Policymakers in New Hampshire’s executive council voted against a proposal that would have allowed the state to issue $100 million in bonds backed by Bitcoin (BTC).At a Wednesday hearing, the five-member panel voted 3-2 against the New Hampshire Business Finance Authority’s (BFA) proposed issuance of $100 million in BTC-backed bonds. The proposed investments, which the authority approved in November 2025, already had support from Governor Kelly Ayotte.“It was an extremely short-sighted decision,” said state representative Keith Ammon in a Thursday X post after the vote. “I can’t believe I witnessed it in person. They should gather all relevant facts and information and reconsider their vote at a future meeting.”Councilors Karen Liot Hill, Dave Wheeler and Janet Stevens voted against the measure, while Joseph Kenney and John Stephen approved it. The crypto investment vehicles, issued by the BFA and with CleanSpark putting up BTC as collateral, would have marked New Hampshire’s continued approval of digital asset policies, following its May 2025 crypto reserve law. Related: Bank of Korea governor outlines tokenized bond vision, unified ledger planWhile the BTC-backed bonds had support from many in the crypto industry, some experts warned against the proposal, saying it carried “substantial risk” for New Hampshire residents. Moody’s assigned the Bitcoin bond a provisional Ba2 rating in March.New Hampshire to join prediction markets fight against CFTC?With gaming authorities in many US states having already filed lawsuits against prediction market platforms like Kalshi and Polymarket over sports betting, some have speculated that New Hampshire could join the legal fight challenging the Commodity Futures Trading Commission’s (CFTC) authority. State Senator Tim Lang reportedly planned to introduce legislation restricting prediction markets in New Hampshire in April, but as of Friday, the platforms were still live in the state.Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Crypto exchange Backpack has launched 24/7 trading for select tokenized US equities, allowing international investors to trade stocks including SpaceX, Micron and SanDisk around the clock.Under the initial offering, Backpack said that investors would receive direct ownership of the underlying securities rather than synthetic exposure, with trades settling instantly and funded in fiat currency or stablecoins. The initial offering includes a limited selection of US equities, with additional stocks planned.The company also offers Solana-based tokenized versions of the securities, which can be transferred between wallets, used in decentralized finance applications and converted 1:1 into the corresponding shares through Backpack.Backpack said the service is available to investors in more than 150 countries and regions and that trades are backed by liquidity from traditional exchanges.The company added that tokenized SpaceX shares became the most actively traded tokenized version of the private rocket and AI company after launching in June, though it did not disclose trading volumes or provide comparisons with competing offerings.Related: Tokenized stock transfers surge 105% in a month to $8.4BEarlier this year, Backpack unveiled a token distribution model tied to its planned US initial public offering. Users who stake the exchange’s native token for at least one year will be eligible to exchange it for company equity after the IPO, while part of the token supply will remain locked until at least one year after the listing.Traditional finance joins tokenized equities pushBackpack’s launch comes as tokenized equities have become one of the fastest-growing segments of the onchain real-world asset (RWA) market. According to RWA.xyz data, the tokenized stock market has grown from about $379 million to $1.85 billion over the past year. Over the past 30 days alone, distributed value has climbed 28.6%, while monthly transfer volume has surged over 85% to $8.76 billion.Tokenized stocks. Source: RWA.xyz Crypto exchanges have led much of that growth. Kraken, which acquired xStocks developer Backed Finance in late 2025, has expanded the platform across its exchange, while Bybit and Bitget have also integrated xStocks. Coinbase and Binance have likewise rolled out tokenized equity offerings in recent months.Traditional exchanges have also embraced tokenization. In March, the SEC approved Nasdaq’s pilot to trade tokenized stocks alongside conventional securities on the same exchange, while the New York Stock Exchange partnered with Securitize to develop a 24/7 platform for tokenized stocks and ETFs.The following month, the Depository Trust & Clearing Corporation (DTCC) announced plans to launch a tokenized securities service in October after a pilot involving more than 50 financial and crypto firms. Magazine: Will the crypto lobby’s $189M campaign get CLARITY over the line?

Crypto’s infrastructure is starting to look a lot more like traditional finance. New data from Dune shows that the world’s stablecoin leaders — Tether’s USDT and Circle’s USDC — are no longer competing for the same users, with each now dominating a different corner of the market. Meanwhile, demand for MiCA-compliant euro stablecoins is accelerating, hinting that the stablecoin economy is slowly expanding beyond the US dollar.Elsewhere in Crypto Biz, Strategy reignited debate over its “never sell” philosophy after offloading more than $200 million in Bitcoin (BTC) to fund shareholder dividends, while Vanguard signaled that even Wall Street’s biggest crypto skeptics are embracing tokenization.USDT, USDC use cases diverge as stablecoins become chain-specificUSDT has become crypto’s dominant payments stablecoin while USDC has cemented itself as DeFi’s preferred settlement asset, according to new data from Dune.Rather than competing head-on, the industry’s two largest stablecoins are carving out distinct roles. USDT settled $95 billion in identified commercial payments during the first half of 2026 and continues to dominate business-to-business transfers. USDC, meanwhile, is driving onchain trading and DeFi activity, processing trillions of dollars in monthly transfer volume across Base and Ethereum. The divergence suggests Tether and Circle are strengthening their positions where network effects are already on their side. The supply of USDT is divided almost evenly between Tron and Ethereum, while USDC remains highly active on Ethereum. Source: DuneStrategy sells more than $200 million in BTCStrategy sold 3,588 Bitcoin worth $216 million to fund preferred stock dividends, marking its largest sale since adopting BTC as its treasury asset.The sale trimmed Strategy’s holdings to 843,775 BTC and follows a new capital framework that allows Bitcoin sales to fund dividend payments. Even so, the company kept its $2.55 billion cash reserve intact, suggesting the biggest publicly traded BTC holder isn’t under liquidity pressure but is opting for greater financial flexibility as its preferred shares trade below par.The sale is unlikely to signal a broader shift away from Strategy’s Bitcoin accumulation strategy, according to Bernstein analysts. Still, it has fueled fresh debate over the company’s departure from co-founder Michael Saylor’s long-standing “never sell” mantra, even as Strategy remains the largest corporate buyer of Bitcoin. Strategy’s yearly net Bitcoin purchases. Source: BernsteinEuro stablecoins gain traction under MiCAThe market capitalization of MiCA-compliant euro stablecoins surged 128% in the year leading up to the EU’s July 1 regulatory transition deadline, suggesting the overwhelmingly US dollar-dominated stablecoin market is beginning to diversify, according to payments company Decta.The combined value of eight actively traded euro stablecoins climbed to nearly $674 million, while trading volume increased 43% over the same period. To be sure, euro-pegged tokens remain a niche market, accounting for just 0.22% of the roughly $315 billion dollar-backed stablecoin sector.The growth comes as Europe debates whether its MiCA regime is helping or hindering the bloc’s digital asset ambitions. Industry groups argue the framework has made euro stablecoins safer but less competitive through strict reserve requirements and a ban on yield, while policymakers remain divided over whether loosening the rules would help the euro compete with the dollar.The market capitalization of the eight largest euro-denominated stablecoins. Source: DectaVanguard seeks digital asset executive Vanguard is hiring a head of digital assets to oversee its strategy on tokenization, stablecoins and blockchain infrastructure, signaling a notable shift for one of Wall Street’s most crypto-skeptical asset managers.The new executive will help shape Vanguard’s approach to digital asset products and custody and represent the asset manager in discussions with regulators, according to the job posting. The hiring stands in sharp contrast to the asset manager’s long-standing refusal to offer or even support spot Bitcoin ETFs.The move reflects a broader shift across traditional finance, where tokenization has become a strategic priority regardless of firms’ views on cryptocurrencies. Asset managers, including BlackRock, Franklin Templeton, Fidelity and WisdomTree, have all expanded their tokenized fund offerings as demand for blockchain-based financial products continues to grow.The head of digital assets job posting first appeared on July 6. Source: Vanguardjobs.comCrypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.