The Cardano ecosystem recorded several major developments over the past week. Most notably, the launch of the Leios public testnet led activity. There were also upcoming decentralized finance (DeFi) initiatives, renewed ecosystem funding, and an application-level security incident involving the SecondFi wallet.
Here’s what happened in the Cardano ecosystem in the last week:
Leios Public Testnet Goes LiveCardano officially launched the public testnet for Leios, its next-generation scaling protocol, on June 23. Named Musashi Dojo after the legendary samurai Miyamoto Musashi, the testnet marks one of the network’s most known technical milestones in years. Moreover, the upgrade is seen as a major boost to Cardano’s transaction throughput by up to 65X. A mainnet hard fork is targeted for November 2026.
The rollout is structured into five phases: Earth, Water, Fire, Wind, and Void. These will progressively test the protocol from initial design validation to adversarial testing before mainnet deployment. As a result, the testnet allows stake pool operators (SPOs) to deploy Leios-enabled block producers. Developers can also begin testing decentralized applications (DApps), wallets, and infrastructure ahead of the upgrade.
RealFi Testnet Set for July LaunchInput Output Global (IOG) also announced that Phase 1 of its RealFi testnet will launch on July 6.
The project aims to improve capital efficiency by enabling stablecoins to generate yield instead of remaining idle. The initiative represents IOG’s latest effort to expand decentralized finance (DeFi) use cases within the Cardano ecosystem.
Big news: the RealFi Phase 1 Testnet goes live on 6 July. 🚀
This is our first public step toward next-generation stablecoin infrastructure on Cardano – and a direct response to a problem we've been vocal about:
Crypto's clearest success story has scaled as money. But not as… pic.twitter.com/uQe68ds6iM
— RealFi (@realfi_co) June 24, 2026 Project Catalyst Returns with 2 Million ADACardano’s community funding program, Project Catalyst, will return in August with a 2 million ADA grant pool.
A new Catalyst pilot fund will start in August 2026, with a total grant pool of 2M $ADA.
We look forward to working with the community and supporting the Cardano builders. More details soon.
Read the announcement on the Forum and share your thoughts.https://t.co/MbM7xZ7IKc
— Project Catalyst (@Catalyst_onX) June 26, 2026 The upcoming funding round will prioritize projects building around technologies such as Pyth, Brale, stablecoins, programmable tokens, and on-chain identity. This will provide fresh capital for developers and ecosystem builders.
AlphaGrowth Proposes Treasury-Funded DeFi InitiativeMeanwhile, AlphaGrowth unveiled PRIME, a proposal with a vision to accelerate DeFi adoption on Cardano.
1/11
Cardano DeFi is ready for prime time.
Today we’re introducing PRIME:
a 12-month AlphaGrowth-run program to help Cardano attract liquidity, deepen DeFi usage, and become a first-class destination for capital. pic.twitter.com/nJ11h3jQWr
— alphagrowth (@alphagrowth1) June 22, 2026 The firm plans to request 120 million ADA from the Cardano treasury to fund the initiative. It is also showcasing its previous work with major blockchain ecosystems including Compound, Uniswap, and Arbitrum. Notably, it says it helped support more than $1 billion in total value locked (TVL).
SecondFi Exploit Prompts Security ReminderThe week also saw a security incident involving SecondFi, formerly known as the Yoroi wallet. A vulnerability reportedly resulted in the theft of approximately 16 million ADA.
SecondFi stated that affected users will be fully compensated and advised users to follow updates through its official channels.
Addressing concerns, Cardano founder Charles Hoskinson emphasized that the blockchain itself was not compromised. He stated that Cardano’s protocol, cryptography, and core infrastructure remain secure.
He described the exploit as an isolated application-level issue rather than a network-wide vulnerability.
Cardano’s native token ADA traded at $0.1439, declining 0.8% over the past 24 hours despite a series of ecosystem developments.
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The Cardano Foundation is telling Stake Pool Operators they need to actually show up and vote. Not just let the system auto-abstain on their behalf, but deliberately choose Yes, No, or Abstain on governance actions, even if abstaining is what they planned to do anyway.
It might sound like a distinction without a difference. It’s not. An explicit abstain vote signals that an SPO reviewed the proposal and made a conscious decision. Auto-abstain means they didn’t bother looking. In a governance system built on transparency and accountability, the gap between those two is enormous.
Why manual votes matter in Voltaire-era governance Cardano’s governance structure, part of its Voltaire era, splits decision-making power across three groups: Stake Pool Operators, Delegated Representatives (DReps), and the Constitutional Committee (CC). Most governance actions require at least two of these three groups to approve them, with SPO votes often needing a minimum of 51% approval for certain action types.
The Foundation itself has committed to voting on all governance actions and publishing public rationales for each decision. To help SPOs and other participants navigate what can be a confusing process, the Foundation released 14 flowcharts in July 2025. These tools break down the various governance action types and clarify the responsibilities of each voting group.
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The push for active voting also ties into the Foundation’s broader strategy of reducing its own outsized influence. In early 2026, the Foundation adjusted its delegation strategies by cutting back on passive holdings, a move designed to encourage others to step into more active governance roles.
The treasury vote that proved governance is real A treasury withdrawal proposal requesting approximately 7.8 million ADA, roughly $2 million, to fund the Cardano Summit 2026 went to a community vote. It needed 66.67% DRep support to pass. It got 65.21%. The proposal failed by less than 1.5 percentage points, and the Summit, which had been scheduled for early June 2026, was cancelled as a result.
The Foundation’s role in that vote is worth noting. Rather than casting its own vote, it abstained specifically to avoid exerting undue influence on the outcome.
The failed vote also illustrates why the Foundation is now pushing SPOs to participate actively. Every abstention, whether deliberate or by default, affects the math. When governance actions live or die by fractions of a percentage point, passive non-participation isn’t neutral. It’s consequential.
The bigger picture: decentralization gets uncomfortable The three-body governance model, with SPOs, DReps, and the CC each holding distinct roles, is designed to prevent any single faction from dominating. Cardano’s high approval thresholds, requiring a two-thirds supermajority for treasury actions, create a natural check against unrestrained spending.
The Foundation’s insistence on public rationales for every vote adds another layer of accountability. When voters have to explain their reasoning on-chain, it becomes much harder to engage in performative governance or vote trading without scrutiny.
Notably, ADA’s price showed no significant immediate reaction to the failed treasury vote. Governance participation rates and voting patterns are becoming metrics worth tracking for anyone evaluating Cardano’s fundamental health, not just its token price.
The Foundation’s call for SPOs to vote explicitly rather than auto-abstain is, at its core, a recognition that decentralized governance only works if people actually govern.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Cardano (ADA) whales increased their holdings in late June even as on-chain activity cooled. Wallets in the 10 million to 100 million ADA range lifted their share of supply while transactions and smart contract use fell to multi-week lows.
The accumulation arrives during a heavy upgrade cycle for the network. It also lands as ADA trades near multi-year lows, leaving a clear split between large-holder behavior and broader user activity.
Whales Add ADA as Price Sits Near LowsADA traded near $0.15 on June 29, down about 8% on the week and roughly 38% over 30 days. The token ranks 21st by market value at about $5.4 billion, sitting near multi-year lows.
Cardano Price Action: BeInCryptoSantiment data shows wallets holding 10 million to 100 million ADA raised their share of supply from 37.66% on June 25 to 38.13%. That cohort kept adding tokens as the month closed.
10M to 100M ADA Wallets, May 28 to June 29: SantimentThe shift marks a turn after days of choppy holdings.
Separate on-chain data points the same way. Outputs above 1 million ADA spiked on June 21 and again on June 24, when the count of distinct large wallets reached a 45-day high. Separate on-chain data points the same way. Outputs above 1 million ADA spiked on June 21 and again on June 24, when the count of distinct large wallets reached a 45-day high.
Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Last 24 hours have also seen a surge, comparable to the whale holding pattern.
Daily Whale-Sized ADA inflows: Dune AnalyticsLarge inflows can include exchange and internal movements. They signal positioning rather than confirmed buying.
Network Activity Tells a Different StoryWhile whales added size, general usage moved the other way. Daily transactions fell to about 17,400 on June 28, near the lowest level in 45 days.
Smart contract transactions dropped to roughly 4,250 that day. That was the weakest reading in the period, down from about 26,000 at a June 5 peak.
The share of transactions touching a smart contract slid to about 24%. It had run between 40% and 45% in late May. Network fees fell in step, near 5,100 ADA against about 23,000 ADA at the June high. In short, real demand to use Cardano is cooling, not building.
Cardano Network Activity: Dune AnalyticsLarge holders have a mixed record here. One cohort sold into rallies earlier this cycle, and others offloaded after a fork.
Two upgrades sit behind the sudden whale interest. Both target old complaints about speed and cost on Cardano.
The first is Ouroboros Leios. It lets the network process transactions in parallel rather than one batch at a time. The goal is to lift capacity from about 10 transactions per second toward 1,000.
Leios is not live for users yet. A test version called Musashi Dojo opened on June 23 for developers to trial. A full mainnet launch is targeted for around November 2026.
The second is the van Rossem upgrade, also known as Protocol Version 11. It rewrites the cost rules for smart contracts so they become cheaper to run.
Van Rossem is not automatic either. The community must approve it through an on-chain vote. June 28 was the earliest possible start date, with July dates as backups if the vote ran long. That timing matters for any longer-term ADA outlook.
So neither change has reached everyday users yet. Whales appear to be buying the promise of the upgrades, not their results.
Why the Accumulation Stands OutThis is where the Cardano whale buying and the weak network meet. Large wallets are adding ADA while ordinary use, smart contract activity, and fees all sit at 45-day lows.
That gap only makes sense as a forward bet. Whales seem to be positioning before the upgrades land, not because the chain is busy today. The pattern sits against soft ADA price action.
The next move is the real test. If Leios and van Rossem pull activity back on-chain, the early buyers, the Cardano whales, look smart. If usage stays soft, the accumulation looks like a wager the wider market is happy to fade.
Local traders in India are now paying more than eight and a half percent extra for Tether’s USDT, a sharp dislocation from the typical 3% to 4% premium. The sudden jump points to a genuine supply shock rather than routine market noise. According to the market update citing The Economic Times, USDT was quoted at INR 102.88 on Saturday, while the dollar-rupee official closing rate sat at 94.65. The gap reveals a market scrambling for stablecoin liquidity at almost any price.
The trigger is not a minor technical adjustment. India’s Enforcement Directorate recently cracked down on INR 250 billion in money transfers conducted through virtual digital assets. That action alone was enough to choke off the normal flow of USDT into domestic exchanges. With fewer fresh inflows arriving, the local order books have thinned, and the price of immediate settlement has shot upward. For traders who use USDT as their primary on-ramp to altcoin markets, the higher premium eats into margins instantly.
A Liquidity Freeze Across India’s Crypto Desks The 8.5% figure is not just an academic spread. It represents a real cost that Indian users must absorb every time they convert rupees into the most liquid dollar-pegged asset. Many exchanges in the country rely on peer-to-peer platforms and OTC desks to move large volumes of stablecoins, and those channels are now severely disrupted. When supply drops, market makers widen their bid-ask spreads, and the entire trading ecosystem slows down. The result is a self-reinforcing cycle: high premiums deter new capital, and lower liquidity pushes premiums even higher.
The Enforcement Directorate’s action focused on massive sums flowing through virtual asset rails, an area that has been under increasing scrutiny since India imposed a 30% tax on crypto gains and a 1% tax deducted at source on every transaction above a certain threshold. That tax regime already pushed many high-frequency traders offshore, and now the enforcement sweep is accelerating the exodus of liquidity. Less onshore USDT means less depth, and less depth means more volatility in the premium.
Regulatory Fear Adds a Risk Premium Purushottam Anand, founder of Crypto Legal, noted that the recent rise likely includes a risk premium driven by regulatory uncertainty. His observation points to a market that is not just responding to a supply shortage but also pricing in the probability of further enforcement actions. Every new probe or seizure redefines what market participants think about the safety of keeping assets on domestic platforms. That uncertainty gets baked into the price of the most critical settlement asset—USDT.
India’s relationship with virtual asset regulation has been ambivalent. While there is no outright ban, the government has used taxation and enforcement as indirect tools. The result is a gray zone where rules are enforced selectively, and the cost of compliance is unpredictable. This week’s premium surge is not the first time Indian traders have paid above market rates for stablecoins, but the magnitude suggests a growing discomfort. When the premium stays elevated, it can push users toward riskier unofficial channels, which paradoxically may be what regulators want to avoid.
While Indian authorities tighten the screws on virtual asset transfers, United States lawmakers face their own regulatory inflection point, with banking interests mobilizing to block a landmark crypto bill just days before a Senate vote. The contrast highlights a global regulatory patchwork that makes capital flows uneven and quick to react to local enforcement signals. Markets treat these events as liquidity events, and India’s premium spike is the latest example.
What Traders Are Watching Next The immediate question is whether new USDT inflows can normalize the premium in the coming days, or if the supply crunch will persist. Much depends on how seriously OTC desks and large holders interpret the Enforcement Directorate’s signals. A single large settlement or a clearer policy statement could bring the premium back toward 4% quickly. But if the current environment lingers, the Indian market may see more trading volume shift toward decentralized platforms and foreign exchanges that do not require onshore stablecoin pools.
The squeeze in India stands in stark contrast to the global surge in tokenized real-world assets, which recently crossed $20 billion in on-chain value as institutional adoption accelerates. While one corner of the crypto ecosystem faces a liquidity drain, another is absorbing record capital. This divergence underlines how local regulatory actions can create micro-market dislocations even when the broader industry trends remain upward.
Yet on the technical front, blockchain infrastructure shows no sign of retreat, with developer activity remaining concentrated across the top networks according to recent weekly data. Protocols continue to iterate, but for Indian crypto users, the immediate challenge is not code—it is access to the very asset that greases the rails of trading. Until the regulatory posture clarifies or fresh supply returns, the 8.5% premium will act as a tax on every trade.
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India’s USDT premium has climbed to more than 8.5%, more than twice its usual level, after enforcement action against crypto remittance firms has disrupted the domestic supply of the stablecoin.
Summary
India’s USDT premium climbed above 8.5% after ED raids disrupted the domestic stablecoin supply. Authorities alleged crypto payment firms moved more than 2,500 crore rupees through unauthorized cross border transfers using USDT. Regulators have continued tightening oversight of India’s crypto market through enforcement, AML checks and tax compliance measures. According to The Economic Times, Tether’s USDT traded at 102.88 Indian rupees on local crypto platforms over the weekend, while the USD-INR interbank rate closed at 94.65 rupees, creating a gap that is usually limited to around 3% to 4%.
The USDT premium moved above its normal range after the Enforcement Directorate raided six premises in Bengaluru on June 17 as part of an investigation under the Foreign Exchange Management Act. The agency alleged that five crypto payment firms enabled more than 2,500 crore rupees ($265 million) in unauthorized cross-border transfers using virtual digital assets.
Investigators alleged that non-resident Indians used USDT instead of conventional bank remittance channels. According to the agency, users deposited rupees into company accounts before the funds were converted into stablecoins, transferred overseas and later sold on Indian exchanges, allowing transactions to bypass documentation and authorization requirements under FEMA and the Prevention of Money Laundering Act.
The report said the model had operated for about two years because USDT transfers were faster, cheaper and, with the domestic premium, often generated more rupees than traditional dollar remittances. It added that market makers and liquidity providers also reduced overseas USDT purchases following the ED action, further tightening supply inside India.
Regulatory scrutiny expands In the coming days, attention will turn to policy discussions as the Parliamentary Standing Committee on Finance is scheduled to meet the Reserve Bank of India and the Institute of Chartered Accountants of India on July 2 to discuss India’s approach to regulating virtual digital assets.
The RBI has continued to warn about the risks associated with cryptocurrencies and stablecoins, while the Financial Action Task Force said in its March 2026 report that stablecoins accounted for 84% of the $154 billion in illicit virtual asset transaction volume recorded during 2025 because of their liquidity and interoperability.
Regulators have also increased scrutiny across other parts of India’s crypto market. As previously reported by crypto.news, the Financial Intelligence Unit asked major crypto exchanges last month to preserve records of over-the-counter crypto transactions above $10,000 from January 2026 onward, with particular attention on beneficial ownership, source of funds and destination wallets.
Tax authorities have stepped up compliance checks as well. Earlier this month, India’s Income Tax Department said it had issued more than 44,000 notices after identifying over 888 crore rupees in undisclosed virtual digital asset income, supported by exchange data, tax deducted at source filings and investor returns.
Even as enforcement activity has intensified, India’s crypto market continues expanding. India ranked first in global crypto adoption for the third consecutive year in 2025, while South Asia recorded an 80% year on year increase in crypto transaction volume to about $300 billion between January and July 2025, according to TRM Labs.
Amid efforts to further boost the adoption of Tether Gold, Paulo Ardoino, the CEO of the largest stablecoin issuing company, Tether, has confirmed the news of a new partnership with a major crypto lending platform.
As adoption continues to grow, Tether has reportedly signed a new partnership deal with Ledn, a renowned crypto lending platform, to allow the use of tokenized gold as collateral for loans.
Tether Gold utility expandsWhile the news had earlier drawn attention from the crypto community, it further triggered excitement after Ardoino issued a simple post that formally confirmed the partnership and the proposed development.
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The development, which has been warmly received as a bullish step, will allow holders of Tether's tokenized gold asset backed by physical gold reserves, also dubbed Tether Gold (XAUT), to borrow against their assets.
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As such, XAUT holders will have the opportunity to access lending services without the need to sell their holdings, positioning Tether Gold for increased adoption and growth among other stablecoins.
XAUT to provide lending solutions While the development has arrived as the DeFi ecosystem is witnessing growing interest in tokenized assets, it aims to increase the real-world use cases for tokenized products like Tether Gold.
This implies that apart from the traditional trading and investment activities holders utilize, they now have access to extended services like lending solutions.
Apparently, the partnership aims to enable loans backed by tokenized gold, thereby providing XAUT users with greater liquidity and access to capital while they maintain exposure to gold's price movements. This development also points to further expansion of the Tether ecosystem.
Updated Jun 29, 2026, 12:55 p.m. Published Jun 29, 2026, 12:00 p.m.
2 min read
Summary
The price of USDT on Indian crypto platforms has surged to more than 8.5 percent above its dollar peg after a government crackdown choked the token’s supply.India’s Enforcement Directorate searched six Bengaluru premises and accused five crypto payment firms of moving over $265 million in unauthorized cross-border transfers using USDT.Market makers have pulled back from sourcing USDT from abroad, tightening domestic liquidity and widening the long-standing premium that reflects strong local demand for the stablecoin.The price of Tether's USDT, the largest dollar-pegged stablecoin, has climbed to more than 8.5% above its dollar value on Indian platforms after a government crackdown on crypto payment firms choked off the token's supply into the country.
USDT traded around 102.88 rupees over the weekend against an official dollar-rupee rate of about 94.65, a gap that normally sits between 3% and 4%.
That spread, known as the USDT premium, is the extra amount buyers in India pay for the stablecoin above what a dollar costs through banks, and it widens when local demand outstrips the supply of tokens.
Local publication ET said the squeeze followed action by the Enforcement Directorate, India's financial-crime agency, which searched six premises in Bengaluru on June 17 under the Foreign Exchange Management Act, the law governing cross-border money flows. The agency is targeting five crypto payment firms it alleges moved more than $265 million in unauthorized cross-border transfers using digital assets.
The ED alleges the firms ran what amounted to an informal remittance channel, with non-resident Indians using USDT in place of bank wires.
Rupees were deposited into company accounts, converted into stablecoins, sent across borders and sold on Indian exchanges, the agency said, sidestepping the paperwork and approvals that formal remittance routes require under FEMA and India's anti-money-laundering law.
The model had operated for about two years, drawing users because stablecoin transfers were faster and cheaper than bank routes and, thanks to the standing premium, converted into more rupees on the way in.
The premium spiked because the crackdown hit supply directly. After the ED announced its action, market makers and liquidity providers, the firms that source tokens from abroad to sell on local platforms, pulled back on buying USDT overseas, tightening the domestic pool just as the off-ramps feeding it came under pressure. An off-ramp is the route for turning crypto back into local cash.
As such, prominent exchange Coinbase launched direct rupee rails in India last month, easing some reliance on peer-to-peer trades, though the ED's action targets the off-ramp infrastructure that drives the premium.
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
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Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
A recent development within India’s cryptocurrency sector has highlighted how the country is not yet full prepared to enable responsible digital assets adoption. The local premium on Tether‘s USDT stablecoin has climbed above 8.5 percent. This marks a sharp increase from the typical range of 3 to 4 percent observed in recent periods.
The shift highlights mounting pressures on domestic supply following enforcement actions targeting cross-border cryptocurrency transactions.
On the weekend of June 28, 2026, USDT traded locally at approximately ₹102.88.
By comparison, the official USD/INR interbank closing rate stood near ₹94.65.
This gap means Indian buyers are effectively paying a substantial markup to acquire the dollar-pegged digital asset.
The premium arises because India lacks domestic sources of stablecoins or cryptocurrency mining operations on a meaningful scale. USDT must be imported through various channels, creating ongoing supply constraints that are now being exacerbated by regulatory intervention.
The immediate trigger appears to be recent moves by India’s Enforcement Directorate (ED).
Authorities conducted searches at multiple premises linked to Bengaluru-based entities accused of facilitating unauthorized cross-border fund transfers involving virtual digital assets (VDAs), including stablecoins like USDT.
Preliminary findings pointed to transactions totaling more than ₹2,500 crore that allegedly circumvented formal banking channels and Foreign Exchange Management Act (FEMA) requirements.
Even when funds were not suspected of illicit origins, regulators viewed the use of crypto for international remittances as a potential violation.
For roughly two years, many non-resident Indians (NRIs) and overseas workers had turned to USDT-based transfers as an efficient alternative to traditional banking services.
These methods often offered faster processing, lower fees, and better effective exchange rates thanks to the local premium.
The crackdown has interrupted these inflows, leading to a noticeable tightening of available USDT supply within Indian exchanges and over-the-counter markets.
Market participants report reduced activity from overseas buyers and liquidity providers wary of heightened scrutiny.
This development occurs against a backdrop of broader regulatory evolution. India’s crypto ecosystem operates in a partial legal framework: trading in virtual digital assets is permitted with taxation in place, yet clear guidelines for their use in cross-border payments remain limited.
The resulting uncertainty has historically contributed to premiums, as traders price in compliance risks.
Experts note that ambiguity itself acts as a market friction, widening spreads when enforcement intensifies without accompanying policy clarity.
The Parliamentary Standing Committee on Finance is scheduled to engage with the Reserve Bank of India and the Institute of Chartered Accountants of India on July 2 to discuss the path forward for crypto regulation.
Global bodies such as the Financial Action Task Force have highlighted stablecoins‘ significant role in certain illicit flows, adding urgency to domestic oversight efforts.
While the crackdown targets specific unauthorized channels rather than banning cryptocurrency activity outright, it underscores ongoing tensions between innovation in digital finance and the need to maintain control over foreign exchange movements.
Market observers suggest the elevated premium may persist until supply channels stabilize or clearer rules emerge.
For participants relying on stablecoins for hedging, trading, or remittances, the situation emphasizes both the utility and the vulnerabilities of these assets in a tightly regulated environment. As India continues refining its approach to virtual assets, developments like this premium spike serve as a real-time indicator of how enforcement actions ripple through local markets.
Tether has officially confirmed a new partnership for its gold-backed tokenized asset, Tether Gold (XAUT). CEO Paolo Ardoino stated that, under the agreement with crypto lending platform Ledn, XAUT holders will be able to use their tokenized gold holdings as collateral to access loans without having to sell their assets.
XAUT credit use cases expandWith this agreement, Tether Gold can be used as collateral for borrowing, enabling XAUT holders to obtain liquidity while maintaining exposure to gold prices. This development opens new avenues for users who wish to access cash without liquidating their assets, solidifying XAUT’s role beyond simple investment or trading.
Confirming the partnership, Paolo Ardoino explained that Tether Gold holders will be able to secure credit by using their tokenized gold assets as collateral via Ledn.
Tether Gold, issued by Tether, is a digital asset backed by physical gold reserves. Ledn is recognized for its digital asset collateralized lending services. Industry observers believe this partnership could encourage broader adoption and use of tokenized commodity products in mainstream finance.
Rising interest in tokenized assets prompts new developmentAs interest in tokenized assets surges across the crypto market, this initiative positions XAUT as more than just a tool for trading or long-term holding. By enabling its use in financial operations such as credit, the move aligns with increasing demand for blockchain-based representations of real-world assets.
Mini Glossary: Tokenized gold refers to physical gold represented as a digital token on the blockchain. Collateralized lending is borrowing that is secured by asset collateral.
Through this new model, XAUT users gain access to capital without selling their holdings, aligning with the broader industry push to expand tokenized assets’ role in everyday financial transactions. The initiative also signals Tether’s ambitions to grow its ecosystem beyond stablecoins to broader digital asset categories.
Use cases remain central for market focusInitial market reactions suggest the Ledn partnership could help drive deeper adoption of XAUT. The ability for users to borrow against gold-backed digital assets while still holding them enhances both liquidity and the practical utility of the product.
This step also highlights a key evolution: tokenized assets are now gaining visibility not just as investment tools but as viable resources for credit, collateral, and capital access. The collaboration between Tether and Ledn is expected to further diversify the ways XAUT can be utilized in the market.
The crypto sector’s pivot towards real-world asset tokenization reflects a broader movement to bring blockchain efficiencies to traditional finance. Industry players believe that enabling tokenized gold to serve lending and liquidity needs could accelerate integration with mainstream financial services.
For Tether, expanding use scenarios for XAUT demonstrates a focus on both product innovation and meeting the evolving needs of digital asset investors. The company’s efforts come at a time when demand is mounting for blockchain-based financial solutions that go beyond conventional cryptocurrencies.
Looking ahead, industry experts will be watching closely to gauge the wider adoption of XAUT-enabled loans. If uptake proves strong, further partnerships and expansion in tokenized commodities may follow, potentially reshaping the digital asset lending landscape.
Tether’s move also illustrates the growing convergence of crypto and traditional finance as tokenization brings new value propositions to both markets. As lending and liquidity options expand for digital asset holders, more investors may seek blockchain-backed alternatives for their real-world assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Bitcoin crossed back above $60,000 on June 29 as the final hours of the worst monthly candle of the 2026 correction cycle play out with an unexpected positive: the Fear & Greed Index dropped to 12 — a new absolute cycle low in sentiment — while price simultaneously pushed above the key $60,000 level. That divergence between deepening fear and recovering price is the most significant macro signal of the day. Total crypto market cap sits near $2.12 trillion. Volume is elevated across the board, with BTC up 52% and ETH up 29% on the prior session.
Key Takeaways BTC $60,190 (+0.16%), reclaiming $60,000 ahead of June 30 UTC midnight monthly close Fear & Greed Index at 12 (Extreme Fear) — new absolute cycle low; yesterday 18, last week 20, last month 23 Sentiment making new lows while BTC makes higher lows — textbook divergence signal SOL +1.26% leads large-cap recovery; XRP +0.32% first green day in four sessions ETH –0.01% flat, BNB –0.81%, TRX –0.38% — mixed picture DOGE –13.39% weekly — worst 7-day performer in top 10 by significant margin BTC 4H MA(7) $59,881 — price $309 above it; first time BTC has held above MA(7) since June breakdown June monthly close in hours: BTC needs to hold $60,000+ to shift the narrative into July Crypto Market Snapshot — June 29, 2026 AssetPrice1h24h7dMarket CapVolume (24h)Bitcoin (BTC)$60,350+0.68%+0.16%–6.71%$1.21T$22.24BEthereum (ETH)$1,579+0.34%–0.01%–10.55%$190.65B$8.02BTether (USDT)$0.9984+0.01%0.00%–0.05%$186.04B$50.15BBNB$551.67–0.25%–0.81%–7.67%$74.35B$1.01BUSDC$0.99950.00%0.00%–0.02%$73.72B$9.07BXRP$1.05+0.38%+0.32%–8.07%$65.61B$1.46BSolana (SOL)$72.67–0.47%+1.26%–1.87%$42.2B$2.52BTRON (TRX)$0.3219–0.35%–0.38%–2.80%$30.53B$560.11MHyperliquid (HYPE)$63.53+0.10%+0.65%–6.57%$16.07B$384.03MDogecoin (DOGE)$0.07291+0.15%–1.04%–13.39%$11.29B$514.23M Fear & Greed at 12: The Most Important Number of the Day The Fear & Greed Index printing 12 on June 29 is the single most important data point in today’s market — not because of what it tells you about current conditions, but because of what it has historically signalled about what comes next.
The trajectory over the past 30 days: last month 23, last week 20, yesterday 18, today 12. Every reading has been in Extreme Fear. The index has now been below 20 for multiple consecutive days — a condition that in prior cycles (2018 bottom, March 2020 COVID crash, November 2022 FTX bottom) preceded major recoveries within days to weeks. The 2022 bear market absolute bottom saw a reading of 6; today’s 12 is not that extreme, but the directional trend — rapidly falling sentiment while price is simultaneously recovering above $60,000 — is the divergence pattern that characterises exhaustion bottoms.
The divergence on June 29 is clean: Fear & Greed at a new cycle low of 12 while BTC trades at $60,190, above both the $59,130 May cycle low and the $58,115 June 26 intraday low. Price is making higher lows; sentiment is making lower lows. One of them is wrong. Historically, price leads sentiment out of cycle bottoms.
Bitcoin: Above $60,000 Into the Monthly Close Bitcoin reclaimed $60,000 in the afternoon session on June 29 and is currently trading at $60,190 — up 0.16% on the day and holding above the 4H MA(7) at $59,881 for the first time since the June breakdown. The 4H candle shows BTC opened at $59,956, hit a high of $60,202, dipped to $59,595, and recovered to close the 4H candle at $60,190 — a constructive structure with a higher low than the prior candle.
The June monthly close now looks like a Scenario 2 outcome: a close between $59,130 and $60,078 (MA(25)) that preserves the structural floor without confirming a recovery. If BTC can close the June 30 UTC midnight candle above $60,078, the monthly close would be the most bullish technical outcome possible given the June 26 capitulation — reclaiming the 4H MA(25) on a monthly closing basis. For daily BTC analysis, see our Bitcoin news today page.
Ethereum: Flat at $1,580, MA(7) and MA(25) Tight Again Ethereum is essentially flat at $1,580 on June 29 — down 0.01% — with the 4H MA(7) at $1,576 and MA(25) at $1,575 sitting within $1 of each other directly below price. Unlike the compression setups on June 27–28 that resolved lower, ETH is currently trading above both MAs — a marginal improvement. MA(99) at $1,680 remains $100 above current price, reflecting the full extent of the June selloff.
ETH’s 7-day loss of 10.55% is the worst among top-8 assets, making it the biggest relative underperformer of the correction week. The Glamsterdam upgrade targeting Q3 2026 mainnet, BitMine’s 5.67 million ETH embedded in Russell 1000 passive funds, and the Ethereum Foundation’s 40% spending cut remain the three structural support pillars heading into July.
Solana: Best Large-Cap Performer, Above All Three MAs Solana is the standout on June 29 — up 1.26% to $72.95 with the 4H chart showing price above MA(7) at $72.15, MA(25) at $70.98, and MA(99) at $70.99. SOL is the only large-cap asset with a bullish 4H MA alignment entering the June monthly close. The 7-day loss of just 1.87% confirms SOL’s relative resilience since the $64.04 cycle low on June 26 — it has recovered faster and held better than Bitcoin, Ethereum, or XRP.
SOL’s 100-billion lifetime transaction milestone crossed on June 26 and the Alpenglow upgrade targeting Q3 2026 mainnet — 150ms finality — remain the primary fundamental catalysts. The combination of bullish MA structure, above-average recovery speed from cycle lows, and strong fundamental pipeline makes SOL the highest-quality technical setup in the large-cap space entering July.
XRP: First Green 24H in Four Sessions XRP printed +0.32% on June 29 — the first positive 24-hour session since the June 25 pre-capitulation high. The 4H chart shows price at $1.057 above MA(7) at $1.0509 and MA(25) at $1.0491 — the same bullish MA reclaim pattern that appeared briefly on June 27 before fading. MA(99) at $1.1261 remains significant overhead resistance.
The June 29 green candle matters more symbolically than technically: XRP’s 7-day loss of 8.07% and monthly loss of roughly 18% reflect the scale of the correction, and a 0.32% recovery does not reverse that. What it does confirm is that the $1.0092 cycle low from June 26 has now held across four consecutive sessions — and that each session above $1.00 strengthens the psychological floor. The CLARITY Act remains at 48% on Polymarket; a Senate floor vote scheduling announcement remains the primary XRP catalyst for July.
BNB: Slipping Below $555 BNB is down 0.81% to $554.40 on June 29 — the weakest large-cap performer of the day alongside TRX. The 4H chart shows price below MA(7) at $552.73 but above MA(25) at $559.12 — wait, the current price of $554.40 is actually between MA(7) at $552.73 below and MA(25) at $559.12 above, confirming a compressed bearish structure. BNB’s 7-day loss of 7.67% places it in the middle of the correction pack. The $540.60 June 26 cycle low held, and the $552–$555 range is the near-term base.
TRON: Defensive Position Maintained TRX is down 0.38% to $0.3224 — a small loss on a day when several assets are recovering. The 4H chart shows all three MAs compressed within $0.001 of each other: MA(7) $0.3227, MA(25) $0.3221, MA(99) $0.3230 — an even tighter triple convergence than the double-MA setup seen on June 28. TRX’s 7-day loss of just 2.80% remains one of the best performances in the top 10, reflecting its utility-driven demand base from USDT settlement volume. MiCA enforcement began July 1 — the structural volume catalyst for TRON-based stablecoin flows from non-compliant European platforms.
Dogecoin: Worst Weekly Performer at –13.39% DOGE is down 13.39% over 7 days and 1.04% on the day to $0.07291 — the worst weekly performance in the top 10 by a significant margin, nearly double Ethereum’s –10.55% weekly loss. With no utility catalyst or fundamental development, DOGE is a pure sentiment indicator: at Fear & Greed 12, meme assets absorb the maximum sentiment discount. DOGE’s recovery, when it comes, will likely be the fastest in the top 10 — precisely because sentiment-driven assets move furthest in both directions.
Hyperliquid: Holding $63 Despite Market Pressure Hyperliquid (HYPE) at $63.53 — up 0.65% on the day — continues to demonstrate relative strength at #9 by market cap with $16.07 billion. The on-chain perpetuals exchange has maintained record volumes through the June correction, and the 7-day loss of 6.57% is better than most top-10 assets. HYPE above $60 on a day when Fear & Greed prints 12 is a meaningful signal about the depth of fundamental demand for the asset.
The June 30 Monthly Close: What July Inherits The monthly close arriving at UTC midnight tonight will set the technical framework for July positioning across every asset. Three scenarios remain in play:
For Bitcoin: a close above $60,000 into July is the most constructive possible outcome given the June 26 capitulation. Current price at $60,190 makes this the base case.
For Ethereum: a close above $1,575 (MA(7)) would confirm the double-MA compression resolved to the upside. Currently trading at $1,580 — marginally constructive.
For XRP: a close above $1.05 would be the first month-end close above that level since May. Currently at $1.057 — possible.
For Solana: a close above $72 with bullish MA alignment would make SOL the strongest technical setup entering July among all large-cap assets. Currently at $72.95.
The catalysts for July are clear: CLARITY Act Senate floor vote timing, Fed speaker commentary, and any development on the American Reserve Modernization Act. A Fear & Greed Index at 12 entering July means the positioning bar for a sentiment reversal is extremely low.
Today’s Market in One Paragraph June 29 closes with a contradiction that defines the current cycle: Fear & Greed at 12 — its lowest reading since the correction began — while Bitcoin trades at $60,190, Solana holds a bullish 4H MA alignment, and XRP prints its first green session in four days. Sentiment is maximally compressed; price is holding or recovering. The June 30 monthly close in hours will either confirm this divergence as a bottom signal or resolve it lower if selling resumes into the close. The week ahead brings the CLARITY Act’s most important legislative window of 2026 — the August recess deadline creates urgency that has not existed in any prior week of the correction.
Polygon establishes itself in the race for stablecoin payments. The network processed about 79.25 billion dollars in May, across nearly 198 million transactions. An activity that allows it to overtake Solana and BNB Chain in the number of transfers.
In brief Polygon processed nearly 79.25 billion dollars in stablecoins in May. The network dominated the market with about 198 million transactions. The increase in activity has not yet translated into a recovery in the POL token. Stablecoins propel Polygon to the top May 2026 marks the second-best month in Polygon’s history for stablecoins. The network processed nearly 80 billion dollars, confirming its turn towards payments. Polygon mainly claims first place in the number of transactions. The 198 million operations recorded during the month allow it to surpass other major blockchains on this indicator.
This distinction remains important. A network can show a high volume with a few massive institutional transfers. Polygon, on the contrary, shows a very fragmented activity, composed of a large number of operations of different sizes. The cumulative volume of stablecoin transfers on Polygon now exceeds 2.4 trillion dollars. USDC and USDT still concentrate most of this activity.
Polygon puts forward a simple argument: cost. A transaction on the network would cost on average about 0.002 dollar. Its settlement occurs in nearly two seconds. These characteristics make stablecoins more suitable for daily payments. A user can send a few dollars without losing a significant part of the amount in network fees.
This efficiency also interests businesses. Classic cross-border payments sometimes pass through several intermediary banks. The transfer can take several days and accumulate unpredictable fees. Polygon seeks to replace this complex chain with a direct settlement on the blockchain. Visa has moreover added the network to its stablecoin settlement program.
The network claims to have processed more than seven billion transactions since its launch, with availability close to 99.99%. These figures reinforce its message to companies that demand a stable infrastructure.
Polygon transforms its strategy around stablecoins This progression did not happen by chance. Polygon Labs has refocused a large part of its strategy on payments and stablecoins, at the expense of a positioning solely focused on DeFi or NFTs. The company has invested in Coinme and Sequence to strengthen its infrastructure. Coinme facilitates entries and exits between traditional currencies and digital assets. Sequence provides wallet and interoperability tools.
Polygon is also developing its Open Money Stack. This infrastructure aims to bring together payments, wallets, compliance, and cross-blockchain transfers within a single environment.
Latin America occupies an important place in this offensive. Polygon reportedly processed about 309 million dollars of Latin American stablecoins in May. Tokens indexed to the Brazilian real or the Colombian peso meet local needs that USDT does not always cover.
In economies marked by inflation or costly bank transfers, stablecoins become more than just a trading tool. They are used to pay, save, receive a salary, or transfer money between countries.
Activity explodes, but POL token remains aside The growth of stablecoins does not yet clearly benefit the price of the POL crypto. Polygon’s native token remains under pressure despite the increase in transactions and the network’s repositioning. This discrepancy shows that using a blockchain does not automatically guarantee an increase in its token. Users can transfer USDC or USDT while only keeping a minimal amount of POL to pay fees.
Polygon also faces strong competition. Ethereum and Tron still host the largest stablecoin reserves. Solana, on its side, attracts high-throughput applications, traders, and services aimed at artificial intelligence agents. The real test will therefore be over time. Polygon will have to maintain its lead in the number of transactions and attract more companies. It will also have to turn this activity into sustainable revenue for its ecosystem.
The 79.25 billion dollars processed in May nevertheless marks a milestone. Stablecoins are gradually leaving trading platforms to become a payment infrastructure. Polygon takes a lead, but Solana is already preparing the next battle with automated payments.
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Evans S.
Fascinated by Bitcoin since 2017, Evariste has continuously researched the subject. While his initial interest was in trading, he now actively seeks to understand all advances centered on cryptocurrencies. As an editor, he strives to consistently deliver high-quality work that reflects the state of the sector as a whole.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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Cryptocurrency Stellar (XLM) has handed investors an unexpected gift disguised as market panic, and while the project's team is preparing to launch complex financial infrastructure under the umbrella of DTCC, the coin's price is showing a steep decline.
As Q2 2026 concludes, XLM slips to $0.17167, falling back below its 200-week moving average and fully erasing its spring momentum, as per TradingView. However, for those who consciously ignored the May hype because of inflated prices, this pullback opens up an entirely different perspective.
The key to spotting this hidden opportunity lies not in the depth of the drop, but in the structural anomaly of the trendline itself.
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Stellar (XLM) token price chart with 200-week moving average, Source: TradingViewA look at the weekly chart is enough to see how uniquely the 200-week curve is behaving for XLM. Instead of the usual market waves, it has turned into an almost perfectly horizontal line since mid-2022.
For nearly four years, it served as a virtually impenetrable resistance level for the price — an insurmountable resistance level that Stellar could not break from below. A short-term breakout above this line happened in May, but the price failed to consolidate above it just two weeks before the year's main trigger.
The "buy the rumor" effectWhat is happening on exchanges looks illogical when viewed against the project's calendar, because the first live tests of the tokenization platform from clearing giant DTCC are set to begin on July 13, 2026, with Stellar chosen as the base network. At stake is the digitization of Russell 1000 stocks and U.S. Treasury bonds.
Institutional integration of this scale with Wall Street has not disappeared — the real value of the technology remains the same. Only the exchange price has changed.
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In practice, the cynical market mechanism of "buy the rumor, sell the news" has played out, and the entire May rally triggered by the announcements was fully liquidated over four weeks in June. While engineers were configuring blockchain gateways for the U.S. financial market, short-term speculators were locking in profits and moving into cash as a safe haven along with falling Bitcoin, artificially pushing the asset's price lower.
The coming days will show whether this legendary horizontal level can hold. If the weekly candle closes deep below $0.18244, Stellar risks getting temporarily stuck under this overhang, with a local pullback toward $0.140, which would only increase the discount for investors waiting on the sidelines.
Stellar’s ambitions in the tokenization sector have come into sharper focus this year, but the price of XLM, its native token, saw a sharp retreat near the close of the second quarter. According to TradingView data, XLM slipped to $0.17167, falling back below its 200-week moving average for the first time since earlier in the spring. As a result, much of the upward momentum gained during the spring months has dissipated.
Key long-term technical threshold in focusOn the weekly chart, the most notable feature has been the nearly flat trajectory of the 200-week moving average since mid-2022. For an extended period—almost four years—this level has served as a formidable resistance zone for XLM. While the price briefly broke above this barrier in May, it failed to sustain the move.
With its strong historical significance, this region is once again at the center of attention for market participants. How XLM’s weekly close shapes up around this threshold in the coming days is likely to play a decisive role in the token’s short-term direction.
If XLM records a weekly close clearly below $0.18244, the risk emerges for a further pullback toward the $0.140 region.
Divergence between DTCC project timeline and market pricingA striking disconnect has become evident between XLM’s price action and the project’s longer-term roadmap. The first live tests of the DTCC’s tokenization platform are scheduled to begin on July 13, 2026, with Stellar serving as the underlying network. The initiative aims to tokenize Russell 1000 stocks and US Treasury securities, bringing them on-chain in a digital environment.
DTCC is regarded as a central player in the US securities settlement and custody infrastructure, and the ongoing collaboration with Stellar is closely watched by institutional stakeholders. As such, the integration tests linked to Stellar are considered pivotal for assessing the potential of blockchain integration in traditional finance.
Mini glossary: The DTCC, or Depository Trust & Clearing Corporation, is a major US market infrastructure provider responsible for the clearing and settlement of securities transactions. Tokenization refers to representing real-world assets such as stocks or bonds as digital tokens on a blockchain network.
Institutional-scale integration remains firmly on the agenda; what has changed is not the scope of the technology’s application, but only the market price on exchanges.
May gains reversed throughout JuneThe recent market moves in XLM appear to mirror a classic “buy the rumor, sell the news” pattern. Gains sparked by developments in May were erased over the four weeks of June, as short-term investors opted to take profits. Additionally, weakening risk appetite due to ongoing softness in Bitcoin contributed to the renewed downward pressure on XLM.
As selling intensified, investors with a longer horizon have found new grounds for reassessment. While preparations for institutional blockchain infrastructure continue, short-term market sentiment pushed XLM’s price lower for now.
Technically, the nearest critical level remains $0.18244. If the price stays below this threshold, a further correction toward $0.140 remains in play. Conversely, reclaiming this key level could signal that the late-quarter decline is merely a temporary disruption rather than a lasting trend.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Kraken is set to list the Bittensor subnet Alpha token.
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Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
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Hyper Foundation will allocate about $10 million in grants to help builders affected by the USDH sunset. The funding is meant to cover migration and wind-down costs as the Hyperliquid ecosystem moves more trading activity toward USDC.
Summary
Hyper Foundation will fund builders affected by the USDH sunset with about $10m in grants. Eligible teams include HIP-1, HIP-3, HyperEVM protocols, bridges and Native Markets. The grant plan supports a wider move from USDH markets toward deeper USDC liquidity. “Hyper Foundation announced approximately $10 million in grants to help builders affected by the USDH sunset, covering migration and wind-down costs,” Wu Blockchain said. The post said eligible recipients include HIP-1 and HIP-3 deployers, HyperEVM protocols, USDH bridges and Native Markets.
Hyper Foundation Allocates $10M in Grants to Support USDH Migration
Hyper Foundation announced approximately $10 million in grants to help builders affected by the USDH sunset, covering migration and wind-down costs. Grants will be distributed to eligible HIP-1 and HIP-3… pic.twitter.com/Hwy7ZNwswz
— Wu Blockchain (@WuBlockchain) June 28, 2026 The grants come with a clear deadline. Recipients must complete migrations or orderly shutdowns by the end of July. The plan gives affected builders a limited period to update markets, move liquidity, adjust bridges or close USDH-related services.
Eligible builders face July deadline HIP-1 deployers relate to spot market deployments, while HIP-3 deployers relate to perpetual market deployments. Both groups may need support because USDH served as a quote asset or liquidity route for some products. HyperEVM protocols and USDH bridge operators may also face direct technical changes.
Native Markets is also listed among eligible grant recipients. The firm won the validator vote to issue USDH in September 2025, beating larger bidders such as Paxos, Frax and Ethena. Its plan aimed to return reserve yield to the ecosystem through HYPE buybacks and ecosystem support.
The migration affects users as well as builders. Users holding USDH may need to convert balances, close positions or follow protocol-level migration steps. The officialUSDH migration page says the dashboard supports USDH to USDC and u.s. dollar fiat conversions until July 17, while the USDH/USDC spot order book will remain available.
USDC becomes the main stablecoin route The grant program follows Hyperliquid’s wider move toward USDC. Coinbase became the official USDC treasury deployer on Hyperliquid in May, strengtheningUSDC as the aligned quote asset across the ecosystem. The deal also gave Coinbase the right to purchase USDH brand assets from Native Markets.
“USDH remains fully backed and maintained, with feeless conversions into USDC and fiat for onboarded customers available on dashboard.usdh.com,” Native Markets said. The statement means users still have conversion routes while USDH markets move through the transition.
The shift marks a change from the original USDH strategy. USDH launched to reduce reliance on outside stablecoin issuers and keep more reserve yield inside Hyperliquid. However, two stablecoin systems can split liquidity and add friction for traders. A move back toward USDC may simplify markets and reduce conversion steps.
Migration plan follows earlier stablecoin race The USDH sunset follows a competitive stablecoin race that drew wide attention across DeFi. Hyperliquid validators voted on the USDH ticker after proposals from Native Markets, Paxos, Frax, Agora and other teams.USDH later launched in a USDH/USDC pair and recorded more than $2 million in early trading.
The new grant plan now focuses on cleanup rather than expansion. Builders may need to change collateral settings, update front ends, move liquidity, close markets or support users during withdrawals. The July deadline gives the ecosystem a short window to finish those steps.
For Hyperliquid, the grants may reduce the risk of unfinished integrations and stranded liquidity. They also give builders a financial reason to complete the transition on time. The move shows how stablecoin strategy can change quickly when trading venues balance liquidity depth, user experience and reserve-yield economics.
Hyperliquid’s [HYPE] stablecoin market is becoming increasingly concentrated as liquidity continues shifting toward USD Coin [USDC] instead of the native USDH.
The trend reflects traders’ preference for deeper liquidity and established settlement assets over newer DeFi-native stablecoins.
Hyperliquid Foundation has put out roughly $10 million in grants to assist in migration costs and ensure that each of its protocols continues to run smoothly. Those are HIP-1, HIP-3, HyperEVM protocols, bridges, and native markets.
Source: X In addition, users can swap their USDH for USDC through the same migration paths, reducing friction during the transition.
According to DeFiLlama, USDC now dominates Hyperliquid’s stablecoin liquidity.
In fact, USDC accounts for $5.74 billion of Hyperliquid’s $5.96 billion stablecoin pool. Conversely, USDH holdings have fallen sharply to just $20 million.
Source: DeFiLlama Meanwhile, Tether [USDT] trails at around $155 million. These figures clearly indicate that network effects are supporting the growing dominance of USDC.
This imbalance suggests network effects are reinforcing USDC’s leadership, making it the preferred collateral across spot and perpetual markets. If institutional activity continues expanding, USDC’s dominance could strengthen further.
Otherwise, USDH would require meaningful utility improvements to regain market share.
Protocol activity reinforces HYPE utility That orderly migration is already translating into stronger on-chain activity as Hyperliquid continues expanding around its USDC-first model. The shift did not disrupt the user participation.
It allowed for a sustained level of approximately 6,932 Daily Active Addresses and over 315,000 Daily Transactions, according to DeFiLlama data.
Meanwhile, Perpetual Trading Volume remained near $2.8 billion, reinforcing Hyperliquid’s leadership in on-chain derivatives.
Growing activity also generates Annualized Fee Revenue in the hundreds of millions, creating recurring value for the ecosystem. Those fees increasingly flow into HYPE through staking, priority fees, buybacks, and incentives instead of relying mainly on speculation.
If trading activity and USDC liquidity continue growing together, HYPE’s long-term value capture could strengthen further. Otherwise, slower network activity may gradually reduce revenue growth.
Kraken is set to list the Bittensor subnet Alpha token.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), parent company of Grayscale, reposted on X to disclose that crypto exchange Kraken is set to list Alpha tokens from Bittensor subnets. According to leaked details, the first batch of tokens to be listed includes Chutes, Targon, Score, Ridges AI, Hippius, and others.
1 seconds ago
Trump: Will Take Immediate Action on Fed Governor Lisa Cook’s Eligibility for Her Position
US President Trump stated that in the lawsuit over the eligibility of Federal Reserve Governor Cook, the Supreme Court remanded the case to a lower court solely on procedural grounds. We will immediately take appropriate action to ensure that individuals who have engaged in misconduct do not continue to make decisions on major matters related to the well-being of the United States.
1 seconds ago
Castle Securities warns that the Federal Reserve’s policies will become more stringent.
Castle Securities stated that investors have underestimated Fed Chair Kevin Warsh’s resolve to curb inflation, warning that higher interest rates could put pressure on risk assets. The firm also cautioned that the rally in the artificial intelligence market faces growing risks, including weak demand, declining returns, and intensified political and regulatory scrutiny.
1 seconds ago
X's Android version of XChat is now live.
According to official announcements, the Android version of X’s chat application XChat is now available, allowing users to hold private chats with friends directly within X. The iOS version of XChat launched on the App Store on April 25.
1 seconds ago
Ripple has launched an XRPL lending protocol, with developers now able to integrate and test it on the testnet.
Ripple has launched the XRPL Lending Protocol, an on-chain credit infrastructure for tokenized assets. The protocol’s core principle is to keep credit assessment off-chain while only standardizing execution processes on-chain. Institutions handle their own underwriting and compliance reviews, with the protocol responsible for standardized execution of liquidity pooling, loan disbursement, repayment, and default handling. The protocol comprises two components: the Single Asset Vault, which manages on-chain pooling of individual assets; and the Lending Protocol, which disburses vault liquidity as loans with clear terms. The two correspond to the XLS-65 and XLS-66 proposals respectively and are pending approval from validator nodes. At the infrastructure level, the protocol supports a subordinated capital mechanism, where pool managers assume risk exposure senior to that of other liquidity providers. Developers can now access and test the protocol on the devnet.
1 seconds ago
阿曼外交大臣：不支持收取霍尔木兹海峡通行费
Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)
BNY has expanded its partnership with Circle to launch new institutional stablecoin services, allowing clients to custody, transfer, mint and burn USDC through BNY’s Digital Asset Custody platform, the company announced Monday.
BNY’s Digital Asset Custody platform provides institutional investors with regulated custody and servicing for digital assets such as bitcoin, ether and tokenized securities. Designed to bridge traditional finance and blockchain, it integrates digital asset custody with banking services including payments, liquidity management and operational support.
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The offering makes Circle’s flagship stablecoin the platform’s first supported stablecoin and extends BNY’s role as custodian of USDC reserves.
According to the company, clients can now hold USDC in BNY custody while directing Circle to issue or redeem tokens against US dollars, creating a direct connection between traditional cash management and digital asset custody.
BNY said the integrated platform is designed to support institutional adoption of digital assets by bringing blockchain-based transactions into existing financial workflows, with plans to support additional stablecoins over time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Kraken is set to list the Bittensor subnet Alpha token.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), parent company of Grayscale, reposted on X to disclose that crypto exchange Kraken is set to list Alpha tokens from Bittensor subnets. According to leaked details, the first batch of tokens to be listed includes Chutes, Targon, Score, Ridges AI, Hippius, and others.
1 seconds ago
Trump: Will Take Immediate Action on Fed Governor Lisa Cook’s Eligibility for Her Position
US President Trump stated that in the lawsuit over the eligibility of Federal Reserve Governor Cook, the Supreme Court remanded the case to a lower court solely on procedural grounds. We will immediately take appropriate action to ensure that individuals who have engaged in misconduct do not continue to make decisions on major matters related to the well-being of the United States.
1 seconds ago
Castle Securities warns that the Federal Reserve’s policies will become more stringent.
Castle Securities stated that investors have underestimated Fed Chair Kevin Warsh’s resolve to curb inflation, warning that higher interest rates could put pressure on risk assets. The firm also cautioned that the rally in the artificial intelligence market faces growing risks, including weak demand, declining returns, and intensified political and regulatory scrutiny.
1 seconds ago
X's Android version of XChat is now live.
According to official announcements, the Android version of X’s chat application XChat is now available, allowing users to hold private chats with friends directly within X. The iOS version of XChat launched on the App Store on April 25.
1 seconds ago
Ripple has launched an XRPL lending protocol, with developers now able to integrate and test it on the testnet.
Ripple has launched the XRPL Lending Protocol, an on-chain credit infrastructure for tokenized assets. The protocol’s core principle is to keep credit assessment off-chain while only standardizing execution processes on-chain. Institutions handle their own underwriting and compliance reviews, with the protocol responsible for standardized execution of liquidity pooling, loan disbursement, repayment, and default handling. The protocol comprises two components: the Single Asset Vault, which manages on-chain pooling of individual assets; and the Lending Protocol, which disburses vault liquidity as loans with clear terms. The two correspond to the XLS-65 and XLS-66 proposals respectively and are pending approval from validator nodes. At the infrastructure level, the protocol supports a subordinated capital mechanism, where pool managers assume risk exposure senior to that of other liquidity providers. Developers can now access and test the protocol on the devnet.
1 seconds ago
阿曼外交大臣：不支持收取霍尔木兹海峡通行费
Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)
Bitcoin infrastructure company Breez has added a feature to its developer toolkit that lets users send USDC (USDC) and USDt (USDT) across more than 30 blockchain networks directly from a Bitcoin balance, without first converting or holding stablecoins.
According to an announcement shared with Cointelegraph, the feature uses the Lightning Network alongside automated conversion to route payments from Bitcoin (BTC) to USDC or USDT before delivering funds to the recipient's preferred blockchain.
When a user enters a recipient's wallet address, the Breez SDK identifies the destination blockchain, calculates a conversion route and displays the amount, network and fees before the payment is confirmed. The transaction is then routed through liquidity providers, including Flashnet and Boltz, which convert the sender's Bitcoin into stablecoins and deliver it on the recipient's chosen blockchain.
Roy Sheinfeld, CEO of Breez, told Cointelegraph the feature does not require USDT or USDC to be issued on the Lightning Network. Instead, it relies on "interoperability" to let users spend from a Bitcoin balance while recipients receive stablecoins on supported blockchain networks.
Breez said users continue holding Bitcoin until they initiate a payment, while recipients receive stablecoins on their preferred blockchain without requiring the sender to manage separate stablecoin balances. The feature is non-custodial and initially supports only outbound stablecoin payments, with support for receiving stablecoins from external blockchain networks planned for a future release.
The feature is designed to allow developers to add stablecoin payments without integrating multiple blockchain networks or requiring users to manage separate Bitcoin and stablecoin balances.
Bitcoin payment infrastructure expandsThe launch comes as companies expand Bitcoin and the Lightning Network, a layer-2 payment network designed to make Bitcoin transactions faster and less expensive, into new financial and commercial applications.
In February, Secure Digital Markets, an institutional trading and lending desk, completed a $1 million Bitcoin payment to Kraken over the Lightning Network in less than half a second, demonstrating the protocol's potential for high-value institutional transfers. The transaction illustrated how Lightning is increasingly being tested for use cases beyond small retail payments.
That same month, Bitcoin infrastructure company Voltage introduced a US dollar-settled revolving credit line that embeds business credit into Lightning payment flows, allowing companies to settle repayments in either US dollars or Bitcoin. The product is intended to enable businesses to access working capital using Lightning for payments, without holding crypto on their balance sheets.
Event platform Satlantis also launched a Bitcoin-native ticketing platform with embedded Lightning wallets, allowing organizers to sell tickets and accept BTC alongside traditional payment methods.
In March, Tether-backed Bitcoin infrastructure startup Ark Labs in a $5.2 million funding round to develop technology supporting stablecoin issuance, transfers and settlement on Bitcoin.
Lightning adoption has continued to grow. A February report from River estimated the network surpassed $1 billion in monthly transaction volume in late 2025, up from around $12 million in 2021.
Lightning Network transaction volumes continue to grow. Source: River
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
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Kraken is set to list the Bittensor subnet Alpha token.
Barry Silbert, founder and CEO of Digital Currency Group (DCG), parent company of Grayscale, reposted on X to disclose that crypto exchange Kraken is set to list Alpha tokens from Bittensor subnets. According to leaked details, the first batch of tokens to be listed includes Chutes, Targon, Score, Ridges AI, Hippius, and others.
1 seconds ago
Trump: Will Take Immediate Action on Fed Governor Lisa Cook’s Eligibility for Her Position
US President Trump stated that in the lawsuit over the eligibility of Federal Reserve Governor Cook, the Supreme Court remanded the case to a lower court solely on procedural grounds. We will immediately take appropriate action to ensure that individuals who have engaged in misconduct do not continue to make decisions on major matters related to the well-being of the United States.
1 seconds ago
Castle Securities warns that the Federal Reserve’s policies will become more stringent.
Castle Securities stated that investors have underestimated Fed Chair Kevin Warsh’s resolve to curb inflation, warning that higher interest rates could put pressure on risk assets. The firm also cautioned that the rally in the artificial intelligence market faces growing risks, including weak demand, declining returns, and intensified political and regulatory scrutiny.
1 seconds ago
X's Android version of XChat is now live.
According to official announcements, the Android version of X’s chat application XChat is now available, allowing users to hold private chats with friends directly within X. The iOS version of XChat launched on the App Store on April 25.
1 seconds ago
Ripple has launched an XRPL lending protocol, with developers now able to integrate and test it on the testnet.
Ripple has launched the XRPL Lending Protocol, an on-chain credit infrastructure for tokenized assets. The protocol’s core principle is to keep credit assessment off-chain while only standardizing execution processes on-chain. Institutions handle their own underwriting and compliance reviews, with the protocol responsible for standardized execution of liquidity pooling, loan disbursement, repayment, and default handling. The protocol comprises two components: the Single Asset Vault, which manages on-chain pooling of individual assets; and the Lending Protocol, which disburses vault liquidity as loans with clear terms. The two correspond to the XLS-65 and XLS-66 proposals respectively and are pending approval from validator nodes. At the infrastructure level, the protocol supports a subordinated capital mechanism, where pool managers assume risk exposure senior to that of other liquidity providers. Developers can now access and test the protocol on the devnet.
1 seconds ago
阿曼外交大臣：不支持收取霍尔木兹海峡通行费
Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)
Key HighlightsBitcoin-to-USDC Payment Capability Now Available Through Breez SDKUSDT Payment Functionality Extended Across Multiple Blockchain NetworksEnhanced Functionality for Bitcoin Payment Ecosystem Breez enables direct stablecoin transmission from Bitcoin holdings without requiring users to maintain USDC or USDT balances.
The payment solution operates across more than 30 different blockchain networks.
Bitcoin remains in user wallets until the moment of payment execution and conversion.
Application developers gain stablecoin payout capabilities without complex multi-chain infrastructure.
Future updates will enable users to receive stablecoins from external blockchain networks.
Breez has introduced a novel payment mechanism that allows Bitcoin holders to transmit USDC or USDT without maintaining stablecoin balances. The technology operates through the company’s software development kit and facilitates transactions across more than 30 blockchain ecosystems. This innovation provides applications with a streamlined method to integrate stablecoin payment options without requiring users to pre-fund stablecoin wallets.
Bitcoin-to-USDC Payment Capability Now Available Through Breez SDK The payment functionality has been integrated directly into Breez’s software development kit, which application developers utilize to incorporate Lightning Network payment capabilities. The architecture allows users to initiate transactions from Bitcoin holdings while delivering value to USDC-enabled recipients. Users benefit from eliminating the requirement to maintain separate USDC reserves prior to transaction execution.
The system performs recipient address verification and blockchain identification before transaction approval. It provides senders with complete visibility into routing paths, associated fees, payment amounts, and destination networks. Upon user confirmation, designated liquidity providers execute Bitcoin-to-USDC conversion and complete delivery to the intended recipient.
The solution leverages Lightning Network infrastructure alongside Breez’s proprietary Spark Layer 2 protocol for rapid settlement processing. Breez collaborates with industry partners such as Flashnet and Boltz to facilitate conversion operations and payment delivery. This approach allows developers to offer USDC payment functionality without constructing independent blockchain integration systems.
USDT Payment Functionality Extended Across Multiple Blockchain Networks The platform additionally facilitates USDT transmission from Bitcoin balances using identical payment workflows. Users maintain Bitcoin exposure until payment initiation, while recipients receive USDT in their designated wallets. This architecture eliminates the burden of stablecoin wallet management prior to fund transmission.
Current functionality focuses exclusively on outbound stablecoin payments, based on the company’s deployment roadmap. Breez has announced intentions to incorporate stablecoin receiving capabilities from external blockchain networks in subsequent releases. This enhancement could transform the SDK into a comprehensive multi-asset payment infrastructure layer.
USDT maintains significant relevance in global remittance channels due to widespread preference for dollar-denominated transactions. Regional variations in blockchain adoption stem from differences in transaction costs and exchange accessibility. Breez’s support for 30 distinct chains provides developers with enhanced flexibility to serve diverse geographic markets.
Enhanced Functionality for Bitcoin Payment Ecosystem This release expands stablecoin capabilities within Bitcoin payment infrastructure and Lightning Network-enabled applications. Breez currently provides services to over 75 applications via its SDK, including notable platforms like Deblock and Cake Wallet. This established distribution network provides the new payment feature with immediate accessibility across wallet and payment product ecosystems.
Breez secured $4.5 million in funding during December 2022 from investment firms including Fulgur Ventures and Ego Death Capital. Following this capital raise, the company has concentrated development efforts on Lightning Network tools for wallet applications, social platforms, and payment infrastructure. The latest product release advances this strategic direction into stablecoin delivery and remittance applications.
The broader Bitcoin payment sector has evolved beyond small-scale retail transaction processing. During February, Secure Digital Markets successfully executed a $1 million Lightning Network payment to Kraken exchange in less than half a second. Voltage launched a dollar-denominated credit facility integrated with Lightning payment infrastructure.
Oliver Dale
Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all. His writing has been quoted by Nasdaq, Dow Jones, Investopedia, The New Yorker, Forbes, Techcrunch & More. Contact [email protected]
BNY will let institutional clients custody, mint and redeem Circle's USDC through its digital asset platform.The bank plans to expand the service to additional stablecoin issuers over time.The move reflects growing demand from traditional financial institutions for regulated stablecoin infrastructure.BNY, the world's largest custody bank overseeing $59 trillion in assets, is deepening its ties with Circle (CRCL) as the Wall Street bank ramps up its stablecoin services.
The bank said Monday that USDC will become the first stablecoin supported on its Digital Asset Custody platform. Clients will be able to hold USDC in custody at BNY and instruct Circle to convert U.S. dollars into the stablecoin or redeem USDC back into dollars through the bank.
The move expands BNY's role in the USDC ecosystem. The bank already serves as the primary custodian of the reserves backing the stablecoin. The new offering lets institutions manage both their cash and digital assets through a single platform.
BNY said it plans to support additional stablecoin issuers over time.
The announcement comes as stablecoins gain momentum among banks and asset managers following the 2025 passage of the GENIUS Act, the U.S. law establishing a federal framework for U.S. dollar-backed stablecoins. The legislation is widely expected to accelerate institutional adoption by setting rules for reserve assets, disclosures and issuer oversight.
Unlike cryptocurrencies such as bitcoin, stablecoins are designed to maintain a fixed price pegged to a fiat currency, typically to the U.S. dollar and backed with cash and short-term U.S. Treasuries. Originally used primarily by crypto traders on exchanges, they are increasingly finding broader uses in payments, cross-border transfers and securities settlement.
Institutions see significant room for growth. Standard Chartered projected the stablecoin market could expand from roughly $300 billion today to $2 trillion by the end of 2028, while Citigroup estimated it could reach $4 trillion by 2030 in its base case. Circle's USDC is the second-largest stablecoin with a market capitalization of over $73 billion.
"As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems," said Carolyn Weinberg, chief product and innovation officer at BNY.
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The Evolution of the Crypto CEX Landscape: A Case Study on Binance
The Evolution of the Crypto CEX Landscape: A Case Study on Binance
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
5 hours ago
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
America's oldest bank will allow institutional clients to store, mint, redeem, and transfer USDC.
The Bank of New York Mellon (BNY), the oldest bank in the United States, has expanded its partnership with Circle to introduce new stablecoin services for institutional clients.
Circle’s USDC will become the first stablecoin supported on BNY’s Digital Asset Custody platform under the arrangement. This will allow BNY clients to store, transfer, mint, and burn USDC through the bank’s custody services.
BNY Mellon integrates USDC According to the official blog post, the latest move broadens BNY’s role as the primary custodian of USDC reserves. Institutional clients using BNY’s digital asset custody platform can now hold USDC in their custody wallets and use the bank to instruct Circle to convert US dollars into USDC.
Clients will also be able to redeem USDC for US dollars through the burning process. Circle said that these services are intended to support the entire lifecycle of institutional stablecoin activity by connecting traditional cash services with digital asset custody within one framework. BNY said the stablecoin capabilities are part of its integrated Digital Assets platform, which is designed to help institutional clients manage the growing connection between traditional finance and digital assets.
By combining custody and cash management services, the bank aims to provide access to blockchain-based networks while maintaining the controls, governance, and operational resilience required by institutional markets. BNY also plans to expand support to other stablecoin issuers and additional digital cash workflows over time.
BNY’s Chief Product and Innovation Officer Carolyn Weinberg commented,
“As digital assets become increasingly integrated into financial markets, institutions need infrastructure that seamlessly works across traditional and blockchain-based systems. With the addition of our enhanced stablecoin enablement capabilities, we’re expanding the ways clients can move value with the operational scale, trust, and resiliency they expect from BNY.”
BNY’s Crypto Footprint BNY Mellon and Circle first partnered in March 2022, when the bank was selected as a primary custodian for the reserves backing the stablecoin. Since then, the bank has steadily strengthened its presence in digital assets over the past few years.
You may also like: Tim Draper Explains Why Bitcoin Is Safer Than Banks in the Quantum Era Peter Schiff Blasts Jamie Dimon’s Push for Bank-Style Rules on Stablecoins Banks Fear Stablecoins as Yield Threatens Deposit Business: Report This year, the Wall Street giant expanded its digital asset custody business by partnering with Finstreet and ADI Foundation to develop regulated crypto infrastructure within Abu Dhabi’s ADGM financial hub.
THORChain Podcast #212: ADR29 Fee Debate ft. BooneW, KentonC137 & Patriotsounds | June 28, 2026 | Watch the full episode on YouTube
By Raynalytics
TL;DRBoone proposed ADR29, an asset-specific minimum swap fee lever built with Monero in mind. His working example is a 50 bps floor on each $XMR leg, but the proposal is not approved or implemented.ADR29 is designed to complement, not replace, THORChain’s dynamic fee model. When both apply, the protocol would use the higher floor.The core disagreement was strategic: charge more where THORChain has a permissionless edge, or keep fees low enough to win volume and discourage competitors.Higher Monero fees could feed more system income into protocol-owned liquidity, helping a shallow Monero pool deepen without depending entirely on outside LPs.The second half moved from fees to distribution: affiliate tooling, a swap widget, more browser wallets, and possible mobile paths for THORChain Swap.IntroductionPodcast #212 was supposed to feature Amir Taaki, but technical problems cut that conversation short. Boone joined while out shopping, without video and with one specific mission: make sure the community understood ADR29.
That intervention turned into a full debate about what THORChain should optimize for. Boone argued for monetizing permissionless demand now. Kenton argued that low prices build a longer-lasting moat. Denny focused on whether decentralized governance can manage manual fee levers quickly enough. Nobody pretended the answer was settled, which made the discussion more useful.
The result was less a sales pitch for one proposal and more a map of the choices around Monero, dynamic fees, protocol-owned liquidity, and THORChain’s route to a larger market.
1. ADR29: A Fee Floor for Each AssetToday, THORChain applies minimum swap fee floors broadly by asset class. The same L1 floor covers many unrelated assets, even when their liquidity, competition and market structure look completely different.
Boone’s proposed ADR29 adds per-asset minimum slip settings. Instead of raising the L1 floor for every pool to address one asset, nodes could set a different floor for Monero, Bitcoin or another specific asset. The proposal also allows an explicit zero override and optional economic caps on those operational fee levers.
Monero is the reason Boone built it. THORChain is preparing a genuinely permissionless $XMR route, while many existing cross-chain options rely on centralized or permissioned infrastructure. Boone’s working number was 50 bps per Monero leg. On an asset-to-$XMR double swap, that would produce a combined floor near 1%, roughly where he said many existing Monero venues already price their service.
His pitch is not simply “charge more because we can.” It is that THORChain could offer a better product at a familiar market price, then route the additional system income toward deeper protocol-owned liquidity.
The proposal remains an initial draft. Even if the code is accepted, the per-asset floor would be off unless nodes chose to use it.
"All it does is give the nodes more optionality." (Boone)2. Why ADR29 Is Not a Replacement for Dynamic FeesThe episode repeatedly returned to the difference between ADR29 and ADR26, THORChain’s dynamic L1 fee model.
Dynamic fees tune the minimum fee for eligible L1 swaps associated with approved affiliate THORNames and trading pairs. The aim is to discover whether a lower or higher fee produces more protocol revenue for that flow. ADR29 is broader in a different direction: it sets a governance floor for an individual asset and also reaches activity that the affiliate-based model does not, including arbitrage flow through trade and secured assets.
Boone estimated that arbitrage accounts for roughly 60% of THORChain volume. In a separate two-hour sample, he found that L1 swaps with affiliate fees represented about 33% of volume. Those were his working observations, not a complete protocol study, but they explain his concern: a dynamic feature limited to qualifying L1 affiliate flow may leave much of the network untouched.
He also questioned the signal used to adjust dynamic fees. If the controller reacts to revenue without accounting for changes in the wider exchange market, a high-volume market day could look like proof that the fee changed correctly even when macro conditions caused the move. His suggestion was to normalize against global exchange volume so the controller reads less noise.
ADR29 is designed to coexist with that experiment. If an affiliate’s dynamic fee and an asset-specific floor both apply, the higher value wins. Nodes can still test dynamic fees first, learn from live behavior, and consider ADR29 later.
"This is not a replacement. This is not instead of Chad’s dynamic fees." (Boone)3. The Real Debate: Revenue Now or Market Share Later?Once the mechanics were clear, the conversation became a strategy argument.
Boone sees two markets. The first is the enormous global exchange market, where centralized exchanges dominate and most users optimize for familiarity, price and convenience. The second is the much smaller permissionless market, where THORChain already has a meaningful edge.
His preferred sequence is to monetize the smaller market first. Higher-margin permissionless flow could build POL, fund marketing, strengthen node participation and give the network more resources before it attacks the mass market. In his framing, trying to beat subsidized competitors such as Near Intents on price today risks joining a race where other protocols can spend emissions or investor capital to offer uneconomic swaps.
Kenton pushed the other way. A high Monero fee could invite competitors, while a low fee makes the market less attractive to enter. More importantly, users who discover THORChain as the cheapest permissionless route may carry that first impression forward and spread it by word of mouth. If the long-term target is centralized exchange volume, price has to be part of the conversion story.
That question also reaches aggregators. SwapKit and other routers can move flow quickly when another venue offers a better quote, so loyalty may matter less than execution. Boone saw that as a reason fees can be lowered later when competition arrives. Kenton saw it as a reason to undercut competitors before they gain a foothold.
Denny added a governance concern. A centralized business can move a pricing lever quickly. A decentralized network may be slower to reach consensus, making an algorithmic approach more attractive than frequent manual adjustments. He also argued for getting the $XMR pool stable before experimenting with higher fees.
"Long term, of course we want to capture all swap volume." (Boone)The disagreement stayed productive because everyone shared the same destination. The open question is which stepping stone gets THORChain there.
4. POL Turns Fees Into Permissionless LiquidityADR29 matters beyond the fee itself. Boone tied it directly to protocol-owned liquidity.
If a shallow Monero pool generates higher fees and a portion of system income flows into POL, the protocol can progressively own more of that pool. That creates liquidity which does not leave when external LPs decide the return is no longer attractive. It also reduces the problem of asking outside capital to absorb the early operational risk of a new chain integration.
Boone described POL as an asset rather than a liability. If an early $XMR issue costs the pool money, the protocol can learn and recover without owing an external LP. Denny agreed that this makes POL especially powerful for a complex launch like Monero.
The wider security argument is equally important. A permissionless protocol can still become dependent on liquidity providers or market makers who withdraw during stress. Boone pointed to solver and market-maker systems that can lose liquidity exactly when markets become chaotic. POL is always-on capital controlled by protocol rules.
"You don’t just need a permissionless protocol. You need permissionless liquidity." (Boone)This is why the fee debate and the POL debate cannot be separated. ADR29 asks what each asset should pay. POL asks whether part of that income can become a permanent moat.
5. Distribution: Widgets, Wallets and the Next Front EndThe final major thread was how users actually reach THORChain.
Kenton outlined the immediate THORChain Swap priorities: finish Keplr Wallet support, complete the affiliate page, ship a reusable swap widget, fix the current bug backlog, and add more browser wallets. The affiliate flow is intended to let a partner register, receive an API key, configure its THORName, set a fee and preferred payout asset, then generate widget code for its own website.
The widget is central to Kenton’s distribution thesis. A newsletter or partner site can embed THORChain swaps, earn affiliate fees, and lend its existing credibility to the interface. Kenton said he has already arranged a year-long package of 12 articles with DeFi Llama and wants the supporting dashboard and destination experience ready before promotion ramps up.
Mobile remains the harder problem. IBEC raised a passkey-based wallet path, while Boone suggested he could help as an AI-assisted developer. Another option is a memoless mobile app that works with wallets users already have, avoiding yet another seed phrase. A fuller route would be to fork the open-source Unstoppable Wallet and keep applying upstream improvements, but that was brainstorming, not a committed build.
The team’s sequencing was practical: improve the existing frontend, make integrations self-serve, expand wallet connectivity, then decide whether a dedicated mobile wallet earns its place on the roadmap.
"Strong opinions loosely held." (Kenton)That line captured the whole episode. ADR29 now gives the community something concrete to evaluate, but its value will come from testing assumptions rather than defending camps.
What to WatchADR29 review: The draft merge request needs technical review and governance discussion. It is proposed, not live.ADR26 first: Dynamic fees may get a live trial before ADR29 advances, creating real evidence about eligible flow and fee sensitivity.Monero launch quality: The first priority is a stable $XMR pool and safe small swaps. Fee experiments can follow once the product works reliably.POL governance: Watch whether nodes gain a more responsive operational lever for directing system income into protocol-owned liquidity.Distribution work: Keplr, affiliate onboarding, the swap widget and additional browser wallets are the near-term THORChain Swap milestones.More THORChain data, check out raynalytics.net
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We’re excited to announce that USDC, EURC, and CCTP support are live on Cronos.
Cronos Network is a high-performance, EVM-compatible, Layer-1 (L1) blockchain network supported by Crypto.com, supporting payments, AI-native workflows, and DeFi trading. Native USDC, EURC, and CCTP bring trusted and interoperable stablecoin infrastructure to Cronos’ large and established ecosystem. USDC will also serve as the settlement layer for the Cronos app, the upcoming mobile-first trading platform where users will be able to trade tokenized stocks, crypto, and prediction markets from a single account, with 24/7 markets, and access in 180+ countries.1
With the launch of native USDC, EURC, and CCTP, Cronos gains access to the leading regulated2 dollar and euro stablecoins. This unlocks dollar- and euro-denominated DeFi trading, payments, treasury management, and more on a blockchain designed for EVM compatibility, AI-friendly workflows, and transaction efficiency. Native USDC will also serve as the dollar settlement layer for the Cronos app. Users will be able to deposit dollars and trade every asset class from one account.
Benefits of USDC and EURC on Cronos:
Regulated,2 fully reserved stablecoins redeemable 1:1 for USD and EUR,3 respectivelyInstitutional on/offramps with Circle Mint4 for qualified businesses Integrate easily with apps and protocols on CronosUnlock dollar- and euro-denominated DeFi markets and AI-powered transactionsCCTP on Cronos enables developers to:
Securely and efficiently move USDC between Cronos and other supported blockchainsBuild apps directly on the protocol layer that support high-performance DeFi and AI-powered transactionsKey use cases of USDC and EURC on CronosNative USDC and EURC can help establish a trusted dollar- and euro-denominated ecosystem on Cronos. With MiCA compliance, full reserve backing, and 1:1 redeemability for dollars and euros respectively, USDC and EURC support DeFi, traditional markets, and agent-to-agent transactions by serving as collateral and settlement infrastructure. Establishing deep liquidity for both EUR/EURC and USD/USDC trading pairs can support lower-slippage DeFi activity and AI-driven applications at the scale institutions and enterprises need. Through CCTP, users and developers can move USDC securely across ecosystems without relying on wrapped assets.
Beyond institutional use cases, native USDC will also bring dollar settlement to everyday users. As the dollar layer for the Cronos app, the upcoming mobile-first trading platform, USDC will let people deposit dollars and trade tokenized stocks, crypto, and prediction markets from a single account.
Together, native USDC, EURC, and CCTP can give businesses and developers on Cronos access to regulated2 fiat rails for institutional-grade trading, programmable payments, and compliant onchain settlement. While USDC is widely used around the world, euro-denominated EURC may be especially well suited for payments, settlement, and other onchain activity within the EU, where 1:1 euro redeemability and MiCA compliance can help support trusted euro-denominated use cases.
Popular Cronos apps include: Crypto.com, LI.FI, Relay, VVS, Wolfswap.
Bridged vs native USDC on CronosCronos also supports bridged USDC (i.e., USDC.e), a non-native version of USDC. The Cronos team plans to work with ecosystem apps and protocols to smoothly migrate bridged USDC liquidity to native USDC over time.
This gives Cronos the same native stablecoin features that are already available on other supported chains. There is no immediate impact to existing bridges and they will continue to operate normally. Bridged USDC will remain clearly labeled as “USDC.e” in block explorers, app interfaces, and documentation.
Get started todayBusinesses can access institutional on/offramps to convert to Circle stablecoins on Cronos by applying for a Circle Mint4 account. Individuals and smaller institutions can access USDC and EURC through various exchanges, wallets, and providers. Visit circle.com/eurc and circle.com/usdc to learn more.
Get started today with our developer docs for USDC, EURC, and CCTP. Both USDC and EURC are open-source, permissionless stablecoin protocols that anyone can build with.
1 Products may be subject to jurisdictional availability
2 USDC is issued by regulated affiliates of Circle. EURC is issued by Circle Internet Financial Europe SAS. A list of Circle’s regulatory authorizations can be found here.
3 Circle Mint customers are able to redeem USDC and EURC directly from Circle. In addition, Circle will redeem all USDC and EURC presented to it for redemption in compliance with MiCAR, regardless of whether the holder is a Circle Mint customer. Circle Mint is currently available only to institutions and is not available to individuals.
4 Circle Mint and money transmission services are provided by Circle Internet Financial, LLC, NMLS # 1201441, and Circle Internet Financial Europe SAS, Electronic Money Institution License No. 17788, when provided in France.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
In the realm of cryptocurrencies, Cronos has made a significant move: integrating native USDC and EURC along with its Cross-Chain Transfer Protocol (CCTP). According to Circle’s announcement, this milestone was achieved on June 18, 2026. It’s not just a tech update; it’s a pivot that could redefine Cronos as a major player in decentralized finance and blockchain payment systems.
This news from Cronos and Circle marks the first time native stablecoins USDC and EURC, alongside CCTP, have been integrated on the same blockchain simultaneously. Cronos aims to be the settlement layer for the Cronos App—a mobile-first platform targeted at facilitating trading in tokenized stocks and digital assets.
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What this means for Cronos Native USDC and EURC allow for 1:1 redemption and full reserve backing, compliant with MiCA regulations. The contracts—USDC at 0x3D7F2C478aAfdB65542BCB44bCeeC05849999d2D and EURC at 0xA6dE01a2d62C6B5f3525d768f34d276652C554c8—are now live. Developers currently have access to testnet versions via Circle’s faucet, with mainnet deployment expected soon, although no specific date has been set.
A strategic chess move The integration is backed by Crypto.com’s Cronos L1, which has over 150 million users. By reducing reliance on third-party bridge technologies, the network aims to mitigate risks and increase efficiency. A planned migration from bridged USDC.e to native USDC is underway, with existing bridged tokens not expected to be impacted immediately.
The wider landscape for investors Circle’s involvement, given its reputation as a regulated issuer, adds legitimacy to the integration. The launch of native USDC and EURC provides more secure and compliant options compared to bridged solutions previously used in DeFi. As liquidity increases, transaction volumes on the Cronos network are expected to rise, potentially creating more robust DeFi ecosystem opportunities.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
The architectural boundaries dividing traditional institutional debt markets from decentralized liquidity networks have dissolved further. In a major advancement for the on-chain economy, the tokenized private credit product mGLOBAL has officially gone live on the newly activated Aave Horizon RWA Market. The strategic integration, which launched on June 24, enables institutional and Web3 investors to utilize a highly secure, asset-backed corporate strategy as live collateral. For the first time within this specialized framework, users can leverage these tokenized positions to borrow stablecoins and extract capital directly from Aave, the world’s largest decentralized lending protocol, which currently commands more than $24billion in net deposits.
Demystifying the mGLOBAL Tokenized Infrastructure Engineered and issued by digital asset innovator Midas, mGLOBAL operates as a fully compliant security token structurally linked to the financial performance of Fasanara Capital’s flagship receivables strategy. Moving away from the volatile, crypto-native backing that characterized early decentralized lending models, the underlying portfolio invests heavily in short-duration trade receivables, digital supply-chain invoices, and asset-based corporate finance exposures.
This underlying focus on real-world transactional commerce constructs an exceptionally diversified private credit grid designed to maintain steady yields across shifting macroeconomic cycles. The current operational parameters of the underlying credit portfolio highlight its massive scale:
Global Footprint: Asset exposure and risk distribution extending across more than 60 sovereign countries.
Diversified Origination: Upwards of 140 independent credit originators actively channeling high-quality debt instruments into the fund.
Granular Risk Mitigation: A massive baseline comprising more than 700,000 active open positions to minimize individual counterparty defaults.
Institutional Scaling and Capital Foundations Fasanara Capital, a technology-driven global asset manager, brings deep institutional validity to the on-chain ecosystem, currently managing over $6billion in assets on behalf of traditional pension funds, insurance firms, and family offices. The mGLOBAL vehicle debuts on Aave’s RWA platform with a robust $40million in Total Value Locked (TVL), anchored by a prominent seed allocation from specialized Web3 institutional investment platform InfiniFi.
The deployment underscores the aggressive growth trajectory maintained by Midas since its operational market entry. Established originally in 2024, the tokenization platform recently closed a major $50million Series A funding round to expand its real-world asset engineering pipeline. To date, Midas has orchestrated over $2billion in total digital asset issuance while successfully distributing more than $43million in yield payouts directly to its international client roster.
Real-World Assets Mature into Core Corporate Treasury Rails The implementation of mGLOBAL within Aave’s ecosystem marks a definitive maturity phase for the digital asset landscape. Historically, decentralized lending protocols operated as highly cyclical, speculative sandboxes heavily dependent on native token rewards. By systematically introducing asset-backed corporate invoices and short-term global trade debts into the protocol’s collateral tiers, the network is establishing a more resilient, low-volatility environment for corporate capital.
For sophisticated asset managers, the capability to lock institutional trade receivables into a protocol like Aave to instantly draw stablecoin liquidity represents a profound optimization of capital efficiency. It permits traditional yield-bearing assets to be leveraged natively onchain without forcing the premature liquidation of the underlying private credit positions. As traditional capital markets and distributed ledger technology continue to merge into a single, cohesive financial system, alliances between automated clearing networks like Aave and asset heavyweights like Midas and Fasanara are actively drawing the blueprint for the next generation of global corporate treasury management.
The decentralized finance (DeFi) market experienced significant momentum on June 26, 2026, as digital assets staged a sharp recovery following a period of persistent selling. Leading the broader market rebound was Aave (AAVE), the largest decentralized lending protocol, which surged by more than 19% within a 24-hour window.
This massive rally propelled the token to intraday highs near $95, demonstrating exceptional relative strength even as the broader cryptocurrency market worked to establish solid footing. The surge reflects an asymmetric setup for the protocol, driven by a combination of institutional interest, an upcoming structural architecture rewrite, and radical tokenomic overhauls.
Why Is Aave Price Surging? Strategic Stake Rumors Trigger Massive Inflows The initial spark for the rally came from reports indicating that crypto exchange giant Kraken (operated by parent company Payward) is exploring a strategic investment in the leading DeFi lender. According to sources, the proposed deal involves Kraken investing 35,000 Ethereum (ETH) in exchange for 250,000 AAVE tokens and a 15% equity stake in Aave Group, valuing the corporate entity at roughly $385 million.
While the $385 million corporate valuation represents a steep markdown compared to AAVE’s fully diluted token market capitalization of roughly $1.52 billion, it instantly drew massive institutional eyes back to the protocol. The market quickly digested the long-term implications of a deepened tie between Aave and Kraken. Notably, the two firms have already established deep infrastructure synergies; in 2025, the Aave DAO voted with a 99.8% majority to license its core code to Kraken’s Ink network, which powers a white-label lending market named Tydro that routes revenue back to the Aave DAO.
Aave founder Stani Kulechov quickly stepped in to clarify the structural dynamics of the reported talks, correcting the market’s initial misinterpretation of a token “dump” and shifting the narrative into a hyper-bullish fundamental catalyst.
Lots of discussions around Aave so I want to clarify a few things:
• First off, there is NO WAY we’d sell AAVE at a 70% discount lol.
• 100% of Aave Protocol and GHO revenue goes to the $AAVE token. This was established in the Aave Will Win proposal.
• AWW also applies to…
— Stani (@StaniKulechov) June 25, 2026
Strategic Commentary:
Kulechov’s communication style serves a dual purpose. First, by outright dismissing the “70% discount” framing, he reassured the market that Aave Labs has no intention of offloading tokens cheaply to institutional buyers. Second, and more importantly, he drew a firm line between corporate equity in Aave Group and the intrinsic value of the AAVE token.
By reminding investors that 100% of the protocol’s roaring $134 million annualized revenue stream belongs entirely to the token holders via the AWW framework, Kulechov reframed the asset as a highly productive index of DeFi activity. The mention of the upcoming automated buybacks under Aavenomics 3.0 reminded traders that holding AAVE offers direct exposure to the protocol’s cash flows, separating it from the vast majority of governance tokens that lack structural value accrual.
Automated Buybacks and Aavenomics 3.0 Restructure the Economic Engine The true fuel behind the sustained rally, however, lies in Kulechov’s confirmation of Aavenomics 3.0. Responding to the speculation surrounding the Kraken equity deal, Kulechov utilized X (formerly Twitter) to lay out the protocol’s current and future revenue distribution models. He confirmed that Aave is currently generating approximately $134 million in annualized revenue for the Aave DAO, with all-time protocol fees exceeding $2.2 billion.
Under the revolutionary “Aave Will Win” (AWW) framework passed by governance in April 2026, 100% of all revenues generated across the ecosystem—including the Aave Protocol, the native GHO stablecoin, the Aave App, Aave Pro, and native Swaps—flow entirely to the Aave DAO treasury to benefit token holders directly. Aave Labs operates strictly as a service provider funded by a DAO-approved development budget, holding no rights to product revenue.
Aave’s tokenomics might be about to get A LOT better…
Despite dominance of the DeFi lending sector, $AAVE‘s price performance has not lived up to it, down -68% on the year. This might be about to change.
In a recent post, @aave founder @StaniKulechov revealed that the team is… pic.twitter.com/1diNcjVsBz
— BSCN (@BSCNews) June 27, 2026
Aavenomics 3.0 takes this structure a step further by introducing a hardcoded, automated, and non-discretionary on-chain buyback mechanism. This will replace the current discretionary buyback program managed by the Aave Finance Committee, which was capped at $1 million per week (~$50 million annually). Once implemented, the protocol will continuously buy back AAVE from the secondary market using accumulated revenue streams, creating constant, non-speculative buying pressure directly linked to real protocol utility.
Technical Analysis and Long-Term Aave Price Prediction Our customized technical analysis reveals that the fundamental news has allowed AAVE to front-run its major architectural milestone. On the daily chart, AAVE broke decisively above a major descending trendline that had capped every single relief rally since January.
Technical Metric
Value / Level
Market Context / Significance
Current Trading Price
$93.99 – $94.86
Up 19% over 24 hours, showing immense relative strength.
0.382 Fibonacci Level
$80.85
Reclaimed decisively in a single session.
0.500 Fibonacci Level
$87.98
Cleared with strong spot volume backing the move.
Relative Strength Index (RSI)
69.22
Building aggressive bullish momentum, sitting just below overbought.
Key breakout target once the psychological $100 area is cleared.
Primary Support Zone
$60.00 – $80.00
Multi-year ascending trendline intact since October 2023.
From a high-timeframe structural perspective, analysts view the current price action as a classic re-accumulation phase following a brutal 76% correction from its all-time high. Price compression between descending resistance and rising support is resolving to the upside.
If buyers can comfortably flip the $100 psychological barrier into a support floor, a multi-month macro reversal will be confirmed. This technical breakout aligns perfectly with a highly ambitious Aave Price Prediction released by banking giant Standard Chartered, which set a long-term target of $3,500 by 2030, representing a monumental 50x move predicated on institutional DeFi adoption and continuous automated revenue buybacks.
Source-TradingView.com Conversely, if the $100 zone rejects the current run, expect short-term consolidation back toward the 100-day EMA near $91.45, or the key liquidation cluster at $90, which must be defended to keep the immediate bullish market structure intact.
Generation V4 Architecture: The Ultimate Catalyst Looming right behind the tokenomic updates is the official deployment of Aave V4, slated to go live on June 30, 2026. Traders are treating this upgrade as a massive generational milestone rather than a standard roadmap bump.
V4 completely restructures how liquidity is managed across DeFi by introducing a “Hub and Spoke” design. Instead of isolating capital across fragmented pools on various Layer 1 and Layer 2 networks, V4 establishes a central liquidity Hub. Individual Spokes connect to this hub to serve specific asset types or risk profiles, unlocking unparalleled capital efficiency and significantly boosting supplier yields.
Source – Aave v4 Overview | Aave Protocol Documentation Crucially, V4 positions Aave’s native stablecoin, GHO, at the center of the protocol’s architecture. GHO’s circulating supply already sits at $599 million, and V4 is optimized to route more borrowing demand directly through it. Because the protocol retains 100% of the interest generated from GHO loans, the growth of the stablecoin feeds directly into the upcoming automated buyback engine, making the V4 launch a compounding win for token value.
Broader Crypto Market Performance: Bitcoin and Solana Stabilize The aggressive move in the DeFi sector comes as the broader crypto landscape attempts to find an equilibrium. Bitcoin (BTC) managed to stabilize and climb back above the psychological $60,000 mark following a sharp mid-week sell-off.
While large-cap assets like Ethereum (ETH) and XRP posted modest single-digit gains, capital heavily rotated into decentralized applications and infrastructure. Alongside Aave’s 19% explosion, the Solana ecosystem experienced a parallel surge. Driven by an acceleration in tokenized equity and stock trading volumes—which topped $2.5 billion and secured Solana an 80% market share in the Real World Asset (RWA) space—assets like JTO skyrocketed by 30%, while DEX protocols like Raydium (RAY) and liquidity networks like Kamino (KMNO) advanced between 7% and 9%.
Aave Price FAQ Is Kraken going to buy out Aave?
No, Kraken is not buying out the Aave protocol. Reports indicate that Kraken’s parent company, Payward, has engaged in early talks to acquire a 15% minority equity stake in Aave Group (the corporate development entity) for roughly $71 million, alongside purchasing a portion of the AAVE token allocation held internally by Aave Labs. The decentralized Aave protocol itself remains completely autonomous and governed by the global Aave DAO.
Will AAVE reach $1,000?
Yes, a move to $1,000 is mathematically achievable but requires sustained fundamental execution. Our technical Aave Price Prediction models indicate that clearing the intermediate milestones of $200, $350, and $600 will open the door to the $1,000 macro target. This trajectory is heavily supported by the structural change under Aavenomics 3.0, which turns a portion of the protocol’s $134 million annualized revenue into continuous open-market token repurchases.
Is AAVE a good buy right now?
AAVE exhibits some of the strongest fundamental backings in DeFi today due to the combination of the V4 upgrade, rising protocol revenues, and the upcoming automated buyback overhaul. However, because the token has already rallied aggressively into the June 30 launch date, short-term volatility, “buy the rumor, sell the news” behavior, and smart-contract migration risks remain present. Investors should always monitor the key support zone between $60 and $80.
Bottom Line
The thesis driving the current Aave market cycle is incredibly straightforward. While a major corporate equity discussion with Kraken has restored institutional visibility, the impending launch of Aave V4 and the transition to a non-discretionary, automated buyback structure under Aavenomics 3.0 fundamentally alter the token’s value proposition.
By transforming real-world, on-chain lending utility directly into mechanical buying pressure, Aave is carving out a unique position in the digital asset landscape. Investors should look past short-term price fluctuations and closely monitor post-launch TVL migration and GHO supply growth to track the protocol’s true trajectory.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
The Loopring team closed its decentralized exchange due to poor adoption, obsolescence, and operational issues. The team will return all user funds directly to their Ethereum wallets and cover all gas fees during the distribution process. Loopring officially shut down its decentralized exchange, marking the end of one of Ethereum’s earliest zk-rollup platforms. All trading functionalities were immediately stopped, and the relayer was turned off right after the official announcement made via Loopring’s X account.
The shutdown ends a project that once demonstrated how zero-knowledge rollups could efficiently scale Ethereum. Loopring raised $45 million through its initial coin offering in 2017.
Despite its technical merits, Loopring acknowledged that users never adopted the platform on a meaningful scale. The team pointed out that the lack of a virtual machine on the platform did not allow developers to compose and develop more advanced real-world applications. Without payment use cases and an evolving ecosystem, Loopring found it difficult to compete with new infrastructure built for blockchain technology.
Source: X Article
Additionally, Loopring admitted it was good at the software but failed to build the business acumen needed to drive adoption. Furthermore, it mentioned that the delisting of the LRC token throughout 2026 only worsened the problems.
New zkEVM Networks Outperformed Loopring’s Technology Finally, the development team admitted that modern zkEVM-based networks were able to surpass its proprietary technology. New projects such as zkSync, Scroll, and StarkNet created Ethereum-based environments that allowed deploying smart contracts more easily and developing a decentralized applications ecosystem.
The team admitted that it simply did not make sense anymore to continue working on Loopring. This is why the exchange was closed down in an orderly fashion. The project had earlier ended wallet services in July 2025 owing to scaling issues. The latest update marks Loopring’s eventual exit from the original decentralized exchange business.
Direct Distribution of Assets by Team The Loopring team made assurances that all user funds are still safe despite the imminent closure. Final balances will be computed, an inventory of assets provided, and two weeks allocated to check balances before any distribution can take place.
Distributions will follow after the two-week period, whereby the Loopring team will distribute assets directly to the wallets in batches. The team will automatically convert liquidity pool holdings to the respective token, take care of all gas fees, and undertake the whole process without the need for Merkle proofs.
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Loopring has announced the immediate closure of its decentralized exchange and automated market maker after concluding that years of limited adoption, business shortcomings, and technological competition left the project without a sustainable future.
Summary
Loopring has shut down its decentralized exchange after citing weak adoption, business challenges and competition from newer Ethereum scaling networks. Users will receive their remaining balances through direct Ethereum wallet distributions, with Loopring covering the gas fees. More than 60 crypto projects have closed in 2026, with Pyra, Carrot, Botanix Labs and several others also ending operations. Loopring disclosed the decision in a post on X on Sunday, confirming that all trading services have stopped and the protocol’s relayer has ceased operating. The team attributed the shutdown to three factors: weak user adoption, limited business development capabilities, and competition from newer zkEVM based Ethereum scaling networks.
The developers acknowledged that Loopring pioneered zero knowledge rollup technology but stated that the protocol’s architecture lacked a virtual machine, which prevented composability and limited practical payment use cases. These design constraints restricted ecosystem growth, the team wrote.
Engineers behind the project also admitted they excelled at technical development but failed to build the commercial side of the business. The announcement added that exchange delistings of LRC during 2026 accelerated a process that had already become unavoidable.
The team further stated that modern Ethereum compatible zkEVM networks eventually outpaced Loopring’s specialised design. Rather than continue operating what it described as a hollow service, the developers chose to discontinue the platform.
User withdrawals to continue after trading ends Loopring confirmed it will calculate final user balances before distributing funds directly to users’ Ethereum wallets in batches. The team also committed to paying the gas fees associated with those withdrawals.
Wallet services had already closed in July 2025 after the project cited scaling challenges. The latest announcement completes the shutdown of Loopring’s remaining core products.
The protocol reached a total value locked of about $760 million during the crypto market peak in November 2021, but that figure has since fallen by almost 99% to roughly $8 million, based on L2Beat data. LRC has followed a similar trajectory, falling to about $0.01 from its all-time high of $3.75 recorded during the same month.
Loopring secured one of its highest-profile partnerships in 2021 when it agreed to power GameStop’s NFT marketplace, which launched the following year.
Crypto closures continue through 2026 RootData has recorded more than 60 crypto projects and protocols that have discontinued services during 2026, as prolonged market weakness and changing technology trends have affected businesses across the sector.
As previously reported by crypto.news, Pyra announced plans to wind down after concluding it could not recover from losses linked to the Drift exploit. The crypto payments platform halted new user registrations, cancelled payment cards, and gave customers until Sept. 15, 2026, to withdraw funds and export private keys through a dedicated web portal while it prepares to distribute any future Drift recovery tokens.
Other projects have also exited the market this year. Solana-based yield protocol Carrot attributed its shutdown to losses connected to the Drift Protocol exploit, while Bitcoin Layer 2 developer Botanix Labs stated that user demand had not reached a level capable of supporting long term operations.
Loopring announced that it has shut down its decentralized exchange (DEX) services, with its relayer going offline immediately after the announcement on Sunday.
Though widely recognized as the first zkRollup project on Ethereum, the project said in an X article that it never gained measurable traction.
"As the first zkRollup, we lacked a virtual machine — no composability, no real‑world payment use cases," the team wrote. "That limitation kept our ecosystem from growing."
Loopring also said its zkEVM architecture had been outpaced by modern solutions that are fully compatible with Ethereum smart contracts. The lack of business development and external pressures, including the major exchange delistings of its native token LRC, also contributed to the decision, the team said.
Direct refunds Loopring noted that it will return users' assets directly and cover all transaction costs, instead of requiring users to generate and submit Merkle proofs. The team said the approach would be the "fairest and most hassle-free" way for users.
In the coming days, Loopring said it will publish a full list of users' final balances on Layer 2, including spot balances and AMM positions. Following a two-week review period of the list, the team plans to then upgrade the Loopring DEX smart contract to only allow team-controlled, whitelisted addresses to transfer assets out of the Layer 2.
The closure of Loopring's DEX comes roughly a year after the project sunsetted its DeFi products, including Dual Investment and Portal, saying it would instead focus on improving the Layer 2 network. Loopring had announced the closure of its wallet service earlier that year. Loopring's CEO, Steve Guo, also stepped down in August 2025.
The price of LRC fell 4.24% in the past 24 hours to trade at $0.012 as of 2:45 a.m. ET on Monday, according to The Block's Loopring price page.
"Loopring was born from a pure cypherpunk vision — we were coders who believed that zero‑knowledge proofs could scale Ethereum," Loopring wrote. "Rather than running a hollow service, we choose to end it gracefully."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
Loopring will distribute funds directly to users and cover transaction fees. Users do not need to take any action.
Loopring, the first project to launch a zero-knowledge rollup on Ethereum, has announced that its decentralized exchange will immediately stop all trading services. The relayer has already been taken offline.
The team said the decision was made with regret after years of trying to keep the platform operating.
Outdated Technology and Poor Adoption According to the announcement, one of the main reasons behind the closure was the platform’s technical limitations. Loopring said its early zkRollup design did not include a virtual machine, which limited composability and prevented broader real-world applications, including payment use cases. These restrictions hindered ecosystem growth and made it difficult for the platform to compete with newer technologies.
The team also admitted that it had stronger engineering capabilities than business development skills, while describing itself as “engineers at heart, not business operators.” In addition, the delisting of LRC from major exchanges in 2026 added further pressure to the project.
“We poured countless late nights into building the very first zkRollup on the market. That achievement still fills us with pride. But today, we must face reality and announce, with deep regret, that Loopring DEX will cease all trading services effective immediately.”
Loopring explained that newer zkEVM solutions, which support Ethereum smart contracts and offer broader compatibility, have surpassed its specialized architecture. The team said its technology now feels outdated and that shutting down the service was preferable “rather than running a hollow service.”
The company stated that user funds remain safe and announced a distribution process to return assets. Instead of requiring users to submit Merkle proofs through the original self-custody withdrawal mechanism, Loopring said it will handle the entire process itself and cover all transaction fees. The team acknowledged that this method is more centralized but described it as the simplest option for users.
Loopring also revealed plans to publish a complete list of final account balances over the coming days. This includes spot holdings and liquidity pool positions, which will be converted into underlying tokens. A two-week review period will allow users to verify balances before distributions begin.
You may also like: Jaredfromsubway Hacker Ignores 50% Bounty, Routes Funds to Tornado Cash BitMine, SharpLink, and Joe Lubin Back New Ethereum Nonprofit ETHLabs New Proposal Redirects 10% of Staking Rewards to Fund Ethereum Ecosystem Loopring Hack In June 2024, attackers stole an estimated $5 million from users of the Loopring wallet who relied solely on the platform’s Official Guardian service for account recovery.
The breach was traced to a flaw in the service’s two-factor authentication system, which allowed attackers to impersonate wallet owners and gain access to their accounts.
Key HighlightsThe Journey From Promise to ClosureMajor Exchange Removals and Executive DeparturesCentralized Withdrawal Process Raises QuestionsReflects Wider 2026 Industry Contraction Loopring, a pioneering zk-rollup solution on Ethereum, has permanently discontinued its decentralized exchange platform The protocol’s developers acknowledged insufficient user adoption, weak marketing capabilities, and competition from advanced zkEVM platforms Platform TVL plummeted 99% from a November 2021 peak of $760 million to approximately $8 million LRC token value crashed from $3.75 at its zenith to roughly $0.01 Withdrawal of user assets will occur through a centralized batch system managed by the team, replacing the original trustless withdrawal feature Loopring, recognized as Ethereum’s pioneering zero-knowledge rollup solution, has permanently discontinued operations of its decentralized exchange and automated market maker platform. The development team made the announcement via X, immediately suspending all trading activity and deactivating the relayer infrastructure.
🚨ETHEREUM zkROLLUP PIONEER LOOPRING IS SHUTTING DOWN ITS DEX
Once worth over $5 BILLION, Loopring is shutting down the DEX that helped pioneer Ethereum's zkRollup revolution.
The team says newer zkEVM technology has made its architecture obsolete, marking the end of one of… pic.twitter.com/pNFzpSsdpV
— Coin Bureau (@coinbureau) June 29, 2026
According to the team’s statement, three primary factors drove the decision: the platform’s inability to achieve substantial user adoption, deficiencies in business development expertise, and obsolescence caused by emerging zkEVM innovations.
“To be honest, Loopring never gained meaningful adoption,” the team wrote.
The Journey From Promise to Closure The protocol secured $45 million through a 2017 token offering and demonstrated the viability of scaling Ethereum using zero-knowledge rollup technology. This foundational work influenced the development of subsequent projects including zkSync, Scroll, and StarkNet.
Loopring’s most significant breakthrough arrived in 2021 when GameStop selected it to support the company’s NFT marketplace initiative. This collaboration brought substantial mainstream visibility to the protocol.
However, the momentum proved unsustainable. The platform’s total value locked reached its apex near $760 million in November 2021, only to decline approximately 99% to current levels around $8 million.
The LRC token mirrored this trajectory, collapsing from its record high of $3.75 to current trading levels near $0.01.
Major Exchange Removals and Executive Departures External developments compounded the platform’s struggles. South Korean exchange Upbit removed LRC from its listings in early 2026, referencing questions about operational transparency and project viability. Binance implemented a similar delisting several weeks thereafter.
Reports indicate the project’s chief executive officer departed in August 2025. Prior to this, Loopring had already terminated its consumer wallet service in July 2025.
Centralized Withdrawal Process Raises Questions A particularly notable aspect of the shutdown involves modifications to the withdrawal mechanism. Loopring is implementing a smart contract upgrade that limits withdrawals exclusively to team-controlled whitelisted addresses.
This change eliminates the original trustless withdrawal capability — a fundamental security component that previously enabled users to extract funds directly from Ethereum without team intermediation.
The development team characterizes this approach as more accessible for users, eliminating the technical requirements of generating cryptographic proofs. The statement candidly acknowledges the method is “more centralized than the original self-custody exit mechanism.”
User accounts with terminal balances under $10 will receive no distribution whatsoever.
Reflects Wider 2026 Industry Contraction Loopring’s discontinuation represents part of a larger pattern. According to RootData, over 60 cryptocurrency projects have ceased operations during 2026, as an intensifying bear market eliminates user bases and revenue streams for smaller development teams.
Additional 2026 closures encompass a16z-backed Entropy and infrastructure platform Syndicate.
The team has committed to publishing a comprehensive final balance roster, establishing a two-week dispute resolution period for discrepancies, then executing batch distributions to users’ Ethereum addresses while absorbing transaction fees.
Users are advised to verify their listed balances thoroughly and remain aware of the $10 minimum eligibility requirement for fund recovery.
Loopring, an early pioneer of zero-knowledge proof-based scaling solutions on Ethereum, has announced the permanent closure of its decentralized exchange. The project’s transaction relaying infrastructure has been disabled, with the team stating that its current architecture is unable to compete with the new generation of Ethereum Virtual Machine (EVM)-compatible layer 2 networks.
Architecture losing ground in the raceAlthough Loopring was among the first to implement a zkRollup solution for Ethereum, the team acknowledged it could not drive meaningful adoption. The protocol’s lack of EVM compatibility restricted the development of diverse decentralized finance (DeFi) applications and payment solutions. As developers increasingly favored EVM-compatible layer 2s, Loopring’s ecosystem suffered from limited liquidity and stunted growth.
Mini glossary: EVM compatibility means a blockchain network can run smart contracts written for Ethereum with minimal changes. zkEVM combines this capability with zero-knowledge proof security in a layer 2 solution.
According to the project, the Ethereum scaling landscape has evolved significantly in recent years. The latest solutions now offer both zero-knowledge proof security and EVM compatibility, enabling developers to deploy applications without the need to rewrite existing codebases. This shift has made standalone zkRollup platforms, which require a separate development environment, increasingly uncompetitive.
The Loopring team emphasized that the lack of EVM compatibility limited the growth of DeFi applications and payment solutions on its platform, prompting developers to migrate to EVM-compatible layer 2 networks.
Internal challenges and LRC impactIn addition to technical constraints, internal shortcomings also played a role in Loopring’s decline. While the project described itself as technically strong, it admitted lacking the business development capabilities necessary to boost adoption. The delisting of its native token LRC from top cryptocurrency exchanges in 2026 further exacerbated these challenges.
Following the shutdown announcement, LRC traded at around $0.01228. The token declined 2.95% over 24 hours, with its market capitalization hovering near $16.8 million. This price movement suggests investors are monitoring the development, but there was no immediate severe market reaction.
User balances to be returned automaticallyLoopring has announced a fully automated refund process for user funds. The team confirmed that users will not need to generate Merkle proofs or initiate separate withdrawal actions to retrieve their layer 2 balances.
Once the calculations—including adjustments for liquidity pool balances—are finalized, distribution details will be publicly shared. Balances over $10 will be transferred, without fees, directly to users’ associated layer 1 wallets.
Transformation in the layer 2 marketLoopring’s exit marks a new stage in the evolution of zkRollup-based scaling on Ethereum, moving from an experimental phase to one dominated by interoperable zkEVM chains. This transition highlights that technical innovation alone is not sufficient; developer engagement, ecosystem size, liquidity, and viable business models are also critical for success.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Local time on the 29th, Oman’s Ministry of Foreign Affairs released excerpts from an interview with Foreign Minister Badr. Badr stated that Oman is committed to maintaining a safe, peaceful, and free navigation environment for all parties in the Strait of Hormuz. He pointed out that Oman and Iran have reached a consensus in their ongoing dialogues that any future arrangements related to the Strait of Hormuz must be conducted within the framework of international law. Addressing the widely discussed transit fee issue, Badr said Oman does not support levying tolls on passing vessels, though he did not rule out the possibility of exploring mechanisms related to maritime services. Badr added that topics such as strengthening navigation safety, improving maritime accident emergency response capabilities, and preventing marine pollution could be discussed, with reference to practices from other straits. He noted that such arrangements would be developed in consultation with countries and shipping companies that use the Strait of Hormuz, aiming to enhance maritime services and ensure navigation safety rather than imposing new burdens on global trade. (CCTV News)
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Morgan Stanley analysts warn semiconductor sector may peak temporarily.
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Hedge funds set an all-time record for the scale of US information technology stocks they sold over the past week.
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A Solana memecoin bearing the name of well-known crypto influencer Ansem briefly reached a market capitalisation of more than $120 million, yet the wallet that originally deployed the token walked away with a realized profit of just $5,500, according to on-chain analytics platform Lookonchain.
A $6,300 Bet That Barely Paid Off According to Lookonchain data, the deployer spent $6,300 to launch the token and acquired a large initial position in $ANSEM. The wallet subsequently transferred 650 million tokens to Ansem and sold the remaining 142.45 million tokens for $11,800, producing a net profit of only $5,500. For a token that reached a nine-figure valuation, the deployer's realized return is a sharp illustration of the gap between a token's market cap and what the people closest to it actually pocket.
The token gained traction after Ansem publicly criticized Solana token launchpad pump(.)fun over its handling of user rewards, stating he would deliver a financial "stimulus" directly to retail traders. The narrative quickly spread across crypto social media, triggering a wave of speculative buying. The market capitalisation briefly surpassed $120 million, setting a new all-time high, with a 24-hour increase of roughly 9.7 times and trading volume of $88.2 million.
Ansem Holds 60.4% of Supply With Paper Gains Above 80,000% While the deployer's realized profit was modest, the picture looks very different for Ansem himself. GMGN data shows that Ansem holds the number one developer address for the token, with his wallet controlling approximately 604 million $ANSEM tokens, accounting for 60.4% of total supply. His unrealized return rate stands above 80,000%, per GMGN data, reflecting the difference between his average entry cost and current market prices.
One early trader purchased 14.2 million ANSEM tokens for approximately $2,330, then sold 4.2 million for $68,100 while continuing to hold 10 million tokens worth about $548,800, pushing total profit to roughly $614,500.
The episode underlines a dynamic common in Solana memecoin markets: concentrated supply at launch, social media-driven price moves, and a wide divergence between realized and unrealized gains. Given the extreme volatility inherent to this category of asset, and the documented existence of multiple $ANSEM contract versions, careful verification and disciplined risk management remain essential for anyone considering involvement.
Sources:
How Crypto Turned $2K Into Over $600K in Hours (Finbold)
Solana Meme Coin ANSEM Surges 115x in 24 Hours (KuCoin)
Solana (SOL) is attempting to build on its recovery, trading above $71 on Monday after a modest loss in the previous week. Improving derivatives sentiment and strengthening on-chain activity back the rebound thesis for SOL. However, traders should remain cautious, as persistent outflows from spot Solana Exchange-Traded Funds (ETFs) suggest that institutional demand has yet to recover fully, potentially capping upside.
Derivatives metrics support a positive biasDerivatives data for Solana shows improving sentiment. CoinGlass funding rate for SOL turned positive on Thursday, reading 0.0073% on Monday, indicating that longs are paying shorts and suggesting bullish sentiment.
Solana funding rates chart. Source: SoSoValueIn addition, the long-to-short ratio improved to 1.06 on Monday, flipping to the positive territory. A ratio above 1 indicates bullish sentiment, as traders bet that asset prices will rally.
SOL long-to-short ratio chart. Source: CoinglassSolana leads all blockchains in app revenue, surpassing Hyperliquid and EthereumThe chart below shows that Solana is the top chain by app revenue, leading on the day with $2.17 million, the week with $19.01 million, and the month with $85.5 million, outpacing Hyperliquid (HYPE), Ethereum (ETH) and every other network. This indicates that Solana's ecosystem continues to generate strong economic activity and user engagement, highlighting investors' confidence and supporting the case for a sustained recovery in SOL.
Some signs of concernDespite improving sentiment, institutional demand showed signs of weakness in the previous week. SoSoValue data shows that SOL’s spot ETFs recorded an outlook of $3.80 million last week. If this outflow trend continues and intensifies this week, SOL price could see a price correction.
Total SOL ETF net inflow chart. Source: SoSoValueSolana Price Forecast: Fading bearish strengthSolana trades at $71.82 on Monday, extending its slight recovery from the previous day. However, SOL is maintaining a capped bias, as it remains below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs) at $75.14, $81.97, and $97.36, respectively.
Overhead, a dense technical band is forming, with the 38.2% Fibonacci retracement of the latest swing at $74.75 just ahead of the 50-day EMA, while the Relative Strength Index (RSI) is around 50 and a positive Moving Average Convergence Divergence (MACD) hints at stabilizing, yet not decisive, bullish momentum.
On the topside, initial resistance is located at $74.75, reinforced by the 50-day EMA at $75.14 and the horizontal barrier at $77.07, before the 50% retracement at $79.27 and the 100-day EMA at $81.98 open the way toward $83.79.
On the downside, immediate support emerges at the 23.6% Fibonacci level at $69.16, with the broader structural floor aligning near the cycle low anchor at $60.13.
(The technical analysis of this story was written with the help of an AI tool.)
Solana’s decentralized exchange ecosystem just quietly did something that would have sounded absurd two years ago. It out-traded some of the biggest centralized exchanges on the planet.
During the week of June 12-18, Solana DEXs processed $7.19 billion in spot trading volume. That figure placed the network ahead of Coinbase, which handled roughly $6.39 billion, and Kraken, which came in around $4.37 billion. The only centralized venues that stayed ahead were Binance at $34.39 billion and Bybit at $9.47 billion.
The numbers behind the surge Solana’s cumulative DEX volume for 2025 hit $1.6 trillion, capturing roughly 11.92% of the global market. That makes it the second-largest DEX market worldwide, trailing only Binance’s broader ecosystem.
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On one Thursday in mid-June, Solana’s DEX volume reportedly surpassed that of the New York Stock Exchange.
The platforms driving this activity are familiar names in the Solana ecosystem. Jupiter, the dominant aggregator that routes trades across multiple liquidity sources, sits at the center. Raydium, Orca, and Meteora handle large chunks of the direct trading volume.
What’s fueling the fire Memecoins deserve a lot of the credit, or blame, depending on your perspective. Solana has become the default launchpad for speculative token trading. The network’s low fees and fast confirmation times make it ideal for the kind of rapid-fire trading that memecoins attract.
Stablecoin pairs have become a significant portion of Solana’s DEX activity. DePIN projects, which tokenize physical infrastructure networks, have also contributed meaningful trading volume.
Throughout 2025 and into 2026, Solana has competed closely with Ethereum in DEX volume metrics.
What this means for investors Coinbase and Kraken generate revenue primarily through trading fees. When volume migrates to decentralized venues, those revenue streams face direct pressure.
Investors watching this space should pay attention to a few key risks. Solana’s network has a history of outages, though reliability has improved significantly. Regulatory scrutiny of DEX platforms is intensifying globally. There’s also concentration risk: Jupiter handles a disproportionate share of routing, which means a single protocol failure could cascade across the ecosystem.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
