Cointelegraph

Enterprise digital asset infrastructure platform Fireblocks said Wednesday it launched Earn, a feature that lets institutional clients route stablecoin balances into onchain lending strategies through Aave and Morpho-powered products.

The product launches with a Sentora-curated vault on Morpho and direct access to Aave’s stablecoin lending markets, according to Fireblocks. The company said Earn is available now in Early Access for Fireblocks customers.

Fireblocks said the feature is aimed at clients sitting on large idle stablecoin balances between settlement windows and deployment cycles. The company said it processed $6 trillion in stablecoin transfer volume in 2025 across more than 2,400 institutional clients, up 300% from a year earlier.

Fireblocks is the latest platform launching an institutional gateway product for decentralized lending, seeking to make idle stablecoin holdings more productive for institutions. Competing solutions for institutional stablecoin lending include Aave Horizon, Coinbase Prime, Anchorage Digital, Nexo Institutional and Spark Institutional Lending.

Fireblocks did not disclose a target yield. The company said any returns would be generated by the underlying protocols and would be variable, not guaranteed, and could be zero.

Top decentralized lending protocols. Source: DeFiLlama

Aave is the largest decentralized lending protocol with $25.9 billion in total value locked (TVL), followed by Morpho with $7.67 billion in TVL, according to DeFiLlama data.

Fireblocks targets idle stablecoin balances

Fireblocks said most institutional capital sits idle between deployment cycles and settlement windows, which inspired the new Earn product, according to Michael Shaulov, CEO and co-founder of Fireblocks.

“For the first time, institutions can put those balances to work through onchain lending strategies curated by established institutional names, inside the same platform, under the same controls they already run,” he said.

Fireblocks has been expanding its institutional services beyond just lending.

In October 2025, Fireblocks Trust Company teamed up with Galaxy, Bakkt, and others to launch a crypto custody framework operating under the New York Department of Financial Services (NYDFS) to meet soaring institutional demand, Cointelegraph reported.

On Jan. 7, 2026, Fireblocks acquired crypto accounting platform TRES for $130 million, tapping the company for its tax compliance infrastructure to support institutions.

Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

The US state of Virginia has approved changes to its unclaimed property framework, bringing digital assets under state custody rules while limiting how soon those assets can be sold.

On Monday, Governor Abigail Spanberger signed House Bill 798 into law. The measure amends the state’s Disposition of Unclaimed Property Act, requiring custodians of unclaimed crypto to transfer those assets in-kind, meaning in their original form, rather than liquidating them into cash.

The law also imposes a minimum one-year holding period before any sale. “The administrator may subsequently direct such holder of unclaimed digital assets to liquidate the reported but unremitted digital assets not less than one year following the filing of a report,” the bill reads.

By holding crypto in-kind, the state reduces the risk of forced sales at unfavorable prices or during downturns, offering potential upside for owners who later reclaim their assets.

With the measure, Virginia joins a growing group of states that have included digital assets within unclaimed property laws. In May last year, Katie Hobbs signed a law allowing Arizona to take ownership of unclaimed crypto after three years and place it into a state-managed reserve fund. California has also passed a bill bringing crypto under the state’s unclaimed property laws.

Source: Virginia Gov

Virginia sets five-year clock for abandoned crypto accounts

The bill further clarifies when crypto accounts are deemed abandoned, setting a five-year inactivity period unless the owner shows signs of engagement, such as logging in or conducting transactions.

“Some good news out of Virginia,” Paul Grewal, chief legal officer of Coinbase, wrote on X, adding that the law “updates the state’s unclaimed property statute to cover digital assets and ensures they are escheated in-kind.”

Virginia Blockchain Council previously called the bill “an important step,” claiming that it “helps modernize Virginia’s financial laws and signals the Commonwealth’s continued engagement with emerging technologies.”

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Pakistan’s central bank has allowed banks to open accounts for licensed virtual asset service providers (VASPs) and their customers, replacing an eight-year-old prohibition on dealing in virtual currencies.

In a circular dated April 14, the State Bank of Pakistan (SBP) said regulated entities may open bank accounts for entities licensed by the Pakistan Virtual Assets Regulatory Authority (PVARA), the statutory body responsible for licensing, regulation and oversight of virtual asset activities in the country.

The move follows Pakistan’s passage of the Virtual Assets Act 2026 in March and marks a shift toward a more formal regulatory framework for digital assets after years of restrictions following an outright ban in 2018. 

Authorities have recently signaled a more structured approach to the sector, including holding discussions with major exchanges such as Binance and HTX in December 2025, as part of efforts to attract regulated trading platforms. 

In parallel, Pakistan has also explored blockchain-based financial infrastructure through engagements with affiliates of World Liberty Financial, including discussions around the use of stablecoins for cross-border payments.

Banking access opens under strict regulatory framework

Under the new framework, regulated entities shall not invest, trade or hold virtual assets using their own funds or customer deposits, the circular states, emphasizing that banks’ role is limited to providing banking services to licensed firms.

BPRD circular letter. Source: Pakistan VARA

The SBP added that banks remain responsible for complying with all applicable central bank regulations, including foreign exchange rules, and that any arrangement with a VASP does not absolve them of those obligations.

Banks are required to open separate transactional accounts denominated in Pakistan rupees, described as Client Money Accounts (CMAs), for settlement of authorized transactions of licensed VASPs, with strict segregation between CMAs and other VASP accounts and a prohibition on commingling VASP funds with client assets. 

In addition to existing customer due diligence rules under SBP’s anti-money laundering (AML) and counter financing terrorism (CFT) rules, regulated entities must conduct full due diligence on each VASP, amend their customer risk profiling models to capture VASP-related risks, and risk-rate VASPs accordingly.

Banks are directed to monitor their relationships with VASPs on an ongoing basis and report any suspicious transactions to Pakistan’s Financial Monitoring Unit.

Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

A European Commission adviser said the European Union’s landmark MiCA crypto regime is likely to evolve as digital asset markets develop beyond the conditions the law was originally designed to address.

Speaking at the Paris Blockchain Week (PBW) 2026, Peter Kerstens, an adviser on technological innovation, digital transformation and cybersecurity at the European Commission’s financial services department, said the Commission will review the Markets in Crypto-Assets Regulation (MiCA) and launch a public consultation to assess whether the rules are working for market participants and supporting business development.

The remarks suggest EU policymakers are already thinking about how MiCA may need to evolve as the crypto market matures. Kerstens said he could not predict the future, but added that EU financial legislation typically evolves in stages, suggesting it would be “rather unusual” if there were not a “MiCA 2” over time.

MiCA already contains a built-in review clause. The regulation requires the Commission to report on its application by June 30, 2027, and allows it to accompany that review with legislative proposals if needed, according to the Official Journal of the European Union.

OKX chief marketing officer Haider Rafique (left) with Peter Kerstens (right) at the PBW 2026. Source: Cointelegraph

MiCA review signals next phase of EU crypto rules

Kerstens said the review is not a response to a broken framework, but part of an effort to ensure rules keep pace with a changing market structure. He said MiCA was designed at a time when crypto markets were dominated by a few large assets and many smaller tokens. 

He said that the ecosystem has since matured, requiring policymakers to reassess whether the framework fits in current conditions. 

He also emphasized the role of industry feedback, saying that the Commission would begin with a public consultation with “no taboos.” Kerstens invited market participants to identify where rules should be expanded, adjusted or left unchanged. 

He warned that if regulation does not evolve alongside innovation, markets may develop around existing rules, creating legal uncertainty.  

Kerstens’ comments come as aspects of MiCA and related frameworks are being tested in practice. On March 24, stablecoin issuer Circle urged the European Commission to adjust parts of its proposed Market Integration Package, including lowering thresholds that limit the use of euro-denominated stablecoins in settlement and expanding access for crypto-asset service providers. 

At the same time, policymakers are debating how MiCA should be implemented. On April 3, officials weighed whether to shift supervision of major crypto firms to the European Securities and Markets Authority (ESMA) amid concerns over inconsistent enforcement. 

Magazine: Singapore isn’t a ‘crypto hub’ — it’s something better: StraitsX CEO

Bursa de criptomonede OKX a declarat miercuri că lansează o platformă de derivate criptografice specifică Europei numită X-Perps.

Compania a declarat că noul produs derivat este disponibil pentru comercianții cu amănuntul și instituționali din Spațiul Economic European (SEE).

OKX a declarat că platforma este construită special conform Directivei privind piețele instrumentelor financiare (MiFID), un cadru de reglementare al Uniunii Europene care guvernează instrumentele financiare, cum ar fi valorile mobiliare și derivatele.

Lansarea are loc la puțin peste un an după ce OKX a obținut o licență MiFID II în martie 2025, ceea ce a permis bursei să își extindă tranzacționarea derivatelor în întreaga UE.

EToro said Wednesday it agreed to acquire self-custodial crypto wallet provider Zengo, deepening the trading platform’s push into onchain products as digital assets remain central to its business.

The deal will let eToro add Zengo’s wallet technology and broaden its offering in areas such as tokenized assets, prediction markets, perpetuals and yield products, according to the company. Terms were not disclosed. Bloomberg reported the transaction is worth about $70 million, mostly in cash, citing a person familiar with the matter.

CEO Yoni Assia said at Paris Blockchain Week during a fireside chat that the acquisition fits eToro’s effort to attract a more crypto native user base while expanding beyond regulated brokerage products into self-custody infrastructure.

Crypto activities have become an important revenue source for the platform. eToro reported total revenue and income of $13.8 billion in 2025, of which $12.98 billion was revenue from crypto assets.

Yoni Assia, CEO of eToro, speaking at Paris Blockchain Week in 2026. Source: Cointelegraph

Assia keeps $250,000 Bitcoin target

At Paris Blockchain Week, Assia said he expects the current market slowdown to last another quarter before Bitcoin (BTC) returns to an accumulation phase, eventually pushing the token above $250,000.

“Bitcoin is on the path eventually to $250,000, $500,000 and beyond.”

EToro’s CEO is the latest industry figure to call for a $250,000 Bitcoin price target, following BitMEX co-founder Arthur Hayes and Rich Dad Poor Dad author Robert Kiyosaki.

However, other large companies remain divided on Bitcoin’s trajectory for the rest of the year, with some questioning the relevance of the four-year cycle theory.

Galaxy Digital urged investor caution and described the year ahead as “too chaotic to predict,” citing looming uncertainties such as the US midterm elections and shifting monetary policy.

Top assets by market capitalization. Source: CompaniesMarketCap

Regardless of the timeline, a Bitcoin rally to $250,000 would require Bitcoin’s price to increase by about 3.3-fold and implies a $5 trillion market capitalization. This would make BTC the world’s second-largest asset after gold, up from the 12th spot, according to CompaniesMarketCap data.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

Ripple has partnered with Kyobo Life Insurance, one of South Korea’s largest life insurers, to pilot blockchain-based settlement of government bonds, as Seoul moves to formalize rules for tokenized securities.

Ripple Custody, Ripple’s digital asset custody solution, will support the issuance, storage and settlement of tokenized government bonds, the company said in a Wednesday announcement. The companies will also explore tokenized Treasury settlement across Korea’s financial system.

“This partnership is a signal to the broader market that institutional-grade digital asset infrastructure is no longer a future aspiration; it is available, proven, and ready to deploy in Korea today,” Fiona Murray, the managing director for Asia Pacific at Ripple, said.

The project aims to replace traditional bond settlement processes, which often rely on multiple intermediaries and two-day settlement cycles, with onchain execution that enables near real-time settlement. This change could reduce counterparty risk and improve capital efficiency.

Kyobo Life explores stablecoin payments

As part of the partnership, Kyobo Life also explores other use cases, including stablecoin-based payment rails and integration with liquidity and treasury management systems.

Jin Ho Park, senior executive vice president at Kyobo Life, said that traditional financial instruments “can operate securely and efficiently on blockchain.”

Source: Ripple

The move comes as South Korea advances efforts to build a legal and regulatory framework for tokenized securities. In February, the Financial Services Commission passed amendments to the Electronic Securities Act and Capital Markets Act, formally introducing the concept of “token securities” and allowing distributed ledger technology to be used as a legally recognized securities registry.

The reforms also pave the way for investment contract securities to be circulated through regulated securities firms, expanding access and improving market liquidity for non-traditional financial instruments.

South Korea draft bill to tighten stablecoin, RWA rules

As Cointelegraph reported, South Korea’s ruling Democratic Party is reportedly preparing legislation that would classify stablecoins used in cross-border payments as foreign exchange instruments. Under the proposed Digital Asset Basic Act, such tokens would fall under the Foreign Exchange Transactions Act, bringing related businesses under regulatory oversight even without separate licensing.

The draft also introduces stricter rules for tokenized real-world assets, requiring issuers to back underlying assets through regulated trust structures under capital markets law.

Magazine: South Korea gets rich from crypto… North Korea gets weapons

Fondurile de investiții ETF Bitcoin listate în SUA au revenit la fluxuri zilnice notabile pe măsură ce Goldman Sachs a intrat în sectorul ETF Bitcoin.

ETF-urile Bitcoin (BTC) Spot au înregistrat fluxuri de 411,5 milioane de dolari marți, marcând cele mai mari fluxuri zilnice din aprilie de până acum, conform datelor SoSoValue.

Fluxurile proaspete au împins fluxurile nete totale pentru 2026 în teritoriu pozitiv de aproximativ 245 milioane de dolari de la începutul anului, în timp ce activele totale sub gestionare au sărit peste 96,5 miliarde de dolari, cel mai ridicat nivel de la mijlocul lunii martie.

Câștigurile au venit pe măsură ce Goldman Sachs, odată un critic major al Bitcoin, a depus o cerere la autoritățile de reglementare din SUA pentru a lansa un ETF legat de Bitcoin. Această mișcare urmează lansării ETF-ului Morgan Stanley Bitcoin Trust (MSBT) de către Morgan Stanley săptămâna trecută.

Societe Generale-FORGE, the digital asset arm of French banking giant Societe Generale, has integrated its Markets in Crypto Assets Regulation (MiCA)-compliant USD CoinVertible (USDCV) stablecoin into MetaMask, giving the wallet’s millions of users access to a regulated dollar token issued by a major European bank.

The company said in a release on Wednesday that under the partnership with Consensys, USDCV will be surfaced in MetaMask on mobile and web and made available for functions including trading, decentralized finance interaction and fiat on-ramping, with Transak serving as the on-ramp provider.

The integration would expand access to one of Europe’s few bank-issued dollar stablecoins at a time when regulated issuers are seeking to turn MiCA compliance into a commercial advantage. SG-FORGE says USDCV is fully backed by cash, redeemable 1:1 in dollars and issued under its ACPR electronic-money license.

Consensys CEO Joseph Lubin said in the release that stablecoins are becoming a more important part of digital financial infrastructure.

SG-FORGE CEO Jean-Marc Stenger said the MetaMask rollout was intended to broaden access to compliant digital assets.

Cointelegraph reached out to Societe Generale-FORGE and Consensys for comment but had not received a response by publication.

SG-FORGE’s euro stablecoins

SG-FORGE also issues EUR CoinVertible, a MiCA-compliant euro stablecoin first launched on Ethereum in 2023. The token has since expanded as part of a multichain strategy to Solana, the XRP Ledger and Stellar, while USDCV is available on Ethereum and Solana and listed through several exchanges and partners, according to SG-FORGE.

Crypto wallet Zerion revealed that North Korean-affiliated hackers used AI in a long-term social engineering attack to steal about $100,000 from the company’s hot wallets last week. 

The Zerion team released a post-mortem on Wednesday, where it confirmed that no user funds, Zerion apps or infrastructure were affected and that it had proactively disabled the web app as a precaution. 

While the amount was relatively small in crypto hacking terms, it is another incident of a crypto worker being targeted for an “AI-enabled social engineering attack linked to a DPRK threat actor,” Zerion said.

It is the second attack of this nature this month, following the $280 million exploit of the Drift Protocol, which was the victim of a “structured intelligence operation” by DPRK-affiliated hackers. The human layer, not smart contract bugs, has now become North Korea’s primary point of entry into crypto firms.  

AI is changing the way cyber threats work

Zerion said the attacker gained access to some team members’ logged-in sessions and credentials, as well as private keys to company hot wallets. 

“This incident showed that AI is changing the way cyber threats work,” the company said. 

It confirmed that the attack was similar to those that had been investigated by the Security Alliance (SEAL) last week.

SEAL reported that it had tracked and blocked 164 domains linked to the DPRK group UNC1069 in a two-month window from February to April.

It stated that the group operates “multiweek, low-pressure social engineering campaigns” across Telegram, LinkedIn and Slack. Malicious actors impersonate known contacts or credible brands or leverage access to previously compromised company and individual accounts.

“UNC1069’s social engineering methodology is defined by patience, precision, and the deliberate weaponization of existing trust relationships.”

Google’s cybersecurity unit Mandiant detailed in February the group’s use of fake Zoom meetings and a “known use of AI tools by the threat actor for editing images or videos during the social engineering stage.”

DPRK’s social engineering is evolving

Earlier this month, MetaMask developer and security researcher Taylor Monahan said North Korean IT workers have been embedding themselves in crypto companies and decentralized finance projects for at least seven years.

“The evolution of the DPRK’s social engineering techniques, combined with the increasing availability of AI to refine and perfect these methods, means the threat extends well beyond exchanges,” blockchain security firm Elliptic said in a blog post earlier this year. 

“Individual developers, project contributors, and anyone with access to cryptoasset infrastructure is a potential target.”

There are two types of DPRK attack vectors, one more sophisticated than the other. Source: ZachXBT

Magazine: How AI just dramatically sped up the quantum risk for Bitcoin

Social media platform X has launched its smart cashtag feature on iPhones in the US and Canada, letting users view stock and cryptocurrency data directly from the app as part of Elon Musk’s plan to shift X into a financial platform.

The new feature allows users to select a specific asset or smart contract address when posting a ticker. Tapping a tag displays live price charts and related posts. 

Canadian users will be able to trade stocks and crypto through a deal between X and Wealthsimple, an online brokerage. The trading feature has not yet rolled out in the United States. 

“Cashtags are just the first step in our commitment to be the best destination for the finance and crypto community,” said X's head of product Nikita Bier, in a post on Tuesday. 

The development is part of X’s “everything app” push, which Musk has previously called a Swiss army knife of mobile apps that hopes to include messaging, social networking, peer-to-peer payments and e-commerce.

It’s part of a wider trend among digital platforms to consolidate diverse services into a single cohesive experience. Crypto exchange Coinbase announced its intent to build a “super app” last July.

The announcement comes less than a day after Bier hinted on Tuesday that the platform could launch a crypto-related product, prompting speculation about what it could be. 

Musk previously said that X Money, a peer-to-peer payments feature with yield-bearing accounts and a cashback debit card, would launch in April.

𝕏 has always been the best source of financial news for traders and investors. Billions of dollars are allocated every day based on what people read on Timeline.

Today we're launching our new Cashtags feature in the US and Canada on iPhone, bringing real-time financial data to… pic.twitter.com/c8s7X9gHTO

— Nikita Bier (@nikitabier) April 14, 2026

Canadians trading on X sets stage for rollout

The integration with Wealthsimple to allow direct trading on the app sheds some insight into how it could work in other regions. 

“Users in Canada will see a button on cashtags so they can trade seamlessly from X. This is just a small preview of what's to come,” said Bier.

Bier also indicated that a rollout for web and Android devices, along with a global release of these features, is planned for the near future. 

Bringing the WeChat Pay model to Web3

Tat Thang, a partner at prediction platform Polymarket, suggested X is trying to build a Web3 equivalent of WeChat Pay, a Chinese super-app that lets users make mobile payments and transfer money between contacts.

Source: Tat Thang

Thang argued that crypto transaction fees could be the key revenue driver for Musk’s ambitions for his “everything app”, since revenue and subscription fees can fluctuate, and person-to-person fiat transfers carry zero margin.

He also cited X’s hiring of Bier, a Solana advisor and Benji Taylor, former head of design at Base, along with a recent purge of crypto bots as indicators of X ramping up its financial ambitions because you can’t “drop a native wallet or trading terminal onto a timeline filled with drainer links.”

“It was a mandatory compliance sweep. You have to scrub the platform clean before you deploy consumer financial products,” Thang added.

Magazine: Should users be allowed to bet on war and death in prediction markets?

Utilizatorii de crypto au fost avertizați cu privire la o nouă înșelătorie de inginerie socială care înșeală victimele să folosească pluginuri comunitare pe aplicația de notițe Obsidian pentru a rula fără să știe malware care poate prelua controlul asupra dispozitivelor lor.

Elastic Security Labs a declarat într-un raport marți că a descoperit o campanie nouă care vizează persoanele din crypto și finanțe folosind “inginerie socială elaborată pe LinkedIn și Telegram” pentru a înșela victimele să permită software malițios, dar aparent sigur, să ruleze pe dispozitivele lor.

Atacatorii abuzează de ecosistemul pluginurilor comunității pe Obsidian pentru a “executa în tăcere cod atunci când o victimă deschide un seif cloud partajat,” cu atacuri funcționând atât pe dispozitive Windows, cât și macOS.

Apple a confirmat că a eliminat o aplicație malițioasă care s-a dat drept portofelul crypto Ledger de auto-îngrijire, după ce o analiză onchain a descoperit că mai mult de 50 de victime au căzut pradă înșelătoriei, pierzând un total de 9,5 milioane de dolari.

Apple a spus Cointelegraph marți că aplicația falsă Ledger Live a fost eliminată și că dezvoltatorul, “SAS Software Company,” a fost eliminat din Apple App Store.

Apple a declarat că dezvoltatorul a folosit o “strategie de înșelătorie” pentru a păcăli utilizatorii să instaleze o aplicație falsă Ledger Live și să împărtășească frazele lor seed.

This weeks Asia Express features a Q&A on how Singapores crypto landscape has shifted since the licensing deadline.

Before the summer of 2025, Singapore was a key base for cryptocurrency companies engaging in regulatory arbitrage.

While the city-state barred unlicensed companies from serving local users, many businesses sidestepped the rules by simply blocking Singaporean customers and serving overseas ones.

That changed after regulators forced companies to either obtain a license or find a new home. StraitX CEO Tianwei Liu’s company is the major player in stablecoin payments on the island and issues XSGD and XUSD. He tells Magazine that the directive reduced speculative retail activity while leaving more serious institutional players behind.

Crypto service providers were given a June 30, 2025 deadline to get licensed or leave Singapore. (Monetary Authority of Singapore)

Magazine spoke with Liu about how Singapores crypto landscape has shifted since the licensing deadline, and how stablecoin adoption is expanding across Asia.

The following conversation has been edited for clarity and length.

Magazine: Has Singapores regulatory tightening affected the crypto scene on the ground?

Liu: From an insider perspective, MAS has been very consistent.

SGX CEO Loh Boon Chye said in 2024 that Singapore isnt ready to list Bitcoin ETFs while other markets were rushing to the scene. (Reuters)

They have never used the term crypto hub. They talk about being a digital asset hub or a blockchain hub. The focus is on real-world applications, not speculative activity. They want companies to build useful applications that solve real-world problems.

Speculative activity has always been discouraged. Thats part of Singapores broader philosophy. If you compare SGX to Hong Kong Exchange, Singapore is more conservative. It avoids speculative instruments like high-leverage and margin-heavy products.

This carries over into crypto as well.

The situation where companies were asked to leave was not sudden. There were about three years of public consultations. Companies were given early notice and time to comply.

The issue was companies that wanted to base themselves in Singapore but not be regulated there, while serving overseas customers. That was a loophole that got patched.

They were told clearly: either get regulated and operate properly, or leave.

Magazine: What has actually changed for the local crypto ecosystem?

Liu: Some players have left, especially more aggressive exchanges and projects focused on speculative activity. But this is not just Singapore. This is happening globally.

If you look at previous cycles, there were ICOs, then [non-fungible tokens], and now those groups are much less active. Even in places like Dubai, where people thought those players would move, they are no longer as prominent.

So this is more of an industry-wide shift than something specific to Singapore.

At the same time, the ecosystem has strengthened.

We are seeing more institutional adoption. Banks and major companies are coming in and using these technologies in production.

Companies like Grab and major banks are integrating these systems. This is not theoretical. It is happening every day.

Read also

Features How do you DAO? Can DAOs scale and other burning questions

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Magazine: Has the energy changed compared to before?

Liu: It depends on how you define energy. If you are talking about speculative hype, then yes, that has gone down.

Liu says speculative businesses didnt find greener pastures elsewhere. (Johnny Ng)

But if you are talking about real-world adoption, it has increased significantly.

From our perspective, the growth has been very strong. Weve seen about 40x growth in transaction volume and 80x growth in cards issued over the past 12 months.

So the industry has shifted. It is less about hype cycles now and more about real applications and real usage.

Magazine: How do you see Singapore compared to Hong Kong as crypto hubs?

Liu: We call it healthy competition.

Singapore has been very consistent in its approach. Hong Kong said they wanted to move faster and even go one step ahead by opening up to more applicants, but they have missed their own stablecoin license timelines, which makes it a bit inconsistent. [The first licenses were subsequently issued this week]

From Singapores side, they have been very clear about what they want to deliver. They define the framework, select a small number of operators that can already operate, and then decide when to allow more participants.

Hong Kong regulators missed its Q1 target to issue the citys first stablecoin licenses. (Hong Kong Monetary Authority)

A lot of this also depends on how other regulators move. Singapore was ahead, then Hong Kong said they wanted to move aggressively, so now Singapore is also observing how things develop globally.

So where we are right now is that Singapore already has a functioning regime with a limited number of operators, while Hong Kong is still in the process of getting there.

Magazine: When you say regulated stablecoin in Singapore, what does that mean?

Liu: Singapore has a regime that governs what they classify as well-regulated stablecoins.

Stablecoins can mean different things globally. You have crypto-backed stablecoins. You have ones that claim to be 1:1 but may not be fully backed. There are different levels of transparency and requirements.

Singapore is more specific. They provide clear guidelines on what it takes to be considered a well-regulated stablecoin. This framework was introduced around 2023 during the Singapore FinTech Festival.

Singapore is seen as a tier-one jurisdiction with strong regulatory credibility and banking infrastructure. There is also a stable government, which means policies tend to be consistent over time.

Read also

Features How do you DAO? Can DAOs scale and other burning questions

Features Blockchain games take on the mainstream: Heres how they can win

What theyve done is provide clear guidelines, and then they grant exemptions to a small number of companies that meet those requirements. Those companies are allowed to operate immediately, not in sandbox, but in production.

At the same time, they have not yet opened applications to new players.

Right now, there are only three entities that have this capability. We are two of them across different structures, and the third is Paxos.

There are separate regimes for SGD and USD stablecoins. Those have been defined, but new applicants are currently not allowed. 

Magazine: What kind of real-world use cases for stablecoins are you seeing?

Liu: Weve been involved in some of these early pilots with regulators, in what used to be called Project Orchid and now Project Bloom. We are part of the pioneer community and have been spearheading these projects.

We have cross-border initiatives, especially QR code-based payments across Asia Pacific. There is now the capability for Alipay wallet users to come to Singapore and scan and pay at any merchant QR code.

Alipay is widely used across China and is among the largest payment platforms in the world. (Markus Winkler)

To the end user, the vision is very simple. They just scan and pay, which they are already used to in Asia. But behind the scenes, every transaction is utilizing a Singapore dollar stablecoin on a public blockchain like Avalanche.

This is already happening every single day.

Since inception, XSGD has processed close to $10 billion in on-chain transactions. Our U.S. dollar stablecoin, which we launched more recently, has done about $40 billion in transactions in a short time frame.

We are also expanding this. For example, we just announced that Thai travelers coming to Singapore can scan and pay at merchant QR codes with the same backend infrastructure. Users dont need to know anything about crypto.

Magazine: What is the fastest-growing use cases related to stablecoins?

Liu: One of the fastest-growing categories we are seeing is stablecoin-backed Visa or debit cards. 

This is driven by real demand. In many emerging markets, people want access to US dollars. For those users, having a dollar-denominated account is a big draw. If you combine that with a Visa card that can be used at around 175 million merchants, it becomes a game changer.

We are seeing strong adoption in places like the Philippines, Thailand, Vietnam and also in emerging markets like Colombia and Venezuela. These are markets where local currencies are depreciating, and users are looking for alternatives.

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Switzerland’s Crypto Valley captured 47% of European blockchain venture funding in 2025, raising $728 million across 31 deals, according to an annual report released Wednesday by venture firm CV VC.

Globally, blockchain venture funding rose 30% to $15.5 billion across 986 deals last year, while Crypto Valley’s total climbed 37% from $531 million in 2024, the report said.

One deal did much of the heavy lifting. The Open Network (TON) accounted for $400 million of Crypto Valley’s 2025 funding haul, followed by Sygnum Bank at $58 million, stablecoin platform M0 at $40 million, Impossible Cloud Network at $34 million and CratD2C at $30 million, according to the report.

The figures suggest Switzerland remains Europe’s main blockchain funding hub, but they also show capital concentrating into fewer, larger rounds as Crypto Valley’s Top 50 valuation fell to $467 billion, and its unicorn count dropped to 10.

Global blockchain funding growth compared to Crypto Valley growth. Source: Crypto Valley

Blockchain networks attracted 62% of total funding, followed by infrastructure at 14%, centralized financial services at 10% and decentralized finance applications at 10%, the report said.

Companies in Crypto Valley based on industry. Source: Crypto Valley

Crypto Valley took 47% of Europe’s funding

Crypto Valley’s $728 million accounted for 47% of the total VC blockchain funding across Europe and 5% of the global blockchain funding in 2025, highlighting the Swiss blockchain ecosystem’s growing role in the European blockchain industry. 

“Nearly half of all European blockchain investment is now flowing into Crypto Valley,” said Mathias Ruch, founder and CEO of Crypto Valley, calling it a sign of a “maturing ecosystem” focused on infrastructure, finance and the convergence of “frontier technologies” driving digital innovation.

Still, the report’s own numbers show that growth came alongside a more selective market, with deal count falling even as capital deployed increased. That pattern was visible globally as well. CV VC said worldwide blockchain venture funding rose even as deal volume fell 32%, showing a shift toward fewer but larger transactions.

In Crypto Valley, the same dynamic helped push annual funding totals higher, even as the ecosystem’s headline valuation and unicorn count moved lower.

Crypto Valley accounted fro 47% of total European blockchain investments. Source: Crypto Valley

Crypto Valley now hosts 1,766 active blockchain companies, up 134% since 2020, according to CV VC. Companies based in Zug, Switzerland, accounted for 20 of the 31 total deals and 88% of disclosed capital, while Zurich-based companies followed with five deals.

The report also said Crypto Valley’s number of unicorns fell to 10 in 2025 from 17 a year earlier. Ethereum, Solana, Cardano, Hedera, Toncoin, Polkadot, Near Protocol, Internet Computer, Copper and Sygnum Bank now rank as the region’s top crypto companies.

A Crypto Valley spokesperson attributed the decline largely to weaker market conditions late in the year, which pushed six token projects below the $1 billion threshold. The spokesperson also said 21Shares left the ecosystem after its acquisition by FalconX.

Magazine: How crypto laws changed in 2025 — and how they’ll change in 2026

Cypherpunk Jameson Lopp și cinci co-autori din domeniul securității cuantice Bitcoin au propus înghețarea monedelor vulnerabile la cuantă pe rețeaua Bitcoin, inclusiv rezerva de 74 de miliarde de dolari a lui Satoshi, pentru a preveni furtul acestora odată ce computerele cuantice devin disponibile.

Această mișcare este a doua parte a unei propuneri în trei etape sub BIP-361 numită „Migrarea Post Cuantă și Apusul Semnăturii Legacy”, care a fost postată ca un draft pe GitHub marți.

Aceasta abordează un risc major pentru Bitcoin - utilizarea potențială a computerelor cuantice pentru a fura aproximativ 1.7 milioane BTC blocate în adresele P2PK timpurii, inclusiv rezerva lui Satoshi, care nu sunt rezistente la cuantă.

Piața adresabilă a Bitcoin are potențialul de a depăși piața de aur de 34 de trilioane de dolari dacă va fi folosită pe scară largă atât ca monedă, cât și ca un depozit de valoare, conform directorului de investiții al Bitwise, Matt Hougan.

Hougan a spus marți că, deși Bitcoin (BTC) a fost văzut ca un competitor pentru aur, războiul din Iran a arătat că Bitcoin poate servi și într-un „mod asemănător unei monede”, referindu-se la planul propus de Iran de a percepe o taxă care poate fi plătită în crypto pentru navele care navighează prin Strâmtoarea Hormuz.

Bursa de criptomonede Kraken a sugerat că încă își continuă planurile pentru o ofertă publică inițială, în ciuda raportelor care sugerează că planul a fost suspendat luna trecută din cauza condițiilor de piață.

Kraken a depus o cerere pentru o ofertă publică inițială confidențială la Comisia pentru Valori Mobiliare și Burse din SUA în noiembrie, dar un raport neconfirmat din martie a sugerat că planul ar fi putut fi înghețat.

Vorbind la conferința Semafor World Economy 2026 marți, co-CEO-ul Kraken, Arjun Sethi, nu a abordat suspendarea, dar a confirmat că compania a „depus confidențial” o cerere pentru o IPO când a fost întrebat de jurnalistul Semafor Rohan Goswami dacă „există planuri de a face Kraken public în curând.”

Bancile și lobbyiștii din domeniul crypto și-au exprimat amândouă îngrijorările cu privire la ultima propunere de a încheia impasul asupra randamentelor stablecoin în proiectul de lege privind structura pieței crypto din Senat, legislație care a fost în așteptare de când Camera a adoptat Legea CLARITY în iulie.

Senator Thom Tillis a declarat pentru Politico luni că intenționează să publice un proiect de acord în această săptămână care vizează încheierea unei dispute asupra unei prevederi din proiectul de lege privind poliția crypto din Senat, care ar interzice terților, cum ar fi bursele de crypto, să ofere plăți de randament pentru stablecoin.

Analistii de piata spun ca Bitcoin (BTC) arata „momentum bullish reînnoit” după ce a crescut cu 5% peste 76.000 $ marți, cu taurii având în vedere câteva câștiguri suplimentare până la 90.000 $ în contextul îmbunătățirii activității rețelei.

Prețul Bitcoin atinge un maxim de 70 de zile

Datele de la TradingView arată că perechea BTC/USD a crescut cu peste 5% marți, atingând un maxim intraday de 76.120 $, niveluri văzute ultima dată pe 6 feb.

Creșterea a văzut prețul Bitcoin-ului recuperând niveluri cheie de suport, inclusiv zona de 75.000 $ unde media mobilă exponențială și simplă de 100 de zile se converg.