Arts

Home Arts Page 6

SharpLink Purchases 39,196 ETH Worth $62.4 Million After Eight-Month Pause – NFT Plazas

0
SharpLink Purchases 39,196 ETH Worth .4 Million After Eight-Month Pause – NFT Plazas


SharpLink, Inc. has broken an eight-month silence on Ethereum accumulation, snapping up 39,196 ETH worth approximately $62.4 million over three consecutive days from June 25–27, 2026 — all while the token traded near its lowest levels of the year.

The Buys, Broken Down

According to Arkham on-chain records, SharpLink bought 5,000 ETH on Thursday, added another 5,000 ETH worth about $7.9 million on Friday, and then purchased 29,196 ETH worth approximately $46.7 million across three separate over-the-counter transactions on Saturday. The initial Thursday purchase — the firm’s first ETH acquisition since October 2025 — was executed through crypto prime broker FalconX, with on-chain data independently flagged by analyst EmberCN.

The timing was deliberate. ETH hit $1,537, its lowest price of 2026, down 5% in 24 hours during the period of the purchases. SharpLink’s previous buy came eight months prior — when the company acquired 19,270 ETH for $78.3 million in October 2025, a position that is also now deep underwater. The company declined to comment when contacted about the timing or rationale for resuming purchases.

SharpLink Purchased 39,196 ETH Worth $62.4 Million

SharpLink Purchased 39,196 ETH Worth $62.4 Million

Where SharpLink Stands Now

SharpLink currently holds 868,699 ETH worth approximately $1.51 billion, making it the second-largest public corporate Ethereum holder with 0.720% of the total supply. On-chain analyst EmberCN puts the firm’s average purchase price at about $3,609 per coin, implying an unrealized loss of roughly $1.79 billion with Ether trading near current levels. For every dollar deployed into ETH, SharpLink is currently sitting on around 44 cents of value.

Despite the paper losses, SharpLink has a meaningful differentiator over Bitcoin treasury peers. During the eight months it was not buying, the company generated approximately 22,102 ETH through staking rewards alone — roughly $34.6 million in ETH at current prices — earned by locking up tokens to help secure the Ethereum network. That staking yield offsets some carrying cost and positions ETH as a productive treasury asset rather than a purely speculative one.

SharpLink trails Bitmine Immersion significantly — Bitmine holds 5.67 million ETH worth $8.7 billion after purchasing another 52,203 ETH last week. Bitmine chairman Tom Lee commented that his firm is maintaining a steady pace of accumulation throughout 2026, describing the period as the early stages of a crypto spring.

Ethereum (ETH) Price Performance Today (Source: CoinMarketCap)Ethereum (ETH) Price Performance Today (Source: CoinMarketCap)

Ethereum (ETH) Price Performance Today (Source: CoinMarketCap)

Leadership and Funding

SharpLink’s chairman is Joe Lubin, co-founder of Ethereum and founder of ConsenSys, while CEO Joseph Chalom is a former BlackRock executive. The company rebranded from SharpLink Gaming in February 2026 and reported $12.1 million in Q1 2026 revenue, sharply up from $742,000 in Q1 2025, reflecting its expansion from basic staking into broader on-chain yield strategies.

The fresh accumulation was funded in part by a capital raise completed just days earlier. On June 23, SharpLink closed a $75 million registered direct offering priced at $7.49 per share — a 41% premium to its June 18 closing price — with proceeds earmarked for expanding ETH holdings, share buybacks, and working capital. The company also issued warrants that could generate an additional $81.6 million if fully exercised.

Ethlabs and the Ecosystem Bet

The buying spree coincides with a broader institutional move SharpLink is making on Ethereum’s development infrastructure. On June 22, SharpLink joined Bitmine, Joe Lubin, Anchorage, Octant, and SNZ in launching Ethlabs — an independent nonprofit R&D organization founded by former senior Ethereum Foundation researchers to prepare Ethereum for large-scale institutional, AI, and DeFi adoption. Ethlabs will focus initially on faster settlement, stronger interoperability, and increased Ethereum mainnet capacity, publishing quarterly transparency reports and completing independent annual audits.

Russell Index Entry and Market Headwinds

The purchase timing also aligns with a significant equity milestone. SharpLink is being added to both the Russell 2000 and Russell 3000 indexes effective June 29, 2026, a development that could unlock passive fund inflows and broader institutional visibility. Approximately $12.2 trillion in assets are benchmarked against the Russell US Indexes. CEO Chalom has called the inclusion “a meaningful validation” of the company’s institutional-grade ETH treasury strategy.

Market conditions, however, remain unfavorable. ETH is down roughly 22.8% over the past month and nearly 50% year-to-date — a decline that briefly allowed Tether’s USDT to surpass Ether in market capitalization. U.S. spot Ether ETFs recorded their seventh consecutive week of net outflows, losing $12.9 million last week, with most withdrawals coming from BlackRock’s iShares Ethereum Trust. SBET itself is down 47.37% year-to-date on Nasdaq, trading well below its all-time high despite a 5.48% single-day bounce following the renewed buying news.

At an average cost of $3,609 per ETH, the token would need to more than double from current levels for SharpLink to break even. Whether this week’s purchases mark the start of a sustained new accumulation phase — or an aggressive dip-buy ahead of index inclusion — remains the central question for investors watching SBET.



Source link

Coinbase and OKX Chase Binance Users as MiCA Deadline Bites – NFT Plazas

0
Coinbase and OKX Chase Binance Users as MiCA Deadline Bites – NFT Plazas


Licensed exchanges launch aggressive bonus campaigns as Europe’s crypto rulebook reshapes the market

Europe’s most consequential crypto regulatory deadline has arrived — and it has triggered a full-scale user acquisition war among licensed exchanges.

As of July 1, crypto firms must hold a MiCA license from at least one EU member state to provide services across all 27 member states. Unlicensed firms must wind down their EU activities. The deadline has created an unprecedented opening for compliant exchanges, and they are moving quickly to exploit it.

The immediate catalyst was Binance. On June 24, the exchange officially withdrew its MiCA license application filed with Greece’s Hellenic Capital Market Commission. Of more than 3,000 crypto firms operating across Europe, only 210 received full MiCA authorization by the deadline — a clearance rate of roughly 7%. Binance emailed users in France, Italy, Poland and Spain notifying them it could no longer accept new registrations and would restrict services, while assuring users that assets would “remain accessible at all times.” The company says its European ambitions are unchanged and it expects to secure a license in another EU member state in the coming months.

That gap handed rivals an unmissable opening.

Coinbase Moves First

Coinbase CEO Brian Armstrong wrote on X offering users in Germany, France, Italy, Belgium, Poland, Sweden and the U.K. sign-up bonuses. The exchange, which says it has been MiCA-licensed since 2025, is offering a 5% transfer bonus for users who move funds to the platform before July 13. The offer places Coinbase’s regulatory standing at the center of its pitch — a deliberate contrast to the uncertainty now facing unlicensed rivals.

The July 13 cut-off brackets Binance’s service restriction window and gives displaced users a time-limited reason to act. The campaign targets Coinbase One subscribers, the exchange’s higher-value trader segment, across its key European markets.

Coinbase CEO Brian Armstrong wrote on X

Coinbase CEO Brian Armstrong wrote on X

OKX Launches Its Biggest European Campaign

OKX has matched Coinbase’s urgency with scale. The exchange is running a deposit bonus campaign through July 13 for users in all 27 EU member states plus Iceland, Norway and Liechtenstein, offering deposit matching of up to 8% on transfers of up to $500,000. Both crypto and fiat deposits count, with rewards paid out in USDC over 52 weeks.

OKX secured its MiCA authorization through the Malta Financial Services Authority, having held a VASP registration in Malta since November 2021. Under its license, the exchange must segregate client funds from its own assets, maintain proof of reserves, and meet fit-and-proper governance standards.

OKX Europe General Manager Erald Ghoos said the exchange recorded a peak in new customer sign-ups in the run-up to the MiCA transition deadline. Ghoos has also warned that roughly 60% of European crypto users remain on platforms without MiCA authorization, with many of those operators having no credible route to obtaining one.

OKX Launches Its Biggest European CampaignOKX Launches Its Biggest European Campaign

OKX Launches Its Biggest European Campaign

Kraken and SwissBorg Join the Race

Kraken has opted for a sweepstakes model, launching a €1 million ($1.07 million) prize draw for EEA customers who deposit funds before the end of July, marketing its MiCA authorization from the Central Bank of Ireland alongside existing MiFID and e-money licenses.

SwissBorg, smaller but strategically targeted, is offering a 3% deposit match exclusively for transfers originating from non-MiCA exchanges — precision-targeting the specific pool of displaced users every licensed platform is now competing to capture.

A Market in Structural Transition

The disruption extends well beyond Binance. OKX Europe estimates around 80% of currently active regional exchanges will be forced to shut down after the July 1 deadline. Out of an estimated 1,100 to 1,300 legacy crypto asset service providers, only around 200 currently hold valid MiCA licenses.

ESMA has directed non-compliant firms to execute orderly asset transitions to regulated platforms or self-custody wallets. Exchanges positioned to absorb displaced users include OKX, Kraken, Coinbase, Bitstamp, Bitpanda and Crypto.com. Compliance has also forced product changes: OKX Europe has already delisted USDT, as Tether’s stablecoin does not meet MiCA’s reserve and transparency requirements for electronic money tokens.

These campaigns represent something structurally new in crypto marketing. Unlike traditional acquisition drives aimed at newcomers, they target established capital from users who already know how to move funds and are being forced to move them anyway. Every migrated account becomes a durable revenue source through trading volume, staking balances and subscription fees — making the stakes well beyond a short-term promotional cycle.

What Comes Next

Binance has confirmed it will seek authorization in another EU member state but has not named a jurisdiction. EU-based users retain access to their assets but face restricted services and no new registration options in the interim.

For users evaluating a platform switch, the key variables remain trading pairs, custody terms, fee structures and asset support. Bonuses can offset migration costs, but do not substitute for checking a platform’s status against ESMA’s public CASP register.

The broader picture is a market consolidating rapidly around fewer, more heavily regulated exchanges. Compliance has become Europe’s primary barrier to entry — and for Coinbase, OKX and Kraken, that is now their most powerful competitive advantage.



Source link

SBI Holdings to Buy Crypto Exchange Bitbank for $289 Million

0
SBI Holdings to Buy Crypto Exchange Bitbank for 9 Million


SBI Holdings has entered into agreements to bring crypto exchange Bitbank into the SBI Group as a wholly-owned subsidiary, with a total acquisition cost of 46.7 billion yen, equivalent to approximately $289 million, according to SBI’s announcement on June 25. The transaction will be executed through SBI Crypto Asset Holdings GK (SBICAH), a wholly-owned subsidiary of SBI Holdings, and is expected to be completed around October 2026. Bitbank stated that its current services will not be affected, and customers can continue to use the platform as usual.

Deal Details and Verification

SBI stated that its board of directors approved the transaction at a meeting on June 25, 2026, and concurrently signed a basic agreement with Bitbank, CEO Noriyuki Hirosue, MIXI, and Ceres regarding the series of transactions to make Bitbank a wholly-owned subsidiary through SBICAH. SBICAH is a wholly-owned subsidiary of SBI Holdings. On the same day, SBI also signed a share transfer agreement with Hirosue and several other individual shareholders to acquire Bitbank shares.

The deal is structured in multiple steps. SBICAH will first acquire common shares of Bitbank for cash. Afterward, SBICAH will participate in a new share issuance executed by Bitbank through a third-party allotment. Bitbank plans to use the proceeds from this capital increase to repurchase all shares held by MIXI and Ceres as treasury stock.

The total acquisition cost announced by SBI is 46.7 billion yen, including share transfer costs and the payment for the capital increase. SBICAH expects to acquire 53,704 shares through the share transfer and 48,952 shares through the capital increase. After these two steps, SBI will indirectly hold 102,656 shares of Bitbank, representing 68.76% of the voting rights. When the entire transaction is completed, including Bitbank’s repurchase of shares from MIXI and Ceres, SBI’s indirect voting right ratio is expected to reach 100%.

Detail of costs and ownership ratios in the Bitbank transaction

Detail of costs and ownership ratios in the Bitbank transaction. Source: SBI Holdings

According to the schedule, the share transfer is expected to take place around August 2026. The capital increase, Bitbank’s treasury stock repurchase, and the transaction closing date are all planned for around October 2026. The completion of the deal remains subject to the business combination review by the Japan Fair Trade Commission and other conditions. SBI stated that the impact on its consolidated results for the fiscal year ending March 31, 2027, is expected to be minor.

Why the Deal Matters

The deal brings a licensed domestic crypto exchange into the ecosystem of one of Japan’s major financial groups. For SBI, Bitbank helps directly expand its presence in digital asset trading infrastructure, where licensing, yen liquidity, custody systems, and compliance capabilities hold strategic value.

SBI said that after combining the figures of SBI VC Trade and Bitbank as of April 30, 2026, the group expects to have approximately 1.1 trillion yen in crypto assets under custody and 2.92 million crypto accounts. According to SBI, this scale will place the group in the number one position in Japan for assets under custody among domestic crypto exchange service providers, while also positioning it among the leaders in the number of accounts.

The agreement also paves the way for SBI to expand beyond spot trading into financial services utilizing stablecoins and other digital assets. This makes Bitbank a part of SBI’s broader digital asset infrastructure strategy, rather than just an acquisition to add trading volume.

Bitbank and SBI’s Crypto Footprint

Through this transaction, SBI will add a trading platform with established yen liquidity and a strong position in Japan. According to CoinGecko on June 27, the exchange has a Trust Score of 8/10, supports 44 coins and 44 trading pairs, with a 24-hour trading volume of approximately 490.8 BTC. The BTC/JPY, XRP/JPY, ETH/JPY, and SOL/JPY pairs are among the primary trading groups, indicating that the platform’s focus remains on domestic users rather than global stablecoin liquidity.

Bitbank stated that it has never experienced any loss of customer assets due to hacking since its inception, a notable point in the Japanese market, where past security incidents led regulators to tighten standards for customer asset protection.

SBI already has a presence in crypto through SBI VC Trade, a unit registered as a crypto-asset exchange service provider with the FSA. Bringing Bitbank into the SBI Group therefore helps SBI scale its exchange business and strengthen an existing footprint.

Japan’s Regulatory Backdrop

Japan is a crypto market with a clear regulatory framework but high compliance requirements. Crypto exchange service providers must register with the Japanese Financial Services Agency (FSA) and meet requirements regarding governance, customer asset protection, system security, and anti-money laundering. According to the FSA list updated as of April 30, 2026, Japan has 27 registered crypto-asset exchange service providers.

In its separate announcement, Bitbank also mentioned that the industry is in a transitional phase as Japanese authorities push to amend the legal framework for crypto from the Payment Services Act to the Financial Instruments and Exchange Act. If this direction continues to progress, crypto businesses in Japan may have to operate closer to traditional financial market standards.

In this context, crypto M&A deals in Japan do not solely depend on the agreement between the buyer and the seller. For SBI-Bitbank, the completion of the transaction also depends on the business combination review by the Japan Fair Trade Commission and other conditions precedent.

What Comes Next

The transaction is expected to close around October 2026, following the share transfer step planned for around August 2026.

Bitbank stated that its current services will continue to operate as normal. After the deal closes, a key point to watch is whether SBI will maintain Bitbank as an independent brand or integrate it more deeply with SBI VC Trade.



Source link

Binance Faces EU Service Curbs as MiCA Deadline Nears

0
Binance Faces EU Service Curbs as MiCA Deadline Nears


Binance will restrict certain services for users in the European Union (EU) starting July 1, 2026, after the world’s largest crypto exchange failed to secure a MiCA license before the regulation’s transitional period ends. This development comes after Binance withdrew its license application in Greece, stating that user assets remain safe and accessible, and that some EU accounts will be affected depending on their country and account status.

Binance’s MiCA Setback

In an announcement on June 24, Binance confirmed that it had withdrawn its MiCA license application with the Hellenic Capital Market Commission (HCMC), Greece’s capital market regulator. The exchange said the decision was made after considering the progress and timeline of the licensing process in Greece, and stated that it would pursue a license in another EU member state.

Binance emphasized that it had not received a “formal decision” from the Greek regulator as the MiCA transitional period nears its end. Previously, in a June 16 update, the exchange said it had submitted a complete application, worked with the HCMC for months, and understood that the application was being reviewed at the ESMA level following the evaluation process in Greece.

The withdrawal leaves Binance unable to obtain a MiCA license ahead of the July 1, 2026, deadline. Article 143 of Regulation (EU) 2023/1114 allows existing crypto-asset service providers to operate during a transitional period until that date, or until their application is granted or refused, whichever comes first.  

As of ESMA’s June 26 update to its MiCA register, Binance does not appear on the list of authorized crypto-asset service providers.

The Financial Times reported that the application in Greece faced hurdles related to anti-money laundering controls and “fit and proper” standards, including the role of founder Changpeng Zhao. Binance did not confirm this characterization and stated it had not received an official decision from the HCMC. Without a MiCA license, Binance will not be able to continue providing its full range of services in the EU as an authorized provider after the deadline.

What EU Users Can Expect

Binance stated it is contacting affected EU users directly and will specify whether individual accounts require action, the available options, the relevant timeline, and support channels. The exchange said user assets remain “safe and secure” and accessible, while warning that Binance will not call to request passwords, 2FA codes, or private keys.

The specific extent of the impact by service and country has not been fully disclosed by Binance. In a June 24 blog post, the exchange only stated that some users could be affected depending on their country and account status, and has not provided an official list of which services will be halted, restricted, or remain active in each EU market.

According to Reuters, the Spanish stock market regulator, CNMV, has ruled out extending the MiCA crypto licensing deadline. Platforms that are not licensed after this deadline will not be allowed to solicit new clients or continue providing regular services, except for activities necessary to reduce or close positions, transfer assets, or support an orderly wind-down process.

CNMV confirms: "No exceptions or extensions"

CNMV confirms: “No exceptions or extensions”. Source: Reuters

This means users still need to monitor direct announcements from Binance, as the ability to continue trading, open new positions, use yield-generating products, or access advanced services may vary by country and account status. The scale of affected EU users has not yet been publicly confirmed by Binance.

Why MiCA Matters

MiCA, short for Markets in Crypto-Assets Regulation, is the EU’s common regulatory framework for crypto-assets and related services. The regulation is designed to replace fragmented country-by-country approaches with a more unified system across the bloc.

With a MiCA license, a crypto service provider can use a passporting mechanism to operate in multiple EU countries based on a license granted in a single member state. This is why the Greek application held great significance for Binance: if licensed, the exchange could use that license as a foundation to serve the wider EU market.

MiCA sets requirements for governance, capital, operational controls, user protection, information transparency, technology security, and market abuse prevention. For major exchanges like Binance, the licensing process also places a heavy focus on compliance capacity and the “fit and proper” standards of individuals with significant control or influence.

The compliance issue is a sensitive point in Binance’s track record. In 2023, Binance and Changpeng Zhao, commonly known as CZ, reached a settlement with the U.S. Department of Justice, in which the exchange pleaded guilty and agreed to pay a total of $4.316 billion to resolve allegations related to anti-money laundering violations, unlicensed money transmitting, and sanctions. CZ stepped down as CEO and pleaded guilty to failing to maintain an effective AML program.

In recent updates, Binance stated it now has over 1,500 personnel in compliance roles and has prevented nearly $7 billion in potential losses from fraud. CZ also reacted on X, stating that the EU is cutting users off from the world’s best liquidity pool and arguing that liquidity is a form of consumer protection. This view contrasts with MiCA’s approach, which prioritizes licensing, risk control, and investor protection within a unified legal framework.

What Comes Next

Binance said its commitment to Europe remains unchanged, and the exchange is confident it can secure a license in another EU member state in the coming months. However, Binance has not announced which country it will apply to or pursue.

During the period without a license, affected accounts will need to monitor emails and in-app notifications for specific options. Binance stated it will provide direct guidance if users need to take further steps.

The next points to watch are ESMA’s CASP register, public responses from the HCMC or other national regulators, and any announcements from Binance regarding its new target market for licensing. If granted a license in a member state, Binance can restore its path to serving the broader EU under the MiCA framework.

In the short term, this remains a major setback for Binance in Europe. The exchange insists it is not leaving the region, but missing the MiCA deadline pushes its EU operations into a restricted phase, while already-licensed platforms gain a clearer advantage in continuing to serve users under the new regulatory framework.



Source link

Leading Prop Firms Crypto Traders Use for Altcoins and Futures in 2026

0
Leading Prop Firms Crypto Traders Use for Altcoins and Futures in 2026


Most prop firm roundups treat crypto as a footnote: a handful of BTC and ETH contracts bolted onto a platform built for forex. That works until you trade the way active crypto desks actually trade, across dozens of altcoins and perpetual futures, at any hour of the day. Finding the leading prop firms crypto traders rely on for that style means looking past the headline profit split and checking what sits underneath it. Deep pair coverage, real exchange execution, and a rulebook that accounts for crypto volatility instead of punishing it.

This list ranks three firms on the criteria that decide outcomes for altcoin and futures work, not on general brand recognition. The backdrop is worth keeping in view: across more than 300,000 accounts tracked by FPFX Tech, roughly 14% of traders pass the challenge and only about 7% ever reach a payout. Against those odds, the firm you pick is not a branding decision. If your strategy lives in second and third tier tokens and perps, the right pick looks different from the usual top of the table.

What Altcoin and Futures Traders Actually Need

A generic firm ranking optimizes for the wrong things. For altcoin prop trading, the requirements get specific fast, and a firm either meets them or it does not.

Pair depth, at least 100 instruments. A desk that lists 30 majors cannot support a strategy built on rotating altcoin setups. If your edge is reading momentum in lower-cap tokens, a firm that only quotes the top ten has already priced you out before you place a trade. Coverage is the gate everything else passes through.

Real perpetual futures, not spot CFDs in disguise. Perps are how most crypto traders express leveraged and directional views, with funding rates and 24/7 settlement that spot products do not replicate. A crypto futures prop firm without genuine perpetual coverage is a spot shop with extra steps, and it will not behave the way your live strategy expects.

Leverage that matches the asset class. Crypto capped at 1:2 or 1:3 does not reflect how positions get sized in this market. Altcoin traders need room to size around volatility, not have the platform size against them by default.

24/7 access and weekend holds. Crypto never closes, so any firm that forces a Friday exit hands you a structural disadvantage every single week. Weekends are when some of the sharpest moves happen, and being locked out of them is a real cost, not a minor inconvenience.

Live exchange liquidity. Orders routed to a real order book on a venue like Bybit or Kraken give you genuine fills and spreads. Synthetic CFD feeds can print artificial wicks that stop you out at a price that never traded on any real venue. For scalpers and high-frequency strategies, that gap between simulated and live is the difference between a clean exit and a phantom stop.

Hold any firm against those five points and the field narrows quickly. The names that survive are the ones built for crypto, not retrofitted into it.

The Leading Prop Firms Crypto Traders Use for Altcoins and Futures, Ranked

The ranking below weighs three things in order: pair coverage, execution model, and futures support. Those are the criteria that actually separate a firm for this niche, and they are where a crypto-native specialist and a forex-first platform diverge most. Brand reputation and total payout volume matter, but they sit lower on the list when your entire book is altcoins and perps.

1. HyroTrader

HyroTrader is built only for crypto, and the numbers show it. Its Bybit integration gives traders real fills against live order books across more than 700 perpetual pairs. For regions where Bybit is restricted, including the United States and Canada, its support to CLEO platform runs on Binance market data and covers more than 500 pairs, with full API access for algorithmic strategies and adjustable leverage up to 1:100. Both routes support perpetual futures, and the product extends into spot and crypto options.

As a dedicated crypto prop trading firm, HyroTrader routes every order to live exchange execution rather than an internal price engine. For altcoin traders, that is the whole point. More than 500 pairs is an order of magnitude beyond the roughly 30 crypto CFD contracts you get at forex-first firms, so if your edge sits in lower-cap tokens, that coverage is what makes the strategy possible at all. As a crypto futures prop firm, it gives you perpetual contracts on the long tail of the market, not just the majors that every platform carries.

The profit split starts at 80% and scales in steps to a 90% ceiling as you build a funded track record, rising 5% roughly every four months and reaching the top tier after about 16 months of consistent trading. The starting figure is lower than some competitors advertise, but the 90% ceiling matches the industry standard, and it is reached on performance rather than a paid upgrade. Payouts settle in USDT or USDC, usually within 12 to 24 hours of approval, and the first withdrawal can be requested a single full day after the first funded trade. Evaluations have no time limit—only a minimum trading-day requirement—allowing traders to progress at their own pace without the pressure of a fixed deadline.

Beyond its core trading platform, the ecosystem offers features that set it apart from many competitors. Traders can compete in live tournaments for the chance to win six-figure funded accounts, receive one-on-one guidance through a mentorship program led by experienced crypto traders, and refine their strategies in CLEO’s free backtesting environment. For traders focused on altcoins, this combination of funding opportunities, education, and advanced trading tools provides a level of support that’s difficult to find elsewhere.

HyroTrader does come with a few limitations that prospective traders should consider. Its evaluation rules are more restrictive than those of many competitors, including a per-trade risk limit and a trailing daily drawdown by default. However, traders can opt for the paid Swing upgrade, which replaces the trailing drawdown with a static one for more predictable risk management. The platform also focuses exclusively on cryptocurrencies, meaning it doesn’t support forex, stocks, or commodities, and all payouts are made in stablecoins rather than via traditional bank transfers. For traders dedicated to crypto futures and altcoins, these conditions are unlikely to be a drawback. Those seeking exposure to multiple asset classes through a single prop firm, however, may find the platform less suitable.

2. FundedNext

FundedNext stands out by giving traders more flexibility than many competing prop firms. Launched in the United Arab Emirates in 2022, the company offers multiple evaluation models, a scaling program that can grow accounts into the millions, and one of the more appealing profit-sharing structures in the industry. Traders start with an 80% profit split, with the option to increase it to as much as 95% through a paid upgrade. Unlike most prop firms, FundedNext also rewards successful traders during the evaluation phase, offering a 15% profit share before they even receive a funded account. Its primary account types allow positions to remain open over the weekend, and the firm guarantees payouts within 24 hours, making it one of the faster and more flexible options available for active traders.

The catch for crypto traders is the foundation. The firm added crypto to its lineup, but the architecture stays forex-first and the execution simulated. Crypto trades as CFDs on the familiar names, BTC, ETH, XRP, DOGE, and a modest list beyond them, inside a broader basket of around 78 assets. Crypto leverage sits below what a crypto-native firm offers, and the top 95% split is an upgrade rather than a standard, so the real comparison is against a competitor’s base number, not the headline. For altcoin prop trading specifically, the tradable list runs thin next to a platform routing orders to live exchange order books. The flexibility is real and worth weighing. The crypto depth is not the reason to choose it.

3. FTMO

FTMO is the most established name in the broader prop industry, and the reputation is earned. Founded in Prague in 2015, it reports more than $500 million in cumulative payouts and serves traders in over 140 countries. Its December 2025 acquisition of OANDA added regulated brokerage licenses across eight jurisdictions, including a compliant route for United States traders, which is a level of regulatory grounding almost no crypto-native firm can claim. The platform is polished, the rules are transparent, and the multi-asset breadth is genuine.

For crypto-focused traders, the platform’s limitations are built into its design rather than being minor drawbacks. Leverage is relatively conservative, capped at around 1:3 for crypto CFDs and reduced to 1:1 on Swing accounts that allow weekend holding. Standard accounts require all positions to be closed before the weekend, despite cryptocurrency markets operating around the clock. The crypto offering is also limited to roughly 32 CFD pairs, with trades executed in a simulated environment instead of being routed to live exchanges. None of these factors diminish FTMO’s reputation as a leading proprietary trading firm. Instead, they reflect its primary focus on forex and traditional markets, with cryptocurrency serving as an additional asset class rather than the platform’s core specialty. Traders who value access to multiple markets may appreciate that balance, but those concentrating exclusively on altcoins and crypto futures will likely find the crypto-specific features less comprehensive than those offered by dedicated crypto prop firms.

Feature Comparison

FeatureHyroTraderFundedNextFTMOCrypto pair count700+ on Bybit, 500+ on CLEOModest crypto list within ~78 assets~32 crypto CFD pairsMax crypto leverageUp to 1:100Below crypto-native levels~1:3, 1:1 on SwingPlatformsBybit, CLEO (Binance data)MT4, MT5, cTraderMT4, MT5, cTraderProfit split80% scaling to 90%80% base, up to 95% (paid add-on)Up to 90%Payout methodUSDT/USDC, 12 to 24 hoursCrypto, wire, and othersBank or wireEvaluation type1-step or 2-step, no time limitMultiple paths, no time limit2-step evaluationAltcoin and futures fitLive exchange execution, perps and optionsSimulated CFDs, limited depthSimulated CFDs, weekend close

The Bottom Line

For altcoin and futures traders specifically, crypto-native infrastructure matters more than general reputation. Among the leading prop firms crypto traders can choose from in 2026, HyroTrader fits this niche, not because it wins some vague overall title, but because of pair depth, live exchange execution, and real perpetual coverage that a forex-first crypto futures prop firm cannot match. The 90% scaling ceiling and same-day stablecoin payouts hold up as a competitive standard for anyone whose strategy lives entirely in digital assets.

FundedNext is the call if you value evaluation flexibility and want some multi-asset room, with the honest caveat that its crypto list is shallow and its execution simulated. FTMO makes sense if you want one polished, well-regulated account across many markets and you accept the lower crypto leverage and weekend limits as the cost of that breadth. The model is largely unregulated and most funded accounts remain simulated, so the sensible approach holds regardless of which name you pick: verify the operating history, read the rulebook before the split, start small, and scale only after a first clean withdrawal. Choose the prop firm that aligns with your trading style, verify the latest rules and pricing on the firm’s official website before making a purchase, and the right choice will usually become clear.

 



Source link

Bank of England Replaces Proposed Stablecoin Holding Caps With £40B Issuance Guardrail

0
Bank of England Replaces Proposed Stablecoin Holding Caps With £40B Issuance Guardrail


On June 22, the Bank of England (BoE) announced a policy and draft rules shifting from proposed limits on individual and corporate stablecoin holdings to a temporary issuance ceiling of £40 billion for each systemic stablecoin product in the UK. This change applies to stablecoins recognized as systemic by HM Treasury, aiming to make GBP-denominated payment products easier to operate while still limiting the risk of deposits leaving the banking system.

What Changes Under the Draft Rules

In its 2025 proposal, the BoE had considered imposing holding limits of £20,000 for individuals and £10 million for corporates. These limits never came into effect and will not be pursued further under the newly published policy statement and draft Code of Practice.

Accordingly, each systemic stablecoin product will be subject to an initial maximum issuance limit of £40 billion. This limit is calculated on the total circulating token supply of each individual product, not the overall market size, nor is it a blanket cap applied across an issuer with multiple stablecoins.

Under the draft rules, individuals and corporations will not face limits on the size, frequency, or type of stablecoin transactions, aside from constraints imposed by anti-money laundering, sanctions, and other existing laws. This mechanism eliminates the requirement to track real-time balance limits for individual users, which was one of the operational issues raised in consultation responses.

Why BoE Changed Course

The BoE stated that it dropped the proposed holding caps after consultation feedback raised concerns that the mechanism was complex, costly, and difficult to justify if only implemented during a transitional phase.

The central bank maintains its core concern regarding the rapid shift of bank deposits into stablecoins, which could impact bank liquidity and the capacity to extend credit to the economy. Therefore, the BoE shifted to capping the total issuance for each systemic stablecoin instead of monitoring the balances of individual consumers and corporates.

To set the £40 billion level, the BoE modeled a stress scenario, monitoring how many banks could fall below the 100% Liquidity Coverage Ratio threshold, the demand for central bank liquidity borrowing, and the likelihood of banks having to sell assets. The BoE stated that this ceiling provides a level of protection for credit supply equivalent to the old holding caps, but is easier to implement.

How the Draft Framework Works

The draft framework still requires systemic stablecoins to be backed 1:1. Under normal operating conditions, an issuer can hold a maximum of 70% of backing assets in short-term UK government debt securities with a remaining maturity of no more than six months; a minimum of 30% must be held as deposits at the BoE, and this portion will not earn interest. The BoE stated that this requirement reflects the design of stablecoins as a means of payment rather than a savings or investment product. For a stablecoin issued at the £40 billion limit, the 70/30 structure corresponds to a maximum of £28 billion in UK government debt securities and a minimum of £12 billion in deposits at the BoE.

Issuers must process redemption requests in real-time where possible, or complete them within 24 hours after receiving a fully valid request, completing AML/KYC checks, and receiving the tokens from the person requesting the exchange. Issuers are also prohibited from paying interest based on the duration a holder owns the stablecoin, though rewards tied to payment activities may still be permitted.

The BoE expects systemic issuers to directly access payment systems to support redemptions and interoperability with other forms of money. The central bank also plans to establish a Central Bank Liquidity Facility, allowing eligible issuers to borrow deposits from the BoE by pledging UK government debt securities as collateral; operational details will be published in 2027.

What the £40 Billion Cap Means

The £40 billion limit caps the volume of stablecoins issued and circulating, rather than the volume of payments users can make within a day. The BoE stated that this level is set at a scale sufficient for issuers to maintain a viable business model and serve major payment use cases; according to the authority, a stablecoin at that level could support daily transactions equivalent to major UK payment systems, where Faster Payments and card schemes process an average of around £1.4–£2.2 billion per day. The £40 billion level is also equivalent to approximately 10% of the average value processed daily by CHAPS.

This cap still creates a trade-off if demand grows faster than the volume of tokens an issuer is permitted to launch, as the price of the stablecoin on the secondary market could rise above par value. The BoE believes that such a scenario would require large and sustained capital flows, while committing to review the ceiling regularly and relax or remove it once risks to the credit supply are mitigated.

What Happens Next

Issuers of qualifying stablecoins will initially be subject to supervision by the FCA, the regulator responsible for issuance, custody, and admission to trading in the UK. Once a stablecoin is recognized as systemic by HM Treasury, the issuer will transition to a co-supervisory model, where the BoE takes charge of prudential risk and financial stability, while the FCA continues to oversee conduct and user protection.

The BoE said it will soon publish a joint document with the FCA regarding how firms transition between these two regimes. The draft Code of Practice is currently open for consultation until September 22, 2026, while the final rulebook is expected to be finalized by the end of the year.

Parallel to that process, the FCA has selected Monee Financial Technologies, ReStabilise, Revolut, and VVTX for the stablecoin sandbox. The trials include payments, wholesale settlement, and crypto trading, with results expected to contribute to shaping the final stablecoin rules in 2026.



Source link

Aave Founder Kulechov Dismisses Rumors of Selling AAVE at a 70% Discount, Teases Aavenomics 3.0 – NFT Plazas

0
Aave Founder Kulechov Dismisses Rumors of Selling AAVE at a 70% Discount, Teases Aavenomics 3.0 – NFT Plazas


Stani Kulechov, founder of Aave — the largest decentralized lending protocol on Ethereum — has publicly dismissed reports that Aave Labs is in talks to sell a significant AAVE token allocation to Kraken’s parent company Payward at a steep discount to market value. While stopping short of denying that strategic partnership discussions are underway, Kulechov pushed back forcefully against the deal’s reported framing, using the controversy to restate Aave’s revenue model and announce a coming upgrade to its token economics.

The Report That Triggered the Pushback

CoinDesk reported on Thursday, citing two unnamed sources, that Kraken parent firm Payward is in talks to buy a 15% stake in the Aave protocol at a $385 million valuation — a figure that would represent just 30% of the AAVE token’s fully diluted valuation. A separate report elaborated that the proposed transaction was valued at approximately $71 million and involved Kraken investing 35,000 ETH in exchange for 250,000 AAVE tokens and a 15% equity stake in Aave Group.

The implied discount to AAVE’s market price drew immediate community backlash — and a swift rebuttal from the top.

“First off, there is NO WAY we’d sell AAVE at a 70% discount lol,” Kulechov wrote in an X post on Thursday, calling the article’s framing inaccurate.

Kulechov said Aave Labs owns an allocation of AAVE that multiple market participants have discussed purchasing, either directly or indirectly, through deeper long-term partnerships — but separated those discussions from the idea that Aave would sell tokens cheaply against token-holder interests.

Aave founder Stani Kulechov dismisses rumors of selling $AAVE at a 70% discount

Aave founder Stani Kulechov dismisses rumors of selling $AAVE at a 70% discount

Revenue Model Clarified

The controversy gave Kulechov a platform to reinforce Aave’s restructured economics. Under the Aave Will Win (AWW) proposal, already passed by the DAO, 100% of Aave Protocol and GHO revenue is directed to the AAVE token. The framework covers all product revenue streams, including the Aave App, Aave Pro, and Swaps, with none of it flowing to Aave Labs, which operates solely as a service provider to the DAO.

The AWW proposal passed with about 75% support in April 2026, redirecting 100% of protocol and Aave-branded product revenue to the DAO and AAVE token holders, with the DAO approving multi-year funding for Labs in return.

Kulechov confirmed that all intellectual property — including the Aave brand and any software built for Aave — belongs to AAVE token holders, not Aave Labs, under the current governance structure. He added that the protocol is currently generating $134 million in annualized revenue, all directed to the Aave DAO.

Aavenomics 3.0 and Automated Buybacks

Beyond clarifying the revenue model, Kulechov teased a significant upgrade to the protocol’s token mechanics. He revealed that the Aave team is designing Aavenomics 3.0, which includes a new automated and non-discretionary AAVE buyback mechanism, with further details to follow.

The planned upgrade extends a discretionary buyback program already cleared to purchase up to $50 million of AAVE per year. An automated system would reduce reliance on governance votes for individual buyback decisions, creating a more predictable and continuous link between protocol revenue and token purchases — a structure likely to appeal to institutional participants evaluating AAVE as a yield-bearing asset.

Context: The KelpDAO Fallout

The Kraken reports surface against a difficult backdrop. After the April 18 KelpDAO exploit, an attacker deposited $292 million in stolen rsETH into Aave V3 as collateral and borrowed substantial amounts of wrapped ETH against it, saddling the protocol with an estimated $196 million in bad debt. Aave’s total value locked collapsed from $26.4 billion to nearly $20 billion within days. Kulechov confirmed at the time that Aave’s own smart contracts were not compromised.

The incident weighed heavily on user confidence, with Aave’s TVL dropping roughly $12 billion — about 46% of its deposits — in just days after the attack. Deposits currently sit near $12 billion. Earlier this month, Aave released an updated risk framework to prevent situations like the KelpDAO attack.

AAVE’s TVL Data (Source: DefiLlama)AAVE’s TVL Data (Source: DefiLlama)

AAVE’s TVL Data (Source: DefiLlama)

Kraken’s Broader Strategy

For Kraken, a stake in Aave would fit a pattern of aggressive expansion ahead of its anticipated public listing. The exchange agreed this year to buy derivatives venue Bitnomial for up to $550 million, securing rare US derivatives licenses. The two companies already have an established relationship: Kraken’s Layer 2 Ink launched a white-label instance of Aave called Tydro last year to serve as its core lending infrastructure, following a 99.8% DAO vote to license Aave’s code to the network.

Market Reaction and Analyst Outlook

Despite the post-KelpDAO turbulence, AAVE has attracted bullish institutional attention. Following Kulechov’s post, the token reached an intraday high of $87.50 before easing to around $82, while continuing to receive support from Standard Chartered’s previously published $3,500 price target for AAVE by end of 2030. Grayscale Research has separately flagged AAVE as undervalued at current prices under a cash-flow model applying traditional fintech earnings multiples.

Kulechov closed with a pointed statement on alignment: “Everyone at Aave Labs and Aave DAO works for $AAVE.” A quarterly community call is expected within weeks, where the Kraken partnership status and Aavenomics 3.0 details are anticipated to become clearer.



Source link

Ripple’s RLUSD Launches as Japan’s First Regulated Foreign Stablecoin – NFT Plazas

0
Ripple’s RLUSD Launches as Japan’s First Regulated Foreign Stablecoin – NFT Plazas


Ripple has officially launched its dollar-backed stablecoin Ripple USD (RLUSD) in Japan, marking a significant milestone for both the company and the country’s evolving digital asset landscape. The rollout, conducted in partnership with SBI Holdings and its subsidiary SBI VC Trade, makes RLUSD the first foreign-issued stablecoin to receive regulatory approval under Japan’s updated payment framework — a development that could reshape how Japanese institutions and retail users access dollar-denominated liquidity on-chain.

Regulatory Approval Opens the Door

The launch follows formal approval from Japan’s Financial Services Agency (JFSA), which cleared RLUSD for distribution under a revamped stablecoin framework that took effect on June 1, 2025. Under Japan’s Payment Services Act, RLUSD is categorized as a new type of electronic payment instrument — a classification specifically designed to accommodate foreign-issued stablecoins that meet Japan’s safety and compliance thresholds.

The regulatory clearance is notable. Japan has historically maintained one of the world’s more cautious approaches to digital asset oversight, and obtaining JFSA approval signals that RLUSD satisfies the operational and reserve standards Japanese regulators demand. For Ripple, it represents entry into one of Asia’s most mature and strategically important financial markets.

“Japan has long been a leader in digital asset adoption, underpinned by both regulatory clarity and financial innovation,” said Jack McDonald, Ripple’s Senior Vice President of Stablecoins, in the official announcement. “This launch marks an important step in expanding access to transparent, regulated USD-backed stablecoins like RLUSD for financial institutions, consumers, and businesses in Japan.”

Ripple USD ($RLUSD) is now officially available in Japan

Ripple USD ($RLUSD) is now officially available in Japan

SBI Partnership: A Decade in the Making

The distribution vehicle for RLUSD in Japan is SBI VC Trade’s VCTRADE platform, which serves both institutional and retail customers. RLUSD is now live and accessible to all eligible users on the platform.

The partnership between Ripple and SBI Group is not new. The two companies have collaborated since 2016 on blockchain-based financial infrastructure across Japan and the Asia-Pacific region, making this launch the latest — and perhaps most consequential — chapter in a relationship spanning nearly a decade. The specific RLUSD rollout was formalized through a memorandum of understanding signed in August 2025, which laid the groundwork for the regulatory approval process and commercial launch that followed.

SBI VC Trade CEO Tomohiko Kondo described the moment as a major milestone: “Ripple and the SBI Group have worked closely together for many years with a shared vision of advancing the future of on-chain finance. The introduction of RLUSD represents a major milestone in our ongoing collaboration and our efforts to drive innovation in digital finance.”

SBI’s broader commitment to the XRP ecosystem has also accelerated in parallel. The firm has expanded XRP access across Japan’s retail market, and separately, XRP secured a spot listing on Rakuten Wallet earlier this year — underscoring growing institutional support for Ripple-affiliated digital assets in the country.

Use Cases: Payments, Tokenization, Collateral

Ripple is positioning RLUSD in Japan as a functional financial instrument rather than a speculative asset. McDonald outlined three primary use cases: cross-border payments, asset tokenization, and collateral management. Each speaks directly to pain points in Japan’s traditional financial system, where settlement times and cross-currency friction remain persistent inefficiencies.

For payments, RLUSD offers faster settlement finality compared to conventional wire infrastructure. On the tokenization front, the stablecoin can serve as a settlement layer for tokenized real-world assets — an area attracting growing institutional interest globally. As collateral, RLUSD provides a regulated, dollar-backed instrument that financial counterparties can hold or post without the volatility exposure associated with native crypto assets.

Ripple has also flagged programmable trade settlements and supply chain finance as next-generation applications being actively explored, pointing to an ambition that extends well beyond retail payments.

Market Cap Context

RLUSD’s arrival in Japan comes after a period of rapid growth for the stablecoin since its late 2024 launch. RLUSD’s market cap reached an all-time high of approximately $1.8 billion in early June 2026 before pulling back to around $1.59 billion. Despite that recent cooling, the figure still represents roughly 271% growth over the prior year — a trajectory that reflects accelerating institutional demand for a regulated, enterprise-grade alternative to incumbents like USDC and USDT.

What Comes Next

Japan is a meaningful beachhead, but Ripple has made clear that RLUSD’s expansion is ongoing. The stablecoin is already deployed across multiple markets to enable cross-border liquidity and faster settlements.

The more immediate question is whether RLUSD can capture meaningful market share in Japan itself, where USDC and USDT currently dominate stablecoin usage among exchanges and institutional desks. The combination of JFSA approval, an established distribution partner in SBI, and a clear institutional use-case roadmap gives Ripple a credible foundation. Whether that translates to adoption at scale will become clearer in the months ahead.



Source link

Chainlink Taps 50+ Banks Across Two Continents for Real-Time Stablecoin FX Settlement Test – NFT Plazas

0
Chainlink Taps 50+ Banks Across Two Continents for Real-Time Stablecoin FX Settlement Test – NFT Plazas


Project Pangea brings together Korean and European banking coalitions to tackle the $9.6 trillion-a-day foreign exchange market’s persistent settlement delays using onchain infrastructure.

Chainlink has launched Project Pangea, a cross-border foreign exchange settlement initiative involving more than 50 financial institutions representing over $10 trillion in assets under management. The project aims to replace the industry’s standard two-business-day settlement cycle with instant, atomic transactions powered by regulated stablecoins and blockchain infrastructure — without requiring banks to abandon their existing systems.

A Coalition Built for Scale

The initiative brings together four core organizations: Chainlink, FairSquareLab, UniKA (Unified Korea Alliance), and Qivalis. On the Korean side, UniKA represents more than 10 commercial banks, including Shinhan Bank, JB Bank, and Kbank. Qivalis rounds out the European contingent, representing a consortium of 37 banks across the continent.

The breadth of institutional participation sets Project Pangea apart from previous blockchain proof-of-concept exercises. Niki Ariyasinghe, Chainlink’s vice president of Asia-Pacific and the Middle East, was direct about the project’s ambitions: “This is not just a POC. Everyone’s coming in with their eyes wide open.”

Chainlink taps 50+ banks for stablecoin settlement test

Chainlink taps 50+ banks for stablecoin settlement test

The Problem Project Pangea Is Solving

The global FX market processes more than $9.6 trillion in daily volume, yet cross-border transactions remain trapped in legacy infrastructure that can take 48 hours to settle. During that window, capital is effectively frozen — unavailable to either party for other purposes and exposed to counterparty and currency risk.

“If I’m sending money to you and it’s lost in transit for quite some time, you don’t receive it, and that money isn’t able to be used,” Ariyasinghe explained. “To reduce that time as much as possible, for customers to access that money absolutely as fast as possible, has to be a good thing.”

Project Pangea specifically targets this problem through atomic Payment-versus-Payment (PvP) swaps using compliant euro and South Korean won stablecoins. In a PvP model, both legs of a currency trade settle simultaneously — or not at all — eliminating the settlement risk that arises when one party delivers funds before the other.

How the Architecture Works

Rather than asking banks to overhaul their core systems or acquire cryptocurrency, Project Pangea layers blockchain infrastructure on top of existing rails. The architecture is divided into three distinct layers.

The banking layer operates through familiar ISO 20022 messaging standards and Swift infrastructure, meaning participating institutions send instructions through the same systems they already use. The connectivity layer is handled by Chainlink’s suite of institutional tools: the Cross-Chain Interoperability Protocol (CCIP) for moving stablecoins between networks, Chainlink Data Streams for real-time FX market pricing, and the Chainlink Runtime Environment (CRE) to bridge traditional banking systems with blockchain networks. The settlement layer executes trades through FairSquareLab’s onchain FX technology and the dedicated Pangea L1 blockchain, with smart contracts also deployable on Ethereum and Polygon.

FX swaps execute at oracle-based market rates, with built-in mechanisms to maintain liquidity and minimize slippage. Chainlink has noted that enterprise revenue and service fees generated through the project will be converted into LINK tokens and held in the Chainlink Reserve.

The Chainlink Reserve stores the strategic reserve of LINK funded by revenue.The Chainlink Reserve stores the strategic reserve of LINK funded by revenue.

The Chainlink Reserve stores the strategic reserve of LINK funded by revenue.

Fitting Into a Broader Institutional Shift

Project Pangea arrives as stablecoin-based settlement is gaining serious traction across the global banking sector. SWIFT has independently explored blockchain-based payment systems as stablecoins grow in scale, and the Bank for International Settlements recently concluded tokenization trials demonstrating atomic settlement across seven central banks and more than 40 financial institutions.

For Chainlink specifically, this project extends a significant institutional infrastructure push. The company’s CCIP stack recently surpassed $110 billion in total value secured across cross-chain tokens and DeFi data feeds — a milestone that has helped position it as a credible enterprise-grade connectivity layer for traditional finance.

The project also expands Chainlink’s footprint in the Korean won stablecoin ecosystem. Separately, the company recently enabled KRWQ — a KRW-backed stablecoin developed by IQ and Frax Finance — to become the first Korean won stablecoin with automated, real-time reserve verification through Chainlink Proof of Reserve and Data Streams. That integration replaces delayed manual auditing with continuous, onchain proof of backing, reducing counterparty risk in DeFi applications.

What Comes Next

Project Pangea is structured with a steering committee of five core entities alongside multiple participating commercial banks. The immediate goal is to test and develop direct atomic swaps between compliant fiat-referenced digital assets. Whether the model can meet compliance, risk, and liquidity standards at institutional scale remains the central question.

As of publication, Chainlink’s LINK token was trading at $7.59, down 3.2% over 24 hours, with a 24-hour trading volume of approximately $246 million and a market capitalization near $5.68 billion.

The long-term success of Project Pangea will hinge on several variables: technical performance under real-world load, regulatory clarity in both European and Korean jurisdictions, cost efficiency relative to existing settlement infrastructure, and the willingness of participating institutions to move from pilot participation to live deployment. If those conditions align, the project could mark a meaningful step toward making real-time FX settlement the rule rather than the exception.



Source link

MoneyGram Joins Solana as Validator in Broader Stablecoin Strategy

0
MoneyGram Joins Solana as Validator in Broader Stablecoin Strategy


On June 22, 2026, MoneyGram announced it had become an active validator on the Solana network and joined the Solana Developer Platform (SDP), pushing the cross-border money transfer company deeper into blockchain infrastructure for payments. MoneyGram stated this is part of its strategy to build open and interoperable stablecoin infrastructures.

However, the announcement did not specify any new remittance services on Solana, deployment corridors, the stablecoins to be used, launch timelines, or user fees.

From User to Operator

Most users know MoneyGram as an international money sending and receiving service. Operating a validator places MoneyGram in a different role: participating in Solana’s infrastructure layer, where payment applications and financial services can be built.

In its June 22 press release, MoneyGram stated that the company is staking SOL, processing blocks, and supporting network security. On Solana, validators validate transactions and help operate the network under a proof-of-stake mechanism. The influence of a validator in this mechanism depends on the amount of SOL staked. MoneyGram’s announcement did not disclose the validator address or the scale of the SOL stake, so the impact of this node within the validator set cannot be independently assessed.

Luke Tuttle, Chief Product and Technology Officer at MoneyGram, also stated that the company will stake SOL, process blocks, and support network security at the protocol level. This marks a shift from integrating blockchain technology into payment operations to directly participating in operating a part of a public blockchain infrastructure.

Why Solana

Along with its validator role, MoneyGram has joined the SDP, an API platform aimed at institutions looking to issue digital assets, integrate payments, and build financial products on Solana. According to the Solana Foundation, the SDP is designed to help enterprises build and deploy financial services on the blockchain with the right tools for operational and compliance needs.

Prior to MoneyGram, Mastercard, Western Union, and Worldpay joined the SDP from an early stage, showing that Solana is positioning the SDP as a tool for financial and payment institutions to build on-chain products. With over 60 million active customers globally and nearly 500,000 retail agent locations, according to MoneyGram, the company can bring large-scale remittance operational experience to the SDP when developing subsequent products.

Remittance Economics

The global average cost of sending money remained at 6.36% in the third quarter of 2025, according to the World Bank’s Remittance Prices Worldwide report. The fees customers pay come not only from transaction settlement but are also influenced by foreign exchange spreads, compliance checks, liquidity, and cash payout networks in the receiving country.

In this context, MoneyGram operating a Solana validator does not in itself reduce money transfer fees. Validators support transaction validation and network operations, but do not determine the price of a remittance transaction, the applicable exchange rates, or how customers receive money in each market.

The potential value lies in the back-end operations of customer transactions. If MoneyGram uses stablecoins to settle with partners faster or manage liquidity more efficiently, the company could improve operational costs and capital efficiency. But these benefits do not automatically translate into lower fees for senders.

A Multi-Chain Strategy

Solana is not the only blockchain in MoneyGram’s stablecoin strategy. On June 2, the company launched MGUSD, a USD stablecoin issued natively on Stellar. In its Solana announcement, MoneyGram also stated that blockchain and stablecoins have been integrated into the company’s treasury operations, product development, and payments for years.

The fact that MGUSD is issued on Stellar while MoneyGram operates a validator and participates in the SDP on Solana shows that the company is building a presence across multiple blockchains. However, MoneyGram has not said that MGUSD will be issued on Solana, nor has it announced how use cases will be split between the two networks. At this stage, Stellar remains the issuance network for MGUSD, while Solana is where MoneyGram is expanding its role at the infrastructure and product development layer.

What Comes Next

The June 22 announcement places MoneyGram into Solana’s operational layer but does not yet create a new remittance option for customers. The company has not indicated whether Solana will be used for which stablecoin, which market, or which step in the money sending and receiving process.

Only when those details emerge can it be assessed whether the validator role and SDP participation are just an infrastructure-building step or will become a part of MoneyGram’s payment network at a commercial scale.





Source link

Popular Posts

My Favorites

Why Ready Player One Scares Me | Metaverse Planet

I genuinely shivered when I watched Ready Player One again last night. It wasn’t a fun, popcorn-flicking shiver; it was a deep, unsettling...
a

Shape Your Future