Crypto Reporter

Ngành công nghiệp crypto của Mỹ đang nỗ lực thúc đẩy việc ban hành luật toàn diện về cấu trúc thị trường, nhưng đang đối mặt với một lần trì hoãn nữa khi Thượng viện tiến gần kỳ nghỉ tháng 8 mà vẫn chưa đạt được thỏa thuận cuối cùng đối với Đạo luật CLARITY.
Đạo luật Làm rõ Thị trường Tài sản Kỹ thuật số (Digital Asset Market Clarity Act) nhằm thiết lập khung pháp lý liên bang toàn diện đầu tiên điều chỉnh các thị trường crypto tại Hoa Kỳ, bao gồm việc phân định rõ hơn trách nhiệm giữa Ủy ban Chứng khoán và Giao dịch (SEC) và Ủy ban Giao dịch Hàng hóa Tương lai (CFTC).
Sau nhiều năm tranh luận về việc quản lý thông qua thực thi, dự luật đã giành được đà thúc đẩy đáng kể vào đầu năm nay.

BlackRock is expanding deeper into tokenized finance, this time targeting one of the fastest-growing opportunities created by U.S. stablecoin regulation: managing the assets that sit behind digital dollars.
The world’s largest asset manager has introduced two blockchain-based money market products designed to qualify as reserve assets for permitted U.S. payment stablecoin issuers under the GENIUS Act.
The first, BlackRock Select Treasury Based Liquidity Fund, or BSTBL, is a tokenized share class of an existing BlackRock money market fund. Shares are available on Ethereum, giving institutional investors blockchain-based access to a traditional Treasury-focused liquidity product.
The second, BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, or BRSRV, is a newly created money market fund designed specifically with stablecoin reserves in mind. It offers daily dividend reinvestment and is being made accessible across multiple blockchains. Securitize serves as its transfer agent and tokenization provider.
The launches point to a potentially significant consequence of stablecoin regulation.
Stablecoin issuers generally need highly liquid, low-risk assets backing the tokens they put into circulation. Under the U.S. regulatory framework, that means instruments such as cash, Treasury securities and qualifying investment products.
For large asset managers, those reserve requirements create a new pool of institutional money to manage.
BlackRock has made clear that it wants a significant role in that market. The company already manages about $60 billion in reserves for Circle, the issuer of USDC, according to comments from BlackRock Chief Financial Officer Martin Small during its second-quarter earnings call.
That represents a substantial share of a stablecoin market now valued at roughly $300 billion.
BlackRock is not entering tokenized finance from scratch. In 2024, it launched the BlackRock USD Institutional Digital Liquidity Fund, better known as BUIDL, with Securitize. The tokenized money market fund has since grown to approximately $2.5 billion in assets and has increasingly been used within crypto markets as collateral.
BSTBL and BRSRV take the strategy a step further.
Instead of simply putting an investment fund on a blockchain, BlackRock is positioning tokenized funds as part of the financial infrastructure supporting regulated stablecoins.
The opportunity has also attracted competitors. State Street, Franklin Templeton, Invesco and other large asset managers are developing products aimed at the growing market for stablecoin reserves and tokenized cash.
This could create an unusual relationship between traditional asset management and digital currencies.
Stablecoins are sometimes portrayed as competitors to traditional finance because they can move money outside conventional banking and payment networks. Yet their growth may simultaneously create demand for some of Wall Street’s most traditional products: Treasury securities and money market funds.
Tokenization adds another layer. Reserve assets themselves can increasingly exist in blockchain-compatible form, potentially allowing issuers to manage liquidity, collateral and settlement within the same digital infrastructure used for stablecoins.
BlackRock has argued to U.S. regulators that tokenized versions of eligible reserve assets should not face additional limits merely because they are recorded on a distributed ledger. The company maintains that credit quality, duration and liquidity — rather than the underlying technology — should determine an asset’s risk.
That position offers a clue to where the market may be heading.
Stablecoins may be crypto-native products, but the infrastructure beneath them is rapidly becoming institutional. As regulation defines what issuers can hold, major asset managers are competing to manage those reserves and bring them on-chain.
BlackRock’s latest launches suggest that the stablecoin boom may ultimately create as much opportunity for traditional finance as it does for crypto companies.
The post BlackRock positions tokenized cash for the stablecoin era appeared first on Crypto Reporter.

Strategy Inc. báo lỗ ròng 8,2 tỷ USD trong quý hai, khi những biến động về giá trị thị trường của các khoản nắm giữ Bitcoin đã gây áp lực lên lợi nhuận theo các quy định kế toán giá trị hợp lý. Công ty, từng là một nhà cung cấp phần mềm doanh nghiệp và nay đã chuyển mình thành bên nắm giữ Bitcoin doanh nghiệp lớn nhất, cho biết họ tiếp tục coi tiền mã hóa này là tài sản dự trữ kho bạc chính. Theo kết quả kinh doanh theo quý, Strategy nắm giữ khoảng 843.775 Bitcoin vào cuối kỳ báo cáo.

Twelve years ago there was no such thing as a hardware wallet. To hold your own Bitcoin safely you needed a spare computer, a working knowledge of Linux, and the nerve to trust a setup you had wired together yourself. Most people did not have all three. They left their coins on exchanges and hoped for the best.
That changed on 29 July 2014, when Trezor shipped the Model One. It was the first hardware wallet ever made, and it created the category that now secures a large share of the world’s crypto. Trezor invented the hardware wallet, and with it, a practical way for ordinary people to be their own bank.
Trezor Model One prototype
To mark the anniversary, Trezor is running Self-Custody Week and has asked its two founders to look back at where the idea came from, and forward at the problems self-custody still has not solved.
It started with a problem they had themselves
In 2011, Marek “Slush” Palatinus was running the first ever Bitcoin mining pool, single-handedly. As mining got harder, keeping the operation going was a strain, and a bigger question kept coming up in conversation: once you have bitcoin, where do you safely keep it?
Palatinus had met Pavol “Stick” Rusnák, an open-source and security engineer, at Brmlab, a Prague hackerspace, shortly before the city’s first Bitcoin conference in late 2011. Both were, in Rusnák’s words, computer nerds. Rusnák kept his own coins on a plain Linux laptop he used for nothing else, running the Electrum wallet, with the risks cut down by keeping everything else off the machine. It worked, but it was never something he would hand to anyone who was not an engineer. If it took that much care for them, it was out of reach for everyone else.
Trezor founders
The two of them, later joined by Alena Vránová, started meeting regularly to work on it. They were not hardware designers and never set out to build a device. They had a concrete problem, and hardware turned out to be the logical answer: move the private key off the computer entirely, onto a small dedicated device that signs transactions in isolation and never exposes the secret to the internet.
Pavol Rusnák: “Marek and I were computer nerds. We ran Linux and we could keep our own coins safe. Even then, it never felt completely sure. The goal, half as a joke, was to make something our parents could use. They could never secure their own computers. If it only works for engineers, it doesn’t work.”
A prototype at a hackerspace, and one bitcoin to buy it
The first working prototype came together at the hackerspace in 2012. It was not pretty and not for the masses, but it worked, and it proved the concept could be built. By 2013 the team were confident enough to start a company around it. Rather than raise venture money, they pre-sold the devices.
The founders expected tiny demand, maybe a thousand devices for the few hundred people they knew from the Bitcoin Talk forum. Kickstarter rejected them. They ran their own pre-order instead using only bitcoin, and the manufacturer told them a thousand units was far too small, pushing for thirty thousand. They settled on a committed batch of thirty thousand and produced the first third, around thirteen thousand, to start. The interest let the company fund itself and stay independent, a decision that still shapes how Trezor operates today. The Model One sold for one bitcoin, which at the time was worth somewhere around 80 dollars.
Trezor Model One evolution
What surprised them
The hard part was not the one they expected. Rusnák had assumed the electronics would be the challenge. The first Trezor circuit board was the first he had ever designed, and it worked on the first attempt. The real problem was the plastic case. The device was so small that the margin for error on the enclosure was tiny, and getting the physical casing right turned out to be far harder than the electronics inside it.
Twelve years on: the same problem, a harder version
Twelve years later, the core problem has not gone away, it has changed shape. Most crypto holders still do not self-custody. Trezor’s position is that this is not because people don’t want control of their money, but because the tools and the education have not reached them yet.
The device has moved on a long way from the 3D-printed box. The current Trezor Safe 7 recently won the RedDot Award for product design and also ships with quantum-ready security. The principle underneath has not changed since 2014: the keys stay with the user, the code stays open, and anyone can check the work.
Pavol Rusnák: “When we started, the hard part was convincing people that self-custody was possible at all. Now the hard part is user experience. For years, custodial apps were simply easier to use, because big companies spent big budgets making them that way. That is why we have always pushed so hard on usability. A secure product that is hard to use ends up less secure, because people avoid it or make mistakes. What has changed lately is that exchanges have gotten harder to use, not easier, as new rules pile up. For the first time, holding your own keys can be the simpler option, not just the safer one.”
The post The hardware wallet turns twelve: how two people in a Prague hackerspace invented the industry appeared first on Crypto Reporter.

BitMEX, một trong những sàn giao dịch phái sinh tiền mã hóa đầu tiên của ngành, sẽ ngừng hoạt động vào ngày 23/9, khép lại một chặng đường 11 năm đã góp phần định hình thị trường giao dịch tài sản kỹ thuật số nhờ đòn bẩy.
Nền tảng đặt tại Seychelles cho biết họ sẽ ngừng hoạt động sau khi được đơn vị mẹ HDR Global Trading tiến hành rà soát chiến lược. Người dùng đã được hướng dẫn đóng các vị thế đang mở và rút tài sản trước khi kết thúc giao dịch, dù công ty không nêu lý do cụ thể cho quyết định này. Reuters lần đầu đưa tin về việc đóng cửa này.

Visa has launched a new enterprise platform that will allow banks, fintech companies and other payment providers to access, issue and manage stablecoins through a single Visa-operated environment.
The Visa Stablecoin Platform, or VSP, is designed to connect stablecoin operations with the payment and treasury systems financial institutions already use. Its initial capabilities include digital wallets, stablecoin storage and redemption, and connectivity for minting and burning tokens.
The platform will begin with Open USD, or OUSD, a recently introduced dollar-backed stablecoin supported by the Open Standard consortium. Visa is a founding participant in the initiative.
Visa said VSP would provide financial institutions and payment companies with a simpler route into blockchain-based payments without requiring them to build the underlying wallet, custody and stablecoin infrastructure independently.
“Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn’t the concept, it’s the operational reality,” Visa Chief Product and Strategy Officer Jack Forestell said in the company’s announcement.
He added that the platform would give clients one place to mint, move and manage stablecoins using the controls, security and network reach they already expect from Visa.
Connecting stablecoins to existing payment systems
VSP is not primarily a consumer-facing wallet or a system through which every Visa merchant will immediately accept stablecoins directly.
Instead, the platform is aimed at Visa’s network of approximately 15,000 financial institutions and payment providers. These clients could use the technology to develop stablecoin-powered products and connect them to their existing treasury, settlement and money-movement processes.
Visa’s network reaches more than 200 million merchant locations, giving stablecoin products developed through the platform a potential route into the existing global payment system.
The distinction is significant. Merchants would not necessarily receive digital assets or interact with blockchain technology themselves. Stablecoin balances could instead be converted or settled through Visa’s existing infrastructure, allowing merchants to receive the currencies and payment formats they already use.
This model addresses one of the largest obstacles facing stablecoins: limited direct merchant acceptance.
Visa’s head of crypto, Cuy Sheffield, said earlier this year that stablecoins still lacked merchant acceptance at scale. Companies building stablecoin products therefore needed to connect to existing payment networks if customers were to use those balances for everyday purchases.
Visa appears to be positioning itself as that bridge.
Open USD becomes the platform’s first asset
The platform will initially support OUSD, the stablecoin introduced by Open Standard.
The consortium brings together companies from payments, finance and technology with the aim of creating shared infrastructure for global stablecoin use. Visa’s participation gives the project access to one of the world’s largest payment networks.
VSP will offer wallet infrastructure through a new Wallet-as-a-Service product, as well as the connectivity required to mint and redeem OUSD.
Visa has said the new stablecoin will complement, rather than replace, other assets already used in its ecosystem. The company has previously worked with stablecoins including Circle’s USDC and Paxos-backed USDG.
The decision to begin with OUSD nevertheless gives the new token an important distribution advantage. Banks and fintechs using VSP will be able to integrate it into payment and treasury products through Visa’s infrastructure rather than developing separate blockchain connections.
Visa expands its stablecoin strategy
The launch is the latest step in Visa’s broader expansion into stablecoin settlement.
In April, the company added five blockchain networks to its global settlement pilot: Arc, Base, Canton, Polygon and Tempo. Together with Avalanche, Ethereum, Solana and Stellar, the additions brought the number of supported networks to nine.
Visa said its stablecoin settlement activity had reached an annualized run rate of approximately $7 billion, up 50% from the previous quarter.
Although that remains small compared with the roughly $15 trillion in payments Visa settles annually, the growth indicates rising interest from banks, fintechs, issuers and payment providers.
Visa has also developed more than 160 stablecoin-linked card programs that are either operational or in development around the world. These programs allow users to spend stablecoin balances through Visa credentials while merchants continue to receive conventional currency.
The company is simultaneously developing technology that would allow banks to tokenize traditional deposits. Tokenized deposits could provide many of the same benefits as stablecoins, including continuous settlement and programmability, while keeping customers’ funds on bank balance sheets.
Together, the initiatives show that Visa is not betting on a single form of digital money. It is building infrastructure that could support privately issued stablecoins, bank-issued tokens and conventional card payments within the same network.
Payment networks adapt rather than disappear
Stablecoins are sometimes presented as an alternative that could bypass card networks and correspondent banks.
Visa’s strategy suggests a different outcome: blockchain settlement may become another layer inside the existing payments industry rather than replacing it entirely.
Stablecoins can move continuously, settle quickly and support programmable transactions. But financial institutions still need custody, compliance, fraud controls, liquidity management, conversion into local currencies and connections to merchants.
Visa already provides many of those functions in traditional payments. VSP is an attempt to extend that role into blockchain-based money.
The launch also reflects growing competition among major payment companies. Mastercard has expanded its own stablecoin settlement services and formed partnerships with wallet providers, issuers and blockchain companies. Other financial institutions are exploring proprietary stablecoins, tokenized deposits and shared digital-money networks.
For Visa, the central challenge is to ensure that stablecoins become an additional source of payment volume rather than a system that develops outside its network.
The Visa Stablecoin Platform gives the company a direct role at several points in the transaction: wallet infrastructure, token issuance and redemption, institutional settlement and merchant connectivity.
Stablecoins may change how money moves, but Visa is betting that banks and fintechs will still need a trusted network to make that money useful at global scale.
The post Visa launches platform for banks to mint and manage stablecoins appeared first on Crypto Reporter.

The U.K. is making its strongest push yet to position itself as a global leader in blockchain-powered financial markets, unveiling a government-backed strategy that argues tokenizing traditional assets could generate as much as £33 billion ($44 billion) in additional annual economic output by 2035.
The roadmap, led by HM Treasury’s Wholesale Digital Markets Champion Chris Woolard and supported by a task force representing 54 financial institutions, outlines a 12-month plan to accelerate the adoption of tokenized financial infrastructure across wholesale markets. The initiative focuses on practical use cases including tokenized government bonds, repurchase (repo) markets and collateral management, rather than cryptocurrencies themselves. According to the Financial Times, the report argues that accelerating tokenization is essential for maintaining the U.K.’s competitiveness as global financial markets increasingly adopt distributed ledger technology.
Tokenization refers to representing real-world financial assets—such as bonds, equities or real estate—as digital tokens on distributed ledger technology. Advocates argue the approach can shorten settlement times, reduce operational costs, improve transparency and unlock liquidity across capital markets.
The report estimates that widespread adoption could also generate £14 billion in additional tax revenue over the next decade while helping the U.K. defend its position as one of the world’s leading financial centers amid increasing competition from the United States, Singapore, Switzerland and the United Arab Emirates. The projections are detailed in the government’s roadmap, as reported by the Financial Times.
A key recommendation is for the British government to issue a digital gilt by early next year and establish a regular issuance program, alongside enabling tokenized government securities to be accepted as collateral in wholesale funding markets. The task force also aims to demonstrate end-to-end tokenized repo transactions within the next year. Additional details on the proposed implementation timeline are available in Ledger Insights’ coverage of the roadmap.
The strategy reflects a broader shift in the blockchain industry away from speculative digital assets and toward institutional financial infrastructure. Large banks, asset managers and regulated crypto firms—including Barclays, JPMorgan Chase, Morgan Stanley, UBS, BlackRock, Coinbase and Circle—are participating in the initiative, highlighting growing convergence between traditional finance and distributed ledger technology. Yahoo Finance reported that the participation of major global financial institutions underscores the industry’s growing confidence in tokenized capital markets.
Industry estimates cited in the report suggest the global market for tokenized real-world assets could reach $88 trillion by 2035, making the technology one of the largest long-term opportunities in financial services. The report warns, however, that slow execution risks allowing liquidity, market infrastructure and international standards to migrate to competing jurisdictions—a concern echoed throughout the Financial Times analysis.
The roadmap arrives as policymakers worldwide increasingly focus on blockchain as a modernization tool for capital markets rather than solely as the technology underpinning cryptocurrencies. Recent regulatory adjustments by the Bank of England and the Financial Conduct Authority have also signaled a more accommodating approach to digital financial infrastructure, strengthening the U.K.’s ambition to become a leading hub for tokenized finance, according to reporting by the Financial Times.
The post UK bets on tokenization to reinforce London’s financial edge appeared first on Crypto Reporter.

Tether Holdings Ltd. will invest $20 million in Brazilian crypto platform Mercado Bitcoin, betting that demand for tokenized financial assets and blockchain-based payments will continue to grow across Latin America, according to a company announcement.
The investment is part of a strategic financing round that will fund Mercado Bitcoin’s expansion in tokenized investment products, stablecoin payments, lending, on-chain capital markets and cross-border financial services, Tether said in its announcement.
The deal adds to Tether’s growing portfolio of investments beyond its flagship USDT stablecoin. Flush with profits from managing the reserves backing the world’s largest dollar-pegged token, the company has increasingly deployed capital into crypto infrastructure, artificial intelligence, energy and payments businesses.
Mercado Bitcoin, one of Latin America’s largest regulated digital-asset platforms, serves more than 4.5 million customers and has issued more than 2 billion reais ($370 million) of tokenized real-world assets, including private credit and fixed-income securities. Earlier this year, the company tokenized more than $200 million of private credit assets on the Bitcoin sidechain Rootstock, according to The Block.
The investment comes as tokenization—the process of representing traditional financial assets on blockchains—gains momentum among banks, asset managers and crypto firms seeking faster settlement, broader investor access and lower operating costs. Latin America has emerged as a key testing ground for the technology, particularly in Brazil, where regulators have taken a comparatively open approach to digital assets.
Tether Chief Executive Officer Paolo Ardoino said the investment reflects the company’s strategy of backing infrastructure that expands access to digital financial services in emerging markets. Mercado Bitcoin Chief Executive Officer Roberto Dagnoni said the funding would accelerate the company’s international expansion and strengthen its on-chain financial offerings, according to Tether’s announcement.
The transaction reinforces Brazil’s position as one of the region’s most active markets for blockchain-based finance, even as competition intensifies among exchanges and fintech firms seeking to move beyond cryptocurrency trading into tokenized versions of traditional financial product
The post Tether invests $20 million in Mercado Bitcoin to expand Latin America tokenization push appeared first on Crypto Reporter.

Stablecoins đã trở thành một trong những sản phẩm quan trọng nhất trong tài chính số. Các ngân hàng hiện đang chuẩn bị câu trả lời của mình.
Câu trả lời là tiền gửi được token hóa — các phiên bản kỹ thuật số của tiền ngân hàng thương mại có thể được chuyển trên các hệ thống dựa trên blockchain trong khi vẫn nằm trong khuôn khổ ngành ngân hàng được quản lý. Nếu stablecoin là phiên bản “tiền mặt kỹ thuật số” của crypto, thì tiền gửi được token hóa là nỗ lực của ngành ngân hàng nhằm mang lại chức năng tương tự cho loại tiền hiện có.
Sự khác biệt là quan trọng. Thông thường, một stablecoin được phát hành bởi một tổ chức không phải ngân hàng hoặc một tổ chức chuyên biệt và được bảo đảm bằng các khoản dự trữ như tiền mặt, tiền gửi ngân hàng hoặc nợ chính phủ ngắn hạn. Ngược lại, một khoản tiền gửi được token hóa đại diện cho một quyền đòi đối với tiền gửi tại ngân hàng thương mại. Nó được thiết kế để duy trì mối quan hệ hiện có giữa ngân hàng, người gửi tiền và hệ thống tài chính được quản lý.

Báo cáo tài chính mới nhất của Tổng thống Donald Trump cung cấp một trong những cái nhìn rõ ràng nhất cho đến nay về mức độ ông gắn bó với ngành công nghiệp tiền mã hóa, cho thấy hơn 1,4 tỷ USD thu nhập được báo cáo từ các hoạt động liên quan đến tiền mã hóa trong năm 2025, theo phân tích của Reuters đối với hồ sơ nộp.
Bản công bố, do Văn phòng Đạo đức Chính phủ Hoa Kỳ (U.S. Office of Government Ethics) công bố, cho thấy tiền mã hóa đã trở thành nguồn thu nhập lớn nhất được ông Trump báo cáo, vượt doanh thu từ các hoạt động kinh doanh truyền thống như bất động sản, golf và cấp phép. Hồ sơ được đăng trên trang web của Văn phòng Đạo đức Chính phủ.

Vương quốc Anh đã công bố khuôn khổ quy định toàn diện nhất của mình từ trước đến nay đối với các tài sản số, với mục tiêu đưa các doanh nghiệp tiền mã hóa vào một cơ chế giám sát thống nhất, đồng thời thúc đẩy tham vọng trở thành trung tâm toàn cầu hàng đầu cho sự đổi mới blockchain và tài chính số.
Được Ủy ban Quản lý Tài chính (Financial Conduct Authority - FCA) công bố, quyển sổ tay quy định về tài sản tiền mã hóa được chờ đợi từ lâu này thiết lập một khuôn khổ cấp phép và giám sát cho các sàn giao dịch, tổ chức lưu ký, nền tảng giao dịch, công ty môi giới và các tổ chức phát hành stablecoin. Các quy định đưa ra những tiêu chuẩn mới về quản trị, bảo vệ người tiêu dùng, lưu ký, tính toàn vẹn của thị trường và khả năng phục hồi trong vận hành, đưa phần lớn ngành công nghiệp tiền mã hóa tiến gần hơn đến các kỳ vọng quản lý được áp dụng cho các tổ chức tài chính truyền thống.

Binance sẽ tạm dừng các dịch vụ tiền mã hóa đối với khách hàng trên phần lớn Liên minh châu Âu bắt đầu từ ngày 1/7, sau khi không thể xin được sự ủy quyền theo khuôn khổ quản lý mới về Thị trường trong Tài sản Crypto (MiCA) của khối, đánh dấu một trong những thất bại lớn nhất cho sàn giao dịch tiền mã hóa lớn nhất thế giới.

Công ty đã rút đơn xin giấy phép MiCA tại Hy Lạp sau khi các cơ quan quản lý cho biết khả năng được chấp thuận là khó xảy ra trước hạn chót 30/6. Theo báo cáo của Financial Times, không có sự ủy quyền từ một quốc gia thành viên EU, Binance sẽ không còn được phép cung cấp các dịch vụ crypto được quản lý trên toàn khối khi MiCA bắt đầu có hiệu lực đầy đủ.

Các quỹ giao dịch hoán đổi danh mục Bitcoin (ETF) giao ngay tại Mỹ đã kéo dài giai đoạn rút ròng tiền của nhà đầu tư liên tục dài nhất trong năm nay, qua đó cho thấy khẩu vị đầu tư của các tổ chức đối với tài sản kỹ thuật số đang suy yếu khi Bitcoin giao dịch gần mức thấp nhất trong nhiều tháng.
Theo dữ liệu thị trường do Yellow và CoinGlass tổng hợp, các quỹ này đã ghi nhận khoảng 6,35 tỷ USD trong tổng dòng tiền ròng chảy ra tính lũy kế trong những tuần gần đây, trong đó riêng trong tuần gần nhất đã có 1,7 tỷ USD rời khỏi các sản phẩm. Vào ngày 25 tháng 6, nhà đầu tư đã rút gần 692 triệu USD—một trong những đợt rút ròng theo ngày lớn nhất của năm 2026—sau đó tiếp tục rút thêm 445 triệu USD vào ngày 26 tháng 6.

Binance đang phải trải qua một bài kiểm tra then chốt tại châu Âu, khi khả năng phục vụ khách hàng trên toàn Liên minh châu Âu được cho là đang gặp rủi ro khi thời hạn cấp phép crypto của khối đang đến gần.
Dự kiến sàn giao dịch tiền mã hóa lớn nhất thế giới sẽ mất quyền hoạt động tại EU từ tháng tới vì đơn xin cấp giấy phép theo Quy định về Thị trường Tài sản Crypto (MiCA) tại Hy Lạp sẽ bị từ chối, Reuters đưa tin, dẫn lời hai người am hiểu vấn đề.
Binance nộp hồ sơ thông qua Ủy ban Thị trường Vốn Hellenic của Hy Lạp, tìm kiếm ủy quyền cho phép hãng “passport” (mở rộng phạm vi) dịch vụ trên cả 27 quốc gia thành viên EU. Theo MiCA, các nhà cung cấp dịch vụ tài sản crypto phải nhận được sự chấp thuận từ cơ quan quản lý quốc gia ở một nước EU để tiếp tục phục vụ khách hàng trên toàn khối sau khi giai đoạn chuyển tiếp kết thúc.

Crypto exchanges are no longer trying only to be crypto exchanges.
A growing number of platforms that built their businesses around bitcoin, ether and stablecoins are now moving toward traditional financial products: stocks, exchange-traded funds, tokenized equities and even pre-IPO exposure. The result is a new competitive landscape in which crypto venues increasingly resemble global brokerages — but with blockchain rails, 24/7 trading ambitions and a younger, more international user base.
Binance recently became the clearest example of that shift. The company said it had launched trading in U.S. stocks and exchange-traded funds for customers on its platform, expanding beyond digital assets into traditional markets. Reuters reported that users would have access to more than 7,000 U.S. stocks and ETFs through the Binance app, alongside crypto tokens.
That is not a small product extension. It is a sign that the boundary between crypto exchange and retail brokerage is becoming less clear.
The logic is straightforward. Crypto exchanges already have millions of users, trading interfaces, custody systems, risk engines, market data tools and compliance operations. Adding exposure to traditional assets allows them to become broader investment platforms. For users, it creates a single app for crypto, equities and potentially tokenized real-world assets. For exchanges, it opens a path to revenue that does not depend only on crypto volatility.
Kraken has been moving in the same direction through tokenized equities. Its xStocks product offers tokenized exposure to U.S. stocks and ETFs, giving users access to blockchain-based versions of traditional securities. The idea is not simply to list more products. It is to make capital markets more global, more digital and less tied to traditional trading hours.
The trend became even more visible with tokenized IPO access. Kraken and Bybit both moved to offer exposure to SpaceX through xStocks, as retail demand for high-profile private and pre-IPO companies surged. Bybit said it would open tokenized IPO access beginning with SpaceX, while Kraken described SpaceX as the first IPO available through its xStocks program.
The launch also exposed the limits of the model. The Wall Street Journal reported that demand for the tokenized SpaceX product overwhelmed the platform, with xStocks facing more than $1 billion in customer interest and partner exchanges refunding users after insufficient underlying share supply. That episode underlined both sides of the tokenization story: enormous retail demand, but also the operational difficulty of connecting blockchain-based products to scarce traditional assets.
Traditional finance is moving too. Nasdaq has partnered with Kraken’s parent company, Payward, to develop tokenization infrastructure for blockchain-based equities. The New York Stock Exchange has tapped Securitize, the BlackRock-backed tokenization firm behind the BUIDL fund, to help design its tokenized securities platform. Securitize has also cleared a key hurdle toward a planned NYSE listing, according to CoinDesk.
Banks are joining the race from a different angle. Citigroup has launched tokenized depositary receipts that connect private companies and investors, offering wealthy and institutional clients blockchain-based exposure to private-company equity. The bank says the model is designed to give issuers more flexible capital options while giving investors more transparent access to company equity.
Taken together, these developments suggest that the next phase of crypto may look less like a separate asset class and more like a new distribution layer for financial markets.
For crypto exchanges, the opportunity is to compete with brokerages such as Robinhood, Revolut, Interactive Brokers and traditional banks. Instead of asking users to choose between crypto and equities, platforms can offer both. Instead of limiting trading to assets native to blockchains, they can bring traditional securities into tokenized form.
For Wall Street, the opportunity is to modernize market infrastructure. Tokenized assets could support faster settlement, fractional access, global distribution and extended trading hours. They could also make private markets more accessible to qualified investors. But those benefits depend on legal clarity, reliable custody, accurate asset backing and strong investor protections.
The risks are equally clear. Tokenized stocks and private-company shares are not the same as owning ordinary securities through a standard brokerage account. Investors need to understand what rights the token carries, who holds the underlying asset, whether dividends or governance rights are included, what happens if the issuer or platform fails, and whether secondary liquidity actually exists.
That makes regulation central to the story. Tokenization may improve access, but it does not remove the need for securities laws, disclosures and market supervision. If anything, it makes those questions more urgent because crypto platforms can distribute financial products across borders far faster than traditional intermediaries.
The direction of travel is still clear. Crypto exchanges want to become multi-asset financial platforms. Stock exchanges want blockchain settlement. Banks want tokenized private markets and digital deposits. Investors want broader access and faster markets.
The old divide between crypto and traditional finance is narrowing. In its place, a more complex market is emerging — one where the winning platforms may be those that combine the reach of crypto exchanges with the trust, regulation and asset depth of traditional brokerages.
The post Crypto exchanges are starting to look like global brokerages appeared first on Crypto Reporter.

Stablecoins are moving from the edge of crypto markets into the centre of global finance.


For years, dollar-backed tokens such as USDT and USDC were treated mainly as trading instruments — a way for crypto investors to move quickly between exchanges, avoid banking delays and park value without exiting into traditional money. That role has not disappeared. But the bigger story is now elsewhere: stablecoins are becoming part of the infrastructure debate for banks, payment firms, fintechs and regulators.
The real contest may not be over which stablecoin wins. It may be over who controls the systems around them.
Reuters recently argued that the most valuable stablecoin opportunity could be in the “plumbing” — wallets, custody platforms, payment processors, compliance tools and settlement infrastructure. That framing is important because it moves the discussion away from tokens as speculative assets and toward the rails that could support cross-border transfers, merchant payments and tokenized capital markets.
The shift is already visible. Stablecoins are increasingly being discussed as settlement instruments, not only as crypto-market liquidity tools. They offer near-instant transfer, programmability and 24/7 availability — features that traditional correspondent banking and card networks were not built to provide. For companies moving money across borders, especially in markets with expensive or slow banking systems, the attraction is obvious.
The numbers explain why banks are paying attention. Macquarie estimated earlier this year that the combined market capitalization of major stablecoins had reached about $312 billion as of March 2026, up roughly 50% year on year. The bank also estimated that adjusted stablecoin transfer volume reached about $11 trillion in 2025, suggesting that on-chain dollars are already handling activity at a scale that is difficult for traditional finance to ignore.
But the same growth has created a new set of concerns. If stablecoins become a mainstream payment instrument, they may compete directly with bank deposits, card networks and existing money-transfer providers. A dollar stablecoin is not just a crypto product; at scale, it can become a rival form of digital cash held outside the banking system.
That is why stablecoin regulation has become one of the most important policy issues in digital assets. Lawmakers and regulators are no longer debating only investor protection or exchange supervision. They are asking how stablecoins affect bank funding, Treasury markets, sanctions enforcement, consumer protection and the international role of the dollar.
The U.S. Senate’s latest crypto market-structure draft reflects that broader debate. The Clarity Act text includes provisions on payment stablecoin compensation, disclosures and the potential impact of stablecoins on bank deposits, payment costs, community banks, credit unions and access to credit. The message is clear: stablecoins are now large enough to be treated as a financial-system issue.
Outside the U.S., the trend is also accelerating. Japan’s largest banks — Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group — plan to jointly issue yen-based stablecoins by the fiscal year ending March 2027, according to Reuters. The project shows how established financial institutions are moving from observation to direct participation. It also suggests that stablecoins may not remain a mainly dollar-denominated story forever.
For banks, the opportunity is defensive as well as strategic. If clients want faster settlement and programmable money, banks may prefer to provide tokenized deposits or bank-issued stablecoins rather than leave the market to crypto-native firms. For payment companies, stablecoins could lower back-end settlement costs. For exchanges and tokenization platforms, they provide the cash leg needed for 24/7 digital asset markets.
That is where stablecoins connect to the wider tokenization trend. Tokenized stocks, bonds, funds and private-market assets need a settlement layer that can operate outside normal banking hours. Stablecoins are one candidate. Tokenized bank deposits are another. The winner may not be a single product, but a stack of regulated digital money instruments serving different parts of the market.
The challenge is that stablecoins must still solve problems that traditional finance has spent decades managing: redemption risk, reserve transparency, cybersecurity, fraud, compliance, dispute resolution and operational resilience. Fast settlement is useful only if users trust the asset, the issuer and the systems that support it.
That is why the next phase of stablecoin adoption is unlikely to be defined only by token supply. It will be defined by infrastructure. The firms that build the safest custody, the most reliable payment gateways, the strongest compliance systems and the best connections to banks may capture more value than the issuers themselves.
Stablecoins began as a workaround for crypto’s banking problem. They are now becoming part of a much larger question: how money should move in a digital financial system.
For traditional finance, the choice is no longer whether to take stablecoins seriously. It is whether to build the plumbing — or watch someone else own it.
The post Stablecoins are becoming the new payments infrastructure appeared first on Crypto Reporter.

Token gốc của Zcash, ZEC, đã lao dốc hơn 30% sau khi các nhà phát triển công bố một lỗ hổng nghiêm trọng có thể cho phép kẻ tấn công tạo ra một số lượng token giả mạo không giới hạn mà không bị phát hiện, theo các báo cáo được công bố vào thứ Năm và thứ Sáu.
Lỗi này được phát hiện trong quá trình xem xét bảo mật của bể riêng tư Orchard của Zcash, một phần cốt lõi trong hệ thống giao dịch được bảo vệ của mạng. Các nhà phát triển cho biết lỗi này đã tồn tại khoảng bốn năm trước khi được xác định và vá lại.

Ngành công nghiệp tiền điện tử đang dồn sự chú ý vào stablecoin khi các cơ quan quản lý, tổ chức tài chính và công ty blockchain gia tăng nỗ lực để định hình tương lai của các khoản thanh toán kỹ thuật số.
Trong tuần qua, các cuộc thảo luận xung quanh quy định stablecoin đã chiếm ưu thế trong các vòng chính sách ở Washington và các trung tâm tài chính lớn trên toàn thế giới. Các nhà lập pháp tiếp tục đánh giá các khung pháp lý nhằm quản lý việc phát hành, quản lý dự trữ và giám sát các tài sản kỹ thuật số gắn với đô la, những thứ đã trở thành một thành phần quan trọng trong hệ sinh thái tiền điện tử rộng lớn hơn. Để tìm hiểu thêm về các phát triển lập pháp gần đây, hãy xem phân tích của CoinDesk về Đạo luật GENIUS và những ảnh hưởng của nó đến thị trường.

Thử nghiệm của BSC về mật mã kháng lượng tử đã thành công. Đánh đổi: tốc độ giao dịch chậm hơn khoảng 40%.
Báo cáo di cư hậu lượng tử của blockchain cho thấy việc thay thế chữ ký đường cong elip bằng phương pháp ML-DSA-44 chuẩn NIST đã làm giảm thông lượng giao dịch giữa các vùng từ 4.973 giao dịch mỗi giây xuống còn 2.997 TPS, khi dữ liệu giao dịch tăng kích thước.
Thí nghiệm đã thay thế chữ ký ECDSA bằng ML-DSA-44, còn được biết đến là Dilithium2, đồng thời thay thế việc tổng hợp validator BLS12-381 bằng hệ thống dựa trên pqSTARK nhằm nén chữ ký đồng thuận.

Ủy ban Ngân hàng Thượng viện Hoa Kỳ đã phát hành văn bản mới nhất của Đạo luật Rõ Ràng Thị Trường Tài Sản Kỹ Thuật Số, đưa một trong những dự luật cấu trúc thị trường crypto được theo dõi chặt chẽ nhất ở Washington trở lại lịch trình lập pháp.
Dự thảo dài 309 trang, được phát hành trước phiên họp điều hành vào ngày 14 tháng 5, sẽ làm cơ sở cho việc điều chỉnh của ủy ban về H.R. 3633, chính thức mang tên Đạo luật Rõ Ràng Thị Trường Tài Sản Kỹ Thuật Số năm 2025. Phiên điều trần dự kiến diễn ra vào lúc 10:30 sáng tại Tòa nhà Văn phòng Thượng viện Dirksen, theo thông báo của ủy ban.