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The global cryptocurrency market cap today i $2.31T
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$2.31T
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$70.34B
BTC Dominance
56.22%
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Latest Crypto News
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Major U.S. Banks Launch Tokenized-Deposit Network to Take on Stablecoins
Headline: Big U.S. Banks Launch Shared Tokenized-Deposit Network to Rival Stablecoins A coalition of major U.S. banks led by JPMorgan Chase, Bank of America, Citigroup and Wells Fargo is building a shared tokenized-deposit network intended to bring 24/7 blockchain payments into the regulated banking system. The Clearing House, the bank-owned payments firm, will run the platform, which aims to let participating institutions clear and settle tokenized deposits around the clock while linking on-chain activity to existing payment rails. What it is and how it differs from stablecoins - Tokenized deposits are digital claims on funds held at commercial banks. Unlike stablecoins, the underlying money stays inside the regulated banking system and keeps the same legal status as ordinary deposits. - The banks hope tokenized deposits can offer the speed, programmability and automation that make stablecoins attractive—without taking customer funds off bank balance sheets. Planned use cases and early customers - The initial focus will be on multinational corporations, with use cases that include programmable treasury operations, real-time liquidity management, automated payments and cross-border transfers. - The Clearing House CEO David Watson called the project “a big move for the banks,” signaling a strategic push to capture institutional on-chain payments. Who’s involved and the tech gap - More than a dozen institutions back the initiative, including BNY, HSBC, PNC, Santander, TD Bank, Truist and U.S. Bank. A blockchain provider has not yet been selected. - JPMorgan and Citigroup already run separate blockchain payment services—JPMorgan’s Kinexys platform processes roughly $7 billion in average daily volume and has handled over $40 trillion since launch, while Citi Token Services operates across the U.S., U.K., Singapore and Hong Kong, moving billions via its network. - The new shared system aims to let tokenized money flow between banks’ previously closed networks, but success will depend on agreeing common technical and operational standards and tying the network into existing bank systems. Market context and competitive pressure - Stablecoins already provide 24/7 transfers, programmable settlement and cross-network access; about $263 billion of them are in circulation, creating an established market banks must contend with. - Deposit tokens would replicate many settlement features while keeping deposits on bank balance sheets—yet banks will have to reconcile competitive tensions as they pursue the same corporate clients. Regulatory backdrop and industry lobbying - The push comes as banking groups press the Senate to tighten stablecoin rules under the CLARITY Act. The American Bankers Association, Independent Community Bankers of America and 76 state banking associations have urged lawmakers to block crypto platforms from offering incentives that act like interest on deposits. - Current draft language would bar passive interest-like returns on stablecoins while allowing rewards tied to payments or other qualifying activity—language that banking groups say could still let crypto firms lure deposits away from banks. - Goldman Sachs has broken with parts of the bank lobby: CEO David Solomon supports advancing the CLARITY Act to provide federal clarity for digital assets, even if he sees the bill as imperfect. JPMorgan’s Jamie Dimon and other executives warn that the reward provisions could disadvantage regulated banks. Next steps and timeline - The Clearing House plans to extend access beyond the initial participants so smaller banks can tap shared blockchain payment infrastructure. Key next steps are selecting the underlying technology, agreeing operating standards and integrating with legacy bank systems. - The consortium targets the first half of 2027 for rollout, though no definitive launch date has been announced. Multinational corporations will be the first test case to see whether regulated deposit tokens can match stablecoins’ speed and programmability without moving funds outside the banking sector. Bottom line: if banks can agree on the tech and governance, a shared tokenized-deposit network could become a regulated alternative to stablecoins for institutional payments—potentially reshaping how corporate treasury, cross-border and real-time payments are handled. Read more AI-generated news on: undefined/news
Kansas Teacher Arrested for Clapping at AI Data Center Hearing: Crypto-Era Energy Flashpoint
A Kansas physics teacher was arrested and carried out of a city commission meeting after applauding opponents of a proposed 1,000-acre AI data center, highlighting growing tensions around large-scale tech infrastructure projects that resonate with crypto-era disputes over energy and local impact. What happened - Lux Claridge, a physics teacher at Emporia High School, was handcuffed and removed from an Emporia city commission session after applauding multiple times in support of a speaker criticizing the proposed Flint Hills Digital Campus, a 1,000-acre AI data center. Local broadcaster KWCH reported the incident. - Commission staff had warned attendees that clapping, snapping and other demonstrations would be treated as disruptions. After a final warning, police escorted Claridge out and the meeting continued. - Claridge posted bail and told KWCH, “I’m glad to be out—but this is an inconvenience, really. It’s not really deterring me from speaking out or, I guess, clapping.” He plans to plead not guilty at his September court appearance. - The Emporia Police Department said it is committed to keeping public meetings safe while respecting residents’ rights to participate in civic processes. - Claridge’s brother, David, told KWCH he expects the case to be beaten in court and suggested pursuing recalls: “This is insane to me.” Local decision and broader fallout - Despite the disruption, the Emporia city commission ultimately approved the zoning changes needed for the project. - The clash in Emporia is part of a broader wave of resistance to AI data centers across the U.S., driven by concerns about electricity demand, water consumption, noise, and tax incentives—issues that have previously surfaced with other heavy-tech developments, including crypto-mining operations. - A Brookings report in January noted that local concerns over power, water and noise are slowing or reshaping proposed AI data center developments. - In April 2026, Maine lawmakers approved a bill that would temporarily pause construction of large AI data centers while officials assess community impacts. - Reuters reported earlier this month that opponents organized 142 protests across 42 states in what was described as the first coordinated nationwide demonstrations against the rapid expansion of AI infrastructure. Protesters have called for more transparency in approvals, stronger protections for water and energy resources, community benefits and developer accountability. - A June Reuters/Ipsos poll found only 14% of Americans would support an AI data center being built in their own community, underscoring the political sensitivity of such projects. Why crypto readers should care - The Emporia incident underscores a growing pattern: as demand for data processing and storage surges, communities are pushing back against facilities that can strain local utilities and alter tax and land-use landscapes—concerns long familiar to observers of crypto mining and other energy-intensive tech infrastructure. - For companies, policymakers and investors in crypto and AI infrastructure, the episode is a reminder that local politics, regulatory responses and community consent can materially affect project timelines and costs. What to watch next - Claridge’s court appearance in September and any legal outcomes from the arrest. - How Emporia implements the approved zoning changes and whether developers proceed quickly or face further local hurdles. - Legislative or regulatory responses in other states as protests and public scrutiny of AI data centers continue. Read more AI-generated news on: undefined/news
Blockaid: Record $1.1B in H1 2026 Crypto Losses as Attackers Shift Off‑Chain
Crypto losses hit record $1.1B in H1 2026 as attackers move off-chain, Blockaid finds Crypto security breaches cost the industry roughly $1.1 billion across 212 verified incidents in the first half of 2026, a new Blockaid report published July 28 shows. The six-month toll is a record for the firm — Blockaid verified more exploits in H1 2026 than it did for the entire year of 2025 — and the incident count was 3.4 times Blockaid’s 2025 total. A major theme: attackers are increasingly targeting people and infrastructure rather than just buggy smart-contract code. Operational-security failures — compromised devices, stolen credentials, private keys, signing systems and poisoned off-chain infrastructure — accounted for 74% of the stolen value. One cluster of attacks that Blockaid tied to the Democratic People’s Republic of Korea accounted for about 55% of total losses. Why this matters: when attackers control valid credentials or signing systems, they can produce seemingly legitimate on-chain transactions that code audits alone cannot stop. Blockaid says that shift has produced new attack vectors in H1 and warned some could expand in H2. Network and incident highlights - Ethereum-linked projects lost about $332 million. Much of that was tied to code vulnerabilities, but the single largest Ethereum-linked case was KelpDAO: attackers released 116,500 rsETH (roughly $292 million) from a bridge contract by falsifying a source-chain message. Chainalysis linked the April 18 KelpDAO breach to North Korea’s Lazarus Group. KelpDAO completed an operational phase of its recovery plan on May 25 — transferring a final 20,373.72 rsETH into its bridge adapter — and resumed minting, redemptions and rewards, although litigation and disputed claims over frozen funds remain unresolved. - Solana-related projects lost roughly $326 million. More than 98% of those losses, Blockaid found, came from compromised keys and signing infrastructure rather than smart-contract bugs. Drift Protocol and Step Finance were the biggest contributors to that total; smaller code-related incidents hit projects such as Raydium and Volo. - The report stresses that network totals don’t demonstrate an inherent safety difference between blockchains — they reflect which applications were targeted, how teams managed privileged access, and whether a single large incident skewed a six-month total. Notable attacks and recoveries - Drift: A privileged-access assault on April 1 used months of social engineering and pre-signed durable-nonce transactions to seize administrative control, according to Chainalysis. Drift’s April 16 recovery update valued stolen assets at $295.7 million (higher than some early estimates used by Blockaid). Drift has proposed a recovery pool backed by exchange revenue, Tether (up to $127.5 million proposed), $20 million from other partners and a transferable recovery token. The protocol said relaunch would require independent audits (OtterSec and Asymmetric), dedicated signing devices, timelocks and a redesigned multisig. The theft remains an active on-chain case: a wallet tied to the exploiter moved 23,095.1 ETH (about $44.4 million) into Tornado Cash between July 23–24 after roughly three months of dormancy. - Step Finance: Executive devices were compromised and treasury-controlled assets of up to $40 million were drained. The team recovered about $4.7 million but ultimately shut down after financing and acquisition discussions failed to produce a sustainable path forward. Blockaid’s recommendations and what to watch in H2 Blockaid expects teams to prioritize operational controls that address these non-code attack vectors. Key mitigations the firm recommends include: - Transaction-intent checks to detect and block suspicious authorized transactions - Isolated, hardware-backed signing devices and stricter key segregation - Stronger monitoring and attestation across bridges, RPC nodes and other off-chain infrastructure Blockaid cautions that these are safeguards, not guarantees. Upcoming events likely to generate the next verified updates include Drift’s recovery-token terms and relaunch timetable, Step Finance’s remaining claims process, ongoing court proceedings tied to frozen KelpDAO funds, and any public asset seizures by law-enforcement agencies. Bottom line: H1 2026 shows a clear shift in attacker strategy toward compromising people and infrastructure to obtain valid signing power. That evolution reduces the protective value of traditional audits and forces on-chain teams to invest more heavily in operational security, key custody, and cross‑infrastructure monitoring going into H2. Read more AI-generated news on: undefined/news
ARK: Crypto Faces Deepest Consolidation as Two Apps Capture 67% of App Revenue
ARK Invest researcher warns of accelerating crypto consolidation as revenue concentrates Lorenzo Valente, ARK Invest’s director of digital assets research, warned on July 28 that crypto is entering its deepest consolidation phase yet: capital and revenue are flowing toward a small number of firms while many projects, exchanges and teams face closures, restructurings or sale. Valente said two apps — Hyperliquid and Pump.fun — together account for 67% of application revenue, and that adding Ethena pushes the top-three share to nearly 80%. He expects more mergers and acquisitions, Chapter 11 filings, shutdowns and talent-focused hires in the months ahead. Methodology caveats Valente’s post did not disclose the dataset, category definitions or the measurement period behind those percentages, so the 67% and 80% shares should be read as his analysis rather than independently confirmed industry-wide statistics. Public dashboards and earlier ARK research show similar concentration trends but with different numbers depending on definitions and timeframes. How prior ARK data compares ARK’s Q1 2026 DeFi report reported a roughly 23% quarter-over-quarter drop in total application revenue to about $485 million. In that quarter Hyperliquid generated about $145 million, Pump.fun about $123 million and Axiom about $58 million — and those three apps accounted for roughly 67% of tracked application revenue through March 31. That differs from Valente’s July post but does not necessarily contradict it; the discrepancy could reflect a later period or alternate classification. Why methodology matters Current public trackers illustrate the point. DefiLlama shows 30‑day protocol revenue of $37.46 million for Hyperliquid, $20.32 million for Pump.fun and $14.41 million in fees for Ethena — but only about $42,365 in retained protocol revenue for Ethena after costs. Gross fees, reported revenue and retained protocol revenue are different measures; comparing them interchangeably can mislead. Recent shutdowns, bankruptcies and wind‑downs Several high-profile cases back the consolidation thesis: - Storj Labs filed voluntary Chapter 11 in the U.S. Bankruptcy Court for the Northern District of West Virginia on July 26 (case 5:26-bk-00512). Storj says it will keep its storage network running while it restructures legacy obligations under court supervision. - BitMEX announced it will close its exchange on Sept. 23 after parent HDR Global Trading completed a strategic review. Users must close positions and withdraw funds before that date. - BitMart halted new registrations and deposits on July 26, plans to end trading on Aug. 26 and intends to cease platform operations on Jan. 31, 2027. - ZeroLend announced a shutdown in February citing sustainability, liquidity and operational risks. - RootData’s 2026 “dead-project” archive lists 99 projects that either announced closures, entered bankruptcy or remained unavailable for extended periods. That figure bundles multiple failure and inactivity types and should not be read as 99 pure insolvencies. Consolidation via acquisitions Not all exits are failures: consolidation is also happening through strategic deals. On July 27 Payward, Kraken’s parent company, agreed to buy Magic Labs’ wallet-as-a-service business. Payward said the acquired infrastructure has supported more than 60 million wallets, over $10 billion in stablecoin volume and about 200,000 developers. The transaction will add embedded non-custodial wallets to Payward Services; financial terms were not disclosed and the parties expect the deal to close within weeks. Signs of weakening activity at top earners Valente’s point that a project can remain a top earner while activity softens holds in practice: Pump.fun’s revenue and volume remain below 2025 levels despite product and fee changes. In short, leadership in revenue does not necessarily mean growth or resilience. What to watch next The next confirmed milestones will come from corporate deadlines and court filings: BitMEX’s Sept. 23 wind-down, BitMart’s Aug. 26 trading cutoff, and Storj’s Chapter 11 motions and creditor processes. Payward’s Magic Labs acquisition is expected to close within weeks. Valente did not provide a numerical forecast for the pace of future deals or bankruptcies; his outlook is a forward-looking assessment grounded in recent examples rather than a formal timetable. Bottom line Multiple data points and recent corporate actions indicate rising concentration in crypto revenue and a wave of consolidation across exchanges, lending protocols and infrastructure. The exact scale and speed depend heavily on how revenue and application categories are measured, so readers should treat headline concentration figures as contingent on methodology. Read more AI-generated news on: undefined/news
South Korea to Overhaul Crypto Rulebook with Unified Digital Asset Act — 22% Tax Fight Looms
South Korea is moving toward a major rewrite of its crypto rulebook — even as a political fight brews over a planned 22% tax on digital-asset gains. What’s happening - The Financial Services Commission (FSC) told the National Assembly it will work with the ruling Democratic Party to draft a consolidated Digital Asset Basic Act. The government-backed framework, previewed ahead of a July 29 policy briefing, is intended to unify and replace parts of the patchwork of bills now before lawmakers. - At the same time, the National Assembly’s Finance and Economic Planning Committee was set to table an opposition amendment aimed at scrapping the cryptocurrency income tax slated to start on Jan. 1, 2027. Neither the consolidated bill nor the repeal motion changes current law yet. Scope of the proposed law The FSC says the consolidated bill would: - Create rules for issuing and circulating stablecoins (including who may issue them); - Define digital asset businesses and regulate their conduct; - Set exchange entry requirements, disclosure rules, internal controls and resilience measures to protect users and keep trading systems reliable. Why this matters South Korea already has the Virtual Asset User Protection Act, which focuses mainly on custody, unfair trading and retail safeguards. The Digital Asset Basic Act is intended as a second-stage law to broaden oversight — covering issuers, service providers and market structure in ways the earlier law does not. Points of contention Several unresolved issues will likely determine the final shape of the bill: - Stablecoin issuer ownership: A key debate is whether won-backed stablecoins must be issued by bank-led consortiums holding at least 50% plus one share. The FSC says issuer ownership rules are not yet final. - Role of banks vs. non-bank issuers: The Bank of Korea supports giving banks a leading role, citing monetary and financial stability concerns, and favors a statutory inter-agency body. Industry groups and some lawmakers instead want licensed, reserve-backed non-bank issuers to be allowed. - Exchange ownership caps and internal controls: Lawmakers must also decide whether to cap exchange shareholdings and tighten internal controls, cybersecurity standards and compensation mechanisms. Legislative process and timeline - Ten separate digital asset and stablecoin bills are already pending in the National Assembly. The FSC plans to coordinate a single government–ruling party proposal that could become the primary negotiating text. - FSC Chairman Lee Eog-weon has signaled an ambition to complete digital asset legislation in 2026 and to strengthen anti-money-laundering rules for stablecoins. - The FSC has not yet finalized the bill wording or announced a filing date. unresolved stablecoin ownership and exchange-shareholding rules are expected to be central negotiation points. The tax battle - Opposition People Power Party lawmaker Song Eon-seok introduced bill 2217609 on March 19 to remove the Income Tax Act provision that taxes income from transferring or lending digital assets. Critics say it’s unfair to tax ordinary crypto investors while most retail stock gains remain tax-exempt. - Under current law, annual crypto gains above 2.5 million won will be taxed at 20% nationally plus a 2% local tax — a combined 22% — starting Jan. 1, 2027. That start date has already been postponed three times since the tax was first scheduled to begin in 2022. - The ruling party and the government support implementing the tax. Tax authorities say the National Tax Service is preparing guidance and has created a unit focused on digital assets. A separate public petition to repeal the tax has gathered more than 50,000 signatures and awaits committee review. Next steps and likely outcomes - The FSC must finish consultations with the ruling party and other authorities before submitting its consolidated bill. If filed, the new government text would be reviewed alongside the ten existing proposals. - The tax-repeal amendment is expected to go to the Finance and Economic Planning Committee’s tax subcommittee, while the public petition goes to a petitions subcommittee — but neither panel had been fully constituted as of the July 29 notice and no review dates were set. - Unless a repeal passes or another delay is approved, the 22% crypto tax remains scheduled to take effect on Jan. 1, 2027. Market impact So far there are no verified links between these legislative developments and any direct, sustained crypto-market price moves. The outcome of stablecoin ownership rules and the tax fight, however, could have significant implications for issuers, exchanges and retail investors in South Korea. Read more AI-generated news on: undefined/news
Tether, Nairobi Securities Exchange sign MoU to explore tokenized securities, USDT settlement
Tether and the Nairobi Securities Exchange signed an exploratory memorandum of understanding on July 28 to study tokenized securities, blockchain-based market infrastructure and digital asset education in Kenya — a move that could reshape how securities are issued, traded and settled if regulators and market participants sign off. What the deal covers - The MoU focuses on Hadron, Tether’s tokenization platform, and sets out to evaluate fractional access to NSE-listed instruments for local and diaspora investors, onboarding and compliance workflows aligned with Kenyan AML/KYC rules, and potential uses of USDT as a settlement layer “where permitted.” - The agreement also includes training and workshops for NSE-listed brokers and retail investors, and a review of instant and atomic settlement models that Tether says could simplify the exchange’s multi-stage settlement process. Important caveats — this is exploratory - The MoU does not approve any specific tokenized security, launch a trading platform, or commit the NSE to settle trades in USDT. No pilot date, budget or binding implementation timeline was announced. - Hadron is described by Tether as software that provides issuance, transfer and compliance tools — not the issuer or guarantor of tokens. That means legal and operational responsibilities would still rest with the NSE, issuers, custodians and licensed intermediaries before any product reaches investors. - Tether and the NSE have not identified which securities might be tokenized, which blockchain would be used, or who would custody the underlying assets. They also haven’t explained how blockchain records would integrate with Kenya’s existing central depository and ownership systems. Regulatory backdrop matters - Kenya’s Virtual Asset Service Providers (VASP) Act took effect Nov. 4, 2025. It places tokenization and token issuance platforms under the Capital Markets Authority (CMA), while the Central Bank of Kenya oversees stablecoin issuance. The law requires licensing, AML controls, tech safeguards and approval for covered virtual asset offerings. - Draft implementing regulations were published by the National Treasury in March 2026 and remain drafts with the CMA. The Act explicitly allows rules covering tokenized assets, real-world asset tokenization and stablecoins — meaning any NSE pilot will hinge on how regulators classify and authorize these activities. - The MoU’s phrasing that USDT could be used “where permitted” is significant: it does not imply regulatory approval for using USDT as a securities settlement instrument in Kenya. No CMA or central bank signoff accompanied the announcement. Context and scale - This is not the NSE’s first foray into blockchain. In 2025 the exchange joined DeFi Technologies, Valour and SovFi to develop the Kenya Digital Exchange for tokenized equities, debt, funds and commodities. - Tether introduced Hadron in 2024 to expand beyond stablecoins; the platform supports tokenization of corporate equity, bonds, commodities and sovereign debt with configurable compliance controls. - To provide market context: RWA.xyz tracked about $36.9 billion of tokenized real-world assets (excluding stablecoins) as of July 27, and USDT’s market capitalization was near $184 billion on July 29. Those figures illustrate the broader market’s size but don’t prove demand for tokenized Kenyan securities. Next steps and outstanding questions - Likely next steps include selecting pilot assets, defining ownership and custody arrangements, designing investor disclosures, and securing regulatory clearance. Other unresolved items are settlement finality, redemption rights, data protection, taxation and treatment of local vs. diaspora investors. - The MoU does not set deadlines for these steps. Until regulators approve structures and technical specifications are published, the agreement should be seen as a framework to study tokenization and settlement — not a live market launch. NSE CEO Frank Mwiti framed the partnership as aligning with the exchange’s 2025–2029 strategy to prioritize technology, market participation and investor access, stressing that the work is exploratory rather than a confirmed rollout. For participants and observers, the coming months will be about regulatory clarity and concrete pilot decisions that could determine whether tokenized securities move from concept to Kenyan reality. Read more AI-generated news on: undefined/news