In brief Prediction market traders think Bitcoin and Ethereum are headed even lower as markets sell off. Traders now strongly favor dumps to $55,000 for BTC and $1,500 for ETH before any rebounds. The market's near-term fate may hinge on the performance of STRC, the preferred equity offering from Bitcoin behemoth, Strategy, according to one analyst. Prediction market traders are becoming increasingly bearish on near-term price action for Bitcoin and Ethereum, expecting downwards momentum to carry them further downwards towards $55,000 and $1,500, respectively.
Traders on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—place odds of a Bitcoin dump to $55,000 before a rise to $80,000 at 77%, and odds of an Ethereum drop to $1,500 before a jump to $3,000 at 88% as markets sell off on Thursday.
The bearishness has been accelerating over the course of the last month, with odds of Bitcoin’s dump to $55,000 jumping 44% on Myriad in that time. As it stands, Bitcoin has fallen to $59,511, around a 1% drop in the last 24 hours and now 23% in the last month of trading. Bitcoin dipped to nearly $58,000 earlier Thursday, its lowest price since 2024.
The plunge is being amplified in traditional markets as well, as shares in Strategy (MSTR), Bitcoin’s leading treasury firm, have fallen even further, dropping nearly 7% since trading opened on Thursday to change hands around $88.
Shares in the firm have now fallen nearly 45% in the last month, while STRC—its preferred equity offering that is designed to trade around a par value at $100—is now down 22% in the last month, recently trading around $77. STRC touched an all-time low of $73.62 soon after the opening bell on Thursday.
“On a short-term basis, STRC is the tail wagging the Bitcoin dog,” Bitwise CIO Matt Hougan told Decrypt.
“While there are also macro factors at work—rising concerns about inflation, worries about rate hikes, etc.—the market can't keep its eyes off STRC trading in the $70s,” he added. “It's worried Strategy will enter some kind of death spiral and be forced to sell Bitcoin. This pressure will likely continue until Strategy clarifies how it plans to deal with the issue.”
As the market projects its fears into prices, analysts have noted that the firm’s best path forward may be shoring up its cash position, providing it more runway to pay dividend obligations, ultimately easing shaky investors.
The second-largest crypto asset has not been spared, with Ethereum sinking to $1,576—a drop of 2.6% in the last 24 hours, fueling a more than 25% plunge in the last 30 days. At its current mark, ETH sits just 5.2% above its resolution point of $1,500 on Myriad. According to Hougan, ETH is “mostly caught in the crossfire” as “collateral damage” amid the STRC concerns.
Traders on other prediction market platforms are similarly pointing to more long-term bearishness on top crypto assets, as well. Kalshi markets that ask how low Bitcoin and Ethereum will go during 2026 give BTC a 36% chance of falling below $40,000, plus a 34% chance of ETH falling below $1,000.
Bitcoin is currently nearly 53% off its all-time high of $126,080 set last October. Meanwhile, ETH is more than 68% off its all-time high of $4,946 from last August.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
In brief Prediction market traders think Bitcoin and Ethereum are headed even lower as markets sell off. Traders now strongly favor dumps to $55,000 for BTC and $1,500 for ETH before any rebounds. The market's near-term fate may hinge on the performance of STRC, the preferred equity offering from Bitcoin behemoth, Strategy, according to one analyst. Prediction market traders are becoming increasingly bearish on near-term price action for Bitcoin and Ethereum, expecting downwards momentum to carry them further downwards towards $55,000 and $1,500, respectively.
Traders on Myriad—a prediction market platform operated by Decrypt’s parent company, Dastan—place odds of a Bitcoin dump to $55,000 before a rise to $80,000 at 77%, and odds of an Ethereum drop to $1,500 before a jump to $3,000 at 88% as markets sell off on Thursday.
The bearishness has been accelerating over the course of the last month, with odds of Bitcoin’s dump to $55,000 jumping 44% on Myriad in that time. As it stands, Bitcoin has fallen to $59,511, around a 1% drop in the last 24 hours and now 23% in the last month of trading. Bitcoin dipped to nearly $58,000 earlier Thursday, its lowest price since 2024.
The plunge is being amplified in traditional markets as well, as shares in Strategy (MSTR), Bitcoin’s leading treasury firm, have fallen even further, dropping nearly 7% since trading opened on Thursday to change hands around $88.
Shares in the firm have now fallen nearly 45% in the last month, while STRC—its preferred equity offering that is designed to trade around a par value at $100—is now down 22% in the last month, recently trading around $77. STRC touched an all-time low of $73.62 soon after the opening bell on Thursday.
“On a short-term basis, STRC is the tail wagging the Bitcoin dog,” Bitwise CIO Matt Hougan told Decrypt.
“While there are also macro factors at work—rising concerns about inflation, worries about rate hikes, etc.—the market can't keep its eyes off STRC trading in the $70s,” he added. “It's worried Strategy will enter some kind of death spiral and be forced to sell Bitcoin. This pressure will likely continue until Strategy clarifies how it plans to deal with the issue.”
As the market projects its fears into prices, analysts have noted that the firm’s best path forward may be shoring up its cash position, providing it more runway to pay dividend obligations, ultimately easing shaky investors.
The second-largest crypto asset has not been spared, with Ethereum sinking to $1,576—a drop of 2.6% in the last 24 hours, fueling a more than 25% plunge in the last 30 days. At its current mark, ETH sits just 5.2% above its resolution point of $1,500 on Myriad. According to Hougan, ETH is “mostly caught in the crossfire” as “collateral damage” amid the STRC concerns.
Traders on other prediction market platforms are similarly pointing to more long-term bearishness on top crypto assets, as well. Kalshi markets that ask how low Bitcoin and Ethereum will go during 2026 give BTC a 36% chance of falling below $40,000, plus a 34% chance of ETH falling below $1,000.
Bitcoin is currently nearly 53% off its all-time high of $126,080 set last October. Meanwhile, ETH is more than 68% off its all-time high of $4,946 from last August.
Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.
With over four years of experience in covering and tracking the financial markets, Sneha Agrawal is a dedicated Crypto Journalist and Editor with passion for researching and writing the crypto pieces. She is currently leading the Block of Fame, here at CoinGape. She likes to keep track of political, legal and financial happenings all around the world - without which she deems her day incomplete. Apart from her Journalistic endeavours, she is a solo traveler, museum goer, and a keen reader of books.
TLDR BlackRock transferred 3,410 BTC and 5,132 ETH to Coinbase Prime. The combined value of the transfers reached approximately $217 million. Bitcoin transfers accounted for about $209.64 million of the total value. Ethereum transfers were valued at approximately $8.43 million. Lookonchain tracked the transactions across multiple blockchain transfers. BlackRock transferred another $217 million worth of Bitcoin and Ethereum to Coinbase Prime on June 25. The transactions followed continued ETF outflows across both products and renewed attention on the asset manager’s blockchain activity. Lookonchain tracked the transfers, while BlackRock did not disclose the purpose behind the deposits.
Lookonchain reported that BlackRock deposited 3,410 BTC and 5,132 ETH to Coinbase Prime through several transactions. The transfers carried an estimated value of $209.64 million in Bitcoin and $8.43 million in Ethereum. The movement occurred on Thursday, June 25.
Blockchain data showed about seven transfers during the operation. Nearly every Bitcoin transaction moved 300 BTC to Coinbase Prime. One separate transaction carried the Ethereum holdings to the same platform.
Market participants linked the transfers with recent ETF withdrawals because similar activity appeared during previous outflow sessions. However, BlackRock did not issue a statement explaining the latest deposits. The company also provided no public update regarding the destination of the transferred assets.
Exchange deposits often attract attention because they can precede trading activity. However, blockchain transfers alone do not confirm that an asset manager has sold any holdings. The available on-chain data only confirms the movement between wallets.
Bitcoin and Ethereum Transfers Follow ETF Withdrawals The latest deposits arrived while both Bitcoin and Ethereum exchange-traded funds continued recording withdrawals. BlackRock has transferred digital assets to Coinbase Prime during earlier outflow periods. Those previous transactions also prompted market discussion about possible sales.
Some traders interpreted the latest deposits as preparation for another disposal of holdings. Others pointed out that Coinbase Prime supports institutional custody and settlement services. Therefore, wallet transfers alone cannot establish whether any sale occurred.
BlackRock has not confirmed any direct sale connected to the June 25 transfers. The company also has not addressed market speculation surrounding the transactions. As a result, only the blockchain records remain publicly available.
Lookonchain’s published wallet activity showed that the combined transfers reached about $217 million. Bitcoin represented most of the transferred value, while Ethereum accounted for a smaller portion. The deposits reached Coinbase Prime through multiple wallet movements.
Previous blockchain records showed similar transfer patterns during sessions with ETF redemptions. Those observations have contributed to continued discussion whenever BlackRock moves assets to Coinbase Prime. Still, no public filing connected the latest transfers to completed market sales.
The recorded transfers included 3,410 BTC and 5,132 ETH. Based on prices during execution, the combined value reached approximately $217 million. BlackRock has not released any further information regarding the June 25 wallet activity.
Coinbase-backed Ethereum layer-2 network Base resumed operations after a roughly two-hour outage that halted block production and transaction processing. The team said an invalid block triggered an issue, and it continues to investigate the root cause while advising node operators to restart their nodes.The incident marks another disruption for Base following a previous outage in August 2025. Coinbase-backed Ethereum layer-2 network Base resumed block production Thursday after a disruption of roughly two hours that halted the blockchain.
In an update, the Base team said the chain has resumed working and internal nodes were syncing correctly, though it continues to investigate the root cause of the incident. The team also advised ecosystem node operators to restart their Base nodes to restore synchronization.
The first public indication of problems came at 16:03 UTC, when Base reported that mainnet block production was "unhealthy." By 16:52 UTC, the team said it had identified a problem and was pursuing multiple remediation efforts.
The incident temporarily halted transaction processing on one of Ethereum's largest layer-2 networks. Base has not yet disclosed what caused the invalid block or whether the issue stemmed from a software bug or another consensus-related fault.
The network also previously suffered an outage in August 2025.
The team said it will continue to monitor network stability and provide further updates as its investigation continues.
Read more: Base Network Suffers 1st Downtime Since 2023, Halts Operations for 29 Minutes
DOGE Needs To Go UprightDogecoin posted an image of a Shiba Inu dog stretched in what looked like a classic yoga pose, with a caption, “Somebody needs to tell the charts to stop doing the downward dog.”
The responses reflected a mix of hope and playfulness, with one user editing the image to show a Shiba Inu standing upright, smiling, and sticking out its tongue, hinting at a possible market turnaround or correction.
Dogecoin Faces Tough TestDogecoin’s been struggling lately, just like the rest of the cryptocurrency market. The dog-themed memecoin had dived 9% in a week, and nearly 24% in a month, as selling pressure continued to mount.
The cryptocurrency recorded over a billion in trading volumes in just the last 24 hours, marking a 105% increase.
Cryptocurrency analyst Ali Martinez had flagged $0.087 as a crucial support for Dogecoin earlier in the month. However, a fresh wave of selling drove the price below that level, accelerating the downturn.
The Relative Strength Index, meanwhile, flipped into the oversold territory, according to data from TradingView, suggesting it may be a good time to enter the trade.
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, typically the 12-period and the 26-period, flashed a “Sell.”
Price Action: At the time of writing, DOGE was exchanging hands at $0.07686, down 2.51% over the last 24 hours, according to data from Benzinga Pro.
Photo courtesy: Shutterstock
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Traders are paying close attention to Dogecoin once more, but this time it's not because of a significant price increase. Rather, investors are witnessing a remarkable increase in trading activity. Even though the asset was still trading close to local lows, recent market data shows that DOGE trading volume on major exchanges increased by more than 116% over the previous day.
Dogecoin clearly going downRising volume in a down market may initially seem pessimistic. DOGE is still trading far below its major moving averages and is clearly in a downward trend. The asset has had difficulty establishing a significant recovery since it broke below a crucial support structure. Sellers are still favored by price action alone. Volume, however, frequently conveys a more complex message.
DOGE/USDT Chart by TradingViewSignificant increases in activity usually indicate that market players are getting more involved. In some cases, this may indicate capitulation and panic selling. In others, it signals the start of accumulation as buyers step in to replenish depleted sellers' inventory. The way the market is currently positioned adds another level of complexity. Across major exchanges, long-to-short ratios continue to be significantly biased toward bullish wagers.
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While OKX participants are even more aggressively positioned on the long side, Binance traders keep their long-to-short ratio above 2. This implies that a sizable section of the market is still wagering on a recovery rather than a more severe collapse, in spite of the recent weakness.
Dogecoin's first main obstacleNaturally, there is a chance that crowded long positioning will serve as fuel for further liquidations in the event that support fails. However, if DOGE is able to stabilize and recover close to resistance levels, it also sets the stage for a strong upside move. Technically, the $0.085 area, where short-term resistance and moving averages converge, continues to be the first obstacle for bulls.
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A successful breakout above that level would boost sentiment considerably and might draw in new speculative demand. For the time being, the increase in trading volume seems to be more indicative of growing anticipation than of pure panic. Despite the uncertainty surrounding the direction, investors appear to be preparing for a significant move.
Whether the 116% volume explosion is the last phase of capitulation or the first indication that Dogecoin is getting ready for another recovery attempt should be revealed in the upcoming sessions. In any case, it is evident that DOGE is seeing a return to market participation.
Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dogecoin's official X handle shared a post that has caught the attention of the crypto community, even as the market faces a selloff with $1 billion wiped out in liquidations.
The Dogecoin official X account tweeted, "somebody needs to tell the charts to stop doing the downward dog."
The timing of the post coincided with a downward trend seen on price charts across multiple timeframes, even as the crypto bear market drags on.
Digital assets saw a significant drop in the last 24 hours: $1 billion in positions were liquidated across the crypto market, according to CoinGlass data.
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The decline triggered about $778 million in long liquidations, or bets on higher prices that were automatically closed as the price fell, while short liquidations totaled $222 million.
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Dogecoin fell to a low of $0.072 in the Wednesday session in a two-day drop before slightly recovering. At the time of writing, Dogecoin was still in the red, down 3.14% in the last 24 hours to $0.076 and down 10% weekly.
Dogecoin has steadily declined since mid-June, marking seven out of ten days in losses since June 14.
What comes next?The cryptocurrency market is experiencing a bear market that has lasted over eight months, fueled by both macroeconomic and industry-specific headwinds. Capital has been moving into AI stocks, hot IPOs, and prediction markets.
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In the meantime, the primary upside catalyst for the broader crypto industry is the market structure bill, known as the CLARITY Act, which has about five weeks to clear a key legislative hurdle before Congress's summer recess.
In the very near term, Thursday's PCE inflation print, the Fed's preferred price gauge, will be the next data point that could move the market in either direction.
The Personal Consumption Expenditures (PCE) data release is expected on Thursday at 8:30 ET. A hotter-than-expected core PCE could reinforce expectations for Fed rate hikes and potentially weigh on stocks and cryptocurrencies.
Volatility is strongly returning to cryptocurrencies as a wave of selling hits digital assets. In this tense context, the official Dogecoin account chose humor to comment on the situation. The post shared on X follows a significant series of liquidations that affected the crypto market. This light message contrasts with the current pressure on investors, facing an extended period of decline and uncertainties about the future evolution of the sector.
In brief The official Dogecoin account commented on the crypto market correction with a humorous post on X. A wave of selling caused nearly 1 billion dollars in liquidations on cryptocurrencies. Dogecoin fell by 3.14% in 24 hours and 10% over one week. The crypto market remains under pressure after more than eight months of downward trend. Investors are watching the CLARITY Act and upcoming inflation indicators. Dogecoin Reacts With Humor During a Strong Wave of Selling While charts show a downward trend, the official account of the memecoin published a humorous remark intended for its community. The message states: “Someone needs to tell the charts to stop doing the downward dog pose.” This sentence refers to the movements visible on price curves, which show a negative orientation over several periods.
The official Dogecoin account’s post comes as liquidations reach a significant level. According to data reported by U.TODAY, a large quantity of positions was erased following the recent wave of sales in the cryptocurrency market. This situation reflects the pressure applied to traders, especially those who had anticipated a price increase.
Here are the key figures summarizing the extent of this crypto market correction:
1 billion dollars: total amount of positions liquidated after the recent wave of sales in the cryptocurrency market. 778 million dollars: value of liquidations related to long positions, approximately 78% of total liquidations. 222 million dollars: amount of short positions liquidated, representing about 22% of total liquidations. 0.072 dollar: the level reached by Dogecoin at its low point recorded on Wednesday. -3.14%: decrease in Doge price over the last 24 hours at the time of the latest available data. -10%: weekly decline recorded by Dogecoin during this correction period. Among the liquidated operations, long positions represented the majority of forced closures. These contracts correspond to bets placed on asset price increases and automatically close when prices move in the opposite direction. Short positions also faced liquidations, but to a more limited extent.
Dogecoin followed the general market trend with several difficult sessions. The asset hit a low on Wednesday before attempting a slight recovery. Despite this temporary rebound, selling pressure remains in an environment marked by strong volatility and increased investor caution.
The Crypto Market Remains Under Pressure After Massive Liquidations The crypto market correction continues to influence investor behavior. Since mid-June, the asset has experienced a difficult trend with several negative days. Dogecoin has recorded seven losing sessions out of ten since June 14, in a generally unfavorable environment for cryptocurrencies.
This downward phase has lasted more than eight months and combines several factors related to economic conditions and the sector. The crypto market is also witnessing a redistribution of capital towards other domains. Stocks related to artificial intelligence, certain IPOs, and prediction markets are currently drawing more attention.
In this context, the crypto market also awaits factors capable of influencing the next direction of digital assets. The U.S. market structure bill, the CLARITY Act, is an element closely followed by the industry. The bill still needs to pass a legislative stage before the congressional summer recess.
In the short term, inflation data represent another important point for financial markets. The PCE index, considered a reference by the Fed, must provide new indications. A result above expectations could strengthen rate hike expectations and weigh on risky assets.
The Outlook Remains Linked to Upcoming Economic Indicators After this period of decline, sector players are watching the next market movements. Dogecoin still operates in an environment characterized by caution. Investors now analyze upcoming economic signals and decisions likely to impact cryptocurrencies.
The humorous reaction from Dogecoin also illustrates how some digital communities comment on phases of strong volatility. Despite this offbeat communication, price data remains at the heart of discussions. The asset thus continues to follow general trends observed on digital assets.
The next sessions could bring new elements about the current dynamics. Markets remain attentive to economic data, regulatory decisions, and capital movements between sectors. Investors also observe the reactions of key digital assets in this period of uncertainty.
The crypto market could experience new fluctuations according to upcoming economic and regulatory information. The next weeks will allow observation of the effect of inflation data and progress around the CLARITY Act. For now, the crypto market remains attentive to factors likely to alter the balance between buyers and sellers.
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Journaliste et rédacteur web passionné par l’univers des cryptomonnaies et des technologies Web3. J’y traite les dernières tendances et actualités afin de proposer un contenu de haute qualité à un large public du secteur.
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Dogecoin has posted a negative return in June every year since 2017, with CryptoRank data showing an average monthly loss of 7.29% and a median decline of 9.94% over that nine-year streak. DOGE traded near $0.087 in mid-June 2026, down approximately 82% from its late-2024 peak near $0.47 and roughly 88% below its May 2021 all-time high of $0.7376, according to historical records. The crypto Fear and Greed Index dropped to 14 in early June, indicating extreme fear territory, while Dogecoin’s Relative Strength Index sat at 40.78, signaling neutral but weak momentum conditions. Changelly’s forecast projects an average DOGE price of $0.109 for 2026 with a June floor near $0.095, while CoinCodex’s algorithm generates a bearish near-term outlook with 19 bearish technical signals. X Money entered closed beta testing in early March 2026 with a public launch announced for April, but Dogecoin integration as a native payment option remains unconfirmed by the platform as of June. Dogecoin enters its historically worst calendar month at a price near $0.087, with no confirmed catalyst to break a nine-year streak of June losses. The meme coin sits 82% below its late-2024 peak, when the DOGE government-agency acronym drove a 300% annual gain that was reversed entirely in 2025.
CoinCodex’s technical analysis currently flags 19 bearish indicators against 11 bullish ones, and the broader crypto market’s Fear and Greed Index has plunged into extreme fear territory.
This article examines DOGE’s seasonal pattern, the technical levels that will determine whether support holds, and the unresolved X Money catalyst that remains the largest variable in Dogecoin’s 2026 outlook.
Nine Years of Negative June Returns Dogecoin has not posted a positive June since 2016. CryptoRank data cited by TechBullion shows an average June return of -7.29%, with a median loss of 9.94% across the nine consecutive years of declines. Applying the average loss to the current price of $0.087 would put DOGE near $0.081 by month’s end.
Long Forecast’s June 2026 prediction projects an opening price of $0.093, a high of $0.096, a low of $0.084, and a month-end close of $0.090, representing a 3.2% decline. The model projects a steeper 15.6% drop in July, with DOGE potentially reaching $0.076 before any seasonal recovery.
Analysis: Seasonal patterns are not deterministic. The streak could break in any given year. But nine consecutive red Junes establish a statistical tendency that quantitative trading models and algorithmic strategies actively trade against. The pattern creates a self-reinforcing dynamic: sellers anticipate the decline, and their positioning contributes to it.
Technical Support Levels and On-Chain Signals Coinpedia’s June analysis identified the $0.082-$0.085 zone as a critical short-term support band. A sustained hold above this range could allow a recovery toward $0.10 to $0.12, though the $0.095 to $0.10 region continues acting as a firm supply zone that has repeatedly rejected upside attempts.
The crypto Fear and Greed Index sat at 14 in early June, deep in extreme fear territory, Coin Gabbar reported. DOGE’s RSI at 40.78 indicates neutral momentum rather than oversold conditions, meaning a further decline would not yet trigger standard mean-reversion signals. Volume dropped 7.09% alongside the price decline, suggesting quiet capitulation rather than panic selling.
Whale accumulation data tells a slightly different story. Large wallet activity has gradually increased around the $0.09-$0.10 zone, indicating accumulation rather than distribution, Coinpedia noted. If larger holders are building positions near current levels, the sell pressure may eventually exhaust itself as available supply tightens.
The X Money Catalyst Remains Unresolved The single most consequential unresolved catalyst in Dogecoin’s history is whether Elon Musk’s X platform will integrate DOGE as a native payment option. X Money entered closed beta testing in early March 2026 with a public launch announced for April, Changelly’s analysis noted. DOGE integration has not been confirmed.
If Musk adds DOGE as a payment option for X’s 600 million-plus users, it would represent the largest real-world utility unlock in the token’s history. If it never materializes, the primary bull case collapses. The binary nature of this catalyst explains much of the divergence in analyst forecasts.
Alex Carchidi of The Motley Fool predicted DOGE will fall to $0.10 by the end of 2026, arguing the token lacks real utility. With DOGE trading near that level, the bearish case has largely played out on schedule.
Dogecoin’s structural inflation compounds the challenge. The network adds approximately 5 billion new DOGE annually with no maximum supply cap. The current inflation rate is around 3.5% and is gradually declining as total supply expands. For DOGE to appreciate, demand must outpace new issuance every year indefinitely.
What’s Next? The remainder of June will test the $0.082-$0.085 support band. A breakdown below that zone could expose DOGE to a move toward $0.07, extending the broader corrective trend. A breakout above $0.12 would be required before sentiment shifts decisively toward bulls.
The Dogecoin Foundation‘s plans for Dogebox infrastructure upgrades and merchant integration remain ongoing, with a stated target of 1 million merchants, though progress has not been publicly benchmarked.
FAQs Why does Dogecoin typically decline in June?
CryptoRank data show that Dogecoin has posted negative returns in June for nine consecutive years since 2017, with an average monthly loss of 7.29%, driven by seasonal selling patterns and reduced retail sentiment.
What is Dogecoin’s price in June 2026?
DOGE traded near $0.087 in mid-June 2026, approximately 82% below its late-2024 peak of $0.47 and roughly 88% below its all-time high of $0.7376 set in May 2021.
What is the key support level for DOGE in June 2026?
Coinpedia identified the $0.082 to $0.085 zone as a critical short-term support band, noting that a breakdown below this range could expose Dogecoin to further declines toward the $0.07 region.
Will X Money integrate Dogecoin?
X Money entered closed beta testing in March 2026, but as of June 2026, integration of Dogecoin as a native payment option has not been confirmed by the platform or X leadership.
Does Dogecoin have a maximum supply cap?
No, Dogecoin has no maximum supply cap and adds approximately 5 billion new DOGE annually, creating a structural inflation rate currently near 3.5% that requires sustained demand growth to support higher prices.
What is the Fear and Greed Index for crypto in June 2026?
The crypto Fear and Greed Index dropped to 14 in early June 2026, indicating extreme fear territory, while Dogecoin’s Relative Strength Index stood at 40.78, reflecting neutral but weak momentum.
What do analysts predict for Dogecoin in 2026?
Forecasts range widely: Changelly projects an average of $0.109, CoinCodex flags bearish technical signals, Long Forecast predicts $0.087 by December, and Coinpedia sees a potential range up to $1.25 in bullish scenarios.
Charles Hoskinson reassures the ADA community following the security incident involving SecondFi, emphasizing that the breach did not compromise the Cardano blockchain itself.
His comments came as concerns spread throughout the Cardano ecosystem after reports revealed that attackers exploited vulnerabilities connected to SecondFi wallets, resulting in significant losses for affected users.
Hoskinson: Cardano Core Infrastructure Remains Secure According to Hoskinson, there is no evidence that the incident affected any component of Cardano’s underlying technology stack. He stressed that the network’s protocol, cryptographic foundations, node infrastructure, and open-source wallet implementations continue to function as intended.
Consequently, he classified the incident as an application-level security failure rather than a failure of the blockchain itself. His commentary sought to calm fears that the breach could threaten ordinary ADA holders who do not use SecondFi.
Update https://t.co/23F2M0YrUp
— Charles Hoskinson (@IOHK_Charles) June 24, 2026
“Cardano Was Not Hacked” Further, he rejected claims that the blockchain itself was compromised, stressing that “Cardano was not hacked.” According to him, describing the incident as a “Cardano hack” creates the false impression that the blockchain’s core infrastructure failed.
Interestingly, he compared the situation to a vulnerable third-party application running on an operating system. Using an analogy involving Microsoft and its Windows platform, Hoskinson argued that users do not blame Windows whenever an external application contains bugs or security flaws.
Similarly, he maintained that vulnerabilities in an individual wallet or financial application should not be interpreted as weaknesses in Cardano’s protocol. He also reiterated that users’ funds across the broader Cardano ecosystem remain secure.
SecondFi Confirms Attack Originated at Address and Signing Layer Hoskinson’s reassurance followed reports of a large-scale exploit suffered by SecondFi (formerly Yoroi Wallet), a neo-finance application owned by EMURGO, one of Cardano’s founding entities.
Following the incident, SecondFi disclosed that the breach occurred at the address and transaction-signing level, allowing malicious actors to initiate unauthorized transactions.
According to the company, four separate wallet-draining incidents occurred earlier this week. Three of those attacks were linked to external threat actors and resulted in the theft of approximately 16 million ADA from 374 wallets.
Meanwhile, the company revealed that it secured an additional 129 million ADA by transferring the assets to a third-party custodian as an emergency precaution.
SecondFi Deploys Patch and Begins Recovery Process In response to the incident, SecondFi announced that it has already deployed a security patch and engaged an external auditor to verify customer holdings. The company also confirmed that it is developing a claims process for affected users to facilitate compensation and recovery efforts.
Notably, SecondFi warned users not to restore their recovery phrases into other wallets. It added that doing so could disrupt or complicate the claims process for affected funds.
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 expressed sympathy for affected users and acknowledged the emotional toll of the losses.
Speaking during a livestream yesterday, Hoskinson apologized to both the victims and the broader Cardano community over the unfortunate breach at SecondFi (formerly Yoroi Wallet), which resulted in the theft of 16 million ADA.
According to him, many victims may have lost most or all of their ADA holdings, making the financial and emotional consequences severe regardless of the overall value involved.
Hoskinson Reflects on Previous Crypto Hacks Hoskinson described the incident as an unfortunate reality of the cryptocurrency industry, noting that security breaches have occurred throughout the sector’s history.
Drawing on more than 15 years of experience in crypto, he said he has witnessed numerous hacks and exploits across multiple blockchain ecosystems.
The Cardano founder also revealed that he personally suffered losses during the August 2022 Nomad Bridge exploit, an incident that caused an estimated $20 million to $30 million in losses for Cardano users.
Although attackers never breached Cardano’s base blockchain during the Nomad Bridge exploit, the incident still affected the ecosystem by disrupting bridge-wrapped assets on Ethereum.
Hoskinson noted that a large portion of the stolen funds was recovered. However, he emphasized that the attack highlighted the persistent risks associated with digital assets.
SecondFi Contains Damage Meanwhile, the SecondFi breach marks another painful chapter for the Cardano ecosystem.
The team behind the non-custodial neo-finance platform disclosed that attackers stole 16 million ADA from 374 wallets during the incident. In response, the company moved swiftly to prevent additional losses by transferring 129 million ADA to an independent third-party custodian.
SecondFi has since launched a special audit and deployed a security patch to address the vulnerability. The company has also begun a compensation process for affected users while warning customers not to enter their recovery phrases into any other Cardano-related wallets.
As per our previous post:https://t.co/rZanyrVGWN
We have identified the root cause and have since rolled out a patch for all unaffected wallets. This will allow us to resume normal operations soon.
Hoskinson Insists Cardano Remains Secure Despite the scale of the incident, Hoskinson reassured ADA holders that the breach affects only SecondFi and not the broader Cardano network.
He emphasized that attackers did not hack Cardano itself and reiterated that the incident was an application-specific issue involving SecondFi rather than a failure of the Cardano protocol.
The development comes amid rising concerns within the Cardano ecosystem, fueled by governance disputes, the shutdown of TapTools, and the departure of key contributors. Adding to the pressure, ADA has remained in bearish territory, with the token currently trading at $0.1493, down 95.18% from its previous all-time high of $3.10.
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.
PANews June 25 news, Cardano wallet service provider SecondFi released an update on the latest theft incident, stating that addresses linked to two attackers have been identified. SecondFi said that between June 21 and 23, a sophisticated automated attack stole funds from hundreds of Cardano wallets in three waves: Attacker A drained 171 wallets in two batch operations, and Attacker B drained 203 wallets in the third wave. SecondFi published multiple sets of collection addresses and the stake keys of the two attackers, and noted that approximately 4.02 million ADA remains in Attacker B's designated address, currently flagged and under on-chain monitoring. The project team stated it is continuing to track the flow of related assets with law enforcement agencies and Cardano ecosystem partners.
SecondFi has identified the root cause of the recent exploit that targeted hundreds of Cardano wallets. It warned affected users not to restore their recovery phrases into another wallet, as the compromise occurs at the private key level rather than the wallet application itself.
In an investigation update published on June 25, the Cardano wallet provider said the attack stemmed from a deterministic nonce derivation flaw in its software signer. This allowed attackers to mathematically reconstruct private keys from publicly available blockchain data after affected addresses signed transactions.
The findings come days after the exploit drained approximately 16 million ADA, worth about $2.4 million. It affected 374 wallets across four separate wallet-draining events.
SecondFi says signing flaw exposed private keys According to SecondFi, the vulnerability existed at the address level. This means compromised keys remain exposed even if users import the same recovery phrase into another Cardano wallet.
The company said every transaction signed by an affected address leaked sufficient information for attackers to derive that address’s private key from on-chain data.
As a result, SecondFi urged affected users not to migrate their recovery phrases to another wallet or attempt to move funds independently. It warned that compromised addresses could be drained again.
It also cautioned against withdrawing staking rewards, as such transactions could expose funds to attackers monitoring the mempool.
Instead, the wallet provider advised affected users to wait for its official recovery process while submitting claims through its support portal.
Recovery effort enters next phase SecondFi said it has completed mapping all wallets affected during the initial exploit and has begun the next stage of its recovery program.
The company confirmed that 374 wallet addresses were impacted, with approximately 16 million ADA compromised. It added that emergency containment efforts have already secured around 129 million ADA, which is being held pending recovery operations.
SecondFi has also established a dedicated restoration fund to reimburse affected users and engaged multiple external security firms to audit its systems before resuming normal operations.
The platform remains in maintenance mode while independent security reviews continue.
Investigators identify two attacker groups As part of its latest update, SecondFi said it had identified and isolated the blockchain addresses associated with two attackers responsible for the automated wallet-draining campaigns between June 21 and 23.
According to the investigation, one attacker drained 171 wallets across two waves. At the same time, a second actor compromised 203 wallets during a separate sweep.
The company also disclosed that approximately 4.02 million ADA linked to the exploit remains in one identified collection wallet. The wallet has been flagged and remains under active monitoring.
Final Summary SecondFi traced the Cardano wallet exploit to a deterministic nonce-derivation flaw that enabled attackers to reconstruct private keys from public blockchain data. The company has launched a recovery program, identified two attacker groups, and warned affected users not to restore compromised recovery phrases into other wallets.
Omnichain Tether (USDT) solution USDT0 has crossed the $100 billion transaction volume milestone on Wednesday, according to the team's blockchain data portal.
Lorenzo Romagnoli, co-founder of the project, told The Block he believes USDT0 is the fastest-growing stablecoin to date, having crossed this volume milestone in under 530 days since launching in January 2025.
USDT0 is a stablecoin backed 1:1 by USDT, the largest stablecoin by market capitalization. The asset was designed for easy deployment on a variety of blockchain frameworks and is currently live via native integrations on 23 chains, according to its documentation, and is accessible on six other legacy deployments via its Legacy Mesh.
The documentation notes that USDT0 support for Bitcoin scaling layer Corn is winding down on Thursday, as the Corn team shifts focus to a card product. Holders are directed to withdraw funds from Corn via Plasma. "You have until June 25, 2026, to do this at no cost," the documentation said. "After that window closes, a 10% reclaim fee applies and processing may take additional time — so the sooner the better."
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"$100 billion is evidence that the next financial system is not arriving on one chain, app, or closed network," Romagnoli said. "It is arriving through exchanges, payment companies, treasuries, fintechs, institutions, and now AI systems, all building onchain for different reasons and in different places."
There is about $4.1 billion USDT0 in circulation, according to The Block's data. USDT0's largest deployments include Ethereum scaling layer Arbitrum, Polygon and the Tether-backed Plasma blockchain. The Ethereum base layer represents its most active deployment by inbound and outbound bridge volume.
Everdawn Labs, the makers of USDT0, has also released an omnichain version of Tether’s gold-pegged stablecoin XAUt0.
Tethered The startup maintains a close relationship with Tether and Tether CEO Paolo Ardoino, as well as LayerZero Labs, which supports its underlying cross-chain technology called the Omnichain Fungible Token standard.
"Tether built the most widely used digital dollar in the world by serving the people and places traditional finance ignored," Ardoino said in a statement. "The next chapter requires that dollar to reach everywhere demand is forming, across every network, without fragmenting into wrapped versions that erode trust."
Everdawn has not raised venture funding. It lists a British Virgin Islands address on its relatively barebones corporate website, while USDT0’s terms of service document points to the British Virgin Islands Arbitration Act 2013.
Romagnoli said Everdawn has been profitable since its first quarter, though declined to offer specific "commercial figures."
"What we can say is that profitability has allowed us to operate USDT0 with a long-term security mindset rather than a short-term growth-at-all-costs model," he said. "The goal of the business is not to extract as much as possible from the network. The goal is to make Tether’s dollar and gold work across every network where demand forms, safely and sustainably."
Tether itself is among the most profitable crypto companies in operation, having recorded over $1 billion alone in first-quarter profits this year.
USDT0 is the third-largest holder of Tether, after Binance and OKX. "Tether assets already had global demand. Our job was to build the infrastructure that lets that demand move more freely," Romagnoli said.
According to a recent report, USDT0 is largely held in small amounts. As of April, 99.2% of all wallets holding USDT0 held balances of less than $1,000 worth of the stablecoin. About 1,200 have wallets held between $100,000 and $1 million, and just 35 wallets exceed $10 million. USDT0's portal notes that the average transaction size across the token's lifetime is over $110,000.
Both Ardoino and Romagnoli noted that stablecoins will have increasing application in the emergent AI-powered agentic economy. In the announcement, USDT0 co-founder Kevin Mueller noted the "high ownership team that is encouraged to safely extend their capabilities with AI."
"Institutions and autonomous agents now need a trusted dollar that behaves the same on every network they touch, settling in seconds at any hour," Ardoino, an avid supporter of decentralized AI solutions, said.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
PANews June 26 news – Aster has officially launched AOS-1, the first module of Aster Open Standards (AOS), enabling permissionless spot token listings and allowing new tokens to access the Aster Spot market more conveniently. To enhance trading depth and liquidity, Aster simultaneously reduced the maker fee for AOS-1 trading pairs to -0.25 bps, meaning market makers receive a fee rebate upon maker order execution, forming a negative-fee incentive mechanism.
Aster CEO Leonard stated that AOS is designed to deeply integrate self-custody and permissionless deployment at the protocol level, while AOS-1 establishes a standardized framework for open spot listings and attracts more liquidity providers to participate in on-chain market making through the rebate mechanism.
PANews June 25 news, Hu Jie, former senior economist at the Federal Reserve and professor at the Shanghai Advanced Institute of Finance at Shanghai Jiao Tong University, appeared as a guest on Huobi’s Master Lecture Hall. During the live broadcast, Hu Jie stated that after the 2008 financial crisis, the Federal Reserve’s monetary policy underwent a significant paradigm shift, relying more on balance sheet tools such as quantitative easing (QE) to inject liquidity into the market by massively expanding the base money supply. This change not only fueled the decade-plus bull market in U.S. stocks, but also profoundly influenced the pricing logic of global risk assets, including Bitcoin. As Wall Street capital continues to flow into the crypto market, Bitcoin’s correlation with traditional financial markets is steadily increasing, and its price movements are increasingly affected by global liquidity conditions.
Regarding the market’s focus on the policy direction of the new Federal Reserve Chair, Hu Jie believes that after the new chair takes office, monetary policy is likely to undergo another paradigm shift, with the most notable being the balance sheet reduction (quantitative tightening, QT) process. Balance sheet reduction means the Fed will actively withdraw base money and reduce market liquidity supply. From a single-factor perspective, this is not favorable for risk assets including U.S. stocks and Bitcoin, so investors should pay close attention to changes in the Fed’s balance sheet.
Talking about the future of the crypto market, Hu Jie believes that the integration of Bitcoin with the traditional financial system is still accelerating. From the approval of Bitcoin ETFs to the rise of RWA (real-world assets) and tokenized U.S. equities, more and more Wall Street capital is entering the Web3 market through compliant channels. In the short term, some funds may be diverted by new assets such as tokenized U.S. stocks, but in the long run, this is effectively opening up funding channels between traditional finance and the crypto market, and is expected to bring broader incremental capital sources to Bitcoin and the entire digital asset industry.
Round-the-Clock Access to Tokenized U.S. Equities@OndoFinance has activated what it describes as the industry's first 24/7 minting and redemption cycle for tokenized U.S. stocks and ETFs, a move that formally severs the dependency of real-world asset (RWA) products on traditional market hours.
Investors can now execute primary issuance and liquidations for $SPYon, $QQQon, $NVDAon, and $TSLAon during overnight sessions, weekends, and public holidays, periods when NYSE and Nasdaq are closed. The update eliminates the reliance on legacy banking schedules, allowing tokenized shares to be created or redeemed in real time regardless of exchange downtime.
Each tokenized asset is an ERC-20 token backed 1:1 by the underlying security, held by U.S. broker-dealers along with cash in transit. The tokens are total-return trackers that mirror the economic performance of their underlying assets, including price movements, dividends, and corporate actions.
Multi-Chain Rollout and Growing Platform ScaleThe 24/7 architecture is currently live on @Ethereum and @BNBChain, with a @Solana deployment scheduled for the near term. Ondo had already expanded to Solana earlier this year: Ondo Global Markets, the world's largest tokenized stock and ETF platform by total value locked, became available on Solana with more than 200 tokenized U.S. stocks and ETFs, including NVDA, AAPL, META, and ETFs such as SPY and QQQ.
Ondo Global Markets has surpassed $1 billion in tokenized stock TVL less than eight months after launch, becoming the first tokenized stocks platform to cross that mark. The platform now offers more than 260 tokenized U.S. stocks and ETFs across Solana, Ethereum, and BNB Chain, with access through wallets, exchanges, custodians, and protocols including Binance, Bitget, MetaMask, and Blockchain.com.
Ondo said Global Markets holds more than 70% market share among tokenized equity issuers and has secured regulatory approval to offer tokenized stocks and ETFs across 30 EU and EEA countries.
The broader significance of the 24/7 minting update is structural. By enabling round-the-clock mint and redeem operations, Ondo aims to make equities and ETFs composable components within the DeFi ecosystem, substantially expanding the asset universe and extending trading hours for on-chain finance. This also removes the T+1 settlement delay that traditional stock trading requires and enables transferring equity exposure between wallets as easily as sending stablecoins.
Sources
Ondo Global Markets tops $1B in TVL, Crypto Briefing
Ondo Global Markets launches on Solana, Solana.com
Deep Dive of Ondo Finance, TokenInsight
The crypto market remains under pressure in 2026. Bitcoin ETF outflows, declining risk appetite, and growing concerns about downside volatility have pushed many investors into defensive positions.
Yet not every sector is slowing down.
Artificial intelligence continues attracting capital even as broader market sentiment weakens. Investors are increasingly searching for projects capable of delivering utility, automation, and long-term ecosystem growth rather than relying solely on price speculation.
One project benefiting from this trend is MemeToro ($MT), a BNB Chain ecosystem built around autonomous agents, SocialFi participation, and AI-powered token creation.
When liquidity is abundant, investors frequently chase momentum and short-term opportunities. Bear markets tend to create a different environment.
Participants become more selective.
Rather than focusing entirely on price appreciation, investors start evaluating whether projects can continue attracting users, developers, and ecosystem activity during periods of uncertainty.
This shift is visible across the crypto market today.
Large-cap assets have struggled with growing caution as institutional investors reduce exposure. At the same time, sectors connected to artificial intelligence continue drawing attention.
Many investors view AI as a long-term technological trend rather than a short-term market cycle.
That distinction matters during bearish conditions.
Why AI Continues Growing Despite Market Fear Artificial intelligence remains one of the few sectors consistently generating new activity across crypto.
Development continues expanding, new applications are launching, and autonomous systems are becoming increasingly sophisticated. Investors are paying attention because these projects often provide ongoing functionality regardless of broader market sentiment.
This trend is especially visible on BNB Chain.
The network has become a major destination for agent-based applications thanks to low transaction costs, fast execution speeds, and growing developer support.
Thousands of AI-powered systems are now operating across the ecosystem.
Recent initiatives focused on AI development have accelerated adoption even further, strengthening BNB Chain’s position as a leading environment for autonomous applications.
What Makes MemeToro Different Many crypto projects claim to incorporate artificial intelligence.
MemeToro places AI at the center of the entire ecosystem.
The project operates as a SocialFi platform built on BNB Chain and revolves around the MemeToro AI Agent. This autonomous system continuously monitors social media activity, cultural developments, market narratives, and global news events.
Its goal is straightforward.
The agent identifies emerging opportunities before they become widely recognized across crypto markets. This intelligence layer forms the foundation of the wider platform.
Instead of functioning as a simple meme token, the ecosystem is designed around active participation powered by AI-driven insights.
MemeToro AI Agent: Automated Memecoin Generation Platform MemeToro AI is an autonomous protocol designed to identify emerging cultural and social media trends in real time. The system analyzes online metrics and news cycles to assess the viral viability of specific concepts before initiating automated deployment.
The Three-Step Operational Process:
Trend Identification: The AI monitors data streams across global news outlets, online communities, and social platforms to isolate rising narratives and search spikes. Asset Generation: Once a trend is validated, the system automatically builds the full token framework, including the name, conceptual design, logo, banners, and supporting media assets. Market Deployment: The finalized token is launched directly onto the open market. The launch framework enforces an equal-access distribution with zero token pre-allocations or insider reserves. Before live deployment, users can review an overview of the AI’s generated package, including tokenomics, branding assets, and project concepts.
Building Infrastructure Instead of Chasing Trends One reason MemeToro has continued attracting attention during difficult market conditions is its focus on infrastructure.
The platform is not built around a single feature or narrative.
Instead, it combines autonomous trend discovery, token deployment tools, staking mechanisms, prediction markets, and community participation into a unified environment.
This approach aligns with a broader trend emerging across crypto. Many investors increasingly favor projects that provide tools, services, and recurring ecosystem activity rather than depending exclusively on speculative demand.
That shift has helped AI-focused projects remain visible despite wider market weakness.
What’s Ahead The current crypto environment continues challenging many sectors. Fear remains elevated, institutional flows have weakened, and investors are paying closer attention to risk management than aggressive speculation.
At the same time, artificial intelligence continues expanding. MemeToro’s combination of autonomous trend discovery, AI-powered memecoin creation, staking rewards, prediction markets, and SocialFi participation has positioned it among the most closely watched AI-focused presales operating on BNB Chain.
As markets continue prioritizing utility and infrastructure, projects built around active ecosystem participation are likely to remain important areas of investor focus throughout the remainder of 2026.
More Information on MemeToro ($MT) Presale Here:
Website: https://memetoro.com/
X: https://x.com/memetoro_mt
Telegram: https://t.me/memetoro_mt
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Key Highlights NVDA advanced approximately 1.3% in premarket sessions to $201.64, boosted by Micron’s impressive Q3 results Micron delivered EPS of $25.11 with $41.46B in revenue, surpassing forecasts; projects Q4 revenue around $50B OpenAI announced a proprietary AI chip developed with Broadcom; Qualcomm locked in supply agreements with Microsoft and Meta Nvidia maintains a consensus Buy recommendation with a mean price target of $323.83 Analysts anticipate NVDA earnings approximately August 26, projecting EPS of $2.07 with $91.7B in revenue Nvidia (NVDA) shares advanced roughly 1.3% during premarket hours Thursday, reaching $201.64, following a substantial rally in Micron Technology that energized the semiconductor sector.
NVIDIA Corporation, NVDA
Micron delivered adjusted Q3 earnings of $25.11 per share with revenue totaling $41.46 billion, handily exceeding analyst expectations. The memory chipmaker also projected fiscal Q4 revenue of approximately $50 billion alongside adjusted earnings near $31 per share. Market participants interpreted these figures as confirmation that AI infrastructure investments remain robust, triggering broader gains across semiconductor equities.
S&P 500 futures simultaneously climbed roughly 0.7% before the opening bell, contributing to the upbeat market atmosphere.
NVDA concluded Wednesday’s session with a 0.5% decline at $199, though the Micron-fueled rally propelled shares back above the psychologically significant $200 threshold in early action. This price level has served as a support zone for the stock following its breakout in April.
Intensifying Competition in the AI Chip Arena This week highlighted escalating rivalry in the AI semiconductor landscape. OpenAI introduced a proprietary AI chip engineered in partnership with Broadcom (AVGO), while Qualcomm (QCOM) disclosed supply partnerships with both Microsoft (MSFT) and Meta Platforms (META).
These developments represent a growing number of competitors encroaching on Nvidia’s dominant position. However, market experts emphasize that these partnerships don’t automatically translate to Nvidia losing customers. The company’s GPUs remain the preferred solution for numerous AI applications, and multiple leading technology firms have already committed to its upcoming Vera Rubin architecture.
Nonetheless, market participants are monitoring the situation carefully. Without concrete evidence demonstrating Nvidia’s ability to maintain market dominance, a degree of investor wariness is expected to persist.
Chart Analysis and Wall Street Outlook From a technical standpoint, the stock presents a nuanced picture. NVDA currently trades roughly 4% beneath both its 20-day and 50-day moving averages, though it continues to hold above the 100-day and 200-day averages — preserving the longer-term bullish trend.
Momentum signals have weakened. The MACD indicator sits below its signal line, and the 20-day average has crossed under the 50-day — representing a near-term bearish crossover. Overhead resistance appears near $217, while downside support hovers around $199.50.
Over the trailing twelve months, shares have appreciated approximately 29%. The stock received a Barron’s recommendation in mid-May when it was priced at $226.
Regarding analyst sentiment, the consensus view remains Buy with a mean price objective of $323.83. Recent ratings include China Renaissance launching coverage with a Buy recommendation and $319 target, Needham affirming its Buy rating at $270, and DA Davidson reiterating Buy with a $300 target.
NVDA currently trades at approximately 30.5 times forward earnings.
Wall Street anticipates Nvidia will announce quarterly earnings around August 26. Consensus estimates call for EPS of $2.07, compared to $1.04 in the year-ago quarter, with revenue projected at $91.70 billion versus $46.74 billion in the corresponding prior-year period.
EURAU Comes to Enterprise Payroll on Stellar@AllUnityStable and @Zebec_HQ have officially launched a $EURAU-powered employee benefits and enterprise payment program on the @StellarOrg network. The pilot program deploys AllUnity's regulated euro stablecoin across its ecosystem, targeting major enterprise clients and partners for payroll and workforce disbursements.
AllUnity GmbH, the issuer of $EURAU, is a Frankfurt-based electronic money institution licensed by Germany's Federal Financial Supervisory Authority (BaFin) and operates as a joint venture between DWS, Flow Traders, and Galaxy Digital. EURAU is Germany's first MiCAR-compliant euro stablecoin, fully backed 1:1 by euro reserves under a multi-bank reserve model.
Built on Stellar and powered by $EURAU, the program combines regulated digital currency with enterprise-grade payroll and payments infrastructure designed for global value transfer. Employees participating in the pilot can receive benefits directly to digital wallets, while accessing a growing range of spending, savings, and payment options through the Zebec platform.
Cutting Out Legacy Banking DelaysWith $EURAU on Stellar, users benefit from near-instant, low-fee euro transfers settled in seconds, as well as programmable money infrastructure enabling tokenized payments, payouts, and remittances. This removes a key friction point for European enterprises, bypassing the settlement delays and high fees associated with traditional cross-border banking rails.
The Zebec payroll infrastructure is designed to scale across the AllUnity ecosystem and includes a growing network of enterprise and institutional participants spanning financial services, fintech, and corporate sectors across Europe. In addition, $EURAU will be supported across Zebec's suite of crypto card products, including an exclusive branded payment card compatible with Apple Pay and Google Pay.
The integration enables regulated euro liquidity on one of the world's most established payment-optimized public blockchains, allowing banks, corporates, fintechs, and payment providers to access euro-backed, compliant on-chain settlements at scale. Stellar's architecture is considered well-suited for high-frequency payroll operations due to its reduced transaction fees, which are generally below one cent.
Sources:
AllUnity and Zebec Deploy EURAU-Powered Enterprise Payment Solutions on Stellar (Finanznachrichten / BusinessWire)
AllUnity and Zebec Partner to Deliver Real-Time Payroll with EURAU (Zebec Blog)
EURAU Launches on the Stellar Network (Stellar.org)
Key Takeaways Sandisk shares rallied 18% on Thursday following competitor Micron’s exceptional Q3 performance, which delivered $25.11 EPS versus the anticipated $20.78 and generated $41.5B in total revenue. With Sandisk’s earnings announcement scheduled for Aug. 24, market analysts project EPS will surge to $33.72, representing more than a sequential doubling. Year-to-date, Sandisk has climbed 853%, while the 12-month performance shows an extraordinary 4,670% gain. Technical indicators show the stock’s 14-month RSI reached 99.1, signaling extreme overbought conditions according to traditional metrics. Current trading levels show Sandisk positioned 246% above its 200-day moving average and 51% beyond its 50-day moving average. Sandisk (SNDK) shares experienced an 18% surge on Thursday, reaching $2,263.57, propelled by memory sector competitor Micron (MU) delivering exceptional fiscal Q3 results that triggered widespread gains across both companies.
Sandisk Corporation, SNDK
Micron reported adjusted earnings of $25.11 per share, significantly exceeding Wall Street’s consensus forecast of $20.78. The company’s quarterly revenue reached $41.5 billion, approximately quadrupling compared to the same period last year and surpassing analyst projections of $35.8 billion.
While Sandisk’s earnings release isn’t scheduled until Aug. 24, the impressive Micron results provided market participants with valuable insight into current memory sector dynamics.
Wall Street analysts have already positioned for strong results from Sandisk’s forthcoming announcement. Consensus estimates project earnings of $33.72 per share, representing more than twice the company’s previous quarterly results.
Micron’s GAAP earnings increased 104% quarter-over-quarter in its most recent period. Market participants appear to be positioning for Sandisk to deliver comparable performance, especially considering two additional months of favorable memory pricing conditions.
AI-Driven Demand Creates Persistent Supply Constraints During Micron’s earnings conference call, CEO Sanjay Mehrotra emphasized that artificial intelligence-related demand continues at elevated levels, with the company deploying capital at unprecedented rates to expand capacity. Despite these investments, he indicated that supply constraints will persist for the foreseeable future.
This ongoing supply-demand mismatch has been a primary catalyst for Sandisk’s extraordinary performance trajectory. The company’s shares have appreciated 853% during the current calendar year and have posted a remarkable 4,670% advance over the trailing 12 months, powered by AI infrastructure investment and constrained memory availability.
Both companies are securing extended-term supply agreements with clients at premium pricing levels. Micron disclosed that certain products are generating operating margins exceeding 80%. Sandisk has adopted a comparable commercial approach, potentially insulating its profitability profile even if market conditions moderate.
Evaluating Valuation Extremes The stock’s meteoric rise has attracted scrutiny from market technicians monitoring momentum indicators. Prediction markets platform Polymarket recently characterized Sandisk as “officially the most overbought stock in history,” citing its technical positioning.
The quantitative data supports some degree of valuation concern. Sandisk’s 14-month RSI registered 99.1 as of Wednesday, based on Dow Jones Market Data. Traditional technical analysis considers readings above 70 as indicating overbought conditions. For perspective, the company’s record 14-day RSI of 95.32 was established in September 2025.
On a more compressed timeframe, the 14-day RSI measured 55.8 at Wednesday’s closing bell, which falls within neutral territory. However, the extended-term momentum indicators present a more challenging picture.
Sandisk currently trades 246% above its 200-day moving average of approximately $652, and sits 51% above its 50-day moving average of $1,489.
The company has maintained public market status for roughly 16 months following its separation from Western Digital. During this period, shares have advanced from a $40 trough to a peak of $2,354.39.
Sandisk’s current market capitalization stands at $284 billion.
Stellar just crossed a threshold that most blockchain networks are still daydreaming about. The total market cap of tokenized real-world assets on the Stellar network has surpassed $3 billion, a milestone that cements the network’s position as one of the most active chains for bringing traditional finance on-chain.
Here’s the thing: that figure represents roughly a 300% increase from where Stellar’s RWA market stood in early 2025.
How Stellar got here Stellar’s on-chain RWA value crossed $1 billion in January 2026. It hit $2 billion shortly after that. Now, less than six months later, the network has blown past the $3 billion mark.
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The growth isn’t coming from a single whale or one outsized product. Spiko, a tokenization platform, accounts for over $1 billion in assets on the network. Franklin Templeton’s BENJI token, which represents shares of its OnChain US Government Money Fund, sits at approximately $654 million. Ondo Finance’s USDY, a tokenized note backed by short-term US Treasuries, contributes around $529 million. And VuMe Bond 2030, a corporate credit issuance, adds roughly $500 million to the total.
The Stellar Development Foundation had set an ambitious target of $3 billion in on-chain RWA value and $110 billion in transaction volume by the end of 2025. Both goals have now been met or exceeded.
The institutional pipeline keeps growing Stellar’s architecture was designed with exactly this use case in mind. The network includes built-in compliance tools for asset issuance, features like controlled access accounts and clawback capabilities that regulated institutions actually need. Transaction fees on Stellar are fractions of a cent, which matters when you’re processing high volumes of settlement activity.
Circle, the issuer of USDC, has deep integration with Stellar. Visa and PayPal have both established connections to the ecosystem. And perhaps most notably, the DTCC, the Depository Trust and Clearing Corporation that processes the vast majority of US securities transactions, has announced a partnership with Stellar for tokenized securities settlement, with a targeted rollout in 2027.
The Stellar Development Foundation has been cultivating these institutional relationships since 2021, when it began facilitating tokenized asset adoption.
What this means for investors For XLM holders, the network’s growing utility as an RWA settlement layer creates a fundamentally different value proposition than most Layer 1 tokens. Transaction volume driven by institutional asset settlement is stickier and more predictable than volume driven by retail speculation.
Ethereum still dominates in total RWA value, and newer entrants like Avalanche and Polygon have their own institutional partnerships. But Stellar’s purpose-built compliance features and low cost structure give it structural advantages for the specific use case of regulated asset settlement. The DTCC partnership, if it materializes as planned in 2027, could be a significant catalyst.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
Aave governance is weighing a proposal to bring savings GHO, or sGHO, across chains, a move that could make the protocol’s yield-bearing stablecoin product easier to access beyond Ethereum mainnet.
TL;DR Aave governance is considering an ARFC proposal to launch sGHO cross-chain. The proposal uses Chainlink CCIP while keeping Ethereum mainnet as the main source of truth. The move could expand access to GHO savings yields across Layer-2 networks. A Cross-Chain Stablecoin Push The proposal would extend sGHO, the savings version of Aave’s GHO stablecoin, to additional networks. The idea is to let users access yield-bearing GHO exposure from Layer-2 environments without fragmenting the core accounting model. According to the proposal, Chainlink’s Cross-Chain Interoperability Protocol would be used to support messaging between chains.
That structure matters because stablecoin liquidity can become messy when each chain develops its own version of an asset. Aave’s approach appears designed to expand access while keeping the main vault logic anchored to Ethereum. In theory, that gives users lower-cost access on L2s while preserving a clearer system for tracking deposits and yield.
Why sGHO Matters For Aave GHO has become an important strategic product for Aave because it gives the lending protocol a native stablecoin around which it can build revenue, incentives, and liquidity. sGHO adds another layer by giving users a savings-style version of that stablecoin, turning idle stablecoin exposure into a yield-bearing position.
Cross-chain deployment could help GHO compete with other stablecoins and yield products that already have broad multi-chain footprints. For Aave, the goal is not just to issue a stablecoin; it is to create a deeper ecosystem where borrowing, lending, liquidity, and savings products reinforce each other.
Governance Still Has To Decide As with any Aave governance process, the proposal still needs community scrutiny. Tokenholders will need to assess bridge risk, CCIP assumptions, liquidity incentives, operational complexity, and whether the rollout creates enough user demand to justify the added architecture.
If approved, the move would fit a wider DeFi trend: major protocols are trying to make their core products available across multiple networks while avoiding the liquidity fragmentation that hurt earlier cross-chain expansions.
Market Context The proposal also arrives as DeFi protocols are searching for more durable revenue lines. A successful GHO and sGHO ecosystem could give Aave a native stablecoin flywheel, where borrowers, savers, and liquidity providers all interact around the same asset rather than relying only on third-party stablecoins.
Execution risk remains real, though. Cross-chain systems introduce dependencies that users may not notice until something breaks, which is why governance will likely focus heavily on bridge assumptions, risk limits, and how quickly the rollout should expand.
That leaves the story as more than a single-day headline. The practical test is whether the development changes user access, liquidity, regulatory confidence, or trader positioning over the next few sessions rather than simply adding another announcement to the crypto news cycle.
This coverage is based on information from Aave governance forum.
This article was written by the News Desk and edited by Samuel Rae.
PANews June 25 news, according to The Block, Kraken has partnered with decentralized lending platform Maple to launch the first fully on-chain digital asset loan warehouse facility, providing USDC liquidity for its OTC lending business for institutional and high-net-worth clients. Maple funds the facility through a revolving financing vehicle similar to traditional asset-backed securities (ABS) and establishes a bankruptcy-remote SPV structure to protect asset safety. Kraken acts as loan originator, servicer, and subordinate capital provider bearing first loss, while its Wyoming SPDI institution, Kraken Financial, holds the collateral assets.
There is a hint of support and reluctance in Russia's attitude toward Bitcoin. Recently, that extended to USDC.
Ivan Chebeskov, Russia's Deputy Finance Minister, told Expert.ru in early June that the controlled whitelist will include Circle's stablecoin in addition to Bitcoin, Ethereum, and USDT.
Here are the assets that, when Russia's new digital-asset law goes into effect, non-qualified retail investors will be able to trade.
He explained that the criteria are methodical and stated that the options can only be those four names that are already well-liked by traders, provided that their average market value is more than 5 trillion rubles (~$70 billion) during a two-year period.
That kind of thinking ensured that USDC would qualify.
It simply won't meet the criteria effectively. Shortly after Chebeskov's remarks, the structure that was intended to allow USDC entry transformed into one aimed at imposing taxes on it.
By the time of June's SPIEF forum in St. Petersburg, the same official characterized USDC, along with USDT and Binance's BNB, as a "unfriendly" asset that necessitates commissions, technical hurdles, and "advice" to encourage citizens to consider alternatives.
The retail whitelist that once featured four assets has, in just two weeks, effectively been reduced to three: BTC, ETH, and USDT, while USDC now finds itself in a distinct, penalized category.
The narrative isn't that Russia is embracing USDC. It appears that Russia has established a market-cap filter that mandates the acceptance of USDC, while simultaneously implementing a sanctions-logic filter to discourage participation.
The Legal Mechanism Behind the Flip-Flop
The anomaly is a direct result of the way the Russian government is structuring its digital currency and digital rights law, which made it through the State Duma on April 22 with 327 out of 340 votes and must be finalized by July 1, 2026.
The law achieves two goals simultaneously, and they are purposefully incompatible with one another.
The retail whitelist is first established with particular eligibility requirements, such as a market capitalization greater than 5 trillion rubles and a daily trading volume greater than 1 trillion rubles, both of which must be maintained continuously for a period of two years.
No geopolitical assessment is being made here; this is a quantitative study.
If you implement it now, the only stablecoins and large assets that qualify are Bitcoin, Ethereum, USDT, and USDC. This is why Chebeskov confirmed USDC's inclusion almost as a formality.
Second, the Law and its Regulatory Framework empower the Russian Central Bank and the Ministry of Finance to impose "economic incentives, such as commissions or recommendations" on assets owned by companies registered in "unfriendly" jurisdictions, a categorization that Russia has maintained since 2022 and encompasses the United States, the European Union, and the United Kingdom.
Circle was founded in the United States.
The British Virgin Islands-based Tether has spent the last three years crafting a geopolitical position that is intentionally vague.
Interestingly, it has granted US law enforcement demands to freeze wallets, including a substantial $344 million freeze, as reported by Izvestia, suggesting that it is not exempt from the hazards linked with such measures.
According to reports, USDT was almost banned by authorities until the industry rallied and had it added to the authorized list; USDC and BNB are still being investigated.
The main reason USDT is able to avoid taxes while USDC is subject to them appears to have less to do with the technical risk of asset freezing – since both issuers can do it – and more to do with Tether's track record of enabling transactions linked to Russia, in contrast to Circle's considerably stricter stance on sanctions compliance.
What The Fees Would Actually Look Like
Officials and experts who have been apprised of the draft are starting to provide some ideas, although the law has not yet defined a particular figure.
The friction associated with "unfriendly" tokens, according to Freedom Global analyst Vladimir Chernov, ranges from 0.5% to 2%. For dollar-pegged stablecoins like USDC, the friction increases significantly to 3%.
Assuming a retail investor is not qualified and has an annual purchase limit of 300,000 rubles, or about $4,000, the numbers soon start to add up: a 3% cut on an already small allocation puts a heavy strain on the one asset, a dollar stablecoin, that retail Russians have used to protect themselves from ruble volatility.
That is the part of the story that the audience should think about. Russia isn't trying to drive USDC prices down by prohibiting it; it did it for years with larger crypto restrictions, yet adoption still increased.
The process involves presenting USDC inside a well-thought-out framework that brings about controlled obstacles in a newly regulated setting, all the while retaining the alluring headline – "USDC is approved!" – as an assertion of truth.
This type of regulatory capture differs from others in that it allows for future adjustments to be made through "commissions or recommendations" rather than legislation.
This keeps the limitations out of the slower three-reading legislative process and under the control of ministerial discretion.
Why Tether Wins This Round And Circle Doesn't
This disparity is important for reasons that go well beyond Russia. Chebeskov reported over 50 billion rubles, or around $650-700 million, in daily crypto transactions overall, indicating a high daily volume of USDT in Russia.
Chainalysis also estimates that between July 2024 and June 2025, Russia processed $376 billion worth of cryptocurrency, more than any other European country.
An integral aspect of this process is stablecoins, the most prominent of which is USDT. These allow Russian importers and exporters to transact cross-border with clients in China, the UAE, Turkey, and other countries.
There has never been much of a chance that Moscow will reduce USDC's stake in that channel because Circle was never a good candidate for avoiding sanctions because to its adherence to rules and ties to the US.
Moscow is putting the finishing touches on an informal market hierarchy that has already formed: USDT for trading, BTC and ETH for value storage, and USDC as the secondary choice that satisfies the paper market-cap criterion.
Even if Circle's hands-on experience is limited, the symbolic weight of it makes some people uneasy.
When US-regulated issuers are subject to scrutiny from OFAC and Treasury for infrastructure compliance with sanctioned states, having their stablecoin designated as the "taxed" version inside the G20 regulatory framework is hardly the kind of recognition they seek.
In contrast to Tether's opaque operation, Circle has built its whole value proposition and public listing story on being a trustworthy, validated, US-aligned alternative.
What makes USDC attractive to regulators in Washington, Brussels, and Singapore – its transparency and local presence – are precisely what cause the "unfriendly asset" fee in Moscow, according to the Russian framework, which basically flips that premise on its head.
The Ruble-Stablecoin Endgame
Not the penalty on USDC, but the replacement he suggested is the most important thing to remember from Chebeskov's remarks at SPIEF. The perfect option for diverted capital, according to him, would be stablecoins tied to the ruble or instruments tied to the dirham from "friendly" countries.
There is no abstraction in that.
As per CertiK's reporting, the Kyrgyzstan-issued stablecoin A7A5 has handled more over $110 billion in transactions since the beginning of 2025. With this, it surpasses all other non-dollar stablecoins in terms of worldwide market capitalization.
In addition, Moscow formally acknowledged it in September 2025 as a digital currency for international commerce. Because of its role in helping sanctions evaders, it is now under direct sanctions from the United States and the United Kingdom. Another exchange that was most associated with it, Grinex, shut down in April after a hack.
Taken as a whole, the structure in place is less concerned with consumer protection and more of a strategic move toward lessening the retail sector's dependence on the dollar.
Since neither Bitcoin nor Ethereum has an issuer that may be subject to penalties, they continue to play an important role as politically neutral assets.
The infrastructure for trade settlement is already reliant on USDT, thus its removal would create major disruption, hence it remains in place, albeit grudgingly.
Since USDC and BNB are functionally equivalent and have symbolic value in relation to the Western financial system, they are taxable.
Regulatory backing for stablecoins like the ruble and dirham makes them more secure since they allow for the transfer of value through tools that can be easily controlled or shielded from sanctions by countries like Russia, the UAE, and others in the BRICS.
The Outlook
The likelihood that something will stick depends on three things. It is anticipated that adjustments will be proposed soon after the vote, following the second reading in the Duma.
Russian financial institutions have previously pushed for the whitelist's limits to be loosened and for transfers to non-custodial wallets abroad to be permitted via their organization. There is still time to make modifications to the final version before July 1st, the deadline.
The second point is the cost structure; there are no official rules in place at the moment, but a 0.5% charge isn't much of an issue, and a 3% fee is getting close to becoming serious.
Lastly, the capacity to implement regulations, according to reports, Roskomnadzor is planning to implement DNS-level filtering in order to combat unlicensed foreign exchanges.
That shows Moscow is serious about backing the fee structure with technical blocking measures, not just a pricing signal that smart users can get around.
Russia included USDC on its whitelist, as the headline states. Contrary to popular belief, Russia is bound by law to admit USDC while simultaneously erecting obstacles to prevent it from staying.
Key HighlightsCRCL Shares Rebound on Strategic Japan ExpansionNomura Collaboration Focuses on Real-Time Currency ExchangeJapan Strengthens Digital Currency Regulatory FrameworkGet 3 Free Stock Ebooks Circle (CRCL) stock gains momentum following Nomura collaboration announcement for Japan market. Partnership aims to deliver instant foreign exchange settlement infrastructure by 2027. USDC stablecoin technology positioned to reduce cross-border transaction times for Japanese businesses. Nomura Securities to oversee client relations and regulatory compliance locally. Japan’s progressive stablecoin framework enables institutional blockchain integration. Shares of Circle Internet Group experienced a pre-market rally as the digital currency firm progressed with its strategic entry into the Japanese market. CRCL climbed 1.67% to reach $72.17 during early trading, recovering from a 6.21% decline that brought the stock to $70.98 in the prior session. Market enthusiasm grew following confirmation of a stablecoin-based settlement collaboration with financial giant Nomura.
Circle Internet Group, CRCL
CRCL Shares Rebound on Strategic Japan Expansion Circle’s stock demonstrated resilience as investors evaluated the firm’s expanding footprint in Japan’s foreign exchange infrastructure. This collaboration represents a significant opportunity to integrate Circle’s stablecoin technology into high-value corporate payment channels and global trade transactions. The initiative reinforces the company’s competitive standing within compliant digital payment ecosystems.
Circle maintains USDC, the globe’s second-most valuable dollar-pegged stablecoin measured by total market capitalization. Businesses leverage USDC across multiple functions including payment processing, digital asset trading, treasury management, and blockchain-enabled financial clearing. Circle’s growth trajectory centers on collaborations with licensed financial entities to broaden stablecoin adoption internationally.
The firm’s market penetration strategy emphasizes alliances with banking institutions, cryptocurrency platforms, and payment service providers. Circle delivers the underlying USDC infrastructure, while regional collaborators manage customer relationships, regulatory adherence, and fiat currency exchanges. Consequently, this framework enables Circle to access strictly regulated territories through trusted financial intermediaries.
Nomura Collaboration Focuses on Real-Time Currency Exchange Circle and Nomura are working toward launching their foreign exchange settlement platform in Japan’s commercial market by early 2027. Circle will supply the USDC blockchain payment infrastructure, whereas Nomura Securities will handle corporate customer engagement and compliance obligations. The platform will primarily serve trade financing needs, international investment flows, and substantial cross-border remittances.
The envisioned system would enable businesses to transform Japanese yen into USDC tokens before transmitting value across blockchain networks. A designated financial intermediary would subsequently exchange the stablecoins into destination currencies. Such transactions could potentially execute within minutes rather than spanning multiple business days.
Conventional correspondent banking networks frequently introduce delays as financial institutions navigate disparate technological systems, operational schedules, and geographic time differences. Blockchain-powered settlement mechanisms could eliminate these bottlenecks while minimizing counterparty risk associated with large-value transfers. Nevertheless, both organizations must upgrade operational infrastructure and obtain necessary regulatory permissions before commercial deployment.
Japan Strengthens Digital Currency Regulatory Framework Circle initially accessed the Japanese market through strategic partnerships that aligned USDC operations with domestic stablecoin legislation. These arrangements established compliant pathways for digital payment execution, transaction settlement, and enterprise treasury applications. The Nomura initiative represents an expansion of this regulatory foundation into corporate currency exchange services.
Nomura has conducted multiple blockchain technology pilots focused on institutional financial applications and securities processing. Earlier experiments encompassed government bond collateralization and stablecoin-facilitated securities clearing mechanisms. This new partnership advances Nomura toward operational blockchain-based settlement offerings.
Japan administers stablecoin operations under its Payment Services Act, restricting issuance authority to authorized financial service providers. Regulatory authorities have additionally explored incorporating digital assets under frameworks governing conventional financial instruments. These regulatory developments may facilitate expanded institutional participation while preserving rigorous supervision of digital asset operations.
Circle and Japan’s leading investment bank Nomura have announced a strategic partnership to develop an instant foreign exchange settlement service tailored for Japanese corporations. According to a Thursday report by Nikkei, the joint service is targeted for launch as early as 2027.
Cross-border payments set for transformationThe planned settlement infrastructure will allow companies to convert funds into new US dollar stablecoins for use in cross-border transactions. This model aims to reduce delays caused by traditional banking hours and time zone differences. The report highlights that accelerating the settlement process could bring major efficiency gains, particularly for corporate payments.
The report notes that the upcoming service could enable Japanese firms to convert funds into new dollar-based stablecoins and settle cross-border payments instantly.
This initiative signals the entry of one of the world’s largest dollar stablecoins into Japan’s institutional foreign exchange markets. As a result, the use of stablecoins in intercompany international payments could see significant expansion in the coming years.
Glossary: A stablecoin is a digital asset whose value is typically pegged to a fiat currency such as the dollar or yen. Settlement refers to the final completion of a payment, where funds are definitively transferred between parties.
Circle, the issuer of USDC with a market capitalization of $73.8 billion, is currently recognized as the world’s second largest stablecoin provider. As this article was being prepared, neither Circle nor Nomura had issued an official statement regarding the partnership.
Rapid progress on stablecoin regulation in JapanJapan has accelerated its progress in the stablecoin sector as financial institutions evaluate regulatory-compliant, blockchain-based settlement solutions. On Wednesday, SBI Holdings and Startale Group introduced JPYSC, a yen-backed stablecoin designed for corporate use and cross-border settlements, supported by a trust bank. Over the same period, Ripple USD also became officially available for use in Japan.
Japan has become one of the first major economies to establish a legal framework for stablecoins, enabling banks, trust companies, and licensed money transfer operators to issue regulated tokens.
The legal foundation for stablecoins in the country is shaped by the Payment Services Act, which allows banks, trust companies, and licensed payment institutions to issue regulated tokens. This framework is credited with enabling swift innovation in the sector.
Taxation and ETF reforms in focus for digital assetsJapanese regulators are also reassessing the legal status of crypto assets. While currently governed by the Payment Services Act, there are steps underway to bring digital assets under the Financial Instruments and Exchange Act. Such a shift could align crypto assets with the regulatory framework of traditional financial products.
Among the proposed reforms is a reduction of the capital gains tax on crypto assets from the current high of 55% to a flat rate of 20%. These changes are seen as crucial for attracting corporate interest and expanding investment vehicles related to digital assets in Japan.
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.
MiCA is the European Union’s first comprehensive rulebook for crypto, and on July 1, 2026, its transition period ends for good. This guide explains what MiCA does, why USDT got delisted while USDC did not, and what the hard deadline means for exchanges and users.
Summary
MiCA becomes fully enforceable across the European Union on July 1, 2026, after which crypto firms without a MiCA license can no longer legally serve EU users. The regulation introduced a single framework for crypto across all EU member states, with strict rules for stablecoins, exchanges, and other crypto service providers. MiCA compliance kept USDC listed on regulated European exchanges, while USDT was delisted after its issuer chose not to seek authorization. Table of Contents
What MiCA actually regulatesThe stablecoin rules and why USDT got delistedCASPs: the rules for exchanges and service providersThe July 2026 deadline and the great narrowingA worked example: what a token and an exchange each faceWhat MiCA leaves unsettledMiCA in the global pictureWhat it means for everyday usersFrequently Asked Questions MiCA, short for Markets in Crypto-Assets, is the European Union’s first comprehensive law governing crypto-assets and the companies that deal in them, creating one common rulebook across all twenty-seven member states in place of the patchwork of national approaches that came before. Formally known as Regulation (EU) 2023/1114, it entered into force in mid-2023 and has rolled out in phases ever since, and it now sits at a decisive moment: on July 1, 2026, the transition period that let existing crypto firms keep operating under old national rules expires for good, and Europe’s market supervisor has been blunt that there will be no extensions.
After that date, any company offering crypto services to European Union clients without a proper MiCA license is simply breaking the law. This guide explains what MiCA is, the categories it creates, why some stablecoins survived in Europe while others were delisted, what a crypto company must do to comply, and what the hard 2026 deadline means for exchanges and ordinary users alike.
The significance of MiCA is hard to overstate, because the European Union is one of the largest economic blocs on earth and MiCA is the most ambitious attempt yet to bring crypto fully inside a traditional financial-regulation framework. Before MiCA, a crypto exchange or token issuer operating in Europe faced a confusing mix of national rules, with one regime in Germany, another in France, another in Malta, and gaps everywhere in between.
MiCA replaces that fragmentation with a single, harmonized system: get authorized once, and you can passport your services across the entire bloc. The trade-off is that the bar to get authorized is high, the obligations are heavy, and the deadline to clear them is now days away rather than years off. The result is a market being reshaped in real time, with a small number of licensed winners, a large number of firms facing exit, and a stablecoin landscape that already looks very different inside Europe than outside it.
What MiCA actually regulates MiCA divides the crypto world into categories and applies different rules to each, so the first step in understanding it is learning what those categories are. At the top level, MiCA governs two kinds of actors: the issuers of crypto-assets and the providers of crypto-asset services. For issuers, MiCA sorts tokens into three buckets.
The first is electronic money tokens, or EMTs, which are stablecoins pegged to a single official currency, such as a euro-pegged or dollar-pegged coin. The second is asset-referenced tokens, or ARTs, which are stablecoins backed by a basket of things, multiple currencies, commodities, or other assets, rather than a single currency. The third is a catch-all category of other crypto-assets, which covers utility tokens, governance tokens, and unbacked cryptocurrencies like Bitcoin and Ether, the assets most exchanges handle every day.
Each bucket carries different obligations. The two stablecoin categories face the strictest treatment, because regulators view stablecoins as the part of crypto most capable of threatening the wider financial system, a concern sharpened by the 2022 collapse of the TerraUSD algorithmic stablecoin that wiped out tens of billions of dollars. EMT and ART issuers must hold proper reserves, grant holders redemption rights, and meet governance and disclosure standards.
The other crypto-assets face lighter rules, mainly requirements to publish an honest whitepaper before offering a token to the public and to avoid market abuse. Notably, MiCA largely excludes non-fungible tokens, unless they are issued in a large fungible series that makes them function more like ordinary tokens, and it excludes assets already covered by existing financial law, such as securities. The category a token falls into determines almost everything about how MiCA treats it, which is why getting the classification right is the starting point for any issuer.
The stablecoin rules and why USDT got delisted The most visible effect of MiCA so far has been on stablecoins, and the clearest way to understand the rules is through what happened to the two largest dollar stablecoins. Under MiCA, a stablecoin can only be offered by European Union-regulated platforms if its issuer is authorized, which for a single-currency stablecoin means holding an e-money or credit institution license and meeting MiCA’s reserve, redemption, and governance requirements.
The reserve rules are strict: an EMT must back its tokens fully, holding one hundred percent of reserves in safe, segregated accounts, while an ART must keep at least a substantial portion segregated at regulated credit institutions. MiCA also bars stablecoin issuers from paying interest or yield to holders, a deliberate choice to stop stablecoins from competing with bank deposits and drawing money out of the banking system.
This is where the two giants diverged. Circle, the issuer of USDC, pursued authorization through a European subsidiary and obtained MiCA approval for USDC and its euro stablecoin EURC, making them compliant and freely offered across European Union exchanges. Tether, the issuer of USDT, the largest stablecoin in the world, did not apply for MiCA authorization and confirmed its token was not compliant. The consequence was swift: major European Union-regulated exchanges, including the regional arms of the largest global platforms, delisted USDT and other non-compliant stablecoins for their European users.
The nuance worth understanding is that USDT is not banned from existence in Europe; users can still hold it in self-custody and trade it on decentralized exchanges. What changed is that a MiCA-licensed exchange can no longer offer it, which fragments liquidity and pushes European users toward compliant alternatives like USDC. Every stablecoin authorized under MiCA so far has been an EMT, a single-currency token, and USDC’s compliance versus USDT’s non-compliance has become the textbook illustration of the rules in action.
CASPs: the rules for exchanges and service providers Beyond token issuers, MiCA’s other major target is the companies that provide crypto services, which the regulation calls crypto-asset service providers, or CASPs. This category is broad: it covers exchanges, brokers, custodians, wallet providers that hold customer assets, trading platforms, and firms that advise on or place crypto-assets.
If your business touches customer crypto in almost any commercial way, you likely need a CASP authorization to keep serving European Union clients. The obligations that come with that authorization are extensive and closely mirror those imposed on traditional financial firms, which is the entire point: MiCA aims to make crypto service providers behave like regulated financial institutions rather than lightly governed startups.
A CASP must meet requirements covering customer identity verification and anti-money-laundering controls, the safekeeping and segregation of customer assets, governance and capital standards, market-conduct rules that prohibit insider trading and market manipulation, and clear disclosure of risks to customers. Authorized CASPs also become subject to the European Union’s operational-resilience framework, which mandates cybersecurity and incident-reporting standards, and to the crypto travel rule, which requires them to pass along sender and recipient information on transfers, the same obligation that has applied to bank wires for decades.
The reward for shouldering all of this is passporting: once a firm is authorized in any one member state, it can offer its services across all twenty-seven without seeking separate licenses in each, turning a fragmented continent into a single market. The burden is that running these programs at scale, across a global customer base, is expensive and demanding, which is exactly why so many firms are struggling to clear the bar before the deadline.
The July 2026 deadline and the great narrowing Everything about MiCA now points toward a single date, and understanding the phased rollout explains why that date matters so much. MiCA did not arrive all at once. The stablecoin rules for EMTs and ARTs took effect in mid-2024. The full CASP authorization regime took effect at the end of 2024, the point from which firms needed a MiCA license to operate.
But MiCA included a grandfathering provision, a transition period that let firms already operating legally under their national rules continue doing so while they applied for full MiCA authorization. Member states set their own transition windows within the limits MiCA allowed, ranging from short windows ending in 2025 to the full eighteen-month period ending on July 1, 2026. That final date is the bloc-wide cutoff, the moment the transition ends everywhere at once.
What makes the deadline dramatic is how few firms have actually cleared the bar. As the cutoff approached in 2026, roughly a couple of hundred firms held some form of full MiCA authorization across the entire union, but the number cleared to run an actual crypto trading platform was strikingly small, in the low double digits, with a number of member states having issued zero trading-platform licenses at all. Industry executives openly warned that a large majority of exchanges currently operating may fail to secure a license and be forced to exit the European market, and reports emerged of major global exchanges facing rejection in specific countries.
Europe’s market supervisor reinforced the message with no room for ambiguity: no member state may extend the transition beyond July 1, 2026, and after that date, operating without authorization is a breach of European Union law, not a paperwork gap. The picture, then, is of a great narrowing, a market being compressed from a crowded field into a small set of licensed survivors, with the rest required to wind down their European operations or leave.
A worked example: what a token and an exchange each face To make the rules concrete, it helps to walk through how MiCA treats two typical cases, a stablecoin issuer and an exchange, because the abstract categories become much clearer in motion. Imagine a company issuing a euro-pegged stablecoin and wanting European users to hold and trade it on regulated platforms.
Under MiCA, that token is an electronic money token, so the issuer must hold an e-money or credit institution license, back every token fully with reserves held in safe, segregated accounts, grant holders the right to redeem their tokens for the underlying currency on demand, publish a compliant whitepaper, and accept that it cannot pay holders any interest or yield. If the company does all of this and secures authorization, its stablecoin can be offered across the bloc; if it does not, regulated exchanges must refuse to list it, exactly the fork in the road that separated the compliant dollar stablecoin from the non-compliant one. The token’s fate under MiCA is decided entirely by whether its issuer accepts this package of obligations.
Now imagine an exchange that wants to keep serving European customers. Its path runs through CASP authorization. It must apply to a national regulator in some member state, prove it meets MiCA’s standards for governance, capital, and the safekeeping and segregation of customer assets, stand up the identity-verification and anti-money-laundering machinery that turns it into an obliged entity under European law, implement the travel rule so it passes sender and recipient information on transfers, meet the operational-resilience and cybersecurity requirements, and submit to ongoing supervision and market-conduct rules. If the regulator grants authorization, the exchange can passport that single license across all twenty-seven member states and operate bloc-wide.
If it cannot meet the bar or applies too late, it must stop serving European Union clients once the transition ends, winding down in an orderly way. The two journeys share a logic: MiCA offers a single, valuable prize, legal access to the entire European market, in exchange for accepting obligations modeled on those that govern banks and regulated financial firms.
What this worked example reveals is the deeper character of MiCA. It is not a light-touch registration that lets crypto firms keep operating much as before with a new label. It is a serious authorization regime that demands real reserves, real controls, real segregation of customer money, and real accountability, and it forces every issuer and service provider to decide whether the prize of European market access is worth the cost of meeting those demands.
For well-resourced firms with a long-term commitment to Europe, the answer is often yes, and they have built the compliance machinery to clear the bar. For many smaller or offshore operators, the cost is too high or the timeline too short, which is why the market is narrowing toward a smaller set of licensed survivors. The categories and rules described earlier are not bureaucratic abstractions; they are the concrete hurdles that decide, token by token and firm by firm, who gets to operate in Europe after the transition closes.
What MiCA leaves unsettled For all its ambition, MiCA leaves important questions open, and the gaps are as revealing as the rules. The largest unsettled area is decentralized finance. MiCA is built around identifiable issuers and service providers, the companies it can authorize and supervise, but a genuinely decentralized protocol has no company at its center, no firm to hold a license or answer to a regulator. MiCA states that fully decentralized arrangements, those provided without any intermediary, fall outside its scope, which sounds clean until you ask what “fully decentralized” actually means.
The market supervisor has not yet defined the term precisely, and most real protocols sit somewhere in the middle, with a governance token, a development team, a foundation, or a front-end operator that a regulator might decide counts as an intermediary. The result is genuine uncertainty about which DeFi protocols MiCA captures and which it does not, a gap that will be filled by future guidance and enforcement instead of the text itself.
Other tensions are surfacing as the rules meet reality. MiCA places caps on how widely very large stablecoins denominated in non-European currencies, such as dollar stablecoins, can be used as a means of payment within the bloc, a provision aimed at protecting European monetary sovereignty but one that complicates life for a market where most trading is dollar-denominated.
There are overlaps with other European financial laws, such as payment services rules, that can double the compliance burden for some stablecoin activities and have prompted worries about the competitiveness of euro stablecoins. And politically, the dossier has grown charged, with some member states floating the idea of a mechanism to switch off foreign stablecoins seen as a systemic threat.
None of these unsettled questions undermines MiCA’s core achievement of creating a single framework, but they are reminders that a law this sweeping cannot anticipate everything, and that MiCA will keep evolving through guidance, enforcement, and amendment for years after the headline deadline passes.
MiCA in the global picture MiCA does not exist in isolation, and seeing it alongside parallel efforts elsewhere reveals where global crypto regulation is heading. The same years that produced MiCA also produced the United States’ first comprehensive federal stablecoin law, the United Kingdom’s move toward its own crypto regime under its financial regulator, and Hong Kong’s stablecoin ordinance, among others.
These frameworks differ in detail, but they converge on a striking number of core principles: stablecoin issuers should hold full, high-quality reserves; they should be licensed and supervised; holders should have clear redemption rights; service providers should enforce identity checks and anti-money-laundering controls; and the whole apparatus should be brought inside the regulatory perimeter that governs traditional finance. MiCA, having arrived early and comprehensively, has functioned as something of a reference point that later frameworks echo and respond to.
This convergence matters for anyone trying to understand the trajectory of the industry. The era in which crypto operated in a regulatory vacuum, where an exchange could serve a global audience with minimal oversight, is closing, and MiCA is one of the clearest markers of that shift. The picture that emerges is of a maturing market in which access increasingly depends on compliance, in which the same stablecoin can be freely available in one jurisdiction and delisted in another based purely on its issuer’s regulatory posture, and in which the cost of operating legally has risen sharply.
For Europe specifically, MiCA’s promise is a safer, more transparent market with clear rules and a public register of authorized firms and tokens that anyone can consult. Its cost is a heavier compliance burden, a narrower field of providers, and reduced access to some popular global assets. Whether that trade favors consumers or stifles innovation is the live debate, but the direction is set: in Europe, crypto is now a regulated activity, and after July 1, 2026, that is true without exception.
What it means for everyday users For an ordinary person using crypto in Europe, MiCA changes the landscape in concrete ways worth understanding before the deadline instead of after. The most immediate effect is on which platforms and tokens you can use. If you rely on an exchange that has not secured a MiCA license, that platform may be forced to stop serving European Union clients after July 1, 2026, which in practice can mean frozen new deposits, halted trading features, and eventually a forced withdrawal of your funds, sometimes during a period of low liquidity and high fees. The protective move is to check, today instead of on July 2, whether the platforms you use have secured or are clearly on track to secure authorization, and to favor those that have. An unauthorized service operating after the deadline offers reduced legal protection and potential restrictions on access to your own assets.
The second effect is on stablecoins. If you hold a non-compliant stablecoin on a European Union-regulated exchange, you may find it delisted, with trading pairs removed and liquidity drying up, which is why many European users have shifted toward MiCA-authorized options. You can still self-custody whatever you like, but the convenient on-ramps and trading pairs increasingly favor compliant tokens. The broader takeaway is that MiCA, for all its complexity, ultimately aims to make the European crypto market safer and more transparent for users by ensuring the exchanges they trust meet real standards and the stablecoins they hold are genuinely backed. The cost of that safety is fewer choices and more friction, and a transition period that, for some platforms and tokens, ends abruptly.
The practical wisdom is simple: understand which of your platforms and assets are compliant, make any moves before the deadline instead of during the disruption, and treat MiCA authorization as a meaningful signal that a service has accepted real regulatory accountability.
Frequently Asked Questions What does MiCA stand for and what is it? MiCA stands for Markets in Crypto-Assets. It is the European Union’s first comprehensive law for crypto-assets and the companies that deal in them, formally Regulation (EU) 2023/1114. It replaces the previous patchwork of national rules with one harmonized framework across all twenty-seven member states, covering token issuers and service providers like exchanges, custodians, and wallet providers. Its goals are to protect consumers, prevent market abuse, ensure stablecoins are properly backed, and bring crypto inside the same kind of regulatory perimeter that governs traditional finance, while letting authorized firms operate bloc-wide.
Why was USDT delisted in Europe but not USDC? Under MiCA, a stablecoin can only be offered by European Union-regulated platforms if its issuer is authorized and meets MiCA’s reserve, redemption, and governance rules. Circle pursued authorization through a European subsidiary and obtained MiCA approval for USDC and its euro stablecoin EURC, so they remain available. Tether did not apply for MiCA authorization and confirmed USDT was non-compliant, so European Union-regulated exchanges delisted it. USDT is not banned outright; it can still be self-custodied and traded on decentralized exchanges, but licensed European platforms can no longer offer it.
What happens on July 1, 2026? That is when MiCA’s transition period ends across the entire European Union. The transition, or grandfathering, let firms already operating under national rules keep going while they applied for full MiCA authorization. After July 1, 2026, any company providing crypto services to European Union clients without a proper MiCA license is breaking European Union law. The market supervisor has stated there will be no extensions. Because relatively few firms have secured licenses, especially to run trading platforms, many exchanges may be forced to exit the European market or wind down their services there.
What is a CASP under MiCA? A CASP is a crypto-asset service provider, MiCA’s term for companies that offer crypto services such as exchanges, brokers, custodians, wallet providers holding customer assets, and trading platforms. To serve European Union clients, a CASP needs MiCA authorization, which comes with obligations modeled on traditional finance: identity checks and anti-money-laundering controls, segregation and safekeeping of customer assets, governance and capital standards, market-conduct rules against manipulation and insider trading, operational-resilience requirements, and the crypto travel rule. Once authorized in one member state, a CASP can passport its services across all twenty-seven.
Does MiCA regulate DeFi and NFTs? Only partly, and with significant uncertainty. MiCA largely excludes non-fungible tokens unless they are issued in a large fungible series that makes them behave like ordinary tokens. For decentralized finance, MiCA says fully decentralized arrangements provided without any intermediary fall outside its scope, but it has not precisely defined “fully decentralized.” Since most protocols have a governance token, a development team, a foundation, or a front-end operator, regulators may decide some of them have an intermediary that MiCA captures. So the treatment of many DeFi protocols remains unsettled and will be clarified through future guidance and enforcement.
How does MiCA affect ordinary crypto users in Europe? Mainly through which platforms and tokens you can use. If an exchange you use has not secured a MiCA license, it may have to stop serving European Union clients after July 1, 2026, which can mean halted deposits and trading and eventually forced withdrawals. Non-compliant stablecoins may be delisted from regulated exchanges, with liquidity shifting to compliant ones like USDC. The protective steps are to check whether your platforms are authorized, move before the deadline instead of during any disruption, and treat MiCA authorization as a signal that a service has accepted real regulatory accountability. You can still self-custody assets freely.
This article is educational information, not legal or financial advice. MiCA implementation, license counts, stablecoin compliance status, and deadlines can change, and details reflect reporting available as of June 25, 2026. Confirm current requirements and the status of specific platforms and tokens through official sources such as the European Securities and Markets Authority register before relying on anything described here.
Skip to contentHow STRK20 brings confidential stablecoin payments to DeFi
Stablecoins have become the unit of account for onchain finance. They settle trades, move treasury, pay contributors, and back most of the liquidity that DeFi runs on. But every one of those transfers carries a cost that rarely gets named: it is permanently, irreversibly public.
On Starknet, this has changed with privacy features for USDC, built with STRK20. With STRK20, Starknet’s native privacy framework, USDC on Starknet gains confidential capabilities: shieldable, privately transferable, and usable across DeFi, without leaving the standard ERC-20 behind.
The transparency problem with blockchain transactionsSend stablecoins on any chain and you broadcast the full transaction to anyone watching: the sender, the recipient, the exact amount, and the timestamp, all written to a public ledger forever. For a base layer that’s a feature. For the entity actually moving the money, it’s an exposure.
A treasury rebalance reveals position size and intent. A market-making wallet leaks its strategy with every fill. Counterparties can map your entire balance history before you’ve signed a single agreement, and MEV searchers can reconstruct your behaviour from a single linked address. The transparency that makes the network trustworthy makes its most important asset hostile to anyone who needs discretion, which is to say most enterprises, most institutions, and a fair number of individuals who simply expect their finances to be their own.
Workarounds exist, but they fragment liquidity, demand new tokens, or wrap privacy in a separate app users have to trust and migrate to. None of that is the same thing as privacy on the asset you already hold.
Introducing USDC privacy features with STRK20STRK20 is a privacy framework for all ERC-20 tokens on Starknet. It lets any ERC-20 support shielded balances and private transfers without altering the token contract and without asking wallets or apps to rebuild from scratch. USDC is among the first stablecoins on Starknet to have these privacy capabilities.
The model is:
– Shield USDC to hold a private balance, invisible to outside observers on the public ledger.
– Unshield at any time to return to standard, fully transparent ERC-20 behaviour.
– Transfer shielded USDC privately, with asset type, amount, and participating wallets all hidden from outside view.
Crucially, this is privacy at the protocol level, not an app integration. It’s the same USDC, in the same wallet, private when you need it to be and visible when you don’t. There’s no second token, no bridge into a walled garden, no duplicated balance to reconcile.
How it worksShielding moves USDC into a privacy pool where balances and transfers are protected by zero-knowledge proofs rather than published in the clear. A private transfer proves the transaction is valid (funds exist, the sender is authorised, nothing is double-spent) without revealing what moved, how much, or between whom.
Proof generation happens operator-side; verification happens at the sequencer level, using the same infrastructure Starknet already uses to prove its own blocks. Unshielding reverses the process, returning USDC to the public ledger whenever the user chooses.
And it won’t price privacy as a tax. Unlike approaches that skim a percentage of transaction value, STRK20 charges a fixed fee per transaction, closer to a gas fee than a toll. That flat cost is what makes private stablecoin payments viable at real volume rather than only for the largest transfers.
Confidential DeFi on Ready X and XversePrivacy that strands your assets isn’t very useful, so STRK20 is built for assets to stay composable. From the privacy pool, users will be able to swap in and out of USDC confidentially on Ready and XVerse wallets
That means you can hold a private balance and still participate in onchain markets without re-exposing yourself the moment you want to do something with it. These are the first integrations, not the last; more DeFi venues will follow as the framework rolls out.
Compliance architecture and viewing keysPrivacy and auditability are usually framed as a trade-off. STRK20 is designed to deliver both, by building compliance rather than bolting it on.
When a user shields, they automatically register a viewing key. The key is scoped to that user and that user alone. If a legitimate legal request is made, a designated third-party auditing entity can use it to reconstruct *that specific user’s* transaction history, and nothing else. No other participant in the pool is affected, and access sits with authorised bodies under legal process, never with counterparties, observers, or the users themselves peering into one another.
The result is privacy for users by default, with a clean, scoped path to auditability for regulators when the law requires it.
Why StarknetNone of this is incidental to Starknet; it’s a direct consequence of what the network was built on. Years of zero-knowledge research and engineering by StarkWare produced a STARK-based proving and verification stack efficient enough to make private payments both cheap and scalable, rather than a premium feature reserved for whales.
That same efficiency is why STRK20 can support complex private payments at scale where other privacy designs hit a wall. And it isn’t experimental: verification runs on the very infrastructure Starknet has used to prove its own blocks in production for over five years. Shielded USDC inherits that foundation.
Stablecoins gave onchain finance a unit of account. STRK20 is set to give it a private one.
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Confidential stablecoin payments are here on Starknet. Follow the rollout and get the technical details at strk20.starknet.io
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In contrast to comparable features provided by centralized exchanges, dSLTP uses Orbs-powered decentralized infrastructure. By expanding on its current integration of the Orbs-powered dLIMIT and dTWAP protocols, the launch broadens SushiSwap’s range. One of DeFi’s most established decentralized exchanges, SushiSwap, has included dSLTP, the Orbs Layer-3 technology-powered stop-loss and take-profit protocol. Through decentralized stop-loss and take-profit orders, users may automate trade execution from inside the SushiSwap trading interface thanks to the integration.
By expanding on its current integration of the Orbs-powered dLIMIT and dTWAP protocols, the launch broadens SushiSwap’s range of sophisticated trading capabilities. In order to control risk, safeguard gains, and lessen the need for continuous market monitoring while retaining complete custody of their assets, users may now establish automatic orders that execute when predetermined price goals are met.
Currently, dSLTP is accessible on SushiSwap for Ethereum, Base, Arbitrum, and Katana, giving traders in several blockchain ecosystems access to sophisticated order capabilities. In contrast to comparable features provided by centralized exchanges, dSLTP uses Orbs-powered decentralized infrastructure.
The protocol maintains the composability and transparency of decentralized finance by enabling stop-order automation without the need for centralized servers, custodians, or off-chain execution mechanisms.
“Stop-loss and take-profit orders are among the most widely used tools in trading, yet they’ve largely been unavailable in a decentralized environment,” said Ran Hammer, Vice President of Business Development at Orbs. “By bringing dSLTP to SushiSwap, we’re giving traders the ability to automate risk management and execution without sacrificing the transparency and self-custody that make DeFi unique. It’s another milestone in closing the gap between centralized and decentralized trading experiences.”
A variety of execution settings, including as trigger prices, optional limit prices, order expiry dates, and percentage-based trading strategies, may be configured by traders via the interface. The SushiSwap interface allows for immediate order monitoring, modification, and cancellation.
When an asset drops below a defined price, stop-loss orders instantly take effect, assisting traders in reducing their exposure to downside risk under erratic market circumstances. Take-profit orders enable users to lock in profits in accordance with their trading strategy by triggering when a target price is met. When combined, the order types provide traders a framework for automated profit-taking and risk management.
The launch is the most recent addition to Orbs’ expanding collection of decentralized trade protocols. In addition to dLIMIT, dTWAP, Liquidity Hub, and Perpetual Hub, dSLTP is intended to provide on-chain markets with sophisticated execution capabilities that are often associated with conventional finance and centralized exchanges.
Advanced order types are becoming more and more crucial for traders looking for more accuracy, efficiency, and control as decentralized exchanges continue to develop beyond simple token swaps. Now that dSLTP is operational on SushiSwap, customers may access institutional-grade trading capabilities while staying entirely on-chain.
One of DeFi’s most well-known decentralized exchanges, SushiSwap was first introduced on Ethereum in 2020 and is now available on other chains. SushiSwap, a leader in community-governed DeFi infrastructure, is a reliable source of on-chain trading volume and provides a wide range of trading and liquidity options.
Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
SushiSwap dSLTP integration adds decentralized stop-loss and take-profit orders powered by Orbs across four blockchain networks.
Summary
SushiSwap added dSLTP to automate stop-loss and take-profit orders inside its decentralized trading interface today. Orbs powers the protocol, allowing traders to manage risk without centralized servers or asset custody. The feature is live across Ethereum, Base, Arbitrum, and Katana for broader DeFi access. SushiSwap has integrated dSLTP, an Orbs-powered protocol that enables decentralized stop-loss and take-profit orders within its trading interface. The launch gives users on Ethereum, Base, Arbitrum, and Katana a way to automate trade execution when set price targets are reached. SushiSwap added the tool to help traders manage risk, secure gains, and reduce constant market monitoring while keeping full control of their assets.
SushiSwap dSLTP integration expands trading tools The SushiSwap dSLTP integration adds another advanced order type to one of decentralized finance’s established decentralized exchanges. Users can now create orders that respond to market prices without relying on a centralized exchange.
The feature builds on SushiSwap’s existing use of Orbs-powered dLIMIT and dTWAP protocols. Together, these tools aim to give traders more control over execution while keeping activity on-chain.
Stop-loss orders execute when an asset falls below a chosen price. Traders use them to limit downside exposure during volatile market conditions. On SushiSwap, dSLTP brings this function into a decentralized setting.
Take-profit orders work in the other direction. They trigger when an asset reaches a target price, allowing users to lock in gains based on their own strategy. When used together, both order types support automated risk management and profit-taking.
Orbs-powered protocol keeps trading on-chain dSLTP runs on decentralized infrastructure powered by Orbs Layer-3 technology. The protocol does not depend on centralized servers, custodians, or off-chain execution systems.
This design allows users to keep self-custody of their assets while using advanced DeFi trading tools. It also preserves the transparency and composability that are central to decentralized finance.
“Stop-loss and take-profit orders are among the most widely used tools in trading, yet they’ve largely been unavailable in a decentralized environment,” said Ran Hammer, Vice President of Business Development at Orbs. “By bringing dSLTP to SushiSwap, we’re giving traders the ability to automate risk management and execution without sacrificing the transparency and self-custody that make DeFi unique. It’s another milestone in closing the gap between centralized and decentralized trading experiences.”
Users can set flexible order parameters Through the integration, traders can set trigger prices, optional limit prices, order expiration periods, and percentage-based strategies. They can also monitor, adjust, or cancel orders from the SushiSwap interface.
The feature is now available on Ethereum, Base, Arbitrum, and Katana. This gives traders across several blockchain ecosystems access to decentralized stop-loss orders and take-profit orders without leaving SushiSwap.
The launch also adds to Orbs’ broader suite of decentralized trading protocols. Alongside dLIMIT, dTWAP, Liquidity Hub, and Perpetual Hub, dSLTP is designed to bring advanced execution tools to on-chain markets.
As decentralized exchanges move beyond basic token swaps, advanced order types are becoming more important for traders seeking precision, efficiency, and control. With dSLTP live on SushiSwap, users can access trading functions often linked to traditional finance and centralized exchanges while remaining fully on-chain.
Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.
Neymar Jr stepped onto the pitch in the 76th minute of Brazil’s 3-0 win over Scotland at the 2026 World Cup, and the internet lost its collective mind. Former Peru international Jefferson Farfan, watching from his YouTube channel ‘Satelite+’, could barely contain himself as the Santos number 10 crossed himself, looked skyward, and jogged into the attack.
What the moment didn’t do: move any meaningful needle in the crypto world that once treated Neymar like a Web3 demigod.
## The ghost of Neymar’s crypto past
Rewind to January 2022. Neymar dropped roughly $1.12 million on two Bored Ape Yacht Club NFTs, paying 159.99 ETH for one and 189.69 ETH for the other.
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Two months before those purchases, in November 2021, Neymar had signed an exclusive licensing deal with NFTSTAR, a platform operated by The9 Limited, to create and sell digital collectibles featuring his likeness.
Today, the BAYC floor price sits at a fraction of its 2022 highs. His NFTSTAR partnership has faded from public conversation. And the unofficial meme tokens that sprung up bearing his name across various blockchains? They collectively hold a valuation under $3,000. That’s not a typo. Three thousand dollars, combined, across every chain.
## The Santos FC Fan Token tells a quieter story
There is one crypto asset with a legitimate, structural connection to Neymar’s career: the Santos FC Fan Token (SANTOS). When news broke in early 2025 that Neymar was returning to his boyhood club, the token jumped 10.6% on centralized exchanges.
Neymar’s World Cup cameo against Scotland triggered no comparable reaction in SANTOS or any other token. No new endorsement was announced. No crypto partnership was unveiled alongside the appearance.
## What Neymar’s non-event means for sports crypto
In 2021 and 2022, athlete endorsements could single-handedly pump token prices. Tom Brady had FTX. Steph Curry had FTX. Neymar had his apes. The logic was simple: famous person touches crypto thing, crypto thing goes up. That trade worked until it catastrophically didn’t, and the rubble from FTX’s collapse made every celebrity-crypto pairing look like a liability rather than a catalyst.
Now, without a fresh endorsement deal, a new NFT collection, or any official Neymar-branded protocol tied to the World Cup, there’s simply no vehicle for speculative capital to ride the Neymar wave in crypto markets. The meme tokens are functionally dead. The fan token moves on club news, not international fixtures.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
After FTX vanished with billions in customer money, “proof of reserves” became the phrase every exchange started using. This guide explains what it really proves, what it quietly leaves out, and how to tell a meaningful attestation from a marketing badge.
Summary
Proof of reserves lets crypto exchanges verify on chain holdings against customer liabilities instead of relying only on trust. Merkle trees and zero knowledge proofs help exchanges prove customer balances are included without exposing private account data. Proof of reserves improves transparency but cannot fully confirm off chain obligations or guarantee long term solvency. Table of Contents
The problem proof of reserves is trying to solveThe two halves: assets and liabilitiesHow Merkle-tree proof of reserves worksThe zero-knowledge upgradeThe limitations every user must understandWhy auditors and skeptics both have a pointA cautionary tale that proves the pointProof of reserves versus a real auditHow to read an exchange’s proof of reservesFrequently Asked Questions Proof of reserves is a cryptographic method an exchange uses to show that it actually holds the crypto assets its customers have deposited, by publishing verifiable evidence of its on-chain holdings and, in the stronger versions, matching them against what it owes. The first sentence of that definition is the part exchanges love to advertise. The second part, the matching against what it owes, is the part that separates a genuine solvency proof from a reassuring graphic, and it is where most of the difficulty lives.
The idea moved from a niche cryptographic curiosity to an industry standard almost overnight in late 2022, when FTX, one of the largest exchanges in the world, collapsed and revealed an estimated eight-billion-dollar hole between what it claimed to hold and what it actually had. In the panic that followed, every surviving exchange rushed to prove it was not the next FTX, and “proof of reserves” became the phrase they reached for. This guide explains what proof of reserves is, how the cryptography works, what a credible implementation looks like, the serious limitations every user should understand, and how to read an exchange’s attestation without being lulled by a green checkmark.
The reason this matters is simple and uncomfortable. When you deposit crypto on a centralized exchange, you generally do not hold those coins yourself; the exchange holds them and owes them back to you, exactly as a bank holds your deposit. That arrangement works only if the exchange truly has the assets, keeps them separate from money it gambles or lends, and can return them on demand. FTX proved that an exchange can claim all of this while secretly using customer funds to plug losses elsewhere, and that by the time the truth surfaces, the money is gone.
Proof of reserves is the industry’s attempt to make that kind of fraud detectable in advance, by replacing “trust us” with “verify it yourself.” Whether it succeeds depends entirely on how it is done, and the gap between the strong and weak versions is the most important thing this guide will teach you.
The problem proof of reserves is trying to solve To understand proof of reserves, start with what an exchange actually is from a financial standpoint. A centralized exchange custodies assets on behalf of millions of users, pooling them in wallets it controls. Your balance on the screen is not a coin with your name on it; it is an entry in the exchange’s database, a promise that the platform owes you that amount and will pay it when you withdraw. As long as everyone does not ask for their money at once, and as long as the exchange truly holds what it owes, the system runs smoothly.
The danger appears when an exchange quietly spends, lends, or loses customer assets while still showing full balances on screen. Users see numbers that look real, but the coins behind them are gone, and the shortfall stays hidden until a wave of withdrawals exposes it.
This is precisely the failure FTX embodied. It took customer deposits and funneled them to an affiliated trading firm, which lost them, while customer account balances continued to display as though the money were safe. When users tried to withdraw en masse, the exchange could not pay, and the missing billions came to light only in the collapse. The episode burned a lesson into the industry: an exchange’s own assurances are worthless, because a fraudulent or insolvent platform will keep claiming everything is fine right up until it implodes.
What users needed was a way to check, independently and cryptographically, that an exchange held the assets it claimed, without having to trust the exchange’s word or wait for an auditor’s annual report. Proof of reserves was the answer the industry converged on, a mechanism designed to make solvency, or its absence, visible to anyone willing to verify, ideally before a platform fails rather than after.
The two halves: assets and liabilities The single most important concept in proof of reserves is that real solvency requires proving two separate things, and that an exchange holds enough assets is only one of them. The first half is proof of assets: showing that the exchange controls a certain quantity of crypto in its wallets. This is the easier half, because blockchains are public. An exchange can point to its wallet addresses and let anyone see the balances on-chain, or it can cryptographically sign a message from those addresses to prove it controls them. Either way, the assets side is relatively straightforward to show, because the blockchain itself is the evidence.
The second half is proof of liabilities: showing the total amount the exchange owes to all of its customers combined. This is the hard half, and it is the half that weak implementations skip. Without knowing the total liabilities, proving assets means nothing, because solvency is a comparison. An exchange holding one billion dollars of crypto looks healthy until you learn it owes customers two billion, at which point it is catastrophically insolvent. Proof of assets alone tells you what is in the vault; only proof of liabilities tells you whether what is in the vault is enough.
A complete proof of reserves therefore pairs the two: it shows that total assets held are greater than or equal to total customer liabilities, which is the actual definition of solvency. When an exchange publishes a glossy page showing its wallet holdings but says nothing rigorous about what it owes, it has proven assets and called it solvency, and that substitution is the most common way the term gets watered down into marketing.
How Merkle-tree proof of reserves works The clever cryptography in proof of reserves is mostly on the liabilities side, because proving what an exchange owes without exposing every customer’s private balance is the genuinely hard problem. The standard tool is a structure called a Merkle tree. Picture every customer’s balance as a leaf at the bottom of a tree. Each leaf is hashed, meaning run through a one-way cryptographic function that turns it into a fixed string of characters.
Pairs of hashes are then combined and hashed again, level by level, climbing the tree until everything condenses into a single hash at the very top called the Merkle root. That root is a compact fingerprint of every balance in the system at once, and crucially, changing any single balance anywhere in the tree would change the root entirely.
The exchange publishes the Merkle root, which represents its total customer liabilities, along with the total asset figure, ideally verified by a third party. Each individual user can then independently confirm that their own balance was included in the calculation. The exchange gives the user the specific branch of hashes connecting their leaf to the root, and the user can recompute the path and check that it produces the published root. If it does, the user has proven their balance was counted in the total, without the exchange ever revealing anyone else’s balance.
The privacy is the point: the Merkle tree lets the exchange prove a true, complete total of what it owes while keeping each customer’s individual figure hidden from everyone else. If enough users perform this check and find themselves correctly included, the published liability total becomes credible, and it can be compared against the proven assets to assess solvency. The catch, which we will return to, is that this only works well if users actually perform the check and if the asset side is honestly and independently verified.
The zero-knowledge upgrade The basic Merkle-tree approach has a subtle weakness that more advanced systems have moved to close. To fully trust the liability total, you ideally want assurance that the exchange did not cheat in constructing the tree, for instance by sneaking in fake negative balances to make its total liabilities look smaller than they really are, or by excluding certain accounts. The plain Merkle tree proves your balance is included, but it does not, on its own, prove that every entry in the tree was non-negative and that the math behind the total was honest. A sophisticated exchange could, in principle, manipulate the construction in ways an ordinary user checking a single branch would not catch.
The fix that leading exchanges have adopted is to layer a zero-knowledge proof on top of the Merkle tree, using a cryptographic technique called a zk-SNARK. A zero-knowledge proof lets one party prove a statement is true without revealing the underlying data. Applied to proof of reserves, a zk-SNARK can prove that every user balance in the tree was included, that no balance was negative, and that the total was computed correctly, all without exposing any individual balance or even aggregate patterns.
The exchange proves, in effect, “the sum of all real, non-negative customer balances equals this published number, and here is mathematical proof we did not fake it,” and anyone can verify that proof. The founder of Ethereum publicly proposed exactly this kind of zk-SNARK enhancement as the right way to do proof of reserves, and major exchanges now run zk-SNARK systems atop their Merkle trees. This is the current state of the art on the liabilities side: a privacy-preserving, tamper-evident proof that the total owed is honest and complete.
The limitations every user must understand Even the most sophisticated proof of reserves has serious limitations, and understanding them is what separates an informed user from someone soothed by a checkmark. The first and most damning is the snapshot problem. Proof of reserves captures a single moment in time. An exchange short on assets could borrow funds, perhaps from another exchange or a lender, hold them just long enough to pass the snapshot, prove healthy reserves, and return the borrowed money the next day. The proof would be technically accurate and completely misleading, because the assets were never really there outside the photographed instant. Frequent or continuous proofs reduce this risk but do not eliminate it, and many exchanges publish only periodically.
The second limitation is that proving assets does not prove they are unencumbered. An exchange can genuinely hold the coins it shows while having secretly borrowed them, pledged them as collateral, or owing them to a third party. The blockchain shows the coins sitting in the wallet; it does not show the hidden loan agreement that means those coins are not really free to cover customer withdrawals. The third limitation is the liabilities honesty problem already noted: a proof of assets with no rigorous, independently verified proof of liabilities is not a solvency proof at all, and many advertised implementations stop at assets.
Fourth, off-chain assets and obligations sit entirely outside the blockchain’s view, so an exchange holding fiat currency, real-world assets, or off-chain debts cannot have those captured by an on-chain proof. The honest summary is that proof of reserves can show an exchange has assets at a moment, but it struggles to prove those assets are sufficient, unencumbered, continuously present, and matched against an honest accounting of everything owed. It is a meaningful check, not a guarantee.
Why auditors and skeptics both have a point Because the cryptography alone cannot close every gap, third-party auditors have become central to credible proof of reserves, and their role is both valuable and contested. An independent auditor or specialized verification firm can examine an exchange’s wallets, confirm control of the assets, review the liability construction, and attest that, at the time examined, assets exceeded liabilities by some margin. Several firms now perform this work, publishing reserve ratios for exchanges that show assets comfortably above liabilities, figures above one hundred percent meaning the exchange holds more than it owes. Some exchanges go further, combining independent accountant reviews with user verifiable identifiers so individuals can confirm their own inclusion. This blend of cryptographic proof and human attestation is currently the strongest form of assurance an exchange can offer short of full, traditional financial audits.
Yet skeptics raise a point worth taking seriously, and it is best captured by the prominent executive who refused to publish proof of reserves for his own company’s holdings, calling it a bad idea. His argument was not that hiding assets is good, but that proof of reserves as commonly practiced can mislead: it can create a false sense of security by proving assets while saying little verifiable about liabilities, off-chain obligations, or whether the assets are encumbered, and a sophisticated bad actor can satisfy the letter of a proof while remaining insolvent in substance. The skeptics and the auditors are, in a sense, both right. Proof of reserves done well, with honest liabilities, independent attestation, and frequent snapshots, is a real improvement over the pre-FTX world of pure blind trust. Proof of reserves done poorly, as a one-time assets-only graphic, can be worse than nothing if it lulls users into a confidence the proof does not actually earn. The technique is a tool, and like any tool it can be wielded honestly or as theater.
A cautionary tale that proves the point The limitations are not hypothetical, and a fresh example shows exactly how a proof-of-reserves regime can fail in practice. In early 2026, an investigation by an on-chain forensics firm revealed that a European exchange’s main Bitcoin holding wallet had collapsed from around fifty-six Bitcoin to a fraction of a single coin, a drop of more than ninety-nine percent, even as the platform continued to assure users it was solvent.
Tens of thousands of customers were potentially affected, and observers described it as one of the most significant European exchange failures since FTX itself. The episode landed as a direct reminder that an exchange claiming solvency, and even one gesturing at reserves, can be hollow underneath, and that the gap between a public claim and verifiable on-chain reality is exactly where users lose money.
The lesson is not that proof of reserves is useless; it is that the quality and continuity of verification are everything. Had that exchange’s reserves been continuously proven, independently audited, and matched against honestly constructed liabilities, the draining of its main wallet would have been visible to anyone watching, and users could have withdrawn before the collapse rather than after. Instead, the assurance was a claim rather than a living, verifiable proof, and the on-chain reality diverged catastrophically from the story being told.
This is the practical case for treating proof of reserves as a process to scrutinize instead of a badge to trust. A meaningful proof is recent, frequent, independently attested, and covers both halves of the solvency equation. A claim of solvency with none of that behind it is precisely the kind of reassurance that history keeps showing to be worthless at the worst possible moment.
Proof of reserves versus a real audit A point of confusion worth clearing up is the difference between proof of reserves and a traditional financial audit, because exchanges sometimes blur the two and they are not the same thing. A full audit, of the kind applied to a public company, examines far more than whether assets exceed liabilities at a moment. It scrutinizes the quality and ownership of those assets, whether they are encumbered or pledged, the accuracy of the books over a period instead of a snapshot, the internal controls that govern how money moves, the company’s other obligations and debts, and the truthfulness of management’s representations, all signed off by an accountable auditing firm that stakes its reputation and faces legal consequences for getting it wrong.
Proof of reserves, even in its strongest cryptographic form, does much less: it shows on-chain assets and, ideally, customer liabilities at a point in time, but it does not examine the off-chain business, the encumbrances, the controls, or the conduct of management.
This gap matters because the marketing around proof of reserves can imply a level of assurance closer to a full audit than the technique actually provides. An exchange can truthfully say it published a proof of reserves while its off-chain finances, its corporate debts, its commingling of funds, or its risky lending remain entirely unexamined. The early scramble after the FTX collapse made this gap vivid: some auditing firms that had begun providing proof-of-reserves attestations stepped back from the work, wary of the reputational risk of appearing to vouch for an exchange’s overall solvency when their procedures covered only a narrow, point-in-time slice.
The lesson is not that proof of reserves is dishonest, but that it occupies a specific and limited place. It is a cryptographic check on a particular question, do the on-chain assets cover the customer liabilities right now, and it is truly useful for that. It is not a substitute for the comprehensive, ongoing, accountable scrutiny that a real audit provides, and an exchange that has only published a proof of reserves has not been audited in the full sense, however much the language might suggest otherwise.
The practical upshot is to hold two ideas at once. Proof of reserves is a meaningful advance over the pre-FTX world, in which users had nothing but blind faith, and a strong, frequent, independently attested, two-sided proof truly lowers the risk of a hidden insolvency. At the same time, it is a narrow instrument that cannot see the off-chain obligations, the encumbrances, or the management conduct that have featured in many exchange failures.
The most informed users treat a credible proof of reserves as one positive signal among several, alongside an exchange’s regulatory standing, its track record, its transparency, and the protections of the jurisdiction it operates in, instead of as a complete verdict on safety. Combining the cryptographic check with these other signals, and keeping meaningful holdings in self-custody, is the realistic way to manage exchange risk, because no single proof, however clever, captures everything that can go wrong.
How to read an exchange’s proof of reserves Putting it together, here is how to evaluate any exchange’s proof of reserves instead of taking the headline at face value. First, check whether it proves liabilities, not just assets. A page showing only wallet balances is proof of assets, and on its own it tells you nothing about solvency, because you cannot see what the exchange owes. Look for a Merkle-tree liability commitment, ideally strengthened by a zero-knowledge proof, and the ability to verify your own balance’s inclusion. Second, check for independent attestation.
A reserve ratio confirmed by a reputable third party carries far more weight than a self-published graphic, because it means someone with professional accountability examined the wallets and the liability construction instead of the exchange grading its own homework.
Third, check recency and frequency. A proof from many months ago tells you little about today, and a single annual snapshot is easy to game with borrowed funds; frequent or continuous proofs are far harder to fake. Fourth, keep the structural limitations in mind even when all of the above is present: a proof cannot easily show that assets are unencumbered, cannot capture off-chain obligations, and cannot guarantee the assets stay there after the snapshot. The most important practical takeaway sits above all the cryptography.
Proof of reserves reduces the trust you must place in an exchange, but it does not eliminate it, and the only way to remove custody risk entirely is to hold your own keys in self-custody, where no exchange stands between you and your coins. For assets you do keep on an exchange, favor platforms with frequent, independently audited, two-sided proofs, treat assets-only graphics with skepticism, and remember the lesson FTX taught at great cost: an exchange will keep telling you everything is fine right up until it is not, so verification, not reassurance, is what protects you.
Frequently Asked Questions What is proof of reserves in simple terms? Proof of reserves is a way for a crypto exchange to show, with verifiable evidence instead of just its word, that it actually holds the assets customers have deposited. In its strong form it proves two things: that the exchange controls a certain amount of crypto in its wallets (proof of assets), and that this amount is greater than or equal to everything it owes customers (proof of liabilities). Together those show solvency. It became an industry standard after the FTX collapse in late 2022 revealed an estimated eight-billion-dollar gap between claimed and actual reserves.
How does proof of reserves actually work? The asset side is shown using the blockchain itself, since an exchange can reveal its wallet holdings or cryptographically sign messages proving it controls them. The liability side uses a Merkle tree: every customer balance is hashed and combined upward into a single fingerprint called a Merkle root, which represents the total owed. Each user can verify their own balance was included without seeing anyone else’s. Leading exchanges add a zero-knowledge proof (a zk-SNARK) on top to prove no balances were negative or omitted and the total is honest, all without exposing individual figures.
What are the main weaknesses of proof of reserves? Several. It is a snapshot, so an exchange could borrow assets briefly to pass the check and return them afterward. It does not prove the assets are unencumbered, meaning they could be secretly borrowed or pledged as collateral. Many implementations prove only assets and skip a rigorous, independently verified proof of liabilities, which means they do not actually prove solvency. And it cannot capture off-chain assets or obligations. So proof of reserves is a meaningful check but not a guarantee that an exchange is truly solvent and safe.
Why did some people refuse to publish proof of reserves? A prominent executive declined to publish proof of reserves for his company’s holdings, arguing it is a bad idea because it can mislead. The concern is that an assets-only proof creates false confidence: it can show coins in a wallet while saying nothing verifiable about liabilities, off-chain debts, or whether the assets are encumbered, and a sophisticated bad actor can satisfy the surface of a proof while remaining insolvent underneath. The point is not that hiding assets is good, but that a weak proof of reserves can be worse than none if it lulls users into unearned trust.
Does proof of reserves mean my money is safe on an exchange? Not by itself. A strong, frequent, independently audited, two-sided proof of reserves meaningfully reduces the risk that an exchange is secretly insolvent, which is real protection. But no proof can guarantee the assets stay there after the snapshot, that they are unencumbered, or that off-chain obligations are covered. The only way to remove exchange custody risk entirely is self-custody, holding your own private keys so no platform stands between you and your coins. For assets kept on an exchange, prefer platforms with credible, recent, two-sided proofs, but do not treat any proof as an absolute guarantee.
How can I tell a credible proof of reserves from marketing? Check four things. Does it prove liabilities, not just assets, with a Merkle-tree commitment and ideally a zero-knowledge proof, plus the ability to verify your own balance? Is it independently attested by a reputable third party instead of self-published? Is it recent and frequent instead of a stale annual snapshot? And does the explanation acknowledge the limitations instead of implying total safety? A two-sided, independently audited, frequently updated proof is credible. An assets-only graphic with no liability proof, no third party, and an old date is closer to a marketing badge than a solvency proof.
This article is educational information, not financial or investment advice. Exchange practices, reserve ratios, and verification methods change, and figures reflect reporting available as of June 25, 2026. Always confirm an exchange’s current proof-of-reserves details from primary sources, and remember that self-custody is the only way to fully remove exchange custody risk.
Binance will delist the IPUSDT and IPUSDC USDT-margined perpetual contracts due to the rebranding of the Story brand.
Per an official announcement, following the rebranding of the Story (IP) brand to Data Network, Binance will automatically liquidate IPUSDT and IPUSDC U-margined perpetual contracts at 17:00 CST (UTC+8) on June 28, 2026, and remove these perpetual contract trading pairs after liquidation concludes. Users are advised to close their positions voluntarily before trading is suspended to avoid automatic settlement of their positions. Starting from 16:30 CST (UTC+8) on June 28, 2026, users will no longer be able to submit new non-reduce-only orders for the aforementioned perpetual contracts. A separate announcement will be released when the new contract goes live.
2 hours ago
Sources: Israeli military withdrawal from Lebanon is an important "red line" for Iran.
Local time on June 25, a source close to the negotiation team said that Israel's withdrawal from Lebanese territory is one of the conditions for a final Iran-US agreement, and is regarded as an important "red line" by Iran's negotiation team. The source further stated that the final memorandum of understanding will guarantee Lebanon's sovereignty and territorial integrity. The agreement text previously reached in Switzerland already emphasized a "conflict resolution mechanism" that is participated in and uniformly implemented by Iran. Iran is currently following up on the specific implementation timeline. (CCTV)
2 hours ago
Apple's stock price fell by 6%, marking its largest decline since April 2025.
According to Bitget's market data, Apple's stock price fell by 6%, marking its largest decline since April 2025.
2 hours ago
Analyst: Bitcoin falls below $60,000, but institutions and whales are not continuing to bet on further declines.
Greeks.live macro researcher Adam posted on X: "Tomorrow is the quarterly expiry, and Bitcoin has dipped below $60,000. As seen in the GEX chart, $60,000 is clearly the highest open interest price point. Meanwhile, large positions are also starting to accumulate at $58,000 and $59,000, signaling rising market risk. Institutional investors and major holders have not continued to bet on a downward move; they are just waiting for the expiry."
2 hours ago
TD Cowen Analyst: SpaceX May Acquire T-Mobile
TD Cowen analysts said SpaceX could acquire T-Mobile to accelerate its wireless communication ambitions if a network sharing agreement cannot be reached. The report points to Starlink’s existing partnership with T-Mobile US as a strategic fit. This idea is purely speculative, but it underscores the growing competitive pressure the space exploration firm faces in the telecom industry.
PANews June 25 news, based on the current Bitcoin price of $59,600 and the 200-day DCA cost (C200) of $75,821, the Ahr999 bottom-fishing indicator is about 0.287, in the extremely undervalued zone; the intra-year low was 0.27 on February 6, 2026.
Statistical data shows that Ahr999 falling below 0.3 is an extremely rare signal, usually only appearing during systemic panic or bear market bottoms. Historically, the indicator fell below 0.3 during the early market in 2011, the bottom of the 2018 bear market (lowest around 0.24), the COVID flash crash in 2020, and the FTX collapse and ETH chain liquidations in 2022.
The Bitcoin Ahr999 indicator (also called the ahr999 bottom-fishing indicator) was created by ahr999 (Jiushen), primarily to help long-term holders (HODLers) and DCA users determine buying timing. Ahr999 = (current Bitcoin price / 200-day DCA cost) × (current Bitcoin price / exponential growth valuation).
Key Takeaways Geoff Kendrick from Standard Chartered has launched coverage on AAVE, projecting a $3,500 valuation by December 2030. This projection suggests approximately a 50-fold surge from AAVE’s present trading range of $70–$76. According to Kendrick, Aave has bounced back following the April KelpDAO security breach that threatened $230 million in protocol losses. The bullish outlook hinges on tokenized real-world assets expanding 37-fold to approximately $2.7 trillion by decade’s end. Incremental milestones position AAVE at $180 by late 2026, climbing to $600, $1,200, and $2,200 in following years. Geoff Kendrick, who leads digital assets research at Standard Chartered, has launched coverage on Aave with an ambitious long-term valuation of $3,500 by December 2030. With AAVE currently hovering around $76, this projection implies an approximate 50-fold appreciation.
Aave Price The projection unfolds through a multi-year timeline. Kendrick anticipates AAVE climbing to $180 by late 2026, advancing to $600 by late 2027, reaching $1,200 by late 2028, and touching $2,200 by late 2029 before ultimately achieving the $3,500 mark in 2030.
Kendrick characterized Aave as a blockchain-powered automated banking system. The protocol operates exclusively via smart contracts, eliminating traditional banking elements like human staff or subjective credit decisions.
BREAKING: Standard Chartered projects Aave to hit $3,500 by 2030.
The bank says DeFi lending is entering its next major growth cycle, with Aave positioned to capture the upside. pic.twitter.com/GjjuwUhAxx
— MSB Intel (@MSBIntel) June 24, 2026
During its October 2025 zenith, Aave commanded approximately $75 billion in total deposits. Kendrick highlighted that this deposit volume would have positioned the protocol within the top 30 U.S. banks measured by deposit holdings.
The protocol encountered significant turbulence this year. Attackers exploited a vulnerability in April, extracting roughly $292 million in rsETH through a LayerZero-connected bridge and subsequently leveraging those stolen tokens as collateral across Aave and competing DeFi protocols.
This security incident exposed Aave to potential losses approaching $230 million. Deposit levels plummeted, while active lending activity contracted. Aave responded by halting rsETH market operations.
Real-World Asset Tokenization and Aave Horizon Standard Chartered’s extended-term thesis leans heavily on the proliferation of tokenized real-world assets. The financial institution forecasts this asset category will multiply 37-fold by 2030, approaching $2.7 trillion in total value.
Kendrick explained that Aave’s revenue framework connects directly to lending activity and deposit volumes, suggesting that expansion in tokenized markets could drive enhanced protocol earnings and subsequent appreciation for the AAVE token.
Aave Horizon, the protocol’s permissioned lending infrastructure, represents a crucial component. This platform enables vetted institutions to secure loans against tokenized real-world collateral. By late May, Horizon recorded approximately $163 million in outstanding loans, contrasted against a broader tokenized real-world asset ecosystem valued at $30 billion.
Aave’s native GHO stablecoin contributes additional strategic value. GHO circulation has expanded to roughly $600 million following its 2023 debut. Significantly, all GHO-generated fees flow entirely to the protocol instead of being distributed to external liquidity providers.
Chart Analysis and Competing Projections AAVE has rebounded from early-June troughs around $58–$60, currently exchanging hands near $76. This represents roughly a 6.5% gain over the preceding 24-hour period.
$AAVE is really strong today and has decent relative strength. They're still recovering from some of the fud they had before but overall, still a good project. TA wise, it's unfortunately still in a very bearish trend, though. it needs to break above these 4h EMAs in order to… https://t.co/g0pHCGd78O pic.twitter.com/18jyI9qkVL
— Altcoin Sherpa (@AltcoinSherpa) June 24, 2026
The 4-hour chart continues displaying an overarching bearish framework following a dramatic decline from above $100 in May. Critical resistance zones appear near $75.50–$76.00. A decisive breakout beyond this threshold could trigger momentum toward $78–$80.
Grayscale’s Alternative Valuation Grayscale Research has independently suggested AAVE may be trading below intrinsic value near $75. The research firm calculates fair value could advance toward $175 over a 12-month horizon, contingent on scenarios featuring improved regulatory frameworks and accelerated tokenized asset integration.
Standard Chartered interprets present deposit figures as a cyclical bottom and projects capital will flow back into the protocol as DeFi market conditions stabilize.
At publication time, AAVE was exchanging near $76.49.
Aave has rebounded sharply from this week’s sell-off and is now testing a key long-term resistance level after renewed buying, short-covering activity, and fresh optimism around the DeFi lending protocol lifted market sentiment.
Summary
AAVE has rebounded 17% from its recent low and is testing a nine-month descending trendline near key breakout resistance. Bulls must secure a daily close above the $85-$88 zone to target $102 next, while $72-$75 remains critical support. Rising stablecoin inflows, improving derivatives positioning, and stronger momentum indicators have fueled the latest recovery. According to data from crypto.news, Aave (AAVE) climbed as much as 17% from its Wednesday low near $72 to trade around $82 on June 25, recovering nearly all of the previous session’s losses. The rally followed heavy buying around a long-standing support zone, where sellers lost control after failing to extend the breakdown.
The recovery also coincided with renewed interest across decentralized finance tokens as traders rotated back into higher-beta assets following a wave of liquidations that swept through the crypto market earlier this week.
Rebound has pushed AAVE into a decisive technical resistance zone The daily chart shows AAVE rebounding directly from the $72-$75 demand area before reaching the upper boundary of a descending trendline that has capped every rally since late 2025. Price now sits just below trendline resistance near $85, a level that traders are closely watching for confirmation of a larger trend reversal.
Aave price is approaching a nine-month descending trendline resistance on the daily chart — June 25 | Source: crypto.news Commenting on the setup, crypto analyst Master of Crypto wrote in a June 24 X post:
“$AAVE is testing the top of a 9-month descending channel. A daily close above $85-88 could confirm the breakout, with $102 as the first target and $132 next. If the breakout fails, $72-75 remains the key support zone.”
The four-hour chart reinforces that view. AAVE has broken above a multi-day consolidation range near $77.7 while reclaiming its 20, 50, 100, and 200 simple moving averages, which now cluster between roughly $71 and $76.
Aave price has broken out of a consolidation range on the 4-hour price chart — June 25 | Source: crypto.news Holding above those averages would strengthen the bullish case, while rejection near the descending trendline could trigger another retest of the recent breakout area.
Momentum indicators have also improved. Daily RSI has climbed above 60 after rebounding from oversold territory earlier this month, while the MACD has completed a bullish crossover and continues to expand above the zero line.
On the four-hour timeframe, RSI has advanced toward the upper-60s, showing buyers remain in control without yet reaching extreme overbought conditions.
Derivatives positioning and DeFi flows have strengthened the recovery The recovery follows an aggressive unwind of bearish positioning after AAVE found support at its long-term demand zone. As spot buyers stepped in, short sellers were forced to cover positions, accelerating the advance through successive resistance levels.
The move gained additional momentum once price reclaimed its short-term moving averages, encouraging systematic traders to add fresh long exposure.
On-chain activity has also improved. Fresh USDT deposits into Aave’s lending markets have increased available liquidity across the protocol, supporting borrowing activity and reinforcing investor confidence in one of DeFi’s largest lending platforms. Stronger stablecoin inflows often accompany periods of renewed capital deployment into decentralized finance, particularly after sharp market-wide corrections.
Derivatives positioning has added another layer of support. Rising open interest alongside positive funding rates suggests traders have continued building long exposure instead of simply closing shorts. That combination points to fresh capital entering the market rather than a temporary relief rally driven solely by liquidations.
Macro conditions remain mixed. The Federal Reserve’s higher-for-longer interest-rate stance continues to weigh on speculative assets, while a firm U.S. dollar has limited risk appetite across crypto markets.
Even so, established DeFi protocols such as Aave have continued attracting capital from investors seeking on-chain yield opportunities, allowing the token to outperform many large-cap altcoins during the latest rebound.
The next several sessions will likely determine whether buyers can convert the current recovery into a confirmed breakout. A daily close above the $85-$88 resistance zone would expose the next upside targets around $102 and $132, while failure to clear the descending trendline could send AAVE back toward support between $72 and $75.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Payward and Kraken co-CEO Arjun Sethi. (CoinDesk)Summary
Kraken is evaluating a deal to acquire a 15% stake in DeFi lending protocol Aave, valuing the company at $385 million, according to sources.The proposed investment comes months after Aave weathered the fallout from the KelpDAO exploit, which left the protocol with significant bad debt and triggered billions of dollars in withdrawals despite its smart contracts remaining uncompromised.The potential transaction reflects Kraken's parent company Payward's push to diversify ahead of a potential IPO.Crypto exchange Kraken, part of Payward Inc., is in talks to acquire a 15% stake in decentralized finance (DeFi) protocol Aave at a $385 million valuation, according to three people with knowledge of the matter.
A potential deal would see Kraken investing 35,000 ether (ETH) in return for 250,000 AAVE tokens and a 15% common equity stake in Aave Group, according to a document seen by CoinDesk.
Two sources with knowledge of the transaction said that Kraken is also looking to syndicate the deal which is worth around $71 million, the people said, who spoke on condition of anonymity as the matter is private.
According to a third source familiar with the company's plans, the investment would be the first in a series of deals aimed at building out Payward Asset Management, with the firm taking a more active role in DeFi and other investment opportunities. They have the capital to backstop it and partners around the table that want to fund these types of opportunities, the person said.
A Kraken spokesperson declined to comment. Aave didn't respond to a request for comment by publication time.
Aave is the largest decentralized lending protocol, allowing users to lend and borrow crypto assets without intermediaries. Depositors earn yield by supplying tokens to liquidity pools, while borrowers post crypto collateral to take out loans, with smart contracts automatically managing the process.
The protocol was thrust into the center of one of DeFi's biggest crises in April after attackers tied to North Korea's Lazarus Group exploited KelpDAO's cross-chain bridge to mint roughly $292 million of unbacked rsETH.
The hackers deposited the tokens as collateral on Aave and borrowed real assets against them, leaving the protocol with an estimated $190 million to $230 million in bad debt when the collateral became worthless.
Although Aave's own smart contracts were never compromised, the exploit triggered more than $8 billion in withdrawals as users rushed to reduce their exposure, highlighting the contagion risks of DeFi's interconnected ecosystem.
Kraken has stepped up acquisitions as parent company Payward prepares for a potential public listing, targeting businesses that expand its regulated trading infrastructure.
In April, Payward agreed to acquire crypto derivatives exchange Bitnomial for up to $550 million, adding a full suite of U.S. CFTC licenses covering brokerage, clearing and exchange operations. The deal follows Kraken's broader push beyond spot crypto trading as it builds a multi-asset platform ahead of a widely anticipated IPO.
Cryptocurrency exchange Kraken is reportedly in talks to acquire a 15% stake in decentralized finance protocol Aave. According to sources close to the matter, the potential investment prices Aave at a valuation of $385 million.
According to CoinDesk, Kraken, operating under Payward Inc., plans to invest 35,000 Ethereum (ETH) as part of the deal, receiving 250,000 AAVE tokens and a 15% stake in Aave Group common shares.
Two sources close to the transaction said Kraken is also considering sharing this approximately $71 million deal with different investors through syndication. The sources requested anonymity because the discussions are private.
According to a third source close to the company’s plans, this investment could be one of the first deals planned as part of Payward Asset Management’s expansion. Kraken aims to take a more active role in DeFi and other investment opportunities with this move.
Aave is known as one of the largest decentralized lending protocols, allowing users to borrow and lend crypto assets without needing intermediaries. Users earn returns by providing assets to liquidity pools, while those wishing to borrow can use crypto collateral to obtain a loan.
However, Aave was at the center of one of the biggest crises in the DeFi ecosystem in April. Attackers linked to the North Korea-linked Lazarus Group exploited a vulnerability in KelpDAO’s cross-chain bridge to mint approximately $292 million worth of rsETH without any backing.
The attackers used these tokens as collateral on Aave to borrow real assets. After the collateral became worthless, it was estimated that between $190 million and $230 million in bad debt accumulated on the protocol.
Although Aave’s own smart contracts didn’t have a direct vulnerability, the incident prompted users to quickly exit the protocol to mitigate their risks. This resulted in an outflow of over $8 billion, once again highlighting the contagion risk inherent in interconnected structures within the DeFi ecosystem.
A chart showing the increase in AAVE’s price. *This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Cryptocurrency exchange Kraken is reportedly in talks to acquire a 15% stake in decentralized finance protocol Aave. According to sources close to the matter, the potential investment prices Aave at a valuation of $385 million.
According to CoinDesk, Kraken, operating under Payward Inc., plans to invest 35,000 Ethereum (ETH) as part of the deal, receiving 250,000 AAVE tokens and a 15% stake in Aave Group common shares.
Two sources close to the transaction said Kraken is also considering sharing this approximately $71 million deal with different investors through syndication. The sources requested anonymity because the discussions are private.
According to a third source close to the company’s plans, this investment could be one of the first deals planned as part of Payward Asset Management’s expansion. Kraken aims to take a more active role in DeFi and other investment opportunities with this move.
Aave is known as one of the largest decentralized lending protocols, allowing users to borrow and lend crypto assets without needing intermediaries. Users earn returns by providing assets to liquidity pools, while those wishing to borrow can use crypto collateral to obtain a loan.
However, Aave was at the center of one of the biggest crises in the DeFi ecosystem in April. Attackers linked to the North Korea-linked Lazarus Group exploited a vulnerability in KelpDAO’s cross-chain bridge to mint approximately $292 million worth of rsETH without any backing.
The attackers used these tokens as collateral on Aave to borrow real assets. After the collateral became worthless, it was estimated that between $190 million and $230 million in bad debt accumulated on the protocol.
Although Aave’s own smart contracts didn’t have a direct vulnerability, the incident prompted users to quickly exit the protocol to mitigate their risks. This resulted in an outflow of over $8 billion, once again highlighting the contagion risk inherent in interconnected structures within the DeFi ecosystem.
A chart showing the increase in AAVE’s price. *This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Kraken is in advanced discussions to buy a 15% interest in Aave Group as the crypto exchange deepens its push into decentralized finance, CoinDesk reported Thursday, citing people familiar with the negotiations.
The proposed transaction values Aave at $385 million and would involve Kraken investing 35,000 ETH, worth about $31 million, in exchange for 250,000 AAVE tokens and an equity stake.
According to the report, Kraken is looking to syndicate part of the approximately $71 million investment and sees the deal as the first in a series of strategic investments under Payward Asset Management, a new initiative built to expand the firm’s investment activities beyond its core exchange business.
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The talks come as Kraken accelerates its expansion ahead of an expected IPO. The company recently agreed to acquire derivatives exchange Bitnomial and has reportedly been raising fresh capital at a $20 billion valuation.
Aave, meanwhile, remains the largest DeFi lending protocol despite facing heavy withdrawals earlier this year following a major exploit targeting Kelp DAO’s rsETH cross-chain bridge.
According to a new report from Standard Chartered, Aave could rise to $3,500 by the end of 2030 as growth in DeFi and tokenized assets fuels demand for onchain lending.
Standard Chartered’s digital assets research head views Aave as one of the most established infrastructure providers in DeF. The bank expects tokenized real-world assets actively used in DeFi to expand dramatically by 2030, creating new opportunities for lending protocols that can connect digital and traditional financial markets.
The report also highlighted potential catalysts including Aave’s Horizon platform, which targets institutional adoption through permissioned lending markets backed by tokenized assets.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
Binance will delist the IPUSDT and IPUSDC USDT-margined perpetual contracts due to the rebranding of the Story brand.
Per an official announcement, following the rebranding of the Story (IP) brand to Data Network, Binance will automatically liquidate IPUSDT and IPUSDC U-margined perpetual contracts at 17:00 CST (UTC+8) on June 28, 2026, and remove these perpetual contract trading pairs after liquidation concludes. Users are advised to close their positions voluntarily before trading is suspended to avoid automatic settlement of their positions. Starting from 16:30 CST (UTC+8) on June 28, 2026, users will no longer be able to submit new non-reduce-only orders for the aforementioned perpetual contracts. A separate announcement will be released when the new contract goes live.
1 hours ago
Sources: Israeli military withdrawal from Lebanon is an important "red line" for Iran.
Local time on June 25, a source close to the negotiation team said that Israel's withdrawal from Lebanese territory is one of the conditions for a final Iran-US agreement, and is regarded as an important "red line" by Iran's negotiation team. The source further stated that the final memorandum of understanding will guarantee Lebanon's sovereignty and territorial integrity. The agreement text previously reached in Switzerland already emphasized a "conflict resolution mechanism" that is participated in and uniformly implemented by Iran. Iran is currently following up on the specific implementation timeline. (CCTV)
1 hours ago
Apple's stock price fell by 6%, marking its largest decline since April 2025.
According to Bitget's market data, Apple's stock price fell by 6%, marking its largest decline since April 2025.
1 hours ago
Analyst: Bitcoin falls below $60,000, but institutions and whales are not continuing to bet on further declines.
Greeks.live macro researcher Adam posted on X: "Tomorrow is the quarterly expiry, and Bitcoin has dipped below $60,000. As seen in the GEX chart, $60,000 is clearly the highest open interest price point. Meanwhile, large positions are also starting to accumulate at $58,000 and $59,000, signaling rising market risk. Institutional investors and major holders have not continued to bet on a downward move; they are just waiting for the expiry."
1 hours ago
TD Cowen Analyst: SpaceX May Acquire T-Mobile
TD Cowen analysts said SpaceX could acquire T-Mobile to accelerate its wireless communication ambitions if a network sharing agreement cannot be reached. The report points to Starlink’s existing partnership with T-Mobile US as a strategic fit. This idea is purely speculative, but it underscores the growing competitive pressure the space exploration firm faces in the telecom industry.
