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    Grayscale Plans Quarterly Cash Payouts From ETH and SOL Staking Rewards

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    Grayscale Plans Quarterly Cash Payouts From ETH and SOL Staking Rewards


    On July 17, Grayscale announced it will amend the terms of two staking products, Grayscale Ethereum Staking ETF (ETHE) and Grayscale Solana Staking ETF (GSOL), to convert staking rewards into quarterly cash distributions, with an expected effective date around August 7, 2026. This move was submitted to the SEC via corresponding 8-K filings, indicating that Grayscale is updating the structure of its staking products to better align with the new IRS tax framework.

    Grayscale Moves on Staking Payouts

    Grayscale has just adjusted the payout structure of its two core staking products. They are shifting staking rewards to a clearer distribution mechanism for ETHE and GSOL. According to SEC filings, staking rewards will be funneled into quarterly cash distributions rather than simply accumulating in the fund’s NAV.

    Grayscale stated that this is a change in the trust agreement, representing a structural adjustment at the product level. The company also provided 20 days’ advance notice to shareholders before the amendment is expected to take effect. From a market perspective, this move makes the staking mechanisms of ETHE and GSOL easier for investors to understand, as the yield stream is expressed in cash rather than remaining solely tied to net asset performance.

    ETHE, GSOL Update Terms

    Both ETHE and GSOL are being modified under the same framework: staking rewards will be converted into cash distributions at least quarterly, after deducting related expenses. Payout amounts will vary based on the actual staking rewards received in each period, so distribution figures are not fixed in advance.

    For ETHE, Grayscale stated it will amend the declaration of trust to begin cash distributions from net staking proceeds. GSOL is taking a similar approach, aiming to place staking rewards into a clearer distribution rhythm rather than letting them accumulate in the fund.

    Grayscale also noted it will file a prospectus supplement pursuant to Rule 424(b)(3) after the amendment takes effect to update official details for investors.

    Tax Rules Drive the Shift

    IRS Revenue Procedure 2025-31, published in Internal Revenue Bulletin 2025-48, provides a safe harbor for trusts holding digital assets and participating in staking while seeking to maintain investment trust or grantor trust status.

    For Grayscale, the key requirement is that staking rewards, after deducting trust expenses, must be distributed periodically, at least quarterly. In other words, to stake within this tax framework, the trust cannot allow yield to sit inside the fund for too long.

    The IRS also imposed additional conditions regarding liquidity, custody, and the holding of assets in proof-of-stake networks. This is why Grayscale described amending the trust agreement as necessary to align with the new tax framework.

    The Numbers That Matter

    ETHE’s latest quarterly filing shows that the fund had net assets of approximately $1.785 billion as of March 31, 2026, with 104.7 million shares outstanding and a Principal Market NAV per Share of $17.05. In the first quarter, the fund recorded staking reward income of $10.522 million. During the same period, ETHE actually paid out cash from staking rewards totaling $14.389 million, equivalent to $0.129898 per share, across three distribution rounds on January 6, February 4, and March 4, 2026.

    GSOL net asset

    GSOL net asset. Source: SEC

    For GSOL, the Q1 2026 filing shows the fund had $105.118 million in net assets, 17.114 million shares outstanding, and a Principal Market NAV per Share of $6.14. The fund’s portfolio was almost entirely in SOL, with 1.272 million SOL held and 100% of net assets allocated to Solana as of March 31, 2026. The principal market price of SOL at that time was $82.60 per token. In Q1, GSOL recorded staking reward income of $2.202 million. These figures indicate that Solana’s staking scale is smaller than Ethereum’s in absolute terms, but still sufficient to support a quarterly cash distribution mechanism if Grayscale continues to expand this model.

    Investor Implications

    For investors, this change makes ETHE and GSOL easier to track. Quarterly cash distributions make ETHE and GSOL easier to track, as yield is paid out in cash rather than merely reflected indirectly in the fund’s NAV. For institutional and retail investors who prefer regular cash flow, this structure makes the product easier to read.

    On the flip side, staking rewards will no longer be fully retained to accumulate within the fund. Distribution levels will depend on actual staking consideration received, trust expenses, and the volatility of each network, meaning Grayscale cannot set payout rates in advance.

    The next date to watch is around August 7, 2026, when the amendment is expected to take effect and new prospectus supplements may be published. If it stays on schedule, ETHE and GSOL will have a clearer payout framework for investors to follow.



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    Allbridge Core Pauses Bridge After $1.66M Solana Flash Loan Exploit

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    Allbridge Core Pauses Bridge After .66M Solana Flash Loan Exploit


    Allbridge Core has paused operations following an exploit on Solana that drained approximately $1.66 million from the protocol’s liquidity pools in a single transaction at around 17:51 UTC on July 19, according to a new announcement from the project.

    The incident is notable not only because of the size of the loss, but also because Allbridge Core handles significant usage, with over 890,000 wallets and a TVL of over $24 million according to figures on its homepage. This incident also reopens questions about the safety of liquidity pool-based bridge models.

    Allbridge Core pauses after Solana exploit

    Immediately upon detecting the incident, Allbridge paused Core while investigating, noting that it took the team about 25 minutes to identify and begin shutting down the affected functions. The incident occurred on Solana and was confirmed by the project in a newly released technical post-mortem.

    Allbridge stated that the damage was contained to the two relevant pools, while private keys and user wallets were not compromised. In the initial phase of handling the issue, the project shifted its focus to limiting the spread rather than allowing the protocol to continue operating normally while the pool state was distorted.

    Pool-based swap design exposed a weakness

    According to Allbridge’s technical documentation, Core uses a stablecoin liquidity pool model with a virtual balance to maintain internal valuation pegs. This design allows the bridge to operate without wrapped assets, but it also leaves the system heavily dependent on how the pool handles the discrepancy between actual and recorded balances.

    According to the project, the vulnerability emerged when same-asset swaps were executed consecutively in the same pool. Each subsequent swap pushed the internal state further away from the actual liquidity, and when a flash loan was used as leverage, this deviation was large enough for the attacker to extract value before the rebalancing mechanism could react.

    This incident shows that the issue lies in the pool-based swap logic when exploited in a concentrated sequence of transactions, rather than in Solana as an independent infrastructure.

    About $1.66 million was drained from liquidity pools

    According to the post-mortem, the exploit occurred at around 17:51 UTC on July 19, and the total value drained from liquidity pools was approximately $1.66 million, including about 1,118,239 USDC and 538,692 USDT. Based on the project’s description, the attacker initiated the attack with a flash loan of around 1.12 million USDC from Kamino, then executed a series of swaps to distort the pool ratio before withdrawing liquidity at the skewed price.

    Nine-step exploit flow

    Nine-step exploit flow. Source: Allbridge

    The money flow did not stop on Solana after that. According to Allbridge and forensic partners, they traced approximately $1.63 million, with a portion bridged to Ethereum and then passing through channels such as Railgun, NEAR Intents, and Zcash Orchard. Dispersing through multiple layers like this makes the tracking and recovery process significantly more complex.

    Allbridge moves to contain the damage

    Allbridge prioritized locking the affected parts before reopening routes that do not rely on liquidity pools. According to the post-mortem, the bridge has now resumed on these routes, while pool-based swaps remain disabled as a safety measure. The project is also keeping the liquidity pool page open so LPs can withdraw their funds, while recommending they withdraw liquidity early as the pools no longer generate yields as before.

    Allbridge stated that user liquidity outside the affected pools is not directly threatened. The project also subsequently called on anyone who took advantage of the temporary price discrepancy after the incident to consider returning those profits to help compensate affected LPs.

    The incident speeds up a shift to a new architecture

    Allbridge stated that Core and Allbridge Classic will cease operating in their current form within three months, while the new version of Core will completely remove liquidity pools and switch to routing via CCTP and LayerZero to reduce pool imbalance risks. This is a step in the right direction for Allbridge Next, where the project aims to prioritize suitable routing instead of concentrating all transaction flows into the same mechanism.

    With the current usage scale of Allbridge Core, this change shows that the exploit goes beyond a mere technical incident. It is driving the project toward a different architecture while demonstrating that the pool-based bridge model has become a point that needs replacement rather than just repair.





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    Vietnam to Fine Crypto Traders Up to $1,900 for Using Unlicensed Platforms Starting September 1 – NFT Plazas

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    Vietnam to Fine Crypto Traders Up to ,900 for Using Unlicensed Platforms Starting September 1 – NFT Plazas


    Vietnam is set to introduce its toughest cryptocurrency enforcement measures to date, with domestic investors facing fines of up to 50 million Vietnamese dong (approximately $1,900) for trading digital assets through unlicensed platforms. The new penalties, which take effect on September 1, 2026, form part of the country’s broader effort to establish a regulated crypto market under a five-year pilot program.

    The rules are outlined in Decree No. 284/2026/NĐ-CP, issued by the Vietnamese government on July 17. The decree establishes administrative penalties for violations involving crypto assets and the pilot crypto market launched under Resolution 05/2025, marking the first time Vietnam has introduced direct sanctions against retail investors who use unauthorized crypto exchanges.

    First Penalties Target Individual Crypto Traders

    Under the new framework, Vietnamese individuals who trade crypto assets through organizations that have not been licensed by the Ministry of Finance will face fines ranging from 30 million VND to 50 million VND ($1,150–$1,900).

    The measure represents a significant shift in Vietnam’s regulatory approach. While the country has long ranked among the world’s most active cryptocurrency markets, investors have largely operated through overseas exchanges without a dedicated domestic legal framework.

    Authorities hope the new penalties will encourage users to migrate toward licensed platforms as the government gradually rolls out a regulated crypto ecosystem.

    The decree also introduces stricter sanctions for investors who trade crypto assets that are authorized exclusively for foreign investors. In those cases, domestic traders may be fined between 70 million VND and 100 million VND (approximately $2,700–$3,800).

    Vietnam will fine crypto traders up to $1,900 for using unlicensed platforms

    Vietnam will fine crypto traders up to $1,900 for using unlicensed platforms

    Crypto Companies Face Even Larger Fines

    The regulations extend well beyond individual investors, imposing substantial penalties on crypto exchanges, service providers, and token issuers that fail to comply with licensing and operational requirements.

    Crypto service providers that neglect customer identity verification (KYC) when opening trading accounts can be fined 50 million VND to 70 million VND.

    Meanwhile, businesses operating crypto services without obtaining a Ministry of Finance license, or promoting crypto-related services without authorization, face the highest administrative penalties under the decree, ranging from 180 million VND to 200 million VND (around $7,700).

    Token issuers are also subject to strict compliance obligations. Companies may receive fines of 150 million VND to 200 million VND if they:

    Offer crypto assets to ineligible investors;Issue assets without satisfying regulatory requirements;Fail to publish mandatory prospectuses; orProvide information inconsistent with approved disclosure documents.

    In addition, unauthorized collection, storage, transfer, exchange, sale, or disclosure of crypto trading account data carries fines of up to 200 million VND, reflecting the government’s growing focus on consumer protection and data security.

    Maximum Fines Differ for Individuals and Organizations

    The decree establishes separate penalty ceilings for individuals and organizations.

    Organizations may receive administrative fines of up to 200 million VND, while the maximum penalty for individuals is capped at 100 million VND. As a general rule, individuals committing the same violations as organizations will be fined half the amount imposed on businesses.

    Beyond monetary penalties, authorities may also confiscate illegal gains, seize assets related to violations, suspend operations, or temporarily revoke licenses depending on the severity of the offense.

    Part of Vietnam’s Five-Year Crypto Pilot

    The new enforcement measures operate within Vietnam’s five-year crypto asset pilot program established under Resolution 05/2025, which began in September 2025.

    The pilot serves as the country’s first comprehensive legal framework governing crypto assets while allowing regulators to monitor market development before adopting permanent legislation.

    Under the framework, crypto assets are defined as digital assets created, issued, stored, and transferred using cryptographic or other digital technologies. All issuance, trading, and settlement activities conducted within the pilot market must be settled in Vietnamese dong, reinforcing the government’s oversight of capital flows.

    The regulations will remain effective throughout the duration of the pilot program.

    Chainalysis ranked Vietnam 4thn in its 2025 adoption index (Source: Chainalysis)Chainalysis ranked Vietnam 4thn in its 2025 adoption index (Source: Chainalysis)

    Chainalysis ranked Vietnam 4th in its 2025 adoption index (Source: Chainalysis)

    Only a Limited Number of Licensed Exchanges

    Vietnam is deliberately taking a cautious approach to licensing.

    The government has previously stated that it intends to authorize no more than five crypto exchanges during the pilot’s initial phase to better assess market risks and regulatory effectiveness.

    Exchange operators seeking licenses must meet demanding financial requirements, including minimum charter capital of 10 trillion VND (approximately $382 million). Foreign investors may own up to 49% of licensed exchange operators.

    Although the Ministry of Finance has already accepted applications from several domestic exchange operators, including VIXEX, SCEX, CAEX, TCEX, and another Vietnamese digital asset company — no exchange has yet received official approval.

    Authorities have also clarified that investors will not be required to move all of their crypto holdings onto licensed domestic platforms. Instead, users may continue storing assets in private wallets but must execute transactions through licensed service providers once the new framework becomes fully operational.

    Notably, under Resolution 05, mandatory trading through licensed platforms will only begin six months after the first domestic exchange receives its operating license, giving investors time to transition into the regulated system.

    A Major Step Toward Crypto Regulation

    Decree 284 replaces an earlier draft regulation circulated for public consultation, which had proposed significantly lighter penalties of up to 30 million VND for trading on unlicensed platforms. The final version raises the maximum fine to 50 million VND, signaling the government’s stronger commitment to enforcing compliance.

    The decree complements several other regulatory initiatives introduced this year, including accounting and taxation guidance for crypto assets under Circulars 15, 32, and 41. Together, these measures form the legal foundation for Vietnam’s emerging digital asset market.

    For investors, the message is becoming increasingly clear: as Vietnam transitions from an unregulated crypto environment toward a licensed ecosystem, using approved exchanges will become a legal requirement rather than a matter of preference.

    With penalties beginning on September 1 and exchange licensing expected to accelerate, both traders and crypto businesses will need to closely monitor regulatory developments as Vietnam moves toward one of Southeast Asia’s most structured digital asset frameworks.



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    ESMA Adds 14 Firms to MiCA Register, Ripple Among Newcomers – NFT Plazas

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    ESMA Adds 14 Firms to MiCA Register, Ripple Among Newcomers – NFT Plazas


    The European Securities and Markets Authority has expanded its Markets in Crypto-Assets register with 14 additional companies, pushing the total number of licensed crypto-asset service providers in the European Union to 294. Ripple Payments Europe SA, the payments arm of blockchain company Ripple, is among the newest entrants, gaining authorization to offer regulated crypto services across the bloc.

    The July 16 update marks ESMA’s latest interim revision to the central MiCA register since the regulation’s 18-month transitional period closed on July 1. With Ripple Payments Europe now listed, the firm can extend regulated crypto asset services to financial institutions and businesses in 29 EU member states, building on the licensing groundwork the company laid earlier this summer.

    Ripple’s inclusion follows its full Crypto Asset Service Provider authorization from Luxembourg’s Commission de Surveillance du Secteur Financier, granted in early July after a preliminary green light in June. That CASP license, paired with an existing Electronic Money Institution authorization Ripple already holds in Luxembourg, gives the company a combined regulatory foundation to support crypto asset and stablecoin payment services throughout the European Economic Area. Ripple has said the setup lets banks, fintechs, and corporate clients rely on a single integration to move funds, exchange assets, and settle payments, spanning products that may draw on XRP, the XRP Ledger, or the RLUSD stablecoin depending on the client and service involved.

    Ripple Payments Joins MiCA With 14 Firms

    Ripple Payments Joins MiCA With 14 Firms

    Banks join the crypto licensing queue

    Ripple was not alone in the latest batch. ESMA’s update also added Portugal’s Bison Bank, Croatia’s state-owned Hrvatska poštanska banka, and Liechtenstein’s Kaiser Partner Privatbank to the register. Their appearance reinforces a trend regulators have flagged repeatedly since MiCA’s transition window closed: established banks, not just crypto-native firms, are pursuing authorization to offer digital asset services under the bloc’s harmonized framework.

    Payments processor BitPay secured its own MiCA authorization separately, receiving a Crypto Asset Service Provider license from the Dutch Authority for the Financial Markets. The license lets BitPay offer crypto and stablecoin payment services across eligible EU markets, using MiCA’s passporting mechanism to operate without seeking approval country by country.

    Taken together, the additions bring ESMA’s interim MiCA register to 294 authorized providers, though the pace of new licensing has slowed markedly since the July 1 cutoff. ESMA’s prior large update, published July 3, added 37 firms in a single batch; the July 16 revision added only 14, suggesting the initial post-deadline surge of approvals is giving way to a steadier, slower drip of new authorizations as national regulators work through remaining applications.

    Under MiCA, any company offering covered crypto asset services within the EU must secure authorization from a national competent authority. Once a firm receives that approval, it can passport its services into other participating markets without applying separately in each jurisdiction, a structure designed to let compliant providers scale across the bloc efficiently while keeping oversight anchored at the national level.

    Ripple’s European footprint now extends beyond MiCA as well. The company holds an Electronic Money Institution license and cryptoasset registration from the UK’s Financial Conduct Authority, secured earlier this year, rounding out a broader push into regulated markets across the region. Ripple has said its total portfolio of regulatory licenses worldwide now exceeds 75.

    Ripple has also received regulatory approval from the UK Financial Conduct AuthorityRipple has also received regulatory approval from the UK Financial Conduct Authority

    Ripple has also received regulatory approval from the UK Financial Conduct Authority

    Compliance pressure mounts as deadline passes

    The newest authorizations arrive as European regulators keep a close watch on customer movement triggered by MiCA’s transition deadline. Firms that failed to secure authorization by the applicable cutoff are required to wind down regulated crypto services in EU markets, absent alternative national arrangements, pushing their customers to migrate toward licensed platforms.

    That migration has drawn direct attention from the EU’s Authority for Anti-Money Laundering and Countering the Financing of Terrorism. AMLA chair Bruna Szego, briefing the European Parliament’s Committee on Economic and Monetary Affairs, warned that firms exiting the market could face a sharp rise in withdrawal requests as customers rush to move assets before services shut down. She cautioned that licensed providers absorbing those departing customers may struggle to process a large volume of new accounts while still maintaining rigorous anti-money laundering checks.

    Szego urged departing firms to prepare operationally for a spike in customer activity and called on newly authorized providers to hold the line on compliance standards even as onboarding volumes increase. AMLA has said it plans to publish a fuller report on money-laundering risk in the crypto sector before year’s end and is expanding its blockchain analytics capabilities to strengthen supervision of authorized providers going forward.

    For Ripple and the other newly listed firms, the AMLA warning underscores that regulatory authorization is only the starting point. ESMA’s register confirms these companies can now legally serve customers across MiCA’s participating markets, but Szego’s comments make clear that regulators expect authorized providers to manage the resulting influx of business without loosening identity verification, transaction monitoring, or the broader anti-money laundering controls that MiCA was designed to enforce.



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    Ledger Wants AI Agents to Manage Crypto Without Holding Users’ Keys

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    Ledger Wants AI Agents to Manage Crypto Without Holding Users’ Keys


    Ledger is pushing AI agents into crypto workflows, but private keys remain tightly locked on the device. The company announced this direction on June 10, 2026, and continued to heavily roll out developer documentation in the following weeks, just as the “agentic finance” race began to heat up.

    This is a notable move because Ledger is not just selling an extra feature; it is attempting to place hardware wallets at the center of how AI agents interact with on-chain assets. In an environment where a single wrong move can touch real money, the biggest question is no longer what AI can do, but who holds the signing authority.

    Inside Ledger Agent Stack

    The Ledger Agent Stack is a set of four open-source building blocks that Ledger recently announced for workflows involving AI agents. According to Ledger, this stack was tested in a private preview with over 1,000 agents before being expanded to more builders.

    The four components include Device Management Kit Skills, Ledger Wallet CLI, Ledger Enterprise CLI, and Ledger Enterprise Multisig CLI. DMK Skills help coding agents integrate Ledger hardware into applications or signing flows. The Wallet CLI allows agents to check balances, history, and prepare on-chain actions. The remaining two CLIs target enterprise and multisig workflows.

    Notably, they do not call this an automated AI wallet. Instead, the Agent Stack is designed for the agent to act as a supporting layer on top, while final control still resides on the user’s hardware.

    Why Keys Stay on Device

    Ledger says AI agents can be useful, but they should not be fully trusted when handling assets. In its roadmap blog, the company highlighted three main risks: prompt injection, autonomous execution, and agents being granted access to real resources.

    Therefore, Ledger sets its principle very clearly: agents propose, humans approve, and hardware enforces. The agent can analyze and prepare transactions, but the user must still confirm on the Ledger device before the command is signed. This approach keeps the private key inside the hardware instead of letting it pass through a software middleware layer. For Ledger, this is a safer way to handle AI-driven workflows.

    The Docs Behind the Rollout

    The company has expanded its developer portal with a “For Agents” section, including an AI tools overview, documentation for the Ledger Wallet CLI, DMK Skills, and guides such as OpenPGP or FIDO2 security keys. In the docs, Ledger also states that the Wallet CLI can run with shell-capable agents, while the signing step must still be confirmed on the device.

    This rollout comes with more signs of deployment than just a product announcement. Ledger says the toolkit can be used with Claude Code, Codex, Cursor, and other shell-capable agents. The company is also driving community activities such as a $5,000 bounty on college.xyz, a $10,000 hackathon prize pool at ETHGlobal NYC, and a build challenge that recorded 50 submissions from 38 universities across 8 countries.

    Ledger sets its 2026 roadmap across three milestones: Q2 for Agent Identity, CLIs, and Skills. Q3 for Agent Intents and Policies. Q4 for Proof of Humanity. This shows that the Agent Stack is part of the company’s broader plan for AI security, not a one-off launch.

    ZachXBT and the Skeptical View

    According to ZachXBT, hardware wallets, especially Ledger, continue to be questioned regarding their actual user experience and suitability for critical tasks. This is a familiar debate in crypto, where high security often comes with a difficult-to-use UX.

    ZachXBT slams hardware wallets

    ZachXBT slams hardware wallets. Source: Investigations by ZachXBT

    For skeptics, the question is not whether hardware wallets are safer than software, but whether that level of safety is enough to compensate for the clunkiness, operational errors, or inconvenience when fast processing is needed. Some users still want fewer steps, less friction, and higher speed.

    This reaction shows that the debate surrounding Ledger is not just about what AI agents can do, but also whether users are willing to trade experience for an additional trust boundary layer.

    What It Means for Crypto’s Agent Era

    For users, this story opens up a new model: allowing AI to assist in working with crypto without handing over custody to the software. This can be useful for portfolio monitoring, treasury ops, swap planning, or repetitive tasks, as long as the user still controls the final step.

    For developers, Ledger is sending a message that agentic crypto requires not only good models but also a sufficiently hard trust layer. This stack allows builders to experiment with new workflows without having to build the entire security layer from scratch. For the broader market, the agent wallet race will likely revolve around who can control the signing authority while keeping the experience smooth enough.

    Ledger is betting that in the era of AI agents, winning is not about who lets the agent do the most, but who lets the agent do the most while still not touching the keys.





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    Crypto.com Raises $400M From Citadel Securities at $20B Valuation

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    Crypto.com Raises 0M From Citadel Securities at B Valuation


    Citadel Securities has just invested $400 million in Crypto.com, valuing the cryptocurrency trading platform at $20 billion. The company stated that this is the first institutional funding round in its 10-year history. This deal is notable not only because of the capital scale, but also because it shows that major Wall Street names are continuing to expand their presence in crypto infrastructure.

    Citadel Securities Invests $400 Million in Crypto.comnft

    According to Crypto.com’s announcement, the investment from Citadel Securities brings the company’s valuation to $20 billion and marks the first institutional funding round in the enterprise’s 10-year history. This is a notable milestone because the platform had previously grown primarily through bootstrapping, rather than relying on large external funding rounds.

    This deal also carries symbolic weight. Citadel Securities is not a typical financial investor, but one of the largest market makers in the US. Their capital injection into Crypto.com shows that major institutions continue to view crypto as an increasingly clear part of market infrastructure, rather than just a separate speculative segment.

    The company also stated that the new capital will help it expand into new asset classes and markets, thereby demonstrating that this deal is not just an ordinary funding round but also reflects Crypto.com’s ambition to expand its role in financial infrastructure.

    Crypto.com to Use Funds for Tokenized Securities and Derivatives

    Crypto.com stated that the new funds will be used to expand into tokenized securities and derivatives. These are two strategically significant sectors because they directly connect crypto to traditional asset classes and financial products, while enabling a higher-continuity trading infrastructure.

    For the company, tokenized securities are a step toward deeper engagement in the capital markets, while derivatives help increase professional user stickiness and expand revenue beyond spot trading. In other words, this investment not only helps the company scale up but also pushes Crypto.com’s business model to a more complex layer of financial infrastructure.

    In CoinGecko’s Q2/2026 report, spot volume on centralized exchanges decreased by 27.9% QoQ to $1.95 trillion, while Crypto.com’s spot volume decreased by 40.9% QoQ during the same period. Against this backdrop, expanding into products with higher stickiness for the institutional market could be a way for this exchange to reduce its reliance on the pure spot segment.

    CEX spot market trading volume Q2/2026

    CEX spot market trading volume Q2/2026. Source: CoinGecko

    Crypto.com’s Position in the Crypto Exchange Market

    Although not among the largest global exchanges, Crypto.com still maintains a significant position in the exchange race. In the CoinMarketCap June 2026 Exchange Monthly Report, the company ranked 10th with $64.4 billion in total volume for the month, equivalent to a 1.36% market share among the group of 11 tracked exchanges.

    The exchange has also expanded into multiple products and services related to digital assets and trading infrastructure, thereby creating a distinct position for itself compared to exchanges that focus solely on spot trading. In the context of a slowing spot market on centralized exchanges, Crypto.com’s current position shows that the company still has a significant presence but faces pressure to find additional growth drivers.

    Crypto.com’s Regulatory Backing

    Part of what makes Crypto.com a notable partner for major institutions is its regulatory track record. On February 23, 2026, they stated that they received conditional approval from the Office of the Comptroller of the Currency (OCC) for a National Trust Bank Charter in the US. Later, on February 27, 2026, the company further announced that it had received a Limited Financial Institutions Licence from the MFSA in Europe to continue providing stablecoin services related to MiCA within the EU.

    On its license page, the company lists multiple registrations and licenses in the US and Europe, including Broker-Dealer Registration, DCO, DCM, MSB, money transmitter licenses, along with MiCA, EMI, MiFID, and a Limited Financial Institutions License in the EEA. For institutional investors, this signals that the company is building infrastructure with a compliance-first approach from the outset.

    In this context, Crypto.com’s regulatory advantage is also part of the reason why the deal with Citadel Securities carries more weight than an ordinary investment.

    What Comes Next

    The next point to watch is how this exchange deploys the new capital into reality. If the company soon announces additional products or expands into new segments like tokenized securities and derivatives, this deal will be seen as a strategic move at the right time.

    The market will also pay attention to Citadel Securities’ subsequent role after this investment, especially the potential for deeper cooperation in areas related to trading infrastructure and liquidity.

    For Crypto.com, this is a deal that both validates the company’s position in the eyes of major institutions and sets higher expectations for its ability to convert capital, licenses, and strategic relationships into real growth.



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    Visa Launches Stablecoin Platform for Banks and Fintechs – NFT Plazas

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    Visa Launches Stablecoin Platform for Banks and Fintechs – NFT Plazas


    Visa has unveiled a new platform designed to help banks, fintech companies and payment providers issue, store, transfer and redeem stablecoins through its payments network, expanding the card giant’s push into blockchain-based finance. The launch marks a significant step beyond simple stablecoin settlement, giving institutions a full operating layer for onchain money movement without forcing them to build their own blockchain infrastructure from scratch.

    The product, called the Visa Stablecoin Platform, or VSP, combines minting, redemption, wallet infrastructure and treasury management into a single Visa-managed enterprise system. Visa said the goal is to make stablecoin operations easier to deploy inside existing payment and settlement workflows, rather than requiring institutions to stitch together separate vendors and technical.

    Visa Launches Stablecoin Platform for Banks and Fintechs

    Visa Launches Stablecoin Platform for Banks and Fintechs

    Stablecoins are cryptocurrencies designed to maintain a steady value, usually by being pegged to the U.S. dollar. They have become one of the fastest-growing parts of the digital asset market because they offer blockchain-based speed and settlement while avoiding the volatility of assets such as bitcoin and ether.corporate.

    “Stablecoins are opening up a new layer of programmable money, but for most institutions the hard part isn’t the concept, it’s the operational reality,” Visa Chief Product and Strategy Officer Jack Forestell said. “With the Visa Stablecoin Platform, we’re giving our clients a single place to mint, move, and manage stablecoin operations with the controls, security, and network reach they already expect from Visa.”

    At launch, VSP supports Open USD, or OUSD, a new stablecoin introduced by the Open Standard consortium. Visa also says the platform is designed to work alongside its existing support for Circle’s USDC and Paxos’ USDG, widening the range of stablecoin tools available to institutional clients. The platform is initially available only to select beta users.corporate.

    Circle CEO Jeremy Allaire quickly responded to the news of Open Standard's OUSD stablecoin launch. (Source: X)Circle CEO Jeremy Allaire quickly responded to the news of Open Standard's OUSD stablecoin launch. (Source: X)

    Circle CEO Jeremy Allaire quickly responded to the news of Open Standard’s OUSD stablecoin launch. (Source: X)

    Visa’s new service includes Wallet-as-a-Service infrastructure, blockchain connectivity and security controls such as dual-approval workflows, audit logs and transfer allow lists. Those features matter for banks and fintechs because they bring stablecoin operations closer to the controls they already use in traditional finance, including approval gates, compliance checks and recordkeeping.

    The company said institutions can either use a Visa-managed wallet stack or connect their own wallet provider to the platform. In either case, clients can access tools for minting, burning, holding and transferring stablecoins, while integrating those functions into treasury, liquidity and settlement operations.

    Visa’s move comes as stablecoin adoption continues to deepen among financial institutions that want faster settlement, lower friction in cross-border payments and programmable financial infrastructure. The company has already spent years building out related products, including stablecoin settlement support, crypto-linked card programs and blockchain-based money movement services.investor.

    The new platform also reflects the growing competition around who will control stablecoin distribution. Open Standard’s OUSD has drawn attention because of its economic model, which reportedly allows partners to share reserve income rather than concentrating that revenue entirely with a single issuer. That structure could appeal to banks and payment firms that want both infrastructure and economics aligned with adoption.

    Visa’s support for Open USD is especially notable because it adds institutional credibility to a project that is still early in its rollout. Open Standard counts a broad list of backers across payments, banking, technology and crypto, and its model has already sparked market anxiety around the long-term economics of incumbent stablecoin issuers.

    That pressure has been felt most directly by Circle, the company behind USDC. Reports on Thursday said Circle shares fell after Visa’s announcement, underscoring investor concern that a partner-owned stablecoin model could challenge the business model of established issuers.

    Visa has been steadily increasing its stablecoin footprint. In April, the company expanded its stablecoin settlement program across more blockchain networks and said annualized stablecoin settlement volume had reached $7 billion, while support for stablecoin-linked card programs had surpassed 130 across more than 50 countries.

    Taken together, the launch of VSP shows Visa moving from experimentation to infrastructure. Rather than treating stablecoins as a niche crypto feature, the company is positioning them as a core part of modern payment rails, treasury tools and settlement systems for banks, fintechs and crypto-native businesses.



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    Ostium Pauses Trading After Security Incident Amid $23.75M Exploit – NFT Plazas Ostium Pauses Trading After Security Incident Amid $23.75M Exploit

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    Ostium Pauses Trading After Security Incident Amid .75M Exploit – NFT Plazas Ostium Pauses Trading After Security Incident Amid .75M Exploit


    On the morning of July 16, Ostium announced that it had paused trading following a security incident, while on-chain trackers flagged a large flow of funds from wallets associated with the protocol. According to Ostium, users’ positions remain open but cannot be modified, while traders’ margin remains untouched within the frozen smart contracts. The protocol has not yet announced the final technical cause or recovery timeline, but the incident has immediately placed Ostium at the center of the DeFi market’s attention.

    What Happened

    Ostium stated that a security incident occurred between 14:18 and 14:23 UTC, prompting the protocol to pause trading and lock trading contracts. The team said they detected anomalies within minutes and quickly coordinated with stakeholders to isolate the risk.

    Although Ostium has not specified the technical cause of the incident, the protocol had to halt trading, lock the relevant smart contracts, and keep users’ positions frozen in an unmodifiable state. This suggests that the immediate impact lies not in the complete disappearance of the system, but in the suspension of trading activities to isolate the risk.

    How the Funds Moved On-Chain

    According to Lookonchain, approximately 23.75 million USDC was drained from Ostium. This amount was subsequently swapped into 12,084 ETH, equivalent to an average price of around $1,966 USD/ETH at the time of the transaction. From there, the majority of the ETH was further transferred to Tornado Cash, indicating that the funds were layered very quickly after leaving the protocol.

    Arkham also labeled multiple addresses within the cluster associated with the “Ostium Exploiter,” showing that the funds did not just go straight from the exploit wallet to Tornado Cash, but also bounced between intermediary addresses before entering the mixer. Some transactions were split into multiple ETH batches, indicating that the assets were intentionally layered in the early stages after leaving the protocol.

    Why the Incident Resonates Across DeFi

    Ostium is an on-chain perpetual trading protocol that enables trading of stocks, commodities, and forex under a self-custody model. With such a structure, this incident is not just a technical disruption but also directly impacts a DeFi product that is attempting to bridge closer to real-world trading infrastructure.

    For a protocol positioning itself as an alternative layer to the traditional trading experience, any incident immediately brings up questions about the resilience of the model, user protection capabilities, and the level of reliance on intervention mechanisms during a crisis. This is the part that makes the incident resonate beyond the initial damage figures.

    Oracle Risk Returns to the Forefront

    Ostium has not released the final technical cause, but the incident has brought pricing, oracle, and liquidation logic back into the spotlight. For perpetual protocols, even a brief price deviation or an error in how prices are updated can result in real losses.

    What makes the incident more noteworthy is how the market is reading it: not just as a fund drain, but as another sign that DeFi’s valuation layer remains vulnerable. This is especially notable as protocols continue to expand into stocks, commodities, and FX. For perpetual protocols, this type of risk lies not only in the code, but also in how prices are fetched, updated, and used to process positions in real-time.

    Recovery Efforts and Next Steps

    Ostium stated that they are working continuously to determine the recovery timeline for smart contract operations and asset retrieval, but have not provided a specific timeframe. For now, the protocol’s focus remains on investigating the incident, tracking the drained funds, and preparing a clearer postmortem.

    On the users’ side, the most critical questions remain the final extent of the damage, what portion of the funds can be recovered, and when trading can resume. Until Ostium provides further official updates, the situation remains open-ended on both the technical and user-impact fronts.





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    ZachXBT Calls Hardware Wallets “Complete Garbage”, Says Ledger Is the Worst – NFT Plazas

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    ZachXBT Calls Hardware Wallets “Complete Garbage”, Says Ledger Is the Worst – NFT Plazas


    Onchain investigator ZachXBT has ignited a fresh debate over crypto self-custody after declaring that today’s hardware wallets are “complete garbage” and unsuitable for signing important transactions or storing significant amounts of cryptocurrency. Instead of relying on dedicated hardware devices, he argues that experienced users may be better served by using a separate iPhone reserved exclusively for crypto activities—a recommendation that challenges one of the industry’s longest-standing security practices.

    The comments, shared in a recent Telegram post, quickly spread across the crypto community, drawing both support and criticism. While ZachXBT’s remarks reflect his personal opinion rather than evidence of a new vulnerability affecting hardware wallets, they arrive as phishing campaigns, fake wallet applications, and social engineering attacks continue to drain millions of dollars from crypto holders.

    ZachXBT Calls Hardware Wallets “Complete Garbage”

    ZachXBT Calls Hardware Wallets “Complete Garbage”

    ZachXBT Questions the Hardware Wallet Model

    Hardware wallets have long been considered the gold standard for self-custody because they keep private keys isolated from internet-connected devices. Companies such as Ledger and Trezor market their products around this core principle, arguing that offline key storage significantly reduces the risk of malware stealing crypto assets.

    ZachXBT disagrees with that assessment.

    In his Telegram post, he wrote that he does not recommend hardware wallets for “important tasks like signing transactions or storing funds,” calling every current solution inadequate. He instead suggested using a dedicated iPhone configured solely for crypto wallet management and transaction signing. He added a tongue-in-cheek caveat that users should only consider the setup if they are technically competent.

    His criticism focuses less on cryptographic security and more on operational reliability. According to ZachXBT, today’s hardware wallet ecosystem has become increasingly complex, introducing unnecessary software updates and companion applications that can create additional friction for users.

    Ledger Receives the Sharpest Criticism

    Among hardware wallet manufacturers, Ledger received ZachXBT’s strongest criticism.

    He described Ledger as “the worst,” arguing that frequent updates to Ledger’s companion software unnecessarily modify the interface and applications while occasionally disrupting basic wallet functions. The criticism appears directed primarily at the software experience rather than the security architecture protecting users’ private keys.

    Ledger, meanwhile, continues to position hardware-based signing as one of the safest methods for protecting digital assets. The company recently rebranded Ledger Live as Ledger Wallet and released version 4.8.0 with interface improvements, security enhancements, and bug fixes as part of its ongoing software development. The company maintains that private keys never leave users’ devices during normal operation.

    Importantly, ZachXBT did not claim that Ledger had suffered a new compromise or that its Secure Element technology had been broken. His argument instead centers on usability, software complexity, and the broader ecosystem surrounding hardware wallets.

    Ledger Wallet Recent UpdateLedger Wallet Recent Update

    Ledger Wallet Recent Update

    Human Error Remains the Weakest Link

    The debate highlights an increasingly important distinction in crypto security.

    Modern hardware wallets are generally effective at protecting private keys from malware running on computers. However, they cannot prevent users from voluntarily revealing recovery phrases, approving malicious transactions, or downloading counterfeit software.

    That reality has become increasingly apparent throughout 2026.

    Earlier this year, ZachXBT reported that a crypto holder lost more than $282 million worth of Bitcoin and Litecoin in one of the largest individual crypto thefts on record. According to his investigation, the theft resulted from a hardware wallet social engineering scam rather than a technical compromise of the device itself. The attacker subsequently laundered the funds through multiple instant exchanges, converted substantial amounts into Monero, and bridged Bitcoin across several blockchain networks using Thorchain.

    The incident reinforced a growing consensus among security researchers: attackers increasingly target people rather than cryptography.

    Fake Apps Continue to Threaten Wallet Users

    Hardware wallet owners have also become frequent targets of fake software designed to impersonate legitimate wallet applications.

    In April, a fraudulent Ledger Live application briefly appeared on Apple’s App Store, successfully deceiving users into entering their recovery phrases. The scam ultimately stole at least $9.5 million in cryptocurrency from more than 50 victims before Apple removed the application.

    The stolen assets included Bitcoin, Ethereum, Solana, Tron, and XRP, illustrating how social engineering remains effective even when users own legitimate hardware wallets.

    The attack did not exploit Ledger’s hardware itself. Instead, victims voluntarily entered their recovery phrases into software they believed was genuine, giving attackers complete control over their wallets.

    Cases like these explain why ZachXBT believes device isolation alone is no longer enough if the surrounding software ecosystem remains vulnerable to impersonation and phishing.

    A fake Ledger app on the Apple App Store drained $9.5 million in crypto (Source: ZachXBT)A fake Ledger app on the Apple App Store drained $9.5 million in crypto (Source: ZachXBT)

    A fake Ledger app on the Apple App Store drained $9.5 million in crypto (Source: ZachXBT)

    A Different Approach to Self-Custody

    ZachXBT’s proposal of using a dedicated iPhone represents a different philosophy rather than a universally accepted best practice.

    A smartphone used exclusively for crypto—with no social media, messaging, web browsing, or unnecessary applications installed—could reduce exposure to certain attack vectors associated with everyday device use. Modern iPhones also incorporate Apple’s Secure Enclave, which provides hardware-backed protection for sensitive cryptographic operations.

    However, security professionals note that smartphones remain internet-connected devices and still depend on operating system integrity, application security, backup practices, and user behavior. They are not equivalent to traditional cold storage.

    For most investors, hardware wallets purchased directly from manufacturers and used correctly continue to provide meaningful protection compared with leaving assets on centralized exchanges or standard software wallets.

    Ultimately, ZachXBT’s comments reflect growing frustration with how hardware wallets are often marketed as complete security solutions when the greatest risks increasingly originate outside the devices themselves. Whether users choose dedicated hardware wallets or alternative self-custody methods, experts continue to emphasize the same fundamentals: never share recovery phrases, verify software authenticity, purchase devices only through official channels, and remain vigilant against phishing and social engineering attacks.



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    BlackRock, JPMorgan and Coinbase Among 50+ Firms Joining UK Tokenization Taskforce

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    BlackRock, JPMorgan and Coinbase Among 50+ Firms Joining UK Tokenization Taskforce


    The tokenization race in the UK is entering the implementation phase, as Wholesale Digital Markets Champion Chris Woolard released the first report to the Chancellor, revealing that more than 50 organizations, including BlackRock, JPMorgan, and Coinbase, have joined the Taskforce. The report calls for a 12-month roadmap to develop tokenized capital markets infrastructure, with repo, fixed income, and digital gilts identified as priority use cases.

    UK ramps up tokenization push

    This week, London continues to push a topic that has been widely discussed but rarely implemented: tokenization for wholesale financial markets. The first report of the Wholesale Digital Markets Champion, conducted by Christopher Woolard CBE and submitted to the Chancellor, aims to build a “tokenized wholesale financial markets system” for the UK over the next 12 months, with priority use cases starting with repo, fixed income, and collateral. The report also notes that this sector already processes over £4 trillion in securities on average each day, demonstrating the scale of the infrastructure that the UK seeks to further digitize.

    The essence of this plan is to transform tokenization from a technological concept into an actionable market roadmap. If executed on time, the UK will seek to maintain its central role in the next generation of financial infrastructure, rather than letting standards, systems, and liquidity migrate to other hubs.

    Industry heavyweights join the Taskforce

    The participation list shows that the UK’s tokenization plan is backed by more than 50 firms and a broader network of members, observers, and market infrastructure providers. Notable names include BlackRock, JPMorgan, Coinbase, DTCC, Euroclear UK & International, LSEG, and LCH.

    List of 50+ Taskforce members

    List of 50+ Taskforce members. Source Wholesale Digital Markets Champion First Report

    The report also mentions that Woolard held over 70 meetings with firms, roundtables with standard-setting bodies, and two full-Taskforce meetings. This figure indicates that the report was built on a deep consultation process rather than being just a conceptual proposal.

    The economic case is still only forecast-led

    The report cites estimates from Barclays and PwC indicating that tokenization could contribute up to £33 billion to the UK’s annual economic output and £14 billion to annual tax revenue by 2035. The report also states that tokenized real-world assets could reach $88 trillion by the same period, up from just 0.01% of investable assets in 2025, which equated to approximately $30 billion globally, after this market grew by 300% in 2025.

    These numbers show that the UK is betting on a market with immense upside, but it currently remains within forecasted scenarios. Therefore, the most notable part right now is not the figures that have already been realized, but London’s attempt to capture an early position in a game that is still taking shape.

    Repo and digital gilts are the first tests

    Repo is the use case that the report considers most critical to proving tokenization can scale, as it is a foundational part of secondary markets and collateral mobility. The Taskforce has been tasked with delivering and validating an end-to-end repo use case, utilizing Digital Gilt Instrument Pilot (DIGIT) or privately issued assets depending on conditions. The report also calls on the Bank of England to prepare to accept DIGIT as collateral within the Sterling Monetary Framework and to consider more broadly how tokenized collateral can be used in the market and at CCPs.

    Alongside this is the DIGIT. The report requests the pilot issuance no later than Q1 2027, while paving the way for further issuances in the medium term. If successfully implemented, the UK could become the first G7 country to tokenize sovereign debt. Additionally, Global Balance Transaction Ledger (GBTD) is seen as the foundation to enable different bank tokenized deposits to interoperate, adding another infrastructure layer for programmable commercial bank money.

    The roadmap now moves to execution

    The report shifts the focus from concept to implementation by dividing the next 12 months into Action Groups covering 9 areas, coordinated by an Orchestrator Group led by the Digital Markets Champion. This group will focus on the end-to-end repo use case, while the appointment of the Action Groups is expected to be finalized by September.

    The policy message is clear: for tokenized markets to scale, the UK needs interoperability, legal certainty, and a clearer regulatory coordination framework between HM Treasury, the Bank of England, the FCA, and the private sector. The report warns that without a national roadmap, standards and infrastructure may develop in offshore markets instead of London. Conversely, if executed on time, the UK can leverage its existing strengths in fixed income, FX, equities, derivatives, settlement, custody, and post-trade infrastructure to transition tokenization from pilots into actual infrastructure.



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