CryptoNews

Standard Chartered projects $4 trillion in tokenized assets onchain by 2028, with mature DeFi protocols as the main beneficiaries.
Summary
Standard Chartered forecasts $4 trillion in tokenized assets by end-2028, split evenly between stablecoins and real-world assets.
Mature DeFi protocols with strong risk metrics will capture the bulk of the throughput, the bank said.
Passage of the CLARITY Act is viewed as the most significant near-term catalyst for the shift from traditional rails.
Standard Chartered projects that $4 trillion in tokenized assets will sit onchain by the end of 2028, evenly split between stablecoins and real-world assets. The forecast positions established DeFi protocols as the main winners.
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Geoffrey Kendrick, the bank’s global head of digital assets research, said DeFi’s composability allows the same asset to generate yield, serve as collateral, and trade for liquidity without traditional intermediaries.
BlackRock BUIDL anchors the thesis
Kendrick cited BlackRock’s BUIDL fund as proof of concept. The $2.85 billion tokenized Treasury fund earns Treasury yield, converts to sBUIDL for DeFi compatibility, and serves as core reserve collateral for Ethena’s USDtb and Ondo’s OUSG.
Aave, the largest DeFi lending protocol, processed daily stablecoin lending volumes between $1.5 billion and $2 billion at its peak. Coinbase’s lending product with Morpho has reached $1.75 billion in loans.
CLARITY Act seen as key catalyst
Kendrick views passage of the CLARITY Act as the most significant near-term catalyst for accelerating the shift from traditional rails to DeFi. The bill cleared Senate Banking 15-9 on May 14 and now heads to a full floor vote.
The projection consolidates two forecasts Kendrick has maintained separately: a $2 trillion stablecoin target and a $2 trillion RWA market, both by end-2028. The bank reaffirmed the RWA call in April despite recent DeFi exploits.
DeFi seen as primary beneficiary
There are currently roughly 1,000 times more assets offchain than onchain, according to the note. Kendrick believes tokenizing institutional-grade assets is the most likely source of growth, with protocols that scale safely positioned to benefit most.
“TradFi operators moving assets onchain will favor established players with strong risk metrics,” Kendrick wrote. Aave, Compound, and Morpho are positioned to lead, with Ethereum remaining the dominant settlement layer.
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Standard Chartered will acquire Zodia Custody’s regulated custody business and create a separate Zodia Solutions platform under SC Ventures.
Summary
Standard Chartered will integrate Zodia Custody’s regulated unit into its Financing and Securities Services business.
Zodia Solutions will become a separate SC Ventures platform serving banks and other financial institutions.
crypto.news earlier reported that the move fits a wider bank race for crypto custody control.
Standard Chartered said Zodia Custody shareholders and noteholders accepted its non-binding offer. The deal still needs regulatory approvals and normal closing steps.
The bank will place Zodia Custody’s regulated custody activities inside its existing digital asset custody business under Financing and Securities Services. It said the move will combine its custody operations and create a fuller offer for digital asset custody clients worldwide.
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Margaret Harwood-Jones, global head of Financing and Securities Services at Standard Chartered, said the acquisition will support the growth of the bank’s global digital asset custody portfolio. She also said it strengthens Standard Chartered’s role as a “trusted bridge between TradFi and DeFi.”
What happens to Zodia Solutions?
Zodia Custody will separate its institutional digital asset infrastructure platform and transfer related assets to Zodia Solutions. The new company will sit under SC Ventures and serve financial institutions, including Standard Chartered.
Zodia Solutions will focus on bank-grade technology for firms that want to launch or expand digital asset services. Standard Chartered said the platform will be backed by several bank investors, including current Zodia Custody investors.
Zodia Custody CEO Julian Sawyer said “digital asset custody is increasingly being delivered within banking environments.” He also said institutions are seeking specialist partners to build crypto services at scale.
Why does the deal matter for crypto custody?
The deal confirms a plan that crypto.news reported in April. That report said Standard Chartered was preparing to fold Zodia Custody into its corporate and investment bank while keeping Zodia as a white-label software platform.
The same report noted that Zodia and Standard Chartered had been running parallel custody operations. Bringing them together could reduce overlap and give institutional clients a clearer custody structure inside the bank.
crypto.news also reported that Standard Chartered launched a Luxembourg entity in 2025 to offer crypto custody services across the European Union under MiCA. That move added to its earlier UAE custody work.
How are major banks moving into custody?
The Zodia deal comes as large financial firms add digital asset services. crypto.news reported that Morgan Stanley is pursuing an OCC national trust bank charter for direct crypto custody and staking.
Other crypto firms are also seeking trust bank charters. crypto.news reported that Zerohash applied for a U.S. national trust bank charter, with Morgan Stanley and PAYO Digital Bank also listed among February applicants.
Zodia also remains linked to tokenization. crypto.news reported in July 2025 that Zodia Custody joined Ondo’s Global Markets Alliance, a group focused on tokenized capital markets.
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Ripple CTO Emeritus David Schwartz pushed back against XRP community claims around meme coins after users urged him to support the FUZZY project.
Summary
David Schwartz said treating XRP meme coins as investment products was “distasteful” amid FUZZY speculation.
The FUZZY debate grew after Schwartz opened a trust line that some users misread.
crypto.news reported rising XRP scams, fake airdrops and wider security warnings for XRPL users.
Schwartz said the idea of treating meme coins as serious investments felt “distasteful.” Meanwhile, the comment came during an X discussion about FUZZY and broader meme coin speculation.
Schwartz did not reject community humor around such tokens. His concern centered on users treating meme coins as investment products and using his public profile to support that view.
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FUZZY trust line fuels speculation
The debate grew after Schwartz opened a technical trust line for FUZZY. Some XRP holders viewed the move as a signal because the token name refers to the old Fuzzybear wallet from the early XRP Ledger period.
Schwartz later rejected that reading. He said adding a token to a wallet was a routine technical step for testing, not a signal to buy the asset. He also said he knew no more about FUZZY than a normal observer.
Moreover, the warning comes as XRP users face more scams across social media. crypto.news reported on May 14 that Schwartz warned XRPL users about fake airdrops and giveaways. He said there had been a “huge escalation lately” in scams targeting XRP users.
Ripple has also warned users about fake Telegram accounts and fake executive profiles. Scammers often copy branding, use edited videos and push fake XRP giveaways that ask users to send tokens before receiving more.
XRP activity keeps attention high
The debate also comes during a busy period for XRP markets. crypto.news reported that XRP Ledger activity rose after XRP briefly moved above $1.54 for the first time in two months. Active addresses reached 48,453, the highest level since March 30.
Spot XRP ETFs also drew fresh demand. crypto.news reported $60.50 million in weekly net inflows, the strongest week since late December 2025. That higher market attention can give meme coin rumors more reach, making clear public warnings more important for XRP holders.
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Goldman Sachs no longer reported XRP-linked ETF holdings in its Q1 2026 Form 13F, according to the filing details cited in the report.
Summary
Goldman’s Q1 filing removed XRP and Solana ETF holdings after major fourth-quarter altcoin positions entirely.
The bank still held Bitcoin and Ether ETFs, though both allocations fell during the quarter.
Recent reports show institutional ETF demand remains mixed as Mubadala added more IBIT exposure too.
The bank had ended Q4 2025 with nearly $154 million across XRP products from Bitwise, Franklin Templeton, Grayscale and 21Shares.
The change marks a fast reversal from its earlier altcoin ETF move. crypto.news reported in April that U.S. spot XRP ETFs had reached $1.53 billion in assets, while Goldman Sachs was the largest known institutional holder with $153.8 million spread across four funds.
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Bitcoin and Ether exposure remains smaller
Goldman Sachs still held Bitcoin ETF exposure at the end of Q1. The bank reported about $690 million in BlackRock’s iShares Bitcoin Trust and around $25 million in Fidelity’s Wise Origin Bitcoin Fund, even after reducing both positions by roughly 10%.
Its Ether ETF position also fell. Goldman cut its BlackRock iShares Ethereum Trust holding by about 70%, leaving roughly 7.2 million shares valued near $114 million. The move came as crypto.news reported that Ethereum ETFs saw $255.11 million in outflows during the week ending May 15.
Additionally, the bank did not leave crypto-linked markets fully. It raised exposure to several public companies tied to digital assets, including Circle, Galaxy Digital, Coinbase, Robinhood and PayPal. That mix gives Goldman exposure to trading, payments and stablecoin-linked business lines.
At the same time, Goldman reduced stakes in several mining and infrastructure names, including BitMine, Bit Digital and Riot Platforms. It also cut positions in Strategy and IREN. The filing points to a cleaner focus on listed companies with clearer revenue lines than some mining-heavy names.
Institutional ETF demand stays divided
The move does not mean Wall Street has stepped away from crypto ETFs. crypto.news reported that Abu Dhabi’s Mubadala raised its BlackRock Bitcoin ETF position 16% to $565.6 million in Q1, adding about 2 million IBIT shares during the same reporting period.
Goldman’s own crypto activity also remains broader than one filing. Reuters reported in April that Goldman Sachs filed for a Bitcoin ETF product designed to give Bitcoin exposure and income from options trades.
Still, 13F filings carry limits. The SEC notice says it has “not necessarily reviewed” the filing, so the data shows reported positions at quarter-end, not current holdings or intent.
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Zcash (ZEC) traded near $515 at press time as traders weighed a bullish chart setup against signs of weaker spot demand.
Summary
ZEC traded near $515 after a monthly rally, but weekly losses showed fading momentum.
Crypto Patel said ZEC’s structure remains bullish, with upside targets at $643 and $750.
Ardi warned weak spot demand and high perp volume may expose ZEC to sharper reversals.
The token moved between $497.79 and $525.21 during the session, showing active but uneven trading.
Crypto.news price data showed ZEC is down more than 5% in 24 hours and over 8% across seven days. The token remained up about 46% over the past month, keeping attention on whether buyers can defend the latest rally.
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Analyst maps bullish structure
Crypto Patel said ZEC had formed a bullish structure after reacting from a weekly fair value gap. The analyst pointed to a market structure shift, a pullback into a discount zone, and buy-side liquidity above price.
He listed upside targets at $643 and $750, while placing invalidation at a one-day close below $294. The view was technical only and called for confirmation before any entry, meaning the setup remains conditional rather than confirmed.
Perp demand raises caution
Ardi gave a more cautious view, saying larger ZEC moves over the past six months have depended more on perpetual futures than spot demand. He said spot volume has made new lows while aggregated perp volume has made new highs.
That structure can make a rally more exposed to sharp unwinds if momentum fades. Ardi compared the current setup with the December lower high near $540, after which ZEC later traded back toward $185.
Moreover, crypto.news reported that Zcash extended its recent rally, but analysts warned that social activity and on-chain support had not kept pace with the move. That report said lower retail attention could make a price rise harder to sustain.
Earlier coverage also noted that ZEC surged more than 40% after Multicoin Capital revealed a large position. The rally also came as traders watched the FCMP++ upgrade and higher trading volume.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
Nexus International reports record financial results under founder Gurhan Kiziloz’s independent ownership.
Summary
Nexus International reported $264M revenue and $124M EBITDA without venture capital or public funding.
Founder-owned gaming group Nexus achieved strong profitability with a reported 47% EBITDA margin.
Gurhan Kiziloz’s Nexus model challenges the belief that gaming scale requires institutional backing.
In an industry where scale is typically equated with institutional backing, Gurhan Kiziloz has built a counter-example. Nexus International, the gaming group he founded and wholly owns, has reported its strongest financial year to date, $264 million in Gross Gaming Revenue, $87 million in net profit, $124 million in EBITDA, and $1.2 billion in platform inflows.
The performance has been achieved without venture capital, without private equity, and without the institutional governance structures that typically accompany operations at this scale.
The results invite examination of what the founder-controlled model produces when it functions effectively. The conventional wisdom holds that scaling a gaming operation to billion-dollar inflows requires institutional capital, broad shareholder bases, and the governance overhead that accompanies them.
Public listings provide currency for acquisitions. Venture capital underwrites customer acquisition during the unprofitable phase. Private equity sponsors operational discipline through portfolio management. Nexus International has done none of this and reached the same scale tier with substantially better profitability metrics.
The 47 percent EBITDA margin is the most striking data point. The figure exceeds the margins reported by virtually every major publicly traded gaming operator. There are several structural reasons. Nexus International carries no legacy sponsorship debt. The group operates no native token requiring buyback or burn mechanisms.
There is no compliance infrastructure built around quarterly reporting obligations to public markets. There are no executive compensation programmes designed around shareholder dilution. The overhead that accumulates organically in institutional businesses has been systematically prevented from accumulating in this one.
The strategic philosophy is rooted in Kiziloz’s biographical experience. He has been bankrupt on approximately five occasions. He was rejected by every venture capital firm he approached for his initial fintech venture.
These experiences could have produced either persistent attempts to enter institutional frameworks or strategic withdrawal from them. Kiziloz chose the latter. The conclusion he reached, that fintech was an industry designed to protect incumbents through regulatory complexity, extended into a broader thesis about which industries reward execution and which reward access. Gaming, he determined, rewards execution. The operational results suggest the analysis was correct.
The group operates two principal brands. Spartans.com, the crypto-native casino, has consolidated its position as the 10th largest such platform globally. The competitive positioning rests on operational fundamentals: instant withdrawal capability, multi-currency integration, extensive game catalogue, and localised user experience.
The platform has not adopted the celebrity sponsorship strategies that have proven expensive for several major competitors, nor has it implemented the tokenomics models that have created retention volatility elsewhere in the crypto casino sector. Megaposta, the Brazil-focused sportsbook, established an operational presence in the country’s newly regulated market while larger institutional competitors were still completing internal approval processes.
The market context favours operators with Nexus International’s structural characteristics. Global online gambling reached approximately $130 billion in 2025. The crypto segment is expanding at roughly twice the rate of the broader market, capturing approximately 17 percent of total iGaming bets globally, a position that has expanded from a negligible share three years earlier.
The structural advantages that have driven this shift, borderless operation, instant settlement, reduced banking dependency, are characteristics Nexus International was built to exploit rather than retrofitted to accommodate.
The group’s strategic communication suggests that current performance is regarded as insufficient. Kiziloz has stated that $1.2 billion in inflows does not constitute a milestone in his framework. The threshold he has identified for meaningful achievement is $100 billion.
The gap between current performance and stated ambition is substantial. Whether the target is achievable depends on continued execution, regulatory developments across multiple jurisdictions, and the competitive responses of operators who have begun to recognise Nexus International as a credible challenger.
What is observable is that the group has constructed a financial profile that institutional competitors are struggling to match, while retaining the strategic flexibility that institutional structures forfeit. The 2025 results establish a baseline. The trajectory will determine whether the baseline becomes a foundation or a peak.
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Disclosure: This content is provided by a third party. Neither crypto.news nor the author of this article endorses any product mentioned on this page. Users should conduct their own research before taking any action related to the company.

Signal has warned that it may leave Canada if the country’s proposed lawful access bill forces the company to weaken its privacy tools.
Summary
Signal says it may leave Canada rather than weaken its end-to-end encryption promises to users.
Bill C-22 remains in committee as lawmakers review lawful access powers and metadata rules.
Meta, Apple and Windscribe have also raised privacy and security concerns over the proposal publicly.
The warning came from Udbhav Tiwari, Signal’s vice president of strategy and global affairs.
Tiwari said Signal “would rather pull out of the country” than break the privacy promises made to users. He also warned that Bill C-22 “could potentially allow hackers” to target weaknesses built into electronic systems.
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Canada says the bill supports law enforcement
Bill C-22, also called the Lawful Access Act, 2026, seeks to update Canada’s rules for digital data access. Parliament records show the bill is now under review by the House of Commons Standing Committee on Public Safety and National Security after second reading on April 20.
The Canadian government says the bill would help law enforcement and CSIS respond to crime and national security threats. Public Safety Canada says Part 2 does not create new powers to intercept communications, but would make electronic service providers able to comply with existing legal orders.
Moreover, Apple and Meta have also opposed parts of Bill C-22. Reuters reported that both companies warned the bill may force firms to weaken encryption. Public Safety Canada said the law would not require companies to create a “systemic vulnerability.”
Meta said Part 2 of the bill may require companies to build systems that weaken encryption or allow outside surveillance tools. The company asked Canada to amend the bill and add stronger safeguards around encryption and company challenges to government orders.
Windscribe joins privacy backlash
Signal is not alone in warning about a possible exit. Windscribe, a VPN provider based in Canada, said it may follow Signal if Bill C-22 passes in its current form. The company said the proposal may force VPN services to log identifying user data.
The debate has drawn privacy groups into the fight. The Electronic Frontier Foundation said Bill C-22 may require services to retain metadata for one year and warned that metadata can reveal who users contact, when they communicate and where they go.
Canada’s digital rules remain in focus
The dispute comes as Canada works on other digital policy measures. Crypto.news reported in April that Canadian lawmakers advanced Bill C-25, a proposal that would ban crypto donations in federal elections due to concerns over traceability and campaign finance rules.
Bill C-22 is not yet law. It still needs committee review, further House stages, Senate approval and royal assent before taking effect. Signal’s warning now places encryption at the center of Canada’s lawful access debate.
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South Korean exchange Upbit will pause Cosmos ATOM deposits and withdrawals from May 20 to support a network upgrade.
Summary
The suspension begins at 6:00 a.m. UTC on May 20 and will remain until the Cosmos network upgrade completes and stability is confirmed.
ATOM trading on Upbit is expected to continue as normal throughout the suspension window.
Exchanges routinely pause transfers during chain upgrades to prevent transaction failures caused by version mismatches between nodes.
Upbit announced the temporary halt via an official notice to users, stating the pause begins at 6:00 a.m. UTC on May 20. No specific end time has been provided. Services will resume once the Cosmos network upgrade is complete and the blockchain is confirmed stable. Existing ATOM balances on the platform are not affected.
ATOM trading on Upbit is expected to remain active during the maintenance window, meaning users can still buy and sell the token against fiat and crypto pairs. Only deposits into and withdrawals from the exchange are suspended. Users who need to move ATOM should complete transfers before the May 20 deadline.
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Why transfers pause during chain upgrades
Suspending deposits and withdrawals during a protocol upgrade is standard practice across major exchanges. If an exchange’s node software operates on an old version while external wallets run on a new one, incoming transactions can become irreconcilable, resulting in lost or permanently delayed funds.
Pausing transfers eliminates that risk until the exchange’s infrastructure is updated and verified against the upgraded chain.
The pause arrives at a difficult moment for the Cosmos ecosystem. In January, Anoma co-founder Christopher Goes warned that Cosmos was nearing its end, citing high operating costs and the departure of several major projects from the ecosystem.
Osmosis separately proposed converting its OSMO token to ATOM and deepening Cosmos Hub integration in an effort to consolidate liquidity and governance. Upbit is South Korea’s largest crypto exchange, and its decisions around token support have repeatedly driven significant short-term price moves in listed assets.
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Bullish also reported adjusted EBITDA of $35.1 million, missing analyst estimates of $38 million.
Summary
Bullish reported adjusted first-quarter 2026 revenue of $92.8 million, missing analyst expectations.
The crypto trading platform posted a net loss of $604.9 million, or $3.85 per share.
Shares of Bullish fell 7.9% in pre-market trading to $38.51 following the earnings release.
Crypto trading platform Bullish reported weaker-than-expected first-quarter 2026 financial results as softer digital asset trading activity weighed on revenue and profitability. According to a report from CoinDesk, the company posted adjusted revenue of $92.8 million, below Wall Street expectations of $94.9 million.
The company’s net loss widened sharply to $604.9 million, equivalent to a loss of $3.85 per share, compared with the same period a year earlier.
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Investors reacted negatively to the results, with Bullish shares falling 7.9% in pre-market trading to $38.51 as concerns mounted over slowing crypto market activity and weaker trading volumes across the industry.
Slowing crypto volumes pressure exchanges
The earnings miss highlights the challenges facing digital asset trading platforms after the strong momentum seen during earlier phases of the crypto market recovery. Bullish, which operates institutional-focused crypto trading infrastructure and owns CoinDesk, has been attempting to expand its market share amid intensifying competition from centralized exchanges and decentralized trading venues.
Trading activity across the broader crypto market has cooled in recent months despite continued institutional interest in products tied to Bitcoin and Ethereum. In a previous crypto.news story, spot Bitcoin ETF inflows showed signs of slowing after a record-breaking rally earlier this year.
The weaker results also arrive as exchanges continue investing heavily in derivatives infrastructure and stablecoin-based settlement systems. Another crypto.news story detailed Coinbase’s expanding partnership with Hyperliquid to strengthen USDC liquidity across decentralized trading markets.
Meanwhile, institutional players remain focused on building long-term crypto infrastructure despite short-term market weakness. Earlier this year, crypto.news reported in another story that Coinbase launched a Bitcoin yield fund aimed at institutional investors outside the United States.
Bullish has not yet indicated whether it expects trading conditions to improve during the remainder of 2026, but the latest quarter underscores how dependent exchange revenues remain on sustained market participation and digital asset volatility.
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Sui price pulled back this week after facing rejection near the key $1.40 resistance region, though traders continue watching for signs that bulls may be preparing for another breakout attempt.
Summary
SUI price pulled back toward the $1.20 support zone after facing rejection near the key $1.40 resistance level earlier this week.
Rising stablecoin liquidity, growing DeFi activity, and strong derivatives positioning continued to support bullish sentiment across the Sui ecosystem.
Analysts are watching whether bulls can defend the $1.18–$1.20 region to sustain momentum toward another breakout attempt above $1.40.
According to data from crypto.news, Sui (SUI) traded around $1.21 at press time on May 14 after briefly rallying toward $1.40 earlier this week. The token remains significantly higher than its April lows near $0.85 despite the latest cooldown, with bullish momentum still broadly intact following one of the strongest rallies among major altcoins over the past several weeks.
The latest rally came as investor sentiment around the Sui ecosystem continued improving amid growing optimism surrounding the network’s expanding decentralized finance activity and institutional adoption narrative.
One of the biggest catalysts supporting SUI this week was the continued surge in network activity following the rapid expansion of stablecoin liquidity across the ecosystem. Recent on-chain data showed Sui’s total value locked and decentralized exchange volumes climbing sharply as traders rotated into the network during the broader altcoin recovery.
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At the same time, renewed attention surrounding Mysten Labs’ scaling roadmap and validator expansion initiatives also helped strengthen the long-term bullish outlook for the ecosystem.
Derivatives sentiment has remained notably strong as well. CoinGlass liquidation heatmap data showed dense liquidation clusters forming between the $1.30 and $1.45 region during the recent rally, signaling that aggressive short liquidations likely helped accelerate SUI’s breakout above the psychological $1 level earlier this month.
Meanwhile, funding rates and futures positioning have largely remained positive despite the recent pullback, suggesting traders continue maintaining a moderately bullish bias toward the token.
Sui price analysis
On the daily chart, SUI recently confirmed a major breakout above the long-standing consolidation range between roughly $0.85 and $1.05 before rapidly surging toward the key resistance area near $1.40.
Sui price, Supertrend, and MACD chart — May 14 | Source: crypto.news
The current pullback now places focus on whether bulls can successfully defend the important support zone between $1.18 and $1.20, which aligns closely with the latest breakout structure and short-term consolidation range.
A look at the Supertrend indicator continues to support the bullish outlook. Notably, the indicator recently flipped bullish on the daily timeframe and currently remains well below price action, signaling that buyers still maintain broader trend control despite the latest retracement.
Momentum indicators also continue to favor the bulls overall. The MACD remains in bullish territory following a strong positive crossover earlier this month, though the histogram has started gradually flattening, suggesting upward momentum may be cooling after the recent vertical rally.
If SUI successfully stabilizes above the $1.20 region, bulls could soon attempt another move toward the key $1.40 resistance zone. A decisive breakout above that area could potentially open the door for a larger rally toward the psychological $1.50 level and higher resistance regions not seen since late 2025.
On the downside, failure to hold above current support levels could trigger a deeper short-term correction toward the previous breakout zone near $1.05, where buyers may attempt to reestablish momentum.
For now, traders remain focused on whether Sui can consolidate above its recent breakout range as the market looks for the next catalyst capable of reigniting bullish momentum.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Bank of England has begun reconsidering parts of its proposed stablecoin framework after digital asset firms warned that strict reserve rules and ownership caps could make pound-backed tokens difficult to use at scale.
Summary
Bank of England officials are reviewing proposed stablecoin holding caps after crypto firms warned the rules could limit adoption.
The central bank is also reassessing reserve requirements that would force issuers to keep 40% of backing assets at the BoE.
According to the Financial Times, Bank of England Deputy Governor Sarah Breeden said the central bank is reviewing whether temporary holding limits on sterling stablecoins are necessary and is also assessing if its reserve requirements are too restrictive for issuers.
Under proposals released in the Bank of England’s November 2025 consultation paper, individuals would have been limited to holding £20,000 of a single UK stablecoin during an initial transition phase, while corporate users would have faced caps of roughly $13.5 million.
Officials at the central bank said at the time that the limits were intended to prevent a rapid movement of deposits out of commercial banks if stablecoins gained traction in payments.
At the same time, the consultation proposed that issuers keep at least 40% of reserves in non-interest-bearing deposits at the Bank of England, with the remaining assets placed in short-term UK government debt.
Sarah Breeden, who has consistently taken a cautious stance on stablecoins, previously argued that money-like digital instruments should meet safety standards comparable to traditional payment infrastructure.
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Industry participants pushed back against the framework, arguing that the ownership caps would be difficult to enforce across trading venues and wallets.
Potential issuers and legal advisers also told policymakers that forcing firms to park large reserve balances at the central bank without earning interest would significantly reduce profitability for UK-issued stablecoins.
UK regulators weigh stablecoin competitiveness
While UK regulators continue drafting rules for fiat-backed digital assets, policymakers are also facing pressure to prevent stablecoin activity from moving toward jurisdictions viewed as more commercially flexible.
Earlier in the week, Bank of England Governor Andrew Bailey warned that international regulators could face a difficult confrontation with the United States over stablecoin oversight.
Speaking at a conference cited by Reuters, Bailey said global payment use cases would require common international standards and described future talks with Washington as a likely “coming wrestle.”
Bailey, who also chairs the Financial Stability Board, repeated concerns that some stablecoins may not be easily redeemable during periods of market stress. Reuters reported that he warned countries such as the UK could face redemption pressure if dollar-backed stablecoins spread internationally without strong safeguards.
Those comments came as the Trump administration continued backing stablecoin expansion through the GENIUS Act, which established a U.S. framework for issuers. CoinGecko data cited by Reuters valued the global stablecoin market at more than $317 billion, with dollar-backed tokens continuing to dominate the sector.
Back in London, lawmakers have also begun examining how the UK should oversee the sector. In January, parliamentary committees gathered evidence from industry groups, including Coinbase and Innovate Finance, as officials worked on rules intended to operate alongside future crypto legislation and potential digital pound plans.
For now, sterling stablecoins account for only a small share of the global market. Any relaxation of reserve rules or holding limits could influence whether regulated GBP-backed tokens become viable for payments, treasury management, and settlement, or whether firms continue favoring U.S. dollar stablecoins for most activity.
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U.S. voters have placed everyday economic concerns far ahead of crypto regulation, even as lawmakers prepare for a Senate Banking Committee vote on the CLARITY Act this week.
Summary
Only 4% of Americans surveyed said a candidate’s crypto stance would influence their vote ahead of the 2026 midterms.
A Politico and Public First survey found that affordable housing, fraud protection, and lower bank fees ranked above crypto regulation among voter priorities.
According to a survey released Wednesday by Politico and polling firm Public First, only 4% of 2,035 U.S. adults said a political candidate’s stance on crypto policy would influence how they vote. Affordable housing, consumer fraud protection, and lower bank fees ranked as the top issues respondents wanted Congress to address.
Public First also found that just 18% of respondents viewed establishing rules for the crypto market as a top congressional priority. Regulation of large banks ranked slightly lower at 17%.
Despite the low ranking among voters, crypto industry groups have continued pouring money into U.S. elections ahead of the 2026 midterms. Data compiled by researcher Molly White showed crypto lobby organizations spent more than $130 million during the 2024 election cycle and have already directed another $320 million toward influencing the November midterms.
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Pressure campaigns against candidates seen as hostile to the industry have also intensified. According to the same data reviewed by Politico, crypto-backed groups spent more than $5.5 million targeting opposing candidates in congressional races in Illinois earlier this year.
Crypto remains a low priority for many voters
Within the same Public First survey, only 27% of respondents said they supported or strongly supported government efforts to legitimize crypto as a mainstream financial asset. Another 31% said they opposed or strongly opposed such measures.
Republican Representative Dusty Johnson told Politico that digital assets still remain a niche issue for most voters, though he said interest has been growing gradually over time. Johnson added that people who care about crypto policy tend to care about it intensely.
Elsewhere in the poll, more than half of respondents said they had never traded crypto and would not consider doing so in the future. Only 19% said they had traded crypto, while 7% of crypto traders said a candidate’s crypto stance would directly affect their vote.
Risk appetite also appeared limited among respondents. Public First reported that 45% viewed crypto investing as a risk not worth taking, even if high returns were possible, while 25% said the potential rewards justified the risk.
The findings arrived less than a week after a separate HarrisX poll painted a different picture around crypto’s political influence.
That survey, conducted between May 1 and May 4 among 2,008 registered voters, found 52% supported the CLARITY Act and 47% said they would consider backing a candidate outside their preferred party if the candidate supported the legislation and their own party did not.
Among crypto users surveyed by HarrisX, support for crossing party lines rose to 72%. HarrisX also reported support for the bill from 58% of Republicans, 55% of Democrats, and 42% of independents.
Read more: Prediction markets get CFTC relief as legal battles widen

Upbit will end trading support for NKN on June 15, removing the NKN/BTC pair from its platform.
Summary
Upbit will end NKN/BTC trading on June 15, giving users until July 16 to withdraw funds.
NKN trades near $0.0075 with market capitalization around $6 million, according to CoinGecko today data.
The delisting adds pressure on a token already down about 99.5% from its all-time high.
Wu Blockchain reported the notice on May 14, citing Upbit’s official announcement.
Users must withdraw their NKN by July 16. After that deadline, withdrawals may no longer be processed. The move gives holders about one month after trading ends to move tokens to another exchange or a private wallet.
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NKN trades near $0.0075
CoinGecko showed NKN trading at $0.007546 at press time, down 3.4% over 24 hours. The token’s 24-hour range was between $0.007238 and $0.007891.
The token had a market cap of about $6.04 million and a fully diluted valuation near the same level. CoinGecko also showed 24-hour trading volume of about $175,453 and a circulating supply of roughly 800.25 million NKN.
Notably, NKN remains far below its peak. CoinGecko lists its all-time high at $1.44 from April 2021, meaning the token is down about 99.5% from that level.
The Upbit delisting may reduce access for some Korean traders, but NKN still trades on other platforms. CoinGecko lists KuCoin, MEXC and Gate among centralized exchanges where NKN markets remain active.
South Korea keeps strict listing standards
The move comes as South Korean exchanges continue to apply tighter listing reviews. In related coverage, Flow Foundation and Dapper Labs sought court action after Upbit, Bithumb and Coinone moved to end FLOW trading support following a security incident.
Earlier reports also noted that WEMIX faced delisting by major South Korean exchanges after concerns over token supply disclosures. That case showed how exchange decisions in Korea can quickly affect liquidity and market sentiment.
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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

The Commodity Futures Trading Commission’s staff issued no-action relief for fully collateralized event contracts.
Summary
CFTC eased swap data reporting duties for fully collateralized event contracts listed on regulated exchanges.
Relief covers DCMs, DCOs and market participants, with future applicants getting a streamlined approval process.
The move arrives as prediction market platforms fight state gambling regulators in several courts nationwide.
The move covers certain swap data reporting and recordkeeping duties tied to contracts listed by designated contract markets and cleared by derivatives clearing organizations.
The relief means staff will not recommend enforcement against DCMs, DCOs or participants for failing to meet selected swap reporting rules, as long as they follow the terms in the staff letter. The CFTC said the approach responds to many requests from firms listing and clearing event contracts.
Moreover, the new letter also creates a cleaner path for future applicants. Entities that want to list or clear similar contracts can seek the same no-action position, and the CFTC can add them to an appendix rather than issue another full letter each time.
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Staff said the position also covers earlier beneficiaries of similar no-action letters. The letter says this approach should give similar treatment to current and future market participants while the agency considers broader rulemaking for event contract reporting.
Prediction market oversight remains contested
The relief comes as prediction markets face state-level legal fights. Earlier coverage from crypto.news reported that the CFTC backed Kalshi in an Ohio appeal, arguing that state officials treated federally regulated event contracts too narrowly as sports gambling.
In addition, CFTC has also challenged state actions in Arizona, Connecticut, Illinois, New York and Wisconsin. Court protection in Arizona supported federal oversight of CFTC-regulated prediction markets while cases continue.
Market growth adds pressure for clear rules
The timing matters because prediction markets are growing quickly. Separate market coverage reported that Kalshi reached a $22 billion valuation after a $1 billion Series F round, while annualized trading volume on the platform rose from $52 billion to $178 billion in six months.
Kalshi CEO Tarek Mansour said “event contracts could become a trillion-dollar market.” That claim remains forward-looking, but it shows why regulators, exchanges and state officials are paying closer attention to reporting, supervision and legal boundaries.
The CFTC’s latest step does not decide every dispute over event contracts. It focuses on how certain fully collateralized contracts are reported and recorded. Still, it gives DCMs, DCOs and participants a more uniform process as the agency works on broader rules.
For crypto-linked prediction markets, the letter adds another federal signal. Platforms such as Kalshi, Polymarket, Coinbase and Crypto.com remain part of a wider debate over whether these products are financial contracts, betting products, or both under different legal frameworks.
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BitGo Holdings reported $3.77 billion in first-quarter revenue, up 112.6% from $1.77 billion a year earlier.
Summary
BitGo’s Q1 revenue rose 112.6%, helped by digital asset sales and stablecoin service adoption growth.
Net loss widened to $60.7 million as Bitcoin treasury marks and IPO compensation weighed results.
Crypto.news coverage shows BitGo entered public markets as stablecoin and custody demand grew this year.
The result marked the crypto infrastructure firm’s first quarterly earnings update since its January public listing on the New York Stock Exchange.
The company said digital asset sales remained its main revenue driver. That unit generated about $3.66 billion in Q1, while staking revenue reached $49.4 million. Subscription and services revenue stood at $25.6 million.
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Net loss widens despite revenue growth
BitGo’s net loss widened to $60.7 million in Q1, compared with a loss of $25.7 million in the same quarter last year. The company linked the wider loss to non-cash mark-to-market changes tied to its Bitcoin treasury and higher stock-based compensation after its IPO.
The firm also reported an adjusted EBITDA loss of $1.7 million, compared with a $3.9 million gain a year earlier. BitGo ended March with $186.6 million in cash and cash equivalents, plus 2,449 Bitcoin valued at about $167.1 million.
Stablecoins and derivatives add new revenue lines
BitGo said its Stablecoin-as-a-Service revenue rose 43.6% from the prior quarter to $38.2 million. The company linked the increase to client adoption, new partnerships, BitGo Mint, and related stablecoin workflows.
BitGo launched BitGo Mint in April to let institutions mint, redeem, and manage stablecoins within its platform. The product started with USD1 and SoFiUSD, both supported by BitGo’s Stablecoin-as-a-Service infrastructure.
The company also launched a derivatives offering during Q1. CFO Ed Reginelli said the product generated about $3 billion in notional trading volume during the quarter. He added that reported revenue comparisons were not directly comparable because derivatives revenue is booked on a net basis, while spot trading revenue is booked on a gross basis.
BitGo’s public-market push
Crypto.news reported in January that BitGo targeted a valuation of up to $1.96 billion before its IPO, with Goldman Sachs and Citigroup leading the offering. BitGo later priced shares at $18 and raised about $212.8 million.
Related coverage also noted that YZi Labs backed BitGo’s IPO as the custodian made its NYSE debut. The report said BitGo served more than 5,100 institutional clients across more than 100 countries at the time.
CEO Mike Belshe said “BitGo delivered strong underlying business performance in Q1 despite a challenging market environment.” He added that the company is investing in stablecoins and tokenized assets as institutional adoption continues.
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Coinbase CEO Brian Armstrong has backed the latest version of the Digital Asset Market Clarity Act before the Senate Banking Committee’s Thursday markup.
Summary
Armstrong says latest CLARITY Act draft has stronger bipartisan footing before Thursday Senate markup vote.
Stablecoin yield compromise allows activity-based rewards while banning passive payments for simply holding tokens alone.
HarrisX poll shows 52% support CLARITY Act, while 11% oppose passage before Thursday’s markup vote.
His comments mark another shift in the long-running debate over U.S. crypto market rules. Armstrong said the bill is now in its strongest position after months of talks between lawmakers, banks and crypto firms.
Meanwhile, the main change centers on stablecoin yield. Armstrong said banking and crypto groups reached a “healthy compromise” brokered by Senators Thom Tillis and Angela Alsobrooks. He said both sides left talks partly unhappy, but reached terms they could accept.
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The revised draft bars passive yield paid only for holding stablecoins. However, it still allows activity-based rewards tied to payments, platform use and real crypto network activity. Earlier reports noted that this issue helped stall the bill in January after Coinbase rejected the earlier version.
Revised draft adds DeFi and CFTC changes
Armstrong also said the latest CLARITY Act text improved language around decentralized finance, tokenized stocks and the Commodity Futures Trading Commission’s role in crypto markets. These were among the same issues Coinbase raised when it opposed the earlier Senate draft.
The Senate Banking Committee released a 309-page revised draft before the markup. The text also includes language tied to non-custodial developers and infrastructure providers, which could shape how DeFi builders are treated under federal law.
Polling adds pressure before markup
The markup comes with more than 100 amendments attached to the Senate crypto market structure bill. Lawmakers are expected to debate changes covering stablecoin rules, developer protections, ethics provisions and enforcement before deciding whether to advance the bill.
A HarrisX poll also showed public support for the CLARITY Act across party lines. The survey of 2,008 registered U.S. voters found that 52% supported the bill, while 11% opposed it. The poll showed net support among Democrats, Republicans and independents.
The crypto ownership backdrop also gives lawmakers a wider audience to consider. The National Cryptocurrency Association’s 2025 report, based on 54,000 U.S. residents, found that about 20% of Americans own crypto. It also found that 67% of owners are under 45, while 52% use crypto as an investment.
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Pi Network has returned to market attention after its team shared a new Know Your Customer update.
Summary
PI reclaimed top-50 attention as KYC progress met weak price action and fresh supply concerns.
Over 18.1 million users passed KYC, but tentative checks still keep some Mainnet migrations pending.
Crypto.news data shows PI near $0.17, with weekly losses still keeping traders cautious for now.
The project said more than 18.1 million users have passed native KYC checks, while over 16.7 million Pioneers have moved to Mainnet. The update gives the network a new user-growth figure at a time when PI is trying to recover from recent price weakness.
The team has often linked KYC to its “one person, one account” model. The goal is to limit bots, fake users, and duplicate accounts before balances move to Mainnet. That system remains central to Pi Network’s pitch as a large identity-verified blockchain community.
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Tentative KYC keeps user concerns alive
The latest update also addressed users stuck in Tentative KYC. The team said this status “does not mean rejection”, but means some accounts need more checks before approval. That claim may ease some concerns, but it does not remove the long wait faced by users who say they have remained in that status for months.
Pi Network has also been working on AI-assisted verification tools. A January update said millions of Pioneers had been unblocked for Mainnet migration, while palm print checks were being tested as a possible extra security method. The project said such tools could support liveness checks, account recovery, password resets, and other safety flows.
PI price shows a limited rebound
The KYC update arrived while PI’s market setup remained weak. crypto.news price data showed PI (PI) trading near $0.172, with a market cap of about $1.79 billion and 24-hour volume near $13.82 million. The token was ranked #50 by market cap, but it was still down about 4.03% over seven days.
This means the latest recovery has not yet changed the wider trend. PI is still far below its February 2025 all-time high of $2.99. crypto.news data also shows the token remains above its February 2026 low of $0.131244, leaving traders focused on whether the market can hold the current range.
Unlocks and utility remain key tests
Recent crypto.news coverage warned that PI still faces selling pressure from token unlocks. A May 11 analysis said more than 174 million previously locked PI tokens were expected to enter circulation before the end of the month. It also said PI could revisit the $0.15 area if weakness continues.
Other related updates show why traders remain divided. crypto.news reported in April that Pi Network completed a mainnet v21 upgrade and launched a testnet RPC server to help developers test apps before mainnet deployment. Those upgrades may support future use, but price data shows PI still needs stronger demand to turn KYC progress into a lasting market recovery.
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Switzerland has launched its first live municipal blockchain project through a biodiversity reward voucher system built on the Hedera network and backed by a Swiss franc-linked digital payment instrument.
Summary
Switzerland’s first municipal blockchain voucher system has launched in Muri bei Bern using the Hedera network.
Residents can earn digital biodiversity vouchers for conservation work and redeem them at local businesses for 1 Swiss franc.
The project uses Swisscoast’s HCHF stablecoin infrastructure as Switzerland continues developing stablecoin regulations under FINMA oversight.
According to an announcement shared with crypto.news by the Municipality of Muri bei Bern, the Canton of Bern municipality partnered with Swiss Web3 engineering firm The Hashgraph Group, blockchain developer Swisscoast, and digital transformation company Apps with Love to roll out BIDI, a blockchain-based biodiversity voucher designed to reward residents for participating in conservation work.
Built on the Hedera distributed ledger network, the system issues on-chain vouchers pegged to the Swiss franc for activities such as meadow restoration, hedge maintenance, invasive plant removal, riparian repair work, and wetland conservation. Residents can redeem each BIDI voucher for 1 Swiss franc at participating local merchants and service providers inside the municipality.
Municipal authorities said the initiative replaces a paper voucher program that had operated in Muri bei Bern for the past eight years. By moving the system on-chain, the project introduces digital verification and settlement infrastructure while keeping the existing community redemption model intact.
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Swisscoast developed the payment layer using its HCHF digital Swiss franc stablecoin on Hedera, while The Hashgraph Group participated as ecosystem partner. The project also received backing from The Hashgraph Association through its Enterprise Accelerator Program for enterprise and government blockchain applications.
Swiss municipalities test blockchain infrastructure
Coming after Switzerland opened consultations in late 2025 on a dedicated stablecoin licensing regime under oversight from FINMA, the BIDI rollout adds another example of Swiss institutions experimenting with tokenized payment systems tied to public services.
Under the proposed Swiss framework published last year, stablecoin issuers would be required to maintain fully backed reserves, provide redemption rights, and operate under a dedicated payment instrument license category. Officials at the time said stablecoins could support tokenized asset markets and strengthen digital settlement infrastructure within Switzerland’s financial system.
At the municipal level, BIDI now extends blockchain use beyond financial services into environmental programs and local commerce.
“We are proud to offer BIDI, an existing, trusted Swiss instrument, in collaboration with The Hashgraph Association,” Swisscoast AG President Toni Caradonna said. Caradonna added that the company previously worked with Hedera on another project called HLiquity and viewed distributed ledger technology as important for both innovation and conservation efforts.
Within the same announcement, Stefan Deiss, CEO and co-founder of The Hashgraph Group, said tokenization was expanding beyond finance into public administration tools such as vouchers and reporting systems.
“Public-sector instruments such as vouchers, claims, and reporting tokens will become verifiable, and BIDI demonstrates DLT credibility through provenance, not novelty,” Deiss said.
Apps with Love CEO Stephan Klaus said the project showed how digital products could connect ecological participation with local economic activity while improving efficiency and verification processes.
Hedera, which promotes itself as a carbon-negative network through the purchase of carbon offsets exceeding its energy use, said its governing council includes organizations focused on sustainability initiatives and environmental reporting.
Designed as a reusable framework, the BIDI infrastructure can reportedly be adapted for other Swiss municipalities within weeks rather than requiring long deployment timelines. Municipal officials and project partners said the structure could eventually expand to cities and regions outside Switzerland as European governments continue testing blockchain-based public service systems.
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Galaxy Digital and SharpLink have launched the Galaxy SharpLink Onchain Yield Fund with $125 million to deploy into DeFi protocols.
Summary
SharpLink will commit $100 million from its staked ETH treasury to the fund, with Galaxy Digital contributing $25 million and managing investments.
Capital will be deployed across DeFi liquidity protocols and onchain yield strategies while maintaining SharpLink’s core Ethereum exposure.
SharpLink holds 872,984 ETH in treasury and has generated 18,800 ETH in staking rewards since launching its Ethereum strategy in June 2025.
Galaxy Digital and SharpLink announced a non-binding agreement on May 11 to launch the Galaxy Sharplink Onchain Yield Fund, a $125 million limited partnership structured to put part of SharpLink’s staked Ethereum treasury to work across DeFi strategies. Galaxy will serve as investment manager.
SharpLink will contribute $100 million from its staked ETH position, with Galaxy adding $25 million of its own capital. Mike Novogratz, founder and CEO of Galaxy, said the infrastructure for institutional DeFi participation “has matured to a point where allocators can access yield, liquidity, and risk management with the same rigor they expect in traditional markets.”
What the fund will do
The fund will deploy capital across DeFi liquidity protocols and other onchain yield-generating strategies. The structure is designed to keep SharpLink’s core ETH exposure intact while adding an active yield layer on top of its existing staking operations.
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SharpLink CEO Joseph Chalom said the strategy aims to provide liquidity to high-quality protocols while generating returns above the average Ethereum staking rate. “Operational rigor is non-negotiable,” he said, noting the fund’s risk management framework will apply the same discipline Galaxy uses across its lending, trading, and asset management businesses.
The announcement came alongside SharpLink’s Q1 2026 earnings, which showed revenue rising to $12.1 million from $742,000 in the same period a year earlier. SharpLink posted a net loss of $685.6 million for the quarter, driven by unrealized depreciation in its ETH portfolio as Ethereum fell from roughly $3,354 in mid-January to $2,104 by quarter-end.
SharpLink’s position in the Ethereum ecosystem
SharpLink holds 872,984 ETH and is the second-largest publicly traded corporate Ethereum holder, behind Bitmine Immersion Technologies. Its treasury has generated 18,800 ETH in staking rewards since June 2025 with over 90% of its holdings staked at all times.
The Galaxy fund marks a meaningful shift in how public companies are thinking about crypto treasury management, moving beyond passive staking toward active DeFi deployment. Galaxy also launched a separate tokenized cash fund with State Street last week built on Solana, signalling a broader push by the firm into institutional onchain yield infrastructure.
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Keel Infrastructure, formerly known as Bitfarms, reported a net loss of $145.4 million for the first quarter of 2026.
Summary
Keel’s Q1 revenue fell 23% to $37 million as losses widened after its rebrand shift.
The company said $533 million in liquidity can fund priority sites through lease execution plans.
Shares closed higher as investors weighed AI infrastructure demand against weak Bitcoin mining results.
Revenue fell to $37 million, down 23% from $47.7 million a year earlier. The company also posted a $98.4 million operating loss, compared with $34.8 million in Q1 2025.
The result included a $41.4 million loss from changes in the fair value of digital assets and a $21.6 million loss tied to the extinguishment of long-term debt.
Meanwhile, KEEL shares closed at $4.30 on May 11, up 8.31% for the session. The stock later traded at $4.27 after hours, down 0.70%, according to Google Finance data.
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The stock reaction showed that investors focused on the company’s AI infrastructure plan, not only the weaker quarterly numbers. Google Finance listed KEEL’s intraday high at $4.50 and its low at $3.56.
AI infrastructure becomes the main plan
Keel said it completed its redomiciliation to the United States and rebranded as part of a shift away from Bitcoin mining. The company now presents itself as a North American data center and energy infrastructure developer for AI and high-performance computing.
“Our rebranding to Keel Infrastructure marks the completion of a nearly two-year strategic transformation,” said chief executive Ben Gagnon.
He said the company had exited Latin American megawatts and focused its pipeline on North American AI markets.
Liquidity supports site development
Keel reported about $533 million in liquidity as of May 8. That total included $336 million in unrestricted cash and $197 million in unencumbered Bitcoin.
Chief financial officer Jonathan Mir said, “Our liquidity stands at approximately $533 million.” He said the funds can support Panther Creek, Sharon, and Moses Lake through lease execution and cover general expenses through 2028.
The company said it secured zoning approvals and advanced land and environmental work at the three priority sites. Keel also sold 269 Bitcoin for $20 million between Jan. 1 and May 8 as part of its planned wind down of its Bitcoin position.
Miners keep moving toward AI
Keel’s pivot fits a wider shift among public Bitcoin miners. Recent market updates showed Core Scientific is converting its Pecos, Texas, mining site into a 1.5-gigawatt AI data center campus, with 300 megawatts moving away from mining use.
Separate coverage also showed Core Scientific’s self-mining revenue fell as its AI colocation business grew. MARA has taken a similar route through its Starwood partnership, which targets AI-focused data centers across power-rich mining sites.
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