CoinPhoton

Tokenized stock activity surged over the past month, with monthly transfer volume jumping more than 415% to $29.5 billion, according to RWA.xyz.
Monthly active addresses climbed 209% to around 1.3 million, while the number of tokenized stock holders increased 167% to 2.36 million. Total distributed value reached $2.54 billion, up roughly 637% from $344 million a year ago.
By platform, Ondo leads the market with $842.8 million in distributed value, followed by Kraken’s xStocks at $609.3 million and Binance’s bStocks at $599.9 million. Together, the three account for about 81% of the tokenized stock market.
The growth comes as major crypto platforms expand tokenized equity products. Coinbase recently launched tokenized US stocks on Base for eligible non-US users, while Bitwise introduced automated portfolios built from those assets.
Bybit has also begun accepting tokenized shares such as Nvidia, Apple and Tesla as collateral for margin loans, while Robinhood-backed Arcus offers more than 95 stock tokens and perpetual markets.
The rapid growth highlights accelerating demand for 24/7, onchain access to traditional equities and their integration into DeFi.

The value of tokenized real-world assets (RWAs) on the Stellar network has surged about 360% in 2026, rising from $868.8 million at the end of last year to nearly $4 billion as of Aug. 29.
The market is concentrated among a handful of issuers. Spiko leads with about $1.55 billion, followed by Realiz at $559 million, Tradable at $548 million, Franklin Templeton at $546 million and Ondo at $535 million.
Stellar has also gained traction in non-US government debt, with roughly $490 million tokenized on the network, including Mexican CETES and Brazilian government bonds.
Institutional adoption is helping drive the expansion. DTCC plans to connect its tokenization services to Stellar in the first half of 2027, potentially enabling tokenized US Treasurys, major index ETFs and Russell 1000 stocks on the network.
Tradable also plans to bring up to $1 billion in private credit assets to Stellar, while MoneyGram has launched its MGUSD stablecoin on the blockchain. Stellar currently hosts around $438 million in reserve-verified stablecoins.
Despite the strong RWA growth, $XLM
is down about 11% year to date, trading near $0.18.

Polygon has disclosed several previously private security vulnerabilities that could have disrupted its proof-of-stake network, after fixes were deployed through the Austin and Kyoto hard forks.
The flaws affected Polygon’s Bor and Heimdall clients and included denial-of-service risks, validator resource exhaustion, and problems with checkpoint and milestone processing.
The most serious vulnerability involved Heimdall, where a specially crafted transaction could force validators to perform excessive computational work and potentially disrupt network operations. The Austin hard fork also fixed two Bor vulnerabilities that could slow block processing or crash nodes.
Polygon said none of the vulnerabilities were observed being exploited on mainnet. The fixes were privately developed, tested and activated before technical details were publicly disclosed.
All Polygon PoS nodes now need Bor v2.10.0, while validators and full nodes require Heimdall v0.11.0. Nodes still running older versions have fallen out of consensus and must upgrade to rejoin the canonical network.
Polygon’s POL token traded around $0.10, down about 4% over the past week but up roughly 44% over the past month. $POL

US spot Bitcoin ETFs recorded $201.8 million in net outflows on Friday, ending a nine-day inflow streak as Bitcoin fell below $78,000.
The nine-session run had attracted more than $3 billion in net inflows, while August remains positive at roughly $3.3 billion with one US trading session left in the month. Total Bitcoin ETF assets fell to about $97.6 billion after briefly exceeding $100 billion.
ARK 21Shares’ ARKB led the outflows with $114.9 million, followed by Bitwise’s BITB with $49.7 million and BlackRock’s IBIT with $33.4 million. Morgan Stanley’s Bitcoin Trust was the only fund to post inflows, adding $9.3 million.
Altcoin ETFs continued to attract capital despite the Bitcoin reversal. Spot Ether ETFs added $102.2 million, while XRP ETFs recorded $26.2 million in inflows.
Solana ETFs have also maintained strong momentum, reaching about $1.7 billion in cumulative inflows, while Bitwise’s Solana ETF recently became the first in the category to surpass $1 billion in assets. $BTC

The U.S. Securities and Exchange Commission has cleared the registration for Evernorth, an XRP-focused treasury company seeking to list on Nasdaq.
Evernorth is merging with special purpose acquisition company Armada Acquisition Corp. II, with shareholders scheduled to vote on the deal on Sept. 30. If approved, the combined company is expected to trade on Nasdaq under the ticker XRPN.
Major investors include Ripple, Arrington Capital, SBI Group, Pantera Capital, Kraken and GSR. Evernorth was founded by Asheesh Birla, who previously led Ripple’s payments business for more than a decade.
Unlike traditional crypto treasury companies that primarily buy and hold tokens, Evernorth says it plans to deploy capital into XRP infrastructure and actively manage its holdings with the goal of increasing the amount of XRP backing each share over time.
The model still carries risks, as crypto treasury stocks can trade at premiums or discounts to the value of their underlying holdings, potentially limiting their ability to raise additional capital.
XRP traded near $1.41, up more than 27% over the past week. $XRP

Solana validators narrowly approved SGP-0002, a proposal to accelerate reductions in new SOL issuance, after several major validators switched their votes in the final minutes.
The proposal passed with 67% support, barely clearing the required two-thirds threshold. About 25% voted against and 7.84% abstained, while participation reached 60.7% of eligible stake.
The outcome remained uncertain until the final hour. A Kraken-linked validator representing roughly 2% of voting power switched from opposition to support, while Galaxy reallocated much of its roughly 1.7% voting weight from abstention to support shortly before the deadline.
SGP-0002 doubles Solana’s annual disinflation rate, meaning SOL issuance will decline more rapidly toward the network’s long-term inflation target.
The vote was part of Solana’s first network-wide governance process. SGP-0001, which establishes a governance framework for future network decisions, passed with 95.35% support. Meanwhile, SGP-0003, which proposed changes to transaction fees that would increase SOL burning, failed with about 54% support.
SOL traded near $106, down roughly 1.2% over 24 hours. $SOL

IREN shares fell about 8% in pre-market trading after the company reported weaker profitability as it accelerates its shift from Bitcoin mining to AI cloud infrastructure.
Fiscal fourth-quarter revenue declined 5% quarter over quarter to $137.2 million, while adjusted EBITDA plunged 68% to $19.2 million as employee costs and AI-related investment increased.
IREN posted a $684 million net loss, including a $450.4 million non-cash impairment largely related to decommissioning Bitcoin mining equipment as facilities are converted for AI workloads.
Despite the losses, the quarter marked a major milestone: AI cloud revenue more than doubled to $70.5 million, surpassing Bitcoin mining revenue of $66.7 million for the first time.
AI cloud services now account for 51.4% of quarterly revenue, while mining contributes 48.6%. Mining revenue fell 40% sequentially as power and infrastructure were redirected toward AI.
IREN said it has about $4 billion in contracted annualized run-rate revenue tied to its 2026 capacity, though only around $1 billion is currently operational.

Bitcoin fell below $79,000 after Federal Reserve Chair Kevin Warsh delivered a hawkish Jackson Hole speech focused heavily on persistent inflation risks.
Warsh said the Fed’s “predominant focus” should remain on inflation and argued that the central bank still has “work to do” to bring price growth sustainably back toward its 2% target.
Markets quickly repriced the outlook for monetary policy. According to CME FedWatch, the probability of a September rate hike jumped to 42% from 35% a day earlier.
Bitcoin slipped to around $78,700 following the remarks, while US stocks moved modestly lower and Treasury yields edged higher.
Warsh’s comments reinforced expectations that the Fed may keep monetary conditions tighter for longer, potentially creating additional pressure on risk assets including cryptocurrencies. $BTC

Ethena’s $ENA
token surged after the Ethena Foundation proposed using 95% of net protocol revenue for token buybacks and announced changes to early investor holdings.
Under the proposed fee switch, 95% of net revenue paid to the foundation from Ethena’s core businesses would be used to buy ENA once USDe circulating supply reaches $7.5 billion. Tokenholders have until Sept. 2 to vote, with early voting showing unanimous support.
ENA rose about 10.7% in 24 hours and 27% over the past week, trading above $0.17.
The foundation also confirmed that it had bought locked ENA from certain major seed investors who sold tokens during the past nine months.
Separately, Ethena and its lead investors agreed to release all remaining unvested investor allocations on Oct. 5, replacing the existing monthly unlock schedule. The move accelerates the unlocks rather than canceling them, while team tokens will remain under their original vesting schedules.
Ethena’s USDe currently has a market capitalization of roughly $4 billion, meaning supply would need to rise significantly before the proposed 95% buyback mechanism is activated.

Crypto custody firm BitGo has completed its acquisition of NYDIG’s institutional trading business, expanding its derivatives, financing and capital markets capabilities.
The deal brings NYDIG’s institutional trading relationships and approximately 30 employees to BitGo. Financial terms were not disclosed.
The acquired business provides derivatives, structured products, financing and trading services to institutional clients including asset managers, hedge funds and corporations.
BitGo CEO Mike Belshe said the acquisition will significantly expand the company’s trading infrastructure and allow it to serve a broader range of institutional crypto clients.
Following the transaction, NYDIG will focus more heavily on power generation, Bitcoin mining and high-performance computing data centers. Its development pipeline exceeds 3 gigawatts, including more than 1 GW of capacity expected to come online in 2027 and 2028. $BTC

French Bitcoin treasury company Capital B raised €21 million ($24.5 million) through a private share placement backed by investors including Bitcoin pioneer Adam Back and asset manager TOBAM.
The financing was priced at €0.58 per ABSA, with each unit consisting of one share and four subscription warrants. If all warrants are exercised, Capital B could raise an additional €135.8 million ($158 million).
The company plans to use the new capital to acquire about 270 BTC, which would increase its total Bitcoin holdings to approximately 3,415 BTC.
Capital B currently holds 3,139 BTC worth roughly $249 million, making it one of the 30 largest publicly traded Bitcoin treasury companies globally.
The raise follows shareholder approval of a much broader financing framework that could eventually allow Capital B to pursue up to €5 billion in equity capital increases as it continues expanding its Bitcoin treasury strategy.

An Abu Dhabi investment group linked to Sheikh Tahnoon bin Zayed Al Nahyan reportedly controls a 49% stake in the holding company behind World Liberty Financial’s proposed US trust bank.
According to The Wall Street Journal, Tahnoon’s group backs StringZ Holding RSC, which owns 49% of WLTC Holdings. An entity affiliated with President Donald Trump’s family reportedly owns another 38%.
The Office of the Comptroller of the Currency granted preliminary conditional approval to World Liberty Trust Company on Aug. 14. If it receives final approval, the bank would handle the issuance, redemption and custody of World Liberty’s USD1 stablecoin under federal supervision.
The OCC has confirmed StringZ as an investor in WLTC Holdings and said it agreed not to influence the bank, but the regulator did not identify Tahnoon as its backer or disclose the size of the stake.
Tahnoon previously backed a $500 million investment for a 49% stake in World Liberty Financial, a deal that has drawn scrutiny from Democratic lawmakers over possible conflicts of interest and US-UAE policy ties.

CryptoQuant CEO Ki Young Ju says Bitcoin’s 2026 bear market may be over after a key onchain indicator turned bullish for the first time since October 2025.
CryptoQuant’s Bull/Bear Market Cycle Indicator rose to 0.042 as of Aug. 26, moving into bullish territory after falling as low as -1.244 when Bitcoin dropped to around $60,000 in February.
The indicator combines several profitability metrics, including MVRV, NUPL and SOPR, and compares them with a 365-day moving average. Positive readings historically indicate improving investor profitability and the potential start of a bullish market phase.
Ki noted that a similar shift from negative to positive territory occurred during Bitcoin’s recovery in early 2023, when the previous bear market ended.
However, analysts remain divided over whether Bitcoin has entered a sustained bull market. Concerns persist about insufficient demand and significant resistance above current prices, while trader Rekt Capital said Bitcoin’s August monthly close will be critical in determining whether the long-term downtrend has truly been broken. $BTC

Japanese financial group SBI Holdings has invested $270 million in Indonesian investment platform Ajaib Group, acquiring an approximately 20% stake as it expands its digital asset footprint across Asia.
The deal represents Indonesia’s largest technology funding round since 2022 and brings Ajaib’s total capital raised since 2019 to more than $500 million.
Ajaib offers a broad range of products, including stocks, bonds, ETFs, crypto assets, stablecoins, commodities and foreign exchange. It also provides OTC stablecoin settlement and liquidity services for corporate and institutional clients in Indonesia.
Following the transaction, Ajaib will become an equity-method affiliate of SBI Holdings.
SBI already operates several crypto businesses globally, including SBI VC Trade in Japan, Coinhako in Singapore and market maker B2C2 in the UK. The group is also developing the JPYSC yen stablecoin and Strium, a Layer 1 blockchain focused on financial applications.

Institutional crypto exchange Bullish has provided USD.AI with a $100 million stablecoin-based debt facility to finance loans backed by AI computing infrastructure.
USD.AI will use the capital to lend to AI infrastructure operators, with the loans secured by GPU hardware rather than borrowers’ broader corporate assets. The platform, developed by Permian Labs, connects stablecoin liquidity with financing demand for AI computing equipment.
Bullish also plans to list USD.AI’s sUSDai token across multiple trading pairs and support it with a dedicated market-making program to improve liquidity and price discovery for GPU-backed debt.
USD.AI has already financed several large GPU-backed loans, including a $98.1 million facility secured by 2,304 Nvidia B300 GPUs and a $34 million loan backed by 768 Nvidia B200 GPUs.
The deal expands an existing relationship between the companies after Bullish Capital invested $4 million in USD.AI in September 2025.
Bullish shares have also rebounded strongly, gaining roughly 45% over the past month to trade near $33, although they remain more than 60% below their public-market debut level.

Ondo Finance has appointed Allison Parent as chief policy officer as the tokenization platform strengthens its regulatory and government affairs strategy.
Parent previously served as executive director of the Global Financial Markets Association, representing major global capital-market institutions. She also held senior policy roles at Barclays and the Bank of England and previously advised on the Dodd-Frank Act while serving as general counsel to the U.S. Senate Committee on the Budget.
The appointment comes as tokenized assets gain broader institutional adoption and regulators increase their focus on digital assets. Ondo said Parent will work with policymakers and regulators globally to help establish standards for onchain financial markets.
Ondo currently has about $2 billion in TVL across its tokenized U.S. Treasury products, while its Ondo Global Markets platform for tokenized stocks and ETFs reached roughly $1 billion in TVL within eight months of launching.
The hire also comes as comprehensive U.S. crypto legislation remains stalled, with the CLARITY Act facing disputes over stablecoin rewards, conflicts of interest and other regulatory issues. $ONDO

Bitcoin struggled to break decisively above $80,000 after Federal Reserve Chair Kevin Warsh delivered a cautious message on inflation at the Jackson Hole symposium.
BTC briefly fell to around $78,442 before recovering toward $79,500 as traders digested Warsh’s comments. The Fed chair said recent softer CPI and PCE readings were encouraging but did not indicate that underlying inflation trends had “meaningfully improved.”
Warsh also reiterated his opposition to routine forward guidance, signaling that the Fed intends to provide fewer hints about future policy moves.
Bitcoin continues to face significant resistance between roughly $80,000 and $86,000. Analysts say a sustainable move above $83,000 will depend heavily on the structure of derivatives markets.
QCP Capital said a healthier breakout would involve rising prices alongside contained funding rates and gradual growth in open interest, indicating that spot demand rather than excessive leverage is driving the move.
Despite the volatility, Bitcoin remains up about 26% in August, putting it on track for its strongest August performance since 2017. $BTC

California lawmakers unanimously passed a bill restricting public officials’ involvement with memecoins, citing concerns over conflicts of interest and potential “pay-to-play” arrangements.
The California Senate approved Assembly Bill 2409 by a 40-0 vote, while the Assembly later concurred with the amendments by 78-0. The bill now awaits the governor’s signature.
Starting Jan. 1, 2027, the legislation would prohibit digital asset service providers from offering California residents memecoins issued by, or in partnership with, federal, state or local public officials.
The move comes amid growing scrutiny of politically linked crypto tokens. According to Public Citizen, investors in the Trump-linked Official Trump (TRUMP) memecoin are estimated to be about $3.2 billion underwater, mostly in unrealized losses.
TRUMP currently has a market capitalization of roughly $688 million and ranks as the fifth-largest memecoin. Despite gaining 53% over the past week, the token remains down about 67% over the past year.
Trump family crypto ventures have also complicated negotiations around the CLARITY Act, with lawmakers debating ethics provisions covering public officials’ financial interests in digital assets. $TRUMP

Bitwise’s Solana Staking ETF has surpassed $1 billion in assets under management, reaching the milestone exactly 10 months after launch.
The fund now represents more than half of all assets held in Solana ETFs, according to The Block data, despite BSOL shares being down roughly 40% since listing and SOL remaining about 60% below its all-time high.
Spot Solana ETFs have attracted around $1.7 billion in cumulative net inflows and generated more than $13 billion in trading volume since launching in September 2025. Bloomberg analyst Eric Balchunas noted that the category has seen remarkably limited outflows despite the severe crypto downturn earlier this year.
Institutional interest in Solana is also expanding. Charles Schwab recently announced plans to offer direct SOL trading, while Goldman Sachs is the largest known holder of spot Solana ETFs, with nearly $90 million invested.
SOL itself has rebounded nearly 45% over the past month as the broader crypto market recovers. $SOL

A U.S. appeals court ruled against Kalshi in its dispute with Nevada regulators, finding that the prediction market platform failed to show that federal commodities law overrides state gambling regulations for sports event contracts.
The Ninth Circuit said Kalshi was not entitled to an injunction blocking the Nevada Gaming Control Board from enforcing state gaming laws against its sports contracts. The court concluded that the Commodity Exchange Act likely does not preempt Nevada’s gaming regulations in this context.
The ruling deepens the broader fight between state regulators and the CFTC over who has authority to regulate sports-related prediction markets. Several states argue that such contracts amount to gambling, while CFTC Chair Michael Selig has maintained that the agency has exclusive jurisdiction over federally regulated derivatives markets.
The CFTC strongly criticized the decision, saying the Ninth Circuit misinterpreted federal law and that the case has now created a circuit split that could ultimately require Supreme Court resolution.
Kalshi also rejected the court’s reasoning and said it plans to seek further review, while maintaining that existing CFTC rules do not prohibit sports event contracts.