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Blockaid recorded more than $1 billion in crypto losses across 212 security incidents during the first half of 2026.
Ethereum losses mainly stemmed from smart contract flaws, while Solana attacks largely targeted compromised keys and infrastructure.
Operational security failures caused most losses, prompting projects to strengthen key management and transaction security.
Crypto security breaches surpassed $1 billion during the first half of 2026 after attackers struck projects across multiple blockchains, according to Blockaid. The on-chain security firm reported 212 verified incidents through June, the highest six-month total on record, with Ethereum and Solana posting the largest losses and KelpDAO recording the biggest single exploit.
Ethereum And Solana Face Different Attack Patterns
According to Blockaid's H1 2026 Onchain Security Report, Ethereum-related projects lost about $332 million during the period. Most losses came from code vulnerabilities, while KelpDAO accounted for roughly $292 million after attackers exploited a bridge contract.
Meanwhile, Solana-related projects lost about $326 million. However, more than 98% of those losses resulted from compromised keys and signing infrastructure rather than smart contract flaws.
Blockaid identified Drift Protocol and Step Finance as the largest contributors to Solana's losses. Smaller code-related incidents also affected Raydium and Volo during the reporting period.
Operational Security Drives Most Losses
Blockaid reported that operational security failures caused 74% of the total value stolen. Additionally, one attack cluster associated with North Korea accounted for 55% of all recorded losses.
According to the report, attackers increasingly targeted devices, private keys, privileged credentials, and signing systems. As a result, compromised infrastructure produced transactions that appeared legitimate because authorized credentials approved them.
The firm said traditional smart contract audits cannot prevent administrators from approving malicious transactions after attackers compromise their systems.
Recovery Efforts Continue Across Major Incidents
Several affected projects continued recovery work after the attacks. KelpDAO completed the operational phase of its recovery plan on May 25 after transferring the final tranche of rsETH into its bridge adapter.
Meanwhile, Drift proposed a recovery pool backed by exchange revenue, Tether, and other partners. The protocol also outlined new security measures, including dedicated signing devices, timelocks, redesigned multisig controls, and additional audits before restarting operations.
Separately, Blockaid expects infrastructure teams to strengthen transaction monitoring, isolated signing devices, key segregation, and bridge security as investigations into several major incidents continue.
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Senator Cynthia Lummis rejected proposed Clarity Act revisions, saying they weaken protections for software developers without improving enforcement.
Disputed amendments would remove the Lummis-Grassley provision limiting criminal liability for software developers.
The Solana Policy Institute urged Senate leaders to hold a Clarity Act vote before the August recess to advance regulatory clarity.
Senate negotiations over the Clarity Act faced fresh disagreement after a revised proposal emerged, prompting Senator Cynthia Lummis to reject changes affecting software developer protections. According to journalist Eleanor Terrett, prosecutors' groups submitted the proposal while the Solana Policy Institute separately urged Senate leaders to schedule a floor vote before the August recess. The developments came as debate continued over criminal liability and digital asset regulation.
Lummis Pushes Back On Revised Language
According to Eleanor Terrett, Lummis said the latest proposal did not result from any agreement with her. She added the measure failed to protect developers while also falling short of providing law enforcement with practical enforcement tools.
The proposal would remove the Lummis-Grassley amendment from the legislation. That amendment clarified software developers could face criminal liability only when they specifically intended to facilitate money laundering.
Meanwhile, Terrett reported the latest negotiations centered on prosecutors rather than police organizations. Notably, the National Sheriffs' Association, which previously opposed the Clarity Act, did not support the proposed revisions removing developer protections.
White House And Treasury Dispute Proposal
According to Politico reporter Jasper Goodman, two major prosecutors' organizations submitted proposed revisions on the disputed Clarity Act provision to the White House.
However, Crypto Council Executive Director Patrick Witt rejected claims that the proposal reflected discussions with the administration. He said Senator Catherine Cortez Masto's proposal was "not even close" to the White House position.
Terrett also reported that Treasury disputed claims the language reflected its input. Instead, Treasury said Washington lobbyists produced the proposal.
Solana Policy Institute Urges Senate Vote
Separately, the Solana Policy Institute sent a July 28 letter to Senate Republican Leader John Thune and Senate Democratic Leader Chuck Schumer. Kristin Smith and Miller Whitehouse-Levine urged leadership to bring the Clarity Act to the Senate floor before the August recess.
The organization said the legislation would establish protections for software developers while providing regulatory certainty for institutions and consumers. It also highlighted developer growth on Solana during 2024 and argued the legislation would give regulators a framework tailored to blockchain-based financial systems while preserving consumer protections.
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Ethereum Institutional completed its first funding round with support from more than 100 companies, investors, and ecosystem leaders.
The initiative will expand institutional adoption through education, tokenization, stablecoins, and on-chain financial infrastructure.
Anchor supporters include BitMine, SharpLink, Joseph Lubin, and Mihai Alisie alongside major Ethereum ecosystem organizations.
Ethereum Institutional has completed its inaugural ecosystem funding round with backing from more than 100 participants, according to the organization. The announcement introduced BitMine, SharpLink, Ethereum co-founders Joseph Lubin and Mihai Alisie as anchor supporters, while outlining plans to expand institutional Ethereum adoption through education, tokenization, stablecoins, and on-chain market infrastructure. The organization disclosed the funding round as it prepares to increase engagement with financial institutions.
Funding Round Brings Broad Ecosystem Support
According to Ethereum Institutional, the funding round attracted contributions from individuals and crypto-focused organizations through capital, expertise, and strategic support. The organization said the initiative will strengthen long-term efforts to connect institutions with Ethereum and its broader ecosystem.
The supporter coalition includes more than 100 participants across different sectors. Notably, organizations such as 21Shares, Anchorage Digital, Bitwise, Chainlink, Circle, Consensys, Fireblocks, Galaxy, Ledger, MetaMask, Robinhood, Securitize, Uniswap Labs, WalletConnect, and zkSync joined the initiative.
Ethereum Institutional said the new resources will support work around tokenization, stablecoins, collateral, and market infrastructure. It also plans to advance on-chain settlement initiatives across Ethereum and its Layer 2 networks.
Focus Turns To Institutional Engagement
Following the funding announcement, Ethereum Institutional detailed its next priorities. The organization said it will expand direct engagement with banks, custodians, asset managers, fintech firms, market infrastructure providers, and sovereign institutions evaluating Ethereum.
In addition, it plans to increase work on institutional education, market intelligence, ecosystem marketing, and industry research. The organization also intends to host dedicated institutional events designed to connect traditional finance participants with Ethereum's ecosystem.
Collaboration Across The Ethereum Ecosystem
Ethereum Institutional said it will continue working with Layer 2 developers, application teams, infrastructure providers, custody firms, independent organizations, and community contributors. According to the organization, those collaborations will support broader institutional engagement across Ethereum.
Joseph Lubin and Mihai Alisie participated as anchor supporters alongside BitMine and SharpLink. Ethereum Institutional said the coalition provides dedicated backing for its efforts while maintaining an ecosystem-focused approach to institutional adoption.
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Robinhood's Q2 2026 revenue rose 32% to a record $1.31 billion, driven by strong growth in event contracts and equities trading.
Event contract revenue exceeded $156 million, while crypto trading revenue declined 38% year over year to $100 million.
Robinhood expanded its business through Robinhood Chain, the WonderFi acquisition, and record customer assets of $369 billion.
Robinhood reported record second-quarter 2026 financial results after total net revenue climbed 32% year over year to $1.31 billion. The company released the results for the quarter ended June 30, 2026, with event contracts driving transaction revenue growth while crypto trading revenue declined, according to Robinhood's earnings report.
Event Contracts Drive Transaction Growth
Transaction-based revenue increased 44% from a year earlier to $776 million. Notably, event contract revenue reached $156 million after rising more than tenfold. Options revenue climbed 29% to $342 million, while equities revenue jumped 95% to $129 million.
However, crypto revenue fell 38% year over year to $100 million. Robinhood also reported record trading activity across several products. Equity trading volume reached $956 billion, while options contracts traded increased 50% to 774 million.
Meanwhile, event contracts traded exceeded 13.6 billion during the quarter. According to Robinhood, the company launched Rothera, a CFTC-licensed exchange and clearinghouse, in June.
Earnings And Customer Metrics Improve
Beyond trading revenue, Robinhood posted net income of $573 million, up 48% from the previous year. Diluted earnings per share also increased 48% to $0.62. The company said net income included $129 million in gains related primarily to the deconsolidation of Robinhood Ventures Fund I.
Adjusted EBITDA rose 35% to $741 million. Customer growth also continued during the quarter. Funded customers reached 28.4 million, while investment accounts increased to 29.9 million.
Additionally, total platform assets rose 32% to $369 billion. According to Robinhood, record net deposits reached $21.7 billion during the quarter.
New Products Expand Business
Robinhood highlighted continued expansion across several business lines. Robinhood Gold subscribers increased 39% year over year to 4.8 million.
According to Chief Executive Officer Vlad Tenev, the company continues expanding products, including Robinhood Chain, Robinhood Ventures, and Trump Accounts. Chief Financial Officer Shiv Verma said record revenue accompanied new highs in equity, options, and event contract volumes.
The company also completed its WonderFi acquisition, surpassed one million international funded customers, and received a capital markets services license in Singapore on July 1. Robinhood lowered its full-year 2026 adjusted operating expense outlook to between $2.675 billion and $2.775 billion after capturing operational efficiencies.
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DTCC discussions present multi-chain infrastructure as the preferred model for institutional tokenized securities adoption worldwide.
Stellar XLM is presented as a settlement and token issuance network within a broader institutional blockchain ecosystem.
Specialized blockchain networks continue serving different financial roles instead of competing for complete market dominance.
Stellar XLM gained fresh attention after discussions surrounding DTCC outlined a multi-blockchain approach for tokenized securities, placing specialized infrastructure networks at the center of institutional digital asset development.
DTCC Discussion Supports Multi-Chain Infrastructure
Scopuly - Stellar Wallet shared its interpretation of recent DTCC discussions. The post focused on institutional blockchain infrastructure. It described collaboration instead of blockchain competition.
https://twitter.com/scopuly/status/2081972602130624951?s=20
According to the post, future tokenized securities require multiple infrastructure layers. Each blockchain performs a separate operational responsibility. Together, they create a connected financial ecosystem.
The discussion listed Stellar for token issuance and settlement. Ripple was assigned cross-border payment responsibilities. Chainlink was presented as the provider of real-world oracle data.
Canton appeared as the network supporting regulated financial environments. XDC was identified for enterprise tokenization. LayerZero completed the framework through blockchain interoperability.
Stellar Positioned Within Institutional Finance
The accompanying illustration places the Stellar logo before DTCC headquarters. Financial symbols surround the digital asset throughout the image. The design presents blockchain alongside established financial infrastructure.
Green digital connections extend from the Stellar symbol toward banking and asset icons. The visual represents continuous movement across financial networks. Every connection reflects coordinated settlement rather than isolated transactions.
Scopuly stated that Stellar supports institution-friendly infrastructure. The network was also described as providing fast settlement capabilities. Token issuance remains another core function within the proposed framework.
At the time of writing, XLM traded near $0.61. The discussion itself remained focused on infrastructure rather than market performance. Price movement was not the primary subject of the presentation.
Specialized Networks Shape Tokenized Markets
The post argued against a winner-takes-all blockchain market. Instead, specialized networks perform different financial services. Combined functionality creates broader institutional efficiency.
The illustration reinforces that message through multiple blockchain symbols. None appears separated from the broader financial system. Every network contributes a distinct operational capability.
DTCC branding strengthens the institutional setting shown throughout the graphic. Traditional financial infrastructure remains central to the presentation. Blockchain technology appears integrated rather than positioned as a replacement.
Scopuly stated that accelerating institutional tokenization could increase demand for specialized infrastructure. Within that structure, Stellar was presented as a foundational settlement layer. The discussion focused on cooperation across blockchain ecosystems supporting modern capital markets.
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CRV trades beneath long-term resistance while price compression keeps traders focused on confirmation before any sustained breakout attempt.
Daily structure shows improving support, while $0.2099 price action reflects steady buyer interest after recovering from intraday weakness.
Rising trading volume and tightening ranges keep attention on resistance as CRV approaches a decisive technical inflection point.
CRV remains near a decisive technical level as traders monitor tightening price action, while long-term resistance and improving support continue shaping expectations for the token's next directional move.
CRV Tests Long-Term Descending Resistance
Clifton Fx shared a post stating CRV is ready for a breakout. The analyst urged traders to closely monitor the current structure. Confirmation remains the primary requirement before any bullish continuation.
Source: Clifton Fx via X
The daily chart shows a descending trendline controlling price since previous highs. Every meaningful recovery has stalled beneath this resistance line. That pattern has preserved the broader bearish market structure.
Recent candles present a different technical picture than earlier declines. Price has stopped printing aggressive lower lows consistently. Instead, buyers continue defending nearby support during repeated pullbacks.
The narrowing trading range reflects decreasing volatility across recent weeks. Such compression often precedes stronger directional movement. However, confirmation remains necessary before treating resistance as broken.
Price Holds Key Support While Buyers Respond
CRV as of the time of writing was trading at $0.2099 during the latest session, declining 0.08% daily. Despite that modest loss, buyers repeatedly defended lower levels. Trading remained active throughout the session.
Early selling pushed CRV toward the $0.204 support region. Another decline briefly dropped the price below $0.202 later. Buyers quickly responded with a sharp recovery afterward.
The rebound carried CRV above $0.210 before reaching approximately $0.213. Profit-taking later slowed upward momentum near resistance.Despite this, sellers didn't get rid of the recovery altogether.
The trading volume rose by 38.74% to about $39.52 million during the day session. Increased participation accompanied both declines and rebounds. That activity suggests strong engagement across current price levels.
Breakout Confirmation Remains the Critical Trigger
The projected target sits above the descending trendline on Clifton Fx's chart. That measured objective aligns near the 0.382 Fibonacci retracement. The projection estimates roughly 40% upside after confirmation.
Current price action continues approaching the trendline apex from below. Little room remains for prolonged sideways movement. The coming daily candles may determine market direction.
Immediate support appears between approximately $0.202 and $0.205. Resistance remains concentrated near the $0.212-$0.213 region. Clearing that barrier could strengthen short-term momentum.
CRV maintains a market capitalization near $322.01 million. Circulating supply currently stands around 1.53 billion tokens. Until resistance breaks, traders continue watching for confirmed price acceptance above the trendline.
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Vitalik Buterin introduced Diamond iO, a proposed cryptographic framework for running encrypted software without exposing code or keys.
The proposal could enable private onchain voting, secure key management, and privacy-preserving AI through encrypted computation.
Buterin said Diamond iO remains an early research proposal requiring further optimization, peer review, and technical development.
Ethereum co-founder Vitalik Buterin introduced the second part of his cryptographic obfuscation series, presenting Diamond indistinguishability obfuscation (Diamond iO) as a proposed privacy framework. According to Buterin, the design aims to let users interact with encrypted software while keeping its code, logic, and keys hidden, supporting trustless blockchain applications without exposing sensitive information.
Diamond iO Expands Privacy Design
According to Vitalik Buterin, Diamond iO combines Fully Homomorphic Encryption with a modified Attribute-Based Encryption scheme. The proposal allows encrypted programs to process information while keeping their internal operations concealed.
Notably, Buterin said the approach could reduce execution requirements from a "universal-level" timescale to a "planet-level" timescale. However, he described the framework as a research proposal that still requires further study and peer review.
According to the proposal, Diamond iO could support several blockchain applications without revealing sensitive data. These include private onchain voting, secure private key usage, decentralized software licensing, and privacy-focused artificial intelligence systems.
The proposal also describes trustless infrastructure where developers can build Web3 services without exposing operational secrets. Meanwhile, blockchain networks would continue verifying execution while encrypted programs protect confidential information.
Focus Shifts To Voting And Secure Infrastructure
According to Buterin, one major use case involves private onchain voting without relying on centralized tallying bodies. Instead, encrypted software would count votes and publish results while preserving ballot privacy.
Current blockchain governance usually exposes wallet voting activity. However, the proposed framework seeks to keep voting choices confidential throughout the entire process.
The proposal also builds on previous privacy research. Earlier approaches, including Minimum Anti-Collusion Infrastructure and Interfold, relied on zero-knowledge proofs, fully homomorphic encryption, and threshold encryption.
Unlike committee-based systems, Diamond iO aims to remove trust assumptions by hiding program logic itself. Consequently, applications could process encrypted information without revealing underlying code or sensitive credentials.
Proposal Faces Technical Challenges
Despite the proposed benefits, Buterin acknowledged several technical limitations. Diamond iO requires significant computing resources and operates under strict circuit depth constraints.
Therefore, additional optimization and academic review remain necessary before practical deployment. According to Buterin, the framework represents another step in ongoing research into privacy-preserving cryptographic systems for Ethereum and broader Web3 infrastructure.
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Morgan Stanley launched spot Ethereum and Solana ETFs on NYSE Arca with a 0.14% expense ratio.
Both ETFs will pass staking rewards to investors, with the Solana fund able to stake up to 100% of its holdings.
The new funds expand Morgan Stanley's digital asset lineup while offering the lowest-cost spot Ether and Solana ETFs in the U.S.
Morgan Stanley Investment Management has launched the Morgan Stanley Ethereum Trust and Morgan Stanley Solana Trust on NYSE Arca, expanding its digital asset exchange-traded product lineup. The funds began trading on July 28 with a 0.14% expense ratio, making them the lowest-cost spot Ether and Solana ETFs in the U.S., according to analyst Nate Geraci.
https://twitter.com/NateGeraci/status/2082254374332502315?s=20
New Funds Expand Crypto Lineup
The new products trade under the ticker symbols MSSE and MSOL. They track the CoinDesk Ether Benchmark 4 PM NY Settlement Rate and the CoinDesk Solana Benchmark 4 PM NY Settlement Rate.
According to Morgan Stanley Investment Management, the launches follow the debut of the Morgan Stanley Bitcoin Trust earlier this year. The Bitcoin fund held more than $381 million in assets under management through July 16.
Ally Wallace, Global Head of ETFs at Morgan Stanley Investment Management, said the additions reflect continued expansion of the firm's exchange-traded product lineup. The company now manages more than $14 billion across 22 ETF and ETP products.
Staking Rewards Passed To Investors
Both funds intend to stake part of their digital asset holdings. Morgan Stanley said investors will receive the staking rewards, while the firm will not retain any portion.
Registration documents state the Ether fund may stake between 50% and 80% of its holdings. Meanwhile, the Solana fund may stake up to 100% of its assets through providers including Figment, Galaxy, and Coinbase Canada.
The products follow Revenue Procedure 2025-31, which established a safe harbor for staking by single-asset exchange-traded products under specific conditions.
Pricing Raises Competition
The 0.14% expense ratio undercuts competing products. Grayscale's Mini Ethereum Trust previously carried the lowest Ether ETF fee at 0.15%, while Franklin Templeton's SOEZ charged 0.19% for a spot Solana ETF.
Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, said client demand for digital assets continues growing. She added that the firm aims to provide diversified investment options while maintaining its standards for governance, infrastructure, and risk management.
According to Nate Geraci, Morgan Stanley now offers the lowest-cost spot Bitcoin, Ether, and Solana ETFs in the market.
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Tether and the Nairobi Securities Exchange will explore blockchain, tokenization, and digital asset education for investors and brokers.
The partnership will assess tokenized securities, faster settlement, and fractional ownership using Tether's Hadron platform.
The initiative supports the NSE's technology strategy while examining blockchain infrastructure under Kenya's regulatory framework.
Tether has signed a memorandum of understanding with the Nairobi Securities Exchange to explore blockchain technology, tokenization, and digital asset education in Kenya. The agreement, announced by both organizations, also examines faster securities settlement and broader investor access through blockchain-based infrastructure, while aligning with the exchange's technology strategy.
Education And Tokenization
According to Tether, the partnership will begin with investor education programs targeting NSE-listed brokers and retail investor groups. The initiative includes workshops, training sessions, and structured learning focused on capital markets in the digital era.
Meanwhile, the companies also plan to study blockchain-based market infrastructure. The proposal covers tokenization, instant settlement, and fractional ownership of securities through Tether's Hadron platform.
Additionally, both organizations intend to develop onboarding processes tailored to Kenya's regulatory framework. The proposed model aims to streamline Anti-Money Laundering and Know Your Customer procedures.
Focus Turns To Market Infrastructure
The agreement also explores Real World Asset tokenization using the Hadron platform. According to Tether, the project would examine issuing and trading tokenized securities and other financial instruments.
Furthermore, the companies will assess blockchain-based settlement mechanisms designed to reduce the exchange's existing three-level settlement cycle. They will also evaluate whether USDT could serve as a digital settlement layer where regulations permit.
The Nairobi Securities Exchange, founded in 1954, has a market capitalization of about $26.4 billion. The exchange provides trading in equities, debt securities, and derivatives, while supporting local and international investors.
Executives Outline Partnership Goals
Tether Chief Executive Officer Paolo Ardoino said digital asset use cases continue expanding beyond cryptocurrency into institutional finance. He added that the collaboration focuses on improving operational efficiency while supporting transparency, accountability, and data privacy.
Nairobi Securities Exchange Chief Executive Officer Frank Mwiti said the agreement supports the exchange's 2025-2029 strategic plan. According to Mwiti, the partnership will examine technologies that could modernize market infrastructure, improve operational efficiency, and expand investor access while maintaining regulatory compliance and market integrity.
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Industry leaders urged the Senate to advance the Clarity Act before the August recess as legislative time continues to shrink.
Kristin Smith said the bill would strengthen consumer protections, bankruptcy rules, and regulatory clarity for digital assets.
Eleanor Terrett reported a Senate vote is now more likely next week as other legislation takes priority.
The Senate faces mounting pressure to advance the Clarity Act before the August recess as industry leaders warn that limited legislative time could delay the bill. Kristin Smith, President of Solana Institute, urged lawmakers to move quickly, while journalist Eleanor Terrett reported that hopes for a Senate vote this week have faded because other legislation is taking priority.
Legislative Calendar Draws Fresh Attention
Smith said the crypto industry is closer to securing the Clarity Act than at any previous point. According to her, only a small number of issues remain after thousands of hours of work by Senate staff, lawmakers, and the White House.
However, she argued that the legislative calendar now presents the biggest obstacle. Smith noted that standalone bills consume significant Senate floor time through multiple procedural votes.
She also pointed to the GENIUS Act, which spent about four weeks on the Senate floor before passage. According to Smith, the Clarity Act must move faster because September will bring government funding deadlines and the National Defense Authorization Act. October, meanwhile, includes the election schedule, followed by a traditionally uncertain lame-duck session.
Consumer Protection Remains Central
Smith said the legislation would introduce federal registration requirements, customer fund segregation, disclosure standards, and bankruptcy protections. She added that those safeguards were absent during the FTX collapse, which left an estimated $8 billion shortfall in customer funds.
Additionally, Smith said the bill would provide law enforcement with clearer authority, expanded training, and stronger coordination with the industry. She also highlighted that the legislation includes the Blockchain Regulatory Certainty Act, which protects developers building non-custodial software from being treated as money transmitters.
Senate Focus Shifts to Next Week
Meanwhile, Terrett reported that Senate Majority Leader John Thune is now unlikely to hold a cloture vote this week. According to her, Senate rules required filing the motion earlier to enable a Thursday vote.
Instead, attention has shifted to next week because the Russia-Iran sanctions bill is expected to receive priority. Terrett added that industry participants consider it essential for Senate leadership to begin the cloture process before lawmakers leave for the August recess.
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Coinbase asked the Federal Reserve to allow interest on payment account balances and tailor limits to operational payment needs.
The company urged regulators to focus oversight on cybersecurity, resilience, and compliance rather than traditional banking risks.
Coinbase also backed the CFTC's proposed framework to clarify how prediction market contracts should be regulated.
Coinbase has asked the Federal Reserve to revise its proposed payment account framework, arguing the current structure would limit practical use for non-bank financial firms. According to Chief Policy Officer Faryar Shirzad, the company submitted comment letters this week urging the Fed to expand access, allow interest on balances, and adopt oversight based on actual operational risks.
Coinbase Calls For Three Key Changes
According to Shirzad, Coinbase supports the Federal Reserve's effort to modernize the U.S. payment system. However, the company said three changes are necessary before the proposal can work effectively.
First, Coinbase urged the Fed to allow payment accounts to earn interest on at least part of their balances. The company said interest would improve the commercial viability of the accounts for payment providers.
Second, Coinbase asked regulators to tailor overnight balance limits to each institution's demonstrated payment needs. According to the company, fixed balance caps could restrict normal payment operations.
Third, Coinbase said supervisory requirements should focus on the actual risks presented by payment accounts. The company argued that oversight should primarily address cybersecurity, operational resilience, and compliance instead of traditional banking risks.
Company Points To Global Payment Systems
Coinbase also compared the proposal with payment frameworks adopted in other jurisdictions. According to the company, the United Kingdom, the European Union, Brazil, and India already provide some level of central bank payment system access to non-bank institutions.
The Federal Reserve proposed limited-purpose payment and master accounts in May 2026 for crypto firms and other non-bank companies. However, the proposal excluded interest on balances and intraday credit, two features Coinbase identified as important for day-to-day payment operations.
Separate Filing Supports Regulatory Clarity
Separately, Coinbase also submitted comments to the Commodity Futures Trading Commission regarding proposed prediction market rules. In a letter dated July 27, Chief Policy Officer Faryar Shirzad said the company supports the agency's effort to clarify how event contracts should be evaluated under the Commodity Exchange Act.
According to the filing, Coinbase welcomed the proposal's separate review of whether an event contract involves an enumerated activity and whether it serves the public interest. The company said it looks forward to continuing discussions with the CFTC as the rulemaking process advances.
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ARK Invest said capital is becoming more selective, driving mergers, shutdowns, bankruptcies, and acquisitions across the crypto industry.
Lorenzo Valente said Hyperliquid, Pump.fun, and Ethena now capture nearly 80% of crypto application revenue.
Recent closures, exchange wind-downs, and acquisitions highlight growing consolidation across crypto infrastructure and trading platforms.
The crypto industry is entering its deepest consolidation phase, according to ARK Invest Director of Digital Assets Research Lorenzo Valente. He said capital has become more selective, forcing projects and exchanges without product-market fit to exit the market. Valente also expects mergers, bankruptcy filings, shutdowns, and talent acquisitions to increase over the coming months as revenue concentrates among fewer companies.
Revenue Concentrates Across Crypto Sectors
According to Valente, revenue concentration has reached record levels across crypto applications, middleware, and Layer 1 networks. He said Hyperliquid and Pump.fun now generate 67% of total application revenue.
Adding Ethena raises the combined share to nearly 80%, according to Valente. He said the market structure has changed, with a small group of projects capturing most economic activity.
ARK Invest's first-quarter 2026 DeFi report also highlighted concentration across applications. The report showed Hyperliquid, Pump.fun, and Axiom generated roughly 67% of tracked application revenue through March 31, although those figures cover an earlier reporting period.
Closures And Acquisitions Continue
Valente said the next phase of consolidation will likely include more mergers, Chapter 11 filings, project closures, and acqui-hires. He added that stronger companies are increasingly positioned to absorb distressed competitors.
Recent developments reflect that trend across several market segments. Storj Labs entered voluntary Chapter 11 proceedings on July 26 while continuing network operations under court supervision.
Meanwhile, BitMEX announced it will close its exchange on Sept. 23 following a strategic review by parent company HDR Global Trading. BitMart also began winding down operations after suspending new registrations and deposits on July 26.
RootData's 2026 archive lists 99 projects that have closed, entered bankruptcy, or remained inactive for extended periods. The database includes several categories of project failures rather than bankruptcies alone.
Infrastructure Deals Gain Momentum
Consolidation has also expanded through acquisitions. On July 27, Payward, Kraken's parent company, agreed to acquire Magic Labs' wallet-as-a-service business.
According to the companies, the platform has supported more than 60 million wallets, over $10 billion in stablecoin volume, and about 200,000 developers. Financial terms were not disclosed, and the companies expect the transaction to close within weeks, subject to customary conditions.
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The CLARITY Act attracts backing from major financial institutions managing over $30 trillion in combined assets before Congress' August recess.
Industry optimism grows after Mike Novogratz predicts the CLARITY Act can pass through a limited ethics compromise in Congress.
Clear SEC and CFTC responsibilities could encourage broader institutional participation across digital asset markets and blockchain infrastructure.
CLARITY Act discussions continue accelerating as major financial institutions and industry leaders support clearer digital asset regulations before Congress considers the legislation ahead of its August recess.
Institutional Support Strengthens Legislative Momentum
Whale Factor reported growing institutional support surrounding the CLARITY Act. The discussion focused on regulatory clarity instead of individual cryptocurrency performance. Five major financial firms were identified as supporters.
https://twitter.com/WhaleFactor/status/2081574613419532433?s=20
This included BlackRock, Fidelity, Goldman Sachs, Charles Schwab and Grayscale. The two companies combined manage over $30 trillion in assets. They are taking part as a sign of the growing institutional involvement in digital asset regulation.
The tweet noted that regulatory certainty remains a priority for traditional finance. Clear jurisdiction between the SEC and CFTC remains a central objective. Large institutions generally favor predictable compliance standards before expanding market participation.
The legislative timeline also adds importance to ongoing negotiations. Congress is approaching its August recess. Market participants continue monitoring developments before lawmakers pause regular sessions.
Regulatory Framework Draws Broad Industry Attention
The discussion extends beyond cryptocurrency prices or trading activity. Instead, attention centers on long-term market infrastructure. Regulatory clarity remains the dominant theme throughout the debate.
Supporters believe separating SEC and CFTC responsibilities would simplify compliance. Clear rules may assist product development across multiple blockchain sectors. Custody, tokenization, lending, and investment products could benefit from standardized oversight.
Traditional financial institutions often require established legal frameworks before allocating capital. Pension and insurance companies and sovereign wealth funds typically have compliance conditions that are rigorous. Regulatory certainty may reduce barriers affecting future participation.
The institutional backing described by Whale Factor does not determine legislative outcomes. Congress still controls the bill's progress through negotiations. Final provisions may also change before any legislation reaches completion.
Novogratz Sees Path Toward Final Agreement
CryptosRus later shared comments from Galaxy Digital CEO Mike Novogratz. He expressed confidence that the CLARITY Act will ultimately pass. His outlook centered on resolving remaining ethics concerns.
https://twitter.com/CryptosR_Us/status/2081650798812172291?s=20
According to Novogratz, a limited compromise could satisfy both parties. State attorneys general would reportedly lose authority to sue lawmakers directly. However, they could still challenge the Department of Justice over enforcement matters.
His proposal reflects negotiations focused on procedural details rather than broader crypto policy. The remaining discussions appear directed toward governance provisions. That marks a different stage from earlier debates surrounding regulatory jurisdiction.
The broader digital asset industry continues watching congressional negotiations closely. Clearer regulations would allow more institutions to participate in the future, according to supporters. The CLARITY Act is still in negotiation, as it has been until the lawmakers finish the process.
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Bitmine purchased 9,946 ETH, raising its Ethereum holdings to 5.79 million ETH valued at about $11.3 billion.
The company expanded share repurchases to 11.6 million shares while maintaining weekly Ethereum purchases since June 2025.
Bitmine has staked 85% of its ETH holdings, projecting annualized staking rewards of up to $299 million.
Bitmine Immersion Technologies announced it purchased another 9,946 ETH during the past week, lifting its total crypto, cash, and investment holdings to $11.8 billion. According to the company, the latest purchase extends its weekly Ethereum buying streak since launching its ETH Treasury Strategy on June 30, 2025. The update also included larger stock repurchases and expanded staking activity.
Ethereum Holdings Continue To Grow
According to Bitmine, its treasury now holds 5,787,414 ETH valued at about $11.3 billion using Coinbase's quoted price of $1,948 per ETH. The company also owns 208 Bitcoin alongside $268 million in cash and marketable securities.
The portfolio also includes a $180 million stake in Beast Industries and a $61 million investment in Eightco Holdings. Together, those positions contribute to the company's reported holdings of $11.8 billion.
Bitmine said its Ethereum balance represents about 4.8% of the network's 120.7 million ETH supply. Chairman Tom Lee said the company has added Ethereum every week since introducing its treasury strategy last year.
Share Buybacks And Price Targets
Alongside the latest acquisition, Bitmine increased its common stock repurchases. The company bought back 6.1 million shares during the past week after repurchasing 5.5 million shares the previous week.
According to Lee, Bitmine has repurchased 11.6 million shares since July 1, 2026, under its previously authorized $4 billion buyback program. He added that the company increased repurchases after the ETH-to-Bitcoin ratio reached a three-month high despite lower expectations for the Clarity Act in 2026.
Lee also said Ethereum recently reached a 10-week price high. He added that advisor Tom DeMark of DeMark Analytics identified $2,000 and $2,500 as near-term price levels if current comparisons continue.
Staking Operations Expand Through MAVAN
Earlier this year, Bitmine launched the Made in American VAlidator Network, known as MAVAN, to support institutional Ethereum staking. According to the company, 4,917,189 ETH, or about 85% of its holdings, are already staked.
Bitmine projected annualized staking rewards of $299 million once all Ethereum moves onto MAVAN and partner platforms. The company also estimated current annualized staking revenue at $254 million based on a 2.65% seven-day staking yield.
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Circle acquired over 680 blockchain patent families from IBM, becoming the largest blockchain patent holder in the United States.
The patents strengthen Circle's technology across USDC, payments, enterprise blockchain, and onchain financial infrastructure.
The acquisition expands Circle's intellectual property as competition in the stablecoin and blockchain infrastructure market intensifies.
Circle Internet Group announced Monday that it acquired key assets from IBM's blockchain patent portfolio, adding more than 680 patent families and nearly 1,000 issued patents worldwide. According to Circle, the transaction makes it the largest blockchain patent holder in the United States and strengthens the technology behind USDC, Circle Payments Network, Arc, and its onchain financial infrastructure.
Patent Deal Expands Circle's Technology Portfolio
According to Circle, the acquired patents cover blockchain technology, banking, financial services, insurance, enterprise infrastructure, supply chain verification, and secure cloud operations. The company said the expanded intellectual property portfolio supports its growing range of blockchain-based financial products.
Circle also confirmed plans to explore additional commercial opportunities with IBM following the acquisition. However, neither company disclosed the financial terms of the agreement or whether ongoing licensing arrangements are included.
Sarah Wilson, Circle's General Counsel and Corporate Secretary, said intellectual property remains important for expanding onchain infrastructure. She added that IBM's long history of technology innovation strengthens Circle's ability to develop internet-based financial services.
IBM Portfolio Adds Enterprise Experience
The acquisition builds on IBM's years of blockchain research and development. Over the past decade, IBM accumulated hundreds of patents covering distributed ledger technology and enterprise blockchain applications.
For Circle, the transaction adds legal and technical assets beyond its stablecoin and payments business. According to the company, the portfolio directly supports USDC, Circle Payments Network, Arc, and its expanding suite of onchain products and agentic financial tools.
The deal also positions Circle as the leading blockchain patent holder in the United States. According to the announcement, the company intends to use the expanded portfolio while continuing to develop financial infrastructure for institutions and developers.
Deal Comes As Stablecoin Competition Grows
The acquisition arrives as competition in the stablecoin sector continues to increase. Earlier this month, a consortium of more than 140 companies announced plans to launch Open USD as a potential competitor to USDC. Circle did not disclose why IBM chose to sell the patent portfolio.
Likewise, the companies did not announce additional transaction details beyond confirming future commercial discussions. According to Circle, the newly acquired patents provide broader coverage across blockchain infrastructure while supporting its existing financial technology platforms.
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A federal judge temporarily blocked Minnesota's prediction market ban, ruling federal law likely overrides the state measure.
The injunction allows Kalshi and Polymarket to continue operating, including crypto-linked prediction market activities in Minnesota.
Prediction markets continued growing in 2026, with monthly trading volume reaching a record $52.8 billion in June.
A federal judge has temporarily stopped Minnesota from enforcing its new prediction market ban, giving Kalshi and Polymarket a legal victory days before the law was due to take effect. According to Reuters, U.S. District Judge Katherine Menendez ruled Monday that federal law likely overrides the state measure, which Governor Tim Walz signed in May, while litigation continues.
Judge Sides With Federal Oversight
Judge Menendez granted a preliminary injunction after Kalshi, Polymarket US, and the Commodity Futures Trading Commission challenged the Minnesota law. The measure would have made operating, hosting, or promoting prediction markets in the state a criminal offense.
According to the ruling, the plaintiffs are likely to succeed in arguing that the Commodity Exchange Act preempts much of the state law. The judge also found that allowing the law to take effect could cause irreparable harm before the case reaches a final decision.
However, Menendez noted the Minnesota statute may not face federal preemption in every application. She cited contracts tied to television programs, including "Love Island," as examples requiring further legal review.
Crypto Trading Remains Part Of The Case
The ruling also affects crypto-linked trading activity because Polymarket settles margin onchain with stablecoins. Digital asset contracts account for about 20% of Polymarket's trading volume and roughly 7% of Kalshi's volume since July 2024, according to Pew Research Center.
Meanwhile, Polymarket has expanded its blockchain infrastructure through its CLOB v2 trading system and its USDC-backed pUSD token. The injunction allows those crypto-related activities to continue in Minnesota while the lawsuit proceeds.
Competition between the platforms has also intensified. According to Token Terminal, Kalshi processed $159.5 billion in cumulative notional volume over five years, compared with Polymarket's $101.7 billion.
Industry Growth Continues During Legal Fight
Prediction market activity has continued rising throughout 2026. According to Artemis, monthly trading volume remained between $25 billion and $30 billion during the year's first five months before reaching a record $52.8 billion in June.
July trading also stayed elevated, reaching $50.9 billion month-to-date. According to Galaxy Research, lifetime prediction market volume has now exceeded $150 billion.
The Minnesota case follows similar legal disputes elsewhere. Arizona previously sought criminal action against Kalshi before a federal judge blocked the effort, while Nevada and Utah have also pursued restrictions on prediction market activity.
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Following its developer launch in November 2025, Aqua now offers a risk-controlled alternative to DeFi's pool-based model.
1inch unveils a Merkl-powered liquidity incentive program for Aqua, funded with 10 million 1INCH by the 1inch Foundation and 500k USDC from 1inch DAO.
Aqua goes live across 13 EVM chains from day one.
ROAD TOWN, British Virgin Islands, July 28, 2026 /PRNewswire/ -- 1inch, the leading DeFi ecosystem, announces the full public launch of Aqua, a self-custodial shared liquidity layer that enables liquidity providers to use the same wallet balance across multiple positions without locking assets in liquidity pools.
Following its developer launch in November 2025, Aqua today offers one of the first risk-controlled alternatives to DeFi's traditional pool-based model, enabling more capital-efficient liquidity provisioning.
1inch Aqua works as a registry: a user connects their wallet to approve a token balance and create liquidity positions that can access that balance. The Aqua protocol tracks that balance, and when it receives a swap order that meets the criteria of the position, it pulls the requested tokens from the wallet and pushes back received tokens and fees in a single atomic transaction. Otherwise, the user's tokens remain in their wallet and completely under their control.
"The liquidity provisioning space is broken, but you only see how broken once there's an alternative. Today, that alternative has arrived. With Aqua, liquidity providers no longer have to accept the inefficient pool structure they've put up with for years," said Sergej Kunz, 1inch co-founder. "DeFi doesn't just need more liquidity. It needs more useful liquidity, active wherever demand appears. We built Aqua so providers get that reach without giving up custody: your tokens stay in your wallet until the moment a swap fills."
Alongside the product launch, 1inch Network Incentives goes live — a liquidity reward program for Aqua, led by Degensoft Ltd (BVI) and delivered through Merkl. The 1inch Foundation has committed 10 million 1INCH in provider rewards, and a further 500,000 USDC boost from the 1inch DAO. The initiative is designed to accelerate liquidity growth and swap activity across supported pairs. As a result, liquidity providers not only benefit from Aqua's improved experience but also have the opportunity to earn additional rewards. Program terms, markets and safeguards are set out in the published campaign configuration.
According to 1inch, the current pool based system is a major limiting factor on DeFi's ability to scale and bring TradFi capital on chain. For liquidity providers, the current model of depositing into pools means handing over custody, while active capital gets spread thin across protocols, pairs and price ranges. The scale of the problem is stark: per on-chain research by Dune commissioned by 1inch, 85% of concentrated liquidity across major DEXs was underutilized in H1 2026, roughly $1.6 billion of the $1.84 billion tracked. That includes about $542 million sitting fully out of range in an average week, resulting in an estimated $150 million in fees foregone per year.
Through Aqua, 1inch is showcasing a more efficient model for shared liquidity, allowing the same wallet balance to back multiple positions simultaneously. Unlike the traditional model, where liquidity must be split across multiple pools and positions, Aqua enables a single balance to support multiple quotes at once. For example, a $100,000 balance can support three positions collectively quoting $300,000 of liquidity, with the potential to quote more. The underlying tokens remain available to every position at all times; nothing is borrowed, and any swap can only execute against the assets actually held in the wallet.
A position on Aqua can be full range, concentrated or pegged, depending on the selected pair and position type. A user can open and close positions themselves, with no lock-up. Their exposure is capped by the tokens they actually hold, not by the theoretical combined size of every position they create. If their wallet cannot cover a swap, Aqua simply does not call on their tokens.
From today, users can create positions across 13 EVM chains, including Ethereum, Arbitrum, Base, Robinhood Chain and BNB Chain. Aqua also launches with a number of additional functionalities, including a liquidity leaderboard, an incentives screen, liquidity map visualizations, batch position creation, provider profiles with cross-chain positions, sub-wallets, and an AI-assisted liquidity provisioning flow via the 1inch Business MCP with safe batch deployment, coming soon.
Aqua has undergone eight independent security audits conducted by OpenZeppelin, Bailsec, Hashlock, Hexens, MixBytes, Nethermind, Theori, and Decurity. Combined with its fully self-custodial design, which never holds user tokens, a swap can only move assets that are actually in the provider's wallet at the moment it fills. Revocation stops new fills as soon as it confirms on-chain. Aqua is also protected from JIT fee sniping by design, as each position has a single owner, thus there is no shared fee moment bots can capitalize on. While Aqua's design keeps exposure bounded and providers in control of their own tokens, swap fees are not guaranteed, prices can move against a position (impermanent loss), and providers bear market and smart-contract risk.
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About 1inch
1inch accelerates decentralized finance with a seamless crypto trading experience for 27M users. Beyond being the top platform for low-cost, efficient token swaps with $100M+ in daily trades, 1inch offers a range of innovative tools, including a secure self-custodial wallet, a portfolio tracker for managing digital assets, a dedicated business portal giving access to its cutting-edge technology, and even a debit card for easy crypto spending. By continuously innovating, 1inch is simplifying DeFi for everyone.
Website | 1inch Business | 1inch Network | Follow on X | Explore Blog
Aqua involves risk, including loss of funds. It's built for experienced users — do your own research. Not financial advice. Incentive rewards are variable, not guaranteed, and subject to the program's published terms.
Disclaimer: Any information written in this press release does not constitute investment advice. Crypto Front News does not, and will not endorse any information about any company or individual on this page. Readers are encouraged to do their own research and base any actions on their own findings, not on any content written in this press release. Crypto Front News is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release. For more details, visit our disclaimer page.
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New York, United States, July 28th, 2026, Chainwire
BitSafe has released infrastructure for builders launching decentralized financial applications on Canton Network.
Backed by a Canton Foundation Development Fund grant of over $1 million (8,500,000 $CC), BitSafe today opened the public beta of Decentralization Manager, an open-sourced framework allowing apps and institutions to build resilient products that distribute control across multiple independent operators.
Canton Network has become critical infrastructure for institutions bringing real capital and operations on-chain. Meeting institutional application standards requires audit trails and distributed trust, but until now every team building on Canton has had to build threshold custody, governance, and audit infrastructure from scratch. Decentralization Manager makes those reusable, so teams build the application, not the infrastructure.
Independently audited by Quantstamp, Decentralization Manager marks an exciting expansion of on-chain use cases and allows institutions to continue leveraging the network's privacy-native architecture while mitigating risk by distributing their operations.
Decentralization Manager ships with pre-built frameworks for token issuance and custody and enables additional products such as:
Token issuance: Issuers can launch and govern Canton-native tokens, ranging from wrapped cryptoassets to stablecoins and RWAs.
Custody and multi-signature wallets: Teams can hold and transfer assets under shared, multi-party control, removing reliance on any single custodian.
Tokenized real-world assets and securities: Builders can bring real-world assets on-chain and govern them under distributed control.
DEXs, lending, and structured products: Institutions can launch institutional-grade financial applications with Decentralization Manager.
Contact us to start launching decentralized applications and assets.
CBTC, the first non-native asset on Canton, is the first live use case of Decentralization Manager. With over 10 million transactions to date, node operators powering CBTC already earn a share of Canton fees from on-chain transactions. Decentralization Manager now extends that opportunity across the network. Application builders get an easier path to high quality node operators who can support their products, and those operators earn the same share of Canton fees in return.
“The future of institutional blockchain depends on making sophisticated infrastructure easier to build and adopt,” said Viv Diwakar, Head of the Canton Foundation. "By open-sourcing Decentralization Manager, BitSafe is giving developers the tools to create resilient, privacy-preserving applications that distribute trust across independent operators without compromising the governance and control institutions require. Contributions like this strengthen the Canton ecosystem and help accelerate the growth of institutional digital assets and tokenized financial markets. We’re pleased to see BitSafe making this capability available to the wider community and look forward to seeing the next generation of institutional applications built on Canton.”
As of today, Palladium Labs is the first builder announced using Decentralization Manager to enable multi-party authorization for protocol operations. "Distributed trust and full auditability are table stakes for institutional-grade credit infrastructure like Alpend,” said Akshay Sinha, Cofounder & CTO of Palladium Labs. “Decentralization Manager makes that a framework the entire Canton ecosystem can build on. Adopting it was one of the easier decisions we've made."
In addition to Palladium, CBTC Attestors Nethermind, DSRV, and Finoa Consensus Services have already implemented Decentralization Manager. Their institutional participation affirms a collective effort across Canton to embrace decentralized technology that prioritizes data privacy, operational control, and resilience.
The public beta is open now on the Canton Foundation's GitHub, with an additional grant application underway. Builders who need operators to complete their Decentralized Party can reach out to BitSafe to be matched with vetted, institutional-grade node operators. Institutions looking to issue and govern Canton-native tokens can engage BitSafe's Decentralization Services for custom tokenization engagements.
Additional quotes from ecosystem partners:
“The CBTC Decentralized Party has shown how far Canton has come, and the public beta opening of Decentralization Manager is a big step for the whole ecosystem. Onboarding was remarkably smooth for our team - contract deployment was essentially one click. For any app still running on a single validator, this is the easiest path we've seen to move beyond a single point of failure.” - Joonkyo Kim, CTO, DSRV
”As one of the attestors securing CBTC, we've operated inside BitSafe's decentralized signing architecture from an early stage, so we've seen firsthand what it takes to distribute trust across independent operators in production. Onboarding into Decentralization Manager was refreshingly straightforward, the admin tooling is intuitive and whenever we hit an issue the BitSafe team resolved it quickly and communicated the whole way through.
Institutions bringing real assets onto Canton increasingly expect exactly this: no single point of control with the audit trails and operational resilience their risk teams demand. Making that kind of infrastructure open and repeatable is a meaningful step for the ecosystem.” - Mateusz Jędrzejewski, CIO, Nethermind
“BitSafe's Decentralization Manager turns the infrastructure we already run into a setup with no single point of failure, the kind institutions expect from Canton. We're glad to extend our partnership with BitSafe and look forward to building more together as new applications join the network." - Daniel Schrader, Managing Director, Finoa Consensus Services
About BitSafe
BitSafe builds decentralized, privacy-enabled digital asset infrastructure on the Canton Network. As the team that brought Bitcoin to Canton ($CBTC), BitSafe's threshold-governed multi-sig infrastructure distributes custody and governance, eliminates single points of failure, and enables institutions and developers to launch trading venues and build compliant financial products and assets across the ecosystem.
ContactKadeem Clarke
BitSafe
marketing@bitsafe.finance
Disclaimer: Any information written in this press release does not constitute investment advice. Crypto Front News does not, and will not endorse any information about any company or individual on this page. Readers are encouraged to do their own research and base any actions on their own findings, not on any content written in this press release. Crypto Front News is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release. For more details, visit our disclaimer page.
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Stablecoin market capitalization fell by $7.7 billion in June, marking its largest monthly decline since the Terra-Luna collapse.
Despite lower supply, adjusted stablecoin transaction volume climbed to a record $1.79 trillion, reflecting stronger settlement activity.
Investors shifted idle stablecoins into tokenized Treasury funds as new yield restrictions reshaped the stablecoin market.
The stablecoin market lost $7.7 billion in June, its largest monthly decline since the Terra-Luna collapse in May 2022. Total market capitalization also slipped about $10 billion from its May peak to roughly $300 billion. However, adjusted transaction volume climbed to a record $1.79 trillion during the same month, showing continued growth in settlement activity despite the lower circulating supply.
Market Cap Falls As Usage Reaches New High
June's decline reduced the stablecoin market by about 3% from its May peak. That drop remained far smaller than the 26% contraction recorded during the 2022 Terra collapse.
Tether's USDT supply fell from about $190 billion in May to roughly $184 billion. Meanwhile, USDC declined from its March peak near $80 billion to approximately $74 billion.
According to trading firm Wincent's Paul Howard, the decline represented a relatively small pullback within the broader market. At the same time, adjusted transaction volume rose 63% from May and 125% from June last year, reaching a record $1.79 trillion.
Yield Rules Shift Idle Stablecoin Holdings
The supply decline coincided with changes introduced under the GENIUS Act, signed in July 2025. The law prevents payment stablecoin issuers from offering yield, while the Office of the Comptroller of the Currency proposed extending similar restrictions to affiliated entities.
According to Marquette University's David Krause, investors instead shifted idle balances into tokenized Treasury funds that generate returns. Tokenized Treasury assets have grown to nearly $16 billion, while Circle's USYC overtook BlackRock's BUIDL and JPMorgan's offering expanded 87% in one month.
Faster Turnover Changes Market Metrics
Standard Chartered analyst Geoff Kendrick reported stablecoin turnover reached about six times each month, nearly double the pace seen two years ago. Meanwhile, Visa measured stablecoin velocity at 13.56 per quarter compared with 1.65 for U.S. M1 money supply.
USDC also processed larger settlement volumes than USDT despite its smaller supply. During the first half of 2026, USDC handled about 70% of adjusted transaction volume, while USDT accounted for roughly 25%.
Visa reported its stablecoin settlement business reached a $7 billion annualized run rate across nine blockchains. Mastercard also expanded support to six stablecoins operating across eight blockchain networks.
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Senate Republicans are racing to advance the Clarity Act before the August 7 recess, but procedural rules could delay a vote.
Bipartisan negotiations continue as lawmakers seek enough support to overcome the Senate's 60-vote cloture requirement.
The National Fraternal Order of Police endorsed the bill, while some Democratic senators remain undecided over key provisions.
Senate Republicans are working to advance the Clarity Act before the scheduled August 7 recess, but procedural hurdles and uncertain vote counts remain major obstacles. According to journalist Eleanor Terrett, Senate leadership has discussed keeping lawmakers in Washington beyond the planned break if enough support exists to begin floor action. However, negotiations continue as senators seek broader bipartisan backing.
Senate Leaders Count Votes Before Floor Action
According to Terrett, Senate Majority Leader John Thune must first file cloture on the motion to proceed before the Senate can begin debating the Clarity Act. That step requires 60 votes, followed by up to 30 hours of debate before senators can vote on whether to proceed with the bill.
However, the Senate calendar leaves little room for delays. Senators are scheduled to leave Washington on August 7, while other legislative priorities also compete for limited floor time.
Senate Rule XXII further complicates the schedule. Once cloture is invoked on a major bill, that legislation becomes unfinished business until senators dispose of it. As a result, the chamber generally cannot advance another contested measure at the same time without unanimous consent.
Bipartisan Talks Continue As Support Remains Unclear
Meanwhile, support for the Clarity Act remains uncertain. According to Terrett, Senate Republicans continue working to address concerns raised by seven Democratic senators, who said the latest bill text still fell short after its release last week.
Senator Thom Tillis has led bipartisan discussions to strengthen ethics provisions and develop language that could gain Democratic support. At the same time, Republicans also face uncertainty within their own conference.
Senator Mitch McConnell is expected to remain absent, leaving Republicans with little margin for defections. Additionally, Senators Josh Hawley and Rand Paul remain undecided after opposing the GENIUS Act last year.
Law Enforcement Endorsement Enters Debate
Attention has also shifted toward law enforcement concerns. On Friday, the National Fraternal Order of Police endorsed the latest Clarity Act after reviewing the Blockchain Regulatory Certainty Act provisions.
The organization said the updated language would not limit investigations or prosecutions involving crypto crimes. It also praised broader law enforcement provisions included in the legislation.
However, according to Terrett, Senators Catherine Cortez Masto and Mark Warner have said their support depends on whether the bill fully addresses those concerns. Meanwhile, lawmakers will continue reviewing the legislation while Senate staff work through remaining negotiations.
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