Crypto Breaking

Chainalysis has released a detailed assessment showing a notable uptick in crypto flows tied to suspected human trafficking networks, with an 85% rise in 2025 and transaction volumes reaching hundreds of millions of dollars across identified services. The report highlights networks largely rooted in Southeast Asia and intertwined with scam compounds, online casinos, and Chinese-language money-laundering rings that have gained momentum as crypto adoption broadens. Notably, the study emphasizes that the choice of asset varies by service, with some operators leaning on stablecoins for cross-border payments. While the numbers are concerning, Chainalysis argues that the transparency of blockchains also creates actionable choke points for enforcement.

Among the opaque channels identified are Telegram-based services that facilitate international escorts, labor-placement schemes that allegedly coerce victims into work at scam compounds, prostitution networks, and vendors distributing material related to child sexual abuse. The research underscores that, in practice, payment methods diverge across illicit networks: international escort services and prostitution networks have shown a pronounced reliance on stablecoins, while other segments employ a broader mix of on- and off-ramp techniques. The report’s granular look at asset-type inflows and wallet behavior aims to give investigators and compliance teams new signals to pursue.

Chainalysis stresses that blockchain’s traceability can be a powerful tool for law enforcement. By identifying transaction patterns, monitoring compliance at exchanges, and pinpointing chokepoints in the ecosystem, authorities can disrupt bad actors in ways that cash or traditional remittance systems cannot. This is particularly relevant as illicit online marketplaces and money-laundering networks continue to adapt to shifting regulatory landscapes and evolving crypto offerings. The report also points readers to related work on the broader crypto-laundering landscape and how on-chain analytics are changing the enforcement playbook.

As a case in point, the firm notes several enforcement successes last year, including German authorities dismantling a child sexual exploitation platform, an operation that Chainalysis said was aided by blockchain analysis. The finding illustrates how coordinated usage of on-chain data can assist in tracing the flow of funds across multiple layers of a criminal network, from on-ramps to marketplaces to end-services. Chainalysis also emphasizes the need for ongoing vigilance by compliance teams and law enforcement to monitor for patterns such as high-frequency transfers to labor-placement entities, wallet clusters that operate across multiple illicit categories, and stablecoin conversion activity that appears routine rather than incidental.

Key takeaways

2025 crypto flows to suspected human trafficking networks surged by 85%, with total transaction volume reaching hundreds of millions of dollars across identified services.

Southeast Asia emerges as a central hub for these networks, which are tied to scam compounds, online casinos, and Chinese-language money-laundering networks.

Seemingly disparate services—Telegram-based international escorts, labor-placement agents, prostitution networks, and vendors supplying illicit content—rely on a mix of assets, with stablecoins favored for cross-border payments in several cases.

Blockchain’s transparency is framed as a diagnostic and disruption tool: it can reveal transaction patterns, flag large or anomalous activity, and help block or slow illicit flows at exchanges and at online marketplaces.

Law enforcement achievements, such as the German takedown of a child exploitation platform aided by blockchain forensics, demonstrate the practical leverage of on-chain analytics in complex investigations.

The report calls for heightened monitoring by compliance teams—watching for regular, large-payments to labor-placement services, wallet clusters spanning illicit categories, and recurring stablecoin conversions—as part of a broader AML framework.

Market context: The findings sit against a backdrop of growing regulatory interest in on-chain analytics, the expanding use of stablecoins, and ongoing scrutiny of cross-border crypto payments. As governments and financial institutions seek robust AML controls, analytics firms and exchanges are increasingly integrating sophisticated tracing tools to deter illicit finance while balancing user privacy and legitimate use cases. The evolving regulatory environment underscores the value—and the limits—of blockchain transparency in addressing criminal finance without stifling legitimate innovation.

Why it matters

The report illustrates a fundamental tension in the crypto economy: the same technologies that enable rapid, borderless financial activity can also facilitate harm if left unchecked. For users and investors, the message is clear—transparency tools are becoming a standard part of risk assessment, and due diligence now increasingly hinges on on-chain behaviors and counterparties. For builders and product teams, the emphasis on compliance signals a growing demand for wallet- and exchange-level controls, better KYC/AML workflows, and clearer disclosures around illicit-risk indicators.

For policymakers, the analysis reinforces the need for clear guidelines on stablecoins and cross-border settlements, as these instruments appear in multiple illicit-use cases. The data also supports continued investment in cross-agency cooperation and international information sharing, given that many of these networks operate across different jurisdictions and platforms. At a technical level, the findings encourage further development of attribution methodologies that preserve user privacy while enabling lawful investigators to trace criminal flows. In short, the study adds to a growing body of evidence that on-chain data can augment traditional investigative methods, but it must be integrated within a broader, well-governed framework.

For the broader crypto ecosystem, the emphasis on chokepoints and wallet clusters highlights practical avenues for disruption: exchanges can improve real-time monitoring, on-chain analytics can be used to flag risky counterparties, and marketplaces can adopt stricter seller verification and payment-processing controls. The convergence of enforcement and technology is likely to shape how illicit activity is funded and how quickly it can be identified and neutralized, potentially reducing the latency between crime and detection in a space historically challenged by anonymity and speed.

What to watch next

Follow-up updates from Chainalysis on 2026 data and trend analysis, including any revisions to the 2025 figures.

Regulatory actions targeting stablecoins and cross-border crypto payments, particularly in Southeast Asia and Europe.

Adoption of enhanced AML controls by exchanges and online marketplaces in response to on-chain‑driven findings.

Investigations and public disclosures related to large wallet clusters that span multiple illicit services or jurisdictions.

Further enforcement actions demonstrated or inspired by blockchain-forensic capabilities, such as high-profile takedowns and asset-tracing successes.

Sources & verification

Chainalysis blog post: crypto-human-trafficking-2026

Crypto-launderers turning away from centralized exchanges: Chainalysis coverage

Blockchain forensics and asset tracking explainer

Related investigative reporting on enforcement actions and policy context

Blockchain visibility and illicit finance: what the findings imply

Chainalysis’s report underscores how on-chain visibility can illuminate the pathways by which crypto assets are moved to support trafficking and exploitation. By charting flows into labor-placement operations, escort services, and adult services that rely on cross-border payments, investigators can identify recurring patterns that mark a network’s lifecycle—from onboarding to monetization. The emphasis on stablecoins in particular reflects how certain assets are chosen to minimize friction across borders, optimize settlement times, and obscure the origin and destination of funds in less-regulated corridors.

Yet the study also warns against overreliance on any single signal. Illicit actors adapt, and the same tools that reveal patterns can be misapplied if not paired with traditional investigative methods and robust governance. The combination of blockchain analytics with proactive compliance, inter-agency collaboration, and targeted enforcement represents a pragmatic approach to mitigating on-chain risks without dampening legitimate innovation in the crypto economy.

This article was originally published as Crypto Used by Trafficking Networks Surged in 2025, Chainalysis Finds on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin has struggled to stay above the $72,000 mark over the past week, as traders weigh whether a renewed institutional bid is at hand or merely a temporary pause in a broader risk-off cycle. While price action remains choppy, a dramatic shift sits in the derivatives market: aggregate open interest on Bitcoin futures fell to $34 billion in USD terms—the lowest level in months and the steepest decline since November 2024. Yet when measured in BTC, open interest sits around 502,450 BTC, suggesting that the appetite for leverage hasn’t collapsed and that the unwind is not uniform across asset denominations. Over the past two weeks, forced liquidations totaled about $5.2 billion, underscoring the fragility of long bets in a mood of caution and uncertainty.

Key takeaways

BTC futures open interest dropped to $34 billion, a 28% decline from 30 days earlier; BTC-denominated open interest remains roughly flat at BTC 502,450, implying ongoing leverage demand despite lower USD exposure.

Bearish leverage signals surfaced as risk appetite cooled: forced liquidations of roughly $5.2 billion in the last two weeks point to sustained volatility and risk management pressure.

Weak US job data fed concerns about the macro backdrop: the US Labor Department reported 181,000 jobs added in 2025, a number seen as soft against expectations, while gold reclaimed the $5,000 level and equities sit near highs, complicating the narrative for Bitcoin.

Bitcoin options markets flashed caution: the 30-day delta skew for BTC jumped to about 22%, with put options trading at a premium, signaling a clear tilt toward downside hedging among professional traders.

On the demand side, Bitcoin ETFs continued to trade thousands of BTC daily, with roughly $5.4 billion of average daily volume across US-listed funds, underscoring that institutional interest remains visible even amid uncertainty.

Bitcoin (BTC) has faced repeated hesitations around the $72,000 level as investors await clearer catalysts from the macro environment. The sheer contrast between price stability in select risk assets—gold rebounding past the $5,000 threshold and the S&P 500 hovering near record territory—and the weakness seen in BTC’s derivatives environment has intensified questions about whether Bitcoin is decoupling from traditional markets or simply pausing before the next leg of a broader risk-off cycle. The immediate concern is whether weak job data will push the Federal Reserve toward earlier or more aggressive easing, which would, in turn, influence capital flows across risk assets, including cryptocurrencies.

The data on open interest paints a nuanced picture. While USD-denominated OI has slid, the BTC-denominated measure suggests that market participants still seek leverage, albeit with tighter risk controls. Some traders attribute part of the USD OI decline to liquidations that amplified through the market in recent weeks, highlighting a landscape where risk management tools are actively trimming exposure. The tension between a calmer price backdrop and a more defensive sentiment in the derivatives space underscores the complexity of the current setup for Bitcoin.

In the background, the labor market remains a critical flashpoint. The US Labor Department’s latest weekly data indicated softer payroll growth, with an uptick in initial claims not far from pandemic-era levels of uncertainty. While the White House has argued that immigration policy has reduced the number of job openings the economy needs to fill, the broader narrative remains that slower growth could push the Fed toward rate cuts sooner than anticipated. This potential for looser financial conditions could, in theory, be supportive for risk assets, including Bitcoin, but the actual market reaction has been restrained and uneven across sectors.

From a historical perspective, the market’s sensitivity to macro indicators is not new for Bitcoin. The 52% drawdown seen in March 2020 occurred amid a broad global shock to economic activity and a surge in uncertainty, and the subsequent policy response helped restore liquidity and drive a notable risk-on phase. Today’s environment—where equities have held near highs while volatility remains elevated—presents a similar but more nuanced backdrop. If growth risks intensify and the Fed signals an accommodative stance ahead of expectations, the cost of capital for both companies and consumers could ease, potentially raising the odds of a renewed appetite for riskier assets, including BTC. The current mix suggests that traders are weighing both macro signals and on-chain indicators as they look for directional clarity.

The options market paints a more conservative picture than equity traders might prefer. The BTC options delta skew at Deribit climbed to approximately 22% on Thursday, indicating that put options are trading at a premium. Historically, a skew in that range signals a protective stance among market participants and a greater reluctance to embrace upside risk without sufficient hedges. By contrast, the lack of a clear appetite for bullish leverage reinforces the sense that the market remains vulnerable to negative catalysts, even as some investors watch for reasons to re-engage with long positions.

Another critical data point is the appetite for exchange-traded products tied to Bitcoin. Despite the volatility signals from the futures market, US-listed Bitcoin ETFs have maintained solid daily volumes, averaging around $5.4 billion. This level of activity suggests that institutional demand has not dried up, even if price action and the structure of the futures market reflect a more cautious stance. The divergence between robust ETF trading and weaker leverage indicators highlights the complexity of the current market regime and the difficulty of predicting the next major inflection point for Bitcoin.

In sum, the market’s current stance combines a cautious, risk-off tilt with ongoing, albeit selective, institutional participation. The near-term trajectory of Bitcoin will likely hinge on evolving macro data—particularly the pace of payroll growth and inflation trends—and how effectively the Fed communicates its policy path. Traders who expect a rapid reacceleration in risk appetite may face headwinds if macro data disappoints further, while any shift toward clearer economic strength or dovish policy cues could catalyze a re-pricing in both equities and crypto.

Why it matters

The divergence between price performance and leverage demand is a meaningful signal for market participants. If Bitcoin can sustain a movement higher with steady or improving leverage demand, it could point to renewed institutional confidence and a potential re-rating of BTC as a risk-on asset, especially if macro conditions align with looser financial conditions. Conversely, persistent weakness in the labor market and a cautious options market could keep downside risk elevated, making downside hedges a persistent theme for professional traders. For developers and ecosystem participants, the current climate emphasizes the need for robust risk management tools, clearer on-chain signals, and improved liquidity infrastructure to withstand a more volatile macro backdrop.

For traders and investors, the key takeaway is to monitor the interaction between macro signals and market microstructure. The presence of solid ETF trading volumes indicates that institutions remain engaged, even as futures markets signal caution. This dynamic could lengthen the time needed for a decisive breakout, suggesting a period of range-bound activity with sharp snaps if new data or policy developments shift sentiment abruptly.

What to watch next

Upcoming US payroll data releases and inflation metrics that could alter rate-hike expectations and liquidity dynamics.

Comments from Federal Reserve officials or changes in policy guidance that might signal a shift in monetary conditions.

Changes in BTC futures open interest and funding rates across major platforms, to assess whether leverage appetite is re-emerging or remaining subdued.

Bitcoin ETF flow developments and any notable shifts in daily volumes that could indicate persistent institutional involvement.

Derivatives metrics, including delta skew and implied volatility, to detect evolving risk sentiment among professional traders.

Sources & verification

Open interest and price data for BTC futures from CoinGlass.

BTC annualized funding rate data from Laevitas.ch.

Deribit 30-day options delta skew (via Laevitas) showing a 22% premium to puts.

US job data from the US Labor Department; payroll figures referenced in the article.

US policy and immigration-related labor discussions as reported by BBC.

Bitcoin leverage signals and macro cues

Bitcoin (CRYPTO: BTC) has faced a careful balance between resilience in some sectors of the market and caution in others. The latest readings show a split:USD-denominated open interest has retreated, while BTC-denominated exposure remains comparatively steady, underscoring ongoing demand for leverage even as risk sentiment throughout broader markets has cooled. The pullback in futures open interest comes amid a backdrop of soft payroll data and a policy backdrop that could tilt toward looser financial conditions if growth falters. In this environment, the direction for Bitcoin will hinge on whether macro developments translate into clearer catalysts for risk-taking or a renewed risk-off impulse that drives profits to the sidelines. The dynamic illustrates why traders are paying close attention to how traditional markets behave in response to economic data, and why the crypto market remains highly sensitive to liquidity and risk sentiment changes.

Market participants should note that ETF volumes remain a meaningful barometer of institutional involvement. While futures markets may show caution, the sustained level of average daily trading in Bitcoin-linked ETFs points to a persistent base of liquidity and a willingness among large players to maintain exposure. This dichotomy—between derivatives signals and ETFs activity—helps explain why Bitcoin’s near-term path remains uncertain, with potential for both pullbacks and selective strength depending on how macro data evolves and how policy expectations shift in response.

This article was originally published as Bitcoin Open Interest at 2024 Lows: Is TradFi Abandoning BTC? on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin faced renewed selling pressure on Thursday as the price retraced from an intraday high near 68,300 dollars. On-chain observations point to ongoing capitulation, with long‑term holders trimming exposure and a broad mix of leverage liquidations fueling the weakness. Several analysts argue that the current cycle could see BTC bottoming in late 2026, after a protracted downward phase that has pulled the asset from its 2025 peak in a manner not seen since prior bear markets.

Key takeaways

On-chain indicators point to deep capitulation, with downside risks persisting as long-term holders adjust positions.

Long-term holder net-position change shows extreme distribution, echoing patterns seen before previous bottoms in the cycle.

Multiple analyses point toward a potential BTC bottom in Q4 2026, aligning with a history of multi-quarter bear cycles.

Mass liquidations and shifting open interest underscore caution amid persistent stress in the derivatives market.

Developments in on-chain metrics continue to diverge from recent price rallies, implying limited near-term upside without renewed buying interest.

Tickers mentioned: $BTC, $ETH

Sentiment: Bearish

Price impact: Negative. The ongoing capitulation signals and persistent selling pressure raise the odds of BTC trading lower in the near term.

Trading idea (Not Financial Advice): Hold. While downside risk remains, indicators suggest the market could form a bottom later in 2026, warranting cautious positioning and risk management.

Market context: The current phase sits within a broader risk-off backdrop for crypto markets, where on-chain signals and leveraged liquidations have amplified volatility while traders await clearer macro and regulatory cues.

Why it matters

The tenor of on-chain data underscores a fundamental shift in investor behavior. Long-term holders have historically acted as a counterweight to price declines, yet in this cycle their net exposure has declined sharply, suggesting widespread capitulation among a cohort that typically anchors market recoveries. The observed distribution patterns bear similarities to prior corrections that preceded further downside before a subsequent bottom, pointing to a potential multi-month horizon before a durable floor emerges.

Analysts emphasize that such capitulation does not guarantee a bottom right away; instead, it denotes a phase where weak hands have exited and confidence remains fragile. Fundamental demand appears tempered by macro uncertainty, while BTC faces the dual test of reclaiming critical price levels and reframing risk appetite among specialized participants who dominate futures and options markets. In other words, the path to a meaningful reversal is likely to hinge on whether buying interest can reassert itself after the current wave of liquidations peters out.

The data also highlight a tension between price action and longer-term metrics. While the price has flirted with notable support levels, corresponding on-chain signals have not yet shown a decisive pivot toward sustainable accumulation. Some observers argue that the most consequential developments—such as a sustained improvement in realized losses versus profits or an uptick in long-position liquidations—could precede a bottom, as past cycles have often featured distinctive phases where capitulation preceded a period of consolidation.

From a broader market perspective, the cycle’s depth has tested risk controls and liquidity across exchanges. The magnitude of long liquidations, particularly in the BTC‑USD pair, has drawn attention to the fragility of highly leveraged positions. In tandem, OI (open interest) has remained elevated relative to short-term price moves, signaling caution among participants who depend on leverage to express directional bets. These dynamics feed a narrative in which a bottom, if it materializes, may occur only after a protracted period of price discovery and tighter funding conditions rather than a quick rebound.

What to watch next

Bitcoin price reclaim of key zones around 105,000–107,000 dollars could signal a shift in momentum and align with some bear-case bottoms.

Continued analysis of long-term holder net-position changes to assess whether distribution slows or accelerates as markets approach mid‑2026.

Monitoring MVRV Adaptive Z‑Score trends and other momentum indicators for signs of accumulation or renewed capitulation.

Open interest and funding-rate dynamics on major futures platforms to gauge whether downside pressure is fading or intensifying.

Macro and regulatory developments that could influence liquidity and risk appetite in crypto markets, potentially shaping the timing of a bottom.

Sources & verification

Glassnode analyses on long-term holder net-position change and its relationship to bear-market bottoms.

CryptoQuant Quicktake data showing Bitcoin’s MVRV Adaptive Z-Score at deeply negative levels.

CoinGlass data detailing liquidation clusters and changes in futures open interest across exchanges.

Public posts from market analysts on X discussing potential timing of a bottom, including references to historical cycles.

On-Chain College charts illustrating net realized losses and their historical context.

Bitcoin capitulation deepens as on-chain metrics point to possible late-2026 bottom

Bitcoin has moved decisively off its intraday peak, with the price retreating from the near region of 68,300 dollars as sellers reasserted control this Thursday. The retreat comes after a sizable drawdown from the all-time high set in the previous cycle, a drop of roughly 46 percent from a peak above 126,000 dollars in October 2025. The move has intensified a narrative of capitulation that on-chain trackers have been flagging for weeks, as a substantial portion of the market remains underwater and exposure patterns shift among different investor cohorts.

Glassnode’s data on long-term holders reveals a cycle-relative extreme in daily distribution. The net-position change shows that BTC held by long-term investors fell by about 245,000 coins on February 6, and the trend has persisted, with this group trimming exposure by an average of roughly 170,000 BTC per day since then. This behavior mirrors episodes in previous corrections when long-dated holders capitulated before the market carved out a bottom, suggesting that the present phase shares some historical characteristics with past bear cycles. The observation is not a forecast in itself, but it does provide a framework for interpreting a price action that has defied quick reversals despite briefer rallies.

“The current Z-Score reading of -2.66 proves that Bitcoin remains persistently in the capitulation zone,” CryptoQuant contributor GugaOnChain explained, noting that the metric has historically signaled an accumulation phase on the horizon.

Another lens comes from the Realized Profit/Loss Ratio, which Glassnode notes is nearing a decisive threshold. When realized losses outrun profits, markets have tended to experience broader capitulation rather than immediate recoveries, a pattern investors watch closely as they assess whether the current cycle is entering a new accumulation phase or simply grinding lower before a deeper pullback.

Meanwhile, market observers have cited the most dramatic liquidations in recent sessions, with BTC and Ether (CRYPTO: ETH) accounting for outsized losses across liquidators, and a broad 1.33 billion dollars in combined short and long liquidations reported in one window. The juxtaposition of persistent price softness with still-significant open interest highlights the fragility of the current price regime, where leverage remains at risk of triggering renewed bouts of selling if markets retest critical levels. The largest single liquidation reportedly occurred on a major platform, underscoring the scope of risk in a crowded derivatives market.

On the forecasting front, several voices argue that BTC could bottom in the fourth quarter of 2026, albeit with a wide range of potential price bands. One analyst characterized the trajectory as potentially forming a floor in the 40,000 to 50,000 dollar region, while other analysts see a more complex path shaped by liquidity cycles and macro factors. The all-time high printed in October 2025 casts a long shadow, with traders noting that the drive to find a bottom may hinge on a combination of on-chain discipline and renewed buying interest from institutions and retail participants alike.

Data of note from On-Chain College shows a spike in net realized losses up to around 13.6 billion dollars in early February, levels not seen since the 2022 bear market. If history rhymes, this peak could precede a broader bottom as market participants digest losses and reassess risk, potentially leading to a calibration of positions that could stabilize prices later in the year or into 2027. The narrative around a late-2026 bottom is not a guarantee, but a synthesis of historical patterns, current on-chain dynamics, and the persistence of downward price pressure despite intermittent rallies.

Looking ahead, the research community remains divided, with some analysts arguing that the capitulation wave could ease as positions liquidate and fear subsides, allowing a stable base to form. Others caution that until key price levels are reclaimed and investor confidence returns, BTC could stay range-bound or drift to sub-100,000 dollar territory before buyers re-emerge. This uncertainty underscores the importance of monitoring both price action and the evolving on-chain environment as a rough timetable for turning points remains ambiguous.

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This article was originally published as Bitcoin in Capitulation Zone as Traders Debate When BTC Will Bottom on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Investors faced a sobering quarter as Coinbase reported a net loss for Q4 2025, snapping an eight-quarter streak of profitability as the crypto market cooled. The company posted earnings per share of 66 cents, missing consensus of 92 cents, while revenue slipped 21.5% year over year to $1.78 billion. A mixed revenue mix underscored the shift in the business: transaction-related revenue declined sharply, while subscriptions and services advanced, highlighting a bifurcated earnings trajectory in a tighter crypto ecosystem. The quarter arrived against a backdrop of a broader crypto price retreat, with Bitcoin (CRYPTO: BTC) enduring meaningful pressure through the period and into year-end.

Key takeaways

Q4 2025 net loss of $667 million ends Coinbase’s run of eight straight profitable quarters, reflecting a weaker quarterly mix and softer market conditions.

Total revenue dropped to $1.78 billion, down 21.5% year over year, underscoring a broader demand slowdown in trading activity.

Transaction-related revenue tumbled nearly 37% year over year to $982.7 million, while subscription and services revenue rose more than 13% to $727.4 million, signaling a pivot toward non-transactional monetization.

Bitcoin price action contributed to the macro headwinds, with the leading crypto shedding roughly 30% from its October peak to year-end, illustrating why crypto market cycles continued to weigh on exchange earnings.

Despite the earnings miss, Coinbase’s stock (EXCHANGE: COIN) recovered in after-hours trading, gaining about 2.9% to $145.18 after a full trading day decline, reflecting a nuanced market reaction to the results and forward guidance.

Tickers mentioned: $BTC, $COIN

Sentiment: Neutral

Price impact: Positive. The stock rose in after-hours trading following the earnings release despite the quarterly miss, signaling a potential reassessment of near-term expectations.

Market context: The results arrive amid a broader macro environment for crypto assets where price volatility and trading volumes have remained central to revenue durability for major exchanges, and where investor focus has shifted toward product diversification and cost discipline.

Why it matters

The quarterly print underscores the ongoing transition for a major crypto exchange from a revenue model heavily reliant on trading activity toward a more diversified mix anchored in subscriptions, services, and value-added offerings. Coinbase, in its Q4 2025 shareholder documentation, highlighted that 2025 was a “strong year” operationally and financially, with full-year revenues reaching $6.88 billion, up 9.4% from 2024. This indicates a strategy aimed at resilience in the face of cyclical downturns, leveraging product expansion and platform reach to sustain long-term profitability even when trading volumes ebb.

From a market structure perspective, the numbers reflect a clear divergence within the crypto economy: trading remains sensitive to price swings and risk sentiment, while an expanding suite of services—including custody, staking, and AI-enabled wallet products—offers revenue visibility beyond quarterly price moves. Coinbase’s leadership has stressed that more than 12% of all crypto globally resided on its platform in 2025, a stark data point that underscores the bankability of scale and network effects in this nascent asset class. The shift toward a steadier subscription and services revenue base could insulate the company from near-term volatility and set the stage for steadier long-run growth.

On the earnings call, CFO Aleshia Haas emphasized operational discipline, noting plans to keep technology, sales, and marketing expenses relatively flat in the near term while evaluating opportunities to deploy resources more efficiently. This stance signals a prioritization of cash-generative activities and careful investment in product development, a balance that may appeal to investors seeking a secular growth story within a still-fragile macro environment.

The quarter’s performance also touches on investor sentiment around cryptoasset risk and institutional flow. The broader market has experienced episodic stress, and the company’s performance appears tightly linked to the health of Bitcoin and other major assets as traders respond to global liquidity shifts, regulatory updates, and evolving market structure debates. In this context, Coinbase’s results offer a lens into how a large crypto exchange navigates a period of cyclical headwinds while pursuing a trajectory that relies less on trading volatility and more on recurring revenue streams and product expansion.

What to watch next

Q4-25 shareholder letter release and detailed segment breakdown to assess how much the revenue mix shifted beyond transaction revenue.

Q1 outlook updates, including any revisions to subscription and services revenue guidance and the trajectory of transaction revenue as market conditions evolve.

Updates on product initiatives, especially any milestones around AI-enabled wallets or other services that broaden asset utility on the platform.

Bitcoin price trends in early 2026 and corresponding impact on trading volumes and fee-based revenue for Coinbase and similar exchanges.

Regulatory developments or macro signals that influence risk sentiment in the crypto market, which could affect liquidity and user activity on the platform.

Sources & verification

Coinbase Q4-25 Shareholder Letter (PDF) – official financial disclosure for the quarter and full-year 2025.

Q4 2025 earnings data and commentary – as described in the shareholder letter and accompanying materials.

Bitcoin price movements referenced in market coverage and related context articles linked in the report.

Post-earnings trading data for Coinbase (COIN) stock, including after-hours move to approximately $145.18 and intraday trade levels.

Related Coinbase product and strategy articles cited in the earnings narrative, including references to AI wallet initiatives and platform expansion.

Market reaction and key details

Coinbase’s quarterly results foreground a critical moment for the crypto exchange sector: profitability in a market that remains highly sensitive to both crypto price cycles and the intensity of trading activity. In the quarter, Coinbase’s total revenue of $1.78 billion reflected a decline in transactional income, even as the company advanced its services-based revenue. The shift aligns with a broader push in the industry to monetize platform usage beyond buy/sell activity, a move designed to stabilize earnings amid volatile asset prices.

Bitcoin (CRYPTO: BTC) endured a meaningful pullback during the quarter, illustrating the bidirectional relationship between asset prices and exchange revenues. The asset’s gradient—from highs near six figures to more subdued levels—has tangible implications for liquidity, trading volumes, and fee accrual on major platforms. While the exact trajectory of crypto price action is inherently uncertain, the quarter’s data points reinforce the importance of a diversified revenue model for exchanges seeking resilience during bear-to-bull transitions in the market.

What it means for users and the market

For users, the emphasis on subscriptions and services could translate into broader access to tools that help manage, secure, and optimize holdings beyond straightforward trading. The potential to link more products to user assets could deepen engagement and wallet utility, potentially driving retention and incremental revenue through non-transactional channels. For builders and investors, Coinbase’s approach underscores the importance of a scalable, multi-pronged business model in the crypto economy, particularly as regulatory clarity evolves and market structure debates continue to unfold.

What to watch next

Q4-25 investor communications with detailed breakdowns of revenue by services vs. transaction flows.

Near-term guidance updates, including subscription/services outlook and any changes to capital allocation strategy.

Progress updates on AI-enabled wallet initiatives and other product launches intended to expand asset use-cases on the platform.

This article was originally published as Coinbase Misses Q4 Earnings; $667M Loss as Crypto Markets Slump on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Decibel Foundation is moving to embed an on-chain stablecoin into its Aptos-native derivatives ecosystem. The protocol-native token, USDCBL, issued by Bridge, is set to back on-chain perpetual futures trading as Decibel gears up for its February mainnet launch. The dollar-denominated asset is designed to internalize reserve economics, reducing dependence on third-party stablecoin issuers and giving the protocol more control over collateral dynamics. Decibel, incubated by Aptos Labs, plans to debut in February with a fully on-chain perpetual futures venue that relies on a single cross-margin account. The platform’s December testnet reportedly attracted more than 650,000 unique accounts and exceeded 1 million daily trades, figures that have yet to be independently verified.

Key takeaways

Decibel will launch a protocol-native stablecoin, USDCBL, issued via Bridge’s Open Issuance platform, ahead of its Aptos-based perpetual futures exchange mainnet.

USDCBL reserves will be backed by a mix of cash and short-term U.S. Treasuries, with yield retained within the protocol to support on-chain economics.

Onboarding flow converts deposits of USDC into USDCBL, enabling on-chain collateral for perpetual futures and reducing reliance on external stablecoin issuers.

The project emphasizes that USDCBL is infrastructure for the exchange rather than a standalone retail token, signaling a broader push toward ecosystem-native stablecoins.

The announcement situates Decibel within a wider trend toward native stablecoins across crypto and traditional finance, with examples like Hyperliquid’s USDH and institutional tokens from JPMorgan and PayPal.

Bridge’s Open Issuance ties Decibel to a broader stablecoin issuance framework, underscored by Bridge’s acquisition by Stripe in late 2025.

Sentiment: Neutral

Market context: The emergence of ecosystem-native dollar tokens across crypto platforms and traditional finance mirrors a broader move toward internalized collateral and on-chain settlement. The trend includes initiatives such as Hyperliquid’s native stablecoin USDH, JPMorgan’s tokenized deposits with JPM Coin, and PayPal’s PYUSD, all highlighting a shift toward dollars inside networks rather than relying solely on external issuers. The regulatory environment is also evolving, with proposals for stablecoin licensing and oversight under consideration in the United States.

Why it matters

The Decibel initiative marks a meaningful shift in how on-chain derivatives ecosystems anchor liquidity and risk management. By issuing USDCBL through Bridge’s Open Issuance platform, the project creates a fully collateralized stablecoin designed to live entirely within the protocol’s rails. The approach aims to reduce counterparty risk and minimize dependence on third-party stablecoin issuers, potentially lowering external liquidity constraints for the exchange’s perpetual futures venue.

From a tech perspective, a cross-margin architecture on a fully on-chain perpetuals venue can streamline settlement and collateral management. The onboarding flow—deposit USDC and convert to USDCBL— ties user funds to a native collateral pool that is governed by on-chain rules and reserves that are auditable in real time. The reserve model anchors value in a mix of cash and short-term U.S. Treasuries, with yield returned to the protocol rather than shared with external issuers or custodians. That design could improve capital efficiency and enable more aggressive reinvestment into ecosystem development and product enhancements, provided risk controls remain robust.

Market observers note that the broader push toward ecosystem-native stablecoins is not limited to crypto-native platforms. In parallel, traditional financial players are deploying tokenized dollar instruments within their networks to support real-time settlements and liquidity optimization. The PayPal PYUSD program and JPM Coin’s deployment for institutional settlement illustrate how “inside-network” dollars can reshape flow dynamics across both crypto and conventional finance. In the case of PayPal, for example, a 2025 rewards program tied to PYUSD holdings further integrates the stablecoin into consumer and merchant ecosystems, signaling how stablecoins can extend beyond trading into everyday payments and incentives.

Hyperliquid’s USDH example underscores the potential of native stablecoins to serve as platform-wide collateral. USDH is minted on the platform’s HyperEVM layer and is designed to act as collateral across the exchange, aiming to reduce reliance on off-platform issuers. This demonstrates a broader appetite among developers to align stablecoins with the specific risk profiles and liquidity needs of their ecosystems, rather than “one-size-fits-all” stablecoins that depend on external issuers.

As the ecosystem experiments with native stablecoins, the role of issuance infrastructure becomes another critical variable. Bridge’s Open Issuance framework enables projects to create regulated, fully collateralized stablecoins with integrated on- and off-ramps, linking on-chain finance more tightly to real-world assets. Bridge’s acquisition by Stripe in late 2025 highlights how stablecoin tooling is increasingly intertwined with mainstream fintech infrastructure, potentially accelerating adoption and interoperability across networks.

In short, Decibel’s USDCBL blueprint reflects a broader thesis: native stablecoins embedded within a platform’s governance and risk framework can improve liquidity, reduce external dependencies, and enable more sustainable funding for ecosystem development. Whether such models gain traction will depend on risk controls, regulatory clarity, and the ability of on-chain venues to demonstrate durable, auditable reserve management while delivering reliable user experiences.

What to watch next

February mainnet launch of the Aptos-based perpetual futures exchange and the onboarding flow for USDCBL.

Details on reserve composition, collateralization ratios, and on-chain governance updates tied to USDCBL and Bridge’s issuance framework.

Regulatory developments around stablecoin licensing and compliant issuance pathways, including mentions of licensing proposals in the U.S. context.

User adoption metrics from the testnet and early mainnet phases, including net deposits into USDCBL and cross-margin activity.

Sources & verification

Decibel Foundation’s announcement about USDCBL and its use as collateral for on-chain perpetual futures.

Decibel’s X post detailing reserve backing and income retention within the protocol.

Bridge’s Open Issuance platform and its role in issuing regulated, fully collateralized stablecoins; Bridge’s 2025 Stripe acquisition.

December testnet performance metrics (650,000+ unique accounts; 1,000,000+ daily trades).

Comparative examples of ecosystem-native stablecoins, including Hyperliquid’s USDH, JPM Coin, and PayPal’s PYUSD.

Decibel’s on-chain stablecoin aims to underpin Aptos perpetuals

The Decibel Foundation’s plan centers on USDCBL, a protocol-native stablecoin issued by Bridge, designed to operate as collateral for on-chain perpetual futures on Decibel’s upcoming Aptos-based exchange. Depositors will convert USDC (CRYPTO: USDC) into USDCBL (CRYPTO: USDCBL) as part of the onboarding flow, with USDCBL issued via Bridge’s Open Issuance platform. The intention is to create a fully collateralized, internal reserve mechanism that reduces exposure to external stablecoin issuers while maintaining familiar price stability for traders. Bridge, which had been acquired by Stripe in late 2025, serves as the issuance backbone for USDCBL, aiming to deliver a seamless on-ramp and off-ramp experience for users across the ecosystem.

At launch, the exchange will feature a single cross-margin account for on-chain perpetual futures, simplifying risk management for users who hold USDCBL as collateral. The December testnet reportedly attracted hundreds of thousands of users and a high level of trading activity, underscoring pent-up demand for on-chain derivatives experiences on Aptos. However, as with many new testnet figures, independent verification remains pending, so market participants will be watching the February mainnet rollout closely to assess real-world engagement and liquidity.

USDCBL reserves are described as a mix of cash and short-term U.S. Treasuries, with yield generated by those assets retained within the protocol. This approach could reduce the need to rely on trading fees or token incentives as primary revenue streams, freeing capital to be reinvested into ecosystem development and product enhancements. The foundation emphasized that USDCBL is not merely another stablecoin; rather, it is “core exchange infrastructure” intended to support the mechanics of a fully on-chain venue rather than serve as a broad retail token. This framing reflects a design choice that prioritizes platform integrity and reliability over standalone consumer use cases.

In the broader context, Decibel’s move sits alongside a wave of native-stablecoin experiments across both crypto-native projects and traditional financial institutions. Hyperliquid’s USDH, minted on the platform’s HyperEVM, illustrates how a platform-specific token can function across an exchange’s liquidity and collateral framework. The inclusion of widely discussed developments like JPM Coin (institutional tokenization for settlement) and PYUSD (PayPal’s dollar-backed token integrated into its payments network) further demonstrates the industry’s interest in dollars entrenched within networks rather than external issuers alone. Taken together, these examples depict a landscape where stablecoins are increasingly tailored to the governance and risk profiles of individual ecosystems, rather than deployed as generic, market-wide instruments.

This article was originally published as Aptos-Incubated Decibel Launch Protocol-Native Stablecoin Pre-Mainnet on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

BitGo Holdings and 21Shares have broadened their alliance to extend custody and staking services for 21Shares’ U.S. exchange-traded funds and global exchange-traded products. The expanded deal will see BitGo provide qualified custody, trading and execution capabilities, and a unified staking infrastructure for 21Shares’ US-listed ETFs and international ETPs. The press release notes that this arrangement gives 21Shares enhanced access to liquidity across electronic and over-the-counter markets as part of a broader strategy to scale regulated crypto yield solutions for institutional investors. The partnership is anchored in BitGo’s regulated framework in the United States and Europe, leveraging its OCC-regulated federally chartered trust bank and MiCA-licensed European operations. Announcement.

21Shares is a major crypto ETF issuer, with an established footprint across 13 exchanges and 59 listed products, supported by more than $5.4 billion in assets under management as of Feb. 11, according to its public materials. The collaboration follows BitGo’s own foray into the public markets earlier in the year, when the Palo Alto-based infrastructure provider began trading on the New York Stock Exchange under the ticker BTGO.

In recent months, custodial and staking services have become increasingly entwined as institutions seek yield-generating crypto infrastructure within regulated wrappers. The new BitGo–21Shares framework exemplifies this shift, allowing traditional and alternative asset managers to offer staking yields while maintaining compliant custody—an arrangement that can streamline onboarding for large-scale investors who require robust risk controls and auditability. The broader ecosystem has seen a spate of partnerships and integrations aimed at embedding staking deeper into regulated product lines, a trend that has accelerated as more institutions seek regulated exposure to proof-of-stake ecosystems.

Among the notable examples cited in the ecosystem: a Coinbase–Figment collaboration that broadened institutional staking for assets including Avalanche (AVAX), Aptos (APT), Sui (SUI) and Solana (SOL) through Coinbase Custody. Separately, Anchorage Digital partnered with Figment to extend staking for Hyperliquid (HYPE), integrating these services via its banking and custody infrastructure. Ripple has also expanded its institutional custody stack with integrations that add hardware security module support to enable banks and custodians to offer custody and staking without building their own validator or key-management systems.

Beyond staking, the sector is witnessing growing interest in liquid staking—an approach that lets investors earn staking rewards while retaining a tradable token that preserves liquidity. Regulators in certain jurisdictions have signaled tolerance for specific liquid-staking activities, reinforcing the push toward regulated, yield-bearing structures. In another development, Hex Trust announced a collaboration with the Jito Foundation to integrate JitoSOL, a liquid staking token on the Solana blockchain, enabling clients to earn staking and MEV rewards while keeping SOL liquid for use as collateral in borrowing and lending through its Markets platform. These moves collectively illustrate how custody providers are layering staking liquidity into regulated product lines to satisfy investor demand for yield without compromising risk controls.

In this evolving landscape, the BitGo–21Shares partnership stands out for its scope and regulatory alignment. By combining BitGo’s OCC-regulated custody framework with MiCA-licensed European operations, the alliance aims to unlock scalable staking and liquidity across major markets for a broad set of products, including US-listed ETFs and international ETPs. The collaboration signals a maturation in the ecosystem, where product issuers can offer regulated staking while maintaining robust custody and market access—an arrangement that may help attract institutions that previously shied away from crypto exposure due to compliance and operational concerns. For readers seeking a deeper dive into the breadth of the collaboration, a related press release details the global ETF-partnership expansion across staking and custody, highlighting the operational pathways BitGo will provide for 21Shares’ product lineup.

Video and media discussions surrounding the partnership can be explored through a related presentation linked to the announcement.

Market participants should watch how the integration affects liquidity profiles and trading costs for 21Shares’ ETF roster, as well as how it influences the pace at which other ETF issuers consider similar custody-and-staking models. The collaboration may also influence how global regulators view regulated staking within ETF wrappers, particularly as MiCA implementations take fuller effect across Europe and as U.S. authorities continue to refine guidelines for crypto custody and staking activities.

Key takeaways

BitGo will deliver qualified custody, trading and execution services, plus integrated staking infrastructure for 21Shares’ US ETFs and global ETPs.

The services will be provided through BitGo’s regulated entities in the US and Europe, leveraging an OCC-regulated trust bank and MiCA-licensed operations.

21Shares’ product slate includes 59 ETPs listed across 13 exchanges, with more than $5.4 billion in assets under management as of Feb. 11.

The move aligns with a broader institutional push to embed staking within regulated custody offerings, following similar partnerships and integrations across the sector.

The deal underscores BitGo’s ongoing expansion into ETF and regulated markets after its BTGO listing on the NYSE earlier this year.

Tickers mentioned: $BTGO, $AVAX, $APT, $SUI, $SOL

Market context: The collaboration arrives amid growing institutional interest in regulated staking and custody-enabled yield strategies, supported by clearer regulatory frameworks in the U.S. and Europe and expanding ETF liquidity across crypto assets.

Why it matters

The partnership between BitGo and 21Shares represents a meaningful step in bringing regulated staking and custody to a broader class of institutional investors. By coupling BitGo’s OCC-chartered custody capabilities with 21Shares’ diversified ETF lineup, the arrangement reduces operational friction for asset managers seeking compliant exposure to proof-of-stake ecosystems. This is particularly relevant as the crypto industry pushes toward scalable yield opportunities within regulated wrappers, a dynamic that could accelerate the adoption of staking across traditional finance channels.

For 21Shares, the deal broadens access to liquidity and trading venues for its US-listed ETFs and global ETPs. As the ETF issuer continues to grow—reporting 59 products and substantial AUM—partnerships like this can help sustain product velocity, improve execution quality, and offer investors more reliable ways to participate in staking rewards without directly managing keys or validator infrastructure.

From a regulatory perspective, the alignment with an OCC-regulated entity in the United States and MiCA-licensed operations in Europe signals a mature model for regulated crypto infrastructure. If these structures gain broader acceptance, more issuers may pursue similar multi-jurisdictional approaches, further integrating staking into mainstream investment products. In a market that remains sensitive to liquidity, risk controls, and operational risk, such collaborations could contribute to steadier capital inflows and more robust market-making activity around crypto ETPs.

What to watch next

Rollouts of custody and staking services for 21Shares’ entire U.S. ETF lineup and broader international ETPs, with clear launch timelines.

Regulatory updates from the OCC and updates to MiCA implementations that may affect how staking is offered within ETF wrappers.

Potential expansion of BitGo–21Shares technology and service integrations to additional product lines or new markets.

Continued ETF issuance activity by 21Shares and related liquidity improvements across electronic and OTC venues.

Sources & verification

BitGo and 21Shares Accelerate Global ETF Partnership Across Staking and Custody — Business Wire press release (Feb 12, 2026).

21Shares product catalog and assets under management (as of Feb 11) published by 21Shares.

BitGo IPO coverage and BTGO listing details (Cointelegraph gateway to BitGo stock information).

FalconX acquisition of 21Shares (context for 21Shares’ corporate structure).

Ripple expands institutional custody stack with staking and security integrations (industry context for custody-staking trends).

BitGo expands custody and staking for 21Shares across US and Europe

BitGo and 21Shares have formalized an expanded collaboration that integrates custody, trading, and staking services for 21Shares’ US ETFs and global ETPs. The arrangement will see BitGo operate through its regulated US and European entities, including a federally chartered trust bank approved by the Office of the Comptroller of the Currency (OCC) and MiCA-licensed European operations, providing a bridge between traditional custody controls and crypto-native staking yields. The underlying objective is to reduce friction for institutions seeking yield opportunities tied to major proof-of-stake ecosystems while maintaining stringent risk and compliance standards.

Within the scope of the agreement, 21Shares gains access to BitGo’s custody and execution frameworks, coupled with integrated staking infrastructure designed to support its ETF lineup. The collaboration underscores a broader trend in the market: custodians and wallet providers are increasingly embedding staking capabilities into regulated products to satisfy investors’ demand for yield, liquidity, and governance participation without sacrificing institutional-grade controls.

As a backdrop, the ecosystem has seen a series of institutional staking moves—ranging from Coinbase’s partnerships enabling direct staking for select assets, to Anchorage Digital’s collaborations that extend staking through regulated banking channels, and even Ripple’s expansion of its custody platform with security integrations. These developments collectively point to a maturation of the crypto infrastructure market, where regulated custody and staking go hand in hand to deliver scalable, compliant exposure to proof-of-stake networks. In this context, BitGo’s expanded alliance with 21Shares positions both firms to capture a larger slice of the ETF and ETP issuance market and to support a broader wave of institutional adoption.

Market participants will be watching how quickly the rollout unfolds and how liquidity improves across the involved products, particularly in the United States and Europe. The partnership could catalyze further collaborations between custodians and ETF issuers, as regulators continue to refine the boundaries of crypto custody and staking within regulated investment products.

This article was originally published as 21Shares Taps BitGo for Regulated Staking and Custody in US & Europe on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

World Liberty Financial has unveiled plans to introduce a new foreign exchange and remittance platform called World Swap. This platform aims to simplify global money transfers and reduce high transaction fees. The venture is backed by the family of former U.S. President Donald Trump, raising some ethical concerns. It is set to challenge traditional financial institutions and revolutionize cross-border transactions.

Revolutionizing the Remittance Market

The World Swap platform is designed to connect users directly to bank accounts and debit cards worldwide. It will allow users to complete foreign exchange and remittance transactions at a much lower cost than traditional financial institutions. Co-founder Zak Folkman highlighted that the platform is built around the company’s USD1 stablecoin, which was launched last year.

Folkman emphasized that over $7 trillion is currently moving across the globe in currency exchanges, and traditional financial institutions have been heavily taxing these transfers. With World Swap, the company aims to cut these fees significantly, offering a more efficient solution for global money transfers. The platform is poised to directly compete with services provided by banks and legacy money transfer operators.

Expanding into Decentralized Finance

In addition to its remittance platform, World Liberty Financial is expanding its footprint in decentralized finance. The firm recently launched its lending platform, World Liberty Markets, which has already facilitated $320 million in loans. It has also handled more than $200 million in borrowings since its inception just a few weeks ago.

World Liberty Financial’s broader goal is to carve out a significant role in the global payments and remittance ecosystem. This ecosystem is currently dominated by established financial players who charge high fees and have long settlement times. The firm’s stablecoin-based approach offers a potentially more affordable and faster alternative to traditional financial systems.

Ethics Scrutiny Amid Trump Family Ties

World Liberty Financial’s expansion has raised concerns among government ethics experts due to its ties to the Trump family business, the Trump Organization. The company’s activities have reportedly generated substantial revenue from foreign entities, fueling these concerns. The timing of the company’s growth, coupled with Donald Trump’s involvement in U.S. crypto policy, has led to discussions about potential conflicts of interest.

Despite these concerns, the White House has denied any conflicts of interest. The company has not yet disclosed a specific launch date for World Swap or detailed its pricing model. However, the announcement signals the company’s intent to disrupt the global remittance industry and take on incumbent players in the market.

This article was originally published as Trump-Backed World Liberty Financial Launches World Swap Remittance Platform on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Fresh on-chain data from Glassnode suggests Bitcoin could be headed for another prolonged phase of range-bound trading unless critical support levels are reclaimed. The February edition of The Week On-chain highlights a price corridor anchored by the True Market Mean near $79,200 and a Realized Price around $55,000 — a setup that mirrors patterns seen in the first half of 2022. With overhead supply concentrated in higher price bands, the decisive question remains: will new buyers re-enter and lift BTC out of consolidation?

Key takeaways

Bitcoin remains confined within a corridor defined by the True Market Mean (~$79,200) and the Realized Price (~$55,000), signaling a 2022-style consolidation unless key support is reclaimed.

A breakout would require a decisive reclaim of the True Market Mean near $79,200 or a systemic dislocation that drives price below the Realized Price around $55,000, according to Glassnode.

Overhead supply is structurally heavy, with large clusters positioned between roughly $82,000–$97,000 and then again from $100,000–$117,000, creating a potential sell-side overhang if prices move higher.

Whales appear to be shifting risk posture, closing long positions and opening shorts relative to retail, reinforcing a cautious, range-bound outlook for the near term.

Near-term price action remains pinned between support below $65,000 and resistance near $68,000, with a move above $72,000 needed to re-open upside traffic toward earlier momentum benchmarks.

Tickers mentioned: $BTC

Sentiment: Neutral

Market context: The on-chain view fits within a broader environment where liquidity and risk appetite are delicate, and buyers are waiting for a clearer catalyst. The mix of heavy overhead supply and patient accumulation suggests a market that could drift rather than surge without fresh demand catalysts.

Why it matters

The unfolding dynamics around Bitcoin’s price framework matter for traders and long-term holders alike. The analysis emphasizes the importance of on-chain metrics in gauging potential supply pressure that could cap rallies even if price action briefly turns bullish. If BTC can reclaim the high-end thresholds implied by the True Market Mean, the market could test higher moving averages and previously observed resistance zones. Conversely, persistent weakness around the Realized Price would imply additional downside risk, particularly for participants who bought into higher ranges and are still sitting on unrealized losses.

On-chain behavior paints a nuanced picture. The URPD (UTXO Realized Price Distribution) suggests that substantial portions of the supply were created at price levels well above current prices, reinforcing the argument that a meaningful number of coin-holders may have an emotional and financial stake in seeing a higher price if conditions permit. Yet these same clusters also form a potential overhang: if market momentum fades or risk sentiment deteriorates, concentrated gains from earlier periods could quickly turn into selling pressure as holders decide to cut losses or rebalance.

Added to this, the market environment features a tug-of-war between long-term holders and more speculative participants. Data from on-chain observers and market analytics firms indicates that larger players are tightening exposure, a signal that the restoration of upside momentum will likely require a catalyst capable of re-igniting fresh demand. In practical terms, that means price action could remain choppy until a clear breakout above major resistance or a decisive breach of critical support occurs, with every swing potentially attracting new entrants or sellers depending on the path taken.

What to watch next

Watch whether Bitcoin clears the $68,000 resistance to aim for the $72,000 level again, a move that would re-energize momentum toward the 20-day EMA and beyond.

Monitor for a true reclaim of the True Market Mean near $79,200, which Glassnode identifies as a potential sign of renewed structural strength.

Be alert for a drop below the Realized Price around $55,000, which could trigger renewed capitulation or a shift in risk tolerance among holders.

Track ongoing on-chain activity from major holders, particularly any notable increases in short positioning relative to retail, as it could presage further consolidation.

Observe how overhead supply bands between $82,000 and $117,000 behave if price attempts to press higher, as the density of this supply hints at potential sell-side pressure that could cap rallies.

Sources & verification

The Week On-chain by Glassnode (February 11 edition) detailing overhead supply and the True Market Mean vs Realized Price dynamics.

Glassnode’s URPD data showing long-term supply clusters above $82,000 and related implications for unrealized losses.

Commentary from Joao Wedson (Alphractal) on changing whale activity and the potential for a consolidation phase over the next month.

CoinGlass liquidation heatmap illustrating liquidity distribution between bids and asks around the $69,000–$72,000 region.

Cross-referenced price movement discussions noting the need to clear $72,000 to target higher moving averages.

Bitcoin price in focus: market dynamics and key levels

Bitcoin (CRYPTO: BTC) is currently trading within a defined corridor that mirrors a broader, on-chain narrative about when demand will re-enter after a period of subdued momentum. The framework rests on two pivotal on-chain markers: the True Market Mean, a measure of where the market’s “fair value” sits on a given day, and the Realized Price, which anchors the cost basis of coins currently in circulation. Glassnode’s recent analysis emphasizes that these markers have established a price range that, for now, resembles the patterns observed during the first half of 2022. In that period, BTC traded between the True Market Mean and the Realized Price before entering a protracted bear phase, with a low near $15,000 later that year. While the present setup does not predict a similar outcome, it underscores the challenge of surging higher without a fundamental catalyst that re-energizes buyers.

Overhead supply, a term that captures the concentration of coins that would require price appreciation to become fully realized profit, remains structurally heavy in higher price bands. The URPD data points to substantial clusters above $82,000, extending into the $97,000 and beyond $117,000 zones. These levels represent cohorts of coins that have historically faced unrealized losses; in a market where buyers are scarce, these zones can turn into latent sell-offs if volatility spikes or sentiment deteriorates. In practice, this translates to a potential ceiling on upside movements unless demand accelerates or supply dynamics shift decisively in favor of buyers.

Rounding out the on-chain narrative is visible activity from market participants described as “whales” — those holding large quantities of BTC. Recent posts from industry observers noted a shift: long positions are being closed while shorts are being opened relative to retail activity. This pattern aligns with a cautious stance, reinforcing a prevailing view that the market could continue to absorb supply rather than launch into a rapid uptrend. In other words, the current price action could persist within a narrow band as participants wait for a decisive trigger to reorient risk exposure.

From a practical standpoint, the price dynamics show BTC facing a barrier near $68,000 after a recent attempt to rebound from lows below $60,000. The next significant hurdle sits at around $72,000, a level that many analysts say must be cleared to re-engage the upward slope toward the 20-day exponential moving average near $76,000 and, beyond that, the 50-day moving average above $85,000. Until that sequence of resistance is breached, the market is more likely to remain in a phase of range-bound action with incremental gains or losses tied to short-term liquidity and the evolving appetite for risk across crypto markets.

In parallel, market observers highlight the current liquidity landscape as another critical factor. The liquidity framework, which shapes how quickly buyers or sellers can enter or exit positions, tends to tighten during uncertain macro periods. In such a regime, even modest shifts in sentiment can produce outsized price moves, particularly when the order book tightens around the major support and resistance thresholds described above. The absence of a clear catalyst makes the path of least resistance a continued drift, with occasional bursts as traders reposition around the pivotal levels identified by on-chain analysis.

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This article was originally published as Bitcoin Analysts Forecast Prolonged BTC Price Consolidation on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin’s latest price action underscores a paradox at the heart of institutional crypto interest: capital is increasingly present, yet money managers remain wary of labeling BTC as a risk-off hedge. After topping near $120,000 in October, the asset has retraced more than 25% in the past month, prompting observers to parse whether the pullback signals a maturation of the market or a cooling in risk appetite among investors. The debate touches on four-year cycle dynamics, regulatory clarity, and how Wall Street–level players are recalibrating their exposure as policy conversations unfold.

Key takeaways

Bitcoin has shed more than 25% in the month, testing critical levels as institutional risk appetite shifts and cycle dynamics influence pricing.

The CLARITY Act, a centerpiece of US crypto regulation, remains stalled in the Senate, with banks and exchanges contending over stablecoin provisions that could reshape exchange economics.

Grayscale argues that near-term BTC moves resemble growth equities with high enterprise value rather than traditional gold, signaling a non-traditional risk profile for the asset.

High-level talks on crypto market structure legislation continue, including a White House engagement between crypto executives and bankers, signaling bipartisan momentum toward clarity.

Kaiko Research flags a potential $60,000 level as a halfway point in the bear market, stressing that on-chain metrics will determine whether the four-year cycle framework holds.

Regulatory clarity and the GENIUS Act are viewed as structural catalysts that could unlock new use cases for stablecoins and tokenized assets, potentially guiding long-term value for networks.

Tickers mentioned: $BTC, $COIN

Sentiment: Neutral

Price impact: Negative. Bitcoin fell more than 25% this month as institutions reevaluated risk positions and macro conditions remained uncertain.

Market context: The price pullback comes as the broader crypto environment weighs liquidity, risk appetite, and a regulatory landscape in flux, with policymakers debating how to modernize oversight of digital assets and market infrastructure.

Market context

The recent price action sits at the intersection between growing institutional involvement and ongoing regulatory ambiguity. While well-capitalized firms have shown continued interest in crypto products, their willingness to treat BTC as a risk-on asset remains contested. The conversation around regulatory clarity—particularly for market structure and stablecoins—has increasingly become the central driver of flows and product strategy, influencing whether institutions deepen exposure or recalibrate to avoid regulatory risk.

Why it matters

From a market efficiency perspective, the episode tests whether institutions can comfortably price BTC within a regulated framework that reduces tail risk while preserving participation. Grayscale has argued that BTC’s short-term moves align more with growth-oriented software equities than with precious metals, which could broaden the interpretation of what drives crypto prices beyond the traditional store-of-value narrative. The insistence on regulatory clarity suggests a path toward broader use cases—such as tokenized assets and stablecoins—that could, over time, add depth to liquidity and utility in the sector.

On the policy front, the CLARITY Act represents a sweeping redesign of crypto oversight, including DeFi, exchanges, and capital markets rules. The bill’s stalled status in the Senate has frustrated industry participants who argue that delay erodes confidence and slows strategic planning. Coinbase (EXCHANGE: COIN) and other major players have been key voices in the debate, reflecting how regulatory outcomes will shape product structuring, risk management, and partnerships going forward. The GENIUS Act, which passed in July 2025, is cited as part of a broader push toward a clearer regulatory framework, suggesting that lawmakers recognize the structural benefits of clearer rules for innovation and investor protection.

Analysts continue to weigh whether Bitcoin’s bear market can extend toward new price anchors or whether a structural shift in sentiment—driven by policy progress and institutional onboarding—will eventually rekindle momentum. Some observers point to a potential bottom in the high tens of thousands before a longer-term recovery, while others emphasize that the outcome will hinge on regulatory breakthroughs and the resilience of on-chain networks amid macro headwinds.

“I think there was a lot of sell-off just because firms that got into it from mainstream finance had to adjust their risk positions.”

“Retail people don’t get into crypto because they want to make 11% annualized … They get in because they want to make 30 to one, eight to one, 10 to one.”

Beyond the price action, the market is watching how geopolitical and regulatory signals converge. White House discussions between crypto executives and bankers—part of ongoing talks to resolve roadblocks to market structure reform—could influence the speed and direction of institutional flows. In the meantime, industry researchers note that on-chain metrics and cross-asset correlations will continue to shape the narrative around whether the four-year cycle remains intact or yields a different pattern for BTC and related assets.

In short, the bear market debate is less about a single catalyst and more about a convergence of cycles, policy, and evolving institutional incentives. As participants await clearer rules, the market will likely experience continued volatility, punctuated by moments when policy events or macro shifts trigger sharp repricings. The coming months could be decisive for whether BTC cement its role as a core allocation for institutions or whether it remains a higher-risk, higher-reward bet that requires more robust regulatory scaffolding before a broader class of investors can comfortably participate.

What to watch next

Regulatory progress on the CLARITY Act and GENIUS Act, including any scheduled committee votes or floor actions.

Outcomes of the White House meetings with crypto and banking representatives, and any policy signals that emerge from those discussions.

Key price levels for BTC, with attention to whether the $60,000 region acts as a support or acts as a magnet for further downside.

New on-chain metrics and cross-asset analyses that could confirm or challenge the four-year cycle framework.

Regulatory clarity that could unlock additional use cases for stablecoins and tokenized assets, influencing the structure and liquidity of crypto markets.

Sources & verification

Grayscale, Market Commentary: Bitcoin trading more like growth than gold.

Federal Reserve Governor Chris Waller’s remarks at a monetary policy conference on crypto hype and risk positions.

Mike Novogratz’s CNBC interview on institutional risk tolerance in crypto markets.

Kaiko Research notes on critical support levels and cycle analysis.

White House discussions involving crypto executives and bankers on market structure reform.

Bitcoin’s price slump tests institutional adoption and regulatory clarity

Bitcoin (CRYPTO: BTC) has moved under a cloud of regulatory uncertainty and shifting institutional appetite. After rallying to above $120,000 in October, the flagship crypto has retraced more than 25% in the past month, prompting observers to parse whether the pullback signals a maturation of the market or a cooling in risk appetite among investors. The pullback sits at the center of a broader debate about whether BTC is a risk-on asset or if a regulatory environment that supports product innovation and investor protection can coexist with a robust institutional footprint.

Price dynamics through this period suggest a mix of cyclical drivers and risk management by large players who entered crypto markets during a period of high enthusiasm. Some market participants attribute the sell-off to the four-year cycle framework commonly cited in crypto analysis, while others see a more general tightening of risk appetite among institutions that had pursued crypto exposure as part of a broader portfolio diversification strategy. The trajectory has been punctuated by sharp moves, with BTC slipping from its October highs and trading in lower ranges that have drawn comparisons to growth equities rather than to the classic safe-haven narrative associated with gold.

Within policy circles, the debate over appropriate regulation remains intense. The CLARITY Act would overhaul US crypto regulation, touching on areas from DeFi oversight to market infrastructure. The bill has stalled in the Senate as Coinbase (EXCHANGE: COIN) and the banking lobby clash over stablecoin provisions that could affect exchange economics and systemic risk. The absence of timely clarity has been cited by policymakers and industry participants as a key factor delaying broader institutional participation and product development. In parallel, the GENIUS Act, which had cleared its path in 2025, is viewed as part of a broader push toward a framework that could enable more predictable and scalable crypto markets.

Prominent voices in the industry have offered mixed perspectives. Fed governor Waller framed the current crypto environment as reflecting a fading wave of euphoria rather than a lasting structural shift toward digital gold. His comments at a recent monetary policy conference underscored the idea that institutions are still recalibrating risk positions as the macro backdrop evolves. In a separate interview, Galaxy Digital’s Mike Novogratz highlighted how institutions approach crypto with a different risk tolerance than retail investors, a distinction that can influence price action and liquidity dynamics. “Retail people don’t get into crypto because they want to make 11% annualized … They get in because they want to make 30 to one, eight to one, 10 to one,” he observed, pointing to the motivational differences that help explain long-term price trajectories beyond traditional hedges.

Meanwhile, market structure researchers at Grayscale have emphasized a broader context for BTC’s recent moves. They noted that short-term price action has shown correlations with software equities and tech-driven growth narratives rather than with gold or other conventional safe-haven assets. This view aligns with a broader market trend where digital assets are increasingly treated as high-growth tech exposures with unique risk characteristics rather than as proxies for traditional stores of value.

Looking ahead, the market will hinge on regulatory clarity and the pace at which policymakers can deliver predictable rules. The current discussions—including high-level talks that culminated in a White House meeting involving crypto and banking leaders—signal bipartisan momentum for market-structure reforms. If lawmakers can translate sentiment into concrete legislation, the door could open for a broader institutional onboarding, greater product innovation, and more defined risk management practices that could, over time, shape BTC’s role in diversified portfolios.

This article was originally published as Is This Crypto Winter Different? Experts Reevaluate Bitcoin on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

The United States National Credit Union Administration (NCUA) has laid out its first proposed rules under the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, detailing how subsidiaries of federally insured credit unions could apply to become federally supervised payment stablecoin issuers. This marks a tangible step toward setting a licensing and oversight framework for a niche of digital assets that regulators view as both a payments solution and a potential systemic risk. The proposal aligns with the NCUA’s broader mandate to supervise credit unions that collectively serve roughly 144 million members and manage about $2.38 trillion in assets as of mid-2025. If the rulemaking proceeds, issuers would need an NCUA-permitted payment stablecoin issuer (PPSI) license before issuing coins, and federally insured credit unions would face investment and lending restrictions related to PPSIs. The agency has also signaled that a forthcoming rule will implement GENIUS Act standards for PPSIs, addressing reserves, capital, liquidity, illicit finance controls, and information technology risk management.

The agency’s stance reflects a cautious yet orderly approach to stabilizing the regulatory ground for stablecoins issued through bank-like affiliates. The NPRM focuses on licensing architecture and investment limits, laying the groundwork for a regulated path to potential stablecoin services for credit union members. The policy landscape around stablecoins in the U.S. has evolved alongside ongoing discussions about the GENIUS Act’s broader technical standards, including soundness provisions and risk controls that would govern PPSIs. Notably, the draft emphasizes that any licensing framework would be built around separate supervised subsidiaries rather than direct issuance by insured depository institutions themselves. This structural choice mirrors a recurring policy design across U.S. banking and payments regulation, seeking to isolate stablecoin activities within regulated, auditable entities while preserving the safety and soundness of the parent institutions.

The draft is notable for its clock and openness provisions. A key feature is a 120‑day deadline to approve or deny an application once it has been deemed substantially complete. If the agency does not act within that period, the application would be deemed approved by default. The rule also ensures a level playing field by stating that an issuer’s choice to operate on an open, public, or decentralized network cannot be used as the sole reason to deny a PPSI application. In addition, the NPRM reiterates a core GENIUS Act design principle: insured depository institutions, including credit unions, would not issue payment stablecoins directly; rather, they would channel activities through separately supervised subsidiaries that meet uniform federal standards.

Stakeholders now have a 60‑day window from the Federal Register publication to comment on the proposed rule before the NCUA moves to finalize or revise the licensing framework. The proposal, in its current form, serves as a narrow but important first step in shaping licensing, oversight, and investment parameters for PPSIs. A second wave of rulemaking is anticipated to implement the GENIUS Act’s broader standards for PPSIs, including risk management and anti‑money‑laundering controls.

​​Public chain neutral and 120‑day clock

Two features stand out for the broader crypto market. First, the NCUA would be barred from denying a substantially complete application solely because a stablecoin is issued “on an open, public, or decentralized network,” language that explicitly prevents public blockchain issuance from being rejected on that basis alone. Second, once an application is deemed “substantially complete,” the agency would have 120 days to approve or deny it, and if the NCUA fails to act within that window, the application would be “deemed approved” by default.

The draft also implements a central GENIUS Act design choice: insured depository institutions, including credit unions, cannot issue payment stablecoins directly and must instead use separately supervised subsidiaries that meet uniform federal standards. For credit unions, that generally means routing activity through credit union service organizations and other qualifying entities that fall under NCUA’s jurisdiction as “subsidiaries of an insured credit union.” The document, however, is only a notice of proposed rulemaking. Stakeholders have 60 days from Federal Register publication to comment before the NCUA can finalize or revise the licensing regime.

The NPRM signals a cautious but deliberate approach to how traditional financial institutions might intersect with digital assets through regulated vehicles. While the GENIUS Act has been a focal point of debate among policymakers, this initial draft concentrates on licensing mechanics and investment boundaries, deliberately deferring the detailed standards to a forthcoming proposal. The NCUA’s posture suggests an intent to create a controlled pathway for any PPSI that seeks to serve members, rather than open the door to a broad, unregulated stablecoin issuance environment.

As the public comment period opens, market participants and industry observers will be watching for how the agency delineates eligibility criteria for PPSIs, how it defines “substantial completeness,” and how the licensing process interacts with other federal regulators. The regulatory cadence around stablecoins remains a dynamic frontier in U.S. financial policy, particularly as other jurisdictions pursue their own approaches to stablecoin governance and payments infrastructure.

For now, the rulemaking is narrowly scoped to licensing and investment limits. A forthcoming proposal will implement GENIUS Act standards and restrictions for PPSIs, including reserves, capital, liquidity, illicit finance safeguards, and IT risk management. The NCUA indicated in the notice that the GENIUS Act’s standards would provide a cohesive framework for the prudential oversight of PPSIs operating via insured credit unions’ subsidiaries.

What to watch next

60‑day comment period following Federal Register publication to shape the final rule.

Release of the final PPSI licensing framework, including application procedures and eligibility criteria.

Publication of the GENIUS Act–driven standards for PPSIs, covering reserves, capital, liquidity, and IT risk management.

Any regulatory guidance on investments by credit unions in PPSIs and related vehicle structures through subsidiaries.

Potential pilot programs or demonstrations of PPSI services within insured credit unions, subject to approvals.

Sources & verification

NCUA press release: NC UA proposes rule permitting payment stablecoin issuer applications — https://ncua.gov/newsroom/press-release/2026/ncua-proposes-rule-permitted-payment-stablecoin-issuer-applications

NCUA press release: NC UA releases second quarter 2025 credit union system performance data — https://ncua.gov/newsroom/press-release/2025/ncua-releases-second-quarter-2025-credit-union-system-performance-data

GENIUS Act overview and implications — https://cointelegraph.com/learn/articles/genius-act-how-it-could-reshape-us-stablecoin-regulation

Magazine coverage: Bitcoin stablecoins showdown looms as GENIUS Act nears — https://cointelegraph.com/magazine/bitcoin-stablecoins-showdown-looms-genius-act-nears/

This article was originally published as US Credit Union Regulator Proposes Stablecoin Licensing Path on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Editor’s note: In crypto and fintech security, email remains a critical attack vector. The 2025 Kaspersky findings show a sharp rise in malicious and potentially unwanted emails, with spam accounting for nearly half of global traffic and millions of dangerous attachments hitting users. For crypto firms and investors, these trends mean more phishing, more BEC attempts, and combined-channel scams that blend email with messaging apps and even legitimate-looking services. This editorial summarizes the implications and directs attention to the press release’s key points, which detail where threats are coming from, how attackers adapt, and practical defenses for the year ahead.

Key points

44.99% of global email traffic was spam in 2025.

Over 144 million malicious and potentially unwanted email attachments.

APAC led detections at 30%, Europe 21%, with China 14% among top countries.

Detections peaked in June, July and November.

Trends include cross-channel scams, evasion techniques, platform abuse, and refined BEC tactics.

Why this matters

Kaspersky’s 2025 telemetry shows 44.99% of global email traffic was spam, with 144 million malicious attachments and APAC leading detections, underscoring rising phishing risks.

Attackers increasingly blend email with other channels, employ advanced disguises, and imitate legitimate services, creating risk for crypto platforms and users alike. Staying ahead requires awareness, user training, and layered security measures.

What to watch next

Monitor cross-channel phishing and fraudulent outreach patterns.

Watch for increased use of legitimate platforms to send spam and scams.

Be vigilant for refined BEC tactics and fake email threads.

Strengthen phishing awareness and security controls across organizations.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

Kaspersky reports 15% growth in malicious email attacks in 2025

12 February 2026

According to Kaspersky telemetry, almost every second email – 44.99% of global traffic – was spam in 2025. Spam consists not only of unsolicited emails, but can also include various email threats such as scam, phishing and malware. In 2025, individuals and corporate users encountered over 144 million malicious and potentially unwanted email attachments, representing a 15% increase compared to the previous year figures.

In 2025, APAC had the largest share of email antivirus detections: it reached 30%, followed by Europe with 21%. Next came Latin America (16%) and the Middle East (15%), Russia and CIS (12%) and Africa (6%). As for individual countries, China had the highest rate of malicious and potentially unwanted email attachments, with the share of email antivirus detections of 14%. Russia ranked second (11%), followed by Mexico (8%), Spain (8%) and Turkey (5%).

Email antivirus detections peaked moderately in June, July and November.

Key trends in email spam and phishing

Kaspersky’s annual analysis has also identified several persistent trends in the email spam and phishing threat landscape that are expected to continue into 2026:

Combination of various communication channels. Attackers lure email users into switching to messengers or calling fraudulent phone numbers. For instance, scam investment mailings may redirect victims to fake websites, where they are asked to provide their contact information, and then cybercriminals will follow up with a phone call.

Usage of diverse evasion techniques in phishing and malicious emails. Threat actors frequently try to disguise phishing URLs, for example, with the help of link protection services and QR codes. These QR codes are often embedded directly in email bodies or within PDF attachments, which not only conceals phishing links but also encourages users to scan them on mobile devices, potentially exploiting weaker security measures than corporate PCs.

Mailings exploiting diverse legitimate platforms. For example, Kaspersky experts discovered a fraudulent tactic that abuses OpenAI’s organization creation and team invitation features to send spam emails from legitimate OpenAI addresses, potentially tricking users into clicking scam links or dialing fraudulent phone numbers. Additionally, a calendar-based phishing scheme, which originated in the late 2010s, resurfaced last year with a focus on corporate users.

Refining tactics in business email compromise (BEC) attacks. In 2025 attackers attempted to become even more persuasive by incorporating fake forwarded emails into their correspondence. These emails lacked thread-index headers or other headers, making it difficult to verify their legitimacy within an email conversation.

Email phishing shouldn’t be underestimated. Our report reveals that one in ten business attacks starts with phishing, with a significant proportion being Advanced Persistent Threats (APTs). In 2025, we saw an increase in the sophistication of targeted email attacks. Even the smallest details are meticulously crafted in these malicious campaigns, including the composition of sender addresses and the tailoring of content to real corporate events and processes. The commodification of generative AI has significantly amplified this threat, enabling attackers to craft convincing, personalized phishing messages at scale with minimal effort, automatically adapting tone, language and context to specific targets,

To learn more about spam and phishing threat landscape, visit securelist.com.

To stay safe, Kaspersky recommends:

Treat unsolicited invitations from any platform with suspicion, even if they appear to come from trusted sources.

Carefully inspect URLs before clicking.

Do not call any phone numbers indicated in suspicious emails – if you need to call support of a certain service, it is best to find the phone number on the official webpage of this service.

For corporate users, Kaspersky Security for Mail Server with its multi-layered defense mechanisms powered by machine learning algorithms provides robust protection against a wide range of evolving threats and offers peace of mind to businesses in the face of evolving cyber risks.

Ensure all employee devices, including smartphones, are equipped with robust security software.

Conduct regular training on modern phishing tactics.

About Kaspersky

Kaspersky is a global cybersecurity and digital privacy company founded in 1997. With over a billion devices protected to date from emerging cyberthreats and targeted attacks, Kaspersky’s deep threat intelligence and security expertise is constantly transforming into innovative solutions and services to protect individuals, businesses, critical infrastructure, and governments around the globe. The company’s comprehensive security portfolio includes leading digital life protection for personal devices, specialized security products and services for companies, as well as Cyber Immune solutions to fight sophisticated and evolving digital threats. We help millions of individuals and nearly 200,000 corporate clients protect what matters most to them. Learn more at www.kaspersky.com.

This article was originally published as Kaspersky: 15% growth in malicious email attacks in 2025 on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Editor’s note: In today’s fintech landscape, global payment infrastructures are increasingly decisive in unlocking cross-border commerce. Juspay’s Dubai DIFC HQ marks a milestone in its expansion, signaling a focus on enterprise-grade payments in the Middle East. The move aligns with GCC digitization goals and regional fintech collaboration, and demonstrates how scalable payments platforms can drive growth across international markets. This release outlines Juspay’s strategy and what it means for merchants, banks, and developers navigating multi‑currency challenges.

Key points

Juspay opens a regional headquarters in DIFC Dubai to expand its Middle East presence.

The expansion aims to serve enterprise merchants, banks, and networks across GCC and MEASA.

The DIFC hub enables closer engagement with partners to scale enterprise payments.

Juspay powers 500+ enterprise merchants and banks globally with full‑stack payment orchestration and related services.

Why this matters

This expansion signals a long‑term commitment to open, interoperable payments across the MEA region, offering an institutional‑grade platform to handle multi‑currency and regulatory challenges. It also reinforces Dubai’s role as a fintech hub and positions Juspay to partner with regional banks, networks and merchants to scale payments across markets.

What to watch next

Regional team growth and partnerships with banks and networks in DIFC and GCC.

Adoption of Juspay’s payments orchestration platform by MEA enterprises.

Regulatory and compliance readiness to support multi‑currency, cross‑border payments across GCC and MEASA.

Expansion of services to additional markets in MEASA as demand scales.

Disclosure: The content below is a press release provided by the company/PR representative. It is published for informational purposes.

Juspay Strengthens Middle East Presence with DIFC Headquarters

Dubai, February 10th, 2026 – Juspay, a global leader in payment infrastructure solutions for enterprises and banks, today announced its expansion into the Middle East with the opening of its regional headquarters in Dubai International Financial Centre (DIFC). This move marks an important step in Juspay’s international expansion, deepening its focus on serving enterprise merchants, banks, and financial institutions in the Middle East. The DIFC headquarters will support closer engagement with existing partners as enterprise payment demand continues to scale.

With digital commerce accelerating in the GCC region, rapidly scaling enterprises in sectors such as airlines, hospitality, e‑commerce, and financial services face increasing complexity driven by multiple regional currencies, evolving regulations, and diverse local payment methods.

To address this complexity, Juspay’s payments orchestration platform provides a unified & reliable payments stack, helping organizations optimize authorisation rates and costs, simplify compliance and scale seamlessly across GCC and global markets with institutional‑grade reliability.

Establishing operations in DIFC highlights Juspay’s long‑term commitment to the Middle East, with a focus on building , regulated, and enterprise‑grade payments infrastructure in the region. As a leading global financial hub, DIFC provides a strong regulatory environment, robust infrastructure, and access to high quality talent. Juspay plans to leverage this and work closely with regional banks, acquirers, networks, and ecosystem partners to deliver scalable and reliable payment solutions tailored for enterprises operating across global markets.

Commenting on the expansion, Sheetal Lalwani, Co‑founder & COO of Juspay, said: “Juspay has been building foundational payments infrastructure for large‑scale, mission‑critical commerce globally for over a decade. We are excited to bring these learnings to the Middle East and partner with merchants, banks, networks, and the broader ecosystem to build secure, scalable payments infrastructure that supports the region’s rapidly evolving digital economy.”

Salmaan Jaffery, Chief Business Development Officer at DIFC Authority said: “We are pleased to welcome Juspay to the Middle East, Africa and South Asia’s most significant fintech and financial services ecosystem. As a global leader in payment infrastructure, Juspay’s presence strengthens our growing digital economy, reinforces DIFC’s role as a catalyst for financial innovation and cements Dubai’s position as a top four global FinTech hub.”

With more than a decade of experience in scaling payment infrastructure, Juspay powers 500+ enterprise merchants and banks globally including Agoda, Amazon, Flipkart, Google, HSBC, IndiGo, Swiggy, Urban Company, Zepto & more. It offers a comprehensive suite of payment solutions that spans full‑stack payment orchestration, authentication, tokenisation, reconciliation, fraud solutions and more. The company also provides end‑to‑end, white‑label payment gateway and real‑time payments infrastructure tailored for banks. Together these capabilities enable merchants and banks to deliver seamless, reliable and scalable payment experiences to the end‑consumers.

Speaking about Juspay’s regional focus, Nakul Kothari, head of Middle East & APAC said, “By establishing our presence in the Middle East with DIFC, we continue our mission of building innovative payment solutions rooted in deep local market understanding. The region holds tremendous potential, and we are investing in long‑term partnerships with merchants and banks to help them build future‑ready payment stacks that can scale across markets.”

This expansion reflects Juspay’s long‑term vision of enabling open, interoperable, and accessible payments worldwide. With a team of over 1,500 payment experts solving payment complexities across Asia‑Pacific, Latin America, Europe, UK, and North America, Juspay is strategically positioned to reshape the Middle Eastern payments landscape. The company plans to grow its regional team, specifically targeting growth in business development, solution engineering, and partnerships.

About Juspay

Juspay is a leading multinational payments technology company, redefining payments for 500+ top global enterprises and banks. Founded in 2012, the company processes over 300 million daily transactions, exceeding an annualized total payment volume (TPV) of $1 trillion with 99.999% reliability. Headquartered in Bangalore, India, Juspay is powered by a global network of 1500+ payment experts operating across San Francisco, Dublin, São Paulo, Dubai, and Singapore.

Juspay offers a comprehensive product suite for merchants that includes open‑source payment orchestration, global payouts, seamless authentication, payment tokenization, fraud & risk management, end‑to‑end reconciliation, unified payment analytics & more. The company’s offerings also include end‑to‑end white label payment gateway solutions & real‑time payments infrastructure for banks. These products help businesses achieve superior conversion rates, reduce fraud, optimize costs, and deliver seamless customer experiences at scale.

To learn more about Juspay, visit: http://www.juspay.io

About Dubai International Financial Centre

Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres, and the leading financial hub for the Middle East, Africa and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn. With a 20‑year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast‑growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region’s largest financial ecosystem of 46,000 professionals working across over 6,900 active registered companies – making up the largest and most diverse pool of industry talent in the region. Comprising a variety of world‑renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai’s most sought‑after business and lifestyle destinations. For further information, please visit our website: http://difc.ae, or follow us on LinkedIn and X @DIFC. 

This article was originally published as Juspay Strengthens Middle East Presence with DIFC Headquarters on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Securitize is piloting a novel real-world asset (RWA) stablecoin that is backed by tokenized private credit assets, marking a notable push to bring regulated, yield-generating assets onto blockchain rails. The initiative unfolds through a collaboration with STBL, Hamilton Lane, and OKX Ventures, aiming to issue the new stablecoin on OKX’s X Layer network. The structure ties the stable unit to tokenized exposure to Hamilton Lane’s Senior Credit Opportunities Fund via a feeder arrangement, while separating the yield generated by the underlying assets from the stablecoin itself. This approach is designed to address regulatory nerves around passive yields while enabling programmable settlement within a regulated, on-chain framework.

The collaboration brings together three pillars: Securitize’s tokenization platform, STBL’s stablecoin infrastructure, and Hamilton Lane’s private credit expertise, with financial backing and strategic input from OKX Ventures. The project envisions a broader ecosystem where institutional private markets can be accessed and managed on-chain, leveraging liquidity and settlement capabilities that are increasingly common in Layer-2 environments. In a Thursday X post, Securitize described the product as an ecosystem-specific stablecoin that will be issued on X Layer and collateralized by tokenized exposure to the Senior Credit Opportunities Fund, arranged through a feeder structure managed by Securitize.

The architecture is designed to keep the stable token distinct from the yields it represents. A dual-token model is central to the design: one token maintains price stability, while a separate mechanism accrues yield from the underlying assets. This separation is meant to respond to regulatory discussions in the United States that have focused on stablecoins that distribute passive returns to holders. By routing yield generation to the collateral layer, the framework aims to preserve the stability function of the token itself while still allowing on-chain access to private-credit yields. In a January 14 post, STBL emphasized that the approach aligns with evolving regulatory expectations of distinguishing stable payment instruments from investment products.

“This initiative brings deep liquidity, programmable settlement, and compliant yield management to the X Layer ecosystem, setting a new standard for how capital flows onchain.”

The project’s emphasis on real-world asset liquidity reflects a broader trend in which on-chain finance seeks greater institutional participation. STBL’s yield architecture is described as a deliberate attempt to sidestep certain regulatory concerns by ensuring the stablecoin is not classified as a yield-bearing instrument. The structure proposes that returns accrue at the collateral layer rather than being paid directly to stablecoin holders, a design choice that market participants hope will ease compliance frictions as digital asset markets mature. STBL’s statements highlight the intent to align with regulators’ expectations that separate the instrument used for payments from the investment or yield-generating activities beneath it.

In explaining the rationale, Securitize noted that tokenization of private credit, when combined with programmable settlement, can unlock a level of on-chain efficiency previously unavailable to traditional markets. The feeder arrangement linked to Hamilton Lane’s Senior Credit Opportunities Fund is intended to provide a robust, diversified exposure to private credit assets, while the on-chain wrapper enables programmable settlement and potentially broader liquidity across the X Layer ecosystem. The executives cited that the arrangement leverages the strength of tokenization and institutional governance structures to bring private markets into the on-chain world.

The collaboration is also positioned within a wider regulatory dialogue around stablecoins. By creating a dual-economy dynamic—one for the stable unit and another for the yield—the parties aim to provide a framework that can be more palatable to policymakers who are wary of passive yield mechanisms. The approach reflects a growing industry push to design financial primitives that preserve the reliability and predictability of stablecoins while still enabling on-chain access to sophisticated yield-generating strategies.

Cointelegraph reached out to OKX Ventures and STBL for comment on the token’s architecture and yield expectations. The public posts from Securitize and STBL on X provide the primary public vantage points for understanding how the feeder structure interacts with Hamilton Lane’s private-credit assets and how the on-chain settlement process is intended to function within the X Layer network. The broader context includes ongoing policy discussions around US market structure and the regulation of stablecoins, including concerns about passive yields on stablecoin holdings.

Related reporting has highlighted ongoing debates about tokenization, on-chain settlement, and regulated approaches to stablecoins, underscoring that the sector is still navigating a complex regulatory landscape. The new framework’s emphasis on separating stable value from yield is a direct response to these discussions, positioning the product as a test case for how regulated tokenization can coexist with the on-chain ecosystem.

The evolving design also aligns with broader efforts to tokenize RWAs and integrate them within regulated digital asset ecosystems. Securitize’s platform, which has logged immense growth in tokenized assets and long-standing relationships with major players in traditional finance, provides a credible basis for such an initiative. The project’s success will hinge on how effectively the feeder structure translates private-credit exposure into reliable on-chain liquidity, how well the dual-token model withstands regulatory scrutiny, and how the X Layer network accommodates scalable, compliant programmable settlement.

As the ecosystem evolves, observers will be watching for how governance and product metrics develop, including yield expectations, liquidity depth, and the ability to maintain stable unit value amid fluctuating demand for private-credit exposure. The collaboration signals a maturing phase in on-chain finance, where institutional players are increasingly willing to explore regulated mechanisms that can deliver both stability and yield through tokenized, on-chain structures.

Sources: OKX Ventures and STBL statements via X posts; Securitize’s official X post; Hamilton Lane’s exposure strategy via the same channels; regulatory discussions surrounding US market structure and stablecoins.

Video and related materials linked to the project are available through the channels referenced in the announcements, including a YouTube video linked in the original content. To review the latest details and context, readers can follow the primary posts on X from Securitize and STBL and the accompanying materials from Hamilton Lane and OKX Ventures.

Market context

Market context: The launch arrives as tokenization of real-world assets gains traction among institutional investors, even as regulators scrutinize stablecoins that distribute passive yields. By combining regulated tokenization, programmable settlement, and a dual-token design, the project seeks to balance on-chain efficiency with strict compliance expectations. The initiative also underscores growing interest in Layer-2 ecosystems like X Layer as venues for institutional-grade liquidity and on-chain settlement that can bridge traditional finance and digital asset markets.

Why it matters

The collaboration represents a notable step in the ongoing integration of real-world assets into on-chain finance. By linking a tokenized private-credit exposure to a stablecoin structure, the project tests whether RWAs can deliver stable value on-chain while preserving the ability to generate yield from traditional asset classes. If successful, this model could unlock new liquidity channels for private credit, potentially expanding the investor base for specialized funds and enabling more dynamic, on-chain risk management tools for institutions.

For builders and investors, the dual-token approach offers a blueprint for designing stablecoins that decouple payments from investment performance. Regulators have shown heightened scrutiny of yield-bearing stablecoins, and this architecture attempts to address those concerns by ensuring that the stable unit maintains price stability independently of the yield generated by the underlying assets. The project highlights how tokenization, governance, and settlement engineering can converge to create on-chain instruments that appeal to both institutional participants and compliant market participants.

From a market perspective, the initiative underscores the importance of liquidity and settlement infrastructure in enabling RWAs to function effectively on-chain. It also points to a broader appetite among market participants for regulated, transparent frameworks that can accommodate complex asset classes while offering the operational advantages of blockchain technology. The success of this approach will influence how other asset managers, custodians, and exchanges approach RWAs and their representation as on-chain instruments.

What to watch next

Timeline and milestones for the stablecoin’s issuance on X Layer, including any feeder-structure milestones and governance changes.

Regulatory updates or formal guidance that clarify how the dual-token model will be treated under US stablecoin and securities rules.

Details on the yield mechanism at the collateral layer, including any performance benchmarks and risk controls for the underlying Senior Credit Opportunities Fund exposure.

Confirmation of liquidity.Depth on X Layer and any listed or cross-chain integrations that expand access to the tokenized private-credit exposure.

Additional announcements from Securitize, STBL, Hamilton Lane, and OKX Ventures detailing product roadmap and potential expansion into other asset classes or funds.

Sources & verification

Official X posts from Securitize describing the ecosystem-specific stablecoin and its feeder structure.

STBL official posts discussing the yield architecture and regulatory alignment for stablecoins.

OKX Ventures statements and materials related to the investment and strategic collaboration.

Hamilton Lane materials outlining the Senior Credit Opportunities Fund exposure used in the feeder arrangement.

Discussion of the US market structure bill’s provisions affecting passive yield on stablecoins and related regulatory debates.

This article was originally published as OKX Ventures Invests in RWA Stablecoin with Securitize, Hamilton Lane on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

The American Bankers Association is pressing the Office of the Comptroller of the Currency to slow the wheel on national trust bank charters for crypto and stablecoin firms until key questions around the GENIUS Act, which would reshape U.S. stablecoin regulation, are settled. In a recent comment letter responding to the OCC’s notice of proposed rulemaking on national bank charters, the ABA warned that the sector’s regulatory picture remains fragmented across federal and state authorities. The trade group argued that advancing applications now could leave uninsured, digital-asset‑focused trusts exposed to unresolved safety, operational, and resolution issues, even as the industry connects customer assets to federally chartered platforms.

The ABA’s critique centers on the risk that a patchwork of oversight can create gaps for entities that manage crypto and stablecoins. The letter contends that until forthcoming GENIUS Act rulemakings lay out clear regulatory obligations, it would be prudent for the OCC to pause or slow down approvals. The GENIUS Act, which aims to streamline or redefine how digital assets fit into the U.S. banking framework, has not yet produced a settled regulatory map. Without that clarity, the ABA argues, banks seeking charters could face obligations that are not yet defined, complicating risk management and supervisory expectations for these new structures.

Beyond governance, the association underscored distinct safety and soundness concerns tied to uninsured, digital-asset‑focused national trusts. Chief among them are questions about how customer assets are segregated and protected, potential conflicts of interest, and the cyber safeguards necessary to withstand sophisticated threats. The letter points to the possibility that uninsured digital-asset trusts could be used to sidestep traditional registration and scrutiny by agencies such as the SEC or CFTC when activities would ordinarily trigger securities or derivatives regulation. The overarching worry is that these charters could become a back door to bypass comprehensive, integrated oversight.

The ABA’s stance comes as the OCC has recently moved to greenlight a path for several crypto firms to hold and manage customer digital assets under a federal charter while staying outside the deposit-taking and lending business. In December 2025, the OCC granted conditional national trust bank approvals to five notable players: Bitgo Bank & Trust, Fidelity Digital Assets, Ripple National Trust Bank, First National Digital Currency Bank, and Paxos Trust Company. This sequence—clear progress followed by calls for prudence—has amplified calls from industry observers and policymakers to align new models with robust regulatory guardrails.

As the regulatory dialogue intensifies, the broader banking lobby has amplified its push for Congress to act. Proposals such as the Digital Asset Market Clarity (CLARITY) Act have gained attention for attempting to curb the appeal of stablecoin rewards and other yield-bearing programs that could blur the line between traditional banking products and crypto offerings. At the same time, coverage of GENIUS Act proposals has underscored the tension between innovation and prudential supervision. The industry’s worry is that without a unified framework, chartered entities could be forced into a regulatory limbo where consumer protection and financial stability are not fully safeguarded.

While the ABA’s letter emphasizes caution, the OCC’s recent actions reflect a different facet of the ongoing balancing act: enabling regulated access to digital assets under a federal charter while attempting to avoid the full deposit-taking framework. The OCC’s stance has drawn support from some voices within the crypto sector who argue for clear, uniform standards that would prevent a fragmented patchwork of state-by-state approaches. The debate also intersects with ongoing discussions about how to treat banks and crypto similarly or differently, a point highlighted by industry and regulatory leaders alike. A separate OCC statement and related commentary have argued that there is no justification to treat banks and crypto differently; the underlying question remains how to translate those principles into enforceable, uniform rules across multiple agencies.

​Warning after new crypto trust charters

The timing of the ABA’s intervention is notable: it follows the OCC’s conditional approvals announced earlier in December 2025 that would allow these firms to hold and manage customer digital assets under a federal umbrella while remaining out of the deposit-taking and lending business. The OCC described these structures as national trusts designed to segregate digital assets and provide custody capabilities without converting to traditional banking operations. The five charter recipients—Bitgo Bank & Trust, Fidelity Digital Assets, Ripple National Trust Bank, First National Digital Currency Bank, and Paxos Trust Company—represent a cross-section of the market and reflect a broader appetite to experiment with federal oversight in the crypto custody space. The OCC’s action signals a potential pathway for regulated custody of digital assets, even as lawmakers and industry groups push for clarifying legislation and more precise supervisory expectations.

The push for governance clarity is not happening in a vacuum. Industry participants and lawmakers alike have been weighing proposals like GENIUS Act and CLARITY Act, which seek to define the boundaries of crypto activities within the traditional banking regime and curb practices that could be mischaracterized as bank-like products without full bank regulation. The evolving regulatory mosaic poses a dilemma for firms seeking charters: how to align innovative custody models with a robust, predictable framework that ensures customer protection and systemic stability—without dampening the competitiveness and speed of financial-technology innovation.

As regulatory scoping continues to evolve, observers note that the OCC’s framework for conditional approvals to national trust charters could have meaningful implications for market structure, consumer safeguards, and the scope of permissible activities for non-deposit-taking digital asset custodians. The tension between fostering innovation and ensuring a resilient financial system remains at the heart of the debate. Several pieces of legislation and policy proposals that would influence this trajectory are already in circulation, reinforcing the sense that 2026 could be a critical year for how crypto custody and stablecoins are governed at the federal level.

Why it matters

For investors, the ongoing regulatory clarifications affect risk assessment and the perceived legitimacy of crypto custody solutions. A formal, well-defined regulatory framework could reduce ambiguity around the protections afforded to customer assets held by uninsured digital-asset trusts and influence risk pricing for associated products. For builders and operators, clear rules can help map out feasible business models that align with capital, governance, and risk-management expectations. And for policymakers, the interplay between GENIUS Act provisions, banking supervision, and securities/derivatives regulation underscores a key objective: ensuring that innovation remains aligned with financial stability and consumer protection.

From a market structure perspective, the debate highlights how custody and settlement infrastructures could evolve under federal oversight. If the OCC’s conditional trust charters become a common feature, watchers will be looking for transparency around capital requirements, resilience standards, and the safeguards that would prevent consumer confusion—especially around institutions that use “bank” in their names for branding purposes despite not engaging in traditional banking activities. The industry’s insistence on naming rules reflects a broader concern about trust and clarity in a landscape where digital assets can be held by entities operating under a federal umbrella but without full deposit-taking powers.

Meanwhile, the GENIUS Act and related proposals continue to shape the policy dialogue on stablecoins and digital assets within the U.S. financial system. As the regulatory math evolves, the market will be watching how agencies interpret and implement these concepts in real-world chartering decisions. The balancing act remains: enable responsible innovation in custody and settlement while preserving a robust, transparent, and enforceable supervisory regime that protects consumers and maintains market integrity.

What to watch next

OCC’s formal response to the ABA comment letter and any adjustments to the proposed rulemaking timeline.

Developments in GENIUS Act rulemaking and any accompanying guidance that clarifies obligations for crypto custody under national bank charters.

Details on the five crypto firms granted conditional national trust charters, including milestones for capital, risk controls, and asset segregation.

Legislative progress on the CLARITY Act and related measures that would influence stablecoin governance and disclosure requirements.

Sources & verification

The ABA letter to the OCC regarding national bank chartering (PDF).

OCC press release: conditional national trust bank approvals for Bitgo Bank & Trust, Fidelity Digital Assets, Ripple National Trust Bank, First National Digital Currency Bank, and Paxos Trust Company (nr-occ-2025-125.html).

OCC updates on GENIUS Act-related rulemaking and related policy discussions cited in industry coverage.

Cointelegraph reporting on the OCC’s stance toward treating banks and crypto equally and the broader lobbying around the GENIUS Act and related reforms.

What the ABA letter says, in context

The ABA’s position centers on prudence and transparency. The association argues that the OCC should resist rushing charter approvals for entities handling uninsured customer funds in crypto and stablecoin operations until the GENIUS Act rulemakings are fully defined and integrated into a coherent supervisory framework. It emphasizes that without a clear, comprehensive set of obligations, chartered entities could encounter undefined capital, operational resilience, and customer-protection standards. The letter calls for greater clarity on how capital and resilience benchmarks will be calibrated in conditional approvals and presses for tighter naming rules to prevent consumer confusion when entities use “bank” in their branding, despite not engaging in traditional banking activities. The overarching theme is to align innovation with robust safeguards and to keep deposit-empowered banks as the reference point for consumer protections and risk management.

Key figures and next steps

As the regulatory conversation continues, observers will be watching a trio of developments: the OCC’s formal responses to stakeholder comments, the progression of GENIUS Act rulemaking, and the practical implications of the five conditional charter approvals already granted. The dialogue around whether banks and crypto should be treated differently is likely to persist, but the current emphasis appears to be on ensuring that any new chartering framework provides explicit obligations and strong oversight. With policy and industry stakeholders navigating these questions, the coming months could define how crypto custody, stablecoin issuance, and related digital-asset activities are integrated into the U.S. banking system on a long-term, predictable basis.

This article was originally published as Banks push OCC to curb crypto trust charters until GENIUS rules clear on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin (CRYPTO: BTC) treasury company Strategy will lean more heavily on its perpetual preferred stock program to finance additional Bitcoin purchases, moving away from a reliance on issuing common stock. CEO Phong Le outlined the pivot during Bloomberg’s The Close, explaining that the company intends to shift from equity capital to preferred capital as a core funding channel. The move centers on Stretch (STRC), Strategy’s perpetual preferred offering launched in July, which targets investors seeking steadier returns through an annual dividend north of 11%. The instrument has been positioned as an alternative to diluting the company’s stock while it continues to amass BTC holdings. The development comes as Strategy eyes a broader rollout of STRC later in the year, signaling a potential shift in how corporate treasuries wield equity-like instruments to grow crypto reserves.

Le emphasized that the preferred stock will “take some seasoning” and marketing before traders fully embrace the product, but he remained upbeat about STRC’s trajectory. He told The Close that, in the course of this year, Stretch could become a cornerstone offering for Strategy as it seeks to fund further Bitcoin acquisitions. The company’s financing strategy has repeatedly leaned on STRC to finance BTC purchases since its inception, providing a mechanism to accumulate digital assets without triggering immediate dilution of common equity. The approach is part of a broader class of crypto treasuries that use perpetual preferreds to balance income generation with asset accumulation.

STRC, which was introduced to market as Strategy’s fourth perpetual preferred instrument, was explicitly designed to appeal to buyers seeking long-term stability. It carries an annual dividend and is marketed as a capital-structure play rather than a plain equity raise. The instrument’s structure aims to deliver predictable income while enabling Strategy to keep building its Bitcoin stack. The narrative around STRC has fed into a wider discussion about how corporate treasuries are managing liquidity, risk, and exposure to crypto markets without immediately triggering shareholder dilution. Critics, however, have warned that the space has grown crowded and that some companies’ holdings now exceed their market capitalization, raising questions about concentration risk and governance.

Strategy could restart offerings as STRC hits $100

In late trading, STRC regained its par value of $100 for the first time since mid-January, a development Le described as the “story of the day.” The move back to par could unlock renewed appetite for STRC issuances, potentially enabling Strategy to fund additional Bitcoin purchases without issuing new common shares. Earlier this month, the stock traded under $94 when Bitcoin briefly slid below $60,000, underscoring how BTC price dynamics can influence the attractiveness of STRC as a funding mechanism. With Bitcoin trading roughly around $66,800, the market environment remains relatively constructive for asset accumulation through alternative financing vehicles, even as volatility lingers on near-term horizons.

Bitcoin’s price trajectory has been steady but not spectacular in the immediate term, hovering around the mid-$66,000s after peaking above $68,000 intraday. The price backdrop supports narratives that corporate treasuries can pursue more disciplined, income-generating avenues for finance, while still chasing the long-term upside of BTC exposure. The evolving dynamics around STRC and similar instruments come as crypto returns and risk sentiment influence decisions across corporate balance sheets, with issuers seeking to optimize cost of capital and dilution concerns in parallel.

Buying Bitcoin treasury rivals a “distraction”

Analysts have cautioned that the crypto treasury space is becoming crowded as several firms vie for a relatively small pool of traders and investors. In a crowded market, some observers warn that corporate treasuries could face diminishing marginal value as more players announce similar funding structures. The fragmentation raises questions about price discovery, liquidity, and the true strategic value of perpetual preferreds in maintaining BTC accumulation over the long run.

Related: Saylor’s Strategy buys $90M in Bitcoin as price trades below cost basis

Beyond pure competition concerns, Le dismissed the notion that Strategy would pursue aggressive consolidation through acquisitions of underperforming peers. He argued that focusing on the core STRC product is preferable to pursuing opportunistic takeovers, likening the approach to other technology or finance markets where companies emphasize product development over opportunistic acquisitions. “In any new market, whether it be electric cars or AI or SaaS software, you want to focus on your core product,” Le said. “It would be a distraction to go buy, at a discount to net asset value, another digital asset treasury company.”

As the wider market digests these developments, Strategy’s stock, traded as MSTR, closed down more than 5% at $126.14, reflecting a sentiment that remains cautious in the near term even as STRC gains traction. The price action underscores the delicate balance investors weigh between funded BTC accumulation and the potential dilution risk associated with new equity or preferred stock offerings. The discussion around STRC also feeds into broader debates about how corporate treasuries manage risk, yield, and the opportunity cost of capital when BTC becomes a strategic asset rather than a speculative instrument.

To contextualize the conversation, industry observers have pointed to a broader trend: as more companies adopt crypto treasuries, the market could see consolidation through mergers and acquisitions or more aggressive share-issuing strategies when faced with capital needs. Yet Strategy’s leadership seems intent on refining its preferred-stock route rather than chasing rapid expansion through bolder balance-sheet moves. The decision to prioritize a steady, dividend-bearing instrument aligns with a philosophy of measured growth and risk control, even as BTC remains a volatile, high-beta asset that can swing strategic outcomes in a single trading session.

In parallel, the crypto treasury sector has become a focal point for investors seeking visibility into how corporate treasuries navigate liquidity, risk, and regulatory constraints. Analysts suggest that while the category has matured in some respects, it remains a moving target shaped by Bitcoin’s price action, macroeconomic conditions, and evolving market structure. The emergence of streaming discussions around STRC and similar products indicates a willingness among issuers to experiment with bespoke capital-structure solutions as legitimate means of funding crypto purchases. The question remains: how durable will these instruments prove in different market regimes, and will investor demand stabilize as more issuers publish performance data and governance disclosures?

Why it matters

For investors, Strategy’s pivot toward preferred stock as a primary funding mechanism highlights a shift in how crypto treasuries can balance income with exposure to Bitcoin outright. The STRC instrument promises yield and stability, potentially reducing the pressure to issue more common stock and mitigate dilution. If STRC continues to perform and attract sufficient investor interest, Strategy could emerge as a case study for how treasuries combine traditional fixed-income features with crypto exposure to create a hybrid financing model.

From a market perspective, the development reinforces the idea that institutional players are increasingly treating BTC as a fundamental corporate asset rather than a speculative risk. The use of perpetual preferreds could provide a template for other issuers seeking to augment BTC reserves without triggering immediate equity dilution. Yet the crowded nature of the space also invites closer scrutiny of governance, risk management, and the alignment of incentives between a company’s treasury activities and shareholder interests. The balance between discipline in funding and the pursuit of BTC upside remains a central tension, one that Strategy appears intent on navigating with caution and clarity.

For builders and researchers, the case raises questions about the transparency of crypto-treasury deals, the long-term performance of perpetual preferreds in crypto contexts, and how such instruments should be regulated as they gain traction in mainstream finance. The evolving narrative around STRC and related products could influence product design, disclosure standards, and investor education as more firms explore innovative capital-structure solutions to support digital-asset accumulation.

What to watch next

Progress in STRC marketing and adoption, including any new issuances or marketing milestones (dates to watch).

Bitcoin price movements and any corresponding shifts in Strategy’s BTC purchase cadence or balance-sheet disclosures.

Regulatory developments affecting corporate crypto treasuries and preferred-stock financings.

Q3 and Q4 earnings context for Strategy (or related entities) that could reflect changes in capital-raising strategies.

Market sentiment indicators for crypto treasuries, including liquidity and trading volumes for perpetual-preferred products.

Sources & verification

Bloomberg – Phong Le interview on The Close discussing Strategy’s move from equity capital to preferred capital and STRC’s role (YouTube link provided in original coverage).

Cointelegraph – Strategy raises $2B in preferred stock to back Bitcoin purchases (article detailing STRC launch and purpose).

Cointelegraph – Why Saylor’s Strategy keeps buying Bitcoin: Long-term investment rationale and treasury approach.

Cointelegraph – Saylor/Strategy buys $90M in Bitcoin as price trades below cost basis (context on BTC purchases and treasury activity).

Cointelegraph – Crypto treasury more merger/acquisition cycle mature (analysis of competitive dynamics in the treasury space).

What to watch next

Market development and official disclosures in the coming quarters will be critical to assess STRC’s effectiveness as a funding tool and Strategy’s broader strategy for growing its BTC holdings through preferred-stock issuances.

This article was originally published as Strategy CEO Seeks More Preferred Stock to Fund Bitcoin Buys on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Ripple’s CEO, Brad Garlinghouse, recently addressed the ongoing turbulence in the cryptocurrency market, emphasizing XRP’s importance to the company’s future. During his appearance on X Spaces, Garlinghouse reassured the community that XRP remains central to Ripple’s operations. Despite the market’s struggles, Ripple is focused on long-term goals that center around the utility and liquidity of XRP and the XRP Ledger.

XRP is the “North Star” for Ripple

@BradGarlinghouse highlights how Ripple Payments, Ripple Prime, & Ripple Treasury all drive utility & liquidity around $XRP. pic.twitter.com/g9xlCPpToy

— 𝗕𝗮𝗻𝗸XRP (@BankXRP) February 11, 2026

Garlinghouse explained that XRP continues to be the company’s guiding principle, described as its “North Star.” He pointed out that Ripple’s various products, including Ripple Payments, Ripple Prime, and Ripple Treasury, all aim to increase XRP’s utility. The goal, he noted, is to build trust around XRP, which remains the “heartbeat” of Ripple’s financial infrastructure.

Ripple’s focus on XRP is evident in the company’s aggressive strategies. These efforts include expanding its services in traditional finance while working to build cross-sector solutions for both crypto and traditional financial systems. This strategy aligns with Garlinghouse’s belief that XRP plays a crucial role in shaping the future of financial systems globally.

Ripple Takes an Offensive Approach Amid Market Drawdown

Garlinghouse acknowledged the recent market downturn, which he described as a “bloodbath.” Despite the setback, he suggested that the current conditions could offer an opportunity for investors to enter the market. His view echoes the sentiment that periods of fear can present valuable buying chances for those willing to take risks.

He noted that, while the crypto market is facing significant challenges, XRP has remained resilient. Since November 2024, XRP has been one of the top performers in the market, contrasting with Bitcoin’s relatively flat performance. This positive outlook highlights the coin’s strength and Ripple’s commitment to its long-term vision despite market fluctuations.

Ripple’s Focus on Expansion and Strategic Acquisitions

After years of navigating regulatory challenges, Ripple is now focusing on aggressive acquisitions to accelerate its growth. Garlinghouse described this shift as a crucial move to position Ripple for future success. The company is working hard to recover time lost due to past delays and to maintain its momentum in 2026.

Ripple’s acquisition strategy aims to expand its reach beyond the cryptocurrency community and into traditional finance. By blending both sectors, the company aims to bridge gaps and create solutions that benefit both crypto and conventional financial institutions. This dual focus positions Ripple for broader success as the company prepares to make an even stronger impact in 2026.

Ripple’s approach, according to Garlinghouse, will allow the company to forge new paths in the crypto space while securing XRP’s dominance in the global financial ecosystem. With its aggressive acquisition strategy and renewed focus, Ripple is set to continue pushing forward into 2026, determined to shape the future of finance.

This article was originally published as Ripple CEO Garlinghouse Reassures XRP Community Amid Market Struggles on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Robinhood has launched the public testnet for Robinhood Chain, marking a significant step in its blockchain ambitions. This Ethereum Layer-2 network aims to expand the company’s on-chain financial services. The move is part of Robinhood’s broader strategy to build its own blockchain infrastructure and bring tokenized assets and 24/7 trading to its platform.

The public testnet allows developers to test and evaluate applications on the network before its full launch. With the testnet in place, Robinhood aims to create a robust ecosystem for tokenized real-world and digital assets. In addition, the platform plans to integrate decentralized finance (DeFi) liquidity within the Ethereum ecosystem.

While this testnet launch marks an important milestone, Robinhood’s stock price has faced a downturn. Despite the promising developments, HOOD stock has dropped by 8.8%, trading at $78.09. The price drop follows a broader decline in stock value, particularly over the past few days.

Expanding Blockchain Infrastructure

Robinhood’s testnet launch signals its broader push into blockchain and decentralized finance. The Ethereum Layer-2 network is not only designed to improve scalability but also to rebuild Robinhood’s existing infrastructure. This focus on enhancing its systems is intended to integrate tokenized assets and DeFi features seamlessly into its platform.

In a statement, Johann Kerbrat, SVP and GM of Crypto and International at Robinhood, highlighted the company’s goal. He emphasized that the blockchain initiative is not just about scaling, but about transforming Robinhood’s core systems. The launch of Robinhood Chain is a crucial step in the company’s vision to establish its blockchain infrastructure.

The company expects that this infrastructure will create opportunities for developers to build innovative applications. With the Ethereum Layer-2 network, developers will be able to access the tools needed to bring their applications to life. The initiative aims to foster an ecosystem that will drive the future of tokenized financial services.

Revenue Declines and Market Reaction

Despite the excitement surrounding the testnet launch, Robinhood’s recent quarterly performance has raised concerns. The company reported Q4 revenue of $1.28 billion, falling short of expectations. This revenue miss came after the company had projected $1.35 billion in earnings for the quarter.

Additionally, Robinhood’s crypto transaction revenue also saw a decline, dropping to $221 million from $268 million in the previous quarter. This decrease in crypto-related revenue may have contributed to the negative market reaction. Despite these setbacks, the company remains committed to its blockchain plans and is pushing forward with its blockchain-based services.

The dip in stock price, combined with a decline in crypto transaction revenue, has raised questions about the company’s financial stability. However, Robinhood’s focus on its blockchain infrastructure could position it for long-term growth. The testnet launch is just the first step in a larger strategy to transform its platform and provide more advanced services to its users.

Integration with Key Blockchain Partners

Robinhood is partnering with several prominent blockchain infrastructure providers to integrate into the Robinhood Chain ecosystem. Companies like Alchemy, Allium, Chainlink, LayerZero, and TRM are among the first to join the initiative. These partnerships are expected to help strengthen the technical foundation of the network and expand its capabilities.

As Robinhood continues to develop its blockchain infrastructure, more partnerships will likely emerge. These collaborations will provide additional resources and tools to enhance the platform’s functionality. The involvement of established players in the blockchain space underscores the importance of Robinhood’s move into this new area.

The partnerships also signal Robinhood’s intention to build a robust ecosystem that can support a variety of applications. By integrating blockchain technology and decentralized finance liquidity, Robinhood aims to redefine financial services. The testnet launch marks the beginning of a larger effort to create a comprehensive blockchain platform that will serve the company’s growing user base.

Future Prospects of Robinhood Chain

The launch of the public testnet for Robinhood Chain is just the beginning of the company’s long-term blockchain strategy. The platform aims to bring tokenized real-world assets and DeFi services to its users. Over time, Robinhood plans to scale the network and introduce more advanced features that will transform its financial services.

With the support of key blockchain infrastructure providers, Robinhood is well-positioned to establish itself as a leader in the blockchain space. As the company continues to develop Robinhood Chain, it will likely attract more developers and businesses to the ecosystem. The future of Robinhood’s blockchain ambitions looks promising, as it seeks to disrupt traditional financial systems with its innovative approach.

While the road ahead may be challenging, Robinhood’s commitment to blockchain technology could lead to a transformative shift in the financial sector. The launch of Robinhood Chain represents a bold move to redefine how financial services are delivered and consumed. With a strong focus on tokenization and decentralized finance, Robinhood aims to lead the way in the next generation of financial technology.

This article was originally published as Robinhood Launches Ethereum Layer-2 Testnet, Expands Blockchain Vision on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

BlackRock has taken a significant step into the world of decentralized finance (DeFi) by bringing its $2.1 billion tokenized Treasury fund to Uniswap. This move marks the asset management giant’s first formal engagement with DeFi and offers institutions new avenues for on-chain investment. The announcement solidifies BlackRock’s growing interest in digital assets and blockchain technology.

The launch of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) will enable institutional clients to trade tokenized securities on the Uniswap decentralized exchange. The fund’s listing represents a broader push to expand institutional access to the growing DeFi space. This venture also includes BlackRock acquiring an undisclosed amount of Uniswap’s governance token, UNI.

The listing will initially be available to a select group of institutional investors and market makers. As a part of the collaboration, Securitize, a tokenization company, facilitated the launch of BUIDL. The cooperation between Securitize and BlackRock strengthens the legitimacy of tokenized assets as viable investment products.

Tokenization Boosts DeFi and Institutional Access

Tokenized assets have seen increasing popularity as they allow real-world assets to be traded on blockchain networks. BlackRock’s foray into DeFi with BUIDL aims to provide institutions with access to tokenized money markets. These assets, backed by US Treasury securities, are designed to offer liquidity, security, and yield to investors.

Securitize CEO Carlos Domingo noted the importance of providing institutions with self-custody tools to trade tokenized real-world assets. He emphasized that this new product gives investors the flexibility to interact with decentralized finance while maintaining traditional investment characteristics. BUIDL is now the largest tokenized money market fund, with over $2.1 billion in total assets across multiple blockchains.

BUIDL is not the only fund seeking to expand access to tokenized money markets. Other major financial institutions like Goldman Sachs and BNY Mellon have entered the tokenization space, signaling wider industry acceptance. BlackRock’s partnership with Uniswap and Securitize further highlights the momentum behind blockchain technology in traditional finance.

Implications of Wall Street’s Adoption of Tokenized Assets

The rise of tokenized assets has been partly driven by the growing adoption of stablecoins and blockchain infrastructure. Financial institutions see tokenization as a way to adapt to shifting market dynamics, especially as stablecoin usage continues to rise. JPMorgan analysts have pointed out that tokenized money market funds could offer a counterbalance to the increasing use of stablecoins in the broader economy.

Tokenization could play a crucial role in mitigating potential liquidity shifts caused by the rapid expansion of stablecoins. According to JPMorgan strategist Teresa Ho, tokenized funds offer investors a way to post money market fund shares as collateral without losing yield. This feature could provide a valuable hedge against the growing dominance of stablecoins.

The regulatory landscape also plays a critical role in shaping the future of tokenized real-world assets. With the GENIUS Act expected to influence the stablecoin market, clearer regulations could encourage further adoption of blockchain technology. Solomon Tesfaye of Aptos Labs believes that stablecoin regulations may accelerate broader adoption of on-chain assets like tokenized money market funds.

This article was originally published as BlackRock Brings $2.1B Tokenized Treasury Fund to Uniswap for DeFi on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

WhatsApp, the messaging app owned by Meta, is at the center of a high-stakes regulatory clash as Moscow pushes a domestic alternative and tightens control over digital communication. In recent days, the company publicly accused the Russian government of attempting to block access for millions of users to steer them toward a state-owned substitute. The dispute unfolds as Russia advances a homegrown platform, Max, developed by VK, and seeks to entrench it as the official backbone for private messaging inside the country. The government’s aim is amplified by directives to pre-install Max on all smartphones sold in Russia, a move scheduled to take effect on Sept. 1, and by a broader push to curb reliance on Western platforms amid ongoing regulatory scrutiny.

Key takeaways

WhatsApp alleges Russia is attempting to isolate over 100 million users from private and secure communication, describing the move as a setback to digital safety.

Max, announced by VK and described as a state-backed alternative to WhatsApp and Telegram, began rolling out in March 2025 and is being mandated for pre-installation on new devices starting Sept. 1.

Backlinko estimates Russia hosts about 72 million active monthly WhatsApp users, placing the country among the top markets for the app outside the usual leaders.

Russian authorities have signaled that unblocking WhatsApp would require compliance with local laws and a willingness to negotiate, signaling a potential but uncertain path to access restoration.

Beyond Russia, authorities in other countries have intermittently restricted messaging services during periods of conflict or political upheaval, highlighting a broader trend in digital sovereignty and governance.

Sentiment: Neutral

Market context: The episode sits at the intersection of tech policy and geopolitical risk, illustrating how regulatory actions aimed at domestic control of communications can ripple through the broader digital ecosystem, including networks that crypto services rely on for open, cross-border activity. It underscores a growing attention to data localization, interoperability, and platform sovereignty that could influence global tech and financial ecosystems.

Why it matters

The confrontation between WhatsApp and Russia’s state-backed messaging initiative underscores a fundamental tension between user safety, privacy, and state interests. By introducing Max as a domestically controlled alternative, Moscow is signaling that access to private communication platforms is not simply a consumer choice but a matter of national policy. The move could reshape how Russians communicate, store sensitive information, and interact with businesses, while also raising questions about data localization, resilience, and security in a landscape where private messaging has become a critical utility for personal and professional life.

For international platforms, the Russian example highlights the costs and friction of compliance in a regulated environment that prizes sovereign control over digital infrastructure. The push to pre-install Max on all devices introduces a form of interoperability risk and raises concerns about interoperability with foreign networks, encryption standards, and user consent. Companies that operate across borders must navigate a patchwork of rules, sometimes in real time, which can affect everything from customer support to data flows and incident response protocols. The situation also hints at potential regulatory spillovers to adjacent technologies, including decentralized and cross-border services that crypto projects rely on to maintain open access and censorship resistance.

From a safety and governance perspective, the Russian case illustrates why policymakers abroad are investing in formal mechanisms to manage online communications. The tension between allowing free, secure messaging and enforcing content or data requests from law enforcement creates a persistent policy dilemma. In markets where crypto and blockchain technologies are gaining traction, observers will be watching to see how such regulatory dynamics influence the development of compliant, privacy-preserving communication tools and infrastructure that can withstand political pressure while preserving user trust.

The broader pattern is not limited to Russia. Reports from other countries describe a spectrum of actions—from partial restrictions to complete takedown attempts—that governments have employed during moments of political contention. The dialogue around messaging sovereignty compounds existing concerns about censorship, access to information, and digital rights. For users, this can mean unpredictability in service availability, the need for alternative channels, or the adoption of independent or decentralized messaging solutions as a hedge against outages or coercive controls.

On the technical front, the unfolding dynamic may accelerate innovation in how platforms approach data localization, compliance tooling, and cross-border interoperability. It also raises practical questions for developers, such as how to design communication apps that can operate seamlessly across multiple legal regimes without compromising user safety or security. While the immediate focus is regional, the implications reverberate through any ecosystem that depends on reliable, private messaging as a backbone for collaboration, financial transactions, or sensitive communications—an area where crypto communities have long stressed the importance of resilient, permissionless networks even as regulators seek to impose order and accountability.

What to watch next

Sept. 1, 2025 — Russia’s mandatory pre-installation of Max on all smartphones takes effect, elevating the platform’s installed base and potentially altering user behavior during the ongoing policy debate.

End of 2026 — Official signals from Moscow suggest a possible complete blocking of WhatsApp if compliance with national laws does not align with the state’s terms.

February 2026 — Public commentary and further reporting on whether WhatsApp remains accessible or experiences domain-level restrictions within Russia, including official statements from the presidential administration or regulatory bodies.

Regulatory actions and negotiations — Any new statements from Russia’s negotiation channels or law-enforcement agencies that clarify the conditions under which foreign messaging services could regain access or be forced to alter operational practices.

Comparative developments — Monitoring similar moves in other jurisdictions to assess how messaging sovereignty affects global platforms, user experience, and cross-border data flows.

Sources & verification

Gazeta.ru: Russia reports that WhatsApp’s domain had been blocked and would require VPN or similar workaround to access. https://www.gazeta.ru/tech/news/2026/02/11/27830761.shtml

TASS: Presidential press secretary Dmitry Peskov commented that unblocking WhatsApp would require the app to follow Russian laws and engage in negotiations. https://www.gazeta.ru/tech/news/2026/02/12/27832279.shtml?utm_source=chatgpt.com&utm_auth=false

Backlinko: Estimates of Russia’s active WhatsApp user base, highlighting a sizable market. https://backlinko.com/whatsapp-users

WhatsApp on X: Official status update from the messaging platform regarding Russia’s access measures. https://x.com/WhatsApp/status/2021749165835829485?s=20

Related coverage and context: Afghanistan internet outage and blockchain decentralization discussion. https://cointelegraph.com/news/afghanistan-internet-outage-blockchain-centralized-web

Digital friction in Russia’s messaging ecosystem: implications for users and global platforms

The dispute over WhatsApp and the push for a state-backed alternative in Russia crystallizes how policy choices can redefine the digital landscape that users rely on every day. The government’s insistence on pre-installation and on maintaining control over messaging channels is rooted in a broader imperative to keep communications within national boundaries, a stance that has long resonated with policymakers across different regions and sectors, including finance and crypto. While the immediate stakes involve access to a popular app and the safety of private conversations, the longer arc concerns how digital infrastructure is governed, who bears responsibility for safeguarding data, and how open networks can survive attempts at centralization.

For users in Russia, the outcome may hinge on a balance between safety assurances and the practicality of maintaining private, secure conversations in a domestic environment. The presence of a government-backed platform could improve certain regulatory alignments but might also introduce new layers of surveillance or compliance expectations. In contrast, WhatsApp’s contention that the move would “isolate over 100 million users” emphasizes concerns about user autonomy and the resilience of cross-border communication in the face of coercive policy changes. The debate has implications that extend beyond messaging to how crypto ecosystems—built on permissionless networks that assume open access—are perceived when governments seek to exert tighter control over digital channels and data flows.

From a business and innovation standpoint, the Max initiative raises questions about interoperability and the economics of protocol choices in a regulatory environment. Domestic platforms can attract usage through convenience and policy compliance, but they may also risk fragmentation, reduced interoperability with global services, and increased costs for developers who must adapt to multiple rule sets. For the broader tech community, the gambit signals a need to design systems and user experiences that maintain robust privacy protections while meeting diverse regulatory requirements. The lessons learned from Russia’s approach could influence the development of new messaging tools, privacy-preserving features, and strategies to ensure user safety without sacrificing openness—an objective that remains central to many crypto advocates who champion secure, censorship-resistant networks.

Ultimately, the case highlights how control over digital communications remains a strategic frontier for governments and tech firms alike. It also serves as a reminder for users and investors to monitor regulatory trajectories and policy signals, as these can have spillover effects on adjacent sectors that depend on stable, accessible online infrastructure. Whether by design or accident, policy choices in one major market can catalyze shifts in how people communicate, how services are delivered, and how new technologies—such as decentralized tools or crypto-enabled platforms—are perceived and adopted in the years ahead.

What to watch next

Sept. 1, 2025 — Max becomes the default pre-installed option on new smartphones in Russia, solidifying its installed base.

End-2026 — Official statements or regulatory actions that could signal a complete blocking of WhatsApp if compliance terms are not met.

February 2026 — Ongoing reporting on access to WhatsApp in Russia, including potential official clarifications or statements from Moscow.

Regulatory updates — Any new measures that define how foreign messaging platforms must operate within Russia’s legal framework.

This article was originally published as Russia Blocks WhatsApp to Push Surveillance App, Company Claims on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

In a high‑profile enforcement action, Paxful, the peer‑to‑peer crypto exchange, was ordered to pay $4 million after admitting it knowingly profited from criminals who used its platform due to lax anti‑money laundering controls. The Department of Justice outlined that Paxful pleaded guilty in December to conspiring to promote illegal prostitution and knowingly transmitting funds derived from crime, in violation of federal AML requirements. The government also detailed that, between January 2017 and September 2019, Paxful facilitated more than 26 million trades valued at nearly $3 billion, earning about $29.7 million in revenue while turning a blind eye to illicit activity. The case centers on how a platform marketed itself as a lenient, low‑information exchange while neglecting core safeguards. The DOJ’s filing underscores that Paxful’s business model depended on attracting criminal users by downplaying compliance obligations.

The Justice Department highlighted that Paxful had agreed the appropriate criminal penalty would be $112.5 million, but prosecutors determined the company could not pay more than $4 million. The settlement reflects a broader push by federal authorities to curb crypto platforms that fail to implement or enforce anti‑money laundering measures, particularly when they facilitate illegal activities such as fraud, extortion, prostitution, and trafficking. The department said Paxful profited from moving money for criminals it attracted with the promise of minimal compliance, a dynamic prosecutors described as corrosive to legitimate finance and to users seeking lawful services.

The case traces to Paxful’s ambitious growth period from 2017 through 2019, when the platform reportedly handled tens of millions of trades and generated substantial revenue despite warnings from investigators about AML gaps. Prosecutors maintained that Paxful’s marketing messaging, which emphasized a lack of required customer information, paired with policies it knew were not implemented or enforced, created a permissive environment for illicit actors. The backers of the case say this approach allowed criminal actors to route funds through Paxful more readily than through regulated channels.

The Justice Department’s description of Paxful’s operational ethos is complemented by a notable cross‑industry connection: the crypto platform had ties to Backpage and a similar site during a period spanning 2015 to 2022, a relationship the government says contributed to Paxful’s profits, estimated at about $2.7 million. While Backpage’s platform was shut down due to illegal activities, the Paxful alliance is cited as a concrete example of how illicit networks exploited crypto rails to monetize wrongdoing. The department noted that Paxful’s founders publicly boasted about the “Backpage Effect,” portraying the collaboration as a catalyst for growth, a claim the government used to illustrate a deliberate strategy of enabling criminal transactions.

The case also sheds light on Paxful’s eventual exit from the market. The exchange halted operations in November, and its October closure‑announcement post—later archived—depicted the decision as a response to “the lasting impact of historic misconduct by former co‑founders Ray Youssef and Artur Schaback prior to 2023, combined with unsustainable operational costs from extensive compliance remediation efforts.” Youssef publicly countered the timing of the closure, suggesting the firm should have closed when he left the company. Meanwhile, Schaback, Paxful’s former chief technology officer, pleaded guilty in July 2024 to conspiring to fail to maintain an effective AML program and awaits sentencing, with a California judge moving his hearing from January to May to accommodate ongoing cooperation with authorities. The DOJ’s account makes clear that a broader reckoning—beyond Paxful’s leadership—extends into the company’s users, employees, and the broader crypto ecosystem.

As authorities pursued the case, officials emphasized that the Paxful matter is not an isolated incident but part of a wider effort to tighten regulatory expectations on crypto marketplaces. The department pointed to the need for robust know‑your‑customer checks, comprehensive AML compliance programs, and proactive monitoring of suspicious activity to deter illicit uses of digital assets. The implications extend to other platforms that operate in the same space, signaling that permissive, low‑oversight models will attract intensified scrutiny from federal law enforcement and regulators.

Key takeaways

Paxful received a $4 million criminal penalty after pleading guilty to conspiracy related to illegal activities and AML violations, with prosecutors noting a potential maximum penalty of $112.5 million.

From 2017 through 2019, Paxful facilitated more than 26 million trades valued at nearly $3 billion and amassed around $29.7 million in revenue, according to DOJ filings.

The DOJ characterizes Paxful as profiting from enabling criminals by downplaying AML controls and failing to comply with applicable money‑laundering laws.

Prosecutors linked Paxful to illicit revenue streams via partnerships with Backpage and similar platforms, describing profits of about $2.7 million tied to those connections.

The company shut down operations in November, citing historic misconduct by former co‑founders and the costs of compliance remediation, with ongoing legal actions surrounding Schaback’s case and the broader investigation.

The case illustrates how enforcement agencies are escalating scrutiny of crypto marketplaces that permit lax due‑diligence and high‑risk activity, reinforcing expectations for AML programs across the sector.

Sentiment: Bearish

Market context: The Paxful action aligns with a broader tightening of crypto‑AML standards as regulators seek to normalize compliance expectations across peer‑to‑peer platforms, exchanges, and other digital asset services, influencing liquidity, risk sentiment, and enforcement tempo across the industry.

Why it matters

The DOJ’s settlement with Paxful underscores a pivotal moment for the crypto‑platform landscape. For users, it signals that providers must demonstrate verifiable diligence in their AML programs or face tangible penalties and reputational damage. For operators, the case reinforces the need to align platform design, user onboarding, and transaction monitoring with established legal requirements rather than relying on marketing narratives about anonymity or minimal information. The development also matters for builders and policymakers. It highlights the costs of lax controls and the potential for illicit activity to undermine trust in decentralized finance ecosystems, prompting crypto firms to invest more heavily in compliance technology, real‑time surveillance, and robust governance frameworks.

From an investor perspective, enforcement actions like this can influence risk pricing and funding cycles for crypto platforms, particularly those with international user bases or complex payment rails. The Paxful narrative—centered on public statements by founders, internal policy gaps, and late‑stage remediation—serves as a cautionary tale about the fragility of business models that rely on permissive compliance postures. In a market where users increasingly demand transparency and regulatory alignment, the case emphasizes why credible AML programs are not merely a legal checkbox but a core driver of platform reliability and long‑term viability.

What to watch next

Schaback’s sentencing timing remains fluid, with a May hearing continuing to unfold as prosecutors incorporate ongoing cooperation into the government’s recommendation.

Any additional actions or disclosures related to Paxful’s former leadership could emerge as part of related investigations and settlements.

Regulators may intensify scrutiny of other P2P exchanges and non‑custodial marketplaces to assess AML controls, monitoring capabilities, and enforcement readiness.

Broader market reactions might reflect shifting risk sentiment as platforms adjust compliance investments and governance standards in response to high‑profile enforcement cases.

Sources & verification

U.S. Department of Justice press release: Virtual Asset Trading Platform sentenced for violating Travel Act and other federal crimes (link provided in the DOJ filing).

DOJ Criminal Division official X/Twitter post confirming the case details and sentencing status.

Paxful closure announcement (archived): Paxful closure announcement, noting misconduct and remediation costs.

Statements and coverage surrounding Ray Youssef’s response to Paxful’s closure and Artur Schaback’s guilty plea.

Related reporting on Paxful’s alleged “Backpage Effect” and the platform’s historical collaborations cited by prosecutors.

What the story changes

The Paxful case illustrates how enforcement actions tied to AML controls can reshape the operations and viability of crypto platforms that rely on rapid growth and minimal compliance. By tying significant penalties to proven misconduct and highlighting explicit links to illicit activities, authorities are sending a clear signal: robust, transparent AML programs are foundational, not optional. As the industry evolves, platforms may need to reassess their onboarding, transaction screening, and governance practices to withstand heightened regulatory scrutiny and to restore or preserve user trust in a landscape that continues to balance innovation with accountability.

This article was originally published as US Fines Paxful $4M for Funds Linked to Trafficking and Fraud on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.