beginning with Earn, will further expand what readers can do with their assets without leaving Decrypt.
The experience will extend across Decrypt's editorial coverage and upcoming Situation Rooms, dedicated destinations combining breaking news, live market data, prices, probabilities and financial instruments around the subjects readers care about.
Imagine reading a story about Bitcoin and trading BTC in the same experience. Following a major development at a public company and taking a position in its tokenized stock. Or tracking a geopolitical event, watching prediction market probabilities shift and participating directly.
From information to action, in one place.
The Information Exchange: where media meets marketsAnnounced in September, The Information Exchange is Decrypt's vision for the next generation of financial media: a unified destination bringing together news, intelligence, market data, probabilities and direct financial participation.
The thesis is simple: information and financial markets are converging, but the experience of consuming information and acting on it remains fragmented.
Today, readers jump between news sites, market-data platforms, exchanges, wallets and trading applications.
The Information Exchange is being built to bring those experiences together.
Decrypt provides the audience, trusted reporting and distribution. Myriad provides the underlying market infrastructure, with its prediction markets already generating more than $600 million in cumulative trading volume. The forthcoming MYR token forms the connective tissue, an economic layer that coordinates users, creators, traders and applications across the ecosystem.
Through integrations with leading protocols like Jupiter, The Information Exchange will bring an expanding universe of financial instruments together on Decrypt.
The Jupiter integration marks another milestone in that transformation, with more products, markets and features set to roll out in the coming weeks ahead of Solana Breakpoint.
News becomes actionable. Markets become accessible. And readers become participants.
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Starknet has voted to explore becoming an independent layer 1 blockchain designed to withstand quantum-computing threats, with 93.5% of votes supporting further research in a non-binding community poll.
More than 3,200 wallets participated in the week-long vote, the highest turnout recorded in a Starknet poll. StarkWare did not participate in the vote.
The result does not approve a migration from Ethereum layer 2 to layer 1; instead, it triggers a research effort intended to produce more detailed proposals for a future governance decision.
StarkWare and the Starknet Foundation will lead the research, with a draft white paper expected in November. CEO Eli Ben-Sasson has set a 2027 target for Starknet to become quantum-safe, saying Ethereum’s stated 2029 target leaves the network exposed to delays in its underlying blockchain’s upgrades.
Although Starknet uses hash-based cryptography and STARK proofs, it still relies on Ethereum for parts of its security architecture, including its bridge and data availability. Independent layer 1 could allow Starknet to control more of its own post-quantum security roadmap.
The network has already begun deploying post-quantum technology. Falcon-based post-quantum accounts are live on mainnet, and a smartphone has generated post-quantum proof that Starknet successfully accepted.
The proposed research will examine how the network could further reduce its reliance on Ethereum as it prepares for potential quantum threats.
The existing user experience will remain unchanged during the research phase, with STRK retaining its role as the native token and Ethereum bridges staying open.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Ondo Finance now has $4.02B in tokenized real-world assets in circulation, ranking second among tokenization platforms behind Securitize, per RWA.xyz data.
@Ondo now has $4.02B in tokenized real-world assets (RWAs) in circulation, up 5.74% over the past 30 days, according to RWA.xyz data. That places Ondo Finance second among tokenization platforms, behind @Securitize at $4.3B.
Holders and transfer volume riseOver the same 30-day period, the number of holders rose 11.6% to 555,157. Monthly transfer volume jumped 38% to $2.47B, with 165,304 active addresses.
Transfer volume counts token movements between wallets, so it does not necessarily reflect new purchases, sales or fresh investor capital. The same caveat applies to active address counts, which are not a verified tally of individual investors, as analysis from Insights4.VC notes.
Treasuries still anchor the totalUS Treasury products account for $3.0B of Ondo's total, while 408 tokenized stocks add $908.2M. The Treasury figure is consistent with a recent report by Yahoo Finance, which said RWA.xyz data ranks Ondo's tokenized Treasury holdings at $3 billion, higher than any other issuer. Ondo's Treasury offering includes USDY and OUSG. According to RWA.xyz, USDY is a tokenized note for non-US individuals and institutions, secured by short-term US Treasuries and bank demand deposits.
The growth comes as the wider sector gains institutional attention. The IMF's October 2026 Global Financial Stability Report names Ondo among the top tokenization platforms, alongside Securitize, Circle and Tether, TheStreet reported. As of October 9, RWA.xyz reported about $39.02 billion in distributed asset value across the market, according to KuCoin.
Competition is also building in tokenized equities. A DWF Labs report cited by CoinMarketCap put the tokenized equity market at $3.8 billion, up 483% since January, though Ondo's lead has narrowed as rivals gained share. Ondo's native token is $ONDO.
SourcesYahoo Finance: Ondo Finance says total value locked has topped $4 billion
TheStreet: IMF ranks Ondo among largest tokenized asset issuers
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The Nasdaq notched its largest decline since June, as US stock markets reassess the sustainability of the AI boom.
U.S. tech stocks plunged as investors grew increasingly concerned that surging spending in the artificial intelligence (AI) sector is unsustainable. The Nasdaq fell 2.6% on Thursday, marking its largest single-day decline since June. Meanwhile, the blue-chip-heavy Dow Jones Industrial Average edged up 0.02%. Multiple major AI-related stocks declined amid market jitters over tech firms' massive AI investments. Meta (META.O) dropped 7% after the company disclosed it will take on large additional spending commitments going forward. Despite Meta's robust revenue growth, its profit missed Wall Street expectations. Investor and analyst Navellier noted: "It all traces back to Meta. The issue now is that the market is selling off indiscriminately, throwing the baby out with the bathwater." Adding to AI spending concerns, NVIDIA’s CEO said the sector lacks sufficient capital to support the growth of so-called "Neoclouds"—new cloud service providers that primarily deliver digital infrastructure to large AI cloud computing firms like Meta and Amazon. Stocks of SpaceX, NVIDIA, and CoreWeave all fell, while the Philadelphia Semiconductor Index plummeted 6.7%. Against the backdrop of persistent volatility in the AI sector this week, U.S. investors are flocking to the bond market for safety to avoid high-risk assets such as tech stocks. As capital pours into bonds, U.S. Treasury yields have declined sharply.
14 minutes ago
OpenAI is nearing completion of a new funding round, seeking to raise up to $30 billion at a pre-money valuation of $1.25 trillion.
Beating AI Insight News: According to CNBC, artificial intelligence giant OpenAI is nearing the completion of a new funding round, paving the way for a potential initial public offering (IPO). Per people familiar with the matter, OpenAI is seeking to raise up to $30 billion at a pre-money valuation of $1.25 trillion. UAE-based investors are co-leading the round with investment firm Coatue, the sources said. OpenAI told investors on Thursday that it plans to finalize the signing of relevant agreements by the end of next week. However, the final size of the funding round is still being determined. OpenAI is positioning this round as an "opportunistic bridge financing" ahead of a potential IPO, per insiders. OpenAI Chief Financial Officer Sarah Friar previously told employees that the company could go public in 2027. Meanwhile, another source revealed that OpenAI is also negotiating a commercial agreement to secure more computing power resources from the UAE. (Source: Golden Ten Data APP)
14 minutes ago
If Bitcoin drops below $80,000, total long position liquidations on major centralized exchanges (CEXs) will hit $692 million.
According to Coinglass data, if Bitcoin falls below $80,000, the total long liquidation intensity on major centralized exchanges (CEXs) will reach $692 million. Conversely, if Bitcoin breaks through $83,000, the total short liquidation intensity on major CEXs will hit $1.025 billion. BlockBeats Note: Liquidation charts do not display the exact number of pending liquidations or the exact value of liquidated contracts. The bars on these charts actually represent the relative importance (intensity) of each liquidation cluster compared to adjacent clusters. Therefore, the liquidation chart shows the degree of impact when the underlying asset’s price reaches a specific level. A higher "liquidation bar" indicates that once the price hits that level, it will trigger a stronger reaction due to liquidity waves.
14 minutes ago
Bitcoin falls below $81,000, with a 4.3% drop in the past 24 hours.
According to HTX market data, Bitcoin fell below $81,000, with a 4.3% decline in the past 24 hours.
14 minutes ago
Pump.fun launches EVM limit orders, supporting take-profit and stop-loss functions.
Meme coin launch platform Pump.fun announced the launch of its EVM limit order functionality, claiming it is the first social trading application to offer take-profit and stop-loss features. The feature currently covers Robinhood, BNB Chain, Base, HyperEVM, Arc, and Ink, with more chains set to be integrated gradually.
14 minutes ago
a16z Frontier has officially confirmed its continued focus on the crypto space, expanding its investment scope to include frontier technology startups.
a16z General Partner Chris Dixon has officially published an announcement renaming a16z crypto to a16z Frontier, expanding its investment scope from crypto startups to a broader set of frontier technology startups—those building new technologies, opening up new markets, and taking years to mature. Dixon emphasized this is a scope expansion, not a pivot; the team will continue investing in crypto and related businesses while advocating for reasonable crypto regulation. Dixon noted that as blockchain gains wider adoption, Wall Street and fintech firms have regularly launched on-chain products, making the "crypto company" label less significant. Companies should be defined by their core business activities, not the technology they employ. His remarks also touch on the ongoing AI wave: beyond using AI to speed up and enhance existing work, focus is on native new use cases emerging from AI, full-stack startups integrating hardware, software and services, and new networks connecting humans and intelligent agents. Dixon believes blockchain will still play a critical role in this space, serving as a fast, low-cost, global, programmable financial infrastructure for the internet. Stablecoins are becoming a standard tool for fintech firms and institutions, and can also support machine-to-machine transactions and the cold start of new networks. He will lead the fund alongside firm founders Marc Andreessen and Ben Horowitz, as well as general partners Eddy Lazzarin and Guy Wuollet. The operating team will continue supporting current and future portfolio companies in areas including regulation, market entry, talent, marketing and technology R&D.
Swell’s liquid staking tokens are reportedly worth more on paper than they should be. Someone may have nudged the numbers on purpose.
Security researcher Spreek reported on October 22, 2026 that an unidentified actor had reportedly taken control of Swell DAO’s operational hot keys, including the oracle bot that sets exchange rates for swETH and rswETH. The reported 2,513 ETH sitting in Swell contracts is exposed, but it is not a confirmed loss.
What researchers say happened
According to Spreek’s report, the actor had control of the keys as of 14:25 UTC on October 21. From there, the actor allegedly began raising the exchange rates of both tokens.
The increases ran at the maximum the system allows: 1% per hour. Crucially, no new ETH came in to back those higher rates.
By October 22, swETH’s rate had reportedly climbed about 3.0% above 1.133254 ETH. The rswETH rate sat roughly 2.0% above 1.082464 ETH.
Spreek’s report also says four malicious upgrade contracts were deployed. If those upgrades were executed through Swell’s timelock, they could sweep approximately 2,513 ETH from various contracts. The upgrades are loaded, but they have not fired.
Swell’s response and the open questions
The Swell team confirmed it is investigating the suspicious activity. It said no ETH had been withdrawn from or deposited into the affected contracts, and that the protocol remains fully operational.
There is a reported but unconfirmed potential link to the Railway cloud platform, which researchers flagged following a disclosure from that platform. AI tools also partially assisted in documenting the breach, according to the research findings, meaning certain details in the public account have not been independently confirmed.
Why an oracle bot matters
An oracle bot is the piece of automation that reports the token exchange rate on-chain. Whoever controls it effectively controls what the protocol says one token is worth. Hot keys are the private keys kept online so bots can sign routine transactions.
The 1% hourly cap limited how fast the damage could compound, but did not stop the rate from rising.
Markets are not buying the new rates
Decentralized exchange prices have reflected only a fraction of the reported inflation, suggesting possible market dislocations between the on-chain rate and where the tokens actually trade.
Swell’s total value locked stood at approximately $29.41 million on the day of the report. The market cap for rswETH ranged between $27 million and $58 million, depending on the data source. Third-party venues remain unaffected, and no draining of outside platforms has occurred.
What this means for holders and DeFi
For swETH and rswETH holders, the immediate question is the timelock. If Swell’s governance can block or cancel the four queued upgrades before they execute, the approximately 2,513 ETH may never be touched.
Any venue that values these tokens using the on-chain exchange rate, rather than market prices, could theoretically be exposed to collateral that looks healthier than it is. The research notes that outside platforms have not been drained.
If the Railway connection is confirmed, it would point to infrastructure outside the smart contracts themselves as the weak link — a reminder that a protocol’s security extends to every service its bots run on.
Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.
Market orders amounting to $20 million on the Hyperliquid platform have reportedly influenced the pricing of papertrade at its launch. Jason Pagoulatos of Delphi Digital highlighted this development, indicating significant early interest in the synthetic-perpetuals protocol. Papertrade operates within Hyperliquid’s HyperEVM ecosystem, providing leveraged exposure to BTC and ETH, and it launched without an external order book or market maker. The protocol’s price determination relies solely on Hyperliquid’s best-bid/offer midpoint, reflecting substantial early activity on the platform.
Key Takeaways The substantial market orders on Hyperliquid suggest strong initial demand for papertrade, indicating confidence in its market performance. Current market pricing appears consistent with a positive outlook for Papertrade’s fully diluted valuation (FDV) reaching above $25 million one day after launch. The increase in market activity on Hyperliquid may indicate elevated interest and participation in the papertrade protocol. What to Watch Observers should monitor announcements from Papertrade regarding token transfers and market participation, which could further influence market sentiment. Key indicators of sustained interest would include official confirmations of PAPER token generation events and liquidity pool formations. Additionally, developments such as major exchange listings or collaborative initiatives with recognizable crypto platforms may provide further insights into papertrade’s market trajectory.
Term Structure
Contract Odds Δ since publish Volume 24h January 1 2028 53% +2.5¢ $1K View market → January 1 2028 50.5% -1¢ $581 View market → January 1 2028 37% 0.0¢ $3K View market → January 1 2028 24% 0.0¢ $1 View market → January 1 2028 32% 0.0¢ $1K View market → January 1 2028 30% 0.0¢ $84 View market → January 1 2028 36.5% -3¢ $7K View market → January 1 2028 17.5% +0.5¢ — View market → Updated 4min ago
Papertrade opened for business on October 10, 2026, offering up to 1,000x leverage on Bitcoin and Ethereum. Within hours, traders found the lever that moved its prices, and it wasn’t on Papertrade at all.
Roughly $20 million in market orders placed on Hyperliquid shifted Papertrade’s ETH quotes by about 10–20 basis points shortly after launch. For a venue whose whole pitch is borrowing someone else’s price, that is an awkward first-day stress test.
How Papertrade prices its trades
Papertrade is a synthetic perpetuals exchange built on HyperEVM, the smart contract layer of Hyperliquid. Instead of discovering prices itself, it reads Hyperliquid’s best bid and offer, known as the BBO, through a precompile. It then fills trades at the midpoint between the two.
Profits and losses settle against a shared USDC liquidity pool rather than against other traders. The platform advertises zero slippage and charges no fees on losing trades.
The first 48 hours
Demand showed up early. Papertrade launched with an initial pre-deposit of $85–137 million, according to the research findings.
The shared USDC liquidity pool that actually backs trader profits was much smaller at launch, at around $5 million. That gap may create risks for traders, since winning positions get paid from that pool.
Then came the market orders. Around $20 million worth hit Hyperliquid within hours of launch, nudging ETH quotes by about 10–20 basis points.
At 1,000x leverage, a move that size can be the difference between a big win and a wiped-out position.
One wallet illustrates the dynamic. It booked profits of approximately $1.28 million on a staggering $3.18 billion of trading volume on Papertrade. Over the same stretch, that wallet executed around $231 million notional of ETH on Hyperliquid. The winning streak did not last: the wallet reportedly suffered substantial losses on subsequent trades.
On October 11, Papertrade publicly addressed what it described as BBO manipulation attempts. The team attributed the problem to open-interest caps that had been set too loosely to meet heavy launch demand. Papertrade began tightening those limits as a precaution.
A risk the team saw coming
None of this was a surprise to the people who built it. The developers flagged manipulation risk in their documentation before launch.
Papertrade also built an accountability layer into its token design. Losses incurred by the liquidity pool are linked to PAPER, the platform’s fair-launched LP fee-claim token. That means holders of PAPER are directly exposed to how well the pool holds up.
What this means for traders and LPs
For liquidity providers, the key number is the gap between the pre-deposit and the roughly $5 million pool at launch. A pool that size facing 1,000x leverage has limited room to absorb a string of well-timed trades.
Tighter open-interest caps are the obvious first fix, and Papertrade has started there. Lower caps shrink the maximum payout from any price nudge, which makes moving Hyperliquid’s book a worse deal.
The sharper question is whether the $3.18 billion volume figure reflects organic interest or a handful of wallets probing the pricing mechanism. One account doing that much volume suggests the second explanation deserves attention.
For Hyperliquid, the episode is a reminder that its order book now carries weight beyond its own venue. When other protocols price off its BBO, a market order there can ripple into positions it never touches directly.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
The Nasdaq notched its largest decline since June, as US stock markets reassess the sustainability of the AI boom.
U.S. tech stocks plunged as investors grew increasingly concerned that surging spending in the artificial intelligence (AI) sector is unsustainable. The Nasdaq fell 2.6% on Thursday, marking its largest single-day decline since June. Meanwhile, the blue-chip-heavy Dow Jones Industrial Average edged up 0.02%.
Multiple major AI-related stocks declined amid market jitters over tech firms' massive AI investments. Meta (META.O) dropped 7% after the company disclosed it will take on large additional spending commitments going forward. Despite Meta's robust revenue growth, its profit missed Wall Street expectations.
Investor and analyst Navellier noted: "It all traces back to Meta. The issue now is that the market is selling off indiscriminately, throwing the baby out with the bathwater."
Adding to AI spending concerns, NVIDIA’s CEO said the sector lacks sufficient capital to support the growth of so-called "Neoclouds"—new cloud service providers that primarily deliver digital infrastructure to large AI cloud computing firms like Meta and Amazon. Stocks of SpaceX, NVIDIA, and CoreWeave all fell, while the Philadelphia Semiconductor Index plummeted 6.7%.
Against the backdrop of persistent volatility in the AI sector this week, U.S. investors are flocking to the bond market for safety to avoid high-risk assets such as tech stocks. As capital pours into bonds, U.S. Treasury yields have declined sharply.
9 minutes ago
OpenAI is nearing completion of a new funding round, seeking to raise up to $30 billion at a pre-money valuation of $1.25 trillion.
Beating AI Insight News: According to CNBC, artificial intelligence giant OpenAI is nearing the completion of a new funding round, paving the way for a potential initial public offering (IPO). Per people familiar with the matter, OpenAI is seeking to raise up to $30 billion at a pre-money valuation of $1.25 trillion. UAE-based investors are co-leading the round with investment firm Coatue, the sources said. OpenAI told investors on Thursday that it plans to finalize the signing of relevant agreements by the end of next week. However, the final size of the funding round is still being determined. OpenAI is positioning this round as an "opportunistic bridge financing" ahead of a potential IPO, per insiders. OpenAI Chief Financial Officer Sarah Friar previously told employees that the company could go public in 2027. Meanwhile, another source revealed that OpenAI is also negotiating a commercial agreement to secure more computing power resources from the UAE. (Source: Golden Ten Data APP)
9 minutes ago
If Bitcoin drops below $80,000, total long position liquidations on major centralized exchanges (CEXs) will hit $692 million.
According to Coinglass data, if Bitcoin falls below $80,000, the total long liquidation intensity on major centralized exchanges (CEXs) will reach $692 million. Conversely, if Bitcoin breaks through $83,000, the total short liquidation intensity on major CEXs will hit $1.025 billion. BlockBeats Note: Liquidation charts do not display the exact number of pending liquidations or the exact value of liquidated contracts. The bars on these charts actually represent the relative importance (intensity) of each liquidation cluster compared to adjacent clusters. Therefore, the liquidation chart shows the degree of impact when the underlying asset’s price reaches a specific level. A higher "liquidation bar" indicates that once the price hits that level, it will trigger a stronger reaction due to liquidity waves.
9 minutes ago
Bitcoin falls below $81,000, with a 4.3% drop in the past 24 hours.
According to HTX market data, Bitcoin fell below $81,000, with a 4.3% decline in the past 24 hours.
9 minutes ago
Pump.fun launches EVM limit orders, supporting take-profit and stop-loss functions.
Meme coin launch platform Pump.fun announced the launch of its EVM limit order functionality, claiming it is the first social trading application to offer take-profit and stop-loss features. The feature currently covers Robinhood, BNB Chain, Base, HyperEVM, Arc, and Ink, with more chains set to be integrated gradually.
9 minutes ago
a16z Frontier has officially confirmed its continued focus on the crypto space, expanding its investment scope to include frontier technology startups.
a16z General Partner Chris Dixon has officially published an announcement renaming a16z crypto to a16z Frontier, expanding its investment scope from crypto startups to a broader set of frontier technology startups—those building new technologies, opening up new markets, and taking years to mature. Dixon emphasized this is a scope expansion, not a pivot; the team will continue investing in crypto and related businesses while advocating for reasonable crypto regulation. Dixon noted that as blockchain gains wider adoption, Wall Street and fintech firms have regularly launched on-chain products, making the "crypto company" label less significant. Companies should be defined by their core business activities, not the technology they employ. His remarks also touch on the ongoing AI wave: beyond using AI to speed up and enhance existing work, focus is on native new use cases emerging from AI, full-stack startups integrating hardware, software and services, and new networks connecting humans and intelligent agents. Dixon believes blockchain will still play a critical role in this space, serving as a fast, low-cost, global, programmable financial infrastructure for the internet. Stablecoins are becoming a standard tool for fintech firms and institutions, and can also support machine-to-machine transactions and the cold start of new networks. He will lead the fund alongside firm founders Marc Andreessen and Ben Horowitz, as well as general partners Eddy Lazzarin and Guy Wuollet. The operating team will continue supporting current and future portfolio companies in areas including regulation, market entry, talent, marketing and technology R&D.
22 October 2026 | 20:05 Perpetual contracts on gold, oil and stocks traded $55.3 billion in a week, up 26.2%, and Talos says traders used 24/7 markets to trade an AI selloff and earnings.
Key Takeaways 1Traditional-asset perps: 60.3% of Bitcoin perp volume
2SK Hynix perp volume up 75% on Hyperliquid
3SpaceX perp rose 8.5% before U.S. open
4Bitcoin futures open interest up 6% to $47.9B
Talos published the figures in its State of the Market report on October 22, covering trading from October 15 to 21.
An AI selloff sent traders to 24/7 contracts AI and memory stocks sold off across Asian and U.S. markets on Friday, after September inflation of 3.7% and a 10-year Treasury yield above 5% put the cost of debt-funded AI spending in focus. CoreWeave fell about 25% as its bond yields neared 16%. Tech later recovered part of the losses, leaving the Nasdaq 100 down 0.4% for the week Talos covers.
Contracts that trade around the clock drew the activity. Volume in traditional-asset perpetuals rose 26.2% to $55.3 billion, which Talos attributes to perps becoming a way to trade the AI volatility and earnings. Hyperliquid was the fastest-growing futures venue, with volume up 17.4%, while total futures volume tracked by Talos rose 4.8% to $1.03 trillion.
The $55.3 billion equalled 60.3% of Bitcoin perpetual volume over the same week. That compares turnover in the markets Talos tracks; it is not a share of all crypto derivatives trading.
Gold
$11.5B
SpaceX on Binance
$8.9B +35.8%
Crude
$6.6B +25.9%
Those three exposures accounted for about $27 billion, close to half the weekly total. Memory stocks drew the sharpest increases: SK Hynix perp volume on Hyperliquid rose 75% and Micron perp volume on Binance 22% as the sector fell.
SpaceX’s earnings were priced before the opening bell SpaceX reported third-quarter results after the U.S. market closed on Tuesday while the revenue grew 161%.
The perpetuals traded through the night. Binance’s SPCX contract rose 8.5% by Wednesday’s U.S. open, and SpaceX perps on Binance and Hyperliquid traded about $5.6 billion, more than eight times the previous day’s volume. That event figure is separate from Binance’s $8.9 billion weekly total.
Two details show how traders used the contract. Volume peaked in the hour spanning the U.S. open, when the stock itself began trading, so the regular session still drew the heaviest activity. Open interest, the value of positions still outstanding, fell about 8% from the earnings release. Heavy trading alongside fewer open positions suggests traders took positions around the news and then closed them, instead of building long-term exposure.
Holding through that overnight window has its own costs. Funding payments accrue for every period a position stays open, and margin and liquidation rules apply while the stock market is shut, as Talos’s guide to perpetuals infrastructure describes.
Bitcoin stayed calm Gauge Equities Bitcoin Volatility VIX up 21% at Friday’s close Implied volatility index comparatively calm Weekly move Nasdaq 100 down 0.4% Up 3.3%, above $84,000 on Wednesday The equity fear gauge faded quickly, with the VIX gapping back to about 18.4 by Monday. Crypto-linked shares took more of the hit than Bitcoin did: Strategy, Coinbase and Circle fell alongside miners.
Bitcoin positioning grew alongside the traditional-asset activity. Futures open interest rose 6% to $47.9 billion, with funding at 5.4% annualized, a mild bias toward longs. The figures show no sign of traders abandoning Bitcoin to trade stocks and commodities.
What comes next Talos points to two events ahead.
Oct
28
Fed decision. With Bitcoin’s 30-day correlation to the Nasdaq at 0.6, Talos says its resilience faces a test here.
Next
Weeks
Big-tech earnings. Each report is another overnight event for stock perps, and investors will watch whether AI spending is turning into revenue and profit.
Together they will show whether traditional-asset perp volume holds near $55 billion after earnings season or fades with the volatility that accompanied it.
This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual derivatives involve funding, margin and liquidation risks. Figures cover Talos’s stated period and tracked markets.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
22 October 2026 | 21:55 Stock, ETF and index perpetuals traded $201 billion on Hyperliquid in the third quarter, according to Dune, in markets that did not exist on the platform a year ago.
Key Takeaways Onchain tokenized stocks and ETFs: $37 billion traded
Tokenized stock volume up almost 18x since January
OKX-ICE venture filed to list 63 tokenized stocks
Asian names: 24% of equity perp open interest
Dune reported the figures in its October 22 announcement of real-time market data feeds, launched as tokenized U.S. stocks begin moving onchain.
A data feed timed for tokenized U.S. stocks In September, the SEC opened a path for tokenized U.S. stocks to trade onchain, according to Dune. A joint venture between OKX and Intercontinental Exchange has since filed to list 63 of them on XLayer, OKX’s network, and the new feeds support XLayer from the first day of trading.
The pitch to hedge funds, market makers and brokers rests on scale. Spot volume on decentralised exchanges more than doubled last year to $6.8 trillion, and about a quarter of spot crypto trading now happens onchain. The launch covers that market with three products: a spot feed spanning more than 200 venues on 12 chains, including Solana, Ethereum, Base, BNB Chain and XLayer; a perpetuals feed for Hyperliquid and Lighter; and reference data giving every asset, venue and market a stable identifier.
Each trade carries price, size and side and links back to the transaction that settled it. The company’s launch post says trades arrive about a second after the block containing them, unpriced trades are flagged with a reason, and blockchain reorganisations trigger correction messages. Venues are screened for liquidity, pricing integrity and registration, so some onchain activity is left out by design.
Derivatives outtraded tokenized shares about five to one In the third quarter, tokenized stocks and ETFs traded more than $37 billion across every venue Dune tracks. Stock, ETF and index perpetuals on Hyperliquid alone traded $201 billion, roughly five times as much.
Hyperliquid stock, ETF and index perpetuals, Q3
$201B
All tracked onchain tokenized stocks and ETFs, Q3
$37B+
Source: Dune, October 22 announcement.
The ratio compares unlike things. Perpetual volume is notional: leverage lets a position exceed the collateral behind it, and traders who open and close the same contract repeatedly add volume each time. Hyperliquid’s figure counts each match once, not once per side, according to Dune’s perpetuals dataset, but it still measures turnover, not money invested in companies. What the gap does show is which product traders reach for when they want stock exposure onchain.
The two products also give holders very different things.
Instrument What the holder has What keeps it tied to the stock Conventional share An equity interest, with rights set by the share class It is the stock Tokenized stock Whatever entitlement the issuer’s legal structure defines The issuer’s backing and redemption terms Stock perpetual A long or short price position, with no shares delivered Funding payments between longs and shorts Perpetuals also trade around the clock on margin and can list names that are hard to buy directly. Dune’s September 30 report found Asian stocks made up 24% of equity perpetual open interest, much of it in memory stocks.
Outside operators write most of the contracts Most of Hyperliquid’s equity, commodity, index and currency exposure sits in markets launched by outside teams under the HIP-3 framework, according to Dune. Those operators set leverage terms, supply the reference price and take a share of fees. Two contracts named after the same stock can therefore use different price sources and leverage caps, and Dune attaches a written contract specification to each market to tell them apart.
Institutions are reaching these markets through intermediaries as well. In October, Ripple Prime launched swaps referencing Trade.xyz perpetuals on Hyperliquid, giving its clients exposure linked to those markets through a swap with the prime broker.
The weekend gap The price source matters most when the stock market is closed. Hyperliquid’s pricing documentation uses a mark price for margining and liquidation, with the oracle supplying the reference. Over a weekend, the last trade, the oracle and the mark can drift apart, and how each updates depends on the contract’s specification. A Saturday trade on Dune’s feed shows what someone just paid, not necessarily the price used to liquidate positions or where the stock opens on Monday.
Dune’s September report argues that weekend trading reveals how traders are positioned while the underlying market is shut. Its enterprise perpetuals dataset rebuilds Hyperliquid’s order book every minute, so the cost of that positioning, in spread and depth, is now measurable for subscribers.
What to watch next XLayer listings
Whether onchain share volume starts closing the five-to-one gap once the 63 tokenized stocks go live.
Q4 totals
Dune’s fourth-quarter figures for stock perpetuals and tokenized stocks, measured side by side.
Weekend spreads
How far spreads widen and depth thins in HIP-3 equity markets between Friday’s close and Monday’s open.
This article is provided for informational purposes only and does not constitute financial or investment advice. Perpetual derivatives involve margin, funding and liquidation risks.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Bitcoin and altcoins are once again facing a sell-off. This selling pressure has pushed BTC back below $82,000, while Ethereum has fallen to around $2,400. This has also affected altcoins, and the resulting volatility has reshaped investors’ risk appetite. Transfers made by whale wallets have also attracted attention.
According to Lookonchain, a cryptocurrency analytics platform, an anonymous whale, believed to be an institutional investor, sold Bitcoin and bought ETH. Specifically, the mysterious whale sold 246.25 BTC (20.64M) and then purchased 8.286 ETH (20.64M).
This whale sold a total of 1,917.7 BTC (159M) and bought 64,545 ETH (155M) in the last 11 days.
According to Lookonchain, another whale bought approximately $7.22 million worth of ETH and eight altcoins in the last 24 hours.
According to the data, the altcoins he acquired were listed as follows: “378,129 LIT (approximately $1.4 million), 6.61 million ENA (approximately $1.34 million), 3 million ONDO (approximately $1.34 million), 1.154 million AERO (approximately $948,000), 241.8 million ETH (approximately $591,000), 2.944 million QNT (approximately $589,000), 61.252 million UNI (approximately $443,000), 1.387 million TAO (approximately $368,000), and 43.3 billion PEPE (approximately $195,000).”
According to Lookonchain, whales are accumulating ETH. Whale address “0x4A85” withdrew 10,954 ETH ($26.97 million) from Kraken and staked it after 4 months of inactivity. Whale address “0xdeA6” withdrew 9,000 ETH ($22.42 million) from Binance and deposited it into Aave. Whale address “0xD338” withdrew 4,500 ETH ($11.29 million) from Binance.
Meanwhile, whales continue to accumulate BTC. According to Lookonchain, four more newly created wallets have received 1,127 BTC ($93.45 million) from Wintermute.
Whale wallets are also trading in MAGMA, an altcoin that surged over 70% today. Accordingly, two wallets opened 2x long positions on 1.5M MAGMA (775K) via Aster and currently have $340,000 in unrealized profits.
*This is not investment advice.
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The GENIUS Act drew a hard line between bank deposits and payment stablecoins. SoFi just turned that line into a consumer product with a turnstile in the middle, and the toll is the yield and the insurance.
The most interesting thing about SoFi Earn is not that it exists. It is where it stops.
SoFi Technologies (NASDAQ: SOFI) announced the product, ticker SOFIE, on Oct. 22 via the Business Wire release, billing it as the first and only national bank-issued tokenized deposit for consumers. Those are company claims, like the 15.8 million member figure and the fifth-crypto-product-in-under-a-year line. The innovation underneath the marketing is a turnstile. SoFi has built a product that enforces the legal boundary between a bank deposit and a payment stablecoin, and charges a toll of lost yield and lost insurance at the crossing.
None of this is hidden; the design lives in the fine print, which is where the interesting systems usually do. Each SOFIE is a $1 deposit liability of SoFi Bank, N.A., an OCC-chartered national bank, paying a variable 4.40% APY at launch (rates as of 10/20/26, fees may reduce earnings), with interest accruing daily and paying monthly. The FDIC protection is real but bounded: up to $250,000 per depositor, per insured bank, per ownership category, and the SOFIE balance shares that limit with the customer’s other individual SoFi deposit balances, including Checking and Savings. On the other side sits SOFID, the SoFiUSD payment stablecoin that has been settling SoFi card payments on Mastercard since September: not a deposit, not FDIC or SIPC insured, no yield, intended to be redeemable 1:1 for dollars with reserves primarily in cash, and generally final and irreversible once it moves on chain.
Then the line that makes the product legible, straight from SoFi’s own disclosures: “once you use SOFIE to buy SOFID or another transferable crypto, that amount is no longer SOFIE.” And: “Digital assets except SOFIE are not bank deposits, are not insured by the FDIC or SIPC, involve risk, and may lose value.” The company is not blurring the two asset classes. It is drawing the boundary in bold and putting a counter on it.
Why the boundary exists at all is no mystery to anyone who has followed the rulemaking. Section 4(a)(11) of the GENIUS Act bars payment stablecoin issuers from paying interest or yield to holders, while bank deposits can pay both interest and carry FDIC eligibility. The economics of that split have been visible for a while: issuers hold the float, and holders get nothing, which is the stablecoin monetization gap in one sentence. The OCC’s final rulebook for the regime landed Oct. 21 and takes effect Jan. 18, 2027. The yield line also explains the politics: the CLARITY Act foundered in Congress in large part over a provision that would have let stablecoins pay interest, with banks arguing that threatened financial stability and the crypto side arguing it was protectionism for a business model that pays consumers little. SoFi did not pick a side in that argument. It built both sides of the wall and put a gate in the middle.
SoFi CEO Anthony Noto’s framing, from an interview published alongside the launch: “I say to my team ‘money doesn’t sleep’ doesn’t mean it just moves 24/7, but it also needs to be making money 24/7.” The target customer is the crypto user who parks dollars in stablecoins between trades and treats idle balance as dead balance. Noto called crypto companies “low hanging fruit,” noting they can pay Mastercard and other service providers that also have accounts with SoFi.
Two edge cases finish the picture. Tokenized deposits are not universal payment instruments: money moves only when both sides have a relationship with the issuing bank. Send dollars to someone outside SoFi’s perimeter and you must convert to SOFID or another transferable asset, shedding the insurance and the yield at the door. And the FDIC coverage is shared, not stacked: a large SOFIE balance plus a large Checking and Savings balance sits under one $250,000 limit per ownership category, a point SoFi’s own FAQ is careful about. The habit this breaks is the market’s habit of treating tokenized deposits and stablecoins as one asset class wearing two tickers. This is one balance sheet with two legal natures and a visible border between them.
Rollout is phased to SoFi Crypto members through November 2026, which makes the near-term test obvious: how much of the balance sits on which side of the turnstile once both options are live in one app. If the split works, the playbook for other banks is sitting there: the institution that holds both legal natures in one interface keeps the deposit, keeps the customer, and keeps the toll booth.
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A shareholder for Circle Internet Financial, the company behind the USDC (USDC) stablecoin, filed a lawsuit against US President Donald Trump, his family’s crypto company World Liberty Financial, affiliate entities, and US Special Envoy to the Middle East Steve Witkoff over a $2 billion deal between a foreign government entity and Binance.
In a Thursday filing in the US District Court for the District of Columbia, Circle shareholder J. Benjamin Greenberg alleged that Trump, Witkoff and World Liberty caused harm to Circle by creating a pathway for foreign governments to funnel money using the Trump family crypto company’s USD1 stablecoin. This “brazen corruption,” according to Greenberg, leaves Circle “unable to compete” in the stablecoin market with its USDC.
Central to the Circle shareholder’s allegations is an Abu Dhabi entity, MGX, tied to the United Arab Emirates royalty, which invested $2 billion into cryptocurrency exchange Binance using the USD1 stablecoin in 2025. The Wall Street Journal reported in February that another investment vehicle backed by Sheikh Tahnoon bin Zayed Al Nahyan agreed to purchase a 49% stake in World Liberty for $500 million.
“By accepting hundreds of millions of dollars from a foreign government, the President and his companies have diverted business from [Circle],” alleged Greenberg, adding:
“Plaintiff asks this Court to declare the President’s corrupt acts a violation of the Constitution, to enjoin the brazen corruption alleged below, to order an accounting of the billions in payments from foreign states to the President and his businesses, to require the companies holding them to disgorge the emoluments the President accepted through them, and for compensatory and punitive damages.”Greenberg reported holding 10,000 ordinary shares of Circle as part of his reasons for the lawsuit. He petitioned the court to declare that Trump violated the US Constitution’s Foreign Emoluments Clause through the crypto deals and to issue injunctions preventing the president and Witkoff from pursuing similar financial interests without Congress’ consent.
Zach Witkoff, the son of the Witkoff named in the lawsuit, is a World Liberty co-founder. Trump and his three sons are also co-founders of the crypto venture.
A Circle spokesperson told Cointelegraph that the company “did not initiate, direct, authorize, or participate in the filing,” declining to comment on pending litigation. Spokespeople for World Liberty and the White House did not respond to requests for comments on the lawsuit.
Democrats use ’corruption’ messaging as midterm elections approachThe US president and his family are tied to several crypto ventures that Trump reported netted him $1.4 billion in 2025, while also costing investors about $4.7 billion, according to reporting by the nonprofit consumer advocacy organization Public Citizen. The crypto ventures are just a few of many controversial deals Trump faces scrutiny over, including accepting a jet from the government of Qatar.
With less than two weeks until the 2026 midterms and early voting having already started in some US states, Democrats running for reelection are using Trump’s crypto deals as a wedge issue for voters to support candidates in their party. Last week, Senator Mark Warner released a campaign ad highlighting that the president made ”more than $600 million alone from the crypto memecoin.”
Magazine: Richard Heart caught ‘off-guard,’ QDay gets even closer: Hodler’s Digest
23 October 2026 | 00:49 A Circle shareholder has sued President Donald Trump over two UAE-linked World Liberty Financial deals, alleging they breached the Constitution and cost Circle stablecoin reserve income.
Greenberg v. Trump · No. 26-cv-03686
Key Takeaways Challenged deal: $500 million for 49% stake MGX settled $2 billion Binance investment in USD1 Circle reserve income: 95% of Q2 revenue Binance invested $100 million in Circle in September J. Benjamin Greenberg, a former Circle software engineer, filed the derivative suit in federal court in Washington on October 22, CNBC reported.
Two UAE deals, one before the inauguration and one after The complaint targets two transactions tied to Sheikh Tahnoon bin Zayed Al Nahyan, the UAE’s national security adviser. In the first, an entity he backs agreed to pay $500 million for 49% of World Liberty, four days before Trump’s January 2025 inauguration.
In the second, announced in May 2025, MGX, an Abu Dhabi state-backed fund he chairs, used World Liberty’s USD1 stablecoin to settle a $2 billion investment in Binance.
Before inauguration
$500 million
Tahnoon-backed entity agrees to buy 49% of World Liberty.
While in office
$2 billion
MGX pays for its Binance stake in USD1.
The Foreign Emoluments Clause bars federal officeholders from accepting benefits from foreign states without the consent of Congress. The first deal was agreed before Trump took office; the second came while he was president.
Besides Trump and World Liberty, the suit names U.S. official Steve Witkoff, the holding companies WLF Holdco and Stablecoin Holdco, and DT Marks DEFI LLC, which reports describe as the vehicle through which the Trump family collects World Liberty revenue. A spokesperson for Witkoff did not immediately respond to CNBC.
What the complaint says the Trump family gained Greenberg also cites administration decisions he argues helped the Trump family. They include a 2025 Commerce Department approval of advanced Nvidia chip sales to an Abu Dhabi AI company chaired by Tahnoon, and a Treasury bureau’s conditional approval in August 2026 of a World Liberty trust bank co-owned by the Trump family and the UAE government, according to Spectrum News. “He needs to be held accountable,” Greenberg said in a statement.
The defendants reject the allegations. White House spokesperson Anna Kelly told CNBC the case is “frivolous,” described it as a repeat of claims Democrats have made against the president for a decade, and said there are no conflicts of interest. World Liberty spokesperson David Wachsman said the company complies with all U.S. laws and regulations, that the claims are without merit and that it looks forward to resolving them in court.
The injury claim runs through reserve income Greenberg’s case for harm rests on how stablecoin issuers make money. USD1 and USDC are both designed to stay at $1, so their issuers earn interest on the reserves backing tokens in circulation, not gains on the token price. In the second quarter of 2026, Circle reported $668 million in reserve income out of $701 million in total revenue and reserve income, about 95%, at a reserve return rate of 3.48%.
$2 billion × 3.48% ≈ $70 million a year
Gross reserve income at Circle’s Q2 return rate, before distribution costs and revenue sharing. Illustrative only.
The arithmetic gives a sense of scale, not a damages figure. Circle passes much of its income on to partners: distribution, transaction and other costs totalled $412 million in the second quarter. On the USD1 side, World Liberty’s discosures say BitGo and World Liberty affiliates are entitled to interest from the reserve assets, and that a Trump-affiliated entity holds an indirect economic interest in the business.
The complaint alleges that presidential influence steered demand toward USD1 and away from USDC. To prove the injury, Greenberg will have to show that the $2 billion would otherwise have gone to Circle. Binance was already a USDC channel: in December 2024, the exchange agreed to expand USDC’s availability and adopt it for its corporate treasury. That shows a route existed, not that MGX would have taken it.
Circle did not bring the case “
Circle did not initiate, direct, authorize, or participate in the filing.
Circle spokesperson, to CNBC
In a derivative suit, a shareholder sues on the company’s behalf when its board has not acted. Federal Rule of Civil Procedure 23.1 requires the shareholder to describe in detail any request made to the directors, or explain why asking would have been futile. The shareholder must also have owned shares when the challenged transactions occurred, which is where Greenberg’s equity pay as a Circle employee becomes relevant.
Greenberg says he holds about 10,000 Circle shares and did not ask the board to act. He argues a demand would have been futile because Circle’s dependence on regulators and its commercial relationships prevent an impartial decision. Circle’s ties to Binance, the exchange at the centre of the USD1 deal, deepened a month before the filing: on September 22, Circle announced a $100 million equity investment from Binance and a renewed five-year commercial agreement.
Earlier emoluments suits ended without a ruling First-term case Who sued How it ended CREW v. Trump Watchdog group, with restaurant and hotel competitors Rulings vacated and case ordered dismissed as moot, January 2021 D.C. and Maryland v. Trump Attorneys general Rulings vacated and case ordered dismissed as moot, January 2021 Blumenthal v. Trump Members of Congress Lawmakers found to lack standing The Supreme Court ended the first two cases days after Trump left office in 2021, before any financial records were turned over and without deciding whether he had violated the clause. Greenberg’s case also rests on competitive harm, but he sues on behalf of a rival company and measures the harm in lost reserve income.
What Greenberg is asking for He asks the court to declare the deals unconstitutional, bar further violations, order an accounting of foreign-linked benefits and direct private-company defendants to give up gains, to the U.S. Treasury or as the court decides. He also seeks unspecified damages and restitution from the World Liberty defendants. Lawmakers have pursued a separate route, with efforts to bar elected officials from issuing or sponsoring crypto assets.
No court response from the defendants has been reported yet. Before reaching the merits, the court will have to settle a threshold question: whether Greenberg can sue on Circle’s behalf at all.
This article is provided for informational purposes only and does not constitute legal, financial or investment advice.
Author
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
Pump.fun has launched Pump Bridge, making the new product the default route for crosschain trades in its app and replacing Relay, the provider it previously shared with rival social trading platform FOMO.
The company claims its new bridge delivers buys 2x faster, reduces transaction errors by 92%, and gives traders more tokens for their money. Pump.fun also says Pump Bridge currently charges no additional bridging fees.
The move follows months of user complaints about slow transactions, failed buys, and poor execution through Relay, according to Pump.fun co-founder Alon.
The platform launched cross-chain swaps in May 2026, entering the market later than competitors. It has now developed its own infrastructure to address the problems it identified.
Pump.fun Reports Faster Buys and Fewer Errors
Pump.fun compared both providers in a randomized test conducted through its app between September 28 and October 7. The test covered crosschain trades involving Robinhood, BNB Chain, Base, Arc, and Ink, with users assigned to different providers several times.
The company claims that Pump Bridge outperformed Relay across speed, reliability, and execution quality. According to the report, the fastest 10% of Pump Bridge buys landed in 1.23 seconds, compared with 2.75 seconds for Relay, while a typical Pump Bridge buy took 1.95 seconds versus almost 4 seconds for Relay.
Pump.fun says 90% of its trades landed before a typical Relay trade. Relay recorded an 11.2% error rate, compared with 0.9% for Pump Bridge, representing a roughly 92% reduction in errors, or about 12 times fewer errors. Pump.fun also says the gap between the spot price and the tokens traders actually received was approximately 17% smaller with Pump Bridge.
The company estimates that someone buying $500 worth of tokens 10 times daily would lose approximately $11,000 more over a year using Relay than Pump Bridge, based on the observed execution differences.
Pump.fun claims to have measured speed across 383,326 timed trades, errors across 416,669 trade outcomes, and execution quality across 35,333 completed $USDC buys under $500.
These figures come from Pump.fun's own testing. Independent verification would help establish whether the results hold across broader trading conditions.
Why Pump.fun Wants Its Own Infrastructure
Pump Bridge represents another step in Pump.fun's effort to control more of its trading stack. The platform launched on Solana in January 2024 with a focus on creating and trading memecoins. In May 2026, it expanded into crosschain swaps, allowing users to trade assets across ecosystems without manually bridging funds.
Earlier today, Pump.fun went further by introducing EVM limit orders, calling it the first time a social trading app has supported limit orders on EVM-based chains. In a post, Pump.fun co-founder Alon reiterated that the launchpad is “dedicated to giving you the best possible onchain trading experience, no matter what it takes.”
Building its own bridge gives Pump.fun greater control over transaction routing, execution quality, and future product improvements. It also reduces the platform's reliance on an external provider for a core part of the trading experience.
It is not the first time the memecoin launchpad has built out its own infrastructure. Pump.fun launched PumpSwap, its own automated market maker, in March 2025. Its launch brought token migrations and liquidity deployment in-house, reducing the platform's dependence on Raydium for that part of its ecosystem.
What This Means for Traders
For traders, fewer failed transactions and better execution could reduce the friction involved in buying assets across chains. However, the reported improvements still require independent validation, and the absence of additional bridging fees does not eliminate other trading costs or price slippage.
The competitive implications are more immediate. Pump.fun now directly controls a service that FOMO still obtains through Relay, giving it more freedom to optimize execution and introduce upgrades.
Pump.fun says it will continue working to reduce transaction times toward the fastest theoretical limit of approximately 1.1 seconds.
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Saudi Arabia-backed Gulf International Bank (UK) reveals multimillion-dollar investment in the world's largest corporate Bitcoin holder.
As per a U.S. Securities and Exchange Commission (SEC) Form 13F filing, Gulf International Bank (UK), based in London, reported having 19,842 shares of Strategy at the end of September.
As of the third quarter, Gulf International Bank's shares in Strategy were worth about $3.04 million, though the current market estimates the value to be around $2.9 million.
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This is not the first investment in Bitcoin by the bank. In fact, Gulf International Bank (UK) has had a Strategy holding since 2024.
In its recent filing, Gulf International Bank (UK) states that it did not adjust its Strategy holding in the third quarter of 2026.
Gulf International Bank's previous Bitcoin exposureGulf International Bank has experienced some drastic swings in terms of its Strategy holdings over the last two years.
The first Strategy holding the bank reported was in the second quarter of 2024. At the time, the bank held 1,285 shares of MicroStrategy worth about $1.77 million.
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However, that would have been 12,850 shares after MicroStrategy's 10-for-1 stock split in August 2024.
In June 2025, Gulf International Bank (UK) owned 12,774 shares in Strategy worth about $5.16 million.
This is the highest valuation for Gulf International Bank's Strategy holding at the end of a quarter that the bank has reported so far.
By the end of 2025, Gulf International Bank had 13,249 shares of Strategy, which were worth about $2.01 million.
In the first quarter of 2026, the bank significantly increased its Strategy holdings.
The bank added 6,958 shares, bringing the total Strategy holding to 20,207 shares. This was about a 53% increase in Strategy holdings.
However, in the second quarter, the bank sold off 365 shares, resulting in a Strategy holding of 19,842 shares. These shares were worth about $1.72 million by the end of June.
And as the recent filing indicates, the Strategy holding did not change in the third quarter in terms of shares.
Saudi Arabia's indirect Bitcoin exposureGulf International Bank is closely linked to the Saudi government.
The sovereign wealth fund of Saudi Arabia, the Public Investment Fund (PIF), owns 97.2% of
So, in essence, this is indirect Bitcoin exposure that Gulf International Bank is getting through owning shares in Strategy, not direct Bitcoin.
Strategy's Executive Chairman Michael Saylor's firm is the world's largest corporate holder of Bitcoin.
With its latest purchase (reported on Oct. 19), the company's cryptocurrency holdings are now 848,517 BTC.
Crypto analyst Benjamin Cowen assessed the current outlook for Bitcoin (BTC) price and warned investors about a key support zone. Cowen suggested that if Bitcoin continues to stay below the $83,000 level, the price could fall to the mid-$70,000s.
In his latest analysis published on his YouTube channel, Cowen drew attention to Bitcoin’s bull market support band, noting that a significant portion of other major financial assets have tested this region, but Bitcoin has not yet experienced a similar correction.
According to the analyst, the Nasdaq index retreated to a bull market support band, while the S&P 500 approached this area. The TOTAL2 and TOTAL3 indices, representing the cryptocurrency market excluding Ethereum (ETH) and Bitcoin, tested their 21-week exponential moving averages (EMA).
Cowen stated that Bitcoin’s relative resilience so far demonstrates its strength in the market, arguing that this also explains the rise in Bitcoin dominance. The analyst believes that expectations of tightening monetary policy could shift investors from altcoins to relatively lower-risk crypto assets like Bitcoin.
Critical Level for Bitcoin: $83,000 Cowen said that the technical outlook needs to be evaluated more carefully after Bitcoin fell back below $83,000.
According to the analyst, a daily close below Bitcoin’s 50-day moving average would be the first significant signal of a pullback towards the 21-week EMA.
Cowen stated that the support zone in question is between the beginning and the middle of $70,000, and offered the following assessment:
“If we lose the $83,000 level, the next significant stop will be the bull market support band. This corresponds to the early to mid-$70,000 range. Below that, a retest of the lows of the previous sideways movement range would come into play.”
The renowned analyst also stated that defending the bullish scenario would become difficult if Bitcoin were to close below $83,000 for a second week. He added that for buyers to regain strength following such a development, the bull market support band would need to be maintained.
Cowen Warns of False Price Rise Cowen also touched upon some past bear markets in the Bitcoin market, noting that peaks formed without strong enthusiasm can lead to different outcomes.
According to the analyst, such peaks are sometimes followed by shorter bear markets similar to the one in 2019, while other times longer periods of decline occur with upward movements that mislead investors.
Cowen, pointing to the fraudulent breakouts seen particularly in 2015 and 2022, argued that a similar risk should not be ignored in the current market.
On the other hand, the analyst stated that Bitcoin’s technical outlook is not entirely negative, but macroeconomic conditions are making the rise more difficult.
Cowen stated that a potential correction in the US stock market could also drag Bitcoin down, adding that price movements before and after the US midterm elections on November 3rd should be closely monitored.
*This is not investment advice.
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Chinese authorities are working to seize nearly 62,000 bitcoins — worth around $5 billion at today’s prices — linked to one of the country’s largest-ever fraud cases.
Prosecutors allege that Qian Zhimin, the alleged controller of Tianjin Lantian Gerui Electronic Technology, recruited associates to sell fake wealth management products nationwide from 2014 to 2017 without financial regulatory approval, promising guaranteed returns to investors, according to a report last week from Shanghai’s The Paper.
The scheme raised some RMB 40.3 billion ($2.8 billion). Qian allegedly used investors’ cash to pay off earlier participants — Ponzi-style — while channeling funds into the bitcoin holdings, property, cars, and jewelry. Little of the money went toward legitimate business operations.
In July 2017, as the scheme unraveled, Qian fled to the UK carrying computers holding the bitcoin wallets. British authorities later seized the crypto assets and other property, including roughly 61,900 BTC along with cash, jewelry, and other cryptocurrencies.
The case took a significant turn recently when the UK High Court ruled that Chinese law — not UK law — applies to ownership disputes over the seized bitcoin.
The coins have appreciated enormously since 2017, and the applicable law determines whether victims share in those gains. The UK’s Crown Prosecution Service says victims may recover losses through China’s compensation mechanism, but representatives from Fieldfisher law firm, acting for some victims, are considering an appeal. Further hearings will determine whether victims can prove their entitlement to the assets.
Meanwhile, the Second Intermediate People’s Court of Tianjin announced it accepted the prosecution’s application on September 28 to confiscate Qian’s illicit assets.
Victims can register to participate in asset recovery proceedings through a WeChat platform, with a six-month notice period before the formal trial begins.
China has some of the world’s strictest rules in regulating crypto. Its government banned digital asset trading and bitcoin mining back in 2021.
Mathew Di Salvo
Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.
Chinese prosecutors have applied to seize roughly 61,896 Bitcoin and associated digital assets currently held by British authorities, linking them to a large-scale fundraising fraud.
The Tianjin No. 2 Intermediate People’s Court accepted the application in late September and issued a public notice in mid-October, opening a six-month window for victims and other interested parties to join the proceedings. After that period, the court is expected to hear the case.
The matter centers on Qian Zhimin (also known as Zhimin Qian or Yadi Zhang), who allegedly controlled Tianjin Lantian Gerui Electronic Technology.
Between 2014 and 2017, the company marketed unlicensed wealth-management products across China, promising principal protection and high returns.
Prosecutors say the scheme collected more than 40.38 billion yuan from over 102,000 investors, yet most of the funds were not deployed in legitimate business activity.
Instead, money went toward earlier investor payouts, fictitious projects, Bitcoin purchases, real estate, vehicles, and jewelry. Investor losses are estimated at nearly 20 billion yuan.
Qian fled China in July 2017 carrying computers that held cryptocurrency wallets and eventually reached the United Kingdom.
British police later seized the assets, including the Bitcoin haul, substantial quantities of Bitcoin Cash, Bitcoin Gold, Bitcoin SV, millions of XRP tokens, tens of millions of Dogecoin (some of which UK authorities have already converted and placed in an interest-bearing account), plus cash in multiple currencies, jewelry, and investment holdings.
In the UK, Qian pleaded guilty to acquiring and possessing criminal property and received an 11-year, 8-month prison sentence in November 2025.
A recent High Court ruling in London determined that Chinese law, rather than English law, governs victims’ substantive property claims to the seized Bitcoin.
The decision does not yet settle ultimate ownership or distribution; further hearings will examine the content of Chinese law.
Victims’ representatives have indicated they will seek to appeal.
Chinese prosecutors, for their part, argue the assets constitute illegal gains that should be recovered, with priority given to compensating victims before any residual amounts are confiscated.
This cross-border dispute unfolds against a wider shift in how governments treat Bitcoin.
In March 2025, the United States established a Strategic Bitcoin Reserve by executive order.
The reserve is capitalized exclusively with Bitcoin that has been finally forfeited in criminal or civil proceedings and is directed to be held rather than sold, treating the asset as a long-term national reserve akin to digital gold. On-chain tracking places U.S. government-controlled holdings near 328,000 BTC, the largest known sovereign position.
China already ranks second with an estimated 190,000 BTC derived primarily from earlier seizures, while the United Kingdom’s holdings of roughly 61,000 BTC place it third.Most large sovereign stacks still originate from law-enforcement actions rather than open-market purchases.
El Salvador remains a notable exception, having pursued deliberate accumulation and once making Bitcoin legal tender, though international lending conditions have complicated its strategy.
As Bitcoin’s fixed supply and global portability become clearer, additional countries may move from incidental holdings to formalized reserve policies in the coming years—whether by retaining seized coins, exploring budget-neutral acquisition methods, or studying the U.S. model. The outcome of the UK-China case could influence how states reconcile victim restitution with the strategic value of the assets themselves.
