Crypto Breaking

Anchorage Digital, Kamino, and Solana Company are piloting a structure that could ease a longtime friction between traditional finance and DeFi: the ability to borrow against staked tokens without moving assets out of regulated custody. The collaboration expands Anchorage’s Atlas collateral management platform by integrating Kamino, a Solana-based decentralized lending protocol, with a framework that keeps collateral in custodial control. Solana (SOL) ((CRYPTO: SOL)) sits at the center of the arrangement, as the Solana Company treasury—an on-chain asset pool backed by Pantera Capital and Summer Capital—provides a tangible anchor for the program. The goal is to give financial institutions liquidity without forcing them to relinquish staking rewards or move assets into smart contracts that may carry higher regulatory or operational risk.

Key takeaways

Atlas’s collateral management is being extended to support native staking positions, enabling lenders to use staked SOL as collateral while assets remain in Anchorage’s custody.

Anchorage acts as collateral manager, setting loan-to-value ratios and margin requirements, and performing liquidation if necessary, removing the direct on-chain custody burden from regulated entities.

The involved treasury, Solana Company, holds a large SOL position and participates in governance and risk disclosures through its custodial framework and public partnerships.

The move unfolds amid a broader regulatory debate in the United States around DeFi, with the CLARITY Act aiming to clarify jurisdiction and standards for digital-asset activities.

Industry groups warn that early draft language does not fully distinguish between centralized intermediaries and decentralized protocols, adding a layer of regulatory risk to institutional adoption.

Tickers mentioned: $SOL

Sentiment: Neutral

Market context: The development mirrors growing institutional interest in DeFi-enabled liquidity while regulators weigh how to apply traditional securities and banking rules to on-chain lending and custody models.

Why it matters

The Anchorage-Kamino-Solana Company arrangement represents a tangible path for institutions to engage with decentralized lending markets without altering their custody and compliance posture. By keeping the collateral in segregated, regulated custody at Anchorage Digital Bank, lenders can maintain certainty around asset segregation, reporting, and risk controls that are typically required for regulated entities. The model reduces a historical hurdle: moving assets into on-chain, non-custodial environments that can complicate lending approvals, risk management, and auditability for banks and asset managers.

From a risk-management perspective, Anchorage’s role as collateral manager—determining loan-to-value caps, margin calls, and potential liquidations—adds a familiar, governance-backed framework to on-chain lending. It gives institutions a governance layer that complements Kamino’s DeFi lending markets, potentially expanding the universe of assets that institutions are comfortable using as collateral. The custody-first approach aims to preserve staking rewards, which for SOL holders can mean ongoing yield while accessing liquidity. This is particularly salient for large treasuries such as Solana Company, which has built a sizable SOL position and participates in ecosystem funding and governance through its holdings.

Regulators, on the other hand, watch closely. The CLARITY Act, which seeks to establish clearer jurisdiction and regulatory standards for digital assets, has become a focal point in policy debates. While supporters argue the bill would reduce uncertainty for market participants, critics counter that it does not fully delineate how decentralized protocols, developers, and governance frameworks should be treated under the law. The tension is evident in industry discussions and public commentary, underscoring that even innovative custody-friendly DeFi solutions must operate within an evolving regulatory landscape. In this context, the Anchorage-Kamino-Solana Company collaboration can be seen as a practical test case: it demonstrates what regulated institutions are willing to try, and where policy gaps may need to be filled to broaden safe participation.

Solana Company’s position—reported to be one of the largest SOL-based treasuries—adds another layer of credibility to the experiment. Its holdings, and the associated disclosures, underscore the willingness of specialized treasury teams to explore on-chain lending as a liquidity tool, provided that custodial safeguards remain intact. The project’s public materials also point to Solana’s ecosystem ambitions and the role of strategic treasury management in supporting on-chain liquidity without destabilizing staking yields or governance processes.

Solana Company is the second-largest SOL-based digital asset treasury, holding 2.3 million SOL. Source: CoinGecko

The technical structure hinges on integrating Kamino’s lending protocol with Atlas’s collateral framework. Under the program, a loan would be issued against natively staked SOL, but the actual SOL remains in Anchorage’s segregated custody. That separation matters because it preserves the institution’s regulatory, accounting, and risk-management controls while granting access to liquidity through Kamino’s on-chain markets. Anchorage’s oversight includes monitoring collateral value relative to loan size, maintaining margin requirements, and triggering liquidations if risk thresholds are breached. This model avoids the conventional requirement for institutions to transfer assets into smart-contract-based vaults, a sticking point that has historically limited regulated participation in DeFi lending markets.

The integration was announced in a period when Solana’s ecosystem, including its treasury vehicles, has been under scrutiny for both performance and risk. The Solana ecosystem’s public-facing information notes that the Solana Company treasury holds a substantial stake in SOL, reinforcing the relevance of this development to how large on-chain holders think about liquidity and risk. This event aligns with broader industry interest in on-chain lending, especially where custody remains in regulated environments. For market participants, the arrangement signals a potential template for expanding institutional DeFi exposure without eroding the protections and oversight that banks and trust companies emphasize.

What to watch next

Regulatory clarity progress on the CLARITY Act and related DeFi governance provisions, including any committee votes or amendments that clarify custody vs. on-chain lending.

Milestones in the Atlas-Kamino integration, such as go-live dates, onboarding of initial institutional users, and risk-management enhancements.

Solana Company’s ongoing SOL portfolio disclosures and any new risk disclosures tied to staking yields and on-chain liquidity use.

Updates from Anchorage Digital Bank on custody controls, compliance reporting, and risk-management metrics as more institutions engage with the structure.

Sources & verification

Anchorage Digital’s expansion of Atlas collateral management through Kamino integration with Solana Company’s treasury.

Solana Company treasury data and public disclosures via CoinGecko.

CLARITY Act overview and DeFi market-structure discussions.

Public policy discussions and industry meetings surrounding DeFi oversight, including high-level regulatory engagement by the Trump administration.

Market reaction and key details

The collaboration between Anchorage Digital, Kamino, and Solana Company illustrates how institutions may bridge custody-grade risk controls with DeFi liquidity pools. By enabling native staking positions to serve as collateral without a custody transfer, the program could unlock new liquidity channels for regulated entities. The emphasis on collateral management, risk controls, and segregated custody is consistent with a broader trend: institutions seeking to participate in on-chain lending while preserving traditional compliance and reporting regimes. The Solana ecosystem’s treasury dynamics, including Solana Company’s substantial SOL holdings, will be watched closely to see how risk disclosures evolve as the program expands. For practitioners, the approach could inform future collaborations that pair regulated custody with decentralized markets, potentially shaping how banks, asset managers, and corporate treasuries view DeFi liquidity tools.

Key figures and next steps

The project’s practical implications hinge on governance, custody risk controls, and the speed at which regulated institutions feel comfortable expanding their DeFi participation. If the pilot proves scalable and appropriately regulated, it may pave the way for broader adoption of staking-backed liquidity facilities that keep assets under regulated custody while granting on-chain access to lending markets. Observers will be watching for formal go/no-go decisions from participating institutions, any changes to Atlas collateral parameters, and additional asset classes considered for similar custody-preserving lending structures.

This article was originally published as Anchorage, Kamino Let Firms Borrow Against SOL Without Moving Custody on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Bitcoin (CRYPTO: BTC) kicked off Friday’s session with a modest smile, boosted by a softer-than-expected January CPI print that renewed appetite for risk assets. Traders priced in cooler inflation while keeping a wary eye on the path of policy, with the largest cryptocurrency carving a path toward notable resistance as the CPI data circulated. At one point, BTC rose by as much as 4% intraday, with the benchmark token trading near the $69,000 region on Bitstamp as traders assessed how the inflation backdrop could shape Federal Reserve expectations in the near term.

Key takeaways

Bitcoin surged on the back of a January CPI print that cooled beyond expectations, lifting BTC/USD toward the $69,000 level on Bitstamp and signaling renewed momentum in the short run.

Core CPI matched estimates at 2.5% while the overall CPI printed 2.4%, both softer than anticipated, fueling a broad risk-on swing across macro assets.

Market odds of aggressive Fed easing remained limited, with CME FedWatch showing slim chances of a rate cut at the March meeting, complicating the path for a sustained breakout.

Analysts highlighted a confluence of technical references around the 68,000–69,000 area, including the old 2021 all-time high and the 200-week EMA, as a potential higher-low anchor for BTC.

Gold climbed toward a symbolic milestone while the US dollar index attempted a recovery after the CPI release, underscoring a mixed but constructive macro backdrop for risk assets.

Tickers mentioned: $BTC

Sentiment: Bullish

Price impact: Positive. The CPI surprise propelled Bitcoin higher, with daily gains peaking near 4% and the price testing the $69,000 vicinity on major venues such as Bitstamp.

Market context: The inflation print fed into a broader narrative where macro assets showed a tempered response to cooling inflation, even as rate-cut expectations remained guarded and positioned around the mid-year horizon. Traders watched for durably slowing inflation signals to justify an acceleration in risk-taking, while acknowledging that policymakers may still stride cautiously given a resilient labor market and evolving growth dynamics.

Why it matters

The January CPI outcome reinforces a delicate balance in which inflation is trending lower, but policymakers are unlikely to rush the rate-cut cycle. The data echo a pattern observed in recent weeks: inflation metrics are trending toward multi-year lows, yet the Federal Reserve’s reaction function remains data-dependent. For BTC and the broader crypto market, softer inflation can translate into improved liquidity and a more forgiving risk environment, which historically tends to favor speculative assets and risk-sensitive sectors.

From a technical standpoint, traders are watching key price zones that have previously served as turning points. The 68,000–69,000 zone is notable because it intersects with the 2021 all-time high and the 200-week exponential moving average (EMA), a level analysts have cited as an anchor for potential higher-lows in the near term. Several market participants described BTC as consolidating in a potential falling-wedge pattern, a setup that could precede another leg higher if momentum builds. A recent update from a prominent trader noted that an initial breakout attempt at around the 68,000 level faced resistance, reinforcing the idea that the next meaningful move would likely be defined by how the market handles that zone.

Beyond BTC, macro gold also flirted with significant levels, highlighting a broader risk-on mood among non-crypto assets as the CPI narrative evolved. The U.S. dollar index found some footing after the initial CPI dip, a dynamic that can influence risk appetite across asset classes, including digital assets. In this environment, BTC’s performance could act as a barometer for market demand for risk assets and for investors seeking hedges or diversifiers amid evolving macro signals.

One notable thread in the commentary around the CPI release was the consideration of future Fed policy moves. While some market observers argued that a rate cut could become more plausible if inflation continues to ease, others cautioned that a single data print does not alter the central bank’s reaction function overnight. A widely cited dashboard showed that probability of a March rate cut remained in the minority, underscoring the challenge for crypto bulls to sustain a sustained breakout without clearer signs of easing monetary policy. In a related thread, a market observer referenced a lower-bound view on policy shifts, suggesting that the inflation trajectory would need to demonstrate sustained deceleration before a meaningful shift in rate expectations could be priced in. Investors also weighed a perspective opposing the surprise: that a temporary CPI softness might simply reflect statistical quirks rather than a durable downward trend.

For traders who have been watching the narrative unfold, the CPI surprise did not fully resolve the tug-of-war between risk-on optimism and the structural caution that has characterized crypto markets for much of the past year. While BTC’s intraday rally underscored renewed enthusiasm, many participants stressed that the long-term trajectory would hinge on the Fed’s path and on the sequencing of economic data in the coming weeks. A closing thought from a market commentator who tracks inflation data and policy expectations noted that, even with a favorable inflation print, the real test lies in whether inflation can stay on a downward trajectory long enough to alter policy expectations meaningfully.

The CPI data’s impact on the market narrative can be glimpsed through the lens of the related coverage around inflation dynamics and policy. For readers seeking concrete context, the CPI release is documented by the U.S. Bureau of Labor Statistics and the associated commentary on how core and headline readings evolved. The market’s reaction to the data is also shaped by how traders interpret the probability of future rate actions, as reflected in tools that gauge Fed expectations. Additionally, analysts cited external inflation trackers and independent assessments to illustrate the nuanced view of inflation risk in the current environment. For a broader sense of sentiment, the community’s discussions surrounding the CPI data and Fed policy provide a snapshot of how this turning point is perceived by traders and researchers alike, including conversations that reference alternative inflation metrics as a lens to evaluate CPI outcomes.

The narrative also includes perspectives from traders active in social channels, where analysts often cross-reference inflation data with on-chain signals and technical indicators. A notable thread tied to the CPI release highlighted the idea that the CPI decline, while supportive, is not a decisive turn; rather, it is part of a broader sequence that could unfold across the next several weeks as the market calibrates its expectations for policy, liquidity, and macro risk appetite. The ongoing dialogue among market participants underscores the importance of keeping a close watch on how the inflation data evolves and how policy guidance evolves in response, as those dynamics will continue to influence BTC’s trajectory and the crypto market more broadly.

For readers who want to explore the underlying data themselves, the CPI release and the market’s interpretation of it are widely covered in real-time feeds and official releases. The Bureau of Labor Statistics provides the primary figures, while market data platforms and analysis from research shops offer additional context on how these numbers translate into rate expectations, liquidity, and risk sentiment. In the eyes of many traders, the CPI print is less a singular event than a datapoint in an ongoing process—one that will shape the tempo and nature of crypto market movements in the weeks to come.

TradingView BTCUSD chart shows the intraday velocity, while the CPI context remains anchored by the U.S. CPI release from the Bureau of Labor Statistics. As a contemporaneous note, a widely circulated tweet from market analyst Andre Dragosch referenced Truflation’s sub-1% CPI readings as supporting evidence for a less aggressive inflation profile than some conventional measures imply. The exchange between traditional data and alternative inflation metrics continues to shape expectations around rate moves and cross-asset correlations.

In sum, the CPI surprise injected a tactical lift for Bitcoin, but the broader path remains a function of policy expectations, liquidity conditions, and the ongoing assessment of inflation trends. As the market digests the data, traders will be watching for a softening CPI to translate into a more explicit willingness to price in rate cuts—and with that, a more durable upside for BTC and the broader crypto complex.

Earlier coverage noted the delicate balance between momentum and resistance around the $68,000–$69,000 zone, a region that has historically defined the near-term tempo of BTC price action. The narrative continues to evolve as macro conditions, policy signals, and on-chain fundamentals interact in real time.

For additional context and data points discussed during the CPI reaction, see the related notes and coverage linked throughout this timeline, including references to the FedWatch tool and broader market commentary that has tracked the shifting probability of rate cuts in the March horizon.

//platform.twitter.com/widgets.js

This article was originally published as Bitcoin Tops $69K as CPI Slows, Fed Rate-Cut Odds Stay Low on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Three suspects were apprehended in France after a reported home-invasion targeted at a senior Binance France executive, with the parent company confirming that one employee was the victim. The incident unfolded in the Val-de-Marne area around 7:00 am CET, when armed intruders allegedly forced entry into an apartment and sought information leading to the head of Binance France. Police later recovered two mobile devices as the suspects fled. A separate attempt to break into a second residence in Hauts-de-Seine occurred roughly two hours later, culminating in arrests and the recovery of a vehicle linked to the case. Binance said it is cooperating with authorities and has intensified security measures to protect staff and families during an ongoing investigation.

Key takeaways

In Val-de-Marne, three masked assailants forced entry into a resident’s home around 7:00 am CET, then sought directions to the Binance France head’s address and fled with two mobile phones.

Two hours after the first incident, authorities arrested the suspects during a second home-invasion attempt in Hauts-de-Seine; investigators recovered the stolen phones and a vehicle.

Binance confirmed the event to Cointelegraph, stating the employee and their family are safe and that the company is working closely with local law enforcement while enhancing security measures.

The episode arrives amid broader security concerns in the crypto space, where wrench-attacks—physical assaults linked to crypto-related schemes—have surged in 2025, particularly in Europe and France.

Binance’s co-founder Yi He publicly thanked French police for their swift response, underscoring the collaboration between crypto firms and law enforcement in addressing real-world risks.

Tickers mentioned: $BTC

Sentiment: Neutral

Market context: The incident sits within a year of rising wrench-attacks against crypto investors and executives. CertiK documented a 75% increase in wrench attacks during 2025, with 72 verified cases globally. France recorded the highest number of incidents in 2025 (19), while Europe accounted for about 40% of global cases, highlighting a regional risk pattern as crypto activity expands across the continent.

Market context: The broader security environment for crypto companies is increasingly shaped by physical risk and targeted offenses, reinforcing the need for dedicated on-site security protocols and law-enforcement collaboration as firms expand in Europe.

Why it matters

The Binance France incident illustrates how crypto operations, even behind seemingly large organizations, face vulnerabilities beyond cyber threats. Physical security failures can expose executives and families to immediate danger, underscoring the importance of robust, end-to-end security planning for firms with regional leadership and critical operations. Binance’s response—expressing concern for staff welfare, cooperating with authorities, and enhancing security measures—signals a commitment to risk management that extends beyond digital assets and into real-world protection for personnel.

From a market and adoption perspective, incidents like this highlight that the crypto sector remains subject to traditional crime vectors even as the technology and markets mature. While there is no direct implication for asset prices from a single home invasion, the event reinforces the ongoing demand for secure governance, physical security protocols, and proactive collaboration with law enforcement across jurisdictions as regulatory and consumer scrutiny intensifies.

The public acknowledgment from Binance’s leadership—specifically a message from Yi He expressing gratitude for police efforts—reflects how the ecosystem increasingly relies on coordinated responses to safety incidents. That coordination can influence how crypto firms profile risk and allocate resources, potentially shaping future security investments and crisis-management protocols across regional teams.

What to watch next

Official police updates on the investigation progress and any additional arrests or charges related to the two incidents.

Binance’s security posture announcements or new measures implemented for employees in France and other regions.

Any regulatory or policy developments in France or Europe addressing physical security for crypto firms and executives.

Follow-up reporting on related wrench-attack cases in Europe to assess whether the incidents represent a broader pattern or are isolated events.

Public statements from Binance France regarding ongoing risk assessments and collaboration with local authorities after the incident.

Sources & verification

Binance’s formal confirmation to Cointelegraph regarding the home-invasion incident and the ongoing police investigation.

RTL’s reporting on the initial attack in Val-de-Marne, including details about the home entry and subsequent arrest in Hauts-de-Seine.

CertiK’s analysis noting a 75% rise in wrench-attacks in 2025 and the distribution of incidents across Europe and France.

Cointelegraph coverage of related crypto-crime developments in France, including arrests tied to crypto-related ransom cases.

Yi He’s X post acknowledging the incident and praising the French police unit Brigade de Répression du Banditisme.

What the announcement changes

Binance’s incident report underscores the evolving risk landscape for crypto executives operating in Europe. While the incident does not appear to affect market liquidity or exchange operations directly, it reinforces the need for rigorous physical-security protocols, crisis communication plans, and ongoing collaboration with law enforcement. For investors and users, the episode is a reminder that the sector’s growth is accompanied by real-world threats that require comprehensive risk management practices by firms and stronger protective measures for personnel in high-visibility roles.

Key figures and next steps

Authorities’ ongoing work will determine whether the two Val-de-Marne and Hauts-de-Seine cases are linked beyond the vehicle recovery and stolen devices. Binance’s leadership has stated that staff safety remains a top priority, and the company is pursuing enhanced security measures. The collaboration between Binance and French law enforcement, including high-profile units, will likely shape how the firm communicates future incidents and implements security improvements across its European footprint.

What to watch next

Updates on the investigation from French police authorities (cases tied to the initial home-invasion and the second attempted entry).

Details on the security enhancements Binance plans to deploy for its France team and regional offices.

Regulatory responses in France and the broader European Union concerning physical-security standards for crypto firms.

https://cdn.ampproject.org/v0.js

This article was originally published as Binance Confirms Targeted Employee; Three Arrested in France Break-In on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

A Virginia federal court handed a 20-year prison sentence to Ramil Ventura Palafox, the chief executive of Praetorian Group International (PGI), for leading a crypto investment scheme that prosecutors say defrauded tens of thousands of investors out of roughly $200 million. Court records describe a carefully orchestrated Ponzi scheme that promised daily returns of up to 3 percent from Bitcoin trading, only to funnel new money to earlier participants while fabricating apparent gains through an online portal.

Key takeaways

The judge sentenced PGI’s founder, 61-year-old Ramil Ventura Palafox, to 20 years in prison after convictions on wire fraud and money laundering charges tied to a $200 million crypto investment scam.

The scheme allegedly attracted more than $201 million from December 2019 to October 2021, including at least 8,198 Bitcoin (BTC) valued at about $171.5 million at the time; victims suffered losses of at least $62.7 million.

Regulators say PGI claimed to trade Bitcoin at scale and to generate steady daily profits, but prosecutors contended the trading activity could not support the promised returns.

Palafox allegedly used a multi-level marketing structure and paid referrals, while misrepresenting trading performance to lure new participants.

The case combines criminal action from the Department of Justice with civil action from the Securities and Exchange Commission, underscoring cross-border enforcement and ongoing scrutiny of crypto-related fraud.

Tickers mentioned: $BTC

Sentiment: Neutral

Market context: The sentencing arrives amid sustained regulatory focus on crypto investment platforms and crypto-enabled fraud. Authorities have signaled that the combination of alleged misrepresentation, aggressive fundraising, and the promise of consistent, high daily returns increases investor risk and elevates enforcement priorities. The case also reflects ongoing efforts to align crypto-related schemes with traditional securities and consumer-protection regimes, highlighting the challenges of policing cross-border online operations as crypto markets remain volatile and subject to rapid shifts in investor sentiment.

Why it matters

The PGI case illustrates how fraudsters continue to exploit the aura of professional crypto trading to attract money from retail investors. By presenting a façade of sophisticated AI-driven or large-scale Bitcoin trading, the scheme preyed on hopes of reliable, outsized returns and leveraged a multi-level referral structure to accelerate capital inflows. The financial footprint—tens of thousands of investors and hundreds of millions of dollars—shows the scale at which these operations can operate before regulators intervene.

From a regulatory perspective, the outcome reinforces the co-operation between criminal and civil agencies in tackling crypto-enabled fraud. The Department of Justice’s criminal case, paired with the SEC’s civil action filed later, demonstrates a multi-front approach to address both deception and improper fundraising in digital asset markets. The interplay between criminal penalties and potential restitution signals that victims may pursue recovery through court-administered processes, while enforcement actions may deter future misconduct by raising the stakes for misrepresentation and misappropriation of investor funds.

For investors and builders in the crypto space, the PGI case underscores a persistent risk layer: schemes can mimic legitimate trading operations, including claims of AI-powered platforms and guaranteed returns, even as real trading volumes and profits fail to materialize. Trust remains a critical asset in this industry, and cases like this one press the importance of due diligence, transparent performance reporting, and robust compliance programs for operators who manage other people’s money.

What to watch next

Restitution processes: Regulators have indicated that victims may be eligible for restitution; follow communications from the U.S. Attorney’s Office regarding claims submissions and timelines.

Civil case developments: The SEC’s civil complaint may yield further settlements or enforcement actions related to misrepresented trading activities and the claimed AI-driven platform.

Cross-border enforcement updates: The case’s international elements—such as activity in the United Kingdom and other jurisdictions—could prompt additional regulatory coordination and potential asset tracing outcomes.

Regulatory signaling: The convergence of criminal and civil actions in crypto fraud cases is likely to influence future policy discussions on crypto investment schemes, disclosure requirements, and investor protections.

Sources & verification

Department of Justice press release on the sentencing of Ramil Ventura Palafox for a $200 million crypto Ponzi scheme.

SEC civil complaint filed in April 2025 alleging misrepresentation of PGI’s trading activity and the use of new investor funds to pay earlier participants.

DOJ actions detailing charges in the Eastern District of Virginia and the cross-border enforcement that accompanied the case.

Information on the 2021 seizure of PGI’s website and related enforcement steps, indicating the global reach of the investigation.

Rewritten Article Body: Conviction underscores regulatory watch on crypto investment platforms

In a case that underscores the intensifying scrutiny of crypto-enabled investment fraud, a federal judge in Virginia handed down a 20-year prison sentence to Ramil Ventura Palafox, the founder and chief executive of Praetorian Group International (PGI). Prosecutors described the matter as a deliberate Ponzi scheme that lured tens of thousands of investors with promises of consistent daily gains from Bitcoin trading, a narrative that unfolds against a backdrop of growing regulatory focus on digital assets and investor protection.

According to the Department of Justice, the scheme operated between December 2019 and October 2021, drawing in more than $201 million from participants who believed they were backing a sophisticated trading enterprise. The government highlighted that the apparently robust performance—daily returns of up to 3 percent—was presented in a manner designed to reassure investors and sustain the inflow of new funds. Yet, prosecutors argued that the trading activity did not come close to supporting the promised returns, and that the apparent gains were often illusory, backed by funds from newer entrants rather than genuine profits.

The financial footprint of PGI’s operation was substantial. Investors poured in more than $201 million during the two-year window, and the case notes that at least 8,198 Bitcoin (CRYPTO: BTC) were involved in the scheme, with the digital asset valued at roughly $171.5 million at the time. Victims’ losses were estimated at no less than $62.7 million, a figure that illustrates the real-world harm that can accompany fraud in crypto markets. The court and prosecutors described a pattern in which new investor money was shuffled to pay earlier participants, a hallmark of Ponzi dynamics that undermines trust in similarly structured ventures.

Court filings depict a troubling panorama of misrepresentation and perceived legitimacy. Palafox allegedly oversaw an online portal that displayed steady gains, creating the illusion that accounts were compounding reliably. The operation reportedly relied on a multi-level marketing framework, with referral incentives designed to broaden the pool of participants. In parallel, the government contended that these promotional claims masked the absence of actual trading capacity to generate the claimed profits, allowing the scheme to sustain itself for a period before regulators began to unravel the web of financial red flags.

From a personal-finance perspective, the case paints a stark picture of resource misallocation. Authorities allege that Palafox diverted investor funds to support a lavish lifestyle, including millions spent on luxury vehicles and high-end real estate, as well as substantial expenditures on penthouse suites and other discretionary purchases. In a demonstration of cross-border reach, prosecutors noted transfers that included at least $800,000 and 100 Bitcoin moved to a family member, highlighting the opportunistic use of assets beyond the U.S. jurisdiction for personal enrichment.

The legal strategy behind the case extended beyond criminal charges. In a parallel civil action, the Securities and Exchange Commission filed a complaint in April 2025 accusing Palafox of misrepresenting PGI’s Bitcoin trading activity and using new investor money to compensate earlier participants. The SEC alleged that PGI promoted an AI-powered trading platform and guaranteed daily returns despite lacking a foundation in real trading operations capable of producing such profits. The dual track of enforcement—criminal and civil—emphasizes a broader regulatory intolerance for schemes that blur the lines between technology-driven finance and fraudulent conduct.

The trajectory of the case also reflects the cross-border enforcement environment facing crypto fraud. Regulators seized PGI’s website in 2021, signaling early steps toward dismantling the operation and tracing its financial flows beyond U.S. borders. Authorities later extended their scrutiny into the United Kingdom, where related operations were shuttered, illustrating the global dimension of crypto fraud investigations and the need for international cooperation in asset tracing and restitution efforts.

Victims remain at the center of the proceedings, with restitution potentially available through the U.S. Attorney’s Office process. While the criminal sentence serves as a punitive measure, the civil action and related enforcement signals are aimed at recovering assets and deterring similar misconduct in the crypto space. The case stands as a cautionary tale for investors and a reminder to operators that regulatory and judicial systems are increasingly attentive to the nuances of crypto-based investment promises and the risks of opaque performance reporting.

This article was originally published as Crypto CEO Sentenced to 20 Years in $200M Bitcoin Ponzi Scheme on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

Boerse Stuttgart Group, operator of one of Europe’s largest stock exchanges, is pursuing a strategic consolidation of its regulated digital asset activities with Tradias, a Frankfurt-based crypto trading firm. The move aims to accelerate the group’s push into institutional crypto markets by combining Boerse Stuttgart Digital’s custody, brokerage and trading capabilities with Tradias’ execution and BaFin-licensed securities trading operations. The combined entity, still subject to regulatory approvals, would bring together roughly 300 employees under a unified management team. While formal financial terms were not disclosed in the initial announcement, Bloomberg reported that Tradias could be valued at about €200 million, with the merged group potentially exceeding €500 million in enterprise value. The deal underscores a broader shift toward regulated, institution-facing crypto infrastructure in Europe, aided by MiCA, the EU framework for crypto-assets.

The merger is framed as a natural evolution for Boerse Stuttgart’s regulated crypto unit, which has built out a comprehensive platform for trading, custody and tokenized assets in compliance with the Markets in Crypto-Assets Regulation (MiCA). The integration with Tradias is intended to extend the reach of this regulated backbone across Europe, enabling banks, brokers and other financial institutions to access a fully regulated crypto infrastructure under one umbrella. The announcement notes that the combined team will oversee services spanning brokerage, trading, custody, staking and tokenized assets, a suite designed to cover the entire value chain for institutional clients. In 2025, Boerse Stuttgart highlighted a surge in crypto trading volumes, signaling growing demand from institutions and an increasing contribution of digital assets to the group’s revenue. The leadership behind the merger expresses a bullish outlook on the sector’s trajectory and on the strategic advantages of scale in regulated markets.

The background of the deal includes Tradias’ status as a BaFin-licensed securities trading bank, a feature that aligns with Boerse Stuttgart Digital’s regulatory approach and its emphasis on a compliant crypto ecosystem. Tradias operates as the digital assets arm of Bankhaus Scheich, and its regulatory standing complements Boerse Stuttgart’s push to formalize a pan-European digital-asset platform capable of serving large-scale financial players. The two firms’ complementary strengths—Boerse Stuttgart Digital’s product suite and Tradias’ execution and licensing framework—are positioned to offer a more seamless, integrated experience for institutions seeking to deploy crypto strategies within established risk controls. As part of the strategic framing, Boerse Stuttgart Group chief executive Matthias Voelkel emphasized that the merger would drive consolidation and leadership across Europe’s crypto markets, noting that the combined entity would be better positioned to compete with other regulated platforms as institutional demand grows.

Within the discourse on regulated crypto markets, the deal sits at the intersection of technology, regulation and market structure. Boerse Stuttgart’s digital arm has been a steady contractor to the EU’s MiCA regime, providing trading, brokerage and custody services in line with the regulation’s requirements. The integration with Tradias is expected to accelerate the deployment of compliant crypto infrastructure at scale, potentially reducing the operational frictions that have long constrained institutional participation. The parties have kept financial terms private, but public signals about the valuation and scale of the combined group reinforce the sense that European players are wagering on a future where regulated, cross-border crypto services become a core element of traditional financial ecosystems.

“With the planned merger of Boerse Stuttgart Digital and Tradias, Boerse Stuttgart Group is driving the development and consolidation of the European crypto market,”

Voelkel’s remarks reflect a broader industry narrative in which established financial institutions seek to create end-to-end platforms that combine trading, custody and risk management for digital assets. The leadership of Tradias, led by founder Christopher Beck, has framed the merger as a step toward building a European champion with broader reach and deeper strategic capabilities. Beck stressed that the alliance would allow the two entities to cover the entire value chain for digital assets and to harness the strengths of both firms to accelerate market consolidation.

Beyond the immediate strategic benefits, the merger has implications for the European crypto ecosystem’s maturity. The combination of a regulated exchange operator and a BaFin-licensed securities trading bank is emblematic of a trend toward more integrated and regulated solutions, which could lower barriers to participation for banks and asset managers seeking regulated exposure to crypto markets. The regulatory backdrop—especially MiCA—will continue to shape how such entities structure their offerings, the kinds of products they can offer, and how they manage custody, staking and tokenized assets. In the context of 2025 regulatory developments, several commentators have highlighted how MiCA licensing frameworks may influence the design and distribution of crypto products, including the potential for more standardized governance and risk controls across borders. The ongoing shift toward regulated, institution-friendly models is consistent with the broader push to normalize crypto markets within mainstream financial systems.

Related: Denmark’s Danske Bank allows clients to buy Bitcoin and Ether ETPs

Tradias’ leadership has signaled that the merger would enable the two firms to expand their European footprint, leveraging their respective strengths to offer a more robust platform for institutional clients. Beck’s comments emphasize the goal of creating “a new European champion” with greater reach and operational depth that could accelerate consolidation in the sector. The strategic logic rests on combining Boerse Stuttgart Digital’s regulated product suite and custody capabilities with Tradias’ licensed market access and execution capabilities, potentially creating a more competitive, scalable and compliant ecosystem for digital-asset trading and custody across Europe.

The broader market context reinforces the strategic prudence of this move. The European crypto market has been evolving toward greater professionalization, with a growing emphasis on licensing, risk management and interoperability across borders. The MiCA framework is widely viewed as a driver of this shift, encouraging standardized practices and more predictable regulatory outcomes for participants. The proposed merger aligns with these dynamics, signaling a willingness among incumbents to invest in regulated infrastructures that can support institutional flows, wholesale trading and the custody of digital assets on a pan-European scale. The coming months will be crucial for the timeline and final terms, as regulatory approvals and integration milestones will determine how quickly the combined operation can begin delivering on its stated objectives.

Why it matters

The strategic union between Boerse Stuttgart Digital and Tradias could reshape how European institutions access crypto markets. By marrying regulated trading, custody and brokerage with a licensed execution platform, the merged entity could reduce the friction and compliance overhead that have historically limited institutional participation. This consolidation may also set a precedent for other European incumbents seeking to build comparable ecosystems, potentially accelerating the pace at which traditional financial services firms adopt and integrate digital-asset capabilities. The emphasis on tokenized assets and staking suggests a broader ambition to extend digital assets beyond simple trading to a more comprehensive asset-management framework that integrates with existing bank-grade risk controls.

From a user perspective, the deal promises continuity and scale. Banks and brokers seeking regulated access to crypto services could benefit from a more cohesive offering, including custody and settlement under a single governance framework. For digital-asset providers and fintechs, the merger highlights the value of partnerships with regulated institutions that can bridge retail and wholesale markets while maintaining high standards of compliance. The European landscape, long characterized by divergent national approaches, could gradually converge as more players align under MiCA-compliant models, reducing cross-border complexity and enabling more efficient capital deployment.

What to watch next

Regulatory approvals and the closing date of the merger, including any conditions placed by BaFin or other European authorities.

Integration milestones for Boerse Stuttgart Digital and Tradias, including the consolidation of tech platforms and onboarding of additional banks or brokers.

Rollout of expanded services, such as custody, staking and tokenized-assets offerings, to new European markets.

Any updates on the valuation, potential debt financing or equity arrangements tied to the transaction.

Sources & verification

Boerse Stuttgart Digital-Tradias merger press release (PDF): https://www.bsdigital.com/media/fucbehz4/20260213_en_boerse-stuttgart_digital_tradias.pdf

Bloomberg reporting on valuation: https://www.bloomberg.com/news/articles/2026-02-13/boerse-stuttgart-to-merge-crypto-arm-with-trading-firm-tradias

Tradias BaFin-licensed status: https://cointelegraph.com/news/tradias-bafin-license-expansion-2025

Markets in Crypto-Assets Regulation (MiCA) overview referenced in coverage: https://cointelegraph.com/learn/articles/markets-in-crypto-assets-regulation-mica

Boerse Stuttgart growth and revenue context: https://cointelegraph.com/news/bourse-stock-exchange-25-percent-revenue-rise-crypto

European consolidation of regulated crypto services: what the merger means

This article was originally published as Boerse Stuttgart Digital, Tradias Merge to Build European Crypto Hub on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

ETHZilla, a crypto treasury firm that began life as a biotech venture, is pressing further into tokenized real-world assets. In January it pivoted to build a portfolio around on-chain representations of non-digital assets, and this week it unveiled Eurus Aero Token I, a tradable stake secured by two jet engines leased to a major U.S. airline. The tokenization initiative is being launched under ETHZilla Aerospace, the company’s new subsidiary. Each token is priced at $100 with a minimum purchase of 10 tokens, and the issuer targets an 11% return over the life of the leases, which extend into 2028. Ether (CRYPTO: ETH) has been a central part of its treasury strategy in recent years.

Key takeaways

ETHZilla launches Eurus Aero Token I via ETHZilla Aerospace, with the asset backing provided by two commercial jet engines leased to a leading U.S. carrier.

The offering sets a $100 price per token and requires a minimum purchase of 10 tokens, aiming for an 11% return through the end of the current engine leases in 2028.

The move marks a formal shift from a pure crypto treasury model toward tokenizing real-world assets that generate contractual cash flows.

ETHZilla acquired the two jet engines for a combined $12.2 million in January, following the sale of part of its Ether treasury the prior year.

Executives say the program broadens access to fractional ownership and demonstrates how blockchain can convert traditional asset classes into on-chain, tradable securities.

Tickers mentioned: $ETH

Market context: On-chain tokenization of real-world assets (RWAs) has been gaining traction as crypto firms seek yield opportunities beyond token prices and volatility. The ETHZilla initiative arrives as RWAs continue to attract institutional interest and as the broader market observes how regulated, cash-flow–backed tokens perform relative to traditional securities and crypto-native instruments.

Why it matters

The ETHZilla pivot illustrates a broader industry trend: crypto treasury firms expanding beyond pure digital assets toward structured products that deliver visible, contractually backed revenue. By tying ownership of physical engines to a blockchain-based token, ETHZilla is testing whether on-chain instruments can offer predictable cash flows while preserving liquidity and transparency for investors. For a subset of crypto enthusiasts and accredited investors, this approach promises a familiar risk/return profile—income from lease payments—wrapped in a tokenized wrapper that can be traded or held alongside other digital assets.

Observers note that tokenized aviation assets combine visible, contractual cash flows with the efficiency and programmability of blockchain. The two jet engines underpin a stream of lease income that, in theory, may appeal to investors seeking exposure to high-value industrial assets without owning the aircraft outright. ETHZilla chairman and CEO McAndrew Rudisill framed the offering as a way to “expand investment access and modernize fractional asset ownership in markets that have historically been available only to institutional credit and private equity.” In his view, the use of a token backed by engines leased to a major airline serves as a compelling proof point for applying blockchain infrastructure to asset classes with global demand and predictable revenue streams.

The enterprise has a history that underscores its strategy: ETHZilla began life as a biotech venture before pivoting to Ether accumulation and tokenized assets. The company disclosed a substantial Ether stake in a Securities and Exchange Commission filing, reporting hundreds of millions of dollars in value at the time, and then redirected capital toward physical assets and on-chain structures. This history highlights both the volatility of crypto treasuries and the growing experimentation across the sector to convert traditional assets into liquid, traceable, on-chain instruments.

At the same time, the broader market environment remains a mixed backdrop for RWAs. Industry observers point to a rising footprint of tokenized assets on blockchain networks, alongside ongoing regulatory scrutiny and evolving frameworks that could shape who can issue such tokens and under what conditions. The RWA market, including tokenized debt, receivables, and asset-backed securities, has seen a surge of interest as institutions seek yield opportunities outside equity and crypto price movements. Data aggregators show that hundreds of thousands of holders participate in on-chain RWAs, with billions of dollars reportedly on-chain, underscoring the potential reach of asset-backed tokens beyond traditional finance.

ETHZilla’s execution also highlights the practical dynamics of tokenized asset bring-to-market: the engines were acquired for $12.2 million in January as part of the company’s broader shift away from a pure ETH-hold approach toward asset-backed, on-chain offerings. The venture has signaled that future token offerings could include other asset classes, such as home and car loans, suggesting a pipeline that blends tangible collateral with transparent, blockchain-native distribution mechanisms. Industry commentary has suggested that tokenized RWAs could gain momentum in 2026 as emerging markets adopt formalized structures for capital formation and foreign investment, though execution risks—valuation sensitivity, lease covenants, custody, and regulatory constraints—remain salient considerations for investors.

As the project unfolds, ETHZilla’s own treasury position provides context for the risk/reward calculus of tokenized assets. The company’s strategic reserve data and public disclosures show a balancing act between on-chain liquidity and the need to preserve exposure to Ether as a potential long-term stabilizer or growth asset. The tension between holding Ether and deploying capital into tokenized assets reflects a broader question in crypto governance: how to optimize treasury strategy when tokenized opportunities promise both diversification and yield, but hinge on real-world performance and contractual enforcement.

What to watch next

Progress reports on Eurus Aero Token I performance, including lease cash flows and any collateralization updates.

Additional asset classes targeted for tokenization by ETHZilla, particularly home and car loans, and the regulatory steps required for those offerings.

Updates on ETHZilla Aerospace’s corporate structure, future engine acquisitions, and potential partnerships with other airlines or service providers.

Regulatory developments affecting tokenized RWAs, including disclosures, custody standards, and compliance requirements for on-chain asset-backed instruments.

Sources & verification

ETHZilla announces first-ever tradable tokenized aviation assets on Ethereum network secured by jet engines on lease with a leading US air carrier — PR Newswire (link in original text).

ETHZilla disclosed its Ether holdings in an SEC filing, including the size and average acquisition price of its ETH stash.

ETHZilla’s jet engine acquisition: two engines purchased for a combined $12.2 million in January, per the article corpus.

Tokenization push and broader RWAs context: RWA.xyz data indicating billions on-chain and hundreds of thousands of holders.

Related coverage and background on ETHZilla’s pivot and industry expectations for 2026–2028, including on-chain RWA trends and associated market commentary.

Market reaction and key details

The Eurus Aero Token I offering marks a notable step in the gradual convergence of aviation assets and blockchain technology. By attaching a direct business asset—two jet engines—to a tradable on-chain instrument, ETHZilla is testing whether the promise of liquidity, fractional ownership, and transparent revenue streams can coexist with the complexities of lease contracts, depreciation, maintenance reserves, and counterparties. If the structure proves resilient, it could pave the way for a broader ecosystem of asset-backed tokens tied to physical capital across sectors with robust cash flows and global demand.

Key figures and next steps

ETHZilla’s strategy hinges on converting contractual cash flows into liquid, on-chain instruments that investors can access with relative ease. The initial offering, priced at $100 per token and requiring a minimum purchase of 10 tokens, presents an explicit yield target of 11% over the lease horizon through 2028. The engines’ lease arrangement, the counterparty credit quality, and the ongoing maintenance and insurance terms will be critical inputs to the project’s actual performance and the token’s market acceptance. As the industry watches, ETHZilla’s next moves—whether it expands into additional asset classes or scales the aviation example—will be a bellwether for the broader viability of tokenized RWAs in a diversified crypto treasury framework.

What to verify

Readers can corroborate details in ETHZilla’s official disclosures and the referenced press materials, including the terms of the Eurus Aero Token I offering, the January engine purchase, and the SEC filing documenting the company’s Ether holdings. Market data from RWA.xyz and CoinGecko provides a snapshot of on-chain asset trends and the scale of the RWAs ecosystem. Additionally, primary sources such as the PR Newswire release and ETHZilla’s public statements offer direct insights into strategy and execution milestones.

This article was originally published as ETHZilla Unveils Jet Engine Leases-Backed Token in Tokenization Pivot on Crypto Breaking News – your trusted source for crypto news, Bitcoin news, and blockchain updates.

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

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

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

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

Key takeaways

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

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

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

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

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

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

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

Why it matters

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

Chainalysis blog post: crypto-human-trafficking-2026

Crypto-launderers turning away from centralized exchanges: Chainalysis coverage

Blockchain forensics and asset tracking explainer

Related investigative reporting on enforcement actions and policy context

Blockchain visibility and illicit finance: what the findings imply

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

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

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

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

Key takeaways

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

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

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

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

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

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

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

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

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

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

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

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

Why it matters

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

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

What to watch next

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

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

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

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

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

Sources & verification

Open interest and price data for BTC futures from CoinGlass.

BTC annualized funding rate data from Laevitas.ch.

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

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

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

Bitcoin leverage signals and macro cues

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

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

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

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

Key takeaways

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

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

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

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

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

Tickers mentioned: $BTC, $ETH

Sentiment: Bearish

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

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

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

Why it matters

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

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

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

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

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

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

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

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

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

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

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

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

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

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

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

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

https://platform.twitter.com/widgets.js

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

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

Key takeaways

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

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

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

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

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

Tickers mentioned: $BTC, $COIN

Sentiment: Neutral

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

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

Why it matters

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

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

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

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

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

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

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

Market reaction and key details

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

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

What it means for users and the market

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

What to watch next

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

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

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

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

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

Key takeaways

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

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

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

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

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

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

Sentiment: Neutral

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

Why it matters

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

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

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

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

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

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

What to watch next

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

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

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

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

Sources & verification

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Key takeaways

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

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

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

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

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

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

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

Why it matters

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

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

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

What to watch next

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

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

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

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

Sources & verification

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

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

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

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

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

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

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

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

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

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

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

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

Revolutionizing the Remittance Market

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

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

Expanding into Decentralized Finance

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

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

Ethics Scrutiny Amid Trump Family Ties

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

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

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

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

Key takeaways

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

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

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

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

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

Tickers mentioned: $BTC

Sentiment: Neutral

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

Why it matters

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

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

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

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

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

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

Bitcoin price in focus: market dynamics and key levels

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

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

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

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

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

https://platform.twitter.com/widgets.js

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

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

Key takeaways

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

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

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

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

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

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

Tickers mentioned: $BTC, $COIN

Sentiment: Neutral

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

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

Market context

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

Why it matters

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

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

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

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

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

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

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

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

Kaiko Research notes on critical support levels and cycle analysis.

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

Bitcoin’s price slump tests institutional adoption and regulatory clarity

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

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

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

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

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

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

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

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

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

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

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

​​Public chain neutral and 120‑day clock

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

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

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

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

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

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

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

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

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

Key points

44.99% of global email traffic was spam in 2025.

Over 144 million malicious and potentially unwanted email attachments.

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

Detections peaked in June, July and November.

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

Why this matters

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

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

What to watch next

Monitor cross-channel phishing and fraudulent outreach patterns.

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

Be vigilant for refined BEC tactics and fake email threads.

Strengthen phishing awareness and security controls across organizations.

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

Kaspersky reports 15% growth in malicious email attacks in 2025

12 February 2026

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

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

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

Key trends in email spam and phishing

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

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

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

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

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

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

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

To stay safe, Kaspersky recommends:

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

Carefully inspect URLs before clicking.

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

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

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

Conduct regular training on modern phishing tactics.

About Kaspersky

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

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

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

Key points

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

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

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

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

Why this matters

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

What to watch next

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

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

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

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

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

Juspay Strengthens Middle East Presence with DIFC Headquarters

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

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

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

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

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

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

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

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

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

About Juspay

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

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

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

About Dubai International Financial Centre

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Market context

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

Why it matters

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

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

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

What to watch next

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

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

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

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

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

Sources & verification

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

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

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

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

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

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

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

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

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

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

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

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

​Warning after new crypto trust charters

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

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

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

Why it matters

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

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

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

What to watch next

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

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

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

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

Sources & verification

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

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

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

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

What the ABA letter says, in context

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

Key figures and next steps

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

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