David Schwartz, CTO Emeritus of Ripple and a key architect behind the XRP Ledger (XRPL), has suggested that significant advances could soon reshape the decentralized finance (DeFi) sector, making it more accessible for everyday users.
Tokenization and regulatory landscape shiftIn a recent interview, Schwartz shared an optimistic outlook for DeFi’s evolution, particularly by the year 2027. He highlighted that industry-wide tokenization is rapidly gaining momentum, while regulatory barriers that have long hindered broader adoption are beginning to recede.
Tokenization is really kicking off, and the regulatory hurdles are really starting to fall.
Schwartz, who played a central role in designing the architecture of Ripple’s XRPL, believes that breaking down these legal and regulatory barriers is critical for widespread blockchain and DeFi adoption.
Ripple is a San Francisco-based technology company specializing in digital payments and blockchain solutions, best known for issuing the cryptocurrency XRP and maintaining the XRP Ledger.
Mini dictionary: Tokenization, the process of converting ownership rights of real-world or digital assets into digital tokens on a blockchain, enables the fractionalization and easier transfer of these assets across decentralized platforms.
Retail adoption and future growthSchwartz suggested that blockchain applications could soon serve a much wider market, extending beyond early adopters or crypto enthusiasts. He compared the possible transformation to the widespread reach that app developers have achieved through mainstream platforms like Android and iOS.
That’s the world that’s gonna be super exciting. And we’re really close.
However, he stopped short of revealing specific products in development or providing a timeline, emphasizing instead the general direction of the industry. Schwartz argued that bringing DeFi to the general public could unlock a new chapter in blockchain’s journey toward mainstream adoption.
He underlined that the desired outcome would be to build products that appeal to everyday users, positioning DeFi as a core part of mainstream financial services.
AI integration with decentralized financeThe conversation also turned to the role of artificial intelligence in future financial systems. Schwartz imagined a scenario in which AI agents manage daily financial tasks for individuals, aiming to address many persistent problems faced by users.
He speculated on how DeFi might need to adapt to a world where autonomous AI agents are commonplace, posing the question of what users will expect from DeFi in such an environment.
Mini dictionary: AI agents, in this context, refer to software programs powered by artificial intelligence that autonomously perform complex financial tasks such as asset allocation, trading, and personal finance management based on user preferences.
On-chain data from CryptoQuant shows XRP exchange reserves have climbed to approximately 11.81 billion XRP, a level that sits at the 99th percentile of the trailing 365 days.
For XRP investors, that combination raises a near-term question. Rising supply on exchanges increases available sell-side liquidity.
Yet the concurrent leverage reset could actually set up cleaner conditions if spot demand returns.
Supply Piles Up as Leverage Unwinds
The XRP exchange reserves surge did not arrive in isolation. Binance open interest closed at, down roughly 15.8% from earlier in the month.
Long liquidations spiked during the same stretch, clearing out leveraged longs before the reserves number peaked.
The move was flagged by analyst CryptoOnchain in an Oct 18 X post, who noted that supply is stacking on exchanges even as derivatives positioning has quietly reset.
ripple:native Exchange Reserves Reach the 99th Percentile of the Past Year as Binance Leverage Unwinds
Exchange reserves for ripple:native stood at 11.81B on October 17, the 99th percentile of the past 365 days.
Binance ripple:native open interest closed at $453.0M on October… pic.twitter.com/JFwczpVcON
— CryptoOnchain (@CryptoOnchain) October 18, 2026
CryptoOnchain’s read is direct: “Leverage has reset faster than exchange supply has.” In plain terms, derivatives traders have been shaken out. But the coins they, and others, moved to exchanges are still sitting there.
That dynamic echoes what 30-day XRP whale inflows to Binance showed just weeks ago, when large-wallet deposits hit a six-month high of 1.6 billion XRP. Supply has been building across multiple timeframes.
The contrast is worth noting. When Binance XRP reserves were falling in June, analysts called it a bullish signal as selling pressure eased.
Now the move has reversed, and XRP exchange reserves are at the opposite extreme.
XRP itself has traded in the $1.28–$1.35 range. Price softened after the September PPI came in at 6.3%, well above forecasts, adding macro headwinds on top of on-chain supply pressure.
Institutional Demand as the Potential Offset
Rising exchange reserves do not automatically confirm a sell-off. Direction over the next 5–10 sessions matters far more than the static level.
And there are structural demand factors that were not present in prior reserve peaks.
Evernorth, the Nasdaq-listed XRP treasury company with 473M XRP under management, began deploying institutional strategies in Q4 2026 alongside partners Ripple, Kraken, Coinbase, and BitGo.
That treasury is designed to absorb, not add to, exchange supply.
On the XRPL side, Ripple’s approval of the Sponsored Fees and Reserves amendment signals continued ecosystem development.
Meanwhile, Doppler’s XRP Vault crossing $125M in TVL shows on-chain yield demand is drawing coins away from exchanges and into productive use, a direct counter-force to reserve accumulation.
Spot XRP ETFs have recorded cumulative net inflows of approximately $1.8 billion, offering another demand-side anchor. But daily flow momentum has moderated recently.
The picture is not binary. Elevated XRP exchange reserves at extreme percentile levels raise the probability of volatility if coins begin moving into order books.
Watch for net flow direction on CryptoQuant’s all-exchanges metric over the next week.
A sustained draw-down from current levels, combined with stable ETF inflows and continued on-chain activity, would meaningfully shift the near-term risk picture.
U.S. spot XRP exchange-traded funds posted their first weekly outflow in three months, ending a 13-week inflow streak. The shift came in the October 12–16 week, per SoSoValue.
The reversal was small, but a sharp drop in on-chain activity has added to the caution around the token.
A Modest Reversal in XRP ETF DemandA net outflow occurs when investors withdraw more money from a fund than they add over a given period. According to SoSoValue, the XRP ETFs recorded about $1.84 million in net withdrawals.
That is a modest figure for products of this size. The outflow followed 13 consecutive weeks of inflows, which made the reversal stand out.
Cumulative net inflows still stood near $1.8 billion as of mid-October, according to SoSoValue data. Early in the week, the funds were largely flat. They then took in about $740,000 on Wednesday before slipping into negative territory.
Friday’s larger redemption of roughly $2.47 million tipped the weekly total into the red. Much of it was attributed to Canary Capital’s XRPC product. Without that redemption, the week would have closed with a net inflow of roughly $630,000.
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XRP Spot ETF Weekly Performance. Source: SoSoValueStill, the timing is sensitive. According to BeInCrypto data, XRP trades near $1.28, down 1.60% over the last 24 hours. It has also moved about 6.3% over the past month. Price is testing support near $1.30 after failing to hold above key moving averages.
Is Weaker On-Chain Activity a Warning Sign?At the same time, XRP Ledger payment volume fell to 119.5 million XRP on October 17, according to XRPSCAN. That marks a 72.3% single-day drop and sits well below the 30-day average of 629.3 million XRP.
The drop happened in one session, which underscores how quickly activity can change.
The network’s all-time high stands near 7 billion XRP, according to XRPSCAN data. Payment volume has historically shown high volatility, with frequent short-lived spikes followed by sharp pullbacks.
XRP Payment Volume From One Account to Another. source: XRPSCANAnalysts note that a single weak day does not necessarily signal a structural decline in network usage. However, if payment activity stays suppressed and ETF flows remain negative or muted, the short-term outlook could weaken.
Watching whether activity recovers over the next few sessions will matter more than any single reading.
For now, the first ETF outflow in 13 weeks and a sharp drop in payment volume point to cooling demand. Both institutional and network-level activity have softened, at least for the moment.
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XRP is trying to hold the $1.30 threshold after several sessions of decline, while open interest on futures contracts remains below $3 billion. The decrease in leverage reduces the risk of cascading liquidations, but it does not yet confirm a sustained return of buyers.
In brief
XRP is trying to stay above $1.30 after several sessions of decline.
Open interest on futures contracts declines below $3 billion, a sign of trader disengagement.
Reduced leverage limits liquidation risks without guaranteeing a sustained recovery.
Sellers maintain the advantage, while flows of US XRP ETFs show signs of weakness.
A breakthrough above $1.35 could favor a rebound, but a drop below $1.27 would expose XRP to a return towards $1.20.
XRP finds fragile support around $1.30
The Ripple token was trading near $1.31 on October 19, up about 1% over 24 hours, but still down nearly 7% over a week. It briefly touched $1.27 before rising back above the psychological $1.30 level.
The key levels to watch outline a narrow range :
Immediate support is located between $1.27 and $1.30 ;
A breakdown could direct the price towards $1.25, then $1.20 ;
The first resistance is between $1.32 and $1.35 ;
A break above $1.35 would open a test of the $1.39 to $1.40 zone ;
The “max pain” level for the October 23 options is near $1.26.
On the hourly chart, several attempts to recover above $1.30 lacked volume. A firm close above $1.32 would improve the short-term structure, but XRP remains below several important moving averages.
The 100-day exponential moving average is near $1.34. The 20- and 50-day averages move around $1.39 to $1.41. These levels can attract sales from traders looking to exit after the recent correction.
Analyst Vuori Trading estimates that the $1.30 to $1.32 zone continues to play a central role.
He said :
The support between $1.30 and $1.32 holds. $1.39 is the next logical level.
The brief dip below this zone on Sunday requires confirmation before talking about a recovery.
Decline in open interest reflects disengagement
Open interest measures the value of futures contracts that have not yet been closed. It does not indicate whether operators are mostly bullish or bearish, since each contract pairs a buyer and a seller. However, its evolution indicates whether leverage is entering or exiting the market.
A first conclusion drawn on October 18 estimated XRP open interest at $2.77 billion, down 1.32% over 24 hours. Updated data later placed it near $2.86 billion, with about $2.14 billion daily volume on futures.
The figure of $2.77 billion is therefore not a fixed level. It corresponds to a specific moment on a constantly evolving market. The general trend remains directed towards a reduction in positions compared to the $3.1 billion observed a week earlier.
On Binance and Bybit, open interest reportedly decreased by 26.5% between September 23 and October 16. At the same time, the estimated leverage ratio on Binance fell from about 0.23 to 0.17.
When price and open interest fall together, traders generally close existing positions or undergo liquidations. This configuration differs from a decline accompanied by rising open interest, which would signal the arrival of new short sellers.
Deleveraging can therefore purify the market. It reduces the number of fragile positions likely to be liquidated during a sharp movement. However, it does not automatically create new spot demand.
Sellers keep the advantage despite a possible rebound
The ratio between immediate buy and sell executions was 0.883 on October 18. A value below 1 indicates that aggressive sellers still dominated trades. A sustained return above 1 would provide a first rebalancing signal.
Options present a more nuanced reading. The put/call volume ratio exceeded 1, reflecting more activity on bearish options. However, call options remain the majority among all open contracts.
Predictive markets also reflect a cautious sentiment. Polymarket users attributed about 50% probability to XRP reaching $1.20 before November. This estimate results from participants’ positions and is neither fundamental analysis nor a reliable price forecast.
The institutional market provides little immediate support. US XRP ETFs recorded nearly $1.84 million in weekly outflows, ending thirteen consecutive weeks of inflows. This amount remains small compared to their roughly $1.47 billion in assets under management, but it interrupts a regular source of demand.
The decline in leverage and some oversold indicators may favor a technical rebound. To turn this move into a credible recovery, XRP will need to regain $1.35 with a simultaneous increase in spot volumes. Below $1.27, the risk of a return to $1.20 would become dominant again.
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Luc Jose A.
Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
A bold prediction from social media commentator X Finance Bull, a prominent figure in the crypto discussion space, has ignited a new wave of discussion about the future price potential of $XRP. X Finance Bull asserted that if XRP were to reach $1,000, the impact on investors’ lives would be significant. The statement prompted a strong reaction from across the XRP community, who remain divided over the predictions for this digital asset.
XRP’s current positionXRP, created by Ripple Labs, operates as the native digital currency of the XRP Ledger. The network is designed to enable swift and cost-efficient cross-border payments, positioning XRP as a bridge asset for financial institutions seeking an alternative to traditional correspondent banking.
Currently, XRP is priced at $1.29. To achieve the $1,000 milestone, XRP would need to rise by approximately 77,419%, a leap that many consider extreme. Figures in the digital asset space, such as Dom Kwok, have previously set timelines for when XRP could theoretically hit $1,000, though this remains speculative and is met with both optimism and skepticism within the market.
XRP MetricCurrent Value$1,000 Target ComparisonCurrent price$1.29$1,000 (approx. 77,419% higher)Community sentimentMixedDivided between optimism and skepticismRipple’s strategy has consistently focused on integrating XRP for remittances and B2B payments, strengthening its retail investor base along the way. Many of these investors maintain long-term ambitions for considerable price appreciation, often far exceeding current levels.
The latest prediction drew widespread commentary on social platforms, with many supporters and critics voicing their perspectives. Some participants argued that even a more modest price of $100 would carry a life-changing impact for holders. Responses also highlighted personal aspirations, with one user stating that such a price would grant them financial freedom to help others, while another outlined more extravagant goals, like purchasing a professional basketball team.
However, not all voices supported the lofty target. Several commentators cautioned against speculating on such high figures, pointing out that XRP is currently valued at $1.29. Some described the $1,000 projection as clickbait, expressing doubts about its plausibility given existing market conditions and fundamental factors.
A range of XRP community members argued that even prices like $100 could dramatically affect investors’ lives, while others dismissed the $1,000 target as unrealistic and unlikely to be achieved.
Some investors used the event as an opportunity to reflect openly on their own plans should XRP see major price appreciation, including seeking dual citizenship in politically stable countries amid concerns about governance in their home countries.
The ongoing debate over XRP price targetsSpeculation regarding long-term prices remains a recurring theme for XRP holders. Public forums and social media channels often feature debates about ambitious targets, reflecting both the high aspirations and the divergent expectations within the investor community.
While price forecasts like $1,000 inspire debate and fuel engagement, their realization would require historic market shifts. Nonetheless, optimism remains strong among segments of the XRP holder base, many of whom continue to advocate for the possibility of such exponential gains despite widespread skepticism from analysts and market participants.
Mini dictionary: XRP Ledger, the underlying distributed blockchain technology developed by Ripple Labs, processes transactions for XRP and facilitates instant cross-border financial settlements without the need for a central clearing authority.
The XRP Ledger has moved closer to activating a package of software fixes on October 23 after securing the 29 validator votes required for approval, although its planned lending system remains below the network’s voting threshold.
Summary
XRP Ledger’s latest bug-fix package has secured 29 validator votes, meeting the network’s approval threshold. The update could activate October 23 if validators maintain support throughout the required two-week voting period. The planned lending system remains 10 votes short, while its supporting vault feature needs eight more. The fixes address lending calculations, vault accounting, token handling, and other transaction processing problems across XRPL. The lending proposal would support fixed-term loans without collateral, using brokers to assess borrower creditworthiness offchain. According to the XRPL Dashboard, the amendment known as fixCleanup3_4_0 had received support from 29 of the 35 validators on the network’s default trusted list as of October 19. The proposal is undergoing its required two-week approval period, with activation projected for Friday if that support continues.
XRPL lending still lacks the validator votes to go live, and the Oct. 23 amendment is already patching vaults and lending before either ships. Fine by me. A lending bug on a ledger with no rollbacks gets pricey. Faster, or wait? pic.twitter.com/xQhmhCEiXH
— Rob XRP (@robxrp1) October 18, 2026 The update contains fixes affecting token transactions, vault accounting, automated market makers and lending-related processes. Its activation would not enable lending on the network because the main lending and vault proposals are undergoing separate votes.
The LendingProtocol amendment had 19 supporting validators, leaving it 10 votes short of the required 29. SingleAssetVault, which would hold funds used for loans, had 21 votes and needed eight more.
XRP Ledger bug fix targets October 23 activation The fixCleanup3_4_0 amendment reached the required validator majority on October 9, beginning a 14-day period during which support must remain above 80%.
At the October 19 checkpoint, the proposal had completed approximately nine days of that waiting period. The dashboard projected October 23 at around 09:34 UTC as the point when the required approval period would finish.
Actual activation could occur shortly afterward because the XRP Ledger processes amendment decisions at designated intervals known as flag ledgers.
According to the network’s amendment documentation, these checks occur every 256 ledgers. Once the required waiting period has passed, the network records the amendment decision and applies the updated rules in subsequent ledgers.
On the dashboard’s October 19 snapshot, the fix had exactly 29 votes, leaving no additional supporting validators beyond the required minimum. If one of those validators withdrew support before the waiting period ended, the proposal would fall below the necessary majority.
Under XRPL’s rules, losing that majority restarts the two-week approval period when sufficient support is restored. The October 23 activation time is therefore a projection, not confirmation that the update has already taken effect.
Server operators must run software that recognizes approved amendments. According to XRPL documentation, servers using older versions without the necessary code can become amendment-blocked once the network begins enforcing new rules.
XRPL developers released version 3.4.0 of the xrpld server software on September 16 and advised operators to upgrade to maintain compatibility.
XRP Ledger lending remains 10 votes short of approval Although parts of the pending fix relate to lending, the network’s lending service has not received enough validator support to activate.
The LendingProtocol proposal, known as XLS-66, had 19 of the 35 trusted validator votes in the October 19 snapshot. Its companion SingleAssetVault proposal, XLS-65, had 21 votes. Both require support from at least 29 validators for two continuous weeks before taking effect.
The proposals must activate before the planned lending system can operate on the XRP Ledger mainnet. Even if both reached the required vote count immediately, the two-week waiting rule means they could not activate alongside the October 23 bug-fix package.
A separate amendment, LendingProtocolV1_1, had 19 supporting votes. Introduced in version 3.4.0, it proposes changes to the design of lending vaults and the accounting of loan interest.
The additional amendment would require newly created loan brokers to use closed-ended vaults, where deposits, lending and withdrawals follow defined stages.
The proposal divides that process into subscription, investment and redemption periods.
It would change interest accounting so that revenue is recognized when borrowers actually make payments, instead of recording all scheduled interest when a loan begins.
Those proposed changes remain subject to validator approval.
In September, crypto.news reported the software release and its two new amendments, noting that the release of working code did not itself activate the new lending rules.
The latest validator tally shows the bundled maintenance update progressing ahead of the financial features it partly supports.
Lending design relies on brokers for borrower checks Under the proposed XRPL lending system, depositors would contribute assets to a shared vault, and a loan broker would arrange fixed-term loans using those pooled funds.
The ledger would record loan obligations, repayments and other associated transactions.
Borrowers would not have to provide collateral directly through the protocol.
Instead, loan brokers would assess borrowers’ financial condition and ability to repay using checks performed outside the blockchain. This arrangement would give brokers responsibility for deciding which borrowers qualify and what lending terms they receive.
The published design includes an optional protection mechanism called first-loss capital. A broker could place additional assets into a separate account to help cover losses when borrowers fail to repay their loans.
The protection would depend on the amount made available. It would not guarantee that depositors could recover all their funds after a default. XRPL’s documentation explains that the protocol does not currently provide automatic on-chain collateral management or liquidation.
Loan brokers would have the option to declare a loan in default after a borrower misses a payment and the relevant grace period expires.
The protocol is intended to support institutional lending activities using XRP and other eligible assets issued on the ledger. Ripple has supported the development of the lending proposals as part of its work with financial institutions.
In August, Ripple backed both amendments through its validator while they remained below the activation threshold.
A separate June security re-audit of lending reported no critical or high-risk findings in the changes reviewed by cybersecurity firm Halborn.
The absence of critical findings in that review did not amount to network approval or a guarantee against future software problems.
Latest software update addresses vault and transaction errors The September 16 xrpld 3.4.0 release notes describe several corrections included in fixCleanup3_4_0.
One fix prevents certain automated market maker recovery transactions from destroying a user’s liquidity-provider tokens when rounding would result in no underlying assets being recovered.
Other changes address calculations used when people deposit or withdraw funds from vaults. The fixes are designed to keep vault asset balances and the number of shares issued to depositors consistent during transactions.
For lending, developers updated rules covering authorization, frozen assets, credentials and payment destinations. The release notes specify changes involving how loan defaults interact with asset freezes and how the protocol checks withdrawals from permissioned vaults.
Separate adjustments address permissioned decentralized exchange transactions, NFT offers and escrow processing. One signing-related correction introduces distinct cryptographic prefixes for different signature roles. The change prevents a signature intended for one role from being reused in another.
The release also tightens restrictions on certain token transactions and enforces checks that were previously recorded only in software logs. These corrections are included in the software release but require the relevant amendment to activate before its new transaction rules become enforceable on mainnet.
The version 3.4.0 release additionally changes how compatible server packages are distributed, with signed Linux installation packages provided through the XRPL Foundation.
The foundation’s release notice instructs operators to upgrade their servers to version 3.4.0 to maintain service as the network adopts the new amendments.
Ripple’s CTO emeritus David Schwartz has expressed optimism about the future of decentralized finance on the XRP Ledger, suggesting that easier-to-use financial applications and AI-powered services could bring more people into blockchain-based finance.
Summary
David Schwartz expects blockchain finance to become more accessible as tokenization advances and regulatory barriers ease.
The Ripple veteran discussed AI agents managing personal finances but announced no specific product launch date.
XRP Ledger developers are advancing permissioned trading, lending and automated payments for financial services and applications.
Community validator Vet expects retail and institutional DeFi activity to converge on XRP Ledger during 2027.
Schwartz’s comments followed Evernorth’s Nasdaq debut, which brought its large XRP treasury to public markets recently.
In an interview with Tony Edward of the Thinking Crypto Podcast, published October 18 following Evernorth’s Nasdaq closing bell ceremony, Schwartz discussed tokenization, regulatory changes and how ordinary users might interact with decentralized financial services. The conversation included Ripple Chief Legal Officer Stuart Alderoty and took place during an event celebrating Evernorth’s public listing under the XRPN ticker.
Schwartz described a future in which blockchain applications could reach users who do not understand the underlying technology, drawing comparisons with how mobile applications became accessible through major smartphone platforms.
He did not announce a new Ripple product, confirm a DeFi launch for 2027 or provide a timetable for the changes he discussed.
David Schwartz sees new opportunities for XRP Ledger DeFi
During the interview, Schwartz said tokenization was gathering momentum across the financial industry as regulatory obstacles began to ease.
“But generally, in the industry, tokenization is really kicking off,” he said, adding that regulatory barriers were beginning to fall.
His comments focused on how financial applications could eventually become familiar to people who currently have little experience using cryptocurrency wallets or decentralized exchanges.
David is excited about what retail DeFi is going to look like in 2027 and we're "really close" to finding out.
1) I believe retail DeFi on the XRP Ledger will be very exciting in 2027. We have a lot of tailwind building up. It's the year institutions and retail meet on the DEX.… https://t.co/UV3y8nbbd0 pic.twitter.com/fL7ZRpDesC
— Vet (@Vet_X0) October 18, 2026
Schwartz compared the potential market to the large communities of software users who access applications through Android and iOS. The comparison concerned the experience of accessing services, not an announcement that Ripple was developing a competing mobile operating system.
He questioned what blockchain products might look like once developers begin building for large numbers of ordinary financial customers.
“That’s the world that’s gonna be super exciting,” Schwartz said, adding, “And we’re really close.”
The remarks did not identify a particular application that is ready for release. Schwartz has previously spoken about expanding XRP Ledger functionality beyond payments into tokenized assets, lending and financial products.
In June, crypto.news covered his tokenization outlook, including expectations that blockchain networks could support instruments such as money market funds, securities and repurchase agreements.
The October interview placed more attention on how people might use financial applications once the supporting infrastructure becomes easier to access.
AI agents could manage financial tasks for ordinary users
Schwartz described artificial intelligence agents as another possible way for individuals to use blockchain-based financial services.
He discussed a future in which automated programs could handle financial decisions and routine tasks for users.
“And so you can imagine the world where, like, everyone’s money is managed by agents,” he said during the conversation.
The idea involves software assisting with activities that currently require people to interact directly with financial applications.
An AI agent could potentially compare available services, prepare transactions or carry out instructions within limits established by its user.
However, Schwartz did not announce an autonomous financial product or demonstrate a live system capable of independently managing customer assets.
His discussion concerned potential future applications, including the questions developers would need to answer when designing services for automated users.
The XRP Ledger already supports several types of transactions that developers can use in financial applications, including payments, issued tokens and decentralized exchange activity. Its ecosystem has recently begun adding more software infrastructure for automated services.
An October wallet infrastructure partnership between Ripple and Stripe-owned Privy introduced plans to make XRP and RLUSD wallets accessible inside applications.
The companies said the integration would help developers create wallets and authorize transactions without requiring every user to manage the technical details of a blockchain account.
Ripple reported that AI agents had already made approximately 13 million payments through the x402 payment protocol on XRP Ledger.
Those transaction figures represent reported payment activity, not evidence that 13 million individual consumers are using autonomous financial agents.
A separate report on AI payments identified merchant participation and automated transaction counts while distinguishing payment volume from revenue or adoption by individual customers.
Schwartz’s interview did not establish a connection between those existing payment services and any unannounced consumer DeFi platform.
XRP Ledger prepares lending and controlled trading features
The XRP Ledger has been developing tools intended to support financial institutions alongside its existing open trading infrastructure.
Its decentralized exchange allows users to trade issued assets through order books maintained by the blockchain.
Developers have proposed permissioned decentralized exchanges that would restrict trading to participants holding approved credentials.
According to the official XRPL documentation, each permissioned exchange would operate within a permissioned domain that identifies the credentials required to participate.
Access would depend on rules established by the operator of that domain. Such controls are intended to help businesses restrict trading to eligible counterparties.
Permissioned trading requires supporting network amendments, and the availability of technical documentation does not by itself establish that every feature is active.
The lending system remains another developing part of the network.
Under the proposed XRP Ledger Lending Protocol, users would contribute assets to vaults, while loan brokers would arrange fixed-term borrowing and assess applicants outside the blockchain.
The loans would not require borrowers to lock collateral directly in the protocol. Credit checks, borrower selection and risk management would therefore depend on the institutions or brokers operating the lending services.
An October 14 developer lending update described plans to test these tools during an October 24–25 hackathon in New York.
The organizers said developers would work with test versions of the lending and vault features while the relevant amendments continued through validator voting. The network’s own documentation confirms that the LendingProtocol and SingleAssetVault features require amendment approval before becoming available on mainnet.
At the October 19 reporting checkpoint, lending still lacked the validator support necessary to begin its activation countdown.
Evernorth’s Nasdaq debut provides setting for Schwartz interview
Schwartz made his comments during an event connected to Evernorth Holdings, which completed its merger with Armada Acquisition Corp. II on October 9.
The transaction prepared Evernorth to trade publicly on Nasdaq under the symbol XRPN, with trading expected to begin October 12.
According to the company’s merger announcement, Evernorth held approximately 473 million XRP at closing and reported around $300 million in gross cash proceeds.
The company described its business as an XRP treasury operation, giving public-market investors exposure to a business holding a substantial quantity of the cryptocurrency.
Its treasury position did not mean Evernorth had purchased all 473 million XRP on the date of the merger. The company had accumulated assets through earlier acquisitions and contributions.
Previous coverage of the merger detailed the closing and the reported XRP treasury balance.
At the Nasdaq event, Tony Edward interviewed Schwartz and Alderoty separately before recording the closing bell ceremony.
Following the interview, XRPL community commentator Vet discussed Schwartz’s remarks on X and predicted that retail and institutional users could begin interacting through the network’s decentralized exchange during 2027.
Vet described the expected combination of institutional adoption and consumer access as a potential development for the ecosystem.
That 2027 timeline came from Vet’s commentary, not from a confirmed Ripple launch announcement.
Schwartz’s interview focused on potential uses for blockchain finance as tokenization, automated payments and financial software continue developing.
For years, the idea of XRP reaching $589 has circulated widely within online investor communities, rarely fading from conversation as both social media influencers and retail traders built expectations around the ambitious figure. Yet, JD, a prominent cryptocurrency analyst known for his market insights and large following on X, has taken a public stance stating that this price target for XRP is unattainable.
XRP’s $589 price target challengedJD posted a blunt assessment of XRP’s long-term prospects, declaring that “XRP is not hitting $589 in our lifetime.” His comments specifically addressed the persistent belief, prevalent among some investors, that price anomalies or accidental ‘exchange glitches’ validate such extreme price projections.
He dismissed these isolated exchange data errors as meaningless and called out social media influencers who have, in his view, contributed to unrealistic price expectations within the XRP community. According to JD, many retail investors have ended up facing losses after holding out for explosive price movements that never materialized.
JD sees the $589 target as unrealistic and criticizes those who promote it based on isolated exchange glitches, arguing that disciplined chart analysis leads to better results than relying on unsubstantiated hype.
JD pointed out that disciplined trading, focusing on technical charts rather than speculative narratives, has led some investors to profitable outcomes. He drew a clear line between those who avoided the promotional hype and those who became “bag holders,” hoping for parabolic gains.
JD’s approach to XRP forecastsDespite pushing back against the $589 claim, JD does not hold an entirely bearish outlook for XRP. He outlined his previous calls, such as identifying a bottom at $0.28 and a top at $3.37. He asserted that these correct predictions helped him achieve substantial returns and viral attention.
JD clarified that his rejection of the $589 level is not a judgment on XRP’s underlying value, but rather a critique of unrealistic market projections. He contends that pursuing such speculative targets has ultimately harmed retail participants by diverting attention from practical trading strategies and achievable market movements.
In his analysis, the path to success is not tied to highly optimistic forecasts, but to ongoing, data-driven analysis of price trends. He urges traders to focus on sound analysis rather than chasing improbable milestones that lack clear market basis.
Community reactions and ongoing debateJD’s statements generated significant discussion among XRP followers and the wider crypto community. One respondent pushed back, suggesting that even technical traders are often outperformed by algorithm-driven market participants and end up as ‘exit liquidity.’ JD countered this by referencing his transparent and successful calls as evidence that individual traders can thrive using chart analysis.
Another community member questioned whether more moderate targets, such as $5.89, could be realistic for XRP. JD responded positively to this possibility, indicating that while extraordinary targets like $589 are out of reach, a more measured bullish outlook for the cryptocurrency could be justified by fundamentals and technical factors.
The debate highlights persistent divisions within the XRP community regarding realistic price expectations, the influence of online narratives, and the importance of distinguishing credible predictions from speculative hype.
Mini dictionary: Exit liquidity – A term in trading and crypto markets, referring to less-informed traders who purchase assets at high prices, allowing earlier sellers to exit their positions profitably, often just before a significant price decline.
Summary of JD’s positionJD’s stance marks a clear call for realism in XRP price outlooks. He remains constructive on XRP’s prospects within logical price bounds and emphasizes sound, disciplined trading over narratives fueled by hype. While his statements have sparked extensive debate, JD’s track record and visible engagement with the community have contributed to the ongoing conversation on realistic expectations in the market.
He contends that traders should maintain realistic targets and trust in technical analysis rather than hoping for improbable outcomes, as his experience with previous XRP price calls demonstrates the effectiveness of a grounded, analytical approach.
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.
XRP is trading close to $1.31 after a daily gain, and this is the first sign of buyer strength the market has shown since September. The token fell for most of October, dropping from the $1.55 region to a low close to $1.25. Now it has printed a green daily candle and is moving back up.
Recovery is bullish on its ownThe bounce is small, but it matters. For weeks, every attempt to rise was sold quickly. Red candles ruled the chart, and the price kept making lower highs. A green close after the sharp drop indicates that sellers are slowing down at this level.
XRP/USDT Chart by TradingViewThe $1.25 to $1.30 area is acting as support. XRP touched this region and quickly moved away from it, leaving an extended lower wick on the candle. That wick indicates buyers stepped in and absorbed the selling. Earlier in September, the same area held the price before a strong rally to $1.65.
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First resistance on the way upThe next test is resistance. The orange moving average sits close to $1.33, just above the current price. XRP needs to close above it to confirm the bounce has real strength. Above that, the blue and black lines cluster around $1.37 to $1.38. This is a strong resistance region where many moving averages meet, and the price did not hold above it during the last drop.
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The RSI is close to 40, which is a weak but not oversold reading. This means the bounce is not coming from an extreme low, and there is room to grow if buyers maintain control. Volume is still low, though. A real recovery needs more volume on green days.
For bulls, the primary target is a daily close above $1.33. After that, the path opens toward $1.38 and then $1.45. If XRP loses $1.25, the bounce fails, and the price could move toward $1.20 or lower.
For now, the trend is still down, but the first bullish signal in weeks has appeared. The next couple of daily candles will show whether this is a real reversal or merely a brief pause before another drop.
XRP, the digital asset developed by Ripple Labs, is approaching a pivotal support level after enduring several weeks of selling pressure. Cryptocurrency analyst XRP Update emphasized that the price now trades just above a significant support area, prompting heightened attention from traders and investors.
Major support and resistance levelsAt the time of analysis, XRP hovered around $1.27, staying marginally above the $1.25 threshold. XRP Update, a well-known market commentator, described this level as the strongest support visible on the daily chart extending from February to late October.
The chart features prominent horizontal levels at $1.6003, $1.4504, and $1.2539. These have served as key zones for both support and resistance during the coin’s volatile price moves over recent months.
According to the analyst, a daily close below $1.25 would raise the risk of a deeper correction, while a hold above it could serve as a potential base for a price recovery.
XRP is currently trading close to $1.27, just above the key horizontal support at $1.25. A sustained hold could establish a base for recovery, but a daily close below this support would increase downside risk.
The path of the declineXRP reached a peak near $2.40 in January before entering a prolonged downtrend. By late summer, the asset fell to the $1 mark, losing much of its earlier gains.
After the decline, XRP managed a sharp rebound, surging 50% in less than three days. However, selling resumed shortly thereafter, erasing much of that recovery throughout October. The asset has now surrendered most of its gains from the August rally.
The $1.45 mark, which previously acted as support, has turned into resistance and has not been reclaimed in current trading. Resistance also remains overhead at $1.60, positioned at the top of this year’s range.
Analyst’s outlook: What’s at stakeXRP Update clarified that the fate of the current trend hinges on the $1.25 support holding on a daily closing basis. The analyst noted that this level provided critical support during the June-to-August pullback. If XRP closes above $1.25, a scenario for recovery remains in place, but a close below would undermine a key argument for bullish momentum.
The analyst views $1.25 as a decisive line: holding it could allow for stabilization and a potential rebound, while losing it would likely open the door to further losses.
If the $1.25 support survives, XRP would next need to overcome resistance at $1.4504 to shift market sentiment. Above, the $1.6003 level stands as the next major target, marking the upper boundary of this year’s trading range.
LevelRoleStatus$1.2539Immediate supportUnder pressure$1.4504First resistanceNot yet reclaimed$1.6003Major resistanceUntested since October peakXRP Update, known for monitoring technical price zones across major digital assets, continues to watch these crucial levels as traders look for direction. The analyst asserts that a bounce from $1.25 could reignite bullish activity, but a breakdown below this mark may trigger further declines.
Mini dictionary: Ripple Labs, a US-based technology company, created XRP as a digital payment protocol designed to enable fast and low-cost international money transfers.
XRP has recovered to $1.31 with a nearly 2% daily gain, even as US spot XRP exchange-traded funds recorded their first weekly withdrawals in 14 weeks and exchange reserves reached elevated levels.
Summary
XRP climbed nearly 2% to $1.31, although its weekly losses remained above seven percent overall. US spot XRP ETFs recorded $1.84 million in withdrawals, ending thirteen consecutive weeks of net inflows. CryptoQuant reported 11.81 billion XRP on exchanges, alongside declining leverage and weaker whale trading activity. Analyst Ali Martinez identified $1.25 as critical support, with $1.56 needed to confirm renewed upward momentum. XRP Ledger payment volume dropped 72.3% on October 17, despite a subsequent surge in transferred value. According to CoinGecko, XRP traded at approximately $1.31 on October 19, gaining 1.96% over 24 hours while losing 7.10% over the previous seven days. Its market capitalization stood near $82.97 billion, supported by a circulating supply of approximately 63 billion tokens.
Trading activity picked up during the recovery, with 24-hour volume reaching roughly $1.44 billion. CoinGecko reported that trading volume had increased 49.2% compared with the preceding day, indicating more market participation as the token attempted to recover recent losses.
Despite the daily gain, XRP remained under pressure on the daily chart, where momentum indicators continued showing weak buying activity.
XRP ETFs record first weekly outflows after 13 weeks US spot XRP ETFs ended their 13-week inflow streak during the October 12–16 trading period, according to SoSoValue data.
The funds recorded approximately $1.84 million in net withdrawals, reversing a period of sustained inflows that had continued despite weakness in XRP’s spot price.
US spot XRP ETFs, source: SoSoValue Although the weekly withdrawal was relatively modest, its timing followed several weeks of declining ETF inflows. The products had attracted approximately $11.31 million during the preceding week, after recording around $4.7 million in the week before that.
Earlier this month, crypto.news reported continued XRP inflows, showing that the funds had accumulated nearly $1.8 billion in total investments across their operating history. The report noted that institutional demand was continuing even as the token struggled to recover earlier price levels.
During the latest week, ETF flows were flat on October 12 and 13 before turning positive on Wednesday. The funds received approximately $740,400 on October 14, followed by a small withdrawal on Thursday.
Friday’s trading session changed the weekly result, with approximately $2.47 million leaving the funds. Canary Capital’s XRPC accounted for the entire October 16 redemption.
Separate weekly fund data indicated that Bitwise’s XRP product experienced roughly $3.01 million in outflows, while Franklin Templeton’s XRPZ attracted approximately $3.64 million. The inflows into XRPZ partly offset withdrawals from other funds.
Cumulative net inflows remained near $1.8 billion as of October 16, while total ETF net assets stood at approximately $1.47 billion. These figures measure different things: cumulative inflows track net investor contributions, while net assets reflect the current market value of fund holdings.
The latest weekly withdrawal represented approximately 0.12% of the funds’ reported $1.47 billion in net assets. This calculation uses the rounded $1.84 million outflow and does not establish whether the reversal will continue.
XRP exchange reserves rise as Binance leverage declines While ETF demand weakened, CryptoQuant analyst CryptoOnchain reported that XRP reserves across exchanges had reached 11.81 billion tokens on October 17.
The balance placed exchange holdings in the 99th percentile of their observations over the preceding 365 days. It indicated unusually large aggregate balances relative to the analyst’s one-year comparison period.
Exchange reserves represent tokens held in wallets associated with trading platforms, although the figures depend on the addresses and venues covered by the data provider. High balances can indicate that substantial quantities of XRP are available on exchanges, but they do not establish that owners intend to sell.
CryptoOnchain identified a separate change in Binance derivatives activity, where XRP open interest fell to $453 million on October 17 from $538.1 million on October 4. The decline represented approximately 15.8% of outstanding leveraged positions.
During that period, the token’s price fell from approximately $1.52 to $1.29, equivalent to a decline of around 15%. Binance’s leverage ratio dropped from 0.205 to 0.170 as leveraged market exposure decreased.
The analyst reported $25.7 million in long liquidations on October 7 and 8, describing the period as the largest two-day liquidation cluster in the preceding two weeks. Funding rates were negative on six of the previous 11 days, suggesting that bearish positions were becoming more prominent.
A separate report on XRP futures documented elevated futures positioning earlier in October, followed by declining open interest as the cryptocurrency’s price weakened. The latest CryptoQuant observations indicate that some leveraged positions had been closed during the subsequent decline.
However, the analyst found that Binance’s own XRP reserve balance, approximately 2.67 billion tokens, remained around the 30th percentile of its annual range. The exceptionally high aggregate exchange reading therefore did not reflect an equally unusual buildup at Binance.
Net inflows to Binance averaged approximately 9.3 million XRP per day over the previous week, with particularly large transfers of 22 million and 29 million XRP recorded on October 13 and 14.
CryptoOnchain suggested that some holders may have moved XRP onto exchanges for collateral or hedging purposes during the decline. The analyst explicitly described that explanation as unverified, and exchange transfers alone cannot distinguish hedging deposits from potential spot sales.
XRP Ledger payments fall as analysts report renewed transfers Network activity presented mixed signals during the same period, according to data attributed to XRPSCAN and observations from market analysts.
XRP Ledger payment volume fell to approximately 119.5 million XRP on October 17, representing a 72.3% decline from the preceding day. The figure was significantly below the reported 30-day average of 629.3 million XRP.
Payment volume measures XRP transferred between accounts and should not be confused with centralized exchange trading volume. Changes in the metric can reflect large individual transactions, movements between wallets or broader patterns of network usage.
CryptoQuant’s analysis identified weaker activity among large holders, with whale transaction volume declining 44% week over week and the number of tokens transferred falling 37%. Those observations covered the analyst’s chosen measurement period and are not directly interchangeable with XRPSCAN’s single-day payment-volume figure.
More recently, analyst Ali Martinez reported that the dollar value of coins transferred across the XRP Ledger had reached approximately $49.70 billion as XRP traded near $1.25.
Martinez interpreted the activity as a possible sign that buyers had defended an important price level. He suggested that $1.25 could form a local bottom if support continued holding.
XRP: THE BOTTOM IS IN
Transaction volume on the $XRP Ledger exploded last night as prices hovered around the $1.25 support.
The total dollar value of coins transferred on-chain skyrocketed to $49.70 billion, coinciding with the rebound that is now taking place.
This surge in… https://t.co/vTEFhtC5ss pic.twitter.com/fQTEvKsTKk
— Ali Charts (@alicharts) October 19, 2026 The reported increase in transferred value does not by itself prove that investors bought $49.70 billion worth of XRP. On-chain transfer values include movements between accounts, which can occur without a corresponding market purchase.
XRP price tests $1.25 support as momentum stays bearish XRP’s daily technical indicators continued to favor sellers despite the latest price recovery.
The Relative Strength Index stood at 38.48, below both its moving average of 41.31 and the neutral 50 level. This reading indicated weak upward momentum, although XRP had not entered the conventional oversold region below 30.
The Moving Average Convergence Divergence indicator showed a similar pattern, with the MACD line at -0.03612 and the signal line at -0.02110.
XRP price chart, source: TradingView The MACD histogram remained negative, consistent with the token’s recent decline. A recovery in price without a corresponding improvement in momentum indicators does not necessarily establish a lasting change in trend.
The immediate support region lies between $1.25 and $1.30, according to the supplied technical analysis. A sustained move below that area could bring $1.10 and eventually $1.00 into focus as lower reference levels.
On the upside, resistance appears near $1.40, followed by a more difficult area between $1.50 and $1.60.
Martinez identified $1.25 as the price needed to complete the possible right shoulder of an inverse head-and-shoulders formation on the three-day chart. He argued that a sustained close above $1.56 could open the way toward $2, while losing $1.25 would place $1 back in focus.
Another analyst, Crypto Patel, identified a possible reentry region between $1.22 and $1 and pointed to Fibonacci support on a higher-timeframe chart.
99% WILL IGNORE THIS $XRP CHART AND REGRET IT IN 2030
Technical analysis on the HTF chart: the accumulation zone filled and paid +73% 🚀
✅ Accumulation zone: $1 – $0.70 (filled)
✅ Profit after the fill: +73%
✅ Multi-year triangle breakout confirmed in Nov 2024.
✅ 0.618 Fib… pic.twitter.com/8iQmW0GQ4Q
— Crypto Patel (@CryptoPatel) October 19, 2026 His longer-term targets included $4, $10 and $20, although these remain speculative projections based on technical analysis rather than confirmed valuation estimates.
The more immediate resistance region was previously identified in analysis of XRP’s recovery, which described continued selling pressure below $1.40 during the October 14 trading session. The latest daily momentum readings remain below neutral levels, with RSI at 38.48 and the MACD line still beneath its signal line.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
XRP has registered its first notable gain in weeks, with the price rebounding from near $1.25 to trade close to $1.31. This marks a shift after a prolonged decline during October, as buyers showed renewed interest for the first time since September.
Support and resistance levels in focusThroughout much of October, XRP faced steady selling pressure, falling from $1.55 to a low near $1.25. Attempts by buyers to lift the price were previously met with quick sell-offs, resulting in a persistent pattern of lower highs and a dominance of red candles on price charts.
The $1.25 to $1.30 region has emerged as a support zone. XRP’s recent session saw the token touch this area before swiftly bouncing away, printing an extended lower wick on the daily candle. This price action suggests that buyers stepped in to absorb the selling pressure, preventing further declines. Analysts have noted that the same support zone sparked a strong rally to $1.65 in September.
XRP quickly reversed from its support area near $1.25, with the extended lower wick signaling renewed buyer strength at this critical zone.
With this bounce, XRP now faces its first resistance test. The orange moving average, which is widely monitored by technical traders, stands close to $1.33 and sits just above the current price. A close above this moving average would lend credibility to the current rebound, potentially encouraging additional buyers to enter the market.
Indicators and next price targetsAbove $1.33, further resistance is clustered between $1.37 and $1.38, where blue and black moving averages converge. This range, which previously failed to provide lasting support during the latest drop, now serves as a critical threshold for bulls aiming to extend the upward move.
LevelStatus$1.25 – $1.30Support$1.33First resistance (orange MA)$1.37 – $1.38Major resistance (multiple MAs)$1.45Higher target if momentum continues$1.20Potential new low if support breaksThe Relative Strength Index (RSI) holds close to the 40 mark, a level generally considered weak yet not oversold. This indicates that XRP’s bounce is not occurring from extreme market conditions and could still develop if buyers sustain their momentum. However, trading volume remains subdued. Market watchers have pointed out that higher volume on bullish sessions would add confidence to the prospects of a stronger recovery.
A daily close above $1.33 stands as the primary target for bullish traders. Surpassing this level could open the way toward $1.38 and then $1.45, potentially shifting the broader trend. Failure to maintain support above $1.25 could see the price test $1.20 or lower in the short term.
Short-term trend outlookCurrently, XRP’s overall trend remains downward, but this fresh move represents the first bullish signal seen in several weeks. Upcoming daily price action is likely to determine whether this marks the start of a meaningful reversal or a brief pause before another possible decline.
After weeks of losses, XRP’s latest daily candle points to a possible shift, but traders are closely watching upcoming sessions to see if this signals a true recovery.
TLDR Cross River Bank announced on October 15 that it is adding Ripple’s RLUSD stablecoin to its Core Operating System. The integration includes support for the XRP Ledger, where transactions are designed to settle in about three to five seconds. Fintech customers could use stablecoin rails alongside ACH, wire transfers and other bank payment services. Compliance checks, currency conversion and off-ramps can still add time before money reaches the final recipient. Neither company called the deal a replacement for existing payment networks. Cross River Bank is adding Ripple’s stablecoin to the system it uses to move money for fintech customers. The bank announced the move on October 15.
The stablecoin is called Ripple USD, or RLUSD. Cross River said it is integrating RLUSD into its own Core Operating System, with support for the XRP Ledger.
A stablecoin is a digital token built to hold a steady value. RLUSD is designed to track the US dollar.
How the RLUSD Integration Works Cross River is a US bank that provides financial infrastructure to other businesses. Many of its customers are fintech companies that rely on the bank to handle payments.
The bank said the goal is to give fintech customers access to blockchain settlement alongside conventional payment rails. It is not meant to be a separate payment product.
Businesses that connect through Cross River could use stablecoin rails next to the systems they already know. These include ACH transfers, wire transfers and other bank payment services.
For Cross River, adding stablecoin support is part of a wider effort. The bank wants to give customers access to different payment methods through a single integration.
For Ripple, the deal gives RLUSD another way into regulated banking. It places the stablecoin inside the daily workflows of a US bank.
Speed and Cost on the XRP Ledger The XRP Ledger is a public blockchain network. Transactions on it are designed to settle in about three to five seconds, and each one can cost a fraction of a cent.
These features are part of why Ripple is pitching RLUSD for certain uses. They include cross-border payments, merchant settlement and treasury transfers.
Many of these payments do not fit well into normal banking hours. A blockchain network can process transactions at any time of day.
However, blockchain speed is not the same as the total time it takes to deliver money. Several steps can add time before funds reach the person or business receiving them.
Compliance reviews are one of those steps. Currency conversion and moving funds back into a bank account, known as the off-ramp, can also slow things down.
Neither Cross River nor Ripple described the deal as a replacement for current payment networks. Neither company said existing systems would be phased out.
For now, the integration means a bank is adding another settlement tool for its customers. Fintech companies will decide for themselves whether to use it.
Actual use of RLUSD on the platform will depend on which fintechs find it useful enough to build into their operations. The bank announced the integration on October 15.
Bitwise's spot XRP ETF holds more than $541 million in net assets, with cumulative net inflows of $684.73 million, according to SoSoValue data.
Bitwise's (@Bitwise) spot XRP exchange-traded fund has passed the half-billion-dollar mark in net assets. The fund, which tracks $XRP, held $541.12 million as of October 17, according to figures from the SoSoValue fund tracker reported by COINOTAG.
The same dataset puts cumulative net inflows at $684.73 million. The product gives investors a way to gain exposure to XRP price moves without buying or storing the token directly.
Largest fund in the XRP ETF sectorSoSoValue's XRP ETF dashboard lists the Bitwise fund with a 0.34% fee, according to the data provider. It trades on NYSE under the ticker XRP.
The fund is the largest of the US spot XRP products by cumulative inflows. Data cited by Coinpaper shows Franklin Templeton's fund with roughly $509 million and Canary Capital's with nearly $487 million. Those products began launching in November 2025, and total net inflows across the category reached about $1.8 billion by mid-October.
Steady inflows since launch point to continued demand for regulated XRP exposure. U.Today noted that the trend looks more like accumulated demand than a short-term event, as Digital Today reported.
What the numbers do and do not showNet assets and net inflows are different measures. Inflows reflect subscriptions minus redemptions, while net assets track the current market value of holdings, according to Coinpaper. That is why Bitwise's net assets of $541.12 million sit below its $684.73 million in cumulative inflows: changes in the XRP price affect the value of what the fund holds.
Neither figure translates directly into a set amount of XRP bought by the fund. The same caveat appears in U.Today's report on the milestone.
Daily flows across the sector have also been uneven. XRP spot ETFs recorded a $2.47 million net outflow on October 16, entirely from the Canary XRP ETF, according to SoSoValue data relayed by KuCoin News. On October 14, Bitwise was the only issuer to attract new capital, though the inflow was small at about $740,400.
For now, Bitwise's fund remains the clearest gauge of how much money is flowing into XRP through traditional markets, even as the token's price and daily flows fluctuate.
SourcesCOINOTAG: Bitwise XRP ETF net assets top $541 million
U.Today: Bitwise holds over half a billion XRP
Digital Today: Bitwise leads XRP ETF market with net assets over $500 million
Ethereum faces renewed downside risk as sellers keep price pinned near the $2,410 support zone. Sellers took over after the loss of $2560 and pushed the price down to $2350, causing significant selling activity.
Although buyers attempted a short-term rebound, they were unable to sustain that bounce and failed at the $2460-$2480 region. As a result, Ethereum [ETH] is back at the $2404-$2410 area, where sellers may test the bottom again.
In turn, this will likely continue to deteriorate the support of this region.
Source: TradingView
Sellers had more conviction than buyers in the form of higher volume throughout the entire sell-off process. Also, the current consolidation does not indicate an abundance of buying power either.
A 4-hour closing below $2404 would most likely trigger additional stop-loss orders and create an opening for a breakdown to $2350, then potentially to $2320.
On the flip side, if buyers are able to hold and close above $2450 with larger volume, it would be a sign of increasing demand and open up the possibility of breaking back to $2480-$2520.
Ethereum ETF outflows deepen selling pressure
While Ethereum continues to battle to defend the $2410 level, persistent ETF outflows are eroding another layer of potential buyer support. In addition, U.S.-based Spot Ethereum ETFs withdrew $319.97 million last week, ending on the 16th of October.
The withdrawal was preceded by $689.88 million flowing into these ETFs on the 25th of September. However, subsequent weekly outflows eliminated all of that momentum. Prior to the latest withdrawal, outflows totaled $138.02 million and $542.07 million, respectively.
Source: SoSoValue
Therefore, cumulative net inflows decreased from $13.94 billion to $12.94 billion, and total assets decreased to $14.95 billion. This reduction in institutional spot demand is increasing dependence on other buyers.
Unless new demand emerges or materializes, continued withdrawals may increase selling pressure and make recovery above $2450 even more difficult. Institutional ETF withdrawals decrease macro demand for ETH.
Consequently, high levels of leverage on crypto-native exchanges are increasing downside pressure caused by liquidating individual positions.
ETH long liquidation hits $1.08M
Ethereum’s decline has exposed the risks of leveraged bullish bets. This comes after one trader suffered a major liquidation. Five hours ago, ETH’s drop forced the closure of a 3,206 ETH long near $2,355.97. This trade resulted in an overall loss of $286,767.
Further partial liquidations and position reductions added losses of $71,270, $28,991, and $30,658. These examples demonstrate that the trader is still being pressured from all sides regarding their current level of exposure.
Source: Lookonchain
These forced exits can amplify selling when leveraged buyers rush to reduce risk, although one account cannot confirm broader market-wide liquidations.
All together, Ethereum risks further declines as repeated $2,410 support tests, $319.97 million ETF outflows, and leveraged liquidations weaken buying support. These pressures could overwhelm buyers and expose $2,350 and $2,320 if support breaks.
Final Summary
Ethereum could fall to $2,350 and $2,320 if selling pressure pushes it below $2,404.
ETH faces more selling pressure as ETF outflows reach $319.97 million and leveraged traders suffer liquidations.
04:28 AM EDT, 10/19/2026 (MT Newswires) -- JPMorgan Chase (JPM) is making its JPM Coin deposit token available to institutional clients on the Ethereum blockchain, media outlets reported Monday.
The token represents US dollar deposits held at the bank and enables clients to transfer funds around the clock, the reports said, adding that JPM selected Ethereum because of its liquidity and established use among clients.
JPMorgan Chase did not immediately respond to MT Newswires' request for comment.
Altcoin piyasasında işler hızla tersine dönüyor. Binance’te listelenen altcoinlerin %48,4’ü 18 Ekim itibarıyla 200 günlük hareketli ortalamasının altına geriledi. Ekim başında bu oran %10’un bile altındaydı. Son 15 günde altcoinlerin toplam piyasa değerinden 134 milyar dolardan fazla silinirken Bitcoin’in piyasa hakimiyeti %60,7’ye yaklaştı.
Altcoin Rallisi İki Haftada Güç Kaybetti Ağustos sonunda başlayan toparlanma, ekim başında altcoin piyasasının büyük bölümüne yayılmıştı. Analist Darkfost’un paylaştığı verilere göre ağustos sonunda Binance’teki altcoinlerin %81’i 200 günlük hareketli ortalamasının altında işlem görüyordu. Ekim başında ise bu oran %10’un altına düştü. Başka bir deyişle, borsadaki altcoinlerin yaklaşık dokuzu uzun vadeli ortalamasının üzerine çıkmıştı.
Ancak bu görünüm uzun sürmedi. 18 Ekim’de altcoinlerin %48,4’ü yeniden 200 günlük ortalamanın altına indi.
Darkfost’un paylaştığı verilere göre ağustos sonu ile ekim başı arasında altcoinlere 814 milyar dolardan fazla giriş oldu. Ancak yükselişin ivmesi kısa sürede zayıfladı. Analist, son 15 günde altcoin piyasasından 134 milyar dolardan fazla çıkış yaşandığını tahmin ediyor. Ona göre hızlı kâr satışları bu gerilemede etkili oldu.
Analiste göre bu çıkışta hızlı kâr satışları etkili olmuş olabilir. Yine de söz konusu rakamları piyasadan çekilen nakit miktarı olarak yorumlamamak gerekiyor. Bunlar, altcoin piyasasının toplam değerindeki değişimi ifade ediyor.
Altcoin Sezonu Endeksi Bitcoin Sezonuna Yaklaşıyor Zayıflama, altcoinlerin Bitcoin karşısındaki performansını ölçen endekslere de yansıdı. Blockchaincenter’ın 30 günlük Altcoin Month Index göstergesi 29’a kadar geriledi. Bitcoin sezonunun başladığı kabul edilen eşik ise 25.
Buna karşılık 90 günlük Altcoin Season Index, 51 seviyesinde ve nötr bölgede. İki gösterge arasındaki farkın nedeni ölçüm süreleri: 90 günlük endeks ağustos ve eylül aylarındaki yükselişleri de hesaba katarken, 30 günlük gösterge son haftalardaki kayıpları daha hızlı yansıtıyor.
Üstelik 90 günlük endeks 388 gündür altcoin sezonu eşiğine ulaşamadı. Bu da son yükselişin henüz kalıcı ve geniş tabanlı bir altcoin sezonuna dönüşmediğini gösteriyor.
Bitcoin Dominansı %60,7’ye Yükseldi Bitcoin’in toplam kripto para piyasasındaki payı eylül sonundaki yaklaşık %59 seviyesinden %60,7’ye çıktı. Böylece dominans, eylül başındaki %60,4 civarındaki zirveyi de geride bıraktı. Bu seviye, günlük grafikte en azından mayıs sonundan bu yana görülen en yüksek oran olarak öne çıkıyor.
Altcoinler açısından bir diğer önemli veri, borsalardaki sabit coin rezervleri. CryptoQuant verilerine göre Ethereum tabanlı sabit coinlerin borsa rezervi 57,4 milyar dolara geriledi. Kasım 2025’te bu tutar yaklaşık 78 milyar dolardı.
Rezervlerdeki düşüş, borsalarda yeni alımlarda kullanılabilecek sabit coin miktarının azaldığına işaret ediyor. Ancak tek başına bu veri, yatırımcıların alım yapmayı bıraktığını kanıtlamıyor.
Altcoinlerdeki düşüşün ne kadar süreceği henüz belli değil. Fakat 200 günlük ortalamanın altına inen coin sayısının artması, kısa vadeli endeksin Bitcoin sezonu eşiğine yaklaşması ve Bitcoin dominansının yükselmesi, piyasanın yön değiştirdiğini gösteren önemli sinyaller.
Bu içerik genel piyasa verilerine dayanır ve yatırım tavsiyesi değildir. Kendi araştırmanızı yapmanızı öneririz.
Son Dakika kripto para haberleri için hemen tıkla.
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Ethereum co-founder Vitalik Buterin has backed EIP-8288 as a proposed way to support complex cryptography without repeatedly adding new verification functions to Ethereum, arguing that most heavy cryptographic work should happen outside the network’s main execution process.
Summary
Vitalik Buterin wants Ethereum to verify complex cryptography through aggregated proofs instead of repeated protocol upgrades.
EIP-8288 proposes combining cryptographic signatures and STARK proofs before Ethereum validators verify their collective validity efficiently.
The proposal could support quantum-resistant wallet signatures without requiring separate Ethereum precompiles for every signature type.
Ethereum developers have not approved EIP-8288, which remains a draft requiring further implementation and network consensus.
The proposed system would keep large proofs outside block data while retaining transaction commitments for verification.
In a series of October 19 posts on X, Buterin argued that Ethereum’s existing virtual machine and specialized cryptographic functions are unsuitable for supporting every new signature or proof system. He instead favored a design that would let users generate proofs locally and submit them through an aggregation mechanism.
The proposal, EIP-8288, would allow Ethereum to verify that cryptographic operations were performed correctly without including every original signature or proof in a block.
Vitalik Buterin described this approach as part of his vision for Ethereum as a cryptographic world computer, where substantial computation can happen outside the blockchain while its results remain verifiable.
The specification remains a draft and has not received approval for deployment on Ethereum mainnet.
Vitalik Buterin wants less cryptographic work inside Ethereum
Vitalik Buterin’s latest comments focus on how Ethereum handles cryptographic operations that require large amounts of computation or data.
Currently, developers can use the Ethereum Virtual Machine, or EVM, to run smart contracts that verify certain cryptographic statements.
Ethereum provides precompiles, which are built-in functions that perform specific calculations more efficiently than ordinary smart contract code.
These functions can help developers verify signatures, hashes and zero-knowledge proofs.
However, supporting additional cryptographic methods directly through precompiles can require changes to Ethereum’s protocol.
Vitalik Buterin argued that neither approach should become the default solution for every new cryptographic system.
His concern centers on the amount of data that must be included in Ethereum blocks when applications submit large signatures or cryptographic proofs for verification.
In the October 19 discussion, he estimated that even with improvements such as PeerDAS and blocks-in-blobs, the network would face practical limits around 8 megabytes per second before additional data became difficult to handle.
Ultimately, precompiles and EVM are both the wrong place to put most cryptography support into Ethereum. The reason is that precompiles and EVM both operate on data that has to be included into the ethereum chain somehow, which realistically means included in a block as calldata.… https://t.co/kb3JfEQKpj
— vitalik.eth (@VitalikButerin) October 19, 2026
The estimate represents Buterin’s assessment of future engineering constraints, not Ethereum’s currently measured transaction throughput.
He described Ethereum as a cryptographic world computer in which the blockchain should handle only information requiring shared execution and verification.
The idea is consistent with his earlier work on reducing the amount of computation that every Ethereum validator must independently perform.
In September, crypto.news covered his cryptographic computer vision, which described Ethereum’s proposed transition toward proof-based verification, privacy and more efficient handling of data.
His October comments focused on a specific proposal for making that approach work across different cryptographic systems.
EIP-8288 would combine proofs before they reach Ethereum
The proposed mechanism is described in EIP-8288, titled In-mempool signature and proof aggregation.
Buterin and Ethereum researcher Thomas Coratger created the proposal on June 3, 2026.
According to the official specification, the system would let transactions declare which cryptographic statements must be verified without including all of the original proof material in the final block.
Those declarations would identify the verification scheme, a hash representing the relevant data and a hash associated with the verification key.
The network would use these references to connect transactions with evidence that the required operations were performed correctly.
Users would generate signatures or cryptographic proofs outside Ethereum’s main execution environment.
The proposal allows these proofs to be combined recursively, meaning one proof can establish the validity of several smaller proofs.
Instead of individually verifying every original signature and STARK, Ethereum would verify an aggregated proof covering the relevant transaction dependencies.
A STARK is a cryptographic proof that allows someone to demonstrate that a computation was performed correctly without requiring every verifier to repeat the entire calculation.
The proposed aggregation system would use Lean Ethereum tooling to generate and verify these proofs.
EIP-8288 describes a new transaction frame mode that would declare cryptographic dependencies. The proposal builds on EIP-8141, which introduces a framework for transactions with multiple execution and verification steps.
At the block level, a recursive STARK would demonstrate that the declared dependencies had been satisfied.
The system would continue recording necessary transaction information and cryptographic commitments on Ethereum.
However, its intended design would avoid publishing the original large signatures and proofs as ordinary transaction calldata.
The proposal is not a plan to remove all transaction data from the blockchain or allow applications to operate without verifiable records.
Quantum-resistant signatures are a major part of the proposal
EIP-8288 includes support for cryptographic signatures designed to resist attacks from future quantum computers.
Ethereum currently relies on established digital signature systems for account authentication and blockchain consensus.
Developers are researching alternatives that would remain secure if sufficiently powerful quantum computers become available.
Some proposed quantum-resistant signatures are much larger than the signatures used in conventional Ethereum transactions.
According to EIP-8288, hash-based signatures under consideration can require roughly 2–3 kilobytes and an estimated 150,000–200,000 gas to verify directly.
Lattice-based signatures present comparable challenges in the proposal’s cost discussion.
STARK proofs can require more than 128 kilobytes, with some configurations reaching approximately 512 kilobytes when optimized for fast proof generation.
Including large amounts of this material directly in transactions could create substantial data and execution costs.
Vitalik Buterin argued that users should be able to produce their preferred signatures locally and prove their validity through STARK aggregation.
He discussed the possibility of using lattice-based cryptography for Ethereum accounts and wallets if the relevant security assumptions were established.
His October 19 statement referred specifically to cryptography that might be proven secure against AI-related attacks. That condition is separate from the standard definition of resistance to quantum-computer attacks.
Earlier reporting on Ethereum’s roadmap described how quantum resistance and privacy had become priorities for the network’s future development.
The roadmap includes changes to signature verification and the cryptographic systems supporting Ethereum’s consensus and data availability.
EIP-8288 addresses part of that work by proposing a common method for verifying multiple cryptographic schemes.
Recursive aggregation would start before block production
The proposed process does not depend solely on a block producer collecting every signature and generating one final proof.
EIP-8288 describes recursive aggregation beginning in Ethereum’s mempool, where transactions wait before being included in blocks.
Under the design, users would submit transactions along with the cryptographic evidence required to authorize them.
Mempool participants could validate the submitted evidence, combine several proofs into one and pass the resulting package to other participants.
The specification describes an aggregation interval of 1,000 milliseconds for this process.
Block builders would then collect the relevant transactions and aggregated proofs before constructing an Ethereum block.
A final recursive STARK would cover the dependencies associated with the transactions selected for inclusion.
The draft proposes technical limits intended to prevent malicious users from overwhelming the aggregation system with excessive proof requirements.
For example, its current parameters allow up to 16 specified signature dependencies and one STARK dependency per transaction.
The specification also addresses compatibility with FOCIL, a proposed transaction-inclusion mechanism designed to make censorship more difficult.
An Ethereum analysis of proof-based verification published in September examined the distinction between verifying a computation’s result and ensuring the underlying data remains accessible.
EIP-8288 addresses cryptographic verification while retaining the transaction information needed to identify and validate dependencies.
Its design introduces additional work for mempool participants and block builders, which would need to generate, update and combine proofs. The proposal’s security section identifies the correctness of the proof circuits, hashing functions and recursive verification as assumptions that require careful evaluation.
EIP-8288 remains a draft requiring network approval
The official Ethereum Improvement Proposal repository classifies EIP-8288 as a draft standards-track proposal in the core category.
Its implementation would alter Ethereum’s consensus rules because blocks containing the proposed recursive proof format would not be understood by nodes running software without the update.
The specification identifies EIP-2718 and EIP-8141 as dependencies. Several implementation details remain incomplete, including parameters associated with the aggregated verification key and dependency hashing.
The proposal’s reference implementation is listed as forthcoming. Ethereum developers would need to complete technical work, review the security assumptions and agree on network activation before the design could be deployed. The repository does not currently list an approved mainnet activation date for EIP-8288.
The proposal’s existing test cases cover individual signature verification, multiple proof dependencies, invalid recursive proofs, mempool aggregation and compatibility with transaction inclusion lists.
Its backward-compatibility section states that ordinary transactions without the new cryptographic verification frames would retain their existing behavior.
Nodes that do not implement the new rules would reject transactions using the proposed frame mode and blocks carrying the recursive proof header.
The proposal therefore requires a coordinated network upgrade before its cryptographic aggregation system can become part of Ethereum’s mainnet rules.
JPMorgan takes JPM Coin to Ethereum for institutional clients: ReportJPMorgan is reportedly expanding its JPM Coin deposit token to Ethereum, allowing institutional clients to make payments and settle tokenized asset transactions.
JPMorgan Chase, the world’s biggest bank by market capitalization, is expanding its JPM Coin deposit token to Ethereum, Bloomberg reported on Monday.
JPM Coin represents US dollar deposits held at JPMorgan and lets eligible clients transfer funds within seconds, around the clock.
Emma Landriault, global head of Kinexys Labs, said crypto companies could use the token for blockchain payments, while financial institutions could use it to settle trades and post collateral.
Landriault said JPMorgan chose Ethereum for its liquidity and existing use among clients. While the tokens are issued on public networks, JPM Coin will remain restricted to approved institutional participants.
The expansion follows JPMorgan’s November 2025 rollout of JPM Coin on Base, an Ethereum layer-2 network built by cryptocurrency exchange Coinbase. At the time, JPMorgan said it planned to support additional public blockchains. In January, JPMorgan announced plans to bring JPM Coin to the Canton Network.
Cointelegraph contacted JPMorgan for additional details but did not receive an immediate response.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
JPMorgan takes JPM Coin to Ethereum for institutional clients: ReportJPMorgan is reportedly expanding its JPM Coin deposit token to Ethereum, allowing institutional clients to make payments and settle tokenized asset transactions.
JPMorgan Chase, the world’s biggest bank by market capitalization, is expanding its JPM Coin deposit token to Ethereum, Bloomberg reported on Monday.
JPM Coin represents US dollar deposits held at JPMorgan and lets eligible clients transfer funds within seconds, around the clock.
Emma Landriault, global head of Kinexys Labs, said crypto companies could use the token for blockchain payments, while financial institutions could use it to settle trades and post collateral.
Landriault said JPMorgan chose Ethereum for its liquidity and existing use among clients. While the tokens are issued on public networks, JPM Coin will remain restricted to approved institutional participants.
The expansion follows JPMorgan’s November 2025 rollout of JPM Coin on Base, an Ethereum layer-2 network built by cryptocurrency exchange Coinbase. At the time, JPMorgan said it planned to support additional public blockchains. In January, JPMorgan announced plans to bring JPM Coin to the Canton Network.
Cointelegraph contacted JPMorgan for additional details but did not receive an immediate response.
Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.
Standard Chartered has enabled eligible wealthy clients in the United Arab Emirates to buy and sell Bitcoin and Ethereum directly through their existing bank accounts.
Standard Chartered has begun offering direct cryptocurrency trading to its wealthy clients classified as professional investors in the United Arab Emirates. Under the new service, eligible clients will be able to buy and sell Bitcoin and Ethereum using their existing bank accounts.
According to the bank’s statement, custody and settlement operations will be conducted within the Standard Chartered ecosystem via a closed-loop model. Therefore, customers will not need to create a separate cryptocurrency wallet, store private keys, or open an account on a third-party exchange.
The service combines Standard Chartered’s asset and retail banking units with its corporate and investment banking activities. Transactions are conducted through the Zodia Markets platform, which is backed by the bank’s venture capital arm, SC Ventures.
Standard Chartered announced that it has received the necessary license approval from the Dubai Virtual Assets Regulatory Authority for the service. The bank states that this product is the first of its kind offered by an international bank in the United Arab Emirates. This also marks Standard Chartered’s first foray into offering cryptocurrency trading directly to wealthy individual clients in any country.
The bank had previously launched institutional Bitcoin and Ethereum spot trading through its UK arm, later expanding its institutional service to the UAE. It also offers crypto ETFs, structured products, and over-the-counter derivatives to eligible clients.
It shouldn’t be assumed that the service is open to all individual customers. Users need to meet professional investor requirements, and initially, only Bitcoin and Ethereum are supported. While Standard Chartered has stated its intention to expand the system to other markets, it has not announced any new countries or implementation schedule.
*This is not investment advice.
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Wall Street giant JPMorgan is bringing its USD-denominated deposit token JPM Coin (JPMD) to Ethereum for institutional clients. Ethereum’s “established depth of onchain liquidity and tokenized assets” makes it a natural next public blockchain for JPMD.
JPMorgan Brings Deposit Token to Ethereum for Institutional Clients $5 trillion AUM JPMorgan Chase is launching its deposit token on Ethereum, extending the lender’s push into blockchain payments as Wall Street grows more comfortable moving money on public networks.
JPM Coin represents US dollar deposits at the bank and is made available to the company’s institutional clients on the Ethereum network, Bloomberg reported on October 19.
The deposit token was first launched on Coinbase-linked blockchain Base last year. It allows clients to send and receive money in real time and 24/7.
“We’ve clearly been in a year of further convergence between Wall Street and crypto,” said Emma Landriault, global head of Kinexys Labs at JPMorgan. “It’s not just Wall Street going to public chains, but the institutional web3 players getting more embedded and partnering with traditional financial institutions,” she added.
The expansion comes as banks and other large financial firms seek ways to move assets faster and beyond the limitations of traditional systems. TradFi-crypto convergence has witnessed massive adoption on the tokenization side.
JPM Coin is now live on Ethereum mainnet for institutional clients. Another meaningful step for institutional finance on public infrastructure! https://t.co/MeAKUP0461
— Marius Smith (@mariuslsmith) October 19, 2026
J.P. Morgan has now added a cash leg to the products it already live on Ethereum mainnet, with tokenized money market funds MONY and JLTXX both already on the network.
As CoinGape reported, JPMorgan is expanding its Digital Assets and Blockchain Solutions team as it explores tokenized deposits, blockchain payments, digital assets and new products for consumers.
Ethereum price jumped more than 1% to hit a 24-hour high of $2,445. The price is currently trading at $2,434 amid a recent rebound in the crypto market. Trading volume has also increased by 42% over the last 24 hours, indicating a rise in interest among traders.
As global banks deploy money market funds and deposit tokens on public blockchains, institutions require regulated institutional custody solutions for tokenized assets to safeguard capital.
JPMorgan to bring JPM Coin to Ethereum. (Ikechukwu Julius Ugwu/Unsplash)Summary
JPMorgan will make JPM Coin, a token representing dollar deposits at the bank, available to institutional clients on Ethereum, Bloomberg reported.The bank said Ethereum’s liquidity makes it attractive for crypto companies seeking blockchain payments and financial firms settling trades or backing tokenized assets.The move expands JPMorgan’s blockchain efforts beyond its private Kinexys network, which processes more than $7 billion in transactions daily.JPMorgan(JPM), the largest U.S. bank, is bringing its almost year-old crypto token, JPM Coin, to Ethereum as part of a plan to expand beyond Base, the layer-2 blockchain built by Coinbase Global COIN.
The bank chose Ethereum because the blockchain offers more liquidity than rival networks and is already used by institutional clients, Emma Landriault, the head of Kinexys Labs at JPMorgan’s blockchain division Kinexys, said in an interview with Bloomberg.
The banking giant flagged a move outside Base back in January, saying it was planning to take the token to the Canton Network. Broadening its availability aims to serve crypto firms that want to make blockchain payments and financial firms that need a digital token to settle trades or back tokenized assets, Landriault said.
Landriault didn’t say when JPM Coin, which represents dollar deposits at the bank, would become available on Ethereum. The bank had not responded to a CoinDesk request for details by publication time.
Tokenization is the process of converting real-world assets and financial assets into a digital form that’s recorded and traded on a decentralized ledger. The advantage is speed, including faster settlement of trades, quick movement of money while bypassing delays and frictions involved in traditional rails.
Banks have embraced tokenization, but mostly away from public networks. In the U.S., JPMorgan, Citi (C), Bank of America (BAC) and Wells Fargo (WFC), along with more than a dozen other banks, have plans to start a shared network for tokenized deposits.
JPMorgan’s private blockchain network, Kinexys, already handles more than $7 billion a day, a small piece in the bank’s $12 trillion a day payments business. Almost $50 billion worth of crypto assets are locked in Ethereum-based applications, according to DeFiLlama.
Abroad, JPMorgan is among more than 30 banks that are helping Swift, the interbank messaging service, define the features and governance of its blockchain-based ledger. In July, Swift said 17 banks, including Citi and Wells Fargo, were preparing to pilot live transactions on it. JPMorgan wasn’t on that list.
19 October 2026 | 13:07 JPMorgan has expanded JPM Coin to Ethereum, putting its deposit token on a network that already hosts tokenized investments. The next step is connecting those payments with transactions.
Kinexys by JPMorgan announced the expansion on October 19 in a statement reported by The Block. The dollar-denominated token, which uses the ticker JPMD, launched on Base in November 2025. The bank cited Ethereum’s existing liquidity and tokenized assets as reasons for adding the network.
A payment option beside the investments A tokenized investment still needs a way for buyers to pay sellers. JPM Coin could fill that role for eligible institutions that want to transact using money held with JPMorgan.
The bank already has investment products on Ethereum. Its asset-management division launched JLTXX in May, adding a registered government money-market fund to the network. That followed MONY, a private-placement tokenized money-market fund introduced in 2025.
Although these products can share blockchain infrastructure, they represent different claims:
Instrument Financial claim Role in a transaction JPM Coin A bank deposit represented by a token Can provide the payment JLTXX or MONY fund tokens An interest in an investment fund Represent the investment being acquired or held The Ethereum announcement does not confirm that investors can subscribe to JLTXX or MONY using JPM Coin. JLTXX’s launch materials describe subscriptions through Morgan Money using cash or stablecoins through a third-party vendor. Those arrangements should not be confused with a newly confirmed deposit-token integration.
What a purchase using JPM Coin could look like JPMorgan’s public- and private-blockchain strategy describes deposit tokens as a possible payment component for tokenized-asset transactions. The practical benefit would come from coordinating the payment with delivery of the investment.
Consider an approved institution buying a tokenized security from another eligible participant. In an application supporting both instruments, the buyer could supply JPM Coin while the seller supplies the security. The application could make each transfer conditional on the other completing.
This arrangement is called delivery versus payment. It reduces the risk that a buyer pays without receiving the asset, or that a seller delivers without receiving payment. Achieving it requires a transaction mechanism that links the two transfers; placing both tokens on Ethereum is only part of the work.
The application must accept JPM Coin, the asset must permit the transfer, and both parties must satisfy the relevant access rules. Custody, transaction approvals and the legal treatment of settlement also need to fit the arrangement.
For a treasury team, the useful question is therefore specific: can the institution pay its intended counterparty for its intended asset using this token? The network expansion creates another place to build that service, but does not establish that every such transaction is available today.
The bank relationship travels with the token JPMorgan’s product documentation limits participation to vetted, approved counterparties. Its description of peer-to-peer transfers refers to eligible participants sending money to one another within those restrictions.
JPM Coin also retains the credit exposure associated with a deposit at the issuing bank. Recording and transferring that claim on Ethereum does not turn it into a money-market fund holding or remove JPMorgan from the relationship.
For companies already banking with JPMorgan, this offers a way to explore blockchain payments while retaining a commercial-bank deposit structure. The approach echoes the corporate preferences discussed in Citi’s assessment of stablecoins and tokenized deposits.
Whether a deposit token is suitable still depends on the recipient. A business cannot assume that a supplier accepting a particular stablecoin can also receive JPM Coin. Access, acceptance and redemption arrangements determine which payment instrument works for that transaction.
More networks do not automatically connect more banks Adding Ethereum broadens JPM Coin’s blockchain availability. It does not, by itself, make deposits issued by other banks interchangeable with JPMorgan’s token.
Cross-bank payments require arrangements covering how institutions exchange, recognize and redeem those claims. Separate projects, including the DBS and Citi tokenized-dollar payment test, address that problem.
The next evidence to look for is named applications and counterparties accepting JPM Coin for specific transactions. A confirmed fund subscription, securities purchase or collateral workflow would show how institutions are using the Ethereum deployment beyond transfers between approved wallets.
Author
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work at Coindoo has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
Tron has emerged as the leading blockchain by network revenue, generating $23.41 million over 30 days and significantly outpacing Ethereum and Solana in the latest DeFiLlama ranking. The performance highlights Tron’s role in stablecoin transfers, particularly USDT, which drives substantial activity across its network. However, the key question for investors is whether this revenue advantage can translate into sustained demand for TRX or remain an indicator of network usage alone.
Tron Leads Major Blockchains in RevenueTron generated $23.41 million in 30-day revenue, compared with $6.34 million for Ethereum and $3.4 million for Solana in the displayed ranking. Base recorded $2.78 million, while Polygon generated $2.27 million.
The gap places Tron well ahead of these competitors on this specific metric. However, network revenue does not capture every aspect of blockchain activity, and differences in fee structures make direct comparisons more complex.
USDT Transfers Drive Tron’s Network ActivityTron’s revenue strength is closely linked to its role as a major network for Tether’s USDT stablecoin. Users frequently rely on Tron to transfer dollar-pegged tokens between exchanges and wallets, supporting consistent transaction demand.
This payment-focused activity helps explain why Tron can generate substantial revenue without relying solely on speculative trading or decentralized finance. Transactions require network resources, linking usage to Tron’s fee mechanism and TRX.
What Does This Mean for TRX?Tron’s revenue leadership strengthens its network-usage narrative, but it does not automatically signal a bullish move for TRX. The token’s price also depends on broader market sentiment, circulating supply, staking activity and whether network usage creates sustained demand.
Investors should monitor whether monthly revenue continues to rise, stablecoin activity remains strong and TRX price action confirms improving momentum. A single 30-day ranking is useful evidence of current activity, but consistent growth across multiple periods would provide a stronger signal.
Can Tron Turn Revenue Strength Into Demand?Tron’s $23.41 million in monthly revenue puts it comfortably ahead of Ethereum and Solana in the latest ranking. Its stablecoin-transfer activity offers a clear explanation for that lead, reinforcing its position in crypto payments infrastructure.
The next test is sustainability. If Tron maintains strong revenue and USDT activity, its network fundamentals could strengthen further. For TRX holders, however, the decisive factor will be whether that usage translates into durable token demand rather than simply keeping Tron at the top of the revenue leaderboard.
Story Ends Here
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JPMorgan Chase, currently the world’s largest bank by market value, is expanding its JPM Coin deposit token to operate on the Ethereum blockchain, according to Bloomberg.
Wider access to blockchain financeJPM Coin represents US dollar deposits held at JPMorgan and enables qualified clients to transfer funds instantly, 24 hours a day. The token had previously launched on Base, an Ethereum layer-2 network developed by Coinbase, and now broadens its reach to the main Ethereum public blockchain.
Emma Landriault, who leads Kinexys Labs at JPMorgan, explained that cryptocurrency companies may find the token particularly useful for blockchain-based payments, while traditional financial institutions could use it to settle trades and provide collateral. Landriault stated that Ethereum was chosen due to its liquidity and widespread adoption among institutional clients.
JPMorgan selected Ethereum for the next phase of expansion, citing the network’s liquidity and the broad client usage it already enjoys. The bank intends for JPM Coin to be available on public networks, but access will remain limited to approved institutional participants.
Mini dictionary: Kinexys Labs, a fintech innovation division within JPMorgan focused on digital assets, blockchain technologies, and the development of tokenized financial solutions for institutions.
JPM Coin remains restricted to verified institutional clients, even as it goes live on additional public blockchains. These steps are part of JPMorgan’s strategy to integrate more blockchain services into its offerings for major financial players.
Recent developments and expansion plansJPMorgan expanded JPM Coin to Base, the Coinbase-developed Ethereum layer-2 network, in November 2025. At that time, the bank revealed plans to eventually support more public blockchains, reflecting increasing institutional demand for digital asset services.
In January, JPMorgan announced that it intended to bring JPM Coin to the Canton Network, a privacy-focused blockchain platform optimized for financial institutions seeking secure, compliant on-chain transactions.
Mini dictionary: Canton Network, a blockchain network designed for regulated financial institutions, provides interoperability and the ability to execute private, permissioned transactions.
JPMorgan’s latest moves come as major global banks accelerate efforts to adopt blockchain technology to streamline payments, settlements, and other financial operations.
BlockchainJPM Coin Launch DateMain PurposeAccessBase (Ethereum Layer-2)November 2025Institutional instant transfersInstitutions onlyEthereum (Mainnet)2026Expansion for blockchain paymentsInstitutions onlyCanton NetworkPlannedPrivate, compliant transactionsInstitutions onlyIndustry context and market outlookFinancial experts have noted a growing trend among established banks toward leveraging blockchain infrastructure to offer faster, more efficient, and transparent payments. While JPM Coin is not available to retail users, its continued expansion signals increased confidence in digital deposit tokens for regulated institutions.
Recent reports have also highlighted that Argentine banks are testing JPM Coin as part of their efforts to accelerate settlements, suggesting that the token may play a larger role in global finance moving forward.
The adoption of JPM Coin by institutions reflects the sector’s evolving strategy to embrace blockchain technology as a core component of modern banking operations.
While altcoins continue to be in the focus of investors, Grayscale research head Zach Pandl said that investors in the cryptocurrency market are chasing altcoins such as Zcash and Hyperliquid.
However, Pandl says the real opportunity may lie in large smart contract networks that investors are overlooking. At this point, Pandl noted that Ethereum, Solana, and BNB are not currently a common choice among investors.
Investors’ Focus is Shifting!
Zach Pandl stated that while investor interest is focused on projects like Zcash and Hyperliquid, the potential of Ethereum, Solana, and BNB is not being sufficiently assessed.
Pandl noted that these three major smart contract networks have not yet become a common preference among investors. He pointed out that investors might overlook the networks that form the core infrastructure of the crypto ecosystem while focusing on new opportunities. The expert emphasized the importance of Ethereum, Solana, and BNB, urging investors not to disregard the classics.
Pandl highlighted the importance of ETH, SOL, and BNB, while also acknowledging that Zcash has achieved a remarkable position in the financial privacy space and Hyperliquid in the perpetual futures market.
However, he noted that interest in these projects should not overshadow the long-term potential of large smart contract networks. According to Pandl’s assessment, the widespread adoption of blockchain-based financial services could bring the importance of established networks back into focus.
Finally, Pandl stated that he does not expect the Fed to make another interest rate hike this month. He said that raising rates right before the upcoming election would be somewhat bold, so he does not expect a rate hike in October, but that another hike in December is possible.
However, he noted that Bitcoin and altcoins could withstand one to three minor interest rate hikes, as a tightening like the 500 basis point increase expected in 2022 and 2023 is not anticipated.
*This is not investment advice.
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On 23 September, SEC Commissioner Hester Peirce stood up at SIFMA’s Digital Assets Conference in New York and described the current approach to customer checks as building “ever bigger data haystacks” in the hope of finding a needle or two. Her speech, Looking for Change in Haystacks, argued that know-your-customer rules risk turning financial rails into a panopticon, and that regulators should move toward verifying specific facts instead of collecting raw personal data. She was clear that the views were her own and not the Commission’s, and no rule has changed. Even so, it is the plainest statement yet from a sitting US regulator of the model behind zero-knowledge KYC, and it is the model Ontology has been building infrastructure for since 2018.
The case against the haystack The argument in the speech is about cost and effectiveness. Every exchange, broker and bank collects the same passport, the same proof of address and the same tax number, and holds its own copy. Peirce’s point is that the costs of this system dwarf what it catches, and that each extra copy is one more place where sensitive data can be mishandled or stolen. The same identity documents end up, in her words, put at risk across dozens of institutions.
We made the same argument from the security side in May, in the honeypot piece from the Privacy Hour series: concentrated stores of personal data are the prize in every breach, and the answer is a different shape of system rather than a bigger vault. The UK regulator says it in a regulator’s terms. The ICO’s data minimisation guidance tells organisations they should not hold more personal data than their purpose needs. A securities regulator arriving at the same place from the cost and effectiveness side is new.
Four proposals, and the infrastructure each one needs The speech makes four concrete proposals. Each maps onto a piece of infrastructure that already exists on Ontology.
Verify facts, not files. Peirce describes credentials that attest to specific facts, such as age, citizenship, accredited investor status or absence from a sanctions list, without revealing the data underneath. On Ontology that is a W3C verifiable credential: a signed, scoped statement issued once and held by the person it describes. When a service needs to know one thing, the holder presents that one thing. This is the starting point for zero-knowledge KYC.
Rely on checks that have already been done. She proposes making it easier for firms to rely on a trustworthy third party’s identity verification, so that a customer verified once does not have to be verified from scratch everywhere. That only works if a later firm can check the earlier verification without phoning the firm that did it. ONT ID anchors identifiers and their keys on a public chain, following the W3C Decentralized Identifiers model, so a verifier can confirm who issued a credential and that it is still valid without routing a request through the issuer. The issuer is never told who asked.
Fewer copies of the same data. If the credential travels and the document stays with the person, the number of databases holding a given passport scan falls toward one. On Ontology the chain holds only what is needed to check a claim: the identifier, its keys and the credential’s status. No documents and no profile.
Ask whether each field is needed. Her test for regulators is a single question: do we need this specific piece of information, or only a fact that it proves? A credential system lets a firm act on the answer, because the fact can be requested on its own.
Underneath all four sits one more requirement the speech implies without naming: permission and validity have to be withdrawable. A status list lets an issuer revoke a credential so that every later verification fails, which is what turns a one-off check into something a firm can rely on over time.
Where zero-knowledge KYC fits Zero-knowledge KYC is the strongest form of this model. With an ordinary credential, the holder can choose which signed statements to show. With a zero-knowledge proof, the holder can show something derived from a statement, such as “over 18” from a date of birth, and the verifier learns that the condition is met and nothing more. Peirce’s own example is a proof that tells a counterparty yes, this person meets your requirement.
The standards work here is moving. The W3C’s Data Integrity BBS Cryptosuites, a Candidate Recommendation Draft, let a holder reveal only chosen parts of a signed credential, with proofs that cannot be linked back to each other. That unlinkability matters for KYC in particular: a person who proves their age to five services should not leave five matching records that can be joined up into a profile.
Zero-knowledge KYC is a layer on top of the identity infrastructure, and it depends on that infrastructure being in place. A proof is only as useful as the trust in the issuer behind it and the ability to check that the credential has not been revoked. That is the part Ontology runs: decentralised identifiers, verifiable credentials and status, on a public chain that any verifier can read.
The missing piece is regulatory The most useful line in the speech may be the one about what is holding this back. Peirce says the technology exists and that what is missing is the regulatory framework that would allow and encourage its adoption. That is a fair description from where Ontology sits. The identity layer has been live for years. What changes adoption is a regulated firm being allowed to accept a scoped, verifiable claim in place of a stored document. Zero-knowledge KYC becomes routine when a regulator says that claim is enough.
ONTO Wallet is built for that world. It holds a person’s verified identity alongside the social, gaming and health data they choose to connect, with the holder deciding, item by item, what each counterparty sees. KYC becomes one more thing a person can prove without handing over.
Peirce gave this speech in her penultimate week at the Commission, so it should be read as an argument rather than a forecast. But the direction it sets out, from collecting data to verifying facts, is one Ontology has been working toward since before the products existed. If you are building something that needs to know a fact about its users and would rather not hold their documents, the infrastructure for zero-knowledge KYC is ready to use.
Further reading from Ontology: our Korea Blockchain Week recap, Beyond Data Ownership: Consent, Audit, Revocation, AI Chatbot Privacy: Public versus Private and the Privacy Hour recap that opened the series.
Bitcoin has recovered to around $82,500 after briefly falling below $80,000 last week.
But the rebound faces a major test on Wednesday, when fresh US oil inventory data could revive the inflation fears that triggered the selloff.
Macro Conditions Heavily Impact the Market Bitcoin fell to $79,770 on Thursday as investors reacted to another troubling US inflation report. September consumer prices rose 3.7% annually, exceeding the expected 3.6%.
Stronger producer-price and retail-sales figures added to concerns that the Federal Reserve could raise interest rates again.The pressure spread across financial markets.
While CPI inflation up to 3.7%, inflation is much higher in many crucial categories:
— The Kobeissi Letter (@KobeissiLetter) October 14, 2026 Technology stocks suffered heavy losses, while investors reduced exposure to riskier assets, including cryptocurrencies.
By Monday, however, conditions had improved.Oil prices and US Treasury yields declined, easing some inflation concerns.
Traders also reduced expectations of an immediate Fed rate hike, with markets now pricing in roughly an 87% probability that rates will remain unchanged on October 28.Still, the recovery has a weakness.
US spot Bitcoin ETFs recorded approximately “$228 million in net outflows” last week. Institutional demand has yet to show a convincing turnaround.
US Bitcoin ETF Inflows Between October 12 to October 16. Source: SoSo Value Oil Could Decide Bitcoin’s Next Move According to Bitunix analysts, Wednesday’s US Energy Information Administration crude oil inventory release is a major upcoming catalyst.
A larger-than-expected decline in oil inventories could push energy prices higher, strengthening inflation fears and increasing pressure on Bitcoin.
Conversely, an unexpected inventory increase could weigh on oil prices and ease concerns about further monetary tightening.
For Bitcoin, $80,000 remains the immediate support level. A sustained break below it could trigger another test of last week’s lows.
A recovery above $84,000–$85,000, particularly alongside stronger ETF inflows, would offer more convincing evidence of renewed buying demand.
BREAKING: 🇺🇸 Brent crude oil surges above $110 as the US warns Americans in 12 Middle East countries to prepare for cancelled flights and closed airspace.
The alerts say hostilities could spread, and Iran and its allies may target US interests including American businesses. pic.twitter.com/0Hszo1ty6e
— Bull Theory (@BullTheoryio) October 19, 2026 Why Some Altcoins Are Defying the Crypto Selloff The weakness extends beyond Bitcoin. Only 40% of the 300 cryptocurrencies tracked by Bitunix gained last week, with a median return of −2.03%.Yet some smaller tokens moved sharply higher.
Basic Attention Token (BAT) surged 99.43%, supported by interest in its expanding Brave browser ecosystem, which reported 128 million monthly users and more than 200,000 Brave Rewards Card registrations.
Speculative trading may have amplified the rally. BAT futures open interest jumped 60% in a single day, while funding rates remained negative, suggesting conditions that could fuel short squeezes.
Meanwhile, Ethereum scaling tokens ZK and STRK gained more than 40% each, reflecting selective interest in zero-knowledge technology.
These gains do not necessarily indicate broader market recovery or increased adoption.
Key Events That Could Move Bitcoin Before November October 21: “US crude oil inventory report” October 23: US business activity data and consumer sentiment figures. October 27–28: “Federal Reserve policy meeting” October 29: “US third-quarter GDP and September PCE inflation” Bitcoin’s recovery has given buyers room to defend $80,000. Whether that support survives the week will depend on how inflation expectations develop and whether stronger demand returns.
Disclaimer
BeInCrypto independently reports and controls this Feature. Quoted views belong to their speakers. This content is general and non-personalized; it does not consider your circumstances and is not investment research, financial, investment, legal or tax advice, or an offer, endorsement or recommendation to transact in any crypto-asset, product or service. Verify material information before acting. Crypto-assets are volatile and may result in total loss. BeInCrypto gives no warranty as to completeness, accuracy or timeliness, except where required by law.
Ripple (XRP) arzının yaklaşık yüzde 56’sı, en az bir yıldır hareket etmeyen cüzdanlarda bulunuyor. Zincir üstü verilere göre bu oran, 38 milyardan fazla XRP tokenına karşılık geliyor. Fiyat düşüşlerine rağmen yatırımcıların varlıklarını satmak yerine elde tutması, kripto para piyasasında XRP’nin dolaşımdaki arzına ilişkin dikkat çekici bir değişime işaret ediyor.
2026’nın başında yüzde 51 civarında bulunan uzun vadeli tutma oranı, 16 Ekim itibarıyla yüzde 55,91’e yükseldi. Bu değişim, XRP’nin fiyatı gerilerken bile dolaşımdaki arzın daha büyük bir bölümünün uzun süre hareket etmeden kaldığını gösteriyor.
Cüzdanlarda bekleyen tokenların artması, kripto borsalarında işlem görebilecek XRP miktarını azaltabilir. Ancak bu veriler, yatırımcıların mutlaka yeni alım yaptığı anlamına gelmiyor. Daha önce satın alınan tokenlar, sahipleri işlem yapmadan bekledikçe zamanla uzun vadeli yatırımcı grubuna dahil oluyor.
XRP HODL Waves Verileri Ne Gösteriyor?
Glassnode tarafından sunulan XRP HODL Waves göstergesi, tokenların cüzdanlarda ne kadar süredir hareket etmediğini takip ediyor. Gösterge, dolaşımdaki arzı elde tutma süresine göre farklı gruplara ayırarak kısa ve uzun vadeli sahiplerin oranındaki değişimi ortaya koyuyor.
1 Ocak 2026’da XRP 1,88 dolardan işlem görürken en az bir yıldır hareket etmeyen tokenların arz içindeki payı yüzde 50,99 seviyesindeydi. 16 Ekim’de fiyat 1,31 dolara gerilerken aynı oran yüzde 55,91’e çıktı. Böylece uzun vadeli tutma oranı yaklaşık beş yüzde puan arttı.
Bu veriler, fiyat performansı ile yatırımcıların elde tutma davranışının her zaman aynı yönde ilerlemediğini gösteriyor. XRP yıl boyunca fiyat baskısıyla karşılaşırken tokenların daha büyük bir bölümü cüzdanlarda hareketsiz kaldı.
Hangi XRP Tutma Grupları Büyüdü?
Bir ila iki yıldır hareket etmeyen tokenların payı, 1 Ocak’taki yüzde 11,698 seviyesinden 16 Ekim’de yüzde 16,742’ye yükseldi. Beş yüzde puanı aşan bu artış, uzun vadeli tutma oranındaki yükselişe önemli katkı sağladı.
Yedi ila on yıllık grupta da artış görüldü. Bu grubun arz içindeki payı yüzde 3,894’ten yüzde 5,411’e çıktı. Buna karşılık yılın başında en büyük uzun vadeli grup olan üç ila beş yıllık kategorinin payı yüzde 18,432’den yüzde 17,801’e geriledi.
İki ila üç yıllık grup yüzde 5,621’den yüzde 5,073’e, beş ila yedi yıllık grup ise yüzde 4,597’den yüzde 4,324’e düştü. On yıldan uzun süredir hareket etmeyen tokenların payı da yüzde 6,747’den yüzde 6,555’e indi. 2019-2023 döneminde XRP alan bazı yatırımcıların kâr realizasyonu yapması, bu gerilemelerin olası nedenlerinden biri olarak değerlendiriliyor.
Kısa Vadeli Ripple Arzı Neden Azalıyor?
Bir ila üç aydır hareket etmeyen XRP’lerin payı yüzde 12,286’dan yüzde 3,518’e düştü. Üç ila altı aylık grupta da oran yüzde 10,588’den yüzde 6,142’ye geriledi. Bu iki kategori, yılın başında toplam arzın yüzde 22’sinden fazlasını oluştururken 16 Ekim’de yüzde 10’un altına indi.
Öte yandan altı ila on iki aylık grup, tüm yaş kategorileri arasında en büyük artışı kaydetti. Bu grubun payı yüzde 19,351’den yüzde 27,683’e yükselerek en büyük bireysel kategori haline geldi ve daha önce lider olan üç ila beş yıllık grubu geride bıraktı.
Bu tokenlar yaklaşık Ekim 2025 ile Nisan 2026 arasında biriktirildi. Söz konusu dönem, XRP’nin döngüsel zirvelerinden sert biçimde gerilediği zaman aralığıyla örtüşüyor.
XRP Fiyatı İçin Uzun Vadeli Tutma Ne Anlama Geliyor?
Altı ila on iki aylık gruptaki tokenlar hareket etmeden kalırsa önümüzdeki aylarda bir yıldan uzun süredir tutulan arz kategorisine geçebilir. Böylece uzun vadeli yatırımcıların dolaşımdaki arz içindeki payı daha da artabilir.
Bu eğilim, yıl boyunca kripto borsalarındaki XRP bakiyelerinde görülen düşüşle birlikte değerlendirildiğinde, hemen işlem görebilecek token miktarının azalabileceğine işaret ediyor. Talep güçlü kalırsa daha sınırlı işlem arzı fiyatı destekleyebilir. Ancak HODL Waves verileri tek başına fiyat artışını garanti etmez.
Bu içerik kesinlikle yatırım tavsiyesi niteliği taşımamaktadır. Piyasalar yüksek risk içermektedir ve yatırım kararlarınızı almadan önce kendi araştırmanızı yapmanız önemlidir.
Son Dakika kripto para haberleri için hemen tıkla.
Konu ile ilgili yorumlarınızı bize yazabilirsiniz. Ayrıca, bu tarz bilgilendirici içeriklerin devamının gelmesini isterseniz, bizleri Telegram, Youtube ve Twitter kanallarımızdan takip edebilirsiniz.
TRON’s third-quarter figures show $2.21 trillion in stablecoin settlement alongside $701.4 million in network fees. The two totals measure different things, and neither is a payment to TRON DAO.
Summary
TRON recorded $2.2126 trillion in stablecoin settlement during Q3, up 5.1% from the preceding quarter. Network fees totaled $701.4 million across July, August and September, according to TRON DAO Research. Approximately 1.10 billion transactions went through the chain in Q3, broadly unchanged from Q2. TRON generated 360.2 million TRX and burned 234.5 million TRX in Q3, leaving net issuance of 125.8 million. The network’s $93.88 billion USDT and USDD balance at quarter-end measures outstanding tokens, not fee income. TRON settled more stablecoin value in the third quarter even as the number of transactions barely changed. TRON DAO Research’s quarterly report recorded $2.2126 trillion in stablecoin settlement, up from $2.106 trillion in Q2. It put fees at $701.4 million, or about $7.62 million a day using its reported daily series. The latest figures raise a straightforward question behind a large transfer headline: who paid to move the dollars, and who received the economic benefit?
No single company took a $701.4 million check. TRON is a blockchain where accounts pay for computation and transaction data through a resource system. Users may obtain those resources by staking TRX, receive them from another account, or burn TRX when their allocation falls short. Service providers can charge their own customers separately. Stablecoin issuers operate a different business again. Untangling those flows is necessary before treating quarterly transfers as earnings for the chain, its validators or holders of its native token.
JUST IN: TRON adds $4.8 billion to its stablecoin supply in 90 days
The network’s stablecoin market cap growth nearly doubled the combined $2.59 billion added by the other nine chains in the top 10 over the same period. pic.twitter.com/AAlUklr9Yg
— crypto.news (@cryptodotnews) September 21, 2026 What the $2.21 trillion actually counts A settlement figure is the dollar value of stablecoin movements over a period. It is not the amount of new money deposited into TRON, the number of customers served, or a balance held by a payment company. One stablecoin can move between accounts more than once. A transfer from an exchange to a merchant and a later transfer from that merchant to another exchange can enter the aggregate separately even when the same token funds both.
TRON DAO’s report says the daily average reached $24.05 billion, compared with $23.14 billion in Q2. Growth in the average daily amount was 3.9%, while the full-quarter total rose 5.1%. Both numbers can be true because Q3 has 92 days and Q2 has 91. Time periods matter when comparing a running total to a daily average. Neither number describes final retail purchases or cross-border payments exclusively; the underlying transfer category includes movements between addresses without assigning an economic purpose to every transfer.
At quarter-end, the report counted $93.88 billion in combined USDT and USDD supply on TRON, up $4.88 billion from Q2. Supply is a stock measured at a date; settlement is the sum of movements during a period. Dividing $2.2126 trillion by the closing balance yields about 23.6, a rough turnover comparison, but it cannot identify how often a particular coin changed hands. Supply changed during the quarter and the mix of wallets, exchanges and businesses is not fixed.
JUST IN: TRON averages 4.41M daily active accounts
The $TRX network has maintained an average of 4.41 million daily active accounts over the past 30 days. pic.twitter.com/uuwJxB3XtS
— crypto.news (@cryptodotnews) October 4, 2026 The network processed roughly 1.10 billion transactions in Q3, about flat with Q2. More value moved while the total count barely shifted, which is consistent with a larger average value per transfer, a different mix of transactions, or both. The total transaction count covers activity outside stablecoins, so dividing the entire settlement value by 1.10 billion would not produce a measured average stablecoin transfer size. TRON has not supplied a matched count of stablecoin transfer events alongside that settlement total in the cited report.
TRON’s prior quarter helps put the shift in context. Crypto.news’s account of Q2 USDT transfers reported $2.1 trillion in USDT transfers and $699.4 million in network fees, using Messari’s figures. The Q3 report describes combined stablecoin settlement, so the two transfer totals should not be labeled as identical series without checking their definitions. The Q2 fee figure and Q3 fee total are close in nominal dollars. On those two published totals alone, quarterly fees rose approximately $2 million, or 0.3%, rather than climbing in line with the reported 5.1% growth in Q3 stablecoin settlement.
Fees, burns and the recipient are different questions A person sending USDT does not pay a percentage of the dollars transferred to the chain. TRON meters bandwidth, broadly linked to the bytes recorded, and Energy, which covers smart contract execution. Sending $10 or $10,000 of USDT through the same kind of contract call can require similar resources. The payment amount alone is not the fee basis. A wallet’s available resources, the contract’s execution path and current chain parameters can change the cost.
The TRON developer guide to Bandwidth and Energy says both resources can be obtained by staking TRX or through a delegation from another account. Bandwidth includes a free allowance for qualifying accounts, while Energy has no free tier. Both resource quotas recover over a rolling 24 hours after use. Staking creates access to a recurring allowance; spending that allowance is not the same event as burning a token on each transfer.
Where an account lacks the required resources, the network can burn TRX to cover the shortfall. TRON’s resource payment documentation lists current mainnet rates of 0.001 TRX per Bandwidth unit and 0.0001 TRX per Energy unit, with chain parameters subject to change. Bandwidth rules normally use one source that covers the whole transaction: staked or delegated capacity, then free capacity if available, then a TRX burn. For Energy, an account can use its allocation and burn TRX for the remaining caller-side cost.
The $701.4 million fee series is therefore a report of network-level charges under the provider’s methodology. It should not be described as corporate sales, a cash distribution to validators, or a direct dividend to TRX holders. The report says 234.5 million TRX was burned in Q3, but a dollar valuation for network fees and the token quantity destroyed need their respective definitions and prices to be reconciled. Multiplying every transfer dollar by an assumed fee rate would manufacture an amount that nobody reported.
TRON elects 27 Super Representatives to produce blocks. Newly issued TRX rewards support producers and voters, while resource burns destroy tokens rather than handing the burned amount to a representative as cash. Staked TRX can confer voting power and recurring resources, but holding TRX without staking does not automatically entitle a holder to a share of reported fee dollars. Businesses that rent resources can receive payment under their own arrangements; such payments are distinct from an additional onchain burn on the same transaction.
A visible fee on a wallet screen may likewise be a bundled service price. A wallet can quote USDT to the sender, sponsor the underlying Energy, rent Energy, or supply it from TRX the operator has staked. The customer’s unit of payment does not tell us which underlying resource source settled the transaction. Crypto.news described Binance Wallet’s USDT fee option as a wallet-level way to fund network costs rather than a change in the chain’s native fee rules. A promotion covering a customer’s cost still leaves a provider bearing it.
The arithmetic behind a busy quarter A direct comparison reveals why the scale of transfers is visually misleading. Divide $701.4 million of reported Q3 network fees by $2.2126 trillion of reported stablecoin settlement and the result is about 0.0317%, equivalent to approximately 3.17 basis points. That is an arithmetic ratio between two published totals, not the price paid by each USDT sender. The numerator covers network activity beyond stablecoins, and the denominator omits non-stablecoin activity. A large customer may acquire resources more cheaply than a casual wallet user; some users burn TRX and others consume previously obtained capacity.
Another rough comparison divides $701.4 million by 1.10 billion transactions, producing roughly $0.638 per reported transaction. TRON DAO separately reports an average daily transaction fee of $0.643. The approximated ratio depends on the rounded 1.10 billion count and need not equal the mean of daily fee observations. Both figures are useful as scale checks, but neither is the fee for a standard USDT transfer. Contract execution and account conditions differ substantially among transactions.
TRON DAO breaks the $701.4 million total into $234.6 million in July, $231.3 million in August and $235.5 million in September. September exceeded August by $4.2 million while stablecoin settlement and transaction mix could vary day to day. The quarterly sum makes a consistent source series more useful than picking one unusually expensive transaction or a promotional wallet quote as the representative cost of all payments.
There is a discrepancy worth carrying into the reporting rather than smoothing away. TRON DAO says Q3 average daily fees of $7.62 million were down 4% from $7.94 million in Q2. Messari’s Q2 report summary, however, states $699.4 million in total Q2 fees. Across 91 calendar days, that published Q2 total implies approximately $7.69 million per day, not $7.94 million. Q3’s $701.4 million over 92 days likewise gives approximately $7.62 million. The Q3 daily figure matches its total; the Q2 daily comparison does not reconcile with Messari’s reported Q2 total under simple calendar-day division. Different data windows or methodologies may explain it, but neither report establishes that explanation in the figures cited here. A claim of a 4% quarter-over-quarter fall in daily fees should consequently be attributed to TRON DAO’s series rather than inferred from Messari’s published Q2 total.
A $2 million increase in nominal quarterly fees alongside more transfer value does not prove that users received a cheaper service per transfer. It indicates that those aggregates did not rise at the same pace. Fee prices, token price, resource staking, the share of transfers requiring contract execution and composition of non-stablecoin transactions can move independently. The matched, transaction-level data needed to isolate each contributor are not supplied by a single quarterly settlement headline.
JUST IN: Tron Inc. adds 148,175 $TRX to its treasury
The Nasdaq-listed company bought the tokens at an average $0.3374 each, lifting its total $TRX holdings above 719.3 million as it continues expanding its Tron treasury. pic.twitter.com/nnkC0mqTu0
— crypto.news (@cryptodotnews) October 18, 2026 Who pays when a wallet says a transfer is free? A zero-fee checkout does not necessarily mean the network performed work without a resource cost. A company may stake TRX to obtain Energy, then delegate capacity to customer addresses. An exchange can sponsor withdrawals, a wallet can pay in another currency and procure the underlying resource, and a business can rent Energy from a provider. The visible sender pays nothing at the point of transfer in some of these setups, while a different party finances the service.
The resource guide says exchanges and application operators commonly delegate capacity from a central staking pool. The network does not need each receiving customer to own TRX for every transaction under that arrangement. Energy recovers over 24 hours, so a pool sized to normal daily demand can support recurring operations without consuming the underlying staked tokens on every use. A usage surge beyond the allowance may change the calculation: the business may rent more capacity, hold more TRX, or burn tokens for a shortfall.
Crypto.news’s report on a gasless USDT wallet illustrates the consumer side of this separation. Removing the need for a customer to keep a second token balance simplifies a transfer, but the provider still must settle network resource costs. Reporting should ask the operator whether it pays from staked capacity, rentals, a quoted USDT charge or a temporary subsidy. Without that disclosure, the phrase “gasless” establishes a user experience rather than an independently audited network cost.
Contract deployers can sometimes cover part of a user’s Energy under TRON’s documented sharing mechanism. The contract configuration sets a caller share and a deployer contribution subject to the deployer’s resource budget. Sponsorship can run out. A transfer that appeared free under one set of limits can require the caller to contribute under another. Bandwidth is accounted for separately. Operators can still set terms outside the network, including withdrawal fees or currency conversion charges, that do not appear in the network-fee series.
Cost comparisons between two wallets should therefore specify the same transfer type and recipient conditions. A USDT transfer to an address holding the token can take a different execution path from a transfer to an address whose token balance has to be initialized. A quoted wallet charge may cover exchange service, insurance, or a routing step as well as network resources. The chain’s reported fee total cannot reveal the final consumer price without information from the service provider.
Why more stablecoins may bring less fee income per dollar Stablecoin transfers are measured in dollars; resource use is tied to network operations. An institutional account sending one large payment may contribute the same number of contract calls as a small account sending a modest payment. A market in which average transfer size rises can therefore increase dollar settlement without proportionally increasing network fee activity. That is one plausible interpretation of Q3’s higher settlement and nearly flat transaction count, though the combined transaction figure cannot isolate it as the cause.
Staking and delegation offer another explanation for the weak mechanical link. If more exchanges obtain enough Energy to cover their usual flows, the same count of transactions can generate fewer direct TRX burns than if their wallets had been paying the burn fallback. The operators’ capital commitment and any fee paid to a resource supplier still matter economically, even if they do not resemble a conventional per-transfer gas payment. A change in how much capacity is staked may affect an operator’s effective cost without a corresponding change in the value of USDT moving across the chain.
Chain governance sets the underlying resource parameters. A fee cut can reduce the burn required for a shortage even when usage does not fall. Messari said Q2’s rebound in fees was the first quarterly rise since an August 2025 cut to TRON’s Energy unit price. Comparing transactions across the cut without recording the parameter change would confuse a change in tariff with a change in demand. Current TRON documentation explicitly advises querying chain parameters because the resource pools and prices are adjustable.
Heavy use of a particular contract adds a further complication. TRON’s dynamic Energy model raises the effective Energy requirement for frequently called contracts when thresholds are met. The model can alter the cost of invoking a popular stablecoin contract independently of the number of dollars sent. Its penalty factor can change between maintenance periods and decay when usage eases. A flat posted rate per Energy unit is only one input to a wallet’s expected outlay.
Competition may shape which fee changes governance accepts. A chain can seek more affordable transfers to preserve stablecoin demand, while the reduction in token burns changes the economics for TRX holders. A higher resource price may lift burns in the short term but cause payment businesses to rent resources, stake more, batch activity differently or use another chain. The reports do not establish a single price that maximizes both usage and fee generation. Readers should resist treating higher transfer volume as a guaranteed higher revenue line.
TRX holders receive an indirect exposure The clearest token-level effect of a resource shortfall is the burn of TRX. The clearest counterweight is newly created TRX paid under the network’s reward schedule. TRON DAO says 360.2 million TRX was generated and 234.5 million burned during Q3. Subtracting one from the other gives net issuance of approximately 125.7 million, rounded to the report’s 125.8 million. Burns covered 65.1% of generated tokens. Supply expanded despite substantial fee activity.
A quarter of positive net issuance does not by itself predict a falling TRX price. Token demand, circulating supply, exchange liquidity and market expectations all matter. It does, however, invalidate a simple claim that every dollar of stablecoin settlement makes the asset scarcer. The $2.21 trillion transfer figure is not a buy order for TRX, and the $701.4 million fee valuation is not an equivalent distribution to all existing holders.
The staked side of the ledger is material. TRON DAO put staked TRX at 45.71 billion, or 48.16% of circulating supply at quarter-end. Its report assigned 18.87 billion staked tokens to Energy and 26.84 billion to Bandwidth. People who stake can obtain resource allocation and voting power; participants who vote for Super Representatives can receive protocol rewards under the network’s rules. An investor buying unstaked TRX on an exchange has a different immediate claim than a business using staked resources to process transfers.
The report’s validator voting snapshot showed the five highest-ranked Super Representatives held 37.1% of votes. Representatives participate in governance that can change chain parameters affecting resource prices. Fee economics consequently depend on political choices inside the protocol as well as the technical workload. Users, resource suppliers and TRX holders may prefer different combinations of cheap payments, reward issuance and burn rates.
An exchange-traded product can provide another form of TRX exposure. Crypto.news covered the staked TRX fund’s launch, including the fund’s stated plan to reflect staking rewards in net asset value. Its trading price, expenses and fund flows belong to a separate product. They should not be presented as a way for every TRX holder to collect a fraction of the network’s quoted fee dollars.
The case for low fees The strongest argument against maximizing immediate network fees is that cheaper transfers can be a core part of the service. Exchanges, payroll providers and people sending money across borders compare their actual all-in costs. Businesses can choose a route that works reliably at scale and automate the resource management behind it. If a fee reduction brings enough additional sustained transfers, the network’s usefulness can grow even if the fee earned per dollar of settlement falls.
October’s Polygon Open Money Stack integration with TRON points to that distribution question. The announced first phase connects TRON USDT activity with bank funding, wallet services and payouts for businesses. It does not provide a count of live customer payments or a forecast of incremental TRON fees. A commercially successful rollout could add transactions, but it could also route larger transfers through a small number of well-resourced accounts. Those outcomes produce different network-fee and token-burn profiles.
Low visible fees can be financed through staking rather than cash burn. Large operators may rationally tie up TRX to lower repeated costs, creating demand for resources without creating proportional burns. Smaller customers may prefer a USDT-denominated wallet charge rather than buying TRX to maintain a resource pool. A transfer service can succeed commercially while the protocol captures less revenue from each dollar moved. Protocol fees, resource rental payments, issuer income and the wallet’s own markup should be reported on separate lines.
Evidence that would weaken the low-fee case is equally concrete. If quarterly transfer value rises but transaction counts, unique active users and economic payments stagnate, the apparent growth may be recycled liquidity rather than a wider payments business. If a resource subsidy expires and customers leave, the underlying service may be less competitive than its advertised checkout price suggested. If heavy use creates costs for operators that they cannot pass through, fee compression would not demonstrate durable demand. Current aggregate data cannot settle those questions.
What to watch Q4 settlement and transaction count: Compare stablecoin dollars moved with the number of onchain transactions and, if available, matched stablecoin transfer counts. Monthly fees in one consistent series: Follow October, November and December network fees using the same provider and definitions before asserting an acceleration. Resource parameters: Check Energy prices, Bandwidth rules and governance votes, especially if a proposed fee change alters the cost of USDT contract calls. Stake, burns and issuance: Track the TRX committed to resources and the amount burned against newly generated rewards to separate usage from supply effects. Business adoption disclosures: Seek actual payment counts, subsidy terms and resource funding arrangements from new wallet and payment integrations. FAQ Does TRON earn $2.21 trillion from stablecoins? No. The figure sums stablecoin value transferred across the network in Q3. It is not revenue and does not represent unique dollars paid to an operator. A token can contribute to the total more than once when it moves again.
How much were TRON’s network fees in Q3 2026? TRON DAO Research reports $701.4 million in network fees for the quarter, split among $234.6 million in July, $231.3 million in August and $235.5 million in September. That measure should be named as network fees, not profit for TRON DAO.
Does a USDT sender always need to own TRX? No. A sender can receive delegated resources or use a wallet or service that sponsors the underlying cost and charges in another currency. The network still accounts for Bandwidth and Energy. The sender’s visible payment method does not change those resource rules.
Who receives the TRX paid as network fees? When a transaction uses the TRX burn fallback for insufficient resources, the charged tokens are burned. That is different from newly issued rewards for block producers and voters or a private payment to an Energy supplier.
Why did fees not rise in step with stablecoin settlement? The stablecoin figure measures dollars sent; network charges reflect resource use and the fee methodology. Larger transfer amounts, different transaction types, resource staking, delegated Energy and parameter changes can all break a proportional relationship. The quarterly totals alone cannot identify the precise contribution of each factor.
Did TRX become deflationary during Q3? No. TRON DAO reports 360.2 million TRX generated and 234.5 million burned, leaving roughly 125.8 million in net issuance. Burns reduced but did not exceed issuance during that reporting period.
Is the fee figure the same as Tether’s revenue? No. Tether issues USDT and operates its own business. A TRON network fee is associated with the blockchain’s resource model; an issuer’s reserve income, redemption arrangements and other business lines are distinct from that network metric.
Can the Q3 figures predict TRX’s price? No. They describe past activity, token issuance and resource use, not future buying or selling. Price depends on market conditions and demand beyond the network’s fee statistics. This is educational analysis, not investment advice.
Disclaimer: This article is for information and educational purposes only and does not constitute financial or investment advice. Figures reflect regulatory filings and reporting available at the time of writing and change with each disclosure. Nothing here is a recommendation to buy, sell, or hold any security or asset. Always do your own research. Information is accurate as of October 19, 2026.
The BNB Foundation has announced the completion of BNB Chain’s 37th quarterly BNB token burn.
Here are the facts and figures from the latest burn:
Total BNB burned: 1,646,196.44 BNBApproximate value in USD around the time of burn: ~$1,197,344,519.40Transaction ID (TXID) for BNB burn: View transactionRemaining to be burned: Check real-time data hereRemaining total supply: 131,512,085 BNB*at time of writing 19 October, 2026 at 10:05AM (UTC).
What You Need to Know About the BNB BurnBNB is the native coin of the BNB Chain ecosystem, essential for powering its multifaceted Web3 environment. It supports transactions on the BNB Smart Chain (BSC), the opBNB L2s, and BNB Greenfield blockchain. Besides transaction fees, BNB serves as a governance token, granting holders the ability to participate in the BNB Chain’s decentralized on-chain governance. Additionally, BNB functions as a strategic reserve asset and enters the radar of more mainstream financial institutions, driving ecosystem growth and incentivizing adoption.
Following its mainnet launch on April 18, 2019, BNB transitioned from the Ethereum Network to BNB Chain. "Build and Build" is the philosophy behind BNB, reflecting its role in fostering development within the ecosystem. BNB employs an Auto-Burn system to gradually reduce its total supply to 100,000,000 BNB. The burn amount is adjusted based on BNB's price and the number of blocks generated on BSC during a quarter, ensuring transparency and predictability.
BNB Auto BurnThe BNB Auto-Burn provides an independently auditable, objective process. The figures are reported quarterly, and the mechanism is independent of the Binance centralized exchange.
This quarter's burn and future burns will occur directly on BSC due to the BNB Chain Fusion. The corresponding BNB amount will be sent to the "blackhole" address: 0x000000000000000000000000000000000000dEaD.
Note: Due to the recent Lorentz and Maxwell Upgrades, BSC is producing blocks more frequently, compared with the time when the Auto Burn formula was originally defined. The parameters used in the formula have been adjusted to keep the idea and spirit consistent.
BNB Real-time BurnBNB also has a separate real-time burning mechanism introduced through BEP-95. A portion of the gas fees collected in each BSC block is burned, with the burn ratio determined through validator governance.
This mechanism links ongoing BNB burning to network activity. Learn more about BEP-95 and real-time burning.
Further Reading36th BNB BurnDesign Mechanisms of the BNB TokenReal-Time Burning MechanismWhat is BNB Greenfield?What is opBNB?
ESMA adds 9 new crypto asset service providers, bringing its total number to 375.
The European Securities and Markets Authority (ESMA) has added nine crypto asset service providers (CASPs) to its register under the Markets in Crypto-Assets (MiCA) framework. The new additions include BingX’s Austrian entity MEGE zweite, YouHodler’s Italian subsidiary, and Santander’s Openbank Deutschland, bringing the total number of registered CASPs to 375.
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QCP: Bitcoin demonstrates resilience against price declines; a drop below the $80,000 to $88,000 range could trigger a sharp repricing.
QCP Capital’s daily market report today noted that Bitcoin traded in a range of $80,000 to $83,000 last week, with strong support near the $80,000 level and showing resilience amid ongoing pressure on tech stocks. AI financing risks continue to simmer: CoreWeave’s 5-year credit default swap (CDS) spread widened to over 1,100 basis points, reflecting market concerns over debt-driven AI investments. On the macro front, higher-than-expected U.S. CPI once pushed 2-year U.S. Treasury yields to 4.9% and 10-year yields above 5.3%; yields later pulled back on defensive demand. Fed Chair nominee Warsh’s comments on Friday also lowered market expectations for an October rate hike to 15%, down from nearly 30% earlier this week. The pullback in U.S. Treasury yields has supported Bitcoin’s rebound.
QCP pointed out that funds are shifting from the semiconductor sector to healthcare and bank stocks, with markets likely reducing exposure to crowded AI trades, though there is no clear evidence of direct inflows into crypto markets so far. Meanwhile, Bitcoin’s implied volatility remains below its one-year average, and market makers’ positive Gamma positions may temporarily cap price swings. However, this stability could weaken as options expire and positions roll over; if Bitcoin breaks sustainably above the $80,000 to $88,000 range, the market may face more sharp price revaluations. This week’s tech giant earnings reports will be a key watchpoint.
19 minutes ago
Placeholder Partner: The current market resembles early bull market opportunities, advising long-term investors to systematically accumulate tokens.
Placeholder co-founder Chris Burniske wrote in a post that long-term crypto investors should not repeatedly agonize over entry or exit points, but instead accumulate tokens in a planned, consistent manner, and must not confuse long-term investing with short-term trading. He advises investors to use their most successful investment as a benchmark to calculate target holdings based on the proportion of each network’s total token supply. For instance, Ethereum (ETH) has a total supply of around 120 million tokens. If an investor once held 10 ETH, applying the network proportion rule would mean holding roughly 53 Solana (SOL) (total supply ~636 million) or 97 Celestia (TIA) (total supply ~1.16 billion). To hold a TIA network share 10 times that of their original ETH holding, they would need approximately 970 TIA. For Zcash (ZEC), whose supply is similar to Bitcoin (BTC), investors can also use their ideal BTC holding amount as a reference to set ZEC accumulation goals. Regarding the current market, Burniske notes that many crypto assets have fallen 20% to over 40% from their peaks, while BTC’s decline is less than 10%. He argues that BTC’s relative resilience so far has already triggered significant adjustments in assets with lower market risk appetite, making the current situation more of an opportunity in the early stages of a bull market rather than a warning sign of a bull trap. Still, he reminds investors to account for the possibility of further price drops, advising them to deploy remaining cash in batches and allocate investment amounts based on the likelihood that different price levels will form local bottoms. It is acceptable even if some preset price levels are never reached, leaving cash reserves. During market downturns or early bull market pullbacks, consistently accumulating target assets with a high-confidence strategy is more important than repeatedly trying to time market fluctuations.
19 minutes ago
A new wallet has been liquidated of 8,163 ETH in total over the past 10 hours, worth $19.78 million.
According to Lookonchain's monitoring, the newly created wallet 0xb15b has been liquidated multiple times over the past 10 hours, with a total of 8,163 ETH liquidated, valued at approximately $19.78 million.
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Analysis: Bitcoin's recovery faces a test as trading platform reserves rebound and spot demand turns negative again.
CryptoQuant certified analyst XWIN Japan stated in a post that the latest on-chain data shows Bitcoin still exhibits signs of bottoming, though its recovery is uneven. Exchange reserves have rebounded, spot demand has turned negative again, and holding behaviors of whales of different sizes have diverged.
1. Exchange reserves rebound: In early October, Bitcoin exchange reserves stood at around 2.67 million coins, and have now risen to approximately 2.68 million. While still lower than the level in January, the rise in reserves does not necessarily mean increased selling pressure; it may also be related to changes in custody methods.
2. Spot demand recovery blocked: The 30-day spot demand indicator once approached zero, then turned negative again. Perpetual contract demand remains positive, providing support for total demand. This indicator differs from the previously discussed apparent demand indicator, and their values cannot be directly compared.
3. Divergence in holdings among different-sized whales: The group holding 100 to 1,000 BTC has remained net buyers over the past 60 days, but the buying intensity is lower than the peak in late September. The net decline in holdings of the group holding 1,000 to 10,000 BTC has narrowed to nearly zero, while the group holding more than 10,000 BTC is still in a net selling state, indicating that buying has not yet spread widely. The above rolling data includes activities before October and may also be affected by address transfers between groups of different holding sizes.
XWIN Japan believes that low exchange reserves and continued net buying by some whales still support Bitcoin's bottoming. However, for a sustainable recovery, spot demand needs to stay positive, buying needs to absorb BTC flowing back into exchanges, and buying behavior needs to expand to more holding groups. Additionally, market expectations from the U.S. midterm elections and monetary policy also need to translate into actual buying.
19 minutes ago
MiniMax finally names "Space Rabbit": M3.1 Flash is set to launch, and the anonymous model's identity has been revealed.
Beating AI News: MiniMax’s official X account posted a teaser with the message “Welcome back, Space Bunny”, announcing the upcoming launch of MiniMax-M3.1-Flash. This marks the first time MiniMax has publicly linked its previously viral anonymous model Space Bunny to the M3.1 Flash line. On September 23, Space Bunny Alpha launched anonymously on OpenRouter and OpenCode, available for free for a limited time. It supports a 1 million-token context window, image and video input, and adjustable inference intensity, once topping the daily usage charts of both platforms. Developers later identified it as highly consistent with MiniMax’s M-series via tokenizer fingerprint and token count tests, though the company never confirmed its identity at the time. In fact, MiniMax opened the public beta of M3.1-Flash-Preview as early as September 27, focusing on high-speed inference and programming tasks. The official API documentation now features MiniMax-M3.1-Flash without the Preview suffix, supporting five levels of inference intensity and tool calling.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
BNB Chain has completed its 37th quarterly token burn, removing 1,646,196.44 BNB worth approximately $1.197 billion as the cryptocurrency trades near $725 and continues struggling below key technical resistance.
Summary
BNB Chain completed its 37th quarterly burn, permanently removing approximately 1.65 million BNB from circulation today.
The burn’s $1.197 billion valuation exceeded July’s total, while the token quantity increased approximately 1.88%.
BNB ranks fourth by market capitalization, trading near $725 despite continued weakness in technical momentum indicators.
BNB’s remaining supply stands near 131.51 million, leaving approximately 31.51 million tokens above its long-term target.
Technical indicators identify 700–703 as immediate support, with buyers facing resistance around the 750–752 region.
According to the BNB Foundation’s October 19 announcement, the burn took place directly on BNB Smart Chain and reduced the reported total supply to 131,512,085 BNB. The foundation recorded the figures at 10:05 a.m. UTC, with the network continuing its supply-reduction program toward 100 million tokens.
At press time, BNB traded at approximately $725.45, gaining around 0.5% in 24 hours. Its market capitalization stood near $95.42 billion, placing it fourth among cryptocurrencies, while daily trading volume reached approximately $705.68 million.
The latest burn has not been accompanied by a substantial price rally in the available market snapshot. BNB remains below the $750 region identified by the supplied daily technical analysis as an important resistance area.
BNB Chain burns more tokens than in its previous quarterly event
The October burn removed more tokens than the previous event in July, when the BNB Foundation destroyed 1,615,827.795 BNB worth approximately $931.7 million.
Based on the foundation’s 36th quarterly burn figures, the latest operation removed an additional 30,368.645 BNB. This represents an increase of approximately 1.88% in the quantity burned between the two quarters.
The value of the October operation rose by approximately $265.6 million, or 28.5%, compared with July. The difference reflects both the additional tokens destroyed and the higher BNB price used to value the latest burn.
July’s reported figures imply a price of approximately $576.61 per token at the time of that operation, compared with roughly $727.34 for October. These are calculated valuations based on the foundation’s announcements, not average market prices across the respective quarters.
As previously covered by crypto.news, the 36th quarterly supply reduction left approximately 133.17 million BNB outstanding in July. The October announcement puts the total supply near 131.51 million, continuing the programmed reduction.
The foundation conducts quarterly burns through its Auto-Burn mechanism, which determines how much BNB should be removed using a defined formula. The mechanism operates independently of the Binance centralized exchange and does not represent a new $1.197 billion purchase of tokens on the open market.
BNB supply moves closer to its 100 million target
The BNB Foundation’s supply-reduction program is designed to continue until the total supply reaches 100 million BNB.
Following the latest event, approximately 31.51 million tokens remain above that target. Reaching the goal would require removing roughly 24% of the currently reported supply.
The October burn itself represents approximately 1.24% of the supply immediately before the operation, calculated using the announced amount destroyed and the remaining balance.
BNB Chain uses an Auto-Burn formula that accounts for market prices and parameters related to the relevant quarter. The system determines burn quantities according to its published rules instead of requiring a separate discretionary decision about how many tokens to destroy each quarter.
The foundation explained that the Lorentz and Maxwell network upgrades changed the speed at which BNB Smart Chain produces blocks. Parameters used in the burn formula have therefore been adjusted to preserve the intended mechanism as block production becomes faster.
Under the network’s technical approach, the calculation takes account of the time covered by each quarter alongside the reference price of BNB. Future token reductions will depend on the applicable inputs, so the number of burns required to reach the supply target is not fixed.
A separate real-time mechanism, BEP-95, destroys part of the transaction fees collected on BNB Smart Chain. The burn ratio is determined through validator governance, allowing the amount removed through this process to vary with transaction activity.
The foundation sends quarterly burn tokens to the designated blackhole address, 0x000000000000000000000000000000000000dEaD. Quarterly burns have occurred directly on BNB Smart Chain since the BNB Chain Fusion process changed the network’s earlier structure.
BNB price stays below $750 as bearish indicators persist
Despite the latest supply reduction, BNB’s daily chart continues to show signs of weak buying momentum.
CoinGecko’s data show BNB near $725.45, with approximately 131.51 million tokens circulating and a market value of $95.42 billion. The price remains below the 750–752 resistance area identified in the supplied technical analysis.
The chart snapshot places BNB’s 20-day simple moving average at $751.70, with the upper Bollinger Band at $800.51 and the lower band at $702.89. Trading beneath the moving average and closer to the lower band indicates that the recent price recovery has not yet overcome the preceding downward pressure.
Bollinger Bands measure how far prices are moving from a central moving average using historical volatility. A price near the lower band can indicate weakness, although the indicator alone cannot establish whether a reversal or further decline will follow.
BNB price chart, source: TradingView
The Relative Strength Index stood at 41.32, below its moving average of 45.04 and the neutral level of 50. This suggests that buying momentum remains weaker than selling momentum, despite the token’s modest daily recovery.
The RSI remains above the traditional oversold threshold of 30, meaning the indicator has not yet reached the level commonly associated with heavily oversold trading conditions.
BNB’s recent decline followed a rejection near $800, according to the technical snapshot. Sellers have kept the token below its 20-day moving average, leaving the $750 area as an important reference point for traders watching a possible recovery.
BNB technical analysis identifies $700 support and $800 resistance
The immediate support region lies between $700 and $703, close to the lower Bollinger Band at $702.89.
A sustained move below that region could expose BNB to further selling toward $680, followed by $640 if weakness continues. These levels represent technical scenarios based on the supplied chart, not confirmed future prices.
For a recovery, buyers would first need to push BNB above 750–752, where the 20-day moving average creates an initial obstacle. Stronger resistance appears between $780 and $800, including the area where the cryptocurrency previously faced selling pressure.
A sustained recovery above the moving average, supported by improving RSI readings, would provide more evidence that buying momentum is returning. A brief move above resistance without follow-through would offer weaker confirmation.
The price has remained under pressure over the previous week, despite the daily improvement. CoinGecko’s seven-day performance reading showed BNB approximately 3.3% lower, consistent with the recent decline identified in the technical analysis.
The supply reduction and the price indicators measure different developments: the foundation has confirmed the tokens removed from circulation, while the chart records how BNB is trading in the market. Neither the burn’s reported dollar value nor the daily price change establishes a direct causal relationship between the two.
The foundation’s October release lists the completed burn quantity, its estimated dollar value and the remaining supply. It does not provide a statistical analysis measuring whether quarterly burns have caused BNB prices to rise after previous events.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
A $10,000 position in Chainlink’s LINK at its 2021 peak would be worth roughly $2,300 today. The token trades near $12.16, about 77% below its record, even as the network’s own treasury keeps converting revenue into the asset. Chainlink’s reserve — a strategic LINK treasury launched in August 2025 — has grown past 6.2 million LINK, worth roughly $78 million, according to Chainlink’s official reserve documentation. The buying is a structural bid on LINK’s supply, but the market has not yet priced it.
Across the majors, October 19 opened with modest gains. Bitcoin traded near $82,761, up 1.1% over 24 hours, while Ethereum held $2,433 and Solana $105.51, according to CoinGecko data at roughly 09:05 UTC. LINK rose about 1.5% to $12.16 with a market capitalization near $9.32 billion. The token’s underperformance relative to its record — not its daily move — is the reason the reserve’s accumulation matters to holders.
How the Chainlink Reserve Converts Revenue Into LINK
The reserve is not a buyback. Chainlink funds it through a mechanism called Payment Abstraction, which lets enterprise customers and network users pay for services in their preferred asset — gas tokens, stablecoins, or fiat rails — and then programmatically converts those payments into LINK through Chainlink’s own services and decentralized-exchange infrastructure. That conversion is what places LINK in the reserve contract, an Ethereum smart contract that carries a multi-day timelock on withdrawals.
Chainlink has said it does not expect to withdraw from the reserve for multiple years. That commitment distinguishes the reserve from a corporate treasury that may sell into strength: the LINK accumulated here is intended to stay locked, which slowly removes tokens from circulating supply. The network first documented the reserve in August 2025, when it launched the program as part of its Economics 2.0 upgrade.
The Supply Math: 6.29 Million LINK Against a $9.3 Billion Market Cap
On-chain data shows the reserve added 89,200 LINK — about $1.11 million — on October 15, and roughly 431,900 LINK, or $5.41 million, over the prior 30 days. Cumulative purchases stand near 6.29 million LINK at a cost of about $70.76 million, against a current value near $78.3 million. The live balance is visible on the reserve’s public dashboard.
The share-of-supply math is small but not trivial. LINK has a circulating supply near 766.85 million tokens against a 1 billion maximum. At 6.29 million LINK, the reserve holds roughly 0.82% of circulating supply. A return to LINK’s 2021 high of about $52.88 would require a 4.35x move from $12.16 — turning a $10,000 position into roughly $43,500 and lifting the market cap from about $9.3 billion toward $40.5 billion. A simple double to $24.32 would value the network near $18.6 billion. Those are the levels a buyer is implicitly underwriting when the reserve’s own accumulation is the thesis.
Why LINK Is Still 77% Below Its Record
The countercase is straightforward: the reserve has been buying for more than a year, and LINK has still not recovered. The reserve added about 431,900 LINK over 30 days — roughly $5.4 million of buy-side flow spread across weeks — against a token with a $9.3 billion market cap and materially larger daily turnover. The reserve is a slow, steady bid, not a price catalyst; on its own it has not been enough to offset the broader repricing of altcoins through 2026.
There is also no floor. Chainlink has never committed to a purchase price or a schedule, and the reserve’s mandate is network sustainability rather than price support. A holder should read the accumulation as a signal of where revenue flows are going, not as a guarantee that the token will re-rate on any particular timetable.
What Could Change the Setup
The trajectory supports the thesis that accumulation accelerates with adoption. The reserve crossed one million LINK in its first months and has since grown roughly sixfold; at launch, Chainlink co-founder Sergey Nazarov said demand for the Chainlink standard had already produced hundreds of millions of dollars in revenue, substantially from large enterprises. If that revenue keeps converting into LINK through Payment Abstraction, the reserve’s share of supply compounds even without any price appreciation.
The more consequential variable is enterprise adoption, because that is what feeds the reserve in the first place. Chainlink’s September launch of CCIP 2.0 for institutional cross-chain settlement and recent proof-of-reserve deployments point to where additional revenue could come from. If enterprise revenue converts into LINK at a faster clip, the reserve’s accumulation accelerates with it — a feedback loop that a daily price chart will not capture until the supply effect compounds.
The immediate signals to watch are the reserve dashboard’s rate of accumulation and whether LINK can hold above its recent range while broader altcoin sentiment improves. The reserve program itself was first covered when Chainlink introduced the strategic reserve in August 2025, and the accumulation has been the quiet constant since.
Frequently Asked Questions
What is the Chainlink Reserve?
The Chainlink Reserve is a strategic on-chain treasury of LINK tokens funded through Payment Abstraction, which converts enterprise revenue and on-chain service fees into LINK. Chainlink launched it in August 2025 and does not expect to withdraw from it for multiple years.
How many LINK tokens are in the reserve?
On-chain data shows the reserve holds roughly 6.29 million LINK, worth about $78 million as of mid-October 2026, equal to about 0.82% of the roughly 766.85 million LINK in circulation.
Is the reserve a buyback?
No. It is not a price-support program and Chainlink has not committed to a purchase price or schedule. It is a treasury funded by converting service revenue into LINK, and the accumulated tokens are time-locked with no withdrawals expected for multiple years.
Why is LINK still down if the reserve keeps buying?
The reserve’s buying — about $5.4 million over 30 days — is small relative to LINK’s $9.3 billion market cap and daily turnover. It is a steady structural bid, not a price catalyst, and it has not offset the broader altcoin repricing through 2026.
AUTHOR
Jide Idowu is a skilled freelance writer with expertise in blockchain technology, cryptocurrency, and digital finance. Known for his ability to break down complex topics into clear, engaging content, Jide crafts articles, blog posts, and analyses that resonate with both beginners and seasoned professionals. His work spans a wide range of subjects, from emerging crypto trends to in-depth explorations of blockchain innovations. With a keen eye for detail and a passion for educating readers, Jide is a reliable voice in the rapidly evolving world of digital assets.
This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Disclaimer: This is not available for users in the EEA. Fellow Binancians, Binance is pleased to launch a new Word of the Day (WOTD) game! The theme of this week’s WOTD is “ Building Agent Rails”. Read selected articles to learn more about this topic and participate in this week’s WOTD to grab a share of the rewards. Activity Period: 2026-10-19 01:55 (UTC) to 2026-10-25 23:59 (UTC) Complete 5 Words and $50 Equivalent Trading Volume to Unlock Your Share of 10,000 USDC WOTD is an educational word-guessing game, which allows users to increase their crypto vocabulary and stay on top of the latest market developments. How Does It Work: All eligible users may play up to two WOTD games per day to test their knowledge on the given topic.Users who achieve at least five correct answers during the Activity Period will be eligible to equally share a 3,000 USDC reward pool, distributed based on each user’s proportion of correct answers (User’s correct answers/Total correct answers of all eligible users).In addition, users who achieve at least five correct answers and complete a cumulative trading volume of $50 equivalent in non-zero fee trades (including any of Spot, Convert, TradFi, bStocks, or Futures) during the Activity Period will be eligible to share a 7,000 USDC reward pool.Rewards will be distributed based on each user’s proportion of correct answers (User’s correct answers/Total correct answers of all eligible users), with a maximum reward cap of 5 USDC per user.All rewards will be distributed by 2026-11-08 23:59 (UTC) directly to the user’s Rewards Hub.Eligible users should claim their vouchers before the expiration date. No replacement reward will be provided. Learn how to redeem a Binance voucher. How to Enable the Second WOTD Game: After the first game, click the "Get A New WOTD" button.Share the featured link on social media.Unlock the second WOTD game once the shared link is clicked by a logged in user. New User Welcome Bonus: In addition, all new users who register for a Binance account using the “WOTD” referral code or via this referral link during the Activity Period, will each receive 10% off their Spot trading fees. Users may also qualify for additional welcome rewards by completing tasks available at the Rewards Hub within 14 days after registration. Play WOTD Now to Earn Rewards! Related Readings for This Week’s WOTD: Meet Binance AI: Your 24/7 Personal Assistant Terms & Conditions: Binance reserves the right to modify or cancel the Promotion at any time without prior notice.Binance reserves the right to update the list of eligible countries/regions for the Promotion at any time. Users who were previously able to participate may no longer be eligible to join or receive rewards under the updated terms.These terms and conditions (“Activity Terms”) govern users’ participation in this WOTD activity (“Activity”). By participating in this Activity, users agree to these Activity Terms, and the following additional terms: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Policy; all of which are incorporated by reference into these terms and conditions. In case of any inconsistency or conflict between these Activity Terms, and any other incorporated terms, the provisions of these Activity Terms shall prevail, followed by the following in this order of precedence, and to the extent of such conflict: (a) Binance Terms and Conditions for Prize Promotions; (b) Binance Terms of Use; and (c) Binance Privacy Policy.The WOTD game may not be available in certain countries/regions. Only users from eligible countries/regions who complete account verification shall be able to participate and receive rewards.For the new user welcome bonus: The 10% Spot trading fee discount will remain valid as long as the Binance referral program is in place. 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This is a general announcement. Products and services referred to here may not be available in your region. Terms and conditions apply. Fellow Binancians, Binance is excited to introduce Binance Pick, a flagship campaign that rewards your trading activity. Early Bird reservation opens on 2026-10-19, while the campaign officially launches on 2026-10-21 (UTC). The more users who reserve during Early Bird, the larger the prize pool unlocked, up to 1,000,000 USDC. Eligible users can start completing tasks and making predictions for a share of the prize pool. Join Now Promotion Period： Reservation Period: 2026-10-19 to 2026-10-20 23:59:59 (UTC)Prediction Period: 2026-10-21 00:00:00 to 2026-11-15 23:59:59 (UTC) How It Works: Step 1. Join the Campaign Visit the Binance Pick campaign page and select [Join Now]. Reserve during Early Bird to earn bonus Scores. Eligible new users who join the campaign earn additional bonus Scores. Step 2. Complete Tasks to Earn Scores Complete the tasks available to you to earn Scores. Tasks include Join Campaign / Early Bird reservation, New User Welcome, referrals, daily check-in, Spot/Convert/Futures Trading Task, post on Square and the Refill Station. Step 3. Use Your Scores to Predict in Binance Pick For users who are from an eligible jurisdiction, use your Scores to join available markets in Binance Pick. Close your position before it ends or hold until settlement. A correct prediction increases your Scores. Please note that Scores are campaign-only points used only for campaign ranking and reward allocation. They have no monetary value and cannot be redeemed, transferred, or exchanged for cash. Scores reset at the end of the season under the Campaign Terms. Step 4. Climb the Leaderboard and Win Rewards Track your ranking on the Leaderboard page. 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Using six years of weekly U.S. data, two economists found stablecoins grew more slowly after banks raised deposit rates, while cautioning that their evidence covers a single high-rate period.
BIS paper links stablecoin growth to bank deposit interest
Posted October 19, 2026 at 5:45 am ET.
When U.S. banks paid savers more, stablecoins grew more slowly, according to a Bank for International Settlements working paper published on Oct. 13. Its authors, Rashad Ahmed of the Andersen Institute for Finance and Economics and Iñaki Aldasoro of the BIS, describe the study as, to their knowledge, “the first empirical evidence” that changes in deposit rates affect stablecoin flows.
The paper states the views of its authors, not necessarily those of the BIS or its member central banks. Their bottom line: “The size of the stablecoin sector therefore depends in part on how banks price deposits.”
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What the Data Show The study covers 339 weeks of U.S. figures, running from January 2019 into June 2025, a stretch in which reserve-backed stablecoin market capitalization went from under $5 billion to more than $220 billion. Over that period, stablecoin market value rose an average of about 15% in a 10-week window.
Under their baseline estimate, a 1 basis point rise in deposit rates was followed by 10-week growth of about 12%. A second method, which exploits banks passing on a much larger share of Fed rate increases once the federal funds rate is above about 3%, put the figure near 6%. That method did not predict moves in the rest of the crypto market, a check the authors used to rule out a broad crypto cycle.
The response was larger for Circle’s USDC than for Tether’s USDT: the baseline estimate trimmed about 5% from USDC’s 10-week growth, against roughly 2% for USDT. The authors attribute the gap to differing user bases: USDC skews toward U.S. institutions and DeFi participants, USDT toward offshore activity and developing economies.
The Caveats “Growth slows but does not necessarily reverse,” the authors wrote. The statistical strength of their second method, a first-stage F-statistic of 9.78, fell just below the conventional benchmark of 10, “suggesting some instrument weakness.” The sample covers one high-rate period, 2022 to 2025, and the aggregate data can’t show which holders switched or which banks were affected. Because issuers reinvest the money, a move into stablecoins could shift deposits between banks rather than shrink the total, they wrote.
The results also describe a market where stablecoins pay holders nothing. “A small but growing segment of yield-bearing stablecoins and tokenized money market funds may alter the substitution margin over time,” the paper said.
The Yield Debate The paper arrives during a policy debate over stablecoin rewards. The GENIUS Act bars issuers from paying interest, but banks have argued that rewards offered through third-party platforms could draw money out of deposits. In September, the Federal Reserve proposed treating yield routed through an issuer’s affiliates or other connected outside parties as presumptively barred.
Ahmed and Aldasoro wrote that banks “retain some influence over the pace of that adoption through deposit pricing.” For regulators, they suggested weighing whether part of stablecoin reserves should sit in bank deposits, which could cushion bank funding but pile large uninsured deposits into a few banks, and whether issuers may pay holders at all.
Related Listen: Ledger Wallets Were Drained of $100 Million. Is Self-Custody Still Safe?
AI-assisted content: This article was produced with the assistance of AI tools and was reviewed, edited, and fact-checked by a member of the Unchained editorial team before publication.
Zcash developers plan a fix to keep ZEC swaps private from future quantum computers. (Shutterstock)Summary
Zakura wants to assign a separate viewing key to every ZEC swap made through NEAR Intents, limiting the payment history that a future quantum computer could uncover from a publicly posted refund address.The proposal would keep spending keys with users while using private information retrieval to help wallets locate refunds without revealing which addresses they are checking.Zakura says compatible software wallets could adopt the open-source feature within weeks, before Zcash developers’ January target for quantum-resistant payments.Zcash is designed to make crypto payments private. But a future quantum computer could theoretically exploit a small gap in NEAR Intents, a cross-chain swapping service, to connect a user’s private ZEC transactions to their wallet, undermining that privacy.
Fortunately, the team behind Zakura, a newer version of the software that runs the Zcash network, is taking steps to address that. In a new engineering post, it proposed giving every ZEC swap made through NEAR Intents its own private key. The change would close a gap that a future quantum computer could use to piece together a user’s payment history.
NEAR Intents is a service that lets users swap tokens across different blockchains. When someone swaps private ZEC for USDC through it, the service posts one of their private Zcash addresses on NEAR’s public chain, so it knows where to send back any unused ZEC. That address goes up as soon as the deposit lands and stays there even if the swap goes through and no refund is ever needed.
Such addresses give away no information on today’s computers. Each Zcash address carries a public key built from the wallet’s viewing key, the secret a wallet uses to spot payments sent to it, using one-way elliptic-curve math similar to what protects bitcoin and ether wallets.
Ordinary computers can’t run that math in reverse, but a large enough quantum computer running Shor’s algorithm, a method published in 1994 for exactly that job, could theoretically work backward from the address to the key.
That’s the real threat hanging over Satoshi-era bitcoin, whose public keys already sit onchain for anyone to copy. Last week, Google said its Willow quantum chip had produced near-perfect versions of one of the components such an attack would burn through, a step toward a machine powerful enough to try it.
Quantum computers capable of that are still likely years away (and no one has a firm timeline for when one could be built), but it’s a problem developers across the industry are rushing to solve.
One key for every swapZcash’s architecture creates its own problem. A Zcash wallet can generate many addresses that look unrelated, but they usually share one viewing key.
An attacker who cracks that key from a single published address could link every payment the account ever received and read the amounts and the private notes, or memos, attached to them.
Spending takes a separate key, so the funds themselves would stay safe. Zakura’s fix gives each swap its own viewing key and leaves the spending key with the user’s main account. An attacker who someday cracks a refund address on NEAR would see only the payments tied to that one swap.
How one key per swap keeps Zcash payments private. (Shaurya Malwa/CoinDesk)The design also deals with a practical snag.
A wallet that has made hundreds of swaps would end up with hundreds of keys, and restoring it from a backup would mean scanning the entire Zcash chain with every one of them.
Zakura’s answer is a database the wallet can query privately using a technique called private information retrieval. The wallet asks where its refunds landed, and the database answers without learning which addresses the wallet asked about.
As such, no quantum computer has been demonstrated that can recover these keys. Zakura says wallets built on its open-source libraries, including Vizor, could add the feature in the coming weeks, with hardware wallets following once their firmware supports it.
That would put the fix in users’ hands ahead of the January target Zcash developers set earlier this month for quantum-resistant payments.
Read More: Zcash developers set January target for quantum-resistant payments after ‘bunker mode’ scare
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
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ESMA adds 9 new crypto asset service providers, bringing its total number to 375.
The European Securities and Markets Authority (ESMA) has added nine crypto asset service providers (CASPs) to its register under the Markets in Crypto-Assets (MiCA) framework. The new additions include BingX’s Austrian entity MEGE zweite, YouHodler’s Italian subsidiary, and Santander’s Openbank Deutschland, bringing the total number of registered CASPs to 375.
5 minutes ago
QCP: Bitcoin demonstrates resilience against price declines; a drop below the $80,000 to $88,000 range could trigger a sharp repricing.
QCP Capital’s daily market report today noted that Bitcoin traded in a range of $80,000 to $83,000 last week, with strong support near the $80,000 level and showing resilience amid ongoing pressure on tech stocks. AI financing risks continue to simmer: CoreWeave’s 5-year credit default swap (CDS) spread widened to over 1,100 basis points, reflecting market concerns over debt-driven AI investments. On the macro front, higher-than-expected U.S. CPI once pushed 2-year U.S. Treasury yields to 4.9% and 10-year yields above 5.3%; yields later pulled back on defensive demand. Fed Chair nominee Warsh’s comments on Friday also lowered market expectations for an October rate hike to 15%, down from nearly 30% earlier this week. The pullback in U.S. Treasury yields has supported Bitcoin’s rebound.
QCP pointed out that funds are shifting from the semiconductor sector to healthcare and bank stocks, with markets likely reducing exposure to crowded AI trades, though there is no clear evidence of direct inflows into crypto markets so far. Meanwhile, Bitcoin’s implied volatility remains below its one-year average, and market makers’ positive Gamma positions may temporarily cap price swings. However, this stability could weaken as options expire and positions roll over; if Bitcoin breaks sustainably above the $80,000 to $88,000 range, the market may face more sharp price revaluations. This week’s tech giant earnings reports will be a key watchpoint.
5 minutes ago
Placeholder Partner: The current market resembles early bull market opportunities, advising long-term investors to systematically accumulate tokens.
Placeholder co-founder Chris Burniske wrote in a post that long-term crypto investors should not repeatedly agonize over entry or exit points, but instead accumulate tokens in a planned, consistent manner, and must not confuse long-term investing with short-term trading. He advises investors to use their most successful investment as a benchmark to calculate target holdings based on the proportion of each network’s total token supply. For instance, Ethereum (ETH) has a total supply of around 120 million tokens. If an investor once held 10 ETH, applying the network proportion rule would mean holding roughly 53 Solana (SOL) (total supply ~636 million) or 97 Celestia (TIA) (total supply ~1.16 billion). To hold a TIA network share 10 times that of their original ETH holding, they would need approximately 970 TIA. For Zcash (ZEC), whose supply is similar to Bitcoin (BTC), investors can also use their ideal BTC holding amount as a reference to set ZEC accumulation goals. Regarding the current market, Burniske notes that many crypto assets have fallen 20% to over 40% from their peaks, while BTC’s decline is less than 10%. He argues that BTC’s relative resilience so far has already triggered significant adjustments in assets with lower market risk appetite, making the current situation more of an opportunity in the early stages of a bull market rather than a warning sign of a bull trap. Still, he reminds investors to account for the possibility of further price drops, advising them to deploy remaining cash in batches and allocate investment amounts based on the likelihood that different price levels will form local bottoms. It is acceptable even if some preset price levels are never reached, leaving cash reserves. During market downturns or early bull market pullbacks, consistently accumulating target assets with a high-confidence strategy is more important than repeatedly trying to time market fluctuations.
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BNB Foundation completes its 37th quarterly burn, destroying 1.6462 million BNB.
According to official announcements, the BNB Foundation has completed its 37th quarterly token burn, with a total of 1,646,200 BNB tokens burned in this round, valued at approximately $1.197 billion. Post-burn, BNB’s total circulating supply has fallen to around 131.5 million tokens.
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A new wallet has been liquidated of 8,163 ETH in total over the past 10 hours, worth $19.78 million.
According to Lookonchain's monitoring, the newly created wallet 0xb15b has been liquidated multiple times over the past 10 hours, with a total of 8,163 ETH liquidated, valued at approximately $19.78 million.
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Analysis: Bitcoin's recovery faces a test as trading platform reserves rebound and spot demand turns negative again.
CryptoQuant certified analyst XWIN Japan stated in a post that the latest on-chain data shows Bitcoin still exhibits signs of bottoming, though its recovery is uneven. Exchange reserves have rebounded, spot demand has turned negative again, and holding behaviors of whales of different sizes have diverged.
1. Exchange reserves rebound: In early October, Bitcoin exchange reserves stood at around 2.67 million coins, and have now risen to approximately 2.68 million. While still lower than the level in January, the rise in reserves does not necessarily mean increased selling pressure; it may also be related to changes in custody methods.
2. Spot demand recovery blocked: The 30-day spot demand indicator once approached zero, then turned negative again. Perpetual contract demand remains positive, providing support for total demand. This indicator differs from the previously discussed apparent demand indicator, and their values cannot be directly compared.
3. Divergence in holdings among different-sized whales: The group holding 100 to 1,000 BTC has remained net buyers over the past 60 days, but the buying intensity is lower than the peak in late September. The net decline in holdings of the group holding 1,000 to 10,000 BTC has narrowed to nearly zero, while the group holding more than 10,000 BTC is still in a net selling state, indicating that buying has not yet spread widely. The above rolling data includes activities before October and may also be affected by address transfers between groups of different holding sizes.
XWIN Japan believes that low exchange reserves and continued net buying by some whales still support Bitcoin's bottoming. However, for a sustainable recovery, spot demand needs to stay positive, buying needs to absorb BTC flowing back into exchanges, and buying behavior needs to expand to more holding groups. Additionally, market expectations from the U.S. midterm elections and monetary policy also need to translate into actual buying.
Not financial or tax advice. PANews content is strictly educational and informational and is not investment advice, financial advice, tax advice, legal advice, or a solicitation to buy or sell any digital asset, security, or financial product. Do your own research and consult qualified advisers.
Disclosure. PANews may publish sponsored content, partner content, advertisements, affiliate links, event promotions, and market commentary involving Web3 projects, service providers, or financial products. PANews personnel, contributors, or affiliates may hold digital assets or other interests related to covered topics. See our Terms of Service.
Zcash infrastructure developer Zakura has proposed a new wallet security feature that would give each ZEC swap through NEAR Intents a separate viewing key to protect users’ transaction histories against potential future quantum computing attacks.
Summary
Zcash developer Zakura has proposed a new wallet feature that would assign a separate viewing key to every ZEC swap made through NEAR Intents.
The proposal addresses a privacy risk where publicly exposed Zcash addresses could allow future quantum computers to uncover a user’s historical payments.
Zakura’s design would limit any recovered viewing key to a single swap while keeping the wallet’s existing spending key unchanged.
The system would use private information retrieval to help wallets recover swap transactions without exposing their addresses to database operators.
Software wallets using Zakura’s libraries, including Vizor, could integrate the feature in the coming weeks, while hardware wallet support would follow later.
In an engineering post, Zakura developer Adam Tucker explained that the proposed system would prevent an attacker from using a single publicly exposed Zcash address to uncover payments received across a user’s shielded account.
The feature, called a one-time incoming viewing key, would generate a different key for every swap while keeping the wallet’s existing spending key unchanged. According to the team, wallets built using Zakura’s open-source libraries could begin integrating the feature in the coming weeks.
Zakura identified NEAR Intents as a particular concern because the cross-chain swapping service permanently publishes certain Zcash addresses on NEAR’s public blockchain, even when the transactions are completed without requiring refunds.
Although current computers cannot use the exposed information to recover the underlying viewing keys, the team warned that sufficiently powerful quantum computers could eventually do so.
Zcash swaps through NEAR Intents expose refund addresses
NEAR Intents allows users to exchange assets across different blockchains without manually managing each step of the transaction.
When someone exchanges shielded ZEC for USDC on Ethereum, their wallet sends ZEC to a deposit address associated with the service. The swap request contains a refund address where any unused ZEC can be returned.
According to Zakura’s technical explanation, the refund address is recorded on NEAR’s public blockchain once the deposit is registered.
The address remains publicly accessible even if the swap succeeds and the service never sends a refund.
Zcash wallets can normally generate multiple shielded addresses that appear unrelated. However, the addresses associated with a single account generally share an incoming viewing key, which allows the wallet to identify and decrypt payments sent to it.
The underlying cryptography uses elliptic-curve calculations that conventional computers cannot practically reverse.
Zakura warned that a sufficiently powerful quantum computer running Shor’s algorithm could theoretically recover the incoming viewing key from the public information contained in one exposed shielded address.
An attacker possessing the recovered key could then identify payments received by the account, including their amounts and attached private memos.
The exposure concerns transaction privacy, not direct control of the funds. Zcash uses separate cryptographic keys to authorize spending, meaning the recovered incoming viewing key would not itself allow an attacker to transfer the user’s ZEC.
The team explained that shielded transactions do not ordinarily publish the recipient’s address on the Zcash blockchain. However, publicly recorded swap addresses create a permanent source of information that a future attacker could collect.
The issue applies to swaps in both directions. Exchanges from ZEC into assets on other networks publish refund addresses, while swaps into ZEC publish the receiving shielded address.
Zcash’s use in cross-chain transactions has expanded beyond ordinary token transfers. In September, Aurora Intents processed more than $19 million across 1,718 swaps connected to the zkSNARKS auction, accounting for more than half of the assets converted and deposited into the ZEC-denominated sale.
The transactions used NEAR Intents solvers to convert assets from other networks into ZEC, while the destination-side bids remained shielded on Zcash.
Zakura’s proposed fix keeps spending under one account
Zakura’s proposed solution assigns a separate incoming viewing key to each swap address without requiring users to create a new wallet account every time.
Under the design, the wallet derives a new key using its existing account credentials, the intended purpose of the address and an index identifying the swap.
Each address would therefore have its own viewing key, while the original spending key continues controlling the funds received through all of them.
The engineering post explained that the process changes the randomized component used to derive an incoming viewing key. The account’s authorization and nullifier keys remain unchanged.
Zakura uses a keyed hash construction already employed by Zcash’s ZIP 32 key derivation system, with a separate domain identifier to distinguish swap keys from existing internal wallet keys.
According to the team, recovering one swap’s viewing key would reveal only payments associated with that address. Linking the recovered key to other swap addresses would require reversing the hash-based derivation.
Creating a completely separate Zcash account for every transaction could provide similar separation, but Zakura said the approach would cause problems for hardware wallet users.
Keystone’s Zcash implementation currently supports signing transactions only from account index 0, according to the post. Ledger can access multiple accounts but requires separate transactions and approvals when spending funds from different accounts.
A user who accumulated funds across numerous swap accounts could therefore face restrictions or repeated approval requests when attempting to spend them.
The proposed one-time key design would keep the funds spendable through the original account and its existing authorization process.
Zakura said its implementation would leave an encrypted note in the change output of an outgoing ZEC swap. The note records the index used to derive the refund address, allowing the wallet to reconstruct the appropriate key during recovery.
Once NEAR completes the swap, any unused ZEC returned to the designated address can be spent using the wallet’s normal spending key.
Wallet recovery uses private database searches
A separate part of Zakura’s proposal addresses the additional work created when a wallet needs to recover payments associated with hundreds of individual viewing keys.
Zcash wallets normally identify incoming payments by checking encrypted transaction outputs against their viewing keys.
Under the proposed design, every swap would generate another key that might need to be checked during wallet restoration.
According to the engineering post, repeatedly scanning the entire blockchain with each key would make recovery progressively slower as the number of swaps grows.
Zakura has proposed using private information retrieval, or PIR, to locate the relevant transactions without revealing the wallet’s addresses to the database operator.
The system relies on a specific feature of NEAR’s Zcash bridge. Its outgoing transactions use an all-zero outgoing viewing key, allowing the transactions to be indexed by their destination addresses.
A wallet restoring its transaction history would first download filters identifying addresses that may have received payments through the bridge.
The filters are downloaded in full, so the server does not learn which addresses belong to the user.
When a filter identifies a possible payment, the wallet would submit an encrypted database request using PIR. The server could return the location of the matching transaction without learning which address was queried.
Zakura said the system uses the same lattice-based private retrieval technique developed for its transparent wallet lookups and Zcash coinholder voting.
The recovery process differs slightly for swaps into ZEC because the receiving wallet does not create an outgoing Zcash transaction containing a record of the address index.
In those cases, the wallet would generate addresses in sequence and check them against published filters until it encountered 30 consecutive addresses that had neither received payments nor been supplied to NEAR.
The team said abandoned swap quotes would not cause addresses to be reused, since each new transaction receives an address that NEAR has not previously encountered.
Zcash quantum protection remains under development
Zakura’s proposal arrives as Zcash developers prepare separate protections against future quantum attacks on transaction signatures.
As crypto.news previously reported, developers have targeted January 2027 for introducing post-quantum signature instructions that would allow transparent Zcash transactions to use hash-based signatures.
The proposed instructions would address a different security concern from the one-time viewing keys. They are intended to protect spending authorization, while Zakura’s latest design focuses on preventing historical shielded payments from becoming linked through an exposed address.
Approximately 11.96 million ZEC, representing roughly 70% of the issued supply as of Oct. 8, was held in transparent addresses, according to the earlier reporting.
Zcash’s July Ironwood network upgrade introduced quantum-recoverable notes through ZIP 2005, allowing a future recovery mechanism to be developed if advances in quantum computing threaten existing cryptographic protections.
However, the feature did not independently make the network quantum-secure, as a separate recovery protocol would still need to be designed and activated.
Concerns over quantum attacks have received attention following Google’s latest research involving its Willow processor.
On Oct. 15, Google reported a 40-fold reduction in quantum computing errors using a technique known as magic state cultivation.
The experiment achieved 99.99% logical fidelity under the researchers’ testing method, although it did not demonstrate an attack against Bitcoin, Zcash or other cryptocurrency networks.
No quantum computer capable of recovering the elliptic-curve keys used by Zcash has been publicly demonstrated.
Zakura has not announced a confirmed release date for its one-time viewing key feature. The team expects software wallets using its cryptographic libraries, including Vizor, to begin integrating the design in the coming weeks.
Hardware wallet support will follow once the relevant firmware can accommodate the new key derivation process.
Zakura has launched P2Pv2, an experimental networking layer for Zcash (ZEC) built on QUIC. It runs on Testnet by default, with Mainnet support planned later.
Zakura (@ZakuraZcash) has launched P2Pv2, an experimental networking layer designed to improve block propagation on Zcash (@Zcash) $ZEC. The upgrade is aimed at one of the main constraints on scaling the privacy-focused network: how quickly full nodes can exchange block data.
P2Pv2 runs alongside the existing peer-to-peer network layer. Mainnet support is planned for a later stage.
What P2Pv2 changes
The design also adds more control over resources.
The Visa-scale targetThe longer-term goal is to help Zcash scale toward 50,000 transactions per second.
Zakura is a full node implementation that launched earlier this year.
Risks and statusThe upgrade is still early.
For now, the testing phase on Testnet will show whether the new networking layer can deliver on those goals before any move to Mainnet.
