KEY TAKEAWAYS Venture capital funds drive early innovation but introduce selling pressure through token unlocks. Hedge funds control over $80B in AUM and shape short-term liquidity with directional and quant strategies. Bitcoin ETFs have attracted tens of billions in inflows, significantly reducing volatility. Institutional consolidation is growing, with top funds dominating most industry assets. ETF trading shifted the bulk of Bitcoin volume to U.S. market hours. VC and hedge fund rotations often signal emerging narratives such as DePIN, modular blockchains, and AI-crypto integrations. Tracking institutional flows provides investors with early insights into sector strength and long-term market direction.   Institutional capital now shapes the direction, stability, and growth of the global cryptocurrency market more than at any point in the past decade. Major players, including venture capital firms, hedge funds, and ETFs, channel billions into digital assets, influencing liquidity, price discovery, and the adoption of new blockchain technologies. Their strategies determine market narratives, which tokens survive bear cycles, and which ecosystems grow into multi-billion-dollar sectors. In this article, we explore the top funds investing in crypto, how much capital they control, their core strategies, and the level of influence they exert across the broader market. We also examine how their investment patterns shape token performance, market cycles, and long-term crypto maturity. Leading Venture Capital Funds in Crypto Venture capital remains one of the most influential engines of early blockchain innovation. VC firms back protocols at the seed or Series A stage, providing money, advisory support, talent connections, and liquidity access. These investments accelerate protocol development, token launches, ecosystem growth, and long-term adoption. Some of the most active early-stage investors include Token Metrics Ventures, which uses AI-driven analytics to identify asymmetric opportunities in DePIN and AI-powered ecosystems. The firm has made high-conviction bets in projects such as Pixels and 0G Labs, focusing on sectors expected to outperform in the next expansion cycle. Digital Currency Group (DCG), which owns Greyscale, is another big player. DCG backs infrastructure projects like Chainalysis and Circle and uses its network of institutions to set standards in the digital asset economy. Multicoin Capital is known for being one of the first investors in Solana. They still have big stakes in Helium and Render. Olaf Carlson-Wee started Polychain Capital, which is known for funding projects that focus on privacy and protocol-level issues, like Filecoin and Avalanche. Coinbase Ventures is another important VC that strategically backs projects that fit with the exchange infrastructure, like OpenSea and Alchemy, which makes Coinbase's ecosystem stronger. Dragonfly Capital connects the U.S. and Asian markets by making important investments in NEAR and 1inch. In the meantime, NGC Ventures backs Algorand and Thorchain and focuses on zero-knowledge and DePIN stories in the Asia-Pacific region. Even though the market slowed down, crypto venture funds raised $5.75 billion across 58 vehicles in 2023. This shows that the funds are still strong and that people still believe in them for the long term. Although valuations cooled and deal counts shrank, established funds continued deploying capital into later-stage rounds while positioning themselves for the next cycle. Prominent Crypto Hedge Funds and Their Influence Crypto hedge funds control some of the largest pools of liquid capital in the digital asset ecosystem. Their trading strategies, ranging from fundamental long-only to quantitative trend-following, directly influence short-term price action, liquidity dynamics, and capital rotation. As of 2025, total hedge fund AUM reached $82.4 billion, with the average fund managing $63 million. Larger funds control well over $100 million, and the top 20 players dominate 71.6% of all industry AUM, highlighting consolidation and institutional preference for proven managers. Pantera Capital, one of the oldest U.S. crypto hedge funds, continues to operate multi-strategy portfolios spanning blockchain equity, DeFi, and liquid tokens. Grayscale Investments, though technically structured as a trust, remains one of the largest institutional players with more than $45 billion in AUM through products like GBTC. Fundamental strategies currently dominate the sector, holding $11.46 billion in AUM. These funds typically outperform during recovery phases, with top quartile performers beating Bitcoin across multiple quarters. Quantitative directional funds that rely on algorithmic systems manage $1.81 billion and excel during periods of high volatility, achieving returns like +43.75% in Q4 2023. Market-neutral funds, which aim for low-beta steady returns, hold $1.97 billion and have grown consistently as institutional investors seek predictable exposure. The rise of hedge funds reflects the maturation of crypto as an asset class and its integration into traditional financial strategy frameworks. Dominant Crypto ETFs and ETPs Exchange-traded products have fundamentally altered crypto market dynamics by providing regulated, accessible exposure for both retail and institutional investors. Their inflows and outflows exert a measurable influence on Bitcoin and Ethereum price direction. XBT Provider’s Bitcoin Tracker One is one of the largest products, with $4.43 billion in assets, followed by Ethereum Tracker One at $2.58 billion. In the U.S., the ProShares Bitcoin Strategy ETF (BITO) controls $915 million, while the Purpose Bitcoin ETF operates at $819 million. The launch of spot Bitcoin ETFs caused a historic wave of liquidity, bringing in a total of $54.75 billion in net inflows and pushing Bitcoin's price up from about $45,000 to over $120,000. As more institutions got involved, these products cut overall volatility by 55%. They also moved 57.3% of Bitcoin trading to U.S. market hours, which changed the way liquidity worked. Products like iShares Ethereum Trust (ETHA) and Global X Blockchain ETF (BKCH) offer diversified access at fees between 0.25% and 0.50%. Meanwhile, the Amplify Transformational Data Sharing ETF (BLOK) invests $466 million into blockchain equities, expanding exposure beyond cryptocurrencies. Fund/ETP Type AUM (USD) Focus Fee Bitcoin Tracker One (COINXBT) ETN $4.43B Bitcoin N/A Ethereum Tracker One (COINETH) ETN $2.58B Ethereum N/A BITO Futures ETF $915M Bitcoin 0.95% ETHA Spot ETF Varies ​ Ethereum 0.25% GBTC Trust >$45B total Multi-asset Varies ​These products now play a structural role in the market, linking crypto performance to broader equities and macro sentiment. How Institutional Funds Shape Market Trends Funds can have a big impact on how tokens do and how the market moves. VC funding leads to new ideas, but it also puts pressure on the supply side. Many projects in their early stages lose $150 to $200 million a day when tokens are unlocked, which makes prices go down in the short term. There have been big drops in the value of ICP after big VC sell-offs. This shows how post-TGE selling can start big downward spirals. Directional betting by hedge funds makes market momentum stronger. During the recovery phase of 2023, fundamental strategies caught big rallies like Solana's +401.9% growth in Q4. This showed how important institutional capital is in creating waves of liquidity. At the same time, ETF inflows act as macro-level drivers. When Bitcoin prices go up, there are a lot of strong inflows. When there are a lot of outflows, it usually means that global markets are feeling risk-averse. Global financial institutions have noticed that crypto and stocks are becoming more and more correlated. This creates new systemic risks but also makes crypto more a part of traditional finance. VCs also have a say in the stories that are told about different sectors. In areas where there are fewer VC investors, like memes or very experimental AI-agent tokens, there is often not enough liquidity. On the other hand, in areas where there is a lot of VC money, like modular blockchains or DePIN, there is coordinated capital support that speeds up adoption. In general, the concentration of power among the biggest funds makes things both stable and dependent. As capital accumulates, funds increasingly dictate the success of protocols, the formation of liquidity, and the progression of cycles. Future Outlook: The Expanding Role of Crypto Funds Over the next several years, institutional funds are expected to deepen their influence as real-world assets (RWAs), tokenized treasuries, and Bitcoin-backed financial products grow. Spot Bitcoin ETFs could help propel Bitcoin toward the $150,000–$500,000 range, depending on sustained inflows and broader macro conditions. VC deployment will likely shift toward later-stage deals after a period of valuation resets, while hedge funds innovate with BTC-denominated share classes targeting 10–15% alpha above Bitcoin performance. Regulatory clarity, particularly under the Trump administration, may accelerate institutional adoption and further intertwine crypto markets with equities, commodities, and fixed-income strategies. As crypto matures, monitoring top funds becomes essential for investors. Their rotations signal emerging narratives, sector strength, and early indicators of market expansion. What Fund Activity Signals About Crypto’s Next Phase Institutional funds have become the backbone of the modern crypto ecosystem. Venture capital fuels early innovation, hedge funds manage liquidity and amplify market cycles, and ETFs bring mainstream legitimacy and structural capital flows. Together, these entities shape the winners, losers, and long-term direction of the digital asset economy. Understanding how they operate and where they deploy capital provides investors with a strategic advantage in anticipating emerging trends and navigating future market cycles. FAQs What are the main types of funds investing in crypto? The primary categories are venture capital funds, hedge funds, and ETFs, each influencing the market differently through early-stage funding, active trading, and regulated exposure. How do venture capital funds affect crypto prices? VCs fuel early development but contribute to price volatility during token unlocks, which can create significant supply pressure. Why do hedge funds matter in the crypto market? Hedge funds drive liquidity and short-term price trends through directional trades, quantitative strategies, and market-neutral models. What impact do Bitcoin and Ethereum ETFs have on the market? They bring massive institutional inflows, reduce volatility, shift trading activity to U.S. hours, and strongly correlate with market rallies. How can investors benefit from tracking institutional funds? Monitoring fund rotations reveals emerging narratives, liquidity flows, and early signs of sector momentum before broader market adoption. References Coingecko: Top 15 Venture Capital Firms and Their Key Crypto Projects in 2024 (Part 1) Galaxy:2024 Institutional Crypto Hedge Fund & Venture Report Tokenmetrics: Top 10 Crypto Venture Capital Funds for Investment in July 2025

As Exness continues to expand across Sub-Saharan Africa, the opening of its new Cape Town office highlights the company’s long-term commitment to the region.  We spoke with Nima Siar, Head of Partnership and Business Development Initiatives at Exness, about why partnerships remain central to the company’s growth strategy, how regulation helps build trust, and how Africa’s entrepreneurial spirit is shaping the future of trading. Exness is already a major global broker. Why invest further in Sub-Saharan Africa, and why now? Africa is one of the most dynamic regions for financial growth. What we are seeing is not just expansion but the rise of an informed and ambitious generation that values access, control, and fairness in the way they trade. Our presence in Sub-Saharan Africa is not new, as we have been supporting traders in the region for several years. We are now taking the next step, establishing a physical presence, investing in local talent, and strengthening our relationships with partners and communities. This moment is about building on those connections through people, infrastructure, and expertise that will support traders for the long term. The region’s trading community is growing quickly and becoming more sophisticated. By investing now, we ensure that Exness continues to meet these evolving expectations with professionalism and transparency. How important is regulation in your approach to expanding across the region? Regulation is essential. In markets where unlicensed brokers have often focused on short-term gains, strong oversight creates the structure needed for trust and long-term growth. We see regulation not as a limitation but as a framework that protects traders and strengthens the entire industry. This is why we work closely with regulators to understand local conditions, ensure full compliance, and help raise the overall standards of the market.  More specifically, Exness has a Financial Services Provider (FSP) license and an Over-the-Counter Derivative Provider (ODP) license.  For us, expanding responsibly means working hand in hand with local authorities, maintaining transparency, and helping create a trading environment where confidence is built through accountability. Partnerships are central to your growth model. How do they shape Exness’ growth in Sub-Saharan Africa? Partnerships are built on mutual trust and shared ambition. Our partners act as local ambassadors for Exness, bringing cultural understanding, credibility, and strong market knowledge. In return, we provide a globally trusted platform and transparent trading conditions. We understand that every partner has a unique business model, so our approach is always flexible. We offer two main pathways: Introducing Broker (Revenue share model): Ideal for relationship builders such as coaches, mentors, and community leaders. They focus on education and long-term client support, earning a sustainable, lifetime revenue share based on client activity. Affiliate Program (CPA, Cost per action model): Designed for digital professionals, from financial content creators to blog owners. They specialize in generating traffic and building social media groups around the finance industry, preferring fixed, high payouts that can be reinvested to grow their campaigns. Our daily CPA model supports exactly that. Both programs are built to help partners grow on their own terms. They are supported by transparent structures, real-time assistance, and reliable systems that create confidence and long-term success. How much of Exness’ regional growth is driven by the local entrepreneurial spirit? A great deal of it. South Africa boasts an impressive culture of entrepreneurship, one that is digital, resourceful, and ambitious. Our partnership programs build on that energy by offering structure, support, and credibility to help entrepreneurs grow their businesses. Many of our partners are financial educators and community leaders, and through our programs, they gain access to business training, localized support, and globally competitive compensation. These tools help turn ideas into sustainable ventures and nurture a new generation of financial entrepreneurs across the region. Ultimately, our partners are more than just collaborators. They are co-creators of a strong and mature trading ecosystem. Looking ahead, what is Exness’ long-term vision for the region? Our goal is to set new standards of transparency, technology, and trader experience across Sub-Saharan Africa. We want traders in the region to enjoy the same reliability, precision, and fairness found in the world’s most advanced markets. With our physical presence in South Africa and continuous investment in partnerships, we are helping shape what a responsible and trader-focused broker looks like. By combining local expertise with global infrastructure, we are building a foundation of lasting trust that empowers both traders and partners to grow and succeed. For Nima Siar, the mission is clear. As Exness continues to expand in Africa, its success will not be measured by size alone, but by how many people and businesses it helps move forward along the way.

When people think about designing a Web3 product, they think about cryptocurrencies, tokens, and complex tokenomics. However, the reality is that you can build a successful and useful Web3 product without creating any token. Many teams today prefer this path because it is less risky, simpler, and more focused on real user problems.  In this article, we'll explain what a Web3 product is, why tokens aren't always important, and how to actually design a Web3 product without launching one. By the end, you'll understand the fundamentals of Web3 and have a clear understanding of how to build a token-free Web3 product from start to finish. Key Takeaways You can build a solid Web3 product without launching a token. The most essential aspect is solving an actual user problem and not adding extra complexity. Keep the user experience simple by eliminating unnecessary blockchain steps. You can motivate users through access, reputation, and recognition, not tokens. What “Web3 Product” Means A Web3 product is a service or an app that uses blockchain or other decentralized technology to give people more control over their identities, data, or digital items. It's not only about tokens or cryptocurrencies. The primary idea is to shift power away from a single company and let individuals verify or own things themselves using shared, open systems. Web3 products depend on a few core pieces of technology.  At the core of every Web3 product is a blockchain, acting as a shared database that anyone can verify. In addition, smart contracts help automate parts of the product without relying on a central authority.  Users interact with the system via wallets, which act as their identity and allow them to sign actions securely. Web3 products were also designed to offer benefits that traditional Web2 apps cannot easily provide. These perks include true ownership of digital items, the ability to move assets or data across different apps, and transparency, since all important actions can be verified publicly.  How to Design a Web3 Product Without a Token Designing a Web3 product without a token begins with being clear about the user problem, and ends with testing real users. Each decision between those points should increase value, not complexity. Here's a step-by-step guide to follow  1. Research and discovery Start by learning who your users are and what problems you will solve for them. Discuss with real people, run fast surveys, and watch how potential users currently solve the problem. Find out whether blockchain features such as public history, ownership, or censorship resistance help these users. If the product doesn't add clear value, rethink whether you need Web3 at all.  2. Specify core value and success metrics Write down a short sentence that explains the major benefit your product gives users. Then, select 3-5 simple metrics that show if people get that benefit. Some common metrics include task success rate, daily active users, retention after X days, revenue per user, and more. These metrics keep your team focused on products and not hypothetical token gains.  3. Map user journeys and on-chain touchpoints Draw how a user will move through your product from sign-up to their regular use. Identify the specific steps where the blockchain is needed, such as proving ownership or storing something permanently. Ensure that most actions are off-chain so the experience stays fast and smooth.  4. Choose the right technology setup Decide where your product will run. You can select fast chains, private chains or a combination of both. Additionally, your smart contracts should remain simple. You can allow the app to pay the fees on behalf of users so they don't have to deal with tokens at all.  5. Create motivation without tokens Instead of paying users with a token, give them value in other ways. You can reward them with higher access levels, badges, early features, or public recognition. These benefits make users feel appreciated and seen without creating a financial asset. 6. Handle community decisions without a token Having a token isn't compulsory before you involve your community. Give people the freedom to vote or share ideas based on their contributions. For instance, users with more influence can help more. Therefore, keep the rules simple so everyone understands how decisions are made. 7. Make the experience easy for everyone Users shouldn’t have a complicated sign-up process when accessing your Web3 product for the first time. Let them begin with a normal sign-up process, such as social or email login. The process of connecting a wallet to their account can be done later. Don’t force users to see network messages or gas fees. Keep everything easy to understand. 8. Protect user data and stay compliant Only store public information on the blockchain, and private details should be kept off-chain. Ensure your contracts are secure and easy to understand. If you’re building products with features that involve sensitive information or money, get legal advice so you remain compliant.  When To Add a Token Later You should only include a token after your product is functioning well and has real users. A token makes sense when it improves the product, not when it is used to replace weak adoption or slow growth.  Some good reasons to add a token include powering a marketplace, rewarding meaningful contributions, or supporting a more advanced governance system. However, the token must have a clear and simple purpose that naturally fits into how the product works.  Adding a token too early can attract those who only want to make money, which can distract you from having the real users.  Conclusion - Building a Sustainable Web3 Product The process of designing a Web3 product without a token is not only possible, but it’s also a smart thing to do. It enables you to focus on what really matters. Removing the token lowers legal risk, reduces confusion, and helps you attract users who care about your product, not instant profits.  As your product grows, you can introduce a token later if it enhances the experience or supports a strong community. However, starting simple keeps you flexible. It also gives you time to improve, learn, and prove the value of your idea.  Overall, the goal is to build something clear, useful, and trustworthy. A token is a tool, and not a compulsory feature that every Web3 product needs to succeed.

A cross-party group of UK lawmakers from both the House of Commons and the House of Lords is challenging the Bank of England’s proposed regime for “systemic” stablecoins, warning that the central bank’s plans could drive innovation, capital and jobs offshore.  In an open letter sent on 11 December, the MPs and peers, including senior figures such as former Defence Secretary Sir Gavin Williamson and other prominent parliamentarians, argued that the BoE’s proposed caps on how much stablecoin individuals and companies can hold, plus strict limits on how they can be used, risk turning the UK into a “global outlier” just as the government is trying to brand London a hub for digital assets. Bank of England’s Stablecoin Caps and Restrictions  Under the Bank of England’s consultation, GBP-denominated stablecoins that reach “systemic” scale, which are widely used in payments and are considered a potential threat to financial stability, would face a dedicated regime. That includes temporary holding limits per user, and strict rules on how reserves are managed and how coins are used in wholesale markets. According to details cited by industry and the lawmakers’ letter, the Bank is considering per-user caps of around £20,000 per stablecoin for individuals and roughly £10 million for businesses, with some exemptions for the largest corporates. Issuers would also be required to keep a large slice of reserves parked at the Bank of England as non-interest-bearing deposits, with the rest in short-dated UK government debt.  At the same time, most wholesale activity would be pushed into a tightly controlled digital securities, and paying interest on reserves could be effectively prohibited. For the BoE, these measures are about prudence, containing depositor flight risk, protecting bank funding, and making sure new forms of money don’t undermine monetary stability. Lawmakers Say Bank of England is Capping the Global Market It Aims to Create Amid the push to become one of Europe’s crypto hubs, the protesting parliamentarians believe the latest move to cap stablecoins is counterintuitive. They warn the UK is “drifting” towards a fragmented, restrictive framework that would push activity into offshore dollar stablecoins like USDT and USDC, undermining the very goal of building pound-based digital money infrastructure.  Additionally, GBP-pegged stablecoins are still tiny, with well under 0.1% of the global stablecoin issuance. So, the lawmakers argue that the caps and wholesale restrictions are disproportionate to current systemic risk, especially in a market still in its infancy.  If the UK goes ahead with aggressive per-user caps, strict reserve economics and narrow wholesale use, it risks being the one major jurisdiction that wants stablecoins in theory, but only in small, tightly rationed doses in practice. The outcome of this clash will help decide not just the future of GBP-based digital money, but whether London can credibly claim a lead role in the next phase of global finance.

Hex Trust, a regulated institutional custodian, has officially rolled out Wrapped XRP (wXRP) on major blockchain networks, including Solana and Ethereum in a landmark move that could redefine the utility and liquidity for Ripple’s native token beyond the XRP Ledger. The development, announced on Friday, represents one of the most significant cross-chain expansions for XRP, opening the asset to a broad list of decentralized finance (DeFi) applications and multi-chain liquidity pools.  Wrapped XRP is a 1:1 tokenized representation of XRP designed to retain full parity with the native asset while enabling holders to participate in ecosystems that the base XRP Ledger was not originally built to support. By distributing wXRP on Solana, Ethereum and other Layer-1s, Hex Trust is effectively unlocking access to deeper liquidity and demand across lending markets, automated market makers (AMMs), yield farming, liquidity provisioning and other DeFi primitives that have, until now, been largely inaccessible to XRP holders. Wrapped XRP Combines Institutional-Grade Custody With Cross-Chain Ambition One of the major attractions of the new Wrapped XRP initiative is Hex Trust’s institutional custodial framework, which holds the underlying XRP in regulated custody while minting the equivalent wXRP tokens on supported blockchains. This approach ensures that every wrapped token is fully collateralized and redeemable at a 1:1 ratio with native XRP and offers an assurance for institutional and high-volume traders who are wary of unregulated bridges or unsecured liquidity pools. The Hex Trust expansion strategy leverages the LayerZero Omnichain Fungible Token (OFT) standard, allowing wXRP to move seamlessly across networks without compromising custody standards or compliance controls. The integrity and institutional readiness are becoming increasingly important for digital assets seeking mainstream adoption, and the Wrapped XRP team has put these first.  Solana and Ethereum to Champion Wrapped XRP’s Debut  The first phase of the launch sees wXRP tradable on both Solana and Ethereum, two of the most active and liquid smart contract platforms in the crypto ecosystem. Solana’s high throughput, low-fee ecosystem makes it particularly attractive for real-time trading and decentralized exchange (DEX) activity, while Ethereum’s massive DeFi landscape offers unmatched depth for staking, governance and complex financial products. Cross-chain expansions like this extend XRP’s reach well beyond its traditional use case as a high-speed settlement asset on the XRP Ledger. By embracing wrapped assets, XRP is effectively entering the hyper-competitive DeFi arena. While the XRP Ledger continues to evolve with native DeFi functionality, the wrapped token strategy accelerates participation in yield markets and cross-chain capital flows without waiting for native solutions to fully mature. As networks continue to blend liquidity and DeFi protocols push deeper into mainstream finance, wrapped assets like Wrapped XRP could become foundational elements of a truly interconnected blockchain future. Ultimately, we could see a crypto ecosystem where liquidity flows freely, and assets no longer wear the constraints of a single chain.

What Does Ripple’s New Partnership With Amina Add? Ripple’s payments arm has entered a new collaboration with Swiss lender Amina, giving the bank access to its blockchain-based payment infrastructure. The agreement, announced Friday, will let Amina settle transactions using Ripple’s rails rather than relying solely on traditional systems. Ripple said this will make transactions “faster, lower cost, and with increased reliability and transparency.” The partnership builds on an earlier integration in July, when Amina began using RLUSD, Ripple’s USD-indexed stablecoin. Amina is regulated by the Swiss Financial Market Supervisory Authority, and its Austrian arm holds a Markets in Crypto-Assets Regulation (MiCA) licence from Austria’s Financial Market Authority — positioning it as one of the first European banks cleared to handle stablecoin-linked activity under the EU’s new rulebook. Amina chief product officer Myles Harrison said that “native web3 businesses often run into friction when working with legacy banking systems,” and that stablecoins help smooth these gaps. He added that this is “particularly the case for cross-border stablecoin transactions which traditional banks are yet to widely adopt.” Investor Takeaway Ripple keeps adding regulated financial institutions to its network. Each deal brings more stablecoin activity into traditional finance, narrowing the gap between bank payment rails and on-chain settlement. Why Do Banks Need Crypto-Compatible Payment Rails? Amina said its clients increasingly operate across both fiat and stablecoin environments. Harrison noted that these firms “need payment infrastructure that can handle both fiat and stablecoin rails simultaneously,” something legacy networks generally cannot support. Ripple’s infrastructure, he said, reduces cross-border hurdles and helps crypto-native companies keep pace with global activity. Ripple’s managing director for the United Kingdom and Europe, Cassie Craddock, framed the partnership as a way for Amina to “serve as the on-ramp for digital asset innovators into traditional financial infrastructure.” Craddock said Ripple Payments works as a “bridge between fiat and blockchain” that supports streamlined stablecoin settlement. The integration reflects a broad shift among financial institutions seeking faster settlement options for clients who already operate across multiple asset types. Stablecoins allow banks to process value around the clock without waiting for batch-based networks or correspondent banking steps, which can introduce delays or added costs. How Does This Fit Into Ripple’s Wider Institutional Strategy? The deal is part of a wider push by Ripple to bring blockchain-based tools directly to regulated institutions. Reports in mid-November show Ripple plans to spend roughly $4 billion to combine trading, treasury functions, payments and custody into a unified platform aimed at financial firms. The company has been pairing these efforts with regional regulatory advances. Earlier this month, Ripple Labs secured approval from Singapore’s monetary authority to broaden its payments activity, allowing it to offer regulated token services and end-to-end payments across Asia-Pacific. The company has also expanded into the Middle East, where RLUSD was cleared for institutional use in Abu Dhabi after being formally recognised as an Accepted Fiat-Referenced Token. These moves place Ripple in a growing field of companies pitching blockchain-driven settlement options to banks and fintechs. The strategy focuses on embedding stablecoin rails inside existing financial frameworks rather than building separate parallel systems. Investor Takeaway Ripple is building regional regulatory footholds while securing partnerships with banks that can use RLUSD and Ripple Payments in production. The pattern points to a long-term push for institutional settlement, not retail-centric products. What Comes Next for Ripple and Amina? Amina plans to use Ripple Payments for stablecoin settlement alongside its MiCA-regulated activity in Europe. The bank is among the earliest adopters of regulated stablecoin tools under the EU framework, giving Ripple a more solid base in a region where on-chain settlement is moving into mainstream compliance. Ripple, meanwhile, continues adding regulated corridors for RLUSD following its July rollout. Each regulatory approval — from Singapore to Abu Dhabi — widens the set of institutions allowed to hold or use the token. The company has been clear that it intends to connect traditional payment providers with blockchain-based liquidity and faster settlement channels. Whether more European banks follow Amina’s path will depend on how quickly MiCA frameworks are implemented and whether other institutions see stablecoins as a practical tool for cross-border payments. For now, the deal strengthens Ripple’s reach in Europe and gives Amina a way to serve crypto-native clients without relying on older settlement models.

Fed’s cautious pause, dissenting views, and weak jobs data pressure USD, while metals surge on supply tightness and gold climbs on lower real rates. Federal Reserve's Policy and Diverging Views Despite delivering the widely anticipated 25 basis point (bps) rate cut, the Federal Reserve (Fed) has signaled a shift towards a "wait-and-see" approach, hinting at a potential pause in its current easing cycle. This move has amplified the existing divisions within the Federal Open Market Committee (FOMC). Regional Fed presidents Austan Goolsbee and Jeffrey Schmid notably dissented against the cut, preferring to hold rates steady while awaiting clearer signals on inflation—a sentiment that contrasts sharply with the hawkish commitment to the 2% inflation goal voiced by officials like Beth Hammack. Furthermore, the official Summary of Economic Projections (SEP) disappointed investors by forecasting only a single 25 bps cut for 2026. This has created a critical tension in the market, with investors actively betting against the Fed's projections, fueled by recent soft US employment data, and anticipating at least two cuts next year, which continues to drive dollar weakness. Surge in Commodity Prices on Supply/Demand and Rate Cut Tailwinds A second major theme is the significant and rapid surge in the prices of key industrial and precious metals following the Fed's rate cut. Copper, in particular, has been a standout performer, hitting a record high near $12,000 per ton, a year-to-date increase of 36%. This explosive rally is fundamentally driven by concerns that rising global demand will far outstrip existing supply, prompting Chilean mining giants to announce massive, record investment plans to boost capacity. Not to be outdone, Silver has also soared to a record high of $64.3 per ounce, experiencing a 120% increase year-to-date—its strongest annual gain since 1979. This movement reflects tense market conditions, notably low inventories in key exchanges, alongside an increasingly bullish long-term outlook centered on industrial demand from high-growth sectors like photovoltaics and electromobility. Gold's Fundamental Drivers: Lower Real Rates and De-Dollarization Gold's surge above $4,300 is rooted in powerful fundamental drivers, signaling a shift in institutional investment strategy rather than just speculative momentum. The most critical driver is the outlook for Real Interest Rates (nominal interest rates minus inflation), as gold is a non-yielding asset. The Fed's rate cut and the market's anticipation of further easing in 2026 reduce the opportunity cost of holding gold, making it fundamentally more attractive than interest-bearing assets. This is compounded by a structural trend towards US Dollar Weakness and De-dollarization. Gold's price is inversely correlated with the USD; when the dollar falls (as it did post-Fed decision), gold becomes cheaper for international buyers, boosting demand. Crucially, Central Banks have become record buyers of gold, seeking to diversify their national reserves away from the USD and hedge against geopolitical risks and potential currency seizures. This consistent official sector demand provides a long-term, resilient price floor for the metal, solidifying its role as a premier safe-haven asset. Top upcoming economic events: Monday, December 15, 2025 Tankan Large Manufacturing Index (High Impact, JPY) on 12/14/2025 23:50:00 is a key indicator of business conditions for large Japanese manufacturers, which are crucial to the country's export-oriented economy. A better-than-expected reading suggests economic strength and is generally positive for the Japanese Yen (JPY). Industrial Production (YoY) (High Impact, CNY) on 12/15/2025 02:00:00 is a major gauge of activity in the Chinese manufacturing sector. Given China's role as a global supply chain hub, strong industrial production signals robust economic activity, impacting global sentiment and the Chinese Yuan (CNY). Retail Sales (YoY) (High Impact, CNY) on 12/15/2025 02:00:00 provides a critical measure of consumer demand in China, which is essential for rebalancing the economy toward consumption. A higher reading indicates strong domestic spending, supporting the CNY and often global growth expectations. Consumer Price Index (YoY) (High Impact, CAD) on 12/15/2025 13:30:00 is a core inflation measure that the Bank of Canada (BoC) closely monitors for setting monetary policy. A surprise in the annual rate of consumer inflation can heavily influence expectations for future interest rate decisions, leading to significant volatility for the Canadian Dollar (CAD). BoC Consumer Price Index Core (YoY) (High Impact, CAD) is also released on 12/15/2025 13:30:00 and provides an insight into the underlying inflation trend by excluding volatile components. This reading is particularly important for the Bank of Canada's assessment of persistent inflation and its monetary policy outlook, directly affecting the CAD. Tuesday, December 16, 2025 Tuesday is dominated by crucial labor market, purchasing manager, and inflation data across the UK and the Eurozone. Claimant Count Change (High Impact, GBP) on 12/16/2025 07:00:00 measures the change in the number of people claiming job-related benefits in the UK. This is a timely gauge of the labor market's health; a significant change can move the British Pound (GBP) by influencing the Bank of England's views on economic slack and wage pressures. ILO Unemployment Rate (3M) (High Impact, GBP) on 12/16/2025 07:00:00 is the official, internationally comparable measure of unemployment for the UK. Along with employment change, it is fundamental to assessing the overall health of the labor market and its implications for inflation and the GBP. HCOB Manufacturing PMI (High Impact, EUR) on 12/16/2025 08:30:00 (specifically the German reading, often a major driver) is a key indicator of economic health in the Eurozone's manufacturing sector. Readings above 50 signal expansion, which can be supportive for the Euro (EUR) and can influence the European Central Bank's (ECB) outlook. S&P Global Services PMI (High Impact, GBP) on 12/16/2025 09:30:00 is a critical measure of the UK's service sector, which represents the largest portion of the country's GDP. A strong PMI suggests robust economic growth, which can increase the likelihood of tighter monetary policy and strengthen the GBP. Wednesday, December 17, 2025 The major focus for this day is the US economic data releases, which are critical for global markets. Nonfarm Payrolls (High Impact, USD) on 12/16/2025 13:30:00 (Note: Assuming the time is GMT and the actual release date is in the week) is the single most important US labor market report. It measures the change in the number of employed people, excluding the farming sector. A strong report signals a healthy economy, often leading to a stronger US Dollar (USD) and impacting Federal Reserve interest rate policy expectations. Average Hourly Earnings (MoM) (High Impact, USD) also released on 12/16/2025 13:30:00, is a crucial indicator of wage inflation. A faster-than-expected rise in wages heightens concerns about inflation, potentially leading the Federal Reserve to adopt a more hawkish stance, which is typically bullish for the USD. The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

Why Did Parliament Bring Back a Bill the President Already Rejected? Polish lawmakers have reignited a political standoff by reintroducing a crypto regulation bill that President Karol Nawrocki vetoed only days earlier. Polska2050 — part of the ruling coalition in the Sejm — pushed Bill 2050 back onto the agenda this week, presenting it as an “improved” successor to Bill 1424 despite senior officials acknowledging that the text is unchanged. Government spokesman Adam Szłapka reportedly told local media that “not even a comma” had been altered, confirming what critics have been saying. The move deepens tensions between the government led by Prime Minister Donald Tusk and the president, who blocked the earlier version after citing security concerns. The renewed push arrives as the European Union continues rolling out the Markets in Crypto-Assets Regulation (MiCA), with member states expected to reach full compliance by July 2026. Polish officials argue that the legislation is needed now to bring domestic rules in line with MiCA, while critics accuse the government of rushing through an unnecessary and heavy-handed framework. Investor Takeaway Poland's crypto bill is becoming a test case for how MiCA will be enforced across the EU — locally or through a more centralized model. The outcome may influence how firms structure operations across the bloc. What’s Actually in the Reintroduced Bill? Bill 2050 spans 84 pages and mirrors the earlier Bill 1424. Its central feature is the designation of the Polish Financial Supervision Authority as the country’s main crypto market regulator. Supporters say this aligns Poland with MiCA’s objectives. Critics counter that the bill goes far beyond what MiCA requires and would burden the sector with rules that differ from other EU markets. Polish lawmaker Tomasz Mentzen, a long-standing critic of the earlier proposal, said the bill remains “118 pages of overregulation,” comparing it with much shorter versions adopted in Hungary and Romania. “The government has once again adopted exactly the same bill on cryptoassets,” he wrote in an X post. Mentzen also mocked Prime Minister Tusk’s earlier suggestion that Nawrocki’s veto was linked to alleged interference by the “Russian mafia,” writing: “The bill is perfect, and anyone who thinks otherwise is funded by Putin.” Despite the earlier veto, Szłapka has suggested that the president is less likely to block the bill this time. He said Nawrocki received a classified security briefing last week and “now has full knowledge” of its implications for national security. How Does This Tie Into the Wider EU Disagreement Over MiCA Oversight? Poland’s internal dispute feeds into a broader EU debate about whether MiCA should be overseen locally or through a single authority. The Polish bill favors local supervision, giving the national regulator direct control over licensing, monitoring, and enforcement. Some member states want a different model. The Bank of France urged the EU in October to hand supervisory powers to the European Securities and Markets Authority (ESMA), warning that fragmented enforcement could weaken the bloc’s financial stability. Others disagree. Regulators in Malta have warned that stronger ESMA oversight risks adding extra layers of approval that could slow market development. For Poland, the issue is not only regulatory but political. If Warsaw grants sweeping authority to its local regulator, it signals confidence in national oversight at a time when the EU is debating whether to centralize or distribute MiCA enforcement. Investor Takeaway Crypto firms operating in Poland may face stricter rules than in other EU markets. Whether ESMA gains more influence could determine if the bloc ends up with a uniform or uneven regulatory landscape. Will the President Sign the Bill — or Push for an Alternative? Although officials say Nawrocki is now less resistant, local reports suggest the presidential office is reviewing an alternative draft. That version reportedly aligns more closely with MiCA’s EU-wide framework and may remove direct oversight from the Polish regulator, easing concerns about regulatory overreach. Polish economist Krzysztof Piech has questioned the need for the bill altogether, pointing out that MiCA rules — including consumer protections — come into force in 2026. Piech argues that Poland risks duplicating EU legislation and creating inconsistencies with the wider regulatory environment. If Nawrocki approves the current bill, Poland could become one of the first EU states to implement a detailed domestic framework ahead of MiCA’s formal deadlines. If he opts for the alternative draft, the government may be forced into further negotiations, extending the political dispute.

EURUSD currency pair can be expected to rise further to the next resistance level 1.18230 (target price for the completion of the active impulse wave (1))   EURUSD broke resistance zone Likely to rise to resistance level 1.1825 EURUSD currency pair recently broke the resistance zone between the resistance level 1.1735 (former top of wave (B) from the start of October, as can be seen from the daily EURUSD chart below) and the 38.2% Fibonacci correction of the earlier downward ABC correction 2 from the middle of September. The breakout of this resistance zone accelerated the active impulse waves 3 and (3) which previously broke though the strobing resistance level 1.1655 (which stopped the previous impulse wave (1) in the middle of November). Given the clear daily uptrend bearish US dollar sentiment that can be seen across the FX markets today, EURUSD currency pair can be expected to rise further to the next resistance level 1.18230 (target price for the completion of the active impulse wave (1)) [caption id="attachment_176714" align="alignnone" width="800"] EURUSD Technical Analysis[/caption] The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

What Is Figure Trying to Do With Its New SEC Filing? Figure Technology has filed for a second public offering designed to issue its equity directly on a public blockchain, marking another attempt to bring regulated securities into onchain markets. The plan follows the company’s recent Nasdaq listing and builds on years of work in tokenized lending and blockchain-based financial services. Speaking at the Solana Breakpoint conference, executive chairman Mike Cagney said the company submitted a filing to launch “a new version of Figure equity on a public blockchain,” specifying Solana as the network. The offering would be separate from the firm’s Nasdaq-listed shares and would not trade on traditional stock exchanges. Cagney said the onchain security would bypass intermediaries such as Robinhood, Goldman Sachs or any other broker or prime broker. Instead, the equity would trade through Figure’s own alternative trading system, which he described as “effectively a decentralized exchange.” Investor Takeaway Figure is pushing regulated equity into onchain markets, not as a synthetic token but as native, SEC-filed stock. If approved, it could be one of the first public companies with parallel equity classes — one listed on Nasdaq, the other issued directly on Solana. How Would Blockchain-Native Equity Work for Investors? By issuing stock directly on Solana, investors would be able to take Figure’s equity into DeFi protocols, where it could be borrowed against or lent out. Cagney said this gives shareholders access to collateral markets that do not exist in traditional broker-held securities, opening the door to new forms of liquidity tied directly to regulated equity. The firm’s system relies on Figure’s ATS, a trading venue structured to handle digital securities within US regulatory boundaries. Although Cagney described it as “effectively a decentralized exchange,” it remains registered under the existing regulatory framework for alternative trading systems. The goal, according to Cagney, goes beyond Figure’s own shares. He said the company wants to support direct, native equity issuance for other companies inside the Solana ecosystem. “One of the focus points that we have is not only bringing that equity over to the Solana ecosystem but allowing for native Solana equity issuance as well,” he said. Why Solana — and Why Now? Tokenization is one of the fastest-growing segments in blockchain finance, with real-world assets (RWAs) moving from pilot programs into early commercial use. Solana’s share of this market has risen over the past year as developers and institutions look for networks with high throughput and short settlement times. While Ethereum remains the dominant chain for tokenized assets today, several market participants argue that performance characteristics will shape long-term adoption. Bitwise CIO Matt Hougan has said Solana is positioned to become the industry’s preferred network for stablecoins and tokenized instruments due to its speed and transaction finality. Research firm RedStone recently referred to Solana as a “high-performance challenger” in the RWA segment, with particular traction in tokenized US Treasury markets. That assessment reflects a broader industry view that tokenized assets will migrate to chains optimized for volume rather than those designed primarily for general-purpose applications. Investor Takeaway Solana’s speed and settlement profile make it a candidate for regulated tokenized assets. If Figure’s filing proceeds, it would be one of the most visible real-money tests of onchain equity trading on a major public chain. What Comes Next for Figure’s Onchain Equity Plan? The company now awaits SEC review of the offering. If approved, Figure would have two publicly issued equity forms: traditional shares listed on Nasdaq and blockchain-native shares issued and traded directly on Solana. The structure could give investors a choice between conventional custody systems and tokenized securities that interact with DeFi. The filing also places Figure in a small group of financial firms trying to build regulated pathways for tokenized stocks without relying on synthetic or derivative structures. For Solana, the move adds another high-profile experiment in bringing real assets to the network after a year of rapid growth in RWAs. While regulatory timelines remain uncertain, the plan signals where parts of the market are headed: regulated securities issued directly onchain, trading through compliant venues, and accessible to collateral markets that operate around the clock. If the model extends to other issuers, Solana could see a wave of native corporate equity offerings created without traditional listing infrastructure.

Scila AB has appointed seasoned finance executive Björn Westberg as its new Chief Financial Officer in a move that underscores the Swedish fintech’s ambitions for its next phase of expansion. Known for its market surveillance and risk management technology, Scila is positioning this recruitment as a pivotal milestone in its organizational development and leadership build-out. The decision follows a comprehensive recruitment process, indicating that the firm sees the CFO role as central to scaling its platform and strengthening governance as it targets more global institutions. For investors and industry watchers, the timing of the appointment suggests Scila is moving from a primarily engineering-led success story into a more structurally mature, growth-oriented organization. Market surveillance and risk management have become core pillars for exchanges, brokers, and trading venues amid rising regulatory scrutiny and more complex cross-asset trading flows. Bringing in a CFO with a history of working in listed technology and growth businesses signals an intent to align financial strategy, capital allocation, and go-to-market execution more tightly with these structural trends. In his comments on the appointment, Westberg emphasized both Scila’s track record and its future potential. “Throughout the recruitment process, I have been impressed by Scila’s history, engineering excellence, and world-leading technology. However, what attracts me the most is the great potential that lies ahead of us,” says Björn Westberg. “With my experience in company building, organizational development, and driving financial structure in growth companies, I look forward to contributing to continued expansion and ensuring that we are equipped to capitalize on the major opportunities we see in both market surveillance and risk management.” For market participants, that message underlines a focus on disciplined scaling rather than growth at any cost. How Does Westberg’s Track Record Align With Scila’s Strategy? Westberg joins Scila from his most recent role as CFO at SynAct Pharma, a listed biotech company, and previously held senior finance responsibilities at Recipharm, Bonesupport, Enea, and Jeeves Information Systems. This mix of experience across listed, high-growth, and technology-centric businesses is particularly relevant for a fintech company operating in a niche but rapidly expanding segment like market surveillance. It suggests he is accustomed to environments where compliance, investor expectations, and innovation cycles intersect, a combination that mirrors Scila’s own client base of regulated financial institutions. Scila has been deliberately reinforcing its organization across multiple functions, including technology, product management, sales, and marketing. The appointment of a CFO with experience in building business-driven financial structures supports this broader strategy of deepening leadership capacity. For a SaaS-oriented firm, the CFO role is increasingly about shaping metrics such as recurring revenue quality, customer lifetime value, and payback periods rather than simply overseeing budgets. Westberg’s background in the SaaS industry, as highlighted by Scila, aligns with the need to optimize subscription models and scale international operations efficiently. The company’s CEO, Mikko Andersson, framed the appointment as both validation of Scila’s current position and a catalyst for its next phase. “Scila is a fantastic and successful Swedish engineering story, with world-leading technology and renowned international clients in major financial hubs globally,” comments Mikko Andersson, CEO of Scila. “Welcoming a CFO of Björn Westberg’s caliber demonstrates that we are serious about building upon this solid foundation. His business-driven experience is exactly what we need to position the organization for the next step in our development.” For investors, this pairing of engineering depth with financial leadership can be a positive signal that Scila is preparing for more structured growth, potentially including larger institutional partnerships or strategic corporate moves. Takeaway: Scila’s choice of a CFO with listed-tech and SaaS experience indicates a shift toward more scalable, metrics-driven growth in its market surveillance and risk management franchise, which could enhance its appeal to institutional clients and potential strategic partners. What Could This Mean For Market Surveillance And Risk Tech Adoption? The market for surveillance and risk systems has expanded as regulators and exchanges demand more transparency across equities, derivatives, FX, and digital assets. Scila’s technology already serves international clients in major financial hubs, and the company’s recent hiring pattern suggests it is gearing up to capture more of this demand. With a strengthened leadership team, including a CFO focused on growth governance, Scila is better placed to invest in product development, cloud delivery models, and potential new modules addressing emerging areas such as crypto market surveillance or real-time risk analytics. For clients and prospects, a reinforced finance function can translate into greater confidence in Scila’s long-term ability to deliver, support, and evolve mission-critical systems. Institutions evaluating vendors for surveillance and risk management often look beyond feature sets to assess financial resilience, governance, and strategic clarity. By explicitly linking the CFO recruitment to succession planning and organizational deepening, Scila is sending a signal that it is building for durability as well as innovation, which can be a key differentiator in multi-year platform decisions. Björn Westberg will assume the role of CFO in January 2026 and will be based at Scila’s headquarters in Stockholm. That lead time allows for a structured transition and integration into the executive team as the company continues to add talent in sales and marketing. For investors and industry stakeholders, the next phase to watch will be how Scila converts this leadership investment into concrete growth metrics: new market entries, expanded client footprints, and possibly broader product offerings across asset classes. If executed well, the appointment could mark the start of a more visible growth chapter for a company already regarded as a quiet leader in market surveillance and risk tech.    

What Did the OCC Approve and Why Does It Matter? The U.S. Office of the Comptroller of the Currency has granted conditional approval to several major crypto companies seeking national trust bank status, marking the closest step yet toward federally regulated crypto banking. Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos each received preliminary clearance that allows them to pursue full chartering as national trust banks. Coinbase has also applied. The approvals give these firms direct access to federal oversight and a regulatory pathway normally reserved for traditional financial institutions. The OCC said it approved a national trust bank charter for Ripple National Trust Bank, a new entity tied to the company behind the XRP Ledger. Circle received conditional approval for First National Digital Currency Bank, a unit it plans to use for stablecoin and institutional custody operations. BitGo Bank & Trust, Fidelity Digital Assets and Paxos Trust Company also received conditional approval to convert from state trust companies into national trust banks. Each firm will undergo additional review before receiving final authorization. Investor Takeaway Federal trust bank approval brings crypto firms closer to the regulatory tier long held by traditional custodians. If granted fully, the charters would move large parts of the stablecoin and institutional-custody market under federal supervision. How Are Circle and Ripple Positioning Their Charters? Circle has pursued a federal charter for years as part of its effort to tighten oversight of USDC reserves and expand institutional partnerships. A federal licence would allow Circle to custody its own reserves and hold crypto assets for institutional clients under direct OCC oversight. The firm would not be permitted to take deposits or issue loans under a trust charter, but the move creates a path toward those activities should Circle later seek a full banking licence. Circle CEO Jeremy Allaire said the approval gives institutions “greater clarity and confidence to build on Circle’s platform as stablecoins and blockchain technology move rapidly into the mainstream.” The company’s filing places USDC directly within the federal regulatory perimeter, a key element of Circle’s long-running bid to pitch the stablecoin as a compliant, institution-friendly product. Ripple followed Circle’s application shortly after. A national charter would place Ripple’s stablecoin, RLUSD, under federal rather than state-level supervision. Ripple CEO Brad Garlinghouse said, “True to our long-standing compliance roots, Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market.” Why Are Crypto Firms Seeking Federal Bank Status Now? The wave of applications comes during a friendlier policy climate for digital assets under the new Trump administration, which has pressed federal agencies to give clearer regulatory pathways for U.S. crypto firms. A national trust bank charter reduces reliance on state-by-state approvals and gives firms a single federal regulator instead of a patchwork of local frameworks. For companies that custody user funds, manage stablecoin reserves or handle large institutional flows, federal oversight offers operational advantages: unified rules, direct interaction with the U.S. banking system and easier access to national clients. It also introduces stricter standards, including detailed requirements for governance, cybersecurity and asset segregation. If approved fully, the charters would place several of the biggest names in stablecoins and digital asset custody under the same regulatory structure used by traditional trust banks. That shift would sharpen the divide between unregulated offshore platforms and U.S.-regulated entities seeking bank-level credibility. Investor Takeaway Ripple, Circle, Paxos, BitGo and Fidelity Digital are now on a path that could pull large portions of U.S. stablecoin activity into federal trust-bank oversight — a major change for dollar-backed tokens. What Comes Next for the Applicants? A conditional approval does not grant banking powers immediately. Each firm must complete operational, compliance and supervisory milestones before the OCC issues a final charter. The process typically involves additional documentation, readiness reviews and ongoing dialogue with regulators. If final approval is granted, the firms would operate as national trust banks — able to custody crypto assets and, eventually, stablecoin reserves under federal supervision. None would automatically gain the right to take deposits or issue loans, but the charters would give them a foundation to request expanded permissions later. For the crypto sector, the outcome signals a move toward closer integration with the U.S. financial system. Several of the most widely used stablecoin and custody companies could soon be regulated as federal trust banks, giving institutions clearer guardrails and setting new expectations for compliance across the industry.

Why Did Belarus Block Bybit, OKX, Bitget and Others? Belarus’ Ministry of Information has blocked access to several major global crypto exchanges, including Bybit, OKX, Bitget, Gate, Bingx and Weex. The ministry said the restrictions were issued under Article 511 of the Law on Mass Media, citing “inappropriate advertising” across their global domains. The announcement, published Thursday, offered no detail on what type of advertising triggered the decision or whether the ban is temporary. Crypto platforms have been accessible to Belarusian users despite periodic warnings from authorities. The latest move, however, reflects a formal step to curb access at the domain level. The exchanges named in the order did not respond to requests for comment at the time of publication. Belarus has maintained strict control over online portals for years, and crypto platforms often fall into the grey zone between financial regulation and online media rules. The action also arrives as the country continues to align itself closely with Russia on economic policy and digital-asset oversight. Investor Takeaway Belarus’ block is framed as a media violation rather than a financial-policy step, but it tightens access to major global exchanges at a time when cross-border crypto use is rising in the region. How Is Russia Adjusting Its Crypto Policy at the Same Time? The announcement in Belarus coincided with comments from Vladimir Chistyukhin, first deputy chairman of the Central Bank of Russia, who told state outlet RIA Novosti that the institution “agreed to allow qualified investors” into the crypto market. His remarks follow months of reports indicating that Russian authorities were preparing to loosen parts of their long-standing resistance to retail crypto trading. Under earlier proposals, Russia planned to restrict crypto trading to “super-qualified investors” — individuals who met thresholds of over 100 million rubles ($1.2 million) in assets or an annual income above 50 million rubles ($630,000). Chistyukhin’s comments suggest the central bank is considering a broader definition that includes roughly one million people currently classified as qualified investors. He pointed to crypto’s rising role in cross-border transfers, saying a “crucial point that cannot be ignored” is that digital assets are used not only for investment but also for payments. He added: “We certainly want to protect Russian retail investors as much as possible from transactions with such a risky asset. On the other hand, we understand that, under the current circumstances, some international payments can only be made using cryptocurrency.” This dual role — limiting domestic risk while enabling sanctioned cross-border movement — has shaped Russia’s recent stance on digital assets. Authorities have been looking for controlled channels to allow crypto use within a narrow framework of regulated intermediaries. What Limits Will Russia Place on Crypto Access? Chistyukhin noted that around one million Russian investors currently qualify for access to crypto assets. He said the central bank plans to assess investors’ knowledge before granting access and that only “the most liquid instruments” would be available to non-qualified users if the rules expand further. He also said Russian regulators support “establishing strict restrictions and prohibitions” around digital-asset activity, adding that crypto transactions are expected to occur “primarily through existing market participants, under existing licenses,” and that “anything outside this framework will be considered illegal.” The comments hint at a model where access is widened but tightly controlled, with oversight limited to licensed Russian entities that can monitor flows. This contrasts sharply with Belarus’ decision to block platforms outright but reflects parallel attempts by both countries to direct crypto activity within government-defined boundaries. Investor Takeaway Russia is preparing a controlled channel for crypto trading while Belarus removes access to major exchanges. The two moves show different approaches but point to a shared goal: tighter control over who can use crypto and through which platforms. What Comes Next for Users in Belarus and Russia? For Belarusian users, the immediate issue is access. Domain-level blocking restricts direct connections to leading global exchanges, though the ministry did not clarify whether IP-based blocks or secondary domains are included. The action may push users toward smaller offshore platforms or domestic alternatives, despite limited liquidity in local markets. In Russia, the broader question is how “qualified investor” rules will be applied, how platforms will be licensed, and whether access will expand to non-qualified users in limited form. Russia is under heavy sanctions, and officials have increasingly acknowledged that crypto plays a role in cross-border payment workarounds. The central bank’s latest comments reflect this balancing act. For the region, the two announcements show how digital-asset rules are diverging even among politically aligned countries. Belarus is tightening access through media law, while Russia is carving out a path to regulated participation. Both approaches suggest that unregulated crypto activity will face heavier scrutiny — but through very different mechanisms.

Monero is back in the spotlight as traders react to a fresh pullback, keeping Monero news active across the market. The recent drop came after a strong weekly jump, and many now watch to see if spot buyers step in again. At the same time, analysts are reviewing the XLM Stellar price, which shows slow but steady movement as the project focuses on long-term payment utility. However, smart traders are shifting toward the Zero Knowledge Proof (ZKP) presale auction to secure a spot to lock in bigger profits. Not many people know about ZKP yet, and that is why early buyers are rushing in before prices rise. This growing interest is also placing ZKP among the most popular cryptocurrency choices in today’s presale market. Monero News: Market Pullback Raises Questions Monero is seeing a mild pullback, and many traders are watching the charts closely to understand the shift. The recent drop follows a strong weekly rise, where XMR gained more than 20% in a short period. Much of that move came from futures activity, not spot buying. This makes the rally easier to unwind, which explains the quick correction. These signs keep Monero news relevant as traders watch for signs of stable demand. The broader market also cooled, with privacy coins dropping slightly and Bitcoin holding near key levels. Spot volume remains calm, and open interest shows that leverage played a big role in the earlier surge. Analysts say this type of reset is common after fast upward moves. These conditions keep Monero news focused on whether spot buyers return soon.  XLM Stellar Price Outlook: Analysts Weigh Growth and Risks Stellar is seeing steady interest as traders look at long-term trends instead of short price spikes. The project focuses on fast and low-cost payments, which keeps it relevant for banks and remittance platforms.  Recent movement shows slow but stable action on the charts. This keeps the XLM Stellar price in regular discussions as analysts review its chances of holding support and forming a recovery. Some expect a possible range between $0.35 and $0.75 in 2025, depending on market strength. Predictions stay mixed because the crypto market remains volatile. Competing payment networks also add pressure, and regulation can affect adoption. These risks keep XLM Stellar price grounded, even with improving technology. As adoption grows, analysts watch how the XLM Stellar price reacts to new partnerships and real-world usage. How Early Buyers Can Profit with Zero Knowledge Proof Presale Auction   The most-awaited presale auction is now live, and it is already drawing huge attention from traders. Zero Knowledge Proof has finally opened its presale auction doors, and many smart buyers are trying to enter as early as they can. With the presale auction running in real time, a big question keeps coming up: how do people actually make money in this system? The answer is simple. You buy at early prices, and the listing happens at a higher price. That gap becomes your profit. ZKP starts with lower entry prices because fewer people join on the first days. As more traders notice the project, each new auction day usually becomes more competitive. That pushes the price up step by step.  Early prices stay cheap only for a short period. This model is why many are calling ZKP the most popular cryptocurrency right now. It gives everyone a fair start, and early joiners often get the biggest upside. Early entry creates strong returns for buyers. How? When the listing later lands near the higher end, early buyers can make several times their initial amount. That is why people are rushing to join before daily demand pushes prices higher. With the presale auction now live, everyone has the chance to check the current price directly from the website. Prices rise as days pass, so early entries usually get the biggest rewards.  Many traders are already hurrying to lock in their position before these early-profit windows disappear. If the trend continues, entering sooner rather than later may make a real difference. Which is the Most Popular Cryptocurrency? All these updates reveal contrasting details. Monero news reflects a normal market reset rather than major weakness, whereas the XLM Stellar price also moves cautiously, with mixed signals and no strong breakout yet.  But the real excitement is around the Zero Knowledge Proof presale auction. The ZKP coin is becoming the hottest crypto of 2025 as smart traders join the presale auction early for bigger profit chances. Its simple auction model and strong momentum are the reasons why many now see it as the most popular cryptocurrency and a promising early-entry opportunity. Join Zero Knowledge Proof (ZKP) Whitelist: Website: Zkp.com

At the LONGTITUDE event, Anthony Scaramucci, the founder of SkyBridge Capital, said cryptocurrencies have a bright future. He said that there will be an "exponential opportunity" in 2026. He said that regulatory advancements and growing institutional interest in 2025 created strong tailwinds that positioned digital assets for explosive growth beyond their current values. Scaramucci said the sector is "cruising on tailwinds," referring to milestones such as more ETFs and corporate balance-sheet integrations that have already put billions into Bitcoin and other altcoins. What Will Make Growth Happen in 2026 Institutional momentum is a significant factor, with pension funds, sovereign wealth managers, and major Wall Street firms allocating some of their holdings to crypto. Scaramucci said that even 1% to 2% of these huge companies' investments may significantly increase market capitalisation, similar to how stocks surged in the early days of the internet.  Regulatory clarity, especially given the Trump administration's pro-innovation stance, has removed long-standing barriers, boosting confidence and allowing companies like JPMorgan to offer products such as Bitcoin-backed treasuries.  He thought 30–50% pullbacks would happen soon and saw them as healthy corrections that have preceded significant rises.  "Exponential demand will push Bitcoin to new heights," Scaramucci said, agreeing with his long-held belief that prices will rise to $500,000 because of halving-induced scarcity and constant buying pressure. At Longitude, his 2025 summary focused on Solana's rise as a scalable competitor, which showed that savvy investors should look beyond Bitcoin for investment opportunities. Market Maturation and Analyst Views The speakers at the event backed Scaramucci's view. Ric Edelman said that Bitcoin would reach $180,000 by 2026, saying that institutional flows and scarcity dynamics were two forces that couldn't be stopped. Analysts from TradingView and elsewhere agreed with the positive outlook, pointing to changes in global legislation that make crypto a legitimate store-of-value asset on par with gold at multi-trillion levels.  Scaramucci said to stick it out through the ups and downs, saying that 2026 will be the year that virtual assets become a permanent part of mainstream banking. Pakistan's recent licensing actions for exchanges like Binance are another example of worldwide regulatory convergence, which is being pushed by the U.S. SkyBridge's move to crypto since 2020 backs up this trend, as Scaramucci's firm has been able to make money throughout market downturns.  People at Longitude applauded his balancing realism, which recognised concerns like overleveraging while also supporting foundations. This Longitude address shows that crypto has gone from being a niche investment to an essential asset class. With the right conditions in place, 2026 will be a year of huge returns for those who are ready. Scaramucci's roadmap shows how to get from volatility to long-term value creation.

Deriv has announced a major expansion of its stock CFD offering on Deriv MT5, adding 400 new global stocks and introducing extended hours trading for 21 leading US equities. The update significantly broadens the range of instruments available to traders using the MT5 platform, while also extending the time window during which selected US stock CFDs can be traded. The rollout is now live, giving clients immediate access to the expanded universe of stocks. The enhancements come in two parts. First, Deriv MT5 users can now trade 400 additional global stock CFDs across multiple regions and sectors during regular market sessions. This expansion is designed to support more diversified portfolios by giving traders exposure to a wider set of companies beyond traditional, narrowly focused stock lists. Second, extended hours trading has been introduced for 21 major US stocks on weekdays, subject to a daily 30-minute maintenance break. The launch aligns with Deriv’s stated mission to make trading accessible “for anyone, anywhere and at any time,” by removing constraints related to both market coverage and trading hours. By expanding the number of available stocks and extending trading availability beyond standard US market sessions, Deriv is addressing long-standing trader demand for broader access and greater flexibility within a familiar MT5 environment. Why Extended Hours Trading Matters for Stock CFD Traders Extended hours trading on US stock CFDs allows traders to react to market-moving events that often occur outside traditional market sessions, such as earnings announcements, macroeconomic releases, or geopolitical developments. For global traders operating across different time zones, these extended hours can be particularly valuable, enabling participation without being constrained by US market opening times. Aggelos Armenatzoglou, Head of Dealing at Deriv, said the update directly responds to years of feedback from traders. “Traders have been saying the same thing for years. Coverage is too narrow and access is too tied to the clock. Our answer is to widen the opportunity set by offering extended trading hours for selected popular stocks.” He added that the enhancement allows clients to respond more flexibly to after-hours price movements, particularly around earnings-related volatility. Armenatzoglou also highlighted the strategic rationale behind combining broader stock access with longer trading hours. “With this release, we are integrating broader stock access and around-the-clock trading flexibility into the familiar MT5 experience. By extending trading hours, our clients gain the ability to take positions at times that suit them best, rather than being limited to standard market hours.” The focus on flexibility reflects a broader industry trend toward accommodating globally distributed retail trading activity. Takeaway: By adding 400 global stock CFDs and extending US trading hours on MT5, Deriv is giving traders more markets and more flexibility to react to events beyond traditional session boundaries. How the Expansion Fits Into Deriv’s Broader Platform Strategy The stock CFD expansion reflects Deriv’s longer-term approach of increasing market access without adding complexity for users. On Deriv MT5, traders continue to benefit from advanced charting, fast execution, comprehensive order types, and multilingual support, all within a single trading account. Importantly, Deriv confirmed that pricing and account structures remain unchanged for the newly added stock instruments, lowering the barrier to adoption. By keeping the MT5 interface consistent while expanding the available instruments and trading hours, Deriv aims to appeal to both active traders and those seeking diversified exposure through stock CFDs. The move also positions Deriv more competitively against brokers that offer extended-hours trading or broader equity coverage as separate, premium features. Instead, Deriv is integrating both enhancements directly into its core MT5 offering. Looking ahead, the expansion signals Deriv’s intention to continue building a more flexible, globally relevant trading environment. As Armenatzoglou noted, “We’re building for what comes next. More markets, more hours, and more ways to participate, so traders can pursue opportunities on their own terms.” For traders, the update underscores a shift toward platforms that prioritise accessibility, time-zone neutrality, and breadth of choice alongside established trading technology.

Interactive Brokers announced that eligible clients outside Brazil can now trade equities listed on B3, the country’s main stock exchange and one of Latin America’s most active markets. This expansion gives global investors another gateway to participate in emerging market opportunities and strengthens IBKR’s position as one of the broadest-access brokers in the electronic trading landscape. The initiative aligns with growing investor interest in regions offering diversification, sector variety, and macroeconomic growth potential. The B3 exchange has long been a central venue for trading across Latin America, with deep liquidity across major Brazilian corporates, banks, and commodity-linked issuers. By adding direct connectivity, Interactive Brokers is expanding the menu of markets available through a single account, eliminating layers of operational friction that traditionally complicate emerging market participation. This unified infrastructure approach differentiates IBKR from regional brokers and legacy platforms with siloed access points. Interactive Brokers CEO Milan Galik said the expansion reflects increasing global demand for seamless, cost-effective cross-border trading. “Global investors need seamless access to diverse markets to stay competitive,” he said. “By adding Brazil’s B3 Exchange, we’re giving our clients efficient, low-cost access to one of the world’s most dynamic emerging economies through our unified global platform.” His emphasis on efficiency and cost aligns with the firm’s long-standing strategy of appealing to sophisticated investors, institutions, and active traders seeking liquidity and competitive pricing. What the Addition of B3 Means for Global Investors For traders and portfolio managers, access to B3 expands the range of sectors, currency exposures, and macro themes available on the Interactive Brokers platform. Brazil remains a key global player in commodities, agriculture, mining, and financial services, making its equities attractive for diversification and thematic investing. Incorporating these securities into a single system creates opportunities for more dynamic portfolio construction, including multi-asset hedging and cross-market arbitrage strategies. This move also reinforces IBKR’s reputation for offering extensive global market coverage. The firm already provides access to over 160 markets and supports funding and trading in up to 28 currencies. Adding B3 strengthens its footprint in Latin America and complements existing access to equity, derivatives, FX, and bond markets across Europe, Asia, North America, and the Middle East. As investors increasingly seek global, multi-asset capability under one provider, IBKR’s platform becomes more compelling relative to competitors with regional limitations. However, access restrictions remain in place for residents of Brazil, who cannot trade B3 products through Interactive Brokers. This aligns with regional regulatory requirements and mirrors similar country-specific rules applied across certain exchanges worldwide. Despite this limitation, the addition stands to benefit a wide range of professionals — including international wealth managers, hedge funds, proprietary traders, and retail investors based outside Brazil — who prioritise unified execution and transparent pricing. Takeaway: By adding Brazil’s B3 Exchange, Interactive Brokers deepens its emerging-market reach and expands global diversification tools for clients, reinforcing its strategy of delivering broad, low-cost access across 160+ markets. Why B3 Integration Strengthens IBKR’s Competitive Position The addition of B3 enhances Interactive Brokers’ competitive differentiation in several key areas: geographic breadth, asset-class depth, and cost efficiency. As brokers worldwide face increased pressure to offer integrated global platforms, IBKR’s ability to support equities, options, futures, FX, bonds, and funds across numerous regions allows it to capture flows from traders seeking a consolidated system rather than juggling multiple intermediaries. The inclusion of Brazil — a top-10 global economy — adds weight to this strategy. From an industry standpoint, expanding into Brazil is also a strategic response to rising institutional demand for emerging market exposure within diversified portfolios. Volatility, shifting monetary cycles, and sector cyclicality have made Latin American equities increasingly relevant for macro, quant, and long-only investors seeking uncorrelated returns. A well-regarded exchange like B3 provides the liquidity and transparency necessary to execute sophisticated global strategies, making the integration particularly valuable for IBKR’s professional user base. Interactive Brokers’ reputation for competitive fees and advanced trading tools further strengthens the significance of this move. With investors continuing to prioritise low-cost execution, real-time data, and cross-market analytics, integrating B3 enhances IBKR’s ability to serve global traders looking for an efficient, institution-grade solution without the premium pricing typical of traditional brokerage models. The firm’s latest expansion underscores its long-standing mission: provide broad, transparent, and frictionless access to global opportunities.    

At the start of December, we identified a downward channel on the XBR/USD chart and pointed out that the bearish trend had been fuelled by easing geopolitical tensions. Hopes for a potential resolution to the conflict in Ukraine—and speculation that this could eventually lead to a relaxation of sanctions on Russia—acted as a drag on oil prices. Further pressure came from the International Energy Agency, which reiterated expectations of a substantial supply glut and noted that global crude inventories have climbed to their highest level in four years. These developments, combined with signs of weakening economic activity in China, pushed Brent crude down to a seven-week low at point A. Today, however, the chart shows a shift in sentiment, with a bullish reversal gaining momentum—again rooted in geopolitical news: → The United States seized a sanctioned Venezuelan tanker, prompting Caracas to accuse Washington of “piracy”. → Ukraine carried out another strike on a vessel from the so-called “shadow fleet”, which plays a role in Russia’s clandestine oil logistics. Technical Outlook for XBR/USD Bearish arguments: → the $62.60 zone—where the blue trendline gave way—remains a key resistance level; → buyers were unable to protect the gains from the A–B move, and the price slid further to the C lows; → initial resistance is expected around the $61.70 area. Bullish considerations: → the lower boundary of the channel may continue to provide support; → Brent mounted a strong recovery after a failed bearish breakout below the November low, a price action pattern consistent with a liquidity grab—often a sign that “smart money” is accumulating. Taking all of this into account, a rise in geopolitical tensions could provide additional upside pressure, potentially sending XBR/USD back towards the midpoint of the current descending channel. FXOpen offers spreads from 0.0 pips and commissions from $1.50 per lot. Enjoy trading on MT4, MT5, TickTrader or TradingView trading platforms! The FXOpen App is a dedicated mobile application designed to give traders full control of their accounts anytime, anywhere. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.  

Exness has officially opened a new regional office in Cape Town, reinforcing its long-term commitment to Sub-Saharan Africa at a time when fintech innovation is accelerating across the continent. The move reflects Exness’ strategic view that South Africa represents a natural gateway for regional expansion, supported by its sophisticated financial infrastructure, deep talent pool, and growing culture of digital finance adoption. As more traders across Africa seek global market access, the broker is positioning itself closer to its client base. Cape Town has increasingly emerged as one of Africa’s leading fintech hubs, supported by a mature regulatory framework and a vibrant ecosystem of technology start-ups, financial institutions, and skilled professionals. For Exness, establishing a physical presence in the city enables closer collaboration with local partners and regulators while anchoring its broader SSA operations in a globally connected financial centre. This approach aligns with industry trends that favour regional hubs over purely remote service models. Petr Valov, Exness co-founder and CEO, framed the launch as a milestone in the company’s regional growth journey. “The opening of our Cape Town office marks a new chapter for Exness, one that involves innovation and regional growth. We see immense potential in SSA and our investment here reflects our confidence in the region’s growth and in the incredible talent driving it.” His comments underline Exness’ belief that Africa’s next phase of trading growth will be driven by a combination of infrastructure investment and local expertise. How the New Hub Supports Traders Across Sub-Saharan Africa The new office will serve as the operational centre for Exness’ activities in South Africa and across the wider Sub-Saharan Africa region. Staffed by local professionals, the hub is designed to deliver regional insights while maintaining global service standards. This model allows Exness to adapt its offering to local market dynamics, trading behaviour, and regulatory expectations, while still leveraging its global technology stack and liquidity access. Local presence is increasingly important in emerging markets, where trust, education, and support play a critical role in trader engagement. By embedding teams on the ground, Exness aims to enhance client support, build closer relationships with partners, and respond more effectively to regional needs. The hub is expected to contribute to both client-facing functions and broader regional strategy, reinforcing Exness’ role as a long-term participant in Africa’s financial markets. Paul Margarites, Exness Regional Commercial Director, highlighted the symbolic and practical importance of the move. “By building a strong local presence, we are bringing our global expertise closer to our traders. This office is more than a space; it’s a reflection of our long-term commitment to traders in the region.” His remarks reflect a broader shift among global brokers toward investing in physical infrastructure to complement digital trading platforms. Takeaway: Exness’ new Cape Town hub strengthens its ability to serve Sub-Saharan African traders with local expertise backed by global infrastructure, positioning the broker for sustained regional growth. What the Expansion Signals for Africa’s Fintech Ecosystem The opening of the Cape Town office comes amid growing momentum in Africa’s fintech sector, where digital trading, payments, and financial inclusion initiatives are reshaping access to global markets. Exness’ expansion signals confidence in the region’s regulatory and economic trajectory, particularly as more retail and professional traders seek transparent, well-regulated platforms. The company’s presence adds weight to South Africa’s standing as a continental fintech anchor. Exness’ Sub-Saharan Africa operations are supported by its Financial Sector Conduct Authority (FSCA) licence in South Africa and its Capital Markets Authority (CMA) licence in Kenya. These regulatory foundations reinforce the broker’s focus on compliance, transparency, and responsible market participation. In a region where regulatory clarity is increasingly valued, such credentials can be a decisive factor for traders evaluating international brokers. Beyond the office launch, Exness marked the milestone with a series of events bringing together executives, partners, media, and creators, reflecting its brand-led approach to regional engagement. As Africa’s trading ecosystem continues to mature, investments that blend local talent, regulatory alignment, and global infrastructure are likely to shape the next stage of market development. Exness’ Cape Town hub positions the company to play an influential role in that evolution.    

The U.S. Securities and Exchange Commission’s (SEC) recent approval for the Depository Trust & Clearing Corporation (DTCC) to tokenize traditional assets starting in the second half of 2026 is poised to fundamentally restructure the digital assets landscape, creating a massive competitive challenge for both crypto-native firms like Coinbase and established exchange operators like Nasdaq. As the entity responsible for clearing and settling nearly all U.S. securities transactions, the DTCC’s move legitimizes and institutionalizes the Real-World Asset (RWA) tokenization sector, forcing all other players to rapidly adjust their strategies. DTCC’s Competitive Edge: Trust and Scale The primary competitive advantage for the DTCC is its unchallenged role as the central market infrastructure. By receiving a No-Action Letter from the SEC to tokenize highly liquid assets—including Russell 1000 equities, major ETFs, and U.S. Treasuries—the DTCC instantly provides a trust and compliance layer that no crypto exchange or alternative trading system (ATS) can match. For traditional financial institutions (TradFi), the prospect of buying a tokenized Treasury bill directly from a DTCC-approved service, maintaining all established investor protections, removes the regulatory and counterparty risk that has been a major barrier to adoption. This positions the DTCC to capture the vast majority of institutional tokenization flows, relegating other platforms to a secondary role for their tokenized RWAs. The DTCC's initiative aims to create a unified pool of liquidity across the TradFi and DeFi ecosystems, which is a game-changer that sets the standard for market efficiency. Direct Challenge to Nasdaq and Coinbase For Nasdaq and Coinbase, the DTCC’s entry presents a direct and immediate challenge to their digital asset ambitions. Nasdaq has been actively developing its digital asset strategy, including the launch of tokenized securities in partnership with other technology providers and its investment in the Canton Network. The exchange’s goal has been to use tokenization to enable 24/7 trading and faster settlement. However, the DTCC’s move effectively takes control of the underlying clearing and settlement infrastructure for tokenized core assets. Nasdaq will now likely need to deeply integrate with the DTCC’s system, potentially shifting from being a primary driver of the RWA trend to an exchange layer that simply leverages DTCC’s tokenized assets. Meanwhile, Coinbase is preparing to launch its own tokenized stocks on December 17, a strategy where it reportedly intends to issue and manage the digital shares entirely in-house. While this grants Coinbase control, it subjects the products to the complex and fragmented regulatory environment for digital securities. The DTCC's SEC-approved service, offering the same underlying asset with significantly reduced regulatory uncertainty for institutional buyers, creates an immediate headwind for Coinbase’s tokenization efforts aimed at TradFi. Coinbase's approach will likely appeal more to the crypto-native retail audience, whereas the DTCC will dominate the massive institutional RWA market, essentially splitting the focus of the burgeoning tokenization sector. The DTCC’s regulatory clearance has effectively established the ground rules for tokenizing U.S. securities, forcing everyone else to integrate or innovate around a centralized, yet blockchain-enabled, infrastructure.