Track market-moving stories before they get noisy

Ethereum is facing scrutiny in derivatives markets after blockchain analytics firm Arkham identified that the wallet pension-usdt.eth is holding a significant $85 million short position on ETH. This position, opened near $1,700, is experiencing growing unrealized losses as Ethereum’s price approaches $1,900.

Massive Ethereum Short Faces Rising LossesArkham reported that pension-usdt.eth has maintained this short position for over two months, with the entry price averaging about $1,700. As ETH has gained nearly $200 since the position was opened, the wallet now sits at an unrealized loss of approximately $9.8 million. This size of trade accentuates the risk of a short squeeze, as price gains can create pressure for the trader to close positions or add collateral.

Crypto analysts emphasized that unrealized losses do not directly signal liquidation risk, as continuation depends on the remaining collateral available to the trader and the agreed-upon liquidation threshold.

Even with the current losses, liquidation is not an immediate concern if the user has sufficient margin. Consequently, the pension-usdt.eth wallet serves as a barometer for overall market leverage, rather than an isolated indicator of a coming short squeeze.

Mini dictionary: Arkham is a blockchain intelligence platform specializing in tracking and analyzing wallet activity across multiple cryptocurrency networks, frequently cited for its on-chain investigations.

ETH Tests Key Resistance at $1,900Ethereum has hovered near $1,900, facing technical resistance at this psychological threshold. Observers highlighted that on August 18, cryptocurrency news sources reported ETH trading close to $1,905, underscoring $1,900 as a crucial price level in the current rally.

As ETH prices rise, the risk profile for the large short position shifts, increasing potential losses for the holder. Should ETH reverse, the trader could potentially reduce losses; however, sustained momentum might force changes to the position. Market participants have been closely monitoring whether this trade can withstand continued strength in ETH’s trend.

MetricOriginal Short EntryCurrent ETH PriceUnrealized P/LPotential LiquidationValue$1,700$1,900-$9.8 million$2,435 (estimated)ETF Activity and Institutional DemandThe large-scale short coincides with continued institutional interest in Ethereum through U.S.-listed spot ETFs. According to KuCoin, ETH exchange-traded funds saw net inflows of $49.6 million on August 7. This flow reflects ongoing demand for regulated ETH exposure among institutional investors.

ETF activity contributes to Ethereum’s liquidity and can compete with bearish futures positions, as both factors shape price movement and market sentiment.

While ETF inflows do not guarantee upward price action or shield individual traders from losses, the competition between these inflow channels and leveraged shorts adds complexity to the overall ETH landscape. Changes in ETF flows or derivatives positioning can amplify volatility as traders adjust risk.

Monitoring for Short LiquidationOn-chain analysis from HyperInsight indicated that pension-usdt.eth faces an estimated liquidation level at around $2,435 for the short position. This suggests there remains room for further price movement before forced closure becomes likely. Any sharp rally toward this level could trigger additional buying as positions are automatically closed to limit losses.

The situation with pension-usdt.eth underscores the role of leverage in crypto markets. As Ethereum gains or corrects, wallet-specific activity should be viewed as part of a broader set of signals. Market observers continue to assess spot price action, derivatives positions, and ETF flows to gauge overall direction, rather than drawing conclusions from individual high-profile trades.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

TRON is pushing forward with a significant Virtual Machine upgrade that will bring its execution environment closer to Ethereum’s, with on-chain governance votes scheduled for August 25, 2026. The upgrade introduces two key capabilities: a CLZ opcode and support for secp256r1 (P-256) signature verification, both of which have been available on Ethereum and are now making their way to TRON’s infrastructure.

Node operators have until August 16, 2026, at 23:59 Singapore time, to complete their software updates to GreatVoyage-v4.8.2, codenamed Pyrrho. Miss that window, and nodes risk falling out of sync with the rest of the network.

What the upgrade actually does Two network parameters, numbered #95 and #96, are on the ballot for August 25. If TRON’s 27 active Super Representatives approve them, the new TVM features go live across the entire network.

The first notable addition is the CLZ instruction, short for “Count Leading Zeros.” It’s a low-level operation that counts how many zero bits sit at the front of a binary number. Developers use CLZ in mathematical operations, bit manipulation, and optimizing gas costs.

The second feature is a precompiled contract for secp256r1 signature verification, commonly known as P-256. This is the elliptic curve standard used by Apple’s Secure Enclave, Android’s Keystore, WebAuthn, and most hardware security modules. In practical terms, it means smart contracts on TRON will be able to natively verify signatures generated by the security chips already sitting inside billions of phones and laptops. Without native support, developers have to implement P-256 verification in Solidity, which is expensive in terms of gas. A precompile handles this at the protocol level, making it fast and cheap.

Governance mechanics and the SR vote TRON’s governance model relies on its 27 Super Representatives, who are elected by TRX holders through a continuous staking-and-voting process. These SRs are responsible for producing blocks and voting on network parameter changes. The August 25 vote follows a well-established pattern: the core development team ships code, node operators upgrade, and then SRs formally activate new features through on-chain proposals.

This two-step process, upgrade first and vote second, is deliberate. It ensures that the network has sufficient node coverage running the new software before any parameter change flips the switch. If a significant number of nodes were still running the old version when new features activated, those nodes would reject the updated blocks and fork themselves off the main chain.

The August 16 deadline gives operators roughly nine days of buffer before the vote. GreatVoyage-v4.8.2 (Pyrrho) was released in July 2026.

The Ethereum alignment strategy The P-256 precompile is particularly telling. Ethereum introduced its own version through EIP-7212. By adopting the same capability, TRON positions itself to support the same class of account abstraction and hardware-backed authentication flows that Ethereum developers are building toward.

The CLZ opcode addition reinforces this same logic. It eliminates one more edge case where a contract that compiles and runs fine on Ethereum would fail or behave differently on TRON.

What to watch after the vote Native P-256 support opens the door to passkey-authenticated wallets on TRON, a feature that could reduce onboarding friction for non-crypto-native users. Several Ethereum projects are already exploring this design space, and TRON’s adoption of the same cryptographic standard means those designs could be ported over with minimal modification.

For node operators, the immediate priority is straightforward: update to version 4.8.2 before the deadline. The TRON development team has urged proactive action, and as of the latest reports, no disruptions have been flagged during the rollout period.

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

Leverage Rebuilds Even as LINK Price LagsChainlink's ($LINK) derivatives market is quietly rebuilding leverage, even though the token remains well below its pre-crash highs. According to on-chain analytics firm Santiment, reporting on August 17, coin-denominated open interest (OI) has climbed to nearly 29 million LINK, putting it above its October 9 level for the first time since a liquidation cascade hit the market.

Dollar-denominated OI tells a more cautious story. At roughly $279 million at the time of the Santiment report, it sits at around half its pre-crash peak, reflecting that the token price itself has not recovered in step with positioning. Funding rates have remained positive throughout the OI buildup, a signal that long positions are driving the rebound rather than short sellers covering.

Broader Momentum Building Around LINKThe derivatives recovery is not happening in isolation. Chainlink price climbed 8% to $9.56 on August 15, supported by stronger activity across spot and derivatives markets, with the token up 15% over the prior week as it continued recovering from broader cryptocurrency market volatility. That move was accompanied by a 123% increase in trading volume, climbing to $1 billion, and a 16% rise in derivatives open interest to $694 million.

Santiment data also indicates that significant investors have been active, with 246 transactions surpassing $100,000 occurring in a single day, a level not seen since March. Bitwise reported $1.5 million in net inflows to its Chainlink ETF last week, pointing to growing institutional interest in the oracle network's role linking blockchain applications with real-world data.

On-chain technicals have also attracted attention. Analyst Ali Charts pointed to an MVRV golden cross that has historically preceded major LINK rallies, with the same signal appearing before a 155% rally in November 2024 and an 85% gain in July 2025.

The core tension remains: derivatives positioning is recovering faster than price. As long as dollar-denominated OI stays well below its prior peak and funding stays positive, the market is leaning long on a token that still has meaningful ground to recover. Whether that leverage is well-placed depends heavily on whether broader sentiment and spot demand can keep pace.

Sources
Blockonomi: Chainlink Open Interest Rises as Weekly Gain Reaches 10%
CoinGape: Chainlink Open Interest Surges 16%, Analyst Predicts $20
CoinGlass: Chainlink Futures and Open Interest Data

A Singapore court has frozen about S$75 million ($58 million) in Bitcoin and USD Coin after a major crypto trading platform alleged that an internal ledger error caused it to mistakenly credit thousands of BTC and Bitcoin Cash to a long-standing customer.

Summary

Singapore’s SICC froze about S$75 million in Bitcoin and USDC linked to a dispute between a major crypto platform and a long-time customer. The platform said an internal ledger error led it to mistakenly transfer 2,500 BTC and 2,500 BCH to the customer’s wallets in July 2024. The customer later moved 780 BTC off the platform and converted another 20 BTC into about 816,773 USDC. The court also ordered the customer to disclose the location of the disputed assets and their proceeds. The platform recovered the remaining 1,700 BTC and 2,500 BCH after discovering the alleged error in January 2025. The Singapore International Commercial Court said the interim proprietary injunction prevents the customer from disposing of, dealing with or reducing the value of about 780 BTC and 816,773 USDC, along with assets, profits or interest derived from them. The order was granted on March 26 after a hearing before Singapore High Court Justice Aidan Xu and SICC International Judges Anthony Meagher and David Goddard.

The dispute involves an anonymised group of companies that operates what the court described as one of the world’s largest digital asset trading platforms and a customer who had used the platform since around 2013. Court documents identified the parties only as DVA, DVB and DVC while an application for confidentiality orders remains pending.

Along with freezing the crypto, the court ordered the defendant to disclose where the disputed assets and their proceeds were being held. The judges declined, however, to give the platform group advance permission to use that disclosure to seek similar injunctions in other jurisdictions, leaving it free to apply for permission later if required.

Singapore court dispute traces back to unsupported wallets At the centre of the case are two specialised wallets that once contained 2,500 BTC and 2,500 Bitcoin Cash. According to the judgment, the wallets were designed as a self-custody product that required security credentials, including a user key held solely by the customer.

Support for the wallet product ended in April 2018, although customers could continue accessing the wallets for a period through an unsupported open-source tool. In March 2020, the entire 2,500 BTC and 2,500 BCH balance was transferred away from the specialised wallets, leaving them effectively empty.

The platform group alleged that a technical problem prevented those withdrawals from being recorded correctly on its internal ledgers. Because the ledger continued to show the assets as remaining in the specialised wallets, the companies operated for several years on the assumption that the customer was still entitled to the balances.

A relationship manager later tried to help the customer recover what the platform believed were assets trapped in the discontinued wallet product. Acting on its ledger records, the platform transferred another 2,500 BTC and 2,500 BCH into other accounts belonging to the customer in July 2024.

The claimants say those digital assets came from their own holdings inside the platform group’s omnibus wallets and were transferred solely because of the mistaken balance shown on the internal system. The customer disputes that account and has maintained that the assets transferred to him were rightfully his.

Mistaken crypto transfers have previously resulted in lengthy recovery disputes. In 2022, crypto.news reported on a Crypto.com transfer error in which the exchange mistakenly sent an Australian customer about $10.5 million instead of a $100 refund and discovered the error months later during an audit.

Customer moved 780 BTC and converted another 20 BTC to USDC After receiving the July 2024 transfers, the defendant began moving part of the crypto away from the platform.

Court records show that on July 13, 2024, the customer converted 20 BTC into about 816,773 USDC and transferred the stablecoins to an unhosted wallet. Five withdrawals between July 17 and Nov. 10 moved another 380 BTC to a separate unhosted address.

A further 200 BTC was transferred on Nov. 24, followed by another 200 BTC on Jan. 7, 2025, bringing the amount sent to a third external wallet to 400 BTC. Some 150 BTC from that wallet was later transferred elsewhere in February 2026, according to evidence submitted by the claimants.

The companies also told the court that subsequent transactions involving the 380 BTC and 816,773 USDC made their current locations difficult to determine. The defendant did not dispute making the transactions but maintained that he had been dealing with crypto that belonged to him.

By the time the platform acted, 1,700 BTC and the full 2,500 BCH transferred in July 2024 remained in the customer’s accounts. The companies froze those wallets on Jan. 29, 2025, and re-credited the remaining assets to themselves in an attempt to reverse part of the earlier transfer.

The platform group subsequently sought the return of the 780 BTC and 816,773 USDC that had already left its system, but the customer refused. The companies valued the assets at roughly S$75 million at the time of the injunction hearing.

Platform alleges unjust enrichment and constructive trust Proceedings were initially filed in the General Division of Singapore’s High Court in November 2025 before being transferred by consent to the SICC.

The claimants’ 62-page statement of claim contains four causes of action, including unjust enrichment, a proprietary claim, deceit or negligent misrepresentation, and an alleged breach of the contractual provisions governing the platform’s services. They are also seeking a declaration that the defendant holds the disputed assets on constructive trust for one of the claimant companies and must return them.

According to the claimants, the July 2024 transfers resulted from their incorrect understanding of the old wallet balances, while the customer allegedly knew about the mistake and took advantage of it.

The defendant has rejected that version of events. He told the court that he did not remember making the March 2020 transfers, although he accepted that blockchain records show the transfers occurred, and argued that the platform’s own admission of faulty internal ledger records weakened its claim that the assets transferred in 2024 belonged to the companies.

He also argued that the transferred crypto could have represented his own assets held elsewhere on the platform or assets belonging to other customers. Having maintained extensive crypto holdings and activity, the defendant said he relied on the platform to keep track of what he held and believed that the July 2024 assets belonged to him.

The customer has counterclaimed for the assets that remain frozen on the platform or compensation of equivalent value, while denying that he knew the companies had made any mistake.

Singapore courts have dealt with several high-value crypto disputes involving exchange operators over the past year. Earlier in August, Binance and RedotPay gave conflicting accounts over the status of a separate Singapore proceeding tied to claims worth nearly $473 million.

Singapore’s courts have also played a role in handling distressed crypto businesses, including proceedings involving WazirX’s Singapore-based parent Zettai, whose restructuring proposal returned to court after receiving 95.7% creditor support in August 2025.

Judges find serious ownership question to be tried For the interim stage of the case, the three-judge panel found enough evidence to establish a serious question over whether the platform companies retained a proprietary interest in some or all of the disputed assets.

The court said it was arguable that the specialised wallet balances were effectively zero before the July 2024 credits and that the platform transferred 2,500 BTC and 2,500 BCH because its internal records incorrectly showed the earlier holdings as still present.

Judges also found an arguable case that the customer knew about the platform’s mistake either when the transfers were made or, at the latest, after the platform discovered the issue and contacted him in 2025. Under that scenario, the court said an argument could be made that identifiable assets and traceable proceeds were held on constructive trust for the claimants.

On whether an injunction was necessary, the court considered the risk that the companies could win at trial but still be unable to recover the crypto if the assets were moved or dissipated.

The judges noted evidence that the defendant had used part of the disputed assets as security for a loan to cover legal costs and had not provided updated evidence about his financial position or current asset holdings. The court found sufficient doubt over his ability to satisfy a substantial judgment if the companies eventually succeeded.

At the same time, the platform group gave the court an undertaking to compensate the customer for losses caused by the injunction if it later turns out that the order should not have been granted.

The disclosure order requires the defendant to identify the whereabouts of assets covered by the injunction, including relevant crypto controlled through third parties acting under his direct or indirect instructions. The SICC left both sides free to return to court, including if the claimants later seek permission to use the disclosed information in civil proceedings outside Singapore.

Uniswap has racked up $638.5 million in stock token trading volume on Robinhood Chain over the past 90 days, effectively becoming the backbone of tokenized equity trading on the newly launched network. The decentralized exchange controls roughly 99% of all Stock Tokens liquidity on the chain.

Robinhood Chain, which went live on July 1, 2026, was built using Arbitrum technology and designed to bring traditional equities like NVIDIA, Apple, and GameStop into the world of decentralized finance.

From zero to $638.5 million in three months The chain’s growth trajectory has been steep. By late July 2026, stock token volume had already hit $250 million, meaning the platform roughly doubled its throughput in the weeks that followed. Individual tokens frequently surpass $500,000 in daily volume, with some recording millions on particularly active days.

Uniswap v4 has emerged as the dominant protocol version on the chain, accounting for approximately 73% of the Stock Tokens liquidity. The remaining share is split across other Uniswap versions.

Total value locked on Robinhood Chain is approaching the $1 billion mark. Uniswap’s total volume on the chain has already crossed multi-billion-dollar figures when factoring in all trading pairs, not just stock tokens. The $638.5 million figure represents specifically the tokenized equity segment.

Why tokenized stocks on a DEX matters Traditional US stock markets operate roughly 6.5 hours per day, five days a week. Tokenized versions eliminate that constraint entirely, enabling 24/7 trading globally.

The chain uses Chainlink for oracle services and cross-chain capabilities, providing the price feeds necessary to keep tokenized assets tethered to their real-world counterparts.

Beyond simple trading, Robinhood Chain is positioning itself as a platform where stock tokens can participate in broader DeFi activities. Lending protocols could accept tokenized NVIDIA shares as collateral, and yield strategies could be built around stock token liquidity provision.

UNI token burns and protocol economics Protocol fees generated on the chain contribute to UNI token burns, creating a direct economic link between Robinhood Chain’s trading activity and Uniswap’s native token. As volume scales, the burn mechanism could meaningfully reduce UNI’s circulating supply over time.

The 99% liquidity dominance means tighter spreads and more efficient execution for traders on the chain.

Regulatory scrutiny around tokenized securities remains intense, and the SEC’s stance on whether these instruments constitute securities under existing frameworks could reshape the entire model. Robinhood’s history with regulators includes a $70 million FINRA settlement in 2021.

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

Pendle Finance just raised the pool caps on its PT Looping incentives program to $15 million, a move that opens the door for significantly more capital to flow into one of DeFi’s more sophisticated yield strategies. The updated caps apply to two specific pools, PT-USD3 on Morpho and PT-USDG on both Aave and Morpho, during an incentive window running from August 17 to 27, 2026.

At the top end, users running leveraged looping strategies through these pools can earn up to 53.7% APY.

How PT Looping actually generates those yields Pendle’s core product revolves around splitting yield-bearing assets into two components: Principal Tokens (PTs) and Yield Tokens (YTs). PTs represent the principal value of an asset at maturity, essentially locking in a fixed yield. YTs capture the variable yield generated along the way.

PT Looping takes this a step further. Users deposit PTs as collateral on lending platforms like Aave or Morpho, borrow against them, and use the borrowed funds to purchase more PTs.

The base incentive from Pendle is an extra 2% APY, paid in PENDLE tokens, layered on top of whatever fixed yield the PT itself offers. That 2% is calculated before any leverage is applied. When a user cranks the leverage to 10x, that modest-sounding bonus compounds into roughly 20% additional yield on top of the underlying PT rate.

The 53.7% headline figure reflects the maximum effective APY achievable when combining the PT’s fixed yield, the PENDLE incentive, and aggressive leverage.

Why the cap increase matters Previous iterations of Pendle’s PT Looping incentive program started with caps as low as $500K. The jump to $15 million across these two pools represents a dramatic scaling of the program.

The two eligible pools both involve stablecoin-denominated assets. PT-USD3 is available on Morpho, while PT-USDG can be accessed on both Aave and Morpho.

Rewards for this incentive period are time-weighted and distributed after the window closes on August 27. That means users who deposit early and maintain positions throughout the full period capture a larger share of the PENDLE rewards than those who jump in at the last minute.

Pendle’s broader DeFi integration play The PT Looping program is part of Pendle’s broader strategy of embedding its yield-tokenization infrastructure into the lending layer of DeFi. By making PTs accepted collateral on protocols like Aave and Morpho, Pendle effectively turns its tokens into building blocks that other protocols can use.

For users considering participation, the key variables to monitor are the utilization rate of the $15 million cap, the borrowing costs on Aave and Morpho for the relevant assets, and the price stability of PENDLE tokens themselves. The incentive rewards are paid in PENDLE, so the dollar value of those rewards fluctuates with the token’s market price. A sharp decline in PENDLE’s value could meaningfully reduce the effective APY, even if the token-denominated yield stays constant.

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

@OndoFinance has crossed the 100,000 unique holders milestone for its tokenized securities network, with over 214,000 total individual asset balances recorded across its platform. The achievement came in less than a year since the project's inception, marking a significant moment for the on-chain US equities space.

A Platform Built for Scale Ondo's growth sits against a broader surge in tokenized equities. According to RWA.xyz data cited by Insights4VC, the value of distributed tokenized stocks nearly doubled from $951 million in March 2026 to $1.89 billion in July, underlining how quickly the sector is maturing.

Ondo sits at the center of that growth. Intellectia AI's RWA analysis places Ondo as the leading tokenization protocol with over $3.7 billion in total value locked and roughly 70% market share in tokenized equities. Its flagship product, Ondo Global Markets (OGM), crossed $1 billion in TVL in May 2026, becoming the first tokenized equities platform to reach that level. OGM offers access to more than 260 US stocks and ETFs, including SPY, QQQ, NVDA, and TSLA, across Ethereum, Solana, and BNB Chain.

Regulatory Momentum Adds Fuel The holder milestone arrives as Ondo moves to expand its regulatory footprint. In July 2026, Ondo launched the first implementation of the SEC's third-party custodial tokenization model, using BlackRock's IVV ETF and Micron shares as its initial securities. The structure allows token holders to receive the same governance rights as investors holding securities through traditional brokerages, with Broadridge handling proxy voting and regulatory disclosures.

Separately, Ondo's SEC-registered broker-dealer subsidiary, Oasis Pro Markets, secured FINRA authorization to offer tokenized equities, ETFs, mutual funds, and IPO securities to US retail and institutional investors, a channel that had previously been closed to the platform.

The combination of rapid user growth, a dominant market position in tokenized equities, and expanding regulatory clearance positions Ondo as a central player at the intersection of traditional finance and on-chain markets. With the broader tokenized stock sector now generating $9.22 billion in monthly on-chain transfer volume as of June 2026, the 100,000 holders mark is likely a waypoint rather than a ceiling.

Sources:
CoinDesk: Ondo Finance Debuts SEC-Aligned Tokenized Stock Model
Insights4VC: The State of Onchain Real-World Assets in Mid-2026
KuCoin: Tokenized Stocks Reach $9.22 Billion in Monthly On-Chain Volume

The tokenized fund market just had a very productive quarter. Over the past 90 days, tokenized funds added roughly $2.7 billion in market capitalization, driven primarily by two products: JPMorgan’s government money market fund and Ondo Finance’s yield-bearing note.

The growth pushes total distributed value of tokenized assets to approximately $38 billion as of mid-August 2026, according to data tracked on RWA.xyz.

The two products driving the surge JPMorgan’s JLTXX, a US registered government money market fund tokenized on Ethereum, launched on May 13, 2026, with a $100 million seed investment. Within months, its valuation ballooned to somewhere between $694 million and $809 million.

The other major contributor is USDY, Ondo Finance’s tokenized note backed by short-term Treasury securities and bank deposits. USDY reached a market value of approximately $2.1 billion by mid-August, making it one of the largest tokenized yield products in existence. Its appeal is straightforward: holders get exposure to Treasury yields while maintaining the flexibility of a digital asset that can be moved, redeemed, or used as collateral across DeFi protocols.

For context, the current leaderboard of tokenized products looks like this: USYC sits at roughly $3.0 billion, BUIDL (BlackRock’s tokenized fund) at approximately $2.7 billion, USDY at $2.1 billion, and JLTXX at around $809 million. The top four alone account for over $8.6 billion in value.

Why institutions keep showing up Stablecoin issuers have become significant buyers. Companies like Circle and Tether hold tens of billions in reserves, much of it in Treasuries and money market instruments. Tokenized versions of those same instruments let them manage reserves on-chain, reducing friction and potentially improving transparency.

Products like JLTXX and USDY have introduced features that allow instant minting and redemption using digital currencies, removing one of the biggest historical complaints about tokenized funds: that getting money in and out was clunky.

The bigger picture for tokenized assets Products like JLTXX operate within existing US securities frameworks, which means they satisfy compliance requirements that have historically kept large allocators away from anything blockchain-adjacent. The fact that a registered money market fund can exist on Ethereum without triggering regulatory alarms suggests the legal infrastructure has matured alongside the technology.

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

On August 18, blockchain analytics platform Onchain Lens reported that Multicoin Capital transferred 172,710 HYPE tokens, valued at around $10.15 million, to Coinbase Prime, raising questions about potential selling activity from one of HYPE’s most prominent institutional holders.

Market impact of the transferHYPE, backed by the Hyperliquid decentralized exchange, has recently ranked among the top 10 crypto assets by market capitalization. With a market cap of approximately $13 billion and a current trading price near $58.59, as reported by DefiLlama, large-scale token transfers have the potential to influence market sentiment significantly.

While direct sales have not been confirmed, market observers often interpret substantial inflows to major exchanges as early signs of possible liquidation. Elevated awareness of such transfers has intensified as the token’s price remains well below its earlier June peak of $76.87.

Multicoin Capital’s position in HYPEDespite the recent transfer, Multicoin Capital, a crypto investment firm known for actively supporting emerging blockchain projects, continues to be a major HYPE holder. According to Onchain Lens, the firm still holds around 2.16 million HYPE, valued at nearly $126.63 million, making the latest movement a relatively modest trim instead of a substantial exit.

Coinbase Prime, the institutional platform operated by Coinbase, provides custody, trading, and financing solutions for large-scale clients. Transfers to platforms such as Coinbase Prime are often classified as either preparation for potential sales or custody management.

Onchain Lens described this transaction as “likely to sell,” prompting caution among traders due to the high profile of the institution involved.

Mini dictionary: Multicoin Capital is a prominent digital asset investment firm specializing in tokens, blockchain projects, and supporting new Web3 infrastructure initiatives.

Exchange inflows and liquidity concernsThe market reads major token inflows to exchanges as a sign of additional supply that could exert downward price pressure. Although HYPE’s open interest sits around $11.8 billion, its liquidity remains more limited than larger cryptocurrencies, amplifying the price impact from large holders’ transactions.

After a period in which Hyperliquid’s biggest holders have made visible token movements, further actions by Multicoin Capital continue to attract market scrutiny.

MetricValueHYPE current price$58.59June peak price$76.87Current market cap$13 billionOpen interest$11.8 billionMulticoin’s remaining HYPE2.16 million ($126.63 million)Latest transfer172,710 HYPE ($10.15 million)Multicoin Capital has continued to engage with speculation about its intentions, as large transfers to exchanges may spook investors, particularly when liquidity is limited and open interest remains high.

Previous statements and ongoing debateFollowing a previous $291 million combined HYPE unstaking executed by Multicoin Capital and Paradigm in July, which led to price volatility, Multicoin Capital’s co-founder Tushar Jain stated that the unstaking aimed to enhance privacy and rotate wallets rather than initiate sales. On-chain analysts at Markets Alpha backed this by showing the tokens were moved to custody providers rather than exchanges.

The latest transfer, however, marks a shift as tokens have entered Coinbase Prime, an institutionally focused exchange platform more directly linked with trading and settlement. This difference in transaction destination has drawn additional attention to the $10.15 million movement, though there is still no evidence indicating an active sale has taken place.

Multicoin Capital previously stated that wallet movements were for privacy and operational security, not immediate selling, underscoring the ongoing debate about investor intentions during large crypto transfers.

Fundamental outlook for HYPEDespite short-term selling pressure, Hyperliquid reported revenue of $873 million on approximately $2.9 trillion in trading volume for 2025, representing nearly 59% of open interest in the decentralized derivatives market. According to Multicoin Capital’s June valuation report, nearly all protocol revenue is allocated to HYPE buybacks and subsequent burning, underlining the token’s deflationary structure.

Multicoin’s analysts estimated in their forecast that HYPE could eventually reach approximately $319 by 2028, although actual outcomes may depend on market dynamics and investor behavior in the interim.

While the recent transfer has intensified short-term speculation, Multicoin Capital’s substantial remaining stake in HYPE ensures it will remain a focal point for traders monitoring large-scale token moves.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

VanEck said on Aug. 18 that Bitcoin may be approaching an accumulation phase after eight of its 12 capitulation indicators remained active as of Aug. 12.

Summary

Eight of VanEck’s 12 Bitcoin capitulation signals were active on August 12, indicating late cycle stress. All 12 indicators entered capitulation territory during the three months preceding VanEck’s August research update. Long term holder supply dropped 356,534 BTC, leaving 11.84 million BTC untouched for over one year. U.S. spot Bitcoin ETPs absorbed $663 million while realized volatility declined to 27.2% over 30 days. Historical capitulation clusters lagged Bitcoin’s baseline for six months, outperforming only across one year holding periods. The asset manager’s latest report placed the current correction in its tenth month, measured from Bitcoin’s October 2025 peak. VanEck estimated that the next turning point could arrive between September and November if the current cycle follows earlier patterns.

However, the firm did not present the historical timetable as a reliable price forecast. VanEck disclosed that it has exposure to Bitcoin and warned that its forward return study uses a small number of heavily overlapping observations.

Bitcoin capitulation signals point to late cycle stress VanEck considers a signal active when its latest reading reaches an extreme historical percentile. Most indicators must fall within the bottom 15% of their recorded history, or the top 10% when a high reading represents stress.

Price drawdown uses a separate threshold. VanEck activates this signal when Bitcoin falls at least 35% from its peak. Bitcoin was down approximately 49% from its October record in the firm’s analysis, although that decline ranked only in the 35th percentile of its own history.

Applying the same percentile rule to the drawdown would reduce the total from eight active signals to seven. VanEck defended the separate threshold by arguing that institutional ownership and spot ETP demand could produce a shallower bear market than previous cycles.

The firm said it “expects a shallower trough this cycle,” but acknowledged that this remains an assumption rather than a confirmed market outcome. Earlier Bitcoin bear markets produced drawdowns ranging from 78% to 94%.

Historical returns offer no clear six month advantage VanEck’s backtest provides a cautious reading for investors expecting an immediate rebound. When between eight and 12 indicators were in capitulation territory, Bitcoin returned an average 12.8% over the following 90 days. Its baseline return for all comparable periods was 15.2%.

The same group generated an average 32% return over 180 days, below the 36.3% baseline. Outperformance appeared only across the one year horizon.

Source: VanEck VanEck warned that the one year result came from 115 observation days that overlapped heavily. Those observations represent only a small number of separate market episodes. The firm said it does not place substantial weight on that result.

The findings suggest capitulation readings may identify late cycle conditions without identifying an exact bottom. They also leave room for prolonged sideways trading before a durable recovery begins.

U.S. fund inflows absorb long term holder selling U.S. spot Bitcoin ETPs recorded approximately $663 million in net inflows during the 30 days covered by VanEck. The total represented about 10,400 BTC at prevailing prices and reversed roughly $2.4 billion of outflows during the preceding month.

Fund flows remained uneven after VanEck’s measurement period. U.S. spot funds lost about $385.2 million across the week ending Aug. 14, as crypto.news reported in its analysis of why liquidity has yet to return.

Demand then recovered. Farside data showed $297.5 million of net inflows on Aug. 17 and another $189.3 million on Aug. 18. The combined $486.8 million partly reversed the previous week’s withdrawals.

Those inflows followed earlier signs of ETF demand supporting the $64,000 area. Bitcoin traded near $64,250 on Aug. 19, above VanEck’s Aug. 11 closing reference of $63,549 but still below its 200 day moving average.

Long term holders complicate the accumulation case Coins held for longer than one year declined by 356,534 BTC over 30 days, according to VanEck’s Glassnode based figures. Holdings fell 2.9% to 11.84 million BTC, equal to 59.1% of circulating supply.

All six long term age groups contracted. Coins aged between one and two years recorded the largest reduction at approximately 156,000 BTC. Holdings older than ten years fell by only about 4,000 BTC, suggesting the oldest wallets remained comparatively inactive.

VanEck said some movements may have involved wallet security rather than sales. The firm cited concern following the Coldcard security failure, which crypto.news examined in its coverage of the $89 million wallet drain.

It nevertheless called the security explanation difficult to verify. Confirmed losses were far smaller than the total movement by aged coins. Exchange inflows separated by coin age could help determine whether holders transferred funds to trading venues or moved them between private wallets.

The period from September through November now provides the next test of VanEck’s cycle framework. A sustained increase in spot demand, stronger trading volume and stabilization in long term holdings would support the accumulation case. Continued distribution or renewed fund outflows would weaken it.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

BlackRock’s iShares Bitcoin Trust (IBIT) pulled in roughly $143.57 million in net inflows in a single day, adding another data point to what has become a remarkably consistent pattern of institutional Bitcoin buying through the fund.

The purchase, facilitated through authorized participants who create new ETF shares backed by actual Bitcoin held in custody, reinforces IBIT’s position as the dominant vehicle in the US spot Bitcoin ETF landscape.

IBIT’s grip on the spot ETF market IBIT has maintained its status as the largest US spot Bitcoin ETF by assets under management since launching in early 2024.

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The fund captured $693 million out of $853 million in total spot Bitcoin ETF inflows in August 2026. That’s roughly 81% of all money flowing into the entire product category landing in a single fund. The rest of the field, which includes offerings from Fidelity, Ark Invest, and others, is essentially competing for scraps.

Multiple inflows around the $144 million mark have been recorded throughout 2026, suggesting this isn’t a one-off event but rather a recurring rhythm of institutional allocation.

The mechanics behind these flows involve custodians like Coinbase Prime, which holds the actual Bitcoin backing the ETF shares. Every time authorized participants create new IBIT shares to meet demand, real Bitcoin gets purchased and deposited into custody.

Why BlackRock keeps winning the ETF race BlackRock’s dominance in this space isn’t accidental. The firm manages roughly $10 trillion in total assets across all its products, and that scale creates a self-reinforcing advantage. Institutional investors already have existing relationships with BlackRock. Adding a Bitcoin allocation through a familiar counterparty is a much easier internal conversation than onboarding with a crypto-native firm.

The company has also made strategic moves to lower investment thresholds, aiming to bring in smaller institutions and family offices that might have previously found the entry point too steep.

When the SEC approved these funds in January 2024, pension funds, endowments, registered investment advisors, and wealth management platforms all gained a compliant, exchange-listed way to get Bitcoin exposure without dealing with wallets, private keys, or the operational headaches of direct custody.

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

Ripple closed a $275 million senior notes offering Tuesday through its prime brokerage arm as XRP (CRYPTO: XRP) claws back above $1.

What the $275 Million Offering CoversAccording to a Ripple press release, the private placement of senior unsecured notes through Ripple Prime, its non-bank prime brokerage, attracted a diverse base of institutional investors. 

The offering received an investment grade BBB rating from KBRA and was upsized from its original target. 

Proceeds go toward working capital and general corporate purposes as client demand grows for multi-asset clearing, prime brokerage, and financing services.

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Ripple Prime President Noel Kimmel noted in the release that the strong support for the inaugural offering reflects confidence in Ripple’s long-term vision for the intersection of traditional and digital asset financial infrastructure.

Why Korea Keeps Coming Up for RippleRipple also confirmed Tuesday that Jeonbuk Bank has deployed Ripple Payments for cross-border settlement, becoming the first Korean regional bank to do so. 

As Benzinga reported earlier, this marks Ripple’s third Korean institutional partnership in 2026, following Kyobo Life Insurance on on-chain bond settlement and Kbank on wallet infrastructure and custody.

What the On-Chain Data ShowsCryptoQuant flagged on X that XRP open interest on Binance hit a two-month high, with analyst ArabxChain noting the rise in derivatives participation makes the next price move more significant in either direction.

Meanwhile, analyst ChartNerd noted on X that XRP’s monthly RSI sits at its most oversold level in 13 years. 

The three-month RSI has not yet tagged its historical bottom baseline of 48, suggesting the full reset is close but not complete.

Where XRP Stands TechnicallyXRP holds back above $1 Tuesday, after repeated tests this week. More importantly, price now presses directly into the descending trendline from the May high at $1.55, the same line that has capped every rally since. 

A daily close above $1.03 would mark the first genuine break of this downtrend.

Photo via Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Table of contents

Morgan Stanley Investment Management is adding network participation to its crypto investment products rather than limiting them to passive token exposure. The asset manager has selected Galaxy as an approved validator for new Ethereum and Solana exchange-traded products that intend to stake part of their holdings.

According to Galaxy’s August 18 announcement, the Morgan Stanley Ethereum Trust trades on NYSE Arca under MSSE, while the Morgan Stanley Solana Trust uses MSOL. Galaxy is one of three firms selected to support staking across the two products.

MSSE and MSOL seek to track ETH and SOL performance, respectively. Each product intends to delegate a portion of its assets to institutional validators and pass resulting staking rewards to shareholders through regular distributions.

The structure introduces operational questions that do not arise in a product that only holds tokens. Ethereum and Solana use different validator systems, client software, performance measures, and risk controls. A validator can also face downtime, operational errors, or protocol penalties, making infrastructure selection part of the product’s risk profile.

Galaxy said Morgan Stanley evaluated its capabilities on the two networks separately. The release does not specify how much of each trust’s holdings will be staked, the expected reward rate, or the allocation among the three selected providers.

Galaxy Extends Its Institutional Validator Business Galaxy reported $2.8 billion in staked assets at the end of the second quarter of 2026 across Ethereum, Solana, and other proof-of-stake networks. The company presents the mandate as an extension of its infrastructure work for asset managers rather than a new consumer staking product.

That role differs from corporate treasury staking, such as the activity behind BitMine’s expanding Ethereum validator operation. In an exchange-traded product, the infrastructure provider operates within a structure that must account for fund custody, liquidity, disclosures, and shareholder distributions.

Crypto Products Move Beyond Price Exposure The launch illustrates how institutional crypto products are becoming more operationally complex. Staking can add yield, but it also ties product performance to validator uptime, withdrawal mechanics, network rules, and the treatment of rewards.

Traditional spot funds have already made Bitcoin and Ether easier to access, with flows tracked through products covered in recent institutional ETF demand. Morgan Stanley’s new trusts go a step further by seeking to include a native network function in the investor return profile.

The products’ intended staking arrangements remain subject to their governing documents and operational execution. Galaxy’s announcement confirms its selection, but it should not be read as a guarantee of future reward levels or uninterrupted validator performance.

AUTHOR

Tokoni Uti is a Lagos-based writer with several years of experience. Her work has appeared in the Huffington Post, the Los Angeles Free Press and the San Diego Free press among others. She is a graduate of Bowen University.

Block is letting a third party sell the tokens it has never listed, and Cash App balances can now fund outside wallets including MetaMask and Ledger.

Original Image Credits: Tada Images / Shutterstock.com

Posted August 18, 2026 at 3:56 pm EST.

MoonPay turned on Cash App Pay as a payment method on Tuesday, letting eligible U.S. customers spend their Cash App balance at MoonPay checkout.

The effect is that Cash App money can now buy tokens Block has never listed. MoonPay’s onramp reaches ether, solana, XRP and more, and purchases can be pushed into third-party and self-custody wallets including Ledger, BitPay, Trust Wallet, MetaMask and Uniswap.

Block Rents What It Will Not List Cash App sold bitcoin and nothing else for years, then began a phased USDC rollout in late May. The partnership with MoonPay allows users to use their Cash App balances to access other cryptocurrencies without holding it on Cash App.

“While bitcoin remains at the core of our digital asset strategy, we want to give customers choice and flexibility wherever and however they choose to pay,” Morgan Kuntze, Block’s global partnerships lead, said in MoonPay’s announcement.

MoonPay has spent the year widening its U.S. payment options, adding the Discover network as its third major card network and launching an enterprise stablecoin platform aimed at banks and merchants. Cash App Pay is the consumer version of the same push, and it hands MoonPay a funded wallet with tens of millions of U.S. users attached.

Related Listen: Why the AI Business Model Is Cracking and How Crypto Could Help Fix It

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.

Stacks, the Bitcoin Layer 2 protocol, just landed its Token Transparency Framework report on Bloomberg Terminals. The filing, part of Blockworks’ standardized disclosure initiative, puts the project’s governance and financial data in front of more than 350,000 financial professionals who use Bloomberg daily.

What the Token Transparency Framework actually does Blockworks launched the Token Transparency Framework on June 18, 2025, as an open-source set of disclosure standards for onchain projects. Think of it as crypto’s attempt to build its own version of SEC filings, minus the SEC.

The framework asks participating protocols to report on several categories: quarterly financial disclosures, value accrual mechanisms, segmented revenue reports, and whether they maintain an investor relations hub.

As of August 18, 2026, the TTF page listed 111 total disclosures, with 93 of those marked as current. That translates to roughly a 9% adoption rate among tracked protocols.

Adoption has been heavily skewed toward Solana-based DeFi projects so far, which makes Stacks’ participation as a Bitcoin L2 somewhat distinctive. The protocol enables smart contracts and applications on Bitcoin’s base layer using its native token STX, occupying a different architectural niche than most of the projects already filing under TTF.

Why Bloomberg distribution matters Bloomberg Terminals remain the dominant information system in institutional finance. Portfolio managers, analysts, and traders across banks, hedge funds, and asset managers rely on them for real-time data and research. When crypto disclosures appear in that environment, they’re no longer sitting behind a protocol’s own website or a niche analytics dashboard. They’re living alongside earnings reports, bond pricing, and macroeconomic indicators.

Blockworks’ framework is essentially trying to translate crypto-native information into a format that institutional investors already know how to read. Adding Bloomberg distribution closes the last-mile problem: the data isn’t just standardized, it’s delivered to the desks where allocation decisions get made.

The broader transparency push in crypto The TTF’s 9% adoption rate among tracked protocols suggests the industry is still in early innings. The framework’s reporting categories address some of the most common institutional concerns about token investments. Value accrual mechanisms answer a fundamental question that traditional investors ask about any asset: where does the money come from, and how does it flow to token holders? Segmented revenue reports break down income sources, making it harder for projects to hide behind aggregate numbers that obscure whether actual economic activity supports the token’s valuation.

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

An independent advocacy group tied to the Hyperliquid ecosystem is making its case to Washington: let traders bet on IPO prices before companies actually go public, and do it on-chain.

The Hyperliquid Policy Center (HPC) and trade[XYZ] submitted a comment letter to the US Securities and Exchange Commission on August 18, urging the agency to build a regulatory framework around what they’re calling IPOPs, or pre-IPO perpetual contracts. These are cash-settled derivative instruments that reference anticipated public company listings, settling in USDC rather than delivering any actual shares.

What exactly are IPOPs The contracts don’t grant ownership rights, voting power, or any allocation in the actual IPO. What they do provide is a continuous, market-implied valuation for private companies that operates around the clock.

Five active IPOP markets currently operate on the Hyperliquid platform through trade[XYZ]’s HIP-3 deployment. Among the most notable are SpaceX (trading under the ticker SPCX) and Cerebras (CBRS), two companies whose pre-IPO perpetual prices have closely tracked their actual IPO opening levels.

The numbers behind the petition Hyperliquid’s pre-IPO markets have generated approximately $1.46 billion in cumulative trading volume, with open interest sitting around $106 million as of early June. The SpaceX IPOP launched on May 18 and quickly became one of the most closely watched contracts in the market.

trade[XYZ] has been the primary contributor to these volumes, operating as the interface layer between Hyperliquid’s on-chain infrastructure and the IPOP market structure. The HIP-3 deployment framework handles the listing and settlement mechanics, while the perpetual contract design eliminates the expiration dynamics that complicate traditional futures.

The regulatory chess game This isn’t HPC’s first conversation with the SEC. The group, founded in February 2026 under CEO Jake Chervinsky, met with the SEC’s Crypto Task Force on July 14 to discuss perpetual markets more broadly. The comment letter represents the next step in what appears to be a deliberate, multi-touch regulatory engagement strategy.

The letter itself isn’t just a plea for approval. HPC included specific recommendations around disclosures, listing standards, leverage limits, and safeguards against market manipulation.

One of the more politically interesting elements: the letter advocates for retail investor access. In traditional finance, pre-IPO exposure has been almost exclusively the domain of venture capital funds, institutional allocators, and high-net-worth individuals. The pitch here is that IPOPs democratize that access without requiring anyone to actually hold pre-IPO shares.

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

Citigroup (NYSE:C) plans to launch Bitcoin (CRYPTO: BTC) custody for institutional clients later this year, letting them hold crypto and traditional assets through the same framework.

What Citi Is Actually LaunchingAccording to a Citi press release Tuesday, Bitcoin custody forms part of Custody+, a new suite of real-time custody solutions the bank launched alongside completing its US rollout of Single Event Processing technology. 

The platform now processes over 80% of Citi’s asset-servicing volume in real time, cutting processing times for voluntary corporate actions by up to 92%.

The core pitch to institutional clients is simplicity. Traditional securities and crypto custody sit within the same integrated framework, so clients do not need separate infrastructure for each. 

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Citi Token Services already moves tokenized deposits near-instantly on a 24/7 basis across select markets, and Bitcoin custody extends that same foundation into digital assets.

“Custody+ is the product of a multi-year commitment to building infrastructure that matches the speed of our clients’ strategies,” Citi Head of Custody Amit Agarwal noted in the release.

What Else Custody+ CoversBeyond Bitcoin custody, the platform packages several capabilities under one roof:

Real-time asset servicing — 96% of US voluntary events now processed in under two hours Instant settlements — end-to-end from instruction to final settlement at Central Securities Depositories Real-time cash and liquidity — instant position updates and liquidity sweeping Accelerated tax — AI-reduced documentation processing times by up to 70% On-demand FX — real-time execution with automated hedging Why Does This Matter for Crypto Right Now?According to Decrypt, the announcement builds on plans Citi revealed in October to launch institutional Bitcoin custody in 2026. 

It arrives as Wall Street’s push into digital assets accelerates across the board. In January the New York Stock Exchange announced it was working with Citi and Bank of New York Mellon Corp (NYSE:BNY) on a blockchain-based platform supporting tokenized stocks and ETFs. 

In February Morgan Stanley (NYSE:MS) applied for a national trust bank charter specifically for crypto custody.

Citi’s Investor Services business supports clients across more than 100 markets worldwide, including 62 proprietary markets, and invests over $2 billion annually in its platform strategy.

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After years of enforcement actions, lawsuits, and the regulatory equivalent of “I’ll know it when I see it,” the SEC and CFTC have finally put pen to paper on what counts as a security in crypto and what doesn’t. The answer, released March 17, 2026, is surprisingly clean: Bitcoin, Ether, Solana, XRP, and Cardano are digital commodities. Payment stablecoins issued under the GENIUS Act of 2025 are not securities. And the whole framework goes into effect on March 23, 2026.

The joint interpretive release establishes a five-category taxonomy for crypto assets under federal securities laws. It’s the most comprehensive attempt by US regulators to draw clear lines around which digital assets fall under the SEC’s jurisdiction and which belong to the CFTC, or to neither.

What the taxonomy actually says The five categories sort the entire crypto landscape into distinct regulatory buckets. At one end, assets like BTC, ETH, SOL, XRP, and ADA are designated as “digital commodities,” meaning they are explicitly not securities. At the other end, tokenized versions of traditional financial instruments, think on-chain stocks or bonds, are definitively classified as securities, subject to full SEC oversight.

Payment stablecoins get their own carve-out. Tokens issued by entities that comply with the GENIUS Act of 2025, the stablecoin legislation signed into law last year, are excluded from the definition of a security by statute. That’s not an interpretive stretch or a no-action letter. It’s a statutory exclusion.

One of the more nuanced aspects of the framework involves how investment contracts interact with otherwise non-security assets. The guidance acknowledges that a digital commodity can be offered as part of an investment contract during, say, a fundraising round or token sale. But that status isn’t permanent. Once the issuer’s obligations are fulfilled, the asset can shed its investment contract classification entirely.

Why this matters now SEC Chairman Paul S. Atkins framed the release as the agency finally providing “clear regulations” for the industry. CFTC Chairman Michael S. Selig emphasized that harmonizing the two agencies’ approaches was essential for the sector’s growth.

For context, the previous SEC regime under Gary Gensler operated on the premise that nearly every crypto token, aside from Bitcoin, was likely a security. That philosophy fueled enforcement actions against exchanges, token issuers, and DeFi protocols alike. Ripple’s XRP spent years in legal limbo. Solana’s status was debated endlessly. Ether occupied a bizarre gray zone where even SEC officials contradicted each other on its classification.

The new taxonomy resolves all of those questions simultaneously. XRP is a commodity. SOL is a commodity. ETH is a commodity.

For stablecoins, the GENIUS Act already created a licensing framework for stablecoin issuers. Compliant stablecoins are now definitively outside the SEC’s reach by statute.

Market and industry implications For DeFi protocols and token projects, the investment contract provision is particularly relevant. The idea that a token can start life as part of a securities offering but “graduate” to commodity status once issuer obligations are met gives projects a roadmap. It acknowledges the reality that many tokens are sold to fund development but eventually function as utility or governance tools within decentralized networks.

The framework also draws a firm line around tokenized securities. Any project that puts traditional financial assets on-chain, whether it’s tokenized Treasury bills, equity, or corporate bonds, falls squarely under SEC jurisdiction.

Whether this framework survives a future change in administration or congressional priorities remains an open question. Interpretive releases carry less legal weight than formal rulemaking, and a differently composed SEC could theoretically revisit these classifications. But with the CFTC co-signing the guidance and the GENIUS Act providing statutory backing for the stablecoin provisions, unwinding this framework would require considerably more effort than issuing a new staff bulletin.

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

In a groundbreaking pilot backed by Dubai’s government, ten physical real estate towers have been fractionalized into 7.8 million digital tokens. These tokens are now approved for secondary-market trading through regulated platforms, with a minimum participation threshold of AED 2,000, equivalent to approximately $540. Settlement for transactions occurs within 3 to 5 seconds via the XRP Ledger (XRPL), with Ripple Custody safeguarding the digital assets throughout the process.

Dubai Land Department moves to tokenizationThe Dubai Land Department, the official government entity responsible for real estate registration and regulation in the emirate, selected XRPL as the foundation for this initiative. During the first phase, the team successfully minted title-deed tokens equivalent to more than $5 million in property value.

Phase two has launched controlled secondary trading, allowing investors to purchase and resell fractional shares of these properties. All asset transfers are synchronized in real time with the official land registry, ensuring consistency between the digital and traditional records.

Dubai’s long-term strategy aims to tokenize 7% of the city’s real estate market—estimated at roughly $16 billion, or AED 60 billion—by 2033. Scaling up from the current pilot of ten properties will require onboarding a larger number of title deeds, further development of regulated distribution channels, and increased participation from both retail and institutional investors.

Lower investment thresholds and a liquid secondary market are positioned to attract a wider pool of capital, including international participants. As more properties are tokenized under the supervision of Dubai’s Virtual Assets Regulatory Authority (VARA) and trading volumes increase, the cumulative value of tokenized property is projected to build steadily toward the 7% market share target.

PhaseTokenized PropertiesProperty ValueTrading AccessPhase One10 towers$5 millionMinting onlyPhase Two10 towers$5 million+Secondary market launched2033 Target~7% of Dubai market$16 billionOpen, regulatedXRPL and regulated digital real estate infrastructureThe selection of XRP Ledger is linked to its established reputation for speed, stability, and cost efficiency, making it suitable for managing high-value physical assets with clear audit trails. Ctrl Alt, a digital infrastructure provider, handles the technical aspects of minting and managing the property titles on-chain.

Ripple Custody ensures the tokens are protected with institutional security measures. Unlike traditional crypto products that lack underlying physical assets, these tokens correspond to actual legal title deeds endorsed and issued by a government body. Structured as Asset-Referenced Virtual Assets, they comply fully with local legal requirements, but are native to the blockchain environment.

Settlement times for secondary trades are reduced from several weeks to just seconds by recording changes both in the traditional registry and on-chain. The dual-ledger approach provides robust legal certainty while boosting operational efficiency.

The involvement of Dubai’s sovereign land registry with XRPL highlights growing confidence among authorities in using public blockchains for critical, regulated asset classes. The current pilot demonstrates full end-to-end functionality from government title issuance to near-instant trading and secure custody.

Officials expect the property token set to expand over time, aligning with Dubai’s vision to become a global digital asset leader and supporting ambitions to grow tokenized real estate to the targeted $16 billion scale by 2033.

Mini dictionary: XRP Ledger (XRPL), Public blockchain developed by Ripple, known for its speed, low transaction costs, and proven support for both cryptocurrency and tokenized real-world assets such as property and financial instruments.

Fractional ownership of Dubai real estate is now accessible via blockchain tokens, offering rapid settlement and secure custody while ensuring all transfers remain compliant with official land registry records.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

Cover image via www.freepik.com 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.

The latest treasury burn of $35.7 million in RLUSD tokens on the XRP Ledger (XRPL) has officially marked an anomalous monthly trend for the asset. Over the past 30 days, Ripple aggressively issued $449.3 million worth of its dollar-backed stablecoin directly on its native blockchain infrastructure. 

However, due to the high intensity of sudden redemptions by institutional clients, the cumulative volume of tokens burned over this exact same period rapidly reached $448.9 million, ultimately putting the final burn rate at a staggering 99%.

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This specific dynamic effectively reduced actual net supply growth on XRPL to near-zero and clearly exposed a deep cross-chain imbalance across the ecosystem.

While capital on Ripple's native network functions almost exclusively within a high-speed transit corridor — with tokens rapidly minted for institutional settlements and immediately burned when redeemed back for fiat currency — Ethereum demonstrates classic, long-term liquidity accumulation.

Crucially, on the competing Ethereum network, $403 million was issued over the same 30-day window, while only $177.3 million was burned, thereby allowing that network to comfortably retain more than $225 million in net inflows.

Business as usual for RippleThe total circulating RLUSD supply now stands at exactly $1.757 billion. Due to these entirely different ways the token is used, total liquidity is currently distributed almost evenly between the two competing blockchains:

XRP Ledger: $883 million (50.2%)Ethereum: $874 million (49.8%) You Might Also Like

The current data confirms that major players heavily utilize XRPL infrastructure for instant real-time conversions, while the Ethereum version of the token is distinctly preferred for long-term holding within the DeFi market. 

In this context, the recent removal of $35.7 million from circulation is not a sign of declining demand, but a direct reflection of this dual-chain RLUSD operating model at work.

[PRESS RELEASE – Dubai, UAE, August 18th, 2026]

BNB Chain, one of the largest blockchain ecosystems worldwide, today announced BNB Agent Studio v2, an update to its AI agent development platform. The release expands what autonomous agents can do with money, from earning their own income to operating inside owner-defined financial limits enforced onchain.

BNB Agent Studio launched in July, allowing developers to describe an AI agent in a single prompt and deploy it to BNB Smart Chain (BSC). In its initial release, agents could spend but not earn. v2 closes that gap: agents can now be hired and paid directly, with funds settling to their wallet through a standard receiving interface that completes the ERC-8183 commerce flow end to end.

The update also introduces Altana, a new self-custodial wallet option built to resolve one of the central constraints in agent design: how much authority an agent should hold over a user’s funds. Agents using Altana operate through scoped session keys governed by spending limits, allowlists, and time bounds set by their owner in advance. These permissions are recorded onchain, allowing anyone to verify what a given agent is authorized to do, and can be revoked instantly without key rotation or downtime.

Altana joins TWAK (Trust Wallet AgentKit), the platform’s existing wallet option for agents that require continuous, autonomous signing without a person in the loop. With both options now available, builders can match the wallet architecture to the agent’s purpose: TWAK for always-on autonomous operation, or Altana for agents that require clear, verifiable boundaries around fund access. A yield agent, for instance, can harvest and restake earnings without holding access to principal; a lending agent can top up collateral without the ability to withdraw it.

v2 also adds TypeScript support alongside the platform’s existing Python SDK, and introduces a Paymaster that covers gas on BSC Testnet, removing the manual funding step previously required to begin testing an agent.

Key updates in v2:

Agents can now be paid for their work, completing the ERC-8183 commerce flow end to end. Altana, a new self-custodial wallet option, enforces spending limits, allowlists, and time bounds onchain. TypeScript is now supported alongside Python. A Paymaster covers testnet gas, removing manual wallet funding for testing BNB Agent Studio. A standard provider interface replaces per-provider integration work for cloud deployment. BNB Agent Studio v2 is live now, with existing agents continuing to run without migration. BNB Chain currently hosts more registered AI agents than any other network.

BNB Agent Studio is available at bnbchain.org/en/bnb-agent-studio.

About BNB Chain

BNB Chain is one of the largest and most active blockchain ecosystems in the world. Its multi-chain architecture spans BNB Smart Chain (BSC), opBNB, and BNB Greenfield, giving developers the flexibility to choose the environment best suited to their application. With high throughput, low transaction costs, and full EVM compatibility, BNB Chain is built for high-speed trading, AI agents, privacy, and instant payments. It is the blockchain with superior distribution and deep liquidity, built for global markets and the next billion users. For more information, users can visit www.bnbchain.org.

Equity-based transaction with Winklevoss Capital activates 4.2 GSol/s of live, U.S.-based hashrate; approximately 18% of the Zcash network; Industry veteran Kevin Zhang joins as Head of Mining

, /PRNewswire/ -- Cypherpunk Technologies Inc. (Nasdaq: CYPH) ("Cypherpunk") today announced the launch of Cypherpunk Mining, which is now the largest Zcash mining fleet in the world, through a $33.33 million equity-based transaction with Winklevoss Capital. The fleet is online today, with approximately 4.2 GSol/s of Equihash hashrate deployed across the United States, which currently represents approximately 18% of the total Zcash network.

"Up until now, investors have had limited options for Zcash mining exposure. With the acquisition of this mining fleet, Cypherpunk changes that," said Cameron and Tyler Winklevoss. 

With the launch, Cypherpunk now offers public market investors exposure to both Zcash mining and treasury upside and continues Cypherpunk's evolution into a diversified privacy technology company.

"Following the expansion of our ZEC treasury and investment in ZODL, Zcash mining is the next piece of the constellation of privacy technologies we're assembling," said Will McEvoy, Chief Investment Officer of Cypherpunk. "The Zcash flow from Cypherpunk Mining provides financial and operational flexibility to fund future growth, the acquisition of additional ZEC, and new privacy-preserving technology investments."

Through this transaction with Winklevoss Capital, Cypherpunk Mining immediately becomes the Zcash network's largest active fleet, currently deployed across U.S.-based facilities with industry-leading uptimes and hosting rates, accessing an addressable market valued at over $250 million per year at current ZEC prices.

Strengthening Cypherpunk's Treasury and the Zcash Network

Cypherpunk Mining now stands alongside Cypherpunk's ZEC treasury and its privacy investment strategy anchored by ZODL, the most widely used Zcash wallet. As approximately 43,800 ZEC are awarded to miners each month, mining meaningfully accelerates the company's path to its target of holding 5% of ZEC supply, at production costs that are significantly lower than spot price. 

As the largest corporate holder of ZEC, currently with 323,394.38 ZEC representing approximately 1.92% of the circulating supply, Cypherpunk's incentives are aligned with the network's. The additional mining hashrate and decentralization strengthens Zcash network security, and a more secure Zcash makes Cypherpunk's treasury more valuable. Cypherpunk intends to serve as a bridge between Zcash miners, developers, and the broader ecosystem.

Kevin Zhang Joins as Head of Mining

Kevin Zhang joins Cypherpunk as Head of Mining, bringing more than a decade of experience at the front lines of Bitcoin and Zcash. Zhang began mining Bitcoin in 2014 and Zcash in 2016, built several of the largest Bitcoin mining facilities in North America, and in 2019 led the first power plant conversion to Bitcoin mining on the continent. At Foundry, he built the largest Bitcoin mining pool in the world and deployed one of the largest crypto mining operations.

"Approximately 1,440 ZEC is awarded to miners each day, making Zcash mining highly profitable. Even if the Zcash network hashrate increases significantly, Zcash mining still out-earns AI colocation and Bitcoin mining at today's ZEC prices," said Kevin Zhang, Head of Mining at Cypherpunk. "The opportunity in Zcash mining shows a striking similarity to Bitcoin mining in 2016 and provides exciting growth potential for Cypherpunk."

Description of the Transaction

Cypherpunk and Cypherpunk Mining LLC ("Cypherpunk Mining") entered into an Asset Purchase Agreement with Moria Mining LLC and Winklevoss Treasury Investments, LLC pursuant to which Cypherpunk Mining acquired the latest generation Z15 Pro machines with an aggregate hashpower of approximately 4.2 GSol/s along with their related hosting agreements. The aggregate purchase price of $33.33 million was paid for by the issuance of a pre-funded warrant to Winklevoss Treasury Investments, LLC to purchase 43,290,042 shares of common stock of Cypherpunk at an exercise price of $0.001 per share, reflecting a Cypherpunk common stock purchase price of $0.77 per share.

About Cypherpunk

Cypherpunk Technologies is a privacy technology company. The Company's mission is to advance technologies that guarantee privacy for humans on the internet. Cypherpunk pursues this mission through two primary strategies: accumulating Zcash (ZEC); and investing in, acquiring, and building technologies that push the frontier of privacy forward. Additionally, through its subsidiary Leap Therapeutics, the Company is developing novel therapies for patients with cancer, continuing the development of sirexatamab and FL-501. For more information about the Company, visit our websites at http://www.cypherpunk.com and http://www.leaptx.com or view our public filings with the SEC that are available via EDGAR at http://www.sec.gov. 

FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Forward-looking statements address various matters including statements relating to the Company's ZEC mining operations, the hashpower represented by the acquired Z15 Pro machines, the potential Zcash flow or profitability of the Company's mining operations, the comparative economics or profitability of Zcash mining relative to other digital infrastructure or mining activities, the future hashrate of the Zcash Network, the value of the Company's ZEC holdings, the Company's target percentage ownership of the ZEC supply, the expected future market, price, and liquidity of ZEC, the Company's expected use of Zcash flow or other capital generated by its mining operations, the potential value of the Company's investment in Zcash Open Development Labs ("ZODL"), the macro and political conditions surrounding Zcash or digital assets, the Company's plan for value creation and strategic advantages, market size and growth opportunities, regulatory conditions, competitive position and the interest of other corporations in similar business strategies, technological and market trends, and future financial condition and performance. Risks and uncertainties of the Company's strategy include, among others: (a) risks relating to the Company's operations and business, including the performance of the Company's Zcash mining machines and highly volatile nature of the price of ZEC; (b) the risk that material changes in the price of ZEC, such as decreases in price, will result in significant changes to the Company's financial statements, such as unrealized losses on fair value of ZEC holdings, and reduced net income or increased net loss; (c) the risk that material changes in the hashrate of the Zcash Network, such as increases in hashrate, will result in significant changes to the Company's financial statements, such as reduced revenue, reduced gross margins, and reduced net income or increased net loss; (d) the risk that the price of the Company's common stock may be highly correlated to the price of ZEC; (e) the risk that the Company will fail to realize the anticipated benefits of the ZEC mining operation or digital asset treasury strategy; (f) risks related to the custody of our ZEC and our reliance on Gemini Space Station and its affiliates for trading and custody services; (g) changes in business, market, financial, political and regulatory conditions; (h) risks related to increased competition in the industries in which the Company does and will operate; (i) risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; (j) risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; (k) risks related to the Company's dependence on third-party hosting facilities and service providers for its mining operations; and (l) the Company's ability to comply with the continued listing requirements of the Nasdaq Capital Market.

New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. The Company may not actually achieve the forecasts disclosed in such forward-looking statements, and you should not place undue reliance on such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K filed with the SEC, or as may be included in other reports or information we file with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in its subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither the Company, nor any of its affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date hereof.

CONTACT:
Douglas E. Onsi
President & Chief Executive Officer
Cypherpunk Technologies Inc.
617-714-0360

For Investors:
Matthew DeYoung
Investor Relations
Argot Partners
212-600-1902
[email protected]

For Media:
Jacqueline Ortiz Ramsay
It Factor Strategies
954-294-3249
[email protected]

SOURCE Cypherpunk Technologies Inc.

Neuberger teams with Securitize on multi-chain tokenized fixed-income fund launch Latest NewsPublishedAug 18, 2026

The $613 billion asset manager will subadvise a high-yield fund tokenized across Ethereum, Solana, Avalanche and Sui.

Asset manager Neuberger has launched its first tokenized fixed-income fund through Securitize, offering an actively managed high-yield strategy across four blockchains, Ethereum (ETH), Solana (SOL), Avalanche (AVAX) and Sui (SUI).

The Neuberger Securitize High Income Tokenized Fund (HINC) will invest primarily in high-yield bonds, with additional exposure to collateralized loan obligations and leveraged loans, according to an announcement Tuesday.

The launch comes as investors are demanding higher yields amid heated competition for corporate and government funding.

“The previous market regime rewarded investors for assuming that capital would remain cheap and plentiful,” Saxo chief investment strategist Charu Chanana said in a Tuesday client note. “The emerging regime may reward investors for recognising that capital has a price again.”

The new fund is available to qualified investors, with Securitize providing the infrastructure to issue and manage tokenized shares across the four blockchain networks.

Neuberger will serve as subadvisor to a tokenized fund for the first time. Its fixed-income platform manages more than $230 billion in assets, while the firm manages about $613 billion overall.

Securitize has about $4.96 billion in distributed asset value across 26 tokenized real-world assets, according to RWA.xyz data. Its products include BlackRock’s $2.7 billion BUIDL fund, a $355 million tokenized AAA CLO fund and a $95 million Apollo diversified credit fund.

The company’s shares rose around 5% in Tuesday morning trading, giving the company a market capitalization of about $838 million. Despite the gain, the stock remains down more than 50% from levels reached shortly after its public debut in July.

Securitize’s distributed asset value. Source: RWA.xyz

Magazine: ‘Fabricated rumors’ about BitMart founder, Binance bStocks dominate: Asia Express

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.

Fireblocks just made it a lot easier for merchants to say yes to stablecoin payments. The digital asset infrastructure company unveiled Fireblocks Flow at Money20/20 Europe in Amsterdam on June 2, a product built specifically for payment service providers and fintechs that want to accept digital assets without rebuilding their entire stack.

The centerpiece of the announcement is Flow Analytics, a real-time data layer powered by Dynamic.xyz that gives merchants granular visibility into stablecoin transactions as they happen.

What Fireblocks Flow actually does Flow collapses those steps into a single integration. Merchants can accept payments from over 800 wallets spanning EVM chains, Solana, and Bitcoin networks. Customers pay in whatever digital asset they prefer, and the merchant receives settlement in their chosen stablecoin. The conversion and routing happen under the hood.

Dynamic.xyz, a Fireblocks subsidiary, provides the underlying infrastructure. Its APIs and developer tools handle wallet connectivity, while its dashboards power the Flow Analytics layer. That analytics component delivers transaction lists, aggregated data, and real-time insights, giving payment providers the kind of operational visibility they’d expect from any mature payment rail.

Flutterwave signs on as launch partner Flutterwave, one of Africa’s most prominent payment companies, will integrate Flow’s stablecoin acceptance capabilities into its own platform.

Scale and institutional context Fireblocks has facilitated over $14 trillion in cumulative digital asset transactions across its platform.

The 800-plus wallet support is worth pausing on. Most stablecoin payment solutions force customers into a narrow set of wallets or chains. By supporting a broad range of ecosystems, Flow reduces the chance that a customer arrives at checkout with an incompatible wallet.

What this means for the payments landscape The analytics layer could prove to be Flow’s most durable competitive advantage. Real-time transaction data isn’t just a nice feature for merchants. It’s the foundation for compliance monitoring, fraud detection, and business intelligence. By embedding analytics directly into the payment flow rather than offering it as an afterthought, Fireblocks is making the case that stablecoin payments can meet the same operational standards as traditional card processing.

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

BVNK adds USDC on Arbitrum for corporate payouts@BVNKFinance now supports $USDC deposits and payouts on @Arbitrum, targeting corporate treasury and settlement workflows. The move allows companies to move funds across both fiat and digital rails, with lower latency and lower transaction fees compared with traditional cross-border banking systems.

The integration runs on BVNK's existing payments infrastructure, which processes more than $36 billion in annual volume across more than 130 countries. That scale gives the Arbitrum-based $USDC capability an immediate enterprise footing, rather than a pilot-stage rollout.

By routing regulated stablecoins like $USDC through @Arbitrum, the setup provides near-instant cross-border velocity. Arbitrum's speed, low cost, and scale make it a practical fit for the next phase of institutional finance.

Where this fits in Mastercard's broader stablecoin pushThe development sits within a wider strategic shift at Mastercard. In March 2026, Mastercard agreed to acquire BVNK for up to $1.8 billion, comprising a $1.5 billion base payment plus up to $300 million tied to performance targets. The completed acquisition expands Mastercard's strategy to support interoperability across fiat and digital currencies.

Mastercard's settlement framework supports regulated stablecoins including Circle's $USDC, with these stablecoins enabled across a range of blockchain networks including @Arbitrum, Base, Canton, Ethereum, Polygon, Solana, Tempo, and XRPL.

Traditional banking systems are restricted by weekend and holiday closures, while blockchain rails operate continuously. This allows global firms to move liquidity outside standard banking hours to prepare for operations across different time zones. Compared with $15 to $50 per wire on the originator side and 25 to 75 basis points in FX spread on cross-border legs, stablecoin transfers are an order of magnitude cheaper at most B2B volumes.

Jorn Lambert, chief product officer at Mastercard, noted that "digital currencies, particularly stablecoins, are increasingly addressing real-world needs in areas like cross-border B2B payments, remittances, payouts, settlement and treasury flows."

Sources
Mastercard completes acquisition of BVNK (Mastercard Press Release)
Mastercard expands stablecoin settlement capabilities (Mastercard Press Release)
Mastercard taps Arbitrum for global stablecoin settlement (Arbitrum Blog)