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Coinbase Makes $375 Million Surprise Move
Coinbase has signed its eighth major deal this year, acquiring Echo, a platform operating in the on-chain investment space, for $375 million. According to the Wall Street Journal, the deal was financed through both cash and stock.Coinbase Acquires EchoEcho founder Jordan Fish, known in the crypto community by his nickname "Cobie," confirmed the deal on the X platform. "Frankly, I never thought Echo would be acquired by Coinbase, but here we are. Today, Coinbase has acquired Echo for approximately $375 million," he said. Fish also stated that Echo will continue to operate independently under its existing branding for now, but the platform's public token sale product, Sonar, will be integrated into Coinbase.Since its inception, Echo has offered an innovative platform that allows projects to raise funds directly from their communities. The company's Sonar product allows startups to raise capital through either private or public token sales. To date, the platform has raised over $200 million in funding across approximately 300 deals. In this respect, Echo is an on-chain capital formation hub that offers new opportunities to both early-stage crypto startups and investors.Coinbase stated in a statement that the Echo acquisition brings the company one step closer to a "fully integrated crypto funding solution." The company's goal is to provide both startups with easier access to capital and to facilitate investor participation in early-stage projects. Coinbase executives emphasized that this infrastructure will not be limited to crypto projects in the long term; it will also include security tokens and real-world assets.This deal marks Coinbase's largest acquisition of 2025. The company previously acquired the token management platform LiquiFi and the rights to the crypto-focused content project UpOnly for approximately $25 million.Coinbase shares closed at $343.78, a 2.31 percent increase on the day the deal was announced, bringing the company's market capitalization to $88.3 billion. Coinbase, which has gained 38 percent in value since the beginning of the year, can be said to be building an ecosystem that will make it easier for both institutional and individual investors to access crypto with these acquisitions.
TD Cowen's Major Crypto Prediction: Could Reach $100 Trillion
US-based investment bank TD Cowen predicts that on-chain assets could reach $100 trillion within the next five years. The bank stated that tokenization, the representation of traditional financial assets on blockchain, will spread rapidly and that major financial institutions are beginning to agree on common standards.Critical Report from TD CowenAccording to the bank's report, on-chain capital has reached $4.6 trillion since 2020. However, with political and regulatory developments progressing faster than expected, this figure is expected to surpass $100 trillion by 2030. In a note after returning from the Digital Asset Summit in London, TD Cowen analysts emphasized that the appeal of tokenization stems from its tangible benefits: lower costs for cross-border transfers, faster settlement, and programmable finance that can be directly integrated with capital markets.The report is based on interviews with executives from institutions such as JPMorgan, Bank of America, Euroclear, and Tradeweb. Analysts have noted that staked assets, particularly on Ethereum, play a significant role in on-chain capital formation as a return engine.Tokenization refers to the representation of traditional assets such as bank deposits, money market funds, government bonds, stocks, or real estate on the blockchain. This allows these assets to be traded 24/7, reconciled in seconds, and compatible with smart contracts.TD Cowen says that activity in this area is no longer limited to demonstrations but is manifesting directly in pilot projects. BNY Mellon is working on tokenized deposits to modernize payments. BlackRock is evaluating plans to tokenize its real-world asset (RWA) funds on the blockchain.Policy trends are also favoring tokenization. The UK is preparing to appoint a "digital markets champion" to coordinate tokenization processes in wholesale markets. Major banks in the US and Europe are working to develop a joint stablecoin product. Such an initiative could create an on-chain "cash pillar" that would work alongside banks' deposit tokens. Investor interest is also growing. According to a State Street survey, most institutional investors plan to double their digital asset positions over the next three years. More than half of respondents expect 10 to 24 percent of their portfolios to be tokenized by 2030. Robinhood's CEO similarly predicts that most major financial markets will have a tokenization framework by 2030."While the road remains bumpy, political and regulatory progress has been much faster than we anticipated two years ago," TD Cowen analysts said. "We believe on-chain capital formation could reach $100 trillion or more in the next five years; this trend is too large to ignore."The bank says that once major institutions agree on common protocols, tokenization will move from the pilot phase to mass adoption.
S&P Global and Chainlink Partner for Stablecoin Scores
Financial data giant S&P Global is partnering with oracle network Chainlink to bring stablecoin risk assessments onto the chain. This will give decentralized finance (DeFi) protocols direct and real-time access to S&P's independent "Stablecoin Stability Assessment" (SSA) analyses.Stablecoin data moves onto the chainS&P Global Ratings' SSA model scores stablecoins based on their ability to maintain their stable value against fiat currencies. These assessments are not credit scores but are based on criteria such as asset quality, liquidity, governance structure, repayability, technological infrastructure, and regulatory compliance.S&P launched this system in December 2023, assessing eight major stablecoins. As of today, the company tracks ten different stablecoins, including USDT, USDC, and Sky Protocol's USDS/DAI token. With the new integration, these assessments can now be used directly on the blockchain. The integration, provided through Chainlink's institutional data publishing infrastructure, DataLink, enables DeFi platforms and smart contracts to access S&P's risk analysis without manual intervention. This allows credit protocols, yield platforms, or investors to integrate this data directly into their smart contracts and automate risk management processes.Chuck Mounts, head of S&P Global's DeFi unit, described the partnership as "meeting our customers where they are.""By moving our stablecoin assessments on-chain via Chainlink's trusted oracle infrastructure, we enable market participants to seamlessly access S&P analysis on DeFi systems. This step strengthens both transparency and informed decision-making."Chainlink co-founder Sergey Nazarov described S&P Global Ratings' move as "a new milestone for institutional adoption.""S&P is one of the world's most trusted rating agencies. This partnership provides a critical framework for large institutions to use stablecoins more securely and compliantly." The Onchain SSA service will initially launch on the Ethereum Layer-2 network Base, supported by Coinbase. It is planned to expand to other networks based on demand.S&P Global has recently rapidly increased its digital asset footprint. Last week, the company introduced a new on-chain index combining 15 cryptocurrencies and 35 crypto-focused stocks. In August, it further solidified its risk assessments for DeFi projects by giving Sky Protocol a "B-" rating.On the Chainlink side, the sheer size of the system is striking. To date, the Oracle network has facilitated data transfer in more than $25 trillion in on-chain transactions and secured approximately $100 billion in total locked DeFi value.LINK price is decliningMeanwhile, the LINK price is trending downward. The coin has lost nearly 20% of its value over a seven-day period, partly due to the loss of momentum in Bitcoin and other altcoins over the weekend. At the time of writing, it is trading at $18.36.
Crypto Era on Wall Street: Statements from Citi and JPMorgan
While Wall Street's two major banks pursue different strategies regarding crypto assets, they are sending positive messages about the future of digital finance. Citigroup plans to launch a crypto custody service by 2026, while JPMorgan Chase is currently holding off on the custody side but is ready to move into crypto trading and blockchain-based payment solutions.Citi is preparing to offer a crypto custody serviceBiswarup Chatterjee, head of partnerships and innovation in Citi's global services unit, told CNBC that the bank has been developing its crypto custody infrastructure for the past two to three years. "We are in a comprehensive exploration process across different areas. We expect to launch a reliable custody solution that we can offer to our asset managers and institutional clients in the next few quarters," he said.Citigroup's plan aims to facilitate secure access to crypto markets for traditional finance. The bank focuses specifically on the regulatory compliance of digital assets and providing professional-grade security to institutional investors. JPMorgan Remains on the Trading SideJPMorgan, on the other hand, is pursuing a more cautious but also more flexible approach to its crypto asset strategy. Scott Lucas, head of the bank's global markets and digital assets unit, said on CNBC's Squawk Box Europe, "Jamie Dimon has been very clear about this; we will be involved in the trading side, but custody is not on the table right now."Lucas stated that JPMorgan is interested in crypto trading and is in the process of establishing infrastructure in this area. While the bank plans to engage in digital asset trading, it is considering providing custody services through external partners. Lucas also touched on what JPMorgan calls the "and" approach: "For us, it's not just about choosing one. We aim to develop new solutions while evaluating opportunities in the current market."The bank is also working on blockchain-based payment systems and stablecoin-like digital assets. JPMorgan's deposit token, called "JPMD," launched as a pilot on the Base network in June, aims to facilitate blockchain-based transactions for institutional clients. Lucas said, “We are very excited about this area. JPMD has great potential to offer new services to our clients with its stablecoin-like features.”The statements from both institutions indicate a significant shift in the way major banks view crypto. While Citi is preparing for direct custody, JPMorgan is focusing on trading, payments, and tokenization.The recent passage of the GENIUS Act in the US also supports this transformation. By regulating the full reserve requirement and auditing obligations of stablecoin companies, it has enabled major banks to enter the cryptocurrency market more safely.
YZi Labs Announces $1 Billion Massive Fund for BNB Ecosystem
YZi Labs has launched a massive $1 billion fund to support startups in the BNB Chain ecosystem. The company aims to strengthen BNB's growth potential by investing in projects focused on Web3, artificial intelligence (AI), DeFi, and biotechnology.YZi Labs launches BNB networkFormerly known as Binance Labs before its rebranding, YZi Labs repositioned itself in the crypto space last year by changing its identity. In a statement, YZi Labs stated that this fund, called the "BNB Builder Fund," will provide support to entrepreneurs working in various fields such as decentralized finance (DeFi), artificial intelligence, real-world assets (RWA), decentralized science (DeSci), and wallet infrastructure. The fund will also operate as part of the YZi Residency program and will include BNB Chain's "Most Valuable Builder (MVB)" accelerator program. Projects selected for the MVB program will receive up to $500,000 in funding and will gain direct access to YZi Labs and BNB Chain's core team. This structure aims to accelerate the financial and technical development of early-stage startups.BNB Chain has recently experienced significant growth in transaction volume and active users. According to Token Terminal data, the network ranked first in daily transactions, DEX volume, and active addresses. As of October, BNB Chain's monthly active addresses reached 57.8 million, surpassing Solana's 38.5 million. The network's daily transaction volume is approaching $4.7 billion, while the total value locked (TVL) on the decentralized exchange Aster, in particular, has increased by 500% to $2.4 billion.YZi Labs's funding initiative aims not only to support developers on BNB Chain but also to increase liquidity and transaction activity on the chain. Historically, such ecosystem funds have been known to lead to strong increases in token prices. For example, in 2021, Near Protocol raised its token price to $18 within two months after establishing an $800 million ecosystem fund. That same year, the Avalanche Foundation announced a $200 million fund, dubbed "Blizzard," and the price of AVAX quickly surged by more than 80 percent.BNB may be entering a similar period. Having gained 11.6 percent in value in the last month, this fund announcement is rumored to be sparking a new rally. The network's transaction density and new developer interest have refocused investors' attention on BNB.YZi Labs President Ella Zhang said, "With this fund, we are supporting the BNB ecosystem in building a future based on human-centric technologies. We want to empower those building the next phase of open systems."
S&P Global Enters Crypto Markets with New Index
S&P Global, the world's leading financial data provider, is deepening its entry into the digital economy with a new index that combines crypto assets and traditional markets under one roof. The company announced its new indicator, the "S&P Digital Markets 50 Index," under the umbrella of S&P Dow Jones Indices (S&P DJI). The index combines both publicly traded crypto-related companies and leading cryptocurrencies in the same basket.The S&P 500 takes a significant step for cryptocurrenciesThe new index was created in partnership with blockchain firm Dinari. Dinari will also issue a "token" that closely tracks this index. This will allow investors to access both crypto assets and traditional stocks related to this ecosystem through a single product.According to S&P Global's statement, the index will include the stocks of 35 companies operating in digital asset operations, developing blockchain infrastructure, and operating in financial services and technology, as well as 15 cryptocurrencies selected from the S&P Cryptocurrency Broad Digital Market Index. Each asset will have a maximum share of 5% of the index. Like other S&P indicators, the index will be rebalanced quarterly.Cameron Drinkwater, Vice President of Product and Operations at S&P Dow Jones Indices, stated in a statement that digital assets are no longer on the fringes of the financial world, but rather at its core. He said:“The cryptocurrency and digital asset industry has become increasingly prominent in global markets. Our new index allows investors to monitor and evaluate this space in a rules-based and transparent manner. Market participants in the Americas, Europe, and Asia are now beginning to consider digital assets as part of their diversification and innovation strategies.”Drinkwater emphasized that independent and reliable indices will play a critical role in the crypto ecosystem, just as they do in traditional financial markets:“This step reinforces S&P DJI’s role as a trusted benchmark provider for traditional and alternative asset classes. We aim to contribute to investors’ search for clarity and confidence as crypto markets mature.” The S&P Digital Markets 50 Index offers a broad and balanced view of crypto markets and will also exemplify the integration of tokenization into financial indicators. Anna Wroblewska, Dinari's Chief Commercial Officer, stated that this project not only tokenizes an index but also redefines financial standards on the blockchain:“For the first time, investors will have access to both US equities and digital assets through a single, transparent product. This launch demonstrates the potential of blockchain technology to make financial standards more accessible and efficient.”S&P Global is one of several major financial institutions currently offering cryptocurrency indices and digital market indicators. The new index will join the company's S&P Cryptocurrency Indices and S&P Digital Market Indices series.
BNY Mellon is Preparing for the Blockchain Payments Era
The Bank of New York Mellon (BNY Mellon), the world's largest custodian bank, is exploring a "tokenized deposit" system that would support instant and cross-border payments using blockchain technology. This move is part of a growing trend in the traditional financial world toward blockchain-based payment infrastructures.Critical blockchain move from BNY MellonAccording to Bloomberg, Carl Slabicki, director of BNY Mellon's Treasury Services Platform, said the bank has begun exploring tokenized deposits and that they are a key component of the bank's plan to "modernize its real-time payments infrastructure." Tokenized deposits are defined as digital tokens issued by banks and collateralized by identical commercial bank currency. Unlike traditional systems, these assets can operate 24/7 on the blockchain, reducing transaction times and enabling cross-border payments to be completed in seconds. BNY Mellon's Treasury Services unit processes approximately $2.5 trillion in payments daily and holds a total of $55.8 trillion in assets under custody or management. Moving such a large volume to blockchain could significantly increase the efficiency of financial transactions. Slabicki stated that tokenized deposits will help "banks overcome legacy technological limitations."This move is the latest in a series of tokenized deposit initiatives that have gained momentum in the global banking sector. In June, JPMorgan launched a US dollar-backed tokenized deposit project called "JPMD" running on the Base network. HSBC announced a multi-currency tokenized deposit service for its corporate clients last month. Global messaging network SWIFT is also working on a blockchain-based shared ledger system for real-time cross-border payments.BNY Mellon's interest in digital asset infrastructure is not new. In July, the bank partnered with Goldman Sachs to tokenize the ownership records of money market funds. This project aimed to accelerate collateral mobility and reconciliation processes. The next step is complementary to this structure: combining tokenized cash flows with tokenized assets on the same network.Although a specific timeline hasn't been shared, Slabicki stated that this technology will initially be deployed within banks' own ecosystems and then expanded to broader markets as industry standards mature.
ICE Invests $2 Billion in Crypto Prediction Platform Polymarket
Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), announced a $2 billion investment in Polymarket, a cryptocurrency-based prediction platform.Polymarket Makes Major InvestmentThe deal, announced by Polymarket on its social media platform X, has brought the company's valuation to $9 billion. Following ICE's investment, the New York Stock Exchange's total market capitalization has surpassed $25 trillion, while the focus of traditional capital markets on crypto-focused products has resurfaced. Polymarket is a prediction market platform where users buy and sell "stocks" based on the outcomes of real-world events. Participants can take positions on a variety of topics, from elections and sporting events to crypto prices and global economic developments. Market prices reflect the community's collective probability predictions. Trades are typically conducted in stablecoins, and results are determined based on verifiable sources. US users have limited access to the platform due to regulatory restrictions.This investment has also accelerated Polymarket's preparations for its return to the US. In recent months, the U.S. Commodity Futures Trading Commission (CFTC) issued a no-action letter to Polymarket, granting it an exemption from certain reporting and recordkeeping obligations. This decision is seen as a significant step toward the company's relaunch.In July, Polymarket began the process of fulfilling regulatory requirements by acquiring the US-licensed derivatives exchange QCEX for $112 million. Subsequently, in late August, it added Donald Trump Jr., son of US President Donald Trump, to its advisory board. Trump Jr. made a multi-million dollar strategic investment in Polymarket through his investment firm, 1789 Capital.ICE CEO Jeffrey Sprecher said in a statement, “The Polymarket team has built a user-centric, innovative platform. We believe we will create significant opportunities together in financial data distribution and market analysis.” Sprecher also stated that under this partnership, ICE will distribute Polymarket's event-based data to global clients.The platform's founder, Shayne Coplan, has faced significant regulatory pressure in recent years. At the end of 2024, the FBI raided his home, and the CFTC issued a cease-and-desist order against Polymarket for unregistered activity. However, by the summer of this year, both the Department of Justice (DOJ) and the CFTC closed their investigations, removing obstacles to the company's return to the US market.However, the US government's shutdown in early October temporarily put Polymarket's official return plans on hold. With the CFTC's operations at a standstill, Polymarket's approval process for new contracts has been temporarily frozen.Polymarket's $9 billion valuation represents a nearly tenfold increase in just a few months. In June 2025, a $200 million investment round led by Peter Thiel's Founders Fund valued the company at $1 billion.
Sui Prepares to Launch Two New Altcoins
The Sui blockchain, which is rapidly gaining prominence among Layer-1 solutions, is poised to introduce a major innovation to its ecosystem. Sui Group, Ethena, and the Sui Foundation will launch two new stablecoins: USDi and suiUSDe. This initiative marks the first time native stablecoins will be traded on the Sui network.One stablecoin will be backed by BlackRockUSDi will be backed 1:1 by BlackRock's tokenized money market fund, BUIDL. This fund, issued through Securitize, brings the secure nature of traditional finance to the blockchain environment. Meanwhile, suiUSDe will be a synthetic dollar backed by digital assets and derivatives, similar to Ethena's $14 billion USDe stablecoin model. This structure is expected to provide yield for users. Marius Barnett, President of Sui Group, said, “We believe this initiative will increase liquidity on the Sui blockchain, expand its use cases, and create long-term value. It will also make Sui Group one of the first public gateways to the global stablecoin economy.”Stablecoin competition is heating upIn the cryptocurrency sector, stablecoins have long been centered around Tether’s USDT and Circle’s USDC. However, recently, various projects have begun launching their own stablecoins. The Layer-1 network HYPE held an auction for the right to issue the USDH stablecoin; Native Markets, in partnership with Stripe, won this auction, aiming to reduce the ecosystem’s dependence on USDC. Similarly, the Ethereum scaling solution MegaETH plans to partner with Ethena to launch a native stablecoin.Sui’s new move is a strong example of this trend. In August, stablecoin transfer volume on the Sui blockchain exceeded $229 billion, setting a new record. This high volume particularly attracted the attention of Ethena Labs. The company's CEO, Guy Young, said, "Sui's performance and interoperability were decisive for us."Sui Group, listed on Nasdaq, recently announced that its SUI token holdings exceeded $300 million. The company is able to purchase tokens at a discount thanks to a special agreement with the Sui Foundation. Previously operating under the name Mill City Ventures, the institution established its crypto treasury with a $450 million private placement.The Sui blockchain is a Layer-1 solution operating with a proof-of-stake mechanism and positioned as an alternative to networks like Ethereum and Solana. The native stablecoin initiative is considered a significant step that will strengthen Sui's position in the ecosystem. At the time of writing, the SUI price is trading at $3.5, a 1% increase. USDi and suiUSDe, expected to launch this year, will facilitate users' access to dollar-pegged assets on the Sui network. This move is considered important in terms of increasing liquidity, integration with DeFi protocols, and providing users with access to a wider range of financial instruments.
PayPal's Stablecoin PYUSD Opens to Nine New Blockchain Networks
PayPal is significantly expanding the reach of its dollar-backed stablecoin, PYUSD. Issued by Paxos Trust Company in 2023 and initially launched on Ethereum, PYUSD quickly expanded to Solana, Arbitrum, and Stellar. Now, thanks to the LayerZero integration, it is available on nine more blockchains. The new integration creates a permissionless version of PYUSD, dubbed "PYUSD0." This version, operating via LayerZero's Stargate Hydra bridge, will have exactly the same functionality as the original PYUSD. Whether users use the native PYUSD on Ethereum, Solana, or Stellar, or PYUSD0 on LayerZero-supported chains, the token is 1:1 exchangeable with US dollars and will be considered the same stablecoin.What are the new networks?The expanded networks include Tron, Avalanche, Sei, Aptos, Abstract, Ink, and Stable. Previously issued by the community, Berachain (BYUSD) and Flow (USDF) will also be upgraded to PYUSD0. This will bring PayPal's stablecoin to not only a few major chains but also rapidly growing new ecosystems.This move follows PayPal's LayerZero collaboration launched last year. At the time, PYUSD adopted LayerZero's omnichain token standard, enabling transfers between Ethereum and Solana without the need for centralized platforms. Now, this feature is being expanded to a wider audience.The current circulating supply of PayPal USD is approximately $1.9 billion. This figure is significantly lower than Tether's $171 billion USDT or Circle's $74 billion USDC. However, given the rapid growth of the stablecoin market across the industry, PayPal's actions are expected to give it a significant strategic position in the long term. The US Treasury Department predicts that the stablecoin market could reach $2 trillion by 2028. LayerZero Labs CEO Bryan Pellegrino emphasized that the integration is not just a technical advancement but also a strong sign of the future of the financial system. According to Pellegrino, stablecoins will be the cornerstone of a borderless, 24/7 global financial market.David Weber, CEO of the PayPal ecosystem, said, “By working with LayerZero, we are bringing PYUSD to new markets faster. We are maintaining both compatibility and cross-chain interoperability from the start.”This week, the company also introduced a new peer-to-peer payment feature called “PayPal Links.” This system, which will allow users to easily send payments through personal connections, is planned to integrate Bitcoin, Ethereum, PYUSD, and other assets soon. This will support PayPal’s stablecoin strategy not only with blockchain integrations but also with everyday payment solutions.
DBS, Franklin Templeton, and Ripple Announce Partnership
DBS, Franklin Templeton, and Ripple have signed a noteworthy collaboration in the financial world. The three institutions have signed a memorandum of understanding (MoU) to develop trading and lending products with tokenized money market funds on the XRP Ledger. This step aims to both accelerate the integration of traditional financial institutions onto the blockchain and provide investors with stable returns and liquidity.Franklin Templeton's fund on the XRP LedgerAs part of the agreement, Franklin Templeton will tokenize its US dollar-denominated short-term money market fund and move it to the XRP Ledger under the name sgBENJI. DBS Digital Exchange (DDEx) will list the sgBENJI token alongside Ripple's stablecoin, Ripple USD (RLUSD). This will allow DBS clients to switch between the stablecoin and the yield-generating fund 24/7, allowing them to balance their portfolios even during volatile periods.Nigel Khakoo, Ripple's Head of Global Trading and Markets, described this collaboration as a "game-changer." Khakoo emphasized that investors can increase capital efficiency and liquidity by leveraging both a stablecoin and a tokenized fund within a trusted ecosystem. According to him, 2025 will go down in history as a period in which traditional financial institutions take unprecedented steps on blockchain. Source: Ripple.com DBS Digital Exchange CEO Lim Wee Kian similarly stated that tokenized securities play a significant role in increasing efficiency and liquidity in global markets. It was also stated that DBS may, in the future, offer sgBENJI holders the opportunity to obtain loans from banks or third-party platforms using their tokens as collateral. This will allow investors to access loans while holding their assets.Franklin Templeton's launch of its tokenized fund on the XRP Ledger creates an attractive platform for institutional investors thanks to this blockchain's low transaction fees and fast transaction capacity. In conjunction with Ripple's stablecoin, RLUSD, this structure could usher in a new era for repo transactions and tokenized collateral mechanisms. This initiative comes at a time when institutional investors are showing increasing interest in crypto assets. Data shared by Ripple shows that 87% of institutions plan to allocate funds to this area by 2025. Furthermore, the growing role of tokenized assets in global markets reinforces the importance of this collaboration. For example, banks based in Japan and Singapore are testing cross-border payments with multi-currency tokenized deposits, which points to the same trend.The partnership between DBS, Franklin Templeton, and Ripple builds a critical bridge at the intersection of traditional and digital finance. Investors will now have access to regulated, income-generating tokenized funds, in addition to crypto assets.
Google Adds Stablecoin Support to AI Payment System: Partners with Coinbase
Google has announced a new open-source payment protocol that will facilitate money transfers between AI applications. According to Fortune, this system will support not only traditional payment methods like credit and debit cards but also stablecoins. The integration of stablecoins, also known as cryptocurrencies pegged to the US dollar, is a critical development.Google Worked on Stablecoins for AI ApplicationsThe company partnered with Coinbase to ensure stablecoin compatibility. Coinbase was already developing its own AI and crypto payment infrastructure. In addition to the Ethereum Foundation, more than 60 organizations, including American Express, Salesforce, and Etsy, contributed to the development of this protocol. James Tromans, President of Google Cloud Web3, said, “When designing the system from scratch, we considered both existing payment infrastructures and future innovations like stablecoins.”This development is driven by the rapidly rising AI "agent" trend. Agents are algorithms that perform specific tasks on behalf of the user. Some write code, while others shop at online stores. A common view in the tech world is that in the near future, AIs will communicate directly with each other. If this scenario materializes, an AI financial advisor will be able to find the best mortgage by talking to digital representatives from different banks; or a virtual shopping assistant will be able to interact with the AI of a clothing store to purchase the right product for the user.Google Releases ProtocolBuilding on this prediction, Google released a protocol last April to allow agents to communicate with each other. The new payment protocol announced now expands this framework. This aims to ensure that financial transactions between the two AI agents are secure, transparent, and aligned with user intent.Erik Reppel, head of engineering at Coinbase, stated that Google and its payment infrastructures have been aligned, saying, "Our goal is to enable AIs to transfer value to each other."This move demonstrates that Google is one of the few major tech companies openly interested in stablecoins. With the advent of a more crypto-friendly government in the US, companies like Apple, Meta, and Airbnb are also reportedly working on stablecoin integration. In June, Shopify announced that it would offer stablecoin payments to its users before the end of the year.
London Stock Exchange Makes Historic Move: Funds Open to Transactions on Blockchain
The London Stock Exchange has taken a historic step in tokenization. The company has officially launched a new platform that enables the digitization, issuance, and settlement of private funds on the blockchain.The system, announced by the London Stock Exchange Group (LSEG) as the "Digital Markets Infrastructure" (DMI), is built on Microsoft Azure. The platform allows private markets funds to create and manage tokenized financial instruments within existing regulatory frameworks. One of the first implementations was carried out by Bermuda-based investment manager MembersCap. The company raised capital by tokenizing its fund, "MCM Fund 1," through this system. London-regulated exchange Archax served as the nominee in this process.LSEG officials stated that this is only the first phase and that different asset classes will be integrated into the platform as part of the tokenization process in the future.The transition from traditional to digital is underwayThe tokenization trend has rapidly gained momentum in the financial world in recent years. Representing traditional securities on the blockchain makes issuance, transaction, and settlement processes more efficient. Dr. Darko Hajdukovic, Head of Digital Markets at LSEG, stated that many processes in private markets today are costly and complex, and that tokenization could overcome these obstacles.According to proponents, tokenization both reduces back-office costs and offers broader market access. Furthermore, 24/7 trading adds a new dimension to liquidity.Major investment firms such as BlackRock and Franklin Templeton have already begun offering billions of dollars in money market products to investors on blockchain. The size of assets managed on Ethereum and similar networks is rapidly increasing.Global competition heats upLSEG's move comes on the heels of Nasdaq's remarkable filing with the Securities and Exchange Commission (SEC) in the US. Nasdaq is requesting that tokenized securities be allowed to trade on the same order book as traditional stocks, provided certain conditions are met. If approved, this implementation could be implemented as early as 2026. However, major banks like JPMorgan argue that the tokenization of real assets is still progressing slower than expected and that scalability will take time.$30 trillion potentialNevertheless, the potential is substantial. According to Standard Chartered analysts, the market created by migrating real assets to blockchain could reach $30 trillion by 2034. According to data from The Block, the total value locked in tokenized real asset products and protocols has now surpassed $13 billion.
BlackRock Prepares to Tokenize ETFs: $2 Trillion on the Table
BlackRock, the world's largest asset manager, has taken action to bring exchange-traded funds (ETFs), one of the most popular investment vehicles in traditional finance, to the blockchain world. According to Bloomberg, the company is working on different models for tokenizing ETFs tied to real assets like stocks. Regulatory approval is the most critical stage of the process.This move by BlackRock is a natural continuation of the company's strategy for digital assets. Launched in 2024, its tokenized money market fund, called BUIDL, quickly reached over $2 billion and found significant use in the crypto ecosystem. That same year, the firm's spot Bitcoin ETF also became one of the most successful fund launches in history.Tokenization refers to creating digital representations of traditional financial assets on the blockchain. Tokenizing ETFs can allow investors to trade outside market hours, facilitate international access, and pave the way for tokens to be used as collateral in the crypto ecosystem. Proponents argue that this model: It will offer advantages such as instant reconciliation, fragmented ownership, and more efficient market structures.Interest in this area is rapidly growing in the sector. Major managers such as Franklin Templeton have already launched tokenized fund classes. BlackRock previously conducted similar tests on JPMorgan's Onyx (now Kinexys) blockchain. The company's CEO, Larry Fink, has long argued that every financial asset will eventually be tokenized. In his annual letter to investors in 2025, he reiterated that tokenization has the potential to transform financial markets.The market's size is striking. According to research by Animoca Brands, the tokenization of real assets has the potential to transform the $400 trillion traditional financial market. By 2025, the total value of tokenized real assets reached a record $26.5 billion, representing a 70 percent increase since the beginning of the year. US bonds and private loans, in particular, account for 90 percent of the total tokenization volume. Skynet's 2025 RWA Security Report predicts the market could reach $16 trillion by 2030.Tokenization initiatives are on the riseInitiatives in this area have also increased. In September, Ondo Finance announced Ondo Global Markets, offering tokenized access to over 100 US stocks and ETFs on Ethereum. In Asia, SBI Holdings partnered with Startale to develop an on-chain tokenized platform for institutional investors.While the opportunities are significant, regulatory and technical hurdles remain significant. While traditional ETFs are processed through Wall Street clearinghouses, tokenized assets operate with instant settlement. This difference has sparked significant debate regarding regulation and custody solutions. However, US regulators are increasingly open to controlled testing of blockchain-based market models. Nasdaq has also applied for approval to allow trading of tokenized stocks. BlackRock's digital asset offensive is also reflected in its financial statements. The company reported net inflows of $14.1 billion in the second quarter of 2025, bringing its total digital asset management to $79.6 billion. While this figure represents only 1% of its $12.5 trillion in total assets, it stands out as one of the fastest-growing segments. Inflows into digital assets have reached $17 billion since the beginning of the year.In particular, the company's spot Bitcoin ETF, IBIT, surpassed the gold-focused SPDR Gold Trust with $6.96 billion in inflows in 2025, making it the sixth most popular ETF in the US.
Sui-Based Altcoin Hit for $2.4 Million
The world of decentralized finance (DeFi) has once again been shaken by news of a cyberattack. Nemo Protocol, a yield platform built on the Sui blockchain, announced that it had lost approximately $2.4 million worth of stablecoins due to a security vulnerability over the weekend. In the incident, first reported by security firm PeckShield, the attacker reportedly transferred stolen USDC tokens from Arbitrum to the Ethereum network. This moved the assets into an ecosystem where they could be more easily moved and difficult to monitor.All smart contracts have been haltedThe Nemo team confirmed the attack in a statement on Telegram on Monday, announcing the incident to the community:“Dear Nemo community, last night there was a security incident affecting the Market pool. We are investigating the issue and have temporarily halted all smart contract activity. We will share new information as we receive it.”It is also noteworthy that the platform has entered a previously scheduled maintenance period. Nemo had previously announced that the application would be under maintenance on Monday and Tuesday. Therefore, the attack's emergence coincided almost simultaneously with the maintenance period.Are the assets safe?Nemo Protocol emphasized that the attack only affected a specific pool and that the assets held in the vaults were safe. However, a clear explanation has not yet been released regarding the root cause of the incident. This uncertainty has shaken investor confidence and once again highlighted the ongoing security vulnerabilities in DeFi protocols.Following the attack, the total locked assets (TVL) on the platform experienced a significant decline. According to DeFiLlama data, Nemo Protocol's TVL fell from $6 million to $1.53 million. This decline indicates that investors were rapidly withdrawing their funds from the platform.What is Nemo Protocol?Nemo Protocol is a yield optimization and yield trading platform built on the Sui blockchain. It offers users the ability to tokenize their investments. The platform divides assets into Principal Tokens (PT) and Yield Tokens (YT), allowing users to buy and sell these tokens, hedge future returns, or take speculative positions.While yield tokenization, in particular, is becoming increasingly popular in the DeFi world, Nemo Protocol was one of the prominent projects in the Sui ecosystem. However, the recent incident may cause investors to re-evaluate their trust in such new projects.Billions of dollars worth of assets have been lost in recent years due to smart contract vulnerabilities and protocol flaws. The transparency and freedom offered by decentralized finance also create attractive opportunities for malicious actors.
