BitcoinKE

Trading in perpetual futures tied to tokenized real-world assets (RWAs) has surged to nearly match Bitcoin perpetual futures volumes on crypto exchanges Hyperliquid and Binance, underscoring growing investor demand for blockchain-based exposure to traditional financial assets.
RWA perpetual futures, which track tokenized stocks, equity indices and commodities, reached 99.2% of Bitcoin perpetual futures trading volume over the past week across the two exchanges, according to digital asset infrastructure provider, Talos.

The rapid growth marks a significant shift for crypto derivatives markets where Bitcoin has historically dominated trading activity.

Just months ago, RWA-linked perpetuals represented only a small fraction of overall volumes, but demand has accelerated as exchanges expanded listings tied to U.S. equities, commodities and major stock indices.
The trend follows a broader push to bring traditional financial assets on-chain.

REGULATION | United States SEC Clears World’s Second Largest Stock Exchange for Tokenized Securities

Tokenized RWAs – including stocks, bonds, commodities and private credit – have become one of the fastest-growing segments of digital assets as financial institutions and crypto firms seek to bridge traditional finance with blockchain infrastructure.
Hyperliquid has emerged as a key venue for the new products after introducing perpetual contracts linked to tokenized real-world assets while Binance has also expanded its derivatives offerings to capture growing demand for around-the-clock trading of traditional market exposure.
Tokenized real-world assets (RWAs) have become the largest trading category on decentralized derivatives exchange, Hyperliquid, for the first time overtaking cryptocurrency perpetuals in a milestone that underscores the rapid growth of on-chain traditional finance.
INSIGHTS | Why Real-World Assets (RWAs) Became the Largest Trading Category on the Leading DEX

DTCC, which clears and settles the vast majority of U.S. securities trades, said tokenized assets custodied through its Depository Trust Company could become available on Stellar in the first half of 2027. The initiative will initially focus on highly liquid assets including U.S. Treasuries, exchange-traded funds, and equities tied to major indexes.

INSTITUTIONAL | World’s Largest Clearing, Settlement Organization by Transaction Value to Connect Tokenized Securities to Stellar

In March 2026, the U.S. Securities and Exchange Commission approved a rule change allowing Nasdaq to introduce trading and settlement of tokenized securities marking a major step toward integrating blockchain into traditional capital markets.

REGULATION | United States SEC Clears World’s Second Largest Stock Exchange for Tokenized Securities
The Nasdaq (National Association of Securities Dealers Automated Quotations) is the world’s second-largest stock exchange, founded in 1971 as the first electronic,… pic.twitter.com/zhDRCE1XNn
— BitKE (@BitcoinKE) March 19, 2026
The surge in RWA derivatives suggests traders are increasingly using crypto-native infrastructure to gain leveraged exposure to traditional financial markets highlighting how tokenization is evolving beyond spot assets into one of the industry’s fastest-growing derivatives segments.

LIST | Here Are 5 Verticals Driving Real-World Assets Tokenization in 2026




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Strategy, the world’s largest corporate holder of bitcoin, reported a second-quarter net loss of $8.2 billion after a decline in the cryptocurrency’s price triggered a sharp markdown in the value of its digital asset holdings under fair-value accounting.

The report reveals a 25% growth in bitcoin holdings in 2026.


The loss was driven almost entirely by an $8.32 billion unrealized markdown on the company’s bitcoin holdings, reflecting weaker prices during the April-June 2026 period. Under accounting rules adopted in 2025, companies must mark digital assets to market each reporting period making earnings more sensitive to bitcoin price swings.
Strategy ended the quarter holding 843,775 bitcoin, currently valued at about $54.8 billion, compared with a cumulative acquisition cost of $63.7 billion. The company has raised $17.06 billion in 2026 so far through stock offerings while repurchasing $1.5 billion of convertible notes at a discount.

MILESTONE | Strategy Surpasses 800, 000 Bitcoins After a Record Purchase

Despite the accounting loss, the company has continued to strengthen its balance sheet, building a $3.75 billion U.S. dollar reserve which it said is sufficient to cover more than two years of preferred dividends and interest payments. Strategy has also begun selectively monetizing some of its bitcoin holdings under a new capital management program while pursuing its ‘Digital Credit’ business and maintaining a $1 billion share repurchase authorization.

BITCOIN | Leading Crypto VC Firm Urges a Digital Asset Treasury Portfolio Company to Liquidate its Bitcoin Holdings

“We’re not changing our long-term conviction in bitcoin,” the company said.
“The quarter’s reported loss primarily reflects the accounting impact of fair-value measurement rather than changes in the underlying economics of our strategy.”

BITCOIN | The World’s Largest Institutional Holder of Bitcoin Makes a Significant Shift in its Strategy

The results mark another volatile quarter for Strategy whose earnings have become increasingly tied to fluctuations in bitcoin prices since adopting fair-value accounting for its digital asset portfolio. While the accounting treatment creates large paper gains and losses from quarter to quarter, it does not necessarily reflect realized investment performance.
Shares of Strategy edged lower in after-hours trading following the results.


CASE STUDY | The Financing Model that Fueled Rapid Expansion of Bitcoin Treasury Companies is Showing Signs of Strain




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The 2026 FIFA World Cup generated more than $20 billion in prediction market trading volume and $24 million in digital collectible transactions, underscoring how major sporting events are increasingly driving on-chain activity beyond traditional cryptocurrency trading, according to a report by blockchain analytics firm, Chainalysis.
The report found that
over 400,000 unique wallets participated in blockchain prediction markets linked to the tournament.
Of the $20 billion in total trading volume recorded between January 2026 and the end of the World Cup in July 2026, approximately $5.7 billion was generated during the tournament’s five-week run accounting for
roughly 63% of all on-chain prediction market activity during that period.

INSTITUTIONAL | FIFA World Cup 2026 Selects ADI PredictStreet as its Preferred Prediction Markets Platform

Chainalysis said the World Cup became one of the largest sporting events ever for blockchain prediction markets, surpassing previous major sports tournaments in terms of participation and liquidity.

Daily trading activity accelerated rapidly as the tournament began, with prediction markets recording nearly $50 million in daily on-chain volume during the opening stages as users wagered on match winners, tournament outcomes and other event-related contracts.

MILESTONE | 2026 FIFA World Cup Sees ~$2 Billion in Prediction Markets Bets Before Kick Off

Beyond prediction markets, FIFA’s official FIFA Collect digital collectibles platform generated approximately $24 million in stablecoin-powered transaction volume. The marketplace allowed fans to purchase, trade, and redeem NFT-based collectibles with some digital assets providing access to exclusive experiences, merchandise, and World Cup-related rewards, illustrating how blockchain infrastructure was used for both speculation and fan engagement during the tournament.

NORTH AFRICA | Leading Egyptian Football Club, Al Ahly, Becomes the First African Club to Join the FIFA Collect NFT Marketplace

Despite concerns that prediction markets could facilitate illicit finance, Chainalysis said criminal activity represented only a small fraction of overall participation.
The firm identified approximately $5.4 million in transaction flows involving sanctioned entities, primarily linked to crypto exchange HTX (formerly Huobi). However, fewer than 1% of participating wallets showed any exposure to illicit activity suggesting the overwhelming majority of users were legitimate sports fans and traders.
The United States and China accounted for the largest share of transaction volume, followed by Canada, Thailand, and the United Kingdom, reflecting the global appeal of prediction markets during one of the world’s biggest sporting events.
Chainalysis said the World Cup demonstrated that large-scale global events can serve as catalysts for blockchain adoption beyond payments and crypto investing.
The firm noted that prediction markets and tokenized digital collectibles are emerging as mainstream consumer applications attracting hundreds of thousands of users who may have had little prior interaction with blockchain technology.


REPORT | Sports Becomes the Largest Event Category in Prediction Markets History in June 2026



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Institutional investors now account for nearly three-quarters of crypto trading volumes, underscoring how Wall Street’s growing presence is reshaping digital asset markets and dampening the extreme volatility that once defined the sector.
Institutional traders represented a record 72% of total crypto trading volume in the second quarter of 2026, up from 68% in the first quarter, according to a report by crypto market maker, Wintermute. The shift comes as hedge funds, asset managers, proprietary trading firms, and banks continue to expand their exposure to digital assets through regulated products and sophisticated trading infrastructure.

INSTITUTIONAL | The Industry Has Entered a New Phase of Mainstream Adoption, Say Crypto, Fintech Executives at Consensus Miami 2026

Wintermute said the increasing dominance of professional investors has fundamentally changed crypto market dynamics with bitcoin and ether experiencing smaller price swings despite continued macro-economic uncertainty and heightened geopolitical tensions (see image below).

“In contrast to retail, who are momentum- and sentiment-driven, institutional investors trade with risk limits and defined mandates,” said the report.


“Institutions are now the primary drivers of liquidity across digital asset markets,” Wintermute said in the report, adding that “their growing participation is creating deeper, more efficient markets while reducing the outsized volatility that historically characterized crypto trading.”

STATISTICS | ETFs Now Drive U.S. Bitcoin Trading More Than Spot Exchanges – Now Accounting for Over 50% Bitcoin Trading Volume

The report found that institutional capital has become increasingly selective favoring bitcoin, ether, stablecoins, and tokenized real-world assets over speculative altcoins. Rather than chasing momentum across the broader market, professional investors are concentrating on assets with
stronger liquidity,
regulatory clarity, and
institutional-grade infrastructure.

INSTITUTIONAL | AI Agents, Large Corporations to Drive Next Wave of Stablecoin Adoption, Say Executives at Consensus 2026

“Institutions keep a tight set of tokens while retail goes wider.” the report notes.
“Between H1 2024 and H1 2026, the number of unique tokens traded by institutional counterparties grew by just 24%, compared with 76% for retail.”

Wintermute said the trend reflects crypto’s transition from a retail-driven market to one increasingly influenced by traditional financial participants.


“The era of broad-based altcoin rallies driven by retail speculation is giving way to a more fundamentals-driven market,” the report said.
“Capital is becoming increasingly concentrated in assets that offer clear utility, liquidity, and institutional relevance.”

BITCOIN | America’s Largest Bank Says Bitcoin Dominance as Institutional Crypto Asset is Unlikey to Change

The growing institutional footprint has coincided with a surge in
tokenized assets,
stablecoin adoption, and
regulated investment vehicles
as Wall Street firms deepen their involvement in digital assets following the success of spot crypto exchange-traded funds and broader regulatory clarity in major markets.

STABLECOINS | Financial Institutions and Corporate Treasury Teams Driving Stablecoin Adoption in Europe

Wintermute also pointed to continued growth in tokenized real-world assets as another area attracting institutional capital with investors increasingly viewing blockchain infrastructure as a foundation for traditional financial products rather than solely speculative cryptocurrencies.

“In 2025, assets came on-chain. In 2026, they began to change hands,” notes the report.

Tokenized debt sits with institutions, equities with retail.
The report notes that the average AuM per address shows it is low for equities and commodities, and multiples higher for debt instruments with treasuries, private credit, and money-market products, in a few hands and in size.

Share of Tokenized AuM and Active Addresses, with Average AuM per Address, by Asset Class

The report thus concludes by saying:
“Retail is tokenizing the equities it already trades. Institutions are tokenizing what they hold on balance sheet.”

The findings reinforce a broader industry trend in which institutional participation is reshaping crypto market structure, reducing volatility while improving liquidity and price discovery even as retail activity remains subdued compared with previous bull market cycles.


MARKET ANALYSIS | ‘There is No Retail Interest in Crypto Right Now,’ Say Analysts



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South Korea has unveiled a draft law that would establish a comprehensive regulatory framework for digital assets, with stablecoins at the center of the proposed legislation as Seoul moves to formalize one of the world’s largest cryptocurrency markets.

The proposed Digital Asset Basic Act would introduce
licensing,
registration, and
reporting
requirements for cryptocurrency businesses, including exchanges, custodians, brokers and advisers, while creating a dedicated legal framework for issuing and supervising stablecoins.

STABLECOINS | South Korea’s Largest Bank Successfully Completes Local Stablecoin Pilot

Under the proposal, issuers of fiat- and asset-backed stablecoins would be required to
obtain regulatory approval,
maintain adequate capital,
hold reserve assets to guarantee redemptions and meet operational, and
governance standards.
The bill also outlines refund reserve and redemption obligations aimed at protecting users.
The legislation follows months of debate between the Bank of Korea and the Financial Services Commission (FSC) over who should be allowed to issue Won-backed stablecoins. The central bank has argued that issuance should be limited to licensed commercial banks to safeguard financial stability, while the FSC has pushed for broader participation by fintech and technology firms to encourage innovation.

STABLECOINS | South Korea Accelerating Efforts for Local Currency Alternatives to Counter Dollar-Pegged Stablecoin Dominance

The draft law also establishes a broader legal framework covering the issuance, trading, custody, and supervision of digital assets, marking South Korea’s latest effort to position itself as a regional digital finance hub while strengthening consumer protections following the 2022 collapse of the Terra ecosystem founded by South Korean entrepreneur, Do Kwon.
If enacted, the legislation would place South Korea alongside jurisdictions such as
the United States,
the European Union, and
Singapore
that have introduced dedicated stablecoin rules as governments race to regulate the fast-growing sector.


REGULATION | South Korea Draft Bill to Classify Stablecoins as Foreign Exchange Payment Instruments





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Africa’s payments infrastructure provider, Onafriq, has partnered with crypto wallet infrastructure firm, Privy, to develop regulated stablecoin payment services for businesses across the continent as demand grows for faster and cheaper cross-border settlement.
The companies said the partnership will integrate Privy’s embedded wallet technology into Onafriq’s network allowing enterprises to send, receive, and settle stablecoin transactions without requiring users to manage traditional crypto wallets or private keys.

The companies said the infrastructure is designed to meet regulatory requirements while abstracting blockchain complexity for business customers.

REPORT | Stablecoins Could Reshape African Payments But Face Infrastructure, Regulatory Hurdles, Says Onafriq Report

The move builds on Onafriq’s broader push into stablecoin-powered payments.
In 2025, the company partnered with Circle to pilot USDC settlement across its network citing estimates that more than 80% of intra-African payments are routed through correspondent banks outside the continent generating about $5 billion in annual transaction costs.

LIST | Circle Highlights 7 African Fintechs Leveraging the USDC Stablecoin to Provide Better Financial Services to African Users

Onafriq, formerly known as MFS Africa, connects
nearly 1 billion mobile wallets,
more than 500 million bank accounts, and
over 2,000 cross-border payment corridors across
more than 40 African markets,
positioning it as one of the continent’s largest payments networks.
The Privy partnership marks the latest in a series of stablecoin initiatives by Onafriq.
In early 2026, the company announced a partnership with Conduit to use stablecoins such as USDC for
treasury management,
liquidity rebalancing, and
faster cross-border payouts,
reflecting growing institutional adoption of on-chain settlement infrastructure across Africa.


PRESS RELEASE | African Fintech Giant, Onafriq, Partners with Conduit to Enable Stablecoins




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Robinhood Markets posted record second-quarter revenue and profit as stronger trading in equities, options and subscription products offset a sharp slowdown in cryptocurrency activity, underscoring the company’s growing diversification beyond digital assets.
Total revenue rose 32% year-over-year to a record $1.31 billion while
diluted earnings per share increased 48% to $0.62.
Net income climbed to $539 million from $188 million a year earlier, and
adjusted EBITDA increased 35% YoY to reach a record $741 million.
Assets under custody increased 99% to $366 billion, helped by
record net deposits of $21.7 billion during the quarter, a 28% YoY growth rate

Crypto transaction revenue fell 38% from a year earlier to $100 million as lower digital asset prices and weaker retail trading weighed on activity.

Shiba Inu Most Sought After Coin on Robinhood Days After Listing

The decline was offset by
a 95% jump in equities trading revenue to $129 million,
a 29% increase in options revenue to $342 million, and
continued growth in Robinhood Gold, whose subscriber base reached a record 4.8 million, a 39% YoY growth.

The results highlight how Robinhood has become less dependent on crypto trading.

The company said it now has 13 business lines generating more than $100 million in annualized revenue, compared with just two business lines three years ago, reflecting its expansion into wealth management, banking, prediction markets, retirement products and subscription services.
The earnings come weeks after Robinhood launched tokenized U.S. stocks and ETFs for European users and unveiled its own Layer-2 blockchain, Robinhood Chain, initiatives aimed at expanding its crypto business despite the recent slowdown in trading volumes.
Robinhood Chain’s tokenized real-world assets (RWAs) have grown nearly fivefold in less than two weeks to about $70 million as trading in tokenized stocks gains momentum.

TOKENIZATION | Robinhood Chain’s Tokenized Assets Surge 5x as OnChain Stock Trading Accelerates




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Cryptocurrency exchange, Luno, is cutting about 20% of its global workforce as it restructures the business, Chief Executive Officer, James Lanigan, has said.
The reorganization will see the company scale its business-to-business division while reducing costs in line with current market conditions, Lanigan said, declining to specify how many employees will be affected.
The move comes as Bitcoin, Ether, Solana, and other digital assets have experienced significant decline in 2026 weighing on retail crypto trading activity.

“Luno has made material investments in automation and broader operational improvements over the last year and is continuing to integrate and develop tools that are rapidly changing the resource model required to run the business effectively,” Lanigan said.
“These factors mean that a leaner and adapted structure is both necessary and appropriate.”

REALITY CHECK | South African Crypto Exchange Bitcoin Volumes Tank by 95% in Less Than 5 Years

The restructuring is aimed at:
expanding offering to institutional investors,
strengthening core infrastructure and regulatory compliance, and
increasing investment in its retail products.
Luno, which is headquartered in London but was founded in South Africa and operates across Africa and Asia-Pacific, now serves more than 16 million users. The company is also opening its infrastructure to institutional partners, including Johannesburg-based Discovery Bank, enabling banks, fintechs and telecommunications firms to offer crypto services under their own brands while Luno provides liquidity, wallet infrastructure and compliance capabilities.

“We will be announcing more new partners for this offering throughout the year,” Lanigan said.

The company is also looking to strengthen its position in non-U.S. stablecoins across emerging markets. Luno is a founding participant in ZARU, a South African Rand-backed stablecoin initiative that includes Sanlam, Lesaka Technologies, and EasyEquities among its founding partners.

INTRODUCING | Leading South African Exchange, Luno, Introduces ZARU, an Institutional, Rand-Backed Stablecoin
Introducing $ZARU
Every #ZARU issued is fully backed by high-quality, liquid Rand-denominated assets, including cash, bank deposits, and South African government…
— BitKE (@BitcoinKE) February 3, 2026
Lanigan said the company ultimately plans to replicate the model in other emerging markets where local-currency stablecoin infrastructure remains underdeveloped.
Luno also plans to expand its institutional settlement business to reduce the cost and complexity of cross-border money movement using digital asset rails.
The restructuring reflects a broader shift across the crypto industry as exchanges seek more stable revenue streams from institutional clients, payments, and financial infrastructure while retail trading activity remains volatile.


INTRODUCING | Leading South African Exchange, Luno, Introduces ZARU, an Institutional, Rand-Backed Stablecoin




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Standard Bank has processed more than 8 billion Chinese Yuan ($1.2 billion) in cross-border payments through China’s Cross-Border Interbank Payment System (CIPS) underscoring the rapid growth in trade between Africa and China and rising demand for direct Renminbi settlement.
The milestone comes just over a year after the South African lender became the first African bank granted direct access to CIPS, enabling businesses to settle transactions with China in Yuan without routing payments through intermediary currencies such as the U.S. dollar.

BANKING | Standard Bank Becomes First African Bank to Connect Directly to China’s Cross-Border Payment System (CIPS)

Since launching the service in June 2025, Standard Bank has expanded CIPS access beyond South Africa to
Angola,
Ghana,
Kenya,
Lesotho and
Tanzania,
with plans to add more African markets before the end of 2026.

China recently authorized Standard Bank Group Ltd. and Industrial and Commercial Bank of China (ICBC) to establish a Renminbi clearing network spanning 19 African countries, expanding Beijing’s efforts to embed the Yuan more deeply into one of its fastest-growing trading relationships.
BANKING | Bank of China Approves a Yuan Clearing Hub Across 19 Africa Markets

The expansion coincides with a surge in China-Africa commerce.
Bilateral trade reached $203.5 billion in the first half of 2026, up 24% year-on-year, according to Chinese customs data. Chinese exports to Africa rose 26.2% to $130 billion, while imports from the continent increased 20.3% to $73.5 billion reflecting deepening commercial ties even as Africa’s trade deficit with China widened.
By allowing companies to settle directly in Yuan, Standard Bank is positioning itself as a key financial bridge for Africa-China trade reducing settlement costs and currency conversion risks while supporting Beijing’s broader push to internationalize the Renminbi.


EXPERT OPINION | Building the Broken Bridge into China




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When DeFi dashboard, Zapper, announced it would shut down after nearly 7 years, it became the latest casualty in a growing list of decentralized finance projects closing their doors in 2026.
Bitcoin DeFi platform, Botanix,
Solana portfolio tracker, Step Finance,
analytics platform, Parsec, and
DEX aggregator, Odos Protocol,
have all wound down, or are in the process of winding down, despite surviving multiple crypto market cycles.

The trend extends beyond DeFi.

According to RootData, 101 crypto projects had ceased operations by July 2026 although decentralized finance accounts for more than half of those closures.

REALITY CHECK | Over 80 Crypto Apps Shutter in Q1 2026 as Capital Shifts to Bitcoin ETFs, Stablecoins

At first glance, the wave of shutdowns appears to reflect another industry downturn. Botanix’s founders cited weak demand when announcing the platform’s closure said in June 2026 that growing onchain activity around dominant venues such as Hyperliquid and major centralized exchanges accelerated the platform’s decline.

But analysts argue the explanation runs deeper than simple market consolidation.

Capital hasn’t left DeFi – it has moved elsewhere
While concerns that liquidity is becoming concentrated in a handful of protocols remain common, Artemis Research analyst, Alex Weseley, says the data tells a different story.
“The prevailing narrative has been that concentration is increasing in DeFi, caused by a series of exploits and capital rotation into the most ‘Lindy’ protocols. But the data disagrees.”

According to Artemis, concentration across tracked DeFi protocols has steadily declined since 2024.

Although sectors such as decentralized exchanges, lending, and perpetuals continue to have dominant players – including Uniswap, AAVE and Jupiter – each now controls a smaller share of its respective market than it did two years ago.

Instead of leaving crypto altogether, Weseley argues that users and capital have simply migrated to newer onchain applications.
“The economics didn’t disappear; they rotated to adjacent apps (Hyperliquid, Polymarket, pump.fun), so classic DeFi viability shrank even as total onchain fee generation stayed high.”

That shift means more protocols are competing for economic activity, reducing the revenue available to traditional DeFi applications even as the broader onchain economy continues expanding.

EXPERT OPINION | Crypto Has Split into 4 Major Segments

Competition has become much tougher
Markus Levin, co-founder of blockchain infrastructure company, XYO, says today’s DeFi landscape bears little resemblance to the industry that emerged during previous cycles.
“The DeFi space is much more competitive than it was during the last bear cycle.”

He noted that early DeFi protocols enjoyed a significant first-mover advantage when the market contained relatively few competitors.
“Early DeFi projects benefited from first-mover advantage and a relatively small field of competitors. Now, there are thousands of protocols competing for the same users and liquidity.”

Be sure to check out this piece from @BitcoinKE about XYO’s expansion into one of the world’s largest markets – the continent of Africa! https://t.co/EE5tRjUAyJ pic.twitter.com/RYgIBQgumA
— XYO (@OfficialXYO) May 12, 2025
Weseley also argues that total value locked (TVL) no longer provides the best measure of a protocol’s health.
“TVL is the right tool for the narrow ‘liquidity’ question but misleads elsewhere.”

Instead, he believes protocol revenue offers a clearer picture of economic sustainability.
“Fees and revenue are best, because they measure economic viability directly and expose shifts that TVL and headline usage hide.”

Artemis data supports that view.

The number of DeFi applications generating at least $1 million in monthly fees climbed to roughly 33 or 34 during mid-to-late 2025 before declining to around 25 or 26 during the first half of 2026. Meanwhile, the number of protocols earning more than $10 million in monthly fees fell by roughly half over the same period.

MILESTONE | Solana Now Commands Over 50% in Total DApp Revenue – Ethereum Declines Below 13%
Investors are becoming more selective
Despite the closures, Gauntlet believes the broader DeFi ecosystem remains fundamentally healthy.

Nicholas Cannon, the firm’s chief business officer, says demand continues to strengthen.
“Demand is the strongest it has ever been. Stablecoin supply keeps growing, and traditional finance is moving toward DeFi rather than away from it.”

According to Cannon, the biggest change since the 2022 downturn is that investors have become far more disciplined in how they allocate capital.
“What changed is that capital got discerning.
In previous cycles, liquidity followed incentives wherever they pointed. Today it follows sustainable yield, track record, and curation. Incentives still have a role in bootstrapping, but they no longer carry a protocol on their own.”

FUNDING | Crypto VC Funding Dropped by 74% in April 2026 Month-Over-Month

Levin agrees, noting that institutional investors increasingly favor established platforms over projects relying primarily on token incentives.
“The projects that survive this cycle are likely to be the ones that already have meaningful user distribution or can reach users beyond the traditional DeFi audience.”

He added that reaching mainstream users may ultimately prove more challenging than surviving another crypto bear market.
Much of today’s experimentation is occurring around tokenized real-world assets (RWAs), stablecoins, and emerging categories such as agentic DeFi rather than traditional lending or decentralized exchanges.

CASE STUDY | This Asian Deal Signals Upcoming Market Demand at Scale for Stablecoin Infrastructure

Infrastructure is maturing as innovation shifts upward
Cannon says another defining trend is that fewer teams are attempting to replace foundational DeFi protocols like AAVE or Uniswap.
Instead, developers are increasingly building products on top of existing infrastructure.

The funding environment reflects that shift.

Morpho secured a $175 million funding round in June 2026 to expand institutional lending infrastructure, while
agentic DeFi startup, Alpaca, raised $135 million in July 2026 to develop AI-powered financial infrastructure.

CASE STUDY | This Latest Funding Round Signals Where DeFi’s Next Growth Story May Come From

Morpho Labs co-founder, Merlin Egalite, believes future winners will focus less on competing directly with core infrastructure and more on distribution.
“The protocols growing fastest will be the ones embedded into the platforms where users already are. Fintechs, wallets, exchanges building on top of you rather than competing with you.”

He also expects traditional financial institutions to drive the next phase of DeFi adoption.
“The next wave of growth comes from fintechs, banks, and platforms that want to embed DeFi infrastructure without rebuilding it.”

REALITY CHECK | ‘We Made the Wrong Bet on Social,’ Base Blockchain Creator Admits

The result is a DeFi sector that is evolving rather than contracting.

While many protocols that survived the Terra collapse, the FTX bankruptcy and the 2022 bear market are disappearing in 2026, analysts argue the industry isn’t shrinking. Instead,
capital is rotating into new applications,
investors are demanding sustainable business models, and
innovation is moving further up the technology stack,
leaving many first-generation DeFi protocols behind.


REALITY CHECK | The Crypto Startup is Dying. Regulation Didn’t Kill it Alone




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PayPal is deepening its push into stablecoins and crypto-powered payments after reporting better-than-expected second-quarter revenue underscoring the company’s strategy to position digital assets and artificial intelligence at the center of its next phase of growth.

STABLECOINS | PayPal Wants to Help You Build Your Own App-Specific Stablecoin

The payments giant posted Q2 2026 revenue of $8.68 billion, up from $8.29 billion a year earlier (a 3% YoY growth in net revenue) and above analysts’ expectations of $8.47 billion. Adjusted earnings came in at $1.38 per share, while GAAP earnings were $1.26 per share, down slightly from a year ago.


During its earnings update, PayPal highlighted its dollar-backed stablecoin, PYUSD, alongside AI-powered commerce tools as key growth initiatives. The company said crypto assets continued to be reflected in its financial reporting while it expands blockchain-based payment capabilities across its ecosystem.
The latest push builds on PayPal’s expansion of PYUSD to 70 markets announced earlier this year, significantly widening the stablecoin’s reach beyond its initial rollout in the United States and United Kingdom as the company seeks broader adoption for cross-border payments and digital commerce.


PRESS RELEASE | PayPal Brings PYUSD Stablecoin to Users Across 70 Markets Worldwide and Expands Access in Africa




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Core Scientific’s years-long decision to diversify beyond Bitcoin mining continued to pay off in the second quarter, with the company reporting revenue of $164.2 million, more than double the $78.6 million recorded a year earlier, as artificial intelligence (AI) colocation became its dominant business.

Core Scientific, a Leading Bitcoin Mining Company, Files for Bankruptcy Following a Tough 2022

The former Bitcoin mining giant generated $136.7 million from colocation services during the quarter, compared with just $10.6 million a year earlier, while self-mining revenue continued to decline as it redirected power capacity toward hosting AI and high-performance computing (HPC) customers. The shift reflects a broader trend among Bitcoin miners seeking more predictable, long-term revenue following the 2024 Bitcoin halving, which reduced mining rewards by 50%.

BITCOIN | Bitcoin is Bleeding Mining Power to Artificial Intelligence as Crypto Revenue Shrinks

Core Scientific reported a net loss of $1.15 billion, largely driven by a non-cash accounting adjustment tied to the rising value of outstanding warrants as its share price increased, rather than deterioration in its underlying operations.

Gross profit climbed to $70 million from $5 million a year earlier.

The company’s transformation accelerated alongside a new partnership with AMD giving the chipmaker access to more than 500 megawatts of AI-ready data center capacity beginning in 2027, with the potential to expand to 2.5 gigawatts. The agreement builds on Core Scientific’s strategy of monetizing power infrastructure through long-term AI hosting contracts instead of relying primarily on Bitcoin mining income.
Once among the world’s largest publicly traded Bitcoin miners, Core Scientific now derives the majority of its revenue from AI infrastructure while maintaining a Bitcoin treasury of fewer than 1,000 BTC. The transition has positioned the company to benefit from surging demand for AI data centers while reducing its exposure to Bitcoin price swings and post-halving mining economics.


INSIGHTS | AI is Disrupting Bitcoin by Making Mining Increasingly Unsustainable



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Ethiopia’s crackdown on digital financial service providers has its roots in a late-2025 investigation into what authorities initially described as a 100 billion Birr ($1.8 billion) tax evasion and money laundering scheme allegedly linked to payment companies, informal foreign exchange networks (hawala), and online betting operations.
The investigation triggered coordinated raids by the Ministry of Revenues, Ministry of Justice, Federal Police and other agencies, resulting in the freezing of bank accounts belonging to several of the country’s largest fintech firms, including ArifPay, Chapa, SantimPay and Kacha. Company executives were detained while servers and business records were seized as part of the probe.
During the coordinated operation:
bank accounts were frozen
corporate servers seized, and
high-profile executives, including CEOs, placed uder arrest or help in pre-trial detention.

CRYPTO CRIME | Ethiopia Revokes All Sports Betting Licenses Following Illicit Financial Flows Through Crypto and Hawala Services

However, a subsequent review found that the alleged tax liability stemmed largely from what lawyers representing the firms described as a calculation error by the National Bank of Ethiopia. Despite being informed that the companies owed significantly lower tax amounts than initially claimed, authorities reportedly continued freezing and withdrawing funds from their accounts, pushing several startups into financial distress.
The affected firms appealed to the courts, the central bank and the Prime Minister’s Office without success.
According to the World Bank, the South Sudanese Pound and the Ethiopian Birr emerged as the worst-performing currencies of 2025, each depreciating by more than 10%. These declines were not isolated or technical anomalies. Instead, they reflected deep-seated structural weaknesses which would also partly explain why the Ethiopian government crackdown was deemed necessary.

2025 RECAP | The Ethiopian Bill Became the World’s 3rd Weakest Currency in 2025

Tracing the Root Cause
Ethiopia’s current crackdown on payment gateways can be traced to regulatory reforms introduced by the National Bank of Ethiopia (NBE) in 2020 to digitize the country’s cash-based economy.
The reforms created the Payment Instrument Issuers (PIA) framework which enabled mobile money services such as Telebirr and M-PESA, and the Payment Systems Operators (PSO) framework, which established four license categories:
Payment Switch Operators,
Point of Sale (POS) Operators,
Automated Teller Machine (ATM) Operators, and
Payment Gateway Operators (PGOs) including Chapa, Arifpay, Santimpay, and Kacha.

Safaricom Ethiopia Generates Over $800K in its First Month in Operation – Adding 20K Subscribers Daily

Unlike ATM and POS operators, which required significant investment in physical infrastructure, PGOs operated software platforms that connected digital wallets with merchants. However, with Ethiopia’s e-commerce market still underdeveloped, payment gateways struggled to find meaningful commercial use cases during their first two years of operation.
Their fortunes changed after the Addis Ababa Peace and Security Bureau shut down physical sports betting outlets to reduce public gatherings forcing the country’s multi-billion-Birr sports betting industry online.
Payment gateways quickly integrated with online betting platforms processing millions of deposits and withdrawals each day.
By 2025, online sports betting represented more than 99% of all payment gateway transaction volume in Ethiopia with gateways handling billions of Birr in payments. PGOs typically charged a 2.5% transaction fee, of which 60% was paid to Ethio telecom for infrastructure services while the gateways retained the remaining 40%.

M-PESA Mobile Money Service Gets Licensed to Operate in Ethiopia – Africa’s Second Most Populous Nation

The dispute has shaken confidence in Ethiopia’s once fast-growing fintech sector which had been promoted by the government as a key pillar of its digital economy reforms before becoming the target of tax evasion, money laundering, and foreign exchange investigations.

The financial crackdown has coincided with a broader tightening of Ethiopia’s oversight of digital assets.

Based on user testimonials online, it has now emerged that Binance P2P trading was used massively by:
freelancers
small business owners
remote workers
traders, and
countless Ethiopians
as a financial tool.

REGULATION | Binance Birr (ETB) Trading Suspension Triggers Backlash, Exposes Ethiopia’s Hidden Crypto Economy

Last week, the National Bank of Ethiopia reiterated that cryptocurrencies and all other virtual assets remain prohibited unless expressly authorized expanding the warning beyond crypto trading to include custody, transfers, exchange services, and other virtual asset activities. The central bank cited concerns over
financial stability,
fraud,
money laundering, and
illicit capital flows.
The renewed warning follows months of heightened scrutiny of digital payments and foreign exchange transactions as Ethiopian authorities seek tighter control over capital movement under the country’s ongoing macro-economic reforms even as Ethiopia continues to support large-scale Bitcoin mining operations aimed at generating foreign currency.


REGULATION | Ethiopian Central Bank Expands Crypto Ban to Include Exchange, Transfer, Custody, and Issuance




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The Nairobi Securities Exchange (NSE) has signed a memorandum of understanding (MoU) with USDT stablecoin issuer, Tether, marking the latest step in the bourse’s strategy to bring on-chain financial products to Kenya’s capital markets.
The agreement will see the two organizations explore
digital asset education,
tokenization,
blockchain innovation and
the development of digital financial infrastructure,
as the exchange positions itself for a future in which traditional securities and real-world assets (RWAs) are issued and traded on blockchain networks.

PRESS RELEASE | Nairobi Securities Exchange Signs MoU with Tether (USDT)

The partnership comes as exchanges globally race to integrate tokenized assets into mainstream capital markets. Tether, issuer of the world’s largest stablecoin, USDT, has increasingly expanded beyond stablecoins through investments in tokenization, digital infrastructure, and blockchain initiatives across multiple jurisdictions.
For the NSE, the agreement represents another milestone in a digital transformation strategy that has gathered pace over the past two years under Chief Executive, Frank Mwiti.
Rather than being an isolated initiative, the Tether partnership builds on a series of projects aimed at modernizing Kenya’s capital markets and preparing the exchange for on-chain financial products.

_________
Timeline: NSE’s Digital Assets Strategy
August 2024: Announces plans to introduce digital asset ETPs.
October 2024: Joins the Hedera Governing Council.
April 2025: Reveals plans for a digital assets exchange and tokenization platform.
May 2025: Valour announces plans to list crypto ETPs on the NSE.
June 2025: NSE publishes blockchain-focused growth strategy while Kenya’s banking sector explores tokenized collateral.
November 2025: Launches the NSE Innovation Lab to support blockchain and capital markets innovation.
July 2026: Signs an MoU with Tether to collaborate on blockchain innovation, tokenization and digital financial infrastructure.

The exchange’s digital asset roadmap began in August 2024 when it announced plans to introduce digital asset exchange-traded products (ETPs), providing regulated exposure to cryptocurrencies through the stock market.
Two months later, the NSE joined the Hedera Governing Council becoming one of the first African stock exchanges to participate in the governance of a public distributed ledger network. The move signaled the exchange’s intention to play a direct role in shaping blockchain infrastructure rather than simply adopting it.

TOKENIZATION | Nairobi Securities Exchange (NSE) Joins Hedera Network Council to Accelerate Tokenization of Real World Assets

Momentum accelerated in 2025.
In April 2025, the exchange unveiled plans to build a digital assets exchange and tokenization platform designed to support the issuance and trading of tokenized securities and other blockchain-based financial instruments.

TOKENIZATION | Nairobi Securities Exchange (NSE) to Launch Regulated Digital Assets Exchange and Tokenization Platform in Kenya

A month later, European digital asset manager, Valour, announced plans to work with the NSE to list crypto exchange-traded products, potentially making Kenya one of the first African markets to offer regulated crypto investment products through a national securities exchange.

REGULATION | Canadian Fintech Subsidiary, Valour, Looking to List Crypto ETFs on the Nairobi Securities Exchange

The strategy expanded beyond investment products in June 2025 when the Kenya Bankers Association began exploring tokenized collateral frameworks, a development that could eventually allow banks to use tokenized assets in lending and liquidity management.

BANKING | The Kenya Bankers Association (KBA) is Exploring Tokenized Collateral Frameworks, Says CEO, Nairobi Securities Exchange (NSE)

During the same month, the CEO of NSE, in an interview, talked about the long-term strategy of the exchange identifying blockchain, tokenization, and digital assets as key pillars for future market growth. Mwiti would also go on to publish a detailed op-ed that outlined what he believes as the key to unlocking the potential for securities markets in Kenya nad across the African continent, which is tokenization.

OPINION | Africa’s Capital Market Opportunity: Is Tokenization the Secret Key to Unlock Africa’s Economic Potential? – By CEO, Nairobi Securities Exchange (NSE)

In November 2025, the exchange launched the NSE Innovation Lab, creating a platform for startups, fintech firms and technology partners to develop blockchain and capital markets applications that could eventually be commercialized.

INTRODUCING | The Hedera Foundation Announces the Launch of the Nairobi Securities Exchange (NSE) Innovation Lab

The Tether agreement now adds one of the world’s largest digital asset companies to that growing ecosystem.
If implemented, the collaboration could extend beyond cryptocurrency use cases into tokenized bonds, equities, commodities, and other real-world assets, areas increasingly being explored by exchanges and financial institutions worldwide as blockchain technology moves into regulated financial markets.
While neither party disclosed financial terms or implementation timelines, the MoU suggests the NSE is continuing to position itself as one of Africa’s most active traditional exchanges pursuing tokenization and digital asset infrastructure.


CRYPTO CRIME | Kenyan Court Freezes Over $2 Million in USDT in a Binance Wallet for Money Laundering




Stay tuned to BitKE for the latest crypto regulatory updates across Africa.
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Follow us on X for the latest posts and updates
Join and interact with our Telegram community
__________________________

The Nairobi Securities Exchange (NSE) has signed a memorandum of understanding (MoU) with USDT stablecoin issuer, Tether, marking the latest step in the bourse’s strategy to bring on-chain financial products to Kenya’s capital markets.
The agreement will see the two organizations explore
digital asset education,
tokenization,
blockchain innovation and
the development of digital financial infrastructure,
as the exchange positions itself for a future in which traditional securities and real-world assets (RWAs) are issued and traded on blockchain networks.

PRESS RELEASE | Nairobi Securities Exchange Signs MoU with Tether (USDT)

The partnership comes as exchanges globally race to integrate tokenized assets into mainstream capital markets. Tether, issuer of the world’s largest stablecoin, USDT, has increasingly expanded beyond stablecoins through investments in tokenization, digital infrastructure, and blockchain initiatives across multiple jurisdictions.
For the NSE, the agreement represents another milestone in a digital transformation strategy that has gathered pace over the past two years under Chief Executive, Frank Mwiti.
Rather than being an isolated initiative, the Tether partnership builds on a series of projects aimed at modernizing Kenya’s capital markets and preparing the exchange for on-chain financial products.

_________
Timeline: NSE’s Digital Assets Strategy
August 2024: Announces plans to introduce digital asset ETPs.
October 2024: Joins the Hedera Governing Council.
April 2025: Reveals plans for a digital assets exchange and tokenization platform.
May 2025: Valour announces plans to list crypto ETPs on the NSE.
June 2025: NSE publishes blockchain-focused growth strategy while Kenya’s banking sector explores tokenized collateral.
November 2025: Launches the NSE Innovation Lab to support blockchain and capital markets innovation.
July 2026: Signs an MoU with Tether to collaborate on blockchain innovation, tokenization and digital financial infrastructure.

The exchange’s digital asset roadmap began in August 2024 when it announced plans to introduce digital asset exchange-traded products (ETPs), providing regulated exposure to cryptocurrencies through the stock market.
Two months later, the NSE joined the Hedera Governing Council becoming one of the first African stock exchanges to participate in the governance of a public distributed ledger network. The move signaled the exchange’s intention to play a direct role in shaping blockchain infrastructure rather than simply adopting it.

TOKENIZATION | Nairobi Securities Exchange (NSE) Joins Hedera Network Council to Accelerate Tokenization of Real World Assets

Momentum accelerated in 2025.
In April 2025, the exchange unveiled plans to build a digital assets exchange and tokenization platform designed to support the issuance and trading of tokenized securities and other blockchain-based financial instruments.

TOKENIZATION | Nairobi Securities Exchange (NSE) to Launch Regulated Digital Assets Exchange and Tokenization Platform in Kenya

A month later, European digital asset manager, Valour, announced plans to work with the NSE to list crypto exchange-traded products, potentially making Kenya one of the first African markets to offer regulated crypto investment products through a national securities exchange.

REGULATION | Canadian Fintech Subsidiary, Valour, Looking to List Crypto ETFs on the Nairobi Securities Exchange

The strategy expanded beyond investment products in June 2025 when the Kenya Bankers Association began exploring tokenized collateral frameworks, a development that could eventually allow banks to use tokenized assets in lending and liquidity management.

BANKING | The Kenya Bankers Association (KBA) is Exploring Tokenized Collateral Frameworks, Says CEO, Nairobi Securities Exchange (NSE)

During the same month, the CEO of NSE, in an interview, talked about the long-term strategy of the exchange identifying blockchain, tokenization, and digital assets as key pillars for future market growth. Mwiti would also go on to publish a detailed op-ed that outlined what he believes as the key to unlocking the potential for securities markets in Kenya nad across the African continent, which is tokenization.

OPINION | Africa’s Capital Market Opportunity: Is Tokenization the Secret Key to Unlock Africa’s Economic Potential? – By CEO, Nairobi Securities Exchange (NSE)

In November 2025, the exchange launched the NSE Innovation Lab, creating a platform for startups, fintech firms and technology partners to develop blockchain and capital markets applications that could eventually be commercialized.

INTRODUCING | The Hedera Foundation Announces the Launch of the Nairobi Securities Exchange (NSE) Innovation Lab

The Tether agreement now adds one of the world’s largest digital asset companies to that growing ecosystem.
If implemented, the collaboration could extend beyond cryptocurrency use cases into tokenized bonds, equities, commodities, and other real-world assets, areas increasingly being explored by exchanges and financial institutions worldwide as blockchain technology moves into regulated financial markets.
While neither party disclosed financial terms or implementation timelines, the MoU suggests the NSE is continuing to position itself as one of Africa’s most active traditional exchanges pursuing tokenization and digital asset infrastructure.


CRYPTO CRIME | Kenyan Court Freezes Over $2 Million in USDT in a Binance Wallet for Money Laundering




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Nairobi Securities Exchange plc (NSE) has signed a Memorandum of Understanding (MoU) with Tether, the largest company in the digital asset industry, to explore digital asset education, tokenization, and financial market innovation in Nairobi.
Through this collaboration, the NSE and Tether seek to bridge the knowledge gap and equip Kenyan investors with the skills and confidence to participate in the evolving digital economy. The partnership will deliver a structured investor education progrramme comprising training sessions, workshops, and other knowledge-sharing initiatives for NSE-listed brokers and retail investors, deepening understanding of digital assets while promoting greater participation in Kenya’s capital markets.
This MoU also aims to support the development and implementation of a blockchain-based market infrastructure for the tokenization and instant settlement of securities on the NSE using Distributed Ledger Technology (DLT), while enabling fractionalized access to securities for both local and diaspora investors through the Hadron platform. Tether and the NSE will also design and pilot secure onboarding solutions tailored to the Kenyan regulatory environment to streamline Anti-money Laundering (AML) and Know Your Customer (KYC) processes.
Another key area of focus is the potential development of Real-World Asset (RWA) tokenization, leveraging the Hadron platform’s capabilities to support the issuance and trading of tokenized securities and other financial instruments.
To enhance market efficiency and optimized post-trade processes, Tether will support the exploration of instant and atomic settlement mechanisms aimed at reducing the current settlement cycle. Additionally. both parties will assess the feasibility of integrating USDT as a potential digital asettlement infrastructure layer to enhance market liquidity and atract greater capital flows, where permitted by law.

“The use cases for digital assets are gradually evolving, from crypto use cases to real-life aplications and, ultimately, to cross-border institutional use cases. This is what true freedom means, and we are happy to collaborate ith the Nairobi Securities Exchange even further to promote practical institutional use cases and technologcal advancement to optimize operations and enable efficient, transparent, accountable, and sustainable processes in the stock exchange while ensuring data protection and privacy,” said Paolo Ardoino, CEO of Tether.

“This partnership is fully aligned with the NSE’s 2025-2029 Strategic Plan, which is anchored on leveraging technology, deepening market participation, and expanding access to investment opportunities for all investors. By collaborating with Tether, we are exploring innovative teechnologies that have the potential to modernize market infrasturcutre, enhance operational efficiency, and broaden investor access while maintaining the highest standards of market integrity and regulatory compliance.
As we excute our strategy, partnerships such as this will play a critical role in positioning the NSE as a globally competititive exchange and a catalyst for Kenya’s economic growth,” said Frank Mwiti, Chief Exeuctive Officer, NSE.




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Zimbabwe’s securities regulator has admitted seven new fintech projects into its regulatory sandbox, with tokenization emerging as the dominant theme of the latest cohort.
The latest cohort follows the launch of the Securities and Exchange Commission of Zimbabwe’s (SECZ) sandbox under the country’s new virtual assets framework which is designed to allow startups to test innovative financial products in a controlled regulatory environment before seeking full licensing.
The selected firms are developing tokenized investment products, blockchain-based financial services, digital asset infrastructure, AI-powered solutions and payment technologies, underscoring the country’s growing focus on regulated digital assets.


The latest intake builds on Zimbabwe’s first sandbox cohort which also featured crypto exchanges, tokenization platforms, digital asset custody and blockchain-based financial services, reinforcing the regulator’s strategy of using supervised testing to shape the country’s emerging virtual assets ecosystem.
The intake also comes 6 months after Zimbabwe’s Financial Securities Exchange (FINSEC Zim) received regulatory approval to operate the country’s first asset tokenisation market, a ground-breaking development for digital finance and capital markets in the region.

REGULATION | The Zimbabwe Financial Securities Exchange Reportedly Gets Approval to Pilot an Asset Tokenization Market

The Securities and Exchange Commission of Zimbabwe (SEC Zim) granted the licence under its regulatory sandbox framework, enabling FINSEC to pilot tokenised trading of real-world assets in a controlled, supervised environment.
According to FINSEC Zimbabwe, the approved market infrastructure will support the full lifecycle of tokenised assets from origination, due diligence, issuance, and trading, to settlement, custody, and reporting.


In June 2026, Zimbabwe introduced its first dedicated regulatory framework for cryptocurrency businesses requiring all Virtual Asset Service Providers (VASPs) to register with the Financial Intelligence Unit (FIU), as authorities seek to bring the country’s largely informal digital asset sector under anti-money laundering oversight.
The regulations, published as Statutory Instrument 99 of 2026 by Finance Minister, Mthuli Ncube, require exchanges, custodians, brokers, and other firms involved in buying, selling, transferring or safeguarding virtual assets to obtain annual registration from the FIU, a unit housed within the Reserve Bank of Zimbabwe.

Operating without registration is now an offense.


REGULATION | Zimbabwe Brings Crypto Firms Under Formal Oversight With New VASP Rules





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The Securities and Exchange Commission of Zimbabwe (the Commission) wishes to advise market participants and the investing public that; it has approved the following innovative financial technology solutions for participation in the Regulatory Sandbox testing in terms of the Securitities and Exchange Commisssion Regulatory Sandbox Guidelines:
Zimbabwe Entrepreneurship Exchange – Blockchain Driven Capital Raising Platform;
Ndarama Standard (Private) Limited – Synthetic Trading Platform;
Crowdaxe Capital (Private) Limited – Web-Based Crowdfunding Platform;
Procode Platforms (Private) Limited – Securities Tokenisation Platform;
Financial Securities Exchange (Private) Limited – Asset Tokenisation; and
Comin Resources Zimbabwe (Private) Limited – Infrastructure Tokenisation.
The Regulatory Sandbox provides a controlled supervised and timed enivronment within which approved participants may test innovative products, services, and business models.
Participation in the Sandbox is limited to the testing of approved solutions within defined parameters and under the Commission’s regulatory oversight within a given testing period.
Any representations to the contrary are treated as misleading. The objective of the testing program is to facilitate responsible innovation; enhance financial inclusion; promote the development of a fair, transparent, and efficient capital market.
The commission will continued to monitor and evaluate the testing of the approved participants and may issue further guidance, directives, or requirements as deemed necessary.




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Africa’s next wave of stablecoin adoption could come from digital tokens pegged to local currencies rather than the U.S. dollar, according to a new report by Standard Chartered and digital asset firm, Zodia Markets.
The report argues that local-currency stablecoins could
lower payment costs,
improve cross-border trade, and
help businesses manage liquidity more efficiently.
While the global stablecoin market has grown to more than $300 billion, over 98% of its value remains denominated in U.S. dollars, leaving African currencies largely absent from the digital payments ecosystem.

MILESTONE | Stablecoins Cross $300 Billion in Market Cap for the First Time

Rochelle McCauley, Managing Director and Head of Banks, Broker Dealers, and Fintech for Africa at Standard Chartered, said stablecoins are increasingly being viewed as payment infrastructure rather than just tools for crypto trading.
According to McCauley, local-currency stablecoins could reduce friction in cross-border payments, lower remittance costs, support regional trade, and allow companies to move liquidity across markets more efficiently while enabling transactions outside traditional banking hours.
The report identifies
Ghana,
Rwanda,
Namibia,
Senegal and
Côte d’Ivoire
as among the strongest candidates for local-currency stablecoins.

REALITY CHECK | ‘Nigerian Fintechs Are Not Integrating cNGN,’ Say Nigerian Web3 Leaders

South Africa ranks lower, largely because it already has
a well-developed banking sector,
deep capital markets, and
advanced payment infrastructure.

FINTECH AFRICA | How National Payment Systems Like PayShap Are Driving the Cashless Economy in South Africa

Standard Chartered argues that local-currency stablecoins could complement initiatives such as the Pan-African Payment and Settlement System (PAPSS) by allowing businesses to settle transactions closer to the currencies they actually use reducing reliance on correspondent banks and multiple foreign-exchange conversions.
However, the report says widespread adoption will depend on clear regulation covering reserve backing, transparency, redemption rights, anti-money laundering controls, cybersecurity and consumer protection.
McCauley also warned that failing to develop local-currency stablecoins could see U.S. dollar-backed stablecoins become Africa’s default digital payment layer
accelerating dollarization,
weakening monetary policy, and
limiting the development of domestic financial markets.


OPINION | All Aboard the Stablecoin Hype Train – By Founder, Frontier Fintech




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Decentralized cloud storage provider, Storj Labs, has filed for voluntary Chapter 11 bankruptcy protection in the United States saying it will continue operating while restructuring legacy liabilities and proposing a court-approved pathway that could allow STORJ token holders to receive equity in the reorganized company.
The company said customer services and its decentralized storage network will remain operational throughout the bankruptcy process. Any plan to grant equity to token holders would be subject to U.S. bankruptcy rules, creditor priorities, and court approval, with details on eligibility yet to be disclosed.

“This is a decisive, positive step,” said Kaloyan Raev, Director of Software Engineering of Storj.
“The business underneath is strong and right-sized. What holds it back are legacy obligations from an earlier chapter. This process lets us resolve them in an orderly way and come out the other side with a clean foundation – and with a plan for management, our token community, and our investors to share in the ownership of the restructured company, taking Storj back to its strong decentralized roots, serving our clients.”


Founded in 2014, STORJ operates a decentralized cloud storage network that rewards users with STORJ tokens for contributing unused storage capacity.

Some STORJ highlights since 2014:
Introduced the first production-scale decentralized cloud storage platform.
Became one of the first decentralized storage providers integrated with mainstream cloud development platforms.

The filing adds to a string of recent crypto-related Chapter 11 restructurings following bankruptcy proceedings involving Bitcoin mining pool, Poolin.


REALITY CHECK | Poolin, Once the World’s Largest Bitcoin Mining Pool, Files for Bankruptcy




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