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Dogecoin’s price has once again tested the crucial $0.073 support zone following its recent pullback, setting the stage for a potential rebound across both short and long-term charts. As investors search for signals of a turnaround, analysts warn that a clear break below this level could undermine the current bullish outlook and trigger steeper losses.

Short-term focus intensifies on $0.073 supportA buy signal has emerged on the daily chart from the TD Sequential indicator, following the sharp slide that pulled DOGE down to around $0.075. This technical sign suggests that selling pressure could be losing steam and that a swift recovery may be on the cards in the short term.

Mini glossary: TD Sequential is a technical analysis indicator used to measure exhaustion and potential trend reversals in price action. The presence of a “9” signal on the chart typically serves as a warning that the current trend may be losing momentum.

The TD Sequential buy signal on the daily chart points to weakening selling pressure and indicates Dogecoin may be gearing up for a short-term recovery, according to analysts.

At the time of publication, DOGE was hovering around $0.0772, with the first notable upside target set at $0.081. A move above this threshold could pave the way for a test of the $0.084 resistance zone. However, with lower highs and lower lows still characterizing the price action, the viability of a bullish scenario depends heavily on Dogecoin’s ability to maintain support at $0.073.

If daily closing prices fall below $0.073, the current buy signals could be invalidated. In such a scenario, downside risk would increase and selling pressure may accelerate again, intensifying bearish sentiment.

LevelSignificance$0.073Critical support$0.081Primary upside target$0.084Next resistance zoneLong-term trend line faces a testZooming out to longer time frames, Dogecoin is once again approaching the lower boundary of its long-term ascending trend channel. This makes the $0.073 range significant not only as a short-term pivot, but also as a defining technical support for DOGE’s larger price structure.

Historical price action shows DOGE trading near $0.0735 following a prolonged retreat from its 2025 peaks. This region has served as a cornerstone for the coin’s general upward momentum in the past. The ongoing defense of this trend line by bulls keeps discussions alive around accumulation phases and possible cyclical bottoms.

In the view of market analysts, the $0.073 area stands as the last major line of defense in the current market structure.

Should a reversal occur from this level, the $0.11 zone would be the initial focus for an upward move. This could be followed by approximately $0.215, which aligns with the 38.2 percent Fibonacci retracement. It should be noted, however, that upside scenarios beyond these levels remain highly uncertain; maintaining both the established trend and favorable market conditions will be essential for a more sustained recovery.

Conversely, a decisive break below the lower trend channel could damage the optimistic long-term setup. In this case, Dogecoin may be exposed to deeper declines and the significance of the $0.073 area as a last stand would only intensify.

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.

A Smart Contract Approach to Wallet RecoveryCardano founder Charles Hoskinson (@IOHK_Charles) is experimenting with a smart contract designed to help users recover funds from wallets compromised in the recent SecondFi exploit. According to Hoskinson, the contract would use a zero-knowledge proof to verify that a claimant possesses the 24-word seed phrase associated with an affected wallet, without requiring that phrase to be exposed on-chain. If verified, the contract would vend $ADA and Cardano native tokens from a dedicated recovery pool to the confirmed owner. Hoskinson said he plans to coordinate with the Midnight team and key developers on the findings before any wider rollout.

The Midnight network, Cardano's privacy-focused sidechain, is a natural fit for this kind of work. Hoskinson has previously described Midnight as deeply connected to zero-knowledge systems , and the project's cryptographic tooling makes it a practical base for building proof-based recovery mechanisms.

The SecondFi Exploit: What Happened SecondFi, the Cardano wallet formerly known as Yoroi, confirmed a major exploit that drained roughly 16 million $ADA, worth approximately $2.4 million, from 374 user wallets across three separate attacks. SecondFi's team traced the breach to a vulnerability in its proprietary wallet generation software, which gave attackers access to funds across multiple user wallets. Critically, Cardano's base protocol was not the entry point.

The team rescued a further 129 million $ADA before attackers could reach it, routing funds to a third-party custodian, but blockchain security firm SlowMist estimates total losses could still exceed $20 million pending an independent audit. Users cannot protect themselves by simply moving their seed phrase to another wallet. The vulnerability activates at the address level when a transaction is signed, and affected users must submit claims directly to SecondFi.

SecondFi was built on the foundations of Yoroi, a wallet created by EMURGO, one of the three founding entities behind Cardano. That history makes the breach sting harder for the community. The team says it is working with IOG, Cardano Foundation, IntersectMBO, and SundaeSwap to limit damage across the wider ecosystem.

Hoskinson's proposed recovery mechanism remains experimental, and no timeline has been confirmed. Its viability will depend on the technical findings from his coordination with the Midnight team and core developers. For now, affected users have been advised to wait for official guidance from SecondFi before taking any independent action.

Sources:
CoinDesk: SecondFi loses $2.4 million in Cardano wallet exploit, up to $20 million at risk
CryptoNewsZ: SecondFi fixes Cardano wallet flaw that led to 16M ADA theft
CoinGabbar: SecondFi Cardano Wallet Exploit: User Impact and Recovery Plan

The Cardano ecosystem is attracting renewed attention even as ADA continues to hover near its weakest price levels in years. 

While prices remain under pressure, fresh on-chain data shows that Cardano user activity and community discussion have accelerated. Intelligence platform Santiment highlighted this in an X post, pointing out that this setup has previously preceded short-term price recoveries.

Network Activity Climbs as Attention Returns The recent Santiment network metrics analysis indicates that daily active addresses have climbed to approximately 29,025. At the same time, Cardano’s share of overall cryptocurrency discussions has risen to around 0.33%. 

Cardano On-Chain Activity and Social Discussion Spike/Santiment Interestingly, the increase marks the second major spike in both indicators this month, despite ADA remaining close to price levels last seen in December 2020. The asset trades at $0.144, as persistent weakness has ensured that prices continue to lose key support levels.

The latest data shows that more users are interacting with the Cardano network even as sentiment across the broader market remains cautious. Notably, the sharp increase in both active addresses and social dominance have appeared amid the heightened uncertainty surrounding the ADA ecosystem.

It comes after several weeks of intense governance debates, treasury funding disagreements, and recent comments from Cardano founder Charles Hoskinson. While they are negative and have driven FUD, these debates have brought the project back into focus.

What Played Out Around Cardano Treasury Funding In May, the Cardano Foundation’s request for 7.8 million ADA to fund the yearly flagship summit in Singapore did not pass. The proposal received 65.21% of all votes, below the 66.67% stake-weight threshold for approval. This led the Foundation to cancel the convention for this year.

Another request from a major Cardano stakeholder also stalled. The Input Output Global (IOG) requested 32.9 million ADA in funding for research, network scaling, and upgrades around quantum resistance. While some passed, Cardano DReps cast an abstention vote on others, calling them unnecessary treasury spending.

Hoskinson criticized this move, claiming that such decisions set Cardano backwards and it risks losing its core science roots. As the argument escalated, he disclosed that he is stepping away from the network for a while and warned that more native projects could fail this year.

Previous Spikes Preceded Relief Moves The current combination of rising on-chain activity and elevated social engagement has appeared twice before in recent months. In both cases, ADA experienced modest relief rallies shortly after these indicators reached similar levels.

For context, Cardano experienced mild growth in April as the social dominance rose close to 0.43% and active addresses climbed above 21,700. A similar scenario played out in early June when the governance debate was at its peak. Daily active addresses spiked above 30,000 and social dominance above 0.33%, with price rebounding 28%.

Notably, that pattern does not guarantee the same outcome this time, but it suggests that periods of extreme pessimism have previously coincided with renewed buying interest after heavy selling.

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

Cardano founder Charles Hoskinson has introduced a new idea to make wallet recovery safer without compromising user privacy. 

In a post shared on June 26, 2026, Hoskinson revealed that he is experimenting with a Cardano smart contract to help users recover lost wallets securely.

The proposed system would allow users to recover ADA and Cardano Native Tokens (CNTs) stored in a dedicated pool by proving they own a wallet’s 24-word recovery phrase through a zero-knowledge proof (ZKP). Importantly, users would not need to reveal the phrase itself during the process.

A Recovery System Built Around Privacy Hoskinson’s proposal revolves around the use of zero-knowledge technology. Specifically, users would simply prove that they know the recovery phrase that controls the wallet instead of exposing sensitive wallet information.

Cardano founder Charles Hoskinson on X This would keep private information hidden from both the blockchain and outside parties. With this proposed setup, funds would remain locked inside a smart contract or special recovery pool. Once the contract confirms the proof, it will automatically release the assets to the rightful owner.

Such a system could support ethical recovery efforts by helping users regain access to lost or stolen funds but reduce the need to trust third parties. The goal is to make self-custody easier and safer without giving up the security that cryptocurrencies are known for.

To move the project forward, Hoskinson said he plans to work with several well-known members of the Cardano ecosystem. These include Pi Lanningham, CTO at Sundae Labs, Sebastien Guillemot, a major contributor to both Cardano and Midnight, and the wider Midnight team.

The proposed recovery system also builds on several existing Cardano features, including its UTxO model, Plutus smart contracts, and growing support for zero-knowledge applications. These technologies could help make self-custody more practical but maintain security standards.

The SecondFi Incident Hoskinson’s announcement comes at a time when wallet security has become a major topic within the Cardano community. Notably, the recent SecondFi security incident brought attention to the risks associated with wallet recovery.

SecondFi, a Cardano-based self-custodial platform, suffered a security breach from its key-generating software that led to losses initially reported at $2.4 million. The issue affected certain wallet addresses linked to the neofinance platform. 

SecondFi has advised users not to import their recovery phrases into other wallets because the threat activates when users sign transactions, not during the restoration process itself. The platform is currently preparing a verification and claims procedure for affected users.

Meanwhile, recent Cardano wallet updates have continued to focus on restoration performance, Mithril snapshots, and security improvements. 

However, some older versions of SecondFi still use 15-word recovery phrases, which may limit how easily those wallets can work with a recovery system designed specifically for 24-word phrases.

Crypto Industry Searching for Better Recovery Solutions Across the cryptocurrency industry, managing recovery phrases remains one of the biggest challenges facing users. Notably, standard 12-word and 24-word BIP39 seed phrases provide a reliable way to restore wallets, but they also create a single point of failure. 

If users lose both their device and recovery phrase, they usually lose access to their funds permanently. Many security breaches also come from phishing attacks, malware, and social engineering schemes.

As a result, developers continue to explore ZK-based recovery systems. Similar ideas have appeared in discussions about quantum-resistant recovery methods and privacy-focused blockchain networks. However, developers still need to address issues involving legacy wallets and implementation security.

The industry is also testing other approaches, including social recovery systems, multi-party computation (MPC), biometric and hardware-based authentication, and hybrid custodial models. Some projects, such as Chia, have introduced features like clawbacks and vaults to reduce the impact of theft.

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

Cardano (ADA) on-chain activity spiked for the second time this month, with daily active addresses and social dominance climbing.

The uptick came as the token traded near December 2020 price lows. ADA has fallen nearly 41% over the past month, outpacing the broader market’s 19.9% decline.

Cardano Activity Surged as the Token Hit Five-Year LowsThe spike arrived during heavy selling. ADA traded near $0.142 on June 26, down about 3.38% on the day. 

Today’s decline adds to a broader slide that has pulled the altcoin down by more than 13% over the past week.

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Cardano (ADA) Price Performance. Source: BeInCrypto MarketsThe downtrend followed ADA’s break below the $0.23 support level in early June. Despite the price slide, Santiment noted that network activity rose.

Daily active addresses reached 29,025. At the same time, social dominance climbed to 0.33% of all crypto discussions. Santiment recorded the same setup earlier in June, marking the second activity spike in a single month.

“Cardano has suddenly become one of crypto’s biggest conversation pieces as on-chain activity explodes for a second time this month,” the firm said.

Cardano Active Addresses and Social Sentiment. Source: X/Santiment Hoskinson Warnings and Governance Disputes Fueled the FUDThe analytics firm explained that much of the negative sentiment traced back to founder Charles Hoskinson. In early June, warned that more projects could fail.

Hoskinson also stepped back from videos, interviews, and X. Furthermore, he drew a hard line on his role in the token’s performance.

“What I’m not passionate about is making the price of ADA go up,” he said.

Governance disputes have added to the strain. Santiment noted that while the developments “have fueled bearish sentiment, they’ve also pushed Cardano back into the spotlight.”

It added that the combination of the on-chain spike and elevated FUD has previously preceded mild relief rallies. 

“The on-chain spike and major FUD do hint at a mild relief rally, as the chart shows how the two previous instances of this setup unfolded,” the post read.

The coming sessions will show whether the pattern holds or sellers retain control.

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Tether stablecoin USDt has become the second-largest cryptocurrency by market capitalization as Ether fell to its lowest price of the year on Friday

Ether’s market capitalization dropped below $185 billion following a 5.2% price crash over 24 hours, sending the asset tumbling to $1,510 on Coinbase, according to TradingView. This allowed USDt, with a $186 billion market capitalization, to surpass the cryptocurrency. 

“[The] stablecoin overtake really highlights how the market still favors stability over ETH’s volatility right now,” Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph. 

The development reflects accelerating stablecoin growth, which currently represents almost 15% of the entire crypto market capitalization. Stablecoin supply contracted more than 30% in the last bear market, but they’re hitting record highs this time, wrote 21Shares on Thursday, adding:

“To us, that is the strongest evidence yet that stablecoins are one of crypto’s defining use cases – demand that no longer depends on the cycle.”USDt flipped ETH in market capitalization. Source: CoinGecko

Alvin Kan, chief operating officer of Bitget Wallet, told Cointelegraph that the flip is a “notable milestone that highlights the explosive growth and dominance of stablecoins in today’s crypto ecosystem.”

“It demonstrates strong demand for reliable, liquid on- and off-ramps during periods of volatility, while serving as a reminder that ETH must continue delivering compelling utility and narrative momentum to maintain its position.” Kan said the development is positive for the broader market, as deeper stablecoin liquidity supports higher trading volumes and ecosystem innovation.

ETH prices are back at crucial support levels last visited in October 2023 and April 2025.

The Ethereum ecosystem has also faced internal changes recently, following several executive departures and a 20% workforce reduction at the Ethereum Foundation.

However, a new nonprofit organization called Ethlabs was launched this week by key EF developers and researchers and backed by Ether treasuries Bitmine and Sharplink. 

ETH prices are at a critical long-term support level. Source: TradingView

Not all are bearish  Some have taken Ether's decline as an opportunity.

Ether treasury company Sharplink bought the dip, making its first purchase in eight months, scooping up 5,000 ETH on Thursday. Bitmine, chaired by Tom Lee, has also been accumulating at these low prices, adding a further 76,881 ETH last week. 

Meanwhile, Circle’s USDC (USDC) also flipped Ripple’s XRP (XRP) in market capitalization as XRP fell back towards $1, its lowest level since November 2024, leaving XRP with a market capitalization of $64 billion compared with USDC's $73.6 billion.

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PANews reported on June 26, according to Cointelegraph, that as Ethereum’s price dropped to a yearly low, Tether’s stablecoin USDT briefly became the second-largest cryptocurrency by market cap. Ethereum’s market cap fell below $185 billion after plunging 5.2% in 24 hours, and its price on Coinbase once dipped to $1,510, allowing USDT, with a market cap of $186 billion, to momentarily surpass Ethereum.

Coingecko data shows that Ethereum’s market cap has rebounded to $189.1 billion, now sitting above USDT’s $186 billion market cap.

For the first time in years, the crypto rankings experienced a major shake-up. Tether’s USDT briefly overtook Ethereum to become the second-largest cryptocurrency by market capitalization.

At the peak of the crossover, USDT’s market cap climbed to approximately $186.06 billion. It narrowly surpassed Ethereum’s valuation of around $185.66 billion as ETH traded in the $1,500-$1,600 range. This occurred during a broader market downturn as per on-chain data.

Although Ethereum later reclaimed the second spot, the event marked a historic moment. It ended ETH’s more than seven-year dominance as the market’s second-largest digital asset.

Why Did USDT Overtake Ethereum?Unlike Ethereum, whose market value fluctuates largely based on price movements and investor sentiment, Tether’s market capitalization grows when new USDT tokens are issued. This meets demand for dollar liquidity.

As risk appetite weakened across crypto markets, investors increasingly shifted toward stable assets, boosting USDT’s circulating supply.

By mid-2026, Tether reported holding more than $193 billion in reserves backing USDT in circulation. The company also generated more than $10 billion in profits during 2025. As a result, it is one of the most profitable firms in global finance.

Today, USDT controls an estimated 70% of the stablecoin market. This cements its role as the dominant source of liquidity across the crypto ecosystem.

Is Ethereum Losing Its Influence?The crossover has reignited debate about Ethereum’s shrinking share of the broader crypto market.Market estimates suggest ETH’s dominance has fallen below 10% in some measurements. This is down sharply from the 18%-20% range it regularly commanded during previous market cycles.While Ethereum continues to lead in decentralized finance, smart contracts, NFTs, and developer activity, investors appear to be prioritizing liquidity and stability. This is especially evident during the current market downturn.As one analyst noted, a stablecoin surpassing Ethereum would have sounded unimaginable just a few years ago.Could This Signal a “Stablecoin Season”?Several analysts said the milestone may indicate the beginning of a “stablecoin season.” In this phase, capital entering crypto remains parked in stablecoins rather than flowing immediately into riskier assets.

Tether Overtakes Ethereum! 📰

A major milestone just reshaped the crypto leaderboard. Tether has officially surpassed Ethereum in market capitalization:

▪️ USDT: $186.06B
▪️ ETH: $185.66B

While $ETH remains the backbone of DeFi and smart contracts, $USDT growth reflects how… pic.twitter.com/SpGWii20nY

— Da Investopedia (@DaInvestopedia) June 26, 2026 With USDT supply now approaching $186 billion, many see it as a massive pool of potential buying power. It is waiting for the next market catalyst.

However, Tether’s growing influence also brings renewed scrutiny. Regulators continue to closely monitor the company’s reserve composition and transparency practices, given the enormous scale of its operations.

Despite the temporary flip, Ethereum still settles more on-chain value. It also supports the largest developer ecosystem and powers much of crypto’s financial infrastructure. 

Story Ends Here

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Just when the leading cryptocurrency Bitcoin seemed to be recovering, it experienced new declines. Yesterday evening, another drop occurred, pushing the price down to around $58,000.

This decline was also reflected in altcoins, with the price of Ethereum, the largest altcoin, falling to around $1,500.

With this decline, all ETH whales suffered losses for the first time in 7 years.

According to crypto analyst Darkfost, using a pseudonym, all large-scale Ethereum (ETH) investors, or whales, are currently in a state of unrealized loss.

Specifically, the group of investors holding 1,000 to 10,000 ETH is experiencing a 26% loss; the group holding 10,000 to 100,000 ETH is experiencing a 21% loss; and finally, the group holding more than 100,000 ETH is experiencing a 5% loss.

The analyst also added that historically, periods when Ethereum whales incurred losses coincided with market lows.

The analyst also argues that, given that all whale groups are at a loss, the ETH price has performed relatively well.

As predictions of ETH hitting rock bottom continue to mount, Ethereum has lost its position as the second-largest cryptocurrency by market capitalization to Tether (USDT).

During the day, Tether overtook Ethereum by market capitalization to rise to second place in the overall crypto rankings. However, ETH subsequently regained its status as the second-largest cryptocurrency.

According to the latest data, USDT has a current market capitalization of $186 billion, while ETH has a market capitalization of approximately $187.1 billion.

*This is not investment advice.

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Key Takeaways BNB has evolved significantly from its exchange token origins, now serving as the fuel for fees, staking, governance, and decentralized finance on BNB Chain An automated burn mechanism continuously shrinks supply, targeting an eventual cap of 100 million tokens BNB Smart Chain ranks among the most utilized blockchains, generating substantial DeFi transaction volume daily Centralization represents the primary vulnerability — BNB’s fate is inseparably tied to Binance, creating concentrated platform and compliance exposure The 2023 settlement between Binance and U.S. regulators continues influencing investor sentiment toward BNB Binance Coin began life as a straightforward utility token for discounted trading fees. Today, it functions as a core component of one of crypto’s largest ecosystems, supporting transaction validation, staking rewards, governance participation, and an expansive DeFi landscape.

BNB Price This evolution is critical when assessing BNB’s investment merit. Unlike purely speculative tokens, BNB demonstrates measurable, recurring utility across multiple use cases.

Every transaction on BNB Chain requires BNB for gas fees. Binance exchange users receive fee discounts when paying with BNB. Stakers earn rewards by locking tokens. This creates fundamental, continuous demand that separates BNB from most alternative cryptocurrencies.

BNB Smart Chain maintains position as one of crypto’s most active networks. It processes significant decentralized finance volume, hosts deep stablecoin liquidity pools, and handles substantial daily transaction throughput. This operational activity translates directly into persistent token demand.

Supply Mechanics Favor Long-Term Holders BNB’s economic model includes several deflationary components. The Auto-Burn protocol systematically removes tokens from circulation at regular intervals. Additionally, a real-time burning system destroys a portion of gas fees paid on BNB Chain.

The ultimate objective is reducing total BNB supply to 100 million tokens. This creates predictable scarcity over time, benefiting those who hold the asset through this gradual supply contraction.

This doesn’t automatically mean BNB trades below fair value. Rather, it establishes that supply management is more structured and investor-friendly than what most competing layer-1 tokens offer.

Platform Concentration Presents the Greatest Vulnerability BNB Chain delivers speed and efficiency, but decentralization isn’t its strength. The validator network remains relatively consolidated, and a substantial portion of BNB demand originates directly from Binance’s centralized exchange operations.

This relationship creates both opportunities and risks. Binance provides BNB with unmatched distribution and user adoption. However, this same connection means BNB cannot escape Binance’s regulatory challenges and reputational concerns.

The 2023 settlement between Binance and U.S. enforcement agencies remains relevant. Though subsequent developments have somewhat improved sentiment, this regulatory history continues influencing how both institutional allocators and retail participants evaluate BNB’s risk profile.

Any cryptocurrency this fundamentally dependent on a single centralized entity carries inherent platform risk. This isn’t conjecture — it’s the structural reality of the asset.

BNB functions best when viewed as a proxy investment in both Binance’s continued market dominance and BNB Chain’s ongoing operational scale. For those comfortable with that framework, the combination of genuine utility and disciplined supply reduction provides stronger fundamentals than most top-tier altcoins.

The burn mechanism continues shrinking circulating supply, DeFi protocols on BNB Smart Chain maintain healthy activity levels, and Binance commands one of crypto’s largest and most engaged user populations.

TL;DRBNB Chain is now the leading chain for tokenised stocks with over 709 tokenized stocks and ETFs, cumulative volume crossing $5 billion and market cap surpassing $1BMultiple tokenized stock versions of the same company give users more choice over where and how they access an assetSupported assets can be traded, held or used across BNB DeFi ecosystemTraditional markets tell you when you can trade, where you need to live and which intermediaries you need to use. Tokenized stocks on BNB Chain work differently.

More than 709 tokenized stocks and ETFs are now available across the ecosystem, giving users around-the-clock access to some of the world’s largest public companies and selected private-market opportunities.

Demand is already growing, with cumulative tokenized stock volume on BNB Chain crossing $5 billion and market cap surpassing $1 billion, more than any other chain. 

RWAs Are Accelerating on BNB ChainTokenized stocks are part of a much bigger RWA sector taking shape across BNB Chain:

Almost $4B in distributed RWA valueRWA holders up 55.65% in the past 30 daysMore than $3B over the same period$18B stablecoin market cap with 76M holdersTokenized stocks are a big part of what's driving that. Non-stablecoin RWA value globally has crossed $30B, and BNB Chain holds a meaningful share of almost $4B. These aren't just minted and parked, they're being traded on DEXs, posted as collateral to borrow stablecoins, and now used to access companies that aren't even publicly listed yet.

One Stock, Multiple Tokenized OptionsTokenized stocks on BNB Chain are about access and choice. One company can have multiple tokenized versions, each with different structures, liquidity and DeFi integrations.

SpaceX is one example. Tokenized representations of SpaceX equity went live on BNB Chain, with June 23 recording $6.5 million in volume in a single day.

Users can access SpaceX exposure through three tokenized versions on BNB Chain:

SPCXB from bStocks0xbe9d156892e55e7154bcd3cb0fea677f9d3103e1SPCXon from Ondo Global Markets0xd0a58BC9D88D3FF48C0294Cb7e45937d0E41A928SPCXx from xStocks0x68fa48b1c2fe52b3d776e1953e0e782b5044ce28Similar options are available for companies such as NVIDIA and Micron, giving users more ways to choose how they access, hold and use their exposure onchain.

More Ways to Access Global CompaniesbStocks: Tokenized 1:1 U.S Stocks, FSRA ApprovedbStocks are BEP-20 tokens on BNB Chain, each a 1:1 representation of a real U.S. share held with a regulated custodian and verifiable anytime via the Proof of Collateral page. The tokenized stock comes wzero mint, burn, and conversion fees. You can use them as collateral on Venus Protocol, Lista DAO, or trade them on PancakeSwap, Trust Wallet and Aster.

Ondo Global Markets: High trading volume, different token structureOndo Global Markets is where the majority of tokenized equity trading on BNB Chain is happening. BSC accounts for $5.12B of Ondo Global Markets’s $6B in cumulative DEX volume.

Ondo Global Markets on BNB Chain now offers 430+ tokenized stocks and ETFs, covering a wide array of sectors and assets.

The token structure is worth understanding before using it in DeFi. Ondo tokens are total return trackers: they reflect reinvested dividends rather than tracking the share price directly, which means the token price drifts from the underlying share price over time. That affects how they behave as collateral. Trading is available through PancakeSwap, Binance Alpha, Trust Wallet and more.

xStocks: 50+ U.S. Equities and ETFsxStocks launched on BNB Chain in April 2026 with 50+ US equities and ETFs, with 100+ more in the pipeline. It maintains a 1:1 ratio with underlying shares and trades on PancakeSwap AMM, accessible to anyone already using PancakeSwap.

Colb Finance: Pre-IPO exposure on BNB ChainThe pre-IPO segment of the market has historically been limited to institutional investors and late-stage venture funds. Last week, Colb Finance deployed over $60M in tokenized pre-IPO positions on BNB Chain, covering private companies in AI, space, and global fintech.

Pre-IPO tokens from Colb trade directly on PancakeSwap.

Paimon Finance: Pre-IPO + Institutional Private CreditPaimon Finance offers tokenized pre-IPO positions (SpaceX, Anthropic, OpenAI, etc.) and a diversified private credit vault called Paimon Prime. It uses a dual-token structure for compliance while enabling open trading on PancakeSwap. Paimon Prime provides daily liquidity and yield exposure to institutional-grade private credit. 

Why BNB Chain For All Of ThisTokenized markets need infrastructure that remains available whenever users want to act.

BNB Chain operates 24/7, allowing positions to be traded, transferred and managed without waiting for a market to reopen. Its low transaction costs for under $0.01 with finality in around 650 milliseconds also make frequent onchain actions more practical.

With 705+ assets and over $5 billion in cumulative volume, tokenized stocks are becoming an active market on BNB Chain.

South Korea has fined crypto exchange Bithumb 210 million won ($136,000) for sharing user data overseas without proper consent. The penalty followed a multi-month investigation by the Personal Information Protection Commission.

The decision marks one of South Korea’s most direct crypto privacy enforcement actions to date.

Why South Korea Fined Crypto Exchange BithumbCross-border data transfer is the movement of personal information from one jurisdiction to another, a process subject to strict consent rules under South Korean law. Bithumb violated those rules during cryptocurrency transactions between September and November 2025, according to the official commission findings.

The investigation focused on customer data linked to Tether’s USDT market activity. Furthermore, the commission concluded that the exchange failed to comply with the legal requirements governing overseas transfers of personal information across multiple international destinations.

“The Personal Information Protection Commission (PIPC; Chairperson Song Kyung-hee) held its 12th plenary session and agreed to impose a fine of 210 million won on Bithumb Korea Co., Ltd. (hereinafter ‘Bithumb’), as well as to issue a corrective order requiring it to comply with legal requirements regarding the cross-border transfer of personal information, following the discovery of violations of the Personal Information Protection Act (hereinafter the ‘Act’),” reads an excerpt from the PIPC statement.

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Bithumb has been fined approximately $136,$000 by South Korean regulators for sharing user data internationally without consent. This highlights increasing scrutiny of crypto exchanges regarding data privacy and compliance #SouthKorea pic.twitter.com/CIPTAzqRgW

— John Morgan (@johnmorganFL) June 25, 2026 A key finding involved a clear consent mismatch. Bithumb told users that their data would be moved to the Stellar exchange. However, investigators determined that the information actually ended up on a platform operated by BingX, thereby breaching the required destination accuracy under South Korean privacy law.

The case did not stop there. Investigators uncovered a second compliance failure involving transfers with 13 separate overseas crypto exchanges. Bithumb shared customer names, wallet addresses, and birth dates without obtaining the complete consent required under national privacy regulations.

The commission ordered Bithumb to revise its internal procedures for cross-border data transfers. Moreover, the regulator stressed that exchanges must clearly explain where customer information will be processed before any transfer occurs across international platforms or third-party operators.

What the New Privacy Guidance Means for Crypto FirmsThe Bithumb decision arrived alongside fresh privacy guidance for blockchain companies. South Korea designed the framework to address the specific tensions between transparent ledger architecture and the personal information protection rules that govern every regulated business in the country.

The core principle is straightforward. Blockchain companies should avoid recording personally identifiable information on public ledgers. As a result, sensitive data such as names and national identification numbers should remain off-chain whenever the technology allows it, for the operator’s convenience.

Bithumb Crypto Exchange Metrics. Source: CoinGeckoCross-border data movement received the most attention. The commission urged firms to introduce stronger safeguards before transferring customer information to international platforms. Furthermore, exchanges must now verify the actual destination of personal data rather than relying on third-party intermediaries.

The wider regulatory direction is clear. South Korea has steadily expanded its oversight of crypto businesses beyond traditional financial compliance. Privacy protection now sits squarely at the center of regulatory expectations for every digital asset service provider operating across the country.

For Bithumb specifically, the penalty serves as both a financial setback and a reputational warning. However, the broader implication reaches every Korean crypto exchange. Incomplete user consent will now attract stricter enforcement actions as the industry continues to evolve throughout the rest of 2026.

Chainlink has wired itself into the plumbing of global finance, with SWIFT, JPMorgan, UBS, and DTCC building on its infrastructure. Its token trades around $7, roughly 86% below its all-time high. The gap between the adoption and the price is the whole story, and it is the same story as XRP.

Summary

Chainlink has embedded itself in traditional finance, with SWIFT, JPMorgan, UBS, DTCC, and others building on its cross-chain infrastructure, yet LINK trades near $7, about 86% below its 2021 high. The disconnect mirrors XRP almost exactly: the network’s adoption is real and growing, but the token captures the value only indirectly and slowly. Chainlink secures more value than any other oracle network and its cross-chain protocol processes billions of dollars a month, but the fees actually reaching LINK holders are tiny next to the headline adoption. A new strategic reserve converts protocol revenue into LINK and staking locks up supply, but neither yet offsets weak token-level demand and a soft market for high-risk altcoins. The gap closes only if bank usage scales into real, recurring fee demand for LINK, and the clearest test is whether SWIFT’s integration moves from pre-production into live settlement volume. Chainlink may be the most widely adopted piece of infrastructure in all of crypto, and its token trades like an afterthought.

Over the past two years the network has wired itself into the core of traditional finance, with SWIFT, the messaging backbone that connects roughly 11,000 banks and moves on the order of $150 trillion a year, moving from pilot to pre-production on Chainlink’s cross-chain technology.

JPMorgan, UBS, ANZ, Fidelity International, SBI, DTCC, Euroclear, and Mastercard have also built around its infrastructure, while the value secured across its oracle network has climbed past $90 billion, many times that of any competitor.

By the measure of institutional adoption that crypto has chased for a decade, Chainlink has arguably won. And yet LINK, its token, trades around $7, roughly 86% below the all-time high near $53 it reached back in 2021.

The fundamentals keep setting records and the price keeps disappointing. That gap, between a network embedding itself in global finance and a token that acts like none of it is happening, is the entire story.

Anyone who followed XRP through 2026 will recognize it immediately, because it is the same adoption-versus-token gap.

This piece works through why Chainlink’s extraordinary adoption has not lifted its token. It covers what Chainlink actually does and why banks cannot easily avoid it, what SWIFT and the institutions signed up for, the central problem of how value is supposed to reach the token at all, the mechanisms Chainlink has built to try to close that gap, why the market still refuses to pay up, and what would finally have to change for the price to follow the adoption.

The aim is not to talk LINK up or down, but to explain one of the most striking disconnects in the market: how a project can win the institutional race it set out to win and watch its token languish anyway.

The most important company in crypto you do not trade Start with what Chainlink does, because its importance is easy to miss precisely because it is infrastructure.

Blockchains have a built-in blindness: they cannot, on their own, see anything that happens outside their own network. A smart contract on a blockchain has no native way to know the price of a stock, the result of a shipment, the value of a currency, or whether a payment cleared in a bank account.

This is called the oracle problem, and it is a hard limit on what blockchains can do, because a contract that cannot react to real-world information is a contract that can only move tokens around inside its own walls.

Chainlink exists to solve exactly this. It is a decentralized network that feeds outside data onto blockchains and connects them to one another and to traditional systems, acting as the secure bridge between the on-chain world and everything else.

Without something like Chainlink, the entire edifice of decentralized finance, and the much larger project of tokenizing real-world assets, simply does not function.

That is why what oracles feed data to matters. Smart contracts are only as useful as the data and systems they can reliably touch.

Because that role is foundational, Chainlink has become close to unavoidable for anyone serious about putting financial activity on a blockchain.

Its price feeds underpin major lending and trading protocols across decentralized finance. Its cross-chain protocol has been adopted by large exchanges and protocols as a bridging standard.

Critically, its institutional push has landed the names that matter most. The roster of traditional-finance firms building on Chainlink reads like a directory of the global banking system, and the total value its oracle network secures runs into the tens of billions, many times that of the nearest competitor.

By the standard crypto has always used to define success, real institutions using the technology for real financial activity, Chainlink is at or near the top of the entire industry.

It is, in a sense, the most important company in crypto that most people never think to trade, because its product is the invisible plumbing rather than the visible coin.

And a token that trades like the adoption is not happening Now place that adoption next to the chart, and the contrast is jarring.

LINK trades around $7, down roughly 86% from its 2021 peak near $53, and it spent the most recent stretch sliding rather than rising, sitting below the technical levels that traders watch for signs of strength.

The pattern across the last couple of years has been almost comically consistent: record after record on the fundamentals, the cross-chain protocol moving billions a month, the value secured hitting new highs, the bank partnerships piling up, while the token closed well below where it traded years earlier.

Analysts who follow Chainlink closely have taken to describing its recent history in exactly those terms, as a period of record fundamental milestones paired with significant price disappointment.

The ETF channel has not solved the problem either. Chainlink spot ETFs recently saw a net outflow, ending a six-month inflow streak and showing that even new institutional access does not automatically create uninterrupted demand.

This is what makes Chainlink such a clean case study, and such a frustrating holding for its believers.

It is not a story of a failing project ignored for good reason; the project is, by adoption metrics, thriving. It is a story of a thriving network whose token has decoupled from its success.

That forces an uncomfortable question that applies to a whole category of crypto assets: what is the actual link between a network being used and its token rising in value?

For Bitcoin the answer is relatively direct, since the asset itself is the product. For an infrastructure token like LINK, the answer is far murkier, and the murkiness is precisely what the price reflects.

The market is not saying Chainlink has failed. It is saying it does not yet see how all that institutional adoption turns into sustained demand for the token.

Until it does, the chart and the deal sheet point in opposite directions.

The oracle problem, and why it made Chainlink unavoidable To understand both the strength of Chainlink’s position and the weakness of its token, it helps to sit with the oracle problem a moment longer, because it explains the moat.

A blockchain is a deterministic system: it is brilliant at agreeing on its own internal state, who holds what, but it is mathematically incapable of knowing anything about the outside world on its own.

If a smart contract needs to know the price of an asset to liquidate a loan, or whether a real-world bond has matured, it has to get that information from somewhere. If it gets it from a single source, it inherits that source’s vulnerability to error or manipulation.

That would undermine the security that makes blockchains worth using in the first place.

Chainlink’s design answers this by gathering data through a decentralized network of independent node operators, aggregating their inputs, and delivering a result that no single party can easily corrupt.

That decentralized, tamper-resistant design is why Chainlink became the default rather than one option among many.

Once a network of high-quality node operators is securing tens of billions of dollars across hundreds of applications, that track record itself becomes a moat. A bank deciding whose data and cross-chain infrastructure to trust with real money is going to choose the one with the longest, most battle-tested history.

This is the foundation of the institutional strategy.

Chainlink’s cross-chain protocol added a risk-management layer, an independent set of nodes that watches for anomalies and can halt transfers if something looks wrong. That is the kind of dual-layer safeguard large institutions demand before moving significant capital on-chain.

The result is that Chainlink occupies a position closer to critical utility than to speculative token: the oracle and interoperability standard that the tokenized-finance future is being built on.

The strength of that position is not in doubt. What is in doubt is whether holding the token captures any of it.

What SWIFT and the banks actually signed up for The institutional adoption is concrete and worth spelling out, because it is genuinely impressive and it is also, on close inspection, the source of the token’s problem.

Chainlink built a suite of products aimed squarely at banks and asset managers: a cross-chain protocol for moving assets and messages between blockchains and legacy systems, a runtime environment that lets institutions build and manage tokenized-asset workflows, a compliance engine that embeds rules like identity checks directly into tokenized assets, a confidential-compute layer that lets sensitive institutional data be processed without exposing it on a public chain, and data services that bring benchmark and index information on-chain.

This is not a retail product suite. It is enterprise financial infrastructure, designed to slot into how large institutions already operate.

The marquee relationship is with SWIFT, and it captures both the scale and the nature of the adoption.

SWIFT connects roughly 11,000 banks and carries the messaging behind an enormous share of global settlement, and Swift and Chainlink’s ongoing work moved from early pilot toward pre-production.

The goal is to let banks send traditional SWIFT messages that trigger smart-contract actions across blockchains, without those banks having to rip out and rewrite their legacy systems.

That is a profound integration: it means the existing banking messaging layer could reach into the on-chain world through Chainlink as the connective tissue.

More recently, Chainlink also partnered with more than 50 banks on Project Pangea for T+0 foreign-exchange settlement, another sign that traditional finance is testing Chainlink as an institutional bridge rather than a crypto side experiment.

But notice the shape of it. What the banks signed up for is infrastructure, a way to connect their systems to blockchains using Chainlink’s technology.

They signed up to use the network. Nothing in a SWIFT pre-production integration, a JPMorgan tokenization pilot, or a bank FX settlement project necessarily requires anyone to buy, hold, or even think about the LINK token.

The adoption is real, and it is adoption of Chainlink the infrastructure. That is different from demand for LINK the asset.

That distinction is the hinge on which the entire price puzzle turns.

The value-accrual problem: adoption is not token demand Here is the core issue, the one that explains the chart.

For a token to rise because its network is being used, there has to be a mechanism that converts that usage into demand for the token. For infrastructure tokens, that mechanism is often weak, indirect, or still being built.

When a bank uses Chainlink’s Cross-Chain Interoperability Protocol, it pays fees, and those fees are part of how value is meant to flow to the network.

But the fees generated even by substantial institutional usage are, so far, small relative to the headline numbers that make the adoption sound overwhelming.

The value secured across the network may be measured in tens of billions, but the value secured is not revenue. Revenue is not automatically token demand either.

A pilot or a pre-production integration generates little in the way of recurring fees, and even meaningful live usage produces fee flows that are modest next to LINK’s multi-billion-dollar market value.

This is the value-accrual problem, and it is the single best explanation for why LINK trades where it does.

The market is making a distinction that the celebratory headlines blur: between adoption of the infrastructure, which benefits the network and its users, and demand for the token, which is what actually moves the price.

It is the identical distinction that explains why XRP failed to rally on Ripple’s bank deals, because those deals ran through the company and its stablecoin while the token captured only a sliver.

For Chainlink, the question every prospective LINK buyer faces is simple and unforgiving: if SWIFT and JPMorgan can use the network without the token being central to the economics, then what exactly am I buying when I buy LINK?

The project has answers to that question, and they are improving. But the market has not yet been convinced that the answers are large enough to matter.

That is why the adoption keeps growing and the token keeps waiting.

The strategic reserve and staking: Chainlink’s answer Chainlink is acutely aware of the value-accrual problem, and it has been building mechanisms specifically designed to tie network usage to token value.

That is the strongest part of the bull case.

The first is a fee model that converts revenue generated across the network, including from institutional and off-chain use, into LINK, accumulating it in the Chainlink Reserve.

The logic is that as adoption grows and generates more revenue, more of that revenue is converted into LINK and held, creating a structural source of buying tied directly to usage.

This is meant to be the bridge between adoption and token demand that infrastructure tokens so often lack.

It is a way to make sure that when the network earns, the token benefits. The reserve has been growing, adding millions of LINK, which is a tangible sign of the mechanism working, even if the amounts remain small relative to the total supply.

The second mechanism is staking.

Chainlink lets LINK holders stake their tokens to help secure the network’s data feeds and services, locking up supply and giving the token a direct role in the system’s security and economics.

As more high-value feeds and services come to rely on staked LINK as a security backstop, demand to stake, and therefore to acquire and lock the token, is meant to rise.

That makes Chainlink part of a broader move toward security-backed crypto networks. For context, another staking-secured network shows how tokens can accrue value when they are required to secure services rather than simply sit beside them.

Together, the reserve and staking are Chainlink’s answer to the question of why anyone should own LINK instead of simply admire the network.

The reserve ties revenue to token accumulation. Staking ties the token to the network’s security and to a yield.

These are real, well-designed mechanisms, and they are the reason the bull case is not empty.

The honest caveat is that they are still early and still modest in scale relative to a multi-billion-dollar market cap. They point in the right direction, but they have not yet generated token demand large enough to overcome the broader forces pushing the price down.

Why the chart still says no Even granting the reserve and staking, several forces keep weighing on LINK, and naming them explains why the token has not responded to the adoption.

The first is the simple gravity of the broader market. LINK is a high-beta altcoin, meaning it tends to move more violently than the market as a whole, rising faster in booms and falling harder in downturns.

Through a stretch of macro pressure and a weak environment for risk assets, infrastructure tokens like LINK have been sold off regardless of their individual progress.

When capital flees risk, the quality of a project’s bank partnerships offers little protection, because the selling is driven by macro flows, not fundamentals.

The second force is competition. Chainlink leads the oracle space by a wide margin, but rivals are chasing the same market with different technical models, faster delivery in certain niches, or lower costs.

The existence of credible competitors caps the pricing power and the perceived inevitability that would justify a higher token valuation.

The third and deepest force is the value-accrual skepticism already described.

The market keeps treating Chainlink’s institutional milestones as proofs of concept instead of as recurring revenue, pricing a SWIFT pre-production integration as a promising experiment instead of as a stream of token demand, because that is what it currently is.

Until the pilots become production volume large enough to drive real fees into the reserve and real demand into staking, the market is, not unreasonably, declining to pay in advance.

This is the same discipline that kept XRP pinned through its own parade of bank wins. The chart is not ignoring the adoption; it is refusing to pay for token demand that has been promised but not yet delivered at scale.

What would finally make LINK follow the adoption If you want to know when LINK might finally track its fundamentals, the analysis points to a specific set of conditions, and none of them is simply another partnership announcement.

The first and most important is the transition from pilots to production volume.

A SWIFT integration in pre-production is a promise; SWIFT-connected banks routing real, recurring settlement volume through Chainlink’s protocol would be a structural source of fee demand unlike anything in the token’s history.

Even a small fraction of the volume that flows through global bank messaging would dwarf current usage.

The clearest single catalyst to watch is whether that integration goes fully live and starts carrying real traffic, because that is the moment infrastructure adoption could begin converting into the recurring revenue that feeds the reserve.

The policy backdrop also matters. Chainlink executives have warned that delays in U.S. crypto rules benefit overseas competitors, because institutions need clarity before they can scale production deployments.

The second condition is the maturation of the token mechanisms themselves: the strategic reserve growing large enough that its accumulation of LINK becomes a meaningful, visible source of demand, and staking scaling to the point where locking the token to secure high-value services pulls significant supply off the market.

The third is the broader environment, since even strong fundamentals struggle against a hostile macro tape, and a friendlier market for risk assets would let Chainlink’s progress show up in the price.

The new exchange-traded products tracking LINK add another potential channel for demand if they gather assets. But as the recent outflow showed, the ETF channel must become a sustained buyer, not just another headline.

The honest synthesis is that Chainlink has done the hard part, winning the institutional adoption that the rest of crypto only talks about.

The remaining question is purely about conversion: whether all that adoption can be turned into durable, measurable demand for the token through fees, the reserve, and staking, at a scale large enough to matter.

Until it is, LINK will keep trading like the adoption is not happening, not because the market is blind to Chainlink’s success, but because it is watching the one number that has not yet moved. That number is demand for the token itself.

Frequently asked questions Why does Chainlink have so much adoption but a low token price? Because adoption of the infrastructure is not the same as demand for the token. Banks and protocols use Chainlink’s data feeds and cross-chain protocol, generating fees, but those fees are still small relative to LINK’s multi-billion-dollar market value, and nothing about a SWIFT or JPMorgan integration requires anyone to buy or hold LINK. The market distinguishes between the network being used, which benefits the infrastructure, and token demand, which moves the price. So far, the adoption has not converted into token demand large enough to lift the price, which is why LINK trades around $7 despite record fundamentals.

What does Chainlink actually do? Chainlink solves the oracle problem. Blockchains cannot natively access information outside their own network, so a smart contract has no built-in way to know a price, a payment status, or a real-world event. Chainlink is a decentralized network that feeds outside data onto blockchains and connects them to one another and to traditional systems, using many independent node operators so no single party can easily corrupt the data. This makes it foundational infrastructure for decentralized finance and for tokenizing real-world assets.

What did SWIFT and the banks sign up for with Chainlink? They signed up to use Chainlink’s infrastructure, chiefly its cross-chain protocol, which lets banks send traditional SWIFT messages that trigger smart-contract actions across blockchains without rewriting their legacy systems. JPMorgan, UBS, DTCC, Euroclear, and others are building on Chainlink’s suite of institutional products for tokenized assets, compliance, and data. Crucially, this is adoption of the infrastructure, not a commitment to buy or hold the LINK token, which is exactly why the impressive partnerships have not directly lifted the price.

How is Chainlink trying to connect adoption to the token? Through two main mechanisms. A fee model converts revenue generated across the network, including from institutional use, into LINK and accumulates it in a strategic reserve, creating buying tied to usage. Staking lets holders lock LINK to help secure the network’s data feeds and services, taking supply off the market and giving the token a direct economic role. Both are well-designed attempts to bridge the gap between adoption and token demand, and the reserve has been growing, but they remain modest relative to LINK’s market value and have not yet offset the forces pushing the price down.

Will LINK go up if SWIFT fully adopts Chainlink? It could, but the key is volume, not the integration itself. A pre-production SWIFT integration is a promise; SWIFT-connected banks routing real, recurring settlement volume through Chainlink would generate fee demand on a scale unlike anything in the token’s history, because even a fraction of global bank messaging volume would dwarf current usage. That fee flow could feed the strategic reserve and drive real token demand. So the catalyst to watch is whether the integration goes live and carries actual traffic, turning infrastructure adoption into recurring revenue, instead of the announcement of the integration alone.

Is Chainlink’s situation similar to XRP’s? Very. Both are cases where a network or company achieved real institutional adoption while the token failed to follow, because the value flows first to the infrastructure and only indirectly to the token. Ripple’s bank deals ran through its stablecoin and ledger while XRP captured a sliver; Chainlink’s bank integrations run through its infrastructure while LINK captures fees that are still small relative to its valuation. In both cases the market prices the adoption as promising proof of concept instead of as token demand, and in both cases the token waits for pilots to become production-scale volume.

This article is information, not investment advice. Cryptocurrency is volatile, and figures for Chainlink and LINK reflect reporting available as of June 26, 2026, which can change quickly. Do your own research and verify current data from primary sources before making any decision.

Polymarket said it successfully contained a security breach after discovering a third-party vendor had been compromised on Thursday morning.

Polymarket Refunding ‘Users In Full’Polymarket Traders, an X handle with an official Polymarket Traders badge, first disclosed that the breach injected a “malicious script” into the frontend for some users.

“We’ve contained it & removed the affected dependency. We’re contacting impacted users & refunding them in full,” Polymarket Traders said.

Polymarket’s Growth Lead, William LeGate, confirmed the hack and the refund process. Benzinga reached out to Polymarket for more details on the breach.

On-Chain Sleuths Point To Millions In TheftBlockchain analytics platform Bubblemaps said that the attacker drained nearly $3 million from under 15 wallets, although the damage has been “largely contained.”

“Great response by Polymarket,” the on-chain sleuth added.

Specter, another on-chain investigator, stated that the victim wallets held PUSD, a collateral token backed by USDC (CRYPTO: USDC) used for all trading on Polymarket.The stolen assets were then swapped for Ethereum (CRYPTO: ETH) and consolidated into a single address.

Polymarket On Hackers’ Radar?The latest security breach comes barely a month after Polymarket revealed that the wallet its employees used to top up accounts and pay user rewards had been hacked. On-chain analysts estimate the exploit at close to $700,000.

Photo: PJ McDonnell / Shutterstock

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PANews, June 26 – Tether-backed Hyperliquid mobile interface and non-custodial trading platform Dreamcash announced it will gradually shut down its CASH perpetual contract markets based on Hyperliquid HIP-3, citing that USDC is now natively integrated on the platform, placing USDT markets at a user experience disadvantage. According to the announcement, all CASH markets will be settled sequentially on a preset schedule between June 30 and July 2, with positions automatically closed at external oracle prices upon settlement, and funding rates will be set to 0 during this period. Dreamcash emphasized that the platform uses a non-custodial architecture, so user account balances and rewards will not be affected; only the relevant USDT-denominated underlying perpetual markets (such as TSLA, NVDA, GOLD, etc.) will cease trading. The team will subsequently focus on developing and promoting its crypto trading mobile application.

A new mobile app is giving Zcash ($ZEC) holders something the ecosystem has long needed: a simple way to find businesses near them that accept ZEC in the real world.

ZecMap is now available on the Apple App Store. Users can open the map, locate nearby merchants accepting Zcash, and head straight to a participating business. The premise is straightforward. Holding ZEC has never been the hard part. Spending it has.

From Web to MobileZecMap first launched as a web platform in May 2026, inviting the Zcash community to contribute merchant listings. The project also introduced a contributor rewards programme, letting users earn ZEC by adding verified businesses to the directory. The iOS app is the next step in that rollout, putting the map directly in users' pockets.

The platform has expanded steadily since its web debut. According to the Zcash community newsletter ZecHub, ZecMap has grown to support more than 9,000 locations and has integrated with Flexa, a payments network that lets users spend crypto at physical retail locations. A planned AI assistant is also in development, designed to help users find nearby merchants and answer questions about Zcash day-to-day usage.

Closing the Spending Gap for a Privacy CoinThe app arrives at a moment when the broader Zcash ecosystem is seeing renewed momentum. Zcash uses zero-knowledge proofs to allow shielded transactions, meaning payment details can remain private without sacrificing verifiability on-chain. That technical foundation makes it well-suited to real-world commerce, but merchant acceptance has historically lagged behind the technology.

Tools like ZecMap are a direct response to that gap. By surfacing a live, community-sourced directory of accepting merchants, the app turns Zcash from a stored asset into something more practical for everyday use. For the Zcash community, that shift matters as much as any protocol upgrade.

An Android version was announced as part of the original roadmap and is expected to follow the iOS release.

Sources
Zcash Community Forum: ZecMap is now available on the App Store
ZecHub Shielded News Vol. 23: ZecMap Flexa integration and 9,000+ locations
Zcash Community Forum: ZecMap Contributor Rewards Programme

Kraken is reportedly in talks to acquire a 15% stake in Aave Group through a proposed $71 million investment, signaling deeper convergence between centralized crypto exchanges and decentralized finance infrastructure.

The potential transaction would see Kraken invest 35,000 ether in exchange for 250,000 AAVE tokens and a 15% common equity stake in Aave Group, according to reports citing people familiar with the discussions and a document reviewed by CoinDesk. The deal would value Aave Group at about $385 million. The talks have not been finalized, and the structure, timing or terms could still change.

Aave is one of the largest decentralized lending protocols in crypto, allowing users to supply assets, borrow against collateral and earn variable yields across multiple blockchain networks. DeFiLlama data shows Aave’s total value locked at about $12.1 billion, making it one of the most systemically important lending platforms in decentralized finance.

The reported talks come as Kraken continues to expand beyond spot crypto trading. The exchange has pushed into staking, derivatives, tokenized equities, institutional services and on-chain yield products. A stake in Aave Group would give Kraken a closer strategic relationship with a major DeFi protocol at a time when exchanges are looking for ways to bridge regulated user access with decentralized liquidity and yield.

CeFi-DeFi Links Deepen A Kraken investment would highlight a broader industry shift in which centralized platforms are no longer treating DeFi purely as competition. Instead, exchanges are increasingly looking to integrate, partner with or invest in decentralized protocols that offer lending, borrowing and yield infrastructure.

Kraken has already moved in this direction through DeFi Earn, a product powered by Aave that gives users access to decentralized lending yields through a more familiar exchange interface. That model reflects a growing belief that mainstream users may want DeFi returns and liquidity without directly managing wallets, bridges, gas fees and protocol-level risks.

For Aave Group, a strategic investment from Kraken could provide capital, distribution and institutional credibility after a volatile period for DeFi lending. The protocol recently faced stress after the KelpDAO-related exploit created bad debt and triggered liquidity concerns across parts of the Aave ecosystem, even though Aave’s core smart contracts were not directly hacked.

The incident reinforced how interconnected DeFi risks have become. Collateral accepted by lending protocols can transmit losses from external projects, forcing protocols to reassess risk parameters, liquidation design and exposure to liquid restaking assets. A deeper relationship with a major exchange could help Aave broaden institutional integrations, but it could also bring new governance and concentration questions.

Regulatory Stakes Are Rising The proposed deal would also carry regulatory implications. Aave operates as decentralized lending infrastructure, while Kraken is a centralized exchange subject to licensing, compliance and market-conduct obligations across multiple jurisdictions. A financial stake linking the two could draw attention from regulators examining how centralized intermediaries expose users to DeFi products.

For Kraken, the timing is strategic. Crypto exchanges are preparing for a more competitive institutional phase, with firms expanding into tokenized assets, yield products and regulated on-chain markets. Aave’s lending infrastructure could support products tied to collateral management, stablecoin liquidity and institutional borrowing.

For Aave, the deal could validate its position as a core DeFi primitive despite recent stress. Its $12 billion-plus in total value locked remains large enough to make it a critical part of on-chain credit markets, particularly as stablecoins, tokenized Treasuries and institutional wallets become more integrated with DeFi.

The market impact will depend on whether the talks result in a completed transaction and how governance rights are structured. If finalized, the investment would mark one of the clearest examples yet of a major centralized exchange taking a meaningful equity position alongside token exposure in a leading DeFi lending ecosystem.

TLDR Payward, Kraken’s parent entity, is negotiating to acquire a 15% ownership position in DeFi protocol Aave for approximately $71 million The transaction would involve exchanging 35,000 ETH for 250,000 AAVE tokens plus equity holdings At $385 million, the proposed valuation represents approximately 70% less than Aave’s fully diluted token market cap Stani Kulechov, Aave’s founder, publicly rejected the offer, stating AAVE tokens won’t be sold at such a steep discount The protocol is recovering following the KelpDAO security breach in April that led to withdrawals exceeding $8 billion Major cryptocurrency exchange Kraken is pursuing an investment opportunity to acquire a 15% ownership stake in Aave, Ethereum’s leading decentralized lending platform. According to reports, the transaction would place Aave’s valuation at $385 million.

🔥AAVE FOUNDER: "NO WAY WE'D SELL AAVE AT A 70% DISCOUNT"

Aave founder Stani Kulechov pushed back on reports that Kraken is in talks to acquire a 15% stake in Aave Group at a $385M valuation, saying the firm would NEVER sell at such a steep discount.

Kulechov added that Aave… pic.twitter.com/tt6OsWt42W

— Coin Bureau (@coinbureau) June 26, 2026

Under the terms being discussed, Payward, the parent organization of Kraken, would provide 35,000 ether tokens in return for 250,000 AAVE tokens alongside a 15% common equity position in Aave Group.

The complete transaction package carries a price tag of roughly $71 million. Additionally, Kraken is apparently seeking co-investors to participate in financing the deal.

Strategic Implications for Payward This potential acquisition represents the opening move in a broader strategy to establish Payward Asset Management as a significant player in the space. Industry insiders indicate the company aims to become more actively involved in DeFi protocols and related investment ventures.

Kraken has been aggressively expanding its operations in anticipation of a potential initial public offering. Earlier this year in April, Payward announced plans to acquire Bitnomial, a cryptocurrency derivatives platform, for as much as $550 million, securing comprehensive US CFTC regulatory licenses in the process.

Separate reports from May suggested Payward was pursuing fresh funding rounds at a company valuation of $20 billion.

Founder’s Strong Opposition Stani Kulechov, who founded Aave, took to X (formerly Twitter) to address the circulating reports, emphatically stating there is “NO WAY” the protocol would accept a sale at a 70% markdown from market value.

The $385 million figure being proposed falls significantly short of the AAVE token’s fully diluted market capitalization. Kulechov highlighted that Aave currently produces $134 million in annual revenue, with all proceeds flowing directly to the Aave DAO.

While not outright denying potential token sales, Kulechov clarified that Aave Labs, the commercial entity supporting the protocol, maintains a reserve of AAVE tokens that various market players have expressed interest in purchasing. “Aave Labs owns an allocation of AAVE that multiple market participants have discussed purchasing,” he stated.

Kulechov further criticized the original reporting as presenting an inaccurate characterization of the situation.

Navigating a Turbulent 2026 These investment discussions emerge as Aave continues rebuilding following one of the most significant DeFi sector crises of the year. During April, threat actors associated with North Korea’s notorious Lazarus Group successfully compromised KelpDAO’s cross-chain bridge infrastructure, generating approximately $292 million worth of illegitimate tokens.

The malicious actors deposited these fraudulent tokens as collateral within Aave’s lending pools and withdrew legitimate cryptocurrency assets against them. Once the counterfeit collateral became valueless, Aave faced estimated bad debt ranging between $190 million and $230 million.

While Aave’s core smart contract infrastructure remained secure and was never directly breached, the incident’s repercussions nonetheless sparked withdrawals totaling more than $8 billion from the platform.

In response, Aave has rolled out an enhanced risk management framework and deployed the fourth iteration of its protocol. Kulechov successfully passed his “Aave Will Win” governance initiative in April 2026, restructuring the revenue model to channel all protocol earnings to the Aave DAO and token stakeholders.

He also revealed that Aave Labs is currently developing “Aavenomics 3.0,” featuring a new automated token buyback system for AAVE.

Neither Kraken nor Aave have issued official statements confirming active deal negotiations.

Aave founder Stani Kulechov has challenged reports that Kraken parent company Payward is negotiating to acquire a 15% stake in the decentralized lending protocol at a $385 million valuation, arguing that the reported terms misrepresent the situation.

Summary

Kraken is in talks to acquire a 15% stake in Aave through a deal that values the DeFi protocol at $385 million. The proposed investment would include 35,000 ETH, 250,000 AAVE tokens, and a 15% equity stake in Aave Group, CoinDesk reported. The discussions extend Payward’s expansion beyond crypto trading after recent moves into regulated derivatives and tokenized financial products. In a post on X, Kulechov rejected the reported valuation cited by CoinDesk, which had attributed the information to unnamed sources. 

“First off, there is NO WAY we’d sell AAVE at a 70% discount lol,” he wrote, referring to the reported valuation, which he said represented only about 30% of AAVE’s fully diluted token valuation.

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 CoinDesk reported that Kraken is considering an investment of 35,000 ETH in return for 250,000 AAVE tokens and a 15% equity stake in Aave Group. A document reviewed by the publication valued the proposed transaction at about $385 million.

Two people familiar with the discussions also told the publication that Kraken intends to syndicate part of the investment, placing the deal’s estimated value at around $71 million. A Kraken spokesperson declined to comment, while Aave did not respond to the publication’s request for comment before the story was published.

Kulechov did not deny that discussions involving Aave-related assets have taken place. Instead, he said Aave Labs holds an allocation of AAVE tokens that several market participants have explored purchasing through long term strategic partnerships. He added that CoinDesk’s characterization of the discussions was inaccurate.

The founder also highlighted Aave’s financial performance, stating that the Ethereum-based lending protocol generates about $134 million in annualized revenue, with all of that revenue directed to the Aave DAO rather than Aave Labs.

Investment would expand Payward’s DeFi strategy A third source familiar with Payward’s plans said that the proposed Aave investment would become the first in a series of transactions under Payward Asset Management, a business the company intends to use for investments across decentralized finance and other digital asset opportunities. The source added that Payward has sufficient capital and external partners to support similar deals.

Aave operates the largest decentralized lending protocol, where users lend and borrow digital assets through smart contracts without intermediaries. Lenders supply assets to liquidity pools to earn yield, while borrowers provide crypto collateral to secure loans.

Kraken and Aave have previously worked together. Kraken’s Layer 2 network Ink launched a white-label version of Aave called Tydro last year to provide lending infrastructure for the blockchain.

The comments follow governance changes approved earlier this year. Kulechov’s “Aave Will Win” proposal received about 75% community support in April and redirected all protocol and Aave-branded product revenue to the DAO and AAVE token holders. In return, the DAO approved multi-year funding for Aave Labs.

Aave released version 4 of the protocol in March with an updated hub and spoke architecture. Earlier this month, the protocol also introduced a revised risk framework after the April KelpDAO exploit, where attackers used unbacked rsETH as collateral on Aave to borrow other assets. Although Aave’s smart contracts were not compromised, the incident resulted in significant withdrawals from the protocol.

Kulechov said Aave Labs no longer receives protocol or product revenue because it now serves as a development provider for the DAO. He disclosed that the team is designing Aavenomics 3.0, which will include an automated, non-discretionary buyback mechanism for the AAVE token, although additional details have not yet been released.

A crypto whale dormant for 8 months has added to its short position on Ethereum, with the short position valued at $19.7 million.

Per Onchain Lens monitoring, a crypto whale opened a 20x leveraged Ethereum short position after lying dormant for 8 months, currently holding 12,832 ETH in the position, valued at $19.7 million.

1 seconds ago

The next round of US-Iran talks will be held on June 28 and 29.

According to Al Arabiya TV, the next round of US-Iran negotiations will be held on June 28 and 29. Separately, Iran’s Press TV reported that to prevent incidents in the Strait of Hormuz that could trigger military conflict and to implement Article 5 of the Islamabad Memorandum of Understanding, the two sides have established a communication channel. Iran stressed that under the agreement, all vessels transiting the strait must follow the routes announced by Iran.

1 seconds ago

Trader 'Ma Ji' saw partial liquidation of his Ethereum (ETH) long positions again, incurring a $2.43 million loss over nearly a month.

According to HyperInsight monitoring, amid a short-term market dip, crypto figure "Big Brother Ma Ji" Huang Licheng’s 25x leveraged Ethereum (ETH) long positions have been partially liquidated again. His account has suffered a cumulative loss of $33.85 million, with a $2.43 million loss recorded over the past month. The remaining value of his positions stands at $970,000, with an entry price of $1,565.38 and a liquidation price of $1,504.69.

1 seconds ago

Bitcoin falls below $59,000, with a 3.7% drop in 24 hours.

According to HTX market data, Bitcoin has dipped below $59,000, with a 3.7% decline in the past 24 hours.

1 seconds ago

Goldman Sachs: The AI boom is nowhere near the frenzy of the dot-com bubble, with only around 50 new IPOs this year.

Goldman Sachs notes that the 2026 U.S. stock market IPO market is experiencing its strongest rebound in recent years, but is nowhere near replicating the speculative frenzy of the dot-com bubble era. So far this year, around 50 companies have listed in the U.S., doubling the count from the same period last year; by deal value, mid-year issuance volume has reached roughly $120 billion, matching the full-year record set in 2021. Goldman Sachs Chief U.S. Equity Strategist Ben Snider said in the bank’s podcast that this is to some extent just a normal recovery, driven by a cluster of large companies going public and robust financing demand in the AI sector. While bubble warning signs—including high valuations, strong investor confidence, and AI as the dominant investment theme—warrant attention, Snider emphasized that one key metric remains far from historical peaks: the number of IPOs. Over the past 25 years, the U.S. has averaged roughly 100 IPOs annually; the current pace is close to that level, compared to over 250 in 2021 and nearly 400 at the 1999 peak of the dot-com bubble. “Despite the fairly high deal value and accelerating activity, in my view, it is still far from the exuberance seen in those periods,” Snider said.

1 seconds ago

The AI boom has sparked explosive growth in investment flowing into the U.S., with total individual purchases of U.S. stocks surging to $763 billion.

Artificial intelligence boom has driven explosive growth in foreign investment in the United States: In the 12 months ending April 2026, net capital inflows into the US surged to a record $840 billion, with a significant rise in funds from individual investors and official institutions purchasing US assets. Since the start of 2025, foreign capital investment in the US has nearly tripled; by comparison, the 2021 peak was around $400 billion, less than half of the current level. In April, total purchases of US stocks by individual investors jumped to $763 billion, a record high. Official institutions' purchases hit a record $121 billion, more than doubling since the start of the year. Global demand for US assets is unprecedented.

1 seconds ago

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.

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Today’s top news:

Crypto majors are mostly red down 1-5%, SOL leads; BTC at $59.5k Strategy’s STRC falls to $73 and new low; MSTR at $84 Tether’s USDT flips ETH in FDV after ETH slide, now 2nd biggest token Kraken wants a 15% stake in Aave at $385M valuation Story Protocol rebrands as data network and pivots to AI Training 🏦 Kraken Eyes a 15% Stake in Aave at a $385 Million Valuation

Kraken is in talks to buy a 15% stake in Aave at a $385 million valuation.

Kraken would invest 35,000 ETH(~$55M) in exchange for 250,000 AAVE tokens ($20M) and a 15% common equity stake in Aave Group, the company behind the protocol, a package worth roughly $71 million.

The move comes as Aave rebuilds from April’s KelpDAO exploit, which triggered billions of dollars in deposit withdrawals even though Aave’s own smart contracts were never compromised. For Kraken parent Payward, it’s a push to diversify ahead of a potential IPO.

The deal lands the same week Standard Chartered turned openly bullish on the AAVE token. Geoff Kendrick initiated coverage of AAVE with a price target implying nearly 50 times upside by the end of the decade, which would put it around $4,000 versus roughly $81 today, built on the bank’s thesis that tokenization and onchain credit drive enormous growth in DeFi lending. So in one week, you have a major bank betting on the token and a major exchange buying into the company.

Now here’s the problem, at least for token holders or prospective token buyers. Kraken’s deal values the Aave company at $385B, but the AAVE token trades at a roughly $1.24B market cap. That’s more than three times the equity valuation. In traditional finance, the company is where the value lives, since it owns the business and its cash flows. But of course crypto is an exception, and the deciphering token value vs company value has been a core theme of this past cycle.

With Aave, much of the protocol’s economics flow to the token, through the DAO treasury and the buyback program that uses protocol revenue to purchase AAVE, while the company largely builds and operates the software. So the market is effectively saying the token captures most of Aave’s value, or that the token is simply priced richer than the business underneath it. Kraken didn’t pick a side, taking both tokens and equity in the same deal. But for someone watching from the sidelines, it’s a bit difficult to buy a token trading at 3x+ the value of the underlying company.

We will see soon if the market corrects or is comfortable with the valuation discrepancy…

🤖 BlackBerry Surges 20% as It Reinvents Into a Physical-AI Software Play

BlackBerry shares jumped nearly 20% on Thursday after an earnings beat and raised guidance, as the former phone maker leaned into its role in the physical-AI and robotics buildout. First-quarter revenue came in at $152.9 million, up 26% year over year and well above the roughly $138 million expected, with adjusted EBITDA up 144% and the company posting its first positive fiscal first-quarter cash flow in nine years.

The driver is QNX, BlackBerry’s embedded operating system, which grew 26% to $72.3 million. QNX is a deterministic, safety-certified real-time operating system already running in more than 275M vehicles. The same traits that make it reliable in cars make it valuable for robots and autonomous machines, where a software failure has physical consequences. Chipmakers like Nvidia and AMD already use it in smart cars and robots, and BlackBerry is positioning it as core infrastructure for software-defined vehicles, robotics, and industrial automation.

So the new pitch is that BlackBerry has quietly become a pick-and-shovel play on physical AI. The robots and autonomous systems need an operating system that never fails, and that’s where BlackBerry fits in with QNX. A QNX-commissioned survey found 89% of robotics developers see physical AI as critical to their strategy, and the stock’s move suggests Wall Street is starting to treat BlackBerry as an AI and robotics player…

🌎 Macro Crypto and Markets Crypto majors are mostly red down 1-5%; BTC -3% at $59.5k; ETH -5% at $1,550; SOL +1% at $68.85; HYPE -1% at $62 BEAT (+28%), LAB (+14%) and AAVE (+7%) led top movers Oil even at $69.60; Gold +0.5% at $4,070 Stock futures are red as the tech selloff continues; DOW -0.1%, Nasdaq -1.1% Strategy’s STRC hit a new low as Bitcoin got slammed again, the preferred stock sliding further as BTC broke toward 2026 lows, keeping pressure on Saylor’s funding engine Tether flipped ETH in fully diluted market cap to become the 2nd biggest crypto after the recent ETH slide OpenAI executives are reportedly pressuring Sam Altman to push the IPO back to 2027 based on the market’s reaction to SpaceX Coinbase’s Base network recovered from a block-production issue that briefly halted the chain before resuming normal operation after the outage SBI Holdings struck a $289 million deal to acquire Bitbank, creating Japan’s largest regulated crypto exchange CoinEx denied any involvement in an alleged $38 billion Iranian sanctions-evasion scheme, pushing back on claims tying the exchange to the operation. Corporate Treasuries & ETFs

The Bitcoin ETFs saw $692M in net outflows on Thursday, the 2nd biggest since January; the ETH ETFs saw $82M in outflows The HYPE ETFs saw $4.6M in outflows on Thursday Bitmine will join the Russell 1000 Index on June 26, which should give it a new source of inflows Meme Coin Tracker

Meme leaders were red; DOGE -3%, SHIB -5%, PEPE -6%, PENGU -2%, TRUMP even%, BONK -4% World (+50%), Jotchua (+40%) and SPCX69 (+58%) led movers on Solana Base movers included POD (+24%) and ICNT (+34%) 📈 Myriad Market of the Day💰 Token, Airdrop & Protocol Tracker Story Protocol rebranded as a data network and pivoted to AI training data after its IP token collapsed 98%, betting that supplying data for AI models is a bigger opportunity than its original intellectual-property focus Spark and Uniswap are teaming up to build an FX layer for stablecoins, aiming to create forex-style rails for swapping between fiat-backed tokens A Polymarket exploit led to $3M in user assets stolen after a 3rd-party data provider was breached; Polymarket to refund users 🚚 What is happening in NFTs? NFT leaders were mostly flat; Punks even at 32 ETH, BAYC -1% at 8.75 ETH, Pudgy +1% at 4.55 ETH; Hypurr’s +3% at 202 HYPE Funkari (+17%) and Captainz (+14%) led top movers Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

CROWDFUNDINSIDER: DeFi Protocol Aave Founder Stani Kulechov Rejects Discounted Token Sale Rumors, Signals Stronger Tokenomics Strategy

In This Article Crypto News Today: Uniswap and Spark Launch FX Layer to Unify Stablecoin LiquidityAtlas of Dubai Entering DeFi Space With Regulated ETF-Backed USAFi Token In crypto news today (June 26), BTC USD continues its struggle to hold key support at $60,000, currently trading around $60,200. Liquidations hit $1Bn over the past 24-hours, with more than $845M from long positions.

Worryingly, ETF flows have become extremely bearish, as yesterday saw $691M in Bitcoin outflows, coupled with Wednesday’s $469M flows, taking the two-day total to over $1Bn, a worrying amount of Bitcoin being sold, and a main catalyst being recent price action across the market.

While nearly every major cap token is currently in the red over the past 24 hours, OG coins in Bitcoin Cash (BCH) and Litecoin (LTC) are two of the established projects in the green today, each up a modest +0.5. Daily trading volume has exceeded $105Bn, an increase of more than $10Bn compared with yesterday.

With Bitcoin looking unsteady just above $60K, the Fear & Greed Index reflects this shaky price action, sitting at 13/100, down from 24/100 at the beginning of the week.

Crypto News Today: Uniswap and Spark Launch FX Layer to Unify Stablecoin Liquidity Uniswap and Spark have introduced FX Layer, a unified liquidity network specifically designed for the stablecoin market. This initiative aims to simplify the process of swapping stablecoins issued by different providers while also preparing the infrastructure for the anticipated arrival of hundreds of new issuers.

As part of the launch, Spark will migrate around $150M in liquidity to Uniswap v4. The initial liquidity pool will feature USDS, USDT, and PYUSD, with plans for additional stablecoin issuers to join over time.

According to Spark CEO Sam MacPherson, the next phase of the stablecoin market will not focus on launching more digital dollars but on building infrastructure that connects hundreds of issuers within a single ecosystem.

The developers anticipate that idle liquidity will generate yield until it is used in trading, while swaps between different stablecoins should become faster and more capital-efficient.

Spark believes that as the number of stablecoins continues to grow, the industry will need infrastructure akin to the global foreign exchange market, enabling liquidity to move seamlessly between digital currencies.

Spark is building stablecoin infrastructure on Uniswap

They just moved $150M in liquidity to the protocol, marking one of the largest migrations in DeFi history

This liquidity will soon move to their new DualPool hook, so they can earn on both active and idle assets pic.twitter.com/2xo4BcPtEm

— Uniswap (@Uniswap) June 25, 2026

Atlas of Dubai Entering DeFi Space With Regulated ETF-Backed USAFi Token In other crypto news today, Atlas Capital Team plans to launch USAFi, a regulated digital security backed by a Nasdaq-listed ETF, in the third quarter of 2026. This project marks a significant shift for economist Nouriel Roubini, who has been a vocal critic of cryptocurrencies for many years.

Atlas, along with its Dubai subsidiary, Atlas AI Labs, has developed a whitepaper that outlines USAFi and introduces a broader concept referred to as the “Technodollar.” This idea connects the future of dollar-based reserve assets with artificial intelligence, digital infrastructure, and tokenized financial products.

USAFi is expected to be issued under the framework of Dubai’s Virtual Assets Regulatory Authority (VARA). Atlas has indicated that the token will comply with VARA’s Asset-Referenced Virtual Asset Rulebook, placing it among the more advanced regulatory systems for virtual assets in the Middle East.

The token is designed as an ERC-20 asset, which allows it to operate across permissionless blockchain networks. It will be backed by the Atlas America Fund, an SEC-registered actively managed ETF listed on Nasdaq, with reserve assets held at the Bank of New York.

Atlas is presenting this structure as a means of linking institutional collateral to decentralized finance. The aim is to maintain the portability and 24-hour accessibility of on-chain assets while ensuring that the token is supported by regulated reserves, rather than driven solely by speculative demand.

Nouriel Roubini, once known as a vocal crypto critic, is now backing USAFi, a planned tokenized version of the Nasdaq-listed Atlas America Fund.

The fund is expected to launch in Dubai under VARA’s framework, with Securitize providing the tokenization infrastructure.

From… pic.twitter.com/hIey7tpRiZ

— PIPO (@pipo_stocks) June 25, 2026

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The ecosystem of real world assets (RWA) on the Solana network has now exceeded a remarkable total value of $3.18 billion, while the number of investors has climbed above 291,000. These figures, recently revealed by SolanaFloor, notably do not include stablecoins in their calculation.

A new milestone in the RWA segmentThis level marks Solana’s growing prominence in the landscape of tokenized assets. Real world assets refer to the blockchain-based representation of traditional financial instruments such as bonds, private credit, and treasury products. This structure is designed to bring more transparency and efficiency to trading and record-keeping processes.

Mini glossary: Real world assets are the digital representation of a financial or physical asset on the blockchain. Among the most common examples are US Treasury bonds, private credit products, and fund shares.

According to data from SolanaFloor, Solana currently stands out alongside networks like Ethereum, BNB Chain, and Stellar in this field. The statistics highlighted in the report go beyond total value—they also underscore the expanding user base.

MetricFigureTotal RWA valueAbove $3.18 billionNumber of investorsAbove 291,000Scope of calculationExcludes stablecoinsThe user base is expandingThe fact that investor numbers have surpassed 291,000 shows that activity is no longer limited to a handful of institutional participants. The widening pool of users suggests that interest in tokenized financial products is spreading among both individual and professional investors.

The size of a network is often measured not only by its total locked value or asset volume but also by user participation. From this perspective, the increasing number of investors in Solana’s RWA segment highlights the network’s ability to attract users, thanks to low transaction costs and faster settlement times compared to competitors.

Institutional interest is fueling growthSolana’s expansion comes at a pivotal time when financial institutions are increasingly embracing asset tokenization. Over the past two years, asset management firms, banks, and fintech companies have started deploying blockchain-based products. This move is widely seen as part of the push to modernize capital market infrastructure.

BlackRock CEO Larry Fink previously described the tokenization of securities as the next generation for financial markets.

Industry observers also view tokenization as a tremendous market opportunity over the long term. With this in mind, Solana’s new milestone is not simply a sign of growth within the network; it also signals growing institutional momentum toward blockchain-powered financial applications.

Strengthening its position in the marketThe real world assets segment is set apart from speculative trading by its appeal to institutional investors looking for practical use cases. Because these assets are directly linked to financial products, they attract more interest for long-term scenarios.

Moving forward, the pace of growth will depend on a clearer regulatory framework, new institutional partnerships, and greater diversity of tokenized products. Should this adoption continue, Solana could steadily increase its share in the global tokenization market.

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.

Solmate Infrastructure shares have collapsed after the company’s $300 million financing and pivot into a Solana-focused digital asset treasury, underscoring the risks facing public companies that attempted to replicate the crypto treasury model beyond Bitcoin.

The company, formerly known as Brera Holdings, announced in September 2025 that it would rebrand as Solmate and raise $300 million through a private investment in public equity transaction. The deal was backed by investors including ARK Invest, Pulsar Group, RockawayX and the Solana Foundation, and was designed to transform the Nasdaq-listed football holding company into a Solana treasury and infrastructure business.

Solmate’s original plan was to accumulate SOL, stake tokens for yield and develop Solana validator and infrastructure operations, with Abu Dhabi positioned as a strategic hub. The company also said it had agreed to acquire $50 million worth of SOL from the Solana Foundation at a 15% discount, giving it an initial treasury base for the new strategy.

The announcement initially sparked a major rally in Brera shares, reflecting investor enthusiasm around digital asset treasury companies. But that optimism has since reversed sharply. Recent reports said Solmate shares have fallen more than 90% from their post-financing highs, with some market coverage putting the peak-to-trough decline at more than 98%.

Crypto Treasury Trade Unwinds Solmate’s decline reflects a broader cooling in the digital asset treasury trade. After Strategy’s success with Bitcoin, hundreds of companies attempted to use public equity markets to accumulate crypto tokens and trade at premiums to their underlying holdings. The model worked best when token prices were rising, capital markets were open and investors were willing to pay for leveraged exposure.

Solmate faced a tougher version of that playbook. Unlike Bitcoin, Solana is generally viewed as a higher-beta asset with greater exposure to application activity, network competition and broader risk appetite. Solana has also declined significantly over the past year, reducing the value of treasury strategies tied to SOL accumulation.

The $300 million financing also created dilution concerns for existing shareholders. PIPE transactions can provide growth capital quickly, but large discounted or preferential issuances can reduce legacy shareholders’ ownership and increase scrutiny over governance. In Solmate’s case, those concerns intensified as the stock fell and disputes emerged among investors and board-linked parties.

Governance Questions Add Pressure The Financial Times reported that RockawayX sued Pulsar-linked board members, alleging self-dealing and governance failures, while Solmate accused RockawayX of making false financial claims. The company has also seen leadership disruption, with reports that key figures including economist Arthur Laffer and Chief Executive Marco Santori resigned.

The governance dispute has added to investor concerns that Solmate’s crypto pivot has not produced a durable operating business beyond the SOL treasury strategy. The company had previously held stakes in football clubs in Italy, North Macedonia, Mozambique and Mongolia, but has moved to sell or dissolve legacy assets as it redirects attention toward digital asset infrastructure.

The regulatory and market implications are significant. Public crypto treasury companies rely heavily on investor confidence, clean governance and reliable access to capital. When dilution, insider disputes or token-price weakness emerge, equity-market premiums can collapse quickly.

For the broader crypto market, Solmate’s decline is a warning that not all treasury pivots will be treated like Strategy’s Bitcoin model. Investors are increasingly distinguishing between companies with durable operating platforms and those whose value proposition depends mainly on holding volatile tokens. Solmate’s collapse shows that crypto treasury strategies can amplify upside during speculative periods, but can also magnify losses when governance, dilution and asset-price pressure converge.