Track market-moving stories before they get noisy

XRPL Commons Launches Three-Track Grants ProgramXRPL Commons, a nonprofit organization that helps grow the XRP Ledger through developer education, startup support, and community programs, unveiled a new grants structure for teams building on the blockchain. The program is structured across three distinct tracks, each designed to serve a different type of builder.

Early Stage Grants provide milestone-based funding, meaning money is released when teams meet agreed development or growth targets. Applicants need a working product on either testnet or mainnet. A second track targets startups at a more advanced stage, while the third track targets established products already operating on the network. The program combines grants with technical guidance, mentorship, and help bringing products to market.

RippleX amplified the initiative as the ecosystem expands its developer resources. The launch also includes incubator access and migration support for projects moving onto the XRP Ledger from other chains.

$550 Million Invested Since 2017Since 2017, more than $550 million has been deployed directly into XRPL ecosystem initiatives, including non-equity grants, builder incentives, strategic partnerships, and growth programs. Since 2021, these efforts have included hackathons, builder bounties, XRPL Grants, and the XRPL Accelerator, supporting nearly 200 projects worldwide across developer infrastructure, payments, DeFi, tokenization, AI, gaming, e-commerce, carbon markets, and enterprise financial applications.

As the ecosystem matures, the focus is shifting toward expanding access to funding through more distributed and independent pathways. Historically, much of the XRP Ledger ecosystem funding flowed through Ripple-supported initiatives such as XRPL Grants. While those programs remain important, 2026 marks a shift toward a more distributed model, where independent organizations, regional hubs, venture partners, and community-led initiatives play a larger role in supporting builders.

XRPL Commons will continue existing programs such as GLOW and The Aquarium, an incubator located in Paris. Partner organizations supporting ecosystem development include a100x Ventures, Superscrypt, Reforge, New Form Capital, Dragonfly, Pantera, Franklin Templeton, and Tenity.

Sources:
XRPL Commons Unveils New Grants Program to Accelerate XRP Ledger Builder Growth (Bitcoin.com)
Supporting Innovation on the XRP Ledger: What's Changing in 2026 (Ripple)

Stellar‘s native token XLM is trading around $0.1808, down 3.62% in the last 24 hours, as it clings to a critical support level amid expanded institutional participation on the network.

Price action remains range-boundDespite a recent decline, buyers have consistently defended the major support zone. The token has traded below the Bollinger Bands’ middle band at $0.1890 after failing to reclaim resistance at $0.1987. The lower Bollinger Band, near $0.1754, continues to act as a safety net, keeping XLM locked within a defined trading corridor.

Trading volume has tapered off since the strong rally seen at the end of May, highlighting waning short-term momentum. The narrowing of the Bollinger Bands on the daily chart signals reduced volatility, which may indicate that the market is consolidating before its next major move.

LevelPriceCurrent price$0.1808Immediate resistance$0.1890Next resistance$0.1987Key support$0.1754The Stellar Development Foundation has announced that MoneyGram, Figue, and Range.org have become Tier 1 validators on the network. The organization is a nonprofit dedicated to the development and expansion of the Stellar blockchain, focusing on global payments and financial access.

These new validators, which include global payment firm MoneyGram and industry partners, will contribute to network security and decentralization efforts. The Foundation is also set to open a discussion about institutions’ roles as active network participants.

By integrating organizations involved in payments and financial infrastructure, Stellar aims to boost its credibility and highlight its commitment to real-world blockchain adoption. Although the news has not triggered a sharp price change, some market participants believe it could reinforce Stellar’s long-term growth prospects.

Mini dictionary: Validator, a participant in blockchain networks responsible for verifying transactions and securing the integrity of the network. Tier 1 validators are typically the most trusted nodes and have a significant role in consensus and network operations.

Recent updates naming MoneyGram, Figue, and Range.org as Tier 1 validators on the Stellar network highlight the project’s ongoing efforts to strengthen security and expand institutional engagement.

Network fundamentals remain intactDespite the recent drop in price, on-chain metrics reveal that active user participation on the Stellar network remains at elevated levels. Data from DefiLlama indicates that user addresses are maintaining activity near recent highs, a sign that the network continues to attract engagement even during price corrections.

Open interest in XLM derivatives, tracked by CoinGlass, has stabilized after retreating from its late-May peak. This suggests that derivatives traders are largely staying in the market and awaiting new catalysts, rather than exiting positions.

The first key resistance for XLM is at $0.1890, followed by $0.1987, while buyers must defend support at $0.1754 to prevent further downside pressure.

Analysts note that a sustained breakout above both resistance levels could spark renewed buying momentum. On the other hand, a breach of the $0.1754 support may lead to increased selling and further market weakness.

For now, consistent on-chain activity, stabilized derivatives positioning, and the addition of institutional validators indicate that Stellar is maintaining a steady foundation. Many market participants appear to be waiting for a decisive signal before taking further action.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Ondo Finance’s ONDO token has drawn renewed interest from the market following a breakout supported by rising adoption of real-world assets (RWA) and the introduction of tokenized stock collateral for perpetual trading. The new feature, allowing traders to use tokenized equities as collateral, has added momentum to ONDO’s price recovery as traders monitor whether the token can approach the $0.50 resistance zone.

Ondo Finance expands with tokenized collateralFounded as a decentralized platform for tokenizing financial assets, Ondo Finance develops products that bring traditional financial instruments onto the blockchain. The company’s latest integration enables traders to leverage tokenized stocks as collateral for perpetual contracts, which supporters say could boost accessibility and liquidity in Ondo’s growing RWA ecosystem.

Following the announcement, ONDO had already rallied above a bullish pennant formation, indicating that traders were anticipating further upside. Technical analysis showed ONDO trading above its 20-day Simple Moving Average, suggesting a positive short-term trend.

Market data indicated a price recovery to the $0.40 region with capitalization staying above $1.7 billion. Buyers defending this area set the stage for a possible attempt at breaking through the key $0.50 barrier.

ONDO’s rally strengthened after the launch of tokenized stock collateral for perpetual trading, adding new use cases to the RWA ecosystem and supporting the token’s attempt to reclaim higher resistance levels.

Mini dictionary: Real-world assets (RWA) are traditional assets such as bonds, stocks, or property, represented in digital form on blockchain networks to enable new forms of access and trading.

2026 ONDO price scenarios and technical targetsONDO’s outlook for 2026 depends on multiple factors, including broader RWA demand, Bitcoin’s market trend, and institutional adoption. Analysts point to several scenarios that could play out depending on support and resistance levels:

ScenarioPrice TargetConditionsBearish$0.28 – $0.32Breakout fails, weak crypto sentimentBase Case$0.45 – $0.55Steady RWA growth, gradual buyingBullish$0.70 – $1.00Strong institutional adoption, broader market rallyThe first major resistance zone is $0.45, followed by the psychological $0.50 level. Breaking above these points may indicate further upward potential, but analysts emphasize that technical strength alone will not be enough unless RWA adoption continues growing.

Returning to previous all-time highs would require a significant increase in demand and valuation, and progress will likely depend on how effectively Ondo Finance can drive institutional use of its products.

Whale activity and investor positioningIn addition to technical data, activity from large holders (“whales”) has increased following ONDO’s breakout, pointing to growing positions by long-term investors. Whale accumulation traditionally signals confidence in the project’s future growth prospects, especially when linked to infrastructure that bridges conventional finance and blockchain technology.

Unlike purely speculative assets, ONDO is backed by efforts to enable blockchain-based settlement and ownership of real-world financial assets. As financial institutions seek new blockchain solutions for securities, Ondo’s offerings have aligned with one of the sector’s fastest-growing trends.

Analysts still caution that accumulation trends alone do not guarantee price increases. Market corrections are possible if sentiment turns or traders sell near resistance zones.

Mini dictionary: Ondo Finance is a platform that turns real-world financial products like securities and bonds into blockchain-based assets to create new investment opportunities.

Outlook for the $1 targetA move toward $1 by 2026 remains an ambitious scenario, as ONDO’s market capitalization would need to rise sharply. Reaching that milestone would likely require growing adoption of Ondo’s tokenized finance products and broader participation from institutional investors, combined with favorable overall market conditions.

The $0.50 area is currently seen as the most realistic near-term milestone for ONDO, while the $1 target represents a longer-term, bullish case that assumes substantial growth in the RWA market.

Competition in tokenized assets is accelerating and regulatory risks remain factors for investors to watch. Price rallies triggered by new product launches can fade if adoption is slower than expected, making ongoing monitoring of support and resistance zones essential.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Ripple Chief Legal Officer Stuart Alderoty has renewed calls for lawmakers to advance the Clarity Act, legislation designed to regulate the cryptocurrency and digital asset industries in the United States. The bill, formally known as H.R. 3633, cleared the House of Representatives in July 2025 with a 294-134 vote and now awaits action in the Senate Banking Committee following its executive session in May 2026.

Ripple CLO highlights need for stronger consumer protectionsAlderoty described the Clarity Act as a vital step for consumer protection, specifically noting its anti-money laundering and know-your-customer requirements. He argued these provisions, alongside new enforcement tools for federal authorities and state attorneys general, would provide more robust safeguards for both consumers and legitimate businesses in the digital asset sector.

Stuart Alderoty, the top legal executive at Ripple—a blockchain payments company known for its XRP cryptocurrency—has played a prominent role in shaping internal legal policy amid ongoing regulatory scrutiny from U.S. agencies.

The Clarity Act is a consumer protection bill. It addresses the need for “strong AML/KYC requirements” and “real tools for law enforcement and state AGs,” Alderoty stated, pressing lawmakers not to let perfection delay meaningful reform: “Perfect can’t be the enemy of good. Let’s get this done.”

He warned that continued ambiguity around digital asset standards would leave consumers vulnerable to a lack of clear protections, with regulatory gaps that bad actors could once again exploit.

Industry observers scrutinize self-custody provisionsDespite the consumer focus, some in the crypto community see significant unanswered questions in the current draft of the Clarity Act. XRP enthusiast and XRPL validator Justin Nevins examined Senate revisions, suggesting the bill’s self-custody protections, while expanded from earlier versions, mainly apply to those holding digital assets for buying goods or services, not necessarily investors or savers.

Nevins pointed out that the “Keep Your Coins Act” section would prohibit federal agencies from restricting lawful self-custody of digital assets in self-hosted wallets, but the scope of “covered user” remains ambiguous. This uncertainty could affect those who prefer to hold cryptocurrencies as investments or for savings rather than for direct transactions.

The protections for self-custody would not override financial crime or sanctions laws, so authorities could still bar or restrict certain activities even if asset control stays with the user.

Mini dictionary: Senate Banking Committee, the U.S. Senate panel responsible for reviewing and making recommendations on banking, financial, and monetary policy, including legislation related to securities and digital assets.

Self-custody rights are recognized but must still comply with anti-money laundering and sanctions enforcement, so these provisions do not grant unrestricted crypto use.

Developer and DeFi protections under reviewAnother focus of the bill involves protections for blockchain developers. The Senate draft outlines safeguards for software developers, node operators, transaction validators, and others performing technical functions, ensuring these parties are not automatically classified as money transmitters under federal law.

However, these protections seem to depend on whether someone maintains operational control over a protocol. The question of who holds administrative privileges or upgrade keys is particularly relevant to decentralized finance (DeFi) projects, which often aim to limit centralized oversight.

Protocols that allow administrators to alter operations, censor access, or change functions midstream could lose some of these legal protections, highlighting the importance of true decentralization to qualify under the proposed law.

ProvisionImpacted PartiesConditionsSelf-custody protectionDigital asset usersLawful purposes only; subject to AML/Sanctions lawsDeveloper exemptionSoftware developers, validatorsNo protocol control or administrative privilegesThere are also questions about the legal treatment of front-end interfaces, governance activity, and liquidity pool operations, which may require further regulatory guidance in future rulemaking.

SEC and CFTC roles clarified, but debate continuesA central aim of the Clarity Act is to set statutory definitions that delineate which digital assets fall under the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC) oversight. By clarifying the regulatory divide, the bill seeks to reduce market uncertainty for exchanges, brokers, and innovators.

Supporters argue this approach is preferable to regulation by enforcement, while critics question whether all loopholes and potential conflicts have been resolved in the draft language.

Ripple and XRP community closely monitor developmentsThe debate carries particular weight for Ripple and the wider XRP network, given Ripple’s long-standing regulatory disputes in the United States. The company has highlighted the need for clearer laws rather than piecemeal enforcement, which can deter innovation and market participation.

A federal framework could affect how exchanges, financial firms, and developers interact with the XRP Ledger, though the ultimate impact depends on the final legislative text and subsequent implementation by regulators.

With the bill still under review and subject to amendments, it is uncertain what effect the final law might have on the regulatory status of $XRP or similar digital assets.

Next steps and unresolved issuesThe Clarity Act’s specifics on self-custody and developer protections remain important for various sectors of the digital asset market. The bill’s definition of control, as well as exceptions tied to financial crime enforcement, could significantly influence its reach.

Whether these features ultimately address industry concerns or require further revisions will depend on congressional negotiations and future regulatory interpretation.

For now, the ongoing legislative process will determine if the Clarity Act brings a lasting solution to the call for regulatory certainty in the U.S. crypto sector.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

BitMine Immersion Technologies has gone from staking 0.41 million ETH to over 4.9 million, catapulting its annualized revenue from roughly $34 million to an estimated $244 million. For a company that used to be known primarily as a Bitcoin miner, that’s quite the career change.

The NYSE-listed firm (ticker: BMNR), co-founded by Fundstrat’s Tom Lee, now holds approximately 5.77 million ETH tokens. That’s about 4.8% of Ethereum’s entire circulating supply, making BitMine the largest corporate Ethereum treasury on the planet, valued at roughly $11.1 billion at recent prices.

From pickaxes to proof-of-stake BitMine’s pivot began around June 30, 2025, when the company restructured its operations to focus almost entirely on ETH accumulation and staking.

The vehicle for this transformation is MAVAN, BitMine’s proprietary validator network built to handle large-scale staking operations. Over 85% of the company’s ETH holdings, more than 4.9 million tokens, are now actively staked through this infrastructure.

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In the fiscal quarter ended May 31, 2026, BitMine reported total revenues of $46.5 million, a 22x increase year-over-year. Ethereum staking contributed $45.7 million of that total, representing 98% of all revenue.

Annualized projections for staking revenue land somewhere between $235 million and $284 million, depending on yield assumptions.

The Alchemy of 5% BitMine has branded its accumulation strategy the “Alchemy of 5%,” targeting ownership of 5% of Ethereum’s total supply. At 4.8%, they’re essentially there already.

The institutional backing behind this bet is notable. ARK Invest, Founders Fund, and Pantera are all counted among BitMine’s investors.

BitMine’s approach mirrors what MicroStrategy (now Strategy) did with Bitcoin, but with a critical difference. Staked ETH generates yield. Bitcoin sitting in a corporate treasury does not.

The risks no one wants to talk about Accumulating nearly 5% of any asset’s supply creates concentration risk that cuts both ways. BitMine’s position is large enough to influence staking yields across the Ethereum network, and any forced selling, whether due to regulatory pressure, operational issues, or liquidity needs, could move the market in ways that would hurt the company itself.

One specific concern worth flagging: BitMine has entered a decade-long partnership agreement with Ethereum Tower. The details of that arrangement raise questions about how easily BitMine could exit its staking positions if circumstances required it.

There’s also the yield compression issue. As more capital flows into Ethereum staking, rewards per validator trend downward. The difference between the low and high end of their annualized revenue estimate, $235 million versus $284 million, essentially reflects this uncertainty.

Slashing risk, while statistically rare for well-run validators, also scales with the size of the operation. Running thousands of validators through MAVAN means thousands of opportunities for something to go wrong, and at BitMine’s scale, penalties would translate into millions of dollars in losses.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Swan Bitcoin CEO Cory Klippsten sharply criticized stablecoin giant Tether and Jack Mallers, who recently stepped down as CEO of Twenty One Capital.

Although Klippsten said Tether had "obfuscated it to some degree," he argued that the company effectively controls Twenty One, a publicly traded U.S.-based bitcoin treasury company.

Klippsten also alleged that Twenty One is being used as a vehicle to advance Tether’s interests in the U.S. "It's kind of their U.S. entity for them to do U.S. things and, you know, line pockets where needed for political reasons," he said during an interview on The Starting Block podcast on Thursday.

The Swan Bitcoin CEO didn't offer any evidence to support his claim about Tether using Twenty One for political reasons. Tether didn't immediately respond to a request for comment.

USDT, the world’s largest stablecoin, is primarily oriented toward markets outside the United States. Tether restricts most U.S. persons from directly using its platform, although USDT can still circulate through secondary markets. The company has nevertheless been working to expand its American footprint.

Besides launching USAT, a stablecoin designed specifically for the U.S. market, Tether backed the creation of Twenty One, which trades on the New York Stock Exchange under the ticker XXI.

Twenty One Capital (XXI) stock price chart. Source: The Block/TradingView Last year, Twenty One was created through a SPAC merger with Cantor Equity Partners. It launched with $3.6 billion in bitcoin on its balance sheet, at the time making it the third-largest holder of bitcoin among publicly traded companies. Strike founder Jack Mallers was named CEO of Twenty One.

Mallers exited Twenty One this week as his company Strike also dropped out of a potential merger. Tether Investments, Twenty One's majority shareholder, proposed in April a two-stage merger that would have folded Strike into Twenty One, which would then merge with bitcoin miner Elektron Energy.

"I've decided to step down as CEO of Twenty One," Mallers posted to social media amid his departure. "My life's work remains Bitcoin. My Bitcoin company is Strike. The work continues."

Klippsten characterized Mallers' position at the company as "ceremonial," saying the Strike founder's role was primarily to promote Twenty One's shares.

"He did his job, which was to shill the stock last April, which he did very aggressively," added Klippsten, who also said he doesn't believe it was Mallers' decision to leave Twenty One.

Mallers didn't immediately respond to a request for comment.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Coinbase is expanding its push into AI-powered finance, enabling businesses to accept USDC payments from autonomous AI agents as part of a broader expansion of its payment, trading and developer tools.

According to a Thursday X post, Coinbase Business users will be able to accept USDC (USDC) payments from AI agents through the x402 payment standard, which Coinbase first introduced in May 2025 to enable stablecoin payments over HTTP for AI agents, applications and APIs.

The post also announced AI trading tools that let users monitor orders, access live market data, and execute actions based on predefined conditions, as well as a software development kit for developers building agent-powered applications.

Coinbase said the products are designed to support the “agentic economy,” where AI agents can make payments, manage finances and complete other tasks on behalf of users.

The company said adoption of AI agents is accelerating, noting that agent-generated traffic surpassed human traffic on its Base documentation pages for the first time last month. However, it added that the internet’s financial infrastructure was built with “one assumption: a human clicking the button,” which has left businesses, developers and users without tools designed for AI agents.

The rollout comes as companies increasingly position stablecoins and blockchain-based payments as infrastructure for AI agents, an emerging use case that several exchanges and payment companies are targeting.

Magazine: Here’s why the CLARITY Act’s ethics deal may be so hard to reach

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Today, we’re introducing Permissioned Pools, a new hook standard for Uniswap v4 that enables permissioned asset trading through Automated Market Makers (AMMs) with compliance enforced directly onchain.

Permissioned Pools were built in collaboration with leading teams bringing regulated assets onchain. Launch partners include Superstate, Securitize, and Dowgo: part of a growing set of issuers and platforms seeking compliant access to onchain markets for tokenized funds, securities, equities, and other permissioned assets.

Bringing permissioned assets to AMMs The tokenized asset market is estimated to reach $11 trillion by 2030. As more regulated assets move onchain, issuers need infrastructure that can enforce each asset’s compliance rules. Uniswap Permissioned Pools are the first generalized, open source, institutional-grade standard for trading regulated assets on an AMM. Instead of relying on a frontend gate or an offchain compliance check, the pool itself verifies whether a wallet is approved before a swap or liquidity action goes through. The issuer keeps control of the allowlist, while approved users can access onchain trading and settle through Uniswap v4.

For issuers, this opens a path to AMM liquidity and DeFi composability without giving up required controls. For approved investors, it means direct onchain trading for assets that previously couldn't trade on an AMM at all.

How Permissioned Pools work Permissioned Pools use Uniswap v4 hooks to extend the functionality of a regular pool without breaking the security and interoperability guarantees of the protocol. The particular hook implements logic that checks an issuer-managed allowlist on every swap, verifies allowlist status before a user mints an LP position, and provides support for the administration controls permissioned assets require. These checks happen at the protocol level, not on the frontend.

Behind the scenes, the design uses Uniswap v4 virtual accounting to perform all exchange calculations remotely while permissioned assets remain held in a permissioned contract. You can learn more about this mechanism in the docs.

Uniswap powers tokenized value Permissioned Pools bring a new standard for compliant trading, while the protocol itself stays permissionless. Developers and asset issuers can choose the approach that fits: deploy pools and build on v4 permissionlessly, or deploy a permissioned pool for a specific asset.

Tokenization’s next phase needs standardized market infrastructure that can handle compliance requirements, without compromising permissionless access. Permissioned Pools are the result of deep collaboration between the teams defining the standard, the teams building the compliance layer beneath it, and the issuers and assets putting it to use.

Superstate, an early design partner, helped shape the Permissioned Pool standard for tokenized equities and funds. Uniswap Labs and Securitize collaborated early on to ensure DS Protocol-issued tokens could trade compliantly onchain, laying the groundwork that Permissioned Pools now extends. Dowgo contributed the ERC-3643 integration for Permissioned Pools, and will use the standard once they receive DLT TSS authorization under the EU's DLT Pilot Regime.

With these institutions already building on the hook, Permissioned Pools lay the groundwork for the next generation of value coming onchain.

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Ripple has announced a strategic investment in Notabene, a regulated on-chain transaction network, as part of efforts to promote the adoption of RLUSD in institutional stablecoin payments.

Partnership aims for compliance and scaleThrough this collaboration, Ripple will integrate RLUSD, its dollar-backed stablecoin, into Notabene Flow, Notabene’s dedicated B2B stablecoin payments platform. Notabene’s system focuses on providing regulated transaction infrastructure and compliance tools to financial institutions.

By integrating RLUSD within Notabene Flow, both companies intend to streamline stablecoin-based payments for enterprises while addressing regulatory requirements and risk controls.

Ripple, best known for its global payments and blockchain solutions, developed RLUSD to offer financial institutions a compliant and efficient stablecoin option for business transactions.

Mini dictionary: Notabene, a Swiss-based company, connects regulated financial institutions and digital asset platforms worldwide with a focus on on-chain transaction compliance and verification.

Infrastructure and regulatory obligationsNotabene operates a network that enables regulated digital asset transactions, connecting over 2,300 institutions across more than 100 jurisdictions. The platform reportedly supports $2 trillion in annualized transaction volume and offers comprehensive compliance, identity verification, and transaction authorization tools required by financial institutions.

As more financial entities explore stablecoins for payments, they face increasing challenges related to regulatory standards, compliance, and verification of transaction parties. Notabene’s solution seeks to address these hurdles before any fund transfers take place.

CompanyCore ServiceInstitutions ConnectedJurisdictionsAnnual Transaction VolumeNotabeneOn-chain transaction compliance2,300+100+$2 trillionRippleEnterprise payments, stablecoinsN/A (focus on global enterprise)GlobalN/AVoices from Ripple and NotabeneJack McDonald, Senior Vice President of Stablecoin at Ripple, emphasized the need for robust compliance and identity procedures, stating that technological efficiency alone is not enough for stablecoins to achieve widespread institutional adoption. He pointed to the importance of transaction authorization and ongoing compliance for enabling responsible and scalable use.

Jack McDonald explained that settlement rails must be supported by strong compliance, identity, and transaction authorization for institutional stablecoins to move fully into the mainstream.

Pelle Braendgaard, CEO of Notabene, observed that most institutions have progressed past the evaluation stage and are now focused on integrating stablecoins into their operations while fulfilling complex regulatory and compliance requirements.

Pelle Braendgaard noted that financial institutions are now focused on implementing stablecoins within their existing workflows and maintaining regulatory compliance, rather than simply assessing their utility.

Outlook and regulatory momentumThis investment by Ripple comes as regulated stablecoin infrastructure sees significant expansion, driven by new frameworks including the GENIUS Act in the United States and Europe’s MiCA rules. Both Ripple and Notabene indicated plans to continue building out Notabene Flow’s availability for financial institutions worldwide, aiming to facilitate compliant, cross-border stablecoin payments at larger scale.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Ripple has introduced Ripple Mint, a new enterprise platform designed to streamline the minting, management, and redemption of its US dollar-backed stablecoin, RLUSD, for institutional clients. The launch aims to provide large-scale financial players with seamless access to RLUSD, enhanced automation tools, and broader blockchain interoperability.

Ripple Mint offers unified stablecoin managementAccording to Ripple, Ripple Mint enables institutional users to access RLUSD through both an intuitive web dashboard and a robust set of APIs. Institutions may manually manage RLUSD balances, carry out minting and redemption transactions, or integrate directly into their backend systems to automate treasury and settlement workflows.

This unified platform is intended to replace previously fragmented and manual processes often used by exchanges, fintech companies, payment providers, market makers, and asset managers engaged with stablecoins. With Ripple Mint, these participants can directly issue and redeem RLUSD, oversee real-time transactions, and bridge assets across supported blockchain networks.

Ripple’s solution also facilitates integration of RLUSD management into key business operations, including treasury, compliance, settlement, and accounting systems.

Ripple stated that Ripple Mint introduces advanced APIs and real-time webhook notifications, giving institutions end-to-end visibility throughout the minting and redemption lifecycle.

The company explained that unified reference IDs are available within the platform to track fiat deposits, mint requests, on-chain settlements, and redemption payouts, a move designed to simplify reconciliation and reduce operational complexity for enterprise clients.

Broader blockchain access for RLUSDRipple has extended RLUSD’s reach beyond its existing blockchains by supporting minting and redemption on Base, Optimism, Ink, Unichain, and the XRP Ledger EVM Sidechain. This step is expected to give institutions more flexibility in accessing decentralized finance, cross-border payment infrastructure, digital asset exchanges, and tokenized real-world asset markets.

Ripple described the XRPL EVM Sidechain as a key element in its multichain approach, combining Ethereum Virtual Machine (EVM) compatibility with the performance capabilities of the XRP Ledger.

This configuration allows developers and enterprises to build Ethereum-based applications while utilizing the speed and efficiency of the XRP Ledger environment.

Ripple emphasized that RLUSD is not intended to replace XRP. Instead, the two digital assets are designed to operate together within the ecosystem: RLUSD functions as a regulated digital dollar for payments, settlements, and treasury management, while XRP serves as a core liquidity and bridge asset for cross-chain transfers, decentralized swaps, collateralization, and global payments.

Recent integrations, such as RedotPay’s RLUSD payment card powered by the XRPL, highlight Ripple’s push to build an institutional-grade digital finance ecosystem where stablecoins and XRP jointly support global financial infrastructure.

Mini dictionary: RLUSD is Ripple’s regulated, US dollar-backed stablecoin designed for institutional use in payments, settlements, and treasury management across multiple blockchain networks.

Blockchain NetworkRLUSD Minting SupportedXRP LedgerYesEthereumYesBaseYesOptimismYesInkYesUnichainYesXRPL EVM SidechainYesDisclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

One of the world’s largest sovereign wealth-linked managers just put $75 million worth of private market exposure on a blockchain.

Mubadala Capital, the investment arm of Abu Dhabi’s Mubadala Investment Company, went live on July 23, 2026 with a tokenized version of its Alternative Solutions Fund, officially named MCAS-TA. The fund runs across three blockchain networks: Coinbase’s Base, Solana, and Sui. It pulled in roughly $75 million in on-chain commitments at launch, drawing participation from both traditional asset managers and digital asset investors.

The infrastructure behind the product comes from KAIO, a UAE-based tokenization platform that announced its partnership with Mubadala Capital back in December 2025. KAIO handles the compliance architecture and distribution rails.

Why this matters beyond the press release Mubadala Capital manages approximately $430 billion in assets.

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Private market funds have historically been among the least accessible asset classes for most investors. Minimum commitments run high, liquidity is near-zero, and the onboarding process involves significant friction. Tokenization compresses those barriers by putting compliance, ownership records, and transfer mechanics on-chain: instead of a fund administrator managing cap tables in spreadsheets, the blockchain handles it. Investor eligibility checks happen through smart contract logic. Secondary transfers become possible where they previously weren’t.

For Coinbase specifically, this launch marks the first time it has integrated regulated tokenized assets into an institutional treasury management context, according to the research.

KAIO’s growing footprint in regulated tokenization KAIO has previously powered tokenized offerings from BlackRock and Hamilton Lane, with cumulative TVL across those products landing somewhere between $150 million and $200 million. Adding the Mubadala Capital fund pushes that number meaningfully higher.

The firm also closed a funding round in April 2026, which included backing from Tether.

The multi-chain deployment across Base, Solana, and Sui is itself a deliberate choice. Each network brings a different investor base and different technical properties. Solana offers high throughput and a growing institutional presence. Base plugs directly into Coinbase’s compliance and custody ecosystem. Sui is newer but has attracted attention for its object-based data model, which handles complex financial instruments differently than account-based chains.

What this signals for institutional tokenization broadly Tokenized treasuries and money market funds moved first because the underlying assets are simple and liquid. Private market funds are a harder problem: the assets are illiquid, the investor base is accredited, and the regulatory requirements vary by jurisdiction. The fact that Mubadala Capital is doing this with private market exposure rather than a simple bond wrapper is what makes the MCAS-TA launch notable.

Seventy-five million dollars in on-chain commitments at launch is the demand signal other sovereign-linked managers and large alternative asset firms will be watching as they evaluate the operational lift required to follow.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

PANews, July 24 – Blockchain data analysis platform Bubblemaps stated that after BitMEX announced its closure, its platform token BMEX fell sharply, currently down about 95% from its previous level. According to BitMEX’s publicly disclosed tokenomics, approximately 75% of the total BMEX supply was originally planned for employee incentives, ecosystem development, and long-term reserves, but these tokens have never been distributed on-chain.

Data shows that in 2021, about 92% of the BMEX supply was locked in vesting contracts, with the remaining 8% distributed at token launch, including: 5% for airdrops; 3% for product and liquidity support.

Each allocation category previously corresponded to a separate address for receiving future unlocked tokens. However, to date, only one claim has been recorded: on November 2, 2022, the product and liquidity address claimed approximately 63.75 million BMEX, while the addresses for employee incentives, ecosystem growth, and long-term reserves have seen no token claims.

Bubblemaps noted that this does not necessarily indicate a problem, as the project may have subsequently adjusted its tokenomics, contracts, or distribution plan without reflecting these changes on-chain. But according to the previously public BMEX tokenomics design, the tokens in these allocation buckets have not yet actually entered on-chain circulation.

BitMEX, co-founded by Arthur Hayes and others, pioneered the perpetual contract trading model, having a significant impact on the development of the crypto derivatives market. Following the announcement of the closure, market confidence in BMEX was noticeably shaken.

Weekly Points Now Live for Ondo Perps UsersOndo Finance has activated its Points program for Ondo Perps, adding a new incentive layer for traders on the platform. Points are earned based on trading volume and open interest, with the first distribution going live on July 23 and covering eligible trading activity dating back to June 2.

A fixed 5 million points will be distributed every week for the duration of the campaign, giving active traders a consistent and predictable rewards target.

The Points program arrives roughly six weeks after Ondo Perps launched on July 7, 2026 as the first perpetual futures platform for equities and commodities to support both tokenized equity holdings and stablecoins as collateral for derivatives positions. The platform covers perpetual futures on leading U.S. equities, ETFs, and commodities, including SPCX, MU, AAPL, NVDA, TSLA, QQQ, gold, and silver, for global investors outside the U.S.

Building on an Existing Rewards StructureThe Points program is the latest addition to a broader incentive stack built around the Ondo Perps product. At launch, Ondo made available up to $3 million in total rewards, starting with $150,000 in USDC pools for the first week of trading activity, alongside a referral program.

Ondo Perps describes itself as the first platform to allow tokenized stocks to be used as collateral for equity perpetuals, giving traders a way to use tokenized real-world assets inside leveraged markets instead of relying only on stablecoins. Rather than parking equities in one venue and stablecoins in another, traders can put their tokenized stocks to work backing leveraged positions.

The market capitalization of stock tokens has tripled since the beginning of the year to approximately $1.96 billion, while Ondo Perps has already surpassed $130 million in 24-hour trading volume. The Points program is designed to sustain engagement as competition in the tokenized asset derivatives space grows.

Sources:
Ondo Perps Launches First Equity Perpetuals Platform, Yahoo Finance
Ondo is Bringing Leveraged Stock Trading On-Chain, TheStreet
Ondo Unveils Perps DEX With Tokenized Stocks as Collateral, Bankless

Bitcoin and the broader cryptocurrency market continue to feel the effects of the extensive liquidation cascade that occurred on October 10 last year. Market capitalization across the sector remains approximately 45% lower compared to the period leading up to that event. Amid this backdrop, decentralized derivatives platform Hyperliquid has seen its native token, HYPE, surge by about 34% during the same timeframe, exceeding the broader market’s performance. Hyperliquid’s total open interest recently reached $11.51 billion, marking its highest level this year since the October crash when Bitcoin was trading near $100,000.

Hyperliquid’s growth diverges from the marketAs Bitcoin trades around $65,000, new data from Coinglass indicates that aggregate open interest in crypto futures markets stands at $116.66 billion. This figure reflects a decrease of 47% from the October 10 benchmark. Despite the market’s ongoing recovery, Hyperliquid’s metrics show strong growth, suggesting the platform is carving out a larger role in a challenging environment for digital assets.

Hyperliquid operates as a decentralized perpetuals exchange, allowing users to trade derivative contracts without central intermediaries. Its recent performance contrasts with the more modest rebound observed among leading centralized exchanges (CEXs), highlighting a shift in trader activity toward decentralized alternatives.

Date/PeriodTotal Crypto Open InterestHyperliquid Open InterestBitcoin PriceOctober 2025 (pre-crash)$220.12 billion$15 billion~$100,000Current$116.66 billion$11.51 billion~$65,000RWA perpetuals surpass Bitcoin trading on HyperliquidReal-world asset (RWA) perpetual contracts have emerged as the primary driver of increasing open interest on Hyperliquid. Daily open interest in RWA perps currently stands at $3.61 billion, achieved through the HIP-3 protocol introduced on October 13, 2025. HIP-3 allows users to stake 500,000 HYPE and launch a new perpetual market without direct approval from Hyperliquid’s core team.

With $3.61 billion in open interest, RWA perpetuals now represent the largest segment on Hyperliquid, overtaking Bitcoin, HYPE, and major layer-1 token markets. Daily trading volumes on HIP-3 products now account for half of total perpetual trading volume on the platform, compared to just 3% at the beginning of the year when core perpetuals made up 97% of activity.

Mini dictionary: Real-world asset (RWA) perpetuals are derivative contracts that enable continuous trading of assets linked to real-world items such as equities, commodities, or bonds on blockchain-based platforms. The HIP-3 framework allows for decentralized market deployment without centralized oversight, expanding the variety and accessibility of RWA-based derivatives.

Daily HIP-3 volumes now hold a 50% share of Hyperliquid’s total perpetual trading, while core perpetuals have seen their dominance drop from 97% to 50% within a few months.

Hyperliquid’s share of global perpetual open interest among major exchanges has risen to 9.5%, a new peak according to Hypeflows data. This is an increase from 6.9% recorded in late May. Despite this, Hyperliquid’s own open interest remains about 23% below its October 2025 high of nearly $15 billion. Meanwhile, competitors such as Binance, Bybit, and Gate.io have seen more pronounced declines due to post-crash deleveraging. Analysts interpret Hyperliquid’s rising market share as a result of weathering the downturn more successfully than its peers, rather than drawing substantial trader migration from these platforms.

ExchangeOpen Interest, CurrentChange Since Oct 2025Hyperliquid$11.51 billion-23%Binance(not specified)Larger contractionBybit(not specified)Larger contractionGate.io(not specified)Larger contractionHyperliquid’s all-time high market share has been attributed to shrinking less sharply than major centralized exchanges during market turbulence.

Concentration of open interest and CEX competitionThe majority of HIP-3 open interest—over 90%—is concentrated in TradeXYZ, a protocol launched by Hyperunit, Hyperliquid’s tokenization arm. HIP-3 market operations are conducted outside Hyperliquid’s core liquidity pool, meaning responsibilities such as data oracles, margin rules, and liquidity are managed by the venue operator. This setup has resulted in a single venue supporting roughly a third of Hyperliquid’s overall open interest.

Centralized exchanges are monitoring the trend. Binance responded by launching pre-IPO perpetual contracts featuring a SpaceX market on May 21, followed by seven US equity and ETF perpetuals offering up to 25x leverage as of July 9. The availability of RWA-based products with CEX-scale liquidity marks a shift that may alter the competitive landscape for Hyperliquid and DeFi derivatives markets.

Mini dictionary: TradeXYZ is a DeFi protocol built by Hyperunit, the tokenization arm of Hyperliquid, specializing in deploying and managing on-chain perpetual derivatives markets. The project enables decentralized trading of novel assets and was responsible for most HIP-3 open interest following the rollout of RWA markets.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Michael Saylor’s Strategy and eight financial firms, including ARK Invest, BlackRock, and Coinbase, have launched the Bitcoin Security Consortium to support the network’s long-term security. The founding members have also pledged $15 million to support Bitcoin developers as they seek to address quantum threats.

Strategy Announces Launch of Bitcoin Security Consortium In a press release, the Bitcoin treasury firm announced the launch of the Consortium to support the Bitcoin network’s long-term security, with members pledging an aggregate of $15 million over the next three years.

Founding members of the Bitcoin Security Consortium include Strategy alongside Anchorage Digital, ARK Invest, BlackRock, Block, Blockstream, Coinbase, Fidelity Digital Assets, and Galaxy Digital. The Bitcoin treasury firm noted that these are a cross-section of the institutional BTC ecosystem.

BlackRock, Fidelity, and ARK Invest are notably Bitcoin ETF issuers; Anchorage Digital and the top crypto exchange Coinbase offer custody services to these ETF issuers. Meanwhile, Block, Blockstream, and Galaxy offer Bitcoin-related services.

Strategy revealed that Mike Schmidt, Executive Director of Brink, will coordinate the day-to-day work in a volunteer capacity. Schmidt also confirmed in an X post that he is receiving no compensation from the Bitcoin Security Consortium.

Today nine institutions including BlackRock, Fidelity, Coinbase, and Strategy announced the Bitcoin Security Consortium (@BTCconsortium), pledging $15M toward Bitcoin security work over the next three years. I’ve agreed to help coordinate the group’s work as a volunteer.

I said…

— Mike Schmidt (@bitschmidty) July 23, 2026

“I continue to run Brink, independent of any Consortium member. I’ve committed to a year in this role, maybe I’d do two, but ultimately I see it as a seat that should rotate to other participants over time. My commitment is to Bitcoin, and that doesn’t change,” he said.

How The $15 Million Funding Will Work The Bitcoin Security Consortium will fund and support developers and researchers already working on Bitcoin’s security. This will include the long-term work of securing the network against potential quantum threats.

Strategy also revealed that each founding member will direct its own funding independently to the developers, researchers, and organizations it chooses. Schmidt mentioned in his X post that there will be no Consortium positions on protocol changes.

He also noted that Quantum is the first focus but that if the Bitcoin Security Consortium works out well, there is room to support other security efforts too. Data from the top crypto prediction platform Polymarket shows that there is only a 14% chance that Quantum Computing breaks Bitcoin by December 2027.

Source: Polymarket

Kazakhstan has laid out a plan to build a national strategic crypto reserve fed by its bitcoin miners, part of a two-step push by President Kassym-Jomart Tokayev to pull the country’s large mining industry into a regulated, state-supervised system.

A presidential decree signed July 7 sets the frame, and a government resolution approved July 18 supplies the mechanism. The government cleared the rules for strategic digital mining under Government Resolution No. 638, published in the PRG.kz legal database.

Together the two measures aim to route mining output and crypto trading through Kazakh infrastructure, with the state taking a share of mined coins for a sovereign reserve.

The reserve sits at the center. Under the July 18 resolution, the Kazakhstan government created a program of “strategic digital mining,” in which miners receive electricity quotas at capped tariffs on 10-year contracts from listed power producers. In exchange, they must hand over part of what they mine, according to local reporting.  

A formula sets the transfer at 10% of mined digital assets after the cost of electricity and grid services, paid each month to the state-linked Astana Hub fund, which passes the coins to the National Investment Corporation of the National Bank for management inside a “national strategic crypto reserve.”

The first approved power source is the Ekibastuz GRES-1 coal plant, with a 300-megawatt quota. To qualify, a miner must run a data center of at least 150 megawatts, with rigs that each clear 150 terahashes per second, among other conditions.

The resolution defines its reserve as a vehicle to invest in digital assets, in derivatives tied to those assets, and in the shares of companies that build or invest in crypto. 

Rather than hold coins alone, the structure gives the state a spread of exposure to the sector it now seeks to grow, with the National Bank’s investment arm at the controls.

The design turns Kazakhstan’s cheap power and mining base into a channel for state accumulation, an approach that echoes the reserve strategies spreading among governments. Kazakhstan had floated a $1 billion crypto reserve built in part on seized assets and state-mined coins, and its central bank moved to invest up to $350 million in crypto-linked funds. 

The United States established a strategic bitcoin reserve from forfeited coins last year, a model other states have weighed.

Kazakhstan as a bitcoin mining hub Kazakhstan ranks among the world’s largest bitcoin mining hubs, fifth by mining activity in the Cambridge Digital Mining Industry Report from April 2025, a status built on cheap coal power that drew miners after China’s 2021 ban, though the country moved to tighten its mining rules over grid strain. 

The new program reads as an attempt to harness that base rather than curb it, and the decree directs the Kazakhstan government to tap associated petroleum gas, natural gas, and renewable output for mining.

Other crypto tasked  The July 7 decree reaches past mining. It sets up a Committee on Digital Assets and Payment Systems under the National Bank, and orders work on tokenization platforms, exchange and custody services, and crypto-fiat channels tied to the financial system.

It calls for stablecoins to settle cross-border trade for export and import, tokenized government securities by the end of 2026, and rules that isolate customer assets from a bankrupt provider’s estate.

To pull activity onshore, the decree offers a plan to exempt individuals from personal income tax on crypto gains earned through Kazakh providers from the start of 2026 through the end of 2028, plus a window for holders to disclose coins acquired or mined in the past if they move them into regulated infrastructure. 

The government also plans a National Cryptocurrency Analysis Center by mid-2027 to track transactions and flag illicit schemes, along with a review of DeFi platforms.

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a news reporter for Bitcoin Magazine, based in North Carolina.

Tokenized real-world assets have been the crypto industry’s favorite buzzword for two years running. Now someone is trying to do it with the most boring financial instrument imaginable: your bank deposit.

LayerZero, the omnichain messaging protocol that connects over 70 blockchains, has partnered with Keeta, a Layer-1 chain built for payments and fiat interoperability, to enable native cross-chain transfers of tokenized bank deposits. The integration spans Ethereum, Solana, Base, and Keeta’s own network.

What tokenized bank deposits actually are Think of a tokenized bank deposit as a digital twin of the dollars sitting in your checking account. Each token is backed 1:1 by an actual deposit at a regulated bank, retaining the protections and compliance features you’d expect from traditional banking. The difference is that these tokens can move on-chain, 24/7, across multiple networks.

This matters because stablecoins, for all their growth, exist in a regulatory gray zone that makes traditional financial institutions nervous. Tokenized deposits, by contrast, are designed to sit squarely within existing banking frameworks. They’re regulated. They’re backed. And they potentially carry the same federal insurance protections as the deposits behind them.

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The distinction is subtle but significant. Stablecoins like USDC are liabilities of the issuer (Circle, in that case). Tokenized deposits remain liabilities of the bank itself. For institutional players and regulators, that’s a meaningful difference in risk profile.

How LayerZero and Keeta make it work LayerZero’s role here is straightforward but critical. Its messaging protocol allows these tokenized deposits to move natively between chains rather than relying on wrapped assets or centralized bridges. The protocol is currently live on Solana’s mainnet beta and connects with Ethereum, Base, Avalanche, Polygon, Arbitrum, Optimism, and BNB Chain, among others.

Native transfers matter because wrapped tokens introduce counterparty risk. Every time you wrap an asset to bridge it, you’re trusting the bridge operator to actually hold the underlying token. LayerZero’s approach lets the asset move without that intermediary step, which is a big deal when the asset in question is supposed to represent insured bank deposits.

Keeta brings the payments infrastructure to the table. The Layer-1 blockchain claims to support millions of transactions per second with sub-second settlement times. Keeta’s native token is KTA, while LayerZero operates with its ZRO utility and governance token.

Why this partnership matters for the broader market Investors should pay attention to the competitive dynamics here. JPMorgan has been experimenting with tokenized deposits through its Onyx platform. Citigroup has run pilots.

No specific transaction volumes or total value locked figures are available for the partnership yet, which means the market is pricing this on potential rather than proven traction.

One risk worth flagging: the success of tokenized deposits depends heavily on banks actually participating. LayerZero and Keeta can build the pipes, but someone has to turn on the water. The partnership creates the technical capability for cross-chain deposit transfers, but adoption will ultimately be driven by whether regulated financial institutions see enough demand and enough regulatory clarity to commit.

For traders watching the ZRO and KTA tokens, the near-term catalyst is clear. Every new institutional partnership or bank integration announcement will likely move these assets. Given that global bank deposits measure in the tens of trillions, even capturing a fraction of that flow would be transformative for any protocol involved.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

Three separate crypto protocols got carved up within a single 24-hour window, with combined losses topping $35.5 million. The victims span three different chains, three different attack vectors, and one very familiar story: bridges remain the soft underbelly of decentralized finance.

The largest hit landed on AFX, an Arbitrum-based protocol that lost approximately $24.15 million in USDC through a bridge exploit on July 22. BSquaredNetwork on BNB Chain saw $3.86 million in B2 tokens drained. And the Verus cross-chain bridge on Ethereum hemorrhaged $7.55 million, a wound made worse by the fact that Verus had already been exploited for roughly $11.58 million back in May.

How each exploit played out The AFX breach was the headliner. Attackers siphoned $24.15 million in USDC from the protocol’s bridge infrastructure on Arbitrum, then moved the funds to Ethereum and swapped them into around 12,467.5 ETH.

BSquaredNetwork’s exploit was smaller in dollar terms but arguably messier for holders. The $3.86 million in stolen B2 tokens were exchanged for more than 5,000 WBNB, which were then converted into roughly 1,128 ETH. The sell pressure from the dump sent B2’s price cratering more than 15%.

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Then there’s Verus. The $7.55 million loss on July 23 is concerning on its own, but context makes it worse. This is the same cross-chain bridge that suffered an approximately $11.58 million exploit in May 2026. That means Verus has lost north of $19 million in roughly two months to what appear to be related security vulnerabilities.

PeckShield, the blockchain security firm, was among the first to flag each incident on-chain.

A brutal quarter for crypto security These three exploits didn’t happen in a vacuum. According to data from TRM Labs, the first half of 2026 saw a record 207 security incidents. Q2 alone accounted for $764 million stolen across 67 separate incidents, with operational weaknesses cited as a primary attack surface.

Vitalik Buterin flagged bridge security risks as far back as 2022, arguing that multi-chain futures would not be secured by the same trust assumptions as single-chain applications.

What this means for investors B2’s 15%-plus price drop is the most direct example of immediate market impact. When three protocols get exploited in a single day, it puts a chill on risk appetite across the broader DeFi ecosystem.

The $764 million stolen in Q2 2026 alone represents real capital permanently removed from the ecosystem. That’s money that funded development, provided liquidity, and backed lending markets.

For individual investors, the Verus situation is particularly instructive: a protocol that gets exploited once and doesn’t fully remediate its vulnerabilities before getting hit again is broadcasting something important about its security posture. The first hack might be bad luck. The second one is information.

Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

United Stables has adopted Chainlink as the official oracle and cross-chain infrastructure for its U stablecoin after the asset surpassed $1 billion in circulating supply and more than $2.5 billion in daily trading volume.

Summary

United Stables has adopted Chainlink as the official oracle and cross chain infrastructure for its U stablecoin after the asset surpassed $1 billion in supply. Chainlink Data Feeds and Proof of Reserve are now live, while CCIP will support future cross chain transfers of U. The integration builds on Chainlink’s expanding institutional presence as more stablecoin and DeFi projects adopt its interoperability and data services. According to an announcement from United Stables, the company has integrated Chainlink’s data and interoperability products to strengthen pricing, reserve verification, and future cross-chain transfers for U, its dollar-pegged stablecoin launched on BNB Chain and Ethereum in December 2025.

The rollout includes Chainlink Data Feeds and Proof of Reserve, both of which are now live. United Stables said it also plans to integrate Chainlink’s Cross-Chain Interoperability Protocol (CCIP) to support secure transfers of U between blockchain networks as the stablecoin expands across the multi-chain ecosystem.

We are thrilled to announce that, following an extensive security review, we have adopted @chainlink as our official data and cross-chain infrastructure powering the U stablecoin.

What’s New for U:

🔺 Data Feeds (Live): Delivering highly accurate pricing data across 20+… https://t.co/j6pm6MdLrf

— U (@UTechStables) July 20, 2026 The company said the decision followed a review of security standards across the industry after recent incidents exposed weaknesses in legacy oracle and bridge infrastructure. According to United Stables, fragmented liquidity, unverified pricing, and vulnerabilities in cross-chain transfers were among the issues it sought to address by adopting Chainlink’s infrastructure.

Data feeds, reserve verification go live Under the integration, Chainlink Data Feeds now provide decentralized pricing data that United Stables said supports more than 20 lending protocols. At the same time, Chainlink Proof of Reserve allows users and protocols to verify the collateral backing U through on-chain cryptographic checks.

United Stables launched U in December 2025 as a fully backed stablecoin designed for trading, payments, decentralized finance, institutional settlement, and AI-driven applications. At launch, the company said U was backed one-to-one by cash and audited stablecoins including USDC, USDT, and USD1, with reserves held in segregated accounts and verified through on-chain Proof of Reserve alongside quarterly independent audits.

Athena, chief executive officer of United Stables, said the Chainlink integration allows users, institutional partners, and decentralized finance protocols to access verified pricing data, independently confirm U’s collateral around the clock, and eventually transfer the stablecoin securely across multiple blockchain networks.

She added that the company views cryptographic verification as a core requirement for building trust as U expands beyond its initial deployments.

Johann Eid, chief business officer at Chainlink Labs, said the infrastructure would allow United Stables to extend U across decentralized finance while relying on Chainlink’s decentralized oracle and interoperability network. According to Eid, the platform is designed to support institutional-scale stablecoin activity across multiple blockchains.

CCIP planned for future multi-chain transfers Beyond the services already deployed, United Stables said it intends to adopt Chainlink CCIP to power cross-chain transfers of U. According to the company, the protocol is expected to reduce friction when liquidity moves between supported blockchain networks while providing an additional security layer for interoperability.

For United Stables, the announcement builds on the roadmap introduced when U launched late last year. Alongside decentralized finance integrations with platforms including PancakeSwap, ListaDAO, Aster, and Four.meme, the company said it plans to add confidential balances and AI-focused payment capabilities through technologies such as EIP-3009 and delegated transaction execution.

According to United Stables, combining its liquidity infrastructure with Chainlink’s oracle, reserve verification, and interoperability products is intended to provide transparent collateral verification, secure pricing data, and future cross-chain functionality as U continues expanding across BNB Chain, Ethereum, TRON, and other supported blockchain networks.

CCIP has become one of Chainlink’s main products for blockchain interoperability over the past year. Earlier this month, Aave expanded its use of the protocol by making CCIP the default cross-chain infrastructure across the Aave App and Stable Vaults. According to Aave, the same infrastructure now handles token transfers, vault rebalancing, governance execution, deposits, withdrawals, and yield optimization instead of relying on separate systems for different cross-chain functions.

Aave also said CCIP already powers transfers of its GHO stablecoin across supported networks through Chainlink’s Cross-Chain Token standard. Cross-chain governance proposals are also executed through the Aave Delivery Infrastructure, which uses CCIP to relay approved governance actions from Ethereum to other blockchain networks where Aave operates.

Security has remained a key part of CCIP’s design. According to Aave, every bridge lane is secured by at least 16 independent node operators distributed across different organizations and regions, while built-in rate limits restrict the amount of value that can move during abnormal conditions.

Chainlink continues institutional expansion The latest integration adds to Chainlink’s growing presence across both decentralized finance and institutional financial infrastructure.

In June, Chainlink joined Project Pangea, a bank-backed initiative focused on testing stablecoin-based foreign exchange settlement between Europe and South Korea. According to Chainlink, the project includes FairSquareLab, UniKA, and Qivalis, representing more than 50 banks with over $10 trillion in assets under management. The initiative uses Chainlink infrastructure alongside ISO 20022 messaging and existing SWIFT systems to test atomic payment-versus-payment settlement using compliant euro and South Korean won stablecoins.

Chainlink has also expanded into traditional market infrastructure. In January, BitMEX said it would use Chainlink Data Streams to provide pricing for its planned Equity Perpetuals, allowing the exchange to support perpetual contracts linked to stocks and exchange-traded funds using continuous market data from multiple sources.

Circle has signed separate memorandums of understanding with Kakao Group and South Korean fintech operator Toss to explore stablecoin payments, blockchain settlement and digital asset infrastructure in South Korea.

Summary

Circle signed agreements with Kakao Group and Toss to explore stablecoin payment infrastructure in Korea. Kakao plans to assess KRW stablecoins, remittances and merchant settlement using Circle’s blockchain payment technology. Toss will explore USDC-based services, digital wallets and programmable payments while regulations continue developing nationwide. The agreements bring Circle’s USDC and payment technology into discussions with some of Korea’s largest consumer finance platforms. Kakao, Kakao Pay and Kakao Bank will study opportunities around KRW-based digital assets, cross-border payments and tokenized financial services. Toss and Toss Bank will examine similar uses, including digital wallets, overseas payments and programmable onchain transactions.

Kakao Group said its agreement with Circle will combine the KakaoTalk-centered platform ecosystem with Kakao Pay’s payment services, Kakao Bank’s banking capabilities and Circle’s blockchain infrastructure. The companies plan to review payment, settlement and digital asset connectivity as South Korea develops rules for stablecoins and other tokenized financial products.

The initial work will focus on faster payment and settlement systems, according to local reporting. The companies will also assess cross-border remittances, merchant settlement and links between blockchain networks and existing financial systems. Kakao Group said the infrastructure could eventually support services from other Korean companies, although the MOU does not set a launch date or confirm a specific stablecoin issuance model.

Kakao Pay CEO Shin Won-keun, who leads the group’s stablecoin task force, said the companies would “preemptively prepare a Korean digital asset ecosystem with Circle.” Circle executives met Kakao representatives in Pangyo on July 22 before the partnership was announced.

Toss explores USDC and programmable payments Circle also signed a separate MOU with Viva Republica, the operator of Toss, and Toss Bank. The companies will study blockchain-based payments and stablecoin infrastructure, with potential uses covering digital wallets, cross-border settlement and financial services that use USDC.

Toss will review biometric payment tools, USDC-linked financial products and programmable onchain payments. Toss Bank will focus on connecting stablecoin infrastructure with traditional bank accounts and fiat payment networks. The parties also plan to examine compliance, risk management, security and anti-money laundering requirements as Korean rules develop.

The agreement builds on Toss’s broader interest in digital assets. As crypto.news previously reported, the fintech has explored a proprietary blockchain and a possible token while preparing for a Korean stablecoin market. Toss Bank has also been studying blockchain-based payment and settlement models.

Circle expands its South Korea strategy The new agreements follow months of outreach by Circle in South Korea. As crypto.news reported on July 13, the company planned its Current Seoul event to bring banks, exchanges, payment firms and super-app operators together for talks on digital asset regulation and payments. Kakao Pay CEO Shin Won-keun was among the scheduled speakers.

Circle CEO Jeremy Allaire also visited Seoul in April and met executives from Korean banks, exchanges and payment companies. He said Circle did not plan to issue its own won stablecoin. Instead, the company has positioned USDC and its infrastructure as possible links between future KRW-denominated tokens and global payment networks.

That approach is visible in the latest agreements. Circle is not announcing a KRW stablecoin with Kakao or Toss. The companies are studying how local won-based digital assets could work alongside USDC, blockchain settlement systems and existing financial infrastructure. 

Any commercial launch will depend on the final product design and regulatory approvals. Circle Chief Commercial Officer Kash Rajaghi said Korea has “a solid foundation for financial innovation.”

Korean firms prepare for stablecoin rules South Korean technology and financial groups have increased work on won-based stablecoins as policymakers prepare a broader legal framework. Kakao Bank has already explored stablecoin development, while Kakao Pay has been building a wider group strategy around KRW-linked digital assets.

Kakao Group said its Circle partnership could support a shared foundation for stablecoin services beyond its own platforms. The group is also reviewing tokenized financial services, which could use stablecoins as a settlement layer when assets move between blockchain networks and traditional financial systems.

Circle has taken a similar infrastructure-led approach elsewhere in Asia.The company recently partnered with Japan’s JCB to test USDC for corporate treasury transfers and merchant payments. The Korean agreements extend that regional strategy into platforms with large domestic payment and banking networks.

For now, both partnerships remain exploratory. Kakao Group, Toss and Circle have not announced a launch date for a KRW stablecoin or a live consumer payment product. Their agreements instead create a framework to test business models, technical connections and regulatory requirements as South Korea’s digital asset rules take shape.

BancaStato Opens Crypto Trading Through Sygnum PartnershipBancaStato, the cantonal bank serving Switzerland's Italian-speaking Ticino region, has joined Sygnum's business-to-business (B2B) banking platform to offer crypto asset services. The integration allows BancaStato customers to buy, sell, and hold four crypto assets, including $BTC, $ETH, $LTC, and $SOL, through the bank's existing web and mobile banking apps.

Market orders can be entered by asset quantity or cash value, allowing customers to manage crypto positions alongside their traditional portfolios. BancaStato clients gain exposure to these assets through a regulated channel rather than a standalone exchange, and their holdings rest in Sygnum's custody rather than on the bank's own balance sheet.

A Streamlined Technical SetupThe integration connects Sygnum's API directly to Avaloq's platform, allowing customers to access crypto trading from their existing banking app. The setup also removes the need for a separate order management system, which the companies said reduces operational complexity and makes it easier to add new features.

According to Fritz Jost, Sygnum's chief B2B officer, BancaStato is the first bank using Avaloq's software-as-a-service platform to let customers buy, hold, and sell crypto assets through its e-banking platforms using Sygnum's API.

BancaStato joins more than 25 financial institutions using Sygnum's B2B platform to offer regulated digital asset services. Sygnum said its partner banks give more than a third of the Swiss population a route to own digital assets. The move also fits a broader trend among Swiss lenders. Zürcher Kantonalbank, the country's fourth-largest bank, has rolled out Bitcoin trading and custody, while St. Galler Kantonalbank opened Bitcoin buying and custody to retail clients.

Sygnum holds a Swiss banking license and, since June 30, 2026, a Crypto-Asset Service Provider license under the EU's Markets in Crypto-Assets Regulation, granted by Liechtenstein's Financial Market Authority.

Sources:
Cointelegraph: BancaStato Launches Bitcoin Trading With Sygnum
CryptoAdventure: BancaStato Adds Bitcoin, Ether, Litecoin And Solana Trading Through Sygnum

Popular meme-coin collateral platform Purinta has confirmed it will soon launch a dedicated Shiba Inu market.

Once the feature goes live, users will be able to use their Shiba Inu holdings as collateral to borrow funds without selling their tokens. Announcing the development on X, Purinta stated:

“SHIB market coming soon to Purinta. Deposit, borrow, [and] keep your exposure.”

The announcement also featured a promotional banner reading, “Borrow Against SHIB. Coming Soon to Purinta,” indicating that the feature is currently under development. 

Community Vote Secured SHIB’s Listing The decision to add SHIB came directly from the community. A few weeks ago, Purinta conducted a poll on X, asking its more than 25,900 followers to vote on the next meme coin the platform should support.

The results strongly favored Shiba Inu. Out of 396 votes cast, 67.9% supported SHIB, while 32.1% backed Floki. By declaring, “You voted. We listened,” Purinta made it clear that community demand, not an internal decision, determined the outcome.

Pick now!

— Purinta (@purintaxyz) July 7, 2026

After the SHIB market launches, users will be able to deposit their Shiba Inu tokens as collateral and borrow stablecoins such as USDC while retaining exposure to SHIB’s potential price appreciation.

This model allows holders to unlock liquidity without liquidating their positions. Instead of selling SHIB to raise capital, users can continue holding the token while borrowing against it through Purinta’s decentralized finance (DeFi) platform.

SHIB Becomes Purinta’s Fourth Meme Coin Collateral The upcoming integration expands Purinta’s meme coin-focused lending ecosystem, which is built on Morpho and powered by Api3DAO infrastructure.

Currently, the platform supports three meme coins as collateral, such as Pepe (PEPE), Cash Cat (CASHCAT), and SPX6900 (SPX). 

With the addition of SHIB, Shiba Inu will become the fourth meme coin available for collateralized borrowing on the platform.

Shiba Inu’s DeFi Utility Continues to Expand Purinta’s integration further strengthens Shiba Inu’s role in decentralized finance by allowing holders to access liquidity without selling their SHIB holdings.

The platform joins a growing number of services that accept SHIB as collateral for stablecoin-backed loans, including CoinRabbit and Binance Loans. Additionally, the Shiba Inu ecosystem team has introduced Shib Finance, a product designed to provide a broader financial suite covering lending, borrowing, and savings.

Notably, Purinta’s support expands SHIB’s utility within the DeFi sector, giving investors another option to unlock capital while maintaining exposure to the token. 

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

New data reveals: in DeFi, over $500 mln, or nearly one third of tracked liquidity, sits fully idle.

Does DeFi have enough liquidity? Yes. Is that liquidity working efficiently? No.

Recent research by on-chain analytics platform Dune (commissioned by 1inch) suggests that 85% of concentrated liquidity on decentralized exchanges is underutilized at any given time. That’s about $1.6 bln of the $1.84 bln tracked.

And around $542 mln of that sits fully idle and out of range in an average week. 

This is a structural problem for DeFi. Liquidity pools have helped decentralized markets grow, but as tokenized assets and institutional capital move on-chain, the industry needs a more efficient mechanism.

How the research was conductedDune analyzed four major concentrated-liquidity venues:

Uniswap v3Uniswap v4PancakeSwap v3Aerodrome SlipstreamThe research covered seven networks: Ethereum, Base, Arbitrum, BNB Chain, Unichain, Polygon and Optimism.

Dune took weekly snapshots between January 6 and June 30, 2026. For each venue, researchers selected approximately 200 of the largest pools by trailing 30-day trading volume and kept that group fixed across the 26-week period.

This produced a panel of between 559 and 776 pools, with approximately $1.84 bln in average tracked capital.

Researchers also analyzed three constant-product venues - Uniswap v2, PancakeSwap v2 and Aerodrome’s basic pools - using the same methodology. These pools served as a baseline for assessing concentrated liquidity.

The scale of underutilized liquidityConcentrated liquidity lets liquidity providers choose specific price ranges in which their capital is available for trades.

The model can improve capital efficiency when the market price stays inside the selected range. But once the price moves outside that range, the position stops supporting trades and earning fees.

Across the 26 weeks covered by the research, an average of 29.5% of concentrated-liquidity capital was fully out of range.

The idle share generally remained between 25% and 35%, briefly rising to almost 41% in early February.

The cost to liquidity providers is significant. Dune estimates that out-of-range LPs forgo between $185 mln and $195 mln in fees annually.

The estimate was calculated by applying the blended in-range fee APR of approximately 40% over the period to the out-of-range TVL. The calculation used the fee tiers of Uniswap and PancakeSwap pools and bounded estimates for Aerodrome’s dynamic fees.

“Due to structural inefficiencies in DeFi, liquidity providers are leaving billions of dollars in underutilized capital and millions of dollars in fees on the table. If the industry is serious about bringing TradFi’s trillions on-chain, solving this needs to be priority number one,” said Sergej Kunz, 1inch co-founder. “Shared liquidity models and the advent of AI have the potential to create a far more efficient future for liquidity providers. That's why 1inch is set to launch Aqua, so LPs can maximize their capital and earn more from every dollar.”

"Decentralized exchanges have grown into one of the deepest, most liquid markets in crypto, and it is now competing with centralized exchanges and traditional trading venues,” added Filippo Armani, Research Lead at Dune. “What our research shows is that it has reached this scale even though much of its liquidity is not yet fully at work. It is easy to imagine what these venues will do as efficiency improves and institutional capital keeps arriving. Getting there depends on measuring liquidity precisely across every venue and chain, possibly real time, which is exactly the kind of on-chain visibility Dune has been building.”

Larger positions hold most idle capital

The research found that smaller positions were more likely to be out of range. Around 54% of positions worth less than $1,000 were idle, compared with approximately 26% of positions worth more than $1 mln.

But the largest positions still accounted for most of the idle capital.

Positions above $1 mln held approximately 47% of all idle liquidity, equivalent to roughly $260 mln. Positions worth more than $100,000 accounted for around 76%.

This suggests that underutilization is not limited to inexperienced or small-scale liquidity providers. Large, well-funded positions also drift outside their chosen ranges and stop earning fees.

Price direction matters more than volatilityThe research also examined why concentrated-liquidity positions move out of range.

The strongest factor was not volatility itself, but how far the market price moved in one direction over the week.

A highly volatile market can rise and fall before returning close to its starting point, leaving many positions in range. By contrast, a relatively calm but consistent price move can push large amounts of liquidity outside their selected ranges.

In other words, distance strands liquidity more reliably than short-term market turbulence.

No concentrated-liquidity design avoids the problemThe findings did not identify one protocol that consistently performed better across all markets.

When researchers compared the same trading pairs across different venues, the ranking changed from pair to pair. No single DEX was reliably more or less idle than the others.

Uniswap v4, despite being a newer architecture, recorded an idle share of around 30%, broadly in line with Uniswap v3.

Stablecoin pools also averaged around 30% idle liquidity.

Although stablecoins are designed to remain close in price, LPs often choose extremely narrow ranges only a few basis points wide. Even a small movement away from the peg can therefore push liquidity out of range.

Individually managed liquidity is more likely to sit idleMost out-of-range capital was held in individual wallets. On Uniswap v3, individually owned positions accounted for approximately 82% to 94% of idle capital across the networks where ownership could be attributed.

Capital managed by contracts, including active liquidity managers and market-making systems, stayed in range more consistently.

Incentives also helped. Aerodrome’s staked liquidity recorded the lowest idle rate in the study, at approximately 16%, because rewards are directed toward in-range capital.

However, incentives reduced the problem rather than eliminating it.

DeFi needs more efficient liquidityDeFi needs liquidity that remains available across changing market conditions. It needs models that reduce fragmentation, improve capital utilization and give LPs more opportunities to earn fees from the assets they already hold.

The next stage of DeFi will not be measured only by how much liquidity is deposited. It will be measured by how much of that liquidity is actually working.

Access liquidity across DeFi in the 1inch dApp.

Disclaimer: This report was commissioned by 1inch and prepared independently by Dune. The methodology, data collection, and analysis are Dune's own, and the findings represent Dune's independent conclusions. References to third-party protocols, including Uniswap, PancakeSwap, and Aerodrome, are made solely for research and informational purposes and do not imply any affiliation or endorsement. This report does not constitute financial advice.

BitMEX to shut down after 11 years in crypto derivativesBitMEX announced it will shut down operations on Sept. 23, 2026, after owner HDR Global Trading Limited decided to close the crypto exchange.

BitMEX, one of the pioneers of cryptocurrency derivatives trading, announced it will shut down operations after owner and operator HDR Global Trading Limited decided to close the company following a strategic review.

The company announced Thursday that it will stop operations on Sept. 23, 2026, and advised users to close positions and withdraw funds during the transition period.

“We want to reassure you that your assets remain fully safe and under your control during this transition period,” BitMEX said in a statement to users.

BitMEX said its platform helped popularize perpetual swap contracts, a type of crypto derivatives product that allows traders to speculate on asset prices without expiration dates. The company also said it has maintained a record of no customer funds lost to hacks during its 11 years of operation.

BitMEX did not disclose further details about the factors behind HDR Global Trading Limited’s decision to close the exchange following its strategic review. The exchange declined to comment further and HDR Global Trading was not reachable for comment.

The closure comes as the crypto derivatives market navigates a shifting competitive landscape. Centralized exchange (CEX) perpetual futures volume fell 10% to $12.7 trillion in the second quarter of 2026, according to CoinGecko’s latest Crypto Industry Report, while decentralized alternatives such as Hyperliquid rose to become the second-largest perpetuals exchange by open interest, behind Binance.

This is a developing story and will be updated as more information becomes available.

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Japan could launch its first Bitcoin exchange-traded fund as early as 2028 as regulators prepare rules that would allow investment trusts and ETFs to hold crypto assets directly.

Summary

Japan could approve its first Bitcoin ETF by 2028 as financial rules continue evolving nationwide. Major Japanese asset managers are preparing crypto funds while regulators work toward broader ETF access. Retail investors may drive demand, with projected Bitcoin ETF inflows reaching ¥3 trillion by 2028. A July 23 Nikkei report said the Financial Services Agency plans to revise investment-fund rules after lawmakers approved amendments that bring crypto assets under the Financial Instruments and Exchange Act framework. The change moves Japan toward treating crypto as a financial investment product rather than regulating it mainly as a payment asset.

Meanwhile, the legal change does not mean a Bitcoin ETF can launch immediately. Japan still needs detailed rules and changes to its investment-trust framework before fund managers can offer products that hold crypto as a primary investment target. 

The FSA’s materials confirm that crypto regulation is moving from the Payment Services Act into the Financial Instruments and Exchange Act, alongside new disclosure and market conduct requirements.

As crypto.news reported on July 15, Japan has passed legislation that creates a pathway for domestic crypto ETFs, although individual products will still require regulatory approval. An earlier report said Japan Exchange Group was considering listings as early as 2027, while the latest Nikkei report points to 2028 as a possible launch date. 

JPX chief executive Hiroki Yamamichi previously said an ETF “can be done anytime once the legal framework is in place and the tax treatment is clarified.”

Financial groups prepare for Bitcoin ETFs Several of Japan’s largest financial firms are studying products that could enter the market once regulators complete the rules. As previously reported, SBI Securities and Rakuten Securities are preparing crypto investment trusts through their own groups. Nomura, Daiwa, SMBC-linked firms and Asset Management One are also examining possible products.

The planned market could extend beyond Bitcoin ETFs. SBI Global Asset Management has considered funds focused on liquid crypto assets such as Bitcoin and Ethereum. Meanwhile, Osaka Exchange has discussed launching Bitcoin futures in 2028 if spot ETFs become legal. These plans show that traditional financial firms are preparing products before regulators complete the final framework.

Institutional interest is also rising. Nomura Holdings’ 2026 survey found that 79% of respondents who were considering crypto investment over the next three years planned to invest. Among them, 60% expected to allocate between 2% and less than 5% of their portfolios. The survey also found that 65% viewed crypto assets as a way to diversify their investments.

Retail investors could become the main source of demand Japan’s Bitcoin ETF market may develop differently from the U.S. market, where institutional investors have become major participants in spot Bitcoin ETFs. Japan has a smaller pool of institutions making large crypto allocations, while households continue to keep a large share of their financial wealth in cash and deposits. Bank of Japan data has placed the cash and deposit share at around half of household financial assets.

That structure could make individual investors a major source of demand. The July 23 Nikkei report estimated that Japanese Bitcoin ETFs could attract as much as ¥3 trillion by fiscal 2028. 

The FSA has also reported more than 14 million domestic crypto accounts, while about 70% of account holders earn less than ¥7 million annually. A regulated ETF could allow investors to gain Bitcoin exposure through securities accounts without directly managing crypto wallets.

The same retail focus is visible among financial groups preparing new products. Rakuten plans to make crypto investment trusts available through smartphone services, while other brokerages are studying products that could fit into existing investment platforms used by individual customers.

Pension interest adds another route for crypto exposure Institutional adoption remains limited, but some Japanese pension managers have begun testing small crypto allocations. The National Business Pension Fund in Okayama, which represents about 1,200 small and medium-sized businesses, plans to allocate about 1% of its assets to crypto-related funds during fiscal 2026.

Aiyu Kiguchi, the fund’s executive director of investment management, explained the diversification strategy by saying, “It’s because its price movements have a low correlation with the U.S. dollar.” The fund manages about ¥21.5 billion and plans to gain exposure through funds managed by major overseas hedge funds rather than buying crypto assets directly.

The move also comes as broader investor interest grows. Nomura’s survey found stronger demand for crypto as a diversification tool, while financial firms continue preparing investment trusts and possible ETFs. Japan Exchange Group has also said asset managers are showing interest in crypto-linked products.

Japan’s next steps will depend on how quickly the FSA completes its investment-trust rules and how exchanges set listing requirements. For now, the regulatory changes, asset-manager preparations and growing investor interest have moved the country closer to a domestic Bitcoin ETF market. The latest reported timeline places the first launch as early as 2028, with retail investors potentially providing a large share of demand.