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Project Overview
Digital Asset is a blockchain software and services provider that helps enterprises create economic value through interconnected networks. Their products are built on Daml, the leading platform for developing and running complex, multi-party applications using an advanced smart contract language and tools. Daml offers unparalleled privacy and a top-notch SDK, ensuring that all participants in an application remain in sync and have access to reliable, real-time data.
First Digital to Go Public on Nasdaq via Reverse Merger at $250M Valuation, Expected to Close in H1 2027
Odaily News: First Digital is a Hong Kong-based digital asset company and the issuer of FDUSD. The company has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III, with a pre-transaction valuation of $250 million. Upon completion of the transaction, the two parties are expected to form a new holding company and list on Nasdaq, with completion anticipated in the first half of 2027, subject to regulatory approvals and other closing conditions. As of June 30, 2026, FDUSD's cumulative trading volume has exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, First Digital generated approximately $87 million in revenue. First Digital stated that FDUSD's reserve assets consist of cash and cash equivalents held in segregated accounts, with monthly attestations conducted by independent firms. The company's Finance District platform has launched 4 products to date but has not yet generated significant revenue.
Arthur Hayes: Money Printing Could Drive Cryptocurrency Prices Higher
Arthur Hayes stated that U.S. policymakers may support the AI industry and government debt financing through money printing, driving cryptocurrency prices higher; if China shifts from limited tightening to large-scale monetary stimulus, it could also boost demand for scarce assets. He is also monitoring financial stress in France, including BNP Paribas-related credit default swaps and French government bond spreads.Catrina Wang, General Partner at Portal Ventures, said that banks and asset management companies have advantages in on-chain financial markets thanks to their existing client relationships. Todd McDonald, co-founder of R3, pointed out that public blockchains can help institutions reach clients beyond their own networks; Justin Kugel, Executive Vice President of Growth at World Liberty Financial, said that user demand for asset management and investment evaluation still leaves room for intermediaries.Chetan Karkhanis, Senior Vice President of Digital Asset Client Relationships at Franklin Templeton, said the company has no intention of issuing its own stablecoin and hopes tokenized money market funds will provide investment returns. Haonan Li, co-founder and CEO of Codex, said that trade routes connecting Latin America, sub-Saharan Africa, and Asia are driving demand for stablecoin payments; buyers pay eastward for goods, while manufactured products flow westward.Ilya Podoynitsyn, co-founder and CEO of FinHarbor, said that before allocating to crypto assets, companies need to confirm they have long-term idle funds that will not affect daily operations. Michael Camarda, Chief Development Officer of Ethereum treasury company SharpLink, said that both buying back shares and increasing ETH holdings can raise ETH per share; the company has adopted both methods to meet the preferences of institutional and retail investors. (Cointelegraph)
Hashed anchors $300 Million Digital Asset Private Credit Fund
Odaily News: The fund was founded by Abu Dhabi-based investor and Further Ventures co-founder Mohamed Hamdy, with Thoro Capital Management serving as the manager and Mohamed Hamdy as Managing Partner. Thoro Capital Management will settle in USD via stablecoins and lend directly to digital asset institutions, with Hashed as the anchor investor. The fund employs a covenant-based underwriting approach, assessing borrowers' financial condition, cash flow, and management performance, aiming to alleviate the financing issues caused by traditional banks' regulated capital requirements and crypto lenders' reliance on asset-collateralized underwriting. Tokenized private credit has become the largest real-world asset (RWA) category by cumulative on-chain lending volume, with total loans exceeding $14 billion, while the traditional private credit market exceeds $3 trillion. Previously, Hashed obtained a financial services permission from the Abu Dhabi Global Market and signed a memorandum of understanding with the Abu Dhabi Investment Office.
HuaXia Fund Hong Kong Completes First HKD-Pegged Stablecoin HKDAP Digital Asset Investment Use Case
According to Sing Tao Daily, ChinaAMC (Hong Kong) announced that it has partnered with Standard Chartered Bank and others to complete Hong Kong's first use case of an HKD stablecoin (HKDAP) investing in digital assets. This demonstrates how regulated HKD stablecoins can be integrated with digital financial assets within a compliant and regulatory framework, providing investors with more diversified investment options. HKDAP is an HKD stablecoin issued by Hong Kong-licensed stablecoin issuer Anchor Point Finance, spearheaded by Standard Chartered Bank (Hong Kong).
Bernstein: CLARITY Act Failure May Instead Accelerate Regulatory Implementation
According to Cointelegraph, the U.S. Senate failed to advance a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act) on Tuesday. Bernstein analysts anticipate that the SEC and CFTC will subsequently embark on "proactive and swift" rulemaking to compensate for the time lost during prior negotiations. The forthcoming regulations are expected to cover: classification criteria for token offerings, developer protections for DeFi and self-custody protocols, innovation exemptions for equity tokenization, an expedited approval pathway for physical asset perpetual futures, and swap designation rules for federal sports event contracts. Bernstein pointed out that the CLARITY Act was originally intended to provide the industry with institutional safeguards against "shifts in political winds," and its defeat has once again cast doubt on regulatory certainty. Analysts also noted that the likelihood of a reconsidered vote on the bill remains low.
CLARITY Act Procedural Vote Fails; Bernstein Expects SEC, CFTC to Accelerate Rulemaking
Bernstein analysts said that after the U.S. Senate failed to pass the procedural vote on the Digital Asset Market Clarity Act, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expected to accelerate the development of digital asset regulatory rules.The analysts expect the new rules to cover the classification of fundraising tokens, protections for DeFi and self-custody protocol developers, innovation exemptions for equity tokenization, approval of real-world asset perpetual futures, and adjustments to swap classification rules for federal sports event contracts. (Cointelegraph)
Korean domestic crypto projects continue to migrate overseas due to a regulatory gap in the ICO ban, as experts call for a basic law to clarify return standards.
According to reports from South Korean media outlet Dailian, the Digital Asset Exchange Association (DAXA) released the "2026 Digital Asset Policy Compilation." Professor Jo Jae-woo of Seoul National University pointed out that since the 2017 ICO ban, domestic crypto projects in South Korea have continuously relocated their issuing entities and operational foundations overseas due to regulatory gaps. Token issuance for Klaytn is handled by a Singaporean legal entity, while WEMIX under Wemade similarly uses a Singaporean corporation as its issuer. Subsequently, Metabora relocated to Dubai and NeoFin moved its foundation to Abu Dhabi, further exacerbating the trend of industry outflow. Experts highlighted that the regulatory disparity between domestic and foreign issuers, along with difficulties in opening corporate bank accounts, are key obstacles. They emphasized that "South Korea does not need more relaxed regulation, but clearer rules," calling on the Digital Asset Basic Act to clarify licensing standards for services such as issuance, custody, and verification, and to establish special procedures for repatriating core functions from overseas back to the country.
Canton CEO Says Crypto Industry Should Cement Adoption by 2028 to Withstand US Policy Shifts
Canton CEO and Digital Asset co-founder and CEO Yuval Rooz said at Token2049 in Singapore that the crypto industry should leverage the current regulatory environment to accelerate institutional adoption and drive broader blockchain usage, reducing the likelihood of future governments reversing the industry's progress. He said that regardless of what happens in 2028, the industry should reach a point of "no return."Yuval Rooz compared the opportunity for blockchain adoption to Uber and Airbnb, noting that both services achieved widespread use before regulators took restrictive measures. The next US presidential election is scheduled for November 7, 2028, which could bring changes in government and regulatory priorities.In the same panel discussion, Binance co-CEO Richard Teng said he hopes the CLARITY Act ultimately becomes law, adding that legislation can prevent regulatory backtracking and drive institutions into the market. Franklin Templeton CEO Jenny Johnson said legislation would increase certainty, but the industry should not rely on the bill's passage; the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have already been advancing crypto regulation under existing authorities. (Cointelegraph)
First Digital to Go Public on Nasdaq via Reverse Merger at $250M Valuation, Expected to Close in H1 2027
Odaily News: First Digital is a Hong Kong-based digital asset company and the issuer of FDUSD. The company has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III, with a pre-transaction valuation of $250 million. Upon completion of the transaction, the two parties are expected to form a new holding company and list on Nasdaq, with completion anticipated in the first half of 2027, subject to regulatory approvals and other closing conditions. As of June 30, 2026, FDUSD's cumulative trading volume has exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, First Digital generated approximately $87 million in revenue. First Digital stated that FDUSD's reserve assets consist of cash and cash equivalents held in segregated accounts, with monthly attestations conducted by independent firms. The company's Finance District platform has launched 4 products to date but has not yet generated significant revenue.
Digital Asset Custody Channels May Expand as SEC Proposes Allowing Investment Advisers to Self-Custody Under Certain Circumstances
According to Bitcoin News on X, the U.S. Securities and Exchange Commission (SEC) has proposed updating digital asset custody rules to allow investment advisers to self-custody when no qualified custodian is willing to custody specific assets, provided they meet requirements such as written assessment, multi-party authorization for transfers, wallet segregation, and security reviews. The proposal also seeks to allow qualifying state-chartered trust companies to serve as qualified custodians for digital assets such as Bitcoin. The proposal does not yet specify approval of any particular digital asset for investment adviser custody; if ultimately passed, Bitcoin could benefit due to its relatively mature existing institutional custody infrastructure.
Crypto PAC Fairshake Announces Midterm Election Endorsement List, All 32 House Candidates Previously Supported the CLARITY Act
According to Cointelegraph, the crypto political action committee Fairshake, backed by Coinbase, Ripple Labs, and Andreessen Horowitz, announced it will fund 32 House candidates in the 2026 U.S. midterm elections, including 19 Republicans and 13 Democrats. As an initial round, Fairshake will contribute $1 million each to the campaigns of six of these candidates, totaling $6 million. All 32 candidates previously voted in 2025 to advance the Digital Asset Market Clarity Act (CLARITY Act). The bill had earlier failed to pass a crucial procedural vote in the Senate, and its subsequent progress remains uncertain.
CFTC Chair: Will Continue to Issue Crypto Regulatory Rules Under Existing Authority
Michael Selig, Chairman of the U.S. Commodity Futures Trading Commission, said that regulatory agencies already possess substantial existing statutory authority. While participating in the work of the President's Working Group on Digital Asset Markets, he has studied statutory authorizations and legislative-level authorities, and will continue to issue regulatory rules in the crypto sector based on existing regulatory authority to prepare for the development of new areas in finance.
Bernstein: CLARITY Act Failure May Instead Accelerate Regulatory Implementation
According to Cointelegraph, the U.S. Senate failed to advance a procedural vote on the Digital Asset Market Clarity Act (CLARITY Act) on Tuesday. Bernstein analysts anticipate that the SEC and CFTC will subsequently embark on "proactive and swift" rulemaking to compensate for the time lost during prior negotiations. The forthcoming regulations are expected to cover: classification criteria for token offerings, developer protections for DeFi and self-custody protocols, innovation exemptions for equity tokenization, an expedited approval pathway for physical asset perpetual futures, and swap designation rules for federal sports event contracts. Bernstein pointed out that the CLARITY Act was originally intended to provide the industry with institutional safeguards against "shifts in political winds," and its defeat has once again cast doubt on regulatory certainty. Analysts also noted that the likelihood of a reconsidered vote on the bill remains low.
CLARITY Act Procedural Vote Fails; Bernstein Expects SEC, CFTC to Accelerate Rulemaking
Bernstein analysts said that after the U.S. Senate failed to pass the procedural vote on the Digital Asset Market Clarity Act, the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are expected to accelerate the development of digital asset regulatory rules.The analysts expect the new rules to cover the classification of fundraising tokens, protections for DeFi and self-custody protocol developers, innovation exemptions for equity tokenization, approval of real-world asset perpetual futures, and adjustments to swap classification rules for federal sports event contracts. (Cointelegraph)
EDEL Rises After Joining DTC Digital Asset Solutions Industry Working Group, Two Addresses Accumulate 7.89 Million EDEL Tokens Recently
Odaily News: According to Lookonchain monitoring, EDEL rose after @edeldotfinance joined the DTC Digital Asset Solutions Industry Working Group. Recently, ezhomi.base.eth bought 5.33 million EDEL worth $98,000 over a period of 4 days; another address bought 2.56 million EDEL worth $48,000 in the past 2 days.
Hyperliquid Launches USDC Yield Mechanism to Buy Back and Burn HYPE
According to Digital Asset, Hyperliquid launched the AQAv2 (Aligned Quote Asset v2) mechanism on August 26, allocating a portion of the returns generated by USDC reserves on the platform toward capital accumulation, which will ultimately be directed to the Assistance Fund for secondary market repurchases and burns of HYPE to reduce its circulating supply. Under this mechanism, Circle is responsible for USDC technical deployment, while Coinbase handles reserve management; stablecoin issuers are expected to share approximately 90% of the relevant reserve returns with the protocol after deducting operating costs. Returns are accumulated on a 30-day cycle, with the initial fund transfer expected on October 3. Market estimates indicate that, based on current USDC outstanding balances and yield rates, annualized returns could reach $135 million to $160 million, although the actual repurchase scale will ultimately depend on the platform's USDC supply and reserve yields.
Standard Chartered: Bitcoin Could Reach $126,000 by Year-End; Previous $100,000 Target Too Conservative
Odaily News: Geoff Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, stated that the forecast of Bitcoin reaching $100,000 by the end of the year may be too conservative, and there is a possibility of challenging the previous all-time high of $126,000 before the year ends.On Friday, Kendrick noted that the recent Bitcoin rally has been primarily driven by short liquidations, while inflows into spot Bitcoin ETFs have also begun to recover. Given the currently low open interest levels in the market, more investors could re-enter as prices rise, providing further momentum for the rally."This is the first time this year that I've seen a risk that my year-end target of $100,000 may be too low," Kendrick said.Kendrick believes that Bitcoin's rebound momentum could accelerate further after October 6. Meanwhile, several market observers also believe the bear market may be nearing its end. Cory Klippsten, CEO of Swan Bitcoin, previously stated that Bitcoin could bottom out in October; Markus Thielen, founder of 10x Research, suggested that if the August monthly close stays above $63,000, it could confirm the formation of a bear market bottom. (Cointelegraph)
Bitcoin Treasury Companies Shift Strategy: Selling BTC, Repaying Debt, and Betting on AI as Stock Plunges Force Strategic Pivot
Odaily News As Bitcoin prices have experienced a significant correction, publicly listed companies that had accumulated large BTC holdings are facing multiple challenges, including falling stock prices, debt pressures, and a deteriorating financing environment. Some of these companies are now starting to sell Bitcoin, repay debts, and even pivot towards artificial intelligence (AI) data center operations.Strategy pioneered the "Digital Asset Treasury (DAT)" model, continuously purchasing Bitcoin through financing and borrowing, inspiring a wave of other listed companies to follow suit. However, as the BTC price has fallen approximately 50% from its peak of around $126,000 in October 2025, the stock prices of related companies have also shrunk significantly, forcing them to reassess their BTC accumulation strategies.This week, shareholders of London-listed company Satsuma Technology approved the liquidation of all 668 BTC, returning capital to shareholders, while proceeding with delisting. Another London-listed company, The Smarter Web Company, sold 178 BTC to repay its convertible debt.Additionally, Sequans Communications has sold 1,025 BTC and further sold nearly 80% of its remaining holdings to repay convertible bonds. The company stated it will not continue purchasing Bitcoin in the future and plans to sell the remaining approximately 658 BTC.Nakamoto's stock price has fallen approximately 99% since its SPAC listing in May 2025. The company recently sold about 284 BTC, raising approximately $20 million for working capital. Of its remaining approximately 5,342 BTC, nearly 70% has been pledged as collateral for loans from Kraken, which market observers believe poses a potential risk event.Meanwhile, Bitcoin mining companies are also adjusting their strategies. Companies like Bitdeer Technologies and MARA Holdings are selling portions of their BTC to repurchase shares, repay debts, and redirect energy resources and computing infrastructure towards AI data center operations.Other companies selling BTC include Empery Digital. Data shows that Strategy has recently sold approximately 3,620 BTC and has authorized further asset sales to maintain its U.S. dollar reserves.However, Strategy remains the world's largest corporate holder of Bitcoin, with holdings exceeding 840,000 BTC. The company's CEO, Michael Saylor, stated that while it may sell some Bitcoin in the future to pay dividends, this does not mean the company is exiting its Bitcoin investment.Beyond asset adjustments, management and capital operations at some Bitcoin treasury companies are also changing. Jack Mallers has stepped down as CEO; and Bitcoin Standard Treasury Company (BSTR), affiliated with Adam Back, failed to complete a proposed merger due to the deteriorating market environment.Analysts believe that with rising financing costs and increased BTC price volatility, the "borrowing to buy Bitcoin" treasury model is undergoing a reshuffle. Some companies are shifting from simply hoard
Korea National Tax Service Plans to Introduce Blockchain Tracking Program to Plug Tax Loopholes on Crypto Assets in Personal Wallets
According to Digital Asset, South Korea's National Tax Service stated that it will introduce commercial blockchain tracking software used by domestic and international law enforcement agencies, including prosecutors, police, and the IRS, to track and analyze transfers between digital asset wallets in order to prevent tax loopholes arising from personal wallets. Meanwhile, regarding tax oversight of overseas exchanges, South Korea will address this through the Crypto-Asset Reporting Framework (CARF). Taking effect in 2028, CARF will cover transaction information from 2027, aligning with the timeline of the domestic digital asset income tax, which will be levied starting in 2027 with declarations due in May 2028, thereby achieving effective tax coverage of overseas holdings.
IRS Warns Crypto Holders: Scammers Are Sending Fake Letters by Mail to Steal Assets or Data
according to Bloomberg, the U.S. Internal Revenue Service (IRS) is warning crypto asset holders that scammers are contacting some taxpayers by mailing fake letters in an attempt to steal their digital assets or personal data.The IRS stated that these letters may require taxpayers to register for a so-called "Digital Asset Compliance Portal," but this portal does not exist. The IRS also reminds users not to scan suspicious QR codes, and not to answer or comply with calls demanding payment.While phishing and digital scams are not new to the crypto industry, sending fake IRS notifications through physical mail appears to be a novel scam tactic. As the IRS has indeed sent taxpayers letters related to digital assets in the past, and the surge in crypto tax filing notices last year has led to confusion among many taxpayers, scammers may be exploiting this familiarity to disguise their attempts.As the U.S. tax system requires taxpayers to disclose their crypto asset activities on tax returns, communication between the IRS and digital asset holders has become more common. This also makes fake tax notices more deceptive. For crypto users, encountering "IRS letters" involving portal registration, QR code scanning, wallet connections, or payment demands warrants extra caution and should be verified through official channels.
Senator Lummis' X Account Hacked, Fake Solana Meme Coin Scam Deleted Within Five Minutes
According to BeInCrypto, the official verified X account of U.S. Senator Cynthia Lummis was hacked on July 29. The account briefly posted a fake Solana Meme coin promotion post named $USA Token, featuring a pump.fun minting link. The post was deleted within approximately five minutes, accumulating around 5,600 views and 37 replies during that period. Crypto community users quickly issued warnings, and there are currently no records of financial losses. Lummis's office had not released any statement as of press time. The timing of this incident is sensitive, coinciding with the stalemate of the "Digital Asset Market Transparency Act" (CLARITY Act) championed by Lummis in Congress.
Standard Chartered Bank: Aave is expected to rise to $3,500 by 2030, an increase of approximately 50x from its current price.
According to CoinDesk, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, released a report initiating coverage of the decentralized lending protocol Aave, with a target price of $3,500 by end-2030—approximately 50 times its current price of around $70—and expects Aave to outperform both Bitcoin and Ethereum. Kendrick stated that Aave has recovered from the April 2026 KelpDAO rsETH bridge vulnerability incident, during which attackers used approximately $290 million worth of stolen tokens as collateral to borrow real assets on Aave, exposing the protocol to up to $230 million in potential losses. Assets have now begun flowing back onto the platform, and Aave’s dominant position in on-chain lending remains solid. Looking ahead, Standard Chartered forecasts that the value of tokenized assets actively used in DeFi applications will grow 37-fold by 2030. Aave—whose revenue model is directly tied to lending activity—is poised to benefit directly. Additionally, Aave’s Horizon initiative (enabling tokenized real-world asset lending in permissioned environments) and the potential relaunch of its token buyback program are viewed as key catalysts.
WTW Acquires Digital Asset Insurance Platform Redefind, Plans to Launch Crypto Asset Protection Services First in the UK
According to GlobeNewswire, WTW, a global leader in insurance and risk management, has announced the acquisition of digital asset insurance platform Redefind to strengthen its digital asset protection services. As disclosed, Redefind provides an end-to-end platform for cryptocurrency and digital asset insurance access. WTW plans to initially launch an unhosted loss recovery insurance solution in the UK to cover related expenses—including forensic investigations, asset tracing, and legal recovery—following theft or loss of digital assets.
Minnesota Governor Signs Bill Allowing State-Chartered Credit Unions to Offer Digital Asset Custodial Accounts
Governor Walz of Minnesota has signed legislation enabling state-chartered credit unions to offer digital asset custody accounts. The bill aims to allow Minnesota residents to manage their crypto assets more securely under regulatory oversight and strengthen protections against fraud, hacking, and asset loss. Minnesota Credit Unions also thanked co-sponsors Reps. Perryman and Elkins and Sen. Seeberger for advancing this legislation.
Korean domestic crypto projects continue to migrate overseas due to a regulatory gap in the ICO ban, as experts call for a basic law to clarify return standards.
According to reports from South Korean media outlet Dailian, the Digital Asset Exchange Association (DAXA) released the "2026 Digital Asset Policy Compilation." Professor Jo Jae-woo of Seoul National University pointed out that since the 2017 ICO ban, domestic crypto projects in South Korea have continuously relocated their issuing entities and operational foundations overseas due to regulatory gaps. Token issuance for Klaytn is handled by a Singaporean legal entity, while WEMIX under Wemade similarly uses a Singaporean corporation as its issuer. Subsequently, Metabora relocated to Dubai and NeoFin moved its foundation to Abu Dhabi, further exacerbating the trend of industry outflow. Experts highlighted that the regulatory disparity between domestic and foreign issuers, along with difficulties in opening corporate bank accounts, are key obstacles. They emphasized that "South Korea does not need more relaxed regulation, but clearer rules," calling on the Digital Asset Basic Act to clarify licensing standards for services such as issuance, custody, and verification, and to establish special procedures for repatriating core functions from overseas back to the country.
Digital Asset Custody Channels May Expand as SEC Proposes Allowing Investment Advisers to Self-Custody Under Certain Circumstances
According to Bitcoin News on X, the U.S. Securities and Exchange Commission (SEC) has proposed updating digital asset custody rules to allow investment advisers to self-custody when no qualified custodian is willing to custody specific assets, provided they meet requirements such as written assessment, multi-party authorization for transfers, wallet segregation, and security reviews. The proposal also seeks to allow qualifying state-chartered trust companies to serve as qualified custodians for digital assets such as Bitcoin. The proposal does not yet specify approval of any particular digital asset for investment adviser custody; if ultimately passed, Bitcoin could benefit due to its relatively mature existing institutional custody infrastructure.
Crypto PAC Fairshake Announces Midterm Election Endorsement List, All 32 House Candidates Previously Supported the CLARITY Act
According to Cointelegraph, the crypto political action committee Fairshake, backed by Coinbase, Ripple Labs, and Andreessen Horowitz, announced it will fund 32 House candidates in the 2026 U.S. midterm elections, including 19 Republicans and 13 Democrats. As an initial round, Fairshake will contribute $1 million each to the campaigns of six of these candidates, totaling $6 million. All 32 candidates previously voted in 2025 to advance the Digital Asset Market Clarity Act (CLARITY Act). The bill had earlier failed to pass a crucial procedural vote in the Senate, and its subsequent progress remains uncertain.
Plume Launches nBND: First On-Chain Vault Backed by an Actively Managed Bond ETF from Fidelity
According to an official announcement from Plume, the network has officially launched nBND, an on-chain vault product backed by the Fidelity Total Bond ETF (FBND). FBND is an actively managed ETF that primarily invests in investment-grade bonds, high-yield bonds, and emerging market debt. Prior on-chain investment solutions had largely focused on short-duration treasuries, and the launch of nBND marks an extension into longer-duration, actively managed products for institutional-grade assets on-chain. Cynthia Lo Bessette, Head of Digital Asset Management at Fidelity, and Plume co-founder Teddy Pornprinya engaged in an in-depth discussion regarding these investment solutions.
Senate fails to pass Crypto Clarity Act, regulatory process faces a reset
The U.S. Senate failed to advance the Digital Asset Market Clarity Act, with the retirement of key lawmakers making it impossible to revive this 635-page bill, backed by both Wall Street and the crypto industry, before the end of the year, leaving the crypto regulatory framework facing a complete reset.
Arthur Hayes: Money Printing Could Drive Cryptocurrency Prices Higher
Arthur Hayes stated that U.S. policymakers may support the AI industry and government debt financing through money printing, driving cryptocurrency prices higher; if China shifts from limited tightening to large-scale monetary stimulus, it could also boost demand for scarce assets. He is also monitoring financial stress in France, including BNP Paribas-related credit default swaps and French government bond spreads.Catrina Wang, General Partner at Portal Ventures, said that banks and asset management companies have advantages in on-chain financial markets thanks to their existing client relationships. Todd McDonald, co-founder of R3, pointed out that public blockchains can help institutions reach clients beyond their own networks; Justin Kugel, Executive Vice President of Growth at World Liberty Financial, said that user demand for asset management and investment evaluation still leaves room for intermediaries.Chetan Karkhanis, Senior Vice President of Digital Asset Client Relationships at Franklin Templeton, said the company has no intention of issuing its own stablecoin and hopes tokenized money market funds will provide investment returns. Haonan Li, co-founder and CEO of Codex, said that trade routes connecting Latin America, sub-Saharan Africa, and Asia are driving demand for stablecoin payments; buyers pay eastward for goods, while manufactured products flow westward.Ilya Podoynitsyn, co-founder and CEO of FinHarbor, said that before allocating to crypto assets, companies need to confirm they have long-term idle funds that will not affect daily operations. Michael Camarda, Chief Development Officer of Ethereum treasury company SharpLink, said that both buying back shares and increasing ETH holdings can raise ETH per share; the company has adopted both methods to meet the preferences of institutional and retail investors. (Cointelegraph)
Related news
Korean domestic crypto projects continue to migrate overseas due to a regulatory gap in the ICO ban, as experts call for a basic law to clarify return standards.
According to reports from South Korean media outlet Dailian, the Digital Asset Exchange Association (DAXA) released the "2026 Digital Asset Policy Compilation." Professor Jo Jae-woo of Seoul National University pointed out that since the 2017 ICO ban, domestic crypto projects in South Korea have continuously relocated their issuing entities and operational foundations overseas due to regulatory gaps. Token issuance for Klaytn is handled by a Singaporean legal entity, while WEMIX under Wemade similarly uses a Singaporean corporation as its issuer. Subsequently, Metabora relocated to Dubai and NeoFin moved its foundation to Abu Dhabi, further exacerbating the trend of industry outflow. Experts highlighted that the regulatory disparity between domestic and foreign issuers, along with difficulties in opening corporate bank accounts, are key obstacles. They emphasized that "South Korea does not need more relaxed regulation, but clearer rules," calling on the Digital Asset Basic Act to clarify licensing standards for services such as issuance, custody, and verification, and to establish special procedures for repatriating core functions from overseas back to the country.
Gennius Partners with Coinbase to Launch Digital Asset Services for Latin American Banks, Debuting in Argentina
据官方公告，支付与代币化平台 Gennius 宣布与 Coinbase 合作，面向拉丁美洲银行机构推出稳定币及数字资产服务，涵盖稳定币支付、数字资产托管与交易、本地货币出入金等功能，首个落地市场为阿根廷。 此次合作的核心产品为 ONED USD，一种由 USDC 1:1 背书、托管于 Coinbase、基于 Base 链发行的数字美元。银行客户可将存款及忠诚度积分兑换为 ONED USD，并通过即时签发的 Visa 卡在全球逾 1.75 亿商户消费，资金可 7×24 小时近零成本转移。 Gennius 目前已接入 85 家金融机构、运营逾 529 个代币化项目，覆盖拉丁美洲及加勒比地区 37 个国家，用户规模超 1180 万。双方计划后续将该模式扩展至巴西、哥伦比亚等更多拉美市场。
Fidelity: Institutions Have No Way Back on the Path to a Tokenized On-Chain Future
Odaily News — Matthew Horne, Head of Digital Asset Strategy at asset management firm Fidelity Investments, said that over the past 18 months, real institutions have continued to advance toward a tokenized on-chain future, and there is "no way back." He noted that tokenization can provide structural advantages for financial institutions and help asset managers reach new markets.Horne said U.S. asset management institutions in particular are incentivized to move assets on-chain, as tokenization can improve how investors access assets and help institutions reach new markets. Over the past 30 days, demand for tokenized assets grew 41%, with the number of holders exceeding 493,000.Ka Yan Chan, Head of Digital Asset Business Development at UBS Group, said that core assets such as U.S. Treasuries and equities could drive billions of dollars on-chain. She noted that if market infrastructure institutions such as the Federal Reserve or the DTCC take the lead in transforming the custody layer into a tokenized platform, on-chain capital could expand from billions of dollars to trillions of dollars.The U.S. Securities and Exchange Commission (SEC) issued a "no-action" letter in December 2025 to a subsidiary of the Depository Trust and Clearing Corporation (DTCC), allowing it to provide tokenization services for securities markets. Over the past 30 days, more than $1.2 billion in funds has moved on-chain, with stablecoins and tokenized assets combined exceeding $323 billion. (Cointelegraph)
Canton CEO Says Crypto Industry Should Cement Adoption by 2028 to Withstand US Policy Shifts
Canton CEO and Digital Asset co-founder and CEO Yuval Rooz said at Token2049 in Singapore that the crypto industry should leverage the current regulatory environment to accelerate institutional adoption and drive broader blockchain usage, reducing the likelihood of future governments reversing the industry's progress. He said that regardless of what happens in 2028, the industry should reach a point of "no return."Yuval Rooz compared the opportunity for blockchain adoption to Uber and Airbnb, noting that both services achieved widespread use before regulators took restrictive measures. The next US presidential election is scheduled for November 7, 2028, which could bring changes in government and regulatory priorities.In the same panel discussion, Binance co-CEO Richard Teng said he hopes the CLARITY Act ultimately becomes law, adding that legislation can prevent regulatory backtracking and drive institutions into the market. Franklin Templeton CEO Jenny Johnson said legislation would increase certainty, but the industry should not rely on the bill's passage; the US Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) have already been advancing crypto regulation under existing authorities. (Cointelegraph)
First Digital to Go Public on Nasdaq via Reverse Merger at $250M Valuation, Expected to Close in H1 2027
Odaily News: First Digital is a Hong Kong-based digital asset company and the issuer of FDUSD. The company has entered into a definitive merger agreement with Nasdaq-listed CSLM Digital Asset Acquisition Corp III, with a pre-transaction valuation of $250 million. Upon completion of the transaction, the two parties are expected to form a new holding company and list on Nasdaq, with completion anticipated in the first half of 2027, subject to regulatory approvals and other closing conditions. As of June 30, 2026, FDUSD's cumulative trading volume has exceeded $4.7 trillion. For the fiscal year ended June 30, 2025, First Digital generated approximately $87 million in revenue. First Digital stated that FDUSD's reserve assets consist of cash and cash equivalents held in segregated accounts, with monthly attestations conducted by independent firms. The company's Finance District platform has launched 4 products to date but has not yet generated significant revenue.
Digital Asset Custody Channels May Expand as SEC Proposes Allowing Investment Advisers to Self-Custody Under Certain Circumstances
According to Bitcoin News on X, the U.S. Securities and Exchange Commission (SEC) has proposed updating digital asset custody rules to allow investment advisers to self-custody when no qualified custodian is willing to custody specific assets, provided they meet requirements such as written assessment, multi-party authorization for transfers, wallet segregation, and security reviews. The proposal also seeks to allow qualifying state-chartered trust companies to serve as qualified custodians for digital assets such as Bitcoin. The proposal does not yet specify approval of any particular digital asset for investment adviser custody; if ultimately passed, Bitcoin could benefit due to its relatively mature existing institutional custody infrastructure.