Vega is a protocol that is optimized for trading, and provides the derivatives scaling layer for Web3 applications, allowing anyone to pseudonymously build and launch decentralized markets for creating and trading margined financial products and derivatives.  

Vega is a custom PoS blockchain with built-in liquidity incentives that match traders and market makers across any financial product to solve the problem of attracting and allocating market making resources. 

Vega Protocol

Blockworks

Tempo, a payments-focused blockchain incubated by Stripe and Paradigm, has reportedly raised $500 million in a Series A round led by Greenoaks and Thrive Capital.



<a href="https://fortune.com/crypto/">Fortune</a> reported that the round values Tempo at $5 billion. Citing sources familiar with the round, Fortune said that other investors include Sequoia Capital, Ribbit Capital, and SV Angel.&nbsp;



Per the report, Paradigm and Stripe did not “contribute capital” as part of the Series A round.



The round is the latest in an especially busy period for crypto-related venture investing. According to Blockworks Research, more than $16 billion has been invested in crypto startups and projects in Q3 2025.&nbsp;



Tempo positions itself as a payments-optimized blockchain, built to integrate natively with fintech rails rather than decentralized finance protocols. The project is reportedly designed to enhance transaction throughput and compliance for digital money movement, an approach that echoes Stripe’s broader ambition to connect traditional payment systems with crypto infrastructure.



Stripe’s crypto payments ambitions have also grown via its acquisition of Bridge in a deal reportedly valued at $1.1 billion. Earlier this week, Bridge said that it had <a href="https://blockworks.co/news/stripes-stablecoin-occ">applied</a> to the US government for a national trust bank charter.&nbsp;Earlier Friday, Ethereum core researcher Dankrad Feist <a href="https://blockworks.co/news/dankrad-feist-joins-tempo">announced</a> that he was departing the Ethereum Foundation to take a role at Tempo, though he will continue to serve as an advisor.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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paradigm

Tempo blockchain raises $500M in Series A round: report

Casey Wagner

The US government has <a href="https://blockworks.co/news/doj-seeks-forfeiture-of-more-than-14b-in-bitcoin-tied-to-global-fraud-ring">seized</a> nearly 130,000 BTC —&nbsp;worth almost $15 billion —&nbsp;marking the largest forfeiture action in history and spurring discussions of what this could mean for the newly-created strategic bitcoin reserves.&nbsp;



Experts warn that the road ahead is lengthy.&nbsp;



The actual seizure of the assets is only the first step, though. Should the court find that the assets were illicitly obtained, investigators will then have to go about finding and compensating victims.&nbsp;



“Yes, they&#8217;ve seized the assets, but that doesn&#8217;t mean they own it. It means they&#8217;ve laid a claim to it,” Aidan Larkin, co-founder and CEO of Asset Reality, said during a keynote address at DAS London Wednesday.&nbsp;



Larkin continued: “It could take five years, seven years, ten years. But the good news is there is a greater focus on asset management, because the next big concern is, historically, we don&#8217;t do well as a global society managing seized assets.”



Per President Trump’s March <a href="https://www.whitehouse.gov/presidential-actions/2025/03/establishment-of-the-strategic-bitcoin-reserve-and-united-states-digital-asset-stockpile/">executive order</a> establishing a strategic bitcoin reserve, it’s expected that whatever funds remain after victim compensation will be held by the US government.&nbsp;



The US government already holds between $15 billion and $20 billion in forfeited bitcoin, Treasury Secretary Scott Bessent said in August.&nbsp;



The process of asset recovery itself doesn’t differ much depending on the asset, Larkin said. For governments, recovering physical goods or cryptocurrencies comes with the same steps: find, recover and secure. The challenges with crypto asset recovery come with the management.&nbsp;



“If I&#8217;m the Lazarus group, and all of a sudden I&#8217;m seeing government agencies all around the world managing billions of dollars of seized crypto, I know where I&#8217;m going next to try and exploit,” Larkin said.&nbsp;



As part of the alleged money laundering scheme, the DOJ says Zhi and co-conspirators combined illicit funds with newly-mined bitcoin from their China-based mining operation, Lubian. During the time it was active, Lubian was the sixth-largest mining company in the world, prosecutors say.&nbsp;



Onchain sleuths are now speculating about when, exactly, the US government may have taken control of the seized bitcoin.&nbsp;



Blockchain analytics platform Arkham <a href="https://info.arkm.com/announcements/arkham-uncovers">reported</a> last month that Lubian was hacked in December 2020 for 127,426 BTC — worth $3.5 billion at the time.&nbsp;



Crypto data and compliance firm Elliptic now <a href="https://www.elliptic.co/blog/15-billion-us-seizure-reveals-prince-groups-connection-to-iran-china-bitcoin-mining-theft">says</a> that, according to the wallet addresses listed in the indictment, the assets the US government seized appear to be the same ones that were “stolen” from Lubian back in 2020.&nbsp;



According to a person familiar, it’s possible that the US government did seize the assets in 2020. This investigation may have only been recently announced, but it’s been underway for years, the person added.&nbsp;



Elliptic cofounder Tom Robinson agreed, telling <a href="https://www.wired.com/story/feds-seize-record-breaking-15-billion-in-bitcoin-from-alleged-scam-empire/">Wired</a> that it’s possible the US government itself hacked Lubian. He added that there’s also a chance that there was no hack at all, and Lubian faked it as part of the money laundering scheme.&nbsp;



The DOJ did not announce when it gained control over the assets or when the investigation started and did not return Blockworks’ request for comment.



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Bitcoin

Capitol Gains: The US seized $15B in bitcoin. What comes next?

Donovan Choy

This is a segment from the Lightspeed newsletter. To read full editions, <a href="https://blockworks.co/newsletter/lightspeed">subscribe</a>.



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It is frankly really hard to be the Ethereum Foundation.



Your job is to fund public goods R&amp;D and ship complex network upgrades. But that means you’re also constantly choosing between selling ETH and being yelled at for selling ETH.



The EF has a staff of about 200 employees and an annual operating budget of ~$145 million. That money comes from a treasury of largely ETH. That ETH needs to be sold to pay your staff, but ETH holders dislike when you sell the thing they own. This is crypto’s most uniquely recurring theme: “Please make number go up, while also paying for things with the number.”



So the Crypto Twitter peanut gallery wants the EF to know they can simply “use DeFi.” Put the ETH in a lending vault, collect yield and stop wrecking the ETH chart, please.



The EF has historically been reluctant to do that for obvious reasons: It is not the job of a neutral ecosystem steward to be making complex risk management decisions.



Yet, yesterday the Ethereum Foundation doubled down on its use of DeFi (a <a href="https://x.com/ethereumfndn/status/1889978208986280031">continuation</a> since February). The EF deposited 2400 ETH ($9.1 million) and $6 million of stablecoins into Morpho’s vaults.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">0/ Today, the Ethereum Foundation deposited 2400 ETH and ~$6M stablecoins into Morpho’s yield-bearing vaults. Morpho is a pioneer in permissionless DeFi protocols and consistently demonstrates a commitment to Free/Libre Open Source Software (FLOSS) principles.&mdash; Ethereum Foundation (@ethereumfndn) <a href="https://twitter.com/ethereumfndn/status/1978460652877267301?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



This should be good news for bagholders, but not everyone is happy:



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="798" height="175" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png" alt="" class="wp-image-109201" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=798 798w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-55.png?w=80 80w" sizes="auto, (max-width: 798px) 100vw, 798px" /></figure>



Where previously the Ethereum Foundation wasn’t supporting its own ecosystem, now it’s not supporting the right players, i.e. the smaller guys and underdogs.



I don’t know, man. You can’t seem to please everyone, so maybe these decisions simply shouldn’t be public.&nbsp;



You could imagine a world where the EF tries to be “fair.” It allocates capital to smaller projects, but that exposes the foundation to a wider range of smart contract/security risks.&nbsp;



Best case scenario: Nothing breaks but the foundation’s operating expenses are inflated to pay for security researchers and an investment team. Fairness is expensive. Worst case: Protocols get exploited and the EF’s treasury runway is shortened.



Solana doesn’t seem to have the same problems, namely because its foundation isn’t committed to the same levels of radical transparency as Ethereum is. Solana is selling SOL too, presumably, but no one’s upset because it’s not on the Twitter timeline.



For starters, the foundation has actively backed the Solmate DAT, and has an active partnership with the “Solana Company” DAT (previously Helius Medical). The EF has <a href="https://x.com/ethereumfndn/status/1943642682825523320">sold</a> ETH in OTC sales to DATs, but has not participated in any formal investments or partnerships with DATs.



Solana DATs, too, have been unabashedly proud about using DeFi. Forward Industries’ Kyle Samani wants Forward to be the most “natively onchain publicly traded company in the world,” he said on an <a href="https://youtu.be/1NQENVL4n4c">Empire</a> podcast, teasing the use of SOL in select Solana protocols.



Ethereum’s commitment to neutrality is admirable (remember when Justin Drake had to <a href="https://x.com/drakefjustin/status/1852734263541874824">step down</a> as an advisor to Eigenlayer for violating that tenet?).



But no one in Solana world seems to have a problem with that, so maybe the foundation’s optimal strategy is to do the low-profile, risk-minimized thing and announce as little of it as possible.



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Digital asset treasuries

Running a blockchain foundation is actually really tough

Dankrad Feist, a longtime Ethereum researcher and core developer, announced Friday that he is joining Tempo, the blockchain project backed by Stripe and Paradigm.



Feist, who joined the Ethereum Foundation in 2019, has played a key role in advancing data availability and sharding research. He stated that while leaving his full-time Ethereum role, he will remain a research advisor to EF protocol initiatives.



Tempo, backed by Stripe and Paradigm, aims to build a blockchain optimized for payments and real-world integration. Feist described Tempo as a “complement” to Ethereum and that the new project could later feed its open-source technology back into the Ethereum ecosystem.



“Tempo’s open-source technology can easily integrate back into Ethereum, benefiting the entire ecosystem,” Feist wrote. “ Ethereum and Tempo are strongly aligned, as they are built with the same permissionless ideals in mind. I am looking forward to staying involved with the community and continuing to push Ethereum forward!”



Feist had <a href="https://x.com/dankrad/status/1852734273461080320">previously</a> taken on an advisory role for EigenLayer, an Ethereum staking protocol, but later stepped down amid concerns about conflicts of interest.&nbsp;



The Tempo payments-centric initiative is currently in private testnet. According to Paradigm, <a href="https://www.paradigm.xyz/2025/09/tempo-payments-first-blockchain">the project</a> has drawn design input from major firms like OpenAI, DoorDash, Deutsche Bank and others.&nbsp;



“We are excited to further crypto’s ability to tackle real-world use cases including global payments and payroll, remittances, tokenized deposits for 24/7 settlement, embedded financial accounts, microtransactions, agentic payments, and more,” Paradigm said in September.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Developers

Ethereum core dev Dankrad Feist joins Stripe-backed stablecoin project

Daylight Energy, a DePIN startup focused on distributed solar power, has raised $75 million in new financing to expand its decentralized energy network.&nbsp;



The round includes $15 million in equity led by Framework Ventures with participation from a16z crypto, Lerer Hippeau, M13, Room40 Ventures, EV3, Crucible Capital, Coinbase Ventures, and Not Boring Capital, along with a $60 million project development facility led by Turtle Hill Capital.



The company said the capital will fund installations of home solar and battery systems on the Daylight Network, a subscription-based program offering households backup power and stable electricity rates without upfront costs.&nbsp;



Homeowners currently earn “Sun Points,” a non-crypto rewards system that Daylight expects to evolve into a network token over time. The firm is also introducing DayFi, a decentralized finance (DeFi) protocol designed to offer yield tied directly to electricity revenues generated by Daylight’s infrastructure portfolio.



Framework Ventures co-founder Vance Spencer said the model bridges capital markets and renewable energy, adding that DeFi investors are seeking real-world yield sources as global power demand rises.&nbsp;



“As AI accelerates global power demand, and energy costs rise, we think Daylight is uniquely positioned to meet the moment by connecting capital to the next generation of renewable infrastructure,” Spencer said.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



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DePIN

Daylight Energy secures $75M to expand decentralized solar network

Kate Irwin

This is a segment from The Drop newsletter. To read full editions, <a href="https://blockworks.co/newsletter/the-drop" target="_blank" rel="noreferrer noopener">subscribe</a>.



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No, Farcaster is not trying to replace Crypto Twitter.



But Farcaster’s Ecosystem Lead Linda Xie is laser-focused on the crypto-native audience.



The crypto social app isn’t gunning to be the next Instagram or TikTok, either. Instead, there’s a built-in wallet, financial rewards up for grabs for building a Farcaster mini app, and a leaderboard for top posters that mimics more degen trading platforms.



“The team has spent five years building out a social graph in the crypto space, and that’s really, really tough,” Xie told me in an interview. “And so now we’re at the point where we’re going from social to adding the wallet.”



The social media app ecosystem is pretty crowded, with many options to choose from. The wallet world is also crowded: Lately we’ve seen a surge in more established apps like Robinhood and the Coinbase Wallet adding social elements, plus a slew of new startups trying to reimagine crypto trading from a social-first perspective.



With so many options and so little time, traders will be forced to pick a few to focus on that reward them the most.&nbsp;



What makes <a href="https://www.coinbase.com/learn/crypto-basics/what-is-the-decentralized-social-media-platform-farcaster">Farcaster</a> different, I’d argue, is that it’s effectively an Apple- and Google-approved crypto ecosystem hosting its own mini app store within the app itself.



Farcaster can help early crypto builders find their first 100 or 1,000 users, with a core audience that already likes and understands crypto.&nbsp;



“You’re able to do things that just aren’t even possible on Twitter,” Xie said of Farcaster’s permissionless ecosystem. “You can iterate really quickly, put things out there, have people try using it and see what happens.”



She noted that builders don’t have to pay Farcaster or get its permission to build and distribute a mini app there.&nbsp;



“As a builder, it’s crucial to be gaining distribution off the bat,” Xie said.



<h2 class="wp-block-heading">By the numbers</h2>



On CT, you might see a lot of joking and troll-posts about how Farcaster has “no users.”&nbsp;



But such claims aren’t accurate when you look at the data. It’s not on the level of Twitter, of course, but it has its own community.&nbsp;&nbsp;



On Monday, Xie told me that Farcaster’s number of daily active users varies a lot, but said that number is in the “tens of thousands” of users per day.



“What we’re really focused on looking at is the number of funded wallets, especially the ones with meaningful balances,” she said.



Xie added that Farcaster has seen over 100,000 total wallets funded so far.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1920" height="1080" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1024&amp;h=1024" alt="" class="wp-image-109188" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1920 1920w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/Farcaster.png?w=80 80w" sizes="auto, (max-width: 1920px) 100vw, 1920px" /><figcaption class="wp-element-caption">A look at Farcaster’s vibrant mini app ecosystem</figcaption></figure>



After our conversation, Farcaster saw a spike in iOS downloads this week, Appfigures data shows, which may be due to Farcaster’s <a href="https://x.com/farcaster_xyz/status/1977941893028659348">decision</a> to reward some users who deposit USDC on Base into their Farcaster wallet with a match of up to 10%, or up to $500.&nbsp;



Crypto loves free money, of course, but it does seem like the world of Farcaster mini apps has a lot of rewards up for grabs that some CT diehards might be leaving on the table by not exploring the app.



To me, Farcaster’s app ecosystem feels like a more refined, user-friendly version of the Telegram crypto mini app world.



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">100K DAU in Farcaster app yesterday 🔥&mdash; Farcaster (@farcaster_xyz) <a href="https://twitter.com/farcaster_xyz/status/1978494847871783346?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



Appfigures estimates that Farcaster has seen over 65,000 iOS downloads this year, and over 25,800 Android downloads this year.



Google <a href="https://play.google.com/store/apps/details?id=com.farcaster.mobile&amp;hl=en_US">data</a> shows Farcaster has seen over 500,000 total downloads on Android, and Appfigures’s algorithm suggests Farcaster has seen at least 400,000 iOS downloads in total.



Going forward, the Farcaster team is continuing to support features its crypto-native audience actually wants.



Xie said Farcaster is looking into adding “more privacy features” long-term, and has continued to add support for more blockchains. Most recently, they added BSC support, perhaps in part due to the recent surge in memecoin activity on that chain. 



She added: “We want to be the place where crypto people are talking, where they’re transacting, and it’s like, regardless of which chain it is, like, we just want the user to have the best experience.”



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dApps

Farcaster hits 100K+ funded wallets as it builds out its app store

Ripple has acquired GTreasury, a leading treasury management software provider, in a $1 billion deal that extends the company’s reach into corporate finance and cash management.&nbsp;



The acquisition, announced Thursday, marks the latest step in Ripple’s expansion strategy following its earlier purchases of prime brokerage firm Hidden Road and stablecoin payments platform Rail.



GTreasury, based in Chicago, provides software that helps multinational corporations manage liquidity, payments, and risk across global operations. Ripple said combining its blockchain settlement infrastructure with GTreasury’s treasury tools will allow companies to manage digital and fiat assets in real time.&nbsp;



“Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities,” said Ripple CEO Brad Garlinghouse in the announcement.



The deal gives Ripple direct access to the multi-trillion-dollar corporate treasury market, positioning it to compete with incumbents such as Kyriba and SAP Treasury. Integrating blockchain-based settlement into traditional treasury operations could enable companies to move money instantly, reduce transaction costs, and improve working capital efficiency.



Ripple said GTreasury will continue operating as a subsidiary, maintaining its customer relationships while incorporating Ripple’s digital asset and liquidity infrastructure.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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<li><a href="https://blockworks.co/newsletter/0xresearch">0xResearch</a>: Alpha in your inbox. Think like an analyst. </li>



<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



<li><a href="https://blockworks.co/newsletter/forward-guidance">Forward Guidance</a>: The intersection of crypto, macro and policy.</li>



<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

M&amp;A

Ripple acquires GTreasury in $1B deal to expand into corporate finance

Shaunda Devens

This is a segment from the 0xResearch newsletter. To read full editions, <a href="https://blockworks.co/newsletter/0xresearch" target="_blank" rel="noreferrer noopener">subscribe</a>.



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Just last week, we wrote about HIP-3&#8217;s final stages of testnet, and now it&#8217;s live on mainnet with UNIT already launching their HIP-3 DEX.&nbsp;



Their first product, XYZ100 — an index tracking the top 100 companies — has generated $24.1M, $21.6M, and $20.7M in volume over the first three days, respectively. This performance stands out when compared to spot volumes for tokenized equities, which typically range between $8M-$12M weekly.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1024&amp;h=1024" alt="" class="wp-image-109173" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-52.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: Blockworks Research</figcaption></figure>



A powerful indicator was seeing Phantom list the XYZ100 perp via their frontend. As discussed previously, HIP-3 markets will not be originally listed on Hyperliquid&#8217;s frontend, meaning distribution is heavily dependent on builders listing markets.&nbsp;



Phantom (54K users) and BasedApp (28K users) have already listed XYZ100, though some builders like Axiom decided not to, showing the optionality at play here. While builders still account for a small amount of Hyperliquid&#8217;s total volume (3.5%), they have significant distribution with 37% of Hyperliquid&#8217;s users trading from these platforms.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="608" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1024&amp;h=1024" alt="" class="wp-image-109175" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-53.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: <a href="https://hyperliquid.allium.so/">Allium HyperLiquid Dashboard</a></figcaption></figure>



However, it remains unclear exactly how builders will approach HIP-3 market listings. According to Phantom&#8217;s documentation, &#8220;<a href="https://phantom.com/learn/crypto-101/hyperliquid-hip-3#faqs">Any HIP-3 perpetual futures market can be accessed via Hyperliquid-compatible platforms, including Phantom</a>.&#8221; This suggests that in a bull case scenario, Phantom could permissionlessly list all HIP-3 markets, though we expect some degree of curation.&nbsp;



The value proposition is clear: HIP-3 already provides deployers with institutional-grade orderbook technology, and with builder participation, potentially elite distribution as well. HIP-3 already abstracts the orderbook infrastructure layer, and builders will potentially abstract away the need for deployers to maintain frontends or build their own communities. The only thing that matters is listing markets users want to trade



One such project that will depend heavily on builder distribution is <a href="https://app.blockworksresearch.com/research/tokenized-private-equity-platforms#ventuals">Ventuals</a>. Ventuals creates synthetic perpetual futures on private company valuations for firms like OpenAI, SpaceX, and Cursor. The platform&#8217;s innovation lies in its hybrid oracle system that addresses the fundamental challenge of pricing illiquid private assets (50/50 weighting between offchain secondary market data and 8-hour EMA of mark price).&nbsp;



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="573" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1024&amp;h=1024" alt="" class="wp-image-109174" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-54.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Source: Ventuals Testnet Dashboard</figcaption></figure>



Builders&#8217; decision to list these markets would abstract everything away from users, meaning the end user simply sees the ability to buy and trade pre-IPO projects directly from their wallet, though this could be a risk as end users cannot accurately distinguish risks for pre-IPO tokens such as liquidity constraints.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1024&amp;h=1024" alt="" class="wp-image-109172" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-51.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /></figure>



To secure the 500K HYPE requirement for HIP-3 deployment, Ventuals will open deposits for vHYPE on October 16 at 15:00 UTC (11 a.m. ET). vHYPE holders receive 25% of exchange revenue as ongoing fee share, in addition to earning Ventuals points toward a future protocol stake with up to a 10x boost for early participants. 



However, depositors take on liquidity risk, as withdrawals are paused if total deposits sit at the minimum 500K threshold, since this stake must be maintained for the exchange to operate. Over time, Ventuals will add HYPE from their treasury and purchase additional HYPE with exchange revenue to create a withdrawal buffer above the minimum requirement.



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<li><a href="https://blockworks.co/newsletter/empire">Empire</a>: Crypto news and analysis to start your day.</li>



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<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

0xResearch Newsletter

HIP-3 brings equity perps to crypto

Andreessen Horowitz’s crypto arm has invested $50 million in Jito, a Solana-based staking and infrastructure protocol.



In a statement, the Jito Foundation characterized the deal as a “strategic investment from a16z crypto via a private token sale.”



“The Foundation will utilize this funding to further its mission of advancing Jito Network technology—and the Jito community—in an effort to maximize scalability, efficiency, and economic value on Solana, enhancing Solana’s position as the home of Internet Capital Markets,” the group said.



The news was first reported by <a href="https://fortune.com/crypto/2025/10/16/andreessen-horowitzs-crypto-arm-invests-50-million-in-solana-staking-protocol-jito/?utm_source=x&amp;utm_medium=blog&amp;utm_campaign=a16z_oct16">Fortune</a>.&nbsp;



Founded to enhance Solana’s validator performance and optimize transaction execution, Jito has become one of the network’s most visible infrastructure projects. Jito <a href="https://blockworks.co/news/jito-bam-solana-mainnet">launched</a> its Block Assembly Marketplace (BAM) on Solana mainnet in September, as Blockworks previously reported.&nbsp;



“We’re excited to back Jito and its stellar team’s efforts to accelerate the adoption of decentralized finance,” Ali Yahya, General Partner at a16z crypto, said in a statement.&nbsp;



The investment marks another sign of a16z’s focus on the Solana ecosystem.&nbsp;



A16z has taken stakes in Solana-based startups like <a href="https://blockworks.co/news/lightspeed-newsletter-a16z-solana-gaming">MagicBlock</a> and <a href="https://blockworks.co/news/reflect-stablecoin-infra-raise">Reflect</a>, as part of a broader push into DeFi and on-chain infrastructure.



Beyond Solana, a16z has taken stakes in other crypto projects as well. This year, the firm participated in funding rounds for EigenLayer, LayerZero, and Saga.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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</ul>

a16z

a16z invests $50M in Solana staking protocol Jito

Jack Kubinec

Institutional crypto staking firm Figment has acquired Rated Labs, a staking and validator analytics platform.



The Rated brand and website will stay unchanged, but the Rated team and technology will join Figment. The deal marks Figment’s first acquisition. Figment and Rated declined to disclose the deal terms.



Figment runs a staking platform aimed at institutional customers. It operates validators on a number of blockchains including Ethereum and Solana and accounts for over $15 billion worth of staked crypto. It also offers staking-related products like white label validators and staking APIs that clients can embed into their platforms.



Rated offers public <a href="https://explorer.rated.network/?network=mainnet&amp;view=pool&amp;timeWindow=1d&amp;page=1&amp;pageSize=15&amp;poolType=all">explorers</a> for Solana and Ethereum staking, and it sells access to its APIs. Figment was a “very big” Rated customer prior to the acquisition, Figment co-founder and chief product officer Andrew Cronk said.&nbsp;



“Figment sits at the center of where staking is heading: institutional scale, integrated infrastructure, and higher standards of reporting. We had traction in our lane, but the lane itself is consolidating, and Figment is best positioned to carry our mission forward,” Rated co-founder Elias Simos said.



Cronk added that Rated fits Figment’s business model because prospective customers want transparent data about what is happening onchain.



Figment acquiring Rated marks the latest intra-crypto acquisition in an M&amp;A market that is <a href="https://blockworks.co/news/selling-time-stablecoins">still heating up</a>. Over the past month-plus, <a href="https://www.theblock.co/post/370486/keyrock-acquire-turing-capital-as-it-expands-into-asset-and-wealth-management?utm_source=rss&amp;utm_medium=rss">Keyrock</a>, <a href="https://decrypt.co/337657/coincheck-to-acquire-french-crypto-brokerage-aplo-in-push-beyond-japan">Coincheck</a>, <a href="https://www.theblock.co/post/369612/kraken-breakout-acquisition?utm_source=rss&amp;utm_medium=rss">Kraken</a>, and <a href="https://blockworks.co/news/moonpay-acquires-meso">MoonPay</a> have made acquisitions. Figment, which had previously <a href="https://www.bloomberg.com/news/articles/2025-05-06/staking-firm-figment-hunts-acquisitions-amid-crypto-deal-spree">telegraphed</a> its desire to make acquisitions in the range of $100 million to $200 million, likely isn’t done.



Cronk pledged “more coming” when asked about future M&amp;A deals.



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Figment

Figment acquires staking analytics firm Rated

CME Group posted record-breaking activity in its cryptocurrency derivatives markets during the third quarter of 2025, with total futures and options volume exceeding $900 billion, according to its <a href="https://www.cmegroup.com/newsletters/quarterly-cryptocurrencies-report/2025-october-cryptocurrency-insights.html">October 2025 Cryptocurrency Insights report</a>.&nbsp;



The exchange also reached a record average daily open interest (ADOI) of $31.3 billion, signaling expanding institutional appetite for regulated digital asset exposure.&nbsp;



The number of large open interest holders climbed to 1,014 in mid-September, a clear marker of market depth and participation growth.



ETH led the rally, with futures volume up 355% year-over-year and open interest up 441% to $8.7 billion. Open interest peaked at $10.6 billion in August, and ETH options hit a record $1.2 billion ADOI. CME cited the rise of Ethereum-based trading and hedging as a sign of maturing institutional risk management across decentralized finance markets.



New SOL and XRP futures also reached milestones since launching earlier this year, trading $34 billion and $23.7 billion in notional value, respectively.&nbsp;



Solana open interest surpassed $2.1 billion, and XRP hit $1.4 billion, both achieving record large-holder counts. The activity underscores rising diversification beyond Bitcoin and ETH into altcoin derivatives.



CME’s spot-quoted Bitcoin (QBTC) and Ether (QETH) futures continue to attract institutional use, blending futures’ capital efficiency with spot-market exposure. More than 400,000 contracts have traded, totaling over $380 million in notional value.&nbsp;



The exchange expanded its crypto suite with new options on Solana and XRP futures on October 13, 2025 — the only CFTC-approved XRP and Solana options in the U.S. — and announced plans to introduce 24/7 trading in early 2026, aligning its regulated offering with the always-on digital asset market.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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CME Group

CME Group hits $900B in Q3 crypto derivatives as ETH leads surge

Euler plans to launch a USD synthetic “in a few weeks,” a step the startup says will complete a triad of products spanning lending, exchange, and a dollar-denominated asset, according to remarks in a recent interview on the Bell Curve podcast.&nbsp;



Co-founder Michael Bentley described the new product as “USD synthetic,” adding that Euler today is “not just a lending protocol” but also a DEX. They argued that launching the synthetic within Euler’s stack would avoid “value leakage outside of the system” and “bring more value to token holders,” indicating an intent to keep core economics internal to the protocol.&nbsp;



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">Excellent chat with <a href="https://twitter.com/euler_mab?ref_src=twsrc%5Etfw">@euler_mab</a> where he dropped an exclusive: Euler is launching a stablecoin! Give it a watch. <a href="https://t.co/UVFAraS6m3">https://t.co/UVFAraS6m3</a>&mdash; Mippo 🟪 (@MikeIppolito_) <a href="https://twitter.com/MikeIppolito_/status/1978569992854536579?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



No ticker, collateral model, or peg mechanism was disclosed in the conversation, and the team said the product is still “a few weeks out,” suggesting work remains before users can access it.



Bentley positioned the synthetic dollar as a strategic complement to Euler’s credit markets and on-protocol exchange, with an emphasis on tight integration rather than reliance on external liquidity incentives.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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Euler Labs

Euler teases launch of synthetic dollar product

Kraken has acquired Small Exchange, a U.S. Commodity Futures Trading Commission-licensed Designated Contract Market, from IG Group for $100 million, the company announced.



The deal positions Kraken to offer fully regulated onshore derivatives trading in the United States, extending its reach into the world’s largest capital market. The acquisition gives Kraken the regulatory foundation to design and operate U.S.-listed derivatives under direct CFTC oversight.



Kraken co-CEO Arjun Sethi said the purchase marks “the foundation for a new generation of United States derivatives markets,” describing the move as an effort to consolidate spot, futures, and margin trading into one regulated ecosystem. The integration aims to reduce market fragmentation and bring high-performance, low-latency trading onshore — capabilities often available only in offshore venues.



The transaction follows Kraken’s earlier purchase of NinjaTrader, which gave clients access to CME-listed crypto futures, and builds on its prior acquisitions of Crypto Facilities in the U.K. and its regulated derivatives presence in Europe under MiFID II.&nbsp;



With operations now spanning six fiat currencies and more than 450 digital and traditional assets, Kraken is positioning itself as one of the few global crypto firms with derivatives venues across three major jurisdictions.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor <a href="mailto:david@blockworks.co">David Canellis</a> before publication.

CFTC

Kraken acquires CFTC-regulated Small Exchange for $100M

Macauley Peterson

Citi has raised its base-case projection for stablecoin issuance to $1.9 trillion by 2030, up from $1.6 trillion earlier this year, with a $4 trillion bull case and a $0.9 trillion bear case.



On Day 3 of DAS London, Sophia Bantanidis, a research analyst on Citi’s Future of Finance team, presented the findings of the bank’s “Stablecoins 2030: Web3 to Wall Street” <a href="https://www.citigroup.com/rcs/citigpa/storage/public/GPS_Report_Stablecoins_2030.pdf">report</a>, calling the stablecoin boom “blockchain’s ChatGPT moment for institutional adoption.”



Bantanidis pointed to “a huge surge of announcements from digitally native firms integrating stablecoins into commerce, payments and real-world applications,” noting big e-commerce names are “partnering with the wallet providers to accept crypto and stablecoins.”



Stablecoin issuers could become a top Treasury holder —potentially more than any single jurisdiction today, the report says — with $1 trillion+ in T-bills by 2030, amassing political capital in the process.



Bantanidis also cited “regulatory tailwinds” — including the GENIUS Act — and “offshore international demand for holding USD,” as primary drivers of stablecoin growth.



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="889" src="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1024&amp;h=1024" alt="" class="wp-image-109130" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2025/10/image-50.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption">Ethereum holds roughly $177b of the <a href="https://defillama.com/stablecoins">$306 billion total</a> stablecoin supply | Source: <a href="https://app.blockworksresearch.com/analytics/team/charts/3228">Blockworks Research</a></figcaption></figure>







Beyond growth in supply, Citi’s updated outlook projects even more eye-popping numbers for transaction volume. Since stablecoins “can circulate with really high velocity,” Bantanidis said the base case implies roughly $100 trillion in annual stablecoin transaction volume by 2030, or even double in the bull scenario.



But there’s a caveat, she told the London audience: “Stablecoins are not going to be the only game in town.”



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">&quot;The takeaway from both reports is that stablecoins are not going to be the only game in town,&quot; <a href="https://twitter.com/Citi?ref_src=twsrc%5Etfw">@Citi</a>&#39;s Sophia Bantanidis says <a href="https://t.co/CoAnVDoIce">pic.twitter.com/CoAnVDoIce</a>&mdash; Digital Asset Summit 2025 (@blockworksDAS) <a href="https://twitter.com/blockworksDAS/status/1978407929263923239?ref_src=twsrc%5Etfw">October 15, 2025</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



“We envision a multi-format, monetary ecosystem,” Bantanidis said, predicting that “bank tokens…will outpace stablecoins in transaction volume by 2030.”



The report models $100–$140 trillion in annual bank-token turnover at modest penetration of large-value payment rails.



On adoption, corporate treasurers “can optimize liquidity management globally” via programmability, embedded compliance and conditional settlement — but many “are likely going to prefer bank tokens and tokenized deposits because of their risk appetite [and] regulatory considerations,” Bantanidis said.



Geopolitically, Citi believes dollar-backed stablecoins could extend USD dominance, with Hong Kong and the UAE among jurisdictions likely to embrace local-currency rails but, Bantanidis cautioned, “there are multiple regulatory loopholes that still need to be filled.” Risks include interoperability and fragmentation, the quality of the reserve assets, transparency and auditability.



Despite lingering uncertainties, one thing is clear, Bantanidis said: “Stablecoins are shifting from a niche decentralized finance experiment into a viable rail for moving money.”



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<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

Banking

Citi posits bank tokens may be more popular than stablecoins

The Office of the Comptroller of the Currency (OCC) has granted preliminary conditional approval for a de novo national bank charter to Erebor Bank.



The approval positions Erebor Bank, a venture backed by Anduril founder Palmer Luckey and firms connected to Joe Lonsdale and Peter Thiel, to become one of the first federally-chartered banks built around the innovation-economy client base once served by Silicon Valley Bank.&nbsp;



According to Erebor’s June <a href="https://www.occ.treas.gov/news-issuances/news-releases/2025/nr-occ-2025-101.html">filing</a>, investors plan to commit around $250 million in capital through 8VC, Founders Fund, Haun Ventures, and other backers. The proposed leadership team includes Michael Hagedorn as president, with Owen Rapaport and Jacob Hirshman serving as co-chief executives.



Erebor’s application outlines a target clientele spanning crypto, AI, and defense startups as well as high-net-worth individuals in those sectors. The bank also intends to assist foreign banks with U.S. dollar-based transactions.&nbsp;



In its OCC filings, Erebor <a href="https://www.wired.com/story/palmer-luckey-joe-lonsdale-bank-erebor/">describes</a> plans to become “the most regulated entity conducting and facilitating stablecoin transactions,” to promote “broader acceptance of stablecoins,” and to accept cryptocurrencies as collateral for certain loans. Stablecoins are digital tokens whose value is pegged to a currency such as the U.S. dollar, often backed by cash or short-term Treasuries to maintain price stability.



Comptroller Jonathan V. Gould called the move a milestone for a “dynamic and diverse federal banking system,” adding that the agency “does not impose blanket barriers” to banks that want to engage in permissible digital-asset activities, provided they are conducted in a safe and sound manner.



While the OCC’s conditional approval confirms Erebor’s eligibility to proceed, the bank must still meet all pre-opening requirements, including capital adequacy, governance, and compliance testing.



This is a developing story.



<hr class="wp-block-separator has-alpha-channel-opacity"/>



This article was generated with the assistance of AI and reviewed by editor&nbsp;<a href="mailto:jeffrey@blockworks.co" target="_blank" rel="noreferrer noopener">Jeffrey Albus</a>&nbsp;before publication.



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OCC guidance paves way for Erebor’s crypto-bank ambitions

Coinbase has agreed to invest in Indian crypto exchange CoinDCX, valuing the company at $2.45 billion post-money.



Coinbase said in a<a href="https://www.coinbase.com/blog/Coinbase-makes-investment-in-CoinDCX-expanding-our-commitment-to-India-and-the-Middle-Easts-crypto-future"> statement</a> that the deal underscores its commitment to “responsible innovation” in emerging crypto economies.&nbsp;



“This investment adds to our growing presence in the region, where we also maintain local operations and other important local partners. Taken together, these steps reflect a clear commitment: we believe India and its neighbors will help shape the future of the global onchain economy,” the firm said.&nbsp;



CoinDCX last raised $135 million in an<a href="https://techcrunch.com/2022/04/18/indian-crypto-exchange-coindcx-tops-2-1-billion-valuation-in-new-135-million-funding/"> April 2022 funding round</a> led by Pantera Capital and Steadview, with participation from Coinbase Ventures and B Capital Group. That round valued the Mumbai-based exchange at $2.15 billion, marking it as India’s first crypto unicorn.&nbsp;



Founded in 2018, CoinDCX has built a user base exceeding 14 million, offering trading, staking, and education tools aimed at onboarding Indian retail users. Coinbase’s fresh investment reinforces its regional expansion following licenses in Singapore and Dubai.&nbsp;



When completed, the deal aims to deepen Coinbase’s exposure to Asia’s largest retail crypto market while signaling long-term confidence in regulated local exchanges.



Two investments this month signal Coinbase’s particular focus on two key areas in crypto today: prediction markets and stablecoins.&nbsp;



Coinbase joined a $300 million Series D round into prediction market <a href="https://news.kalshi.com/p/kalshi-hits-5-billion-valuation-amid-international-expansion">Kalshi</a>, which secured a $5 billion valuation.<a href="https://cryptorank.io/ico/kalshi?utm_source=chatgpt.com"> </a>It also participated in a $25 million Series A for Coinflow, supporting the company’s expansion in stablecoin payments infrastructure, according to <a href="https://fortune.com/crypto/2025/10/08/stablecoin-coinflow-startup-funding-round-pantera-stripe-payments/">Fortune</a>.



This is a developing story.



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This article was generated with the assistance of AI and reviewed by editor <a href="https://blockworks.co/author/michael-mcsweeney">Michael McSweeney</a> before publication.



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<li><a href="https://blockworks.co/newsletter/thedrop">The Drop</a>: Apps, games, memes and more.</li>



<li><a href="https://blockworks.co/newsletter/lightspeed">Lightspeed</a>: All things Solana.</li>



<li><a href="https://blockworks.co/newsletter/supply-shock">Supply Shock</a>: Bitcoin, bitcoin, bitcoin.</li>
</ul>

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