The Federal Reserve Bank of New York and the Bank for International Settlements (BIS) have published a joint research study that explored how central banks could continue to implement monetary policy operations in tokenised wholesale financial markets. Dubbed Project Pine, the study found that central banks could deploy policy implementation tools using programmable smart contracts in a potential future state where commercial banks have widely adopted tokenisation for wholesale payments and securities settlement. The project generated the prototype of a generic monetary policy implementation tokenised toolkit for potential further research and development by central banks across jurisdictions and currencies. The BIS and the Fed say the prototype can fulfil a common set of central bank implementation requirements, including paying interest on reserves, open market operations, and collateral management. The toolkit was tested against ten hypothetical scenarios that applied historical data inputs on past market events, such as interest rate tightening and easing cycles, quantitative easing and tightening cycles, and periods of strained market liquidity or broader market disruptions. “The prototype successfully responded and instantaneously carried out the intended operation under the varying market conditions,” states the BIS. “Project Pine’s findings highlighted areas for further research and analysis related to interoperability and data standardisation.”
BlockFills on-chain execution platform to enhance its automated DeFi trade execution capabilities on behalf of institutional and VC clients
BlockFills has deployed Definitive’s advanced on-chain execution platform to enhance its automated trade execution capabilities on behalf of institutional and venture capital (VC) clients and expand the variety of tokens BlockFills can trade on behalf of its clients. The partnership brings new benefits to clients of both firms. Patrick Zielbauer, Managing Director of Sales at BlockFills, said: “Definitive’s platform gives us an incredibly powerful tool to offer clients – including asset managers, hedge funds and VC firms – the ability to smoothly and efficiently enter or exit an altcoin position or token while protecting their anonymity and minimizing market impact. As a result of the partnership, we’re finding that even in the weeks since we deployed the platform, clients have brought more order flow to us, enabling them to take or exit from a significant position in even the most illiquid tokens, memecoins or other assets generally considered difficult to trade in nontrivial sizes.” Jai Prasad, Co-Founder of Definitive, said “Our platform uses sophisticated trade algorithms that aggregate liquidity across liquidity pools on multiple chains and optimize trades to leverage the deepest liquidity, minimize price impact and achieve superior execution for on-chain transactions. While our platform is enhancing BlockFills’ capabilities offered to its clients, our clients and prospects that require access to deep OTC liquidity in the spot, derivatives* and lending markets can turn to BlockFills to augment and enhance their on-chain trading activities.”
Mastercard and MoonPay team to promote stablecoin payments in an API-driven implementation letting businesses, neobanks, and other payment participants manage payouts and disbursements more efficiently
Mastercard has launched a stablecoin-focused partnership with cryptocurrency payments FinTech MoonPay. The collaboration will allow consumers and businesses to send and receive stablecoin payments across global markets. Companies and FinTechs will be able to employ Mastercard-branded cards linked to users’ stablecoin balances, allowing cardholders to spend their stablecoins, which will simultaneously be converted to fiat currency, at more than 150 million locations where Mastercard is accepted around the world. “By providing solutions that unlock stablecoin utility and ubiquity, we are redefining how money moves globally and driving a shift in payments as we know it,” Scott Abrahams, executive vice president, Global Partnerships at Mastercard, said. T he partnership will leverage the API-driven stablecoin infrastructure from Iron, acquired by MoonPay in March, to facilitate stablecoin transactions, turning “crypto wallets into new digital bank accounts for seamless global transactions.” This will let businesses, neobanks, and other payment participants manage payouts and disbursements more efficiently, improving cross-border money transfers, and help businesses offer stablecoin-based payouts to gig workers, contractors and creators.
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.
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.
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.
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.
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.
Kraken partners Backed Finance to offer tokenized versions of popular US equities on Solana’s blockchain; to be compatible with wallets and protocols on the network
Crypto exchange Kraken plans to offer tokenized versions of popular U.S. equities. Kraken will list a new suite of tokenized equities dubbed xStocks in partnership with Backed Finance. The assets will reportedly be live on the Solana blockchain and represent actual shares held 1:1 by Backed. Clients in selected non-U.S. jurisdictions will reportedly be able to trade more than 50 U.S. stocks and ETFs, including Tesla, Nvidia, Apple, and the SPDR S&P 500 ETF, outside traditional market hours. The launch positions Kraken among the first exchanges to successfully list tokenized U.S. equities since Binance’s short-lived effort in 2021. Unlike earlier iterations, Kraken’s approach relies on real securities held in custody and tokenized on a fast, low-cost blockchain. Mark Greenberg, Kraken Global Head of Consumer said, “Access to traditional U.S. equities remains slow, costly, and restricted. With xStocks, we’re using blockchain technology to deliver something better, open, instant, accessible, and borderless exposure to some of America’s most iconic companies.” The xStocks tokens are reportedly issued as SPL tokens on Solana, meaning they are compatible with wallets and protocols on the network. This integration also allows users to leverage their tokenized stocks in decentralized finance environments, including as collateral.
Congressman reintroduces bill on blockchain regulation that exempts digital asset developers and service providers who do not custody consumer funds from compliance applicable to money transmitters
Congressman Tom Emmer has reintroduced the Blockchain Regulatory Certainty Act (BRCA), which clarifies that digital asset developers and service providers who do not custody consumer funds are not money transmitters. This legislation provides legal clarity that will unlock blockchain development in the United States and is co-led by Congressman Ritchie Torres (NY-15). The bill aims to protect American crypto developers and innovators from undue regulation by prosecution, ensuring that they are not unfairly treated as financial intermediaries. The BRCA provides clear rules for developers who never take custody of consumer funds, preventing them from being unreasonably defined as operators of an “unlicensed money services business” under the Bank Secrecy Act. The bill also ensures that non-custodial blockchain participants, including developers, node operators, miners, validators, and wallet providers, are not subject to unnecessary and technologically infeasible compliance burdens that would significantly impede American innovation. The development of digital assets in the United States is critical to national and economic security, and the BRCA will help establish the necessary confidence required to keep non-custodial blockchain developers or service providers from seeking more straightforward regulatory environments overseas.