Dubai-based Deribit is “actively reassessing potential opportunities” in the U.S., CEO Luuk Strijers said, after “the recent shift towards a more favorable regulatory stance on crypto in the U.S.” Deribit joins a wave of crypto companies from Europe and Asia aiming to capitalize on President Donald Trump’s pledge to make the U.S. the global digital assets hub. The crypto exchanges OKX — based in the Seychelles — and Bulgaria’s Nexo are both planning to open U.S. offices, as are Switzerland’s Wintermute and Dubai’s DWF Labs, two of the sector’s biggest market makers. Crypto companies had for the past few years been shifting their focus away from the U.S. due to a regulatory crackdown by agencies such as the Securities and Exchange Commission (SEC) following the downfall of the FTX exchange. Trump, however, has courted the crypto industry, promising to “make the U.S. the crypto capital of the world,” with the SEC having halted or ended several high-profile cases since the election, and the Department of Justice disbanding its cryptocurrency enforcement unit. “I think the entire market feels good about regulatory clarity,” David Rutter, CEO of British blockchain firm R3, told. “The Trump memecoin was a big signal that things had changed for the U.S. in a pretty sizable way.”
Proposed amendments to the GENIUS Act to include “robust financial controls” and stringent measures around consumer protection, bankruptcy and ethics for private stablecoin issuers such as tech companies and bans on issuers on promoting yield or interest-bearing features
As U.S. lawmakers circulate an updated draft agreement on the GENIUS Act, an acronym for Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act, that could all be about to change due to the potential emergence of domestic regulatory clarity around dollar-backed stablecoins. Senate Democrats are now warning that the bill, as originally drafted, could inadvertently open the floodgates to corruption, foreign threats and a new era of unregulated digital finance. Democratic lawmakers are asking for amendments to be made around consumer protection, bankruptcy and ethics, as well as “robust financial controls” for private stablecoin issuers, such as tech companies. Ultimately, whether the GENIUS Act becomes law, and in what form, could redefine the future of finance in America. The regulatory framework offers the promise of clarity and the peril of loopholes alike, as well as the challenge of reconciling innovation with oversight. The updated GENIUS Act bill explicitly ensures that existing laws enforced by the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC) remain applicable to stablecoin issuers, and prevents the new regulatory regime from becoming a loophole for evading securities laws. Issuers will also face strict bans on promoting yield or interest-bearing features — a move designed to curb risks akin to those that triggered past collapses in the crypto lending space. Additionally, naming restrictions will prevent companies from using terms like “United States” or “USG” in product branding, reducing the risk of misleading consumers about government backing. Issuers located in countries under comprehensive U.S. sanctions — or deemed money laundering risks — are barred from operating in the U.S. market, closing potential backdoors for illicit finance. Democrats also secured tough restrictions on non-financial publicly traded companies — namely tech giants like Meta Platforms Inc. and Amazon.com Inc. — from issuing their own stablecoins unless they meet rigorous standards. The language aims to preserve the separation between commerce and banking, a long-held policy pillar that critics argue could be undermined by digital assets.
BlackRock to create a blockchain-based share class for its BLF Treasury Trust Fund, a cornerstone of cash management
BlackRock Inc. signaled its growing ambition to bring digital technology to mainstream institutional finance, filing to launch a new share class of its $150 billion money market fund that is registered on a blockchain. The world’s largest asset manager submitted paperwork to the US Securities and Exchange Commission this week to create a blockchain-based share class — labeled DLT, an acronym for distributed ledger technology — for its BlackRock’s BLF Treasury Trust Fund, a cornerstone of cash management. DLT will seek to utilize blockchain technology to record share ownership or streamline certain fund operations for the money market fund, which invests in high-quality, short-term US Treasury securities. Bank of New York Mellon Corp. will manage the sale of these shares as an intermediary, for a minimum of $3 million. BNY, one of the world’s largest custodians of traditional assets, will play a role in representing the ownership of the shares through the technology, a process known as tokenization. These will simply mirror the fund ownership and will be nonbinding. Bryan Armour, director of passive strategies research at Morningstar said, “This is a step toward incorporating blockchain technology in investments, but it’s not a new strategy or a fully tokenized offering.”
Webull Pay to use Coinbase’s institutional grade Crypto-as-a-Service platform to offer users staking capabilities, stablecoin rewards, custody, trading execution and access to USDC
Webull Pay partnered with Coinbase in a deal that enables Webull Pay’s crypto services to run on Coinbase’s institutional-grade infrastructure. The agreement aims to offer staking, stablecoin rewards, and more trading options starting next month. Coinbase will provide its Crypto-as-a-Service (CaaS) platform to support Webull Pay’s crypto operations. The agreement also covers trading execution, custody, staking capabilities, and access to USDC, Coinbase’s dollar-backed stablecoin. For Webull Pay, the move delivers a critical backend upgrade using infrastructure already used by major financial institutions. The companies now aim to offer a secure, seamless user experience, which is expected to allow Webull Pay to scale with the evolving crypto market. The platform expects the new offering to enable users to gain access to deep liquidity, tight spreads, and the potential for yield through staking and USDC rewards. Beyond the domestic rollout, Coinbase and Webull Pay are also exploring joint efforts to extend their services globally. That would bring Webull Pay-branded crypto offerings to new markets, riding on Coinbase’s existing global infrastructure and compliance frameworks. The deal reportedly includes access to Coinbase’s USDC rewards program. Users who hold USDC through Webull Pay will automatically be enrolled in the loyalty scheme unless they opt out.
Tether aims to launch stablecoin in US within a year; significant as Tether tokens represent 70% of the stablecoin market, and is currently dominant on offshore exchanges, emerging markets and decentralized finance protocols
Tether is preparing to launch a U.S.-based stablecoin as soon as this year, as its CEO ramps up his presence in Washington to shape crypto regulation. Tether CEO Paolo Ardoino revealed that the company is working on plans to issue a new dollar-pegged stablecoin in the U.S. as soon as this year. The move comes as Tether, once accused of being a criminal’s ‘go-to cryptocurrency’ – rebrands itself as a partner to American lawmakers and law enforcement. “A domestic stablecoin would be different from the international stable coin,” Ardoino told. “It depends on the timeline of the final legislation… but we are looking at that by the end of the year, or early next year at the fastest,” he said. Tether, whose tokens represent 70% of the stablecoin market, is currently dominant on offshore exchanges, emerging markets and decentralized finance protocols, where fiat banking access is constrained or unreliable.
EY launches blockchain complex contract manager featuring public chain deployment, zero-knowledge proofs, and automated compliance checks
Ernst & Young (EY) has launched the EY OpsChain Contract Manager (OCM), a blockchain tool designed to simplify complex business agreements. The OCM, which is operational on the Polygon proof-of-stake blockchain, uses zero-knowledge proofs (ZKP) to ensure contract confidentiality without compromising efficiency. This feature allows parties to verify information accuracy without revealing sensitive details, safeguarding critical contract terms and transaction specifics. The OCM can automatically validate contract terms through real-time checks, ensuring policy adherence and promptly notifying users of discrepancies. This development is part of EY’s ongoing commitment to blockchain technology, which it has previously introduced to enhance transparency and accountability in government operations. EY has also collaborated with industry leaders like ConsenSys and Microsoft to develop the Baseline protocol, a suite of blockchain tools for enterprises. The integration of Polygon with EY’s blockchain services further solidifies its position in the blockchain ecosystem.
Specialized blockchains are shaping the future of DeFi attracting robust ecosystems and offering developers more freedom to innovate in areas like algorithmic credit scoring, IP rights management, and tokenized commodities
Specialized blockchains like Berachain, Story (IPfi), Unichain, Monad, and MegaETH are leading a wave of specialized blockchain launches designed to serve diverse decentralized finance applications. These chains challenge the notion that a handful of general-purpose networks can support all use cases and declare that the future is not one monolithic chain to rule them all. Financial institutions are entering DeFi with expectations shaped by decades of traditional finance, and the demand is clear: performance-optimized platforms catering to high-speed trading, tokenized intellectual property, and sophisticated real-world asset markets. Critics warn that a highly fragmented landscape could dilute liquidity and create inefficiencies, making it harder for assets to flow seamlessly across different platforms. However, emerging data from beta deployments indicates that specialized networks can attract robust ecosystems, offering developers more freedom to innovate in areas like algorithmic credit scoring, IP rights management, and tokenized commodities. Experiments in liquid staking, real-world asset tokenization, and hybrid on-chain/off-chain data verification further validate the need for these chains as key infrastructure layers for the next wave of institutional DeFi. The long-term viability of this multi-chain paradigm will depend on whether interoperability frameworks can facilitate frictionless asset movement and whether institutions gain confidence in the governance and security of specialized chains. The future of blockchains is not monolithic; it’s modular, specialized, and taking off. As the market evolves, it’s crucial to develop seamless user interfaces and robust interoperability mechanisms that abstract away technical friction.
Robinhood proposes RWA tokenization framework and exchange for traditional assets, integrating offchain trade matching with onchain settlement and featuring hybrid blockchain architecture, instant settlement, and comprehensive compliance standards
Robinhood has submitted a proposal to the US Securities and Exchange Commission (SEC) for a federal framework for tokenized real-world assets. The proposal introduces the Real World Asset Exchange (RRE), a blockchain-based trading platform that modernizes securities infrastructure by integrating offchain trade matching with onchain settlement. The proposal aims to simplify compliance for broker-dealers and asset managers across the US and reduce regulatory uncertainty. The RRE will treat tokenized assets as direct representations of their traditional counterparts, allowing regulated brokers to manage these assets within existing compliance systems. The platform will support 24/7 trading of tokenized assets under established regulatory protections, with offchain trade matching for speed and onchain settlement for finality and auditability. The proposal could redefine the U.S. tokenization landscape and pave the way for other financial institutions to enter the market confidently.
Playtron rolls out Game Dollar programmable stablecoin for gaming to enable purchases, subscriptions and rewards, giving a seamless and consistent experience for payments and rewards
Playtron, a Web3 gaming operating system, announced plans to roll out Game Dollar, a stablecoin for gaming that will be used to power purchases, subscriptions, and rewards across Playtron’s and other gaming ecosystems in the future. Game Dollar will be used to power Playtron’s GameOS, aiming to unify gaming ecosystems across platforms, where gaming economies remain mostly siloed. With Game Dollar, Playtron seeks to create a neutral, programmable financial layer across games and gaming marketplaces, giving a seamless and consistent experience for payments and rewards. Game Dollar will be built on top of the M0 stablecoin platform with seamless payments APIs powered by Bridge-supporting game marketplaces, publishers, and gamers. Importantly, Game Dollar will be available for use in a new, first-of-its-kind handheld gaming console, the SuiPlay0X1, allowing for payments and rewards on a wide range of PC games as well as new titles developed using the Sui blockchain within the console. “Programmable stablecoins are the next evolution of digital assets, and Game Dollar is a powerful example of how this innovation unlocks real utility in one of the world’s most dynamic sectors,” said Adeniyi Abiodun, chief product officer of Mysten Labs. Game Dollar will initially launch exclusively on Sui. M0 is the universal platform powering builders of application-specific stablecoins. With M0, developers can build safe, programmable and interoperable digital dollars.
Superblock introduces tokenized open banking infrastructure integrating TradFi and DeFi through modular Web3 architecture and automated compliance
Tokenized Open Banking, a framework where real-world assets are tokenized and transactions are seamless across traditional and decentralized finance, is needed. The rise of central bank digital currencies, stablecoins, and tokenized real estate is challenging existing financial infrastructure. SUPERBLOCK, a next-generation Web3 infrastructure protocol, aims to unify these assets under a secure, modular, and regulation-ready architecture. It enables the exchange of programmable digital value, including tokenized real estate, stablecoins, programmable CBDCs, and smart contracts that enforce regulatory compliance. SUPERBLOCK combines digital asset management with real-time, secure financial transactions across traditional institutions and decentralized protocols. SUPERBLOCK delivers enterprise-grade infrastructure that enables governments, fintechs, and developers to build: CBDC-compatible digital banking rails; Tokenized asset issuance and settlement platforms; Stablecoin-powered global payment systems; Open APIs for seamless integration with TradFi and DeFi networks. Key Infrastructure Modules Include: $SBX Gateway APIs – Token minting, redemption, compliance, and smart contract execution; Digital Identity Layer – Integrated KYC/AML, eID, and SSI support; Tokenization Engine – Support for ERC-20, ERC-1400, and custom standards for RWAs; Stablecoin & CBDC Treasury System – Tools for lifecycle management of digital currencies; Smart Contract Orchestration – Composability and automation across permissioned and public chains.