Track market-moving stories before they get noisy

Cardano price has recovered nearly 3% to $0.2235 on Wednesday, October 21, although a bearish SuperTrend signal has raised concerns that ADA could fall toward $0.17 if key support fails.

Summary

Cardano gained 3% to trade around $0.2235 on October 21, despite bearish technical signals.
Analyst Ali Martinez warned that ADA could drop toward $0.17 if daily support at $0.21 breaks.
The SuperTrend indicator has turned bearish, following a comparable May signal that preceded a 46% correction.
Wallets holding between 100 million and 1 billion ADA showed little change over the past 10 days.
Resistance at $0.2255 and $0.2394 remains important as ADA attempts to recover.

According to crypto analyst Ali Martinez, the cryptocurrency’s recent technical weakness has not yet produced a confirmed breakdown, while large Cardano holders have shown little change in their positions over the past 10 days.

Cardano price faces $0.17 downside risk as SuperTrend turns bearish
Martinez identified a new sell signal on Cardano’s chart after the SuperTrend indicator turned bearish. The analyst compared the development with a similar signal recorded on May 22, which was followed by a 46% price correction.

3/5 The $ADA chart, however, is flashing a warning.

Cardano’s SuperTrend indicator has flipped bearish. The last comparable signal appeared on May 22 and was followed by a 46% correction.

That doesn’t mean history will repeat, but it makes the current signal worth watching. pic.twitter.com/AwH0ywnsEX

— Ali Charts (@alicharts) October 20, 2026

In his October 20 commentary, Martinez warned that the indicator deserved attention but did not predict another decline of the same magnitude.

The latest reading comes after ADA retreated from its October highs and moved closer to the lower boundary of an ascending price channel. Martinez placed that boundary at approximately $0.21.

A daily close below $0.21 would confirm a break beneath the channel in his analysis, potentially sending Cardano toward $0.17. From the October 21 price of $0.2235, that target represents a decline of approximately 24%.

“The sell signal is here, but the breakdown isn’t,” Martinez wrote.

His warning follows a previous analysis published on October 8, when Cardano traded around $0.232 after being rejected near the upper boundary of its ascending channel.

At that time, an ascending channel analysis identified the $0.21–$0.215 area as the next possible downside test. ADA has since moved closer to that region without establishing a confirmed daily close beneath it.

The channel’s lower trendline slopes upward, meaning its precise value can change over time. Martinez’s $0.21 level serves as the reference point for his latest bearish scenario.

Cardano whales remain inactive despite recent selling
Whale holdings have become another focus of Martinez’s assessment, particularly wallets controlling between 100 million and 1 billion ADA.

Using Santiment Intelligence data, the analyst found that this group had maintained relatively stable balances during the previous 10 days. He said changes in their holdings had historically coincided with substantial movements in Cardano’s price.

The latest readings showed no clear preference for accumulation or distribution among the tracked investors.

The flat balances follow a period of reported selling by major Cardano holders. On October 13, crypto.news reported significant whale selling after Martinez identified more than 110 million ADA in reductions over five days.

At the time, the reported decline in whale holdings coincided with weaker network activity. Santiment figures cited by the analyst showed daily active addresses falling from 27,248 to 15,977, a decline of 41.36%.

The latest 10-day reading covers a different observation window and a specified wallet-size group. It does not establish that all large investors have stopped selling.

Martinez is watching for renewed reductions in whale balances alongside a daily close below $0.21. His assessment identifies those developments as possible confirmation of additional selling pressure.

The absence of substantial changes in the tracked holdings leaves the bearish technical signal without corresponding evidence of fresh distribution from that particular group.

ADA price analysis shows resistance at $0.2255 and $0.2394
ADA traded around $0.22 on the daily chart, recording a modest session gain despite remaining below its short-term moving averages.

The 9-day moving average stood at $0.2255, while the 21-day moving average was positioned higher at $0.2394. With the shorter average below the longer one, the readings indicated that sellers retained control of the prevailing trend.

Cardano (ADA) price chart, source: crypto.news
A recovery above $0.2255 would put Cardano back over its nearest moving-average resistance. The next level to watch is $0.2394, followed by $0.2488 if buying strengthens.

Support remains near $0.2200, followed by $0.2100. A sustained break beneath those levels would expose the $0.2000 psychological threshold before Martinez’s lower target at $0.17.

The Relative Strength Index stood at 44.35, below its signal average of 46.09 and the neutral level of 50. The indicator showed relatively weak momentum, although ADA had not reached oversold territory.

Another October 17 price assessment identified $0.21–$0.22 as an important support area. Analyst Nehal outlined a conditional recovery toward $0.30–$0.36, with a move below $0.21 invalidating that bullish scenario.

Market data placed ADA’s trading volume around $254 million, with the token changing hands between $0.21468 and $0.226044 during the preceding 24 hours.

Cardano remained 4.99% lower over seven days despite Wednesday’s recovery, with its market capitalization near $8.4 billion.

Cardano Foundation submits response to EU MiCA review
Outside the market, the Cardano Foundation published its MiCA consultation response on October 21, following its September 30 submission to the European Commission.

The Foundation opposed introducing separate regulatory regimes for decentralized finance and staking, recommending clearer application of existing financial rules.

Its response distinguished direct protocol-level staking from custodial services managed by intermediaries. The organization argued that regulations should depend on the activities performed and the risks involved.

The consultation covers DeFi, staking, lending, stablecoins and tokenized assets, although no legislative changes have been adopted through the review.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Crypto market liquidity crunch: Binance's stablecoin reserves hit their lowest level of the year.

According to crypto analyst Darkfost's data, centralized exchange (CEX) stablecoin reserves have been declining recently, with Binance's stablecoin reserves hitting their lowest level this year. Data shows Binance's stablecoin market capitalization has been on a downward trend since June, dropping approximately 4.7% over the past 90 days. Darkfost also pointed out that the decline in stablecoin reserves is not unique to Binance. This stablecoin outflow dynamic will continue to exert pressure on the market, and the lack of inflowing liquidity is exacerbating the current market weakness. To reverse the situation, the market needs to see capital flowing back into CEXs, which is a sign of demand recovery.

10 minutes ago

Zcash developers confirm the NU7 upgrade will roll out in November, cutting the block time to 25 seconds.

Zcash developers have reached consensus on the NU7 upgrade, set to activate at block height 3,543,405 (estimated around November 5). The upgrade will reduce block time from 75 seconds to 25 seconds, tripling transaction confirmation speed. Additionally, 60% of fees collected per block will be removed from circulation, with plans to return these funds to miners starting February 2031, while the original block reward halving schedule remains unchanged in the interim. Furthermore, Zcash’s original privacy protocol Sprout will be permanently shut down after the upgrade; funds not transferred in time will become inaccessible. The proposal was put forward by developer Sean Bowe and approved by the Zcash Improvement Proposal (ZIP) editing team, but it still needs to be formally merged into deployment specifications and integrated into node software before it can officially take effect.

10 minutes ago

US pre-market trading: All three major indices rise, SpaceX surges nearly 9% pre-market, and AI stocks rebound sharply.

Before U.S. stock market opens, all three major index futures rose, with the Nasdaq 100 futures up around 0.80%. In terms of individual stocks, according to BIT (bit.com) market data, boosted by strong quarterly results, SpaceX gained nearly 9% to $161.08. Additionally, driven by merger rumors, Tesla rose 2.67% to $383.68. AI-related stocks mostly advanced before the market open: Nvidia was up 1.8%, AMD up 2.5%, Intel up 2.9%, SanDisk up 2.9%, Western Digital up 2.1%, and Seagate Technology up 2.4%. Meanwhile, optical communications and Neocloud-related stocks saw notable gains: Credo (CRDO) jumped over 5.2%, Lumentum (LITE) rose around 3.98%, and CoreWeave (CRWV) gained around 2.95%. For crypto-related stocks, BNB Standard (BNC) surged over 7.8%, and Strategy (MSTR) added around 1.99%.

10 minutes ago

Sources: Bank of Japan will decide at next week's meeting whether inflation has reached the 2% target.

According to Kyodo News, a source familiar with the matter revealed on Wednesday that the Bank of Japan (BOJ) will assess whether the underlying inflation rate has hit its 2% target at next week’s policy meeting. A confirmation would mark a symbolic turning point for the BOJ, signaling an end to its long-standing monetary policy stance aimed at combating deflation. The BOJ first set the 2% inflation target in January 2013. Despite implementing aggressive monetary easing programs, the central bank has repeatedly pushed back its timeline for achieving the goal. If the target is ultimately met, it will come nearly 14 years after the target was first introduced.

10 minutes ago

How important are Russian users to major CEXs, per data comparisons?

MEXC announced yesterday it would halt services for users in Russia and Belarus, triggering a roughly 15% drop in its native platform token MX and sparking widespread debate in the crypto community. According to TradingBeats data, among major crypto exchanges, Russia is the top traffic source for Bybit, HTX, and MEXC, accounting for 23.94%, 13.76%, and 10.53% respectively. On Binance, the largest exchange by trading volume, Russian traffic ranks only third from the bottom, at 1.54%. U.S.-based compliant exchanges Coinbase and Kraken have the lowest share of Russian traffic, at just 0.24% and 0.16% respectively.

10 minutes ago

Saturn participated in Strive SATS' preferred stock IPO using its own funds.

DeFi digital credit protocol Saturn co-founder Ellis Osborn tweeted that Saturn has used its own funds to participate in the SATS preferred stock IPO of Bitcoin treasury company Strive, adding that this participation will not impact USDat, sUSDat, Saturn’s existing products or holders. Osborn noted that Saturn will in the future explore offering similar tools to its global investors.
Earlier reports stated that Strive issued SATS, a fixed-rate cumulative perpetual preferred stock with a 15% annual yield, which pays dividends on every business day. Its liquidation priority ranks below Strive’s floating-rate preferred stock SATA and above common stock ASST. Strive priced the SATS offering at $90 per share, issuing 7 million shares to raise approximately $630 million, with the deal closing on October 20.

10 minutes ago

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3 hours ago

Nasdaq-listed company BNB Standard (stock code: BNC) announced it will ring the Nasdaq opening bell on October 26 to celebrate its corporate rebranding and the appointment of a new management team. The company’s chief executive officer will attend the bell-ringing ceremony alongside board members, its management team, investors, and ecosystem partners.

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An institutional cryptocurrency holder has reportedly lost approximately $2.84 million in a suspected attack by North Korea-linked hacking group SquidSquad.

Summary

An institutional cryptocurrency holder reportedly lost approximately $2.84 million in an October 8 attack on BNB Chain. On October 20, the attacker reportedly deposited 1,111.2 ETH into Tornado Cash before withdrawing the funds to three Ethereum addresses and subsequently transferring them to Tron through USDT0. ZachXBT identified two Tron wallets that received the funds and had exposure to previously attributed North Korean addresses. The identity of the affected institution and the method used to compromise its assets remain undisclosed. Blockchain investigator ZachXBT disclosed the suspected theft on October 21, identifying October 8 as the date of the incident on BNB Smart Chain and detailing a series of transactions that allegedly moved the proceeds through several wallets before they reached Chinese over-the-counter cryptocurrency dealers.

According to the investigator, the latest activity took place on October 20, when the attacker deposited 1,111.2 ETH into Tornado Cash and subsequently withdrew the funds to three separate Ethereum addresses.

The investigation identified financial connections between the wallets used in the transfers and addresses previously attributed to North Korean operators. However, the findings remain an on-chain attribution, and the identity of the affected institution has not been publicly disclosed.

SquidSquad stolen funds move through Tornado Cash Following the suspected October 8 theft, the attacker appears to have retained control of the proceeds until the latest movement, which involved converting or transferring the assets into Ethereum before sending them through the privacy protocol.

ZachXBT’s transaction analysis identified three addresses that received funds withdrawn from Tornado Cash. From those wallets, the assets were transferred from Ethereum to Tron using USDT0, a version of Tether’s dollar-pegged stablecoin designed for transfers across supported blockchain networks.

The transfers eventually brought the funds together in two Tron addresses, identified by the investigator as TEvUsnwXvprdvB7eNGiqh6rDiMqFiC8TBU and TVxzjnx3GPDTciiuaqXPaUbU5f5yi3Voux.

Both wallets reportedly had transaction exposure to addresses previously associated with North Korean cryptocurrency operations. ZachXBT did not identify the specific earlier incidents connected to those addresses in the supplied findings.

Within minutes of the consolidation, the funds passed through intermediary wallets before reaching addresses attributed to Chinese OTC dealers.

The investigator suspected that the rapid transfers were intended to avoid a potential freeze by Tether, which can restrict USDT held in addresses on supported blockchains.

Although the investigation traced the reported movements to OTC destinations, the public findings did not establish whether the operators had completed a conversion into fiat currency or whether any portion of the stolen assets had subsequently been frozen.

North Korean laundering networks have remained under scrutiny The latest case follows an October 5 investigation in which ZachXBT said he had infiltrated a suspected cryptocurrency laundering network connected to North Korea’s Lazarus Group.

As crypto.news previously reported, the investigator said he spent $349,700 posing as a customer to trace transactions associated with the $1.5 billion Bybit theft in 2025.

His findings identified an alleged Chinese operation that had processed more than $1 billion across multiple cryptocurrency exploits, although the claimed size of the network was not independently confirmed by publicly available U.S. enforcement records.

During that investigation, ZachXBT said he identified more than $12 million in Bybit-linked funds moving across different blockchains. Tether subsequently froze 442,000 USDT associated with wallets uncovered during the operation, according to his account.

The investigator has not established a publicly documented connection between the operators identified in that investigation and the OTC dealers involved in the latest SquidSquad transaction trail.

Tornado Cash transfers follow other suspected DPRK-linked attacks Separate cryptocurrency theft investigations have documented similar movements through Tornado Cash, including transactions involving assets stolen from Drift Protocol earlier this year.

On October 20, wallets associated with the Drift Protocol exploit transferred approximately 25,700 ETH, valued at $61.56 million, into the privacy protocol after a period of limited activity.

Drift suffered losses estimated at $285 million in April, with a subsequent forensic investigation by cybersecurity firm Mandiant attributing the attack to UNC6862, a North Korean threat group.

The Drift transfers were reported on the same day as the movements identified in the SquidSquad case, although investigators have not established that the two transactions involved the same operators or were coordinated.

A separate investigation into the 2024 Radiant Capital attack documented the use of Tornado Cash after attackers stole approximately $50 million from the lending protocol.

According to Radiant Capital’s subsequent disclosures, the attackers compromised signing permissions and replaced a lending pool implementation contract. Cybersecurity investigators later connected the incident to North Korean operators.

By October 2025, blockchain security firm CertiK had identified 2,834 ETH deposited into Tornado Cash from wallets associated with the attack, with approximately $10.8 million believed to have passed through the mixer.

Radiant announced in June 2026 that it would wind down operations after failing to recover from the theft and secure sufficient funding to continue development.

SquidSquad suspected to be using impersonation and malware A 2026 DPRK cryptocurrency threat assessment found that SquidSquad was associated with campaigns targeting cryptocurrency founders, executives and wealthy investors.

According to the report, the group commonly impersonates venture capitalists, investors and business contacts before attempting to distribute malicious documents or software through messaging platforms such as Telegram and LinkedIn.

Researchers linked the group to malware families including RustBucket, SwiftBucket and NimDoor, while identifying Tornado Cash among the services used to move stolen funds.

Similar methods have appeared in other North Korean hacking campaigns, with Lazarus Group targeting cryptocurrency executives through fake meeting invitations and malicious macOS software, according to an April investigation by cybersecurity firm CertiK.

25 minutes ago

Before U.S. stock market opens, all three major index futures rose, with the Nasdaq 100 futures up around 0.80%. In terms of individual stocks, according to BIT (bit.com) market data, boosted by strong quarterly results, SpaceX gained nearly 9% to $161.08. Additionally, driven by merger rumors, Tesla rose 2.67% to $383.68. AI-related stocks mostly advanced before the market open: Nvidia was up 1.8%, AMD up 2.5%, Intel up 2.9%, SanDisk up 2.9%, Western Digital up 2.1%, and Seagate Technology up 2.4%. Meanwhile, optical communications and Neocloud-related stocks saw notable gains: Credo (CRDO) jumped over 5.2%, Lumentum (LITE) rose around 3.98%, and CoreWeave (CRWV) gained around 2.95%. For crypto-related stocks, BNB Standard (BNC) surged over 7.8%, and Strategy (MSTR) added around 1.99%.

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Analysis

The first significant-EMT classification splits prudential oversight between the EBA and France's ACPR on a fixed clock, while a non-binding MoU with New York creates the EBA's first transatlantic supervisory corridor for stablecoins. The mechanics matter more than the headline.

The classification of USDC as a significant e-money token (EMT) by the European Banking Authority (EBA) is a shift in supervisory architecture rather than a change in the product itself. On 14 October 2026, the EBA classified USDC as a significant EMT, marking the first time this designation has been applied under the Markets in Crypto-Assets (MiCA) regulation. USDC, issued by Circle Internet Financial Europe SAS in the EU and Circle Internet Financial, LLC in the United States, is the first of 45 EMTs notified under MiCA to receive the significant label. The mechanics of the decision trigger a specific, fixed-clock reassignment of regulatory oversight.

From 12 November 2026, the supervisory burden for USDC splits. The EBA assumes direct responsibility for the issuer’s own funds, reserve of assets, liquidity requirements, and recovery and redemption plans. Previously, these areas fell under the purview of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) in France, which licensed Circle France as an e-money institution. The ACPR, however, retains its authority over governance, qualifying holdings, fit-and-proper assessments of senior managers, outsourcing, and conflicts of interest. The EBA and the ACPR will work closely together to ensure a smooth transition and effective supervisory cooperation, the EBA said. This dual supervision model is subject to annual reassessment, meaning the significant status is a condition, not a permanent title, and can be lost if the token no longer meets the criteria set out in Commission Delegated Regulation (EU) 2024/1506. Notably, the EBA did not disclose which specific indicators triggered this classification.

For distributors and crypto-asset service providers in the European Union, the designation does not impose new, direct regulatory duties. Instead, the impact is indirect. The shift in supervision and the requirement for the issuer to undergo independent audits every six months, per the MiCA framework summary (secondary, publisher-qualified), lower the issuer-side counterparty risk a distributor carries. Distributors will likely experience this as an increase in compliance paperwork and a change in the risk profile of the asset they offer. Additionally, secondary-sourced reports indicate that non-euro EMTs may face a cap for exchange use above a daily average of 1,000,000 transactions or EUR 200,000,000, though this figure remains unverified against the regulation text. None of this depends on a distributor consent or re-authorization. The USDC that trades across Europe on 12 November is the same token as it was on 11 November. What changes is who holds a direct line of sight into the reserves.

The EBA’s ability to oversee this cross-border activity relies on a Memorandum of Understanding (MoU) with the NYDFS, signed formally in April and May 2026 and announced in June. The document establishes a corridor for information exchange, including quarterly data on reserve assets, qualifying holders, group structure, and trading volumes, as well as provisions for coordinated on-site inspections in each other’s jurisdictions, written notification of material infringements, and coordinated crisis responses. There is a notable discrepancy in the timeline worth naming: the MoU was signed by Kaitlin Asrow of the NYDFS on 27 April 2026 and by EBA Chair François-Louis Michaud on 13 May 2026, taking effect at the later of the two dates, yet the public announcement did not occur until 2 June 2026.

Despite the formal nature of the agreement, the MoU stops short of legal force. Article 9 of the document states: “This MoU does not constitute a legally binding and/or legally enforceable agreement.” It does not create rights or obligations for either authority or for third parties, does not modify or supersede any laws or regulations in force, and is not intended to limit or condition the discretion of either regulator in the discharge of their supervisory responsibilities. Furthermore, the text of the MoU does not mention Circle, Circle Internet Financial, or USDC at any point. It is explicitly scoped to the stablecoin-related activities of supervised entities or persons. In practice, it is a supervisory information corridor, not a joint enforcement mechanism, and it is the EBA that now holds the primary European lever over Circle’s reserves.

EBA Chair François-Louis Michaud described the agreement as an “important milestone in strengthening transatlantic cooperation on stablecoin supervision and ensuring that cross-border activities are conducted to the highest standards. It reflects our commitment to building a strong, effective, and globally coordinated supervisory framework for crypto-assets.” NYDFS Acting Superintendent Kaitlin Asrow added: “Effective financial regulation has always depended on strong relationships between regulators, and that principle holds firm in the digital asset space. This MoU reflects the Department’s deep commitment to cross-border supervision and collaboration in order to protect consumers, regulated entities, and markets.”

The economic reality of this designation creates a complicated environment for market participants. USDC now reports into two distinct supervisory systems, increasing the compliance surface for the issuer. Simultaneously, as documented in our recent coverage of France’s proposed swap tax, the same market is seeing legislative moves that treat swaps into MiCA-compliant stablecoins as taxable disposals, while unregulated alternatives such as USDT remain outside the scope of such measures. The compliant competitor faces a widening supervisory and tax surface; the unregulated competitor does not. That is the distribution question this designation quietly sharpens, more than any product change it names.

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Regulations

21 October 2026
|
08:45

Stablecoin purchases can move deposits from local banks to the large banks holding issuer reserves. Community bankers want the SEC to study that shift before finalizing a crypto rule.

Key Takeaways

Community bankers want deposit analysis before SEC rule.
Group says crypto exemptions could boost stablecoin use.
USDC reserve cash sits mostly at major banks.
Higher deposit rates preceded slower stablecoin growth.

In a comment letter filed on October 20, the last day for comments, the Independent Community Bankers of America (ICBA) asked the SEC not to finalize Regulation Crypto Assets until it studies the rule’s effect on community-bank deposits and local lending.

What the SEC proposed and what ICBA wants
The proposal, published in the Federal Register on August 21, would exempt certain crypto-linked investment contracts from Securities Act registration in exchange for principles-based disclosures. One exemption covers raises of up to $5 million over four years; a second allows up to $75 million in each 12-month period. A conditional safe harbor would also let a token stop being treated as subject to an investment contract.

The rule covers securities offerings, not stablecoins. ICBA connects the two through the rule’s purpose. Cheaper, less risky issuance is meant to bring more tokens, trading and participants, and the letter argues that much of that activity runs on stablecoins, which serve as trading pairs, collateral and the bridge between bank money and blockchains. More trading, by that logic, means more stablecoin balances funded from community-bank accounts.

The letter also describes a slower pathway. The SEC wants exempted tokens to spread quickly and build network effects, and ICBA argues those networks could eventually carry payments that compete with checking accounts.

ICBA does not claim this proposal alone would drain a measurable sum. It frames the risk as cumulative, with the rule sitting alongside other SEC work on trading platforms, custody, broker-dealer treatment and tokenization, and says it sees no analysis of what that combined package means for bank funding. The group grounds its request in Section 2(b) of the Securities Act, which requires the SEC to weigh efficiency, competition and capital formation. In ICBA’s view, capital formation should also count deposits diverted from small-business and farm lending.

If the SEC goes ahead, ICBA’s conditions

First, a supplemental economic analysis written with the federal banking agencies. Then, in the final rule:

Tighter limits

Narrower offering thresholds or eligibility periods

More reporting

On stablecoin settlement and banking relationships

Regular reviews

Of deposit concentration and funding effects

Suspension power

To pause the relief if material risks emerge

Automatic sunset

The relief lapses unless the SEC renews it

The deposits don’t vanish – they change banks
Take a customer who moves $10,000 from a community bank to buy newly issued stablecoins, where the issuer keeps the backing cash at a large bank:

Community bank

Loses a $10,000 retail deposit

→

Stablecoin issuer

Issues $10,000 in tokens

→

Reserve bank

Gains a $10,000 institutional balance

If the issuer buys Treasury bills instead, part of the money can still return to banks, because the dealers selling the bills deposit the proceeds. Federal Reserve staff economists, in a May note reflecting their own views rather than Fed policy, conclude that stablecoins can change the mix of deposits without shrinking the total one-for-one.

That change in mix is what worries local lenders. ICBA separates lasting losses from one-off trades: “The concern is durable displacement, not merely a one-time transfer.” Buying existing tokens shifts dollars from the buyer’s bank to the seller’s. The risk is customers who start keeping working balances in stablecoin wallets instead of local checking accounts.

Those balances can pool at a few institutions. Circle says most of the USDC reserve is held in a government money market fund managed by BlackRock, with the remaining cash mostly at a handful of the world’s largest banks. A September 2025 Fed survey of senior bank finance officers, cited in the same note, found that about 40% of respondents plan to prioritize holding reserve assets for stablecoin issuers. ICBA warns that such balances may be more rate-sensitive and quicker to move than local operating deposits.

What losing them costs a community lender
ICBA’s members lend to small businesses, farmers, ranchers and homebuyers, many of whom have few other credit options, and local deposits fund that lending. When an operating account leaves, the letter says, a bank loses both the funding and its payment relationship with the customer, and replacement funding may cost more. Smaller banks, it adds, have fewer replacement options and less room to absorb outflows that persist.

A hypothetical funding gap

$10M

low-cost deposits lost

+3 pts

cost of replacement funding

$300K

extra interest per year

A bank can absorb that as lower profit, charge more on loans, or drop loans whose margins no longer cover the cost. The figures are illustrative, not an estimate of stablecoin losses.

ICBA puts a far larger figure on the wider stablecoin threat. In earlier letters to the OCC and FDIC on GENIUS Act rules, it modeled a scenario in which stablecoin yield or rewards draw up to $1.3 trillion from community banks and cut their lending capacity by about $850 billion. It says those numbers do not estimate this SEC rule, which would work through a different route. For the link between deposits and credit, it cites University of Pittsburgh professor Leming Lin, whose research found that stock market booms slow deposit growth and tighten credit for small private firms.

Banks can compete on price – at a cost
A BIS working paper published on October 13 shows the lever banks hold. Rashad Ahmed and Iñaki Aldasoro used weekly US data from January 2019 to June 2025 and found that higher deposit rates were followed by slower stablecoin growth, making the two partial substitutes. The effect was stronger for USDC than for USDT, which the authors link to USDC’s closer ties to US depositors.

That supports the case that banks can compete with stablecoins by paying savers more. For community banks, it is also a trade-off: higher deposit rates raise the same funding costs ICBA wants the SEC to examine. The May Fed note makes a similar point, saying competition for liquid balances could lift deposit rates or squeeze bank margins.

Smaller banks have adapted more slowly in earlier contests, according to the same note. When money market funds drew savings away in the 1970s and early 1980s, many community banks lacked the scale to offer sweep accounts or matching rates. In digital payments, large banks built rival products earlier, while smaller ones often relied on third-party providers. The authors also observe that banks lobbied against money market funds then, as they press for limits on stablecoins now.

Some evidence cuts the other way. Foreign demand for dollar stablecoins can add deposits at US banks when issuers hold reserves domestically, the Fed economists write. The BIS paper, for its part, tracks where savers put their money and does not show that stablecoin growth reduces total deposits or lending.

What would settle the question
With comments closed, ICBA’s case is now part of the SEC’s record. Testing it would take bank-level data: which lenders lose balances for good, which collect the reserves, what replacement funding costs, and whether local lending slows as a result. National totals would reveal little, since the money can stay in the system while changing hands. For community banks, the outcome turns on two prices: what it costs to replace lost deposits, and what it costs to keep them.

This article is for informational purposes only and does not constitute financial, legal 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.

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.

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1 hours ago

On-chain detective ZachXBT reported that two addresses belonging to an institution had a combined 973,000 MORPHO tokens stolen hours ago, valued at approximately $2.3 million. The stolen funds have been deposited into Tornado Cash. Both thefts involved EIP-7702 account delegation transactions. Per ZachXBT’s tracking, the entity linked to one of the hacked addresses was also targeted in a $3.5 million hack on October 9. That earlier batch of assets came from claims on an old cross-chain bridge, then was cross-bridged from Ethereum to Zcash via NEAR Intents before entering the Ironwood privacy pool. ZachXBT further noted that the hacked address has an on-chain association with an address suspected to belong to Nima Capital.

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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.

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Popular privacy tokens have recorded diverging performance over the past 24 hours. Monero [XMR] fell by 5.1%, while Zcash [ZEC] was up by 9.8% at the time of writing, compared to Bitcoin’s [BTC] 0.9% gains.

In fact, the world’s leading crypto saw a price jump to $83.4K at the start of the New York session on Tuesday, 20th October. At the same time, Monero’s price bounced by 3.2% from $607 to $627.

Why is Monero down today?
On-chain investigator ZachXBT reported that 87% of the inflows to the non-custodial crypto exchange and swap service, FreedomXMR (FXMR), were illicit. Labelled a centralized laundering service, the investigator found that the swap service deployed on Hyperliquid Core was directly linked to illicit activity.

Source: ZachXBT
A review of historical transactions exceeding $10,000 per transaction traced more than $20 million to ransomware, social engineering attacks, and exploits. According to ZachXBT, the admin likely sources Monero liquidity from KuCoin and has over 3,000+ deposits to the exchange.

Source: XMR/USDT on TradingView
When XMR prices climbed past $600 at the start of the week, some analysts warned that the Open Interest had built up to dangerously high levels. A record-high derivatives interest meant an over-leveraged market that could lead to a liquidation cascade.

The price structure on the 1-day timeframe seemed to be bullish. The next support levels to watch would be $484 and $438.

If psychological $600-support gives way, can it catalyze further losses?
Source: XMR/USDT on TradingView
The 4-hour swing structure was bullish at press time. The large candle and wick seen on 21st September presented a supply zone overhead that XMR rallied into in recent days and has faced rejection from.

Another retracement towards $560 and $520 may be likely. To negate the bullish structure on this timeframe, Monero’s price would need to close a 4-hour trading session below $484.29, the low that anchors the uptrend.

Swing traders can wait for a sweep of key lows, such as $513-$520, before looking for buying opportunities.

Final Summary

Monero’s price structure remained bullish across timeframes despite the pullback from $627 to $576.
A price drop towards $513 could offer a buying opportunity, but an extended decline below $484 would flip the structure bearishly.

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Veteran trader Peter Brandt has compared the privacy cryptocurrency Monero (XMR) to the legendary silver run-up to almost $125, in a move that could indicate an explosive breakout is due.

With the exception of the Jan 2026 OOL movement, the chart structure in $XMR reminds me of Silver prior to its run to $125 $SI_F https://t.co/VE0VXH5YE9

— The Factor Report (@PeterLBrandt) October 21, 2026 In his most recent post on X (formerly Twitter), the commodity trader posted two long-term charts of Monero that resemble the price structure of silver, prior to its impressive run-up earlier this year.

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'Except for the OOL move for Jan 2026, the chart structure for $XMR reminds me of the chart structure for Silver before its $125 run,' Brandt said.

Interestingly, silver had a mind-blowing run earlier this year to all-time highs of almost $125 per ounce. The rally was followed by a sharp correction that led to over 50% losses.

Is a Monero breakout in the making?According to Brandt's monthly chart of Monero, there is a multi-year resistance trendline that has spanned from Monero's epic bull run of late 2017 to early 2018.

The trendline also seems to be connecting other tops in the price (including the 2021 run), forming significant resistance that has been in effect for almost a decade.

Monero is currently near this resistance level, after an impressive recovery from the lows.

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The attached chart of silver seems to show a similar long-term resistance structure that silver managed to break through to enjoy a sharp leg higher.

In his post, Brandt has not given a price target for XMR, nor explicitly predicted that it will do anything similar to silver.

Even if it were to break out, it may not necessarily go up by the same amount (after all, it is not the same as a precious metal market).

XMR is up 90% in a yearCurrently, Monero is trading at about $575.89 at the time of writing. Its market cap puts the cryptocurrency in 13th place overall.

Even with recent swings, Monero is up an impressive 90.3% over the last year, well ahead of many leading crypto assets.

Looking at the last 24 hours of price action, XMR has been trading between $570.44 and $625.37 (supplied market data).

Brandt's chart indicates XMR is still well above its 8-month and 18-month moving averages, signalling that the general uptrend is still in play.

However, Brandt's comparison comes with a caveat. Silver's mind-blowing run-up was also followed by an equally violent sell-off. Parabolic moves are not for the faint of heart.

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.

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Stellar, Chainlink And Others Push SEC on Crypto Status

Avalanche Expands its Sports Rewards Network

Blockchain-native AI infrastructure project SkyAI has sold its entire Solana [SOL] digital asset treasury and launched a tender offer to repurchase up to $201.3 million in shares and warrants.

The sudden U-turn in its DAT strategy caught investors’ attention, as it was one of the largest publicly traded Solana treasury companies. The company held $223.8 million as of the 16th of October, after liquidating its SOL holdings, according to a U.S. Securities and Exchange Commission filing.

The tender offer expires on the 29th of October 2026. The offer allows shareholders and warrant holders to directly sell their securities back to SkyAI at a fixed price of $3.

It covers 95% of each class of the company’s outstanding shares and warrants, and will be paid for directly from the cash at hand with the company. The purchase price represents an approximately 0.95x multiple of their net asset value (mNAV).

Moreover, if fully subscribed, the offer will cost $201.3 million, excluding related fees and expenses.

SkyAI turns its back on Solana DAT after a year
The company launched its Solana digital asset treasury strategy in August 2025, after raising over $400 million in private placement. A month later, SkyAI had bought over 2 million SOL.

By the end of 2025, the company held 2.08 million tokens purchased for $403.1 million. The rough cost basis per coin came to $194. SkyAI’s annual filing showed their holdings were worth just $250 million, an approximate $153 million in unrealized losses.

By February 2026, publicly traded Solana treasury companies collectively faced $1.5 billion in unrealized losses. The falling SOL prices strained share holdings and their DAT holdings.

Bastion Trading, an investment firm that holds nearly 10% of SkyAI, has reportedly called for an independent review. However, it said it would not participate in the buyback, as it was seeking a higher share price of $3.50. Additionally, the company called for limits on insider participation and the exclusion of strategic advisor warrants.

What next for SkyAI and other SOL DAT companies
The SkyAI exit only highlights the massive unrealized loss burden that digital asset treasuries with SOL are facing. The drawdown from the approximate $194 cost basis per SOL has forced SkyAI to prioritize a capital return.

This does not necessarily mean other companies have to follow suit.

SkyAI has described its business as building a financial platform that combines stablecoin rails on Solana with AI. It has not committed to rebuilding its SOL chest, and plans to remain listed on Nasdaq after the buybacks are completed.

Final Summary

SkyAI emptied its SOL digital treasury asset. With $223.1 million in cash on hand, it commenced its cash tender offer to buy back common stock and warrants at $3.00 apiece.
Notably, the DAT strategy began in August 2025 but was dropped because of heavy unrealized losses. The company chose a return to capital over a takeover proposal from Forward Industries.

S&P Global warns that tech giants’ AI infrastructure-related debt could be higher than the amounts they have publicly disclosed.

S&P Global warned on Monday that six major tech firms—Amazon, Microsoft, Alphabet, Oracle, Meta, and SpaceX—may hold higher actual debt and contingent liabilities tied to AI infrastructure than reflected in their public financial data. The rating agency forecasts the six companies will spend over $7 trillion in capital expenditures on data centers and other AI projects between 2025 and 2030, and will maintain negative free cash flow through at least next year. While the rating agency has not broadly downgraded their credit ratings over these concerns, it notes the biggest risk lies in the failure to deliver on expected profits after completing the massive investments.

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With GTA 6’s imminent release, the related meme coin Dacity has seen its market cap exceed $12 million, surging over 80% in a single day.

According to GMGN market data, the GTA 6-themed Solana-based meme coin Dacity today hit a market cap of over $12 million, currently trading at $10.31 million, with a 24-hour gain of 80.3% and trading volume exceeding $7.9 million. The highly anticipated game *GTA 6* will officially launch on November 19. A scene in its earlier released trailer features the text "Dacity Coin", which is the origin of this meme coin. Furthermore, the meme coin is pegged to Take-Two Interactive Software Inc (TTWO), parent company of GTA 6 developer Rockstar Games, and transaction fees will be distributed to token holders in the form of TTWO stock tokens. BlockBeats reminds users that related tokens are subject to high price volatility, so investors should exercise caution.

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Bria has trained an 8B-parameter image model using licensed data, matching Qwen in performance; it is open-source but cannot be used directly for commercial purposes.

Beating AI News (Dongcha) – AI image company Bria has launched Fibo 2.0, an 8-billion-parameter model that is the first to integrate text-to-image and image editing capabilities into a single model. Users can edit photos via natural language prompts, or use structured JSON to specify character positions, lighting, and text, minimizing the risk of disrupting other areas when making edits. It also supports mask editing and multi-image reference. Bria has also released a full developer (Dev) version, plus Edit Turbo, an image-editing-accelerated tool that runs inference in just 4 steps. In Artificial Analysis' AA-Image-Editing v2.1 benchmark, Fibo 2.0 tops the open-source model ranking with an Elo score of 1087, slightly edging out Qwen-Image-2.1's 1083. For text-to-image benchmarks, Qwen leads with 1042 points, compared to Fibo's 1039. The gaps in both metrics are not statistically significant, meaning the two models are essentially in the same tier. Fibo 2.0 is trained exclusively on licensed images. Bria has previously partnered with copyright holders including Getty Images, paying for training materials. The model weights are released under the CC BY-NC 4.0 non-commercial license: developers can download them for research and fine-tuning, while commercial use requires a separate agreement with Bria.

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Bitget has launched stock contracts for ELICE (Elice)

Bitget launches ELICE (Elice Inc.) stock perpetual swap contracts. The contracts are settled in USDT, offer up to 20x leverage, and support 24/7 trading. As of now, Bitget supports a total of 369 stock contract underlyings.

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iPhone Duo enforces global purchase limits, with each customer allowed to buy only 2 units.

Apple's China official website shows that the iPhone Duo will be released on October 23, with a 2-unit purchase limit per customer. Apple's customer service stated that this purchase restriction applies globally, though the company did not specify the reason. The China domestic price of the iPhone Duo ranges from 15,999 yuan to 26,499 yuan, with pre-orders opening on October 16.
The root cause of the iPhone Duo's supply shortage lies in the process challenges of foldable screens. According to supply chain sources, the mass production yield of the iPhone Duo is only 65%, with a daily output of just a few hundred units, and mass production is ramping up slowly. The complexity of processes such as hinge assembly and flexible screen bonding means initial supply cannot be scaled up quickly. (Jiemian News)

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Hang Seng Index falls 1%, Tencent’s stock breaks below the HK$400 mark.

According to Bitget market data, the Hang Seng Index closed down 1% in late trading, and the Hang Seng Tech Index fell 1.44%. Tech and internet stocks retreated: Tencent Holdings dropped 3.7% to break below the HK$400 level, while Kuaishou, Meituan, and Bilibili all declined over 2%. AI large model stocks Zhipu AI and MINIMAX-W rose 1.4% and 0.64% respectively.

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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.

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S&P Global warns that tech giants’ AI infrastructure-related debt could be higher than the amounts they have publicly disclosed.

S&P Global warned on Monday that six major tech firms—Amazon, Microsoft, Alphabet, Oracle, Meta, and SpaceX—may hold higher actual debt and contingent liabilities tied to AI infrastructure than reflected in their public financial data. The rating agency forecasts the six companies will spend over $7 trillion in capital expenditures on data centers and other AI projects between 2025 and 2030, and will maintain negative free cash flow through at least next year. While the rating agency has not broadly downgraded their credit ratings over these concerns, it notes the biggest risk lies in the failure to deliver on expected profits after completing the massive investments.

8 minutes ago

With GTA 6’s imminent release, the related meme coin Dacity has seen its market cap exceed $12 million, surging over 80% in a single day.

According to GMGN market data, the GTA 6-themed Solana-based meme coin Dacity today hit a market cap of over $12 million, currently trading at $10.31 million, with a 24-hour gain of 80.3% and trading volume exceeding $7.9 million. The highly anticipated game *GTA 6* will officially launch on November 19. A scene in its earlier released trailer features the text "Dacity Coin", which is the origin of this meme coin. Furthermore, the meme coin is pegged to Take-Two Interactive Software Inc (TTWO), parent company of GTA 6 developer Rockstar Games, and transaction fees will be distributed to token holders in the form of TTWO stock tokens. BlockBeats reminds users that related tokens are subject to high price volatility, so investors should exercise caution.

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Bria has trained an 8B-parameter image model using licensed data, matching Qwen in performance; it is open-source but cannot be used directly for commercial purposes.

Beating AI News (Dongcha) – AI image company Bria has launched Fibo 2.0, an 8-billion-parameter model that is the first to integrate text-to-image and image editing capabilities into a single model. Users can edit photos via natural language prompts, or use structured JSON to specify character positions, lighting, and text, minimizing the risk of disrupting other areas when making edits. It also supports mask editing and multi-image reference. Bria has also released a full developer (Dev) version, plus Edit Turbo, an image-editing-accelerated tool that runs inference in just 4 steps. In Artificial Analysis' AA-Image-Editing v2.1 benchmark, Fibo 2.0 tops the open-source model ranking with an Elo score of 1087, slightly edging out Qwen-Image-2.1's 1083. For text-to-image benchmarks, Qwen leads with 1042 points, compared to Fibo's 1039. The gaps in both metrics are not statistically significant, meaning the two models are essentially in the same tier. Fibo 2.0 is trained exclusively on licensed images. Bria has previously partnered with copyright holders including Getty Images, paying for training materials. The model weights are released under the CC BY-NC 4.0 non-commercial license: developers can download them for research and fine-tuning, while commercial use requires a separate agreement with Bria.

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Bitget has launched stock contracts for ELICE (Elice)

Bitget launches ELICE (Elice Inc.) stock perpetual swap contracts. The contracts are settled in USDT, offer up to 20x leverage, and support 24/7 trading. As of now, Bitget supports a total of 369 stock contract underlyings.

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iPhone Duo enforces global purchase limits, with each customer allowed to buy only 2 units.

Apple's China official website shows that the iPhone Duo will be released on October 23, with a 2-unit purchase limit per customer. Apple's customer service stated that this purchase restriction applies globally, though the company did not specify the reason. The China domestic price of the iPhone Duo ranges from 15,999 yuan to 26,499 yuan, with pre-orders opening on October 16.
The root cause of the iPhone Duo's supply shortage lies in the process challenges of foldable screens. According to supply chain sources, the mass production yield of the iPhone Duo is only 65%, with a daily output of just a few hundred units, and mass production is ramping up slowly. The complexity of processes such as hinge assembly and flexible screen bonding means initial supply cannot be scaled up quickly. (Jiemian News)

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Hang Seng Index falls 1%, Tencent’s stock breaks below the HK$400 mark.

According to Bitget market data, the Hang Seng Index closed down 1% in late trading, and the Hang Seng Tech Index fell 1.44%. Tech and internet stocks retreated: Tencent Holdings dropped 3.7% to break below the HK$400 level, while Kuaishou, Meituan, and Bilibili all declined over 2%. AI large model stocks Zhipu AI and MINIMAX-W rose 1.4% and 0.64% respectively.

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Ethereum staking reached a record 43.8 million ETH, or 35.9% of supply, in Q3 2026, according to Bitwise, while yields fell to 2.63%. Solana had 69% of its supply staked.

Ethereum (@ethereum) staking reached an all-time high of 43.8 million $ETH at the end of the third quarter, according to Bitwise's (@Bitwise) latest staking report. The figure represents 35.9% of the total supply.

The milestone came even as returns for stakers continued to shrink, a trend that also showed up on Solana (@solana) $SOL.

Inflows rise for a sixth straight quarter, yields slip Yields moved in the opposite direction.

Bitwise's explanation is that rewards are shared among more participants. The report also points to where the yield comes from: , according to Crypto Economy's summary of the report.

Institutional demand played a role.

The number of validators fell, but Bitwise links that to consolidation rather than unstaking.

Solana leads on share of supply staked The report's coverage also included other networks, with , which leaves Solana with the highest staked share among the networks cited here.

Solana's validator set also shrank. Network activity rose over the same period:

The data suggests staking demand on both networks is holding up despite lower returns, though rising participation may keep compressing per-staker rewards.

SourcesThe Block: Ethereum staking hits record as yields fall and Solana activity grows

Benzinga: Ethereum, Solana, HYPE growth isn't lifting staking yields

FXStreet: Ethereum staking hits record 43.8M ETH as yields fall to 2.63%

3 hours ago

Solana to Launch Alpenglow Upgrade on October 21, One of Network’s Largest Underlying Overhauls Since 2020 Solana will roll out its Alpenglow upgrade on October 21, marking one of the most significant foundational overhauls the network has undergone since 2020. The upgrade will replace the existing validator voting mechanism, aiming to cut transaction finalization time from roughly 6 seconds to 150 milliseconds—an approximate 40x speed boost. At the core of the upgrade is shifting validator voting from on-chain to off-chain, consolidating votes into certificates that enable transaction finalization within 1 to 2 consensus rounds. If mainnet performance meets expectations, Solana’s transaction confirmation speed will approach that of credit card payments or centralized exchanges, enhancing user experiences for meme coin trading, stablecoin payments, and on-chain platforms. The upgrade will also reduce validator costs. Currently, validators pay around 2 SOL in daily voting fees. Post-upgrade, voting fees will be eliminated, replaced by a fixed validator access fee per epoch: 0.8 SOL per ~24-hour epoch, an estimated cost reduction of roughly 60%. However, the testing process faced hurdles. According to Galaxy Digital, since the testnet launched in early May, it has been wiped and restarted from scratch six times. One migration attempt caused a full testnet failure requiring a rollback; subsequent migrations ultimately succeeded, paving the way for the mainnet launch. All issues occurred on the testnet, with no impact on real funds. Per the announcement, the upgrade will begin at the start of Epoch 1064 on Wednesday, and complete the switch at Slot 459,653,000 after a 5,000-slot transition phase.

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Germany's Sparkasse network has started crypto trading in its banking app via DekaBank, covering Bitcoin, Ether, XRP, Solana and Polygon's POL, with a staggered bank-by-bank rollout.

Germany's Sparkasse banking network has begun rolling out crypto trading inside its banking app, bringing Bitcoin ($BTC), Ether ($ETH, @ethereum), XRP ($XRP, @XRP), Solana ($SOL, @solana) and Polygon's POL token ($POL, @0xPolygon) to customers of Europe's largest banking group by assets.

The service went live on October 19, 2026, but access is not yet nationwide. Each local savings bank must switch it on individually, so only customers of participating institutions can use it for now.

How the Sparkasse crypto service worksThe product is called "Krypto, powered by Deka" and is run by DekaBank, the securities house of the Sparkassen group. According to Bloomberg, the rollout will be gradual over the coming months, and each Sparkasse decides on its own whether to offer it. DekaBank handles trade execution and custody. Customers open a separate crypto account with DekaBank inside the app's investing section, and a securities account is not required.

The fee is reported at €0.99 per order. DekaBank's announcement does not detail other costs such as spreads, according to fund research outlet e-fundresearch. Reporting also says the service is aimed at adult, self-directed investors and that no investment advice is given.

Sparkassen-Finanzgruppe is described as the largest financial services group in Germany and Europe by assets. Crypto assets held through the service are not covered by statutory deposit insurance, BeInCrypto notes.

Rollout pace and regulatory backdropOnly a handful of banks were live at launch. More than 230 institutions have reportedly expressed interest, and 30 to 40 additional banks are expected to join each month. Joachim Schmalzl of the German Savings Banks Association (DSGV) said it is for each savings bank to decide when to start, according to dpa. The association is aiming for a large share of interested banks to be connected in the first half of 2027.

The move marks a reversal for the group. Bloomberg reports that the Sparkassen long rejected crypto offerings and that its bodies recommended against crypto trading about four years ago because of the risks. The shift was justified by customer demand and a changed regulatory framework.

DekaBank received its licence under the EU's Markets in Crypto-Assets rules (MiCA) from Germany's BaFin in 2025, which lets it bundle trading, custody and customer support in one place, according to Bloomberg and e-fundresearch.

Sources:

Bloomberg via Yahoo Finance: Deka startet Bitcoin-Handel nach Sparkassen-Richtungsschwenke-fundresearch: DekaBank startet Kryptohandel fuer Sparkassen-Kunden

Solana Alpenglow, the network’s largest consensus overhaul since its 2020 launch, went live on Wednesday, October 21, 2026.

The upgrade replaces the TowerBFT consensus system and targets block finality of about 150 milliseconds, roughly 85 times faster than the previous 12.8 seconds.

Anza, Solana’s core software team, confirmed activation at approximately 14:00 UTC, tied to the start of epoch 1064 at slot 459,653,000.

What Alpenglow Changes for Solana Validators and Users
The upgrade introduces Votor, a new consensus mechanism where validators exchange votes directly and bundle them into certificates off-chain.

Blocks can now finalize in one to two voting rounds instead of multiple on-chain cycles.

That shift also clears blockspace previously consumed by voting transactions, freeing capacity for regular users and applications.

Validator economics improve notably under Solana Alpenglow. Daily vote fees of roughly 2 SOL are replaced by a fixed 0.8 SOL entry ticket per epoch, approximately every 24 hours.

Anza projects that translates to about 60% lower operating costs for validators. Lower costs could broaden validator participation and strengthen network resilience over time.

The path to activation was not smooth. Testnet launched in early May 2026 and went through six full wipes and restarts.

One network-wide migration failed and was rolled back before a later attempt succeeded. Galaxy Digital was among roughly 100 testnet validator operators that participated.

Anza described Wednesday’s mainnet handoff as “18 months of work for a migration that happens in one slot.”

Prior coverage of the Alpenglow upgrade on public testnet tracked the staged validator rollout and the conditions needed before a mainnet date was set.

For practical use, faster finality addresses a real friction point. Under the old system, price could move before a trade locked, and exchanges or payment apps often waited before treating deposits as settled.

At 150 milliseconds, confirmation times approach centralized exchange speeds. By comparison, Ethereum’s full finality takes around 13 minutes.

Investor and Ecosystem Implications as Alpenglow Activates
The Solana Alpenglow activation sharpens the network’s case for DeFi, payments, tokenization, and institutional adoption.

Near-instant finality reduces settlement risk for high-frequency trading and real-world asset applications.

Ecosystem activity on Solana has been building ahead of and alongside the upgrade. Pump.fun’s perpetual futures expansion, powered by Hyperliquid infrastructure, is one sign that Solana-based platforms are broadening their product scope beyond memecoins.

Institutional interest in Solana has been growing in parallel.

Hong Kong listed its second spot Solana ETF on October 13, with Pando Finance undercutting the incumbent ChinaAMC fund on fees at 0.6% annually, a sign of deepening institutional access to Solana.

On the treasury side, DeFi Development expanded its Solana holdings to 2.59 million SOL, adding 22,070 SOL in a recent purchase, signaling continued corporate conviction in the asset.

SOL was trading around $107 ahead of activation, though it has faced selling pressure over the past week amid a broader market pullback.

Earlier price analysis, which mapped $90 and $110 as the key levels to watch into the Alpenglow launch, set the range investors have been monitoring.

Real-world mainnet finality metrics, as opposed to testnet results, which showed medians as low as 54ms, will be watched closely in the coming days as a signal of whether Solana Alpenglow delivers on its benchmarks at full production scale.

Notably, the Rotor component, Alpenglow’s data dissemination phase, is not yet scheduled for mainnet.

That means the full upgrade is still staged, and further performance gains remain ahead if Rotor ships successfully.

Monero takes center stage in THORChain v3.21. One of the network's most anticipated integrations is now a step closer to activation, with this latest wave of merge requests addressing critical aspects of signing, recovery, and operational readiness.

Beyond Monero, v3.21 brings several other improvements:

A one-time state migration corrects historical bond and pool accounting and restores the ETH.THOR pool.Solana gains support for the new transaction format that halted trading, clearing the way for it to resume.Zcash trading can resume after fixes to how ZEC outbounds are matched.Memoless Swaps get new spam protection ahead of their return.Limit Swaps can be turned back on, with fixes for the bugs that bloated THORChain's state.The App Layer gets the fixes it needs to restart after the Rujira FIN exploit.A redesigned affiliate rewards system keeps each integration's earnings and payouts separate, letting SwapKit switch THORChain back on for its partners.Bond providers get Streaming Yield, a new way to take part of their rewards as income without waiting for their node to churn out.The release also includes a broad range of stability, security, and reliability improvements across chains, assets, node operations, and outbound execution.

Monero Gets Ready for ActivationMonero is getting closer to launch, but integrating a privacy-focused chain brings challenges that go well beyond simply signing transactions.

Building on v3.20, this release strengthens nearly every part of the XMR integration, from FROST key generation and reorg recovery to scanner reliability, spent-output tracking, and signing readiness. The objective is to ensure the network can recover safely when things don't go as planned.

XMR activation remains gated and requires a follow-up v3.21.1 release. Once accomplished, the integration will follow the usual soft-launch approach, with rounds of testing and shallow liquidity during the initial weeks.

MR !5026 - FROST Keygen & Rollout Hardening
Improves FROST keygen coordination, prevents messages from being lost when nodes progress through rounds at different speeds, and introduces explicit controls for enabling XMR keygen.

MR !5045 - Least Authority Follow Up: Harden FROST Stream Lifecycle and DKG Delivery
Adds retry handling for FROST keygen messages and strengthens stream cleanup and signer handling, following recommendations from the Least Authority XMR audit.

MR !5068 - XMR Reorg & Errata Recovery
Makes XMR reorg outcomes durable so recovery can continue across validator churns and restarts without repeating slashing or accounting effects.

MR !5109 - Preserve XMR Reorg History
Keeps the reorg history needed for recovery while a vault catches up, preventing important transaction history from disappearing too early.

MR !5112 - Scanner Recovery After Churn
Allows the XMR scanner to safely rewind and resume after a node becomes active, including when the recovery process is interrupted by a restart.

MR !5111 - Safer XMR Quote Destinations
Prevents quotes from accepting XMR destination types that the signer can't support and stops invalid unsigned outbounds from repeatedly blocking valid transactions.

MR !5037 - Safer XMR Refund Addresses
Requires an explicit refund address for XMR swap and limit-order quotes, ensuring funds can be returned safely if a transaction fails.

MR !5120 - XMR Catch-Up Finalization
Allows spent-output information recovered directly from THORChain consensus to be finalized during catch-up.

MR !5121 - Recover XMR Outbounds From Consensus
Rebuilds missing outbound and spent-reference information from THORChain's persisted consensus state after churns, restarts, or historical recovery.

MR !5124 - XMR Startup & Signing Readiness
Prevents XMR recovery problems from blocking Bifrost startup for every other chain and only allows XMR signing once the required recovery state is ready.

MR !5052 - XMR Network Verification
Makes Bifrost verify that the Monero signer and daemon are connected to the correct network before allowing the XMR client to start.

MR !5153 - XMR Consolidation Mimirs Become Operational
Makes XMR consolidation controls operational Mimirs, allowing node operators to quickly tune or disable consolidation while the integration is still new.

Mainnet State Migration & Recoveryv3.21 introduces a significant state migration to correct historical accounting issues and restore liquidity across several areas of the protocol.

The migration includes reversing a historical bond slash that affected 218 bond providers, reconciling Secured-Ops liquidity donations, restoring the ETH.THOR pool, and retiring the synthetic assets of seven low-utilization pools.

MR !5175 - Mainnet State Migration
Introduces the migration needed to correct historical bond and pool balances, restore ETH.THOR liquidity, and retire the synthetic assets of selected pools, with safeguards against inconsistent accounting.

Solana Outbounds Get More ResilientSOL trading was halted after Solana activated a new transaction format in mid-September that Bifrost couldn't read, breaking Solana fee sampling on every node. v3.21 ships the fixes needed to resume trading.

Solana's short-lived blockhashes create a second challenge for THORChain: when signing takes too long, transactions can expire before they are broadcast, particularly during vault migrations.

v3.21 introduces an optional durable nonce mechanism to give Solana outbounds a longer signing window. Combined with improved recovery for expired and stuck transactions, this makes outbound execution more resilient when signing doesn't go according to plan.

MR !5091 - Solana Versioned Transaction Support
Lets Bifrost read Solana's new versioned transactions, restoring fee sampling and making sure vault deposits sent in these formats are observed. This fix first reached Bifrost in the v3.20.3 patch.

MR !5128 - Solana Durable Nonces
Allows each SOL vault to use a durable nonce so outbounds no longer depend entirely on short-lived recent blockhashes. The feature is Mimir-gated and disabled by default.

MR !5154 - Durable Nonce Queue Recovery
Fixes an edge case where multiple exhausted SOL outbounds from the same vault could end up waiting on each other indefinitely.

MR !5096 - Solana Blockhash Expiry Recovery
Improves how Bifrost detects expired or unavailable Solana signing blockhashes, preventing migrations from retrying an impossible signing attempt for the entire signing window.

Affiliate Accounting Gets ReworkedPreviously, if one owner controlled multiple THORNames, those THORNames could share the same Affiliate Collector. That meant fees earned by different integrations could be pooled together, making it harder to track who earned what and which payout settings should apply.

v3.21 changes this by giving each THORName its own Affiliate Collector. Affiliate fees, REVSHARE, and preferred payout settings are now tracked separately for each integration.

The change opens the door to cleaner multi-partner affiliate programs. Wallets, aggregators, and other integrators can operate multiple THORNames under one owner without mixing revenues, recipients, or payout assets. The fix also allows SwapKit to turn THORChain back on for several of its integrators.

MR !5086 - Separate Affiliate Collectors
Gives every THORName its own Affiliate Collector, separating affiliate fees, REVSHARE, and preferred-asset payouts between integrations.

Streaming Yield for Bond ProvidersBond providers usually have to wait for their node to churn out before they can withdraw their rewards. Streaming Yield, called Bond Yield in the protocol, lets them have a share of their future rewards paid out at every churn instead, while the rest is automatically rebonded.

Payouts are sent in RUNE to the provider's own address, another THORChain address, or a THORName the provider owns, which can convert them into its preferred asset through its Affiliate Collector. The node operator fee is taken first, and existing bond and rewards already earned still follow the usual unbond rules. The feature ships disabled and goes live once enabled through Mimir.

MR !4814 (commit 12cee82a) - Bond Yield Payouts
Adds the BONDYIELD memo that lets each bond provider set the share of future rewards paid out automatically and where it goes. If a payout can't be completed, that share is rebonded instead.

Memoless Swaps Prepare to ResumeFollowing the expansion of Memoless Swaps to ERC-20s in v3.20, the feature was paused after attempts to spam the system by registering large numbers of memo references.

v3.21 introduces dynamic registration costs to address this issue. Instead of charging a fixed amount, registration becomes increasingly expensive as available reference slots fill up, making large-scale spam attacks more costly.

MR !5022 - Dynamic Memoless Registration Costs
Introduces a configurable pricing mechanism that increases memo registration costs as available reference slots become occupied, helping protect Memoless Swaps against spam. Governance must enable it through Mimir; until then, registration keeps its current flat cost.

Chain & Asset UpdatesSeveral smaller changes improve individual chain integrations and expand THORChain's Ethereum token support.

ZcashAn outbound matching issue led to a ZEC vault slash. No user funds were lost, but ZEC trading has been halted until these fixes go live.

MR !5213 - Zcash v6 Transaction Support
Updates THORChain's Zcash signer to support v6 transactions following the NU6.3 network upgrade, while preserving compatibility with existing v5 transaction checkpoints.

MR !5193 - Better TEX Address Support
Converts Zcash TEX destinations into the equivalent transparent address used by the Zcash daemon for outbound scheduling, observation, and accounting.

MR !5010 - Consistent Outbound Destination Matching
Makes all outbound matching use the same destination comparison rules, including equivalent Zcash address formats, so valid payments are correctly recognized.

MR !5099 - More Consistent ZEC Input Selection
Makes validators choose a more deterministic set of confirmed ZEC inputs, reducing the chance of TSS signing parties splitting because nodes constructed different transactions.

TRONMR !5114 - Preserve TRON Observations During RPC Failures
Stops Bifrost from advancing past a TRON block when a required receipt lookup fails, ensuring vault deposits and outbounds aren't silently skipped.

New Ethereum TokensMR !5080 - cirBTC Whitelisted
Adds Circle Wrapped Bitcoin, cirBTC, to THORChain's Ethereum mainnet token whitelist.

MR !5071 - YUM Whitelisted
Adds YUM to THORChain's Ethereum mainnet token list.

App Layer & SchedulingThe App Layer has been halted since the exploit of Rujira's FIN contract. v3.21 ships the fixes needed before node operators can restart it.

v3.21 brings two changes to how the App Layer handles contract execution and scheduling. The upgrade removes an unnecessary execution delay and retires the direct Layer 1 contract invocation path.

MR !5144 - Same-Block Scheduling
Removes an extra one-block delay from the scheduler, allowing scheduled contract actions to execute at the intended block and supporting same-block scheduling when the delay is zero.

MR !5132 - Remove the X Memo
Removes the X / EXEC memo path that allowed a Layer 1 transaction to directly execute a THORChain Wasm contract.

Better Swaps, Limit Orders & QueriesLimit Swaps were paused after a bug bloated THORChain’s state. Orders that had run out of funds were never closed. Instead, the network retried them every block and stored each failed attempt’s error message, until about 670 open orders were carrying roughly 57 MB of error data.

v3.21 fixes the cause and limits the damage if something similar happens again. Underfunded orders are now settled instead of retried, the error history stored for each swap is capped, and the Advanced Swap Queue is indexed so it does less work each block as activity grows. Together, these changes allow Limit Swaps to be turned back on.

The release also makes quote and query endpoints deterministic, so every validator returns the same result for the same request.

MR !4807 - Trade/Secured Swap & Limit Order Fixes
Tracks the amount actually consumed during Trade and Secured Asset swaps and correctly settles limit orders that become underfunded or can no longer execute because of rounding.

MR !5027 - Deterministic API Queries
Removes nondeterministic behavior from quote and query endpoints, including random placeholder addresses and unstable sorting that could produce different results across validators.

MR !5012 - Advanced Swap Queue Optimization
Optimizes how swaps are indexed, matched, and processed, significantly reducing computational overhead and improving performance as trading activity increases.

MR !5125 - Advanced Swap Queue & Accounting Fixes
Limits the accumulation of failed-swap error data and fixes a validator-state caching issue that could cause inconsistencies in bond accounting.

Safer Churns & Vault MigrationsSeveral v3.21 changes come directly from real churn and migration failures observed on the network. The goal is to prevent one misconfigured node, one stuck chain, or one failed keygen from unnecessarily blocking the broader vault rotation process.

MR !5083 - Repair Vault Chain Sets From Late Keygen Reports
Allows late validator reports to add missing chains to a new vault and retries rotation once the vaults agree, fixing a real churn failure where SOL was missing from some newly generated vaults.

MR !5106 - Hold Misconfigured Nodes Out of Ready
Prevents a node that recently reported an incomplete chain configuration from immediately participating in another keygen and repeatedly stalling churn.

MR !5123 - Per-Chain Migration Progress
Stops a stuck migration on one chain from blocking every other chain in the same retiring vault, allowing healthy chains to keep draining.

MR !5118 - Preserve Keygen Retries
Prevents temporary API or Mimir lookup failures from permanently discarding a scheduled keygen retry.

MR !5177 - Faster Failed Keygen Retry
Fixes a timing edge case that caused failed keygens to wait two retry intervals instead of retrying on the first configured retry tick.

MR !5090 - AllowNoVault Becomes Operational
Makes the AllowNoVault-<CHAIN> emergency control an operational Mimir so nodes can open or close short insolvency-correction windows more quickly.

Outbound, TSS & Signing Reliabilityv3.21 also contains a broad set of fixes designed to prevent stuck outbounds, duplicate payments, TSS retry problems, and signing races.

MR !5117 - Bond Reward Accounting Fix
Caps rounded node rewards by the actual funded bond-reward balance, preventing the network from allocating more rewards than are available.

MR !5011 - Safer Vault Reassignment
Checks every observation linked to an outbound before moving it to another vault, reducing the risk of an already-paid outbound being sent a second time.

MR !5094 - Outbound Reassignment Overflow Protection
Prevents malicious or extreme transaction observations from overflowing the amount check used during vault reassignment.

MR !5136 - UTXO Keysign Recovery
Lets BTC and other UTXO chains rebuild an unsigned transaction when a TSS signing party never forms, instead of repeatedly retrying a transaction that validators disagree on.

MR !5029 - Replay-Safe TSS Failures
Ensures a completed TSS keysign-failure vote can't be replayed to repeatedly trigger slashing, jail time, vault freezing, or accounting changes.

MR !5113 - Signer Lock Race Fix
Fixes a concurrency issue that could crash Bifrost when signing workers finished while new vault and chain signing locks were being created.

MR !5093 - Signer Constants Cache Fix
Synchronizes access to shared signer configuration values, removing a race between concurrent signing processes.

MR !5081 - TSS Signer Filtering Override Becomes Operational
Makes the emergency DisableTSSSignerFiltering control an operational Mimir so it can be changed quickly when required.

MR !5131 - Better UTXO Diagnostics
Improves error reporting so operators can tell whether a vault's UTXOs are genuinely missing from the node or were simply excluded by transaction-selection rules.

Development, Security, Testing and DocumentationThe remainder of the release focuses on dependency security, monitoring, testing, simulation, and development infrastructure.

MR !5178 - Go Security Update
Updates the Go toolchain to 1.26.9 to incorporate standard-library security fixes.

MR !5140 - CosmWasm Dependency Update
Updates wasmvm and wasmd to newer maintenance releases, together with the required dependency updates.

MR !5043 - Expanded Network Monitoring
Adds 175 monitoring metrics across THORChain, giving node operators better visibility into vaults, solvency, swaps, and network health. It also addresses a potential consensus issue in telemetry.

MR !5049 - New Debugging Logs Endpoint
Introduces an optional API endpoint allowing node operators to retrieve protocol logs for specific block ranges, making network issues easier to investigate.

MR !5182 - eBifrost Data Integrity
Protects cached quorum and event data against unintended modifications, improving reliability during transaction observation and consensus processing.

MR !5104 - Shared Signer & Simulation Readiness
Strengthens the test and simulation environment used to validate XMR signing, churns, scanner recovery, and cross-chain readiness before activation.

MR !5101 - Ethereum Test Race Fix
Fixes a race in Ethereum test configuration and properly cleans up mock servers between tests. This is test-only.

MR !5095 - More Reliable Mocknet Startup
Retries temporary EVM readiness failures and prevents partially initialized genesis state from being treated as a valid mocknet deployment.

MR !5087 - Stronger CI Safety Checks
Makes several previously ineffective CI checks actually fail when problems are found, adds Bifrost race testing, and catches additional signer concurrency issues.

MR !5074 - Regression Test Reliability
Prevents the regression runner from crashing when an HTTP request fails before returning a response.

MR !5089 - Release Documentation Fix
Corrects the documented path for THORChain's changelog generation script.

MR !5061 - Incentive Pendulum Documentation Fix
Corrects the documented behavior of PendulumUseVaultAssets so it matches the actual protocol logic.