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USD1 reaches the 5th largest stablecoin spot as market capitalization approaches $5 billion.

WLFI vote approved treasury support for USD1, raising questions over governance fairness.

USD1 enters the top five but remains far smaller than the USDT and USDC market leaders.

USD1 has moved into the top tier of the stablecoin market after a sharp rise in supply. The token, issued by World Liberty Financial, now ranks fifth by market value. Data shows capitalization near five billion dollars. The move places USD1 ahead of PYUSD and DAI during a period of tight competition. Recent disclosures confirm the shift in public markets.

Source: CoinMarketCap

USD1 outpaced most peers over the past few months, market data showed. The rise signifies more issuance and wider circulation across crypto venues. The rankings put USD1 behind only USDT, USDC, USDS and USDe. The move is a significant foray into a group long dominated by established issuers.

WLFI Governance Vote and Trump Family Role Shape USD1 Expansion

World Liberty Financial is the entity behind USD1. The company was co-founded by members of the Trump family. Eric Trump serves as a co-founder and public representative of the project. He acknowledged the stablecoin’s rise in a public statement following the ranking update.

In his remarks, Eric Trump linked USD1’s growth to changes in digital finance. He described the expansion as part of a wider shift toward blockchain-based dollars. The statement focused on payment efficiency and global reach. No additional operational details were disclosed alongside the comment.

USD1’s growth followed a governance decision by WLFI. The protocol approved a proposal allowing part of its unlocked treasury to support the stablecoin. The vote authorized the use of internal assets to strengthen liquidity and adoption. The decision was executed through WLFI’s governance framework.

The governance process soon attracted criticism from analysts. DeFi² reported that voting power was concentrated among wallets linked to WLFI’s team and strategic partners. According to the analysis, these wallets held enough influence to determine the outcome. Critics said this raised concerns about decentralization.

Distribution Concerns Emerge as USD1 Lags Market Leaders

Further criticism focused on how benefits may be distributed. WLFI Gold Paper, which outlines revenue flows and affiliations. They argued that the approved structure may favor entities tied to the Trump family and the Witkoff group. At the same time, many WLFI tokens remain locked.

Related: World Liberty Expands USD1 Into Satellite Internet Payments

Some token holders questioned whether the vote treated participants equally. Locked holders did not receive direct benefits from the treasury allocation. The episode renewed debate over governance fairness within WLFI. The project has not disputed the voting data cited by DeFi².

Despite its rise, USD1 remains far smaller than the market leaders. Tether’s USDT and Circle’s USDC dominate the sector. Together, they account for more than 82 percent of the roughly $313 billion stablecoin market. Their scale and liquidity remain unmatched.

Below them sit USDS and USDe. These tokens hold established positions through existing DeFi and exchange integrations. USD1’s entry into the top five highlights momentum but not parity. Analysts note a wide gap in circulation and usage.

Eric Trump has also commented on traditional finance in recent remarks. He criticized major banks for opposing crypto-related legislation. He said settlement delays benefit banks by allowing them to earn interest on idle funds. His comments framed crypto as a challenge to existing systems.

Trump stated that digital assets enable faster money movement. He argued that this reduces reliance on intermediaries. According to him, resistance from banks reflects economic incentives. These statements coincided with USD1’s continued expansion.

The future of USD1 would be determined by governance procedures and regulations. Rankings can shift as supply and demand move. For now, USD1 is one of the top-five cryptocurrencies by market cap. The development brings WLFI under more scrutiny from the cryptocurrency industry.

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Ripple Treasury unifies fiat and digital asset management on one enterprise platform.

RLUSD enables cross-border settlements in seconds, cutting delays and liquidity risk.

Platform rollout follows GTreasury deal and supports Ripple’s regulated global expansion.

Ripple has introduced Ripple Treasury, a new corporate treasury platform that combines GTreasury’s enterprise software with Ripple’s blockchain infrastructure. The product is designed to bring traditional cash management and digital asset operations into one system. Ripple said the platform targets global companies that manage complex payments, liquidity, and reconciliation across multiple markets and currencies.

According to Ripple, the platform streamlines treasury functions such as cross-border payments, liquidity oversight, and asset reconciliation. It allows finance teams to manage fiat currencies and digital assets through a single interface. The company said this approach reduces operational fragmentation caused by using separate systems for cash and digital assets.

Ripple Integrates GTreasury After $1B Acquisition

The launch marks the first major product rollout following Ripple’s acquisition of Chicago-based GTreasury for $1 billion in October. At the time of the acquisition, GTreasury Chief Executive Renaat Ver Eecke described the deal as a significant step for enterprise treasury management. Ripple has since focused on integrating GTreasury’s software into its broader institutional product stack.

Ripple Treasury addresses key inefficiencies in corporate treasury operations. These include delayed settlement times, limited visibility into international payments, and manual reconciliation processes. The company stated that many firms still rely on spreadsheets and disconnected tools to track cash and digital asset positions.

The platform enables cross-border settlements in three to five seconds using Ripple’s RLUSD stablecoin, according to the company. Traditional cross-border payment systems often require several business days to complete settlement. Ripple said faster settlement improves liquidity availability and reduces counterparty and operational risk for treasury teams.

Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, said the platform modernizes how treasury departments manage payments and liquidity. He stated that Ripple Treasury allows teams to operate within a single system instead of switching between banking portals and digital asset platforms. Merrick added that the platform supports continuous capital deployment across global markets.

Introducing @Ripple Treasury

→ Unified visibility across traditional cash and digital assets
→ 24/7 yield optimization putting every dollar to work
→ Instant cross-border settlements reducing FX costs
→ Eliminate pre-funding requirements and unlock trapped working capital… https://t.co/C6uJ5ijh2J

— Reece Merrick (@reece_merrick) January 27, 2026

Ripple said the system supports 24/7 liquidity and yield management. The company said this feature is designed to align treasury operations with always-on digital asset markets while maintaining enterprise-grade controls.

Related: Ripple Receives Green Light for e-money License in Luxembourg

API-Based System Automates Cash and Asset Reconciliation

The platform replaces manual workflows with direct API integrations. Ripple said digital asset platforms are treated as “digital banks” within the system. This structure allows automated reporting, reconciliation, and cash visibility across both traditional financial accounts and blockchain-based assets.

Ripple previously said the GTreasury integration would expand access to short-term liquidity markets for institutional clients. Access to repo markets is expected to be provided through prime broker Hidden Road. Ripple acquired Hidden Road for $1.25 billion last year as part of its push into institutional financial services.

Ripple and GTreasury stated that the platform is designed to preserve existing treasury controls and reporting standards. These include audit trails, compliance checks, and regulatory reporting requirements. The companies said this approach is intended to meet the needs of large enterprises and regulated institutions.

The rollout comes as Ripple continues to expand its regulated payments presence globally. Earlier this month, Ripple received approval from the UK financial regulator for an Electronic Money Institution license and crypto asset registration. 

Ripple also secured preliminary approval for an EMI license from Luxembourg’s Commission de Surveillance du Secteur Financier. In the United States, Ripple applied for a national banking license with the Office of the Comptroller of the Currency in July 2025.

Ripple has stated that it does not plan to pursue an initial public offering. The company cited a strong balance sheet and a focus on growth initiatives. Recent acquisitions, including Hidden Road and stablecoin platform Rail, remain central to Ripple’s long-term expansion strategy.

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Illicit crypto laundering now moves through Chinese language services beyond exchanges.

Exchange compliance and fund freezes push criminals toward informal laundering networks.

Chinese language laundering networks handled about one-fifth of illicit crypto flows.

Illicit crypto laundering is moving away from centralized exchanges and into informal service-based networks, according to new findings from blockchain analytics firm Chainalysis.

The shift reflects tighter compliance at exchanges and growing use of Chinese-language laundering services. Criminals now prefer off-platform coordination together with money mules and informal trading channels, according to Chainalysis data. 

The main exit points for criminal proceeds used to be centralized exchanges. That role continues to shrink as enforcement pressure and asset-freezing risks rise.

Source: X

Why are criminals abandoning exchanges that once dominated crypto laundering flows?

Chinese-Language Networks Take the Lead

Chainalysis reported that Chinese-language laundering networks now dominate known crypto money laundering activity. The networks function through Chinese-speaking channels to provide laundering-as-a-service operations. The networks use money mules and informal over-the-counter desks together with gambling platforms as their primary methods for transferring money. The networks first appeared during the early months of the COVID-19 pandemic in 2020. 

The networks have developed into a global operation that serves users across multiple countries since their development. Chainalysis said these services allow criminals to break up, mix, and swap crypto outside regulated venues.

According to the firm, Chinese-language Telegram-based services now account for a disproportionate share of global on-chain laundering. They operate across borders and avoid formal registration. As a result, they remain harder for regulators to monitor or disrupt.

Exchange Crackdowns Reshape Laundering Routes

Centralized exchanges have strengthened customer checks and transaction monitoring in recent years. Global regulators have tightened rules to limit illicit crypto use. As a result, exchanges can now detect suspicious activity faster and freeze funds more often.

Chainalysis linked the decline in exchange-based laundering directly to these controls. The firm said criminals increasingly avoid exchanges because platforms can block withdrawals. That risk pushes illicit actors toward informal networks that operate beyond compliance frameworks. 

In the last five years, Chinese-language networks processed about 20% of tracked illicit crypto funds. During the same period, use of centralized exchanges steadily declined. Chainalysis said inflows to these networks grew far faster than inflows to exchanges.

Laundering Volumes Surge as Enforcement Lags

Chainalysis’s 2026 Crypto Crime Report shows how laundering patterns changed over time. In 2025, illicit on-chain crypto laundering exceeded $82 billion. That figure rose from about $10 billion in 2020. A Reuters report identified Chinese-language networks as a key driver of this growth. The report said these networks handled about 20% of known laundering activity.

They processed roughly $16.1 billion in illicit funds during the year. Chainalysis estimated that inflows to identified Chinese-language networks grew 7,325 times faster than inflows to centralised exchanges since 2020. The firm said rising crypto liquidity and accessibility fuelled the expansion. It added that law enforcement capabilities still lag behind criminal innovation.

Related: India Tightens Crypto Oversight To Block Illicit Money Flows

Tom Keatinge, director at the Royal United Services Institute, told Chainalysis there is a widening gap between criminals and law enforcement in crypto use. He said blockchain tracing tools help, but only address part of the problem. Keatinge called for global efforts to improve skills and information sharing across jurisdictions.

Chainalysis stated that successful disruption requires all three elements of illegal business operations – their distribution channels and advertising targeted platforms. The organization warns that shutting down individual facilitators results in the rapid replacement of those same facilitators. The company expressed that countries need to work together through international partnerships because informal networks have begun operating at larger scales.

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ERC-8004 mainnet launch enables AI agents to carry portable reputation across platforms.

Standard adds on-chain identity registries to establish trust between autonomous AI agents.

Ethereum positions itself as a neutral trust layer for AI services as adoption grows.

Ethereum is preparing to roll out ERC-8004 on mainnet, marking a key shift in how AI services scale globally. The new standard focuses on trust and reputation as AI agents expand across platforms and organizations.

Ethereum confirmed the upcoming launch in a post shared on X. Community discussions suggest the rollout could arrive as early as Thursday, Jan. 29. The standard introduces new tools for AI agents to discover each other and verify identities on-chain.

ERC-8004 is going live on mainnet soon.

By enabling discovery and portable reputation, ERC-8004 allows AI agents to interact across organizations ensuring credibility travels everywhere.

This unlocks a global market where AI services can interoperate without gatekeepers. https://t.co/Yrl0rvnSxj

— Ethereum (@ethereum) January 27, 2026

As AI systems grow more autonomous, coordination challenges continue to rise. Many AI agents now exchange data, handle value and make decisions without direct human control. Existing trust models struggle to support these machine-driven interactions at scale.

ERC-8004 aims to address this gap by using Ethereum as a neutral trust layer. The standard preserves consistent credibility while enabling AI agents to communicate across ecosystems. Developers anticipate that this strategy will facilitate gatekeeper-free open markets for AI services.

Portable identity for AI agents

ERC-8004 introduces on-chain registries that assign each AI agent a portable identity. These identities allow agents to prove who they are across different platforms and applications. Over time, the registries record reputation data tied to agent behavior and performance.

This setup allows credibility to move with an agent wherever it operates. Agents no longer depend on a single company or application to establish trust. Instead, independent parties can verify agent histories through shared blockchain records.

Ethereum developers say the design supports cooperation, negotiation and service delivery between agents. Before exchanging information or carrying out delicate tasks, agents can verify identities. This verification reduces reliance on centralized platforms that currently manage trust.

Additionally, ERC-8004 expands upon current standards for agent communication. It adds a blockchain-based layer focused on accountability and reputation. To minimize network costs, the majority of computation stays off-chain.

The blockchain serves as a reference point rather than a processing hub. This balance allows scalability while preserving verifiable trust signals. Developers say the approach fits Ethereum’s long-term design goals.

Related: Ethereum Fees Fall to 2017 Lows as Network Activity Surges

The standard arrives as AI agents move beyond experimentation. Currently, a lot of systems are ready for actual implementation in various industries. By 2026, AI agents may handle payments, data access, and automated decisions.

Current trust frameworks were designed for human users. They struggle when machines interact continuously and at high volume. ERC-8004 targets this mismatch by redefining trust for machine coordination.

Contributors submitted the proposal in August 2025. They formally presented it in October through Ethereum ecosystem discussions. Participants included contributors linked to the Ethereum Foundation and partner teams.

Developers involved in the effort say ERC-8004 turns Ethereum into shared infrastructure for AI trust. They view the network as a neutral layer rather than an application platform. This role could expand Ethereum’s reach beyond finance into AI services.

Ethereum’s upcoming roadmap is also in line with the anticipated mainnet launch. In 2026, the network intends to make a number of security and scalability improvements. ERC-8004 fits within broader efforts to support new use cases responsibly.

If adopted widely, the standard could enable global AI service markets. Agents could offer services across organizations without centralized approval. Reputation would replace platform control as the primary trust mechanism.

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Morgan Stanley moves crypto from research to execution as regulation clears paths for banks.

ETF access and planned E*TRADE trading show crypto shifting into core wealth platforms.

Tokenization and digital wallets position the bank for long-term institutional adoption.

Morgan Stanley is speeding up its shift into digital assets, reflecting a broader turn on Wall Street where crypto is moving out of the margins and into regulated financial infrastructure. The bank, which oversees roughly $9.3 trillion in client assets, is no longer treating the sector as a side experiment.

Its recent steps point toward full integration; research, trading, issuance, and long-term product design now sit under one expanding strategy. Regulatory clarity in the United States has played a central role in that pivot. Rules around ETFs and stablecoin oversight have matured enough to give major banks room to build without wandering outside compliance lanes.

However, the pressure is also competitive. With peers steadily layering crypto capabilities across wealth management and institutional desks, Morgan Stanley is racing to match scale and meet client demand that has grown more persistent than the industry once expected.

Morgan Stanley: From Research Desk to Active Execution

A key signal of the bank’s shift came with the appointment of Amy Oldenburg as Head of Digital Asset Strategy. Her remit covers product development, trading coordination, and external partnerships, functions that were once scattered across different units.

Morgan Stanley appoints Amy Oldenburg as Head of Digital Asset Strategy.

“You want to hold your keys, you want to hold your coins.” pic.twitter.com/OPRUVF8w4v

— TFTC (@TFTC21) January 27, 2026

Consolidating them suggests the bank is moving past the observational phase and into execution with clearer ownership and fewer internal silos.  The timing was not incidental. The Grayscale Bitcoin Mini Trust ETF recently became available on Morgan Stanley’s platform, widening regulated Bitcoin exposure to more than $7.4 trillion in advisor-managed assets.

Initially, advisors had been allowed to recommend spot Bitcoin ETFs from BlackRock and Fidelity to select high-net-worth clients in 2024. Yet, by early 2025, those limits fell away, extending access across the firm’s broader wealth business, including retirement accounts.

Expanding Trading and Product Offerings

Notably, the firm’s roadmap shows a deliberate expansion of capabilities rather than a sudden break. In September 2025, Morgan Stanley confirmed plans to bring direct crypto trading to E*TRADE.

CRYPTO: Morgan Stanley to offer crypto trading through E*Trade following zerohash investment

Morgan Stanley is preparing to offer crypto trading to retail customers through its E-Trade platform, according to reports. The Wall Street giant is working with zerohash on the plans… pic.twitter.com/EeSqDA9xsE

— Sam Boboev (@samboboev) September 24, 2025

The rollout, slated for the first half of 2026, is expected to include Bitcoin, Ether, and Solana within the same regulated environment used for equities and listed options. That push runs alongside a new slate of product filings.

The bank has sought approval from the U.S. Securities and Exchange Commission for proprietary spot ETFs tied to Bitcoin, Solana, and Ethereum. The business case is not theoretical: Bitcoin ETFs have now amassed more than $114 billion in assets, turning issuance into a substantial revenue line.

The bank also filed for a staked Ethereum ETF designed to distribute staking rewards to investors, a sign that institutions are moving deeper into yield-bearing digital assets rather than staying at the surface.

Wall Street Momentum Builds

Morgan Stanley’s activity fits into a wider institutional trend. JPMorgan has explored using Bitcoin and Ether as collateral for large-scale lending. On the other hand, UBS is preparing to open crypto trading to select private banking clients.

Not to leave out, Citigroup continues to advance custody and digital-asset platform development. Industry trackers note that roughly 60% of the top 25 U.S. banks now offer or are preparing to offer Bitcoin-related services.

Related: Tether Unveils USA₮, Its First Fully Regulated U.S. Dollar Stablecoin

Building Toward Tokenization and Digital Wallets

The firm is also laying the groundwork for a later transformation. Engineers are developing an institutional digital wallet expected in late 2026, designed to hold both conventional portfolios and tokenized assets ranging from real estate to government bonds.

Analysts project the tokenized real-world asset market could expand to nearly $16 trillion by decade’s end. With ETF distribution, direct trading, proprietary issuance, and tokenization all moving in parallel, Morgan Stanley appears committed to embedding digital assets into mainstream investment architecture.

The strategy leans on scale, regulatory discipline, and long-term integration, an approach increasingly shared across Wall Street as crypto settles into the financial system rather than orbiting around it.

The post Morgan Stanley Joins Broader Wall Street Shift Toward Integrated Crypto Services appeared first on Cryptotale.

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Markets priced a steady Fed decision so Bitcoin traders now parse Powell words closely.

Political pressure and guidance tone carry weight when rate outcomes lack surprise.

Bitcoin price strength reflects sensitivity to future policy signals not rate math.

The Federal Reserve is expected to keep interest rates unchanged this week, yet Bitcoin traders remain focused on the message that follows rather than the decision itself. According to CME’s FedWatch tool, markets priced a 97% chance of no change as of Tuesday. With expectations firmly set, attention has shifted to Federal Reserve Chair Jerome Powell’s comments after the two-day meeting, which traders view as the key driver for near-term price direction.

Bitcoin shows price changes in response to monetary expectation changes instead of official interest rate adjustments. The absence of an unexpected decision leads to increased importance of forward guidance and tone and political context. Market positioning through risk assets will depend on Powell’s upcoming announcement regarding future interest rate movements. The central question facing traders remains clear: will Powell reinforce policy independence or signal vulnerability?

Fed Expectations and Market Positioning

Markets entered the week with strong confidence that the Federal Reserve will hold rates steady in its first decision of the year. Inflation data and employment conditions have changed little since December, which reduced the case for immediate cuts. The Fed already lowered rates three times in recent meetings, bringing the target range down from prior levels.

Because traders widely anticipated this pause, Bitcoin markets adjusted positions in advance. Analysts told news outlets that when outcomes are priced in, markets stop reacting to the decision itself and begin reacting to language. Risk assets like Bitcoin often respond more to changes in outlook than to static policy.

Political Pressure and Central Bank Independence

Politics has added a rare layer of complexity to this meeting. Powell faces allegations that he misled lawmakers about the cost of Federal Reserve building renovations. Powell has blamed President Donald Trump for the accusations. Trump has repeatedly called for lower interest rates and has threatened to remove Powell from office.

Related: China Nears US as Top Bitcoin Holder Despite Long Crypto Ban

Earlier this month, the US Justice Department opened an investigation into Powell’s Senate testimony on the renovations. Powell has since alleged that Trump used the Justice Department to pressure the central bank and influence monetary policy. The Federal Reserve traditionally operates independently to avoid short-term political influence that could undermine long-term economic stability.

Reports from the market indicate that traders maintain their trading patterns, and any indication that political pressure might impact governmental decisions. Previous analysis showed that central banks, along with Turkey, faced identical pressure, leading to inflationary trends that impacted Bitcoin market values. The current situation has developed as investors use Fed credibility assessments to measure their investment threats.

Bitcoin’s Reaction and Market Data

Bitcoin has historically performed well in low-interest-rate environments. When Fed chairs signalled rate cuts in the past, crypto markets often rallied. Markets currently believe the Fed will also hold rates steady at its March meeting, according to CME FedWatch data. Still, any hint of renewed cuts could surprise traders.

Bitcoin traded higher over the past 24 hours, rising 1.17% to $89,254.78, based on CoinMarketCap data. Market capitalization increased to $1.78 trillion, matching the daily gain. Trading volume rose 2.44% to $38.01 billion, pushing the volume-to-market-cap ratio to 2.13%.

Circulating supply stood at 19.98 million BTC, close to the 21 million maximum. Intraday charts showed an early dip below $88,000 before a sharp rebound toward $89,500, where prices consolidated. Traders now look to Powell’s remarks for confirmation or disruption of current expectations.

The post Why a “No-Change” Fed Decision Could Still Move Bitcoin appeared first on Cryptotale.

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EU-India trade pact expands services scope, bringing crypto market rules into focus.

India’s strict crypto taxes face pressure as EU trade deal highlights regulatory gaps.

Global trade tensions raise the deal’s value as India and EU hedge against U.S. tariffs.

India and the European Union finalized a free trade agreement, after talks began in June 2022. The pact links two markets covering about two billion people and 25% of global GDP. Beyond tariffs, the agreement expands services and trade rules, placing digital finance and crypto regulation under sharper focus.

Trade Pact Sets a Broader Policy Framework

The agreement removes or reduces tariffs on more than 96% of EU goods exports to India. Notably, it targets wine, olive oil, chocolate, pastries, machinery, chemicals and vehicles. EU officials estimate annual duty savings near €4 billion, while projections show EU exports to India could double by 2032.

However, the pact does not take effect immediately. European Parliament and Council approvals remain pending and could take at least a year. Until ratification, firms must plan around transitional rules, which shapes how cross-border services may comply.

Because the deal spans goods, services, and trade rules, it creates a wider policy container. This structure increasingly includes digital businesses, payment platforms, and crypto service providers. As a result, regulatory clarity becomes more visible within the trade framework.

EU leaders described the accord as the “mother of all deals.” Indian Prime Minister Narendra Modi echoed that description during India Energy Week. Meanwhile, European Commission President Ursula von der Leyen called it a partnership between two economic giants.

Alongside trade, both sides agreed on defense cooperation and mobility for skilled workers and students. Consequently, fintech and compliance talent mobility also becomes part of the broader relationship. This context matters for firms navigating digital asset operations across borders.

Crypto Rules Face Pressure Ahead of Budget 2026

India’s crypto industry already faces a strict tax regime. Current rules impose a flat 30% tax on virtual digital asset gains. In addition, authorities apply a 1% tax deducted at source on transactions.

Industry players say these rules are pushing traders to overseas platforms, where users often have fewer protections. Because of this, pressure to revisit crypto taxes is growing as Budget 2026 approaches.

At the same time, the EU–India free trade agreement has drawn attention to gaps in digital finance rules. Many European investors prefer clear compliance standards before entering a market, so clearer crypto rules could fit naturally with the deal’s services section.

The timing adds urgency. Budget 2026 comes after the FTA was agreed but before it is fully approved, putting policymakers under pressure to address digital asset rules as trade ties deepen.

Crypto exchanges and stablecoin firms already function like payment and service providers, yet India still does not have a specific crypto law. While the trade deal does not force crypto reform, it makes regulatory uncertainty more costly.

European fintech companies usually operate under clear frameworks like MiCA. As cross-border digital services grow, differences in regulation are becoming harder to ignore. Thus, regulatory definition becomes a practical issue, not a political statement.

Related: India Tightens Rules on Privacy Cryptos Over Laundering Risks

Global Trade Tensions Shape the Deal’s Context

The agreement comes amid increased global trade friction. U.S. President Donald Trump has pursued aggressive tariff policies, affecting both India and the EU. These actions disrupted trade flows and accelerated alternative partnerships.

Hosuk Lee-Makiyama, director at the European Centre for International Political Economy, described the deal as highly valuable. He noted both India and the EU have historically protected strategic sectors. According to Lee-Makiyama, limited options made this agreement especially important.

U.S. officials reacted critically. Treasury Secretary Scott Bessent cited U.S. tariffs on India over Russian oil purchases. He questioned Europe’s decision to advance a major deal under those conditions.

Trump, now the 47th U.S. president, has not commented publicly. However, officials in Washington expressed little expectation of approval. Meanwhile, Indian officials stressed continued engagement with the United States.

Petroleum Minister Hardeep Singh Puri told CNBC that a U.S.-India trade deal remains advanced. He urged calm and emphasized India’s open trade stance. This response framed the EU pact as part of a broader strategy.

Market conditions remain volatile. After Davos 2026 and renewed trade tensions, Bitcoin traded below $88,000. While unrelated directly, digital asset markets reflect broader geopolitical uncertainty.

India and the EU finalized a far-reaching trade agreement that influences goods, services, and trade rules across two major markets. The pact places regulatory attention on digital services, including crypto amid India’s existing tax framework. As Budget 2026 nears, trade integration, regulatory clarity and global tensions remain closely linked.

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Nearly four in ten U.S. merchants accept crypto as a checkout payment option nationwide.

Cards still dominate sales, while crypto provides speed and backup during failures period.

Larger firms lead adoption as complexity slows smaller merchants despite demand growth.

Nearly four in ten U.S. merchants now accept crypto at checkout, according to PayPal and the National Cryptocurrency Association. The shift, measured in an October survey of 619 payment decision-makers, shows operational choice, not disruption. Merchants added crypto as a similar payment rail for speed, flexibility and coverage when traditional systems slow, fail or cost more.

Crypto Acceptance Grows, But Cards Still Lead

PayPal reported that 39% of U.S. merchants accept crypto at checkout, based on the joint NCA survey released Tuesday. Notably, 88% of merchants said customers asked about paying with crypto, showing steady demand. However, merchants did not frame crypto as a card replacement.

Instead, the data shows coexistence. Among merchants that already accept crypto, these payments represent 26% of total sales. That share confirms use, yet cards and cash still carry the majority of transactions.

According to PayPal, adoption is strongest among large enterprises. Fifty percent of companies earning over $500 million annually accept crypto. By comparison, 34% of small businesses and 32% of midsized firms reported acceptance.

This gap comes down to size and systems. Bigger companies can plug in new payment options without breaking how customers already pay. Smaller businesses are more hesitant, even though many customers are interested.

PayPal Vice President and General Manager of Crypto May Zabaneh said crypto payments moved beyond experimentation. She added that merchants value faster, more flexible ways to accept funds. However, merchants continue to run crypto alongside cards, not against them.

Why Merchants Treat Crypto as a Similar Rail

Merchants listed practical reasons for adding crypto, according to the survey. Forty-five percent cited faster transaction speed. Another 45% pointed to access to new customers. Security and privacy followed closely. 

Forty-one percent highlighted enhanced security features, while 40% cited greater customer privacy. These factors matter most when traditional payment rails face friction. Notably, crypto acceptance often targets specific use cases. 

Cross-border purchases, digital goods and time-sensitive transactions see higher crypto usage. These situations benefit from faster settlement and fewer intermediaries. Several major U.S. companies already accept crypto, including Starbucks, Walmart and Home Depot. 

Their adoption signals operational optionality rather than payment replacement. They keep cards central while offering crypto as an alternative path. Industry data supports this layered approach. Hospitality and travel lead adoption at 81%. 

Digital goods, gaming, luxury, and specialty retail follow at 76%. Retail and e-commerce stand at 69%. Each sector values speed and global reach. However, none removed card payments after adding crypto. The pattern reinforces crypto’s role as insurance against checkout friction.

Related: Most Indian Crypto Investors Favor Stock-Like Tax Rules

Customer Demand and the Simplicity Barrier

Customer demand continues to drive adoption. The survey found that 69% of merchants said customers want to use crypto at least monthly. Additionally, 79% believe crypto acceptance helps attract new customers.

Younger shoppers lead this demand. Merchants reported the highest interest from Millennials at 77%. Gen Z or younger followed closely at 73%. Small businesses see particularly strong Gen Z engagement. Eighty-two percent reported crypto inquiries from Gen Z customers. 

This contrasts with 67% for midsize firms and 65% for large enterprises. Despite demand, complexity limits wider rollout. Ninety percent of merchants said they would try crypto if setup matched credit card simplicity. The same share said they would adopt if the payment experience felt equally easy.

Stuart Alderoty, NCA president and Ripple’s chief legal officer, addressed this gap directly. He said interest is not the issue, but understanding remains limited. He added that trusted platforms help close that knowledge gap.

PayPal launched a U.S. crypto checkout tool in July. The tool allows merchants to accept payments in over 100 cryptocurrencies. The launch aims to reduce setup friction without changing existing checkout habits. Merchants who implemented crypto report momentum. 

Seventy-two percent of crypto-accepting merchants said their crypto sales increased over the past year. The growth supports crypto’s role as a working payment option. Crypto payments now sit beside cards, not in front of them. The survey data shows merchants value redundancy, optionality, and customer choice at checkout.

Meanwhile, U.S. merchants added crypto as a secondary payment rail and not a replacement. PayPal and NCA data shows steady use, driven by customer demand and operational flexibility. Cards remain central, while crypto provides coverage when speed, access or simplicity matters most.

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USA₮ launches under U.S. federal rules with Anchorage Digital Bank as its regulated issuer.

The GENIUS Act pushed Tether to create a compliant U.S. stablecoin for domestic users.

USA₮ gains early traction via major exchanges and Visa-linked payments through Oobit.

Tether has formally launched USA₮, marking its first fully regulated, dollar-backed stablecoin built specifically for the United States market. The token is issued by Anchorage Digital Bank, N.A., making it subject to federal oversight by the Office of the Comptroller of the Currency.

The launch positions the company inside the U.S. banking perimeter at a time when federal rules now define who can issue and distribute stablecoins to American users. Similarly, the market debut follows an announcement late last year that outlined the product’s structure and leadership, including the appointment of former White House Crypto Council Executive Director Bo Hines as chief executive of the U.S. unit.

Tether Announces the Launch of USA₮, the Federally Regulated, Dollar-Backed Stablecoin, Made in America

Read more: https://t.co/rIMQTQ7ipX

— Tether (@tether) January 27, 2026

With availability now live for U.S. users, the new token is designed to meet federal requirements introduced under the GENIUS Act, the first nationwide framework governing stablecoins marketed in the United States.

Built For The Genius Act Era

The GENIUS Act reshaped the U.S. stablecoin landscape by limiting distribution to tokens issued by federally or state-qualified entities. As a result, offshore-issued stablecoins that fall outside those standards face restrictions across U.S.-regulated exchanges, banks, and payment providers.

That framework narrowed the domestic use of existing offshore dollar tokens and accelerated the need for a compliant alternative. USA₮, however, was designed to meet those requirements from inception.

Issuance through a federally regulated bank places governance, reserves, and compliance within the U.S. banking system. According to company statements, the structure is intended to provide U.S. institutions with a regulated digital dollar while maintaining operational separation from global products used outside the country.

Executive Framing and Institutional Focus

Paolo Ardoino, chief executive of Tether, said the new token extends the firm’s long-standing digital dollar model into a federally supervised environment tailored for the U.S. market. He pointed to more than a decade of operational history for global dollar tokens as evidence of demand for programmable dollars at scale.

USD₮ has proven for more than a decade that digital dollars can deliver trust, transparency, and utility at a global scale. USA₮ extends that mission by providing a federally regulated product designed for the American market,” Paolo Ardoino noted.

Bo Hines further added that the U.S. product was designed to meet federal regulatory expectations around stability, transparency, and governance. The stated objective is to support regulated financial institutions that require clear supervisory oversight when engaging with blockchain-based settlement assets.

Exchange Rollout and Early Access

During the initial phase, USA₮ is available to U.S. users through major platforms including Bybit, Crypto.com, Kraken, OKX, and MoonPay. Distribution through these venues gives the token immediate reach across spot trading, on-ramps, and payments infrastructure already used by U.S. customers.

Market analysts describe the launch as a direct competitive response to regulated U.S. stablecoins that have dominated institutional usage due to early compliance alignment. By introducing a bank-issued token, the company can re-enter segments such as broker-dealer settlement, regulated payments, and institutional liquidity management that require federally compliant instruments.

Related: Japan Opens Consultation on Stablecoin Reserve Asset Rules

Payments Integration and Merchant Reach

Payments network Oobit has also announced support for the new stablecoin, becoming the first payments provider to enable spending at more than 100 million merchants worldwide where Visa is accepted. The integration follows Oobit’s recent U.S. launch and allows users to transact at physical and online retailers using existing card acceptance rails.

By combining federal bank issuance with mainstream payments access, USA₮ enters the market positioned for institutional finance and everyday transactions. The structure reflects a dual-track strategy: a regulated dollar token for the United States and a separate global product for international markets.

For the U.S. stablecoin sector, the launch underscores how federal rules are reshaping issuer models and accelerating the convergence of digital assets with traditional banking infrastructure.

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Tether builds 140-ton gold stockpile in Swiss vaults using stablecoin profits globally.

USDT interest income now funds sovereign-scale gold buying outside banks globally today.

Tether expands gold trading and XAUT tokenization alongside physical bullion custody.

Every week, trucks deliver more than a ton of gold into a fortified Swiss bunker controlled by a Tether. According to Bloomberg, Tether Holdings SA has amassed about 140 metric tons of gold, worth roughly $23 billion, stored in Switzerland during 2025 and early 2026. The buying reflects how profits from USDT issuance now fund sovereign-scale bullion accumulation outside governments and banks.

Swiss Vaults Anchor a Growing Bullion Stockpile

The gold sits inside a former Cold War nuclear bunker in Switzerland, guarded by multiple steel barriers, according to Bloomberg. Tether chose direct custody rather than relying on commercial bank vault networks. Paolo Ardoino, Tether’s chief executive, said the company views physical control as essential to reserve security.

This stockpile makes Tether the largest known private gold holder outside central banks, ETFs, and bullion banks. However, most of the metal belongs to company reserves, while a smaller portion backs its gold-linked token, XAUT. Together, the holdings reached about 140 tons by early 2026, Ardoino confirmed.

The pace of accumulation remains steady. Ardoino told Bloomberg that Tether purchased roughly one to two tons weekly for several months. However, he said buying decisions undergo quarterly reviews, depending on market conditions and reserve needs.

This activity intensified during 2025, when analysts estimate Tether acquired over 70 tons within a single year. Notably, only Poland reported larger declared central bank purchases during that period. As a result, Tether emerged as a visible marginal buyer during gold’s sharp rally.

Stablecoin Profits Power Sovereign-Scale Buying

Tether funds its gold purchases using income from USDT, the largest dollar-pegged stablecoin, with about $186–187 billion circulating. The company invests incoming dollars mainly in U.S. Treasury bills, generating interest income. However, part of those profits now flows into gold and other assets.

According to Tether disclosures, gold represented about 7% of USDT reserves as of late 2025. However, that share translated into billions of dollars, given the scale of issuance. Notably, Bloomberg calculated that Tether outbought most central banks during several 2025 quarters.

In Q4 2025 alone, Tether added roughly 27 tons of gold, matching its Q3 pace. Bitwise CIO Matt Hougan said those purchases likely ranked among the world’s top three for the quarter. However, unlike central banks, Tether does not buy gold for monetary policy purposes.

Instead, the strategy shows reserve diversification and product backing. According to S&P Global Ratings, rising exposure to assets like gold contributed to a “weak” stability assessment for USDT in November. Tether reports its reserves through quarterly attestations signed by BDO Italia.

Related: Tether Deepens Gold Exposure as Global Demand Drives Prices

Trading Ambitions and Tokenized Gold Expansion

Beyond holding bullion, Tether plans to trade gold actively. Ardoino told Bloomberg the company aims to compete with major banks, including JPMorgan and HSBC. To support that effort, Tether hired senior gold traders from HSBC during 2025.

The company plans to exploit arbitrage between futures and physical markets while remaining long physical gold. However, Ardoino acknowledged logistical challenges, since large bullion orders can take months to settle. Tether sources metal directly from Swiss refiners and major financial institutions.

Alongside trading, Tether expanded its presence in gold-linked equities. It acquired stakes in Canadian royalty companies, including Elemental Altus Royalties and Gold Royalty Corp. Sources told Bloomberg that Juan Sartori led much of that investment activity.

Meanwhile, Tether Gold, XAUT, continues to grow. The token represents claims on physical bullion stored in Swiss vaults meeting London Good Delivery standards. By late 2025, XAUT accounted for about 60% of the global gold-backed stablecoin market, according to company data.

As of December 31, Tether held over 520,000 fine troy ounces backing XAUT one-to-one. In early 2026, XAUT’s market capitalization rose to about $2.24 billion, reflecting continued issuance. Ardoino said future demand could require additional weekly gold purchases.

Tether’s gold accumulation now rivals sovereign buyers in scale and frequency. The company converts stablecoin yield into physical bullion stored under its control. As a result, gold demand increasingly includes private digital-asset issuers alongside central banks.

Its strategy spans custody, trading and tokenization, all tied to USDT-generated income. However, gold still represents a minority share of overall reserves. These activities illustrate how stablecoin economics now intersect directly with global bullion markets.

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CZ says buy and hold beats most trading methods when investors choose strong assets.

Zhao warns that holding every token leads to weak results since most projects fail.

Market reaction shows support for patience but concern over blind token accumulation.

Binance founder Changpeng Zhao, widely known as CZ, reignited debate across the crypto market after backing the buy-and-hold strategy while warning investors against applying it without discretion. His remarks surfaced during a period of market volatility, as investors weigh long-term holding against active trading approaches. Comments spread widely after CZ posted them on X, eliciting strong engagement from both retail and professional traders.

CZ stated, “I’ve seen many different trading strategies over the years; very few can beat the simple ‘buy and hold’, which is what I do.” He added a clear disclaimer that the statement did not constitute financial advice.

4. Have seen some twisted FUD on this "buy and hold" tweet. It obviously does not apply to every coin.

If you "buy and hold" all crypto ever created, you know how your portfolio will perform. Same as if you bought every internet or AI projects/companies…

In any industry,… https://t.co/ipXIOCLH6m

— CZ BNB (@cz_binance) January 27, 2026

Soon after, CZ addressed criticism that followed the post, saying some reactions misrepresented his point. He wrote, “Have seen some twisted FUD on this ‘buy and hold’ tweet. It obviously does not apply to every coin.”

He further clarified the risks of indiscriminate investing by stating, “If you ‘buy and hold’ all crypto ever created, you know how your portfolio will perform. Same as if you bought every internet or AI project/company.”

Market Context and Industry Dynamics

Zhao linked the debate to industry patterns, noting that failure rates remain high across innovation-driven sectors. He explained, “In any industry, the majority of companies/projects will fail. The few successes will perform exponentially.”

The presented framework matches actual crypto market trends because most market profits go to a select group of major assets. The majority of smaller tokens exhibit a pattern of declining value that they cannot maintain throughout time.

As reactions intensified, CZ addressed personal criticism directly. He stated, “Lastly, if you find any of my tweets useless, feel free to unfollow. Out of sight, out of mind.” He added, “Attacking someone is the worst use of your time. Spend time on yourself, and be happy.” These remarks were aimed at refocusing attention on investment discipline rather than social media disputes.

Community Reaction and Investor Interpretation

The crypto community responded with mixed reactions visible in comment threads. A user identified as ZeroToZen challenged CZ’s position, writing, “Look cz you lost your image. And whatever you’re saying is not rocket science. Everyone knows where prices are right now; everyone knows which are the right assets. Buy and hold works for them.”

Look cz you lost your image.

And whatever you saying is not rocket science. Everyone knows where prices are right now, everyone knows which are right good assets. Buy and hold works for them.

What people don't know , how #binance became so scammy, why 10/10 really happened,…

— ZeroToZen (@ZeroToZen_) January 27, 2026

 Some investors viewed CZ’s comments as support for the long-standing HODL approach, especially for assets like Bitcoin and Ethereum. Others cautioned against treating the remarks as a blanket endorsement for all tokens.

Analysts have long observed that holding major crypto assets has delivered strong returns across multiple market cycles. At the same time, they note that applying buy-and-hold broadly across all tokens increases risk due to frequent project failures.

Related: CZ Is In Talk With A Donzen Countries On Asset Tokenization

Zhao’s past warnings impacted how people discussed the topic. In earlier instances, he cautioned traders against treating influencer posts as trading signals, especially around meme tokens linked to social media trends. He previously stated that buying such tokens based on random tweets could “almost guarantee losses”.

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Japan opens public consultation on stablecoin reserve rules under revised payments law.

Draft restricts stablecoin reserves to high-grade foreign bonds to limit credit risk.

FSA updates the supervision framework for stablecoins, banks, and crypto intermediaries.

Japan’s financial regulator has opened a public consultation on draft rules governing stablecoin reserve assets under its revised payments law. The move marks a further step in Japan’s structured approach to digital asset regulation. The consultation focuses on reserve management, supervisory updates, and compliance rules for trust-based stablecoins.

The Financial Services Agency released the draft regulatory notices on Monday. The proposals are linked to amendments made to the Payment Services Act in 2025. Those amendments reshaped Japan’s legal framework for settlement services and electronic payment instruments, including stablecoins and crypto intermediaries.

Draft Rules Clarify Stablecoin Reserve Asset Standards

According to the FSA, the draft clarifies how stablecoin reserve assets may be invested. The rules apply to stablecoins issued using “specified trust beneficiary interests.” This structure is already permitted under Japan’s payments law and is commonly used by regulated issuers.

The consultation would remain open until February 27, 2026. The draft implements Act No. 66 of 2025, which was enacted in June last year. That law introduced revisions aimed at strengthening oversight of payment-related services and digital value instruments.

A central part of the proposal concerns eligible collateral for stablecoin reserves. The FSA plans to restrict reserve assets to specific foreign-issued bonds. The regulator described the approach as conservative and aligned with financial stability goals.

The first condition relates to credit quality. Eligible bonds must hold a high credit rating. The rating must correspond to a “1–2” credit risk category or higher, as determined by a designated rating agency.

The second condition relates to issuer size. The foreign issuer must have at least 100 trillion yen in outstanding bonds. This amount is equivalent to about $648 billion at current exchange rates.

These standards apply directly to reserve assets backing regulated stablecoins. The FSA stated that the criteria aim to limit credit and liquidity risks. The agency also noted consistency with Japan’s broader financial regulatory principles.

Related: Saylor Renews Bitcoin Banking Vision as Strategy Buys More BTC

Alongside reserve asset rules, the FSA issued revised supervisory guidelines. These guidelines apply to banks, insurance companies, and their subsidiaries. 

Foreign Stablecoins and ETF Plans Mark Japan’s Broader Crypto Shift

The regulator also addressed foreign-issued stablecoins. Businesses seeking approval to handle these assets must meet additional disclosure requirements. Applicants must explain that the foreign issuer would not issue, redeem, or solicit stablecoins to general users in Japan.

The FSA said it would coordinate with overseas regulators. Information sharing would focus on foreign stablecoin instruments and their issuers. The agency framed this as part of cross-border supervisory cooperation.

The consultation reflects Japan’s broader effort to build a regulated stablecoin ecosystem. Authorities have emphasized legal clarity and consumer protection. Stablecoins are being positioned within existing financial frameworks.

In October, local fintech firm JPYC launched a yen-backed stablecoin. The company described it as Japan’s first legally recognized stablecoin. The launch followed alignment with trust and payments regulations.

Japan’s three megabanks have also advanced pilot projects. MUFG, SMBC, and Mizuho are testing stablecoins and tokenized deposits. These pilots focus on payments, interbank settlement, and institutional financial services.

The FSA formally supported these initiatives in December. The backing allowed experimentation within defined regulatory boundaries. Officials described the projects as infrastructure oriented.

Japan is also reviewing its stance on crypto exchange-traded funds. Nikkei reported that cryptocurrencies may be added to assets eligible for spot ETFs. Approval could occur as early as 2028.

Such approval would end Japan’s ban on spot crypto ETFs. Earlier expectations suggested a longer delay. A KPMG Japan executive stated in August 2025 that a Bitcoin ETF launch could slip to 2027.

Investor demand remains visible. Nomura Holdings executive Hajime Ikeda cited survey data at the time. The survey showed that more than 60% of Japanese investors want crypto exposure.

Nikkei reported that Nomura Holdings and SBI Holdings are developing ETF products. These products are awaiting regulatory approval. If approved, they would be listed on the Tokyo Stock Exchange.

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BSC prediction markets topped $10B cumulative volume, with “national” volume above $20B.

Daily trading stabilized between $200M and $300M, defioasis’s dashboard data shows.

Opinion holds a 50%+ share on points, while Probable’s zero-fee push drew wash-trade claims.

Binance Smart Chain (BSC) prediction markets have surpassed $10 billion in cumulative trading volume, Wu Blockchain reported, citing Dune Analytics. Defioasis’s dashboard also showed “national volume” above $20 billion. 

Recent daily trading has stabilized between $200 million and $300 million, the dashboard indicated. The figures point to sustained activity in decentralized prediction trading on BSC. They also highlight a tightening contest for liquidity among the largest platforms.

BSC prediction markets clear $10B as daily volume steadies now

Dune Analytics data indicated cumulative trading volume above $10 billion across BSC prediction markets, Wu Blockchain said. The tally aggregates transactions across multiple prediction venues on the network. Defioasis’s dashboard placed recent daily volume in a $200 million to $300 million range. That band signals persistent turnover across trading days.

Dashboards compile this data by reading on-chain transactions and summing traded amounts. They also estimate market share by comparing platform totals over the same period. In addition, public analytics let traders monitor shifts in activity as incentive programs change.

Prediction markets allow participants to take positions on future outcomes. Traders express views by buying and selling outcome-linked positions that settle on-chain. Binance Smart Chain’s low transaction costs can support frequent trading. Consequently, platforms can run incentive-heavy campaigns without high on-chain friction.

Daily volume stability also matters for market structure. It can reduce the chance that a single campaign dominates the data.

Opinion keeps 50%+ share as points incentives keep volume high

Opinion, a Binance Smart Chain (BSC)–based prediction market platform, has long held over 50% market share on BSC. Defioasis’s dashboard tied that lead to Opinion’s first-mover advantage and its points incentives.

Points rewards encourage repeat trading and ongoing participation. In addition, the incentives can attract liquidity providers who want deeper markets.

Large share can reinforce itself in on-chain markets. Traders tend to follow liquidity, and liquidity tends to follow active traders.

Opinion’s first-mover position can also shape user habits. New entrants often need stronger incentives to shift flow away from the incumbent.

Rivals have tried to narrow the gap through aggressive pricing and rewards. Still, the dashboard data has kept Opinion above the 50% level for extended periods.

Related: Vitalik Buterin on Why Prediction Markets Can Combat Misinformation

Probable’s zero-fee push lifts share amid wash trading claims

Probable, a Binance Smart Chain (BSC)–based prediction market platform, added a zero-fee trading strategy alongside points rewards. That approach briefly pushed Probable ahead of Opinion in market share, defioasis’s dashboard showed.

Zero-fee execution can change routing decisions quickly for active traders. Furthermore, points rewards can amplify the pull by attaching benefits to higher turnover.

The shift showed how sensitive on-chain market share can be to fee schedules. A small change in cost can redirect large amounts of volume.

Probable has faced accusations of wash trading, as noted in the same market discussion. Wash trading typically refers to trades that inflate reported activity without changing economic exposure.

Allegations of wash trading can affect how market participants interpret short-term spikes. However, defioasis’s dashboard has continued to show daily volume within the $200 million to $300 million range.

In addition, BSC prediction markets now show a higher baseline, with daily trading holding steady. Platforms are competing through points rewards, fee changes, and market share, tracked by Dune Analytics and defioasis.

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60% of top U.S. banks now offer or plan Bitcoin trading, custody, or crypto lending.

Bank CEOs now see crypto as strategic, one top bank executive calls it existential.

Adoption stays uneven as BTC use grows, while others criticize yield-bearing stablecoins.

More U.S. banks are moving toward Bitcoin-related services, marking a clear shift in how major institutions position themselves around digital assets.

Bitcoin financial services firm River said 60% of the top 25 institutions operating in the United States now offer, or plan to offer, Bitcoin-related products. River shared the claim Monday in a post on X, stating that “60% of the top US banks are into Bitcoin.”

60% of the top US banks are into bitcoin. pic.twitter.com/AqceDDfjDP

— River (@River) January 26, 2026

Major U.S. banks widen Bitcoin access via trading and lending

River said its review covered the top 25 banking institutions operating in the U.S. market. The firm said more than half have launched or announced plans for Bitcoin-related products. The services River referenced include Bitcoin trading and crypto custody. It also pointed to related offerings such as crypto-backed lending, depending on the bank.

In addition, the trend is a meaningful change after years of friction between traditional finance and the crypto sector. Some banks had faced accusations of resisting crypto adoption and limiting access to services.

That tension often centered on whether banks should serve crypto firms. Critics in the industry have also cited “Operation Chokepoint 2.0” as an alleged effort to debank crypto companies.

Meanwhile, River’s 60% figure also implies that a significant minority remains outside the trend. The bank-by-bank split shows momentum, but it also shows that adoption is not universal.

Davos meetings suggest a friendlier tone from banking CEOs

Coinbase Chief Executive Officer (CEO) Brian Armstrong said his meetings at the World Economic Forum (WEF) in Davos reflected a shift in sentiment. The WEF conference ran from Jan. 19 to Jan. 23 in Switzerland.

Armstrong said most of the banking CEOs he met were “very pro crypto” and viewed digital assets as an opportunity. However, he added that some executives were still not fully aligned.

Furthermore, Armstrong said one CEO of a top 10 global bank called crypto the bank’s “number one priority.” He added that the executive viewed crypto as “existential,” based on his post on X.

The comments highlight how bank leaders now discuss crypto in strategic terms. Armstrong’s takeaway contrasts with earlier years of industry disputes and public skepticism from parts of the banking sector.

Related: U.S. Market Structure Reform Pulls Crypto Into Banking

Big Four banks take selective steps toward Bitcoin exposure

River’s list highlighted activity from three of the “Big Four” U.S. banks. The group commonly refers to JPMorgan Chase, Bank of America, Wells Fargo, and Citigroup.

JPMorgan Chase has announced it is considering adding crypto trading, according to River. Wells Fargo offers Bitcoin-backed loans to institutional clients, River said.

Citigroup is exploring institutional crypto custody services, River said. These routes differ, but they each expand how clients can access Bitcoin through a bank.

According to Forbes, JPMorgan Chase, Wells Fargo, and Citigroup together hold more than $7.3 trillion in assets. That combined footprint underscores why incremental product moves can matter at scale.

Meanwhile, River said Bank of America, the second-largest U.S. bank with over $2.67 trillion in assets, has not announced any plans for Bitcoin services. This suggests that some banks have advanced plans, while others have not made public commitments.

UBS joins the list as stablecoin concerns and holdouts remain

River’s latest addition to its list was UBS, the Swiss banking giant that also operates in the U.S. market. Bloomberg reported Friday that UBS is exploring offering Bitcoin (BTC) and Ether (ETH) trading to its wealthiest clients.

The UBS consideration adds another large institution and points to high-net-worth demand as a key channel for early adoption.

Still, banks have not embraced all parts of crypto finance. Large banks have criticized yield-bearing stablecoins and warned they could pose risks to the financial system.

In addition, Circle Chief Executive Officer Jeremy Allaire has argued that interest payments on stablecoins do not threaten the banking system. His comments highlight an ongoing debate over how yield-bearing stablecoins fit into regulated finance.

River also pointed to major institutions that remain on the sidelines. Capital One holds about $694 billion in assets, and Truist Bank holds about $536 billion, according to Forbes estimates.

Consequently, U.S. banks’ Bitcoin services appear to be expanding in trading, custody, and crypto-backed lending, while some major banks continue to hold back and banks maintain caution around yield-bearing stablecoins.

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China holds about 194K BTC from the PlusToken seizure and trails the US by a narrow margin.

US Bitcoin totals vary by source, as agencies classify seized assets under reserve models.

China keeps seizing untouched Bitcoin, as state strategy differs from public crypto policy.

China is nearing the United States as the world’s largest government Bitcoin holder, despite enforcing a nationwide cryptocurrency ban since 2021. Recent reports estimate China’s holdings to be approximately 194,000 BTC, placing them roughly 4,000 BTC below the U.S. total of about 198,000 BTC. Some estimates place U.S. government holdings higher, near 328,000 BTC, depending on accounting methods and asset classifications.

China’s Bitcoin Holdings Near U.S. Levels

China’s estimated 194,000 BTC largely traces back to the 2019 PlusToken case, one of the largest crypto fraud seizures on record. Authorities dismantled the PlusToken Ponzi scheme and transferred recovered Bitcoin into state-controlled wallets.

Source: X

Since then, those assets appear to have remained intact rather than being sold, allowing holdings to persist. As a result, China’s Bitcoin total now rivals U.S. government reserves by some estimates. The difference stands near 4,000 BTC when using lower U.S. figures cited in recent reports.

This comparison places both countries far ahead of other governments in Bitcoin holdings.

Meanwhile, reporting discrepancies continue to shape the debate. Some data sets include additional U.S. assets tied to ongoing investigations or strategic reserves. Even so, China’s position near the top remains consistent across multiple tracking sources.

Policy Ban Versus State-Level Accumulation

China has enforced a broad crypto ban since 2021, covering the activities of trading and mining and the operation of exchange services. The country prohibits both retail investors and institutional investors from participating in crypto activities. Chinese mining operations, which used to dominate the sector, have now moved to other locations because of government regulations.

The government possesses significant Bitcoin holdings, which the rules do not permit them to control. Law enforcement seizures form the basis of the accumulation because no market activity contributed to it. This separation between public policy and state custody defines China’s current stance.

Analysts often describe the holdings as strategic assets held quietly by the state. One analyst said Bitcoin still appeals to governments as a store of value. The analyst added that bans do not erase Bitcoin’s attractiveness at the sovereign level.

Related: Cambodia Extradites Chen Zhi to China in Cryptocurrency Scam

Global Context and U.S. Comparisons

In contrast, U.S. Bitcoin holdings also come primarily from federal seizures. These include assets tied to darknet markets and major cybercrime cases. According to Bleap Finance, U.S. agencies now manage these assets under more structured custody frameworks.

Some U.S. policies treat Bitcoin as part of a broader sovereign reserve strategy. This approach has formalized how seized digital assets remain on balance sheets. As a result, U.S. totals vary depending on classification and disclosure. China’s growing economic strength has captured the interest of international financial markets. 

Investors and analysts now track government Bitcoin holdings as indicators of strategic interest. State-held Bitcoin has become a clearer measure of global adoption dynamics as China approaches U.S. Bitcoin ownership levels.  

China’s growing Bitcoin holdings reveal a widening gap between public crypto policy and state financial strategy. While the ban remains firm, seized BTC stays untouched. As China nears U.S. levels, government-held Bitcoin now signals strategic positioning rather than retail adoption, prompting markets to watch sovereign crypto balances more closely.

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Coinbase, Ethereum and Optimism move quantum security from theory into execution.

Governance-led upgrade paths allow post-quantum cryptography without rushed fixes.

Bitcoin faces slower coordination and higher migration risk under future quantum threats.

Quantum computing planning has shifted crypto strategy from theory to execution across major platforms. Coinbase, Ethereum and Optimism have outlined governance-led preparations for post-quantum security. These efforts contrast with Bitcoin’s slower coordination model, which complicates future cryptographic upgrades despite rising institutional attention.

Planning Replaces Theory 

Quantum risk discussions intensified after Coinbase confirmed the creation of an independent quantum advisory board this week. Coinbase CEO Brian Armstrong said the board will study long-term blockchain security impacts from quantum computing. Members include Stanford cryptographer Dan Boneh, UT Austin researcher Scott Aaronson, Ethereum Foundation researcher Justin Drake, and EigenLayer founder Sreeram Kannan.

Coinbase framed quantum resilience as a planning issue rather than an emergency response. Armstrong said preparing early allows infrastructure changes without rushed decisions later. This framing aligns with industry consensus that cryptographically relevant quantum computers remain years away.

Ethereum has taken a parallel but protocol-focused approach to the same risk. According to Ethereum researchers, the network treats post-quantum security as an engineering migration, not speculation. Ethereum’s roadmap outlines a gradual shift away from ECDSA-based externally owned accounts across its ecosystem.

The plan targets a 10-year transition window ending in 2036. Under this structure, EOAs delegate key control to post-quantum smart contract accounts. Importantly, users retain balances and addresses during migration, avoiding forced exits.

Ethereum and Optimism Upgrade Paths Into Governance

Ethereum researchers have emphasized that consensus-layer quantum safety is mandatory. As a result, validator-level coordination already includes cryptographic upgrade planning. This approach relies on Ethereum’s established hard fork governance process.

Optimism, which operates on the OP Stack, has adopted the same assumptions. The network warned that unprepared systems could face cryptographic exposure. However, it stressed that large-scale quantum computers have not yet emerged.

The OP Stack allows pluggable cryptographic modules by design. As a result, developers can integrate post-quantum signature schemes through scheduled hard forks. This reduces reliance on emergency fixes during future threat windows.

Vitalik Buterin supported this direction earlier this month. According to Buterin, Ethereum should aim for cryptographic safety lasting at least a century. He argued that delaying preparations increases long-term system risk.

Buterin also linked quantum readiness to Ethereum’s broader design goals. He said the base layer must function without constant vendor intervention. This requirement, which he calls the “walkaway test,” includes full quantum resistance as a core condition.

Related: Hoskinson Says Quantum Security Is Ready, Chains Are Early

Bitcoin Faces Coordination Constraints as Capital Reacts

While Ethereum and Optimism plan structured migrations, Bitcoin faces different constraints. Bitcoin lacks a central coordination mechanism to guide cryptographic transitions. Any protocol change requires broad social consensus among developers, miners, and users.

This governance structure has begun influencing capital decisions. Jefferies strategist Christopher Wood recently reduced a 10 percent Bitcoin allocation. He cited concerns that quantum advances could eventually threaten Bitcoin’s ECDSA-based signatures.

Bitcoin’s exposure differs from encryption-based systems. Quantum risk targets signature forgery rather than data decryption, according to cryptography researchers. However, Bitcoin’s early pay-to-public-key outputs remain especially vulnerable.

Additionally, Bitcoin cannot rely on passive migration. Users must actively move funds to quantum-safe addresses once available. Abandoned coins, estimated in the millions, complicate any future transition.

Low transaction throughput adds another constraint. Migrating all vulnerable funds would require months under current capacity. These factors increase planning pressure despite the distant quantum timeline.

Ethereum’s account abstraction model reduces similar friction. Smart contract wallets can upgrade authentication logic without abandoning state. However, EOAs would still require coordinated migration support.

The broader industry debate reflects these structural differences. According to a16z, timelines for cryptographically relevant quantum computers often get overstated. The firm argues for deliberate planning over rushed deployment.

This divergence explains the emerging divide. Flexible governance enables early preparation without immediate execution. Rigid coordination models, however, face longer planning horizons regardless of threat probability.

Quantum computing has not broken existing cryptography. However, planning now shows governance realities, not imminent failure. As preparations continue, adaptability and decentralization increasingly shape how blockchains manage long-term cryptographic risk.

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South Korea considers bank-led won stablecoins as regulators weigh capital flow risks.

Governor Lee warns stablecoins may bypass controls through volatile USD-linked tokens.

Central bank favors tokenized deposits and wholesale CBDCs over digital currency rollout.

South Korea is weighing whether to allow domestic institutions to issue virtual asset stablecoins as regulatory debate intensifies. The discussion took center stage at the Asian Financial Forum in Hong Kong on January 26.

Bank of Korea Governor Lee Chang-yong outlined the central bank’s cautious position during a public session. He said authorities now face growing market pressure to modernize the country’s digital asset framework.

As a result, regulators already allow South Korean residents to invest in virtual assets issued overseas. At the same time, financial authorities are studying a registration system for domestic virtual asset issuance.

The proposal includes potential approval for Korean institutions to issue won-denominated stablecoins. However, Lee stressed that the issue remains controversial within policy circles. He warned that stablecoins raise risks linked to capital flows and financial supervision.

Cross-Border Use Raises Capital Flow Concerns

Lee said the most likely use case for a Korean won stablecoin involves cross-border transactions. In contrast, he expects tokenized bank deposits to serve domestic payment needs. South Korea already operates a fast and efficient payment infrastructure. That reality reduces the immediate benefit of retail central bank digital currencies.

Lee explained that capital flow management still plays a central role in Korea’s financial policy. He warned that won stablecoins could weaken those controls if poorly designed. The risk increases when stablecoins interact with widely available U.S. dollar stablecoins.

Lee said exchange rate movements could quickly drive funds into dollar-pegged tokens. Such shifts could trigger large and rapid capital transfers. He added that transaction costs for USD stablecoins remain far lower than traditional dollar settlements.

That cost advantage makes sudden capital movement more likely during market volatility. Lee said regulators must account for these risks before approving any issuance framework. He also highlighted oversight challenges tied to stablecoin issuers. Many major USD stablecoins operate outside the banking sector. That structure complicates supervision, compliance, and enforcement efforts.

Related: Seized Bitcoin Vanishes as South Korea Expands Crypto Control

Bank-Led Model Under Review

During the forum, Lee emphasized the need for a conservative rollout strategy. He said authorities prefer a bank-led model for any won stablecoin issuance. According to him, bank involvement ensures stronger KYC and AML enforcement.

He noted that stablecoin usage in parts of Asia often aims to obscure identities. Without banks, he said regulators may struggle to enforce compliance standards. “So we want to take a more conservative approach,” Lee told forum attendees. He said officials want to allow won stablecoins but start with bank-based institutions.

However, Lee acknowledged resistance from the market. He said industry participants argue non-bank issuers should also participate. That disagreement remains unresolved within the regulatory process.

Meanwhile, the central bank continues advancing digital currency pilots. These include tokenized deposits and wholesale central bank digital currencies. Lee said these efforts aim to preserve South Korea’s two-tier financial system.

Wholesale CBDCs support interbank settlement without disrupting retail banking. Tokenized deposits allow innovation while keeping funds within regulated banks. Lee said these tools address many use cases linked to stablecoins. They also limit risks tied to retail capital flight.

South Korea’s regulators have not announced a timeline for final decisions. The registration framework remains under study by financial authorities. Lee said officials will continue assessing market demand and systemic risks. He added that any approval would prioritize stability over speed.

For now, the won stablecoin debate remains open. Regulators continue to weigh market demand against capital flow risks. Any future issuance will likely come with strict oversight and limited scope.

The post South Korea Weighs Bank-Led Won Stablecoins Amid Risk Debate appeared first on Cryptotale.

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Russia has labelled WhiteBIT undesirable and warned citizens against any contact.

WhiteBIT confirmed about eleven million dollars in donations to Ukrainian causes since.

The exchange exited Russia in 2022 and reports growth across global markets today.

Russia has banned the Ukrainian-founded crypto exchange WhiteBIT, labelling it an undesirable organization and criminalizing any interaction with the platform inside the country. The decision targets the exchange and its parent firm, W Group, over alleged support for Ukraine’s war effort. Russian prosecutors said the exchange backed Ukraine’s military through funding and technical infrastructure since February 2022. 

Authorities warned that Russian citizens now face criminal charges for any dealings with WhiteBIT. The designation marks another step in Russia’s broader crackdown on firms accused of aiding Ukraine. It also reinforces the sharp divide between Russia’s regulatory stance and Ukraine-aligned crypto initiatives.

Russia Targets WhiteBIT Over Ukraine Support

The Russian prosecutor general accused WhiteBIT of actively supporting Ukraine’s Armed Forces from the first days of the conflict. Officials cited collaboration with Kyiv-linked institutions and fundraising initiatives.

Prosecutors said WhiteBIT management donated about $11 million in 2022. Of that amount, roughly $900,000 funded drone systems for Ukraine’s military, according to the statement.

The office also claimed that company leaders joined international charity auctions. It said proceeds from those events financed drones for Ukrainian fighters, including members of the Azov unit, which Russia classifies as a terrorist organization.

Exchange Response and Market Exit

WhiteBIT confirmed the donation figures in a statement shared. The company said the ban strengthens its commitment to supporting Ukraine. The exchange said it exited the Russian market in early 2022, soon after the invasion began. It blocked all Russian and Belarusian users and removed ruble trading pairs at that time.

WhiteBIT said those measures cut about 30% of its user base. Despite the loss, the company reported eightfold growth and said it now serves more than eight million users while expanding into the United States.

Related: Russia Orders Banks to Report Client Crypto Transactions

Broader Crypto Sanctions Context

One year into the war, Ukraine’s Ministry of Digital Transformation urged major exchanges to block Russian users. Letters went to platforms including Coinbase, Binance, Bybit, and WhiteBIT.

At the time, some exchanges declined a blanket ban. Coinbase and Kraken said they would act only when laws required enforcement while blocking sanctioned entities. Against that backdrop, Russian prosecutors accused WhiteBIT of building gray schemes to move funds abroad. The designation now extends to W Group and related entities over alleged illegal transfers.

Donations and Legal Fallout

WhiteBIT said it donated about $11 million of its own funds to Ukraine’s defence forces and humanitarian causes. Through its payment arm Whitepay, the exchange said it facilitated more than $160 million in crypto donations.

The company said these funds supported both civilian aid and defence-related fundraising. It described the actions as part of its civic position as a Ukrainian-rooted business during wartime.

For these efforts, WhiteBIT and founder Volodymyr Nosov received honours from Ukraine’s government and security services. Russia said the ban will have legal consequences for its citizens. WhiteBIT said the impact on operations will remain limited due to its earlier market exit and full blockade of Russian-linked users.

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Tether pievienoja apmēram 27 tonnas zelta 2025. gada beigās, ņemot vērā rekordlielu globālo cenu momentum.

Augošās zelta cenas virzīja zeltu pāri galvenajiem sasniegumiem intensīvas institucionālās pieprasījuma laikā.

Stabilo valūtu rezerves parādīja pieaugošu zelta izmantošanu kopā ar ASV valdības vērtspapīriem kā nodrošinājumu.

Tether pievienoja apmēram 27 metrikas tonnas zelta savam fonda ieguldījumam 2025. gada ceturtajā ceturksnī, atbilstot lielajai pirkšanai, kas novērota agrāk gadā. Uzņēmums apstiprināja šo soli pirmdien. Iegādes notika, kad zelta cenas pieauga līdz jauniem augstumiem šajā pašā periodā. Saskaņā ar Reuters, zelts ir pieaudzis par 18% kopš gada sākuma pēc tam, kad 2025. gadā pieauga par 64%. Cenas 2025. gada martā pārsniedza 3,000 USD par unci. Vēlāk tās pārsniedza 4,000 USD oktobrī. Pirmdien zelts sasniedza 5,000 USD spēcīgas pieprasījuma un globālo spriedzi apstākļos.

BlackRock filed an S-1 for a Bitcoin ETF that sells covered calls to generate steady income.

The fund uses IBIT-linked options to earn premiums instead of betting on price direction.

Analysts say added call selling could compress volatility without moving Bitcoin prices.

BlackRock has quietly widened the aperture on how institutional investors can access Bitcoin, filing an S-1 for a new product that blends spot exposure with income generation. The proposed iShares Bitcoin Premium Income ETF is designed to track Bitcoin’s price while systematically selling call options, turning part of the asset’s volatility into distributable cash flow.

The filing frames the ETF less as a directional bet and more as a yield-focused wrapper around existing spot exposure. Instead of relying solely on price appreciation, the fund plans to collect option premiums by systematically writing covered calls, primarily linked to BlackRock’s own spot Bitcoin ETF. For markets already adjusting to ETF-driven flows, the proposal highlights how volatility itself is becoming an investable output.

From Spot Exposure to Premium Capture

According to the prospectus, the Premium Income ETF will sell call options tied mainly to shares of the iShares Bitcoin Trust (IBIT), with the option to reference other Bitcoin exchange-traded product indices at times.

The strategy allows the fund to earn income from option buyers seeking upside exposure while distributing the collected premiums to shareholders. Bloomberg ETF analyst Eric Balchunas highlighted the filing on X, noting that key details such as the ticker symbol and management fee have not yet been disclosed.

Source: X

He emphasized that the stated goal is to “track performance of the price of Bitcoin while providing premium income” through an actively managed call-writing approach. IBIT itself remains a straightforward spot vehicle, holding only Bitcoin without derivative overlays.

Since its launch, it has grown into the largest U.S. spot Bitcoin ETF by assets, reflecting strong institutional demand for direct exposure. However, the new filing contrasts with that model by layering an income strategy on top of price tracking.

Institutionalizing Volatility as Yield

What stands out is that the covered-call structure effectively converts frequent Bitcoin price swings into a source of cash flow. By selling calls, the fund receives premiums upfront, which can smooth returns during sideways or moderately rising markets.

In exchange, the upside above the option strike is partially forfeited if prices rally sharply. This approach is familiar in equity markets, where covered-call ETFs have long appealed to income-focused investors.

Yet, applying it to Bitcoin signals how far the asset has moved into conventional portfolio construction. Rather than speculating on long-term appreciation alone, the ETF is built to extract value from how Bitcoin moves over time.

Market Impact and Volatility Supply

On the other hand, some derivatives participants view the filing as another contributor to an already crowded volatility-selling environment. Wintermute head of OTC trading Jake Ostrovskis said that implied volatility in Bitcoin options has faced sustained pressure following the launch of spot ETFs and related options markets. Additional systematic call selling, he noted, could weigh further on implied premiums.

BTC vols already suffer from significant oversupply following the rollout of ETFs, SP's & options on IBIT. Now add more mechanical vol selling and the only logical outcome is further steady decline in yield from market-implied premiums.

Structuring/timing + leaning on axes via… https://t.co/EYWaGiRjjK

— Jake O (@JO_wintermute) January 26, 2026

The concern is not directional price pressure, but yield compression. As more strategies sell calls to generate income, option premiums may decline, reducing headline yields over time. In such conditions, returns become more dependent on strike selection, timing, and execution rather than broad volatility levels.

Related: Vitalik Explains Why Blockchain Scaling Favors Computation

A Maturing ETF-Native Market

If approved, the Premium Income ETF would add another layer to Bitcoin’s ETF ecosystem, shifting part of volatility pricing toward exchange-listed option flows linked to ETF shares. Traders will likely monitor whether call supply clusters around specific expiries or strikes are tied to IBIT activity.

At press time, Bitcoin traded at $88,383. The filing underscores a broader trend: as Bitcoin becomes more embedded in regulated ETF structures, strategies that repackage risk into income are moving from the margins to the mainstream.

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