The Cryptonomist

The TON Foundation has announced a significant collaboration with Banxa, a company within the OSL group, to bring the power of the TON blockchain and stablecoin payments to thousands of small and medium-sized enterprises (SMEs) in the Asia-Pacific (APAC) region.

This initiative marks a decisive step towards the large-scale adoption of blockchain-based payment solutions in the real world, particularly in one of the most dynamic regions for trade and digital innovation.

TON, Banxa, and OSL: A Synergy for Digital Transformation

Thanks to the integration between the network of merchants and institutions of OSL, Banxa’s global payment infrastructure, and the speed of the TON blockchain, the partnership aims to meet the growing demand for fast and efficient cross-border payments.

SMEs in the APAC region will thus be able to leverage TON technology to settle payments in stablecoin, manage B2B transactions, cross-border operations, and consumer-to-business (C2B) payments, benefiting from a platform already widely used for peer-to-peer transfers in the region.

TON Pay: the New Frontier of On-Chain Payments

This collaboration follows the recent launch of TON Pay, the new on-chain payment layer designed to bring cryptocurrency payments to the consumer scale, starting with TON’s native applications on Telegram.

These developments highlight the strategy of the TON Foundation: to make the TON blockchain a benchmark infrastructure for efficiency in digital payments, both for in-app merchants and large international companies.

Real and Regulated Adoption: The Case of OSL and Banxa

While many entities in the digital sector are still looking towards future adoption, TON and its partners are already enabling concrete use cases.

OSL, a leading platform for trading and stablecoin payments in Asia, solidified its position with a $300 million funding round in 2025, the largest ever announced in the Asian digital asset sector, followed by an additional $200 million round to expand its global payments and stablecoin infrastructure.

The strength of this alliance also lies in regulatory coverage: Banxa boasts a network of licenses that spans the United States, Europe, the United Kingdom, Canada, and APAC, ensuring compliance and security for all operations.

An Infrastructure Ready for the Real Economy

Nikola Plecas, Vice President of Payments at TON Foundation, emphasized how this collaboration is aimed at generating concrete use cases based on TON, providing long-term commercial utility for developers and businesses. “Our infrastructure actively supports stablecoin payment flows used in daily operations, reinforcing its role as a settlement layer ready for enterprises,” stated Plecas.

The agreement with Banxa is part of an enterprise adoption path for TON already initiated by companies like Bloxcross and Shift4, which use the blockchain to process and settle payments.

Sean Moynihan, COO of Banxa, highlighted how the combination of TON’s scalability and Banxa’s ability to manage on and off ramps between fiat and digital currencies allows any company to benefit from stablecoin payments, eliminating the complexities of currency conversions. “Together with OSL Group and TON, we are building the compliant technological layer for global commerce,” added Moynihan.

OSL Group: A Global Network Serving Businesses

OSL Group operates with licenses in all major regions of the world, including Asia Pacific, United States, United Kingdom, Europe, Latin America, and Africa. Xavier Xiang, Director of Payments at OSL Group, stated that enabling stablecoin payments for Asian companies is just the first step in a broader strategic partnership. “We are ready to bring our payment solutions, supported by OSL’s liquidity and global network, to all developers and businesses in the expanding TON ecosystem,” Xiang declared.

TON Foundation: A Community at the Heart of Innovation

The TON Foundation is a non-profit organization founded in Switzerland in 2023, supported by a community of contributors working on protocol development, ecosystem growth, and platform definition.

While promoting TON’s mission, the foundation does not exert any central control over the blockchain, which remains open-source and open to contributions from everyone.

Banxa: Integrated and Global Crypto Infrastructure

Banxa has established itself as a leading provider of integrated crypto infrastructure, facilitating access to cryptocurrencies and stablecoins for over 400 companies and millions of users worldwide. With offices in the United States, Europe, and Asia-Pacific, Banxa aims to revolutionize the movement of money globally, combining speed, efficiency, and regulatory security.

OSL Group: Leader in Digital Financial Services

OSL Group (HKEX: 863) is the leading platform in Asia for trading and payments in stablecoins, committed to providing efficient and globally compliant digital financial services. With values of openness, security, and transparency, OSL aims to build an ecosystem capable of connecting global markets and enabling instant and secure value transfers between fiat and digital currencies.

A Future of Borderless Digital Payments

The partnership between TON Foundation, Banxa, and OSL Group marks a pivotal moment for the adoption of stablecoin payments in Asian businesses. By integrating regulated infrastructures, cutting-edge technologies, and a global network of partners, this alliance lays the groundwork for a future where digital payments will be increasingly fast, secure, and accessible to companies of all sizes.

A new BVNK report shows how stablecoin adoption is rapidly evolving from a niche crypto experiment into an everyday payments tool used across global markets.

Stablecoins move from trading tool to everyday money

According to BVNK’s Stablecoin Utility Report, released on February 17, 2026, stablecoins are increasingly used for practical financial needs rather than speculative trading. The study, conducted by YouGov for BVNK in partnership with Coinbase and Artemis, surveyed more than 4,600 early adopters and crypto-natives in 15 countries.

Stablecoins are cryptocurrencies pegged 1:1 to the US Dollar, designed to offer price stability and enable fast, secure transactions. Moreover, the report focused on respondents who currently hold crypto, held it in the last 12 months, or intend to acquire it in the coming year. This provides a detailed snapshot of how active users are integrating digital dollars into daily life.

The data shows that these users no longer view stablecoins as a niche remittance or trading tool. Instead, they deploy them for real-world money movement, prioritizing speed, cost, and security. That said, the shift is not uniform, with notable differences between emerging and high-income markets.

Stablecoins increasingly used for salaries and income

One of the most striking findings is how people are getting paid in stablecoins. 39% of surveyed respondents said they receive payments in stablecoins, either from family and friends or in a professional context. Among this group, such payments account for around 35% of their annual earnings.

Three-quarters of those paid in stablecoins said it improved their ability to do business internationally. In addition, 76% of marketplace sellers reported better sales volumes when using digital dollars. According to the report, these users also enjoy an average fee saving of 40% compared with traditional remittance channels, underlining strong stablecoin remittance savings incentives.

Everyday spending and merchant acceptance trends

Stablecoins are also functioning as everyday money. 27% of holders now use them for routine purchases, from goods to services. They keep an average balance of $200 in their wallets, treating these assets as spendable currency instead of long-term savings. Moreover, this behavioral shift signals that digital dollars are beginning to compete directly with local fiat in some markets.

More than half (52%) of crypto holders reported buying something specifically because a merchant accepted stablecoins. That share rises to 60% in emerging markets, highlighting how stablecoin merchant acceptance can directly influence consumer behavior. However, the report also indicates that current acceptance does not fully match user demand.

The demand-supply gap is clear: 42% of respondents said they want to spend crypto and stablecoins on major or lifestyle purchases, while only 28% actually do so today. This suggests that consumer interest is running ahead of merchant and platform integration, especially outside crypto-native businesses.

Why users prefer paying with stablecoins

The top reasons people choose stablecoins are practical rather than ideological. 30% cited lower fees as their main motivation, while 28% pointed to security and 27% to global access. Moreover, these operational benefits mirror the pain points of legacy payment rails, particularly for cross-border transactions and small businesses.

Crucially, users want better integration with existing financial services. 77% of consumers surveyed said they would open a stablecoin wallet if their personal bank or fintech app offered one. Almost three-quarters (71%) are interested in a linked debit card to spend their holdings frictionlessly. This underscores growing expectations around stablecoin banking integration within traditional financial platforms.

These attitudes suggest that future growth in stablecoin usage may depend as much on banks and fintechs as on crypto-native wallets. However, that requires interoperable infrastructure, clear compliance frameworks, and user-friendly interfaces that hide blockchain complexity.

Regional patterns in stablecoin use

The report highlights clear regional differences in how stablecoins are used. The trend towards everyday payments has been led by South America, Asia, and Africa, where conventional money transfers can be slow, expensive, or tightly restricted. Across these emerging markets, 60% of crypto-native respondents hold stablecoins, rising to a remarkable 79% in Africa.

In many of these economies, moving money abroad is difficult, and local currencies can be highly volatile. As a result, stablecoins have become an important tool for stability and financial inclusion. Moreover, they offer a parallel rail for savings, trade, and remittances that bypasses fragile banking systems and capital controls.

Yet the report also shows that high-income countries are catching up. In the US, the UK, and across Europe, awareness of stablecoins as a way to modernize payments and accelerate global transfers is growing quickly. 45% of crypto users in these economies now hold stablecoins, and their average balances are substantially higher, at around $1,000 compared with $85 in emerging markets.

Regulation and the path to mainstream adoption

The authors note that regulatory frameworks in major jurisdictions are evolving rapidly to support greater use of digital dollars in everyday commerce. As rules take shape across the US, UK, and Europe, policymakers are increasingly treating these assets as a potential upgrade to payment infrastructure rather than only a speculative instrument. This regulatory momentum is a key driver of broader stablecoin market mainstream adoption.

One paragraph of the report explicitly frames this shift as a structural change in stablecoin adoption, not just a temporary spike in usage. That said, significant questions remain around consumer protection, reserve transparency, and interoperability between issuers. Clearer standards could further unlock institutional engagement and payment-industry integration.

Industry perspectives on a tipping point

Commenting on the findings, Chris Harmse, co-founder of BVNK, contrasted headline market statistics with everyday experience in cities like London and New York. He noted that while macro numbers point to hundreds of billions in market capitalization and trillions in annual transaction volume, many consumers still rarely see a ‘pay with stablecoins’ button at checkout.

“That’s what we’ve set out to answer with this report,” Harmse said. “Stablecoins are being used in the real world because they solve real-world problems. People are already getting paid and spending stablecoins, especially where traditional payments are slow, expensive, or unreliable. They’re using them like everyday money, and asking for greater integration into their existing financial tools so they can continue to benefit from this revolution in money movement.”

John Turner, Group Product Manager for stablecoins at Coinbase, emphasized the role of necessity in emerging markets. “In many emerging economies, people have adopted stablecoins out of necessity,” he said. “What’s changing now is that people in developed markets are starting to feel the same frustrations with money movement. They want payments that are instant, global, and low-cost.” Moreover, Turner argued that as regulation develops, stablecoins will be seen less as a niche crypto product and more as a practical enhancement to established systems.

Anthony Yim, Co-Founder & CEO at crypto research firm Artemis, described a “significant behavioral shift” in usage patterns. He pointed out that stablecoin supply has grown 500% over the past five years, alongside multiple legislative initiatives in numerous countries. According to Yim, crypto-natives and early adopters are already fully onboard, using these assets to pay and be paid, which is now driving mainstream global uptake.

Methodology and ecosystem context

The Stablecoin Utility Report is based on an online survey of 4,658 adults aged 18 and over, conducted by YouGov between September and October 2025. All respondents either currently hold cryptocurrency (including stablecoins), held it within the last 12 months, or intend to acquire it in the next 12 months. The sample was drawn from YouGov’s panel of preferred suppliers.

BVNK positions itself as a stablecoin-powered financial stack for enterprises, enabling clients to build financial products, unlock new markets, and move money in seconds across more than 130 countries. The company says it processes billions annually and is trusted by partners including Worldpay, Deel, and Flywire. The report is available for download at BVNK.com/Utility.

Artemis describes itself as a leading analytics platform for blockchain data, used by industry names such as Visa, Grayscale, Pantera, VanEck, and Circle. Coinbase (NASDAQ: COIN) continues its mission to expand economic freedom globally by providing a trusted platform for trading, staking, safekeeping, spending, and global transfers of crypto assets. Moreover, Coinbase supports builders focused on onchain innovation and advocates for responsible regulation worldwide.

Overall, the BVNK study suggests that stablecoins are transitioning from a specialist crypto tool to a core component of digital finance, with growing usage in salaries, remittances, and everyday spending across both emerging and developed markets.

As traditional markets flash warning signs, the latest views on robert kiyosaki bitcoin strategy and privacy in crypto payments are drawing renewed attention from investors.

Market volatility and Kiyosaki’s crash call

The crypto market remains highly volatile, with the Bitcoin price once again failing to convincingly clear the $70,000 threshold. Moreover, several analysts argue that the leading digital asset could face further downside, despite the strong institutional inflows recorded last year.

Against this backdrop, Robert Kiyosaki, the author of the bestseller Rich Dad, Poor Dad, is doubling down on his warning of an imminent market crash. He maintains that many investors still hope for a lower entry level in Bitcoin, which he believes could add pressure to the asset in the short term.

“The upcoming crash may make you richer beyond your wildest dreams,” Kiyosaki said, underlining his view that deep corrections often precede substantial wealth creation for prepared investors. However, he stresses that only those willing to act during moments of fear tend to benefit.

Kiyosaki’s investment approach in a potential downturn

Kiyosaki has been warning about major downturns for years, frequently attracting criticism from skeptics who accuse him of alarmism. That said, he continues to argue that market crashes are periods when high-quality assets can be acquired at significantly discounted valuations.

His current approach focuses on steadily accumulating Bitcoin, gold, silver, and Ethereum as sentiment weakens. According to Kiyosaki, this diversified basket combines the scarcity of digital assets with the historical role of precious metals as stores of value.

Despite his gloomy near-term outlook, he urges investors to remain composed rather than panic selling into volatility. Moreover, he highlights the fixed supply of Bitcoin, capped algorithmically at 21 million units, as a fundamental characteristic that differentiates it from fiat currencies and many traditional assets.

In his view, that hard cap is central to his thesis on robert kiyosaki bitcoin positioning, since it introduces digital scarcity comparable to, and potentially more powerful than, that of physical gold.

Kiyosaki has also reiterated his belief that the long-term value of Bitcoin could eventually exceed that of gold. However, he cautions that the path to that outcome is unlikely to be linear and will almost certainly involve sharp corrections and periods of extreme volatility.

CZ highlights the privacy gap in crypto payments

While Kiyosaki focuses on macro risk and asset accumulation, Changpeng Zhao (CZ), founder of Binance, is directing attention to another structural challenge for digital assets. According to CZ, privacy remains the missing piece preventing true mass adoption of crypto payments in everyday life.

“Privacy is critical for the success of crypto as a mainstream payment system,” CZ stated, arguing that many potential users remain reluctant as long as transactions can be easily tracked on public blockchains. Moreover, he notes that businesses are also cautious when financial flows are fully transparent to competitors and counterparties.

Today, the inherent transparency of most blockchain networks allows addresses and flows to be scrutinized, which can be positive for compliance but problematic for user confidentiality. However, CZ believes that strengthening privacy features, while respecting regulatory requirements, is essential to making cryptocurrencies more attractive for daily spending.

Binance initiatives and broader industry challenges

Binance is working on enhanced privacy and security tools designed to give users greater control over what information is visible on-chain. The exchange sees these developments as a prerequisite for broader crypto payment adoption, especially in retail and cross-border commerce.

That said, CZ emphasizes that this is not an issue any single platform can solve in isolation. He argues that the entire crypto industry must prioritize privacy-focused innovation if it wants to compete with mature payment systems that already offer users a high level of discretion and ease of use.

The sector still faces multiple obstacles, including regulatory uncertainty, user education gaps, and ongoing concerns around market manipulation. However, CZ is convinced that addressing privacy concerns in a responsible way could unlock new use cases and accelerate the shift from speculative trading to real-world payments.

Outlook for investors and the crypto sector

For investors, the combination of Kiyosaki’s crash warnings and CZ’s focus on privacy highlights both risk and opportunity. On one hand, sharp corrections could deliver the lower entry points that long-term buyers seek in volatile assets like Bitcoin. On the other, structural improvements in privacy and usability may support broader adoption over time.

As of 2024, Kiyosaki continues to add Bitcoin, gold, silver, and Ethereum to his portfolio, positioning for what he sees as a historic re-pricing of financial assets. Meanwhile, CZ and Binance are betting that better privacy solutions will be a decisive factor in the next phase of the crypto market‘s evolution.

Ultimately, both perspectives converge on a single point: despite short-term uncertainty and the threat of a market crash, the intersection of scarcity-driven assets and improving crypto infrastructure may define the next chapter of digital finance.

Investors are reassessing metaplanet stock after the latest earnings showed booming revenue but a huge crypto-driven net loss that deepened an already steep share price decline.

Metaplanet shares under pressure despite brief post-earnings bounce

The Tokyo-listed company saw its Metaplanet shares edge up about 3% on the daily chart following the latest earnings release. However, the broader trend remains negative, with the stock still down roughly 37% over the past month, signaling persistent investor caution toward its crypto-heavy balance sheet.

According to the most recent monthly chart, Metaplanet stock has fallen from around ¥540–¥550 to approximately ¥338. This sharp decline reflects market unease over the firm's aggressive Bitcoin exposure and the potential for further volatility tied to digital asset prices.

Moreover, the near-38% monthly drop underscores how closely the equity now trades in step with crypto market sentiment. That said, a portion of the slide also stems from reactions to the latest fiscal year results and the scale of the reported net loss.

Metaplanet earnings highlight strong growth but huge Bitcoin valuation loss

For the year ending December 31, 2025, the company reported revenue of ¥8.905 billion (about $58 million), marking a steep 738% increase year-over-year. It also delivered an operating profit of ¥6.287 billion (around $41 million), up nearly 1,700% from the prior year, signaling substantial underlying business expansion.

However, despite this strong operational improvement, Metaplanet posted a net loss of roughly ¥95 billion (about $619 million). The loss was driven largely by a non-cash valuation hit of approximately ¥102.2 billion (about $660 million) on its Bitcoin holdings as prices declined during the reporting period.

As current accounting rules require digital asset positions to reflect changes in market value, swings in BTC prices can heavily distort reported bottom-line results. Consequently, headline profitability metrics at firms with substantial crypto holdings can diverge sharply from their operational performance.

Bitcoin-heavy balance sheet reshapes risk profile

Metaplanet has rapidly expanded its crypto treasury, ending 2025 with 35,102 Bitcoin, up from just 1,762 BTC a year earlier. This roughly 1,892% increase positions the firm among the largest corporate holders of the asset globally and the largest in Japan, transforming its financial profile in the process.

Moreover, that Bitcoin stack now represents a core pillar of its balance sheet and revenue model. Much of the company's income is increasingly linked to Bitcoin-related trading, yield strategies and associated financial activities that magnify its exposure to crypto market cycles.

However, the recent sharp correction in Bitcoin prices has flipped earlier unrealized gains into deep paper losses. These valuation swings have eroded investor confidence, contributing to the ongoing pressure on the share price even as reported revenue and operating profit expand sharply.

Metaplanet stock as a leveraged play on Bitcoin volatility

Metaplanet's approach effectively turns its equity into a leveraged proxy for Bitcoin itself, amplifying both upside and downside moves. In practice, metaplanet stock now reacts not only to company-specific news but also to broader crypto sentiment, regulatory headlines and macro-driven shifts in digital asset risk appetite.

For traders and longer-term shareholders, this dynamic presents a double-edged sword. On one hand, strong bull phases in Bitcoin could rapidly repair paper losses and boost reported earnings. On the other, extended downturns leave the company vulnerable to further valuation hits that overshadow operational gains.

That said, the recent near-38% monthly drop serves as a stark reminder of the risks involved in tightly coupling equity valuation to a volatile crypto asset. Until Bitcoin prices stabilize and market participants gain more clarity on digital asset accounting and regulation, Metaplanet's share performance will likely continue to mirror wider crypto market swings.

In summary, Metaplanet enters the next fiscal period with surging revenue, a powerful but risky Bitcoin treasury and a share price that remains highly sensitive to crypto volatility, leaving investors to weigh growth prospects against substantial balance sheet risk.

After months of preparation, Shiba Inu recovery efforts have moved from planning to execution with the launch of a live SOU NFT claim system on Ethereum.

SOU claim system goes live on Ethereum

The Shiba Inu team has activated its long-discussed SOU recovery framework, allowing users hit by the Shibarium bridge exploit to file claims tied to last year’s incident. Moreover, these claims are being issued as transferable, on-chain NFTs on Ethereum, giving affected users both transparent balances and new liquidity options.

The launch marks a shift from a purely promised Shiba compensation program to a functioning system with visible mechanics. That said, the design also introduces a secondary market, where users who prefer immediate liquidity can sell their claims at a discount to buyers willing to wait for future payouts.

Origins of the SOU concept

The SOU framework is not a sudden invention. In a year-end letter dated Dec. 29, 2025, Shibarium developer Kaal Dhairya presented the idea under the name “SOU: Shib Owes You,” explicitly warning that it was “Not live yet, beware of scammers.” However, he framed SOU as a system in which “every affected user has an SOU NFT — an on-chain, verifiable record of exactly what the ecosystem owes them.”

That early description stressed verifiability and on-chain enforcement rather than private, off-chain tracking. Furthermore, it set expectations that each user would hold a distinct tokenized record representing the exact amount owed, establishing the basis for today’s implementation.

Official launch announcement and core messaging

The warning banner has now been replaced by a go-live message. On X, the official Shiba Inu account declared: “SOU is live. Introducing SOU (Shib Owes You) an onchain NFT built as a good-faith effort to support impacted users with payouts, donations, and occasional rewards. Transparent. Tradable. On-chain. You can transfer it, split it, merge it, or trade it on marketplaces. Claim your SOUs: https://shib.io/sou.”

This statement highlights several design priorities: transparency, tradability, and self-custody via Ethereum wallets. Moreover, it underscores that the tokens can be split, merged, or transferred, reinforcing the idea that SOUs are not static receipts but dynamic financial instruments that can be actively managed.

Design principles and transparency features

According to Shib’s documentation, the system is intended to make the entire recovery ledger public, auditable, and enforced by smart contracts rather than opaque databases. “SOU (Shib Owes You) is more than just a name; it is a commitment,” the docs state, positioning the mechanism as a formal pledge by the Shib ecosystem to make users whole.

The documentation adds that the system is “a transparent, audited, and on-chain recovery system” featuring real-time activity notifications. However, these notifications do more than inform; they create an observable feed of donations and payouts, allowing the community to track recovery progress as new funds arrive or distributions occur.

Original Principal vs Current Principal

The SOU mechanism centers on two distinct balances for each claim. “Original Principal” represents the immutable historical record of what a user lost in the incident, while “Current Principal” reflects the remaining amount owed after payouts or new contributions. Moreover, Current Principal declines as users receive compensation or as funds are applied.

Shib’s docs also draw a clear line between debt repayment and incentive mechanisms. A “Payout” reduces principal as direct compensation, whereas a “Reward” is treated as additive with “No Change” to the owed balance, effectively layering bonuses on top of core repayment rather than replacing it.

SOU NFTs as financial instruments

Beyond acting as receipts, SOU tokens are intentionally structured as tradable assets. Claims can be merged or split for position sizing, transferred across wallets, or sold on compatible marketplaces. That said, this structure effectively creates a shib recovery marketplace, where investors can buy discounted claims while original victims choose between holding or exiting early.

This flexibility is central to the design. Affected users are not forced into a single recovery path; instead, they can decide whether to wait for future payouts or monetize their position now by transferring or selling their transferable claim NFT to others.

Funding flows and community role

Shib’s documentation outlines a funding model that channels ecosystem revenues and community donations into a shared pool. Donations are applied proportionally across all affected claims, ensuring each eligible SOU holder receives a fair share of incoming support rather than ad hoc distribution.

Additionally, there is support for optional creator fees on secondary-market trades. However, instead of going to a central treasury, these fees can be directed back into payouts or rewards, aligning trading activity with ongoing recovery and effectively turning market volume into a supplementary community recovery fund.

Background: Shibarium bridge incident

The SOU rollout is rooted in the September 2025 Shibarium bridge incident. In a post-incident security update, Shib stated that “unauthorized validator signing power” had been used to push a malicious exit through the PoS bridge, enabling the withdrawal of multiple assets from the system.

This exploit highlighted vulnerabilities in the Shibarium infrastructure and triggered community demands for a clear, auditable path to restitution. Moreover, it set the stage for the eventual design of the onchain nft recovery framework now going live.

Market snapshot and outlook

At press time, Shiba Inu traded at $0.00000656, reflecting a market still digesting both the fallout from the exploit and the implications of the new recovery system. However, supporters hope that a transparent, enforced recovery process, including structured sou nft claims, can help rebuild trust and stabilize sentiment around the project.

In summary, the SOU launch shifts Shib’s response from promises to an operational, on-chain system, combining verifiable accounting, flexible claim management, and community-driven funding to address losses from the Shibarium bridge exploit.

The market around the HBAR Hedera crypto price is locked near $0.10 as broader sentiment turns defensive and volatility compresses across multiple timeframes.

HBAR/USDT — daily chart with candlesticks, EMA20/EMA50 and volume.

Daily (D1): Neutral Bias with Structural Overhang

Trend & EMAs

Data: Close $0.10; EMA20 ≈ $0.10; EMA50 ≈ $0.11; EMA200 ≈ $0.15.

Read: Price is glued to the 20-day EMA, but still decisively below the 50- and 200-day EMAs. That is not active bearish momentum, but it is a downtrend hangover. HBAR is trying to stabilize under older, heavier resistance. However, until price reclaims and holds above the 50-day EMA (~$0.11), this remains a recovery attempt inside a broader, damaged structure rather than a confirmed new uptrend.

RSI (Momentum)

Data: RSI14 ≈ 50.9.

Read: Momentum is dead-center neutral. There is no strong buying pressure, but also no clear exhaustion on the downside. In other words, the market is undecided here; both bulls and bears are on standby, waiting for a catalyst. In a fearful macro environment, a neutral RSI can quickly roll over if sellers reappear.

MACD (Trend Momentum)

Data: MACD line ≈ 0, signal ≈ 0, histogram ≈ 0.

Read: MACD is essentially flatlined. There is no real directional edge from trend momentum, with no strong bullish crossover and no active bearish expansion. This reinforces the idea that HBAR is in a pause phase, coiling for its next impulsive move rather than trending strongly in either direction right now.

Bollinger Bands (Volatility & Range)

Data: Mid-band ≈ $0.09; upper band ≈ $0.11; lower band ≈ $0.08. Close at $0.10, slightly above the mid-band.

Read: Price is in the upper half of the daily band range, but not hugging the top. That is a mild positive tilt: support holds, but there is no strong breakout pressure. Moreover, bands are relatively narrow, which usually means volatility has been compressed. The longer HBAR sits in this tight band, the higher the odds of a volatility expansion move ahead, either up or down.

ATR (Volatility)

Data: ATR14 ≈ $0.01.

Read: Daily swings of about 10% relative to a $0.10 price are moderate for an altcoin, not extreme. Volatility is contained but not dead. That is consistent with a market that is cautious rather than panicked in this specific name, even while broader sentiment is extremely fearful.

Daily Pivot Levels

Data: Pivot point ≈ $0.10; R1 ≈ $0.10; S1 ≈ $0.10 (compressed, reflecting a very tight recent range).

Read: With pivot, support, and resistance all clustering around the same level, the market is basically treating $0.10 as the battleground. There is no well-defined local ladder of supports and resistances on the daily, just a hard line in the sand. Sustained trading above this area would start to favor the bulls; a clean break and acceptance below it would give bears the upper hand.

Daily takeaway: The HBAR Hedera crypto price sits in a neutral zone, structurally capped by higher EMAs but not under aggressive selling. The chart is in wait-and-see mode, and the next significant expansion in volatility is likely to define the next leg.

1-Hour (H1): Neutral, But Leaning Soft

Trend & EMAs

Data: Close ≈ $0.10; EMA20 ≈ $0.10; EMA50 ≈ $0.10; EMA200 ≈ $0.10.

Read: All intraday EMAs are stacked on top of each other. That is classic short-term equilibrium, with no clean intraday trend. It usually follows a period of choppy mean reversion, where both breakouts and breakdowns have failed to follow through.

RSI

Data: RSI14 ≈ 41.9.

Read: RSI is slightly below neutral, hinting at a mild intraday bearish bias. Buyers are not aggressively stepping in on the lower time frame, but this is not oversold either. It is more like a soft drift downward rather than a sharp selloff.

MACD

Data: MACD line ≈ 0; signal ≈ 0; histogram ≈ 0.

Read: Again, there is no dominant intraday trend. Short-term momentum has been washed out, matching the flat EMAs. Any strong push in either direction from here will likely be the start of a fresh H1 move, not the continuation of an existing one.

Bollinger Bands & ATR

Data: Bands mid ≈ $0.10 with upper and lower bands effectively at $0.10; ATR14 ≈ 0 on H1.

Read: This is ultra-compression on the hourly chart, as volatility has temporarily collapsed. When you see ATR this low and bands pinched, it usually precedes a breakout from the range. Direction is unknown; however, traders should expect volatility to come back, not stay at this level.

H1 Pivot

Data: Pivot ≈ $0.10; R1 ≈ $0.10; S1 ≈ $0.10.

Read: The market is rotating exactly around the same level, reinforcing $0.10 as a major intraday decision point. Any sustained move away from this level on volume would be meaningful.

Hourly takeaway: Short-term action is neutral to slightly soft, with extreme compression. The next impulsive move on the 1H chart is likely to be sharp relative to current noise.

15-Minute (M15): Bearish Regime, But Inside a Tight Box

Trend & EMAs

Data: Close ≈ $0.10; EMA20, EMA50, EMA200 all ≈ $0.10; regime flagged as bearish.

Read: Structurally, the model classifies M15 as bearish, but the EMAs being on top of each other at the same price point indicate a micro-range, not an active dump. Most likely, there was a recent short-term selloff followed by sideways cooling, which keeps the bearish tag but without ongoing downside pressure yet.

RSI

Data: RSI14 ≈ 30.9.

Read: Here we see some real pressure. M15 RSI flirting with oversold indicates short-term sellers have been in control. In a broader neutral daily context, this kind of micro-oversold can either be the start of a deeper breakdown or the area where scalpers look for a bounce back toward the mean.

MACD, Bands & ATR

Data: MACD ≈ 0 flat; Bollinger Bands compressed around $0.10; ATR14 ≈ 0.

Read: Even with M15 marked bearish, there is no strong trend follow-through. Volatility is almost nonexistent, and MACD is flat. That usually means the move that created the oversold RSI has stalled, and the market is pausing before deciding whether to extend lower or revert higher.

15m takeaway: Execution context is short-term heavy but stuck in a box. Sellers have an edge on the smallest timeframe, but the move is not expanding yet.

Market Context: Risk-Off, Altcoins on the Back Foot

Macro data around Hedera is not friendly to altcoin outperformance right now:

Bitcoin dominance above 56% signals capital concentration in BTC, not in secondary names.

Total crypto market cap is down in the last 24 hours, with volume also shrinking, which is classic de-risking behavior.

Fear & Greed Index at 10 (Extreme Fear) reflects broad risk aversion; speculative flows into projects like Hedera typically dry up in these phases.

For HBAR specifically, this means even a technically clean setup will struggle without a shift in overall sentiment. Breakouts are more likely to be sold into unless the broader market stabilizes.

Scenarios for HBAR Hedera Crypto Price

Immediate Bias

Given the daily neutral regime, flat MACD, mid-range RSI, and price trapped under the 50- and 200-day EMAs, the primary scenario right now is neutral with a slight downside risk tilt, mostly because of the macro fear and short-term M15 bearish tone.

Bullish Scenario

For a constructive path, bulls need to turn this neutral base at $0.10 into a proper higher-low platform.

What the bullish path could look like:

HBAR defends the $0.10 zone on closing bases, with M15 and H1 RSI recovering back above 50, signaling buyers reclaiming short-term control.

Price pushes through and holds above the 20-day EMA, then makes a sustained move above the 50-day EMA around ~$0.11.

Daily RSI grinds from about 51 toward the 55–60 region, while MACD edges into a positive cross instead of flatlining.

Bollinger Bands start to widen to the upside, with price spending more time near the upper band (~$0.11+), indicating an early trend rather than range-bound noise.

In that scenario, the next logical upside technical targets would be:

First: upper daily band region around ~$0.11, essentially a test of the 50-day EMA cluster.

Next: a move toward the $0.13–$0.15 zone, where the 200-day EMA (~$0.15) becomes a key line separating a bear market rally from a genuine trend reversal.

What would invalidate the bullish case?

A decisive break and daily close below the $0.10 area, especially if accompanied by:

Daily RSI slipping below 45 and heading lower.

ATR starting to rise as red candles lengthen, showing sellers are not just winning but winning with force.

HBAR trading closer to the lower Bollinger Band around ~$0.08 and failing to bounce.

Bearish Scenario

The bearish story banks on the idea that this neutral consolidation is simply a pause before another leg down, in sync with a risk-off macro environment.

How the bearish path might unfold:

HBAR loses the $0.10 pivot on intraday timeframes, turns it from support into resistance, and fails on retests.

15m and 1h RSI remain suppressed, staying below 45, while daily RSI drifts from about 51 toward the low 40s.

Bands start expanding downward, with price walking along or near the lower daily Bollinger Band (~$0.08), rather than reverting back to the mid-band.

Daily MACD finally tips negative, no longer flat, supporting a fresh downside trend leg instead of range trading.

In that scenario, near-term support expectations would sit around the lower band region near ~$0.08. If fear intensifies or Bitcoin breaks lower, a deeper sweep below that band would not be surprising, effectively searching for a new value area.

What would invalidate the bearish case?

A convincing, high-volume reclaim of the 50-day EMA (~$0.11) would seriously damage the bearish narrative, especially if:

Daily RSI holds above 50 and pushes toward 60.

MACD turns slightly positive instead of deepening into the negative.

Price starts building intraday higher lows above $0.10–$0.11 rather than rejecting from that zone.

Positioning, Risk, and Uncertainty

HBAR’s chart right now is the opposite of a high-conviction trending setup. The daily structure is neutral, intraday volatility is compressed, and momentum is flat, all while the broader crypto market leans defensive. In environments like this, position size and patience usually matter more than clever entries, as the big move tends to come after periods like this, not during them.

Traders should keep three things in mind:

Volatility is likely to return. With ATR and intraday bands this tight, the next impulse is likely to be sharper than the current noise level implies.

Macro can override micro. Even if Hedera paints a decent local setup, a fresh leg lower in Bitcoin or a spike in market-wide fear can pull it down regardless of its standalone chart.

Key line is $0.10. On all timeframes, $0.10 is the pivot that keeps reappearing. Above it, the market can argue for a base; below it, the argument shifts toward continuation of the prior downtrend.

For now, the HBAR Hedera crypto price sits in a balancing act. The tape is quiet, but the context is not. The next break away from this $0.10 equilibrium is likely to define the next several weeks of trading for this asset.

European policymakers are stepping up efforts to defend monetary autonomy, with euro stablecoins increasingly seen as a central pillar of that strategy.

Bundesbank steps up support for euro-denominated stable assets

Germany’s central bank, the Deutsche Bundesbank, has reinforced its backing for euro stablecoins as European authorities confront the growing dominance of dollar-linked digital tokens. Officials signaled that these instruments could help preserve eurozone monetary control while supporting innovation in payments.

The Bundesbank set out plans to advance the digital euro alongside strictly regulated private tokens. It argued that euro-based stable assets can boost cross-border payment efficiency and cut dependence on foreign payment networks. Consequently, policymakers framed these projects as components of a wider financial sovereignty agenda for the European Union.

Bundesbank President Joachim Nagel reiterated his support for both retail and wholesale central bank digital currency. He said a wholesale CBDC could enable programmable settlement in central bank money for financial institutions. Moreover, he linked privately issued euro-pegged tokens with stronger competitiveness in financial technology, clearing and settlement services across the bloc.

Nagel also highlighted ongoing exploratory work within the Eurosystem on wholesale CBDC architectures. Under these designs, banks and other financial institutions could process automated transactions in a secure and resilient environment. At the same time, he argued that well-regulated euro-based stable assets can offer cost-efficient payment and savings tools for companies and households.

ECB warns on dollar-linked dominance and policy transmission

The European Central Bank has raised the alarm over the expanding market share of dollar-backed stablecoins in global crypto markets. Officials cautioned that heavy reliance on such foreign-currency instruments may weaken the effectiveness of euro area monetary policy transmission. Therefore, they stressed the strategic value of domestically anchored solutions.

ECB representatives warned that what they described as digital dollarization could gradually erode financial autonomy in member states. They argued that a fully fledged digital euro CBDC initiative would bolster resilience in core payment infrastructure. In addition, they insisted that any privately issued euro-pegged tokens must be tightly integrated into the broader monetary and regulatory framework.

At the same time, the ECB underlined that unmanaged growth in dollar-pegged crypto assets might heighten currency substitution risks. This trend could complicate liquidity management for banks and central banks. However, officials suggested that a robust domestic framework for stable assets, including CBDC and compliant private tokens, could mitigate these challenges over the medium term.

German Finance Minister Lars Klingbeil urged faster coordination within Europe on financial and capital market integration. He argued that the European Union needs to move beyond narrow national priorities to reinforce its sovereignty and strategic autonomy. Furthermore, he described the current period as decisive for advancing shared financial infrastructure and deepening the single market.

Market projections point to rapid euro stablecoin growth

S&P Global Ratings has projected significant expansion for euro-denominated digital assets in the coming years. The credit rating agency estimated that the euro stablecoin market could scale to about €1.1 trillion by 2030 under favorable regulatory and adoption conditions. However, its baseline forecast remains more conservative, at roughly €570 billion by the same date.

S&P noted that euro-based tokens represented only around €650 million at the end of last year, highlighting how early the market still is. It added that potential growth could eventually represent more than four percent of overnight bank deposits in the euro area. Moreover, such a shift would mark a structural change in how savings and transactional balances are held across the region.

By contrast, U.S. dollar-pegged stable assets had reached an aggregate valuation of about $310 billion by late 2025. This scale underscores the current dominance of greenback-linked tokens and reinforces ECB concerns about overreliance on foreign currency instruments. That said, analysts argue that clear rules and credible public-sector backing could narrow this gap for euro-linked alternatives.

In the United States, lawmakers advanced federal oversight for digital assets after President Donald Trump signed the GENIUS Act in July 2025. The law marked a milestone for stablecoin supervision, although disagreements over detailed market structure rules have since slowed additional progress in Congress. Meanwhile, European authorities continue to present euro stablecoins as a cornerstone of long-term monetary and financial sovereignty, aligning them with the EU’s broader regulatory and integration agenda.

Overall, the combined push from the Bundesbank, the ECB and EU policymakers signals a clear direction: develop a digital euro, promote regulated euro-linked stable assets and curb excessive dependence on foreign currency tokens, in order to strengthen the euro area’s financial resilience and strategic autonomy.

After three years of operation, the decentralized lending protocol zerolend shutdown underscores growing pressures on smaller multi-chain DeFi platforms.

ZeroLend confirms closure of lending operations

Decentralized lending protocol ZeroLend has confirmed it will shut down operations after three years, citing sustainability issues and rising operational risks across its deployed networks. The team described the move as a “difficult decision”, saying the protocol is no longer viable in its current structure and market context.

In a statement shared by team member Deadshot Ryker, ZeroLend explained that its existing business model could not withstand persistent liquidity pressures and infrastructure changes. Moreover, the team stressed that the priority now is to ensure an orderly wind-down and protect user assets during the transition.

The protocol highlighted several key challenges behind the closure. These include shrinking liquidity on supported chains, discontinued oracle services, and growing security threats that increased operational risk. Together, these factors made continued development and maintenance economically and technically unsustainable.

From multi-chain ambition to liquidity squeeze

ZeroLend initially launched as a multi-chain lending protocol, targeting emerging blockchain ecosystems rather than only established networks. It sought to offer decentralized borrowing and lending markets across a range of chains, including Manta, Zircuit, XLayer and Base, aiming to capture early DeFi activity.

However, over time, liquidity on several of these networks either dried up or became largely inactive. As a result, utilization ratios fell and revenues from lending markets weakened. This erosion of on-chain activity, combined with higher maintenance costs, ultimately undermined the project’s ability to operate sustainably.

The team noted that fragmented liquidity across smaller ecosystems amplified risk and made it harder to scale. That said, ZeroLend still emphasized that user protections would guide every step of the wind-down, despite the challenging market backdrop.

Withdrawal process and 0% LTV markets

ZeroLend stated that its immediate priority is giving users enough time and clear instructions to withdraw their assets safely. Most lending and borrowing markets on the protocol have already been set to 0% loan-to-value (LTV), effectively disabling new leveraged positions and signaling that users should unwind existing exposure.

Users are strongly urged to zerolend shutdown positions and remove any remaining funds as soon as possible, given the shift to capital preservation rather than growth. Moreover, the team has reiterated that prompt withdrawals will help reduce potential complications during later stages of the wind-down.

Despite the adjustment to 0% LTV, some assets remain trapped in illiquid or inactive environments. These include positions on lesser-used chains where secondary market depth has deteriorated, making normal exit paths more complicated for affected users.

Timelock smart contract upgrade to recover assets

To address funds tied up on illiquid networks, ZeroLend is preparing a timelock upgrade to its core smart contracts. This upgrade is designed to modify protocol logic and enable a controlled redistribution of stuck assets, with the goal of maximizing user recovery under current conditions.

The planned smart contract changes will be executed through a time-delayed governance mechanism, allowing the community and security experts to review the upgrade before it is finalized. However, the team warned that full recovery may not be possible in every case, given the constraints of underlying chain liquidity.

According to the announcement, the timelock upgrade will prioritize transparency and audibility. That said, users with positions on thinly traded or inactive chains should prepare for potential delays or partial outcomes as the technical process unfolds.

Addressing previous LBTC incident on Base

The ZeroLend team also referenced a previous issue involving LBTC users on the Base network. During that incident, specific suppliers were affected by market disruptions and could not fully exit their positions under normal conditions. This legacy problem is being incorporated into the current wind-down strategy.

With support from a LINEA airdrop allocation, the protocol plans to provide partial refunds to those impacted LBTC suppliers. Moreover, affected users are encouraged to reach out directly to moderators or submit formal support tickets to confirm eligibility and coordinate their refund process.

ZeroLend stressed that communication will be critical for resolving these historical issues. That said, the amount and timing of partial refunds will depend on available resources and the final outcomes of the timelock-driven asset recovery plan.

Broader implications for DeFi lending markets

For traders and liquidity providers, the closure of ZeroLend removes another DeFi lending venue from the market, particularly on smaller or experimental chains. This reduction in venues could further concentrate activity on a few dominant platforms, while leaving niche ecosystems with fewer borrowing and lending options.

The wind-down also highlights structural vulnerabilities in the multi-chain DeFi model. Fragmented liquidity, reliance on third-party oracle services, and thin operating margins can become critical weaknesses when market conditions deteriorate or infrastructure providers adjust their offerings.

Moreover, the ZeroLend case underlines how infrastructure dependencies, such as oracles and cross-chain bridges, can elevate risk profiles for both developers and users. When a protocol spans several emerging networks, each additional chain can introduce unique technical and security challenges.

Orderly and transparent wind-down ahead

ZeroLend has committed to focusing on an orderly and transparent wind-down process in the coming weeks, rather than an abrupt shutdown. The team intends to keep publishing updates as technical milestones are reached, including progress on contract upgrades and user reimbursements.

Users are advised to monitor official communication channels closely, verify announcements, and act promptly when withdrawal or support windows are announced. However, the core message from the team remains consistent: remove funds, review positions, and prepare for a final closure of protocol operations.

In summary, ZeroLend’s exit from the market reflects the pressures facing smaller, multi-chain lenders in a competitive DeFi landscape. The project now aims to conclude its operations while safeguarding users as much as possible under current liquidity constraints.

Institutional demand for blockchain-based commodities is accelerating, and Wintermute is moving to capture this momentum with a deeper focus on tokenized gold.

Wintermute launches institutional OTC trading for gold-backed tokens

Crypto market maker Wintermute has launched institutional over-the-counter trading for Pax Gold (PAXG) and Tether Gold (XAUT), the two largest gold-backed tokens by market capitalization. The firm announced the expansion on Monday, positioning the desk for professional investors seeking blockchain-based exposure to physical gold.

The new OTC service will provide algorithmically optimized spot execution in PAXG and XAUT, tailored for institutional clients. Moreover, Wintermute will act as a liquidity provider across multiple venues, aiming to tighten spreads and improve price discovery for large-size orders.

The initiative arrives as tokenized gold trading volume surges across digital asset markets. In the fourth quarter of 2025, trading volumes in on-chain gold products reached $126 billion, surpassing the combined activity of five major gold exchange-traded funds over the same period.

On-chain gold market outpaces traditional ETFs

The broader on-chain gold market has expanded rapidly alongside this volume spike. Over the past three months, the market capitalization of tokenized gold products climbed more than 80%, rising from $2.99 billion to $5.4 billion. That said, the segment still represents a small fraction of the global physical gold market.

Investors appear increasingly attracted to 24/7 liquidity and near-instant settlement compared with traditional gold ETFs that only trade during market hours. However, regulatory frameworks for tokenized commodities continue to evolve, and institutional participants remain focused on custody standards and counterparty risk.

Wintermute chief executive Evgeny Gaevoy argued that gold is now following the same infrastructure evolution seen in foreign exchange markets over the past two decades. According to the firm, the tokenized gold market could reach $15 billion by 2026, implying roughly a 2.8x increase from current capitalization levels.

What tokenized gold offers institutional investors

Tokenized gold represents digital tokens issued on a blockchain that are backed by physical gold reserves held with custodians. Each token typically corresponds to a fractional claim on a specific quantity of gold, allowing traders to move exposure across venues and wallets with minimal friction.

Unlike conventional ETFs, which settle through legacy market infrastructure, these assets settle on-chain. Moreover, they enable 24/7 trading across centralized exchanges, OTC desks, and decentralized platforms, which can be attractive for funds engaged in cross-asset arbitrage, collateral optimization, or intraday risk management.

Wintermute’s institutional desk will support PAXG and XAUT trading against multiple currencies and assets, including USDT, USDC, major fiat currencies, and leading cryptocurrencies. The firm says the service is designed to facilitate real-time hedging, improve collateral mobility, and integrate more seamlessly with digital asset treasury operations.

Macro backdrop: gold near record highs and de-dollarization themes

Wintermute reports that client interest has risen as spot gold prices trade near all-time highs. Current macro conditions feature persistent geopolitical uncertainty, elevated inflation concerns, and ongoing debates around de-dollarization. Together, these factors have supported demand for gold-backed digital instruments among hedge funds, trading firms, and sophisticated family offices.

Moreover, some institutions are exploring tokenized commodities as an alternative collateral layer for derivatives and lending markets. However, adoption still depends on the depth of secondary market liquidity, legal clarity on ownership rights, and the robustness of the underlying custody and audit processes.

Growth of tokenized real-world assets

The rapid rise of on-chain gold is part of a larger expansion in tokenized real-world assets (RWAs). Tokenized public-market RWAs tripled in 2025 to approximately $16.7 billion, according to industry data. This acceleration reflects growing institutional comfort with using blockchains to represent traditional securities and commodities.

Research from ARK Invest suggests tokenized assets could exceed $11 trillion by 2030, covering everything from government bonds to alternative credit. Meanwhile, Standard Chartered forecasts tokenized RWAs reaching $2 trillion by 2028. BlackRock executives have similarly described tokenization as a structural shift for global capital markets rather than a short-term trend.

The commodities segment has already seen notable experiments. Earlier this month, Billiton Diamond and Ctrl Alt tokenized over $280 million of certified polished diamonds in the UAE, bringing a traditionally opaque market onto blockchain rails. Silver has also drawn interest as a candidate for tokenization, with the broader silver market boasting an estimated capitalization of $4.21 trillion.

Institutional tokenization momentum and Wintermute’s role

BlackRock’s BUIDL fund has become one of the flagship institutional tokenization projects, with assets under management now above $2 billion. The asset manager recently disclosed plans to list its tokenized market fund on Uniswap, enabling qualified counterparties to trade the token directly via a decentralized exchange.

Against this backdrop, Wintermute aims to position itself as a core liquidity provider in the emerging market for tokenized commodities. Moreover, by offering institutional OTC execution in PAXG and XAUT against stablecoins, fiat, and major cryptocurrencies, the firm is betting that on-chain settlement will become a standard route for gaining and hedging gold exposure.

Overall, the firm’s launch underscores how institutional infrastructure for digital assets is converging with traditional commodity markets. If current growth trajectories hold, both tokenized gold and broader RWA markets could represent a significant slice of global capital flows by the end of this decade.

Wintermute Expands Into Tokenized Gold Market

According to news outlet, Wintermute has introduced institutional over-the-counter trading services for tokenized gold. This news came to light via a tweet from the official account of Coin Bureau. This tweet indicated that the crypto market maker expects the tokenized gold market to reach $15 billion in 2026.

The tweet highlighted the introduction of the institutional service in the trading market. The service was referred to as institution-grade OTC trading. Nevertheless, the tweet did not provide information on the operational timelines or product structures.

Wintermute is a leading liquidity provider in the digital asset market. The company has now entered the blockchain-based commodity market. This piece of trading news brings tokenized gold into the growing list of institutional trading products.

Institutional OTC Trading Model Detailed

The trading news update states that the new offering focuses on over-the-counter execution. OTC trading allows for large trades that are not executed through public order books. Traders commonly use OTC desks to minimize price impact for large trades.

The tweet called the service institutional-grade. This is an indicator of a service targeting hedge funds, institutional investors, and corporate investors. There was no mention of trade size requirements or custody requirements.

Tokenized gold usually represents actual gold held in vaults. Blockchain tokens represent claims on the gold. Traders can move or settle these tokens electronically. This is a combination of commodity investing and blockchain settlement infrastructure.

Wintermute’s foray into tokenized gold trading is consistent with trends in trading news. Trading companies continue to develop their offerings in the area of real-world asset tokenization.

Market Growth Projection to $15 Billion

The tweet also mentioned the market forecast by Wintermute. According to the tweet, the gold market that is tokenized could reach $15 billion by 2026. The tweet did not provide information on how the forecast was arrived at.

Tokenized commodities are part of the real-world assets category. The category is followed by analysts in the decentralized finance and institutional trading markets. Gold tokens are among the most developed commodity-linked digital assets.

The news comes at a time when there is growing institutional involvement in blockchain infrastructure. Companies are looking into tokenization as a way of simplifying settlement and increasing market access. Gold tokens provide market access without the need to move gold.

Industry analysts also remain focused on the growth of liquidity in tokenized asset markets. Trading infrastructure and custody services are also being developed in tandem. As companies continue to diversify their product lines, tokenized commodities also gain interest from the traditional finance community.

The latest development by Wintermute is another milestone in the evolution of digital commodity markets. The company is part of a growing list of trading-native companies that are developing institutional trading infrastructure. More information may become available regarding the scope of operations related to this launch.

At present, the trading community is focused on the company’s institutional approach and market growth.

Regulatory momentum in Asia’s financial hub is back in focus as the hong kong crypto sector records its first new platform approval in months.

Victory Fintech gains SFC green light

The Hong Kong Securities and Futures Commission, or SFC, has granted Victory Fintech a key license, marking the regulator’s first new approval for a crypto platform since June last year.

According to the SFC’s public registry of licensed crypto platforms, the authorization went to Victory Fintech (VDX), an affiliate of publicly listed financial services group Victory Securities, which trades under stock code 8540 in Hong Kong.

Moreover, Victory has now obtained permission to operate a digital asset trading platform, expanding the city’s institutional-grade infrastructure for virtual assets. The registry shows that the approval was recorded on a Friday, underscoring the methodical pace at which the regulator adds new names.

First addition to the SFC register since June 17 2023

The SFC’s database indicates that this is the first new entry on the list of approved crypto firms since June 17 2023. That gap highlights how selective the regulator has been in opening Hong Kong’s market to retail-facing virtual asset platforms.

However, the total number of platforms on the registry has now risen to 12, reflecting gradual but steady growth in the officially sanctioned segment of the market. This figure includes Bullish (BLSH), the exchange operator whose parent company is listed on the New York Stock Exchange.

The SFC regime has quickly become a reference point for other major jurisdictions watching how Hong Kong handles crypto licensing process design. That said, the latest approval for Victory Fintech VDX also underscores how difficult it remains to secure a place on the official list.

A strict regulatory regime shapes the Hong Kong market

Hong Kong introduced its current framework for supervising companies that provide crypto services in 2023, reshaping the landscape for every aspiring crypto exchange hong kong operator. Under this model, any trading venue targeting local users must obtain a specific SFC authorization and comply with detailed investor-protection rules.

At launch, Hashkey Exchange and OSL Digital Securities became the first two platforms to receive full approval under the new rules. Since then, the SFC has added only a limited number of new names, reinforcing the perception that it runs a strict regulatory regime by global standards.

Moreover, the regime’s toughness has already prompted high-profile pullbacks. Both OKX and Bybit, two of the world’s better-known exchanges, withdrew their Hong Kong license applications in May 2024, according to public disclosures and regulatory records.

Impact on the broader hong kong crypto landscape

The approval of Victory Fintech VDX is significant for the broader hong kong crypto ecosystem, because it enlarges the pool of officially recognized platforms in a tightly controlled environment. In practice, it shows that new entrants can still clear the SFC’s bar if they meet the regulator’s operational, compliance and investor-protection requirements.

However, with only 12 approved platforms so far, market access remains limited for firms seeking to serve local investors under the city’s onshore license. Observers will be watching how the registry evolves through 2024 and beyond, as Hong Kong balances innovation with risk management in its virtual asset sector.

In summary, Victory Fintech VDX’s new SFC authorization ends a long pause in additions to Hong Kong’s official list of crypto platforms, while underlining that the bar for entry into the regulated market remains among the highest of any major financial center.

Institutional interest in blockchain-based markets is rising, yet xrp ledger tokenization faces a critical test as tokenized Treasuries sit largely inactive on XRPL.

XRPL dominates supply of tokenized U.S. Treasuries

The XRP Ledger currently holds approximately 63% of tokenized U.S. Treasury bill token supply, according to blockchain data from RWA.xyz. However, most of the active trading and transfer volume for these digital securities still takes place on Ethereum and various layer-2 networks, underscoring a widening gap between issuance and usage.

This distribution imbalance highlights an emerging divide across tokenized US Treasuries: one set of chains is being used as primary issuance venues, while other networks function as the main trading rails. Moreover, industry observers say this split is shaping how institutional investors evaluate settlement infrastructure and liquidity access across competing blockchains.

Aviva Investors and Ripple target large-scale fund tokenization

Two recent developments have positioned XRPL as a serious contender for tokenized Treasury markets and broader real-world asset issuance. In a notable move, Aviva Investors announced a partnership with Ripple to tokenize traditional fund structures on the ledger, describing the strategy as a multi-year initiative that could unfold over the next decade.

The aviva ripple partnership frames tokenization as moving from experimental pilots into large-scale production systems. However, according to the announcement, the focus is on traditional fund structures rather than exclusively Treasury bills, and the firms have not yet launched a live tokenized fund product with a formal prospectus and defined eligible investor base.

OpenEden’s TBILL sits on XRPL but trades elsewhere

Alongside the Aviva initiative, OpenEden’s TBILL vault token has become another pillar of XRPL’s real-world asset story. TBILL is a vault token backed 1:1 by short-dated U.S. Treasuries, providing exposure to government securities through a tokenized wrapper. According to RWA.xyz, a majority of TBILL’s circulating supply is now held on the XRP Ledger.

However, transfer volume data tells a different story. Activity for TBILL on XRPL remains limited compared to Ethereum and select layer-2 networks, based on the same dataset. That said, this pattern suggests a structural model where tokens are issued and custodied on XRPL but moved, traded, and utilized across other chains with deeper ethereum layer two liquidity and established collateral rails.

How tokenized Treasuries and compliance shape network choice

Tokenized U.S. Treasuries generally refer to tokenized fund shares or vault tokens backed by short-term U.S. government securities that can be held and transferred on blockchain networks. The sector has expanded as institutional investors test blockchain-based stablecoin settlement flows and new forms of capital markets infrastructure.

XRPL, for its part, has emphasized built-in compliance tooling and near-instant settlement in pitches to institutional clients, according to public statements from Ripple and partner firms. Moreover, that positioning is aimed squarely at regulated distribution channels rather than decentralized finance composability, which remains a core advantage on Ethereum and its scaling networks.

Stablecoins and Treasuries on XRPL

Stablecoin transfer activity on XRPL has grown in parallel with Treasury token initiatives, according to on-chain metrics. The combination of stablecoins for settlement and tokenized Treasuries for yield is seen as a potential operating model for institutional users that want integrated payment and investment rails on a single ledger.

Market participants note that Ethereum and its layer-2 ecosystem still host the most mature on-chain liquidity infrastructure for tokenized assets. In practice, tokenized Treasuries on those networks can be swapped against stablecoins, routed through institutional market makers, and integrated into lending workflows at significantly larger scale than is currently possible on XRPL.

Collateral, settlement, and evolving institutional workflows

According to industry analysts, the market for blockchain-based Treasuries is steadily evolving toward use cases in collateral management and settlement across the broader financial system. Institutions designing lending and settlement flows have generally defaulted to networks where collateral infrastructure, liquidity depth, and counterparty connectivity were already in place.

Within that context, xrp ledger tokenization now sits at a crossroads. XRPL holds a large share of outstanding tokenized Treasury supply and displays rising stablecoin activity, yet most secondary trading and transfer flow is still concentrated on Ethereum and layer-2 platforms, as multiple blockchain analytics providers have observed.

Key indicators to watch over the next quarter

Market observers say the next 30 to 90 days could offer clearer signals about XRPL’s trajectory in the tokenized Treasury segment. Moreover, several indicators will be closely watched: whether transfer volumes on XRPL rise to more closely match the concentration of token balances, and whether new regulated issuers decide to launch products directly on the network.

Another critical indicator is whether Aviva moves from partnership announcement to a live tokenized fund structure with measurable holder counts and published documentation. That said, current data still points to a split model in which XRPL anchors significant token supply while Ethereum and its scaling solutions retain dominance in day-to-day trading and liquidity provision.

In summary, XRPL has secured a central role in the issuance of tokenized Treasuries and related assets, but its longer-term position in real-world asset markets will depend on whether on-chain activity, liquidity, and institutional product launches catch up with the growing supply base in the coming months.

Amid a turbulent quarter for crypto markets, coinbase retail behavior showed surprising strength as users increased exposure to major digital assets.

Retail investors buying the dip in Bitcoin and Ethereum

Brian Armstrong, co-founder and Chief Executive Officer of Coinbase, said retail users boosted their crypto holdings during the recent downturn. He explained that many customers bought Bitcoin and Ethereum as prices declined, while others simply held positions and avoided panic selling. As a result, retail wallet balances in February were higher than in December.

Most of this retail dip buying focused on Bitcoin and Ethereum, which remain the highest-volume assets on the platform. Moreover, Armstrong stressed that these figures are based on internal Coinbase exchange data rather than total on-chain activity. Even so, the pattern suggests active users stayed engaged despite significant market stress.

Armstrong indicated that many long-term holders maintained confidence during volatility and treated the pullback from 2025 highs as a buying opportunity. Consequently, user balances strengthened while prices weakened. That said, the market backdrop remained challenging as the company navigated both price swings and regulatory scrutiny.

Coinbase quarterly loss and market reaction

Coinbase reported a $666 million net loss for the fourth quarter, driven largely by unrealized impairment charges on its crypto holdings. These accounting charges reflected lower asset valuations rather than direct cash outflows. However, the headline loss weighed on market sentiment and overshadowed underlying user activity trends.

During the same period, Coinbase shares dropped sharply and touched a two-year low, amplifying concerns around profitability. Broader crypto volatility further contributed to investor caution. Nevertheless, internal platform metrics pointed to steady engagement. Retail accumulation and stable balances contrasted sharply with the company’s reported loss and stock performance.

The company’s chief financial officer highlighted heightened volatility and reduced institutional risk appetite early this year. Some large investors rotated capital out of risk assets. However, Coinbase still posted more than $237 billion in institutional trading volume last quarter. This scale of activity shows that major clients continued relying on the exchange‘s infrastructure even as they adjusted positioning.

Coinbase retail and institutional trading volume dynamics

While institutional risk-taking cooled at the margin, retail behavior moved in the opposite direction. The combination of stronger coinbase retail positioning and resilient institutional flows underlined a split response to the downturn. Moreover, higher wallet balances in February suggest that smaller investors were willing to accumulate exposure when prices retreated.

This divergence between retail enthusiasm and institutional caution is not new in crypto markets. However, the contrast was notable given the size of the reported loss and the share price slump. In practice, the exchange continued to intermediate significant volumes for both groups, reinforcing its role as a core venue for digital asset trading.

Diversification push and subscription and services revenue

Coinbase has been expanding beyond spot trading in an effort to stabilize revenue. The company now emphasizes recurring lines such as custody, staking, decentralized finance tools, and prediction markets. Moreover, management projected between $550 million and $630 million in subscription and services revenue for the first quarter, underscoring a strategic pivot away from purely transaction-driven income.

This diversification aims to reduce sensitivity to short-term price swings in Bitcoin, Ethereum, and other tokens. That said, trading fees still represent a meaningful share of total revenue. As a result, periods of extreme volatility and lower volumes can significantly affect quarterly earnings even when user engagement remains solid.

Armstrong share sales and governance questions

Alongside these financial results, Armstrong sold more than $550 million in Coinbase shares over the past year. The dispositions included a $101 million block in January 2026. He executed the trades under a pre-arranged Rule 10b5-1 plan designed to provide transparency and reduce potential conflicts around timing.

Although the sales drew scrutiny from some market participants, Coinbase’s internal data still showed active participation from both retail and institutional users during the quarter. Moreover, the continued use of the platform by large clients and the ongoing dip buying by smaller traders suggest that confidence in the exchange’s infrastructure and brand remains intact.

In summary, Coinbase faced a difficult quarter marked by a $666 million accounting-driven loss and pressure on its share price, yet retail accumulation of Bitcoin and Ethereum, robust institutional trading volume, and growing subscription and services revenue underlined a business that remains deeply embedded in the evolving digital asset market.

Harvard’s latest endowment filing shows a strategic move into digital assets, with a notable allocation to the harvard ethereum etf alongside adjustments to its Bitcoin exposure.

Harvard reveals first Ethereum ETF stake worth $87 million

The Harvard Management Company (HMC), which oversees Harvard University’s $56.9 billion endowment, reported its first exposure to an Ethereum exchange-traded fund in Q4 2025. According to a recent SEC filing, HMC acquired about $87 million worth of iShares Ethereum Trust (ETHA), marking its initial position tied to the second-largest crypto asset by market value.

Moreover, the ETHA allocation underscores a broader move by major U.S. institutions into regulated crypto-linked products. While the filing does not specify the exact timing of the purchases within the quarter, the disclosure confirms that one of the world’s wealthiest university endowments has taken a direct, fund-based bet on Ethereum.

Reduced Bitcoin stake and shifting crypto allocation

In contrast to the new Ethereum position, Harvard trimmed its Bitcoin exposure during the same quarter. The filing shows HMC reduced its holdings in the iShares Bitcoin Trust from about 6.8 million shares to 5.4 million shares. That said, the position still represented a substantial holding, valued at nearly $266 million at the time of reporting.

Overall, HMC held $352.6 million in crypto-linked investments at the end of the quarter, accounting for around 1% of total endowment assets. However, despite the new Ethereum allocation, Bitcoin continues to rank as Harvard’s largest disclosed equity position in the digital asset space.

The harvard ethereum etf position therefore complements, rather than replaces, the university’s longstanding Bitcoin exposure, suggesting a diversification strategy within its digital asset portfolio.

Harvard’s evolving crypto strategy since 2025

Harvard first revealed exposure to a Bitcoin fund in Q2 2025, when HMC reported a $117 million stake. Over subsequent quarters, that position expanded significantly, reaching $442.8 million before being scaled back to the latest reported level. Moreover, this trajectory indicates HMC has been actively managing its crypto-related risk and allocations rather than passively holding.

Bitcoin remains the university’s most prominent listed crypto-related asset, even after the reduction in shares. However, the addition of ETHA signals that Harvard is now expressing a more multi-asset view on the digital asset market, balancing the dominance of Bitcoin with growing institutional interest in Ethereum-based products.

Endowment deficit and mounting fiscal pressures

The crypto allocation evolves against a challenging financial backdrop for Harvard. The university recorded a $113 million deficit in fiscal year 2025, as spending grew nearly twice as fast as revenues. That said, the deficit was driven by broader structural and political factors rather than investment underperformance.

Leadership warned that financial strains could intensify in coming years. According to Harvard, the institution faces shrinking federal research partnerships, tighter student mobility, and looming endowment tax increases. Moreover, these pressures could constrain future operating flexibility and increase the importance of strong, diversified investment returns from the endowment.

Endowment resilience supported by returns and donors

Despite the deficit and political headwinds, Harvard’s endowment rose to $56.9 billion, supported by strong investment performance and a surge in donor support. The growth in assets provides crucial financial resilience as the university navigates long-term structural and regulatory challenges.

Moreover, the combination of robust returns and increased philanthropy has helped offset rising costs and fiscal pressures. While crypto-linked investments represent only about 1% of total assets, their inclusion highlights HMC’s willingness to adapt its portfolio to new market opportunities.

In summary, Harvard’s latest filing shows a carefully calibrated expansion into Ethereum via the iShares Ethereum Trust alongside a moderated Bitcoin position, all within a vast endowment that continues to anchor the university’s financial strength.

Growing institutional interest in DeFi is accelerating as the aave etf narrative gains momentum among major US asset managers.

Grayscale moves to convert its Aave trust into a spot ETF

Grayscale has filed to convert its existing Aave trust into a spot exchange-traded fund, adding fresh momentum to the race for the first AAVE-backed ETF in the United States. The firm submitted its application to the U.S. Securities and Exchange Commission on February 13, proposing the Grayscale Aave Trust ETF. The fund would hold AAVE tokens directly and seek a listing on NYSE Arca, with Coinbase named as custodian and prime broker.

The move places Grayscale alongside Bitwise, which filed a similar proposal earlier, as institutions slowly turn their attention toward DeFi tokens. Moreover, the new filing underscores how traditional finance is starting to explore regulated structures for altcoin exposure, not only for Bitcoin and Ethereum.

Second major manager in the AAVE ETF race

Grayscale is now the second major asset manager to seek approval for an AAVE-focused ETF. Bitwise filed its own proposal in December 2025, aiming to bring a regulated AAVE investment vehicle to U.S. markets. Both firms are vying to launch the first product that offers compliant, exchange-traded exposure to the token.

Grayscale already operates an Aave trust, a vehicle that has historically provided investors with indirect exposure to AAVE. Now the company wants to convert that product into a full ETF. This approach mirrors its earlier strategy with Bitcoin and other crypto trusts, where conversions helped channel billions of dollars into the ETF market.

That said, the new application also signals that institutional interest is moving beyond Bitcoin and Ethereum. Additionally, asset managers increasingly view DeFi tokens as the next frontier for regulated crypto investment products.

Key features of the proposed Grayscale Aave Trust ETF

The proposed ETF would hold AAVE tokens directly, rather than relying on futures contracts or synthetic instruments. This structure is designed to deliver straightforward price tracking for investors. Grayscale plans to charge a 2.5% sponsor fee, which will be paid in AAVE. However, that fee level is higher than many existing crypto ETFs, reflecting the added complexity and risk associated with altcoin-based portfolios.

Coinbase will act as both custodian and prime broker, responsible for securely storing the AAVE held by the fund and handling trade execution. Moreover, the ETF aims to list on NYSE Arca, making it accessible through standard brokerage accounts. If the aave etf wins approval, it would offer investors simple, regulated access to AAVE without the need to manage wallets or private keys.

Potential impact on AAVE and the DeFi ecosystem

Aave underpins one of the largest decentralized lending platforms in crypto, supporting billions of dollars in deposits and loans. The protocol plays a central role in the broader DeFi ecosystem, enabling users to borrow and lend a wide range of digital assets. An ETF tied to AAVE could unlock new capital flows, particularly from institutions that avoid direct token holdings due to custody and compliance concerns.

Many investors remain hesitant to interact with DeFi smart contracts or self-custody solutions. However, a regulated exchange-traded product would allow them to gain price exposure through familiar brokerage infrastructure. This could gradually increase liquidity around AAVE and deepen institutional engagement with decentralized lending.

Bitcoin ETFs saw massive inflows following their approvals, and some analysts believe a similar, though smaller-scale, pattern could emerge for major altcoins. That said, expectations remain more measured, as single-token DeFi products are likely to attract a narrower investor base than Bitcoin-focused funds.

Regulatory path and broader altcoin ETF implications

The latest filing is only the first step in a lengthy regulatory process. The SEC must review and potentially approve the proposal, a process that could take several months and carries no guarantee of success. Regulators remain cautious about single-asset altcoin ETFs, especially where market depth, liquidity, and price discovery are still evolving.

Even so, the environment has grown more crypto-friendly after the approval of multiple spot Bitcoin ETFs. Moreover, each new application helps build a track record and framework that regulators can reference when assessing future DeFi and altcoin products.

If approved, an ETF focused on AAVE could open the door to a broader wave of DeFi token and altcoin etf filings. Asset managers are already exploring similar structures for other protocols, watching closely how the SEC responds to these proposals. For now, the Grayscale move highlights that institutional demand is expanding beyond Bitcoin and Ethereum, suggesting that DeFi may be next in line for mainstream, regulated market access.

In summary, Grayscale’s attempt to transform its Aave trust into a listed ETF on NYSE Arca, with Coinbase as custodian and prime broker, marks another step in the convergence between decentralized finance and traditional capital markets.

There is data suggesting that the price of Bitcoin might rise again. 

These are potential liquidations of leveraged positions. 

Today, in fact, approximately $4.34 billion in short position liquidations are possible in the event of a 10% price increase, while there are only $2.35 billion in potential long position liquidations in the event of a 10% decrease. 

This imbalance is decidedly significant, and it suggests a higher probability of an upward movement rather than a decline. 

Forced Liquidations

In the futures market, it is possible to open long and short positions on margin. 

This means you can bet on the bull or bear movement of an asset’s price without needing to own or purchase it. 

However, these positions must be closed at some point, and since selling short (i.e., shorting) means borrowing assets to sell them, but with the obligation to eventually repurchase and return them, it is necessary to ensure having the capital to repurchase them (the same applies in reverse for long positions). 

To prevent the short seller from being unable to repurchase the assets they have borrowed, platforms that allow opening short (or long) positions forcibly proceed with the liquidation of positions just before the critical moment occurs. 

In other words, if a short position has accumulated a loss so significant that it is close to no longer allowing a buyback, it is immediately and forcibly closed by the platform with an automatic purchase at market price. 

In these cases, the main beneficiaries are the platforms themselves, which collect fees on transactions, but also those who have bet against the positions that are forcibly closed. 

The Current Imbalance

With approximately $4.34 billion in potential liquidations of short positions, in the event of a 10% increase in the price of Bitcoin, it’s easy to understand how much someone could profit. 

Moreover, with just over half of potential liquidations of long positions, the imbalance between possible gains from a 10% rise and those generated by a 10% drop is significantly important. 

If the price of Bitcoin were to rise by 10%, it would increase by approximately $6,800 at the current state, thus moving from the current $68,000 to over $75,000.

In such a case, many short positions (i.e., short sales) would be liquidated, resulting in significant gains for both the platforms managing them and those who bet against those short sales. 

Moreover, since forced liquidations of short positions involve automatic repurchasing, they would end up further increasing buying pressure, even if only temporarily, thereby helping the price to rise even more. 

It should not be forgotten that many long or short positions are also opened with leverage. In other words, those who do not have large capital can borrow capital from others to increase their position, even by ten or a hundred times. 

Since these loans all have a cost and must always be repaid, leverage increases the likelihood that long and short positions will be forcibly liquidated. 

The $75,000 Hypothesis

However, it is important to specify that the 10% mentioned earlier is an entirely arbitrary percentage. 

In fact, at this moment, Bitcoin faces a much stronger hurdle to overcome, which lies below the $75,000 threshold. 

The major resistance appears to be around $73,000, therefore it might be very difficult at this moment to climb back to $75,000.

However, if instead of considering a +10% or -10%, we consider a +7% or -7$, the situation changes slightly, but becomes much less difficult to predict. 

The fact is that there is a significant imbalance between short and long positions, while the choice of the percentage on which to base the calculations is arbitrary – and often the round number of 10% is chosen for these calculations. 

Bitcoin on the Rise?

The real question, however, is another one. 

Does the price of Bitcoin truly have the strength to rise again? 

The comparison between short and long positions would actually suggest yes, because to trigger the significant liquidations mentioned above, or even just a portion of them, a clear and rapid rise in the price of BTC would indeed be necessary. 

Currently, however, even just surpassing the $70,000 mark seems challenging in the short term, especially since the US markets are closed today due to a holiday.

However, should the price of Bitcoin manage to rise significantly above $71,000 between today and tomorrow, there do not appear to be major obstacles up to $73,000. 

However, it remains to be seen what could trigger a rise from the current $68,000 and change to $71,000, but there is time at least until tomorrow. 

Bitcoin on the Decline? 

Obviously, the markets think differently, as the vast majority of bets are on short positions, meaning bearish. 

It should be noted, however, that the so-called retail investors, meaning private investors/speculators with not particularly large capital, often make mistakes, while generally it is the whales who are right. 

4.34 billion dollars in total liquidations of short positions, in the event of a 10% price increase, are not exactly “whale” numbers, but rather retail, considering that, for example, on the BTCUSDT trading pair alone on Binance, daily volumes exceed 1.2 billion dollars, and on BlackRock’s ETF, they even surpass 2.6 billion. 

Moreover, it is crucial to clearly distinguish between short-term movements and those of medium or long-term, as the forced liquidations of leveraged long or short positions are strictly short-term movements, often independent of medium-term ones. 

Therefore, even if the medium-term trend remains bearish, a 7% rise to liquidate a portion of leveraged short positions cannot be ruled out.

Dubai’s latest regulatory move gives animoca brands dubai a formal foothold in one of the world’s fastest-growing virtual asset hubs.

Animoca Brands secures VASP approval in Dubai

Animoca Brands has obtained a Virtual Asset Service Provider license from Dubai’s Virtual Assets Regulatory Authority (VARA), approved on February 5, 2026. The authorization lets the Hong Kong-based firm expand its crypto operations across the Middle East, strengthening its presence in a region racing to attract global digital asset players.

The new license allows Animoca to offer broker-dealer services and investment management tied to virtual assets in Dubai. However, the permission specifically excludes the Dubai International Financial Centre and is aimed at institutional and qualified investors, signaling a focus on professional market participants rather than retail users.

Moreover, the VASP license positions the company to deepen its relationships with partners across the Gulf. By operating under VARA oversight, Animoca can provide regulated access to its Web3 products while responding to growing institutional demand in the region.

Omar Elassar, managing director for the Middle East and head of global strategic partnerships at Animoca Brands, said the license boosts the firm’s capacity to engage with Web3 foundations and global institutional investors within a clearly defined regulatory framework. That said, the move also underscores Dubai’s ambition to be a leading venue for large-scale digital asset activity.

VARA, created in March 2022, oversees the provision, use and exchange of digital assets across Dubai’s mainland and free zones. However, financial services in the DIFC remain under a separate regulator, which explains why Animoca’s permission carves out that jurisdiction.

Business profile and expanding investment portfolio

Animoca Brands develops blockchain platforms and supports broader Web3 ecosystems through infrastructure, content and capital. Its portfolio features well-known projects such as The Sandbox, Open Campus, Moca Network and Anichess, reflecting a strategy focused on gaming, education and decentralized communities.

The company maintains an investment portfolio that spans more than 600 companies and digital assets. This animoca investment portfolio gives the firm broad exposure to emerging crypto infrastructure, gaming studios, decentralized finance applications and other early-stage blockchain ventures worldwide.

In January 2026, Animoca acquired Somo, a gaming and digital collectibles company. The deal added Somo’s playable and tradable collectibles to Animoca’s ecosystem, expanding the range of digital items that can be integrated into its platforms and partner projects.

Moreover, the acquisition strengthens Animoca’s position in the intersection of interactive entertainment and tokenized assets. The company continues to provide digital asset services to crypto-native firms and to back new blockchain projects that align with its Web3 thesis.

Nasdaq listing plans via reverse merger

Animoca Brands announced in 2025 that it plans to go public on the Nasdaq through a reverse merger. The transaction will see the firm combine with Currenc Group Inc., a Singapore-based fintech company that focuses on artificial intelligence solutions.

The reverse merger is expected to close in 2026. After completion, existing Animoca shareholders are projected to collectively own approximately 95% of the combined entity. However, final ownership levels will ultimately depend on closing conditions and any transaction adjustments.

Keyvan Peymani, chief strategy officer at Animoca, detailed the firm’s 2026 roadmap in a recent CNBC interview. He highlighted that the company aims to prioritize its stablecoin work and broader initiatives in real-world asset tokenization as it readies for the public markets.

Moreover, these capital markets plans align closely with the animoca brands dubai regulatory push, since a clear compliance footprint in major jurisdictions often supports investor confidence ahead of a listing.

Stablecoin and real-world asset tokenization strategy

Animoca’s 2026 priorities place strong emphasis on stablecoin initiatives and tokenization of real-world assets. In August 2025, the company announced a Hong Kong joint venture with Standard Chartered and Hong Kong Telecommunications. The partnership aims to apply for a stablecoin issuer license in the city.

However, the firm’s work does not stop at stable-value tokens. Animoca has also partnered with Fosun Wealth and Hang Feng Technology on real-world asset tokenization projects, reflecting a push to bridge traditional finance and blockchain-based markets through tokenized securities and other asset-backed instruments.

These initiatives, scheduled to gain momentum through 2026, mirror a global trend where institutional investors seek on-chain versions of familiar assets. Moreover, they complement Animoca’s existing strengths in gaming and digital collectibles, potentially offering new collateral types and yield opportunities across its ecosystem.

Regulatory context and Dubai’s role in digital assets

Dubai’s regulator continues to refine its crypto framework as more international players enter the market. VARA has granted a series of licenses to infrastructure and service providers while also enforcing compliance to maintain market integrity in the emirate.

BitGo, a digital asset infrastructure company, secured a broker-dealer license from VARA in October 2025. That said, VARA also showed a strict enforcement stance in 2025, issuing financial penalties against 19 companies for unlicensed virtual asset activities and for breaches of the regulator’s marketing rules.

Moreover, those enforcement actions highlight that Dubai is seeking a balanced approach: attracting global crypto firms while demanding adherence to clear operational standards. For Animoca, aligning with these expectations through a full VASP authorization could prove key to winning institutional trust.

Animoca’s license allows it to operate across Dubai’s mainland and free zones under VARA supervision. However, the exclusion of the DIFC keeps certain financial services under a separate regulatory regime, which may shape how the company structures its offerings locally.

Outlook for Middle East expansion

The new authorization is expected to support Animoca’s continued growth in the Middle East. The emirate has positioned itself as a regional hub for digital asset innovation, and major crypto firms increasingly view Dubai as a gateway to broader Gulf and North African markets.

Moreover, as institutional demand for tokenized assets, stable-value tokens and Web3 infrastructure rises, Animoca’s combined focus on regulated services, public listing plans and real-world asset tokenization could reinforce its competitive position. The Dubai license therefore marks both a regulatory milestone and a foundation for long-term regional expansion.

In summary, VARA’s approval, ongoing stablecoin and tokenization projects, and the planned Nasdaq listing with Currenc Group Inc. place Animoca Brands at the center of converging trends in digital assets, regulation and capital markets heading into 2026.

Russian policymakers are racing to reshape financial flows as the Moscow Exchange emerges as a key winner from a sweeping crypto crackdown plan.

Russia targets surging daily crypto volumes

Russian authorities are alarmed by the rapid rise in cryptocurrency use, with officials citing daily turnover of about 50 billion rubles across digital assets. As Bitcoin activity grows on global platforms, regulators argue that the time has come for strict and comprehensive rules.

Moreover, policymakers say the current momentum makes it vital for domestic platforms to enter the market under clear supervision. They see the trend as both a risk to capital controls and a potential new revenue source for licensed financial infrastructure.

The Bank of Russia has advanced a draft framework that would allow cryptocurrency operations through existing exchanges and brokers. It proposes structured access for both qualified and non-qualified investors, with specific limits for different user groups to reduce systemic risk.

However, the project also sets new responsibilities for intermediaries that currently operate without authorization, signaling a tougher stance on informal market participants. These entities would either have to seek formal status or leave the Russian crypto landscape.

Legislative roadmap and transition period

Officials expect the State Duma to review the bill during the spring session, with a target for approval by mid-year. The roadmap includes a transition period designed to let platforms assemble licensing and compliance packages before full enforcement.

As a result, infrastructure organizations are already preparing for significant adjustments to their operational models. They anticipate the need for new risk controls, reporting systems, and client verification procedures as the regulatory perimeter expands.

Stablecoin rules and the wider regulatory strategy

Russian agencies classify Bitcoin and fiat-linked stablecoins as “currency assets” that must be processed through controlled systems. This designation aims to plug crypto flows into the existing financial architecture so that transactions pass through domestic oversight rather than opaque offshore routes.

Furthermore, the move is designed to prevent capital flight via unregulated channels and to support macroeconomic stability. By routing stablecoin activity through supervised institutions, regulators hope to limit arbitrage between traditional payment rails and digital alternatives.

Analytics firm Chainalysis reports that Russia now ranks as Europe’s largest crypto market, an outcome shaped by sanctions that squeezed conventional cross-border payments. This shift has pushed many users toward cryptocurrency solutions for transfers and savings.

Consequently, officials insist that structured supervision and clear rules are essential to avoid uncontrolled growth. They argue that regulation must catch up with user behavior before digital assets pose broader risks to the financial system.

On-chain tracking and pressure on offshore platforms

Russia’s financial watchdog Rosfinmonitoring uses its Transparent Blockchain service to monitor inflows and outflows on major networks. The agency estimates that Russian users hold nearly one trillion rubles on foreign exchanges, most of which operate outside domestic legal frameworks.

These offshore platforms remain unregulated in Russia, exposing users to legal uncertainty and heightened counterparty risk. Therefore, policymakers want licensed bodies to replace the gray market structure that has developed over recent years.

In this context, the emerging framework for licensed crypto exchanges is designed to shift activity from global venues back to Russian infrastructure. That said, regulators still face the challenge of making local platforms competitive enough to attract returning capital.

Moscow Exchange positions for $15B revenue recovery

The Moscow Exchange is positioning itself at the center of this transition, targeting up to $15 billion in annual fees that Russian users currently pay to foreign crypto platforms. It views the upcoming rules as an opening to expand beyond traditional securities and derivatives.

Moreover, exchange executives argue that regulated services could redirect substantial trading volumes back into the national market. They expect that clearer rules, combined with the reputation of established financial institutions, will help capture users who are wary of offshore risk.

Officials estimate that global exchanges collectively earn about $50 billion a year from cryptocurrency trading commissions, with Russian clients representing nearly one third of that total. This share underscores how much crypto activity now bypasses national supervision and tax structures.

In the eyes of domestic platforms, that revenue represents a major untapped opportunity. The emerging russian crypto regulation framework, they say, could channel these flows into regulated products and bolster local financial stability.

Market readiness and long-term outlook

Following the Bank of Russia’s release of its regulatory outline, major trading venues quickly signaled their readiness to launch crypto operations. They are preparing technological integrations, custody arrangements, and compliance systems to meet the new standards.

Market participants expect a gradual rollout, with demand likely to increase once the rules are fully defined and implemented. However, they also acknowledge that user education and trust-building will be crucial in shifting activity away from long-standing global exchanges.

Looking ahead, industry leaders see the new framework as a foundation for long-term market expansion rather than a short-lived trend. If successfully implemented, the moscow exchange crypto plan could turn today’s offshore flows into a structured domestic crypto market anchored in Russia’s financial system.

In summary, Russia’s crypto overhaul aims to tighten control, recover billions in lost fees, and elevate the Moscow Exchange as a central hub in the country’s digital asset future.

South Korea is ramping up financial watchdog technology, with fresh AI tools and hardware upgrades designed to tighten fss crypto oversight across domestic trading platforms.

FSS expands AI infrastructure with additional H100 capacity

The Financial Supervisory Service (FSS) expanded its internal AI infrastructure for 2024 after securing a new budget for hardware. The authority allocated funds to acquire an additional Nvidia H100 unit to reinforce its existing GPU cluster and accelerate crypto market analysis.

According to the plan, the new hardware will be integrated by the second quarter of 2024. This deployment is intended to speed up model training and real time monitoring of trading data, as digital asset volumes continue to rise on local exchanges.

The upgraded environment builds on two H100 units that the FSS enhanced last year to support VISTA, its in-house investigation platform launched in 2024. Moreover, these units underpin the broader AI framework that scans virtual asset markets for unusual trading behavior.

The enhanced system processes each trading period using structured grid searches. This method efficiently pinpoints potential manipulation windows that previously needed slow, manual confirmation by staff. Internal tests reportedly showed full detection of all historically flagged cases, while also revealing additional hidden intervals that had escaped earlier reviews.

VISTA upgrades target deeper manipulation and account patterns

The FSS is now pushing VISTA beyond pure pattern recognition, focusing on suspicious account tracking as market structures grow more complex. The agency is deploying new functions that can identify accounts believed to be participating in coordinated manipulation detection efforts across multiple venues.

Under the upgrade, VISTA will map clusters of related accounts and surface links that suggest concerted trading strategies. That said, the tool is also being tuned to prioritize cases with the highest potential impact on investors, in order to streamline enforcement follow-ups.

The authority expects this expanded system to evaluate market behavior with significantly higher accuracy. Moreover, the new modules will analyze message activity associated with organized trading attempts, connecting chat logs and communication patterns to trading footprints where possible.

To support this, the FSS aims to build a large language model specialized in classifying harmful or manipulative communication tied to unfair trading schemes. Such an AI model could sort massive volumes of text and highlight emerging tactics that might not yet appear in standard rule-based systems.

In parallel, the regulator is considering a separate AI network dedicated to continuous market monitoring. This prospective system would flag abrupt price spikes or drops, then evaluate related technical risks across multiple exchanges before the data is integrated into daily surveillance reports.

AI-driven market surveillance scales with rising risk reports

The regulatory push comes as reported suspicious activity within the crypto sector continues to climb. Local authorities noted that last year brought a marked increase in alerts and incident reports, while digital asset trading volumes expanded across South Korean platforms.

As asset flows became more tangled and cross-exchange activity intensified, manual tracing of complex trades grew more challenging. However, the new AI stack, anchored by the Nvidia H100 hardware and VISTA’s upgraded analytics, is designed to handle this rising complexity at scale.

The FSS has also reinforced internal coordination with other financial agencies as oversight demands mount. Operational structures are being adapted to process the growing number of alerts in a timely manner, with clear escalation paths for high-risk cases that demand rapid intervention.

In addition, the regulator is reviewing whether further GPU expansion could be required if performance thresholds tighten. More H100-class units would allow larger models and more granular crypto market surveillance, especially during high-volatility periods.

Strategic roadmap for automated crypto enforcement

For the FSS, the AI and hardware upgrades are not a short-term experiment but part of a longer enforcement roadmap. The authority has signaled that advanced automation will sit at the center of its approach to market surveillance crypto and investor protection.

The enhanced infrastructure, combined with the VISTA investigation platform and potential new AI networks, aims to deliver faster detection of manipulation risks and unfair trading tactics. Moreover, it is expected to help maintain stable supervision as South Korea’s virtual asset ecosystem matures and introduces new products.

Ultimately, the agency views these initiatives as essential to keeping pace with a rapidly evolving digital market. By aligning policy, data pipelines, and high-performance computing resources, South Korea’s main financial watchdog is positioning itself to sustain strong oversight even as innovation accelerates.

Investor attention is turning to the evolving relationship between SBI Holdings and Ripple, as new comments from the Japanese group’s CEO spotlight the scale of the partnership’s impact on the broader crypto ecosystem and the primary keyword sbi holdings ripple.

Kitao clarifies SBI’s exposure to Ripple

Excitement in the XRP community surged after Yoshitaka Kitao, CEO and President of SBI Holdings, corrected claims about the firm’s crypto exposure. An X user alleged that the Japanese financial group holds $10,000,000,000 in XRP, partly tied to its expansion in Asia via the Coinhako deal.

However, Kitao clarified that SBI does not hold $10 billion in XRP. Instead, he revealed that SBI owns around 9% of Ripple Labs. This shifts the narrative from a massive direct XRP stash to a substantial equity position in the US-based fintech firm.

Moreover, Kitao stressed that this equity stake should be viewed against Ripple’s overall corporate value. He noted that when considering Ripple’s total valuation, including its ecosystem and recent expansion, the figure “would be enormous,” highlighting what he called SBI’s “hidden asset.”

Ripple equity exposure and potential upside

Prominent XRP community commentator Eri underscored that owning 9% of Ripple means exposure to the company’s full ecosystem. That includes its underlying technology stack, cross-border payment solutions, extensive global partnerships, and the vast XRP reserves held in escrow.

This perspective suggests that SBI’s hidden asset exposure could ultimately exceed the speculative $10 billion in XRP that some had assumed. However, the real upside will depend heavily on how markets value Ripple in any future corporate event, such as an initial public offering.

Market speculation has long floated the idea that a Ripple public listing could value the company at more than $100,000,000,000. That said, no official timetable for an IPO or similar listing has been announced, and Ripple has not provided firm guidance on timing.

Today, Ripple itself holds just over 39 billion XRP, valued at roughly $57,000,000,000 at current prices. At XRP’s peak price of $3.66, the company’s XRP holdings alone were worth more than $142,000,000,000, illustrating the scale of potential valuation swings tied to the token’s market cycles.

Asia push accelerates with Coinhako acquisition

The renewed focus on SBI’s relationship with Ripple comes as the Japanese group continues a sharp expansion into digital assets across Asia. In a recent announcement, SBI said its subsidiary SBI Ventures Asset Pte. Ltd. plans to acquire a majority stake in Singapore-based crypto platform Coinhako.

Coinhako operates under Hako Technology, which is licensed by Singapore’s financial regulator, and under Alpha Hako Ltd., regulated in the British Virgin Islands. Moreover, this structure gives SBI regulated access to multiple jurisdictions, strengthening its regional presence.

Once regulatory approvals are secured and the transaction is completed, Coinhako will be folded into SBI Holdings. Kitao described the move as a strategic step to build a stronger digital asset network across Asia, including services for tokenized stocks, stablecoins, and wider crypto market infrastructure.

XRP and Bitcoin ETF ambitions in Tokyo

SBI’s confidence in its partnership with Ripple mirrors its broader crypto ambitions in Japan. In recent regulatory filings, the financial group disclosed plans for a Crypto Asset ETF that will include both Bitcoin and XRP, alongside a separate product combining Bitcoin and gold.

The planned ETF would list on the Tokyo Stock Exchange, pending approval by Japanese regulators. However, there is no confirmed launch date yet. Even so, the initiative signals growing institutional momentum for digital assets in Japan’s capital markets.

In this context, the phrase sbi holdings ripple has become shorthand for a broader strategy that ties ETF products, exchange operations, and equity stakes into a single long-term crypto thesis. Moreover, SBI’s ETF plans underscore how traditional financial players are increasingly blending digital and conventional asset classes.

SBI Holdings profile and long-term crypto goals

SBI Holdings is a major Japanese financial conglomerate that has been steadily ramping up its presence in digital assets, including Bitcoin and XRP. As of 2025, the group managed around ¥10 trillion in assets under management, reflecting its significant domestic footprint.

The company aims to grow its crypto-related business through a combination of direct investments, ETFs, and strategic equity stakes such as its 9% shareholding in Ripple. Moreover, SBI has indicated that the value of this 9% stake will only be officially reflected on its books after Ripple goes public or undergoes a comparable valuation event.

Earlier commentary from the firm suggested that formally unlocking the value of its Ripple stake could help push SBI’s crypto segment toward a long-term target of ¥1 trillion. That said, the timing and scale of this revaluation depend on external market conditions, as well as on Ripple’s own corporate roadmap.

Overall, SBI’s combination of Ripple equity, the Coinhako expansion, and planned Bitcoin and XRP ETFs in Tokyo illustrates a coordinated push to cement its role in the next phase of digital finance across Asia.