Track market-moving stories before they get noisy

Zcash (ZEC) continued its remarkable surge this week, climbing to $1,620 and achieving its highest price in several years. Over the past 12 months, the privacy-focused cryptocurrency has soared by 2,800%, growing its market capitalization to $27.2 billion and ranking as the ninth largest digital asset globally. Zcash has now overtaken Dogecoin, Hyperliquid, Chainlink, and Cardano in market size.

ZEC ETF inflows drive price momentumStrong investor demand for Zcash exchange-traded funds (ETFs) has played a key role in fueling the rally. Data indicates that the Grayscale Zcash ETF received more than $32.8 million in new assets on Tuesday alone, pushing this week’s total inflows to $35 million.

The Grayscale fund, which charges a 2.5% expense ratio, has attracted $284 million in new capital so far in September. This marks a sharp rise from last month, when the ETF brought in $21 million. As a result, the fund now oversees $979 million in assets, outperforming many rival altcoin ETFs in terms of scale.

Momentum for Zcash is further reinforced by new product launches. The investment firm 21Shares recently introduced Europe’s first Zcash ETF on the Euronext exchange, broadening access for both retail and institutional investors looking to gain exposure to the privacy token.

Strong inflows into Zcash ETFs, including major additions at Grayscale and the debut of 21Shares’ product in Europe, have amplified demand by making ZEC more accessible to a larger pool of investors.

Shielded ZEC supply increases amid user rotation to privacy tokensBeyond institutional interest, organic demand for Zcash appears to be accelerating. According to Blockworks, the number of shielded ZEC tokens has climbed to 4.91 million, the highest since May 25. This uptrend began after reaching a low of 4.38 million in June, with users increasingly shifting toward privacy-enhanced assets.

Zcash remains the leading privacy token, utilizing zk-SNARKs technology to allow users to verify transactions without revealing sensitive details. The token offers a choice between public and shielded transactions, giving users control over the privacy of sender, recipient, and amount data.

Rising shielded token supply indicates growing confidence in privacy-centric cryptocurrencies as users migrate from mainstream options in favor of greater anonymity.

A surge in daily trading volume—now topping $2 billion—and a spike in futures open interest reflect escalating FOMO among traders. This surge in activity coincides with a wider market trend, where technical setups and investor excitement have accelerated gains in top-performing tokens.

When interpreting technical indicators such as Relative Strength Index (RSI) and monitoring breakout levels, some observers have also highlighted activity in the meme token space. In this segment, internet trends have catalyzed rapid gains, sometimes transforming modest investments into considerable returns within a matter of days. For example, Fomo App data recorded a trade in “Niu Lai” that turned an initial $99 into approximately $370,000, underlining the fast-paced dynamics of this niche. In these volatile markets, tracking not only price but also timing and token selections is essential. Fomo App aggregates token discovery, social features, investor rankings, and trade alerts, providing tools for those monitoring meme token activity closely.

ZEC price outlook and key technical levelsOn the technical side, Zcash maintains a strong uptrend over the past year. The token recently surpassed a significant resistance at $1,288, which had previously marked its September 9 high. Zcash continues to trade above all major moving averages, typically viewed as a bullish indicator.

However, some caution is warranted. The daily chart has begun to display bearish divergence signals: the Relative Strength Index has dropped from 88 to 72, and the Percentage Price Oscillator has moved lower as well. These developments suggest ZEC could face short-term pullbacks, potentially retesting support near $1,288 before attempting a fresh move toward the $2,000 mark.

Overall, the combination of robust ETF inflows, increasing demand for privacy tokens, and active participation from both retail and institutional traders continues to influence Zcash price movements as the market looks for further direction.

Significant inflows to Zcash ETFs and a surge in shielded supply are reinforcing ZEC’s position as a leading privacy-focused cryptocurrency, with technical signals pointing to further volatility ahead.

2 min read

FTX, founded by the disgraced and imprisoned Sam Bankman-Fried, has apparently moved $75 million worth of ETH to Wintermute. (FTX)Summary

Wallets labeled as belonging to the FTX bankruptcy estate and Alameda Research transferred as much as 27,373 ether, worth about $75 million, to crypto market maker Wintermute.The transfers could indicate plans to sell or hedge the assets, but on-chain data does not show that Wintermute sold the ether or that it was intended for creditor repayments.The transfers come as the FTX Recovery Trust continues its creditor-distribution program, including a planned $2.2 billion payout in March.Wallets labeled as belonging to the FTX bankruptcy estate and Alamada Research transferred as much as 27,373 ether ETH$2,738.19

, worth about $75 million, to crypto market maker Wintermute, according to two onchain analysts.

PeckShieldAlert flagged a transfer of 23,639 ether, worth roughly $65 million, from an Alameda Research and FTX bankruptcy estate-labeled address to a Wintermute wallet early on Wednesday. Onchain analyst EmberCN said six wallets transferred a combined 27,372 ether to Wintermute in a post on X. EmberCN traced the transfers and shared the Wintermute wallet movements on the Arkham intelligence platform.

The discrepancy between the two onchain analysts suggests that PeckShield’s alert identified the largest single transaction, whereas EmberCN took into consideration several transfers. The largest part of the transfer sent 23,639 ether to an labeled “Wintermute” on Etherscan.

A transfer to a market maker or over-the-counter platform can signal that a holder intends to sell or hedge a large position without sending it directly to an exchange. But the onchain data does not establish that Wintermute has sold the ether or that the transfer was made to fund creditor repayments.

Wintermute did not immediately respond to a CoinDesk request for confirmation and further information. The FTX Recovery Trust has not made any public statements regarding the transfers.

FTX and Alamade wallets have previously moved digital assets to exchanges during the estate’s multiyear wind-down. The latest transfer follows the trust’s ongoing creditor-distribution program. In March, FTX planned a $2.2 billion payout, its fourth distribution under the Chapter 11 plan.

A Wintermute transfer does not necessarily mean the ether will appear immediately on public exchange order books. The market maker could hold the assets as inventory, hedge exposure or execute a sale over time.

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12345678910The Definitive Stablecoin Landscape Series: Asia Pacific

The Definitive Stablecoin Landscape Series: Asia Pacific

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Sep 15, 2026

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

Why it matters:

As stablecoins move into regulated finance, APAC is becoming a key proving ground. This report maps the region’s rules, use cases, and RLUSD’s role.

NEAR Protocol has gained a new trading catalyst after its native token was deployed on Hyperliquid’s spot market, opening NEAR/USDC trading alongside an already active perpetual futures market.

Summary

NEAR spot trading has gone live on Hyperliquid, giving users direct access to NEAR/USDC alongside the platform’s existing perpetual market. NEAR perpetual open interest on Hyperliquid stood near $344 million as the token traded above $4 following a strong weekly rally. Positive funding showed long positions were paying shorts, while new spot activity could provide a clearer picture of demand beyond leveraged trading. NEAR’s rally has coincided with growth in Confidential Intents and several recent integrations across its ecosystem. According to NEAR Protocol’s Sept. 23 announcement, users can now trade NEAR against USDC on Hyperliquid, although the token will take several more days to appear on the platform’s Strict List under its normal deployment process.

NEAR traded near $4.33 following the launch, close to its recent 52 week high of $4.46. The token has risen strongly over the past week after changing hands near $3 in mid September, with several network developments arriving during the rally.

Spot access on Hyperliquid adds another market for direct NEAR purchases at a time when derivatives traders already have substantial exposure to the token. Hyperliquid data compiled by HyperAcademy showed NEAR perpetual open interest at roughly $344.2 million early on Sept. 23, while 24 hour volume stood near $269.1 million.

Funding was positive at 0.0017% per hour during the same snapshot, indicating that long positions were paying shorts. Hyperliquid allows up to 10 times leverage on its NEAR perpetual contract.

NEAR price rally meets heavy derivatives activity NEAR’s move onto Hyperliquid spot comes after the token recorded one of its strongest weekly runs this year.

On Sept. 17, NEAR traded near $3.05 after gaining 20.8% in 24 hours, leading gains among several large AI linked crypto assets. The token has since moved above $4, putting it roughly 40% above the Sept. 17 level.

Derivatives activity has grown alongside the rally. NEAR perpetuals ranked among Hyperliquid’s most heavily traded markets on Sept. 23, with roughly $248 million in 24 hour volume in a later market snapshot.

Spot trading creates a separate route for Hyperliquid users who want to hold NEAR without taking leveraged perpetual positions. It gives market makers access to NEAR spot and perpetual markets on the same platform, where positions can be hedged between the two markets.

Price action following the deployment will provide more data on whether spot demand can keep pace with the derivatives activity already surrounding NEAR. Open interest remains particularly important after the recent rally because a large leveraged market can produce heavier liquidations when price moves quickly in either direction.

Positive funding shows that traders were paying to maintain long exposure at the latest reading. A continued rise in open interest accompanied by heavily positive funding could leave leveraged long positions more exposed during a price reversal, while stronger spot volume would show that trading activity is not confined to perpetual contracts.

NEAR Confidential Intents activity has grown The Hyperliquid deployment follows several developments around NEAR’s cross chain infrastructure.

NEAR’s confidential total value locked crossed $70 million on Sept. 17, automatically triggering the first snapshot under its incentive program, crypto.news previously reported.

The snapshot set aside 333,333 milestone tokens for eligible users. Participants must maintain more than $100 in confidential balances and have an active swap history, while individual wallets are limited to 2% of the distribution.

Rewards from the first snapshot remain locked until NEAR’s three day volume weighted average price reaches at least $3.33. NEAR has since moved above that price threshold.

Confidential Intents routes transactions through a private NEAR shard and supports execution across more than 30 connected blockchains. NEAR said the system is designed to prevent transactions from appearing in public mempools, limiting exposure to front running, strategy leakage and other forms of maximal extractable value.

Activity connected to NEAR Intents has continued elsewhere in the ecosystem. Aurora Labs said its solver network has routed more than $30 billion after adding Sui as a destination for one signature cross chain transactions.

NEAR Intents solvers were later used to convert assets during a Zcash NFT auction, where more than $19 million passed through Aurora Intents across 1,718 swaps.

Hyperliquid spot listing follows another NEAR integration NEAR’s latest Hyperliquid deployment comes as the platform handles billions of dollars in daily derivatives trading.

Hyperliquid generated $429.04 million in revenue between Jan. 1 and Sept. 15, giving it 12.62% of the $3.40 billion revenue pool in CoinGecko’s adjusted comparison of crypto projects. The platform finished more than $106 million ahead of Pump.fun at the Sept. 15 cutoff.

Trading activity has remained concentrated in perpetual futures. Data cited in September showed Hyperliquid recording nearly $237 billion in perpetual trading volume over a 30 day period as more companies began using its infrastructure.

The platform has continued adding trading functions during the same period. Trailing stop orders became available for perpetual markets on Sept. 21, allowing traders to set triggers that follow favorable movements in the mark price before executing a market order after a chosen retracement.

For NEAR, spot deployment now places direct token trading beside the leveraged market that has already accumulated more than $300 million in open positions.

NEAR ecosystem adds tokenized stocks through Ondo Another NEAR integration arrived one day before the Hyperliquid spot deployment.

NEAR partnered with Ondo Finance to add 20 tokenized assets through near.com and NEAR Intents. The initial selection includes tokenized exposure to Tesla, Nvidia, Apple, Microsoft and Amazon, along with products tied to QQQ, silver and gold.

Eligible users can route supported crypto assets from more than 30 connected blockchains into Ondo Stocks through NEAR Intents without opening a separate brokerage account. Bitcoin and USDC are among the assets that can be used to fund purchases.

Access remains subject to Ondo’s securities restrictions, with U.S. persons excluded from the product. Ondo said the tokenized assets are issued through its Global Markets infrastructure, while NEAR Intents handles the cross chain routing used to reach them.

Gold bars are stacked in vaults in Hong Kong and Singapore. This week they got an address on Circle’s Arc blockchain, which now has its first tokenized gold asset.

Matrixdock, which issues the token, says qualifying sellers can have their cash the same day. However, its own rulebook says three working days.

The First Tokenized Gold Asset Still Waits Three DaysIn April 2025 a customer walked into a Singapore vault and walked out with a kilogram of gold. Matrixdock had turned a token back into metal. It took three days.

Each XAUm token is one ounce, held by Brink’s or Malca-Amit and traceable to a numbered bar. Matrixdock publishes the reserve reports. It also pays the auditor who checks them.

Gold moves slowly everywhere. London, the biggest market, settles two days after a trade. Matrixdock’s documentation still tells sellers to wait three working days for their money.

The same-day offer covers eligible sales only, and Matrixdock wants proof of the transaction first. The cash-out window runs on New York hours. The vaults are twelve hours ahead.

“Gold has been an institutional reserve asset for centuries, but holding it and using it have always been two different things,” said Eva Meng, head of Matrixdock, in a statement sent to BeInCrypto.

Follow us on X to get the latest news as it happens.

How XAUm Compares With Bigger Gold TokensWhile XAUm promises faster cash than rivals, it asks far less of anyone who wants the metal. Paxos requires 430 PAXG for a London Good Delivery bar, and the customer arranges delivery. Matrixdock asks 32.148 tokens for a one-kilogram bar, collected in Singapore or Hong Kong.

XAUm also runs on more networks than either rival. It lists eight, including Arc. Tether Gold runs on Ethereum and BNB Smart Chain. PAX Gold added Solana in June and otherwise stays on Ethereum.

The low bar to physical metal is a real advantage for anyone who actually wants gold in hand, since $139,000 buys a collectable kilogram from XAUm while PAXG demands roughly $1.8 million before Paxos will release a bar.

However, eight chains on a $71 million token is thin liquidity spread thinner, and the reason XAUt and PAXG stay on two networks is that depth beats reach when someone needs to sell size in a hurry.

A Chain Built for Banks That Opened With Joke TokensMeng’s remarks come as Arc tries to prove what it is for. Circle launched the network on September 16 with Visa, BlackRock and Standard Chartered helping run it.

Day one went elsewhere, as sites for minting joke tokens took 82% of the $410.8 million traded on Arc’s opening day, BeInCrypto found.

XAUm is the smallest of the big gold tokens by value. On May 1 it was worth $70 million. Tether Gold was worth $2.52 billion and PAX Gold $2.32 billion.

Matrixdock Gold XAUM Price Performance. Source: BeInCryptoXAUm’s market price sits near $4,318, about $71 million in all. Matrixdock says lending will come later. Today the gold can be sold on Arc. It cannot be borrowed against.

Dear SafePal Community,

SafePal is excited to announce the launch of the Hyperliquid Mini Program inside the SafePal App. It is a complete, purpose-built perpetual trading terminal powered by Hyperliquid, the high-performance decentralized exchange for perpetual futures running on its own Layer 1 blockchain.

This is a significant upgrade to our existing Hyperliquid integration. Where the first release brought Hyperliquid perps natively into the SafePal wallet trade tab, the new mini program delivers the full professional trading stack.

The professional stack consists of eight order types, up to 100x leverage, cross and isolated margin, position-level take profit and stop loss, TWAP execution, and a full charting suite with technical indicators, all while maintaining self custody without your private keys ever leaving your device.

To get started, download the latest version of the SafePal App here and refer to the step-by-step guide here on how to trade Hyperliquid perps via SafePal.

A CEX-grade trading terminal that never takes custody The trade-off traders have lived with for years is a simple one: centralized exchanges offer the order types, depth and speed that serious trading requires, but only if you hand over your assets. Self-custodial alternatives protect your keys but historically ask you to give up other important factors like slippage, execution speed, liquidity and more.

The Hyperliquid Mini Program removes that trade-off. Hyperliquid runs a fully on-chain order book with deep liquidity and CEX-level execution speed, and SafePal brings it into the wallet where your assets already live. Orders are signed by your own keys, either by your SafePal software wallet or by a SafePal S1, S1 Pro or X1 hardware wallet for an added layer of physical verification.

Every position you open is yours, verifiable on-chain.

Eight order types for every market condition The mini program supports the complete Hyperliquid order set, selectable directly from the trading panel:

Market: immediate execution at the best available price Limit: execution at your price or better, with Time-in-Force options (GTC, IoC, and ALO / post-only) Scale: split a single position into up to 100 laddered limit orders between a start and end price, with an adjustable size skew to weight the ladder toward either end Stop Limit and Stop Market: trigger-based entries and exits with built-in validation that prevents trigger prices being set on the wrong side of the market Take Limit and Take Market: take-profit orders with the same trigger logic in reverse TWAP: time-weighted average price execution for larger orders Every order can be flagged Reduce Only, and take profit / stop loss levels can be attached at the moment of order placement rather than added afterwards.

TWAP: institutional execution, on your phone Large orders move markets. The TWAP order type breaks a position into a series of smaller sub-orders executed evenly over a runtime you define, anywhere from 5 minutes to 7 days.

Advanced settings give you meaningful control over how that execution behaves:

Randomize: varies each sub-order's size by up to roughly 20% so the execution pattern is harder to read, while still respecting your maximum single trade size Trigger Price: the TWAP only begins once the mark price reaches your specified level Max / Min Price: the TWAP terminates automatically if the mark price runs beyond your acceptable band Active TWAPs get their own tab alongside Positions and Open Orders, showing executed size against total size, average fill price, elapsed runtime, and a one-tap terminate control. Completed and terminated runs are preserved in History and Fill History with closed PnL.

Leverage, margin and risk controls Leverage is adjustable up to 100x on supported markets via a slider that displays your maximum position size at the selected setting in real time. If you attempt to place an order above the maximum leverage a market supports, or beyond your available margin, the mini program stops you with a clear prompt rather than a failed transaction.

Margin mode is set per market:

Cross: all cross positions sharing the same margin asset draw on one balance, improving capital efficiency at the cost of shared liquidation risk Isolated: each position uses a fixed margin allocation, containable and adjustable at any time For isolated positions, margin can be added or removed after the fact through the Adjust Margin sheet, which shows exactly how much is addable and how much is removable before you confirm.

Position management built for speed Open positions display unrealized PnL, size, allocated margin, entry price and liquidation price at a glance, with three actions on every position:

Reverse: flip long to short (or short to long) in a single confirmation, with the resulting size, price and new liquidation price previewed before signing TP/SL: set position-level take profit and stop loss, entered as either a price or a percentage, with estimated PnL calculated live as you type Close: close at market or set a limit price, with a warning if your limit sits on the wrong side of the market and would execute immediately A Close All Positions control handles the whole book at once, cancelling open orders and filling remaining positions at market after an explicit confirmation.

Charts, order book and market data Every market opens onto a full charting view with:

13 timeframes from 1 minute through 1 month, plus a line view Main indicators: MA (default), EMA, BOLL and SAR, which can be layered together on the candles Sub indicators: MACD, KDJ, RSI and WR, displayed in a dedicated panel below volume Order book with up to 20 levels per side, adjustable price precision, and a live buy/sell pressure ratio Trades tab showing the most recent 20 executions with price, size and timestamp Markets are browsable by 24h volume, price and 24h change, with a Favorites list and coin pair search with recent search history for traders who work a fixed set of pairs.

Deposits and withdrawals in a few taps Funding is handled in USDC on Arbitrum, directly from the balance you already hold in SafePal (Additional support for other blockchains will be added in future releases and updates):

Deposits start from 5 USDC and typically credit in about 1 minute after blockchain confirmation Withdrawals start from 2 USDC, carry a $1 network fee, and typically arrive in about 5 minutes Both flows show a full pre-signature summary before anything is signed: asset, network, amount, from and to addresses, and the network fee.

Hardware wallet signing, with batch approval Trading requires signatures, and active trading requires a lot of them. The mini program handles this with a one-time Enable Trading flow: connect your wallet, then approve trading. After that, software wallet users sign directly, while hardware wallet users approve via their device.

For SafePal hardware wallets on the latest firmware, batch signing allows multiple transactions to be authorized at once. That is meaningfully faster for anyone managing several positions, and it does not weaken the security model. If your device firmware doesn't yet support batch signing, the app prompts you to upgrade.

Please note that the Hyperliquid Mini Program supports wallets imported via mnemonic phrase.

Complete trade history and accounting Every action is recorded across four tabs, each filterable by date range, symbol and order type:

Open Orders: live orders with a per-order or Cancel All action Order History: filled, cancelled and rejected orders with order ID, filled size and order value Trade History: individual fills with price, size, value, fee and closed PnL Funding History: funding fees paid and received per position, with the applicable rate How to start trading Hyperliquid perps in SafePal Update the SafePal App to the latest version here Open the Perpetuals tab and select Hyperliquid Connect your SafePal software or hardware wallet and complete the one-time Enable Trading signature Deposit USDC over Arbitrum One from the Wallet tab Choose a market, set your margin mode and leverage, and place your order Every signature request appears for review before it executes. If you are using a SafePal S1, S1 Pro or X1, transactions are confirmed with a second layer of verification on the hardware device itself.

What this means for SafePal users Perp DEX volume has grown from a niche share of the market to a meaningful percentage of total derivatives activity, and the direction of travel is clear: traders increasingity without CEX counterparty risk.

The Hyperliquid Mini Program is SafePal's answly want CEX execution qualer. It sits alongside the rest of the SafePal wallet suite, including spot swaps in the SafePal swap aggregator, staking, RWA trading and the fiat gateway, so users can hold, trade, hedge and manage risk from one self-custodial app across 200+ blockchains.

More features and deeper collaboration with Hyperliquid are on the roadmap. Stay tuned.

Frequently asked questions 1. What is the Hyperliquid Mini Program? 

It is a dedicated Hyperliquid perpetuals trading interface built into the SafePal App, offering the full Hyperliquid order set, charting and position management without leaving self-custody.

2. Do I need to complete KYC? 

No. SafePal and Hyperliquid are both decentralized, non-custodial platforms.

3. What leverage is available? 

Up to 100x on supported markets. Maximum leverage varies by market, and the app will prompt you if your selected leverage exceeds what a market supports.

4. Which assets can I use to fund my account? 

Trading is margined in USDC, deposited over Arbitrum One from your SafePal wallet.

5. Which hardware wallets are supported? 

The SafePal S1, S1 Pro and X1 can all be used to sign transactions in the Hyperliquid Mini Program. Batch signing requires the latest firmware.

6. Does SafePal hold my funds? 

No. SafePal is a non-custodial wallet. Your private keys stay on your device, and Hyperliquid settles trades on-chain.

Disclaimer Not Investment Advice

The information above does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the article's content as such. SafePal does not recommend that any cryptocurrency should be bought, sold, or held by you.

Perpetual futures trading involves leverage and carries a high risk of loss, including the total loss of your margin. Leveraged positions may be liquidated in volatile market conditions. Cryptocurrency investment is subject to high market risks. Please invest cautiously. SafePal will not be responsible for any investment losses. SafePal will not be liable whatsoever for any direct or consequential loss arising from the participation of its activities.

Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

Non-Endorsement

The appearance of a third party on SafePal and its activities does not constitute an endorsement, guarantee, warranty, or recommendation by SafePal. Perpetual futures products are subject to regional eligibility restrictions. Do conduct your own due diligence before deciding to invest in any third-party projects or use any third-party services.

About SafePal: Founded in 2018, SafePal is a next generation non-custodial crypto wallet suite backed by Animoca Brands, Binance and Superscrypt. The suite empowers access to decentralized and centralized finance on 200+ blockchains across its hardware, software, and browser extension wallet solutions.

Encompassing a diverse mix of crypto asset management solutions like cross-chain swapping, trading and yielding tools, centralized exchange (CEX) mini programs, a fiat gateway and Mastercard for users — SafePal serves 30+ million users globally across 200+ regions and countries in 16 languages.

SFP is a decentralized BEP-20 and ERC-20 token fuelling the SafePal ecosystem with various utilities such as discounts on SafePal products, staking boost and airdrop rewards, seamless conversion to gas tokens, and more.

About Hyperliquid: Hyperliquid is a performant blockchain built with the vision of a fully onchain open financial system. Liquidity, user applications, and trading activity synergize on a unified platform that will ultimately house all of finance.

Key Takeaways SUI is working to maintain support above $0.9725, which previously served as the ceiling of its extended consolidation zone. Current price action displays consecutive higher peaks and troughs, though a decline beneath $0.9542 could undermine this bullish formation. Crypto analyst Ted identified a breakout from a nine-month bearish trendline and has targeted $1.50 as the next significant milestone. The Sui blockchain has implemented gasless stablecoin transactions at the protocol layer, with private transfer functionality scheduled for this month. Walrus Protocol has become a Diamond-tier sponsor of Sui Basecamp, highlighting the ecosystem’s expanding data verification infrastructure. The Sui token is working to confirm a breakout after surpassing price levels that constrained it throughout recent months. SUI is currently attempting to maintain its position above $0.9725, which previously represented the upper limit of its consolidation range.

Sui Price This upward movement comes after SUI broke free from a descending wedge formation and cleared resistance near the $0.85 mark. The token had been trading around $0.82 before pushing through that technical barrier.

Current chart patterns reveal a sequence of ascending highs and lows. Maintaining ground above the previous range resistance would preserve this constructive technical setup.

Sui Blockchain Introduces Advanced Stablecoin Functionality Developments within the Sui ecosystem extend beyond simple price movements. The network has now enabled gasless stablecoin transactions at the foundational protocol layer, as noted by market analyst Ted.

Ted shared on X that confidential transaction capabilities are anticipated to arrive within this month. This feature will allow transaction amounts to remain hidden while ensuring settlement verification remains possible.

According to Ted’s analysis, SUI has successfully escaped from a nine-month declining trend channel. He suggested that some price consolidation might prove beneficial before the next upward leg and highlighted $1.50 as his subsequent price objective.

$SUI is starting to look interesting again.

Gasless stablecoin transfers now work at the protocol level, and confidential transfers are coming this month, keeping amounts private while settlement stays verifiable.

At the same time, SUI has broken out of a 9-month downtrend.… pic.twitter.com/nOdiT53lC7

— Ted (@TedPillows) September 22, 2026

The broader Sui ecosystem continues to strengthen its data infrastructure capabilities. Walrus Protocol recently announced its participation in Sui Basecamp at the Diamond sponsorship tier.

Walrus positions itself as a solution for creating portable, secured, and verifiable data structures. The initiative was launched by former engineers from Meta who contributed to Sui’s original development.

Technical Structure Points to Critical Support Zone From a chart analysis standpoint, $0.9725 represents the crucial near-term support level requiring close attention. Holding above this threshold would validate the ongoing breakout structure.

A retreat below $0.9542 would compromise the bullish formation and potentially send SUI back into its former trading range. Technical analysis suggests the next resistance zone sits approximately at $1.0370.

Beyond that point, additional technical barriers emerge around $1.1637 and $1.38. Ted’s broader price target of $1.50 extends past these intermediate chart levels.

Previous technical assessments had identified $1.10 and $1.35 as potential objectives following a successful breach above $0.85. Those projections were established before SUI developed its current price configuration.

Trading volumes during the initial breakout phase were predominantly concentrated on Binance, with OKX and Upbit following. Exchange flow data from that period indicated active participation from both buyers and sellers rather than a one-sided market movement.

SUI’s present situation therefore merges improving technical chart structure with meaningful protocol-level enhancements to stablecoin operations. The critical near-term question centers on whether the token can sustain its position above the former resistance zone near $0.9725.

Ondo Climbs to the Top of Two RWA Categories@Ondo has secured the number one position in both tokenized Treasuries and tokenized stocks and ETFs by total value, marking a significant milestone for the platform in the fast-growing real-world asset sector. Measured across all RWA categories, Ondo sits second among tokenization platforms overall, with $3.66B in assets against Securitize's $4.74B, according to rwa.xyz data.

The platform's position in tokenized equities reflects rapid product expansion. Ondo Global Markets launched in early 2026 with over 100 tokenized US stocks and ETFs, covering names such as Apple, NVIDIA, Tesla, and index funds including QQQ and SPY, with plans to scale the offering further. Tokens carry the platform's distinct "-on" suffix, such as NVDAon and TSLAon, and are priced in USD.

On the Treasury side, Ondo's product suite includes OUSG, an institutional tokenized Treasury fund backed primarily by BlackRock's BUIDL money market fund, and USDY, a permissionless yield-bearing token backed by short-term US Treasuries. Ondo Global Markets crossed $1B in May 2026 and holds more than 70% market share of tokenized-stock volume, according to rwa.xyz figures cited by Chainstack.

Holder Growth Climbs, Transfer Volume SoftensOn-chain user metrics show strong adoption momentum. Holders grew more than 20% over the past 30 days to nearly 487,000. Monthly transfer volume, however, dipped around 10% to $1.63B, suggesting some cooling in short-term trading activity even as the holder base continues to expand.

Ondo's broader regulatory position has also strengthened in 2026. The SEC formally closed its two-year investigation into Ondo in December 2025 with zero charges, and in July 2026 its SEC-registered broker-dealer Oasis Pro Markets secured FINRA authorization to offer tokenized equities and funds to US investors. That clearance opens a compliant path into one of the world's largest retail investment markets.

Securitize remains the largest tokenization platform overall. RWA.xyz tracked approximately $39.2B of distributed tokenized real-world assets as of September 8, 2026, with Securitize leading at around $5.04B. Ondo's ability to close that gap while simultaneously topping two distinct product categories positions it as the platform to watch as institutional and retail demand for on-chain real-world assets continues to grow.

Sources:
Chainstack: Top RWA Tokenization Platforms in 2026
MetaMask: RWA Categories in 2026
Bitcoin Foundation: Best RWA Tokenization Platforms 2026

A series of movements from long-inactive Bitcoin wallets has drawn attention in the crypto industry, with four ancient wallets transferring a combined 1,971.03 BTC, valued at approximately $161 million, over the past two weeks. Galaxy Research reported that these dormant wallets, which had remained inactive for years, suddenly became active again, extending a notable trend in 2026 on-chain behavior.

Major dormant wallets spring to lifeGalaxy Research identified that the largest transfer originated from a wallet holding 1,260.78 BTC, currently worth about $100.63 million. This stash had been untouched since July 2016, meaning it has appreciated roughly 12,122% from an estimated entry price of $652 per Bitcoin.

The oldest wallet involved, dormant since March 2011, contained 10.25 BTC, now valued at around $792,000. This position saw a gain of over 8.38 million percent based on an average acquisition price close to $1 per Bitcoin.

A similarly aged wallet, inactive since November 2011, transferred 100 BTC priced at about $8.09 million, marking an approximate increase of 2.49 million percent.

The most recent transfer took place early Tuesday, when a wallet holding 600 BTC, worth around $51.9 million, moved coins that had been dormant since July 2012. This wallet had not been accessed for 14.2 years, achieving an estimated gain of more than 1 million percent.

Legal developments and market activityThree of the four wallets featured a “Noah Doe” sender tag. This designation refers to a New York lawsuit that seeks to classify thousands of long-unused Bitcoin addresses as abandoned property. Wallets associated with this case have become increasingly active, particularly after a judge paused the lawsuit in June.

The recent awakenings follow an earlier wave in 2026, where six wallets moved approximately $40 million within a 10-day period. Galaxy Research charts show that the oldest coins—those untouched for 10 years or longer—are starting to see movement at a pace that is rare in the network’s history.

Such activity attracts scrutiny, as few holders from Bitcoin’s earliest years are thought to still possess their private keys, making each wallet awakening a potential indicator of long-dormant supply reentering circulation.

Despite the growing volume of revived addresses, blockchain data does not clarify the owners’ intentions, whether they are selling, consolidating, or moving assets into different forms of custody. Notably, the recipient address for the latest 600 BTC transfer remains unidentified on the blockchain.

Market context and parallel trendsWhile the market closely watches the movement of old Bitcoin wallets for signs of renewed selling pressure or supply changes, consecutive on-chain awakenings are also shaping expectations among professional traders and blockchain analysts.

Turning to other corners of the digital asset market, monitoring technical signals and investor behavior remains essential for traders seeking to capitalize on rapid trends. In the meme token sector, internet-driven activity can shift market dynamics dramatically in a matter of days.

In the meme token market, an internet trend can transform into millions of dollars of interest within days. According to data shared by Fomo App, a trade involving “Niu Lai”—which turned an initial $99 investment into approximately $370,000, stands out as a striking example of this activity. In this market, tracking not only prices but also the timing and token choices of investors is crucial. Fomo App brings token discovery and trading together on a single platform, featuring social feeds, investor rankings, and trade notifications. Discover Fomo App to follow the world of meme tokens alongside investor activity.

Tether, the issuer of the world’s largest stablecoin by circulation, has clarified that the European Union’s Markets in Crypto-Assets (MiCA) framework’s reserve requirements played a key role in its decision not to seek authorization within the EU. CEO Paolo Ardoino stated that Tether declined to pursue MiCA licensing due to the mandate for significant stablecoins to place at least 60% of their reserves in commercial bank deposits.

Tether points to reserve concentration riskMiCA, the EU’s comprehensive crypto-assets regulation, stipulates that e-money token issuers must retain at least 30% of reserves in deposits at credit institutions. For stablecoins classified as “significant,” the threshold rises to 60%. Paolo Ardoino has consistently argued that concentrating the majority of stablecoin reserves with commercial banks could introduce counterparty risk, rather than enhancing the stability that regulators intend.

This view has gained traction after the collapse of several banks in 2023. In particular, the failure of Silicon Valley Bank highlighted the risk of stablecoin issuers holding substantial reserves in a single financial institution. Circle, the company behind USDC, disclosed that $3.3 billion of its assets were held at the failed bank, briefly disrupting the stablecoin’s liquidity and access to funds.

Paolo Ardoino has argued that requiring a majority of reserves in commercial banks creates unnecessary risk, citing recent real-world cases where such concentration led to temporary funding issues for other stablecoin issuers.

Tether’s reserve strategy differs markedly from that dictated by MiCA. As of June, the firm issued $184.6 billion in USDT, with the majority of reserves allocated to U.S. government securities and short-term liquidity facilities. The company’s assets exceeded its liabilities by roughly $4.11 billion at the end of the second quarter.

Tether Limited operates as the primary issuer of USDT, a widely used stablecoin designed to maintain a 1:1 peg with the U.S. dollar by holding a pool of liquid assets as backing.

Mini dictionary: MiCA (Markets in Crypto-Assets) is the European Union’s regulatory framework for cryptocurrencies and stablecoins, aiming to standardize crypto oversight, user protections, and reserve management rules across the EU.

EU central banks urge shift from fixed deposit thresholdsIn a development that aligns partially with Tether’s concerns, the European Central Bank (ECB) and national central banks recently recommended eliminating fixed minimum thresholds for bank deposits held as stablecoin reserves. Instead, they favor introducing liquidity requirements based on assets maturing within one and five working days.

This recommendation is rooted in the broader goal of promoting financial stability in the EU’s banking sector. Central banks warned that an increase in substantial deposits from stablecoin issuers—at the expense of traditional retail deposits—could make European lenders more vulnerable during periods of market stress.

Large, concentrated deposits may be quickly withdrawn if stablecoin holders rush to redeem their funds, potentially increasing liquidity risks for banks. Despite these warnings and recommendations to amend MiCA’s approach, the current requirements remain in place until any formal regulatory update is adopted by the EU.

The ECB and other central banks have stressed that mandatory deposit levels could contribute to financial instability if not balanced with appropriate short-term liquidity measures.

At present, MiCA’s 30% and 60% deposit thresholds for e-money and significant e-money tokens continue to apply. Tether remains outside the MiCA authorization regime for USDT, with its EU market position still impacted by the unresolved reserve rule.

IssuerMiCA Reserve RuleCurrent Reserve StructureStatusTether (USDT)60% in commercial banks (if significant)Mainly in U.S. government-backed assetsNot MiCA-authorizedCircle (USDC)Same as aboveMix of bank deposits, government bondsMiCA application not finalized

Aave has switched on USDC deposits from Base inside its mobile app, marking a quiet but meaningful step in the protocol’s push to bring decentralized lending to a phone screen near you. The feature is live now, and it lands on top of a Base market that has already accumulated somewhere between $178 million and $182 million in USDC deposits.

Aave’s V3 market on Base has been running since 2023, quietly processing loans and earning yield for depositors without most retail investors ever noticing. The current utilization rate on that market sits at roughly 89 to 90 percent, which is a finance way of saying almost every dollar deposited is already being borrowed by someone else.

High utilization is a double-edged situation. Lenders love it because it pushes yields up. Borrowers feel it in their cost of capital, with current borrow rates on the V3 market sitting around 4.6%. For depositors, the Aave app is advertising USDC and USDT yields in the 3% to 6.5% range depending on where market conditions land on any given day.

The iOS app entered early access in August 2026. A full public launch is on the calendar for later this year. The early access phase has functioned as a live beta, letting Aave gather real usage data before opening the floodgates to a broader audience.

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Base earns its place in this story for a specific reason: USDC on Base is issued natively by Circle, which means users are working with a first-party asset rather than a bridged version of one. Bridged assets carry smart contract risk from the bridge itself. Native issuance removes that layer entirely, which is a meaningful distinction for anyone who has watched a bridge exploit drain liquidity from a protocol.

The Chainlink layer underneath Cross-chain operations inside the Aave app run on Chainlink’s Cross-Chain Interoperability Protocol, known as CCIP. The integration means users can deposit and transfer across networks without manually routing assets through third-party bridges or managing multiple wallet states.

Automatic compounding of yields is part of the feature set, which removes another manual step that has historically kept casual users from sticking with DeFi products long enough to see meaningful returns.

The broader context: Aave’s scale and Base’s momentum Aave’s cumulative loan volume across all its markets crossed $150 billion as of August 2026, which is a number that deserves a moment of context. That’s more than the annual GDP of a mid-sized European economy, processed entirely through smart contracts with no loan officers, no credit checks, and no business hours.

Base, Coinbase’s Ethereum Layer 2 network, has become one of the more active chains for DeFi activity since its launch. Its integration with Circle’s native USDC issuance gives it a structural advantage for stablecoin-denominated protocols.

The 89 to 90 percent utilization rate on the Base V3 market also suggests that new deposit inflows from the mobile app could be absorbed quickly. High utilization means borrowers are already competing for available liquidity. Fresh capital flowing in from mobile users gets put to work almost immediately, which sustains yields and keeps the flywheel moving.

What the Base USDC feature does, practically speaking, is give the app its most important currency pairing at launch. USDC is the stablecoin most retail users already hold, and Base is the chain most closely associated with Coinbase’s retail-facing products.

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

AVAX posted a 55% weekly gain as attention around the Bitwise Avalanche ETF fueled renewed interest in the Layer 1 network. The ETF, trading under the ticker BAVA on NYSE Arca, represents the first regulated vehicle offering direct exposure to Avalanche tokens, and it comes with a twist: most of the fund’s holdings are actively staked to generate yield.

The early inflows have been modest by ETF standards, with the fund pulling in around $231K in one recorded period and seeing single-day peaks closer to $5 million. Assets under management for BAVA sat in the range of $18 million to $22 million shortly after launch. For context, AVAX was trading around $9.50 with a market cap of roughly $4.1 billion at the time the fund went live.

How the staking model works BAVA isn’t just a passive wrapper around AVAX tokens. Bitwise designed the fund to stake approximately 70% of its holdings through its Onchain Solutions division, targeting average staking rewards of about 5.4%.

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The sponsor fee comes in at 0.34%, which Bitwise is waiving for the first month on the initial $500 million in assets.

What’s driving the AVAX rally Avalanche has been building its case as an enterprise-grade blockchain for some time. The network claims throughput of up to 4,500 transactions per second, which puts it in the upper tier of Layer 1 networks. Its customizable architecture allows organizations to spin up dedicated subnets, essentially private blockchains that still connect to the broader Avalanche ecosystem.

That design has attracted partnerships with major organizations including Visa and FIFA, both of which have explored Avalanche for tokenized assets and payment infrastructure.

The bigger picture for crypto ETFs If the staking model proves successful and AUM grows, it could set a template for future crypto ETFs. Fund managers launching products around staking-enabled tokens like Solana, Polkadot, or Cosmos might look at BAVA’s structure as a blueprint.

For AVAX holders, the ETF represents a new source of structural demand. Every dollar flowing into BAVA translates to AVAX purchases on the open market, and 70% of those tokens get locked into staking contracts, reducing circulating supply. At current AUM levels of $18 million to $22 million, that mechanism is too small to move the needle significantly.

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

@injective's $INJ stakers have approved the Meridian mainnet upgrade by a near-unanimous margin, clearing the path for what the network's developers describe as its most significant institutional push to date. The governance proposal, designated IIP-701, passed on September 22 with roughly 99% support and is scheduled to go live on September 24, 2026.

Compliance Baked Into the Protocol The core of Meridian is a new regulated token standard on Injective's EVM layer.

The upgrade does not arrive in isolation. That regulatory milestone, combined with Meridian, positions the chain as a compliance-native venue for institutional asset issuance.

Private RFQ Testing and the Road to CypherOS In an RFQ model, institutional participants request prices from a select pool of market makers rather than posting orders to a public order book, offering better execution on large trades without moving the market.

The Meridian upgrade is the latest step in a deliberate sequencing strategy. For $INJ holders,

Sources:
Injective Meridian mainnet upgrade proposal passes with 99% support, Crypto Briefing
Injective Meridian Upgrade Aims for September 24 Mainnet Activation, KuCoin
Injective Meridian Upgrade Vote Targets September 24 Mainnet Activation, CryptoRank

Sui just flipped the switch on GraphQL subscriptions for its Mainnet, giving developers a way to stream real-time blockchain data, including checkpoints, transaction blocks, and events, through a single unified interface.

The feature uses WebSocket connections through the endpoint wss://sui-mainnet.mystenlabs.com/graphql, and comes with built-in capabilities like query-aligned filtering, automatic reconnection, and the ability to backfill from a past cursor before seamlessly transitioning to a live feed.

From JSON-RPC to GraphQL: the full migration This launch is the final chapter in a migration away from JSON-RPC. Sui’s GraphQL RPC entered beta in 2025, became generally available in early 2026, and the legacy JSON-RPC system was fully phased out on Foundation nodes in late July 2026.

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Subscriptions take this a step further. Instead of polling the network repeatedly, apps open a persistent WebSocket connection and receive updates the moment they happen.

How it works in practice The subscription system supports three core data types: checkpoints, transaction blocks, and events. Each can be filtered using GraphQL’s native query language, which means developers don’t have to pull down everything and sort through it client-side.

One of the more practical features is cursor-based backfilling. If an application disconnects, it can reconnect and resume from the exact point where it left off. The system delivers missed data in order before switching back to the live stream.

This approach also eliminates the need for developers to juggle multiple interfaces. Previously, accessing historical data and receiving live updates often required different tools, sometimes different protocols entirely. With GraphQL subscriptions, both flows use the same query language and the same endpoint.

The feature complements Sui’s existing gRPC streaming option, which is better suited for high-throughput, low-level integrations. GraphQL subscriptions offer a more flexible, human-readable interface that’s easier to integrate into web and mobile applications.

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

Bitwise says its NEAR fund has passed $100 million. The fund holds 25.2 million NEAR tokens. At Tuesday’s price those tokens are worth about $116 million. A month ago the same pile was worth half that.

The token did the work, with NEAR price up 135% in 30 days. Bitwise needed no new investors at all to cross the $100 million line.

NEAR’s Rally Did Most of the LiftingThe Bitwise NEAR Staking ETP listed in Frankfurt in July 2025. Europeans buy it like a share. It holds NEAR for them and stakes it, which means locking tokens to help run the network in return for newly issued ones.

Each unit is a claim on about 5.18 NEAR. Units are the honest measure of demand. Token values rise and fall with the market. Unit counts only rise when somebody buys.

An independent administrator counted 4,882,271 units on September 17. Bitwise’s page showed 4,912,271 on Tuesday. That is 30,000 new units, a rise of 0.6%, worth about $639,000.

Over the same month the value of each unit rose 107%. NEAR itself gained 135% in 30 days, according to NEAR market data.

NEAR Price Performance. Source: BeInCrypto “A milestone for another of our European products: the Bitwise NEAR Staking ETP has passed USD 100 million in assets under management.,” Bitwise Europe shared.

What Investors Pay and What They Were PromisedThe fund charges 0.85% a year. Bitwise also keeps 33% of the staking rewards. Investors take the other 67%.

At launch Bitwise advertised a net staking return of 5.5%. The current factsheet shows 3.01%. Network rewards fell. The cut did not. Bitwise’s recent inflows have leaned on products that pay a yield.

“100m in NEAR Bitwise ETP. Gud milestone since launching it a year ago in Frankfurt,” said Illia Polosukhin, co-founder of NEAR Protocol.

A US version is still waiting. A September 16 filing names the Bitwise NEAR ETF, ticker NRR, for NYSE Arca. Regulators have not approved it.

Asset manager 21shares has expanded its range of cryptocurrency investment products by listing physically backed exchange-traded products (ETPs) for Zcash (ZEC) and Ether.fi (ETHFI) on Euronext Paris and Amsterdam. This development enables investors to access these digital assets via traditional brokerage accounts without holding the tokens directly.

Product details and market accessThe new ETPs offer exposure to Zcash and Ether.fi’s governance and utility token, ETHFI. Both products are physically backed, meaning each ETP share is linked to actual holdings of the underlying cryptocurrency. Investors can buy and sell these ETPs on Euronext Paris and Amsterdam, two of Europe’s largest stock exchanges.

The ETHFI ETP tracks the performance of Ether.fi, a decentralized finance protocol focused on staking and providing other financial services within the digital asset space. The addition of these products aims to provide diversified access points for institutional and retail investors seeking crypto exposure through regulated channels.

Mini dictionary: Ether.fi, launched in 2023, is a decentralized finance protocol that allows users to stake Ether (ETH) and participate in a variety of DeFi services, using its governance and utility token, ETHFI.

Both offerings are positioned as physically backed alternatives to more synthetic investment options, appealing to those prioritizing transparency in fund holdings.

Fees and competitive landscapeThe annual management fee for both the Zcash and ETHFI ETPs is set at 2.5%. This rate is significantly higher than the fees charged by many Bitcoin and Ether investment products currently available on European exchanges, which often range between 0.2% and 1.5%.

Higher fee structures may reflect the complexity and lower liquidity of these underlying assets, or the operational overhead related to physical custody of less widely traded cryptocurrencies.

ProductUnderlying AssetAnnual FeeExchange21shares Zcash ETPZcash (ZEC)2.5%Euronext Paris, Amsterdam21shares Ether.fi ETPEther.fi (ETHFI)2.5%Euronext Paris, AmsterdamBTC/Ether ETPs (avg.)Bitcoin, Ether0.2%–1.5%Various EuropeanIndustry participants are watching closely to see whether the higher fees will impact investor demand for these specialized products.

Zcash price surge and market attentionZcash’s listing comes at a time when the privacy-focused cryptocurrency has captured significant market attention after a sharp rally over the past year. ZEC’s price recently exceeded $1,500, marking a gain of nearly 1,100%, based on CoinMarketCap data.

The surge has led to renewed discussion about Zcash as a potential alternative to Bitcoin, which remains the largest and most widely adopted digital asset. Some analysts have noted Zcash’s unique privacy features and its potential to attract users seeking more anonymity in blockchain transactions.

Zach Pandl, research head at Grayscale, has stated that Zcash could gain from “second-mover advantages,” which may allow it to overcome Bitcoin’s established network effects, a challenge that other early cryptocurrencies like Litecoin were unable to address successfully.

The recent market momentum has put Zcash back into focus for both investors and industry commentators comparing its prospects to established cryptocurrencies.

Kinetiq has flipped the switch on the public testnet for Elysium, the Hyperliquid-native layer-2 network it first revealed in late August. Developers can now connect using chain ID 99801, a public RPC endpoint, a block explorer, a bridge, and a faucet, essentially the full starter kit for building DeFi applications on top of Hyperliquid’s infrastructure.

The testnet going live barely a month after the project’s unveiling signals an aggressive development timeline. For a protocol that already dominates Hyperliquid’s liquid staking market, Elysium represents a bet that the ecosystem’s biggest bottleneck isn’t demand. It’s throughput.

What Elysium actually does Built on the Arbitrum Orbit framework, Elysium positions itself as the first dedicated layer-2 solution for Hyperliquid, designed to handle the kind of traffic that DeFi trading generates without the congestion.

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The performance targets are ambitious. Elysium is aiming for 100 to 200 milliseconds per canonical block, with an execution capacity of 300 Mgas/s, a substantial leap over what HyperEVM currently delivers.

HYPE serves as the native gas token, bridged at a 1:1 ratio. The bridging mechanics handle the full lifecycle from Elysium’s AMM layer through HyperEVM and beyond, maintaining what the team calls “asset coherence” across the Hyperliquid stack. The network is targeting spot trading and token launches as its initial use cases.

The economics: burns, builders, and buybacks Elysium’s sequencer fee distribution reveals a lot about Kinetiq’s priorities. Half of all fees, a full 50%, gets allocated to buybacks and burns of KNTQ, the project’s governance token. Another 25% goes to builders deploying on the network, and the remaining 25% flows to the Kinetiq treasury.

KNTQ, which is listed on Kraken, rallied roughly 30% when Elysium was first unveiled in August before partially retracing. Mainnet parameters are still being refined and pre-launch conditions remain in flux.

Hyperliquid’s expanding infrastructure layer Kinetiq already controls the majority of Hyperliquid’s liquid staking market, giving it an outsized role in the chain’s validator economics and a built-in distribution channel for Elysium adoption.

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

Federal prosecutors — including the U.S. Department of Justice — are investigating whether Binance has allowed Iran to dodge sanctions by using its platform, according to a report from Bloomberg. 

The outlet, citing people familiar with the matter, reported Tuesday that feds were investigating whether  Binance Holdings Ltd., which operates the world’s biggest crypto exchange, knowingly allowed Iran-linked entities to trade. 

It comes after the U.S. Department of Justice last week said it is seizing and seeking to forfeit $61 million in cryptocurrency that it alleges came from black-market sales of sanctioned Iranian oil. The funds, according to the DOJ, were laundered through Binance by Chinese entities. 

Iran has been using bitcoin — and other cryptocurrencies — to skirt around U.S. sanctions. The U.S. in April started targeting crypto wallets linked to the Iranian regime, Treasury Secretary Scott Bessent said in a statement. 

Bessent went on to say that the Iranian regime’s crypto had been frozen — mostly in the form of Tether’s USDT stablecoin. 

And last week, the Treasury designated BitBank, an Iranian crypto exchange, as part of Operation Economic Outcast — the Trump Administration’s whole-of-government economic campaign against the Islamic Republic of Iran and its enablers.  

Iran started a bitcoin-backed insurance service for its counties shipping companies earlier this year. Bitcoin cannot be frozen, unlike many other cryptocurrencies. 

The Financial Times this month reported that the Middle Eastern country was using bitcoin to settle cross-border transactions through Iranian crypto exchanges after the central bank advised its countrymen to do anything necessary to help the economy.   

Binance, which has no headquarters but is incorporated in the Cayman Islands, ran into trouble with U.S. authorities after it allegedly allowed funds linked to virtual theft and terrorism to flow through its exchange undetected. 

It exited the U.S. market and agreed to pay $4.3 billion. Its CEO and founder Changpeng Zhao stepped down after pleading guilty to anti-money laundering violations but was later pardoned by President Trump. 

Mathew Di Salvo

Mathew is a reporter who's covered the space since 2019, reporting on everything from Salvadoran president Nayib Bukele's Bitcoin bet to crypto exchange FTX's bankruptcy.

Dogecoin (DOGE) has surpassed the $0.10 level, recording a substantial price gain as the broader cryptocurrency market rallies. The latest CoinGecko figures indicate that DOGE climbed 13.2% in the past 24 hours, 20% over the past week, and nearly 10% during the last month. This upswing comes alongside a notable increase in key cryptocurrencies and follows new partnership deals involving X, the platform owned by entrepreneur Elon Musk, with major crypto and stock exchanges.

Elon Musk’s X collaborates with exchangesElon Musk, a well-known supporter of DOGE and CEO of companies like Tesla and SpaceX, has regularly promoted Dogecoin, integrating it as a payment method across several of his ventures. His public comments have previously triggered DOGE price surges, and many Dogecoin proponents have called for its integration into X’s payment features given Musk’s influential backing of the memecoin.

Recently, X forged partnerships with leading cryptocurrency and stock trading platforms including Gemini, Kraken, Coinbase, Moomoo, and Interactive Brokers. As a result, users on X can now access trading services directly through the platform’s timeline.

The growing collaboration between X and exchanges has fueled speculation within the Dogecoin community that the memecoin will play a more prominent role in X’s future financial offerings.

X has partnered with major platforms such as Gemini, Kraken, and Coinbase to enable trading from the timeline, opening new avenues for assets like Dogecoin.

DOGE, often referred to as Musk’s favorite cryptocurrency, continues to benefit from positive sentiment driven by these strategic moves.

SpaceX’s DOGE-1 and future ambitionsIn addition to X’s partnership announcements, SpaceX is preparing to launch DOGE-1, a satellite mission funded entirely by Dogecoin. The satellite is scheduled to reach orbit sometime in 2027. Musk has also expressed plans to symbolically place a physical Dogecoin on the Moon, reinforcing his support for the coin.

Such high-profile initiatives are seen as boosting investor confidence and may attract new participants to the market, especially via X’s expansive user network that connects hundreds of millions worldwide.

Mini dictionary: DOGE-1, a planned lunar satellite mission by SpaceX, will be funded entirely using Dogecoin as payment. It aims to demonstrate the viability of cryptocurrency in commercial space transactions and may enhance DOGE’s brand visibility if successful.

Wider market backdrop and unexpected rallyDogecoin’s recent momentum comes during a broader market rally. Bitcoin (BTC) reclaimed the $85,000 level for the first time since January 2026, pushing overall sentiment higher. Analysts attribute the surge in part to a decline in oil prices, making riskier assets more attractive.

However, the positive price movement is surprising for many traders given certain bearish macroeconomic events. Earlier this month, the US Senate rejected the CLARITY Act, which was viewed as potentially positive regulatory reform for crypto markets. In addition, the Federal Reserve raised interest rates by 25 basis points to combat rising inflation—a move typically perceived as negative for digital asset markets.

Despite these developments, the cryptocurrency sector continues to see robust price action, with DOGE standing out among top gainers amid the renewed optimism.

Asset24h ChangeWeekly ChangeMonthly ChangeLatest MilestoneDogecoin (DOGE)13.2%20%10%Reclaimed $0.10Bitcoin (BTC)Not specifiedNot specifiedNot specifiedReclaimed $85,000

6 hours ago

According to a notice from the Public Security Bureau of Linwu County, Chenzhou City, Hunan Province, China, on August 19, 2026, the bureau uncovered fraud clues during routine patrols and successfully cracked a virtual currency investment fraud case, arresting two suspects. Upon investigation, on May 1, 2026, suspect Li contacted victim Ms. Yue via private message on a social media platform, falsely claiming he could teach virtual currency investment skills and guarantee stable returns, inducing her to download an app to purchase Tether (USDT) and convert it into a newly launched virtual currency operated by his upstream accomplice. Li and his accomplice artificially inflated the coin’s price to create an illusion of growth, repeatedly persuading the victim to invest more funds. Once the money was received, they dumped the coins rapidly, causing the virtual currency’s value to plummet to zero. Ms. Yue suffered losses of approximately 30,000 yuan, while Li illegally profited tens of thousands of yuan. The illicit funds were collected by his friend Lei and then squandered entirely. Li was arrested by investigators on August 19; Lei, who was suspected of collecting the illicit funds, was taken into custody on September 17. Both suspects have been placed under criminal detention in accordance with the law. The case is currently under further investigation. The police issued a reminder: Virtual currencies are not legal tender, and there are no "guaranteed profit" investment schemes. Any private message recommendation online that promises high returns is a fraud trap. Do not trust investment recommendations from strangers or transfer funds to unfamiliar platforms.

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The European Central Bank and the EU’s 27 national central banks have asked regulators to replace MiCA’s 30% and 60% bank-deposit floors for stablecoin reserves with maturity-based liquidity requirements.

Summary

MiCA requires regular stablecoin issuers to hold 30% of reserves in commercial bank deposits. The bank-deposit requirement rises to 60% for stablecoins classified as significant. European central banks said large redemptions could transmit stress from stablecoins to commercial lenders. Tether CEO Paolo Ardoino warned about the same reserve structure in 2024. The European System of Central Banks said in its response to the European Commission’s MiCA consultation that stablecoin issuers should not have to place a fixed share of their reserves in bank deposits.

Instead, the ESCB recommended setting minimum proportions for reserve assets that mature within one working day and five working days. Such a model would focus on how quickly an issuer can access its reserves during redemptions rather than how much money it keeps at commercial banks.

MiCA currently requires issuers to hold at least 30% of their reserves as bank deposits. For issuers whose tokens receive the “significant” classification, the requirement rises to 60%.

“If reserves are held as bank deposits, stablecoins can alter banks’ funding structures by replacing relatively stable retail deposits with deposits from stablecoin issuers, which tend to be less stable and more sensitive to market conditions,” the central banks said in their response, according to Reuters.

MiCA deposit rule could transmit redemption stress Under the existing model, a stablecoin issuer may receive money from customers and place the required portion with one or more commercial banks. A rush to redeem tokens could then force the issuer to withdraw a large amount of those deposits within a short period.

The ESCB said such withdrawals could expose commercial lenders to a stablecoin run because deposits from token issuers behave differently from ordinary household deposits. Issuer deposits may leave quickly when crypto markets face stress or token holders seek redemptions.

While drafting MiCA, EU policymakers treated bank deposits as a source of readily available liquidity. An ECB study published in April said a significant stablecoin issuer could meet redemptions equal to as much as 60% of its supply by drawing down deposits without immediately selling sovereign bonds.

The same study also identified a second risk: withdrawals during a stablecoin run could pass financial stress into the banking system. Deposits may protect bond markets from forced sales at first, according to the ECB, while placing the commercial banks holding the money under pressure.

MiCA’s reserve design has already affected which stablecoins European exchanges can support. As crypto.news reported in July, USDT lost access to regulated EU exchange order books after Tether declined to seek authorization under the framework.

Coinbase Europe removed USDT in December 2024, followed by Crypto.com in January 2025. Binance restricted European USDT trading pairs in March 2025, while Kraken moved the token to a sell-only model before ending support.

More than two years before the ESCB response, Tether CEO Paolo Ardoino argued that MiCA’s deposit floor could expose stablecoin holders to failures at commercial banks.

In an August 2024 interview with Wired, Ardoino used a hypothetical €10 billion stablecoin to explain his concern. Under the 60% requirement, an issuer would need to place €6 billion with banks, which could then use much of the money for lending.

“Imagine a customer asks to redeem €2 billion [worth of stablecoin], but the bank has only €600 million,” Ardoino said. “Then you are in a situation in which both the bank and stablecoin go bankrupt.”

Ardoino said he did not consider the structure safe and argued that it could create “additional systemic risks in Europe” instead of reducing them. His comments focused on the possibility that an issuer could lose access to uninsured deposits precisely when token holders request large redemptions.

Several months earlier, in April 2024, Ardoino had pointed to the collapse of Silicon Valley Bank as evidence of the risk attached to uninsured deposits. Circle’s USDC temporarily lost its dollar peg in March 2023 after the company disclosed that $3.3 billion of its reserves were held at the failed bank.

“Uninsured cash deposits are not a good idea,” Ardoino wrote. “If a bank goes bankrupt, uninsured cash goes into bankruptcy.”

Calling for issuers to be allowed to keep all reserves in Treasury bills, Ardoino argued that securities would return to their legal owner following a bank failure. Tether has kept much of USDT’s backing in U.S. Treasury securities rather than adopting MiCA’s European bank-deposit model.

The company later said it would reconsider a MiCA application only when the framework became safer for issuers and consumers. European restrictions have continued in the meantime, with OKX Europe opening a one-way conversion route in July for customers moving from USDT into MiCA-authorized USDC.

MiCA review gives regulators a route to amend reserves The ESCB submitted its recommendation through the European Commission’s review of MiCA, which began with a public consultation on May 20 and accepted responses through Aug. 31.

According to the Commission, the review sought input from token issuers, crypto service providers, financial institutions, technology companies, academics, industry groups and public authorities. Officials are examining whether MiCA remains suitable after changes in digital-asset markets and international regulation.

Feedback will inform a report required under Articles 140 and 142 of MiCA. The Commission could attach a legislative proposal if it decides that the regulation needs amendments, as previously covered in a report on the planned MiCA review in 2027.

Stablecoin reserve rules are not the ECB’s only focus. A separate paper published in September called for the current prohibition on issuer-paid stablecoin interest to cover rewards offered through affiliated exchanges, lending products and staking services. The proposal to expand the yield ban addresses returns paid to users, while the latest ESCB recommendation concerns the assets held against tokens.

U.S. rules allow deposits and Treasury securities For U.S. token holders, the dispute provides a direct comparison with the reserve system created by the GENIUS Act, which President Donald Trump signed into law in July 2025.

The U.S. framework requires permitted payment stablecoin issuers to maintain reserves of at least one dollar for every dollar of tokens in circulation. Eligible assets include U.S. dollars, funds held at certain regulated or insured depository institutions, short-term Treasury securities, Treasury-backed reverse repurchase agreements and qualifying money market funds.

Unlike MiCA, the U.S. law does not require issuers to keep a fixed 30% or 60% of reserves in commercial bank deposits. The White House described the permitted backing as liquid assets such as dollars and short-term Treasuries, while the law also requires issuers to publish monthly reserve-composition disclosures.

The Office of the Comptroller of the Currency proposed implementation rules in February 2026. Its proposal would require issuers under OCC oversight to show that they can convert each type of reserve asset into cash, including through Treasury sales or repurchase agreements.

The ESCB also addressed stablecoins issued through connected entities inside and outside the EU. It supported the European Systemic Risk Board’s position that interchangeable multi-issuance models are not permitted under current MiCA rules and said any future authorization should require safeguards, including an assessment of whether the other country’s regulatory system is equivalent to the EU framework.

Chainlink just landed one of its biggest institutional partnerships yet. Infosys, the Indian IT services behemoth listed on the NYSE under INFY, is integrating Chainlink’s suite of blockchain tools into its banking and payments infrastructure, which currently services more than 1.7 billion customer accounts worldwide.

What the partnership actually involves The deal goes well beyond a vague handshake about “exploring blockchain.” Infosys plans to standardize a broad set of Chainlink technologies within its existing financial infrastructure. The toolkit includes Chainlink’s Cross-Chain Interoperability Protocol (CCIP), which allows data and tokens to move between different blockchains. It also covers the Chainlink Runtime Environment (CRE), the Automated Compliance Engine (ACE), Proof of Reserve, Data Streams, and Data Feeds.

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By embedding Chainlink’s tools directly into Infosys’s existing stack, the partnership lowers the barrier for institutions that want blockchain exposure without an IT overhaul.

Chainlink’s institutional playbook is accelerating Earlier in September 2026, Chainlink announced a collaboration with Bottomline, a payments technology company, that targeted over 600 banks and roughly $16 trillion in annual transaction volume. That deal focused on enabling blockchain access through established SWIFT and ISO 20022 workflows, the messaging standards that already underpin most international bank transfers.

The Infosys partnership follows the same strategic logic but operates at a different scale. Infosys, valued at more than $40 billion, brings decades of embedded relationships with tier-one banks, central banks, and payment networks across Asia, Europe, and the Americas.

Infosys, for its part, isn’t a blockchain newcomer either. The company launched India Trade Connect back in 2018, a blockchain-based trade finance network.

Why this matters for onchain markets Chainlink’s Proof of Reserve allows institutions to verify that assets backing tokenized products actually exist. Data Streams and Data Feeds provide the real-time pricing data that onchain financial products need to function reliably. CCIP handles the cross-chain movement that prevents liquidity from getting trapped on a single network. ACE addresses the compliance requirements that regulators demand before approving institutional participation.

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

The privacy coin sector has expanded nearly fivefold over the past year to roughly $30 billion, according to a Sept. 22 research note from 21Shares, as Zcash has led gains and financial institutions continue testing confidential blockchain infrastructure.

Summary

21Shares says privacy coin market capitalization grew nearly fivefold from $6.2 billion to $30 billion. CoinGecko currently values privacy coins near $36.9 billion, with Zcash accounting for roughly $25 billion. Zcash shielded pools hold 4.91 million ZEC, representing 29% of issued supply, ZecStats reported Tuesday. Ethereum’s privacy roadmap targets private reads, writes and proving while Solana supports Confidential Balances today. DTCC plans an October tokenization launch after production trades used Canton and Besu in July. 21Shares said the sector had risen from $6.2 billion a year earlier and was trading 216% above its October 2025 peak based on the firm’s dataset. The asset manager placed Zcash at around $20 billion in market capitalization when it prepared the research and described privacy as an increasingly important requirement for institutional blockchain use.

“Privacy is not a feature digital assets can bolt on later,” 21Shares research strategist Matt Mena wrote, arguing that public transaction histories can expose corporate balances, counterparties and trading strategies.

Independent market data taken later on Sept. 22 showed the rally had moved further. CoinGecko showed the privacy-coin category at roughly $36.9 billion, led by Zcash at close to $25 billion and Monero at approximately $11.2 billion.

The totals are not directly interchangeable because 21Shares and CoinGecko use their own category definitions and market snapshots. CoinGecko separately values its full privacy category, which includes privacy infrastructure and other privacy-related networks, at more than $60 billion.

Privacy coins gain as Zcash approaches $25 billion Zcash has accounted for most of the recent rise among dedicated privacy coins. CoinGecko’s Sept. 22 reading put ZEC near $1,473, with a market capitalization close to $25 billion. The token had gained roughly 22% over seven days and 75% during the previous 30 days at that snapshot.

Those figures have moved well beyond the approximately $20 billion valuation used in the 21Shares report. The firm’s research compared the current market value with Zcash’s roughly $4 billion peak during 2021 and said the network had risen around 400% above that earlier level.

The price advance has come alongside a rise in coins held inside Zcash’s shielded pools. ZecStats reported that 4.91 million ZEC, or 29% of issued supply, was shielded as of 05:34 UTC on Sept. 22. At the prevailing market price, those coins were worth approximately $7.19 billion.

The 29% reading measures the share of issued ZEC held in shielded pools, not the share of transactions using privacy. ZecStats counts Sprout, Sapling, Orchard and the newer Ironwood pool, which activated on July 28 after developers replaced the affected Orchard design.

Zcash activated Ironwood through the NU6.3 upgrade after developers discovered a soundness vulnerability in Orchard earlier this year. Project Tachyon later published machine-checked proofs covering Ironwood’s balance integrity before activation.

Zcash introduced Ironwood after the Orchard vulnerability raised supply-integrity concerns, while users subsequently migrated much of the shielded balance into the replacement pool.

Zcash ETF adds a regulated U.S. access route U.S. investment access changed during the same period. Grayscale’s Zcash ETF began trading on NYSE Arca under the ZCSH ticker on Aug. 25, becoming the first exchange-traded product offering spot exposure to ZEC.

Grayscale said ZCSH was created through the conversion of its existing Zcash Trust. The product gives brokerage-account holders price exposure to ZEC without requiring them to manage private keys.

Grayscale launched the first Zcash ETF with direct ZEC exposure after the registration became effective in August.

An SEC filing later showed more than $70 million of cumulative inflows during ZCSH’s first two weeks, separate from a $100 million investment by a Digital Currency Group affiliate. Grayscale warned in its filings that ZEC remains highly volatile and investors can lose their entire investment.

Another regulatory event preceded the fund’s launch. Grayscale’s filings state that the SEC terminated its investigation or enforcement action involving the Zcash Foundation in January 2026. The filing does not establish that ending the investigation caused or guaranteed the later approval of ZCSH.

Ethereum and Solana put privacy on development roadmaps 21Shares argues that demand for confidentiality is extending beyond tokens built specifically around privacy. Ethereum and Solana are developing systems intended to make selected transaction or application data less exposed while preserving verification.

Ethereum’s official roadmap describes three main privacy tracks: private reads, private writes and private proving. Private reads focus on stopping wallets and infrastructure providers from leaking query information, while private writes cover transaction activity and metadata. Private proving uses cryptography to demonstrate facts without revealing the underlying data.

The Ethereum Foundation has created an Institutional Privacy Task Force alongside its Privacy and Scaling Explorations research group. Its institutional portal describes work on zero-knowledge proofs, fully homomorphic encryption, trusted execution environments and privacy-focused Layer 2 networks for regulated financial applications.

Not every proposed privacy change is guaranteed to reach Ethereum’s mainnet. The Foundation’s roadmap says timelines can change during technical review and the network’s consensus process.

Ethereum has placed privacy among the priorities for its Hegotá development cycle, with Frame Transactions and other proposals being assessed alongside censorship-resistance and post-quantum work.

Solana already provides Confidential Balances through its Token-2022 framework. Solana’s documentation states that the feature can encrypt balances and transfer amounts while leaving token accounts, account owners and participation publicly visible.

Issuers may configure an optional auditor key that decrypts confidential transfer amounts. Solana says the auditor key does not reveal the full account balance and cannot authorize transfers.

Canton uses controlled disclosure for institutional transactions Institutional privacy is taking a different form on Canton Network, which was built around controlled information sharing between participants.

Digital Asset told the SEC in an Aug. 17 comment letter that Canton had more than 1,000 participants and supported more than $8 trillion in tokenized securities activity each month. The company named Broadridge, Goldman Sachs, HSBC and Société Générale among institutions using the network.

The $8 trillion figure describes monthly financial activity reported by Digital Asset and should not be interpreted as $8 trillion of assets permanently held on a public blockchain.

DTCC has moved part of its tokenization work into production testing on Canton. On July 15, the market infrastructure company reported successful production transactions involving tokenized DTC-held securities across Canton and DTCC’s private Besu network.

More than 30 firms participated in workflows covering U.S. Treasury repo transactions, securities lending, collateral pledges, equities and delivery-versus-payment trades. DTCC plans to launch its Tokenization Service in October 2026.

Canton has attracted banks developing tokenized deposits and institutional settlement systems, including projects involving JPMorgan and other large financial institutions.

Privacy growth still faces regulatory limits 21Shares used crime data to challenge the view that privacy assets account for most illicit cryptocurrency use. Chainalysis estimated that illicit addresses received at least $154 billion in cryptocurrency during 2025, while attributed illicit transactions remained below 1% of overall crypto transaction volume.

Stablecoins represented 84% of identified illicit crypto volume in the firm’s 2026 report. Chainalysis said this partly follows their extensive legitimate use, high liquidity, low volatility and cross-border transfer capabilities. The data does not measure whether a specific privacy coin is free from criminal use.

Regulatory treatment still varies by jurisdiction. The European Union’s Anti-Money Laundering Regulation prohibits crypto-asset service providers from maintaining anonymous crypto accounts or accounts that allow increased transaction obfuscation through anonymity-enhancing coins.

The provision applies from July 10, 2027, when the EU’s new anti-money laundering regulation takes effect for covered financial and crypto service providers.

Chicago Mercantile Exchange Group (CME Group), the world’s largest derivatives exchange, announced today that it will launch Bitcoin Cash and Uniswap futures on October 19, following regulatory review.

This latest expansion of CME Group’s cryptocurrency product portfolio comes in response to strong customer demand for institutional-level risk management tools in highly liquidity altcoin markets.

According to the official announcement, market participants will have the option to trade both large-scale and micro-scale contracts.

Bitcoin Cash futures (250 BCH) and Micro Bitcoin Cash futures (25 BCH)

Uniswap futures (10,000 UNI) and Mikro Uniswap futures (1,000 UNI)”

Giovanni Vicioso, Global Head of Cryptocurrency Products at CME Group, stated: “As cryptocurrency markets continue to mature, participants need broader, regulated tools to manage evolving digital asset price risk. Designed for greater versatility and capital efficiency, these new BCH and UNI contracts enable clients to manage price risk and gain access to key crypto networks in our 24/7 open, regulated marketplace.”

At this point, CME is further expanding its comprehensive portfolio of single-asset cryptocurrency products, which includes Bitcoin, Ethereum, XRP, Solana, Cardano, Chainlink, Stellar, Avalanche, and Sui futures, along with BCH and UNI contracts.

Following the news, BCH and UNI prices increased.

*This is not investment advice.

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Jupiter Exchange just added perpetual futures markets for three assets: tokenized SpaceX equity (SPCX), Hyperliquid’s native token (HYPE), and the privacy-focused Zcash (ZEC). The new listings went live on September 22 alongside perps for JUP itself, SNDK, and SKHYNIX.

All three headline additions offer up to 20x leverage with USDC as collateral, meaning traders can go long or short without needing to hold the underlying asset. JUP perps, meanwhile, cap out at 10x.

What the new markets actually look like The new contracts run on what the team calls the GUM orderbook engine, a system distinct from the JLP liquidity pool that underpins Jupiter’s original perpetual markets for SOL, ETH, and wBTC.

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Price feeds come from Chainlink oracles, and funding rates settle hourly rather than the eight-hour intervals common on centralized exchanges. The markets trade around the clock, which is standard for crypto perps but notable for SPCX, given that the underlying SpaceX shares don’t exactly have a 24/7 spot market.

Tokenized SpaceX shares steal the spotlight SPCX is the most eyebrow-raising listing of the bunch. The token represents tokenized shares of SpaceX, first launched on Solana back in June 2026. SpaceX remains a private company, so traditional retail investors have essentially zero access to its equity outside of secondary-market platforms and now, tokenized versions on-chain.

HYPE, meanwhile, brings cross-protocol intrigue. Hyperliquid operates its own perpetual futures exchange, so Jupiter is essentially listing a competitor’s token as a tradeable derivative. ZEC rounds out the trio as one of the oldest privacy coins in crypto.

The staking gate and what it signals Access to these beta markets isn’t open to everyone. Traders need to have staked at least 69 JUP tokens to get early entry.

Jupiter’s evolution from swap router to derivatives platform Jupiter originally made its name as Solana’s dominant DEX aggregator, routing trades across multiple liquidity sources to find the best execution price. Jupiter’s initial perps markets covered SOL, ETH, and wBTC, all backed by the JLP liquidity pool.

Adding six new markets in a single batch, spanning native crypto tokens, tokenized equities, and a privacy coin, is a qualitative leap. Jupiter is no longer just aggregating existing liquidity — it’s creating new markets from scratch, complete with custom infrastructure like the GUM engine.

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

Solana’s tokenized equity ecosystem just crossed a milestone that would have sounded absurd a year ago. More than 900,000 wallet addresses now hold tokenized versions of traditional stocks on the network, marking an all-time high that cements Solana’s grip on one of crypto’s fastest-growing sectors.

To put the speed of this ramp in perspective: on September 1, roughly 424,894 wallets held tokenized equities on Solana. By September 12, that figure had ballooned to 801,439. That’s an 88% jump in about a week and a half. The count then pushed past 850,000 by September 20 before breaching the 900,000 threshold.

What’s actually being traded

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On Solana, the biggest holder magnet is NVDAx, a tokenized version of NVIDIA shares issued through xStocks. Other popular tickers include SPYx (tracking the S&P 500 ETF), TSLAx, and AAPLx. The appeal is straightforward: global access to US equities without needing a traditional brokerage account, plus the composability benefits of having these assets live natively on a blockchain.

The total supply of tokenized equities on the network hit $684 million by mid-September, a 47% increase in just three weeks. Meanwhile, real-world asset volume flows tied to Solana totaled $3.3 billion over the trailing 30-day period.

New listings have been a consistent catalyst. Tokenized Nike shares recently went live, and Galaxy Digital launched an issuer-direct option, giving users another on-ramp into the space.

The infrastructure behind the surge

xStocks serves as one of the primary issuers, creating the tokenized versions of traditional equities that trade on-chain. Backpack Securities, backed by Kraken, provides regulated brokerage infrastructure. And Jupiter, Solana’s dominant DEX aggregator, acts as the distribution layer where most of these tokens actually change hands.

Solana currently captures between 85% and 95% of all on-chain tokenized equity activity across every blockchain network.

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