Before a dollar can become a bitcoin, and before big funds dare to hold digital assets, the money has to pass through a trusted "gateway" and get locked in a "vault." This is the business that sells picks and shovels to the gold miners: the exchange that's the way in and out, and the custody provider that's the institutional safe. After 2024, when US law flipped from enemy to friend, institutional money started flowing in for real — and the game changed.
Contains
Theme index· base 100 · USD total return
No index history for this theme yet.
Why is Crypto Exchanges, Custody & Digital-Asset Infrastructure moving?
Q2 2026
▲2▼2
Regulatory Wins and Losses Shake Crypto Exchanges
▲
Tokenized Stock Trading Advances The SEC prepared to allow tokenized U.S. stock trading via an innovation exemption, with Coinbase, Kraken, and Robinhood planning launches. DTCC announced a tokenized-securities pilot including BlackRock, Goldman, Circle, and Ripple Prime.
This regulatory progress opens new business lines for exchanges and infrastructure providers.
▲
CFTC Expands Crypto Derivatives Oversight The CFTC pushed to expand crypto derivatives while coordinating with the SEC, and both agencies sought input on harmonizing futures rules.
Clearer and broader derivatives rules could boost trading volumes and product offerings for exchanges.
▼
Legal and Regulatory Pushback Intensifies CME sued the CFTC over perpetual futures approvals for Coinbase and Kalshi, Europe's MiCA deadline forced Binance and other unlicensed firms to exit the EU, and Kentucky blocked prediction markets while the CFTC investigated Polymarket.
These actions create uncertainty and compliance costs, threatening revenue and market access.
▼
Bitcoin Slump Hits Trading Activity Bitcoin fell below $60,000 amid inflation fears, triggering over $1 billion in liquidations and a record $10.6 billion options expiry, pressuring trading volumes and fees.
Lower prices and volatility reduce trading revenue for exchanges and infrastructure firms.
Latest
▲3▼1
US regulators open tokenized-stock and custody doors as hacks and quantum risk bite
▲
SEC and CFTC fill the CLARITY Act void with fast, business-friendly crypto rules After the Senate killed the CLARITY Act, the SEC issued a five-year exemption letting approved US venues trade tokenized US stocks, eased token buyback and staking guidance, and proposed letting funds and advisers custody crypto, including state trust companies. This gives exchanges and custodians a clearer, faster path to new regulated products.
It is the period's biggest force: US rulemaking shifted from stalled legislation to agency action that directly expands what exchanges and custodians can offer.
▲
Tokenized stocks and central-bank settlement rails move from pilot to real volume Coinbase's tokenized US stocks passed $1bn in on-chain volume in a month, the ECB's Pontes began settling tokenized assets in central-bank money with 13 banks and Clearstream, and Citi and Coinbase launched bank-grade stablecoin payments. Real trading, custody and settlement infrastructure is broadening beyond simple crypto.
It shows the theme's core growth engine — tokenization and institutional settlement — producing measurable activity, not just announcements.
▲
Coinbase wins CFTC clearing approval and Open USD stablecoin launches with exchange distribution Coinbase received CFTC approval for its own derivatives clearinghouse, letting it control listing, brokerage and clearing with USDC collateral and 24/7 settlement. Open USD, backed by Coinbase, Visa, Mastercard, Stripe and Shopify, launched fee-free with over 200 partners, deepening stablecoin distribution through exchanges.
These are new structural wins that lower Coinbase's reliance on third parties and tie major exchanges into a new stablecoin network.
▼
Record September hacks, quantum warnings and UK re-licensing raise costs and risk September was 2026's worst month for crypto theft, with over $766m lost; Bitget's CEO said most of its $388m hack is unrecoverable. EU regulators warned quantum computers could break blockchain cryptography, and the UK's FCA opened a full authorization gateway requiring firms to re-apply by February 2027.
It is the main counterweight: security losses, technology migration risk and tougher licensing raise costs and uncertainty for exchanges and custodians.
Q3 2026
▼3▲1
Regulatory Clarity and Tokenization Drive Growth, but Failures and Hacks Loom
▲
Regulatory Clarity and Tokenization Advancements Japan legalized crypto ETFs, the UK moved to tokenize £33bn of debt, and the SEC granted tokenized-stock exemptions and proposed custody rules. Mastercard, Visa, BlackRock, and DTCC deepened involvement, pushing Bitcoin above $80,000 and tokenized stocks past $1bn in volume.
This point captures the major positive regulatory and adoption developments that drove the sector forward during the quarter.
▼
Regulatory Setbacks and Fee Pressure MiCA forced out unlicensed firms, the CLARITY Act died in the Senate, delaying US rules possibly to 2030, and Wall Street fee pressure cut Coinbase revenue 18.5%. These setbacks created uncertainty and squeezed revenues.
This point highlights the key negative regulatory and competitive pressures that weighed on the sector.
▼
Exchange Closures and Project Shutdowns Four exchanges closed and over 100 projects shut down, indicating consolidation and stress in the industry. This reduced competition but also signaled underlying weaknesses.
This point shows the real-world impact of market and regulatory pressures on industry participants.
▼
Security Breaches and Legal Conflicts Hacking losses exceeded $1bn, including Bitget's $388m breach and a Coldcard flaw draining $100m. Legal conflicts and insider-trading probes further eroded trust, leaving custody and exchange planning uncertain.
This point underscores the security and trust challenges that threatened the sector's stability.
BNB Chain Tops $1 Billion in Tokenized Stocks and ETFs for the First Time
BNB Chain has become the first blockchain to surpass $1 billion in total tokenized stocks and exchange-traded funds. According to Token Terminal data, the market value of tokenized stocks and ETFs rose about 17% from $2.87 billion in August to $3.35 billion in September. As of October 2, the overall market stood at $3.7 billion, with BNB Chain accounting for $1.1 billion, or roughly 30%, followed by Ethereum at $828 million and Solana at $738 million. In January, Ethereum held about 48% of the market, while BNB Chain accounted for just 13%. In a report dated September 29, Binance Research said the number of holders on BNB Chain had reached 1.8 million, noting that Binance's bStocks, launched in late June, is driving the growth.
NEAR Intents: Roughly $3.8 Million Stolen Fully Returned
The roughly $3.8 million in funds stolen in a security breach at the cross-chain swap service NEAR Intents has been returned in full. NEAR Intents general manager Alex Shevchenko disclosed this on X on October 2. NEAR Intents detected the security breach on October 1 and temporarily suspended its service, and a preliminary investigation found that a flaw in the integration between Omni's deposit and withdrawal infrastructure and NEAR Intents' smart contract had led to the loss of about $3.8 million in user funds. The vulnerability was subsequently fixed, and the project said it would fully compensate the affected assets. Shevchenko said he had identified the person involved in the breach, provided multiple addresses for the return of the funds, and demanded their return within 48 hours, calling it the last chance to be treated as a responsible disclosure if the demand was met. On October 2, he posted on X that the roughly $3.8 million in stolen funds had been returned in full, saying the investigation was closed and urging people to use the bug bounty program rather than disrupt the service. ZachXBT, known for on-chain investigations, had pointed out that funds related to the incident were sent to the crypto exchange KuCoin and then bridged to Bitcoin. Meanwhile, details of how user funds will be restored and compensation carried out following the full return are not clear at this point.
Franklin Templeton's Benji Fund Shares Approved as Bybit Collateral
Bybit announced a collaboration with Franklin Templeton that lets eligible traders use Benji-issued money market fund shares as off-exchange collateral on the crypto platform, extending the asset manager's push into tokenized finance. Franklin Templeton shares trade at US$32.81, with a year to date share price return of 37.86% and a 1-year total shareholder return of 44.68%, while shorter-term momentum has faded with the 30-day share price return down 5.53% and the 90-day share price return down 4.73%. The company is building on its earlier tokenized funds and blockchain enabled products, including the BENJI tokenized money fund, by adding 3.2b of digital asset AUM and acquiring 250 Digital, and by embedding tokenized funds into partner wallets such as MoonPay and Payward. A widely followed narrative pegs fair value at $35.50, above the last close of $32.81, while the stock trades at 22x earnings, below the US Capital Markets industry on 39.7x and peers at 35.9x but above the fair ratio of 12.8x. Franklin Templeton's story could still shift if fee pressure from large platforms intensifies or if integration across its expanded credit and digital franchises stumbles.
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Technology
BEN · Demand · Positive Bybit will accept Franklin Templeton's Benji money market fund shares as off-exchange collateral, extending distribution/adoption of its tokenized funds.
Bybit Fintech Limited · Demand · Positive Bybit gains a new collateral offering via the Franklin Templeton Benji integration, potentially attracting traders to its platform.
Shiba Inu, one of the largest meme coins in the crypto space, has gone live on Solana through Sunrise, giving Solana market access to the Ethereum token's canonical form. The move brings SHIB onto the Solana network via the Sunrise integration. The listing provides Solana market participants with access to the canonical form of the Ethereum-based token.
US Senate Report: Over $34.6 Million in USDT Flowed Out of Iran-Linked Wallets
Democratic staff of the Permanent Subcommittee on Investigations (PSI) of the US Senate Homeland Security and Governmental Affairs Committee published a report on September 28 examining Iran-linked funding networks. According to the report, of 39 wallets that Israel's National Bureau for Counter Terror Financing (NBCTF) designated for seizure in June 2023 as being tied to a figure involved in Hezbollah money laundering, Tether, the issuer of USDT, failed to freeze 34 of them until March 2024, and more than $34.6 million in crypto assets flowed out during that period. The investigation analyzed 846 wallets that US and Israeli authorities had identified as linked to the Iranian government or its proxy forces, and found that 84 percent of them transacted solely or almost solely in USDT. The report noted that relying only on freezes after designation cannot adequately prevent the outflow of funds, and called on stablecoin issuers to continuously monitor high-risk transactions by counterparties and their customers.
USDT · Regulation · Negative US Senate PSI report says Tether failed to freeze 34 of 39 Israel-designated Iran/Hezbollah-linked wallets, letting over $34.6M in USDT flow out, and calls for stricter stablecoin monitoring.
Tether · Regulation · Negative US Senate PSI report says Tether failed to freeze 34 of 39 Israel-designated Iran/Hezbollah-linked wallets, letting over $34.6M in USDT flow out, and calls for stricter stablecoin monitoring.
SEC Approves First 3x Leveraged Crypto ETPs as Bitcoin Holds Near $85,000
The U.S. Securities and Exchange Commission on Friday approved a Cboe BZX rule change allowing the exchange to list six triple-leveraged exchange-traded products from Volatility Shares, a first-of-its-kind step that could expand leveraged exposure to the world's largest cryptocurrency. The products target three times the daily performance of bitcoin, ether, gold, silver, crude oil and natural gas, with the bitcoin and ether products providing leveraged exposure through futures rather than directly holding the cryptocurrencies. The decision does not mean the products are immediately available for trading, as registration requirements must still be completed before shares can be publicly offered. Bitcoin traded at $84,860.5 as of 01:29 ET, little changed over the past 24 hours, after briefly climbing above $87,000 earlier in the week. The approval adds another potential route for investors seeking cryptocurrency exposure after the SEC separately proposed changes to crypto custody rules this week, a proposal that was a major focus for Bitcoin markets on Friday.
DTCC Launches Tokenization Service as Wall Street Settlement Moves On-Chain
The Depository Trust & Clearing Corporation announced the DTCC tokenization service on May 4, 2026, a platform designed to bring Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers. With over 50 firms including BlackRock, Goldman Sachs, JPMorgan, Circle, Ondo, and Nasdaq participating, the service moved into limited production in July 2026 following a December 2025 SEC No-Action Letter. DTCC CEO Frank La Salla said tokenization will significantly change how markets operate by bringing new levels of liquidity, transparency, and efficiency to investors, while Brian Steele of the DTCC added that the service is designed to provide systemic scale where deep liquidity already lives. The infrastructure shift extends beyond the DTCC: Nasdaq secured SEC approval on March 18, 2026, under Release 34-105047, to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets, NYSE Arca followed with rule change SR-NYSEARCA-2026-45 effective April 29, 2026, and the broader NYSE received approval for its own related filings on April 17, 2026. The SEC issued a five-year conditional innovation exemption on September 17, 2026, specifically for tokenized NMS stocks, while the CFTC clarified through Staff Letter 25-39 and an updated FAQ on September 24, 2026, that tokenized collateral may be used for derivatives margin. The tokenized asset market tracked by rwa.xyz stood at approximately $38.6 billion as of late September 2026, up from $2 billion in 2022, with tokenized Treasuries accounting for $14.7 billion to $15.65 billion of that total, led by BlackRock's BUIDL at $2.70 billion, Circle's USYC at $2.60 billion, and Ondo's USDY at $2.23 billion. A June 1, 2026, Citi report estimates a base case of $5.5 trillion in tokenized assets and $1.9 trillion in stablecoins by 2030, though it warns of a messy period in which tokenized and legacy systems operate side by side.
DTCC · Technology · Positive DTCC launched its tokenization service bringing Russell 1000 components, ETFs, and US Treasuries onto distributed ledgers, moving into limited production in July 2026.
BLK · Demand · Positive BlackRock's BUIDL tokenized Treasury fund is named as the market leader at $2.70B and BlackRock participates in the DTCC tokenization service, expanding its tokenized product adoption.
NDAQ · Regulation · Positive Nasdaq secured SEC approval under Release 34-105047 to facilitate tokenized settlement on the same order book, ticker, and CUSIP as traditional assets.
CRCL · Demand · Positive Circle participates in the DTCC tokenization service and its USYC tokenized Treasury product is cited at $2.60B, indicating growing adoption of its tokenized offerings.
GS · Demand · Positive Goldman Sachs is named among the 50+ firms participating in the DTCC tokenization service, positioning it in the on-chain settlement infrastructure.
JPM · Demand · Positive JPMorgan is named among the 50+ firms participating in the DTCC tokenization service, positioning it in the on-chain settlement infrastructure.
DogeOS Launches Public Testnet to Expand Dogecoin Utility
DogeOS has launched a public test network that brings Ethereum-style trading, lending and other applications to DOGE, in an attempt to give Dogecoin holders more ways to use their coins beyond payments and price speculation. The launch came in the past week, and a Dogecoin director highlighted what was described as an avalanche of new projects as the coin's infrastructure expands. The testnet is aimed at supporting applications built on DOGE rather than simple payments or price speculation. No financial terms or participant names beyond DogeOS were disclosed.
Coinbase and Citi Expand Stablecoin Payments Partnership
Citi announced an expanded collaboration with Coinbase to power Coinbase Virtual Accounts and enable institutional stablecoin payment acceptance via Spring by Citi, initially in the United States. The collaboration links Coinbase's digital asset infrastructure with Citi's regulated banking network and creates an industry-first automatic fiat-to-stablecoin conversion feature. Coinbase Global also reported that Chief Accounting Officer Jennifer Jones plans to retire after a successor is appointed. The company's narrative projects $8.5 billion revenue and $2.1 billion earnings by 2028, requiring 8.3% yearly revenue growth and a $0.8 billion earnings decrease from $2.9 billion today, with a $383.46 fair value implying 110% upside to its current price. Some of the most optimistic analysts already expected Coinbase to reach about US$9.3 billion of revenue and US$2.2 billion of earnings.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Technology
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Technology
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Technology
COIN · Demand · Positive Coinbase's digital asset infrastructure is integrated with Citi's banking network, enabling institutional stablecoin payment acceptance and automatic fiat-to-stablecoin conversion.
COIN · Capital · Neutral Coinbase's Chief Accounting Officer plans to retire and the article cites analyst revenue/earnings projections and a $383.46 fair value implying 110% upside.
C · Demand · Positive Citi expands collaboration with Coinbase to power Coinbase Virtual Accounts and enable institutional stablecoin payment acceptance via Spring by Citi, adding a new payments service offering.
Behind Metaplanet's securities acquisition, FSA support for stablecoin pilot, and 3 more stories
Metaplanet acquired former Siiibo Securities, which handles privately placed corporate bonds, for 210 million yen and changed its name to Metaplanet Securities in July; the subsidiary securities firm recounted the two months leading up to the acquisition. On September 29, the Financial Services Agency announced it would support a pilot program using stablecoins for trade settlement, with six companies participating: TradeWaltz, NTT Data, Mizuho Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mitsubishi UFJ Trust and Banking. On September 28, Coinbase announced on X that it will soon offer a service allowing users to open Pokémon card packs on smartphones. On October 2, Metaplanet corrected a total of four documents including previously filed annual securities reports, revising a statement that CEO Simon Gerovich indirectly holds a majority of voting rights in shareholder MMXX Ventures Limited to clarify that he does not hold a majority. On September 30, KDDI, au Coincheck Digital Assets, and HashPort announced they will begin offering the crypto asset wallet αU wallet as a mini app within the au PAY app.
3350.JP · Capital · Neutral Metaplanet acquired Siiibo Securities for 210 million yen and renamed it Metaplanet Securities, an M&A event.
3350.JP · Regulation · Negative Metaplanet corrected four documents, including annual securities reports, over a misstated CEO voting-rights disclosure.
9433.JP · Technology · Positive KDDI, with au Coincheck and HashPort, will offer the αU wallet as a mini app inside the au PAY app.
au Coincheck Digital Assets · Technology · Positive au Coincheck Digital Assets will offer the αU wallet crypto asset wallet as a mini app inside the au PAY app.
HashPort Group Inc. · Technology · Positive HashPort will launch the αU wallet crypto asset wallet as a mini app within the au PAY app.
8316.JP · Regulation · Positive MUFG Bank, part of the group, is one of six companies participating in the FSA-backed stablecoin trade-settlement pilot.
BNY in Talks with Kraken Parent Payward on Financial Infrastructure Partnership
BNY Mellon, a major U.S. financial institution, is in talks with Payward, the parent company of crypto exchange Kraken, over a partnership in financial infrastructure, CoinDesk reported on October 2. The partnership could span a wide range of areas including crypto-related products, custody, asset management, trading and settlement, but the talks are ongoing and it is not certain whether an agreement will be reached, and both companies declined to comment to the outlet. In addition to operating Kraken, Payward provides infrastructure through its Payward Services business for financial institutions, giving banks and exchanges the foundation to embed trading and settlement functions into their own services. BNY Mellon handles custody, administration and clearing for institutional investors, and on January 9 announced the launch of a tokenized deposit feature that reflects customer deposit balances on a blockchain. Payward announced a partnership with Nasdaq on March 9 to connect regulated stock markets with blockchain-based markets, and on September 10 it announced an expanded partnership including a $100 million investment agreement by Nasdaq's investment arm. According to CoinDesk, the proposed partnership with BNY may include elements similar to the infrastructure collaboration in Payward's recent agreement with Nasdaq, but the specific services and start date have not been disclosed.
Digital Finance & Tokenization › Real-World Asset Tokenization Technology
BNY · Capital · Positive BNY is in talks with Payward/Kraken on a financial infrastructure partnership spanning crypto products, custody, asset management, trading and settlement.
Kraken (Payward Inc.) · Capital · Positive Payward, Kraken's parent, is in talks with BNY on a financial infrastructure partnership covering crypto products, custody, trading and settlement.
Block's Cash App Launches Bitcoin Bonus Feature, Dorsey Urges Users to Opt In
Block CEO Jack Dorsey urged users on Wednesday to opt in to Cash App's new Bitcoin bonus feature, writing "turn it on" while quoting the platform's announcement. The feature lets users earn weekly rewards of up to 2% in BTC annually simply by holding Bitcoin in the app, with rewards funded directly and no lockup, lending, staking, or moving of users' BTC, keeping holdings available for withdrawal at any time. The bonuses are taxable, and users must opt in through the Bitcoin tab in the app to become eligible. Cash App serves as Block's primary consumer-focused ecosystem, and its second-quarter volume grew 17% year over year to $56.5 billion, driven by the Visa-powered Cash App Card and buy-now-pay-later credit, while Consumer Lending origination volume grew 59% year over year to $18.9 billion. Block has also placed a significant bet on Bitcoin's utility as a medium of exchange, deploying payment capabilities within its Square point-of-sale system.
Bitcoin Exchange Reserve Falls to 2023 Lows as Price Reclaims $87,000
Bitcoin exchange reserves have dropped to their lowest level since 2023, a decline driven by the asset's recent sharp price rally. After a brief recovery, Bitcoin reclaimed its previous high around $87,000, and that move has fueled demand for the asset. The shrinking reserve balance points to investors pulling coins off exchanges, a shift that tightens the supply available for trading.
SEC custody proposal lifts institutional outlook as Bitcoin holds below $85,000
Bitcoin held below $85,000 on Friday after briefly topping $87,000, with a new U.S. Securities and Exchange Commission proposal on crypto custody adding to expectations of broader institutional participation. The cryptocurrency was trading at $84,612.4 as of 21:55 ET, down 0.35% after reaching an intraday high of $87,219, its first move above $87,000 since Sept. 23. The SEC proposed changes to custody rules that would allow investment advisers and funds to directly hold certain digital assets when a qualified third-party custodian is unavailable, subject to safeguards, with the proposal entering a 60-day public comment period following publication in the Federal Register. Bitcoin also drew support from softer U.S. economic data, as September nonfarm payrolls rose 29,000 against expectations of 90,000, prompting declines in Treasury yields and the dollar. The move triggered about $142 million of Bitcoin short liquidations over 24 hours, compared with roughly $29 million in long positions, according to Coinglass data. Separately, Strategy Executive Chairman Michael Saylor detailed how the company finances its Bitcoin-focused business, with its STRC preferred shares carrying a 12% annualized dividend rate and a shareholder vote scheduled for Oct. 28 on a switch to daily dividend accruals, while Supercycle Finance said it plans to raise up to $75 million through a proposed offering, with most proceeds intended for Bitcoin purchases.
Digital Finance & Tokenization › Pure Bitcoin-Treasury Vehicles ▲Regulation
BTC · Regulation · Positive SEC custody proposal allowing advisers/funds to directly hold digital assets with qualified custodians boosts institutional participation outlook for Bitcoin.
MSTR · Capital · Positive Article details Strategy's Bitcoin-focused financing, including 12% STRC preferred dividend and Oct. 28 shareholder vote on daily dividend accruals.
bitFlyer to Restrict Crypto Transfers for 48 Hours After Yen Deposits
bitFlyer, a domestic cryptocurrency exchange operator, announced on October 2 that it will introduce a "cooldown" that partially restricts external transfers of crypto assets for 48 hours after a Japanese yen deposit. The measure, aimed at preventing fraud and illicit fund movements, takes effect on October 15. It applies to individual users who have completed identity verification less than 90 days earlier, who will be unable to send crypto assets equivalent to the amount of deposits made within 48 hours minus 100,000 yen to external addresses. If total deposits are 100,000 yen or less, no restriction applies; when multiple deposits are made, the rule applies to each deposit individually, and the restriction is lifted sequentially starting with each deposit once 48 hours have passed. During the cooldown, users can still deposit and withdraw Japanese yen, trade crypto assets, and hold and receive them. Across the industry, the National Police Agency and the Financial Services Agency jointly asked the Japan Crypto Asset Exchange Association on August 6 to strengthen measures to prevent fraud, and Coincheck also announced on September 10 that it would introduce a measure from September 15 restricting transfers to newly registered destination addresses for a certain period.
bitFlyer · Regulation · Negative bitFlyer will impose a 48-hour cooldown restricting external crypto transfers after yen deposits, a regulatory/anti-fraud measure that limits user functionality.
CNCK · Regulation · Neutral Mentioned only as context: Coincheck separately introduced its own transfer restriction for newly registered addresses, showing industry-wide regulatory pressure.
Crypto Security Losses Reach About 200 Billion Yen in July-September, Up 54.4% From Prior Quarter
Security incidents in the crypto industry during July-September 2026 caused total losses of about 1.27 billion dollars, or roughly 199.9 billion yen, up 54.4% from 819.4 million dollars in April-June. The figures come from the Security Dashboard of security firm CertiK. The number of incidents rose 13.7% to 249 from 219 in the previous quarter, with the growth in losses far outpacing the growth in incident count. Losses were concentrated in the final month of the quarter, with September alone accounting for 772.4 million dollars, about 60% of the July-September total. By attack method in September, exploits of vulnerabilities accounted for 739.5 million dollars, or 95.7% of the month's total, and were also the most numerous at 61 cases. The largest single incident that month was at crypto exchange Bitget, which CertiK tallied at 387.5 million dollars, equivalent to about 30% of the quarter's total losses. On September 25, Bitget revised upward the amount lost in the hack to about 387.5 million dollars, saying the increase reflected assets not included in the initial tally and that no new illicit transfers had occurred. Attackers are believed to have exploited a vulnerability in a third-party security product to obtain internal credentials and then moved assets out of wallets using fake withdrawal instructions. The company said it has fixed the underlying vulnerability and is continuing to trace and recover the funds.
CertiK · · Neutral CertiK is the source of the security dashboard data on crypto losses, but the article reports no company-specific development affecting CertiK itself.
THORChain Activates Zcash Liquidity Pool, Enabling Direct Bitcoin to Zcash Swaps
Cross-chain protocol THORChain has activated a liquidity pool for Zcash, bringing direct Bitcoin to Zcash swaps live. All network validators successfully synced with the Zcash blockchain following a scheduled network churn. The move opens a direct trading route between Bitcoin and Zcash through THORChain's cross-chain infrastructure.
RUNE · Technology · Positive THORChain activated a Zcash liquidity pool and validators synced with the Zcash blockchain, expanding its cross-chain swap infrastructure.
ZEC · Demand · Positive Zcash gains a direct swap route with Bitcoin via THORChain's new liquidity pool, improving its tradability/access.
BTC · Demand · Positive THORChain's new Zcash pool opens a direct Bitcoin-to-Zcash trading route, adding a use case/demand channel for Bitcoin.
US Adds Just 29,000 Jobs in September as SEC Proposes Crypto Custody Rules
The US economy added just 29,000 jobs in September, well below expectations of 89,000, while the unemployment rate rose to 4.2% against an expected 4.1%, a miss that host Scott Melker said weakens the case for further Fed rate hikes and points toward cuts. Prior months were revised sharply lower, with July cut by 31,000 to 10,000 and August by 29,000 to 133,000, leaving combined employment 60,000 lower than previously reported, and wage growth slowed to 0.1% monthly and 3% annually. Separately, the SEC proposed dedicated custody rules that would let registered investment advisors, investment funds and business development companies hold crypto assets directly under federal securities law, with state-chartered trust companies able to serve as permitted crypto custodians and client assets segregated from the trust company's own assets. In other news, Fiserv launched the Roughrider stablecoin, a bank-to-bank settlement token on Solana serving a North Dakota network of more than 90 banks and credit unions, and the Ethereum Foundation launched zero-knowledge APIs, built with the Open Anonymity Project, that let users pay for AI models without revealing identity. Near Intents was hit by a 3.8 million dollar exploit, with no customer funds lost, and another Trump meme coin dinner was advertised for top token investors.
Digital Finance & Tokenization › Payments Modernization & Rails ▲Regulation
Digital Finance & Tokenization › Stablecoin Issuers & Distribution Regulation
FISV · Technology · Positive Fiserv launched the Roughrider stablecoin, a bank-to-bank settlement token on Solana for a North Dakota network of 90+ banks and credit unions.
ETH · Technology · Positive The Ethereum Foundation launched zero-knowledge APIs with the Open Anonymity Project enabling private AI-model payments.
SOL · Technology · Positive Solana is the blockchain chosen for Fiserv's new Roughrider bank-to-bank settlement stablecoin.
Bitcoin ETFs See $102.7 Million Inflow as BTC Tops $86,800
Bitcoin ETFs recorded $102.7 million in net inflows on Thursday, resuming inflows after a nine-day streak was broken by a $148.7 million outflow on September 30. Bitcoin rose above $86,800 on Thursday, approaching last week's high of $87,245. In the Bank of Japan's summary of opinions from its September monetary policy meeting released on October 1, board members were divided over the pace of rate hikes, with markets pricing about a 40% chance of a 0.25-point hike in October and about 60% for a hold. In the United States, ahead of Friday, October 2's September employment report, market rate-hike odds fell to 25% from about 85% over the past week, with nonfarm payrolls expected to rise by about 90,000, the unemployment rate at 4.1%, and average hourly earnings up 0.3% month over month. In derivatives markets, open interest rose 5.87% to $56.35 billion, and more than 90% of BTC futures positions liquidated in the past 24 hours were shorts.
BTC · Demand · Positive Bitcoin ETFs recorded $102.7 million in net inflows, resuming inflows and signaling renewed investor demand for BTC, which rose above $86,800.
JP-10Y.GB · Monetary · Neutral BOJ board members were divided over the pace of rate hikes, with markets pricing about a 40% chance of a 0.25-point hike in October and about 60% for a hold, leaving the 10Y JGB yield direction unclear.
SMBC Nikko to Jointly Develop DeFi Platform for Domestic Investors with Uniswap, Base and Others
SMBC Nikko Securities and blockchain development company Nethermind announced on October 2 that they will jointly develop a DeFi platform for domestic investors. Uniswap Labs, Base, and the Nyx Foundation will also take part, aiming to build a usage environment compliant with laws and regulations. The development targets are a liquidity provision protocol and a proprietary liquidity pool called "DeFi Gateway," which will incorporate AI-driven asset management functions, anti-money laundering and counter-terrorist financing measures, and investor protection mechanisms, with completion scheduled for mid-2027. SMBC Nikko Securities will lead dialogue with regulators and provide expertise in compliance and risk management, while Nethermind will lead technical development, including AI and smart contract security. Uniswap Labs will support protocol integration, Base will support deployment on its network, and the Nyx Foundation will advise on market-making strategies and hook design.
8316.JP · Technology · Positive SMBC Nikko Securities, a Sumitomo Mitsui Financial Group unit, is jointly developing the DeFi platform and will lead regulatory dialogue and compliance.
Nethermind · Technology · Positive Nethermind will lead technical development including AI and smart contract security for the DeFi platform.
UNI · Technology · Positive Uniswap Labs will support protocol integration in the joint DeFi platform development, expanding Uniswap's protocol reach into Japan.
Uniswap Labs · Technology · Positive Uniswap Labs will support protocol integration for the joint DeFi platform targeting domestic Japanese investors.
4481.JP · Technology · Positive Base will support deployment of the DeFi Gateway platform on its network, adding a new institutional deployment.
Nyx Foundation · Technology · Positive Nyx Foundation will advise on market-making strategies and hook design for the joint DeFi platform.
Spot Bitcoin ETFs See $2.65 Billion in September Inflows, Second-Highest Since October 2025
Spot Bitcoin ETFs in the United States recorded net inflows of $2.65 billion in September, the second-largest monthly inflow since October 2025, according to data from The Block. The inflows were down from $3.52 billion in August but remained well above levels seen throughout the past year. Meanwhile, spot Ether ETFs attracted $832.43 million in September, compared with $1.85 billion in August, marking the second-largest monthly inflow since August 2025. Inflows into Bitcoin ETFs continued on the first day of October at $102.7 million, while Ether ETFs saw outflows of $55.4 million. Dominic John, an analyst at Zeus Research, told The Block that the ETF inflows indicate institutional demand has not faded and point to a more sustainable recovery, adding that traders will watch ETF inflows alongside key U.S. economic data. The jobless claims report on October 8 will provide another set of data on the U.S. labor market, while inflation data and Fed commentary could shift interest rate expectations.
PayPay Connects Binance Pay to Its Merchant Network via HIVEX
PayPay announced on September 30 that it has begun a partnership with Binance Pay, the payment feature of cryptocurrency trading app Binance, through the cross-border payment network HIVEX. Overseas Binance Pay users will now be able to pay for dining, shopping, lodging and other purchases at PayPay merchants across Japan, and merchants will receive their sales proceeds in Japanese yen rather than in crypto assets. Binance Japan users residing in Japan are not covered. HIVEX is a cross-border payment network developed by Silicon Valley-based TBCASoft, which began commercial rollout in 2023, and PayPay has been connecting overseas payment services from Taiwan, China, Hong Kong and elsewhere to its merchant network since that year. With the addition of Binance Pay, which has roughly 48 million users, a payment route has now been established running from Binance Pay through HIVEX and PayPay to merchants.
Binance · Demand · Positive Binance Pay's ~48M users gain a new payment route accepted at PayPay merchants across Japan, expanding its payment service adoption
TBCASoft · Demand · Positive TBCASoft's HIVEX cross-border payment network adds Binance Pay as a new connected payment service, expanding its network usage
South Korean Crypto Exchange Profits Plunge 78% as Investors Shift Funds to Stock Market
Operating profits at South Korean cryptocurrency exchanges fell 78% in the first half of 2026, according to new data from the Korea Financial Intelligence Unit, or KoFIU, which disclosed on Thursday that the average daily trading volume of domestic virtual asset exchanges dropped 44% compared with the previous six months. Market capitalization fell 33%, won-denominated deposits declined 35%, and exchange sales dropped 41% over the same period, even as the number of accounts eligible to trade rose slightly by 0.4%. The KoFIU survey covered 26 registered virtual asset service providers, including 17 exchange operators and 9 wallet and custody service providers, covering activity from January 1 to June 30. The figures emerged amid signs that South Korean retail investors have shifted their attention from crypto to the country's stock market. In May, the value of crypto held by South Korean investors fell 50.2% to 60.6 trillion won, or 41.4 billion dollars, over a period of about one year, a decline that South Korean media outlet ChosunBiz linked to capital moving into the stock market. A Cointelegraph analysis in July also found that the combined average daily trading volume of Upbit, Bithumb, Coinone, Korbit and Gopax fell about 89% year on year over a comparable seven-day period, while the KOSPI, South Korea's benchmark stock index, more than doubled in the 12 months to July 22.
Bithumb · Demand · Negative Bithumb's average daily trading volume fell ~89% year on year as South Korean retail investors shifted funds from crypto to stocks.
Coinone · Demand · Negative Coinone's average daily trading volume fell ~89% year on year amid the retail shift from crypto to stocks.
Gopax · Demand · Negative Gopax's average daily trading volume fell ~89% year on year as South Korean crypto trading activity collapsed.
Korbit · Demand · Negative Korbit's average daily trading volume fell ~89% year on year as investors moved capital into the stock market.
Dunamu Inc. · Demand · Negative Dunamu (Upbit operator) saw combined exchange trading volume drop ~89% year on year amid the crypto-to-stocks shift.
NEAR-based trading service loses about 600 million yen to a bug
NEAR Intents, a cross-chain trading platform built on the NEAR blockchain, announced on its official X account on October 1 that it had detected a security incident and temporarily suspended its service. The cause was a bug in the integration between the deposit and withdrawal infrastructure Omni and NEAR Intents' smart contracts, and the provisional loss amounts to about 3.8 million dollars, or roughly 596.6 million yen, with the company stating it will compensate the full amount. According to NEAR Protocol co-founder Illia Polosukhin, the damage was limited to USDT on BSC, with no impact on the NEAR Protocol itself or the NEAR token, and the company's AI anomaly detection feature SHIELD detected the suspicious activity. The fix was completed about one hour after detection, and NEAR Intents and near.com moved toward resuming operations. Polosukhin said NEAR Intents' monthly transaction and settlement volume has reached more than 4 billion dollars, and indicated a policy of strengthening security measures.
Digital Finance & Tokenization › Payments Modernization & Rails ▼Technology
NEAR · Technology · Negative A bug in NEAR Intents' Omni integration caused a ~$3.8M loss and forced a temporary service suspension on the NEAR blockchain.
Bitget CEO Says Recovery Unlikely After $388 Million Hack
Bitget is not expecting to recover much of the nearly $388 million stolen in last week's cyberattack, CEO Gracy Chen told CNBC, with only about $1.1 million of the funds frozen so far. Chen said frozen assets had not necessarily been returned to the exchange and declined to disclose how much had been recovered, citing limited recoveries from previous crypto exchange hacks. Bitget said user account balances were unaffected, and Chen said the financial impact is being absorbed by Bitget rather than passed on to users. The exchange's protection fund, valued at more than $464 million before the theft, was drawn down to below $200 million after the hack before being restored to more than $300 million using Bitget's own capital. Investigation reports released Sept. 30 by Mandiant, part of Google Cloud, and blockchain security firm SlowMist found attackers compromised two third-party security products before gaining access to Bitget's production wallet systems, with SlowMist tracing the earliest malicious activity to Aug. 31 via a zero-day vulnerability. Withdrawals for bitcoin, ether and USDT have resumed, with remaining cryptocurrencies, fiat and peer-to-peer services scheduled to resume on Friday.
Bitget · Regulation · Negative Bitget suffered a $388M hack via compromised third-party security products, with only ~$1.1M frozen and recovery unlikely.
SEC Proposes New Rule Allowing Funds to Hold Crypto for Clients
The U.S. Securities and Exchange Commission, or SEC, has proposed new rules that would make it easier for investment advisers and regulated funds to hold crypto assets on behalf of clients. The SEC announced the proposal on Thursday, October 1. It sets out a specific framework for the custody and safekeeping of crypto assets by registered investment advisers, investment companies, and business development companies. The proposal would open the door to self-custody of crypto assets under certain conditions, and would also allow state-regulated trust companies to act as custodians of crypto assets for clients and regulated funds. SEC Chairman Paul Atkins said existing regulations cannot adapt quickly enough to the rapid expansion of digital assets, which has now grown into a market worth several trillion dollars. The move comes after the Clarity Act, a bill aimed at establishing a broad regulatory structure for the crypto market, stalled in the Senate in September. The SEC will accept public comments for 60 days after publication in the Federal Register. Meanwhile, the crypto market is beginning to recover, with Bitcoin up more than 40% from its July low.
081180.KQ · Regulation · Positive The SEC itself proposed the new crypto custody framework, advancing its own regulatory agenda for digital assets.
BTC · Regulation · Positive SEC proposal to ease crypto custody rules for advisers and funds is a regulatory tailwind for Bitcoin, which is also noted recovering and up 40% from July low.
Crypto Rises Even as Clarity Act Fails; Bitwise Praises SEC's New Approach
Matt Hougan, chief investment officer of crypto asset manager Bitwise, wrote in a September 30 blog post about why crypto assets rose despite the stalling of the Clarity Act. On September 15, the U.S. Senate voted 49 to 50 against ending debate on a motion to proceed with the bill, after which Bitcoin rose 8% and Ethereum gained 7%. The bill's final wording would have barred exchanges and others from paying stablecoin interest to customers and imposed fines of up to 5 million dollars per violation, but with the bill effectively dead, the GENIUS Act, which regulates only issuers, remains in place, allowing Coinbase and others to keep offering rewards. Meanwhile, the U.S. Securities and Exchange Commission issued a five-year "innovation exemption" on September 17 permitting on-chain trading of tokenized U.S. equities, and on September 25 it stated that for a functioning network, merely announcing a token buyback does not by itself establish that the token is a security. Hougan acknowledged the risk that a change of administration in January 2029 could lead the SEC and the Commodity Futures Trading Commission to alter course, but concluded that crypto "got better rules faster at the expense of long-term certainty."
Digital Finance & Tokenization › Stablecoin Issuers & Distribution ▲Regulation
Digital Finance & Tokenization › Real-World Asset Tokenization ▲Regulation
BTC · Regulation · Positive Bitcoin rose 8% after the Senate killed the Clarity Act, as crypto got better rules faster.
ETH · Regulation · Positive Ethereum gained 7% after the Clarity Act failed and the SEC issued favorable token/innovation guidance.
COIN · Regulation · Positive With the Clarity Act dead, the GENIUS Act remains in place, letting Coinbase keep offering stablecoin rewards.
Bitwise Asset Management · · Neutral Bitwise's CIO is quoted analyzing why crypto rose despite the Clarity Act stalling, but no company-specific impact is stated.
Citigroup Raises 12-Month Bitcoin Forecast to $113,000
Citigroup has raised its 12-month price forecasts for Bitcoin and Ethereum, CoinDesk reported on October 1. In a report dated September 30, Citi lifted its 12-month Bitcoin forecast to $113,000 from $82,000, and also revised its Ethereum forecast upward to $3,028 from $2,240. The bank cited increased activity in the crypto market, a favorable macroeconomic environment, and renewed inflows into ETFs as reasons. Citi expects that as advisors and brokers gradually increase their allocations to Bitcoin, inflows into ETFs and similar products will continue steadily, though more gradually than before, and it anticipates $5 billion of inflows over the next 12 months. On the regulatory front, Citi noted that while the U.S. Senate rejected a procedural vote 49 to 50 on September 15 to begin consideration of the crypto market structure bill known as the CLARITY Act, the Securities and Exchange Commission subsequently issued a series of rules, easing pessimistic sentiment in the market. Citi also pointed out that momentum in the crypto market has recovered, helped by a weaker dollar after the U.S. Treasury expanded buybacks of long-term government bonds.
Illinois Delays Implementation of 0.2% Cryptocurrency Tax to July 2027
The U.S. state of Illinois has agreed to postpone the effective date of its 0.2% tax on digital asset transactions from January 1, 2027 to July 1. The state's revenue director and attorney general reached the agreement with plaintiffs The Digital Chamber and the Illinois Blockchain Association and jointly filed a motion with the court for a preliminary injunction, The Digital Chamber announced on October 1. Meanwhile, on the 28th, the Illinois Department of Revenue published proposed implementing rules for the law on its official website and announced it had begun soliciting comments from industry participants before formally starting the rulemaking process. According to the proposed rules, the tax rate is 0.2% of asset value, and the tax amount is calculated based on the value of the assets in question rather than the operator's fee income. The law applies both to brokers providing digital asset-related services to customers in the state and to the state's customers who are subject to the tax, with brokers responsible for collecting and remitting the tax; out-of-state operators with more than $100,000 in annual in-state sales are also deemed to have an in-state presence and are required to register and collect the tax. Following the court's formal issuance of a preliminary injunction, the new effective date is expected to be July 1, 2027.
Bitget Suffers Roughly 55.9 Billion Yen Hack, Will Fully Compensate Users via Protection Fund
Major cryptocurrency exchange Bitget has been hacked, with roughly 55.9 billion yen worth of crypto assets drained. Bitget CEO Gracie Chen acknowledged the breach, and the initially estimated loss of about 351.6 million dollars was revised upward to about 387.5 million dollars after subsequent investigation, making it one of the largest crypto hacks of 2026. According to blockchain security firm SlowMist, the attack exploited a zero-day vulnerability in a third-party security product to generate fraudulent withdrawal orders from internal systems, with the first stage of the attack dating back to August 31. Bitget announced it will fully cover the losses through its user protection fund, which holds more than 464 million dollars. The loss ranks as the fourth-worst in cryptocurrency exchange hacks, after Bybit, the FTX collapse, and Coincheck.
SlowMist · Demand · Positive SlowMist's blockchain security analysis is cited as the source identifying the zero-day exploit, highlighting its forensic services.
Mastercard Buys Stablecoin Infrastructure Provider BVNK, Adds AI Commerce Safeguards
Mastercard announced the acquisition of stablecoin infrastructure provider BVNK, targeting digital asset settlement capabilities, and introduced new AI-powered trust and intelligence services designed to monitor and secure agentic commerce transactions. Management positioned the BVNK deal and the agentic commerce safeguards as a response to evolving digital asset rules and AI-driven payment risks. The BVNK acquisition and the new agentic commerce trust tools are only one part of Mastercard's broader payments technology ambitions. The BVNK purchase turns stablecoin plumbing into a concrete extension of Mastercard's value added stack, tying into Agent Pay and SoFiUSD settlement and giving the firm more control over how blockchain based flows interact with its fraud, identity and behavioral tools. The push also increases Mastercard's reliance on complex technology and regulatory regimes where rivals such as Visa and Stripe are active.
Fiserv Launches Digital Asset Platform With Roughrider Coin Pilot
Fiserv's Digital Asset Platform went live on October 1, 2026, providing white-label stablecoin infrastructure to its roughly 10,000 financial institution clients. The first deployment is the Roughrider Coin, a dollar-backed stablecoin issued by the Bank of North Dakota, with minting, burning, custody and reserve asset management handled by VersaBank and secure digital asset infrastructure provided by Fireblocks. The permissioned, bank-to-bank money movement tool runs on Solana using Token-2022 program extensions, and the pilot involves over 90 participating banks and credit unions in North Dakota. The platform is enabled through existing technology at no additional cost to clients via the Fiserv Commercial Center, and regulatory clarity comes from Section 4(c) of the GENIUS Act, which creates a framework for state-qualified issuers under $10 billion. Sunil Sachdev, head of embedded finance and digital assets at Fiserv, called the launch an important milestone, while the transition from Michael Lyons to Takis Georgakopoulos as CEO suggests the firm's digital asset strategy may still be in flux.
FISV · Technology · Positive Fiserv launched its Digital Asset Platform, providing white-label stablecoin infrastructure to its ~10,000 financial institution clients at no additional cost.
Bank of North Dakota · Regulation · Positive Bank of North Dakota issues the Roughrider Coin under the GENIUS Act framework for state-qualified issuers.
VBNK · Demand · Positive VersaBank handles minting, burning, custody and reserve asset management for the Roughrider Coin pilot.
SOL · Technology · Positive The permissioned bank-to-bank stablecoin pilot runs on Solana using Token-2022 program extensions.
Fireblocks · Demand · Positive Fireblocks provides the secure digital asset infrastructure for the Roughrider Coin deployment.
Kalshi Launches Fully Regulated Dogecoin Perpetual Futures in US
Kalshi has officially begun trading fully regulated perpetual Dogecoin futures in the United States, giving retail investors access to legal perpetual contracts on the meme token within a CFTC-regulated jurisdiction. The launch marks another step in Dogecoin's expansion into the U.S. market, as the contracts operate under federal oversight rather than the offshore venues that have typically hosted perpetual futures. The move brings a product long associated with unregulated crypto exchanges into a CFTC-regulated framework. It also extends Kalshi's push into crypto derivatives following its earlier regulated offerings. The contracts are now live for U.S. retail participants.
Kalshi · Regulation · Positive Kalshi launched fully regulated perpetual Dogecoin futures in the US under CFTC oversight, extending its crypto derivatives push.
DOGE · Regulation · Positive Fully regulated CFTC-supervised perpetual Dogecoin futures launch in the US expands legal access to the token.
OUSD Stablecoin Goes Live With Visa, Mastercard and Stripe Backing
The OUSD stablecoin has officially gone live with Visa, Mastercard and Stripe behind it, according to Scott Melker on "The Daily Wolf with Scott Melker." OUSD, or Open USD, is a consortium of fintechs and payment companies launching their own stablecoin to compete in a massive market where high interest rates generate essentially free money, and it is being run by Stripe, which acquired Bridge in a unicorn deal and whose Bridge CEO is also running the blockchain. The stablecoin is launching on multiple blockchains, including Ethereum, Solana, Base and Tempo, with the bulk of liquidity expected on Stripe's own Tempo blockchain, while reserves will be held at BlackRock, BNY and Lead Bank. Five founding members — Coinbase, Mastercard, Shopify, Stripe and Visa — will split the equity and have invested a billion dollars for initial liquidity, and depending on usage they will accrue more or less equity or earnings from the stablecoin, meaning earnings accrue to the companies promoting and using it rather than to a private company behind it. The launch follows a huge debate when it was announced, as 140 logos appeared including BlackRock and others, and some companies said they had never heard of it and had not gotten the memo.
Digital Finance & Tokenization › Distribution & Revenue-Share Partners ▲Competition
Stripe, Inc. · Demand · Positive Stripe runs OUSD and its Bridge CEO leads the blockchain, with earnings accruing to the companies promoting and using the stablecoin.
V · Demand · Positive Visa is a founding member of OUSD, investing in initial liquidity and accruing equity/earnings based on usage of the stablecoin it promotes.
COIN · Capital · Positive Coinbase is a founding member that invested in OUSD and will accrue equity/earnings based on usage.
MA · Capital · Positive Mastercard is a founding member that invested in OUSD and will accrue equity/earnings based on usage.
SHOP · Capital · Positive Shopify is a founding member that invested in OUSD and will accrue equity/earnings based on usage.
Bridge · Demand · Positive Bridge, acquired by Stripe, is running the OUSD blockchain, positioning it at the center of the stablecoin's operations.
Bitcoin Posts Best Q3 Since 2017 as Bonds Sell Off
Bitcoin rallied to its best third quarter since 2017, gaining 43% in July, August and September even as long-term Treasuries lost approximately 7.7% and the broader US bond market declined approximately 3.4%, with the 10-year yield recording its largest quarterly increase since 1994. The crypto industry spent $8 million lobbying for the Clarity Act out of a total $13 million in first-half 2026 lobbying spending, and the bill failed to win a single Democratic vote, with Coinbase leading corporate efforts at $2.2 million and Kraken spending $1 million. The OUSD stable coin, backed by a consortium of more than 200 companies, went live with Visa, MasterCard and Stripe among its five founding members, alongside Coinbase and Shopify, with reserves held at BlackRock and BNY. The EU is questioning Binance over continued operations despite a wind-down order, with ESMA, France, Germany and Greece examining whether the exchange is still servicing European customers through a reverse solicitation exemption. The CFTC secured a judgment of over $30 million against defendants in a funds fraud case, including approximately $15.7 million in restitution and a $15 million civil penalty.
SBI Digital Trust to Jointly Test Japan-Korea Stablecoin Payments with Two Korean Firms Toward Commercialization
SBI Digital Trust, a subsidiary of SBI Holdings, announced on October 1 that it will jointly conduct verification with two Korean companies, payment provider NICE Information & Telecommunication and blockchain infrastructure firm DSRV Labs, on cross-border remittance and payments between Japan and Korea using stablecoins. The three companies signed a basic agreement on September 30 aimed at future commercialization, and will examine fund flows from users to merchants, methods for connecting each company's systems, expected transaction volumes, and costs, with the goal of completing the work by the end of December 2026. In the verification, a Japanese user will scan a QR code at a NICE Information & Telecommunication merchant, and stablecoins will be used to settle with the Korean-side merchant, while the companies also check instruction methods for remittance and payment and operational issues. NICE Information & Telecommunication supports a network of about 1.2 million merchants in Korea, and the companies will consider payment and settlement operations at physical stores and methods for connecting with existing systems to confirm whether the business can work in an actual merchant environment, while DSRV will verify the blockchain technology and system architecture needed to transfer stablecoins. SBI Digital Trust will consider a Japan-Korea payment scheme in light of Japanese regulations and payment systems, working with companies across the SBI Group. In Korea, work is underway to develop rules for stablecoins, but the details are still under discussion, and the three companies will focus on the technical and operational aspects that can be verified at this point, deciding whether to commercialize based on regulatory developments. The SBI Group also signed a basic agreement with a Korean company in August to build a blockchain-based Japan-Korea payment network for financial institutions, and while the previous effort targeted a payment network intermediated by financial institutions, this time the focus is on payments by Japanese travelers at physical stores in Korea.
Digital Finance & Tokenization › Stablecoin Issuers & Distribution Technology
SBI Digitrust · Demand · Positive SBI Digital Trust is the lead party conducting the Japan-Korea stablecoin remittance/payment verification with the two Korean firms.
036800.KQ · Demand · Positive NICE Information & Telecommunication will let Japanese users pay via QR at its ~1.2 million Korean merchants in the stablecoin payment verification.
8473.JP · Demand · Positive SBI Holdings subsidiary SBI Digital Trust signed an agreement with two Korean firms to verify Japan-Korea stablecoin cross-border payments toward commercialization.
DSRV Labs · Technology · Positive DSRV Labs will verify the blockchain technology and system architecture needed to transfer stablecoins in the joint test.
Singapore crypto market reaches $284 billion in a year, up 1.5-fold: Chainalysis
Blockchain analytics firm Chainalysis announced on September 30 that funds moved through crypto assets in Singapore reached $284 billion in the year from July 1, 2025 to June 30, 2026. That marked a 55.4% increase from the same period a year earlier, or roughly 1.55 times, and Singapore climbed from 63rd place in Chainalysis's 2025 Global Crypto Adoption Index to 27th in the 2026 edition. Across the Central, South Asia and Oceania region as a whole, crypto activity fell 6.8%, but Singapore became the region's largest market, with the value handled by professional services used by financial institutions and others rising 94% to $60 billion, driving overall growth. Inflows to general exchanges rose 30%, and inflows to decentralized exchanges were up 69%. Japan also climbed sharply in the 2026 Global Crypto Adoption Index, ranking 4th out of 117 countries, up from 19th the previous year. While large-scale capital inflows stand out in Singapore, Japan is seeing broader adoption across areas including capital inflows, cross-border remittances, and peer-to-peer transactions.
Chainalysis · Demand · Positive Chainalysis's own report shows Singapore crypto activity up 55.4% to $284B, expanding the market its analytics services serve.
Robinhood Unveils AI Agents and 24/7 Trading Push at HOOD Summit 2026
Robinhood Markets used its HOOD Summit 2026 to unveil a slate of new products aimed at turning the retail brokerage into a broader financial ecosystem, including Robinhood Agents, Agent Apps, weekend equity trading, crypto perpetual futures and earnings contracts. Robinhood Agents, the company's AI tool, will let customers research markets, build strategies and execute trades within preset limits, while paid Agent Apps add third-party data and analytics across options, investor positioning and crypto and could introduce a recurring subscription component to revenue. The planned rollout of crypto perpetual futures would let eligible customers take leveraged long or short positions in major cryptocurrencies including Bitcoin, Ethereum, Solana and XRP without contract expirations, and the push toward weekend equity trading moves Robinhood closer to 24/7 market access as it competes with Interactive Brokers Group and Charles Schwab. Robinhood is also expanding into prediction markets with earnings and KPI-linked contracts and enhancing tools for active traders through longer options-trading hours, additional order types, higher intraday buying power and continued investment in Legend. Several major initiatives, including weekend equity trading and the new prediction market contracts, remain subject to regulatory review, and the revenue benefits will depend on whether customers adopt the new products rather than shifting activity from existing offerings. Over the past six months, Robinhood's shares have jumped 63.3% compared with the industry's growth of 10.3%, and HOOD currently sports a Zacks Rank #1 (Strong Buy).
Coincheck to Introduce 10-Tier Fee Structure from October 19
Crypto asset exchange Coincheck announced on October 1 that it will introduce tiered fees for its exchange order book trading from 2 p.m. on October 19. The fee rates will be determined by 10 levels based on the user's trading volume over the most recent 30 days or their deposited assets, with the level judged by whichever of trading volume or deposited assets results in the lower rate. The highest level for general users applies when trading volume is under 1 million yen and deposited assets are under 2 million yen, with a Maker fee of 0.1000% and a Taker fee of 0.1200%. Rates fall as the level rises, and VIP9, for trading volume of 10 billion yen or more or deposited assets of 1 billion yen or more, has a Maker fee of 0% and a Taker fee of 0.0025%. The new structure covers all crypto assets handled on the exchange except the Bitcoin and Japanese yen pair, while the Bitcoin and Japanese yen pair remains at 0% but is still included in the trading volume used to determine levels.
EU Regulators Question Binance Over Unauthorized Operations
European Union regulators have questioned Binance over its continued service to customers within the bloc despite failing to secure authorization under the Markets in Crypto-Assets regime. The scrutiny marks a major test for the novel regulatory framework, which governs crypto-asset service providers across the union. Binance has come under fire from EU authorities for operating without the required license. The outcome could set a precedent for how the regime is enforced against major exchanges.
Binance · Regulation · Negative EU regulators scrutinize Binance for serving EU customers without MiCA authorization, a direct regulatory enforcement threat.
BUSD · Regulation · Negative EU regulators question Binance over unauthorized operations, raising regulatory risk for the Binance-linked stablecoin's ecosystem.
